CHARLOTTE, N.C., June 20 /PRNewswire-FirstCall/ -- Sonic Automotive,
Inc. (NYSE: SAH), a leader in automotive retailing, announced the
acquisition of Calabasas Motorcars in Calabasas, CA from Mr. David
Peterson, a long-time Mercedes Benz dealer. This dealership, which will be
renamed Mercedes Benz of Calabasas, represents approximately $120 million
in annual revenues and is located in one of Sonic's largest markets.
B. Scott Smith, the Company's President and Chief Strategic Officer,
stated, "We are excited about this growth opportunity with a brand where
Sonic has demonstrated execution capability. The fact that Mercedes now
represents approximately 10% of our annual revenues demonstrates the
strength of our relationship with one of our premier manufacturer partners.
This acquisition shows our continued commitment to executing our
disciplined acquisition growth strategy by strengthening our brand
portfolio within our existing markets. This enables us to leverage our
existing infrastructure, gain further economies of scale and more easily
implement our proven best practices."
About Sonic Automotive, Inc.
Sonic Automotive, Inc., a Fortune 300 Company, is one of the largest
automotive retailers in the United States operating 178 franchises and 37
collision repair centers. Sonic can be reached on the Web at
http://www.sonicautomotive.com.
Included herein are forward-looking statements, including statements as
to anticipated growth and economies of scale. There are many factors that
affect management's views about future events and trends of the Company's
business. These factors involve risk 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 Quarterly
Report on Form 10-Q for the quarter ended March 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/
http://www.prnewswire.com/comp/125546.html/
CONTACT:
David P. Cosper, Vice Chairman and Chief
Financial Officer, +1-704-566-2400, or Greg D. Young, Chief
Accounting Officer-Investor Relations, +1-704-566-2489, both of
Sonic Automotive, Inc.
|
