Asbury Automotive Group continues to prune its portfolio, this time with the sale of a Maryland dealership that was part of the group’s $1.2 billion acquisition of the Jim Koons Automotive Cos. in 2023.
Driving the news: Stivers Automotive Group bought the dealership and its real estate from Asbury in a deal that closed Oct. 19. It’s Stivers’ first Kia store.
For context: Koons Kia of Owings Mills is in that Maryland city, northwest of Baltimore.
The store was renamed Stivers Kia of Owings Mills.
For Stivers, the store also marks its expansion into the mid-Atlantic region, according to The Presidio Group, which advised Asbury in the transaction.
Eddie Stivers, vice president of the group, said in a statement that it looks forward to growing the foothold that Kia of Owings Mills gives the group in a new market.
“Kia has built an impressive product lineup and continues to strengthen its position with consumers, making this an attractive opportunity for our organization,” Stivers said.
What they’re saying: Daniel Clara, CEO of Asbury, said in a statement that the group continually evaluates its portfolio.
“The decision to divest any dealership is not made lightly,” Clara said.
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Strategic note: Asbury has now divested at least 11 dealerships this year, part of a broader portfolio management effort, the company has said.
In February, the group sold a Stellantis dealership to Matt Bowers Automotive and exited St. Louis when it divested six Plaza Motors luxury dealerships there to MileOne Autogroup.
Asbury also sold three dealerships in Greenville, S.C., to the owners of RBM of Atlanta.
Asbury received about $210 million in net proceeds from the 10 February sales, which had about $610 million in annualized revenue, the company said in a Feb. 25 press release.
“The sale of these stores was the right decision for Asbury to ensure capital is being used for its highest return to shareholders,” David Hult, Asbury’s CEO at the time, said in the same statement. (Hult is now executive chairman.)
Asbury has also grown significantly in recent years, including through its $1.45 billion acquisition of Herb Chambers Cos. in New England, which included 33 dealerships, in July 2025.
The public retailer will report its third-quarter earnings on Oct. 27.
You can see this deal announcement and many more throughout the entire year by visiting the CDG Buy/Sell tracker at CDGbuysell.com, presented by Presidio.
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