Wal-Mart's used car test gets tune-up - Market Watch - Asbury Automotive Group - Brief Article

DSN Retailing Today, Nov 11, 2002

STAMFORD, CONN. -- Asbury Automotive Group, the company behind Wal-Mart's foray into used car retailing, is refining its approach, according to company president and ceo Kenneth Gilman. Asbury began a test with Wal-Mart this summer where it operates used car stores under the name Price 1 in the parking lots of five Houston area stores.

During the third quarter that ended Sept. 30, Gilman said, "We have gained a better understanding of our target customer, which has allowed us to adjust our inventory mix at the appropriate price points. We continue to believe the upside potential of Price 1 offers an attractive risk/reward trade-off versus the relatively modest net costs we are currently incurring."