Sonic Buys Long Beach Dealership
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Sonic Automotive Inc., the country’s second-largest chain of new-car dealerships, said it has acquired Coast Cadillac in Long Beach for an undisclosed sum. The acquisition gives North Carolina-based Sonic 30 California dealerships, including seven in Los Angeles and Orange counties.
Nationally, Sonic operates 168 new-car dealerships in 13 states. Florida-based AutoNation Inc., the largest dealership chain in the country, has more than 400 franchises.
Sonic’s shares gained 60 cents to close at $17.35 on the New York Stock Exchange; the stock has risen 152% this year.
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