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Non-Tech : APCO Automobile Protection Company -- Ignore unavailable to you. Want to Upgrade?

To: Elmer Rauckman who wrote (3239)	4/8/1999 2:24:00 AM
From: TMCMin	Read Replies (1) \| Respond to of 3351

SAH alliance still growing! Sonic Automotive to Buy 8 Dealers for $56 Mln in Cash, Stock Charlotte, North Carolina, April 6 (Bloomberg) -- Sonic Automotive Inc. agreed to buy eight dealerships for $56 million in cash and stock, as the third-largest publicly traded auto retailer builds its network in Washington and the southern U.S. Sonic said it will pay about $15 million in convertible preferred and common stock and the rest in cash. Acquisition of the dealerships, which had combined revenue of $270 million last year, is expected to be complete by the end of the third quarter. Sonic said it will buy Reading Buick-Pontiac-GMC Truck and Reading Toyota in Baytown, Texas; Shottenkirk Honda in Pensacola, Florida; and Classic Dodge in Mobile, Alabama. It will also buy four of Manhattan Dealership Group's five dealerships in the Washington market. Those include three in Maryland -- Lexus of Rockville, Nissan Jeep of Waldorf and Rockville Porsche -- as well as BMW of Fairfax, Virginia. Charlotte, North Carolina-based Sonic's shares fell 1/2 to 14 1/8. The company released the news after the close of regular U.S. trading. Sonic also completed its purchases of the Tom Williams Automotive Group in Birmingham, Alabama, and Bondesen Chevrolet- Oldsmobile-Cadillac in Deland, Florida. 18:21:44 04/06/1999 For more stories from Bloomberg News, click here. (C) Copyright 1999 Bloomberg L.P.