Asbury’s Monaghan to Retire; Successor Named
Craig Monaghan will step down as Asbury's president and CEO on Jan. 1 after nine years as the group's chief executive. David Hult, the company’s COO since November 2014, was named his successor.
DULUTH, Ga. — Craig Monaghan will step down as Asbury Automotive Group’s president and CEO on Jan. 1, 2018, the company announced last week. He will stay on with the group as vice chairman of the board under the company’s 2018 annual meeting of stockholders, and will serve as a non-executive special advisor to the company until he retires on April 30, 2019.
Succeeding in Monaghan is David W. Hult, who has served as Asbury’s executive vice president and COO since November 2014. The more than 30-year automotive retail veteran will also join the company’s board of directors.
"We are thankful to Craig for his dedication to Asbury since originally joining the company in 2008," said Thomas C. DeLoach Jr., chairman of the Asbury’s board of directors. "Craig is responsible for significant growth and value creation at the company, and we appreciate his willingness to continue to serve Asbury in a transitional role following his retirement as president and CEO. David has already contributed greatly to the growth of the company, and the board is unanimous in its belief that David is the ideal next chief executive for Asbury."
Hult has held senior management positions with large public and private automotive retail organizations, including RLJ McLarty Landers Automotive Holdings, Group 1 Automotive and Penske Automotive Group. He now takes over one the largest automotive retail and service companies in the United States. The Fortune 500 company operates 80 dealerships, consisting of 96 franchises, representing 29 domestic and foreign brands.
"I am excited to lead the company and our 8,000 associates and look forward to driving further growth for the company,” Hult said. “I want to thank the board of directors of the company for providing me this opportunity.
“Craig has served as a wonderful mentor since I joined the company,” he added. “I look forward to his continued advice and counsel as we work to ensure a smooth and successful transition."
Monaghan added: "I am delighted that the board has promoted David to president and CEO of the company. I look forward to continuing to work with him to execute Asbury's business strategy and deliver long-term value to stockholders and other stakeholders."
More Auto Finance
Interest Rates Further Squeeze Auto Consumers
Last month’s hike and a potential second increase this month add to a growing list of inflation woes that could continue to dent overall car sales.
Read More →
Mind Your Process
Consistent steps taken in various aspects of the F&I office can make valuable differences over time, similar to an outline for a best-selling book.
Read More →
Top Five Credit Application Fraud Flags
Compliance audits regularly reveal bad habits that can lead to fraud charges and should have been stamped out decades ago.
Read More →
More Auto Loans for the Taking in August
Riskier categories were on the uptick for the month as lenders loosened access in several areas while balancing out the exposure in another, Cox Automotive reported.
Read More →
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Auto Refi Savings Surge
Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
Read More →
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →