Big Get Bigger -Asbury Automotive Group Adds Two Dealerships in the Southeast

STAMFORD, Conn., Aug. 9-- Asbury Automotive Group, Inc.today announced it has entered into contracts to acquire Troncalli Chrysler in Roswell, Georgia and High Point Chevrolet in High Point, North Carolina. Both are subject to customary manufacturer approval.

The addition of these two franchises underscores Asbury's strategy to continue expanding in strong, fast-growing markets, particularly in the southern half of the United States," said Kenneth B. Gilman, CEO of Asbury Automotive Group. "With the addition of these 2 new franchises, this year we have acquired dealerships with current revenues of over $150 million annually. Coupled with our extensive acquisition pipeline, we are well on our way to meeting our stated objective of acquiring dealerships with sales of $300-500 million annually."

Troncalli Chrysler will be integrated with Asbury's Nalley Auto Group platform, based in Atlanta. Located in Roswell, a fast growing suburb of Atlanta, Troncalli Chrysler has current revenues of approximately $30 million. Consistent with Asbury's objective of operating larger stores, this acquisition enables Asbury to combine its existing Jeep franchise with a Chrysler franchise and establish a single major storefront with expected revenues in excess of $75 million. The acquisition of Troncalli Chrysler gives Asbury 15 franchises in the Atlanta market.

"The Troncalli Chrysler franchise enhances our existing platform in multiple ways," said Jim Nalley, CEO of Nalley Auto Group. "It allows us to combine two strong franchises under one roof, and enables us to relocate and expand our existing Audi franchise into the former Nalley Jeep location -- one of the most desirable locations in the Roswell area."

High Point Chevrolet will be incorporated into Asbury's Crown Automotive Company platform, which is based in Greensboro, North Carolina. The High Point dealership, situated 11 miles southwest of Asbury's existing Greensboro locations, generated revenues of $42 million in 2001. This acquisition raises the number of Crown franchises to 22.

Michael Kearney, president and CEO of Crown Automotive Company, commented that, "Asbury has experienced great success thus far in the Greensboro market, and the addition of this respected Chevrolet dealership will greatly enhance our position, particularly with their strong line-up in the light truck segment."

About Asbury Automotive Group

Asbury Automotive Group, Inc. headquartered in Stamford, Connecticut, is one of the largest automobile retailers in the U.S. Asbury 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. 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.