Asbury Automotive Group Announces Secondary Common Stock Offering
NEW YORK, Nov. 14, 2006 -- Asbury Automotive Group, Inc. (the "Company") today announced that Asbury Automotive Holdings L.L.C. has agreed to sell 3,072,856 shares of the Company's common stock in a public offering underwritten by Goldman, Sachs & Co. Shares sold by Asbury Automotive Holdings L.L.C. are being sold for the account of funds affiliated with Ripplewood Partners L.P. The Company will not receive any of the proceeds from the offering.
The shares will be offered on an at-the-market basis pursuant to an effective registration statement filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any of the securities, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale is not permitted.
A prospectus supplement relating to the offering may be obtained from Goldman, Sachs & Co., Prospectus Department, 85 Broad Street, New York, New York 10004, fax: 212-902-9316 or email at prospectus-ny@ny.email.gs.com.
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 87 retail auto stores, encompassing 120 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.
Investors May Contact: Stacey Yonkus Director, Investor Relations (212) 885-2512 investor@asburyauto.com Reporters May Contact: Kevin Brown RF|Binder Partners (212) 994-7537 Kevin.Brown@rfbinder.com
FCMN Contact: Kevin.brown@rfbinder.com