Sonic Automotive, Inc. Announces Acquisition of Five Dealerships

CHARLOTTE, N.C., April 11 Sonic Automotive, Inc. announced today that it has entered into agreements to acquire five dealerships. The dealerships have combined annual revenues of approximately $300 million annually. The dealerships acquired or to be acquired are:

* Parra Autoplex (including Chevrolet, Mitsubishi and Chrysler-Jeep dealerships) in Irving, Texas, in the Dallas metropolitan area; * Acura 101 West in Calabasas, California, in the Los Angeles metropolitan market; * Triangle Hyundai (now operating as Philpott Motors Hyundai) in Beaumont, Texas.

The acquisition of Triangle Hyundai has been completed. The acquisitions of Acura 101 West and Parra Autoplex are expected to close in the second or third quarter of 2002, subject to normal closing conditions including manufacturers' approval.

All of the acquired dealerships are in markets where Sonic has existing operations. These dealerships will complement Sonic's existing operations, build local market share and take advantage of the Company's existing management infrastructure in these markets. Sonic is adding to its portfolio of luxury brands with its second Acura dealership and expanding its representation of the rapidly growing Hyundai brand.

B. Scott Smith, the Company's President and Chief Operating Officer stated, ``These acquisitions are further demonstration of Sonic's consistent execution of a clearly defined growth strategy. We're building market share in our local markets with attractively valued acquisitions. We're building market share with strong brands like Chevrolet, Acura and Hyundai. Impact on earnings per share from these acquisitions in 2002 is expected to be nominal. We believe the impact on earnings per share in 2003 will be from $0.05 to $0.07.''