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Article: Sonic Automotive, Inc. Announces Acquisition of Don Massey Dealerships, Raises Earnings Targets.
- Article from:
- PR Newswire
- Article date:
- January 15, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHARLOTTE, N.C. -- Sonic Automotive, Inc. announced today that it has entered into an agreement to purchase substantially all of the Don Massey Dealerships, the 19th largest dealership group in the United States. The Massey group dealerships to be acquired by Sonic represent 16 dealerships with estimated annual revenues of $1.0 billion. Of the 16 dealerships, 13 represent the Cadillac brand.
O. Bruton Smith, the Company's Chairman and Chief Executive Officer stated, "This acquisition continues the execution of our strategy to overweight our representation of luxury brands; in this case, Cadillac. Cadillac has an outstanding product plan and management team, ...
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