Asbury Automotive Group, Inc. ABG announced the acquisition of a dealership – Mike Davidson Ford – in Florida. The dealership is located close to Coggin Honda and Nissan on Atlantic Boulevard. Asbury Automotive will re-brand the dealership as Coggin Ford.
Mike Davidson Ford offers a large variety of new and pre-owned vehicles to customers in the Jacksonville area. It currently generates $90 million in revenues per annum. Thus, the acquisition will significantly boost Asbury Automotive’s revenues.
Asbury Automotive is currently expanding in various markets including Florida. Following the acquisition of Mike Davidson Ford, the company has 24 Asbury stores and 3 Q auto locations in the state.
Last month, Asbury Automotive acquired the Capitol City Nissan dealership in Atlanta. The dealership, which generates $70 million in revenues every year, will be re-branded as Nalley Nissan Atlanta. This acquisition increased the number of Asbury stores in Georgia to 17.
Asbury Automotive currently carries a Zacks Rank #3 (Hold). Better-ranked automobile stocks include The Goodyear Tire & Rubber Company GT, Fox Factory Holding Corp FOXF and U.S. Auto Parts Network, Inc. PRTS. Fox Factory Holding currently sports a Zacks Rank #1 (Strong Buy), while both Goodyear and U.S. Auto Parts carry a Zacks Rank #2 (Buy).
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