July 8, 2020
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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