The Presidio Group Advises Asbury Automotive Group on Strategic Sale of Larry H. Miller Toyota Corona Dealership in California
The Presidio Group LLC (“Presidio”), a leading independent merchant banking firm specializing in mergers and acquisitions (M&A), capital raising, and strategic investments in the automotive retail and consumer mobility sectors, has announced the successful closing of a significant transaction involving Asbury Automotive Group, Inc. (“Asbury”) (NYSE: ABG). Acting as the exclusive financial advisor, Presidio guided Asbury in the sale of its Toyota dealership and related business and real estate assets located in Corona, California.
The dealership, which was acquired by Asbury in December 2021 as part of its broader $3.2 billion acquisition of Larry H. Miller Dealerships, has now been sold to automotive entrepreneurs Mike Hong and Jerry Heuer. The sale was finalized on June 9, 2025. With this transaction, the dealership will be rebranded as Toyota of Corona, marking a new chapter in its operational journey while maintaining its alignment with one of the world’s most respected automotive brands.
Strategic Fit and Smooth Execution
The transaction underscores Asbury Automotive Group’s ongoing efforts to refine its portfolio and optimize asset performance across key markets. Asbury, one of the largest automotive retail and service companies in the United States, has remained focused on delivering long-term value to shareholders by maintaining a disciplined acquisition and divestiture strategy. According to David Hult, president and CEO of Asbury, the expertise and strategic guidance provided by Presidio were instrumental in ensuring a seamless transaction process.
“The guidance from The Presidio Group afforded a smooth transaction,” said Hult. “We appreciate their efforts in bringing this deal to market in a way that helped maximize shareholder value and ensures the Larry H. Miller Toyota Corona team is in good hands.”
This latest sale demonstrates Asbury’s agility in managing its dealership network in alignment with broader corporate goals, while also placing significant value on buyer alignment and community continuity.
A New Era for Toyota in Corona
The new owners, Mike Hong and Jerry Heuer, bring substantial experience in the automotive retail space and are enthusiastic about the growth potential of their latest acquisition. Under their stewardship, the dealership will operate as Toyota of Corona and will aim to expand its footprint in the competitive Southern California market.
“Being able to grow with a tremendous brand like Toyota in Southern California is incredibly exciting,” said Hong. “We thank the team at Presidio for their professionalism and expertise in guiding this transaction to a successful close.”
The transition promises to maintain the dealership’s legacy of customer service and operational excellence while injecting new energy into the business. The Southern California automotive market remains one of the most dynamic and brand-loyal regions in the United States, making the Toyota franchise in Corona a strategic asset for continued growth.
Presidio’s Role and Track Record
Presidio’s advisory team was led by Managing Director Alex Watterson, who expressed pride in supporting another successful transaction for Asbury. The firm’s deep industry knowledge, tailored M&A services, and longstanding relationships with automotive retailers have positioned it as a trusted partner for many of the industry’s largest and most active players.
“Working on this transaction has been a privilege for the Presidio team, and we thank Asbury once again for the opportunity to assist,” said Watterson. “Presidio has helped facilitate numerous transactions involving Asbury over the last several years, and the company’s continued use of our advisory services is extremely validating.”
Presidio has advised Asbury on several high-profile transactions over the years, contributing to Asbury’s growth into a top-tier national automotive retail group. With this most recent deal, Presidio continues to showcase its capabilities in executing transactions that align with clients’ strategic and financial goals.
Industry Outlook: M&A Activity Expected to Accelerate
According to George Karolis, president of The Presidio Group, the dealership M&A market is showing signs of accelerating momentum following a slower-than-expected start to the year. The second half of 2025 is anticipated to be more robust in terms of deal activity, driven by favorable market dynamics, increased buyer interest, and continued consolidation across the sector.
“Presidio’s pipeline of deals continues to be robust, and we are getting steady interest from both dealers looking to sell and those interested in acquiring,” Karolis said. “The industry is positioned for a strong second half of 2025, and we expect the transaction pace to pick up significantly from what turned out to be a slower first quarter. I also want to express my gratitude to David Hult and his team for being a great partner to Presidio and entrusting this important transaction to our team to shepherd.”
The Presidio Group has consistently played a key role in shaping the dealership M&A landscape, advising on transactions that span all major automotive brands and market geographies. With increased consolidation, evolving consumer expectations, and digital transformation in retail operations, firms like Presidio are uniquely positioned to deliver tailored strategies that align with industry trends.
Legal Counsel and Transaction Structure
The legal aspects of the transaction were managed by seasoned counsel on both sides. Asbury Automotive Group was represented by Hill Ward Henderson, with shareholder Kevin H. Sutton leading the transaction. Attorneys Jill K. Bell and S. Katherine Frazier provided specialized legal counsel on real estate matters, ensuring that all property-related components of the transaction were executed smoothly.
For the buyers, legal representation was provided by Brian D. Langa, partner at Demetriou, Del Guercio, Springer & Francis, LLP. Langa’s team played a critical role in navigating the due diligence process and finalizing deal terms.
Presidio’s advisory services were provided through its wholly owned investment banking subsidiary, Presidio Merchant Partners LLC, which served as the exclusive M&A advisor to Asbury Automotive Group. The bank continues to be a go-to advisor for clients seeking value-maximizing transactions in a complex and competitive environment.
The Presidio Group
Headquartered in Denver, Colorado, The Presidio Group is a boutique investment banking firm that specializes in the automotive retail and mobility sectors. With decades of combined experience, the firm has advised on over 270 transactions totaling more than $16 billion in value. Presidio’s services include buy-side and sell-side advisory, strategic planning, equity and debt capital raising, and market positioning for dealership groups, OEMs, technology providers, and investors.
The firm is well-regarded for its deep industry insight, commitment to client success, and ability to close high-value transactions with precision and confidentiality.
Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, Ga., is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a multiyear plan to increase revenue and profitability strategically through organic operations, acquisitive growth and innovative technologies, with its guest-centric approach as Asbury’s constant North Star. As of March 31, 2025, Asbury operated 150 new-vehicle dealerships, consisting of 196 franchises and representing 31 domestic and foreign brands of vehicles. Asbury also operates Total Care Auto, powered by Landcar, a leading provider of service contracts and other vehicle protection products, and 37 collision repair centers. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products and services, including arranging vehicle financing through third parties and aftermarket products such as extended service contracts, guaranteed asset protection debt cancellation and prepaid maintenance plans. Asbury is recognized as one of America’s Fastest Growing Companies 2024 by the Financial Times, and the company is listed in World’s Most Trustworthy Companies 2024 by Newsweek.
