Asbury Automotive Group, one of the largest car dealer groups in the US, has announced that it will not proceed with a proposed secondary offering of its common stock and has withdrawn the registration statement that it filed with the Securities and Exchange Commission.

In the offering, a majority of the shares were to have been sold by Asbury Automotive Holdings L.L.C., a controlled affiliate of Ripplewood Investments L.L.C., with the remainder offered by certain other stockholders. The company would not have received any proceeds from the offering.

President and CEO Kenneth Gilman said: “In light of the current valuation of Asbury’s common stock, the selling shareholders have decided against an offering at this time. Based on expectations for the remainder of the year, with Asbury trading at a multiple of only seven times the current year consensus earnings estimate, the selling shareholders believe present valuation levels do not reflect the inherent growth potential the business affords.