After Dealer Sale, Larry H. Miller Dumps Boulder Real Estate
Larry H. Miller Group of Cos. sold its chain of 54 car dealerships based in Utah in the western United States late last year and has now unloaded the property where LHM Boulder Toyota operates.
Through Sandy, Utah-registered holding company Miller Family Real Estate LLC, LHM sold the approximately six-acre land at 2465 48th Court to LHM BTO LLC for $16.51 million , according to Boulder County property records.
Georgia-based Asbury Automotive Group Inc. (NYSE: ABG) bought the LHM business in October 2021 for $3.2 billion.
LHM, founded by Larry and Gail Miller four decades ago, employs 5,300 workers at dealerships in Colorado, Arizona, Utah, New Mexico, Idaho, California and Washington .
Colorado auto dealerships are being bought up at an unprecedented rate, reflecting a nationwide trend of auto retail consolidation that has impacted several local dealerships.
About 25% of Colorado’s 260 dealerships have either sold this year or are under sales contracts, the highest percentage in history, Tim Jackson, president and CEO of the Colorado Automobile Dealers Association, told BizWest. last month.
Less than 5% of dealerships change owners in a normal year, Jackson said.
“The industry as a whole has seen consolidation on an increasing scale, but this year it’s a bit off the beaten path,” he said.
In Boulder, recent M&A activity includes the sale of Gebhardt Volkswagen to Fred Emich IV, the sale of Boulder Hyundai to Foundation Automotive and the sale of Pollard Jeep to Fowler Auto Group.
This article was first published by BizWest, an independent news agency, and is published under a license agreement. © 2022 BizWestMedia LLC.