EX-99.2

Q3 2014 EARNINGS REVIEW

October 21, 2014

Exhibit 99.2

FORWARD-LOOKING 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.

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.

CONTENT

•

STRATEGIC FOCUS

•

QUARTER IN REVIEW

•

FINANCIAL RESULTS

•

OPERATIONS RECAP

•

SUMMARY AND OUTLOOK

STRATEGIC FOCUS

Growth

•

Grow The Base Business

•

One Sonic-One Experience

•

EchoPark

•

Acquisitions & Open Points

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

•

24 Month Implementation

Result -

Increase Market Share and Customer Retention

STRATEGIC FOCUS

ONE SONIC-ONE EXPERIENCE

•

Speed Up the Transaction

–

No Negotiation

•

Reduce Paperwork

–

Electronic Signature

•

One Associate One Guest

–

Technology Driven

–

Training Supported

•

Reduce Headcount Through

Attrition

–

Creates Significant Cost

Savings

•

Create Trust & Transparency

–

Increased CSI, ASI and

Market Share

•

Brand the Retail Stores

–

Increased Market Share &

Margins

•

Creates More of a Specialty

Retail Experience

–

Apple, Starbucks, etc.

STRATEGIC FOCUS

EchoPark

Hub Opens November 3

2 Neighborhood Stores

Open Late Nov & Dec

STRATEGIC FOCUS

ACQUISITIONS & OPEN POINTS

•

Purchased Two Franchises, Jaguar (Q1) &

Nissan (Q3) during 2014

Estimated Annual Revenues of $55 million

•

Open Points

Nissan in TN Market

Exploring Opportunities in Other Markets

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 $ 93 million

•

Quarterly Dividend of $0.025 Per Share

(in thousands)

Average Price /

(in millions)

2014 Activity

1,668

$ 23.70

$ 39.5

Q3 2014 FINANCIAL

REVIEW

Q3 2014 ADJUSTED RESULTS

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

B/(W) than Q3 2013

(amounts in millions, except per share data)

Q3 2014

Revenue

$ 2,356

$ 113

Gross Profit

$ 341

$ 15

Operating Profit

$ 56

($ 2)

(3%)

Interest & Other

($ 17)

$ 2

Continuing Ops:

Profit (after tax)

$ 24

($ 1)

(3%)

Diluted EPS

$ 0.46

$ 0.00

SG&A as % of Gross

79.4%

(130 bps)

Discontinued Ops Profit/(Loss) (after tax)

($1)

(1)

EPS ADJUSTMENTS

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

(amounts in millions, except per share date)

Q3 2014

Q3 2013

Pre

Tax

EPS

Pre

Tax

EPS

Unadjusted EPS

$ 0.47

$ 0.46

Storm

Damage

$ 2.2

0.03

$ 0.0

$ 0.00

Gain on Disposal

($3.2)

0.04)

$ 0.0

$ 0.00

Impairment

$0.2

0.00

$ 0.0

$ 0.00

Adjusted

EPS

(1)

$ 0.46

0.46

STRATEGIC INITIATIVE IMPACT ON

EPS

(amounts in millions, except per share date)

Q3 2014

Pre-Tax

EPS

Adjusted

(1)

$ 0.46

EchoPark®

$ 3.6

$ 0.05

One Sonic-One Experience

$ 3.1

$ 0.04

Centralization of Business Office

$ 0.7

$ 0.01

Excluding Effect of Strategic Initiatives

$ 0.56

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

TOTAL GROSS

$ 341 M

$ 326 M

$69

$72

$40

$36

$155

$149

$77

$69

New

Used

F&I

Fixed

Q3 2014

Q3 2013

SG&A TO GROSS

78.1%

79.4%

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

4.1%

4.3%

47.8%

46.5%

5.3%

5.8%

22.2%

21.5%

Advertising

Comp

Rent

Other

2014

Adjusted

(1)

Q3 2013

STRATEGIC INITIATIVE IMPACT ON

SG&A

(amounts in millions, except per share date)

Q3 2014

Pre-Tax

SG&A %

Adjusted

(1)

79.4%

EchoPark®

$ 3.6

1.1%

One Sonic-One Experience

$ 3.1

0.9%

Centralization of Business Office

$ 0.7

0.2%

Excluding Effect of Strategic Initiatives

77.2%

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

STRATEGIC INITIATIVE SPEND

(in millions)

Actual YTD Q3

2014

Estimated FY

2014

EchoPark®

$ 8.6

$ 12.0

One Sonic-One Experience

$ 6.6

$ 10.0

Centralization of Business Office

$ 1.0

$ 3.0

CAPITAL SPEND

(amounts in millions)

YTD Q3 2014

ESTIMATED

2014

Real Estate Acquisitions

$ 12.3

$ 39.6

All Other Cap Ex

77.7

143.4

Subtotal

$ 90.0

$ 183.0

Less: Mortgage Funding

(40.4)

Total Cash Used –

Cap Ex

$ 49.6

$ 142.6

Note –

Spending excludes the effect of franchise acquisitions.

LIQUIDITY

(amounts in millions)

Q3 2014

Q4 2013

Cash

$ 1.7

$3.0

Revolver Availability

105.2

126.0

Used floor plan availability

46.6

27.1

Floor plan deposit balance

107.5

65.0

Total

$ 261.0

$221.1

DEBT COVENANTS

Covenant

Actual Q3

2014

Liquidity Ratio

>= 1.05

1.22

Fixed Charge Coverage Ratio

>= 1.20

1.74

Total Lease Adjusted Leverage

Ratio

<= 5.50

4.14

Compliant with all Covenants

NEW VEHICLE RETAIL

Same Store

Q3 2014

Q3 2013

B/(W)

Revenue

$ 1,295 million

$ 1,193 million

8.5%

Volume

35,970

33,541

7.2%

Selling Price

$ 35,999

$ 35,579

1.2%

Gross Margin %

5.2%

5.8%

(60 bps)

GPU

$ 1,881

$ 2,074

($ 193)

Gross Profit

$ 68 million

$ 70 million

(2.7%)

SAAR (includes fleet)

16.7 million

15.6 million

7.1%

USED VEHICLE RETAIL

Same Store

Q3 2014

Q3 2013

B/(W)

Revenue

$ 569 million

$ 544 million

4.6%

Retail Volume

27,000

26,953

0.2%

Used Retail GPU

$ 1,504

$ 1,413

$ 92

Used Related Retail Gross*

$ 86 million

$ 80 million

$ 6 million

Used to New

0.75 : 1

0.80 : 1

(0.05)

Vehicles / store / month

* -

Includes Front-End Gross Plus F&I Related Gross and Fixed

Operations Related Gross

FIXED OPS

SAME STORE

Q3 2014

B/(W) than Q3 2013

(amounts in millions)

2014

Revenue

$ 318

$ 16

5.3%

Gross Profit

$ 152

$ 6

4.4%

QTD YOY Gross Profit Change Breakdown:

•

Customer Pay Up 3.1%

•

Whsl. Parts Up 1.8%

•

Internal & Sublet Up 5.3%

•

Warranty Up 8.9%

STRATEGIC FOCUS

ONE SONIC-ONE EXPERIENCE

Units and 2014 Market Share %

13.1%

14.6%

18.0%

20.8%

June

July

August

September

153

177

209

124

148

181

271

226

2013 Units

2014 Units

Posted All-Time Record Quarterly New Retail Unit

Sales and Q3 Total Gross Profit

One Sonic-One Experience Meets Initial Expectations –

Will Begin Roll-Out to Charlotte Market

Echopark

Opens in Q4

Anticipate Significant Cap Exp Spending in Q4 Related

to Property Acquisitions and Construction

Share Repurchase Activity to Continue Based on

Market Conditions

SUMMARY

NON-GAAP RECONCILIATIONS

NON-GAAP RECONCILIATIONS