Asbury Automotive Group Reports Record Third Quarter Adjusted EPS from Continuing Operations

    Asbury Automotive Group Reports Record Third Quarter Adjusted EPS from
                            Continuing Operations

Third quarter Adjusted EPS from continuing operations of $0.91 per diluted
share, up 26% over prior year third quarter

PR Newswire

DULUTH, Ga., Oct. 22, 2013

DULUTH, Ga., Oct. 22, 2013 /PRNewswire/ --Asbury Automotive Group, Inc.
(NYSE: ABG), one of the largest automotive retail and service companies in the
U.S., today reported adjusted income from continuing operations for the third
quarter 2013 of $28.3 million, or $0.91 per diluted share, versus income from
continuing operations in the third quarter 2012 of $22.6 million, or $0.72 per
diluted share, a 26% increase per diluted share. Adjusted income from
continuing operations for the third quarter of 2013 excludes debt redemption
costs of $4.2 million after tax, or $0.14 per diluted share and a real
estate-related charge resulting from the purchase of a previously leased
property of $1.3 million after tax, or $0.04 per diluted share. On a GAAP
basis, 2013 third quarter net income was $22.7 million, or $0.73 per diluted
share, compared to 2012 third quarter net income of $20.7 million, or $0.66
per diluted share. See attached reconciliation for reported adjustments.

Third Quarter 2013 Highlights (compared to the prior year period):

  oTotal revenues increased 17% to $1.4 billion
  oNew vehicle retail revenues up 13%
  oUsed vehicle retail revenues up 33%
  oFinance and insurance revenues up 24%
  oParts and service revenues up 9%
  oTotal gross profit up 16% with increases from all business lines
  oSG&A expense as a percent of gross profit improved 120 basis points to
    70.9%
  oRedeemed remaining $143 million of 7.625% senior subordinated notes due in
    2017 and raised $79 million of mortgage debt during the quarter; third
    quarter leverage at 2.2x Total Debt/Adjusted EBITDA
  oSpent $19 million to purchase a previously leased property; $2 million of
    annualized rent savings
  oRepurchased $8 million of Asbury common stock during the quarter

"Asbury is pleased to announce record third quarter results from continuing
operations," said Craig Monaghan, Asbury's President and Chief Executive
Officer. "Our stores continue to deliver operational excellence while
successfully integrating our recent acquisitions. The future looks bright as
auto sales continue their four year recovery, delivering record cash flow for
reinvesting in continued growth."

Asbury's Executive Vice President and Chief Operating Officer, Michael
Kearney, added, "These record results reflect the competitive spirit and
winning culture of our teams.We arevery pleased with our operating
performance and would like to extend our gratitude to everyone in theCompany
- thank you for your hard work and dedication to our customers."

For the nine-month period ended September 30, 2013, the Company reported
adjusted income from continuing operations of $82.6 million, or $2.66 per
diluted share, compared to income from continuing operations of $60.7 million,
or $1.92 per diluted share in the prior year period. The Company's revenues
for the 2013 period totaled $4.0 billion, an increase of 16% compared to $3.4
billion in the prior year period. On a GAAP basis, net income for the
nine-month period ended September 30, 2013 was $82.2 million, or $2.64 per
diluted share compared to $59.4 million or $1.88 per diluted share for the
prior year period.

Asbury will host a conference call to discuss its third 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 onto http://www.asburyauto.com. In
addition, a live audio of the call will be accessible to the public by calling
(888) 378-0320 (domestic), or (719) 457-2648 (international); passcode -
6525301. Callers should dial in approximately 5 to 10 minutes before the call
begins.

About Asbury Automotive Group, Inc.

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 79 retail auto stores, encompassing
100 franchises for the sale and servicing of 29 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" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements other than historical fact, and may 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 other initiatives and future business strategy. These statements
are based on management's current expectations and beliefs 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 the financial and operational stability of, vehicle
manufacturers and other suppliers, acts of God or other incidents which may
adversely impact supply from vehicle manufacturers and/or present retail sales
challenges, risks associated with Asbury's indebtedness (including available
borrowing capacity, compliance with its financial covenants and ability to
refinance or repay such indebtedness,on favorable terms), Asbury's
relationships 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, adverse results in litigation and other proceedings,
and Asbury's ability to execute its IT initiatives and other operational
strategies, Asbury's ability to leverage gains from its dealership portfolio,
Asbury's ability to capitalize on opportunities to repurchase its debt and
equity securities or purchase properties that it currently leases, 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 that could cause actual results to differ
materially from those expressed or implied in our forward-looking statements
are and will be discussed in Asbury's filings with the Securities and Exchange
Commission from time to time, including its most recent annual report on Form
10-K and any subsequently filed quarterly reports on Form 10-Q. 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  For the Nine Months Ended

                         September 30,               September 30,
                         2013           2012         2013           2012
REVENUES:
New vehicle              $   759.7      $  672.3     $  2,167.2     $ 1,895.2
Used vehicle             421.6          333.0        1,183.1        980.4
Parts and service        154.0          141.8        455.5          423.9
Finance and insurance,   54.7           44.0         154.1          123.1
net
Total revenues           1,390.0        1,191.1      3,959.9        3,422.6
COST OF SALES:
New vehicle              713.4          630.5        2,035.6        1,773.0
Used vehicle             391.3          307.1        1,090.9        900.8
Parts and service        60.0           59.3         179.5          178.3
Total cost of sales      1,164.7        996.9        3,306.0        2,852.1
GROSS PROFIT             225.3          194.2        653.9          570.5
OPERATING EXPENSES:
Selling, general and     159.7          140.0        462.0          415.9
administrative
Depreciation and         6.2            5.5          18.0           16.9
amortization
Other operating expense, 1.4            (0.5)        5.9            0.1
net
Income from operations   58.0           49.2         168.0          137.6
OTHER EXPENSES:
Floor plan interest      (2.9)          (2.9)        (9.1)          (8.5)
expense
Other interest expense,  (11.1)         (8.7)        (29.8)         (26.6)
net
Swap interest expense    (0.1)          (1.3)        (2.2)          (3.8)
Convertible debt         —              (0.1)        —              (0.4)
discount amortization
Loss on extinguishment   (6.8)          —            (6.8)          —
of long-term debt
Total other expenses,    (20.9)         (13.0)       (47.9)         (39.3)
net
Income before income     37.1           36.2         120.1          98.3
taxes
INCOME TAX EXPENSE       14.3           13.6         46.2           37.6
INCOME FROM CONTINUING   22.8           22.6         73.9           60.7
OPERATIONS
DISCONTINUED OPERATIONS, (0.1)          (1.9)        8.3            (1.3)
net of tax
NET INCOME               $   22.7       $  20.7      $  82.2        $ 59.4
EARNINGS PER COMMON
SHARE:
Basic—
Continuing operations    $   0.74       $  0.73      $  2.40        $ 1.95
Discontinued operations  —              (0.06)       0.27           (0.04)
Net income               $   0.74       $  0.67      $  2.67        $ 1.91
Diluted—
Continuing operations    $   0.73       $  0.72      $  2.38        $ 1.92
Discontinued operations  —              (0.06)       0.26           (0.04)
Net income               $   0.73       $  0.66      $  2.64        $ 1.88
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING:
Basic                    30.7           31.1         30.8           31.1
Stock options            —              0.1          —              0.2
Restricted stock         0.2            0.2          0.2            0.2
Performance share units  0.2            0.1          0.1            0.1
Diluted                  31.1           31.5         31.1           31.6



New Vehicle—
                                For the Three Months Ended  Increase    %

                                September 30,               (Decrease)  Change
                                2013           2012
                                (Dollars in millions, except for per vehicle
                                data)
Revenue:
New vehicle revenue—same
store(1)
Luxury                          $   279.6      $  245.6     $  34.0     14   %
Mid-line import                 360.5          332.4        28.1        8    %
Mid-line domestic               99.6           94.3         5.3         6    %
Total new vehicle revenue—same  739.7          672.3        67.4        10   %
store(1)
New vehicle                     20.0           —
revenue—acquisitions
New vehicle revenue, as         $   759.7      $  672.3     $  87.4     13   %
reported
Gross profit:
New vehicle gross profit—same
store(1)
Luxury                          $   20.2       $  18.4      $  1.8      10   %
Mid-line import                 18.3           16.8         1.5         9    %
Mid-line domestic               6.4            6.6          (0.2)       (3)  %
Total new vehicle gross         44.9           41.8         3.1         7    %
profit—samestore(1)
New vehicle gross               1.4            —
profit—acquisitions
New vehicle gross profit, as    $   46.3       $  41.8      $  4.5      11   %
reported
                                For the Three Months Ended  Increase    %

                                September 30,               (Decrease)  Change
                                2013           2012
New vehicle units:
New vehicle retail units—same
store(1)
Luxury                          5,692          5,020        672         13   %
Mid-line import                 13,533         12,642       891         7    %
Mid-line domestic               2,747          2,595        152         6    %
Total new vehicle retail        21,972         20,257       1,715       8    %
units—same store(1)
Fleet vehicles                  242            537          (295)       (55) %
Total new vehicle units—same    22,214         20,794       1,420       7    %
store(1)
New vehicle units—acquisitions  673            —
New vehicle units—actual        22,887         20,794       2,093       10   %



New Vehicle Metrics—
                        For the Three Months Ended          Increase    %

                        September 30,                       (Decrease)  Change
                        2013                2012
Revenue per new vehicle $   33,299          $  32,331       $  968      3    %
sold—same store(1)
Gross profit per new
vehicle sold—same       $   2,021           $  2,010        $  11       1    %
store(1)
New vehicle gross       6.1          %      6.2        %    (0.1)   %   (2)  %
margin—same store(1)
______________________________
(1) Same store amounts consist of information from dealerships for the
identical months of each period presented in

 thecomparison, commencing with the first full month in which the
dealership was owned by us.



Used Vehicle—
                                For the Three Months Ended  Increase    %

                                September 30,               (Decrease)  Change
                                2013           2012
                                (Dollars in millions, except for per vehicle
                                data)
Revenue:
Used vehicle retail             $   359.3      $  279.3     $  80.0     29  %
revenues—same store(1)
Used vehicle retail             11.8           —
revenues—acquisitions
Total used vehicle retail       371.1          279.3        91.8        33  %
revenues
Used vehicle wholesale          49.7           53.7         (4.0)       (7) %
revenues—same store(1)
Used vehicle wholesale          0.8            —
revenues—acquisitions
Total used vehicle wholesale    50.5           53.7         (3.2)       (6) %
revenues
Used vehicle revenue, as        $   421.6      $  333.0     $  88.6     27  %
reported
Gross profit:
Used vehicle retail gross       $   31.0       $  26.3      $  4.7      18  %
profit—same store(1)
Used vehicle retail gross       0.4            —
profit—acquisitions
Total used vehicle retail gross 31.4           26.3         5.1         19  %
profit
Used vehicle wholesale gross    (1.2)          (0.4)        (0.8)           NM
profit—same store(1)
Used vehicle wholesale gross    0.1            —
profit—acquisitions
Total used vehicle wholesale    (1.1)          (0.4)        (0.7)           NM
gross profit
Used vehicle gross profit, as   $   30.3       $  25.9      $  4.4      17  %
reported
Used vehicle retail units:
Used vehicle retail units—same  18,099         14,463       3,636       25  %
store(1)
Used vehicle retail             616            —
units—acquisitions
Used vehicle retail             18,715         14,463       4,252       29  %
units—actual



Used Vehicle Metrics—
                           For the Three Months Ended                   %
                                                            Increase
                           September 30,                    (Decrease)  Change
                           2013                2012
Revenue per used vehicle   $   19,852          $  19,311    $  541      3    %
retailed—same store(1)
Gross profit per used
vehicle retailed—same      $   1,713           $  1,818     $  (105)    (6)  %
store(1)
Used vehicle retail gross  8.6          %      9.4       %  (0.8)    %  (9)  %
margin—same store(1)
______________________________
(1)Same store amounts consist of information from dealerships for the
identical months of each period presented in

 thecomparison, commencing with the first full month in which the
dealership was owned by us.
NM—Not Meaningful



Parts and Service—
                              For the Three Months Ended                %
                                                              Increase
                              September 30,                             Change
                              2013               2012
                              (Dollars in millions)
Revenue:
Parts and service             $   150.5          $  141.8     $ 8.7     6   %
revenue—same store(1)
Parts and service             3.5                —
revenues—acquisitions
Parts and service revenue, as $   154.0          $  141.8     $ 12.2    9   %
reported
Gross profit:
Parts and service gross
profit—same store(1)
Customer pay                  $   53.4           $  51.1      $ 2.3     5   %
Reconditioning and            22.4               17.2         5.2       30  %
preparation
Warranty                      11.1               9.5          1.6       17  %
Wholesale parts               4.8                4.7          0.1       2   %
Total parts and service gross 91.7               82.5         9.2       11  %
profit—same store(1)
Parts and service gross       2.3                —
profit—acquisitions
Parts and service gross       $   94.0           $  82.5      $ 11.5    14  %
profit, as reported
Parts and service gross       60.9        %      58.2      %  2.7    %  5   %
margin—same store(1)
______________________________
(1)Same store amounts consist of information from dealerships for the
identical months of each period presented in

 thecomparison, commencing with the first full month in which the
dealership was owned by us.



Finance and Insurance, net—
                         For the Three Months Ended                     %
                                                             Increase
                         September 30,                                  Change
                         2013               2012
                         (Dollars inmillions,exceptforper vehicledata)
Finance and insurance,   $    52.6          $   44.0         $   8.6    20  %
net—same store(1)
Finance and insurance,   2.1                —
net—acquisitions
Finance and insurance,   $    54.7          $   44.0         $   10.7   24  %
net as reported
Finance and insurance,
net per vehicle          $    1,305         $   1,248        $   57     5   %
sold—same store(1)
______________________________
(1) Same store amounts consist of information from dealerships for the
identical months of each period presented in

thecomparison, commencing with the first full month in which the
dealership was owned by us.



                                                 For the Three Months Ended

                                                 September 30,
                                                 2013           2012
REVENUE MIX PERCENTAGES:
New vehicles                                     54.7    %      56.4    %
Used retail vehicles                             26.7    %      23.5    %
Used vehicle wholesale                           3.6     %      4.5     %
Parts and service                                11.1    %      11.9    %
Finance and insurance, net                       3.9     %      3.7     %
Total revenue                                    100.0   %      100.0   %
GROSS PROFIT MIX PERCENTAGES:
New vehicles                                     20.6    %      21.5    %
Used retail vehicles                             13.9    %      13.5    %
Used vehicle wholesale                           (0.5)   %      (0.2)   %
Parts and service                                41.7    %      42.5    %
Finance and insurance, net                       24.3    %      22.7    %
Total gross profit                               100.0   %      100.0   %
SG&A EXPENSES AS A PERCENTAGE OF GROSS PROFIT 70.9    %      72.1    %



New Vehicle—
                                For the Nine Months Ended              %
                                                            Increase
                                September 30,                           Change
                                2013            2012
                                (Dollars in millions, except for per vehicle
                                data)
Revenue:
New vehicle revenue—same
store(1)
Luxury                          $  772.1        $ 673.9     $  98.2     15   %
Mid-line import                 1,050.4         945.3       105.1       11   %
Mid-line domestic               304.5           276.0       28.5        10   %
Total new vehicle               2,127.0         1,895.2     231.8       12   %
revenue—samestore(1)
New vehicle                     40.2            —
revenue—acquisitions
New vehicle revenue, as         $  2,167.2      $ 1,895.2   $  272.0    14   %
reported
Gross profit:
New vehicle gross profit—same
store(1)
Luxury                          $  55.2         $ 51.8      $  3.4      7    %
Mid-line import                 54.2            51.7        2.5         5    %
Mid-line domestic               19.7            18.7        1.0         5    %
Total new vehicle gross         129.1           122.2       6.9         6    %
profit—samestore(1)
New vehicle gross               2.5             —
profit—acquisitions
New vehicle gross profit, as    $  131.6        $ 122.2     $  9.4      8    %
reported
                                For the Nine Months Ended   Increase    %

                                September 30,               (Decrease)  Change
                                2013            2012
New vehicle units:
New vehicle retail units—same
store(1)
Luxury                          15,562          13,634      1,928       14   %
Mid-line import                 39,268          35,969      3,299       9    %
Mid-line domestic               8,415           7,564       851         11   %
Total new vehicle retail        63,245          57,167      6,078       11   %
units—same store(1)
Fleet vehicles                  908             1,810       (902)       (50) %
Total new vehicle               64,153          58,977      5,176       9    %
units—samestore(1)
New vehicle units—acquisitions  1,220           —
New vehicle units—actual        65,373          58,977      6,396       11   %



New Vehicle Metrics—
                        For the Nine Months Ended          Increase     %

                        September 30,                      (Decrease)   Change
                        2013               2012
Revenue per new vehicle $   33,155         $  32,135       $   1,020    3    %
sold—same store(1)
Gross profit per new
vehicle sold—same       $   2,012          $  2,072        $   (60)     (3)  %
store(1)
New vehicle gross       6.1          %     6.4        %    (0.3)     %  (5)  %
margin—same store(1)
______________________________
(1) Same store amounts consist of information from dealerships for the
identical months of each period presented in

 thecomparison, commencing with the first full month in which the
dealership was owned by us.



Used Vehicle—
                                 For the Nine Months Ended  Increase    %

                                 September 30,              (Decrease)  Change
                                 2013            2012
                                 (Dollars in millions, except for per vehicle
                                 data)
Revenue:
Used vehicle retail              $  1,016.4      $  832.4   $  184.0    22  %
revenues—same store(1)
Used vehicle retail              23.9            —
revenues—acquisitions
Total used vehicle retail        1,040.3         832.4      207.9       25  %
revenues
Used vehicle wholesale           140.9           148.0      (7.1)       (5) %
revenues—same store(1)
Used vehicle wholesale           1.9             —
revenues—acquisitions
Total used vehicle wholesale     142.8           148.0      (5.2)       (4) %
revenues
Used vehicle revenue, as         $  1,183.1      $  980.4   $  202.7    21  %
reported
Gross profit:
Used vehicle retail gross        $  91.7         $  79.8    $  11.9     15  %
profit—same store(1)
Used vehicle retail gross        1.4             —
profit—acquisitions
Total used vehicle retail gross  93.1            79.8       13.3        17  %
profit
Used vehicle wholesale gross     (0.9)           (0.2)      (0.7)           NM
profit—same store(1)
Used vehicle wholesale gross     —               —
profit—acquisitions
Total used vehicle wholesale     (0.9)           (0.2)      (0.7)           NM
gross profit
Used vehicle gross profit, as    $  92.2         $  79.6    $  12.6     16  %
reported
Used vehicle retail units:
Used vehicle retail units—same   51,692          43,753     7,939       18  %
store(1)
Used vehicle retail              1,069           —
units—acquisitions
Used vehicle retail units—actual 52,761          43,753     9,008       21  %



Used Vehicle Metrics—
                       For the Nine Months Ended          Increase      %

                       September 30,                      (Decrease)    Change
                       2013               2012
Revenue per used
vehicle retailed—same  $   19,663         $  19,025       $   638       3    %
store(1)
Gross profit per used
vehicle retailed—same  $   1,774          $  1,824        $   (50)      (3)  %
store(1)
Used vehicle retail
gross margin—same      9.0          %     9.6        %    (0.6)      %  (6)  %
store(1)
______________________________
(1) Same store amounts consist of information from dealerships for the
identical months of each period presented in

 thecomparison, commencing with the first full month in which the
dealership was owned by us.
NM—Not Meaningful



Parts and Service—
                              For the Nine Months Ended                 %
                                                              Increase
                              September 30,                             Change
                              2013               2012
                              (Dollars inmillions)
Revenue:
Parts and service             $   447.8          $   423.9    $ 23.9    6   %
revenue—same store(1)
Parts and service             7.7                —
revenues—acquisitions
Parts and service revenue, as $   455.5          $   423.9    $ 31.6    7   %
reported
Gross profit:
Parts and service gross
profit—same store(1)
Customer pay                  $   159.5          $   151.8    $ 7.7     5   %
Reconditioning and            63.1               50.4         12.7      25  %
preparation
Warranty                      34.0               29.0         5.0       17  %
Wholesale parts               14.7               14.4         0.3       2   %
Total parts and service gross 271.3              245.6        25.7      10  %
profit—same store(1)
Parts and service gross       4.7                —
profit—acquisitions
Parts and service gross       $   276.0          $   245.6    $ 30.4    12  %
profit, as reported
Parts and service gross       60.6        %      57.9      %  2.7    %  5   %
margin—same store(1)
_____________________________
(1) Same store amounts consist of information from dealerships for the
identical months of each period presented in

 thecomparison, commencing with the first full month in which the
dealership was owned by us.



Finance and Insurance, net—
                            For the Nine Months Ended                   %
                                                              Increase
                            September 30,                               Change
                            2013              2012
                            (Dollars inmillions,exceptforper vehicledata)
Finance and insurance,      $   150.8         $   123.1       $  27.7   23  %
net—same store(1)
Finance and insurance,      3.3               —
net—acquisitions
Finance and insurance, net  $   154.1         $   123.1       $  31.0   25  %
as reported
Finance and insurance, net
per vehicle sold—same       $   1,302         $   1,198       $  104    9   %
store(1)
______________________________
(1) Same store amounts consist of information from dealerships for the
identical months of each period presented in

 thecomparison, commencing with the first full month in which the
dealership was owned by us.



                                                For the Nine Months Ended

                                                September 30,
                                                2013           2012
REVENUE MIX PERCENTAGES:
New vehicles                                    54.7    %      55.4    %
Used retail vehicles                            26.3    %      24.3    %
Used vehicle wholesale                          3.6     %      4.3     %
Parts and service                               11.5    %      12.4    %
Finance and insurance, net                      3.9     %      3.6     %
Total revenue                                   100.0   %      100.0   %
GROSS PROFIT MIX PERCENTAGES:
New vehicles                                    20.1    %      21.4    %
Used retail vehicles                            14.2    %      14.0    %
Used vehicle wholesale                          (0.1)   %      —       %
Parts and service                               42.2    %      43.0    %
Finance and insurance, net                      23.6    %      21.6    %
Total gross profit                              100.0   %      100.0   %
SG&A EXPENSES AS A PERCENTAGE OF GROSS PROFIT 70.7    %      72.9    %



ASBURY AUTOMOTIVE GROUP, INC.

Additional Disclosures

(In millions)

(Unaudited)
                             September30,  December31,  Increase
                                                                      %Change
                             2013           2012          (Decrease)
SELECTED BALANCE SHEET DATA
Cash and cash equivalents    $   1.3        $   6.2       $  (4.9)    (79)  %
New vehicle inventory        573.8          517.4         56.4        11    %
Used vehicle inventory       121.1          94.6          26.5        28    %
Parts inventory              39.6           36.5          3.1         8     %
Total current assets         1,010.8        986.4         24.4        2     %
Floor plan notes payable     570.1          556.7         13.4        2     %
Total current liabilities    773.3          779.8         (6.5)       (1)   %
CAPITALIZATION:
Long-term debt (including    $   519.8      $   466.0     $  53.8     12    %
current portion)
Shareholders' equity         470.9          402.8         68.1        17    %
Total                        $   990.7      $   868.8     $  121.9    14    %



Brand Mix - New Vehicle Revenue by Brand—
                            For the Nine Months Ended

                            September 30,
                            2013            2012
Luxury
BMW                         9      %        8     %
Mercedes-Benz               7      %        7     %
Lexus                       7      %        6     %
Acura                       5      %        5     %
Infiniti                    4      %        5     %
Other luxury                6      %        5     %
Total luxury                38     %        36    %
Mid-Line Imports:
Honda                       21     %        21    %
Nissan                      13     %        13    %
Toyota                      12     %        12    %
Other imports               3      %        4     %
Total imports               49     %        50    %
Mid-Line Domestic:
Ford                        7      %        8     %
Dodge                       3      %        2     %
Chevrolet                   2      %        2     %
Other domestics             1      %        2     %
Total domestic              13     %        14    %
Total New Vehicle Revenue 100    %        100   %



Selling, General and Administrative Expense ("SG&A")—
            For the Three Months Ended September 30,                %ofGross
                                                        Increase
                      %ofGross            %ofGross              Profit
            2013                  2012                  (Decrease)
                      Profit                Profit                  Decrease
            (Dollars inmillions)
SG&A,
excluding   $ 151.6   67.3   %    $ 130.9   67.4   %    20.7        (0.1)   %
rent
expense
Rent        8.1       3.6    %    9.1       4.7    %    (1.0)       (1.1)   %
expense
SG&A-total  $ 159.7   70.9   %    $ 140.0   72.1   %    19.7        (1.2)   %
Gross       $ 225.3               $ 194.2
profit



            For the Nine Months Ended September 30,                 %ofGross
                                                        Increase
                      %ofGross            %ofGross              Profit
            2013                  2012                  (Decrease)
                      Profit                Profit                  Decrease
            (Dollars inmillions)
SG&A,
excluding   $ 436.8   66.8   %    $ 389.2   68.2   %    $  47.6     (1.4)   %
rent
expense
Rent        25.2      3.9    %    26.7      4.7    %    (1.5)       (0.8)   %
expense
SG&A-total  $ 462.0   70.7   %    $ 415.9   72.9   %    $  46.1     (2.2)   %
Gross       $ 653.9               $ 570.5
profit



ASBURY AUTOMOTIVE GROUP INC.

Supplemental Disclosures

(Unaudited)
Non-GAAP Financial Disclosure and Reconciliation
 In addition to evaluating the financial condition and results of our
operations in accordance with GAAP, from time to time management evaluates and
analyzes results and any impact on the Company of strategic decisions and
actions relating to, among other things, cost reduction, growth, and
profitability improvement initiatives, and other events outside of normal, or
"core," business and operations, by considering certain alternative financial
measures not prepared in accordance with GAAP. These measures include
"Adjusted income from continuing operations," "Adjusted diluted earnings per
share ("EPS") from continuing operations," "Adjusted EBITDA," "Adjusted
leverage ratio," and "Adjusted SG&A expense." Non-GAAP measures do not have
definitions under GAAP and may be defined differently by and not be comparable
to similarly titled measures used by other companies. As a result, any
non-GAAP financial measures considered and evaluated by management are
reviewed in connection with a review of the most directly comparable measures
calculated in accordance with GAAP. Management cautions investors not to place
undue reliance on such non-GAAP measures, but also to consider them with the
most directly comparable GAAP measures. In its evaluation of results from time
to time, management excludes items that do not arise directly from core
operations, or are otherwise of an unusual or non-recurring nature. Because
these non-core, unusual or non-recurring charges and gains materially affect
Asbury's financial condition or results in the specific period in which they
are recognized, management also evaluates, and makes resource allocation and
performance evaluation decisions based on, the related non-GAAP measures
excluding such items. In addition to using such non-GAAP measures to evaluate
results in a specific period, management believes that such measures may
provide more complete and consistent comparisons of operational performance on
a period-over-period historical basis and a better indication of expected
future trends. Management discloses these non-GAAP measures, and the related
reconciliations, because it believes investors use these metrics in evaluating
longer-term period-over-period performance, and to allow investors to better
understand and evaluate the information used by management to assess operating
performance.



                                             For the Twelve Months Ended
                                             September30, 2013  June 30, 2013
                                             (Dollars in millions)
Adjusted leverage ratio:
Long-term debt (including current portion)   519.8               $   585.8
Less: unamortized premium on 8.375% Senior   (9.5)               (9.7)
Subordinated Notes due 2020
Adjusted long-term debt (including current   $     510.3         $   576.1
portion)
Calculation of earnings before interest,
taxes, depreciation and amortization
("EBITDA"):
Income from continuing operations            $     96.5          $   96.3
Add:
Depreciation and amortization                23.7                23.0
Income tax expense                           58.6                58.0
Convertible debt discount amortization       —                   0.1
Swap and other interest expense              42.3                40.8
Earnings before interest, taxes,
depreciation and amortization             $     221.1         $   218.2

("EBITDA")
Non-core items - expense:
Real estate-related charges                  7.3                 5.2
Loss on extinguishment of long-term debt     6.8                 —
Total non-core items                         14.1                5.2
Adjusted EBITDA                              $     235.2         $   223.4
Adjusted leverage ratio                      2.2                 2.6



The non-core operating items shown in the table below consist of expenses
related to real estate transactions.
                                          For the Three Months Ended

                                          September 30,
                                          2013                   2012
                                          (In millions, except per share data)
Adjusted income from continuing
operations:
Net income                                $     22.7             $   20.7
Discontinued operations, net of tax       0.1                    1.9
Income from continuing operations         22.8                   22.6
Non-core items - expense (income):
Real estate-related charges               2.1                    —
Loss on the extinguishment of long-term   6.8                    —
debt
Tax benefit on non-core items above       (3.4)                  —
Total non-core items                      5.5                    —
Adjusted income from continuing           $     28.3             $   22.6
operations
Adjusted diluted earnings per share (EPS)
from continuing operations:
Net income                                $     0.73             $   0.66
Discontinued operations, net of tax       —                      0.06
Income from continuing operations         $     0.73             $   0.72
Total non-core items                      0.18                   —
Adjusted diluted EPS from continuing      $     0.91             $   0.72
operations
Weighted average common shares            31.1                   31.5
outstanding - diluted



                                          For the Nine Months Ended

                                          September 30,
                                          2013                   2012
                                          (In millions, except per share data)
Adjusted income from continuing
operations:
Net income                                $     82.2             $   59.4
Discontinued operations, net of tax       (8.3)                  1.3
Income from continuing operations         73.9                   60.7
Non-core items - expense (income):
Real estate-related charges               7.3                    —
Loss on the extinguishment of long-term   6.8                    —
debt
Tax benefit on non-core items above       (5.4)                  —
Total non-core items                      8.7                    —
Adjusted income from continuing           $     82.6             $   60.7
operations
Adjusted diluted earnings per share (EPS)
from continuing operations:
Net income                                $     2.64             $   1.88
Discontinued operations, net of tax       (0.26)                 0.04
Income from continuing operations         $     2.38             $   1.92
Total non-core items                      0.28                   —
Adjusted diluted EPS from continuing      $     2.66             $   1.92
operations
Weighted average common shares            31.1                   31.6
outstanding - diluted



SOURCE Asbury Automotive Group, Inc.

Website: http://www.asburyauto.com
Contact: Investors May Contact: Ryan Marsh, VP & Treasurer, (770) 418-8211,
ir@asburyauto.com; Reporters May Contact: Melissa Corey, Public Relations &
Communications Manager, (770) 418-8231, mcorey@asburyauto.com
 
Press spacebar to pause and continue. Press esc to stop.