Asbury Automotive Group Announces Secondary Common Stock Offering

By From ca.news.finance.yahoo| Apr 04 2007
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Asbury Automotive Group, Inc. (NYSE: ABG) (the "Company") today announced that certain funds (the "Funds") affiliated with Freeman Spogli & Co. have agreed to sell an aggregate of 2,000,000 shares of Asbury's common stock, par value $0.01 per share, in a public offering underwritten by Deutsche Bank Securities Inc. The shares will be offered on an at-the-market basis pursuant to an effective registration statement filed with the Securities and Exchange Commission. The Funds have also granted the underwriter an option to purchase up to 300,000 additional shares of common stock. The Company will receive none of the proceeds from the offering.

This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any of the securities, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale is not permitted.

About Asbury Automotive Group

Asbury Automotive Group, Inc. ("Asbury"), headquartered in New York City, is one of the largest automobile retailers in the U.S. Built through a combination of organic growth and a series of strategic acquisitions, Asbury currently operates 85 retail auto stores, encompassing 112 franchises for the sale and servicing of 33 different brands of American, European and Asian automobiles. Asbury 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.

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