Auto Retailer Sonic Automotive Authorizes Additional Stock Repurchases of $25 Million

CHARLOTTE, N.C., Aug. 13 Sonic Automotive, Inc. today announced that its Board of Directors has authorized the Company to expend up to an additional $25,000,000 to repurchase outstanding shares of its Class A common stock or redeem securities convertible into Class A common stock. Purchases of Class A common stock for the quarter to date total 716,400 shares. Shares of the Company's Class A common stock will be purchased from time to time in the open market, or in negotiated transactions, subject to market conditions. "Our Board of Directors believes Sonic Automotive, Inc. is currently undervalued by the market. The Company will continue its practice of periodically using stock buybacks to maximize returns to shareholders, manage its capital structure and improve earnings per share," stated O. Bruton Smith, the Company's Chairman and Chief Executive Officer.

About Sonic Automotive, Inc.

Sonic Automotive, Inc., a Fortune 300 Company, is the second largest automotive retailer in the United States operating 187 franchises and 43 collision repair centers. Sonic can be reached on the Web at www.sonicautomotive.com.