The Presidio Group advises Asbury Automotive Group on the sale of Larry H. Miller Toyota Lemon Grove to Vaughan Automotive
The Presidio Group LLC ("Presidio"), an independent merchant banking firm focused on mergers and acquisitions, capital raising and investments in the automotive retail and consumer mobility sectors, advised Asbury Automotive Group ("Asbury") (NYSE:ABG) on the sale of a Toyota dealership and related real estate and business operations located in Lemon Grove, Calif.
The sale to Vaughan Automotive closed June 16. Asbury purchased the Toyota dealership as part of its acquisition of Larry H. Miller Dealerships in December 2021, and it was the last of Asbury's California holdings following the sale earlier in June of another Toyota store in Corona, Calif.
"The Presidio Group's guidance once again exceeded our expectations and led to a transaction that helped us attain the best value for our shareholders and helped us find a buyer who will take good care of the Larry H. Miller Toyota Lemon Grove team," said David Hult, Asbury president and CEO.
For Vaughan Automotive, which already represented four metro Toyota stores in Texas, the transaction marks its first foray into California.
"Moving into California represents a significant milestone in our expansion strategy," said Shawn Vaughan, CEO of Vaughan Automotive. "We've come to know this market well and are excited to represent Toyota in another community. We thank The Presidio Group and Asbury for the chance to make this transaction happen. Presidio's professionalism and expertise was key to a great overall transaction process and smooth closing."
Vaughan will rename the store Maverick Toyota.
"We were honored to represent Asbury in this important transaction," said Alex Watterson, managing director of The Presidio Group. "We worked closely with both Asbury and Vaughan Automotive to support the transfer of the Larry H. Miller Toyota Lemon Grove team to Maverick Toyota. The Presidio team expects to shepherd many additional closings in 2025 as our deal pace continues to gain momentum."
"We appreciate the trust the Asbury team has once again placed in Presidio," said George Karolis, president of The Presidio Group. "Our team has deep expertise in navigating the complexities of dealership transactions, and being chosen to represent a leading public retailer such as Asbury is a privilege. Our great partnership with David Hult and his team is emblematic of the kind of strong and far-reaching relationships that Presidio is known for creating with its clients."
Kevin H. Sutton, shareholder at Hill Ward Henderson, served as outside legal counsel to Asbury. Jill K. Bell and S. Katherine Frazier of Hill Ward Henderson provided legal counsel to Asbury on real estate matters.
Eric Pridgen, attorney at Underwood & Roberts, PLLC, provided legal counsel to Vaughan Automotive.
The Presidio Group provided exclusive M&A advisory services to Asbury through its wholly owned investment bank, Presidio Merchant Partners LLC.
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. (NYSE:ABG), a Fortune 500 company headquartered in Duluth, Ga., is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a multiyear plan to increase revenue and profitability strategically through organic operations, acquisitive growth and innovative technologies, with its guest-centric approach as Asbury's constant North Star. As of March 31, 2025, Asbury operated 150 new-vehicle dealerships, consisting of 196 franchises and representing 31 domestic and foreign brands of vehicles. Asbury also operates Total Care Auto, powered by Landcar, a leading provider of service contracts and other vehicle protection products, and 37 collision repair centers. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products and services, including arranging vehicle financing through third parties and aftermarket products such as extended service contracts, guaranteed asset protection debt cancellation and prepaid maintenance plans. Asbury is recognized as one of America's Fastest Growing Companies 2024 by the Financial Times, and the company is listed in World's Most Trustworthy Companies 2024 by Newsweek. For additional information, visit www.asburyauto.com.
About The Presidio Group LLC
The Presidio Group was founded in 1998 with the simple mission to relentlessly put the interests of our clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively closed more than 290 transactions for over $19 billion. The Presidio Group, based in Denver and Atlanta, publishes Presidio Perspectives: A Quarterly Outlook on Auto Retail and M&A Trends, a leading source of information about the automotive retail landscape. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit www.thepresidiogroup.com.
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George Karolis
(678) 831-5520
[email protected]
Lauren Pfohl
(404) 434-1837
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