Asbury Automotive Group, Inc., one of the largest automotive retail and service companies in the U.S., announced on Feb. 25 the completed sale of ten dealerships across Indiana, Missouri and South Carolina as part of capital allocation and portfolio optimization efforts.
Asbury received approximately $210 million in net proceeds from the sale of the dealerships. The proceeds are net of mortgage payoffs for the real estate and estimated taxes. The annualized revenue from these ten dealerships was approximately $610 million.
In addition, the company announced that its board of directors approved an increase in the authorization of the share repurchase plan for the company of $424 million. Year to date, the company has spent $100 million repurchasing 441,000 shares. As of Feb. 25, 2026, the company had $76 million of remaining availability to repurchase shares of common stock under its existing stock repurchase program. As a result, with the increase in authorization announced today, the total availability under the authorization is $500 million as of such date.
“The sale of these stores was the right decision for Asbury to ensure capital is being used for its highest return to shareholders,” said David Hult, Asbury’s president & chief executive officer. “The proceeds are expected to be invested in the company to accelerate reduction of leverage ratio to below 3.0x and continue deploying capital to share repurchases. Additionally, the increased share authorization emphasizes our commitment to our shareholders and gives us confidence in the execution of our strategy and the outlook for our business.”
