Asbury Adds LaPointe Honda/Mitsubishi of Charlotte

STAMFORD, Conn., April 30 -- Asbury Automotive Group, Inc. , one of the nation's largest automotive retailers, today announced it has acquired LaPointe Honda/Mitsubishi in Charlotte, North Carolina. The dealership, located at 7001 East Independence Boulevard, will be incorporated into Asbury's Crown Automotive Company platform, which is based in Greensboro, North Carolina. With this addition, Crown operates 21 dealerships in North Carolina and Virginia. This is Asbury's first dealership in Charlotte, a very attractive market.

"The addition of the LaPointe dealership will significantly augment Asbury's current operations in North Carolina," said Kenneth B. Gilman, president and CEO of Asbury Automotive Group. "Honda remains our largest brand, now representing 12 franchises. We are delighted to continue to build our partnership with Honda and believe its future is tremendous based on their consistently strong car line-up and the newly expanded line of outstanding SUVs."

LaPointe Honda is one of the largest Honda and overall volume dealers in North Carolina. It is strategically situated on "Car Row" and is expected to drive $100 million in revenues per year for Asbury.

"Charlotte is a very strong market with high potential upside," said Michael S. Kearney, president and CEO of Asbury Automotive's Crown Automotive Company. "Acquiring the LaPointe dealership was the smartest way for us to enter the market -- it really gives us a strong foothold on Charlotte. It is the oldest Honda Dealership in North and South Carolina and is a consistent Presidents Award Winner. It is strategically situated on Independence Boulevard and will undergo renovations to comply with the Honda Brand Image program. The acquisition of LaPointe falls in line with Crown's philosophy of adding quality, well-run dealerships to our existing family of businesses. LaPointe has a great reputation in the market, and we are excited that they are joining the Crown organization."

The acquisition of LaPointe Honda brings Asbury's year-to-date acquisitions to over $150 million in projected annual revenues. The company's acquisition pipeline remains robust, and it expects to meet its stated annual objective of adding $300-500 million in revenues.

About Asbury Automotive Group

Asbury Automotive Group, Inc., headquartered in Stamford, Connecticut, is one of the largest automobile retailers in the U.S., with 2002 revenues of $4.5 billion. Built through a combination of organic growth and a series of strategic acquisitions, Asbury now operates through nine geographically concentrated, individually branded "platforms." These platforms currently operate 94 retail auto stores, encompassing 133 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 public U.S. automotive 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.