Asbury Automotive Group Stock to Begin Trading On N.Y.S.E.; Initial Public Offering Priced at $16.50 Per Share

Business Wire, March 14, 2002

Business Editors

STAMFORD, Conn.--(BUSINESS WIRE)--March 14, 2002

Asbury Automotive Group, Inc. today announced the public offering of 7,700,000 shares of its common stock at a price of $16.50 per share. The stock will commence trading today on the New York Stock Exchange under the symbol "ABG."

In the offering, the company is selling 4,500,000 shares, while certain existing stockholders are selling 3,200,000 shares. Asbury Automotive has granted the underwriters an option to purchase up to an additional 1,155,000 shares to cover any over-allotments.

Goldman, Sachs & Co. is acting as sole book runner for the offering. Goldman, Sachs & Co. and Merrill Lynch & Co. are co-lead managers, with Salomon Smith Barney, Raymond James, and Stephens Inc. acting as co-managers. Copies of the prospectus relating to the offering may be obtained from the prospectus department of Goldman Sachs, 85 Broad Street, 9th Floor, New York, NY 10004.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has been declared effective by the Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction.

About Asbury Automotive Group

Asbury Automotive Group, Inc., headquartered in Stamford, Connecticut, is one of the largest automobile retailers in the U.S., with 2001 revenues of $4.3 billion. Built through a combination of organic growth and a series of strategic acquisitions over the past six years, Asbury now operates through nine geographically concentrated, individually branded "platforms." These platforms operate 91 retail auto stores, encompassing 127 franchises for the sale and servicing of 36 different brands of American, European and Asian automobiles. Asbury's product mix includes one of the highest proportions of luxury and mid-line import brands among leading U.S. automotive retailers. The company 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.