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Asbury Automotive has agreed to acquire the Park Place group of dealerships, adding 17 Texas rooftops and raising Asbury’s highline revenue to approximately 50% of its total.
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U.S. manufacturers and dealers are knocking on the door of the all-time record for days’ supply of new vehicles, an issue compounded by higher floorplan expenses, according to the latest figures from Automotive News.
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Craig Monaghan will step down as Asbury's president and CEO on Jan. 1 after nine years as the group's chief executive. David Hult, the company’s COO since November 2014, was named his successor.
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