By acquiring Butler Toyota, one of the city’s top car dealerships since its foundation more than 40 years ago, Asbury Automotive Group Inc. on Monday continued its rapid ascent to becoming a dominating force in Indianapolis.
The price was probably in the tens of millions of dollars, based on Asbury’s other recent dealership purchases in Indianapolis, which total close to a quarter-billion dollars. However, the terms of the agreement were not immediately published.
Butler will now go by the Bill Estes name after Asbury, which earlier this year paid $121 million to acquire the Bill Estes Auto Group.
Asbury, a publicly traded firm with headquarters in Duluth, Georgia, entered the Indianapolis market in January 2017 with the purchase of Hare Chevrolet in Noblesville for $80 million. This was Asbury’s fourth acquisition in the region.
Butler Auto Group operated Butler Toyota as its final dealership before selling its other businesses to the Chicago-based Ed Napleton Automotive Group in October 2017. Along acquiring Butler’s Kia stores in Fishers and Carmel, Napleton also acquired Butler’s Hyundai, Fiat, Maserati, and Alfa Romeo dealerships in Indianapolis.
At the time, Robert G. Butler, who has been running vehicle dealerships in Indianapolis since 1966 under the Butler name, declared his intention to keep the Toyota store at 3232 Harper Road, close to North Keystone Avenue and Interstate 465.
Robert A. Butler, according to Butler, made the decision to sell the other dealerships to Napleton. On Tuesday morning, Robert A. Butler declined to comment on the purchase.
Asbury, the seventh-largest car dealership in the country, followed up its acquisition of Hare in the first quarter of 2018 with the $46.5 million purchases of Terry Lee Honda of Avon and Bill Estes earlier this year.
With the four purchases, Asbury can now provide all major automakers in central Indiana. Currently, it operates dealerships in the local area under the brands Toyota, Chevrolet, Ford, Chrysler, Dodge, Jeep, Ram, Buick, GMC, Isuzu, and Honda.
In a conference call on July 26, Asbury CEO and President David Hult suggested that the company might have reached its saturation point in Indianapolis.
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As for Indianapolis, Hult added, “We spent a lot of time studying that market a few years ago and felt like we would be a good fit and excellent steward for that market. “We wanted to launch the market there with an anchor store, and we did that with the Hare Chevrolet store. We have likely done everything we can to fully fill that market.
In 2018, Asbury reported $6.9 billion in sales. With 105 franchises and 30 local and foreign car brands, it runs 86 showrooms in 18 markets. Additionally, the business runs 24 collision repair facilities, one of which it bought from Hare in Noblesville.
Asbury stated that it anticipates $175 million in yearly income from Butler and an unnamed import dealer it purchased in a new market.
We do quite well with import brands, and Toyota is one among them,” Hult said of the purchase.
In This Article...
Butler Toyota purchased who?
In December 2021, Butler Automotive Group acquired Jacksonville, Florida’s Ernie Palmer Toyota.
A father-and-son team purchased a single store in the fourth quarter, while two groups expanded through the acquisition of dealerships in the first and fourth quarters.
Here are some recent agreements involving dealerships and local and foreign brands in Florida, Texas, and Massachusetts.
In late 2021, the Macon, Georgia-based Butler Automotive Group acquired a Toyota dealership in Jacksonville, Florida, as part of its expansion into northern Florida.
According to Nicole Beck, Butler Automotive’s marketing director, the firm purchased Ernie Palmer Toyota from seller Ernie Palmer Inc. on December 6.
Marsh Butler Jr., co-president of Butler Automotive, stated in a statement, “We are delighted to add another Toyota dealership and expand into the north Florida area. We are eager to become a part of the Jacksonville community and demonstrate to our customers the value of doing business with a family-run dealership.
The business changed its name to Butler Toyota Jacksonville, and the 97 staff members from the dealership were reportedly kept on.
Bill Estes’ dealerships were they sold?
Asbury Automotive Group, a publicly traded corporation with headquarters in Georgia and a sizable presence in central Indiana, has agreed to acquire the four-location Bill Estes Auto Group, the four-location Bill Estes Auto Group said Wednesday afternoon.
Bill Estes, who opened his first dealership 43 years ago, won’t be available for comment until later this month, when the deal is expected to conclude, according to an Estes Auto Group representative.
Bill Estes Chevrolet is located at 4105 West 96th Street, Bill Estes Ford is at 450 East Northfield Drive, Bill Estes Chrysler Dodge Jeep Ram is at 745 East 56th Street, and Bill Estes Chevy Buick GMC is at 1920 North Lebanon Street. They all work with 365 people.
Asbury stated that it was purchasing four dealerships in the Indianapolis market in a morning earnings release but did not specify which ones. It said that the four make around $250 million in revenue each year as a group.
A representative for the company told IBJ that “The Bill Estes Auto Group has a history of success, fantastic culture, and most importantly, amazing people.” “The Asbury leadership team is confident that our organization will be a strong steward of this family firm, which has a long history of providing the Indianapolis market with high-quality service,” they said.
With $6.9 billion in sales in 2018, Asbury ranked as the seventh-largest franchised auto dealer in the United States. By acquiring Hare Chevrolet and Hare Isuzu in Noblesville in 2017 and Terry Lee Honda in Avon in 2018, it entered the Indianapolis market.
Asbury’s purchases, according to Rex Collins, a partner at HBK CPAs and Consultants in Indianapolis who oversees his firm’s dealership division, occur as “Asbury and the other public organizations both desire expansion.
“They’re trying to tuck in right now, Collins said. “Once they arrive, you should consider trying to grow. Other public organizations are drawn to Indianapolis. Simply put, Asbury has made the initial acquisition, and they are taking advantage of it.
Asbury CEO David Hult stated the business is selective in its dealership acquisitions during a conference call with investors on Wednesday morning.
In the previous twelve months, he remarked, “We looked at a lot of deals, but only closed on three. And we have these other ones in Indianapolis.”
“We’re truly evaluating this purchase in terms of what’s best for our shareholders, what will fit in with Asbury and the culture we’re trying to build, and how we can be responsible business stewards, said Hult.
Beaver Toyota’s owner?
Beaver Toyota St. Augustine’s co-owner and spokeswoman is Linda Beaver. Daughter of a farmer, Linda was born and raised in Oklahoma where she excelled in both beauty pageants and 4-H projects. Linda, a pianist with classical training, attended the University of Oklahoma to study both music and journalism.
How did Ernie Palmer Toyota fare?
Butler Automotive Group, based in Macon, Georgia, purchased the West Jacksonville dealership from Ernie Palmer Toyota to become Butler Toyota Jacksonville. In a news statement, Butler Automotive stated that it intended to keep Ernie Palmer’s 97 employees, bringing the total number of employees to 650. Manager Mark Hammel is still in place.
Who bought a Lexus in Park Place?
24 August 2020, DULUTH, Georgia /PRNewswire/ One of the biggest automotive retail and service businesses in the United States, Asbury Automotive Group, Inc. (NYSE: ABG), has finalized the acquisition of Park Place Dealerships, which will increase its annual revenues by around $1.7 billion.
Coggin Automotive’s owner?
Over 20 years old and proud of its Florida roots, Coggin Automotive Group is a division of Fortune 500 corporation Asbury Automotive Group. Coggin serves Fort, Deland, and Jacksonville with pride. St. Augustine, Orlando, and Pierce.
Who is the spouse of Linda Beaver?
Linda, a pianist with classical training, attended the University of Oklahoma to study both music and journalism. She later started her profession in Dallas, where she later fell in love with and wed Mike Beaver. They have four kids collectively.
The Toyota Twins: Who Are They?
You’ve undoubtedly asked aloud, “Who are the twins?,” everywhere you’ve seen them connected to Thomasville Toyota. Actually, Jennifer and Shelly are the twins. The majority of our dealership’s commercials feature these two brand ambassadors for Thomasville Toyota, who serve as the face of our business.
The number of dealerships owned by Asbury Automotive?
With projected 2021 revenues of over $9.8 billion and its headquarters in Duluth, Georgia, Asbury Automotive Group, Inc. (NYSE: ABG) is one of the country’s major automotive dealers. Asbury now runs 148 new car dealerships in 15 states, with 198 franchises for the sale and servicing of 31 distinct brands of American, European, and Asian automobiles. Asbury was built through a combination of organic development and smart acquisitions. Asbury also runs Total Care Auto, Powered by Landcar, a top supplier of service contracts and other vehicle protection goods, as well as seven independent used car dealerships, 34 collision repair facilities, an auto auction, and a used car wholesale company.
Who acquired Larry Miller?
Asbury Automotive Group finalized the acquisition of Larry H. Miller Stores in December, extending its portfolio and adding dozens of dealerships from coast to coast.
After concluding on Friday on the acquisition of Larry H. Miller Dealerships, a deal announced in late September, Asbury Automotive Group Inc. officially expanded into several additional western states and added an estimated $5.7 billion in annualized revenue.
The 61 new and used car dealerships owned by Larry H. Miller were purchased by Asbury for $3.2 billion. In addition, Total Care Auto, a supplier of finance and insurance products, was added to the dealership group.
Asbury President and CEO David Hult stated in a statement on Friday, “We are excited to finish the transformative acquisition of Larry H. Miller Dealerships.” It is a rare opportunity because of Asbury’s strong culture and stewardship philosophy, as well as its potential to quickly increase its footprint in these desired, high-growth Western locations.
The corporation calculated that this year’s acquisitions increased its annualized revenue by $6.6 billion, above its five-year target of $5 billion.
In Arizona, California, Colorado, Idaho, New Mexico, Utah, and Washington, there are 54 new-car dealerships, seven used-car dealerships, a used wholesale company, and 11 collision shops included in the Larry H. Miller transaction.
Who bought Toyota from Larry Miller?
Larry H. Miller Toyota and Lexus in Spokane have been acquired by Nevada-based Findlay Automotive Group, which has a track record in the region. Since the Larry H. Miller Group chose to leave the auto sales industry in 2021, there have been two sales.
The number of locations owned by Asbury Automotive.
Asbury now runs over 80 retail auto stores, covering 103 franchises, for the sale and maintenance of 29 various brands of American, European, and Asian automobiles. Asbury was developed through a combination of organic expansion and a series of smart acquisitions. Additionally, Asbury has 25 collision repair facilities.