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The three dealerships generated revenues of approximately $105 million in 2008, or about 2% of Asbury's total revenues of $4.6 billion.
"We are disappointed that the Nalley dealership will be closing and the Kissimmee stores will be phased out, and our hearts go out to the affected employees," said Charles R. Oglesby, Asbury's President and CEO. "At the same time, we understand that consolidation of their dealer networks is a critical component of Chrysler and GM's restructuring programs, and that it's important for all parties to bear some part of the burden. We will do whatever we can to support the manufacturers through this difficult period."
Mr. Oglesby continued, "Overall, the closing of these dealerships will not have a material impact on Asbury's ongoing revenues, earnings or financial position. With approximately 86% of our new light vehicle revenue generated by mid-line import and luxury brands, we continue to believe that Asbury is well-positioned for future growth."
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 86 retail auto stores, encompassing 113 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 our goals, plans, expectations and strategies. 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, general economic and business conditions, including consumer confidence, interest rate changes, the price of oil and gasoline and the availability of consumer credit; our ability to generate sufficient cash flows and maintain our liquidity; our ability to comply with our debt or lease covenants and obtain waivers of these covenants as necessary; the reputation and financial health and viability of vehicle manufacturers whose brands we sell, and their ability to design, manufacture, deliver and market their vehicles successfully; and the effect of a bankruptcy of one or more vehicle manufacturers. These and other risk factors are discussed in the Company'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.
SOURCE Asbury Automotive Group, Inc.
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