“This transaction is well-aligned with our strategy to grow our franchised dealership business by acquiring franchises that increase our geographic reach and expand our brand portfolio,” said Jeff Dyke, President of Sonic Automotive and EchoPark Automotive. As such, we anticipate seamless integration and expect to capture meaningful synergies from ‘day one,’ creating significant long-term value for our shareholders.” “RFJ Auto’s management team – many of whom are former members of the Sonic family and have deep familiarity with our guest-centric mindset and innovative sales model – and the nearly 1,700 RFJ Auto teammates are an excellent fit with the culture and growth strategy of our franchised dealership business. “We are very excited to welcome the RFJ Auto team to the Sonic family as we continue to expand our nationwide network,” said David Smith, Chief Executive Officer of Sonic Automotive and EchoPark Automotive. In addition to further diversifying Sonic’s franchised dealership business, the transaction is expected to add $3.2 billion in annualized revenues, representing an incremental 30% increase in franchised dealership revenues above the Company’s previously stated target of $25 billion in total revenues by 2025. The transaction will add six incremental states to Sonic’s geographic coverage and five additional brands to its portfolio, including the highest volume Chrysler Jeep Dodge RAM dealer in the world in Dave Smith Motors. With 33 locations in seven states and a portfolio of 16 automotive brands, RFJ Auto generated $2.8 billion in annual revenues in 2020, making it a top-15 U.S. This acquisition represents one of the largest transactions in automotive retail history and is expected to propel Sonic Automotive into the top-five largest dealer groups in the U.S. (“Sonic Automotive” or “Sonic” or the “Company”) ( NYSE:SAH), a Fortune 500 Company and one of the nation’s largest automotive retailers, today announced it has entered into a definitive agreement to acquire RFJ Auto Partners, Inc. CHARLOTTE, N.C.-( BUSINESS WIRE)- Sonic Automotive, Inc.
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