SALT LAKE CITY (ABC4) – The Larry H. Miller Group’s dealerships have been acquired by a Georgia-based company.
Asbury Automotive Group says it is adding about $5.7 billion in annualized revenues in their acquisition of the Larry H. Miller Dealerships and Total Care Auto, powered by Landcar. The acquisition includes over 60 stores in the western United States.
“Larry H. Miller Dealerships is one of the most respected automotive dealer groups in the United States with a strong culture and stewardship mentality,” says David Hult, Asbury’s President and Chief Executive Officer. “This acquisition is a unique opportunity to rapidly expand Asbury’s presence into these desirable, high-growth Western markets with strong accretion from day one, with this impressive group and its rich history. Larry H. Miller Dealerships is a well-run operation with long-tenured employees and a senior leadership team equaling over 5,300 passionate team members, all of whom have had a part in building and carrying forward the legacy that Larry H. and Gail Miller founded over 42 years ago.”
“Since our family’s purchase of a single Utah dealership in 1979, we have been honored to cultivate a strong, values-based culture and customer-first business model within the automotive industry for more than four decades,” says Gail Miller, Owner, Larry H. Miller Group of Companies. “We feel a great sense of stewardship to our incredible associates and their families, to our loyal customers and partners, and to the communities where we operate. As always, we believe that being in business is a means to doing good, and this transaction will elevate our ability to continue to enrich lives through our philanthropic efforts as well as reinvest in new ventures.”
According to CEO Steve Starks, current employees for the Miller Group will have the opportunity to be part of Asbury. He says the acquisition by Asbury will allow the Larry H. Miller Group opportunities to “further diversify and grow our portfolio of businesses and investments.”
A Wednesday morning release says the purchase price of Larry H. Miller Dealerships and Total Care Auto amounts to $3.2 billion, including approximately $740 million of real estate. The transaction is expected to close before the end of 2021.
In total, the Larry H. Miller Group operates 54 new vehicle dealerships, seven used car dealerships, 11 collision centers, and a used vehicle wholesale business in Utah, Arizona, Colorado, Idaho, California, New Mexico, and Washington.
Earlier this year, the Larry H. Miller Group’s real estate arm acquired a portion of the master-planned community Daybreak.