Asbury Automotive Group has canceled its plans to purchase Park Place Dealerships, Park Place founder and Chairman Ken Schnitzer announced March 25. The sale was to be completed at the end of the month.
“We will continue to do what we have done best for the past 33 years,” Schnitzer said in a news release. “Now more than ever, we remain committed to creating exceptional experiences for our clients, relying on the talent within our organization, and most importantly, keeping everyone safe.”
Asbury’s deal to purchase the dealerships was made last December. The Park Place brand and the following dealerships were to be under the Asbury Automotive Group's ownership: Lexus Plano and Lexus Grapevine; Jaguar/Land Rover DFW and an Austin location currently under construction; Mercedes-Benz stores in Dallas, Fort Worth and Arlington; Porsche Dallas; Volvo; Bentley Dallas; Rolls-Royce Motor Cars Dallas; McLaren Dallas and Maserati Dallas. Park Place BodyWerks locations in Dallas and Fort Worth were also included in the sale.
Schnitzer founded Park Place Dealerships in 1987.
Park Place Jaguar/Land Rover: 1300 E. Hwy. 114, Grapevine. 972-295-9783. www.parkplace.com
Lexus Grapevine: 901 E. Hwy. 114, Grapevine. 817-310-9671. www.parkplace.com