Asbury Automotive Group Introduces Premium-Free Healthcare And Frontline Equity Programs For Service And Sales Roles
DULUTH, Ga., Feb. 4, 2019
DULUTH, Ga., Feb. 4, 2019 /PRNewswire/ -- Asbury Automotive Group, Inc. (NYSE: ABG) ("Asbury" or the "Company"), one of the largest automotive retail and service companies in the U.S., announced today the rollout of its new healthcare and stock ownership programs. These new programs are a part of Asbury's strategic plan to focus on frontline roles in fixed operations and sales in a competitive talent market.
"We believe that exceptional guest experience starts internally, so we need to reward the team members who serve our customers every day. Our frontline service and sales team members play a critical role serving customers in the ever-changing landscape of the automotive industry," said Asbury Automotive Group CEO and President David Hult. "We remain committed to rewarding them with opportunities to own a stake in our business and save on healthcare costs."
Starting in 2019, Asbury Automotive Group will pay the weekly employee healthcare premium for the base health plan option on behalf of eligible A & B level technicians, body shop technicians, painters and foremen. The company's base health plan payment can be applied toward other health plans that the company offers. Eligible sales advisors, service advisors and body shop estimators are also offered the same opportunity.
"We're excited to be able to offer this cost-savings for our team members," said John Hartman, SVP of Operations. "Asbury will pay the costs of the premium while allowing our frontline staff to have more money in their pockets each week. Over time, the savings can be significant, and we're confident it will have a positive impact on our team members and their families."
The new year also marked the beginning of the performance year for Asbury's new frontline equity program, called the Asbury Owners Club. A & B level technicians, sales and service advisors, body shop technicians, painters and estimators, with at least one year of tenure, are eligible to earn an equity grant if they reach individual performance targets. The awards are expected to be made in the form of restricted stock units and will vest on a three-year schedule.
"Industry-leading programs such as company-paid employee premiums for healthcare and frontline equity are some of the many factors that make Asbury and our 83 dealerships great places to work," said Hartman. "As a company, we are fortunate to be in a position to award the frontline team members who take care of our guests every day and have such an important role in the health of our business."
The frontline equity program is expected to be a part of Asbury's new equity plan, which is subject to shareholder approval in the second quarter of 2019.
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. ("Asbury"), a Fortune 500 company headquartered in Duluth, Ga., is one of the largest automotive retailers in the U.S. Asbury currently operates 83 dealerships, consisting of 97 franchises, representing 29 domestic and foreign brands of vehicles. Asbury also operates 25 collision repair centers. Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.
SOURCE Asbury Automotive Group, Inc.