Fourth Quarter 58% Increase in EPS Reported by Sonic Automotive, Inc.

23 February 2000

    CHARLOTTE, N.C., Feb. 22 -- Sonic Automotive, Inc.
announced today that net income for the fourth quarter ended
December 31, 1999 increased 141% to $15.3 million, or $0.38 per diluted share,
from $6.3 million, or $0.24 per diluted share, for the fourth quarter ended
December 31, 1998.  Net income before tax effected goodwill amortization
expense per diluted share was $0.44 in the fourth quarter of 1999 versus
$0.27 in the fourth quarter of 1998, an increase of 63%.
    The fourth quarter of 1999 was Sonic's ninth consecutive quarter of
greater than 50% growth in earnings per share.  The 58% increase in earnings
per share for the fourth quarter of 1999 was achieved despite a 53% increase
in shares outstanding versus the same quarter in 1998.
    For the twelve months of 1999, net income increased 141% to $44.7 million,
or $1.27 per diluted share, from $18.6 million, or $0.74 per diluted share for
the twelve months of 1998.  Net income grew 29% faster than revenues for the
year.  Earnings per share increased 72% in the twelve months of 1999 when
compared to the prior year.  Net income per diluted share before tax effected
goodwill amortization expense for the twelve months of 1999 was $1.44 versus
$0.84 in the twelve months of 1998.
    O. Bruton Smith, the Company's Chairman and Chief Executive Officer
stated, "Rapid growth in earnings per share continues at Sonic Automotive.
We've consistently demonstrated one of the fastest earnings growth rates in
all of U.S. retailing.  Sonic's average annual growth in earnings per share
since going public exceeds 117%."
    "Sonic has successfully completed the largest acquisition in auto
retailing history.  As expected, the cultures and organizational structures of
FirstAmerica Automotive and Sonic Automotive were complementary, which is
leading to a quick and effective integration.  The brand and geographic
diversity and quality operations management provided by the FirstAmerica
acquisition will contribute to future earnings stability for Sonic," stated
Thomas A. Price, the Company's Vice Chairman.

    Rapidly Growing Revenues and Margins
    Total revenues for the fourth quarter of 1999 increased 159% to
$1.2 billion from $449.5 million in the fourth quarter of 1998.  Revenues for
the fourth quarter reflect Sonic's successful completion, ahead of schedule,
of the acquisition of FirstAmerica.
    Total revenues for the twelve months of 1999 rose 109% to $3.4 billion
versus $1.6 billion in the twelve months of 1998.  The Company's revenue mix
also improved with new vehicle revenues declining from 60% of sales to
58.7% of sales.  Finance and insurance revenues, Sonic's highest margin
revenue source, increased from 2.1% to 2.5%.
    Gross profits increased 171% to $165.4 million in the fourth quarter of
1999, compared to $61.0 million in the fourth quarter of 1998, resulting
primarily from acquisitions and improvements in gross margins from 13.6% to
14.2%.  Revenue mix for the quarter improved with the percentage of total
revenues from high margin service, parts, collision repair and finance and
insurance increasing from 12.1% to 14.1% of total sales.  Gross profits for
the twelve months of 1999 increased 119% to $454.4 million, compared to
$207.4 million for the same period in the prior year.
    "Despite the proliferation of internet-based marketing channels for
automobiles and the related availability of pricing information of new
vehicles, gross profits on new vehicles sales remained stable in the fourth
quarter.  Gross profit percentages on new vehicle sales actually increased for
the year -- both for same stores and the total company," stated   B. Scott
Smith, the Company's President and Chief Operating Officer.
    Income before taxes for the fourth quarter of 1999 rose 157% to
$25.4 million from $9.9 million in the same quarter of the prior year.
Operating income during the fourth quarter of 1999 rose to $41.3 million from
$16.9 million in the same quarter of last year, representing an increase of
145%.  Net operating cash flow (net income plus depreciation and amortization
plus tax benefits of goodwill amortization) was approximately $20.0 million
for the quarter ended December 31, 1999.

    Continued Same Store Sales Growth
    On a same store basis, revenues in the three months and twelve months
ended December 31, 1999 increased 7.2% and 13.1%, respectively.  For the three
months ended December 31, 1999 same store sales for the high margin finance
and insurance increased 35%.  Same store income before taxes increased 1.9%
for the fourth quarter of 1999 and 23.0% for the year ended December 31, 1999.
    "The fourth quarter increase in same store sales was achieved despite
declines in same store sales at several large Sonic Chrysler brand
dealerships.  Our fourth quarter performance demonstrates the value of brand
diversity with BMW and Ford dealerships delivering strong same store sales
growth.  In the fourth quarter we also restructured our operations management
without negatively impacting our results of operations.  With the addition of
Sonic's recently announced Division Vice Presidents, we now have a completed
infrastructure to support our operations and growth strategy," stated Jeffrey
C. Rachor, the Company's Executive Vice President of Retail Operations.

    Stock Buyback Program
    The Company's Board of Directors recently approved up to an additional
$25 million for buyback of Sonic shares.  A total of up to $50 million has now
been authorized for stock buybacks.  Sonic is continuing its stock buyback
program with purchase efforts primarily aimed at acquiring shares held by
former owners of dealerships acquired by Sonic.

    Acquisition Closings and Pipeline
    At December 31, 1999, $61 million was available under Sonic's $350 million
acquisition credit facility.  This availability, combined with cash generated
from operations, provides capital to continue Sonic's disciplined acquisition
strategy.  Current acquisition efforts are focused on high return acquisition
opportunities in markets where Sonic has existing operations.
    During the fourth quarter, Sonic Automotive closed its acquisitions of
Altman Dodge in Charleston, South Carolina; Joe Camp Ford in LaPorte, Texas;
Integrity Dodge in Las Vegas, Nevada; FirstAmerica Automotive in California
and Nevada; Village Volvo in Bel Air, Maryland; Volvo of Las Vegas in Las
Vegas, Nevada; Freeland Automotive in Fort Myers, Florida; and Land Rover of
Marin and Lexus of Marin, a companion to Sonic's existing Serramonte Lexus
dealership in San Rafael, California.
    The previously unannounced acquisition of the Marin dealerships will add
an estimated $65.4 million revenues for Sonic in the 2000 calendar year.
These dealerships expand Sonic's brand diversity and presence in the high
income, high growth San Francisco Bay area market and continue Sonic's
emphasis on luxury brands.
    In 1999, the Company closed 73 dealership acquisitions totaling
approximately $2.9 billion in revenues.
    Sonic Automotive, Inc. is one of the leading automotive retailers in the
United States, with operations in Alabama, California, Florida, Georgia,
Maryland, Nevada, North Carolina, Ohio, South Carolina, Tennessee, Texas and
Virginia.  Sonic operates 165 franchises and 30 collision repair centers with
an estimated revenue run rate of approximately $6 billion.
    Included herein are forward-looking statements, including statements with
respect to anticipated revenue and profit growth.  There are many factors
which affect management's views about future events and trends of the
Company'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 set forth from time to time in the Company's
recent filings with the Securities and Exchange Commission.

MANAGEMENT WILL BE HOLDING A CONFERENCE CALL TODAY AT 11:00 A.M. EASTERN TIME.
TO PARTICIPATE, PLEASE DIAL 888-318-6429, SECURITY CODE: SONIC - OR YOU CAN
ACCESS THE CALL AT http://WWW.STREETFUSION.COM .

                      Results of Operations (Unaudited)
            (in thousands, except per share and unit data amounts)

                             Three Months Ended             Year Ended
                                 December  31,              December  31,
                             1998          1999         1998          1999

    New Units               11,344        26,785       41,592        79,294
    Used Units               6,771        14,953       24,591        47,345
     Total Units Retailed   18,115        41,738       66,183       126,639
    Wholesale Units          5,824        12,539       21,886        39,834
    Average price per unit:
    New vehicles            24,014        25,859       23,152        24,826
    Used vehicles           13,162        15,098       13,206        14,459
    Wholesale vehicles       5,725         6,450        5,453         6,296

    Revenues:
    New Vehicles          $272,414      $692,632     $962,939    $1,968,514
    Used Vehicles           89,119       225,763      324,740       684,560
    Wholesale Vehicles      33,344        80,871      119,351       250,794
     Total Vehicles        394,877       999,266    1,407,030     2,903,868
    Parts, Service,
     and Collision Repair   43,546       133,935      162,660       364,184
    Finance & Insurance     11,057        30,676       34,011        82,771
     Total Revenues        449,480     1,163,877    1,603,701     3,350,823
    Total Gross Profit      61,046       165,433      207,442       454,423
    SG&A Expenses           42,945       119,621      150,130       326,914
    Depreciation               186         1,181        1,384         3,138
    Goodwill Amortization    1,061         3,375        3,223         8,561
    Operating Income        16,854        41,256       52,705       115,810
    Interest
     Expense-Floorplan       3,549         7,418       14,096        22,536
    Interest Expense-Other   3,847         9,409        9,395        21,586
    Other Income               402           924          426         1,286
    Income Before Taxes      9,860        25,353       29,640        72,974
    Income Taxes             3,530        10,075       11,083        28,325
    Net Income              $6,330       $15,278      $18,557       $44,649

    Diluted income per share $0.24         $0.38        $0.74         $1.27

    Weighted average
     shares outstanding     26,520        40,465       24,970        35,248

    Other Data:
    Gross margin             13.6%         14.2%        12.9%         13.6%
    Operating margin          3.7%          3.5%         3.3%          3.5%
    Pretax income margin      2.2%          2.2%         1.8%          2.2%
    Interest (non-floorplan)
     coverage ratio           3.9x          4.2x         4.6x          4.9x
    Cash and Equivalents                              51,834        76,251
    Working Capital                                   79,155       175,304
    Total Inventory                                  264,971       631,349
    Floorplan Debt                                   228,158       518,357
    Long Term Debt (incl. current portion)           136,037       419,401