- March 28, 2024
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TAMPA — Asbury Automotive Group Inc., one of the largest automotive retail and service companies in the United States, announced it is in the process of opening two stand-alone used-vehicle stores under the 'Q auto' brand name this year. The first will open this June in Tampa with a second planned in Jacksonville later in the fall.
The new Q auto dealerships are scheduled to be profitable 18 months after their opening.
“Over the last three years, we have grown used vehicle retail unit sales in excess of 55% and grown used-vehicle retail gross profit by close to 35%,” Craig Monaghan, Asbury's president and CEO, says in a press release. “We remain excited about the opportunities we see in the used vehicle market and believe there is an opportunity now for us to take our demonstrated used vehicle retailing talent, technology, and processes and expand into a stand-alone used-vehicle retailing model.”
The Duluth, Ga., company expects to spend an additional $25 million on the two new stores and that it will reduce the company's earnings per share by 8 to 12 cents per share this year.
Asbury Automotive Group Inc. currently operates 80 retail auto stores and services 29 different brands of automobiles.