Sonic to Buy 18 Dealerships, Most in Texas

Sonic Automotive, Inc. said on July 31 that it has agreed to buy 18 vehicle dealerships with combined revenues of $800 million in California, Texas, Georgia and Michigan, according to a Reuters report.

Sonic said it expects revenues at the dealerships to grow to about $1 billion annually, according to Reuters.

The bulk of the dealerships are located in the Houston, Texas area, including the Momentum and Advantage automotive groups, Reuters said.

Sonic said it has already completed the acquisition of Mesquite Hyundai in Dallas, and

the remaining deals are expected to be finalized by the end of the year.