STAMFORD, Conn., April 1 /PRNewswire-FirstCall/ -- Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., today announced that it has completed the additional financing of real estate projects referred to in the following disclosure in its 2002 Form 10-K report recently filed with the Securities and Exchange Commission:

"During January 2003, we reported to the Lenders that we did not meet our fixed charge coverage ratio requirement as of December 31, 2002. Non- financed capital expenditures are deducted from the numerator of our fixed charge coverage covenant calculation. The fixed charge coverage ratio default would therefore not have occurred had we obtained financing for two large self-funded real estate projects by the end of 2002. Subsequent to December 31, 2002, we obtained mortgage financing on one of the properties. We expect to, but can give no assurance that we will, obtain financing for the other property as early as the end of the first fiscal quarter of 2003."

The second property was financed in March, subsequent to the issuance of the Company's Form 10-K report.

President and CEO Kenneth B. Gilman said, "This default was technical in nature and primarily due to the timing of our financing for certain capital expenditures at year-end. We promptly received a waiver from our lenders, and these developments have had no material impact on our day-to-day operations. In fact, our lenders recently approved two manufacturer-approved acquisitions -- for a total of $40 million -- both of which we expect to close early in the second quarter. In addition, our liquidity position remains excellent, and we ended the first quarter with a significant amount of cash on hand."

While no assurances can be given until the financial statements for the first quarter ended March 31, 2003 have been closed, the Company believes that with the completion of this financing, it will meet the requirement of its fixed charge coverage ratio.

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 over the past six years, Asbury now operates through nine geographically concentrated, individually branded "platforms." These platforms operate 93 retail auto stores, encompassing 131 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. 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, projections and guidance regarding the Company's financial position, results of operations, market position, product development, pending and potential future acquisitions 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, the Company's relationships with vehicle manufacturers and other suppliers, risks associated with the Company's substantial indebtedness (including its ability to meet the requirement of its fixed charge coverage ratio), risks related to pending and potential future acquisitions, general economic conditions both nationally and locally and governmental regulations and legislation. There can be no guarantees that the Company'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 the Company's registration statement on Form S-1 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.

SOURCE
Asbury Automotive Group, Inc.

-0-

04/01/2003

/CONTACT: Stacey Yonkus of Asbury Automotive, +1-203-356-4424 or
investor@asburyauto.com/
(ABG)

CO: Asbury Automotive Group, Inc.
ST: Connecticut
IN: AUT REA
SU: FNC

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