“Our strong margins, disciplined expense management and the continued recovery in parts and service once again drove solid operating performance in the quarter,” Asbury CEO David Hult said in a statement.
The Duluth, Ga., dealership group said Wednesday that third-quarter net income is expected to be adjusted for a $24.7 million gain on the sale of dealerships, a charge of $1.3 million for acquisition-related costs and a charge of $700,000 related to real estate.
The charges are likely related to the Park Place acquisition. The deal, valued at $735 million, consisted of eight stores housing 10 new-vehicle franchises. The stores are expected to generate about $1.7 billion in annual revenue for Asbury.
Asbury is scheduled to report third-quarter earnings Oct. 27.