Asbury Automotive Group opened the path for Vaughan Automotive to enter California.

According to a news release from The Presidio Group that helped to facilitate the transaction, Asbury on Monday closed its sale of a Toyota dealership and related real estate and business operations located in Lemon Grove, Calif.

Asbury purchased the Toyota dealership as part of its acquisition of Larry H. Miller Dealerships in December 2021, and it was the last of Asbury’s California holdings following the sale earlier in June of another Toyota store in Corona, Calif.

“The Presidio Group’s guidance once again exceeded our expectations and led to a transaction that helped us attain the best value for our shareholders and helped us find a buyer who will take good care of the Larry H. Miller Toyota Lemon Grove team,” Asbury president and CEO David Hult said in the news release from the Presidio Group.

For Vaughan Automotive, which already has four metro Toyota stores in Texas, the transaction marks its first foray into California.

“Moving into California represents a significant milestone in our expansion strategy,” Vaughan Automotive CEO Shawn Vaughan said in the news release. “We’ve come to know this market well and are excited to represent Toyota in another community.

“We thank The Presidio Group and Asbury for the chance to make this transaction happen. Presidio’s professionalism and expertise was key to a great overall transaction process and smooth closing,” Vaughan continued.

Vaughan will rename the store Maverick Toyota.

“We were honored to represent Asbury in this important transaction,” said Alex Watterson, managing director of The Presidio Group. “We worked closely with both Asbury and Vaughan Automotive to support the transfer of the Larry H. Miller Toyota Lemon Grove team to Maverick Toyota. The Presidio team expects to shepherd many additional closings in 2025 as our deal pace continues to gain momentum.”

Kevin Sutton, shareholder at Hill Ward Henderson, served as outside legal counsel to Asbury. Jill Bell and Katherine Frazier of Hill Ward Henderson provided legal counsel to Asbury on real estate matters.

Eric Pridgen, attorney at Underwood & Roberts, PLLC, provided legal counsel to Vaughan Automotive.

The Presidio Group provided exclusive M&A advisory services to Asbury through its wholly owned investment bank, Presidio Merchant Partners LLC.

“We appreciate the trust the Asbury team has once again placed in Presidio,” said George Karolis, president of The Presidio Group. “Our team has deep expertise in navigating the complexities of dealership transactions, and being chosen to represent a leading public retailer such as Asbury is a privilege.

“Our great partnership with David Hult and his team is emblematic of the kind of strong and far-reaching relationships that Presidio is known for creating with its clients,” Karolis went on to say.