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Sonic Automotive, Inc. Achieving Efficiencies Of Scale

10 August 1998

Sonic Automotive, Inc. Achieving Efficiencies Of Scale Through Consolidation Of Their Retail Lenders

    CHARLOTTE, N.C., Aug. 10 -- Sonic Automotive, Inc.
is continuing to execute its' operations strategy to achieve
efficiencies of scale through the consolidation of its' retail leading
sources, which provide financing of automobile purchases for Sonic's
customers.  Sonic Automotive, Inc. is pleased to introduce Chase Automotive
Finance, a wholly owned subsidiary of The Chase Manhattan Bank, and First
Union Auto Finance as its national retail and leasing institutions,
respectively.  Sonic is pleased to have two such outstanding retail lenders
with the quality and commitment they provide and with the infrastucture to
grow with Sonic Automotive, Inc.
    Sonic Automotive, Inc. is continuing to consolidate lending agreements for
its' automobile dealerships to provide a manageable portfolio on a nationwide
scale.  With each of these lending institutions comes a dedicated lending team
to provide Sonic-owned dealerships with efficient service and approval time on
applications submitted.
    The Chase Manhattan Corporation has assets of over $365
billion.  Chase provides integrated solutions that meet its customers'
payment, savings, investment, insurance, credit and financial planning needs.
It has relationships with more than 30 million consumers coast to coast.
Chase Automotive Finance is the largest non-manufacturer auto finance company
in the United Sales with managed assets exceeding $20 billion and a presence
in all 50 states.
    First Union Auto Finance is a wholly owned subsidiary of First Union
Corporation , a leading provider of financial services with more
than 16 million retail and corporate customers throughout the East Coast and
the nation.  With more than $9 billion in outstanding customer leases,
customer loans and dealership wholesale financing products, First Union Auto
Finance was one of the first banks to offer vehicle leasing and is among the
country's top five auto finance banks.
    B. Scott Smith, President and Chief Operating Officer of Sonic Automotive,
Inc., said "Presently with our approximately $1.5 billion in pro forma total
vehicle sales, a consolidation of lenders provides Sonic Automotive advantages
on a massive scale.  The retail lenders will be supportive and efficient in
their capacities.  Based on Sonic Automotive's high auto sales and lease
volume, consolidating lenders will give as an important marketplace
advantage."
    Sonic Automotive, Inc. is one of the leading automotive retailers in the
United States, with operations in Alabama, Florida, Georgia, North Carolina,
Ohio, South Carolina, Tennessee and Texas.
    Included herein are forward-looking statements, including statements with
respect to anticipated revenue 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 filings with
Securities and Exchange Commission.