CHARLOTTE, N.C., Sept. 10 /PRNewswire-FirstCall/ -- Sonic Automotive,
Inc. (NYSE: SAH), a leader in automotive retailing, announced it has
completed the sale of Cornerstone Acceptance Corporation, its automotive
finance subsidiary. Sonic realized cash proceeds of approximately $33
million from the sale.
B. Scott Smith, the Company's President and Chief Strategic Officer
stated, "We are pleased to announce the attainment of another one of our
strategic objectives for this year. The sale was executed exactly as we had
planned - by selling the business we were able to free up substantial
capital and allow our dealerships continued access to this key finance
source. We plan to use the sale proceeds to increase our share repurchase
activity and pay down debt."
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
172 franchises and 36 collision repair centers. Sonic can be reached on the
Web at http://www.sonicautomotive.com.
Included herein are forward-looking statements, including statements
regarding future leverage reduction and share repurchase plans. 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 June 30,
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 Cosper, Chief Financial Officer,
+1-704-566-2400, or Greg Young, Chief Accounting Officer -
Investor Relations, both of Sonic Automotive, Inc.,
+1-704-566-2489
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