Sonic Automotive, Inc. Completes New Syndicated Credit Facility

CHARLOTTE, N.C., Feb. 21, 2006 -- Sonic Automotive, Inc. , a leader in automotive retailing, announced today that it has entered into a new $1.2 billion four-year revolving syndicated credit facility with 14 financial institutions. This new credit facility replaces Sonic's existing $550 million revolving credit facility and a portion of Sonic's existing floorplan financing arrangements.

Under the terms of the agreement, up to $700 million of the syndicated credit facility is available for new vehicle inventory floorplan financing, up to $150 million is available for used vehicle inventory floorplan financing and up to $350 million is available for working capital and general corporate purposes, including acquisitions. Sonic has the ability over the term of the new facility to expand the facility to provide up to $1.45 billion in total credit availability upon satisfaction of certain conditions.

Lenders in the syndicated facility include three manufacturer-affiliated finance companies -- Toyota Motor Credit Corporation, BMW Financial Services NA, LLC and Nissan Motor Acceptance Corporation -- and 11 commercial banks and other lending institutions. These lenders are Bank of America, N.A., JP Morgan Chase Bank, Wachovia Bank, Comerica Bank, Sovereign Bank, SunTrust Bank, Fifth Third Bank, General Electric Capital Corporation, Key Bank, World Omni Financial Corporation and Carolina First Bank. The syndication was arranged through Banc of America Securities LLC and JPMorgan Securities, Inc.

Sonic also anticipates entering into or renewing separate credit arrangements with BMW Financial Services NA, LLC, DaimlerChrysler Services North America LLC, Ford Motor Credit Company and General Motors Acceptance Corporation for floorplan financing. These separate floorplan facilities are anticipated to provide a total of approximately $620 million of availability to finance new vehicle inventory purchased from the respective manufacturer affiliates of these captive finance companies.

Jeffrey C. Rachor, Sonic's President and Chief Operating Officer stated, "The completion of this facility increases the sources of long-term, attractively priced capital for Sonic. The combination of commercial lending institutions and manufacturer-affiliated finance companies participating in our floorplan and other financing facilities demonstrates the broad attractiveness of the automotive retailing sector. Many of these entities have been outstanding financing partners for our Company for many years. We look forward to continuing to build on those relationships while also welcoming new lenders to our Company. We believe this new credit facility provides us with a stable capital structure for the foreseeable future and we can focus our efforts on successfully deploying that capital consistent with the more measured acquisition strategy we have previously communicated to the marketplace."

About Sonic Automotive

Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is one of the largest automotive retailers in the United States operating 177 franchises and 38 collision repair centers. Sonic can be reached on the Web at http://www.sonicautomotive.com/.

Included herein are forward-looking statements, including statements pertaining to the Company's capital structure, new credit facilities and acquisition opportunities. There are many factors that 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 described in Exhibit 99.2 to the Company's Current Report on Form 8-K dated November 3, 2005. The Company does not undertake any obligation to update forward-looking information.

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