Asbury Automotive

Intangible assets: Moderate. State franchise protections plus long‑standing OEM relationships create location and brand permissions that are not easy to replicate. Herb Chambers and Koons add dense luxury and import exposure in attractive regions.

Score: 70. Efficient scale: Local market density in service and collision centers supports utilization and OEM parts pull‑through. Score: 65. Cost advantages: Centralized purchasing and shared services help SG&A leverage, though this is largely execution‑dependent and not unique.

Score: 55. Switching costs: Low to moderate for sales; higher for service due to warranty ties and vehicle complexity keeping work at franchised dealers. Score: 55. Network effects: None.

Score: 10. Weighted result: about 60. Key data points: 171 dealerships/223 franchises/39 collision centers (2025 year‑end), revenue and gross profit mix highlighting P&S and F&I.