Sonic Automotive, Inc. Recognized as a Leader in the Used Vehicle Business
CHARLOTTE, N.C., Sept. 20 /PRNewswire/ -- Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, announced that it was recognized as one of the top sellers of used vehicles in the Ward's 2010 Dealer Remarketing 150 list recently published by WARD's Dealer Business. The WARD's list ranks the largest used vehicle dealerships in the country based on 2009 used vehicle revenues. With 22 of its dealerships making the list this year, Sonic Automotive had the highest number of dealerships named on the list.
B. Scott Smith, the Company's President, stated, "To have this many of our dealerships on this list speaks volumes about the hard work of our associates. Eight of the top 20 dealerships named on this year's list are owned by Sonic Automotive. Despite the economic uncertainty over the last 24 months, our used vehicle business has experienced double-digit growth every quarter which validates our strategy of very patiently rolling out our operational playbooks in every area of our business. For the second quarter of 2010, we were selling an average of 75 cars per month at each of our dealerships which is well on our way towards our ultimate goal of 100 cars per store per month."
About Sonic Automotive, Inc.
Sonic Automotive, Inc., a Fortune 500 Company, is one of the largest automotive retailers in the United States operating 136 franchises. Sonic can be reached on the Web at www.sonicautomotive.com.
Included herein are forward-looking statements, including statements regarding the potential for future growth in our used vehicle business. 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 in the markets in which we operate, the success of our operational strategies and the risk factors described in the Company's annual report on Form 10-K for the year ending December 31, 2009 and the quarterly report on Form 10-Q for the quarter ending June 30, 2010. The Company does not undertake any obligation to update forward-looking information.
SOURCE Sonic Automotive, Inc.
Released September 20, 2010