North Texas-based Park Place Dealerships is in the hands of a new owner.
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The longtime DFW-based dealer sold 12 North Texas vehicle dealerships along with an auto auction center and two collision centers.
Purchaser Asbury Automotive Group paid $685M in goodwill to acquire the brand and another $50M to accumulate Park Place's auto parts, leases, fixed assets and vehicle inventory.
Asbury Automotive Group is a publicly traded auto retail and service company that expects to increase its Texas market revenue by 28% through the purchase of the Park Place assets.
Thirty-eight percent of Park Place's revenue comes from Mercedes-Benz sales, followed by Lexus (12%), Jaguar/Land Rover (9%) and Volvo (5%).
The transaction is expected to close in the third quarter of this year.
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