SALT LAKE CITY — In a significant move, Asbury Automotive Group, based in Atlanta and listed on the NYSE as ABG, has successfully completed the sale of its Larry H. Miller Ford, Chevrolet, and CDJR dealerships located in Provo, Utah. The buyer is the Salt Lake Valley Auto Group, a Utah-based dealership group owned by the Keyvani family.
This divestiture is part of Asbury’s strategic initiative to optimize its brand mix, following their notable 2021 acquisition of the Larry H. Miller dealerships.
Asbury Automotive Group’s decision to sell these stores showcases its ongoing commitment to refining its portfolio to align with long-term growth goals. Meanwhile, Salt Lake Valley Auto Group, which has been serving the automotive needs of Utah since 1983, adds to its existing operations with this new acquisition.
The transaction marks another success for Kerrigan Advisors, the premier sell-side advisory firm representing Asbury in this sale. Since its inception in 2014, Kerrigan Advisors has facilitated a total of 294 completed dealership sales, affirming its position as a leading advisor in the industry both nationally and in the Western region.
David Hult, President and CEO of Asbury Automotive Group, expressed satisfaction with the partnership, stating, “It was great to work with Kerrigan Advisors again on another successful transaction. Erin Kerrigan and her team ensured we found the right buyer for this divestiture, and we appreciated their professional management of the sale process from beginning to end.”
Amanda Parrilli, Vice President of Corporate Development and Real Estate at Asbury, echoed Hult’s sentiments, thanking Kerrigan Advisors for their dedication throughout the process. “Kerrigan Advisors was with us through each stage of this transaction,” she said, highlighting the importance of their expertise.
Erin Kerrigan, Founder and Managing Director at Kerrigan Advisors, commented on the significance of this transaction. “We were honored to represent Asbury Automotive Group in the divestiture of these three dealerships. Asbury’s approach to portfolio management is a prime example of how the buy/sell market continues to evolve,” she stated.
According to Erin Kerrigan, well-capitalized groups are increasingly focusing on strategically rebalancing their assets. This transaction epitomizes such strategic shifts, aiming to meet both financial and operational objectives.
The Utah market remains vibrant and promising, with projections estimating an influx of nearly one million new residents over the next 15 years, making it the second fastest-growing state in the West. The state’s economy has more than doubled in the past two decades, earning accolades for its economic vitality and ranking #1 for Best Economic Outlook by Rich States, Poor States for the 16th consecutive year.
In the realm of automotive retail, Utah has also demonstrated a robust appetite for vehicle sales, with a reported 29% increase in vehicle sales since 2020. Dealership revenues in Utah surpass the national average by 17%, reflecting the strength of the market.
Provo, situated just 45 minutes south of Salt Lake City, distinguishes itself as the fastest-growing market in Utah, characterized by high car ownership rates, strong median incomes, and a thriving job market. The region has experienced remarkable GDP growth, expanding by over 70% since 2017 and reaching a total of $45 billion in 2023.
Provo also ranks as the top mid-size metro area in the U.S. based on projected population growth through 2028, further illustrating its attractiveness for investment.
Ryan Kerrigan, Managing Director at Kerrigan Advisors, remarked on the growing interest in high-growth markets like Utah. “With strong population growth, a resilient economy, and rising vehicle demand, it is no surprise that opportunities like this are in high demand,” he noted.
He added that more regional buyers are prioritizing acquisitions like this to enhance their market share and develop operational efficiencies in markets they consider promising for future growth.
Legal counsel for Asbury was provided by Kevin H. Sutton, a shareholder at Hill Ward Henderson, along with Jill K. Bell and S. Katherine Frazier, who advised on real estate matters. The Keyvani family was represented by Stephen Dietrich and Brooke Sizer from Holland & Knight LLP.
Asbury Automotive Group operates as one of the largest automotive retailers in the U.S., boasting a diverse portfolio of new-vehicle dealerships with a focus on customer-centric operations. Currently, Asbury has 150 new-vehicle dealerships, consisting of 196 franchises, covering 31 domestic and foreign vehicle brands.
Highlighting its commitment to growth and innovation, Asbury is recognized in the industry as one of America’s Fastest Growing Companies for 2024 by the Financial Times. It is also included in Newsweek’s list of the World’s Most Trustworthy Companies for 2024.
To learn more about Asbury Automotive Group and their offerings, visit www.asburyauto.com.
Kerrigan Advisors continues to be the exclusive sell-side advisory for automotive retail, dedicated solely to serving the needs of auto dealers across the nation. Their extensive experience, underscored by facilitating over 290 dealership sales amounting to more than $9 billion in proceeds, positions them as the trusted partner in navigating the complexities of the automotive market.
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