lanelogic and Sonic Expand Partnership
DALLAS--lanelogic, Inc., the premier used vehicle trading network, and Sonic Automotive, Inc. signed an agreement for Sonic to expand the lanelogic trading system into its Southeastern dealerships. Installation is complete and additional dealerships will be added in the coming weeks.
lanelogic’s Wall Street inspired used vehicle trade floor will help Sonic dealerships optimize their inventory and pricing. “The lanelogic solution provides Sonic dealers with market-based retail pricing for traded vehicles and a trade floor to move vehicles to and from Sonic dealerships for optimal selling opportunities,” said Jim O’Brien, lanelogic president.
“lanelogic’s trading technology is cutting edge. The ability to lower our wholesale loss and inventory turn time and increase our retail gross profit is a very compelling proposition. We are excited about the expansion and look forward to great things,” said Jeff Dyke, Sonic Automotive, Inc. regional COO.
ABOUT LANELOGIC
lanelogic, Inc. is the nation’s exclusive online used vehicle market-maker. Launched in November 2005, the Dallas based privately-held company is the premier wholesale/retail used vehicle inventory management solution for franchised dealers – both buying and selling. lanelogic offers participating dealers Puts, exclusive 45-Day Buyback Guarantee, instant Buy bids and intelligent inventory procurement. lanelogic’s investment team is comprised of, Cain Capital, L.L.C., Dallas, Copart, Inc., Fairfield, Calif., HBK Investments L.P., Dallas/Hong Kong/London and Bruce Thompson, CEO/founder. Strategic alliances include American Auto Exchange, Inc., Dealer Services Corporation, The Great American Insurance Group, JMN Logistics and SGS Automotive Services. Learn more at www.lanelogic.com.
ABOUT SONIC AUTOMOTIVE, INC.
Sonic Automotive, Inc., a fortune 300 Company, is one of the largest automotive retailers in the United States operating 178 franchises and 37 collision repair centers. Sonic can be reached on the Web at www.sonicautomotive.com.
Included herein are forward-looking statements that anticipate future events or trends, including an anticipated business relationship, and anticipated resulting improvement in gross profits, wholesale losses and inventory turn time. There are many factors that affect management’s views about future events and trends of Sonic’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, risks associated with acquisitions and the risk factors described in Sonic’s quarterly report on Form 10-Q for the quarter ended June 30, 2007. Sonic does not undertake any obligation to update forward-looking information.