Asbury Autogroup Expands Its Jackson, MS Presence; Asbury Agrees to Acquire Gray-Daniels Ford and Metro Motors

    STAMFORD, Conn.--April 5, 2001--In a move that solidifies Asbury Autogroup's leadership position in the Jackson market, the company today announced that it has agreed to acquire Gray-Daniels Ford and Metro Mazda-Hyundai-Suzuki-Isuzu. Asbury, which already owns the Mark Escude dealerships in Jackson, is the third largest dealership network in the United States.
    Jackson native Bobby Gray, along with Noel Daniels and Steven Inzinna, will join Asbury's Mississippi senior management group and will become an Asbury shareholder. Including these acquisitions, Asbury has 87dealerships, operating 124 franchises.
    "We are confident that Bobby's seasoned management team, coupled with his leadership skills acquired through 29 years in the business, will significantly impact Asbury's efforts in servicing the Jackson customer," said Asbury Autogroup Jackson-born Chief Executive Officer Brian Kendrick. "We believe Asbury's dedication to improving the efficiencies in the automotive retail sector will enable us to take advantage of the great potential in this dynamic market."
    "This is an exciting period of change in the automobile business," stated Bobby Gray. "The rapid consolidation of the industry creates challenges that we must turn into real and lasting benefits for our customers, as well as opportunities for our people."
    Mr. Gray continued, "I am excited to become part of the top-quality management team of Asbury partnerships across the country. I look forward to reaping the benefits of being part of a consolidator in order to better serve the Jackson market."
    Mr. Gray began his career as a salesman for Jackson Lincoln-Mercury in 1972 at the age of 19. After holding management and ownership-level positions at several car dealerships in the Jackson area, in 1991 Mr. Gray bought Boyce Ford in Brandon, renaming it Gray-Daniels Ford. Mr. Gray's ability to increase sales 350% in two years enabled him to expand the dealership to a new seven-acre, 40,000 square foot facility in the Crossgates area of Brandon in 1993. The facility has since grown to encompass nearly 20 acres.
    In his tenure at Gray-Daniels Ford, the Gray-Daniels dealership has earned Ford Motor Company's "Chairman and President's Awards," and has captured the annual title as the Number One Ford Retail Truck Dealership in the Memphis region in 1999 and 2000. In addition, Gray-Daniels Ford has achieved Ford Motor Company's Top 100 Club status for five consecutive years, and is currently ranked number 50 in the country. Mr. Gray is a member of the Mississippi Automobile Dealers Association.

    About Asbury Autogroup

    Asbury Automotive Group L.L.C. is the largest private automotive retailer in the United States with pro forma 2000 revenue approaching $4.5 billion. The company is comprised of nine regional automotive groups located in Arkansas, Florida, Georgia, Mississippi, Missouri, North Carolina, Oregon, Virginia and Texas. Asbury sells, finances and services a diverse range of foreign and domestic automobile brands. While most of Asbury's regional platforms are ranked first in their respective markets, all of the platforms are in the top three in terms of revenue.