CHARLOTTE, N.C., Aug. 25 /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
terminated their respective written trading plans that were previously
established in March 2008 in accordance with SEC Rule 10b5-1 and Sonic
Automotive's insider trading policy. Sonic Automotive previously had issued
a press release on March 20, 2008 announcing the original establishment of
these Rule 10b5-1 trading plans.
The stock options covered by the respective Rule 10b5-1 trading plans
were granted to Bruton Smith and Scott Smith in 1998 and 1999 and,
according to their terms, were and are scheduled to expire in October 2008,
May 2009 and November 2009. Transactions that occurred under these Rule
10b5-1 trading plans were previously reported in filings with the
Securities and Exchange Commission.
Mr. Bruton Smith stated, "Scott and I firmly believe that Sonic
Automotive's stock is substantially undervalued in the market at the
current time. As a result, we each elected to terminate our Rule 10b5-1
trading plans in accordance with the terms of those trading plans, Sonic
Automotive's insider trading policy and applicable SEC regulations."
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. Sonic can be reached on the Web at http://www.sonicautomotive.com.
SOURCE Sonic Automotive, Inc.
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Related links:
http://www.sonicautomotive.com
http://www.prnewswire.com/comp/125546.html /
CONTACT:
David Cosper, Chief Financial Officer,
+1-704-566-2400, or Greg Young, Vice President of Finance,
+1-704-566-2400, both for Sonic Automotive, Inc.
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