DULUTH, Ga., Dec. 2, 2020 /PRNewswire/ — Asbury Automotive Group, Inc. (NYSE: ABG) (“Asbury” or the “Company”), one of the largest automotive retail and service companies in the U.S., announced today the launch of Clicklane— a communications technology ecosystem which allows for a true online car-buying and selling experience. Asbury partnered with Gubagoo to build the online platform that gives Asbury the ability to enhance the car buying experience across its store base and also to enter new markets focusing on the pre-owned vehicle business as a standalone Clicklane brand.
Clicklane fills many of the gaps that exist with online automotive retail platforms currently on the market. Features that are unique to this platform include:
- Penny perfect trade-in values and penny perfect loan payoffs
- Real-payment figures based on local taxes and fees
- Loan marketplace, which now includes more than 30 lenders
- VIN-specific finance & insurance products customized to the vehicle and consumer
- Ability to sign all documents online via DocuSign®
- In-tool service and collision appointment scheduler
Members of the Asbury executive leadership team will host a demonstration of the Clicklane platform on Wednesday, December 2 at 10 a.m. EST live at asburyauto.com/clicklane.
“Clicklane is the latest evolution in our omni-channel strategy that we began more than four years ago,” said CEO & President David Hult. “The future of the automotive retail industry relies on innovation and our ability to meet consumers where they are— online. With Clicklane, we have created one platform for the entire life cycle of vehicle ownership and found the solution to what has been a fragmented process. Others may have pioneered the online car-buying experience, but we believe that we have perfected it.”
Asbury first piloted Clicklane at one of its stores in the Florida market, and it has now been implemented at several Asbury stores nationwide. The company plans to complete the Clicklane rollout to all its stores by the end of the first quarter of 2021.
The company also unveiled its five-year strategic plan to reach $20 billion of revenue by 2025 (20% compound annual growth), expand operating margins, and grow EPS in excess of revenue growth. Specifically, the company highlighted:
- Driving same-store revenue growth of $2 billion over five years,
- Acquiring $5 billion of additional revenue over five years, and
- Adding an incremental $5 billion of revenue through the new Clicklane platform.
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. (“Asbury”), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. Asbury currently operates 91 dealerships, consisting of 112 franchises, representing 31 domestic and foreign brands of vehicles. Asbury also operates 25 collision repair centers. Asbury 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.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements