Duluth, Georgia–(business wire) — Asbury Automotive Group (NYSE: ABG) (the “Company”), one of the largest U.S. automobile retail and service companies, today announced that its Board of Directors has increased its authorization to repurchase its common stock by $108 million announced. to a total of $200 million.
Asbury President and CEO David Hult said:
For the full year 2022, the company repurchased approximately 1.6 million shares of common stock for $287 million. From 2023 to present, the Company has repurchased approximately 115,000 shares for his $20 million.
Under our stock repurchase program, our common stock may be purchased from time to time in the open market, in private transactions, or in any other manner permitted by federal securities laws and other legal and contractual requirements. increase. The extent, number and timing of share repurchases by the Company will depend on factors such as Asbury’s stock price, general economic and market conditions, the potential impact on its capital structure and expected returns from competing uses. increase. Raising capital and other considerations such as strategic distributor acquisitions and capital expenditures. This program does not require the Company to repurchase any particular number of shares and may be changed, suspended or terminated at any time without notice.
About Asbury Automotive Group
Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, Georgia, is one of the largest automotive retailers in the United States. Through its innovative clicklane digital vehicle buying platform with organic and acquisition growth and a guest-centric approach as the constant North Star of Asbury.Asbury currently operates 139 dealerships across 187 franchises and handles vehicles of 31 domestic and foreign brands. Asbury also operates Total Care Auto, Powered by Landcar, a leading provider of service contracts and other vehicle protection products, seven independent used car dealerships, 32 crash repair centers, auto auctions and used car wholesale operations. I’m here. Asbury offers a wide range of automotive products and services, including new and used vehicles. Parts and services, including vehicle repair and maintenance services, replacement parts, and collision repair services. Financial and insurance products include third-party vehicle financing arrangements and aftermarket products such as extended service agreements, guaranteed asset protection obligation cancellations and prepaid maintenance.
For more information, please visit www.asburyauto.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. position, liquidity, operating results, cash flow, leverage, market position and dealer portfolio, revenue enhancement strategies, operational improvements, Clicklane’s expected earnings projections, management’s plans, future operational projections and targets , scale and performance, expected synergies from combined planned acquisitions, capital allocation strategy, business strategy, and management’s expectations regarding, among other things: changes in general economic and business conditions, including interest rate increases and fuel price increases; , the impact of COVID-19 on the automotive industry in general, all industries in the automotive industry in particular, and our customers, suppliers, vendors and business partners. Relationships with car manufacturers. Our ability to maintain margins. operating cash flow and capital availability; capital expenditures; the amount of our debt; the completion of future acquisitions and sales; future return targets; future annual savings; and trends in the automotive retail industry. These statements are based on management’s current expectations and beliefs and are subject to significant risks and uncertainties that could cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, our inability to realize the expected benefits from recently completed transactions. the inability to integrate completed transactions quickly and effectively and the diversion of management’s attention from ongoing business and normal business responsibilities; the inability to complete future acquisitions or divestitures and the risks arising therefrom; Impact of the COVID-19 pandemic on our industry and business, market factors, Asbury’s relationships with automakers and other suppliers, financial and operational stability, acts of God, acts of war or other events, and semiconductor shortages in automobiles Chips and other components that may adversely affect supply from manufacturers or present retail sales challenges. the risks associated with Asbury’s indebtedness and our ability to comply with or, if necessary, obtain waivers of any applicable provisions in various funding agreements; competition in the automotive retail and service industry; general national and local economic conditions; government regulations; laws including changes in auto state franchise laws; Risk strategies and initiatives related to operational execution capabilities include a five-year strategic plan, Asbury’s ability to leverage profits from its dealer portfolio, repurchase debt and equity securities, or purchase properties currently leased. It includes Asbury’s ability to take advantage of opportunities, and Asbury’s ability to stay within it. Target range for capital expenditures. There can be no assurance that Asbury’s future business plans will be successfully executed or become commercially successful.
These and other risk factors that could cause actual results to differ materially from those expressed or implied by our forward-looking statements, including our most recent annual report, are made by Asbury to the Securities and Exchange Commission. It will be discussed from time to time in the documents submitted to the meeting. Quarterly reports filed on Form 10-K and subsequently on Form 10-Q. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.