Asbury Puts Used-Car Lots at Wal-Marts

Asbury Automotive Inc., the nation's fifth largest dealership group, has teamed with Wal-Mart Stores Inc. in a deal that could lead to used-car lots at Wal-Marts across the country. Sources close to Asbury, based in Stamford, Conn., say the group has established a used-car company called Price 1 Auto Stores in Houston. It will offer 70 to 100 certified vehicles with no-haggle prices at each location. The Price 1 concept is expected to begin in May at five free-standing Wal-Marts in Houston. Four other Houston Wal-Mart stores will promote the car lots. Dennis Moore, 44, former vice president of purchasing for defunct online used-car broker iMotors.com, has been named Price 1 president. Asbury will lease the land from Wal-Mart, based in Bentonville, Ark., but Wal-Mart will have no stake in Price 1, and Wal-Mart's name cannot be used in conjunction with the company. But Asbury still could get plenty of exposure out of these high-traffic locations because Wal-Mart is the nation's largest retailer with revenues last year of $212 billion.