After the historic sale of most of its stores and brand name to Asbury Automotive Group, Texas retailer Park Place Dealerships is now Avondale Group. Asbury finalized the purchase of Park Place on Monday, which will add an expected $1.7 billion in annual revenue for the public group.
Avondale is comprised of the remaining dealerships that Park Place founder Ken Schnitzer kept in the deal with Asbury, executives said Monday, as well as one store, Aston Martin Dallas, that was acquired before finalizing the new deal.
"We are thankful to both the Asbury and Park Place employees who have worked tirelessly over the last few weeks to complete this transaction," Asbury CEO David Hult said in a statement. "The talent in both organizations and the resilience of the dealer model have put us in a position to become a stronger and more diversified company."
Pandemic conditions and issues with the public group's financing arrangements led Asbury to terminate in Marc…