Asbury Automotive Group, Inc., one of the largest automotive retail and service companies in the U.S., has been recognized as one of America’s fastest-growing companies for 2024 by the Financial Times.
The company achieved an impressive 114% absolute growth rate and a compound growth rate of 28.88%, earning it the 327th spot of 500 on the prestigious list.
The Financial Times' list, now in its fifth year, highlights the companies in North and South America with the highest growth in publicly disclosed revenues, measured by compound annual growth rate (CAGR) between 2019 and 2022.
In 2021, Asbury acquired Larry H. Miller Dealerships and Total Care Auto, Powered by Landcar for $3.2 billion. The purchase included 54 new car dealerships, seven used car dealerships and 11 collision centers.
Though not considered in this award, as it was outside the specified timeframe, Asbury completed another large acquisition in December 2023, when it purchased of Jim Koons Automotive Companies in the Washington-Baltimore market. Asbury paid $1.2 billion for the company, which included 20 dealerships, 29 franchises, six collision centers and one of the highest volume Toyota dealerships in the U.S.
“I am proud of the significant, and thoughtful, growth of our company in the past few years,” said David Hult, Asbury’s president and CEO. “We are appreciative of this recognition from the Financial Times that acknowledges the business’ tremendous growth. It is because of our valuable team members who are dedicated to providing exceptional experiences for our guests, that we are able to continue advancing on this journey.”
The list is formulated by Statista, a research company specializing in the assessment of companies, brands and products, which uses market research and data analysis to determine the rankings.
