CHARLOTTE, N.C., June 28 /PRNewswire-FirstCall/ -- Sonic Automotive,
Inc. (NYSE: SAH), a leader in automotive retailing, announced the
acquisition of Assael BMW/Mini of Monrovia located in Southern California,
representing approximately $180 million in annual revenues. Year-to-date in
2007, Sonic Automotive has acquired dealerships representing approximately
$400 million in annual revenues.
B. Scott Smith, the Company's President and Chief Strategic Officer,
stated, "This is a premier BMW dealership and a terrific addition to our
luxury brand mix in one of our largest markets. Acquisitions like this -
stable, well run, luxury stores that we can take to the next level of
operating performance - are what form the core of our acquisition
strategy."
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
regarding our acquisition criteria. 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.
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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.
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