CHARLOTTE, N.C., March 20 /PRNewswire-FirstCall/ -- Sonic Automotive,
Inc. (NYSE: SAH), a leader in automotive retailing, today announced that
its Chairman and Chief Executive Officer, Mr. O. Bruton Smith, and its
President and Chief Strategic Officer, Mr. B. Scott Smith, have each
entered into written trading plans in accordance with SEC Rule 10b5-1 and
Sonic's insider trading policy.
The Rule 10b5-1 plan entered into by Bruton Smith relates to the
planned sales of up to 315,000 shares of Class A Common Stock that will be
issued upon the exercise of options to purchase a total of 450,000 shares.
Bruton Smith intends to retain ownership of a substantial amount of the
shares underlying these stock options, after payment of the aggregate
exercise prices for the stock options, applicable taxes and commissions.
The Rule 10b5-1 plan entered into by Scott Smith relates to the planned
sales of up to 230,000 shares of Class A Common Stock that will be issued
upon the exercise of options to purchase an equivalent number of shares.
Scott Smith intends to use the net proceeds of the planned sales to
diversify his personal financial portfolio.
Transactions under these Rule 10b5-1 plans will be disclosed in filings
with the Securities and Exchange Commission.
Mr. Bruton Smith stated, "These are stock options which were granted
over the course of 1998 and 1999 which, according to their terms, will
begin to expire over the next 20 months. I intend to retain ownership of a
substantial number of the shares underlying my stock options after payment
of the aggregate exercise price for the stock options, applicable taxes and
commissions. A successful completion of my Rule 10b5-1 plan will result in
an approximate 135,000 share increase over the actual number of shares of
Class A Common Stock that I currently own. In recent years, Sonic
Automotive's long- term incentive compensation plans for senior management
have become more oriented towards grants of restricted shares rather than
stock options, in part to avoid circumstances such as this. Sonic recently
completed a very successful year in the midst of a challenging economic
environment and we remain extremely optimistic about Sonic's future outlook
as a result of the operating initiatives we discussed on our recent
earnings call."
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C.,
is one of the largest automotive retailers in the United States operating
166 franchises and 34 collision repair centers. Sonic can be reached on the
Web at http://www.sonicautomotive.com.
Included herein are forward-looking statements pertaining to
anticipated sales of shares of the Company's Class A Common Stock by
certain executive officers and Sonic's future operating performance. There
are many factors that affect management's views about future events and
trends of the Company's business. These factors involve risks and
uncertainties that could cause actual results or trends to differ
materially from management's view, including without limitation, economic
conditions, risks associated with acquisitions and the risk factors
described in the Company's annual report on Form 10-K for the year ended
December 31, 2007. The Company does not undertake any obligation to update
forward-looking information.
SOURCE Sonic Automotive, Inc.
 back to top
Related links:
http://www.sonicautomotive.com
CONTACT:
David Cosper, Chief Financial Officer,
+1-704-566-2400, or Greg Young, Chief Accounting Officer-Investor
Relations, +1-704-566-2489, both of Sonic Automotive, Inc.
|
