Sonic Automotive, Inc. Closes FirstAmerica Automotive, Inc. Acquisition
15 December 1999
Sonic Automotive, Inc. Closes FirstAmerica Automotive, Inc. Acquisition and Other AcquisitionsCHARLOTTE, N.C., Dec. 14 -- Sonic Automotive, Inc. announced today that it has closed its acquisition of FirstAmerica Automotive, Inc., an owner and operator of franchised automotive dealerships based in San Francisco, California. FirstAmerica Automotive, Inc. currently owns 29 dealerships in California and Nevada and has estimated proforma 1999 revenues of over $1.6 billion. Sonic also announced that it has closed its previously announced acquisition of the Freeland Automotive Group in Ft. Myers, Florida and acquisitions of Village Volvo in Bel Air, Maryland and Volvo of Las Vegas in Las Vegas, Nevada. O. Bruton Smith, the Company's Chairman and Chief Executive Officer stated, "We are delighted to have completed the largest transaction in U.S. automotive retailing history ahead of schedule. We wish to welcome all of the outstanding employees of FirstAmerica Automotive, Inc. to Sonic Automotive, Inc." Tom Price, the Company's Vice Chairman and former Chief Executive Officer of FirstAmerica Automotive, Inc., stated, "The combined resources of Sonic Automotive and FirstAmerica make us far stronger than either independent entity. Our management team, brand diversity and geographic diversity are the best in automotive retailing and will lead to continued industry-leading growth and success." In 1999, the Company has closed 71 dealership acquisitions totaling approximately $2.9 billion in 1998 revenues. Sonic has now closed all publicly-announced acquisitions to date. Sonic Automotive, Inc. is one of the leading automotive retailers in the United States, with operations in Alabama, California, Florida, Georgia, Maryland, Nevada, North Carolina, Ohio, South Carolina, Tennessee, Texas, and Virginia. Upon completion of these acquisitions, Sonic will operate 159 franchises and 30 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 recent filings with the Securities and Exchange Commission.