Auto group Larry H. Miller sold to Atlanta company for $ 3.2 billion


LHM will continue its “philanthropic efforts” and “diversify”.

Francisco Kjolseth | The Salt Lake Tribune Automotive group Larry H. Miller is sold to an Atlanta-based company for $ 3.2 billion.

The Larry H. Miller Group of Cos., Which built an empire selling cars and trucks, is withdrawing from the vehicle sales business.

LHM car dealerships are sold to an Atlanta-based company for $ 3.2 billion.

The Asbury Automotive Group will acquire Miller’s 54 new car dealers, seven used car dealers and 11 collision centers in Utah, Arizona, California, Colorado, Idaho and Washington. It is the eighth largest dealer group in the United States.

The $ 3.2 billion sale price includes $ 740 million for real estate. The deal is expected to be concluded later this year.

The sale will “elevate” the Larry H. Miller group of Cos. “Ability to continue to enrich lives through our philanthropic efforts,” said owner Gail Miller, “as well as to reinvest in new businesses.”

Larry H. Miller Group of Cos. CEO Steve Starks said the sale would provide “additional opportunities for LHM Group to diversify and further develop our portfolio of businesses and investments.” He did not specify what the company’s plans are.

Larry H. Miller, who died in 2009, bought his first dealership – a Toyota franchise in Murray – in 1979 and built a business that includes sports, entertainment, finance, insurance and health care, in addition cars. He was best known as the owner of the Utah Jazz NBA. He bought 50% of the team in 1985 and bought the remaining 50% in 1986 to prevent the team from moving to Minnesota. The Miller family sold the team to Ryan Smith in 2020.

“Since our family purchased a single Utah dealership in 1979, we have been honored to cultivate a strong, values-based culture and customer-centric business model within the automotive industry during over four decades, ”said Gail Miller. “We feel a great sense of stewardship towards our incredible associates and their families, towards our loyal customers and partners and towards the communities in which we operate. “

According to Starks, employees of the automotive group “will have the opportunity to be part of Asbury, another respected and trusted brand, which brings a national footprint with a world-class technology platform.”

Asbury currently operates 91 dealerships.

“Larry H. Miller Dealerships is one of the most respected auto dealer groups in the United States with a strong culture and management mindset,” said Asbury President and CEO David Hult. “This acquisition is a unique opportunity to rapidly expand Asbury’s presence in these sought-after and high-growth Western markets.

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