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Asbury Automotive Group's Craig Monaghan Shares Insights with CBT News
Date:7/10/2013

Atlanta, GA (PRWEB) July 10, 2013

CBT News (http://www.cbtnews.com) the official news source of the retail automotive industry, is now airing an exclusive interview with Craig Monaghan, CEO of Asbury Automotive Group. Jim Fitzpatrick, founder and CEO of CBT News, interviewed Monaghan at Nalley Toyota of Roswell to discuss the success and expansion of the company.

Asbury faced many obstacles when the recession hit in 2008. And when the company’s stock dropped to under two dollars a share, auditors questioned if the 99 store dealership group could survive a limping economy. Today, the automotive group is currently trading at approximately $45 a share.

During the interview with Fitzpatrick, Monaghan discussed three pivotal measures that helped Asbury Automotive survive the recession.

First, the company required that all its general managers take charge of their stores.

“We are a very GM-centric organization,” Monaghan says. “We believe that those are the people that are the key to our success.”

The second point Monaghan related was cost containment. All unnecessary overhead was eliminated, he says, citing their relocation of corporate offices from New York to Atlanta.

Lastly, Asbury made investments.

“Despite the fact that we were in trouble, this business was always cash flow positive,” Monaghan said. “I think that’s one thing people don’t realize is it’s really quite an attractive business, and even in that downturn we were always generating cash, and we were able to make investments. We invested in technology; we invested in our people; we were buying back our debt which was at accrediting at 35 cents on the dollar, and when you put it all together it worked.”

Once Asbury survived the recession, the company invested its money back into the business. Monaghan said taking care of the
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