<SEC-DOCUMENT>0001144980-25-000099.txt : 20250430
<SEC-HEADER>0001144980-25-000099.hdr.sgml : 20250430
<ACCEPTANCE-DATETIME>20250429180001
ACCESSION NUMBER:		0001144980-25-000099
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20250429
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250430
DATE AS OF CHANGE:		20250429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASBURY AUTOMOTIVE GROUP INC
		CENTRAL INDEX KEY:			0001144980
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				010609375
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31262
		FILM NUMBER:		25889799

	BUSINESS ADDRESS:	
		STREET 1:		2905 PREMIERE PARKWAY NW
		STREET 2:		SUITE 300
		CITY:			DULUTH
		STATE:			GA
		ZIP:			30097
		BUSINESS PHONE:		770-418-8200

	MAIL ADDRESS:	
		STREET 1:		2905 PREMIERE PARKWAY NW
		STREET 2:		SUITE 300
		CITY:			DULUTH
		STATE:			GA
		ZIP:			30097
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>abg-20250429.htm
<DESCRIPTION>8-K
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<title>abg-20250429</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="c-1" name="dei:EntityCentralIndexKey" id="f-21">0001144980</ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="dei:AmendmentFlag" id="f-22">false</ix:nonNumeric></ix:hidden><ix:references xml:lang="en-US"><link:schemaRef xlink:type="simple" xlink:href="abg-20250429.xsd"/></ix:references><ix:resources><xbrli:context id="c-1"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001144980</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-29</xbrli:startDate><xbrli:endDate>2025-04-29</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="i6e7def83a1694f43bafe485e7ace854c_1"></div><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="-sec-extract:summary;margin-top:5pt"><table 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style="width:10.75pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:97.75pt"/><td style="width:1.0pt"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"/></tr></table></div><div style="margin-top:8pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:24pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityRegistrantName" id="f-3">Asbury Automotive Group, Inc.</ix:nonNumeric> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Exact name of registrant as specified in its charter) </span><span style="color:#000000;font-family:'Times New 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Exchange</ix:nonNumeric></span></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Emerging growth company </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:11pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="f-20">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#9744;</span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2.02 Results of Operations and Financial Condition.</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On April 29, 2025, Asbury Automotive Group, Inc. (the &#8220;Company&#8221;) held a conference call regarding its financial results for the three months ended March 31, 2025. As a result of technical issues experienced during the call, the webcast of the call was not audible at certain times. A copy of the full transcript of the call is therefore furnished herewith as Exhibit 99.1 and is incorporated herein by reference. A replay of the call is available in the Investor Relations section of the Company's website at </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">www.asburyauto.com</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 7.01 Regulation FD Disclosure.</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The information in Item 2.02 above is incorporated herein by reference.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The information in this Item 7.01 and Item 2.02 above, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of such section. The information in this Current Report on Form 8-K (this "Current Report"), including Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Information Regarding Forward-Looking Statements</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The transcript furnished as Exhibit 99.1 contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These risks include, but are not limited to, those identified in the Company&#8217;s Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not undertake any obligation to update such forward-looking statements as a result of new information, future events or otherwise.</span></div><div style="margin-bottom:12pt;margin-top:13pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item&#160;9.01 Financial Statements and Exhibits. </span></div><div style="margin-top:4pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)&#160;&#160;&#160;&#160;Exhibits.</span></div><div style="margin-top:4pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13pt;font-weight:400;line-height:120%">&#160;</span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following exhibits are furnished as part of this report.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:4.039%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.913%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.424%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:79.224%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline">Exhibit&#160;No.</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline">Description</span></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="ex991abgearningstranscript.htm">99.1</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Transcript of first quarter 2025 earnings conference call of the Company held on April 29, 2025.</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:120%">&#160;</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURE </span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:47.948%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.927%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.532%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:42.093%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">ASBURY AUTOMOTIVE GROUP, INC.</span></td></tr><tr style="height:32pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date:  April 29, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/    Michael D. Welch</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name:</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Michael D. Welch</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Title:</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Senior Vice President and Chief Financial Officer</span></td></tr></table></div><div><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div></div></div></body></html>
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<title>Document</title></head><body><div id="i19bb5407623a475b90ab77e3f58ea8ca_1"></div><div style="min-height:90pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Exhibit 99.1</font></div><div style="text-align:right"><font><br></font></div><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div><font style="color:#006eba;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:80%">C O R P O R A T E P A R T I C I P A N T S</font></div><div style="margin-top:5.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt"><a href="#i19bb5407623a475b90ab77e3f58ea8ca_1" style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt;text-decoration:none">Chris Reeves </a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">Asbury Automotive Group Inc - VP, Finance &#38; Treasurer</font></div><div style="margin-top:5.15pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt"><a href="#i19bb5407623a475b90ab77e3f58ea8ca_1" style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt;text-decoration:none">David Hult </a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.15pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt"><a href="#i19bb5407623a475b90ab77e3f58ea8ca_1" style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt;text-decoration:none">Dan Clara </a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">Asbury Automotive Group Inc - Chief Operating Officer</font></div><div style="margin-top:5.15pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt"><a href="#i19bb5407623a475b90ab77e3f58ea8ca_1" style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt;text-decoration:none">Michael Welch </a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">Asbury Automotive Group Inc - Chief Financial Officer, Senior Vice President</font></div><div style="margin-top:17.2pt"><font style="color:#006eba;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:13.80pt">C O N F E R E N C E C A L L P A R T I C I P A N T S</font></div><div style="margin-top:5.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt"><a href="#i19bb5407623a475b90ab77e3f58ea8ca_1" style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt;text-decoration:none">Jeff Lick </a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">Stephens - Analyst</font></div><div style="margin-top:5.15pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt"><a href="#i19bb5407623a475b90ab77e3f58ea8ca_1" style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt;text-decoration:none">Rajat Gupta </a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">J.P. Morgan - Analyst</font></div><div style="margin-top:5.15pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt"><a href="#i19bb5407623a475b90ab77e3f58ea8ca_1" style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt;text-decoration:none">John Murphy </a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">Bank of America - Analyst</font></div><div style="margin-top:5.15pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt"><a href="#i19bb5407623a475b90ab77e3f58ea8ca_1" style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt;text-decoration:none">Matthew Raab </a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">Craig-Hallum Capital Group - Analyst</font></div><div style="margin-top:5.15pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt"><a href="#i19bb5407623a475b90ab77e3f58ea8ca_1" style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt;text-decoration:none">David Whiston </a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">Morningstar Research Services LLC - Analyst</font></div><div style="margin-top:5.15pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt"><a href="#i19bb5407623a475b90ab77e3f58ea8ca_1" style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt;text-decoration:none">Bret Jordan </a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">Jefferies LLC - Analyst</font></div><div style="margin-top:17.2pt"><font style="color:#006eba;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:13.80pt">P R E S E N T A T I O N</font></div><div style="margin-top:5.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Operator</font></div><div style="margin-top:5.4pt;padding-right:28.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Greetings and welcome to the Asbury Automotive Group's first quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chris Reeves, Vice President of Finance, Investor Relations. Thank you, sir. You may</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">begin.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Chris Reeves </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - VP, Finance &#38; Treasurer</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Thanks operator, and good morning. As noted, today's call is being recorded and will be available for replay later this afternoon. Welcome to Asbury</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">Automotive Group's first quarter 2025 earnings call. The press release &#91;detailing Asbury&#8217;s first quarter results was issued earlier this morning and</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">is posted on our website at investors.asburyauto.com. Participating with me today are David Hult,&#93;(added by company after the call) our President</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and Chief Executive Officer&#59; Dan Clara, our Chief Operating Officer&#59; and Michael Welch, our Senior Vice President and Chief Financial Officer. At the</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">conclusion of our remarks, we will open up the call for questions and we'll be available later for any follow up questions.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Before we begin, we must remind you that the discussion during the call today is likely to contain forward-looking statements. Forward-looking</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">statements are statements other than those, which are historical in nature, which may include financial projections, forecasts, and current expectations,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">each of which are subject to significant uncertainties.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">For information regarding certain of the risks that may cause actual results to differ materially from these statements, please see our filings with</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">the SEC from time to time, including our Form 10-K for the year ended December 31, 2024, any subsequently filed quarterly reports on Form 10-Q,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and our earnings release issued earlier today. We expressly disclaim any responsibility to update forward-looking statements.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">In addition, certain non-GAAP financial measures as defined under SEC rules may be discussed on this call. As required by applicable SEC rules, we</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">provide reconciliations of any such non-GAAP financial measures to the most directly comparable GAAP measures on our website. Comparisons</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">will be made on a year-over-year basis unless we indicate otherwise.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We have also posted an updated investor presentation on our website, investors.asburyauto.com, highlighting our first quarter results. It is now</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">my pleasure to hand the call over to our CEO, David Hult. David&#63;</font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:134%">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Thank you, Chris, and good morning everyone. Welcome to our first quarter earnings call. I want to begin by expressing my appreciation for our</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">hardworking team members in delivering strong first quarter results. I'm proud of the way our team members came together to serve our guests.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Since 2017, Asbury has been the top public operator in adjusted SG&#38;A as a percentage of gross profit and in adjusted operating margin. We take</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">pride in how we run our business to generate strong, long-term results for our shareholders.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">I'd like to spend just a few moments addressing the issue of tariffs. As the scale and scope of the new tariff approach became more clear, we saw</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">a rise in demand in late March as consumers purchased vehicles ahead of the potential price increases.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Our OEM partners are all working to determine how the tariff policies will impact their specific brand and they will communicate those decisions</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">to us when ready. As we assess our own scenario planning, we believe our portfolio is comparatively insulated from the tariff impacts on pricing.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We estimate that approximately 56% of our new vehicle units in Q1 were produced in America and would be shielded from the tariffs. As it stands</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">today, we are seeing a wide range of approaches for how the OEMs are addressing the tariff impacts.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We expect to get more clarity in the weeks and months ahead, but until then, predicting the trend lines for key metrics like volumes or new GPUs</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">will be challenging.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Transitioning to highlights for the quarter. We posted another all-time record in gross profit for our parts and service business. The team built off</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">their momentums from previous quarters with same store gross profit of 5% and same store customer pay gross higher by 6%.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">I think it is important to give some historical context for the consistent growth we have produced with our stores over time. We look back at the</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">subset of stores today that we operated in 2014 and saw a 97% increase in customer pay gross profit over that 10-year period.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Dan will provide additional detail about this in his comments. And I'm optimistic about our positioning for long term growth. Our Tekion</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">implementation continues to progress. We recently expanded the rollout beyond our four-store pilot.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">The Koons Group, which is on a different DMS than the rest of Asbury, has had multiple stores transition to Tekion and should be completed before</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">the end of Q3. We have seen early signs of improvement in productivity and the guest experience.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Shifting to capital allocation. We are excited about the pending acquisition of the Herb Chambers Automotive Group. This is a strategic part of the</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">country that we have been looking to enter for a long time as part of our disciplined growth strategy.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">The Boston area is a traditionally resilient market that can weather different economic cycles. In addition, they have a wonderful group of luxury</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">stores that we expect will balance our overall brand portfolio. We expect to close the transaction following OEM approval by the end of the second</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">quarter. We also divested a Colorado Nissan store and a South Carolina Volvo store, and are continuously evaluating our portfolio to optimize brand</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">mix.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Following the pending acquisition of Herb Chambers, we intend to focus on reducing our leverage over the next 18 to 24 months. Michael will</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">provide more details in his remarks.</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">And now for our consolidated results for the first quarter. We generated $4.1 billion in revenue, had a gross profit of $724 million and a gross profit</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">margin of 17.5%. Our same store adjusted SG&#38;A as a percentage of gross profit was 63.9%. We delivered an adjusted operating margin of 5.8%.</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">And our adjusted earnings per share was $6.82. Our adjusted EBITDA was $240 million.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Before I pass to Dan, I want to say thank you again to our valued team members for their performance and service to our guests. Now Dan will</font></div><div style="margin-bottom:12pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">discuss our operational performance. Dan&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:115%">Dan Clara </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:115%">- Asbury Automotive Group Inc - Chief Operating Officer</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Thank you, David, and good morning everyone. I am thankful and proud of our team members' commitment to our North Star to be the most</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">guest-centric automotive retailer. Thank you.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Now I am going to provide some updates on our same store performance, which includes dealerships and TCA on a year-over-year basis unless</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">stated otherwise.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Starting with new vehicles. Same store revenue was up 6% year by year and units were up 4%, driven by the boost in March sales. New average</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">gross profit per vehicle was $3,449 a solid first quarter performance compared to normal seasonality from fourth quarter to the first quarter.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Our volume for Stellantis was up 3% this quarter compared to national sales down 12%. While this is an improvement from where we have been,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">we estimate the Stellantis headwind to our PVR was $125.</font></div><div style="margin-top:12.7pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Across all brands, our same store new days supply was 44 days at the end of March versus 47 at the end of December.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Turning to used vehicles. First quarter unit volume was down 8% year over year. Used retail gross profit per unit was $1,587 which marks the third</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">quarter of sequential growth. We still plan to prioritize unit profitability at this point of the used car supply cycle. We remain ready to adjust our</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">approach to the pre-owned business based on how market conditions are shaping up. Our same store use days supply was 31 days at the end of</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">the quarter.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Shifting to F&#38;I, we earned an F&#38;I PVR of $2,263, a sequential increase versus the fourth quarter. &#91;The deferred revenue headwind of TCA was an</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">$11 decrease in the same store F&#38;I PVR number year over year. As an update, we are adjusting the timing of the rollout of TCA to the Koons stores,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">which would change the magnitude of the deferral headwind&#93;(added by company after the call) this year. We now plan to integrate TCA in the</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">Koons stores by early Q4. The Koons stores are undergoing a transition to Tekion that we would like to focus on before rolling out TCA at those</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">locations. &#91;Michael later will walk you through additional details regarding TCA. In the first quarter, our&#93;(added by company after the call) total</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">front-end yield per vehicle was $4,854.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Moving to parts and service, as David mentioned, it was impressive to see the consistent growth over the last couple of quarters continue. Our</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">same store parts and service gross profit was up 5% in the quarter and up 7% in the month of March, driven by warranty.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We believe growth would have been higher if not for the weather-related disruptions. For the quarter, we generated a gross profit margin of 58.3%,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">an expansion of 170 basis points.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">This expansion was driven by increased profitability of our higher margin segments. When looking at our customer pay and warranty performance</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">together, they grew a combined 9.1% in gross profit. And in our Western stores, this combined figure grew 14% in gross profit, led by 14.4% growth</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">in customer pay.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We continue to be bullish on the long term trajectory of our parts and service business. As David mentioned earlier in his remarks, there were 54</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">stores in 2014 that we still owned in 2024. We looked at those stores and compared their customer pay performance back then to what they</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">generated in 2024.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">For the cohort of rooftops, we saw our customer pay gross profit dollars grow from $122 million to $241 million. An increase of nearly 100% in that</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">10 year period.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Through fluctuating SAAR levels, macro conditions and other economic factors, we have demonstrated our ability to consistently deliver robust,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">profitable growth year in and year out.</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">We believe that the continually aging car park and increasing complexity of modern vehicles means our stores are well-positioned to capture future</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">service growth. And finally, we retailed over 10,500 sales through Clicklane in the first quarter.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We sold approximately 5,000 new units, or about 47% of all Clicklane sales. We view this ability to sell new cars as an important differentiating</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">factor in the marketplace. Thank you once again to our team members as we progress along our journey to be the most guest-centric automotive</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">retailer. I will now hand the call over to Michael to discuss our financial performance. Michael&#63;</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Michael Welch </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - Chief Financial Officer, Senior Vice President</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Thank you, Dan. And thank you to our team members for a solid start to the year. For now, I will discuss our financial performance in the quarter.</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">For the first quarter, adjusted net income was $134 million and adjusted EPS was $6.82 for the quarter.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Adjusted net income for the first quarter of 2025 excludes net of tax, $11 million in non-cash asset impairments, $7 million of cyber insurance</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">recovery proceeds, $3 million related to the gains on the divestitures, and $2 million of professional fees related to the pending acquisition of the</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">Herb Chambers Automotive Group. There were no adjustments in the first quarter of 2024.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Adjusted SG&#38;A as a percentage of gross profit came in at 64%. As we stand today, there is a risk for slightly higher SG&#38;A profile if tariff policies</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">persist. The adjusted tax rate for the quarter was 24.7%. And we forecast the full year adjust the tax rate for 2025 to be 25.2%. TCA generated $19.5</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">million of pre-tax income in the first quarter. The negative non-cash deferral impact for the quarter was about $2 million or $0.06 on an EPS basis.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">In the &#91;fourth&#93; quarter of 2024, this was a slight non-cash benefit to EPS. We estimate that the second quarter of 2025 would follow this trend of</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">negative non-cash deferral impacts. As Dan mentioned, we now anticipate offering TCA in the Koons stores in early Q4. The updated schedule of</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">the rollouts would affect the timing of the deferrals in future periods.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We have outlined our we have outlined our timeline and estimated impact on EPS on slide 18 of the presentation posted to our website this morning</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">along with the accounting example from last quarter. The future periods have not been updated due to the uncertainty around tariffs.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Now moving back to our results, we generated $187 million of adjusted operating cash flow for the first quarter of 2025. Excluding real estate</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">purchases, we spent $21 million in capital expenditures through March. We anticipate approximately $250 million in CapEx spend for both 2025</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and 2026. However, this is dependent on the impact and duration of tariff policies with adjustments to spending as appropriate.</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Free cash flow was $166 million for the first quarter of 2025. We ended Q1 with $964 million of liquidity comprised of floor plan offset accounts,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">availability on both our used line and revolving credit facility, and cash, excluding cash at Total Care Auto.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">In February we announced the pending acquisition of Herb Chambers Automotive Group. The transaction is valued at $1.34 billion before inventory</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and fixed assets to be acquired at close. This transaction amount represents $750 million of blue sky and $590 million of real estate and improvements.</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">We expect this deal will be financed through a combination of our credit facility funding, proceeds from the new mortgage facility, and existing</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">cash.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Earlier this month, we amended our credit facility, which would increase our revolver capacity to $925 million and our new vehicle floor plan</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">capacity to $2.25 billion. It was very encouraging to see that the facility was oversubscribed, showing robust interest from our banks and OEM</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">partners.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">These increases are conditioned upon and will become effective concurrent with the closing of the Chambers deal. Please refer to the 8-K filed on</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">April 9th for more details.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Our transaction adjusted net leverage was 2.75 times at the end of March. We anticipate that this ratio will be near the higher end of our target</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">range shown in our presentation by next year. As it relates to capital allocation, we plan to focus on de-leveraging over the next 18 to 24 months.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:115%">We estimate that the net proceeds from pending divestitures and assets held for sales following the close of the pending Chambers deal should</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">be between $250 million and $275 million, which would contribute a meaningful amount to paying down debt at the appropriate pace. In closing,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">thank you again to all our team members for your efforts and resiliency. This concludes our remarks. We will now turn the call over to the operator</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and take your questions. Operator&#63;</font></div><div style="margin-top:36.3pt"><font style="color:#006eba;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:13.80pt">Q U E S T I O N S A N D A N S W E R S</font></div><div style="margin-top:5.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Operator</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">(Operator Instructions)</font></div><div style="margin-top:12.7pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Jeff Lick, Stephens.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Jeff Lick </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Stephens - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Congrats on a nice quarter. Thanks for taking my question. And as it relates to TCA on slide 18, you guys highlighted a $0.74 benefit in 1Q and then</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">you know you have a $0.30 benefit for the rest of the year. Is that simply implying that it's going to be a $0.44 cost the rest of the year&#63; And then</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">also building on slide 18 you highlighted that you know 2025 to 2029 were under review, could you maybe highlight how tariffs will affect the TCA</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">business as well&#63;</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Michael Welch </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - Chief Financial Officer, Senior Vice President</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Jeff, this is Michael. Yeah, with tariffs, if it results in a decrease in the volume that would slow down the deferral impact and so you'd have less of</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">the deferral impact in '25 and push off that deferral impact in the future years and so it's really, what that does to the SAAR level. And if you know</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">SAAR ends up in the 15 million range and that's going to be a less of the deferral impact for '25. But probably more of a deferral impact in '26 and</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">'27, so just kind of slides it over a year, depending on the impact on volumes.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Jeff Lick </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Stephens - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Got it. And just a quick follow-up on Tekion, you mentioned, you're rolling out stuff to Koons now, you guys have talked about the SG&#38;A opportunity</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">longer term. I'm just curious in the short term, how is the integration going and maybe if you could remind us just, big picture, how this is going</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">to manifest itself into, substantial SG&#38;A savings. I think you guys even highlighted that you could get into the 50s.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Yeah, Jeff, this is David. The rollout's going extremely well, and it continues to progress, and our hope at this point is to have all stores converted</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">by the end of 26, beginning of '27.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We still have some pending litigation we have to deal with, with CDK, but we're optimistic. The savings for us is certainly going to be a material</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">number to us. It's on a twofold basis. We're basically unplugging two-thirds of the software applications that we have currently in CDK that we will</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">no longer have to pay. And then with each application that we have in CDK, we have to pay a fee for integration on a monthly basis, so those fees</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">go away as well.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">So there's a benefit on overall expense savings there on the flip side, we see the benefits on the productivity. If our productivity increases per</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">employee like we anticipate what we're seeing early on, that lowers our personnel cost as well.</font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:134%">Jeff Lick </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">- Stephens - Analyst</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Great, I'll pass it along and congrats again.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Operator</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Rajat Gupta, J.P. Morgan.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Rajat Gupta </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- J.P. Morgan - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Great, thanks for taking the question. I just had one question on just, overall, gross profit performance. I mean if you look at the unit performance</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and the same store service performance, it seems a little bit below, than some of the peers that are reported. I was curious if there's anything you</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">can point to either in terms of, regional differences. I know you have a lot of exposure in the DC area, maybe that caused an outsized headwind.</font></div><div style="margin-top:12.7pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Any way you can unpack, what might be causing that divergence, if any, in your opinion, and have a quick follow-up. Thanks.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Rajat. This is David. It was a lot went on in the quarter. It started off January a little bit soft for us. We had a lot of weather issues and a lot of our</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">markets, and we pull out Sundays and we look at the quarter, we generate around $50 million of revenue a day. And that kind of ties into the days</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">we lost with weather as far as where we're off there.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">As we started to progress into the quarter and things were heating up on the tariffs, my message to the operators was don't chase volume. We</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">can't replace the cars that we have - focus on gross profit. Don't get caught up in volume. I think when you look at growth quarter over quarter,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">you can't just get caught in the concept of how much someone's up, but what are the dynamics within the quarter and how do we maximize our</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">returns&#63;</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">And I think at the end of the day we're here to maximize our returns, which I think we did again, by so far having the highest operating margin and</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">the lowest SG&#38;A.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Rajat Gupta </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- J.P. Morgan - Analyst</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Were there any regions that saw maybe some outsized weakness, relatively within, your store group&#63;</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Michael Welch </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - Chief Financial Officer, Senior Vice President</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">The only reason, as you would expect, the DC market, that area around DC and Baltimore, we saw some, weakness there just with the uncertainties</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">around the government jobs. So that's the one market that kind of stood out as a tough market. Other than the ones that David mentioned in</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">terms of, weather impact we had, weather impact across a lot of our stores.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We had in Georgia, the Carolinas, Indiana, St. Louis, Northern Florida. Unfortunately, we just got hit hard compared to year over year, and Koons</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">probably took the biggest hit.</font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:134%">Rajat Gupta </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">- J.P. Morgan - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Got it. That's helpful. And then just one question on Herb Chambers. I know like in the past when there was a lot of uncertainty, during the pandemic</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">years, you had exercised the option to, walk away from the Park Place deal and then you're again renegotiated, are those terms and agreements</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">still in place even for Herb Chambers, in case, the macro got worse due to the tariff backdrop&#63; Just curious how you'd approach it in that backdrop</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and what the breakup fee would be like for Asbury&#63; Thanks.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Sure, the asset purchase agreement we have doesn't have a breakup fee for us. It does for the seller. We do have a MAC in the contract. Based on</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">current market conditions, we don't see any reason to not move forward with the deal, and there's nothing in the contract that would allow us to</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">get out at this point, but we don't have interest in getting out at this point in the contract, and the group is performing extremely well in the first</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">half of the year. Like most, we're hoping the next couple months create a lot of clarity with the tariffs.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">But as we said in our statements, 56% of our products that we're selling is US-based and not involved in the tariffs, plus our parts and service</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">business and our TCA business. We think we're in a good position. We also think long term as we should be thinking for our shareholders, this is a</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">really great asset in a part of the country we've been trying to get into for a while, and we believe the luxury mix and their brand recognition and</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">name in the market is certainly the dominant player in that area.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Rajat Gupta </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- J.P. Morgan - Analyst</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Understood. That's very clear. Thanks for all the color and good luck.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Operator</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">John Murphy, Bank of America.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">John Murphy </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Bank of America - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Good morning, guys. Just three quick ones. David, first on front-end, gross is $4,852 is a really good number. I mean, people are looking at the year</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">over year decline and looking at some of the components, but I think, last year, as you kind of average out the year, you ran it $4,880. So the</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">year-over-year declines are slowing.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">You're kind of reaching what appears maybe sort of an asymptotic limit. On the downside, how do you think about that front-end yield or that</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">front-end gross, going forward&#63; I mean, there's a lot of moving parts in it, but it seems like we're kind of, getting close to a floor here.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">John, I'll take a shot at it and hopefully at some point every time I repeat this it'll get some credibility in the street. We're a different company today</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">than we were, pre-COVID. Our store balance mix is different. It shows that our acquisitions prior to COVID were accretive as far as GPUs go to what</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">the legacy Asbury was, and I think you're seeing that in the numbers. The other comment that I would make, and Dan can follow this up if he wants,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">was my comment to Rajat.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">I don't think necessarily highest year over year increases in certain areas necessarily project a winner. I think it's based upon the market conditions,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and the market conditions were such in Q1 where we had beyond weather issues.</font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">You could see the winds coming with the tariffs, and to us the inventory we had on the ground, couldn't be replaced at the same dollar value in</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">general thinking, so why would we give the cars away&#63; We should focus on gross profit and not chase volume, and that's what we chose to do. It's</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">certainly debatable, but that's what we chose to do.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">The weather days, as I said earlier, tied into the revenue miss that we think we had, and we feel really comfortable with the stability that we had,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and I think that Dan's comment is really relevant when you look at customer pay and warranty combined at 9%. That's a pretty strong number</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">coming through the weather issues and the delays we had within Q1.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">John Murphy </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Bank of America - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Okay, and then just a second one on parts and service. I mean, I guess you're talking about this on the weather, etc., that you know to press the</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">quarter, but I mean, there's no change really in in your view that you should be doing mid to high single digits on the same store basis.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">I'm just curious if there's any change there. I know you're seeing the consumer, kind of getting freaked out and maybe buying ahead on vehicles,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">but maybe on service work hitting the hitting the pause button and we're seeing some deferred maintenance potentially build up with a slightly</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">slower same store sales on parts and service.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Dan Clara </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - Chief Operating Officer</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Hi, John, good morning. This is Dan. No, our thought process is still the same. We're not changing our outlook of fixed operations mid-single digit</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">growth. As far as the second question of our foreseeing any slowdown or pushing back, service work because of tariffs, I would say, we've seen a</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">little bit of the opposite where customers are calling in and getting more information as to what the true impact is of the parts, the cost of the parts</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">to repair future services.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">And we share with them that this is something that the OEMs are slow cautiously watching and we only share the information that we have with</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">them, but in some cases some of these guests have decided to move their services up front rather than delay it in hopes that if the tariff does impact</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">parts in a negative way that they have already serviced their car at least for the short term.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">And John, I would add, as I said in my statement that base of 54 stores that we still own in '24, to go, from 122 million to 240 million with essentially</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">flat volume because, SAAR went up and down during that period. But when you snapshot '14 against '24, to grow $100 million in 54 stores with</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">essentially flat volume shows our growth within the market and stays consistent.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">And the other thing that I think it's really important to refer to is slide 15 on our IR deck where it shows the average miles through the shop at over</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">71,000, approaching 72,000. And we have some stores over 90,000, but the average is over 71,000.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">That's pretty strong, and it shows tremendous growth there. So that also insinuates, supposedly the franchise dealer loses the customer after</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">warranty. Well, this is well after warranty, and it shows we're retaining it and we keep getting it. It's not coming in huge chunks at once, but it's</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">slow steady growth, which we think is smart because we want to retain the customers as well. So we're very focused on that.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">And as I've said in prior calls, in my opinion between now and &#8216;30, between the EVs and all the other things going on in the marketplace right now</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and technology changing, we think we're in an opportunity over the next several years to grow revenue because cost of ownership is going to go</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">up and the service expenses are going to go up as well.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">The cost for ownership is going to go up. We see this as favorable for us and with technology the way it is, we think it makes it tougher for the</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">independents and we see it as an opportunity for the franchise model to continue to thrive and grow.</font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:134%">John Murphy </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">- Bank of America - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">I completely agree. Just one last one, David, on Tekion, I think a lot of folks tend to focus on the cost side of the equation, but is that system is,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">integrated, are there other, revenue opportunities as folks become more efficient&#63; Do you -- how do you think about it sort of on the sort of the</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">top line potential benefit as opposed to just the cost side&#63;</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Sure, John, I, I'll take a stab at it and please follow-up if it doesn't make sense what I'm saying. One of the main elements that we did when we</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">designed our software with Tekion was a one customer profile.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">So basically, right now in Atlanta with the stores that we have, if you do business in one store and your wife does business in another store, the</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">two stores can't see that. With our one customer profile, all stores see that customer and the family and what goes on, so it allows us to better</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">communicate. It's also a one CRM for all departments. Usually CRMs are just for a sales department.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">They have a CRM for sales, service, parts, collision. So it allows us better connectivity, better communication, more efficient marketing, and</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">communication to that consumer as well. So we see an opportunity with efficiencies and costs for marketing. We see obviously lower cost with</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">the software.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">But to your point, as technology continues to advance, our production per employee or on the sales side, sales units per salesperson, we expect</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">to see it go up over time fairly materially, which is going to save us on the expense line and we're also starting to see it on the productivity per</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">service advisor as well.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">As the technicians get more comfortable with videos and technology that they have and how seamless it's integrated into Tekion, it just makes it</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">a lot easier. It also allows the consumer at the same time, instead of just getting a text message to see how their car did on an MPI, they're getting</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">to see all the documents and create their own library. So the transparency and communication we think is going to build trust, which is going to</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">allow us to capture more business within the markets we compete in.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">John Murphy </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Bank of America - Analyst</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Super helpful, thank you very much.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Operator</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Ryan Sigdahl, Craig-Hallum Capital Group.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Matthew Raab </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Craig-Hallum Capital Group - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Hey, thanks. This is Matthew Raab on for Ryan. I believe it was mentioned, there's risk to a slightly higher SG&#38;A profile if the tariffs persist. What</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">sort of guard rails would you provide to us knowing what you know today about the tariff situation&#63; I think last quarter you called out kind of a</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">mid-60% range for 2025, any puts&#47;takes there would be helpful. Thanks.</font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:134%">Michael Welch </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">- Asbury Automotive Group Inc - Chief Financial Officer, Senior Vice President</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Yeah, it'd be slightly higher than that, so call it mid to high 60s if that's assuming that you had a big fall off on volume, and so we'll be able to control</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">the cost, a lot of our costs are variable and compensation related or advertising related. And so we're able to pull the leverage pretty quick to get</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">the cost out, but if you saw a meaningful drop off, in the sales volume, you'd see a little bit of an uptick on the SG&#38;A side.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">And just as a follow-up, if the volume goes down, we contract the headcount and generally speaking, over the last few decades in the franchise</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">model when volume decreases, usually margins sustain or grow.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Matthew Raab </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Craig-Hallum Capital Group - Analyst</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">That's great, thank you very much.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Operator</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">(Operator Instructions)</font></div><div style="margin-top:12.7pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">David Whiston, Morningstar.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Whiston </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Morningstar Research Services LLC - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Going back to Tekion, David, you said that personnel costs are going down with the pilot, and so once you roll that out everywhere, does that mean</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">that these personnel costs be more from you at that point headcount reductions could be done, or do you mean that that there would be less</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">replacement hiring&#63;</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Yeah, David, let me clarify that. Headcount has not gone down today, like anything else, you get better with practice with software and you become</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">more efficient with it over time, compared to the software in the stores we had before and what we have with Tekion, it's kind of like going from</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">a car to a Ferrari, a traditional car, so it takes a while to get used to it.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We're confident that over time headcounts will come down because we will be more productive, but it's also part of our vision of being a flatter</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">organization and offering our better guest experience. Time and efficiency is what matters to our guests, and we think this software along with</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">future training and efficiencies will certainly get us there.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We also think when the headcount comes down, our income per employee will go up, which is going to allow us to garner a higher quality employee</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">to service our guests. Our focus is that, I mean at the end of the day we gain or grow a business based on the level of service we offer.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Whiston </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Morningstar Research Services LLC - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">And on tariffs, likely there'll be some type of price increases eventually. Do you think that the automakers would be more likely to first try and cut</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">incentives, try and do it in an indirect way, or do you think they'll just be more blunt and just do an increase and try and get it over with&#63;</font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:134%">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Yeah, I wish I knew the answer to that. I would tell you it's going to vary dramatically by brand, and let's face it, I mean, the demand from the</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">consumer is going to dictate what the threshold is for price increases. If you have a product pre-tariff that has a high day supply and a low turn,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">that's not a car that can absorb a price increase. I would assume the first lever would be to back off on incentives.</font></div><div style="margin-top:12pt;padding-right:28.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Some have already done that, some have not. I think it's really too early to tell, and everyone's trying to navigate what the future holds. I think the other thing is whatever sticks at the end of the day, all of us will be able to create our plans and move forward, which we're excited to get to that</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">point.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">But it also could fluctuate what models you see coming to the US and what kind of supply and if any models get eliminated along the way. Again,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">I wish I had more insight, but I think it's a little bit early to figure out where it's going to settle.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Whiston </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Morningstar Research Services LLC - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">And on that point of uncertainty, which I totally understand, I'm going to ask you another one that's tough to say, but do you think a lot of March</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">was more pull forward or a lot of pent up demand&#63;</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Yeah, David, and I heard our peers, from our standpoint, March was kind of pacing along like a traditional March for us. It wasn't until the last 7 to</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">10 days of the month that it started to go on a little bit higher trajectory.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Again, I can't stress it enough. We really started focusing on in the middle of the quarter, don't chase volume. Let's focus on margin, hold off, you</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">can't replace that car. So right or wrong, our focus was on generating gross, I mean per transaction and less on volume, but there was a slight uptick</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">towards the end of the quarter. I wouldn't say there was any uptick in parts and service, but we certainly did see it on the sales side slightly.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Whiston </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Morningstar Research Services LLC - Analyst</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Thanks, guys.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Operator</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Bret Jordan, Jefferies.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Bret Jordan </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Jefferies LLC - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Hey, good morning guys. On the parts and service, could you give us maybe you said it and I missed it, but what was the contribution from price</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">versus car count&#63; And I guess as you think about the year shaking out, how do you see price contributing to that mid-single digit growth in parts</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and service&#63;</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Dan Clara </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - Chief Operating Officer</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Brett, I'm sorry, I missed the question. Can you please repeat it&#63;</font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:134%">Bret Jordan </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">- Jefferies LLC - Analyst</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Yeah, in the parts and service, what was price versus car count in a ticket versus traffic and I guess in your outlook for the year, where do you see</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">price contributing to the mid-single digit growth&#63;</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">This is David, Brett. I would tell you because of the weather impacts, the traffic count was slightly above in what we've been trending the last couple</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">quarters has been the revenue or dollar increases. Part of it you can kind of see in our brand mix of what we have and what we're generating per</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">transaction, but it's generally dollar increases more than traffic increases.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">We anticipate in the future quarters, meaning the spring and summer, not to have weather related issues and that car count to increase, but what</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">you saw in the quarter was mainly dollar increase.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Bret Jordan </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Jefferies LLC - Analyst</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">And then a question on luxury. It seems like a couple of the German brands are holding product free tariff at the import.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Do you see any sort of short term issue on supply&#63; It sounds like maybe Porsche, Audi have enough to get through May, but is what you hear from</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">the OEs, will they probably keep the inventory flowing, or is there a risk that we're going to stock out in some of the German luxury brands&#63;</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Yeah, and then kind of the comment earlier about us not chasing volume, you can't replace it. We -- when the brands announced Porsche, Audi,</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">and Land Rover, kind of announced that they were holding off shipments coming to the US, generally they had between a 45 and 60 day supply</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">of vehicles currently in the United States.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">So that gave them, this is my thought, not theirs, they don't share it, but, it gave them inventory on the ground that was not tariffed, and if they</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">brought shipments in early, meaning continued the shipments, they were going to have that heavy tariff.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">And if for some reason things got worked out in 45, 60 days later, they would have had that product on the ground at a much higher tariff rate</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">potentially. So I'm assuming it was a little bit strategic to say let's take a breath. We have enough product in the United States.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Let's see where the dust settles, decide what we're going to do. To your point, we are certainly getting down a lower days supply than we would</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">like to be at, and we're looking forward to those shipments to continue. But not inside knowledge from an OEM perspective, just an opinion from</font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">sitting on the sidelines watching it.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Bret Jordan </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.65pt">- Jefferies LLC - Analyst</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">Okay great. Thank you.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Operator</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">There are no further questions at this time. I would now like to turn the floor back over to David Hult for closing comments.</font></div><div><font><br></font></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:134%">David Hult </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">- Asbury Automotive Group Inc - President, Chief Executive Officer, Executive Director</font></div><div style="margin-top:5.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:12.00pt">Thank you very much. This concludes our call today. We appreciate you all participating and we look forward to discussing our performance in the</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:90pt;width:100%"><div><font style="background-color:#026dce;color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:115%">APRIL 29, 2025 &#47; 2&#58;00PM, ABG.N - Q1 2025 Asbury Automotive Group Inc Earnings Call</font></div></div><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:134%">next quarter. Have a great day.</font></div><div style="margin-top:24.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:11.65pt">Operator</font></div><div style="margin-top:6.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:11.30pt">This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.</font></div><div style="padding-left:97.4pt"><font style="color:#ffffff;font-family:'Times New Roman',sans-serif;font-size:4pt;font-weight:700;line-height:5.35pt">-2025-04-29T20&#58;20&#58;58.150</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;margin-top:6pt;text-align:justify"><font><br></font></div></div></div></body></html>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_WrittenCommunications" xlink:to="lab_dei_WrittenCommunications" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_LocalPhoneNumber_f85def5c-7216-499f-9b1f-cb97dbeb2249_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_Security12bTitle_df688b3e-ff15-4c68-bfa4-2e3894350fd5_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CityAreaCode_df081c4d-5f91-4dd9-9120-431e77197575_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_cb18c727-3d08-475c-916c-232a59dbf966_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AmendmentFlag_9a72efbe-840b-4ba1-8568-217a6d023fd9_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" xlink:type="arc" order="1"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>abg-20250429_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover Page<br></strong></div></th>
<th class="th"><div>Apr. 29, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Apr. 29,  2025<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Asbury Automotive Group, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-31262<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">01-0609375<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">2905 Premiere Parkway NW Suite 300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Duluth,<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">GA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">30097<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">770<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">418-8200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock, $0.01 par value per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ABG<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001144980<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td>na</td>
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<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td>dei_</td>
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<td>xbrli:stringItemType</td>
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<td>duration</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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