Asbury Automotive Group Announces Pricing of Secondary Common Stock Offering

NEW YORK, Sept. 19 -- Asbury Automotive Group, Inc. today announced the pricing of a secondary offering of 8,000,000 shares of its common stock at a public offering price of $18.50 per share.

The stock is being sold by Asbury Automotive Holdings L.L.C., an affiliate of Ripplewood Investments L.L.C. Asbury Automotive Holdings L.L.C. has also granted the underwriters an option to purchase up to 1,200,000 additional shares of common stock. Shares sold by Asbury Automotive Holdings L.L.C. are being sold for the account of funds affiliated with Ripplewood Investments L.L.C. and Freeman Spogli & Co., Incorporated. The Company will receive none of the net proceeds from the offering.

Goldman, Sachs & Co. acted as sole bookrunner and joint lead-manager, Deutsche Bank Securities as joint lead-manager, and Wachovia Securities and Stephens Inc. as co-managers of the offering. Copies of the final prospectus relating to the offering may be obtained by contacting Goldman, Sachs & Co. at 85 Broad Street, New York, NY 10004, Attention: Prospectus Department; via fax at (212) 902-9316; or via e-mail at prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Asbury Automotive Group

Asbury Automotive Group, Inc., headquartered in New York City, is one of the largest automobile retailers in the U.S. Built through a combination of organic growth and a series of strategic acquisitions, the Company currently operates 86 retail auto stores, encompassing 119 franchises for the sale and servicing of 33 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.

Forward-Looking Statements

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements relating to plans regarding the Company's financial position, results of operations and business strategy. These statements are based on management's current expectations and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, market factors and general economic conditions. There can be no guarantees the Company's plans will be successfully implemented or that they will prove to be commercially successful. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. These statements involve a number of risks and uncertainties, including investor response to the proposed offering, the trading prices for the Company's common stock during the offering period, other conditions in the financial markets and customary closing conditions.

  Investors May Contact:
  Stacey Yonkus
  Director, Investor Relations
  (212) 885-2512
  investor@asburyauto.com

  Reporters May Contact:
  Tom Pratt
  RFBinder Partners
  (212) 994-7563
  Tom.Pratt@RFBinder.com