Asbury Automotive Group is one of the largest franchised automotive retailers in the U.S., operating 171 dealership locations across 36 brands, 39 collision centers, and a finance and insurance product business called Total Care Auto (TCA). Asbury covers the full vehicle ownership lifecycle through four business lines: new vehicle sales, used vehicle sales, parts and service (P&S), and F&I. New and used vehicle sales are high-volume but thin-margin, with profitability driven by inventory supply/demand dynamics, brand mix, and sourcing quality. Asbury's brand mix tilts toward import and luxury vehicles, with Toyota, Ford, and Lexus as its three largest brands. P&S is Asbury's most stable and highest-margin business, with ~58% gross margins, driven by repair order volume and ticket size — both of which grow as vehicles age and become more complex. F&I is similarly high-margin, with Asbury earning commissions on financing arrangements and product sales per vehicle retailed. TCA, acquired in 2021, is a vertically integrated F&I product underwriter that Asbury is progressively rolling out across its dealerships. TCA creates a deferred revenue dynamic that suppresses near-term GAAP earnings but is expected to be a meaningful long-term earnings tailwind. Asbury also operates Clicklane, a fully online vehicle transaction platform. Asbury's growth strategy centers on large-scale acquisitions — including Larry H. Miller, Jim Koons, and Herb Chambers — to expand its geographic footprint and shift its brand mix toward higher-margin luxury franchises, supplemented by active portfolio divestitures and share buybacks.