ASBURY AUTOMOTIVE GROUP INC

Asbury Automotive Group, Inc. announced an employment agreement with Daniel Clara in connection with his promotion to President and Chief Executive Officer, effective May 4, 2026. The agreement outlines his compensation, including an annual base salary of $1,100,000 and eligibility for annual incentive bonuses and equity awards. It also details severance provisions for various termination scenarios, including those related to a change in control, and includes confidentiality, non-compete, and non-solicit obligations.

Asbury Automotive Group's stockholders approved a significant amendment to remove all supermajority voting requirements from the Company's Amended and Restated Certificate of Incorporation and By-Laws at its 2026 Annual Meeting. All eleven director nominees were elected, and the advisory resolution on executive compensation was approved. Stockholders also ratified Ernst & Young LLP as the independent auditor for 2026, while a proposal for special stockholder meetings was not approved.

Asbury Automotive Group reported a significant increase in net income and diluted EPS for the first quarter of 2026, largely driven by a substantial gain from dealership divestitures. Despite a slight decrease in total revenue, the company actively engaged in share repurchases and announced a new share repurchase authorization. Parts and service revenue showed growth, partially offsetting declines in new and used vehicle sales.

Asbury Automotive Group reported first quarter 2026 revenue of $4.1 billion. GAAP net income increased 42% to $188 million, with GAAP EPS rising 47% to $9.87 per diluted share. However, adjusted net income decreased 24% to $102 million, and adjusted EPS fell 21% to $5.37 per diluted share, impacted by weather and DMS implementation costs. The company also divested ten dealerships for approximately $210 million and repurchased $147 million in shares as part of its capital allocation and portfolio optimization efforts.