July 7, 2020—Park Place Dealerships, a group that includes multiple collision repair facilities, will reportedly sell eight Texas dealerships to Asbury Automotive Group in a deal valued at $735 million, the companies announced Monday.
According to the Dallas Morning-News, the sale is expected to be finalized by August 31. The founder and chairman of Park Place Dealerships originally agreed to sell the company in December, but Asbury, one of the nation's biggest auto retailers,terminated the $1 billion deal in March, citing uncertainty caused by the global pandemic.
On Monday, though, Asbury noted that the deal grows its market share in the historically more resilient and profitable luxury vehicle segment. The eight dealerships Asbury is purchasing house 10 vehicle franchises.
The Park Place name and brand will also be sold, along with two Park Place BodyWerks in Dallas and Fort Worth, according to a Park Place spokeswoman.