ASBURY AUTOMOTIVE GROUP INC
For the period ended Dec 31, 2024. Filed Apr 2, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2024 · Filed Apr 2, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
| þ | Filed by the Registrant |
|---|---|
| ¨ | Filed by a Party other than the Registrant |
| Check the appropriate box: | |
| ¨ | Preliminary Proxy Statement |
| ¨ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| þ | Definitive Proxy Statement |
| ¨ | Definitive Additional Materials |
| ¨ | Soliciting Material Pursuant to §240.14a-12 |
Asbury Automotive Group, Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
| Payment of Filing Fee (Check the appropriate box): | |
|---|---|
| þ | No fee required |
| ¨ | Fee paid previously with preliminary materials. |
| ¨ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
(770) 418-8200
April 2, 2025
Dear Stockholders,
On behalf of the Board of Directors and management of Asbury Automotive Group, Inc., we cordially invite you to attend our 2025 Annual Meeting of Stockholders.
As you know, an important aspect of the annual meeting process is the vote by stockholders on corporate business. The matters to be voted on are described in the notice of meeting and the proxy statement. We value your vote and urge you to exercise your rights as a stockholder to vote. Whether or not you plan to attend the meeting, please read the enclosed proxy statement and complete, sign and date the enclosed proxy card and return it as promptly as possible in the accompanying postage paid envelope or vote by telephone or the Internet. This will ensure that your shares are represented at the meeting.
Sincerely,
David W. Hult
President, Chief Executive Officer and Director
YOUR VOTE IS IMPORTANT
NOTICE OF THE 2025 ANNUAL MEETING OF STOCKHOLDERS
AND IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON
MAY 13, 2025
To Our Stockholders:
The 2025 Annual Meeting of Stockholders of Asbury Automotive Group, Inc. (the “2025 Annual Meeting”) will be held at our corporate headquarters located at 2905 Premiere Parkway NW, Duluth, Georgia 30097 on May 13, 2025, at 8:00 a.m., Eastern Time, for the purpose of considering and acting upon the following proposals:
| Proposal 1: | election of ten director nominees to hold office until the 2026 Annual Meeting of Stockholders or until their successors are duly elected and qualified; |
| Proposal 2: | approval, on an advisory basis, of the compensation of our named executive officers; |
| Proposal 3: | ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the year ending December 31, 2025; |
| Proposal 4: | stockholder proposal regarding simple majority vote; and |
| Proposal 5: | any other matters that may properly come before the 2025 Annual Meeting or any adjournments or postponements of the 2025 Annual Meeting. |
Only stockholders of record, as of 5:00 p.m., Eastern Time, on March 26, 2025 are entitled to notice of, to attend, and to vote at, the 2025 Annual Meeting and any adjournments or postponements of the 2025 Annual Meeting. A list of these stockholders will be available for inspection by stockholders during normal business hours during the ten day period immediately prior to the 2025 Annual Meeting at our corporate headquarters located at 2905 Premiere Parkway NW, Suite 300, Duluth, Georgia 30097.
Your vote is important. Please vote as promptly as possible using any of the following methods:
| Internet: | Visit www.ProxyVote.com. You will need the control number included in your proxy card, voter instruction form or notice. |
| Phone: | Call 1-800-690-6903 or the number on your voter instruction form. You will need the control number included in your proxy card, voter instruction form or notice. |
| Mail: | Send your completed and signed proxy card or voter instruction form to the address on your proxy card or voter instruction form. |
| In Person: | Stockholders of record who attend the 2025 Annual Meeting and wish to vote in person will be given a ballot at the meeting. All other stockholders (those whose shares are held in the name of your bank, broker or other nominee) will need to obtain a proxy from the institution that holds your shares indicating that you were the beneficial owner of our common stock as of the Record Date for the 2025 Annual Meeting. |
This proxy statement and the Company’s 2024 Annual Report on Form 10-K are available on the Internet atwww.proxyvote.com.
BY ORDER OF THE BOARD OF DIRECTORS,
Dean Calloway
Senior Vice President, General Counsel & Secretary
TABLE OF CONTENTS
| INFORMATION ABOUT THE MEETING | 1 |
|---|---|
| SECURITIES OWNED BY MANAGEMENT & CERTAIN BENEFICIAL OWNERS | 4 |
| Equity Ownership Guidelines | 6 |
| Policy Regarding Hedging or Pledging of Asbury Stock | 6 |
| Insider Trading Policy | 6 |
| Delinquent Section 16(a) Reports | 6 |
| PROPOSAL 1 - ELECTION OF DIRECTORS | 7 |
| GOVERNANCE OF THE COMPANY | 14 |
| Board Leadership Structure | 14 |
| Independence of Directors | 14 |
| Committees of the Board | 15 |
| Code of Business Conduct and Ethics and Corporate Governance Guidelines | 16 |
| The Board’s Risk Oversight Role | 17 |
| Corporate Responsibility | 17 |
| Nomination of Directors | 18 |
| Service Limitations | 19 |
| Communications with the Board | 19 |
| Related Person Transactions | 19 |
| DIRECTOR COMPENSATION | 21 |
| Director Fees | 21 |
| Meetings Attendance | 21 |
| 2024 Director Compensation Table | 22 |
| EXECUTIVE OFFICERS | 23 |
| COMPENSATION DISCUSSION & ANALYSIS | 24 |
| Overview | 24 |
| Incentive Compensation Programs | 25 |
| Compensation Philosophy and Guidelines | 26 |
| Elements of Compensation | 27 |
| Total Compensation Program Supporting Attainment of Operating & Strategic Imperatives | 28 |
| Policies and Practices | 29 |
| The Role of Stockholder Say-on-Pay Votes and Related Considerations | 29 |
| Independent Compensation Consultant | 29 |
| Reviewing Executive Compensation | 30 |
| Additional Considerations in Making Executive Compensation Decisions | 30 |
| Review of 2024 Total Compensation | 30 |
| Employment, Severance and Change in Control Arrangements | 37 |
| Tax Treatment of Certain Compensation | 37 |
BLE OF CONTENTS
| COMPENSATION & HUMAN RESOURCES COMMITTEE REPORT | 38 |
|---|---|
| COMPENSATION COMMITTEE INTERLOCKS & INSIDER PARTICIPATION | 38 |
| EXECUTIVE COMPENSATION | 39 |
| 2024 Summary Compensation Table | 39 |
| 2024 Grants of Plan-Based Awards | 41 |
| Outstanding Equity Awards at 2024 Fiscal Year-End | 42 |
| 2024 Option Exercises and Stock Vested | 43 |
| POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL | 44 |
| CEO PAY RATIO | 48 |
| PAY VERSUS PERFORMANCE | 49 |
| SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS | 52 |
| PROPOSAL 2 - ADVISORY APPROVAL OF NAMED EXECUTIVE OFFICER COMPENSATION | 53 |
| AUDIT COMMITTEE REPORT | 54 |
| PROPOSAL 3 - RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 55 |
| Independent Registered Public Accounting Firm Fees | 55 |
| Audit Committee’s Pre-Approval Policies and Procedures | 55 |
| STOCKHOLDER PROPOSAL | 56 |
| Proposal 4 – Simple Majority Vote | 56 |
| OTHER MATTERS | 59 |
| Stockholder Proposals for the 2026 Annual Meeting | 59 |
| Compliance with Universal Proxy Rules for Director Nominations | 59 |
| Delivery of Proxy Materials to Households | 59 |
| Additional Information | 60 |
| APPENDIX A | 61 |
PROXY STATEMENT
This proxy statement is furnished in connection with the solicitation of proxies by Asbury Automotive Group, Inc. (“Asbury”, the “Company”, “we”, “us” or “our”) on behalf of the Board of Directors (the “Board”) for the 2025 Annual Meeting of Stockholders (the "2025 Annual Meeting"), including all adjournments or postponements of the 2025 Annual Meeting. The accompanying Notice of the 2025 Annual Meeting and Important Notice Regarding the Availability of Proxy Materials for the 2025 Annual Meeting to be held on May 13, 2025, this proxy statement and proxy card are first being mailed to stockholders, and made available on the Internet, on or about April 2, 2025. A copy of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 is included with these materials.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.