Driving the news: Asbury Automotive $ABG ( ▲ 4.43% ) sold three Larry H. Miller dealerships in Provo, Utah to the Keyvani family's Salt Lake Valley Auto Group, continuing their portfolio cleanup after that massive 2021 acquisition.
For context: The deal covered Ford, Chevrolet, and CDJR stores that came with Asbury's $3.2 billion purchase of Larry H. Miller. Salt Lake Valley Auto Group has been around since 1983 and now grows from four stores to seven in Utah, according to Kerrigan Advisors, which helped facilitate the transaction.
Why it matters: Utah's automotive market is absolutely crushing it right now. Vehicle sales have jumped 29% since 2020, and dealerships there are making 17% more revenue than the national average. And Provo, Utah, is the fastest-growing market in a state, and has been ranked #1 for economic outlook 16 years running.
What we're watching: This deal shows how regional players are doubling down on markets they know well. The Keyvani family clearly sees opportunity in Utah's growth, while Asbury gets to focus on their best-performing operations elsewhere. Ryan Kerrigan from the advisory firm put it perfectly: buyers want "high-growth markets" and Utah is basically the poster child for that right now.
OUTSMART THE CAR MARKET IN 5 MINUTES A WEEK
No-BS insights, built for car dealers. Free, fast, and trusted by 55,000+ car dealers.
