The Lexus dealership in Wilmington has been sold again.
The Presidio Group LLC, a merchant banking firm announced it advised Asbury Automotive Group, Inc. of Duluth, GA, on the sale of the dealership in Wilmington, Del., to MileOne Autogroup of Towson, MD. The dealership is located on the city’s Auto Row on Pennsylvania Avenue.
The transaction, completed on March 4, included Koons Wilmington Lexus and its real estate. Asbury had acquired the Lexus store in December as part of its acquisition of the larger Jim Koons Automotive Companies.”
For MileOne, the deal marks its first location in Wilmington and its second Lexus dealership.
“We are thrilled to welcome another Lexus store to the MileOne network. When this location became available, we knew immediately that it would be a terrific addition to our portfolio,” MileOne Autogroup Vice President Michael Fader said. The reason for the quick sale by Asbury was not disclosed.
Asbury Automotive Group, Inc., a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. As of March 4, 2024, Asbury operated 157 new vehicle dealerships
MileOne Autogroup owns 68 auto dealerships representing 24 brands.
