Asbury rebounds in Q1 from coronavirus-impaired quarter in 2020

The company’s five-year plan, rolled out alongside Clicklane’s debut in December, involves substantial growth to more than double the size of the company.

The goal to reach $20 billion in annualized revenue by 2025, up from the current $8 billion in annual revenue, involves same-store growth of $2 billion, $5 billion in revenue from Clicklane and $5 billion in acquisitions, Asbury said.

Asbury’s adjusted net income of $90.7 million accounted for a pretax gain on a $3.5 million legal settlement, a $1.1 million gain on the sale of real estate and a $1.8 million cost on other real estate charges.

Record: Adjusted earnings per share of $4.68, up from $1.80.

Sales: New-vehicle sales rose 24 percent to 27,259. Used-vehicle sales rose 16 percent to 23,519.

Same store sales: Same-store new-vehicle sales surged 15 percent to 24,147, better than the 12 percent rise for all U.S. new light-vehicle sales in the first quarter, according to the Automotive News Research & Data Center. Same-store used-vehicle sales rose 9.3 percent to 20,740.

Asbury ranks No. 6 on Automotive News‘ list of the top 150 dealership groups based in the U.S., with retail sales of 95,165 new vehicles in 2020.

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