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Exhibit 99.2


•This presentation contains statements that constitute “forward-looking
statements”
within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.
•These forward-looking statements are not historical facts, but only
predictions by our company and/or our company’s management.
•These statements generally can be identified by lead-in words such as
“believe,”
“expect”
“anticipate,”
“intend,”
“plan,”
“foresee”
and other
similar words.  Similarly, statements that describe our company’s
objectives, plans or goals are also forward-looking statements.
•You are cautioned that these forward-looking statements are not
guarantees of future performance and involve risks and uncertainties,
and that actual results may differ materially from those projected in the
forward-looking statements as a result of various factors. Among others,
factors that could materially adversely affect actual results and
performance include those risk factors that are listed in Sonic
Automotive’s
Form 8-K filed on May 28, 2009.
Cautionary Notice Regarding
Forward-Looking Statements


Second Quarter 2009
Earnings Review
July 28, 2009


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Sonic Automotive Q2 2009
Conference Call Topics
•
Quarter in Review
•
Financial Review
•
Operations Review
•
Closing Comments


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Quarter in Review
Once again, posted strong operating results
Gained new vehicle market share
Record used retail volume
Improving service customer pay
Expanding fixed operations margins
SG&A costs reduced
Building on our solid foundation
Profitable, generated cash


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Financial Review
(amounts in millions, except per share data)
Operating
Margin before
impairments
was 2.9%,
down 10bps
from last year
6/30/2009
6/30/2008
Revenue
1,392.6
$              
1,796.6
$              
Gross Profit
241.8
$                 
282.4
$                 
Gross Margin
17.4%
15.7%
SG&A as %
of Gross Profit
79.7%
77.8%
Operating Margin
2.6%
3.0%
-
excluding impairments
2.9%
Income from
Continuing Operations
3.1
$                   
16.4
$                   
Diluted EPS from
Continuing Operations
0.07
$                   
0.40
$                   
Diluted EPS from
Discontinued Operations
(0.07)
$                  
(0.18)
$                  
Three Months Ended


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Operating Results -
Q2 vs. Q1
Q1
2009
Q2
2009
Better /
(Worse)
6.8
$       
5.6
$     
-
3.8
4.9
10.6
1,266.9
$
1,392.6
$
9.9%
230.4
241.8
5.0%
192.4
192.8
(0.2%)
(amounts in millions)
Adjusted Pre-tax income calculated as follows:
As Reported
Impairment Charges
Non-cash Interest/Debt Restructure Costs
Quarter-to-quarter performance:
Revenues
Gross Profit
SG&A Expenses
Operating Income
30.4
36.5
20.1%
Pre-Tax Income -
Adjusted
11.7
20.0
70.9%
SAAR
9.5
9.6
1.1%
11.7
$     
20.0
$     
Adjusted


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Sequential Diluted Earnings per Share
(1)   Includes the impact of 12.2M shares related to the conversion feature on our new
6%
notes
as
if
these
notes
were
outstanding
and
dilutive
in
both
quarters.
Q1
2009
Q2
2009
As Reported
0.09
$
0.07
$
Adjusted for Unusual Items
0.16
$
0.26
$
Memo: Diluted Shares -
Actual
40.3M
41.6M
Diluted Shares -
Adjusted
52.5M
53.8M
Basic Shares
40.1M
41.0M
Adjusted for share Dilution
(1)
0.14
$
0.22
$


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Debt Restructuring
(amounts in millions)
Face Value of Debt
$85.6
Discount related to Embedded Derivatives
11.3*
* Amortized over 16 months ($2-$3 million per quarter)
Debt Discount


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Debt Structure
(amounts in millions)
6/30/2009*
3/31/2009*
12/31/2008*
Revolver
80.0
$      
99.9
$      
70.8
$      
5 1/4% Notes
-
105.3
105.3
6 % Notes
85.6
-
-
4 1/4% Notes
160.0
160.0
160.0
8 5/8% Notes
275.0
275.0
275.0
Falcon Notes
18.8
19.3
19.7
Mortgages Payable
112.3
113.2
114.1
Other
6.5
6.6
6.6
Total Debt
738.3
$   
779.2
$   
751.6
$   
$41 million reduction since 3/31/09
$13 million reduction since 12/31/08
Total Floorplan
834.3
$   
930.1
$   
1,120.5
$
$96 million reduction since 3/31/09
$286 million reduction since 12/31/08
* Excludes debt discount/premium


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Debt Covenants
Covenant
Actual
Q2
2009
Liquidity Ratio
>= 1.10
1.18
    
Fixed Charge Coverage Ratio
>= 1.15
1.36
    
Secured Debt to EBITDA Ratio
<= 2.25
1.63
    
Compliant with all covenants


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Capital Spending
Q1 2009
Q2 2009
Projected
2009
Capital Spending
   Facility Improvement
$14.6
$4.0
$48.7
   Maintenance Cap Ex
5.8
2.2
13.8
Total
$20.4
$6.2
$62.5
Memo: Mortgage Funding
$0.0
$0.0
$40.2
Spending Contingent Upon Mortgage Funding
(amounts in millions)


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10.6%
14.5%
13.5%
66.2%
67.2%
69.0%
Q2 2008
Q1 2009
Q2 2009
All Other
Rent & Related
SG&A
Continuing Operations
83.5%
77.8%
79.7%
•Total SG&A
expenses were
down 12.2% or
$27 million from
the prior year
•
Excluding rent,
all other cost was
down 100bps,
despite drop in
gross profit. 
Substantial
reductions were
made in
essentially all
other categories


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Operations Review
Our People
Results
Results
–
–
Q2
Q2
and
and
beyond
beyond
Associate engagement up
Execution improved
High productivity
Goal:
Goal:
Employer of Choice
Employer of Choice
=
Address Causes of
Turnover
Record Low Turnover
IMPROVED
PROFITABILITY


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April
May
June
South East
Texas
Central
California
Total Sonic*
57
136
52
Operations Review
Sonic vs. Local Market
* Bps difference between Sonic and the local market competition.


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Operations Review
Used Vehicles
Q2 used to new ratio 1.01 –
all time record
Preliminary July –
retail unit volume up 20%
Q1:09
Q2:09
Change
Retail Volume
16,253
19,449
19.7%
YOY % better/(worse)
(4.0)%
12.8%
Used Retail Margin
9.3%
8.0%
(142) bps
Used to New Ratio
0.93
1.01
777 bps
Days Supply
29.4
29.7


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Operations Review
Fixed Operations Revenue
-
Year-over-Year
Customer Pay Total Q2:
Luxury Imports
3.0%
Non Luxury Imports
(1.9%)
Detroit 3
(6.6%)
(1.1%)
(1.1%)
(12.3%)
(3.3%)
(15.0%)
(9.0%)
(3.0%)
Customer Pay
Warranty
Internal
Total


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Operations Review
Fixed Operations Trend
Fixed Operations Trend
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
(120)
(100)
(80)
(60)
(40)
(20)
0
20
40
60
Service CP
-0.4%
0.6%
1.5%
1.7%
Overall
Margin
(99)
(20)
(30)
51
Q3 08
Q4 08
Q1 09*
Q2 09
*adjusted for business days
Pct chg.
Basis point chg.
Steady year-
over-year and
sequential
improvement
CP Revenue Growth
Margin Change


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Summary
The results speak for themselves
Great performance in a tough economic climate
Profitable and generating cash
Business is sound
Building operationally and culturally for the long term
We will continue to focus on:
Our people
Our strategies


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