Larry H. Miller dealerships to be sold to auto group in $3.2B deal

SALT LAKE CITY — The Asbury Automotive Group announced it has entered into an agreement to acquire over 60 Larry H. Miller dealerships in a deal worth $3.2 billion.

The deal includes 54 new vehicle dealerships, seven used vehicle dealerships and 11 collision centers in Arizona, Utah, New Mexico, Idaho, California, Colorado and Washington.

“Since our family’s purchase of a single Utah dealership in 1979, we have been honored to cultivate a strong, values-based culture and customer-first business model within the automotive industry for more than four decades,” said Gail Miller, owner of the Larry H. Miller Group of Companies. “We feel a great sense of stewardship to our incredible associates and their families, to our loyal customers and partners, and to the communities where we operate. As always, we believe that being in business is a means to doing good, and this transaction will elevate our ability to continue to enrich lives through our philanthropic efforts as well as reinvest in new ventures.”

Natalie Gochnour, associate dean of the University of Utah’s David Eccles School of Business, worked closely with Larry H. Miller when he was alive. While the Larry H. Miller Group is closing the chapter on his 40-year legacy of owning car dealerships, which has grown into the eighth-largest dealership group in the country, Gochnour applauded the move.

“The car industry is in a very competitive market right now,” she said. “We know what technology does to disrupt industries. we’ve got electric vehicles coming on in a big way.”

She added that Gail Miller has carried on her husband’s entrepreneurial spirit with a personal touch – overseeing the dealerships, Megaplex Theatres and the Utah Jazz – who were recently sold in 2020.

“They’re investing in health care. They’re investing in real estate. They’ll still have a lot of ownership in sports entertainment and auto dealership,” said Gochnour. “I think it goes well for their long-term future. And it bodes well for our state because we have a company and a family that is deeply committed to Utah.”

Officials said the dealerships will be Georgia-based Asbury’s first locations in Arizona, Utah, New Mexico, Idaho, California and Washington and add to its current footprint in Colorado.

“We look forward to becoming part of one of the nation’s leading and largest automotive and retail companies,” said Dean Fitzpatrick, Larry H. Miller Dealerships president. “Asbury is like-minded in terms of our values and stewardship. Their vision to be the most guest-centric company in the industry aligns with our guiding principle to be the best place in town to work and the best place in town to do business.”

Among the $3.2 billion purchase price is $740 million for real estate purchases. According to a press release, the companies expect the deal to close later this year.

“We are proud that Larry H. Miller Dealerships has grown to be one of the largest automotive retailers in the country,” said Steve Starks, chief executive officer of the Larry H. Miller Group of Companies. “Our incredible employees will have the opportunity to be part of Asbury, another well-respected and trusted brand, that brings a national footprint with a best-in-class technology platform.  This transaction provides additional opportunities for the LHM Group to further diversify and grow our portfolio of businesses and investments.”