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Sonic Automotive, Inc. Announces Acquisitions

16 December 1998

Sonic Automotive, Inc. Announces Acquisitions of Newsome Dealership Group and Global Imports

    CHARLOTTE, N.C., Dec. 15 -- Sonic Automotive, Inc.
announced today that it has entered into definitive agreements to
acquire the Newsome Dealership Group with dealerships located in Columbia,
South Carolina and Florence, South Carolina, and Global Imports in Atlanta,
Georgia. The Newsome Dealership Group consists of Columbia-based Newsome
Chevrolet World and Florence-based Newsome Automotive (Chevrolet and
Mercedes-Benz) and Imports of Florence (BMW and Isuzu). Global Imports is one
of the premier BMW dealerships in the Southeast and one of the ten largest BMW
dealerships in the United States. The dealerships being acquired have
estimated 1998 revenues of approximately $195 million.
    Combined, these transactions are valued at approximately $31.2 million. A
combination of Class A Common Stock and Convertible Preferred Stock will be
issued for approximately $15.1 million of the purchase price, and the
remainder will be payable in cash. Both acquisitions are expected to close in
the first or second quarter of 1999.

    Newsome Dealership Group

    The Newsome Dealership Group acquisition gives Sonic Automotive its first
dealerships in Columbia, South Carolina and Florence, South Carolina. Included
in this acquisition are five additional franchises representing four different
brands. Columbia, South Carolina's capital, is the largest city in the state
and the population center of a rapidly growing Southeast market projected to
be home to almost one-third of the United States population by the year 2000.
These acquisitions mark Sonic's entry into new markers based largely upon the
confidence of the Newsome management team led by John Newsome, Jr. who will
join Sonic as a Regional Vice President.
    "Sonic is entering another growing Southeastern market and continues to
add to its experienced automotive retailing management team. We now have the
base and management structure to support further expansion in South Carolina
markets," stated 0. Bruton Smith, the Company's Chairman and Chief Executive
Officer.
    John Newsome has a long history of automotive retailing experience having
spent his early years in a family-owned Dodge dealership and then running the
state's largest vehicle wholesaling operation. In 1978, he bought his first
dealership, John Newsome Buick-Oldsmobile-Pontiac in Hartsville, South
Carolina. Since 1978, John has owned and operated more than six dealerships
including Newsome Chevrolet World, Newsome Autoworld, and Imports of Florence.
    John Newsome stated, "South Carolina presents tremendous growth
opportunities for Sonic Automotive. I'm pleased to be able to lead Sonic's
growth in South Carolina."

    Global Imports

    Global Imports is Sonic's fifth BMW franchise, and in addition to Imports
of Florence, the Company will now own and operate BMW dealerships in Atlanta,
Georgia; Nashville, Tennessee; and Greenville, South Carolina. Global Imports
is the premier BMW franchise in the Atlanta market evidenced by its dominant
market share of over 40%. The franchise has been in existence for over 25
years and has experienced substantial growth, currently averaging sales of
over 100 new BMW automobiles per month. This acquisition illustrates Sonic's
commitment to luxury import sales which typically experience the highest
margins in automotive retailing.
    "Global Imports builds on Sonic's base in luxury import dealerships and
the Atlanta market. Global Imports allows Sonic to build critical mass in the
Atlanta market and realize savings in advertising and other costs," stated B.
Scott Smith, the Company's President and Chief Operating Officer.

    Fourth Quarter Operations

    B. Scott Smith stated, "Operating performance in Sonic's dealerships
continues to be strong in all of Sonic's product lines. We see no unexpected
weakness in operating performance in the fourth quarter."
    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. Upon completion of these
acquisitions, Sonic will operate 81 franchises and 17 collision repair
centers.
    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 The
Securities and Exchange Commission.