EX-99.2

Q2 2014 EARNINGS REVIEW

July 22, 2014

Exhibit 99.2

FORWARD-LOOKING STATEMENTS

These forward-looking statements, risks, uncertainties and additional factors speak only as of the date of this

presentation. We undertake no obligation to update any such statements.

This presentation contains “forward-looking statements” within the meaning of the Private Securities

Litigation Reform Act of 1995. These statements relate to future events, are not historical facts and are

based on our current expectations and assumptions regarding our business, the economy and other future

conditions. These statements can generally be identified by lead-in words such as “believe”, “expect”,

“anticipate”, “intend”, “plan”, “foresee”, “may” ,”will” and other similar words. Statements that describe

our Company’s objectives, plans or goals are also forward-looking statements. Examples of such forward-

looking information we may be discussing in this presentation include, without limitation, anticipated 2014

industry new vehicle sales volume, the implementation of growth and operating strategies, including

acquisitions of dealerships and properties, the development of open points and stand-alone pre-owned

stores, the return of capital to shareholders , anticipated future success and impacts from the

implementation of our strategic initiatives and earnings per share expectations.

You are cautioned that these forward-looking statements are not guarantees of future performance, involve

risks and uncertainties and actual results may differ materially from those projected in the forward-looking

statements as a result of various factors. These risks and uncertainties include, among other things, (a)

economic conditions in the markets in which we operate, (b) the success of our operational strategies, (c)

our relationships with the automobile manufacturers, (d) new and pre-owned vehicle sales volume, and (e)

earnings expectations for the year ended December 31, 2014. These risks and uncertainties, as well as

additional factors that could affect our forward-looking statements, are described in our Form 10-K for the

year ending December 31, 2013.

CONTENT

•

STRATEGIC FOCUS

•

QUARTER IN REVIEW

•

FINANCIAL RESULTS

•

OPERATIONS RECAP

•

SUMMARY AND OUTLOOK

STRATEGIC FOCUS

Growth

•

Grow The Base Business

One Sonic-One Experience

•

Acquisitions & Open Points

•

Pre-Owned Specialty Stores

Own Our Properties

Return Capital to Shareholders

STRATEGIC FOCUS

ONE SONIC-ONE EXPERIENCE

•

Goals

•

1 Associate, 1 Price, 1 Hour

•

Improve Transparency; Increase Trust

•

Operational Efficiencies

•

Pilot Store Underway

•

18 Month Implementation

Result -

Increase Market Share and Customer Retention

STRATEGIC FOCUS

PRE-OWNED

Break Ground

Hiring & Training

Merchandising & Advertising

Opening

STRATEGIC FOCUS

OWN OUR PROPERTIES

2007

2008

2010

2011

2012

2013

Proj. -

2017

12%

14%

18%

23%

31%

45%

STRATEGIC FOCUS

RETURN CAPITAL TO SHAREHOLDERS

•

Unused authorization of approximately $ 121.4 million

•

Quarterly dividend of $0.025 per share

(in thousands)

Average Price /

(in millions)

2014 Activity

498

$ 22.39

$ 11.2

Q2 2014 FINANCIAL

REVIEW

Q2 2014 ADJUSTED RESULTS

B/(W) than Q2 2013

(amounts in millions, except per share data)

Q2 2014

Revenue

$ 2,353

$ 151

Gross Profit

$ 347

$ 23

Operating Profit

(1)

$ 58

($ 5)

(8%)

Interest & Other

(1)

($ 19)

$ 1

Continuing Ops:

Profit (after tax)

(1)

$ 23

($ 3)

(11%)

Diluted EPS

(1)

$ 0.44

($ 0.06)

(12%)

SG&A as % of Gross

(1)

79.2%

(260 bps)

Discontinued Ops Profit/(Loss) (after tax)

($0)

(1) See Appendix for reconciliation to reported GAAP amounts.

EPS ADJUSTMENTS

(1) See Appendix for reconciliation to reported GAAP amounts.

(amounts in millions, except per share date)

Q2 2014

Q2 2013

Pre-Tax

EPS

Pre-Tax

EPS

Unadjusted EPS

$ 0.51

$ 0.16

Hail and Legal

$ 1.4

0.01

$ 0.0

$ 0.00

Gain on Disposal

($7.3)

($ 0.08)

$ 0.0

$ 0.00

Loss on Debt

$ 0.0

$ 0.00

$ 29.0

$ 0.34

Adjusted

EPS

(1)

$ 0.44

$ 0.50

STRATEGIC INITIATIVE IMPACT ON

EPS

(amounts in millions, except per share date)

Q2 2014

Pre-Tax

EPS

Adjusted

(1)

$ 0.44

Pre-Owned Initiative

$ 3.2

$ 0.04

One Sonic-One Experience

$ 1.8

$ 0.02

Centralization of Business Office

$ 0.3

$ 0.00

Excluding Effect of Strategic Initiatives

$ 0.50

(1) See Appendix for reconciliation to reported GAAP amounts.

TOTAL GROSS

$ 347 M

$ 324 M

Q2 2014

Q2 2013

$74

$68

$36

$77

$69

$160

$151

New

Used

F&I

Fixed

SG&A TO GROSS

76.6%

79.2%

(1) See Appendix for reconciliation to reported GAAP amounts.

(1)

Q2 2014 Adjusted

Q2 2013

Advertising

Comp

Rent

Other

4.0%

4.2%

47.0%

46.2%

5.4%

5.7%

22.8%

20.5%

STRATEGIC INITIATIVE IMPACT ON

SG&A

(amounts in millions, except per share date)

Q2 2014

Pre-Tax

SG&A %

Adjusted

(1)

79.2%

Pre-Owned Initiative

$ 3.2

0.90%

One Sonic One Experience

$ 1.8

0.50%

Centralization of Business Office

$ 0.3

0.10%

Excluding Effect of Strategic Initiatives

77.7%

(1) See Appendix for reconciliation to reported GAAP amounts.

STRATEGIC INITIATIVE SPEND

(in millions)

Actual YTD Q2

2014

Estimated FY

2014

Pre-Owned Initiative

$ 5.0

$ 12.0

One Sonic-One Experience

$ 3.6

$ 7.0

Centralization of Business Office

$ 0.6

$ 3.0

CAPITAL SPEND

(amounts in millions)

YTD Q2 2014

ESTIMATED

2014

Real Estate Acquisitions

$ 9.7

$ 31.2

All Other Cap Ex

38.9

144.2

Subtotal

$ 48.6

$ 175.4

Less: Mortgage Funding

(40.4)

Total Cash Used –

Cap Ex

$ 8.2

$ 135.0

Note –

Spending excludes the effect of franchise acquisitions.

LIQUIDITY

(amounts in millions)

Q2 2014

Q4 2013

Cash

$ 3.0

$3.0

Revolver Availability

117.3

126.0

Used floor plan availability

60.6

27.1

Floor plan deposit balance

95.0

65.0

Total

$ 275.9

$221.1

DEBT COVENANTS

Covenant

Actual Q2

2014

Liquidity Ratio

>= 1.05

1.21

Fixed Charge Coverage Ratio

>= 1.20

1.82

Total Lease Adjusted Leverage

Ratio

<= 5.50

4.14

Compliant with all Covenants

NEW VEHICLE RETAIL

Q2 2014

Q2 2013

B/(W)

Revenue

$ 1,283 million

$ 1,200 million

7.0%

Volume

34,847

33,685

3.4%

Selling Price

$ 36,825

$ 35,616

3.4%

Gross Margin %

5.8%

5.5%

30 bps

GPU

$ 2,119

$ 1,976

$ 143

Gross Profit

$ 74 million

$ 67 million

10.9%

SAAR (includes fleet)

16.5 million

15.3 million

7.8%

USED VEHICLE RETAIL

Q2 2014

Q2 2013

B/(W)

Revenue

$ 604 million

$ 539 million

12.0%

Retail Volume

28,514

26,599

7.2%

Used Retail GPU

$ 1,314

$ 1,414

($ 100)

Used Related Retail Gross*

$ 106 million

$ 97 million

$ 9 million

Used to New

0.82 : 1

0.79 : 1

0.03

Vehicles / store / month

* -

Includes front-end gross plus F&I related gross and fixed

operations related gross

100

vehicles /

store /

month in

May

FIXED OPS

Q2 2014

B/(W) than Q2 2013

(amounts in millions)

2014

Revenue

$ 329

$ 22

7.2%

Gross Profit

$ 160

$ 9

5.8%

QTD YOY Gross Profit Change Breakdown:

•

Customer Pay Up 5.9%

•

Whsl. Parts Up 8.5%

•

Internal & Sublet Up 8.1%

•

Warranty Down 2.7%

Business environment continues to be favorable to

retail automotive

Posted all-time record pre-owned sales volumes

producing record Q2 pre-owned gross profits

Fixed operations continues to benefit from 0-5 year

units in operation increasing

Expect market share gains and customer retention from

One Sonic-One Experience once the entire

complement of the shopping experience is in place

track

open

our

Denver

market

pre-owned

operations in Q4

Re-affirm 2014 continued ops EPS guidance of $1.95

to $2.05 net of pre-owned specialty retail operations

EPS of ($0.14).

SUMMARY

NON-GAAP RECONCILIATIONS

This release contains certain non-GAAP financial measures (the "Adjusted" columns) as defined under SEC rules, such as, but not limited to, adjusted income from continuing operations and related

earnings per share data. The Company has reconciled these measures to the most directly comparable GAAP measures (the "Reported" columns) in the release. The Company believes that these non-

GAAP financial measures improve the transparency of the Company’s disclosure by providing period-to-period comparability of the Company’s results from operations.

Second Quarter Ended June 30,

Adjusted 2014 B/(W)

2014

2013

than Adjusted 2013

($ in millions, shares in

thousands, except per share data)

Reported

Adjustments

Adjusted

Reported

Adjustments

Adjusted

Revenues

2,353.3

2,202.4

150.8

6.8%

Gross profit

346.9

323.8

23.1

7.1%

Gross margin

14.7%

0 bps

SG&A

(268.9)

(5.9)

(1)

(274.8)

(248.1)

(26.7)

(10.8%)

SG&A as % of gross profit

77.5%

79.2%

76.6%

(260) bps

Impairment charges

(0.0)

0.0

88.9%

Depreciation and amortization

(14.4)

(13.1)

(1.3)

(9.8%)

Operating income

63.6

(5.9)

57.7

62.5

(4.8)

(7.8%)

Operating margin

2.7%

2.5%

2.8%

(30) bps

Interest expense, floor plan

(4.9)

(5.6)

0.7

13.1%

Interest expense, other, net

(13.9)

(14.4)

0.8

(2)

(13.6)

(0.3)

(1.9%)

Other income (expense), net

(28.3)

28.2

(3)

(0.0)

0.0

(100.0%)

Income (loss) from continuing operations

27.1

(3.6)

23.5

8.7

17.7

26.4

(3.0)

(11.2%)

Income (loss) from discontinued operations

(0.1)

0.2

(0.3)

(133.7%)

Net income (loss)

27.0

(3.6)

23.4

8.9

17.7

26.6

(3.2)

(12.1%)

Diluted earnings (loss) per common share:

Earnings (loss) per share

from continuing operations

0.51

(0.07)

0.44

0.16

0.34

0.50

(0.06)

(12.0%)

Earnings (loss) per share from

discontinued operations

0.01

(0.01)

Earnings (loss) per common share

0.51

(0.07)

0.44

0.17

0.33

0.50

(0.06)

(12.0%)

Weighted average shares outstanding

52,930

52,942

(1) Represents gain on sale of franchises, offset partially by hail damage and legal settlement charges.

(2) Represents double-carry interest on 9.0% Notes.

(3) Represents loss on extinguishment of 9.0% Notes.

NON-GAAP RECONCILIATIONS

Second Quarter Ended June 30, 2014

Continuing Operations

Discontinued Operations

Total Operations

($ in millions, shares in

thousands, except per share data)

Net Income

(Loss):

Numerator

Count:

Denominator

Diluted

EPS

Net Income

(Loss):

Numerator

Count:

Denominator

Diluted

EPS

Net Income

(Loss):

Numerator

Count:

Denominator

Diluted

EPS

Reported basic

27.1

52,514

(0.1)

52,514

27.0

52,514

Effect of dilutive securities:

Two class method

(0.1)

Stock compensation plans

416

Reported diluted

27.0

52,930

0.51

(0.1)

52,930

26.9

52,930

0.51

Adjustments (tax-effected):

Hail and legal

0.8

Gain on disposal of franchises

(4.4)

Adjusted diluted

23.4

52,930

0.44

(0.1)

52,930

23.3

52,930

0.44

Second Quarter Ended June 30, 2013

Continuing Operations

Discontinued Operations

Total Operations

($ in millions, shares in

thousands, except per share data)

Net Income

(Loss):

Numerator

Count:

Denominator

Diluted

EPS

Net Income

(Loss):

Numerator

Count:

Denominator

Diluted

EPS

Net Income

(Loss):

Numerator

Count:

Denominator

Diluted

EPS

Reported basic

8.7

52,597

0.2

52,597

8.9

52,597

Effect of dilutive securities:

Two class method

(0.1)

Stock compensation plans

345

Reported diluted

8.7

52,942

0.16

0.2

52,942

0.01

8.9

52,942

0.17

Adjustments (tax-effected):

Debt extinguishment charges

17.7

Subtotal

26.4

52,942

0.50

0.2

52,942

26.6

52,942

0.50

Effect of dilutive securities:

Two class method

(0.1)

Adjusted diluted

26.2

52,942

0.50

0.2

52,942

26.4

52,942

0.50