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Dec. 4, 2012 /PRNewswire/ -- Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and services companies in the U.S., today announced that its board of directors has authorized the repurchase of up to
$50 million of the Company's common stock. The repurchases may be made in open market transactions. The Company's new stock repurchase program replaces, effective
January 1, 2013, its expiring
$47.4 million program authorized in
December 2011, under which the Company has repurchased
$21 million of shares since
Asbury expects that any stock repurchases will be funded through available cash. As of October 23, 2012, the Company had approximately 31.5 million shares outstanding.
"This is consistent with our previously-announced plans to repurchase
$30 million shares or more on an opportunistic basis per year," said
Craig T. Monaghan, Asbury's President and CEO.
The Company will base future repurchase decisions on such factors as Asbury's stock price, general economic and market conditions, the potential impact on its capital structure, and the expected return on competing uses of capital such as strategic dealership acquisitions and capital investments. Asbury gives no assurance as to the amount of repurchases to be made or the actual purchase prices.
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 77 retail auto stores, encompassing 98 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.
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 and projections regarding industry and general economic trends, Asbury's expected financial position, results of operations or market position and 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.