DULUTH, Ga. - Asbury (NYSE:ABG) Automotive Group, Inc. (NYSE:ABG), a leading automotive retail and service company, has announced the upcoming retirement of its Chief Legal Officer (CLO), George A. Villasana. After over 12 years of service, Villasana will step down from his current role by June 30, 2024, and transition into a Special Advisor position until his final retirement on March 31, 2025.
Villasana's announcement comes as part of a long-term transition plan aimed at ensuring a smooth succession. Asbury is currently in the process of selecting a new CLO through a comprehensive search that includes both internal and external candidates.
During his tenure, Villasana has been credited with contributing significantly to Asbury's transformational growth and strategic objectives. David W. Hult, Asbury's President and CEO, expressed gratitude for Villasana's commitment and the quality of service he has provided to the company. Thomas Reddin, Asbury's Chairman of the Board, also commended Villasana for his integrity and effectiveness as the board's chief legal advisor.
In response to his retirement, Villasana stated his pride in his contributions to Asbury's growth and success and expressed his optimism for the company's future.
Asbury Automotive Group, headquartered in Duluth, GA, operates 157 new vehicle dealerships across the U.S., with a portfolio of 206 franchises representing 31 brands. The company also manages Total Care Auto, a provider of service contracts and vehicle protection products, and 37 collision repair centers. Recognized for its guest-centric approach, Asbury offers a comprehensive range of automotive products and services. The company has been acknowledged by Forbes and Newsweek for its performance and workplace environment.
InvestingPro Insights
As Asbury Automotive Group (NYSE:ABG) prepares for a change in its legal leadership, the company's financial health remains a key focus for investors. According to recent data from InvestingPro, Asbury boasts a robust market capitalization of $4.34 billion. This is complemented by an attractive price-to-earnings (P/E) ratio of 7.43, with an adjusted P/E ratio for the last twelve months as of Q4 2023 sitting even lower at 6.34. This indicates that the company is trading at a low earnings multiple, potentially signaling a value investment opportunity.
Despite a slight dip in revenue growth by -4.09% in the last twelve months as of Q4 2023, Asbury has managed to maintain a gross profit margin of 18.62%, reflecting its ability to control costs relative to sales. While this gross profit margin may be considered weak compared to industry benchmarks, it's important to note that the company has been profitable over the last twelve months and analysts predict profitability will continue this year.
InvestingPro Tips suggest that Asbury's management has been actively buying back shares, which can often be a sign of confidence in the company's future prospects. Additionally, while two analysts have revised their earnings estimates downwards for the upcoming period, the company's strong return over the last five years and high return over the last decade indicate a history of resilience and growth. It's noteworthy that Asbury does not pay a dividend, which may be a factor for income-focused investors to consider.
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