Ex-Chrysler Exec Leads IPO for Nationwide Network of Dealers

Automotive News reported that,Asbury Automotive Group Inc., a national vehicle retailer co-founded by a former deputy to Lee Iacocca, will seek to raise as much as $150 million through an initial public offering. The company, based in Stamford, Conn., filed with the Securities and Exchange Commission to sell common stock. Proceeds will be used primarily to repay debt, with some of the funds also devoted to working capital and acquisitions. Established in 1995, Asbury has grown through acquisitions of dealerships in states such as Georgia, Texas and Missouri. The company's 86 dealership locations in nine states generated $4 billion in revenue last year.