Navigation Links
Asbury Automotive Group's Craig Monaghan Shares Insights with CBT News
Date:7/10/2013

Atlanta, GA (PRWEB) July 10, 2013

CBT News (http://www.cbtnews.com) the official news source of the retail automotive industry, is now airing an exclusive interview with Craig Monaghan, CEO of Asbury Automotive Group. Jim Fitzpatrick, founder and CEO of CBT News, interviewed Monaghan at Nalley Toyota of Roswell to discuss the success and expansion of the company.

Asbury faced many obstacles when the recession hit in 2008. And when the company’s stock dropped to under two dollars a share, auditors questioned if the 99 store dealership group could survive a limping economy. Today, the automotive group is currently trading at approximately $45 a share.

During the interview with Fitzpatrick, Monaghan discussed three pivotal measures that helped Asbury Automotive survive the recession.

First, the company required that all its general managers take charge of their stores.

“We are a very GM-centric organization,” Monaghan says. “We believe that those are the people that are the key to our success.”

The second point Monaghan related was cost containment. All unnecessary overhead was eliminated, he says, citing their relocation of corporate offices from New York to Atlanta.

Lastly, Asbury made investments.

“Despite the fact that we were in trouble, this business was always cash flow positive,” Monaghan said. “I think that’s one thing people don’t realize is it’s really quite an attractive business, and even in that downturn we were always generating cash, and we were able to make investments. We invested in technology; we invested in our people; we were buying back our debt which was at accrediting at 35 cents on the dollar, and when you put it all together it worked.”

Once Asbury survived the recession, the company invested its money back into the business. Monaghan said taking care of the store and providing a comfortable venue for customers is important, and Asbury Automotive established a five-year capital spending program specifically for rebuilding and construction. Over the past 10 years, the company has either completely rebuilt or renovated nearly two-thirds of its stores, and plans to do rebuild another 20 percent of its stores within the next 12 to 18 months.

“We’ll spend almost 60 million dollars this year on just store renovations,” Monaghan says. “We’re committed to maintaining a first-class store.”

Monaghan also provided dealers with advice when it comes to showroom renovations, stressing the importance of working with the manufacturer early, and planning as a team. He said buyers can get a great-looking product--but not an overpriced product-- when planned correctly.

Monaghan provided more management advice and discussed the future plans for Asbury Automotive Group in the full interview on CBT News.

CBT News is the official news source of the retail automotive industry. The web-based newscast combines the immediacy of the internet with a traditional broadcast news delivery format, complete with co-anchors and studio set, producing quality content often featuring interviews with leaders in the industry. The free site is rapidly growing, with over 25,000 subscribers. In addition to the newscast, the site is chock full of information for dealers, including sales tips, video clips and articles highlighting topics like social media marketing, inventory management, fixed ops and more.

Read the full story at http://www.prweb.com/releases/2013/7/prweb10913387.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. Technological advancement is opening new doors to the growth of Pressure Sensors for automotive and medical applications - New Report by MarketsandMarkets
2. Tom Gonter to Drive Sales at Retail Automotive News Organization CBT News
3. Automotive Brake System Market to Reach $28.5 Billion by 2018 at a CAGR of 7.14% - New Report by MarketsandMarkets
4. The Casey Group's Sales Navigator Wins 2012 Best Mobility App in the New Jersey Technology Council's Mobile Application Competition
5. National Camp Series (NCS) Associate, Retired NFL Punter Craig Hentrich of Legacy Kicking, Joins Kicking For The Dream’s Effort to Fight Ovarian Cancer
6. Home Workout Revolution: Review Examining Craig Ballantyne's Program Released
7. Healthentic Names Craig Cameron as Vice President of Sales
8. Dr. Craig Amshel of Absolute Surgical Specialists Offering Bowel Prep During the Shop Local for a Cause Event
9. Craig Medical Distribution has Opened its line of Professional Diagnostic Products to the General Public
10. Turbulence Training: Review Examining Craig Ballantyne's Fitness Program Released By DietsAndFitnessGuides.com
11. Fox Valley Orthopedics Surgeon Dr. Craig Popp Says New Minimally Invasive Herniated Disc Surgery Less Painful
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/20/2017)... ... July 20, 2017 , ... The Dermatology Clinic announced today the addition ... BS in Biology from LSU, graduating summa cum laude. He attended Emory University School ... residency in St. Louis, Dr. Dunbar moved to New York to complete an AGCME-accredited ...
(Date:7/20/2017)... ... ... There’s a lot of confusing lingo out there surrounding spinal disc problems, ... it’s crucial to understand both the differences and similarities between these two highly common ... founder and president of Atlantic Spine Center . , The bottom line ...
(Date:7/20/2017)... (PRWEB) , ... July 20, 2017 , ... ... travel protection services since 2014, top travel insurance solution company VisitorsCoverage Inc. has ... to sell all major international travel insurance products online, under their own brand. ...
(Date:7/20/2017)... Charlotte, NC (PRWEB) , ... July 20, 2017 , ... ... announces the latest innovation to their product line: the AVE 2 birthing bed. , ... 2 helps bring a new level of comfort and efficiency to every phase of ...
(Date:7/20/2017)... ... ... Dr. Jig Patel is pleased to announce openings for new patients who ... the difficulties that face people who are missing teeth , he offers education ... dentures and bridges. Not only does an implant improve oral health, it also restores ...
Breaking Medicine News(10 mins):
(Date:7/11/2017)... Ill. , July 11, 2017  Sysmex ... and urinalysis diagnostic testing equipment as well as ... innovation: a way to make quality assurance easier ... processes. "Sysmex is well known for the innovation ... Quality Monitor elevates quality assurance processes to ...
(Date:7/10/2017)... The Institute for In Vitro Sciences (IIVS), ... of a VITROCELL® inhalation exposure system thanks to a ... device, which is designed to replace animals in inhalation ... to airborne test materials in an environment that mimics ... for testing combustible tobacco products, as well as next ...
(Date:7/6/2017)... nutrition division of Diplomat Specialty Infusion Group, is celebrating a decade of ... To celebrate its anniversary, ThriveRx recently launched a redesigned website at ... organization to create the best user experience for consumers and health care ... Diplomat Pharmacy ... "We,ve made several great strides throughout the past 10 ...
Breaking Medicine Technology: