Long-time family-owned Stevinson Automotive sells to Georgia-based company – Greeley Tribune

Family-owned Stevinson Automotive, in Colorado for 59 years, has sold its eight dealerships to Georgia-based Asbury Automotive Group.

Charles “Chuck” Stevinson took over a Chevrolet dealership in Golden and opened a Toyota dealership in 1970. The company opened the first Lexus dealership in Colorado in 1989 and an associated Lexus franchise in 2006.

Stevinson acquired the Hyundai franchise in Longmont in 2011.

“For a family business like ours with long-term roots in the Denver community, making the decision to sell and identifying the right buyer was essential for me and my brothers. Kent Stevinson, chairman of the automotive group, said in a statement.

Kerrigan Advisors represented Stevinson in the transaction and said the company is the largest Denver-based private dealer group. Stevinson has more than 600 employees.

“The Denver market is one of the most economically dynamic in the United States and an ideal market for strong automotive brands, such as those represented by Stevinson Automotive,” said Ryan Kerrigan, managing director of Kerrigan Advisors.

Asbury, which operates 101 dealerships nationwide, said the acquisition would add $ 715 million in annualized revenue to the company.

“We are delighted to add to our growing footprint in the dynamic and growing Denver region, particularly through a respected and successful dealer group like Stevinson,” said David Hult, President and CEO d’Asbury, in a statement.

Earlier this year, Kent Stevinson was inducted into Colorado’s inaugural Automotive Hall of Fame. In 2020, Kent Stevinson, his brother, Greg Stevinson, and his father, Charles Stevinson, were named to the Colorado Business Hall of Fame.

Greg Stevinson assumed primary responsibility for the family’s real estate holdings.