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DFW Luxury Car Dealerships Sell to Asbury Automotive for $735M

Canceled in late March amid market uncertainty caused by the COVID-19 pandemic, a sale by Dallas-based Park Place Dealerships is back on. Atlanta-based Asbury Automotive Group will pay $735 million for eight high-end auto dealerships in Dallas, Fort Worth and Arlington.

“In March, we had to step away from the transaction due to lack of visibility around COVID-19, but after seeing the rebound off the April low, we can proceed with a more refined deal under more flexible and favorable terms,” said David Hult, Asbury’s president and CEO.

Park Place founder Ken Schnitzer, who launched the company in 1987 with a single dealership, will retain control of certain Mercedes-Benz, Rolls-Royce, Porsche, Maserati and Aston Martin stores.

“As I said last December, when we first announced the sale of Park Place, it is time for me to take a step back and enjoy my family and friends,” Schnitzer said.

Photo courtesy of Park Place Dealerships.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

  • ◦Sale/Acquisition
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