Under its expanded targets, Asbury forecasts it will have about 225 new-vehicle dealerships by the end of 2025, up from 148 today. The retailer had 91 dealerships in 2020 when the original 2025 goals were announced.
Asbury is showing big revenue gains this year. The company on Thursday reported a 78 percent gain in first-quarter revenue to $3.91 billion.
“Our first-quarter results reaffirm our belief that we can achieve our updated 2025 plan,” Hult said in a statement.
Asbury’s strategy to get to $32 billion doubles or nearly doubles the various growth targets previously set as part of its plan announced in 2020.
Asbury now expects $12 billion of revenue through acquisitions during the plan’s five-year period, up from the $5 billion it had anticipated in 2020. With deals worth $5.8 billion in revenue already completed, that leaves deals worth $6.2 billion in revenue yet to come.
Hult told analysts Thursday that Asbury would pursue accretive growth and that the company’s income and a modest leverage increase could yield $6 billion alone in cash to fund purchases or other strategies between 2022 and 2025.
