Asbury Automotive to acquire auto dealership group Jim Koons Automotive

Asbury Automotive Group, Inc. (NYSE: ABG), a significant figure in the U.S. auto retail and service industry, has entered into a definitive agreement to acquire Jim Koons Automotive Companies. The acquisition involves 20 dealerships, 29 franchises, six collision centers, and is considered one of the most substantial in the history of U.S. auto retail. The transaction is subject to customary closing conditions and is expected to be completed in the fourth quarter of 2023 or early in the first quarter of 2024.

Jim Koons, Chairman of Jim Koons Automotive Companies, acknowledged the importance of legacy: “My parents, John and Eleanor Koons, instilled these values from our company’s beginning. I am grateful to every one of our customers and employees for their contribution to our success.”

Asbury Automotive and Jim Koons Automotive: A Synergistic Partnership

Founded in 1973, Jim Koons Automotive Companies had over $3 billion in revenue in 2022 and dominates the Washington-Baltimore market. Asbury Automotive currently manages 138 dealerships, as well as 32 collision repair centers, and represents 31 domestic and foreign auto brands.

David Hult, Asbury’s President and Chief Executive Officer, stated, “This acquisition is transformative for our company, enabling Asbury to further expand into one of the country’s top economies in one of its fastest-growing regions.”

Legacy and Philanthropy: The Hallmarks of Jim Koons Automotive

Jim Koons Automotive is recognized for its community involvement and has received multiple awards, such as the Toyota President’s Cabinets Award and Ford’s President’s Award. It also has a history of philanthropy, contributing to organizations like Northwood University and Catholic Charities.