Asbury Automotive (ABG) 8-K Asbury Automotive Group Reports Second Quarter Earnings

Exhibit 99.1

Investors May Contact:

Ryan Marsh

Treasurer

(770) 418-8211

investor@asburyauto.com

Reporters May Contact:

Anuj Baveja

RF|Binder Partners

(212) 994-7552

anuj.baveja@RFBinder.com

Asbury Automotive Group Reports Second Quarter Earnings

of $0.18 Per Diluted Share from Continuing Operations

Duluth, GA, July 30, 2009 – Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., today reported financial results for the second quarter and six months ended June 30, 2009.

Income from continuing operations for the second quarter was $6.0 million, or $0.18 per diluted share, compared to $10.9 million, or $0.34 per diluted share, in the corresponding period last year. Results for both periods included non-core items that reduced earnings by $0.04 per diluted share, as disclosed in the attached tables. Net income for the second quarter of 2009 totaled $5.5 million, or $0.17 per diluted share, compared with $10.4 million, or $0.32 per diluted share, a year ago.

For the first six months of 2009, income from continuing operations was $7.8 million, or $0.24 per diluted share, compared with $21.4 million, or $0.66 per diluted share, in the corresponding period last year. Non-core items, as disclosed in the attached tables, reduced earnings by $0.04 per diluted share in the first half of 2009, and by $0.05 per diluted share in the six-month period a year ago.

“We are pleased to report further sequential improvement in our operating results for the second quarter, building on the momentum established in the first quarter,” said Charles R. Oglesby, Asbury’s President and CEO. “U.S. new vehicle sales have essentially stabilized, but at a historically low level. Against this backdrop, we continued to focus on executing our organizational restructuring and store-level productivity initiatives, and, on a rolling twelve month basis, reduced same store SG&A expense by more than $100 million compared to the prior rolling twelve month period. Also, we have aligned our inventory levels with the current sales environment. As of June 30, our new light vehicle inventory was at 69 days’ sales and our used vehicle inventory was at 38 days’ sales.”

Last Friday, Asbury disclosed that we successfully renegotiated the covenants in our principal credit facilities. Total leverage ratio covenants have been permanently removed and fixed charge ratio covenants have been eased for a period of time. In return, Asbury has agreed to additional restrictions on new indebtedness and to a reduction in the amount of its revolving credit facility from $175 million to $150 million.

Craig T. Monaghan, Asbury’s Senior Vice President and Chief Financial Officer, said, “Our disciplined working capital management and ongoing restructuring program continue to strengthen Asbury’s liquidity position. At the end of the quarter, we had $42 million in cash on hand. As a result of our recent amendments, we have $170 million in available borrowing capacity under our credit facilities today.

Mr. Monaghan commented, “The continued responsiveness and support of our financial partners speak volumes about the strength of these critical relationships. The covenant changes we have negotiated significantly enhance our financial flexibility during this challenging sales environment.”

Mr. Oglesby concluded, “Overall, Asbury continues to make excellent progress towards its longer-term goal of creating the optimal operating structure for our company. With a more streamlined, efficient organization, we will be able to leverage the inherent strengths of our dealership portfolio more effectively as vehicle sales recover.”

Asbury will host a conference call to discuss its second quarter results this morning at 10:00 a.m. Eastern Time. The call will be simulcast live on the Internet and can be accessed by logging ontohttp://www.asburyauto.com orhttp://www.ccbn.com. In addition, a live audio of the call will be accessible to the public by calling (877) 874-1586 (domestic), or (719) 325-4758 (international); passcode - 3624773. Callers should dial in approximately 5 to 10 minutes before the call begins.

About Asbury Automotive Group

Asbury Automotive Group, Inc. (“Asbury”), headquartered in Duluth, Georgia, a suburb of Atlanta, is one of the largest automobile retailers in the U.S. Built through a combination of organic growth and a series of strategic acquisitions, Asbury currently operates 84 retail auto stores, encompassing 110 franchises for the sale and servicing of 37 different brands of American, European and Asian automobiles. Asbury 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 goals, plans, market conditions and projections regarding Asbury’s financial position, liquidity, results of operations, market position and dealership portfolio, the benefits of its restructuring program and store-level and IT productivity initiatives, ability to structure the business to be profitable in the current challenging economic environment, ability to maintain compliance with the covenants in its debt and lease agreements and future 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, Asbury’s relationships with, and financial stability of, vehicle manufacturers and other suppliers, risks associated with Asbury’s indebtedness (including available borrowing capacity and compliance with its financial covenants), Asbury’s relationship with, and the financial stability of, its lenders and lessors, risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally, governmental regulations, legislation and Asbury’s ability to execute its restructuring programs and IT initiatives and other operational strategies, Asbury’s ability to leverage gains from its dealership portfolio, and Asbury’s ability to stay within its targeted range for capital expenditures. There can be no guarantees that Asbury’s plans for future operations will be successfully implemented or that they will prove to be commercially successful. These and other risk factors are discussed in Asbury’s annual report on Form 10-K and in its other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

ASBURY AUTOMOTIVE GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

(Unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2009			2008			2009			2008
REVENUES:
New vehicle	$	517.7		$	743.7		$	958.3		$	1,438.4
Used vehicle		242.4			289.2			451.3			587.7
Parts and service		159.7			169.2			321.7			336.6
Finance and insurance, net		22.6			36.8			43.3			73.0
Total revenues		942.4			1,238.9			1,774.6			2,435.7
COST OF SALES:
New vehicle		483.3			693.3			896.5			1,341.6
Used vehicle		222.4			263.9			411.7			535.7
Parts and service		80.8			82.8			163.7			165.8
Total cost of sales		786.5			1,040.0			1,471.9			2,043.1
GROSS PROFIT		155.9			198.9			302.7			392.6
OPERATING EXPENSES:
Selling, general and administrative		126.7			156.2			249.7			311.1
Depreciation and amortization		5.9			5.4			12.0			10.5
Other operating (income) expense, net		(0.4	)		2.0			(0.8	)		1.7
Income from operations		23.7			35.3			41.8			69.3
OTHER INCOME (EXPENSE):
Floor plan interest expense		(4.7	)		(7.5	)		(9.6	)		(15.8	)
Other interest expense		(9.0	)		(9.3	)		(19.0	)		(18.3	)
Convertible debt discount amortization		(0.5	)		(0.8	)		(0.9	)		(1.6	)
Interest income		0.1			0.3			0.1			1.3
Total other expense, net		(14.1	)		(17.3	)		(29.4	)		(34.4	)
Income before income taxes		9.6			18.0			12.4			34.9
INCOME TAX EXPENSE		3.6			7.1			4.6			13.5
INCOME FROM CONTINUING OPERATIONS		6.0			10.9			7.8			21.4
DISCONTINUED OPERATIONS, net of tax		(0.5	)		(0.5	)		(2.0	)		(0.9	)
NET INCOME	$	5.5		$	10.4		$	5.8		$	20.5
EARNINGS (LOSS) PER COMMON SHARE:
BASIC -
Continuing operations	$	0.19		$	0.34		$	0.24		$	0.68
Discontinued operations		(0.02	)		(0.01	)		(0.06	)		(0.03	)
Net income	$	0.17		$	0.33		$	0.18		$	0.65
DILUTED -
Continuing operations	$	0.18		$	0.34		$	0.24		$	0.66
Discontinued operations		(0.01	)		(0.02	)		(0.06	)		(0.02	)
Net income	$	0.17		$	0.32		$	0.18		$	0.64
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		32.2			31.7			32.1			31.6
Diluted		33.2			32.2			33.0			32.2

ASBURY AUTOMOTIVE GROUP, INC.

SELECTED DATA

(Dollars in millions, except per vehicle data)

(Unaudited)

	As Reported for the Three Months Ended June 30,						Increase (Decrease)			% Change
	2009			2008
REVENUE:
New light vehicles	$	483.1		$	696.1		$	(213.0	)	(31	)%
New heavy trucks		34.6			47.6			(13.0	)	(27	)%
Total new vehicle		517.7			743.7			(226.0	)	(30	)%
Used retail		194.9			224.0			(29.1	)	(13	)%
Used wholesale		47.5			65.2			(17.7	)	(27	)%
Total used vehicle		242.4			289.2			(46.8	)	(16	)%
Parts and service		159.7			169.2			(9.5	)	(6	)%
Finance and insurance, net		22.6			36.8			(14.2	)	(39	)%
Total revenue	$	942.4		$	1,238.9		$	(296.5	)	(24	)%
GROSS PROFIT
New light vehicles	$	33.0		$	48.4		$	(15.4	)	(32	)%
New heavy trucks		1.4			2.0			(0.6	)	(30	)%
Total new		34.4			50.4			(16.0	)	(32	)%
Used retail		20.6			25.7			(5.1	)	(20	)%
Used wholesale		(0.6	)		(0.4	)		(0.2	)	(50	)%
Total used vehicle		20.0			25.3			(5.3	)	(21	)%
Parts and service		78.9			86.4			(7.5	)	(9	)%
Finance and insurance, net		22.6			36.8			(14.2	)	(39	)%
Total gross profit	$	155.9		$	198.9		$	(43.0	)	(22	)%
VEHICLES SOLD:
New light retail vehicles		15,770			23,371			(7,601	)	(33	)%
New fleet vehicles		741			688			53		8	%
Total light vehicles		16,511			24,059			(7,548	)	(31	)%
New heavy trucks		508			698			(190	)	(27	)%
Total new vehicle		17,019			24,757			(7,738	)	(31	)%
Used retail units		10,655			12,666			(2,011	)	(16	)%
REVENUE PER VEHICLE SOLD:
New light vehicles	$	29,259		$	28,933		$	326		1	%
New heavy trucks		68,110			68,195			(85	)	—	%
Used retail		18,292			17,685			607		3	%
GROSS PROFIT PER VEHICLE SOLD:
New light vehicles	$	1,999		$	2,012		$	(13	)	(1	)%
New heavy trucks		2,756			2,865			(109	)	(4	)%
Used retail		1,933			2,029			(96	)	(5	)%
Finance and insurance, net		817			983			(166	)	(17	)%
GROSS PROFIT MARGIN:
New light vehicles		6.8	%		7.0	%		(0.2	)%	(3	)%
New heavy trucks		4.0	%		4.2	%		(0.2	)%	(5	)%
Used retail		10.6	%		11.5	%		(0.9	)%	(8	)%
Parts and service		49.4	%		51.1	%		(1.7	)%	(3	)%
Total		16.5	%		16.1	%		0.4	%	2	%

	As Reported for the Three Months Ended June 30,				Increase (Decrease)	% Change
	2009		2008
REVENUE MIX PERCENTAGES:
New light vehicles	51.3	%	56.2	%
New heavy trucks	3.7	%	3.8	%
Used retail	20.7	%	18.0	%
Used wholesale	5.0	%	5.3	%
Parts and service	16.9	%	13.7	%
Finance and insurance, net	2.4	%	3.0	%
Total revenue	100.0	%	100.0	%
GROSS PROFIT MIX PERCENTAGES:
New light vehicles	21.2	%	24.3	%
New heavy trucks	0.9	%	1.0	%
Used retail	13.2	%	13.0	%
Used wholesale	(0.4	)%	(0.2	)%
Parts and service	50.6	%	43.4	%
Finance and insurance, net	14.5	%	18.5	%
Total gross profit	100.0	%	100.0	%
SG&A EXPENSES AS A PERCENTAGE OF GROSS PROFIT	81.3	%	78.5	%	2.8	4	%

	Same Store for the Three Months Ended June 30,						Increase (Decrease)			% Change
	2009			2008
REVENUE:
New light vehicles	$	482.9		$	696.1		$	(213.2	)	(31	)%
New heavy trucks		34.6			47.6			(13.0	)	(27	)%
Total new vehicle		517.5			743.7			(226.2	)	(30	)%
Used retail		194.6			224.0			(29.4	)	(13	)%
Used wholesale		47.5			65.2			(17.7	)	(27	)%
Total used vehicle		242.1			289.2			(47.1	)	(16	)%
Parts and service		159.7			169.2			(9.5	)	(6	)%
Finance and insurance, net		22.6			36.8			(14.2	)	(39	)%
Total revenue	$	941.9		$	1,238.9		$	(297.0	)	(24	)%
GROSS PROFIT
New light vehicles	$	33.0		$	48.4		$	(15.4	)	(32	)%
New heavy trucks		1.4			2.0			(0.6	)	(30	)%
Total new		34.4			50.4			(16.0	)	(32	)%
Used retail		20.3			25.7			(5.4	)	(21	)%
Used wholesale		(0.4	)		(0.4	)		—		—
Total used vehicle		19.9			25.3			(5.4	)	(21	)%
Parts and service		78.9			86.4			(7.5	)	(9	)%
Finance and insurance, net		22.6			36.8			(14.2	)	(39	)%
Total gross profit	$	155.8		$	198.9		$	(43.1	)	(22	)%
VEHICLES SOLD:
New light retail vehicles		15,759			23,371			(7,612	)	(33	)%
New fleet vehicles		741			688			53		8	%
Total light vehicles		16,500			24,059			(7,559	)	(31	)%
New heavy trucks		508			698			(190	)	(27	)%
Total new vehicle		17,008			24,757			(7,749	)	(31	)%
Used retail units		10,649			12,666			(2,017	)	(16	)%

	Same Store for the Three Months Ended June 30,						Increase (Decrease)			% Change
	2009			2008
REVENUE PER VEHICLE SOLD:
New light vehicles	$	29,267		$	28,933		$	334		1	%
New heavy trucks		68,110			68,195			(85	)	0	%
Used retail		18,274			17,685			589		3	%
GROSS PROFIT PER VEHICLE SOLD:
New light vehicles	$	2,000		$	2,012		$	(12	)	(1	)%
New heavy trucks		2,756			2,865			(109	)	(4	)%
Used retail		1,906			2,029			(123	)	(6	)%
Finance and insurance, net		817			983			(166	)	(17	)%
GROSS PROFIT MARGIN:
New light vehicles		6.8	%		7.0	%		(0.2	)%	(3	)%
New heavy trucks		4.0	%		4.2	%		(0.2	)%	(5	)%
Used retail		10.4	%		11.5	%		(1.1	)%	(10	)%
Parts and service		49.4	%		51.1	%		(1.7	)%	(3	)%
Total		16.5	%		16.1	%		0.4	%	2	%
REVENUE MIX PERCENTAGES:
New light vehicles		51.3	%		56.2	%
New heavy trucks		3.7	%		3.8	%
Used retail		20.7	%		18.0	%
Used wholesale		5.0	%		5.3	%
Parts and service		16.9	%		13.7	%
Finance and insurance, net		2.4	%		3.0	%
Total revenue		100.0	%		100.0	%
Gross profit mix percentages:
New light vehicles		21.2	%		24.3	%
New heavy trucks		0.9	%		1.0	%
Used retail		13.2	%		13.0	%
Used wholesale		(0.4	)%		(0.2	)%
Parts and service		50.6	%		43.4	%
Finance and insurance, net		14.5	%		18.5	%
Total gross profit		100.0	%		100.0	%
SG&A EXPENSES AS A PERCENTAGE OF GROSS PROFIT		81.3	%		78.5	%		2.8		4	%

ASBURY AUTOMOTIVE GROUP, INC.

SELECTED DATA

(Dollars in millions, except per vehicle data)

(Unaudited)

	As Reported for the Six Months Ended June 30,						Increase (Decrease)			% Change
	2009			2008
REVENUE:
New light vehicles	$	887.2		$	1,354.2		$	(467.0	)	(34	)%
New heavy trucks		71.1			84.2			(13.1	)	(16	)%
Total new vehicle		958.3			1,438.4			(480.1	)	(33	)%
Used retail		366.1			453.4			(87.3	)	(19	)%
Used wholesale		85.2			134.3			(49.1	)	(37	)%
Total used vehicle		451.3			587.7			(136.4	)	(23	)%
Parts and service		321.7			336.6			(14.9	)	(4	)%
Finance and insurance, net		43.3			73.0			(29.7	)	(41	)%
Total revenue	$	1,774.6		$	2,435.7		$	(661.1	)	(27	)%
GROSS PROFIT
New light vehicles	$	58.8		$	93.1		$	(34.3	)	(37	)%
New heavy trucks		3.0			3.7			(0.7	)	(19	)%
Total new		61.8			96.8			(35.0	)	(36	)%
Used retail		39.9			52.7			(12.8	)	(24	)%
Used wholesale		(0.3	)		(0.7	)		0.4		57	%
Total used vehicle		39.6			52.0			(12.4	)	(24	)%
Parts and service		158.0			170.8			(12.8	)	(7	)%
Finance and insurance, net		43.3			73.0			(29.7	)	(41	)%
Total gross profit	$	302.7		$	392.6		$	(89.9	)	(23	)%
VEHICLES SOLD:
New light retail vehicles		28,927			44,310			(15,383	)	(35	)%
New fleet vehicles		1,200			2,018			(818	)	(41	)%
Total light vehicles		30,127			46,328			(16,201	)	(35	)%
New heavy trucks		1,092			1,305			(213	)	(16	)%
Total new vehicle		31,219			47,633			(16,414	)	(34	)%
Used retail units		20,343			25,344			(5,001	)	(20	)%
REVENUE PER VEHICLE SOLD:
New light vehicles	$	29,449		$	29,231		$	218		1	%
New heavy trucks		65,110			64,521			589		1	%
Used retail		17,996			17,890			106		1	%
GROSS PROFIT PER VEHICLE SOLD:
New light vehicles	$	1,952		$	2,010		$	(58	)	(3	)%
New heavy trucks		2,747			2,835			(88	)	(3	)%
Used retail		1,961			2,079			(118	)	(6	)%
Finance and insurance, net		840			1,000			(160	)	(16	)%
GROSS PROFIT MARGIN:
New light vehicles		6.6	%		6.9	%		(0.3	)%	(4	)%
New heavy trucks		4.2	%		4.4	%		(0.2	)%	(5	)%
Used retail		10.9	%		11.6	%		(0.7	)%	(6	)%
Parts and service		49.1	%		50.7	%		(1.6	)%	(3	)%
Total		17.1	%		16.1	%		1	%	6	%

	As Reported for the Six Months Ended June 30,				Increase (Decrease)	% Change
	2009		2008
REVENUE MIX PERCENTAGES:
New light vehicles	50.0	%	55.6	%
New heavy trucks	4.0	%	3.5	%
Used retail	20.7	%	18.6	%
Used wholesale	4.8	%	5.5	%
Parts and service	18.1	%	13.8	%
Finance and insurance, net	2.4	%	3.0	%
Total revenue	100.0	%	100.0	%
GROSS PROFIT MIX PERCENTAGES:
New light vehicles	19.4	%	23.7	%
New heavy trucks	1.0	%	0.9	%
Used retail	13.2	%	13.5	%
Used wholesale	(0.1	)%	(0.2	)%
Parts and service	52.2	%	43.5	%
Finance and insurance, net	14.3	%	18.6	%
Total gross profit	100.0	%	100.0	%
SG&A EXPENSES AS A PERCENTAGE OF GROSS PROFIT	82.5	%	79.2	%	3.3	4	%

	Same Store for the Six Months Ended June 30,						Increase (Decrease)			% Change
	2009			2008
REVENUE:
New light vehicles	$	881.2		$	1,354.2		$	(473.0	)	(35	)%
New heavy trucks		71.1			84.2			(13.1	)	(16	)%
Total new vehicle		952.3			1,438.4			(486.1	)	(34	)%
Used retail		364.1			453.4			(89.3	)	(20	)%
Used wholesale		84.5			134.3			(49.8	)	(37	)%
Total used vehicle		448.6			587.7			(139.1	)	(24	)%
Parts and service		319.4			336.6			(17.2	)	(5	)%
Finance and insurance, net		43.0			73.0			(30.0	)	(41	)%
Total revenue	$	1,763.3		$	2,435.7		$	(672.4	)	(28	)%
GROSS PROFIT
New light vehicles	$	58.4		$	93.1		$	(34.7	)	(37	)%
New heavy trucks		3.0			3.7			(0.7	)	(19	)%
Total new		61.4			96.8			(35.4	)	(37	)%
Used retail		39.7			52.7			(13.0	)	(25	)%
Used wholesale		(0.3	)		(0.7	)		0.4		57	%
Total used vehicle		39.4			52.0			(12.6	)	(24	)%
Parts and service		156.9			170.8			(13.9	)	(8	)%
Finance and insurance, net		43.0			73.0			(30.0	)	(41	)%
Total gross profit	$	300.7		$	392.6		$	(91.9	)	(23	)%
VEHICLES SOLD:
New light retail vehicles		28,676			44,310			(15,634	)	(35	)%
New fleet vehicles		1,200			2,018			(818	)	(41	)%
Total light vehicles		29,876			46,328			(16,452	)	(36	)%
New heavy trucks		1,092			1,305			(213	)	(16	)%
Total new vehicle		30,968			47,633			(16,665	)	(35	)%
Used retail units		20,210			25,344			(5,134	)	(20	)%

	Same Store for the Six Months Ended June 30,						Increase (Decrease)			% Change
	2009			2008
REVENUE PER VEHICLE SOLD:
New light vehicles	$	29,495		$	29,231		$	264		1	%
New heavy trucks		65,100			64,521			579		1	%
Used retail		18,016			17,890			126		1	%
GROSS PROFIT PER VEHICLE SOLD:
New light vehicles	$	1,955		$	2,010		$	(55	)	(3	)%
New heavy trucks		2,747			2,835			(88	)	(3	)%
Used retail		1,964			2,079			(115	)	(6	)%
Finance and insurance, net		840			1,000			(160	)	(16	)%
GROSS PROFIT MARGIN:
New light vehicles		6.6	%		6.9	%		(0.3	)%	(4	)%
New heavy trucks		4.2	%		4.4	%		(0.2	)%	(5	)%
Used retail		10.9	%		11.6	%		(0.7	)%	(6	)%
Parts and service		49.1	%		50.7	%		(1.6	)%	(3	)%
Total		17.1	%		16.1	%		1.0	%	6	%
REVENUE MIX PERCENTAGES:
New light vehicles		50.0	%		55.6	%
New heavy trucks		4.0	%		3.5	%
Used retail		20.7	%		18.6	%
Used wholesale		4.8	%		5.5	%
Parts and service		18.1	%		13.8	%
Finance and insurance, net		2.4	%		3.0	%
Total revenue		100.0	%		100.0	%
Gross profit mix percentages:
New light vehicles		19.4	%		23.7	%
New heavy trucks		1.0	%		0.9	%
Used retail		13.2	%		13.5	%
Used wholesale		(0.1	)%		(0.2	)%
Parts and service		52.2	%		43.5	%
Finance and insurance, net		14.3	%		18.6	%
Total gross profit		100.0	%		100.0	%
SG&A EXPENSES AS A PERCENTAGE OF GROSS PROFIT		82.6	%		79.2	%		3.4		4	%

ASBURY AUTOMOTIVE GROUP, INC.

Selected Balance Sheet Data

(In millions)

(Unaudited)

	June 30, 2009		December 31, 2008		Increase (Decrease)			% Change
Selected Balance Sheet Data
Cash and cash equivalents	$	41.9	$	91.6	$	(49.7	)	(54.3	)%
New vehicle inventory		414.6		562.2		(147.6	)	(26.3	)%
Used vehicle inventory		71.0		59.9		11.1		18.5	%
Parts inventory		43.7		44.5		(0.8	)	(1.8	)%
Total current assets		821.3		1,019.7		(198.4	)	(19.5	)%
Floor plan notes payable		456.1		612.8		(156.7	)	(25.6	)%
Total current liabilities		626.5		854.5		(228.0	)	(26.7	)%
CAPITALIZATION:
Long-term debt (including current portion)	$	547.5	$	599.7	$	(52.2	)	(8.7	)%
Shareholders’ equity		233.3		226.6		6.7		3.0	%
Total	$	780.8	$	826.3	$	(45.5	)	(5.5	)%

Brand Mix - New Light Vehicle by Revenue

	For the Six Months Ended June 30,
	2009		2008
Luxury
BMW	10	%	9	%
Mercedes-Benz	6	%	6	%
Lexus	5	%	6	%
Acura	4	%	5	%
Infiniti	4	%	4	%
Other luxury	5	%	5	%
Total luxury	34	%	35	%
Mid-Line Imports:
Honda	27	%	28	%
Toyota	10	%	10	%
Nissan	12	%	12	%
Other imports	4	%	3	%
Total imports	53	%	53	%
Mid-Line Domestic:
Ford	7	%	5	%
General motors	2	%	3	%
Chrysler	3	%	3	%
Total domestic	12	%	11	%
Value	1	%	1	%
Total Light Vehicles	100	%	100	%

Asbury Automotive Group, Inc.

Supplemental Disclosures Regarding Non-GAAP Financial Information

(Dollars in millions, except per share data)

(Unaudited)

Our operations during the first six months of 2009 and 2008 were impacted by certain items that are not core dealership operating items, which we believe are important to highlight when reviewing our results and should not be considered when forecasting our future results.

The non-core items shown in the table below include (i) restructuring costs consisting primarily of severance and retention expenses related to the relocation of our corporate headquarters and the elimination of our regional management structure, (ii) executive separation benefits in 2008 related to the departure of our former chief financial officer, (iii) implementation costs associated with transitioning our dealerships to DealerTrack’s Arkona dealer management system and (iv) a legal settlements benefit in 2009 related to legal claims arising in, and before, the year 2003.

	For the Three Months Ended June 30,
	2009			2008
Non-core items – (income) expense
Restructuring costs	$	1.7		$	0.3
Executive separation benefits expense		—			1.7
Dealer management system implementation costs		0.1			0.3
Tax benefit of non-core items above		(0.6	)		(0.9	)
Total	$	1.2		$	1.4
Non-core items per dilutive share	$	0.04		$	0.04
Weighted average common shares outstanding (diluted)		33.2			32.2

	As Reported for the Six Months Ended June 30,
	2009			2008
Non-core items – (income) expense
Restructuring costs	$	3.0		$	0.3
Executive separation benefits expense		—			1.7
Dealer management system implementation costs		0.3			0.6
Legal settlements benefit		(1.5	)		—
Tax benefit of non-core items above		(0.6	)		(1.0	)
Total	$	1.2		$	1.6
Non-core items per dilutive share	$	0.04		$	0.05
Weighted average common shares outstanding (diluted)		33.2			32.2

Asbury Automotive Group, Inc.

Summary of Debt Covenants

As of and for the Period Ended June 30, 2009

(Dollars in millions, except per vehicle data)

(Unaudited)

		Wachovia Mortgages			Credit Facilities
Senior Leverage Ratio must be < 3.00
SECURED DEBT (numerator)
+	Mortgage notes payable (including mortgages associated with assets held for sale)				$	182.1
+	Borrowings under Revolving Credit Facility					—
+	Capital lease obligations					0.2
+	Interest rate SWAP obligations					—
+	Other indebtedness					0.1
=	TOTAL SECURED DEBT (ex floorplan)				$	182.4
EBITDA (denominator)
+	Income from continuing operations - trailing 12 months (“T12”)				$	(342.3	)
+	Add back Total interest expense (ex floorplan interest) - T12					43.0
+	Add back Income tax expense - T12					(146.0	)
+	Add back Depreciation & amortization - T12					24.3
+	Add back Accounting changes from gain on debt repurchase					6.3
+	Add back Other non-cash charges - T12					540.1
=	CONSOLIDATED EBITDA					125.4
+	Add back Pro forma acquisitions EBITDA (as defined)					—
+	Add back Pro forma rent savings (as defined)					—
=	CONSOLIDATED PROFORMA EBITDA				$	125.4
SENIOR LEVERAGE RATIO						1.45
Total Leverage Ratio must be < 5.00
TOTAL DEBT (numerator)
+	8.0% Sr. Subordinated Notes (face value outstanding)	$	179.4		$	179.4
+	7.625% Sr. Subordinated Notes		143.2			143.2
+	3.0% Convertible Notes		62.0			62.0
+	Mortgage notes payable (including mortgages associated with assets held for sale)		182.1			182.1
+	Borrowings under Revolving Credit Facility		—			—
+	Direct reimbursement obligations under letters of credit		11.4			—
+	Capital lease obligations		0.2			0.2
+	Interest rate SWAP obligations		8.4			—
+	Other indebtedness (as defined)		1.8			0.1
=	TOTAL DEBT (ex Floorplan)	$	588.5		$	567.0
EBITDA (denominator)
+	Income from continuing operations - trailing 12 months (“T12”)	$	(342.3	)	$	(342.3	)
+	Add back Total interest expense (ex floorplan) - T12		43.0			43.0
+	Add back Income tax expense - T12		(146.0	)		(146.0	)
+	Add back Depreciation & amortization - T12		24.3			24.3
+	Add back Accounting changes from gain on debt repurchase		6.3			6.3
+	Add back Other non-cash charges - T12		546.4			540.1
+	Add back Non-recurring items - T12		11.0			—
=	CONSOLIDATED EBITDA		142.7			125.4
+	Add back Pro forma acquisitions EBITDA (as defined)		—			—
+	Add back Pro forma rent savings (as defined)		—			—
=	CONSOLIDATED PROFORMA EBITDA	$	142.7		$	125.4
TOTAL LEVERAGE RATIO			4.12			4.52

Fixed Charge Coverage Ratio must be > 1.2
EBITDAR (numerator)
+	Income from continuing operations - trailing 12 months (“T12”)	$	(342.3	)	$	(342.3	)
+	Add back Total interest expense (ex floorplan) - T12		43.0			43.0
+	Add back Income tax expense - T12		(146.0	)		(146.0	)
+	Add back Depreciation & amortization - T12		24.3			24.3
+	Add back Accounting changes from gain on debt repurchase		6.3			6.3
+	Add back Other non-cash charges - T12 (as defined)		546.4			540.1
+	Add back Non-recurring items - T12 (as defined)		11.0			—
=	CONSOLIDATED EBITDA		142.7			125.4
+	PLUS Required principal payments - T12		41.3			41.3
-	LESS Capital expenditures (as defined)		(16.8	)		(12.5	)
=	TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES	$	167.2		$	154.2
FIXED CHARGES (denominator)
+	Total interest expense (ex Floorplan Interest) - T12	$	43.0		$	43.0
-	LESS rest associated with convertible notes - T12		(2.4	)		(2.4	)
+	PLUS Required principal payments - T12		8.8			8.8
+	PLUS Rental expense - T12		41.3			41.3
-	LESS Pro forma rent savings (as defined)		—			—
+	PLUS Cash paid for taxes - T12		3.7			3.7
=	TOTAL FIXED CHARGES	$	94.4		$	94.4
FIXED CHARGE COVERAGE RATIO			1.77			1.63
Current Ratio must be > 1.2
Total current assets (numerator)
+	Total current assets	$	821.3		$	821.3
+	PLUS Available unused commitments under Revolving Credit Facility		125.0			135.9
=	TOTAL CURRENT ASSETS	$	946.3		$	957.2
Total current liabilities (denominator)
+	Total current liabilities	$	626.5		$	626.5
-	LESS Debt balloon payments due within 6-12 months		—			—
=	TOTAL CURRENT LIABILITIES	$	626.5		$	626.5
CURRENT RATIO			1.51			1.53
Adjusted Net Worth must be > $350 million
	Stockholders’ equity	$	233.3
-	LESS 50% of net income subsequent to June 30, 2008 (to the extent net income is positive)		—
-	LESS Proceeds from stock option exercises subsequent to June 30, 2008		(0.1	)
+	ADD Impairment expenses, net of tax		383.0
=	ADJUSTED NET WORTH	$	616.2