Asbury Automotive Group Inc (ABG)

Total asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	14,802,700	15,433,800	9,837,700	7,131,800	7,210,300
Total assets	US$ in thousands	10,159,400	8,021,400	8,002,600	3,676,300	2,911,300
Total asset turnover		1.46	1.92	1.23	1.94	2.48

December 31, 2023 calculation

Total asset turnover = Revenue ÷ Total assets
= $14,802,700K ÷ $10,159,400K
= 1.46

The total asset turnover ratio measures how efficiently Asbury Automotive Group Inc is using its assets to generate revenue. A higher ratio generally indicates better asset utilization.

From the data provided, we observe fluctuations in the total asset turnover ratio over the past five years. In 2019, the ratio was at its highest of 2.48, suggesting that for every dollar of assets, Asbury generated $2.48 in revenue. However, in the following years, the ratio decreased significantly to 1.94 in 2020, 1.23 in 2021, and further to 1.92 in 2022 before increasing slightly to 1.46 in 2023.

The declining trend from 2019 to 2021 may indicate potential inefficiencies in asset utilization or changes in the company's business operations. The ratio's slight increase in 2023 could suggest some improvement in asset turnover compared to the previous year but is still below the 2019 levels.

Further analysis and comparison with industry benchmarks or competitors would provide a better understanding of Asbury Automotive Group Inc's performance in efficiently utilizing its assets to generate revenue.