Charles “Chuck” Stevinson took over a Chevrolet dealership in Golden and opened a Toyota dealership in 1970. The company opened the first Lexus dealership in Colorado in 1989 and a companion Lexus franchise in 2006.
Stevinson acquired the Hyundai franchise in Longmont in 2011.
“For a family business like ours with long-term roots in the Denver community, making the decision to sell, and identifying the right buyer, were critical to me and my brothers.” Kent Stevinson, the automotive group’s president, said in a statement.
Kerrigan Advisors represented Stevinson in the transaction and said the company is the largest privately owned dealership group based in Denver. Stevinson has more than 600 employees.
“The Denver market is one of the most economically vibrant in the U.S. and an ideal market for strong automotive brands, such as those represented by Stevinson Automotive,” said Ryan Kerrigan, managing director of Kerrigan Advisors.
Asbury, which operates 101 dealerships nationwide, said the acquisition will add $715 million in annualized revenue to the company.
“We are thrilled to add to our growing footprint in the dynamic and growing Denver area, especially through a well-respected and successful dealership group like Stevinson,” David Hult, Asbury president and CEO, said in a statement.
Earlier this year, Kent Stevinson was inducted into the inaugural Colorado Automotive Hall of Fame. In 2020, Kent Stevinson, his brother, Greg Stevinson, and his father, Charles Stevinson, were named to the Colorado Business Hall of Fame.
Greg Stevinson assumed chief responsibility for the family’s real estate holdings.