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.
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.
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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