Another Auto Dealer Revises Cash Flow Geography (ABG, GPI, UAG)

Includes: ABG, GPI, PAG
by: Belvedere

It’s starting to spread…

A couple days ago, this space was devoted to the restatement of cash flows and balance sheet debt reclassifications of Group 1 Automotive (NYSE:GPI) and United Auto Group (NYSEARCA:UAG). Yesterday afternoon, they were joined by another brother in auto dealing: Asbury Automotive Group (NYSE:ABG).

In Asbury’s 8-K filing, they mention the same kind of erroneous presentation and correction as the other two, but without quantification of the effects. The company “is still compiling the effect of this classification change on its consolidated statements of cash flows and consolidated balance sheets and will include a reconciliation of the previously reported amounts in its amended filings.