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1. Best Buy for cars

2. Marriott for car dealerships

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• New Vehicles: Sale of new cars, trucks, and other automobiles.
• Used Vehicles: Sale of pre-owned cars, trucks, and other automobiles.
• Vehicle Repair & Maintenance Services: Services for the upkeep, diagnosis, and repair of vehicles.
• Replacement Parts: Sale of genuine and aftermarket parts for vehicle repairs and maintenance.
• Collision Repair Services: Services focused on repairing vehicles that have sustained accident damage.
• Vehicle Financing: Arranging financing options for customers purchasing vehicles through third-party lenders.
• Aftermarket Insurance & Service Products: Offerings such as extended service contracts, guaranteed asset protection (GAP) debt cancellation, prepaid maintenance plans, and credit life/disability insurance.

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Asbury Automotive (ABG) primarily sells to individual consumers rather than other companies. Based on its operations as an automotive retailer with dealerships and collision centers, its major customer categories include:

• New Vehicle Purchasers: Individuals seeking to purchase brand new cars, trucks, and SUVs, often looking for the latest models, features, and manufacturer warranties.
• Used Vehicle Purchasers: Individuals looking for pre-owned vehicles, typically seeking a more economical option or a specific model no longer available new.
• Vehicle Service and Parts Customers: Vehicle owners (both those who purchased from Asbury and those who did not) who require routine maintenance, vehicle repairs, collision repair services, or replacement parts for their automobiles. This category also includes customers purchasing aftermarket products like extended service contracts.

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• General Motors Company (NYSE: GM)
• Stellantis N.V. (NYSE: STLA)
• Ford Motor Company (NYSE: F)
• Honda Motor Co., Ltd. (NYSE: HMC)
• Volkswagen AG (OTC: VWAGY)
• Hyundai Motor Company (OTC: HYMTF)
• Toyota Motor Corporation (NYSE: TM)
• Nissan Motor Co., Ltd. (OTC: NSANY)
• Bayerische Motoren Werke AG (OTC: BMWYY)
• Mercedes-Benz Group AG (OTC: MBGYY)
• Tata Motors Limited (NYSE: TTM)
• Mazda Motor Corporation (OTC: MZDAY)
• Subaru Corporation (OTC: FUJHY)
• Mitsubishi Motors Corporation (OTC: MMTOF)
• Volvo Car AB (OTC: VOLVF)

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David W. Hult

President & Chief Executive Officer

David W. Hult joined Asbury Automotive in 2014, serving as Executive Vice President and Chief Operating Officer before being appointed President and Chief Executive Officer in January 2018. Under his leadership, Asbury has undergone significant expansion, including the acquisition of Larry H. Miller Dealerships. Prior to his tenure at Asbury, Mr. Hult was the Chief Operating Officer for RLJ McLarty Landers. He also held several positions at Group 1 Automotive, Inc., including Vice President of Fixed Operations & Marketing and Regional Vice President (East). Mr. Hult is an alumnus of Harvard Business School. He is expected to transition to the role of Executive Chairman in May 2026.

Daniel Clara

Chief Operating Officer

Daniel Clara is the Chief Operating Officer of Asbury Automotive Group, a role he assumed in February 2025. He will succeed David W. Hult as President and Chief Executive Officer in May 2026. Mr. Clara began his career with Asbury in July 2002 as a client advisor in a Management in Training program. Over his more than two decades at the company, he has advanced through numerous leadership positions, including sales advisor, F&I manager, new car manager, used car manager, general sales manager, general manager, market director, regional vice president, and Senior Vice President of Operations. He is responsible for driving operational excellence and profitable growth initiatives. Mr. Clara earned his bachelor's degree in International Business from Northwood University.

Michael Welch

Senior Vice President, Chief Financial Officer

Michael Welch was appointed Senior Vice President and Chief Financial Officer of Asbury Automotive Group in August 2021. He brings over 20 years of experience in the automotive retail industry to his role. Before joining Asbury, Mr. Welch served as Vice President and Corporate Controller at Group 1 Automotive, Inc. from June 2019. He held various roles of increasing responsibility at Group 1 Automotive from June 2000 to June 2019, gaining extensive experience in financial management, treasury, accounting, and auditing. Mr. Welch started his career at Price Waterhouse and is a Certified Public Accountant (CPA) in Texas.

Jed Milstein

Senior Vice President & Chief Human Resources Officer

Jed Milstein serves as the Senior Vice President and Chief Human Resources Officer for Asbury Automotive Group, a position he has held since January 2018, having joined the company in July 2016 as Vice President & CHRO. Prior to Asbury, Mr. Milstein was the Chief Human Resources Officer and Executive Vice President of AmeriCold Logistics, LLC from May 2013 to July 2016, and Executive Vice President of Human Resources for TransCentra. Notably, he also served as Lead Human Resource Executive for Cerberus Operations and Advisory Company, where he provided strategic human resource leadership to several Cerberus portfolio companies, indicating a pattern of managing companies backed by private equity firms. Earlier in his career, he was a Deputy Attorney General for the State of New Jersey. Mr. Milstein holds a J.D. from George Washington University Law School and a BBA from the University of Michigan.

Dean Calloway

Senior Vice President, General Counsel & Secretary

Dean Calloway was appointed Senior Vice President, General Counsel & Secretary of Asbury Automotive Group in July 2024. He joined Asbury in October 2013 as Assistant General Counsel and advanced through several legal roles, including Associate General Counsel and Vice President and Associate General Counsel. In his role, he advises on a broad range of legal matters including automotive franchise law, corporate governance, litigation, regulatory compliance, cybersecurity, and human resources. Before joining Asbury, Mr. Calloway was a litigation partner in the Atlanta office of an Am Law 15 firm. He holds a J.D. from The Law School at the University of Chicago, an M.S. from Carnegie Mellon University, and a B.S. from the University of Washington.

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Asbury Automotive Group (ABG) faces several key risks that could impact its business operations and financial performance. These risks stem from broader economic factors, the company's strategic growth initiatives, and evolving industry dynamics.

1. Macroeconomic Headwinds and Interest Rate Fluctuations: As an automotive retailer, Asbury Automotive Group is highly susceptible to macroeconomic conditions, including the potential for a U.S. recession and changes in interest rates. A challenging economic backdrop, characterized by elevated uncertainty and job market weakness, can directly impact consumer spending on big-ticket items like vehicles. Slower Federal Reserve rate cuts or rising interest rates can increase financing costs for consumers, making vehicle purchases less affordable and dampening overall demand. This directly affects vehicle sales, which are a core revenue stream for the company.

2. Acquisition Integration Challenges and High Indebtedness: Asbury Automotive Group has pursued an aggressive acquisition strategy to drive growth, such as the acquisition of The Herb Chambers Companies. While acquisitions expand its footprint, they also present significant integration risks. Successfully assimilating acquired businesses and realizing anticipated benefits and synergies requires meticulous management, and failure to do so can lead to increased expenses or unanticipated liabilities. Furthermore, the company carries a substantial amount of total debt, which could limit its future financial flexibility and increase its vulnerability to economic downturns or further increases in interest rates.

3. Pressure on Vehicle Profit Margins and Industry Transformation: The automotive retail industry is undergoing significant changes, and Asbury Automotive Group is experiencing pressure on its profit margins. The company has seen declining gross profit per unit for both new and used vehicles due to factors like inventory normalization and affordability issues. This margin compression impacts overall profitability. Additionally, the broader industry faces challenges from the ongoing shift towards electric vehicles (EVs) and evolving consumer preferences, which require dealerships to adapt their sales and service models. Intense competition within the highly saturated automotive retail market also contributes to persistent pricing and margin pressures.

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Automobile manufacturers adopting direct-to-consumer sales models, bypassing traditional dealerships.

The increasing market share of electric vehicles (EVs), which generally require significantly less maintenance and fewer replacement parts than internal combustion engine vehicles.

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Asbury Automotive Group, Inc. (ABG) operates in several key addressable markets within the United States for its automotive products and services:

• New and Used Vehicle Sales: The United States automotive dealership market is projected to reach USD 3.08 trillion in 2026 and is forecast to grow to USD 3.83 trillion by 2031, with a compound annual growth rate (CAGR) of 4.47% from 2026-2031. Specifically, the used car market in the U.S. reached approximately USD 339.08 billion in 2025 and is projected to grow to nearly USD 568.31 billion by 2035, at a CAGR of 5.30% from 2026-2035. The U.S. light-duty vehicle sales stood at 15.85 million units in 2024.
• Vehicle Repair and Maintenance Services & Replacement Parts Sales: The U.S. automotive aftermarket, which includes both parts and service, reached USD 260 billion in 2024 and is estimated to reach USD 348 billion by 2032, growing at a CAGR of 3.7% between 2025-2032. Another source indicates the U.S. automotive aftermarket size was USD 238.40 billion in 2025 and is estimated to surpass around USD 364.49 billion by 2035. The U.S. automotive repair & maintenance service market alone was valued at USD 183.4 billion in 2023 and is estimated to grow at a CAGR of 10.1% between 2024 and 2032. North America commanded 38.10% of the Automotive repair and maintenance service market share in 2025.
• Collision Repair Services: The U.S. automotive collision repair market was valued at USD 34.73 billion in 2024 and is expected to reach USD 43.32 billion by 2032, growing at a CAGR of 2.80% during the forecast period. Another report stated the U.S. automotive collision repair market generated revenue of USD 37,143.4 million in 2024 and is expected to reach USD 38,950.3 million by 2030, with a CAGR of 0.8% from 2025 to 2030.
• Finance and Insurance (F&I) Products: North America holds approximately 45% of the Automotive F&I Solution Market Share. The U.S. Automotive F&I Solution Market is projected to achieve USD 857.94736 million in 2026 and is anticipated to grow to USD 1852.94368 million by 2035, expanding at a CAGR of 8.7% over the period 2026–2035. The U.S. automotive finance market was valued at USD 74.33 billion in 2024 and is expected to reach USD 145.95 billion by 2032, growing at a CAGR of 8.80% from 2025-2032.

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Asbury Automotive Group (ABG) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Strategic Acquisitions and Market Expansion: Asbury Automotive has consistently pursued an aggressive acquisition strategy to expand its geographic footprint and increase its revenue base. A notable example is the acquisition of The Herb Chambers Companies in 2025, which was expected to contribute approximately $3.2 billion in annual revenue. The company aims for a total revenue target of $30 billion by 2030, with strategic acquisitions being a primary component of this growth.
2. Expansion of Parts and Service Business: This segment is a high-margin, less cyclical, and stable revenue stream for Asbury. The company anticipates mid-single-digit growth in customer-paid services, benefiting from the increasing average age and complexity of vehicles on the road. Investments in collision centers and dealership service departments are expected to capitalize on rising service requirements.
3. Omnichannel Strategy and Digital Innovation: Asbury is heavily investing in its digital retailing platform, Clicklane, to provide a seamless end-to-end online car-buying and selling experience. This digital platform aims to integrate online and in-store customer journeys. Additionally, the company is rolling out the Tekion dealer management system (DMS) across its dealerships, which is expected to streamline operations, enhance the guest experience, and contribute to efficiency and growth.
4. Growth in Finance and Insurance (F&I) Products: Asbury focuses on maximizing profit-per-vehicle (PVR) by enhancing its finance and insurance product offerings. The integration of Total Care Auto (TCA) service offerings across its dealership portfolio is expected to bolster F&I revenue streams.

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Share Repurchases

• As of February 25, 2026, Asbury Automotive Group had a total share repurchase authorization of $500 million, following a board approval to increase the program by $424 million. Year-to-date in 2026, the company had spent $100 million to buy back 441,000 shares.
• In 2025, the company repurchased 1,508,925 shares for $330.29 million under its May 2023 buyback program. Additionally, $99.9 million was used to repurchase 432,752 shares, with $175.9 million remaining authorized for future repurchases by year-end 2025.
• In 2024, the board increased the share repurchase authorization to $400 million, with approximately 281,000 shares repurchased for $59 million year-to-date. In 2023, a new authorization for up to $250 million was approved, leading to the repurchase of approximately 1.1 million shares for $211 million year-to-date.

Outbound Investments

• In February 2025, Asbury Automotive Group acquired The Herb Chambers Companies for approximately $1.34 billion, or a net purchase price of $1.45 billion. This acquisition included 33 dealerships, 52 franchises, and three collision centers, which generated $3.2 billion in revenue in 2024, expanding Asbury's presence in the northeastern United States.
• In September 2023, the company acquired Koons Automotive, diversifying its geographic mix by expanding into the greater Washington-Baltimore region.
• In December 2021, Asbury Automotive Group completed the acquisitions of Larry H. Miller Dealerships, Landcar, and Stevinson Automotive.

Capital Expenditures

• Asbury Automotive Group anticipates approximately $250 million in capital expenditures for both 2026 and 2027.
• In 2025, the company spent $186 million in capital expenditures, excluding real estate purchases.
• The primary focus of capital expenditures in 2026 is expected to be on upgrading facilities, expanding service capacity, and investing in technology, such as the Tekion rollout.