Asbury Auto Reports Record Q2 Numbers

  STAMFORD, Conn., July 25 - Asbury Automotive Group, Inc., one of the 
largest automotive retailers in the U.S., today reported record financial 
results for the second quarter and six months ended June 30, 2002.

Net income from continuing operations for the quarter was $13.8 million, or 
$0.40 per diluted share.  Asbury's quarterly net income totals for 2002 are 
not comparable with those from 2001 due to the tax impact of Asbury's 
conversion from a partnership to a "C" corporation, in connection with 
Company's initial public offering earlier this year.  On a more comparable 
basis, Asbury's income from continuing operations before taxes and minority 
interest increased $7.4 million, or 47.5% from the second quarter of 2001, 
after adjusting for the elimination of goodwill amortization.

"For our second consecutive quarter as a public company, Asbury's earnings 
have exceeded the analysts' consensus estimate," said Kenneth B. Gilman, 
President and CEO.  "Sales and profitability for both new and used vehicles 
remained solid.  We were particularly pleased with the substantial growth 
in our finance and insurance business, as well as the continued strength in 
our parts and service business.  Overall, despite a challenging economic 
environment, Asbury's gross profit rose 11.7 percent, to 15.7 percent of 
revenues from 15.3 percent a year ago.  These solid results reflect 
continued profit improvements in our core luxury and import brand 
businesses, as well as strength in our domestic lines."

Included in the Q2 financial highlights:

* The Company's total revenues were approximately $1.2 billion, up 8.9 
percent from a year ago.

* New vehicle retail sales rose 7.8 percent, and new vehicle retail gross 
profit increased 14.4 percent.

* Used vehicle retail sales were up 8.4 percent, with related gross profit 
rising 10.6 percent.

* Parts and service revenues increased 10.0 percent, with related gross 
profit increasing 9.1 percent.


For the first half of 2002, pro-forma net income from continuing operations 
(as described below) was $25.2 million, or $0.74 per share.  Income from 
continuing operations before taxes, minority interest and extraordinary 
loss was $41.7 million, up 51.9% from the same period last year after 
adjusting for goodwill amortization.  For the 2002 period prior to Asbury's 
IPO, the results include a pro forma tax provision as if the Company were a 
public "C" corporation.  The first-half results also exclude a 
non-recurring deferred income tax provision required by SFAS 109 related to 
Asbury's change in tax status from a limited liability company to a "C" 
corporation.  On a GAAP basis, including the non-recurring deferred income 
tax provision and the results of discontinued operations, the Company's net 
income for the first six
months of 2002 was $17.9 million, or $0.56 per share.

Mr. Gilman concluded, "The inter-relationship of the automotive retail 
industry and the automotive manufacturers -- including the manufacturers' 
need to sustain unit sales -- and the stability that the retailers enjoy 
from our diverse income streams continue to support our optimistic outlook 
for the balance of 2002 and beyond.  We continue to believe that automotive 
retailers, particularly those with a great brand mix such as Asbury, are 
not prone to the same economic pressures the manufacturers face.  History 
has clearly illustrated the consistent profit and cash flow performance of 
auto retailers during various economic cycles.  In addition, with the 
continued steady gains in market share by the import brands, Asbury's 
business model is well positioned to deliver consistent results.  In these 
challenging market times I believe that our business model with its 
platform approach and focus on luxury and mid-line import brands, provides 
an element of stability which is not apparent or available in other retail 
sectors."

The Company also issued the following range of forward-looking estimates 
for the full year 2002:

* Revenues                $4.43  -  $4.49 billion
* Gross profit            15.9%  -  16.0%
* Operating expenses      12.6%  -  12.7%
* Interest                no change in rates assumed
* Effective tax rate      39%    -  40%
* EPS                $1.57  -  1.59 per share