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Sonic Automotive to Purchase 5 More Car Dealerships

November 27, 2001|John O'Dell

Rapidly expanding Sonic Automotive Inc. said that it will acquire four new-car dealerships in Carson and a fifth in the Dallas area as it pursues growth in its largest markets.

The agreement to purchase four Don Kott dealerships--with Ford, Lincoln Mercury, Chrysler, Jeep, Mazda, Isuzu and Kia franchises--will give Charlotte, N.C.-based Sonic 34 California dealerships, including 11 in Los Angeles and Orange counties.

Sonic is the nation's second-largest publicly traded new-car dealership chain, with 156 franchises in 13 states.

The company declined to disclose what it will pay for its latest acquisitions. The five dealerships have combined annual sales of $260 million.

Sonic shares rose 79 cents to close at $20.04 on the New York Stock Exchange.

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