Jim Koons Automotive will be acquired by Ashbury Automotive Group for an undisclosed sum, though the deal is one of the most sizeable combinations in auto retail history, according to the companies.
Jim Koons Automotive is the largest auto dealership in the Baltimore and D.C. region, with 20 dealerships, 29 franchises, six collision centers and 2,500 employees. Koons had $3 billion in revenue last year.
Duluth, Georgia-based Ashbury Automotive, a Fortune 500 company, operates 138 dealerships and 32 collision centers. It had $15.4 billion in 2022 revenue.
Koons Ford was founded in Falls Church, Virginia, in 1964 by John Koons. Son Jim Koons took over the company in 1973.
Koons is among top dealerships in the nation for volume sales of Toyota, Lexus, Mercedes, Ford, Kia, Hyundai, Volvo, Stellantis and General Motors. In 2022, its dealerships sold 61,000 new and used vehicles.
Irvine, California-based Kerrigan Advisors, which specializes in auto dealership transactions, advised Koons on the deal.
