Asbury Automotive Group Inc (NYSE: ABG)

Asbury Automotive Group, Inc. is a Fortune 500 company and one of the largest franchised automotive retailers in the United States. As of December 31 2025, the company owned and operated 223 new vehicle franchises representing 36 automobile brands across 171 dealership locations, 39 freestanding collision centers, and its Total Care Auto TCA finance and insurance subsidiary in 15 states. The business follows a guest centric mission to be the most guest centric automotive retailer, supported by a culture that emphasizes fun inclusivity and capital stewardship. It operates through two reportable segments, Dealerships and TCA, offering a full spectrum of products and services spanning the vehicle ownership lifecycle, including new and used vehicle sales, parts and service, repair, maintenance, replacement parts, collision repair, and finance and insurance products such as third party arranged financing and aftermarket offerings like extended service contracts, guaranteed asset protection, and prepaid maintenance.

The company generates revenue primarily from the sale of new vehicles to retail customers. Used vehicle sales to both retail and wholesale buyers, including other dealers and licensed wholesalers, contribute a significant portion of total revenue. Parts and service revenue derives from vehicle repair and maintenance, replacement parts sales, and collision repair services performed at dealerships and freestanding centers. Finance and insurance revenue includes commissions earned on third party financed contracts and aftermarket products sold through the dealership network, as well as premium income from the TCA segment for its protection plans recognized over the life of the contracts. Additional revenue is generated by investment income and other gains related to TCA’s investment portfolio.

The company operates through the following segments: Dealerships and TCA.

• Dealerships: This segment encompasses new and used vehicle sales, parts and service including vehicle repair and maintenance, replacement parts sales, and collision repair, and finance and insurance commissions earned from both TCA products and third party providers sold through the dealership network.

• TCA: This segment provides finance and insurance products such as extended vehicle service contracts, prepaid maintenance contracts, key replacement contracts, guaranteed asset protection, paintless dent repair, appearance protection, tire and wheel protection, and lease wear and tear contracts; it earns premium revenue recognized over the life of the contracts and also generates investment income.

Asbury Automotive Group, Inc. holds a leading position among automotive retailers due to its scale, diversified brand portfolio, and broad geographic footprint across 15 states. The company competes with other franchised dealerships, independent repair shops, regional and national vehicle rental companies, and internet based vehicle brokers, for new and used vehicle sales, service, and finance and insurance products. Competitive advantages include access to factory approved replacement parts, a workforce of manufacturer trained and certified technicians, competitive pricing, strong local branding, and an omni channel platform that enhances customer convenience and drives repeat business. The diversified revenue mix across vehicle sales, parts and service, and finance and insurance helps mitigate reliance on any single manufacturer or market segment, supporting resilient profitability.

The company serves individual retail consumers purchasing new and used vehicles. It also serves wholesale buyers such as other dealers and licensed wholesalers seeking used vehicle inventory. Additionally, customers rely on Asbury for finance and insurance products, vehicle repair, maintenance, and collision repair services. While the filing does not disclose specific customer names, the base consists of a broad mix of private consumers, commercial entities, and institutional buyers across its operating regions.