Asbury Automotive Group Revises Earnings Outlook

STAMFORD, Conn., Dec. 20, 2002; Asbury Automotive Group, Inc., one of the largest automotive retail and service companies in the U.S., today announced it is revising its full year 2002 diluted earnings per share target to $1.37 - $1.40 from its previous guidance of $1.50.

The Company will announce 2003 earnings guidance when annual results for 2002 are released. However, in recognition of the revised 2002 guidance, the company has reduced its planning target for 2003 EPS to $1.65 - $1.75, compared with its previously announced goal of $1.80 - $1.90. As noted when the details underlying its planning goal for 2003 were originally announced, achieving the goal is dependent upon a number of factors, including but not limited to industry sales trends, successful completion of the Bob Baker platform acquisition, improved results from the Price 1 used car pilot program and completion of the Company's share repurchase program.

Kenneth B. Gilman, President and CEO, said, "Consistent with overall industry trends, the Company is revising its guidance because we have experienced a slowdown in new and used vehicle sales. While used inventories remain within our target range, our new vehicle inventories are above target because of the slowdown in new vehicle sales -- especially at our stores selling domestic brands.

"However, the two most significant and consistent profit drivers of the business are performing well. During October and November, both our parts/service and finance/insurance business segments delivered solid increases over last year's levels. I think this clearly underscores the fundamental strength and stability of the automotive retail business model."

About Asbury Automotive Group

Asbury Automotive Group, Inc., headquartered in Stamford, Connecticut, is one of the largest automobile retailers in the U.S., with 2001 revenues of $4.3 billion. Built through a combination of organic growth and a series of strategic acquisitions over the past six years, Asbury now operates through nine geographically concentrated, individually branded "platforms." These platforms operate 93 retail auto stores, encompassing 130 franchises for the sale and servicing of 36 different brands of American, European and Asian automobiles. Asbury believes that its product mix includes one of the highest proportions of luxury and mid-line import brands among leading U.S. automotive public retailers. 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.