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Sonic Automotive, Inc. Announces Additional Real Estate Financing

16 August 2000

Sonic Automotive, Inc. Announces Additional Real Estate Financing

    CHARLOTTE, N.C. - Sonic Automotive, Inc. and Capital Automotive REIT have 
entered into a commitment to provide Sonic Automotive with up to $75,000,000 in 
real estate financing through December 31, 2000.  This commitment provides a 
source of funding at attractive rates for Sonic Automotive's expected real 
estate needs through the end of 2000.

    O. Bruton Smith, the Company's Chairman and Chief Executive Officer
stated, "Our partnership with Capital Automotive, the nation's leading finance
company for automotive retail real estate, continues to grow.  This
relationship demonstrates Sonic's ability to access a variety of capital
markets to provide financing for our growth strategies."

    "Our commitment to Sonic Automotive is another example of Capital
Automotive partnering with the strongest large dealership groups in the United
States.  Sonic is the second largest automotive retailer in the U.S., with
industry leading profitability.  The funding of this commitment will continue
our strategy of generating solid returns and growth from strategic
acquisitions," stated Thomas D. Eckert, President and Chief Executive Officer
of Capital Automotive.

    About Sonic Automotive, Inc.

    Sonic Automotive, Inc. is the second largest automotive retailer in the
United States.  Including pending acquisitions, the Company operates
173 franchises and 31 collision repair centers in Alabama, California,
Florida, Georgia, Maryland, Nevada, North Carolina, Ohio, Oklahoma, South
Carolina, Tennessee, Texas and Virginia.  Sonic had revenues of $3.4 billion
in 1999, an increase of 109% over 1998.  The revenue run rate is estimated at
more than $6 billion for 2000.  The Company has also experienced eleven
consecutive quarters of greater than 50% growth in earnings per share.  

    About Capital Automotive REIT

    Capital Automotive, headquartered in McLean, VA, is a self-administered,
self-managed real estate investment trust formed to acquire the real property
and improvements used by operators of multi-site, multi-franchised automotive
dealerships and related business.  Capital Automotive owns $952 million of
automotive retail properties representing 231 locations in 27 states.