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Asbury Automotive divests southern California Toyota dealership
CDG News Alert (1 min. read)
Anna del Villar
June 13, 2025
Driving the news: Asbury Automotive $ABG ( ▼ 3.0% ) has sold a southern California Toyota dealership to Mike Hong and Jerry Heuer, who plan to rename it Toyota of Corona.
For context: The June 9 transaction involved one of 61 stores/collision centers Asbury picked up in its massive $3.2 billion acquisition of Larry H. Miller Dealerships in December 2021. Hong told transaction advisors at the Presidio Group he's excited about growing "with a tremendous brand like Toyota in Southern California."
Why it matters: Toyota has a reputation for being one of the industry's strongest franchises to own, especially in a premium market like Southern California. For Hong and Heuer, it represents an opportunity to enter one of the most desirable automotive retail segments with a brand known for reliability and strong resale values.
What we're watching: Presidio's George Karolis thinks this signals stronger M&A activity ahead, saying their deal pipeline stays "robust" with steady interest from buyers and sellers. He expects the "industry is positioned for a strong second half of 2025" after a slower first quarter, suggesting dealership consolidation will pick up pace.
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