Asbury Automotive Group, Inc., an automotive retail and service company, announced that Michael Kane has been named president and CEO of McDavid Auto Group, based in Irving, Texas. Mr. Kane will replace current president and CEO David McDavid, who is leaving to pursue other interests.
According to the company, the McDavid Auto Group is one of the best-known brands in Texas, having been in its local market for 66 years. Today, the McDavid Group consists of 11 franchises in four cities throughout Texas, with annual revenues of approximately $500 million. It is one of the largest Honda dealers in the country, with two Honda stores and two Acura stores. Asbury acquired the platform in 1998 from Mr. McDavid.
"We would like to thank Mr. McDavid for his many invaluable contributions over the years, and we wish him well in his future endeavors. David is one of the best 'car guys' in the industry, and his vast knowledge and experience will be sorely missed," said Kenneth B. Gilman, president and CEO of Asbury Automotive. "Looking ahead, we feel very fortunate to have Michael Kane on board as CEO in Texas. His extensive background in automotive retailing and in the Texas marketplace, in particular, will be of great value to Asbury, and we are sure he will capitalize on the strong McDavid brand to drive increased revenues for the platform."
Mr. Kane joins Asbury from Sonic Automotive, where he was a vice president responsible for all of the company's northern California/South Bay operations. In this role, he oversaw nine dealerships, as well as the Dublin Auto Center, which together generated more than $500 million per year in revenues. Mr. Kane began his automotive retailing career in 1976 as a sales person with Don McMillan Ford in Houston. In 1980, he joined Gunn Automotive in San Antonio, Texas. He spent 20 years at Gunn, holding numerous positions across various functions, including vice president of operations from 1997-2000. He attended St. Michaels College in Burlington Vermont.
About Asbury Automotive Group
Asbury Automotive Group, Inc., headquartered in Stamford, Connecticut, is an automobile retailer with 2002 revenues of $4.5 billion. Built through a combination of organic growth and a series of strategic acquisitions over the past six years, Asbury now operates through nine geographically concentrated, individually branded "platforms." These platforms operate 92 retail auto stores, encompassing 132 franchises for the sale and servicing of 35 different brands of American, European and Asian automobiles. Asbury's product mix includes one of the highest proportions of luxury and mid-line import brands among leading U.S. automotive retailers. The company says it offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.
