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                                                                   EXHIBIT 10.3

                      FORM OF EMPLOYEE STOCK PURCHASE PLAN
                                      OF
                          ASBURY AUTOMOTIVE GROUP, INC.

    This Asbury Automotive Group, Inc. Employee Stock Purchase Plan (this
"PLAN") provides eligible employees of Asbury Automotive Group, Inc. (the
"CORPORATION") and certain of its subsidiaries with opportunities to purchase
shares of the Corporation's Common Stock, $0.01 par value per share (the "COMMON
STOCK"). The Plan is intended to benefit the Corporation by increasing the
employees' interest in the Corporation's growth and success and encouraging
employees to remain in the employ of the Corporation or its participating
subsidiaries. The Plan is intended to constitute an "employee stock purchase
plan" within the meaning of section 423 of the Internal Revenue Code of 1986, as
amended (the "CODE"), and shall be so applied and interpreted.

    1. SHARES SUBJECT TO THE PLAN. Subject to adjustment as provided herein, the
aggregate number of shares of Common Stock that may be made available for
purchase under the Plan is [ ] shares. The shares purchased under the Plan may,
in the discretion of the Board of Directors of the Corporation (the "BOARD"), be
authorized but unissued shares of Common Stock, shares purchased on the open
market, or shares from any other proper source.

    2. ADMINISTRATION. The Plan will be administered by the Board or by a
committee appointed by the Board (the "ADMINISTRATOR"). The Administrator has
authority to interpret the Plan, to make, amend and rescind all rules and
regulations for the administration and operation of the Plan, and to make all
other determinations necessary or desirable in administering and operating the
Plan, all of which will be final and conclusive. No member of the Administrator
shall be liable for any action or determination made in good faith with respect
to the Plan.

    3. ELIGIBILITY. All employees of the Corporation, including directors who
are employees, and all employees of any subsidiary of the Corporation (as
defined in Code section 424(f)), now or hereafter existing, that is designated
by the Administrator from time to time as a participating employer under the
Plan (a "DESIGNATED SUBSIDIARY"), are eligible to participate in the Plan,
subject to such further eligibility requirements as may be specified by the
Administrator consistent with Code section 423.

    4.  OPTIONS TO PURCHASE COMMON STOCK.

    (a) Options ("OPTIONS") will be granted pursuant to the Plan to each
eligible employee on the first day on which the New York Stock Exchange is open
for trading ("TRADING DAY") on or after January 1 of each year commencing on or
after the Effective Date (as defined in Section 18), or such other date
specified by the Administrator. Each Option will terminate on the last Trading
Day of a period specified by the Administrator (each such period referred to
herein as an "OPTION PERIOD"). No Option Period shall be longer than 27 months
in duration. Unless the Administrator determines otherwise, subsequent Option
Periods of equal duration will follow consecutively thereafter, each commencing
on the first Trading Day immediately after the expiration of the preceding
Option Period.

    (b) An individual must be employed as an eligible employee by the
Corporation or a Designated Subsidiary on the first Trading Day of an Option
Period in order to be granted an Option for that Option Period. However, the
Administrator may designate any subsequent Trading Day(s) (each such designated
Trading Day referred to herein as an "INTERIM TRADING DAY") in an Option Period
upon which Options will be granted to eligible employees who first commence
employment with, or first become eligible employees of, the Corporation or a
Designated Subsidiary after the first Trading Day of the Option Period.

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In such event, the Interim Trading Day shall constitute the first Trading Day of
the Option Period for all Options granted on such day for all purposes under the
Plan.

    (c) Each Option represents a right to purchase on the last Trading Day of
the Option Period or on one or more Trading Days within the Option Period
designated by the Administrator (each such designated Trading Day and the last
Trading Day of the Option Period, a "PURCHASE DATE"), at the Purchase Price
hereinafter provided for, whole shares of Common Stock up to such maximum number
of shares specified by the Administrator on or before the first day of the
Option Period. All eligible employees granted Options under the Plan for an
Option Period shall have the same rights and privileges with respect to such
Options. The purchase price of each share of Common Stock (the "PURCHASE PRICE")
subject to an Option will be determined by the Administrator, in its discretion,
on or before the beginning of the Option Period; provided, however, that the
Purchase Price for an Option with respect to any Option Period shall never be
less than the lesser of 85 percent of the Fair Market Value of the Common Stock
on (i) the first Trading Day of the Option Period or (ii) the Purchase Date, and
shall never be less than the par value of the Common Stock.

    (d) For purposes of the Plan, "FAIR MARKET VALUE" on a Trading Day means (i)
the mean between the high and low sales prices per share of Common Stock as
reported on the composite tape for securities traded on the New York Stock
Exchange for such date (or if not then trading on the New York Stock Exchange,
the mean between the high and low sales prices per share of Common Stock on the
stock exchange or over-the-counter market on which the shares of Common Stock
are principally trading on such date), or, if there were no sales on such date,
on the closest preceding date on which there were sales of shares of Common
Stock or (ii) in the event there shall be no public market for the shares of
Common Stock on such date, the fair market value of the shares of Common Stock
as determined in good faith by the Administrator.

    (e) Notwithstanding any provision in this Plan to the contrary, no employee
shall be granted an Option under this Plan if such employee, immediately after
the Option would otherwise be granted, would own 5% or more of the total
combined voting power or value of the stock of the Corporation or any
subsidiary. For purposes of the preceding sentence, the attribution rules of
Code section 424(d) will apply in determining the stock ownership of an
employee, and all stock which the employee has a contractual right to purchase
will be treated as stock owned by the employee.

    (f) Notwithstanding any provision in this Plan to the contrary, no employee
may be granted an Option which permits his rights to purchase Common Stock under
this Plan and all other stock purchase plans of the Corporation and its
subsidiaries to accrue at a rate which exceeds $25,000 of the fair market value
of such Common Stock (determined at the time such Option is granted) for each
calendar year in which the Option is outstanding at any time, as required by
Code section 423.

    5.  PAYROLL DEDUCTIONS AND CASH CONTRIBUTIONS.

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    To facilitate payment of the Purchase Price of Options, the Administrator,
in its discretion, may permit eligible employees to authorize payroll deductions
to be made on each payday during the Option Period, and/or to contribute cash or
cash-equivalents to the Corporation, up to a maximum amount determined by the
Administrator. The Corporation will maintain bookkeeping accounts for all
employees who authorize payroll deduction or make cash contributions. Interest
will not be paid on any employee accounts, unless the Administrator determines
otherwise. The Administrator shall establish rules and procedures, in its
discretion, from time to time regarding elections to authorize payroll
deductions, changes in such elections, timing and manner of cash contributions,
and withdrawals from employee accounts. Amounts credited to employee accounts on
the Purchase Date will be applied to the payment of the Purchase Price of
outstanding Options pursuant to Section 6 below.

    6. EXERCISE OF OPTIONS; PURCHASE OF COMMON STOCK. Options shall be exercised
at the close of business on the Purchase Date. In accordance with rules
established by the Administrator, the Purchase Price of Common Stock subject to
an option shall be paid (i) from funds credited to an eligible employee's
account or (ii) by such other method as the Administrator shall determine from
time to time. Options shall be exercised only to the extent the purchase price
is paid with respect to whole shares of Common Stock. Any balance remaining in
an employee's account on a Purchase Date after such purchase of Common Stock
will be carried forward automatically into the employee's account for the next
Purchase Date or Option Period, as applicable, unless the employee is not an
eligible employee with respect to the next Purchase Date or Option Period, as
applicable, in which case such amount will be promptly refunded without
interest.

    7. ISSUANCE OF CERTIFICATES. As soon as practicable following each Purchase
Date, certificates representing shares of Common Stock purchased under the Plan
will be issued only in the name of the employee, in the name of the employee and
another person of legal age as joint tenants with rights of survivorship, or (in
the Administrator's sole discretion) in the street name of a brokerage firm,
bank or other nominee holder designated by the employee or the Administrator.

    8. RIGHTS ON RETIREMENT, DEATH, TERMINATION OF EMPLOYMENT, OR TERMINATION OF
STATUS AS ELIGIBLE EMPLOYEE. In the event of an employee's termination of
employment or termination of status as an eligible employee prior to a Purchase
Date (whether as a result of the employee's voluntary or involuntary
termination, retirement, death or otherwise), any outstanding Option granted to
him will immediately terminate, no further payroll deduction will be taken from
any pay due and owing to the employee and the balance in the employee's account
will be paid without interest to the employee or, in the event of the employee's
death, (a) to the executor or administrator of the employee's estate or (b) if
no such executor or administrator has been appointed to the knowledge of the
Administrator, to such other person(s) as the Administrator may, in its
discretion, designate. If, prior to a Purchase Date, the Designated Subsidiary
by which an employee is employed ceases to be a subsidiary of the Corporation,
or if the employee is transferred to a subsidiary of the Corporation that is not
a Designated Subsidiary, the employee will be deemed to have terminated
employment for the purposes of this Plan.

    9. OPTIONEES NOT STOCKHOLDERS. Neither the granting of an Option to an
employee nor the deductions from his pay will constitute such employee a
stockholder of the shares of Common Stock covered by an Option under this Plan
until such shares have been purchased by and issued to him.

    10. OPTIONS NOT TRANSFERABLE. Options under this Plan are not transferable
by a participating employee other than by will or the laws of descent and
distribution, and are exercisable during the employee's lifetime only by the
employee.

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    11. WITHHOLDING OF TAXES. To the extent that a participating employee
realizes ordinary income in connection with the purchase, sale or other transfer
of any shares of Common Stock purchased under the Plan or the crediting of
interest to the employee's account, the Corporation may withhold amounts
needed to cover such taxes from any payments otherwise due and owing to the
participating employee or from shares that would otherwise be issued to the
participating employee hereunder. Any participating employee who sells or
otherwise transfers shares purchased under the Plan must, within 30 days of such
sale or transfer, notify the Corporation in writing of the sale or transfer.

    12. APPLICATION OF FUNDS. All funds received or held by the Corporation
under the Plan may be used for any corporate purpose until applied to the
purchase of Common Stock and/or refunded to participating employees and can be
commingled with other general corporate funds. Participating employees' accounts
will not be segregated.

    13.  EFFECT OF CHANGES IN CAPITALIZATION.

    (a) CHANGES IN STOCK. If the number of outstanding shares of Common Stock is
increased or decreased or the shares of Common Stock are changed into or
exchanged for a different number or kind of shares or other securities of the
Corporation by reason of any recapitalization, reclassification, stock split,
reverse split, combination of shares, exchange of shares, stock dividend, or
other distribution payable in capital stock, or other increase or decrease in
such shares effected without receipt of consideration by the Corporation
occurring after the effective date of the Plan, the number and kind of shares
that may be purchased under the Plan shall be adjusted proportionately and
accordingly by the Corporation. In addition, the number and kind of shares for
which Options are outstanding shall be similarly adjusted so that the
proportionate interest, if any, of a participating employee immediately
following such event shall, to the extent practicable, be the same as
immediately prior to such event. Any such adjustment in outstanding Options
shall not change the aggregate Purchase Price payable by a participating
employee with respect to shares subject to such Options, but shall include a
corresponding proportionate adjustment in the Purchase Price per share.

    (b) REORGANIZATION IN WHICH THE CORPORATION IS THE SURVIVING CORPORATION.
Subject to Subsection (c) of this Section 13, if the Corporation shall be the
surviving corporation in any reorganization, merger or consolidation of the
Corporation with one or more other corporations, all outstanding Options under
the Plan shall pertain to and apply to the securities to which a holder of the
number of shares of Common Stock subject to such Options would have been
entitled immediately following such reorganization, merger or consolidation,
with a corresponding proportionate adjustment of the Purchase Price per share so
that the aggregate Purchase Price thereafter shall be the same as the aggregate
Purchase Price of the shares subject to such Options immediately prior to such
reorganization, merger or consolidation.

    (c) REORGANIZATION IN WHICH THE CORPORATION IS NOT THE SURVIVING CORPORATION
OR SALE OF ASSETS OR STOCK. Upon any dissolution or liquidation of the
Corporation, or upon a merger, consolidation or reorganization of the
Corporation with one or more other corporations in which the Corporation is not
the surviving corporation, or upon a sale of all or substantially all of the
assets of the Corporation to another corporation, or upon any transaction
(including, without limitation, a merger or reorganization in which the
Corporation is the surviving corporation) approved by the Board that results in
any person or entity owning more than 50 percent of the combined voting power of
all classes of stock of the Corporation, the Plan and all Options outstanding
hereunder shall terminate, except to the extent provision is made in writing in
connection with such transaction for the continuation of the Plan and/or the
assumption of the Options theretofore granted, or for the substitution for such
Options of new Options covering the stock of a successor corporation, or a
parent or subsidiary thereof, with appropriate adjustments as to the number and

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kinds of shares and exercise prices, in which event the Plan and Options
theretofore granted shall continue in the manner and under the terms so
provided. In the event of any such termination of the Plan, the Option Period
shall be deemed to have ended on the last Trading Day prior to such termination,
and, unless the Administrator determines otherwise in its discretion, each
participating employee shall have the ability to choose either to (i) have all
monies then credited to such employee's account (including interest, to the
extent any has accrued) returned to such participating employee or (ii) exercise
his Options in accordance with Section 6 on such last Trading Day; provided,
however, that if a participating employee does not exercise his right of choice,
his Options shall be deemed to have been automatically exercised in accordance
with Section 6 on such last Trading Day. The Administrator shall send written
notice of an event that will result in such a termination to all participating
employees not later than the time at which the Corporation gives notice thereof
to its stockholders.

    (d) ADJUSTMENTS. Adjustments under this Section 13 related to stock or
securities of the Corporation shall be made by the Committee, whose
determination in that respect shall be final, binding, and conclusive.

    (e) NO LIMITATIONS ON CORPORATION. The grant of an Option pursuant to the
Plan shall not affect or limit in any way the right or power of the Corporation
to make adjustments, reclassifications, reorganizations or changes of its
capital or business structure or to merge, consolidate, dissolve or liquidate,
or to sell or transfer all or any part of its business or assets.

    14. AMENDMENT OF THE PLAN. The Board may at any time, and from time to time,
amend this Plan in any respect, except that (a) if the approval of any such
amendment by the stockholders of the Corporation is required by Code section
423, such amendment will not be effected without such approval, and (b) in no
event may any amendment be made which would cause the Plan to fail to comply
with Code section 423 unless expressly so provided by the Board.

    15. INSUFFICIENT SHARES. In the event that the total number of shares of
Common Stock specified in elections to be purchased under any Option plus the
number of shares purchased under all Options previously granted under this Plan
exceeds the maximum number of shares issuable under this Plan, the Administrator
will allot the shares then available on a pro rata basis. Any funds then
remaining in a participating employee's account after purchase of the employee's
pro-rata number of shares will be refunded.

    16. TERMINATION OF THE PLAN. This Plan may be terminated at any time by the
Board. Except as otherwise provided in Section 13(c) hereof, upon termination of
this Plan all outstanding Options shall immediately terminate and amounts in the
employees' accounts will be promptly refunded without interest.

    17.  GOVERNMENTAL REGULATIONS.

    (a) The Corporation's obligation to sell and deliver Common Stock under this
Plan is subject to listing on a national stock exchange or quotation on the
National Association of Securities Dealers Automated Quotation system and the
approval of all governmental authorities required in connection with the
authorization, issuance or sale of such stock.

    (b) The Plan will be governed by the laws of the State of Delaware, without
regard to the conflict of laws principles thereof, except to the extent that
such law is preempted by federal law.

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    18. EFFECTIVE DATE. The Plan is effective as of January 1, 2002 (the
"EFFECTIVE DATE"), subject to approval of the Plan by the stockholders of the
Corporation within 12 months of the Effective Date.