Exhibit 99.1

Sonic Automotive, Inc. Reports Fourth Quarter and Full Year Results
EchoPark Grows Retail Unit Volume 95%

CHARLOTTE, N.C. – February 20, 2019 – Sonic Automotive, Inc. (NYSE: SAH), one of the nation’s largest automotive retailers, today reported financial results for the fourth quarter and full year ended December 31, 2018.

•Fourth quarter revenue and gross profit of $2.6 billion and $370.7 million, respectively
•Record fourth quarter pre-owned retail unit sales of 35,135 units
•Record quarterly F&I gross profit per retail unit of $1,659
•Record quarterly F&I gross of $109.6 million
•EchoPark stores retailed 8,762 units during the fourth quarter, up 94.9% from the fourth quarter of 2017
•GAAP continuing operations earnings per diluted share of $0.51 per diluted share in the fourth quarter of 2018
•GAAP continuing operations earnings per diluted share of $1.22 per diluted share for the full year 2018
•Adjusted continuing operations earnings per diluted share of $0.76 per diluted share in the fourth quarter of 2018
•Adjusted continuing operations earnings per diluted share of $1.79 per diluted share for the full year 2018
•Increased quarterly cash dividend 67%, to $0.10 per share

Fourth Quarter and Full Year 2018 Results

GAAP Basis

Net income from continuing operations for the fourth quarter of 2018 was $22.0 million, or $0.51 per diluted share. Comparatively, net income from continuing operations for the fourth quarter of 2017 was $62.1 million, or $1.42 per diluted share.

Net income from continuing operations for the full year 2018 was $52.4 million, or $1.22 per diluted share. Comparatively, net income from continuing operations for the full year 2017 was $94.2 million, or $2.12 per diluted share.

Adjusted Basis

Adjusted net income from continuing operations and related earnings per diluted share are non-GAAP financial measures. The schedules included in this press release reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures.

Adjusted net income from continuing operations for the fourth quarter of 2018 was $32.7 million, or $0.76 per diluted share. The adjustments in the fourth quarter of 2018 relate to lease-related matters and fixed asset and franchise asset impairments. Adjusted net income from continuing operations for the fourth quarter of 2017 was $36.6 million, or $0.84 per diluted share. The adjustments in the 2017 quarterly period relate to the benefit of the change in the federal income tax rate in future periods, a gain related to the disposal of franchises, adjustments to physical damage accruals and charges related to fixed asset and franchise asset impairments and legal matters.

Adjusted net income from continuing operations for the full year 2018 was $76.9 million, or $1.79 per diluted share. The adjustments in the 2018 annual period relate to fixed asset and franchise asset impairments, legal, storm damage and lease exit charges, long-term compensation related charges and executive transition costs, offset partially by gains related to the disposal of franchises. Adjusted net income from continuing operations for the full year 2017 was $82.2 million, or $1.85 per diluted share. The adjustments in the 2017 annual period relate to the benefit of the change in the federal income tax rate in future periods, gains related to the disposal of franchises and charges related to fixed asset and franchise asset impairments, debt refinance costs and legal matters.



Commentary

David Smith, Sonic’s and EchoPark’s Chief Executive Officer, commented, “We saw new car volume erode in the fourth quarter of 2018 versus the prior year quarter, driven by difficult year-over-year comparisons in Texas given Hurricane Harvey in 2017. We continue to outperform our internal targets on used vehicles and F&I which both posted records in the fourth quarter of 2018. Our EchoPark platform continues to grow at a rapid pace, up 95% in unit volume in the fourth quarter of 2018, compared to the prior year quarter. We expect to see new car volatility continue over the long term and believe EchoPark growth will add more stability to our future operations. We believe EchoPark will provide Sonic with diversification that will hedge the risk of new vehicle manufacturer driven swings in volume and incentives that can negatively affect the profitability of our franchise operations. We expect 2019 to be a challenging year, given new car volatility, but believe our used vehicle, fixed operations and F&I performance will more than offset this volatility. In addition, our EchoPark platform should significantly improve its profit performance in 2019.” 

Jeff Dyke, Sonic’s and EchoPark’s President, commented, “I agree with David Smith’s comments, and would add that our exposure to BMW and Honda, which make up on average 40% of our profits, makes it difficult when these brands have challenging years. I am also enthusiastic about our EchoPark performance and look forward to announcing even better results as we move into the next couple of quarters. We expect 2019 to be a very big year for the EchoPark brand. We successfully launched our Charlotte store in the fourth quarter of 2018, which was profitable in the month of December, its second full month of operation, and performed even better in January. Our Houston store opened on December 7, 2018 and was our best EchoPark store opening to date, selling 266 vehicles in the last three weeks of December and selling 373 vehicles in January. We expect Houston volume to continue climbing and ultimately operate in the volume range of our Dallas location, which sells nearly 1,200 vehicles a month. We expect the interest rate environment to remain challenging in 2019, anticipating several rate hikes. Given our luxury mix with higher than average inventory values, rising interest rates considerably erode our profitability. Accordingly, we are actively managing our inventory balances. Our days’ supply numbers in both new and used vehicles were 59 days and 31 days, respectively, at the end of 2018. Given this challenging environment, we completed headcount reductions in the first quarter of 2019, reducing our corporate and regional staff by over 6%, and have identified additional savings opportunities to reduce costs in 2019 and will continue to search for additional cost savings measures throughout 2019.”

Heath Byrd, Sonic’s and EchoPark’s Executive Vice President and Chief Financial Officer, added, “Given the volatility in the new car market, coupled with our expansion options for EchoPark, we will discontinue our historical practice of providing annual earnings per share guidance. In addition, starting in the first quarter of 2019, we will report our results on a GAAP basis only.”

Fourth Quarter 2018 Earnings Conference Call

Senior management will host a conference call today at 11:00 A.M. (Eastern) to discuss the quarter’s results. To access the live broadcast of the call over the Internet go to www.sonicautomotive.com, then click on “Our Company,” then “Investor Relations,” then the “Earnings Conference Calls” link at the bottom of the page.

Presentation materials for the conference call will be accessible beginning the morning of the conference call on the Company’s website at www.sonicautomotive.com by clicking on “Our Company,” then “Investor Relations,” then the “Webcasts & Presentations” link at the bottom of the page.

The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:

Domestic: (877) 450-3867
International: (706) 643-0958
Conference ID: 5294515

A conference call replay will be available one hour following the call for seven days and can be accessed by calling:

Domestic: (855) 859-2056
International: (404) 537-3406
Conference ID: 5294515



About Sonic Automotive

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, N.C., is one of the nation’s largest automotive retailers. Sonic can be reached on the web at www.sonicautomotive.com. More information about EchoPark Automotive can be found at www.echopark.com.

Forward-Looking Statements

Included herein are forward-looking statements. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, economic conditions in the markets in which we operate, new and used vehicle industry sales volume, the success of our operational strategies, the rate and timing of overall economic recovery or decline, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 and the Company's other periodic reports and information filed with the Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC.

Non-GAAP Financial Measures

This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income from continuing operations and related earnings per diluted share, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company provides reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosure, provide a meaningful presentation of the Company’s results from its core business operations excluding the impact of items not related to the Company’s ongoing core business operations, and improve the period-to-period comparability of the Company’s results from its core business operations.




Sonic Automotive, Inc.
Results of Operations (Unaudited)

Results of Operations
Three Months Ended December 31, Twelve Months Ended December 31, 
2018201720182017
(Dollars and shares in thousands, except per share amounts) 
Revenues: 
New vehicles $1,319,587 $1,485,749 $4,974,097 $5,295,051 
Used vehicles 755,882 685,965 2,973,498 2,622,053 
Wholesale vehicles 49,899 40,890 217,625 171,064 
Total vehicles 2,125,368 2,212,604 8,165,220 8,088,168 
Parts, service and collision repair 339,257 355,137 1,380,887 1,416,010 
Finance, insurance and other, net 109,633 100,198 405,523 363,030 
Total revenues 2,574,258 2,667,939 9,951,630 9,867,208 
Cost of Sales: 
New vehicles (1,253,792)(1,407,861)(4,732,595)(5,030,125)
Used vehicles (722,291)(651,074)(2,830,510)(2,467,150)
Wholesale vehicles (52,069)(43,224)(228,874)(179,778)
Total vehicles (2,028,152)(2,102,160)(7,791,979)(7,677,053)
Parts, service and collision repair (175,391)(181,690)(713,526)(732,479)
Total cost of sales (2,203,543)(2,283,850)(8,505,505)(8,409,532)
Gross profit 370,715 384,089 1,446,125 1,457,676 
Selling, general and administrative expenses (273,915)(277,634)(1,145,325)(1,147,773)
Impairment charges (15,553)(6,079)(29,514)(9,394)
Depreciation and amortization (22,556)(23,192)(93,623)(88,944)
Operating income (loss) 58,691 77,184 177,663 211,565 
Other income (expense): 
Interest expense, floor plan (13,585)(9,982)(48,398)(36,395)
Interest expense, other, net (13,914)(13,324)(54,059)(52,524)
Other income (expense), net — (32)106 (14,522)
Total other income (expense) (27,499)(23,338)(102,351)(103,441)
Income (loss) from continuing operations before taxes 31,192 53,846 75,312 108,124 
Provision for income taxes for continuing operations - benefit (expense) (9,212)8,282 (22,922)(13,971)
Income (loss) from continuing operations 21,981 62,128 52,390 94,153 
Discontinued operations: 
Income (loss) from discontinued operations before taxes (221)(293)(1,017)(1,942)
Provision for income taxes for discontinued operations - benefit (expense) 60 117 277 772 
Income (loss) from discontinued operations (161)(176)(740)(1,170)
Net income (loss) $21,820 $61,952 $51,650 $92,983 
Basic earnings (loss) per common share: 
Earnings (loss) per share from continuing operations $0.51 $1.44 $1.23 $2.14 
Earnings (loss) per share from discontinued operations — (0.01)(0.02)(0.03)
Earnings (loss) per common share $0.51 $1.43 $1.21 $2.11 
Weighted average common shares outstanding 42,710 43,156 42,708 43,997 
Diluted earnings (loss) per common share: 
Earnings (loss) per share from continuing operations $0.51 $1.42 $1.22 $2.12 
Earnings (loss) per share from discontinued operations — — (0.02)(0.03)
Earnings (loss) per common share $0.51 $1.42 $1.20 $2.09 
Weighted average common shares outstanding 42,911 43,682 42,950 44,358 
Dividends declared per common share $0.06 $0.05 $0.24 $0.20 



Sonic Automotive, Inc.
Results of Operations (Unaudited)
 
Per Share Data
Three Months Ended December 31, 2018 
Income (Loss)
From Continuing
Operations 		Income (Loss)
From Discontinued
Operations 		Net
Income (Loss) 
Weighted
Average
Shares 		Amount Per
Share
Amount 		Amount Per
Share
Amount 		Amount Per
Share
Amount 
(In thousands, except per share amounts) 
Reported: 
Earnings (loss) and shares 42,710 $21,981 $(161)$21,820 
Effect of participating securities: 
Non-vested restricted stock (21)— (21)
Basic earnings (loss) and shares 42,710 $21,960 $0.51 $(161)$— $21,799 $0.51 
Effect of dilutive securities: 
Stock compensation plans 201 
Diluted earnings (loss) and shares 42,911 $21,960 $0.51 $(161)$— $21,799 $0.51 
Adjustments: 
Impairment charges $15,553 $— $15,553 
Lease exit adjustments (800)— (800)
Total adjustments before taxes 14,753 — 14,753 
Income tax effect of adjustments (4,020)— (4,020)
Effect of adjustments, net of income taxes $10,733 $0.25 $— $— $10,733 $0.25 
Adjusted: 
Earnings (loss) and diluted earnings (loss) per share (1) $32,714 $0.76 $(161)$— $32,553 $0.76 
(1) Net loss attributable to EchoPark was $0.08 per fully diluted share in the three months ended December 31, 2018.
Three Months Ended December 31, 2017 
Income (Loss)
From Continuing
Operations 		Income (Loss)
From Discontinued
Operations 		Net
Income (Loss) 
Weighted
Average
Shares 		Amount Per
Share
Amount 		Amount Per
Share
Amount 		Amount Per
Share
Amount 
(In thousands, except per share amounts) 
Reported: 
Earnings (loss) and shares 43,156 $62,128 $(176)$61,952 
Effect of participating securities: 
Non-vested restricted stock (57)— (57)
Basic earnings (loss) and shares 43,156 $62,071 $1.44 $(176)$(0.01)$61,895 $1.43 
Effect of dilutive securities: 
Stock compensation plans 526 
Diluted earnings (loss) and shares 43,682 $62,071 $1.42 $(176)$— $61,895 $1.42 
Adjustments: 
Impairment charges $6,080 $— $6,080 
Legal and storm damage adjustments (1,153)— (1,153)
Long-term compensation-related charges
1,271 — 1,271 
Gain on disposal of franchises (1,507)— (1,507)
Total adjustments before taxes 4,691 — 4,691 
Income tax effect of adjustments (1,841)— (1,841)
Non-recurring tax items (28,409)— (28,409)
Effect of adjustments, net of income taxes $(25,559)$(0.58)$— $(0.01)$(25,559)$(0.59)
Adjusted: 
Earnings (loss) and diluted earnings (loss) per share (2) $36,569 $0.84 $(176)$(0.01)$36,393 $0.83 
(2) Net loss attributable to EchoPark was $0.04 per fully diluted share in the three months ended December 31, 2017.


Twelve Months Ended December 31, 2018 
Income (Loss)
From Continuing
Operations 		Income (Loss)
From Discontinued
Operations 		Net
Income (Loss) 
Weighted
Average
Shares 		Amount Per
Share
Amount 		Amount Per
Share
Amount 		Amount Per
Share
Amount 
(In thousands, except per share amounts) 
Reported: 
Earnings (loss) and shares 42,708 $52,390 $(740)$51,650 
Effect of participating securities: 
Non-vested restricted stock (50)— (50)
Basic earnings (loss) and shares 42,708 $52,340 $1.23 $(740)$(0.02)$51,600 $1.21 
Effect of dilutive securities: 
Stock compensation plans 242 
Diluted earnings (loss) and shares 42,950 $52,340 $1.22 $(740)$(0.02)$51,600 $1.20 
Adjustments: 
Impairment charges $29,512 $— $29,512 
Legal and storm damage charges 5,749 — 5,749 
Lease exit adjustments 1,435 — 1,435 
Gain on disposal of franchises (38,893)— (38,893)
Long-term compensation-related charges 32,522 — 32,522 
Executive transition costs 1,581 — 1,581 
Total adjustments before taxes 31,906 — 31,906 
Income tax effect of adjustments (8,694)— (8,694)
Non-recurring tax items 1,313 — 1,313 
Effect of adjustments, net of income taxes $24,524 $0.57 $— $— $24,524 $0.57 
Adjusted: 
Earnings (loss) and diluted earnings (loss) per share (3) $76,914 $1.79 $(740)$(0.02)$76,174 $1.77 
(3) Net loss attributable to EchoPark was $0.34 per fully diluted share in the twelve months ended December 31, 2018.
Twelve Months Ended December 31, 2017 
Income (Loss)
From Continuing
Operations 		Income (Loss)
From Discontinued
Operations 		Net
Income (Loss) 
Weighted
Average
Shares 		Amount Per
Share
Amount 		Amount Per
Share
Amount 		Amount Per
Share
Amount 
(In thousands, except per share amounts) 
Reported: 
Earnings (loss) and shares 43,997 $94,153 $(1,170)$92,983 
Effect of participating securities: 
Non-vested restricted stock (85)— (85)
Basic earnings (loss) and shares 43,997 $94,068 $2.14 $(1,170)$(0.03)$92,898 $2.11 
Effect of dilutive securities: 
Stock compensation plans 361 
Diluted earnings (loss) and shares 44,358 $94,068 $2.12 $(1,170)$(0.03)$92,898 $2.09 
Adjustments: 
Impairment charges $9,393 $— $9,393 
Legal and storm damage charges 9,628 — 9,628 
Long-term compensation-related charges
1,271 — 1,271 
Lease exit adjustments 992 — 992 
Gain on disposal of franchises
(9,997)— (9,997)
Loss on debt extinguishment and double-carry interest 15,268 — 15,268 
Total adjustments before taxes 26,555 — 26,555 
Income tax effect of adjustments (10,423)— (10,423)
Non-recurring tax items  (28,055)— (28,055)
Effect of adjustments, net of income taxes $(11,923)$(0.27)$— $0.01 $(11,923)$(0.26)
Adjusted: 
Earnings (loss) and diluted earnings (loss) per share (4) $82,230 $1.85 $(1,170)$(0.02)$81,060 $1.83 
(4) Net loss attributable to EchoPark was $0.26 per fully diluted share in the twelve months ended December 31, 2017.





Sonic Automotive, Inc.
Results of Operations (Unaudited)
 
New Vehicles
Three Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Reported new vehicle: 
Revenue $1,319,587 $1,485,749 $(166,162)(11.2)%
Gross profit $65,795 $77,888 $(12,093)(15.5)%
Unit sales 31,331 36,531 (5,200)(14.2)%
Revenue per unit $42,118 $40,671 $1,447 3.6 %
Gross profit per unit $2,100 $2,132 $(32)(1.5)%
Gross profit as a % of revenue 5.0 %5.2 %(20)bps 
Twelve Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Reported new vehicle: 
Revenue $4,974,097 $5,295,051 $(320,954)(6.1)%
Gross profit $241,502 $264,926 $(23,424)(8.8)%
Unit sales 122,717 135,663 (12,946)(9.5)%
Revenue per unit $40,533 $39,031 $1,502 3.8 %
Gross profit per unit $1,968 $1,953 $15 0.8 %
Gross profit as a % of revenue 4.9 %5.0 %(10)bps 
Three Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Same store new vehicle: 
Revenue $1,318,755 $1,414,121 $(95,366)(6.7)%
Gross profit $65,215 $75,428 $(10,213)(13.5)%
Unit sales 31,314 34,402 (3,088)(9.0)%
Revenue per unit $42,114 $41,106 $1,008 2.5 %
Gross profit per unit $2,083 $2,193 $(110)(5.0)%
Gross profit as a % of revenue 4.9 %5.3 %(40)bps 
Twelve Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Same store new vehicle: 
Revenue $4,897,389 $4,992,552 $(95,163)(1.9)%
Gross profit $238,648 $255,795 $(17,147)(6.7)%
Unit sales 120,400 126,101 (5,701)(4.5)%
Revenue per unit $40,676 $39,592 $1,084 2.7 %
Gross profit per unit $1,982 $2,028 $(46)(2.3)%
Gross profit as a % of revenue 4.9 %5.1 %(20)bps 








Sonic Automotive, Inc.
Results of Operations (Unaudited)
 
Used Vehicles
Three Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Reported used vehicle: 
Revenue $755,882 $685,965 $69,917 10.2 %
Gross profit $33,591 $34,891 $(1,300)(3.7)%
Unit sales 35,135 31,740 3,395 10.7 %
Revenue per unit $21,514 $21,612 $(98)(0.5)%
Gross profit per unit $956 $1,099 $(143)(13.0)%
Gross profit as a % of revenue 4.4 %5.1 %(70)bps 
Twelve Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Reported used vehicle: 
Revenue $2,973,498 $2,622,053 $351,445 13.4 %
Gross profit $142,988 $154,903 $(11,915)(7.7)%
Unit sales 139,605 123,489 16,116 13.1 %
Revenue per unit $21,299 $21,233 $66 0.3 %
Gross profit per unit $1,024 $1,254 $(230)(18.3)%
Gross profit as a % of revenue 4.8 %5.9 %(110)bps 
Three Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Same store used vehicle: 
Revenue $711,830 $647,963 $63,867 9.9 %
Gross profit $30,837 $32,079 $(1,242)(3.9)%
Unit sales 32,880 29,619 3,261 11.0 %
Revenue per unit $21,649 $21,877 $(228)(1.0)%
Gross profit per unit $938 $1,083 $(145)(13.4)%
Gross profit as a % of revenue 4.3 %5.0 %(70)bps 
Twelve Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Same store used vehicle: 
Revenue $2,593,725 $2,427,306 $166,419 6.9 %
Gross profit $136,200 $138,677 $(2,477)(1.8)%
Unit sales 120,339 112,605 7,734 6.9 %
Revenue per unit $21,553 $21,556 $(3)—%
Gross profit per unit $1,132 $1,232 $(100)(8.1)%
Gross profit as a % of revenue 5.3 %5.7 %(40)bps 





Sonic Automotive, Inc.
Results of Operations (Unaudited)
 
Wholesale Vehicles
Three Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Reported wholesale vehicle: 
Revenue $49,899 $40,890 $9,009 22.0 %
Gross profit $(2,170)$(2,334)$164 7.0 %
Unit sales 8,214 7,463 751 10.1 %
Revenue per unit $6,075 $5,479 $596 10.9 %
Gross profit per unit $(264)$(313)$49 15.7 %
Gross profit as a % of revenue (4.3)%(5.7)%140 bps 
Twelve Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Reported wholesale vehicle: 
Revenue $217,625 $171,064 $46,561 27.2 %
Gross profit $(11,249)$(8,714)$(2,535)(29.1)%
Unit sales 34,167 31,385 2,782 8.9 %
Revenue per unit $6,369 $5,451 $918 16.8 %
Gross profit per unit $(329)$(278)$(51)(18.3)%
Gross profit as a % of revenue (5.2)%(5.1)%(10)bps 
Three Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Same store wholesale vehicle: 
Revenue $49,821 $37,964 $11,857 31.2 %
Gross profit $(2,118)$(1,992)$(126)(6.3)%
Unit sales 8,205 6,860 1,345 19.6 %
Revenue per unit $6,072 $5,534 $538 9.7 %
Gross profit per unit $(258)$(290)$32 11.0 %
Gross profit as a % of revenue (4.3)%(5.2)%90 bps 
Twelve Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except unit and per unit data) 
Same store wholesale vehicle: 
Revenue $200,574 $158,787 $41,787 26.3 %
Gross profit $(11,215)$(7,455)$(3,760)(50.4)%
Unit sales 31,080 28,547 2,533 8.9 %
Revenue per unit $6,453 $5,562 $891 16.0 %
Gross profit per unit $(361)$(261)$(100)(38.3)%
Gross profit as a % of revenue (5.6)%(4.7)%(90)bps 





Sonic Automotive, Inc.
Results of Operations (Unaudited)
 
Parts, Service and Collision Repair (“Fixed Operations”)
Three Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands) 
Reported Fixed Operations: 
Revenue 
Customer pay $137,690 $140,285 $(2,595)(1.8)%
Warranty 68,425 69,771 (1,346)(1.9)%
Wholesale parts 38,302 41,445 (3,143)(7.6)%
Internal, sublet and other 94,840 103,636 (8,796)(8.5)%
Total $339,257 $355,137 $(15,880)(4.5)%
Gross profit 
Customer pay $73,173 $74,748 $(1,575)(2.1)%
Warranty 38,411 38,273 138 0.4 %
Wholesale parts 6,797 7,149 (352)(4.9)%
Internal, sublet and other 45,485 53,277 (7,792)(14.6)%
Total $163,866 $173,447 $(9,581)(5.5)%
Gross profit as a % of revenue 
Customer pay 53.1 %53.3 %(20)bps 
Warranty 56.1 %54.9 %120 bps 
Wholesale parts 17.7 %17.2 %50 bps 
Internal, sublet and other 48.0 %51.4 %(340)bps 
Total 48.3 %48.8 %(50)bps 
Twelve Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands) 
Reported Fixed Operations: 
Revenue 
Customer pay $560,037 $555,463 $4,574 0.8 %
Warranty 266,644 282,926 (16,282)(5.8)%
Wholesale parts 161,066 168,459 (7,393)(4.4)%
Internal, sublet and other 393,140 409,162 (16,022)(3.9)%
Total $1,380,887 $1,416,010 $(35,123)(2.5)%
Gross profit 
Customer pay $299,616 $296,834 $2,782 0.9 %
Warranty 150,746 156,082 (5,336)(3.4)%
Wholesale parts 27,746 28,989 (1,243)(4.3)%
Internal, sublet and other 189,253 201,626 (12,373)(6.1)%
Total $667,361 $683,531 $(16,170)(2.4)%
Gross profit as a % of revenue 
Customer pay 53.5 %53.4 %10 bps 
Warranty 56.5 %55.2 %130 bps 
Wholesale parts 17.2 %17.2 %— bps 
Internal, sublet and other 48.1 %49.3 %(120)bps 
Total 48.3 %48.3 %— bps 




Sonic Automotive, Inc.
Results of Operations (Unaudited)
 
Parts, Service and Collision Repair (“Fixed Operations”)
Three Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands) 
Same Store Fixed Operations: 
Revenue 
Customer pay $137,166 $134,686 $2,480 1.8 %
Warranty 68,607 66,823 1,784 2.7 %
Wholesale parts 38,295 40,015 (1,720)(4.3)%
Internal, sublet and other 94,026 98,065 (4,039)(4.1)%
Total $338,094 $339,589 $(1,495)(0.4)%
Gross profit 
Customer pay $72,970 $71,740 $1,230 1.7 %
Warranty 38,526 36,647 1,879 5.1 %
Wholesale parts 6,797 6,906 (109)(1.6)%
Internal, sublet and other 45,483 50,458 (4,975)(9.9)%
Total $163,776 $165,751 $(1,975)(1.2)%
Gross profit as a % of revenue 
Customer pay 53.2 %53.3 %(10)bps 
Warranty 56.2 %54.8 %140 bps 
Wholesale parts 17.7 %17.3 %40 bps 
Internal, sublet and other 48.4 %51.5 %(310)bps 
Total 48.4 %48.8 %(40)bps 
Twelve Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands) 
Same Store Fixed Operations: 
Revenue 
Customer pay $550,371 $528,163 $22,208 4.2 %
Warranty 263,814 268,800 (4,986)(1.9)%
Wholesale parts 159,004 160,691 (1,687)(1.0)%
Internal, sublet and other 377,480 383,326 (5,846)(1.5)%
Total $1,350,669 $1,340,980 $9,689 0.7 %
Gross profit 
Customer pay $294,660 $281,891 $12,769 4.5 %
Warranty 147,507 148,237 (730)(0.5)%
Wholesale parts 27,429 27,702 (273)(1.0)%
Internal, sublet and other 183,927 187,709 (3,782)(2.0)%
Total $653,523 $645,539 $7,984 1.2 %
Gross profit as a % of revenue 
Customer pay 53.5 %53.4 %10 bps 
Warranty 55.9 %55.1 %80 bps 
Wholesale parts 17.3 %17.2 %10 bps 
Internal, sublet and other 48.7 %49.0 %(30)bps 
Total 48.4 %48.1 %30 bps 





Sonic Automotive, Inc.
Results of Operations (Unaudited)
 
Finance, Insurance and Other, Net (“F&I”)    
Three Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except per unit data) 
Reported F&I: 
Revenue $109,633 $100,198 $9,435 9.4 %
Unit Sales  66,102 68,015 (1,913)(2.8)%
Gross profit per retail unit (excludes fleet) $1,659 $1,473 $186 12.6 %
Twelve Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except per unit data) 
Reported F&I: 
Revenue $405,523 $363,030 $42,493 11.7 %
Unit Sales 260,424 257,217 3,207 1.2 %
Gross profit per retail unit (excludes fleet) $1,557 $1,411 $146 10.3 %
Three Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except per unit data) 
Same Store F&I: 
Revenue $101,966 $91,981 $9,985 10.9 %
Unit Sales 63,830 63,805 25 — %
Gross profit per retail unit (excludes fleet) $1,597 $1,442 $156 10.8 %
Twelve Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands, except per unit data) 
Same Store F&I: 
Revenue $356,589 $331,288 $25,301 7.6 %
Unit Sales 238,886 236,961 1,925 0.8 %
Gross profit per retail unit (excludes fleet) $1,493 $1,398 $95 6.8 %



Sonic Automotive, Inc.
Results of Operations (Unaudited)
 
Selling, General and Administrative (“SG&A”) Expenses
Three Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands) 
Reported: 
Compensation $166,950 $172,515 $5,565 3.2 %
Advertising 16,196 15,116 (1,080)(7.1)%
Rent 13,753 17,713 3,960 22.4 %
Other 77,016 72,290 (4,726)(6.5)%
Total SG&A expenses $273,915 $277,634 $3,719 1.3 %
Adjustments: 
Legal and storm damage adjustments $— $1,153 
Long-term compensation-related charges — (1,271)
Lease exit adjustments 800 — 
Gain on disposal of franchises — 1,507 
Total SG&A adjustments $800 $1,389 
Adjusted: 
Total adjusted SG&A expenses $274,715 $279,023 $4,308 1.5 %
Reported: 
SG&A expenses as a % of gross profit: 
Compensation 45.0 %44.9 %(10)bps 
Advertising 4.4 %3.9 %(50)bps 
Rent 3.7 %4.6 %90 bps 
Other 20.8 %18.9 %(190)bps 
Total SG&A expenses as a % of gross profit 73.9 %72.3 %(160)bps 
Adjustments: 
Legal and storm damage adjustments — %0.2 %
Long-term compensation-related charges — %(0.3)%
Lease exit adjustments 0.2 %— %
Gain on disposal of franchises — %0.3 %
Total effect of adjustments 0.2 %0.3 %
Adjusted: 
Total adjusted SG&A expenses as a % of gross profit 74.1 %72.6 %(150)bps 














Sonic Automotive, Inc.
Results of Operations (Unaudited)
 
Selling, General and Administrative (“SG&A”) Expenses
Twelve Months Ended December 31, Better / (Worse) 
20182017Change % Change 
(In thousands) 
Reported: 
Compensation $725,022 $692,935 $(32,087)(4.6)%
Advertising 63,134 61,563 (1,571)(2.6)%
Rent 64,204 73,022 8,818 12.1 %
Other 292,965 320,253 27,288 8.5 %
Total SG&A expenses $1,145,325 $1,147,773 $2,448 0.2 %
Adjustments: 
Legal and storm damage charges $(5,749)$(9,628)
Long-term compensation-related charges (32,522)(1,271)
Executive transition costs (1,581)— 
Lease exit adjustments (1,435)(992)
Gain on disposal of franchises 38,893 9,997 
Total SG&A adjustments $(2,394)$(1,894)
Adjusted: 
Total adjusted SG&A expenses $1,142,931 $1,145,879 $2,948 0.3 %
Reported: 
SG&A expenses as a % of gross profit: 
Compensation 50.1 %47.5 %(260)bps 
Advertising 4.4 %4.2 %(20)bps 
Rent 4.4 %5.0 %60 bps 
Other 20.3 %22.0 %170 bps 
Total SG&A expenses as a % of gross profit 79.2 %78.7 %(50)bps 
Adjustments: 
Legal and storm damage charges (0.5)%(0.5)%
Long-term compensation-related charges (2.7)%(0.1)%
Executive transition costs (0.1)%— %
Lease exit adjustments (0.1)%(0.1)%
Gain on disposal of franchises 3.2 %0.5 %
Total effect of adjustments (0.2)%(0.1)%
Adjusted: 
Total adjusted SG&A expenses as a % of gross profit 79.0 %78.6 %(40)bps 



Contact: Heath Byrd, Executive Vice President and Chief Financial Officer (704) 566-2400
C.G. Saffer, Vice President and Chief Accounting Officer (704) 566-2439