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Asbury back in the market to buy car dealerships

Asbury Automotive Group CFO Michael Welch told analysts last week that the retailer didn’t plan to seek new acquisitions until it had cut its leverage to 2 times earnings. And at a debt ratio of 2.1 times earnings at the end of June, Asbury is close enough to that point to re-enter the buy-sell market, CEO David Hult said. That ratio had been 2.7 in December 2021, the month Asbury’s $3.48 billion acquisition of Larry H. Miller Dealerships and Total Care Auto closed.

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