Sonic acquired a Jaguar and Land Rover dealership in Houston with combined annualized revenues of $90 million.  President Jeff Rachor in the press release said:

“We will continue to target similar acquisition opportunities within our geographical footprint in order to leverage our regional infrastructure."

This exactly the acquisition strategy I like to see Sonic employing.

UnitedAuto also announced they will redeem $300 million in 9.625% Senior Sub notes.  This was expected when (in December) the company issued $375 million 7.75% senior subordinated notes, and then “parked” the money by paying down floor plan notes until they could redeem the 9.625% notes (i ...

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Related Companies: Penske Automotive Group (formerly UnitedAuto)
Sonic Automotive