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                                                                    EXHIBIT 10.2

                             2002 STOCK OPTION PLAN
                          ASBURY AUTOMOTIVE GROUP, INC.

                  Section 1. PURPOSE. The purposes of this Asbury Automotive
Group, Inc. 2002 Stock Option Plan are to promote the interests of Asbury
Automotive Group, Inc. and its shareholders by (i) attracting and retaining
exceptional directors, officers and other key employees of the Company and its
Subsidiaries and (ii) enabling such individuals to participate in the long-term
growth and financial success of the Company.

                  Section 2. DEFINITIONS. As used in the Plan, the following
terms shall have the meanings set forth below:

                  "Affiliate" shall mean (i) any entity that, directly or
         indirectly, is controlled by, controls or is under common control with,
         the Company and (ii) any entity in which the Company has a significant
         equity interest, in either case as determined by the Committee.

                  "Award Agreement" shall mean any written agreement, contract,
         or other instrument or document evidencing any Option, which may, but
         need not, be executed or acknowledged by a Participant.

                  "Board" shall mean the Board of Directors of the Company.

                  "Change of Control" shall (i) have the meaning set forth in an
         Award Agreement, or (ii) if there is no definition set forth in an
         Award Agreement, mean an event or series of events, not including any
         events occurring prior to or in connection with an initial public
         offering of Shares (including the occurrence of such initial public
         offering), by which:

                  (A) during any period of 24 consecutive calendar months,
         individuals:

                           (i)      who were directors of the Company on the
                                    first day of such period, or
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                           (ii)     whose election or nomination for election to
                                    the Board was recommended or approved by at
                                    least a majority of the directors then still
                                    in office who were directors of the Company
                                    on the first day of such period, or whose
                                    election or nomination for election was so
                                    approved,

                           shall cease to constitute a majority of the Board;

                  (B)      the consummation of a merger, consolidation,
                           statutory share exchange or similar form of corporate
                           transaction involving the Company or any of its
                           Subsidiaries (a "Reorganization") or sale or other
                           disposition of all or substantially all of the assets
                           of the Company to an entity that is not an affiliate
                           of the Company (a "Sale"), that in each case requires
                           the approval of the Company's stockholders under the
                           law of the Company's jurisdiction of organization,
                           whether for such Reorganization or Sale (or the
                           issuance of securities of the Company in such
                           Reorganization or Sale), unless immediately following
                           such Reorganization or Sale more than 50% of the
                           total voting power (in respect of the election of
                           directors, or similar officials in the case of an
                           entity other than a corporation) of (i) the entity
                           resulting from such Reorganization, or the entity
                           which has acquired all or substantially all of the
                           assets of the Company (the "Surviving Entity"), or
                           (ii) if applicable, the ultimate parent entity that
                           directly or indirectly has beneficial ownership of
                           more than 50% of the total voting power (in respect
                           of the election of directors, or similar officials in
                           the case of an entity other than a corporation) of
                           the Surviving Entity (the "Parent Entity"), is
                           represented by the Company's outstanding securities
                           eligible to vote for the election of the Board (the
                           "Company Voting Securities") that were outstanding
                           immediately prior to such Reorganization or Sale (or,
                           if applicable, is represented by shares into which
                           such Company Voting Securities were converted
                           pursuant to such Reorganization or Sale), and such
                           voting power among the holders thereof is in
                           substantially the same proportion as the voting power
                           of such Company Voting Securities among the holders
                           thereof immediately prior to the Reorganization or
                           Sale;

                  (C)      the stockholders of the Company approve a plan of
                           complete liquidation or dissolution of the Company or
                           a sale of all or substantially all of the Company's
                           assets; or

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                  (D)      any "person" (as such term is defined in Section
                           13(d) of the Exchange Act (or any successor section
                           thereto)), corporation or other entity (other than
                           (i) the Company, (ii) any trustee or other fiduciary
                           holding securities under an employee benefit plan of
                           the Company or an Affiliate, (iii) any company owned,
                           directly or indirectly, by the stockholders of the
                           Company in substantially the same proportions as
                           their ownership of Shares or (iv) any entity or
                           individual affiliated with (x) Ripplewood Holdings
                           L.L.C. or (y) Freeman Spogli & Co. Incorporated, or
                           their affiliates), becomes the "beneficial owner" (as
                           such term is defined in Rule 13d-3 under the Exchange
                           Act (or any successor rule thereto)), directly or
                           indirectly, of securities of the Company representing
                           30% or more of the combined voting power of the
                           Company's then-outstanding securities.

                  "Code" shall mean the Internal Revenue Code of 1986, as
         amended from time to time.

                  "Committee" shall mean the compensation committee of the
         Board, or such other committee of the Board as may be designated by the
         Board to administer the Plan.

                  "Company" shall mean Asbury Automotive Group, Inc., together
         with any successor thereto.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934,
         as amended.

                  "Fair Market Value" shall mean, (A) with respect to any
         property other than Shares, the fair market value of such property
         determined by such methods or procedures as shall be established from
         time to time by the Committee and (B) with respect to the Shares, as of
         any date, (i) the mean between the high and low sales prices of the
         Shares 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 price
         of the Shares on the stock exchange or over-the-counter market on which
         the Shares 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 or (ii) in the event there shall be no public market
         for the Shares on such date, the fair market value of the Shares as
         determined in good faith by the Committee.

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                  "Option" shall mean a right to purchase Shares from the
         Company that is granted under Section 6 of the Plan.

                  "Participant" shall mean any director, officer or other key
         employee of the Company or its Subsidiaries eligible for an Option
         under Section 5 of the Plan and selected by the Committee to receive an
         Option under the Plan.

                  "Person" shall mean any individual, corporation, partnership,
         association, joint-stock company, trust, unincorporated organization,
         government or political subdivision thereof or other entity.

                  "Plan" shall mean this Asbury Automotive Group, Inc. 2002
         Stock Option Plan.

                  "Rule 16b-3" shall mean Rule 16b-3 as promulgated and
         interpreted by the SEC under the Exchange Act, or any successor rule or
         regulation thereto as in effect from time to time.

                  "SEC" shall mean the Securities and Exchange Commission or any
         successor thereto and shall include the staff thereof.

                  "Shares" shall mean the common shares of the Company, $0.01
         par value, or such other securities of the Company (i) into which such
         common shares shall be changed by reason of a recapitalization, merger,
         consolidation, split-up, combination, exchange of shares or other
         similar transaction or (ii) as may be determined by the Committee
         pursuant to Section 4(b).

                  "Subsidiary" shall mean (i) any entity that, directly or
         indirectly, is controlled by the Company and (ii) any entity in which
         the Company has a significant equity interest, in either case as
         determined by the Committee.

                  "Substitute Options" shall have the meaning specified in
         Section 4(c).

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         Section 3.  ADMINISTRATION.

         (a) The Plan shall be administered by the Committee. Subject to the
terms of the Plan and applicable law, and in addition to other express powers
and authorizations conferred on the Committee by the Plan, the Committee shall
have full power and authority to: (i) designate Participants; (ii) determine the
number of Shares to be covered by, or with respect to which payments, rights, or
other matters are to be calculated in connection with, Options; (iii) determine
the terms and conditions of any Option; (iv) determine whether, to what extent,
and under what circumstances Options may be settled or exercised in cash,
Shares, other securities, other Options or other property, or canceled,
forfeited, or suspended and the method or methods by which options may be
settled, exercised, canceled, forfeited, or suspended; (v) determine whether, to
what extent, and under what circumstances cash, Shares, other securities, other
Options, other property, and other amounts payable with respect to an Option
shall be deferred either automatically or at the election of the holder thereof
or of the Committee; (vi) interpret, administer, reconcile any inconsistency,
correct any default and/or supply any omission in the Plan and any instrument or
agreement relating to, or Option made under, the Plan; (vii) establish, amend,
suspend, or waive such rules and regulations and appoint such agents as it shall
deem appropriate for the proper administration of the Plan; and (viii) make any
other determination and take any other action that the Committee deems necessary
or desirable for the administration of the Plan.

         (b) Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations, and other decisions under or with respect to
the Plan or any Option shall be within the sole discretion of the Committee, may
be made at any time and shall be final, conclusive, and binding upon all
Persons, including the Company, any Affiliate, any Participant, any holder or
beneficiary of any Option, and any shareholder.

         (c) No member of the Committee shall be liable for any action or
determination made in good faith with respect to the Plan or any Option
hereunder.

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         Section 4.  SHARES AVAILABLE FOR OPTIONS.

         (a) SHARES AVAILABLE. Subject to adjustment as provided in Section
4(b), the aggregate number of Shares with respect to which Options may be
granted under the Plan shall be 1,500,000; and the maximum number of Shares with
respect to which Options may be granted to any Participant in any fiscal year of
the Company shall be 350,000. If, after the effective date of the Plan, any
Shares covered by an Option granted under the Plan, or to which such an Option
relates, are forfeited, or if an Option has expired, terminated or been canceled
for any reason whatsoever (other than by reason of exercise or vesting), then
the Shares covered by such Option shall again be, or shall become, Shares with
respect to which Options may be granted hereunder.

         (b) ADJUSTMENTS. In the event that the Committee determines that any
dividend or other distribution (whether in the form of cash, Shares, other
securities, or other property), recapitalization, stock split, reverse stock
split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Shares or other securities of the Company, issuance
of warrants or other rights to purchase Shares or other securities of the
Company, or other similar corporate transaction or event affects the Shares such
that an adjustment is determined by the Committee in its discretion to be
appropriate or desirable in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan,
then the Committee shall, in such manner as it may deem equitable or desirable,
adjust any or all of (i) the number of Shares or other securities of the Company
(or number and kind of other securities or property) with respect to which
Options may be granted, including the maximum number of Shares or other
securities of the Company (or number and kind of other securities or property)
with respect to which Options may be granted to any Participant in any fiscal
year of the Company; (ii) the number of Shares or other securities of the
Company (or number and kind of other securities or property) subject to
outstanding Options and (iii) the exercise price with respect to any Option or,
if deemed appropriate or desirable, make provision for a cash payment to the
holder of an outstanding Option in consideration for the cancellation of such
Option in an amount equal to the excess, if any, of the Fair Market Value of the
Shares subject to the Options over the aggregate exercise price of such Option.

         (c) SUBSTITUTE OPTIONS. Options may, in the discretion of the
Committee, be granted under the Plan in assumption of, or in substitution for,
outstanding awards previously granted by the Company or its Affiliates or a
company acquired by the Company or with which the Company combines ("Substitute
Options"). The number of Shares underlying any Substitute Options shall be
counted against the aggregate number of Shares available for Options under the
Plan.

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                                                                               7

         (d) SOURCES OF SHARES DELIVERABLE UNDER OPTIONS. Any Shares delivered
pursuant to an Option may consist, in whole or in part, of authorized and
unissued Shares or of treasury Shares.

         Section 5. ELIGIBILITY. Any director, officer or other key employee of
the Company or any of its Subsidiaries (including any prospective officer or key
employee) shall be eligible to be designated a Participant.

         Section 6.  STOCK OPTIONS.

         (a) GRANT. Subject to the provisions of the Plan, the Committee shall
have sole and complete authority to determine the Participants to whom Options
shall be granted, the number of Shares to be covered by each Option, and the
conditions and limitations applicable to the exercise of the Option.

         (b) EXERCISE PRICE. Except as otherwise established by the Committee at
the time an Option is granted and set forth in the applicable Award Agreement,
the exercise price of each share covered by an Option shall be the Fair Market
Value of such Share (determined as of the date the option is granted); PROVIDED,
HOWEVER, that, except as otherwise established by the Committee at the time an
Option is granted and set forth in the applicable Award Agreement, the exercise
price of each Share covered by an Option which is granted effective as of the
Company's initial public offering of Shares shall be the initial public offering
price per share.

         (c) EXERCISE. Each Option shall be vested and exercisable at such times
and subject to such terms and conditions as the Committee may, in its sole
discretion, specify in the applicable Award Agreement or thereafter. Except as
otherwise specified by the Committee in the Award Agreement, Options shall
become vested and exercisable with respect to one-third of the Shares subject to
such Options on each of the first three anniversaries of the date of grant. The
Committee may impose such conditions with respect to the exercise of Options,
including without limitation, any relating to the application of federal or
state securities laws, as it may deem necessary or advisable.
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         (d) PAYMENT.

                  (i) No Shares shall be delivered pursuant to any exercise of
         an Option until payment in full of the aggregate exercise price
         therefor is received by the Company. Such payment may be made in cash,
         or its equivalent, or (x) by exchanging Shares owned by the optionee
         (which are not the subject of any pledge or other security interest and
         which have been owned by such optionee for at least 6 months), or (y)
         if there shall be a public market for the Shares at such time, subject
         to such rules as may be established by the Committee, through delivery
         of irrevocable instructions to a broker to sell the Shares otherwise
         deliverable upon the exercise of the Option and to deliver promptly to
         the Company an amount equal to the aggregate exercise price, or by a
         combination of the foregoing; PROVIDED that the combined value of all
         cash and cash equivalents and the Fair Market Value of any such Shares
         so tendered to the Company as of the date of such tender is at least
         equal to such aggregate exercise price.

                  (ii) Wherever in this Plan or any Award Agreement a
         Participant is permitted to pay the exercise price of an Option or
         taxes relating to the exercise of an Option by delivering Shares, the
         Participant may, subject to procedures satisfactory to the Committee,
         satisfy such delivery requirement by presenting proof of beneficial
         ownership of such Shares, in which case the Company shall treat the
         Option as exercised without further payment and shall withhold such
         number of Shares from the Shares acquired by the exercise of the
         Option.

         (e) EXPIRATION. Except as otherwise set forth in the applicable Award
Agreement, each Option shall expire immediately, without any payment, upon the
earlier of (i) the tenth anniversary of the date the Option is granted, or (ii)
the date the Participant who is holding the Option ceases to be employed by the
Company or one of its Subsidiaries. In no event may an Option be exercisable
after the tenth anniversary of the date the Option is granted.

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                                                                               9

         Section 7.  AMENDMENT AND TERMINATION.

         (a) AMENDMENTS TO THE PLAN. The Board may amend, alter, suspend,
discontinue, or terminate the Plan or any portion thereof at any time; PROVIDED
that no such amendment, alteration, suspension, discontinuation or termination
shall be made without shareholder approval if such approval is necessary to
comply with any tax or regulatory requirement applicable to the Plan; and
PROVIDED FURTHER that any such amendment, alteration, suspension, discontinuance
or termination that would impair the rights of any Participant or any holder or
beneficiary of any Option theretofore granted shall not to that extent be
effective without the consent of the affected Participant, holder or
beneficiary.

         (b) AMENDMENTS TO OPTIONS. The Committee may waive any conditions or
rights under, amend any terms of, or alter, suspend, discontinue, cancel or
terminate, any Option theretofore granted, prospectively or retroactively;
PROVIDED that any such waiver, amendment, alteration, suspension,
discontinuance, cancellation or termination that would impair the rights of any
Participant or any holder or beneficiary of any Option theretofore granted shall
not to that extent be effective without the consent of the affected Participant,
holder or beneficiary.

         (c) ADJUSTMENT OF OPTIONS UPON THE OCCURRENCE OF CERTAIN UNUSUAL OR
NONRECURRING EVENTS. The Committee is hereby authorized to make adjustments in
the terms and conditions of, and the criteria included in, Options in
recognition of unusual or nonrecurring events (including, without limitation,
the events described in Section 4(b) hereof) affecting the Company, any
Affiliate, or the financial statements of the Company or any Affiliate, or of
changes in applicable laws, regulations, or accounting principles, whenever the
Committee determines that such adjustments are appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan.

                  In the event of (i) a merger of the Company with or into
another corporation, (ii) a merger of any Subsidiary with or into another
corporation that requires the approval of the Company's stockholders under the
law of the Company's jurisdiction of organization, or (iii) the sale or
disposition of substantially all of the assets of the Company, each outstanding
Option shall either continue in effect, be assumed or an equivalent option
substituted therefor by the successor corporation or a "parent corporation" (as
defined in Section 424(e) of the Code) or "subsidiary corporation" (as defined
in Section 424(f) of the Code) of the successor corporation. In the event that
the Option does not continue in effect or the successor corporation refuses to
assume or substitute for the Option, the Participant shall fully vest in and
have the right to exercise the Option as to all Shares subject to the Option,
including Shares as to which it would not otherwise be vested or exercisable. If
an Option becomes

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                                                                              10

fully vested and exercisable in lieu of continuation, assumption or substitution
as set forth herein, the Company shall notify the Participant in writing or
electronically that the Option shall be fully vested and exercisable for a
period of fifteen (15) days from the date of such notice, or such shorter period
as the Committee may determine to be reasonable, and the Option shall terminate
upon the expiration of such period. For the purposes of this paragraph, the
Option shall be considered assumed if, following the merger or sale or
disposition of assets, the option confers the right to purchase or receive, for
each Share subject to the Option immediately prior to the merger or sale or
disposition of assets, the consideration (whether stock, cash, or other
securities or property) received in the merger or sale or disposition of assets
by holders of Shares for each Share held on the effective date of the
transaction (and if holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the outstanding Shares);
PROVIDED, HOWEVER, that if such consideration received in the merger or sale or
disposition of assets is not solely common stock of the successor corporation or
its "parent corporation" or "subsidiary corporation", the Committee may, with
the consent of the successor corporation, provide for the consideration to be
received upon the exercise of the Option, for each Share subject to the Option,
to be solely common stock of the successor corporation or its "parent
corporation" or "subsidiary corporation" equal in fair market value to the per
share consideration received by holders of Shares in the merger or sale or
disposition of assets.

         Section 8. CHANGE OF CONTROL. In the event of a Change of Control after
the date of the adoption of this Plan, any outstanding Options then held by
Participants that are unexercisable or otherwise unvested shall automatically be
deemed exercisable or otherwise vested, as the case may be, as of immediately
prior to such Change of Control.

         Section 9. GENERAL PROVISIONS.

         (a) NONTRANSFERABILITY. Except as otherwise specified in the applicable
Award Agreement, each Option shall be exercisable only by the Participant during
the Participant's lifetime, or, if permissible under applicable law, by the
Participant's legal guardian or representative, and no Option may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by a
Participant otherwise than by will or by the laws of descent and distribution
and any such purported assignment, alienation, pledge, attachment, sale,
transfer or encumbrance shall be void and unenforceable against the Company or
any Affiliate; PROVIDED that the designation of a beneficiary shall not
constitute an assignment, alienation, pledge, attachment, sale, transfer or
encumbrance.

         (b) NO RIGHTS TO OPTIONS. No Participant or other Person shall have any
claim to be granted any Option, and there is no obligation for uniformity of
treatment of Participants,

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or holders or beneficiaries of Options. The terms and conditions of Options and
the Committee's determinations and interpretations with respect thereto need not
be the same with respect to each Participant (whether or not such Participants
are similarly situated).

         (c) SHARE CERTIFICATES. All certificates for Shares or other securities
of the Company or any Affiliate delivered under the Plan pursuant to any Option
or the exercise thereof shall be subject to such stop transfer orders and other
restrictions as the Committee may deem advisable under the Plan or the rules,
regulations, and other requirements of the SEC, any stock exchange upon which
such Shares or other securities are then listed, and any applicable Federal or
state laws, and the Committee may cause a legend or legends to be put on any
such certificates to make appropriate reference to such restrictions.

         (d)      WITHHOLDING.

                  (i) A Participant may be required to pay to the Company or any
         Affiliate and the Company or any Affiliate shall have the right and is
         hereby authorized to withhold from any Option, from any payment due or
         transfer made under any Option or under the Plan or from any
         compensation or other amount owing to a Participant the amount (in
         cash, Shares, other securities, other Option or other property) of any
         applicable withholding taxes in respect of an Option, its exercise, or
         any payment or transfer under an Option or under the Plan and to take
         such other action as may be necessary in the opinion of the Company to
         satisfy all obligations for the payment of such taxes.

                  (ii) Without limiting the generality of clause (i) above, a
         Participant may satisfy, in whole or in part, the foregoing withholding
         liability by delivery of Shares owned by the Participant (which are not
         subject to any pledge or other security interest and which have been
         owned by the Participant for at least 6 months) with a Fair Market
         Value equal to such withholding liability or by having the Company
         withhold from the number of Shares otherwise issuable pursuant to the
         exercise of the option a number of Shares with a Fair Market Value
         equal to such withholding liability.

         (e) AWARD AGREEMENTS. Each Option hereunder shall be evidenced by an
Award Agreement, which shall be delivered to the Participant and shall specify
the terms and conditions of the Option and any rules applicable thereto,
including but not limited to the effect on such Option of the death, disability
or termination of employment or service of a Participant, and the effect, if
any, of such other events as may be determined by the Committee.

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         (f) NO LIMIT ON OTHER COMPENSATION ARRANGEMENTS. Nothing contained in
the Plan shall prevent the Company or any Affiliate from adopting or continuing
in effect other compensation arrangements, which may, but need not, provide for
the grant of options (subject to shareholder approval if such approval is
required), and such arrangements may be either generally applicable or
applicable only in specific cases.

         (g) NO RIGHT TO EMPLOYMENT. The grant of an Option shall not be
construed as giving a Participant the right to be retained in the employ of, or
in any consulting relationship to, the Company or any Affiliate, nor shall it be
construed as giving a Participant any rights to continued service on the Board.
Further, the Company or an Affiliate may at any time dismiss a Participant from
employment or discontinue any consulting relationship, free from any liability
or any claim under the Plan, unless otherwise expressly provided in the Plan or
in any Award Agreement.

         (h) NO RIGHTS AS SHAREHOLDER. Subject to the provisions of the
applicable Option, no Participant or holder or beneficiary of any Option shall
have any rights as a shareholder with respect to any Shares to be distributed
under the Plan until he or she has become the holder of such Shares.

         (i) GOVERNING LAW. The validity, construction, and effect of the Plan
and any rules and regulations relating to the Plan and any Award Agreement shall
be determined in accordance with the laws of the State of Delaware, without
giving effect to the conflict of laws provisions thereof.

         (j) SEVERABILITY. If any provision of the Plan or any Option is or
becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any Person or option, or would disqualify the Plan or any
Option under any law deemed applicable by the Committee, such provision shall be
construed or deemed amended to conform the applicable laws, or if it cannot be
construed or deemed amended without, in the determination of the Committee,
materially altering the intent of the Plan or the Option, such provision shall
be stricken as to such jurisdiction, Person or Option and the remainder of the
Plan and any such Option shall remain in full force and effect.

         (k) OTHER LAWS. The Committee may refuse to issue or transfer any
Shares or other consideration under an Option if, acting in its sole discretion,
it determines that the issuance or transfer of such Shares or such other
consideration might violate any applicable law or regulation or entitle the
Company to recover the same under Section 16(b) of the Exchange Act, and any
payment tendered to the Company by a Participant, other holder or beneficiary in
connection with the exercise of such Option shall be promptly refunded to the

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relevant Participant, holder or beneficiary. Without limiting the generality of
the foregoing, no Option granted hereunder shall be construed as an offer to
sell securities of the Company, and no such offer shall be outstanding, unless
and until the Committee in its sole discretion has determined that any such
offer, if made, would be in compliance with all applicable requirements of the
U.S. federal and any other applicable securities laws.

         (l) NO TRUST OR FUND CREATED. Neither the Plan nor any Option shall
create or be construed to create a trust or separate fund of any kind or a
fiduciary relationship between the Company or any Affiliate and a Participant or
any other Person. To the extent that any Person acquires a right to receive
payments from the Company or any Affiliate pursuant to an Option, such right
shall be no greater than the right of any unsecured general creditor of the
Company or any Affiliate.

         (m) NO FRACTIONAL SHARES. No fractional Shares shall be issued or
delivered pursuant to the Plan or any Option, and the Committee shall determine
whether cash, other securities, or other property shall be paid or transferred
in lieu of any fractional Shares or whether such fractional Shares or any rights
thereto shall be canceled, terminated, or otherwise eliminated.

         (n) HEADINGS. Headings are given to the Sections and subsections of the
Plan solely as a convenience to facilitate reference. Such headings shall not be
deemed in any way material or relevant to the construction or interpretation of
the Plan or any provision thereof.

         Section 10.  TERM OF THE PLAN.

         (a) EFFECTIVE DATE. The Plan shall be effective as of the date of its
approval by the Board.

         (b) EXPIRATION DATE. No Option shall be granted under the Plan after
the tenth anniversary of the date the Plan is approved under Section 10(a).
Unless otherwise expressly provided in the Plan or in an applicable Award
Agreement, any Option granted hereunder may, and the authority of the Board or
the Committee to amend, alter, adjust, suspend, discontinue, or terminate any
such Option or to waive any conditions or rights under any such Option shall,
nevertheless continue thereafter.<Page>

                                                                    Exhibit 10.4

                                    FORM OF FOURTH AMENDMENT dated as of
                           January 1, 2002 (this "Amendment"), to the THIRD
                           AMENDED AND RESTATED LIMITED LIABILITY COMPANY
                           AGREEMENT dated as of February 1, 2000 (the "Restated
                           LLC Agreement"), of ASBURY AUTOMOTIVE GROUP L.L.C.
                           (formerly known as Asbury Automotive Oregon L.L.C.),
                           a Delaware limited liability company (the "Company").
                           Capitalized terms used herein have the respective
                           meanings set forth in the Restated LLC Agreement.

         WHEREAS pursuant to Section 13.02 of the Restated LLC Agreement, the
Board of Directors may amend or modify the Restated LLC Agreement at any time
and from time to time without the consent of any Member in order to effect any
issuance of Interests (or options to acquire Interests) or any adjustment to the
Percentage Interests pursuant to Article IV thereof;

         WHEREAS the Company has hired Thomas F. Gilman ("Gilman") and Thomas G.
McCollum ("McCollum") as senior management employees and agreed to sell
Interests in the Company to such employees (the "Management Interests");

         WHEREAS the Company has agreed to sell Interests in the Company to
Joseph Umbriano ("Umbriano") and Paula Tabar ("Tabar") in exchange for their
respective minority interests in certain majority owned subsidiaries of Asbury
Automotive Jacksonville, L.P. (the "Jacksonville Interests");

         WHEREAS Thomas Moore ("Moore"), a member of the Company, has sold all
of his Interests in the Company to Steve Silverio ("Silverio") (the "Silverio
Transfer");

         WHEREAS the Company has agreed to issue a Carried Interest to Robert
Dennis ("Dennis") of 0.48 percent (the "Dennis Carried Interest");

<Page>

         WHEREAS, Asbury Automotive Holdings L.L.C. (formerly known as Asbury
Automotive Group L.L.C.), a Delaware limited liability company ("AAH"), has
agreed to transfer to Dennis a portion of its Interest representing a percentage
interest in the Company of 0.08% effective as of September 1, 2001 (the "Dennis
Transfer").

         NOW, THEREFORE, the Board of Directors deems it necessary and
appropriate to amend the Restated LLC Agreement as follows in order to give
effect to the issuance of the Management Interests, the Jacksonville Interests,
the Silverio Transfer, the Dennis Carried Interest and the Dennis Transfer:

                                    ARTICLE I

                                   AMENDMENTS

         SECTION 1.01. AMENDMENTS TO SCHEDULE II. (a) Schedule II is hereby
amended, effective as of September 1, 2001, to reflect the transfer of Interests
from AAH to Dennis as follows:

<Table>
<Caption>
                                                          Percentage
                Effective                 Initial         Interest as
                Date of                   Capital         of Issuance
Member          Issuance                  Account         Date
------          --------                  -------         ----
<S>             <C>                       <C>             <C>
Robert
Dennis          September 1, 2001         $308,310        0.08%
</Table>

A revised Schedule II, reflecting the Dennis Transfer effective as of September
1, 2001, is set forth on Exhibit I to this Amendment.

         (b) Schedule II is hereby amended, effective as of December 31, 2001,
to reflect the issuance of Interests to Umbriano and Tabar and the transfer of
Interests from Moore to Silverio as follows:

<Page>

<Table>
<Caption>
                                                              Percentage
                Effective                 Initial             Interest as
                Date of                   Capital             of Issuance
Member          Issuance                  Account             Date
------          --------                  -------             ----
<S>             <C>                       <C>                 <C>
Joseph          July 1, 2001              $110,765            0.0287%
Umbriano

Paula Tabar     July 1, 2001              $366,765            0.0952%

Steve           December 31, 2001         Capital Account     Interest
Silverio                                  owned by Moore      owned by
                                          as of December      Moore
                                          31, 2001            as of
                                                              December 31,
                                                              2001
</Table>

A revised Schedule II reflecting the issuances of the Jacksonville Interests an
the Silverio Transfer effective as of December 31, 2001 is set forth on Exhibit
II to this Amendment.

         (c) Schedule II is hereby amended, effective as of January 1, 2002, to
reflect the issuance of Interests to Gilman and McCollum as follows:

<Table>
<Caption>
                                                              Percentage
                Effective                 Initial             Interest as
                Date of                   Capital             of Issuance
Member          Issuance                  Account             Date
------          --------                  -------             ----
<S>             <C>                       <C>                 <C>
Thomas F.       January 1, 2002           $  500,000          0.1295%
Gilman

Thomas G.       January 1, 2002           $  300,000          0.0777%
McCollum
</Table>

A revised Schedule II, reflecting issuances of the Management Interests
effective as of January 1, 2002, is set forth on Exhibit III to this Amendment.

         (d) Each of Gilman, McCollum, Dennis, Umbriano, Tabar and Silverio
shall be admitted as a "Member" of the Company for all purposes of the Restated
LLC Agreement. Each of Umbriano, Tabar and Silverio shall be designated as

<Page>

a "Dealer" and a "Dealer Member". Each of Gilman, McCollum and Dennis shall be
designated as a "Manager" for all purposes of the Restated LLC Agreement.

         SECTION 1.02. AMENDMENTS TO ARTICLE I. Section 1.01 is hereby amended,
effective as of September 1, 2001, as follows:

         (a) The following new definitions are hereby added:

         "DENNIS" means Robert Dennis, as an individual.

         "DENNIS PERCENTAGE" means 0.48%.

         (b) The definition of "Residual Percentage" is hereby amended and
restated in its entirety to read as follows:

         "RESIDUAL PERCENTAGE" means 100%, less the Dennis Percentage and the
Kendrick Percentage."

         SECTION 1.03. AMENDMENTS TO ARTICLE VI. Section 6.01(b)(ii) is hereby
amended and restated, effective as of September 1, 2001, in its entirety to read
as follows:

   "(ii) SECOND, the balance of such distribution shall be apportioned to
   each Member in accordance with their respective Percentage Interests
   and:

                  (A) the amount so apportioned to Dennis shall be distributed
         to Dennis, the amount so apportioned to Kendrick shall be distributed
         to Kendrick; and

                  (B) the amount so apportioned to any Member other than Dennis
         and Kendrick shall be distributed to Dennis in accordance with the
         Dennis Percentage, to Kendrick in accordance with the Kendrick
         Percentage and to such Member in accordance with the Residual
         Percentage."

<Page>

                                   ARTICLE II

                                  MISCELLANEOUS

         SECTION 2.01. RESTATED LLC AGREEMENT. Except as amended hereby, the
provisions of the Restated LLC Agreement shall remain in full force and effect
and be unaffected hereby.

         SECTION 2.02. ENTIRE AGREEMENT. This Amendment and the Restated LLC
Agreement set forth the entire understanding among the parties relating to the
subject matter contained herein and merges all prior discussions among them.

         SECTION 2.03. SEVERABILITY. If any one or more of the provisions
contained in this Amendment or in any document executed in connection herewith
shall be invalid, illegal or unenforceable in any respect under any applicable
law, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired; PROVIDED,
HOWEVER, that in such case the Board of Directors shall endeavor to amend or
modify this Amendment (subject to the terms, conditions and requirements set
forth in Section 13.02 of the Restated LLC Agreement) to achieve to the extent
reasonably practicable the purpose of the invalid provision.

         SECTION 2.04. GOVERNING LAW. THIS AMENDMENT AND ALL ACTIONS
CONTEMPLATED HEREBY SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES).

<Page>

         IN WITNESS HEREOF, this Amendment has been be duly adopted by the Board
of Directors of the Company as of the day and year first written above.

                                     ASBURY AUTOMOTIVE GROUP L.L.C.

                                     by
                                        ---------------------------
                                        Name:
                                        Title:

<Page>

                         SCHEDULE II TO THE RESTATED LLC
                        AGREEMENT AS OF SEPTEMBER 1, 2001

<Page>

                         SCHEDULE II TO THE RESTATED LLC
                        AGREEMENT AS OF DECEMBER 31, 2001

<Page>

                                                                      EXHIBIT II

                         SCHEDULE II TO THE RESTATED LLC
                         AGREEMENT AS OF JANUARY 1, 2002

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