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Article: Sonic Automotive to Buy Irving, Texas, Car Dealership.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 12, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. 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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By Jim Fuquay, Fort Worth Star-Telegram, Texas Knight Ridder/Tribune Business News
Apr. 12--Sonic Automotive of Charlotte, N.C., the nation's No. 2 publicly held auto retailer, said Thursday it has agreed to buy five dealerships, including Parra Autoplex in Irving, for an undisclosed amount.
The properties, located in Texas and California, have combined annual revenue of about $300 million. They include Chevrolet, Mitsubishi, Chrysler-Jeep, Acura and Hyundai dealerships, Sonic said.
The purchases are expected to boost next year's earnings by 5 cents to 7 cents a share, Chief Financial Officer Theodore Wright told Bloomberg News.
The ...