8-K - SAH - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 8-K

____________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2020

____________________________________

SONIC AUTOMOTIVE, INC.

(Exact name of registrant as specified in its charter)

____________________________________

Delaware

(State or other jurisdiction

of incorporation)

1-13395	56-2010790
(Commission<br><br>File Number)	(IRS Employer<br><br>Identification No.)
	4401 Colwick Road
---	---	---	---
	Charlotte,	North Carolina	28211
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (704) 566-2400

Not Applicable

(Former name or former address, if changed since last report.)

____________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share	SAH	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 29, 2020, Sonic Automotive, Inc. (the “Company”) issued a press release announcing its financial results for its fiscal first quarter ended March 31, 2020 (the “Earnings Press Release”). A copy of the Earnings Press Release is attached hereto as Exhibit 99.1 and a copy of the earnings call presentation materials is attached hereto as Exhibit 99.2.

On April 29, 2020, the Company will hold its 2020 annual meeting of stockholders (the "Annual Meeting"). During the Annual Meeting, the Company intends to make a presentation to its stockholders and invited guests (the "Stockholder Presentation"). A copy of the Stockholder Presentation is attached hereto as Exhibit 99.3.

Item 7.01. Regulation FD Disclosure.

On April 29, 2020, in the Earnings Press Release, the Company announced the approval of a quarterly cash dividend.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit<br><br>No.	Description
99.1	Press Release of Sonic Automotive, Inc., dated April 29, 2020.
99.2	Earnings Call Presentation Materials.
99.3	Stockholder Presentation of Sonic Automotive, Inc., dated April 29, 2020.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

The information in this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SONIC AUTOMOTIVE, INC.
April 29, 2020	By:	/s/ STEPHEN K. COSS
		Stephen K. Coss
		Senior Vice President and General Counsel

Document

Exhibit 99.1

Sonic Automotive Reports 1^st^ Quarter 2020 Results With All-Time

Record EchoPark Revenue And Unit Sales

Strengthens Balance Sheet and Liquidity

CHARLOTTE, N.C. – April 29, 2020 - Sonic Automotive Inc. (“Sonic” or the “Company”) (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the first quarter ended March 31, 2020. The Company also provided a business update regarding the effects of the COVID-19 pandemic, and the actions Sonic is taking to protect the health and safety of its guests and teammates.

In the first quarter of 2020, the Company was required to record a non-cash goodwill impairment charge of $268.0 million related to its franchised dealerships reporting unit as a result of a decrease in the Company’s market value due to the COVID-19 pandemic’s effect on the stock market and expected reduction in economic activity in the near term. Including the effect of this non-cash goodwill impairment charge, the Company reported GAAP loss per diluted share from continuing operations of $4.67 for the first quarter of 2020, compared to GAAP earnings per diluted share from continuing operations of $0.99 for the first quarter of 2019.

Excluding the effect of the non-cash goodwill impairment charge, adjusted earnings per diluted share from continuing operations* were $0.40 for the first quarter of 2020, compared to $0.39 for the first quarter of 2019, up nearly 3%.

First Quarter Highlights

•Adjusted earnings per diluted share from continuing operations* of $0.40 for the first quarter of 2020, compared to $0.39 for the first quarter of 2019

•SG&A expenses as a percentage of gross profit were 80.5% for the first quarter of 2020, compared to 68.8% for the first quarter of 2019 (adjusted SG&A expenses as a percentage of gross profit* were 80.5% for the first quarter of 2020 and 80.1% for the first quarter of 2019)

•Total Sonic consolidated first quarter 2020 revenues of $2.3 billion and gross profit of $350.6 million

•Record quarterly EchoPark revenues of $331.7 million, up 33% from the first quarter of 2019

•Record quarterly EchoPark retail sales volume of 13,986 units, up 27% from the first quarter of 2019

•EchoPark segment income of $2.1 million, in-line with the first quarter of 2019

•Total available liquidity of $418.4 million as of April 28, 2020, an increase from $311.5 million as of March 31, 2020, and $280.0 million as of December 31, 2019

•Same store Franchised Dealerships Segment operating results for the first quarter of 2020, compared to the first quarter of 2019:

◦Revenues down 2.7%, gross profit up 0.8%

◦New vehicle unit volume down 6.1%; new vehicle gross profit per unit down 6.5%, to $2,093 per unit

◦Retail used vehicle unit volume up 1.5%; retail used vehicle gross profit per unit down 2.5%, to $1,240 per unit

◦Parts, service and collision repair (“Fixed Operations”) gross profit up 2.0%; customer pay gross profit up 5.3%

◦Finance and insurance (“F&I”) gross profit up 6.9% (all-time record quarterly F&I gross profit per retail unit of $1,885 on a total Sonic consolidated basis)

* Adjusted net income from continuing operations, adjusted earnings per diluted share from continuing operations, adjusted SG&A expenses, and adjusted SG&A expenses as a percentage of gross profit are non-GAAP financial measures. The schedules included in this press release reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures.

Commentary

David Smith, Sonic’s and EchoPark’s Chief Executive Officer, commented, “Our exceptional 2019 momentum carried over into the first quarter of 2020, where we saw strong operational performance prior to the impact of the COVID-19 pandemic on our business in the last three weeks of March. Through the first two months of 2020, same store total revenues increased 17% versus the comparable two-month period in 2019, driven by an 11% increase in new vehicle unit sales volume, a 27% increase in used vehicle unit sales volume and an 8% increase in Fixed Operations revenues. In mid-

March, we began to see the sudden and severe impact of the COVID-19 pandemic, as many state and local governments across the nation enacted stay-at-home orders. As essential businesses, our stores have remained open as permitted by governmental orders, however we have experienced a significant reduction in customer foot traffic in both our service and sales businesses.”

Mr. Smith continued, “During this challenging time, our primary concern remains the health and safety of our teammates and guests. We have taken extensive actions to ensure that first responders and other essential workers have safe, reliable access to transportation so they can continue to supply critical needs in our communities. In addition to implementing CDC-recommended social distancing protocols and enhanced sanitization procedures at our dealerships, we are also providing no-contact vehicle pick-up and delivery services for both vehicle sales and vehicle service, ensuring stability and continuity for our guests, our teammates and our business partners.”

Jeff Dyke, Sonic’s and EchoPark’s President, commented, “Looking to the longer term, we continue to take appropriate steps to strengthen our balance sheet and fortify the business. This includes continuing to enhance our liquidity outlook by lowering operating costs, postponing certain capital expenditures and working with our manufacturer and lending partners to access additional sources of liquidity. I would like to thank all of our teammates and manufacturer partners for their dedication and commitment during this difficult time. Due to their efforts, we believe that we have the operating procedures and financial resources in place to manage the current economic climate and to quickly recover when consumer and commercial activity resumes.”

Heath Byrd, Sonic’s and EchoPark’s Chief Financial Officer, commented, “The one-time, non-cash goodwill impairment charge was related to our franchised dealerships only and was triggered by the decrease in our stock market value from the time period between the official announcement of the COVID-19 pandemic on March 11, 2020 and the end of the first quarter, March 31, 2020. While there continues to be near-term disruption from the COVID-19 pandemic, our liquidity is strong and our long-term outlook and prospects for Sonic and EchoPark have not changed. We believe that our current liquidity position, coupled with the actions taken to improve efficiencies during this pandemic, position us well for the recovery and will make us a stronger company into the future.”

COVID-19 Update

During the global COVID-19 pandemic, certain automotive dealership operations have been deemed essential businesses to support the continuity of people’s daily lives and ensure the transportation needs of our nation’s first responders and essential workers. Presently, all Sonic stores remain open, with full service operations and various levels of vehicle sales as stipulated by individual state and local orders. Sonic is committed to ensuring the safety of its guests and teammates by limiting the spread of COVID-19 while maintaining the continuity of its operations to the best of our ability.

Since the onset of the COVID-19 pandemic in the United States, Sonic has implemented a number of initiatives nationwide to protect the health and safety of its guests and teammates in response to the COVID-19 pandemic, notably:

•As an essential business, all of the Company’s service departments remain open to facilitate reliable transportation for consumers for purposes permitted under state and local government orders (such as shopping for groceries or receiving medical care), as well as first responders, medical professionals and other essential workers requiring transportation to their workplaces;

•The Company’s vehicle sales departments have begun to offer a no-contact purchase experience, allowing 90% of a vehicle transaction to be completed on Sonic’s website or by phone and delivered to the guest with a safe, no-contact home delivery;

•To further reduce the need for unnecessary travel, Sonic has provided delivery and pickup of vehicles from its guests’ places of residence, for those utilizing both the Company’s sales and service departments; and

•For all of the Company’s dealership locations, the Company is adhering to CDC-recommended social distancing protocols and has introduced stringent sanitization procedures, including providing enhanced disinfection of vehicles brought in for service, used for loaner service, used for test drives, or delivered to guests at home.

The COVID-19 pandemic is having a widespread effect on worldwide commerce, including the automotive industry. The positive momentum Sonic experienced during fiscal 2019, including increased revenues, higher overall vehicle sales volumes, and increased levels of profit, continued in early fiscal 2020 through the beginning of March. Since mid-March, Sonic has experienced a significant decrease in overall vehicle sales volumes and service department revenue compared to the prior year, mainly due to lower consumer demand related to the COVID-19 pandemic and related government-imposed restrictions and uncertainty around the overall economic outlook.

Financial Position

Sonic continues to have considerable financial resources and access to diversified funding sources. In response to the COVID-19 pandemic, the Company continues to opportunistically assess all available funding options to further strengthen its balance sheet and increase liquidity to maximize its financial flexibility. Sonic has also taken proactive measures to bolster its liquidity position and provide additional financial flexibility, including drawing down $210 million of additional cash from its revolving credit facility prior to March 31, 2020.

As of April 28, 2020, Sonic’s total available liquidity had increased to approximately $418.4 million, up from $311.5 million as of March 31, 2020 and $280.0 million as of December 31, 2019. Sonic’s liquidity at April 28, 2020 consists of $304.0 million of cash and cash equivalents on hand, $90.0 million of floor plan deposit balances and $24.4 million of availability under our existing credit facilities. All of the additional liquidity generated since December 31, 2019 was a result of maximizing availability under pre-existing agreements and cash from operations. Sonic may have additional opportunities to further increase its liquidity position using unfinanced real estate and other sources, if necessary. From a debt perspective, Sonic has no significant near-term debt maturities.

First Quarter 2020 Operational Summary

For the first quarter of 2020, Sonic’s consolidated total revenues were $2.3 billion, down 3% compared to the first quarter of 2019. EchoPark Segment revenues were $331.7 million for the first quarter of 2020, representing a 33% increase from the first quarter of 2019. Franchised Dealerships Segment revenues were $2.0 billion for the first quarter of 2020, down 8% from the first quarter of 2019, attributable to a substantial decrease in new and used vehicle sales during the last three weeks of March due to the COVID-19 pandemic and related government-imposed restrictions.

Adjusted SG&A expenses as a percentage of gross profit* were up 40 basis points for the first quarter of 2020, compared to the first quarter of 2019, due primarily to lower levels of gross profit for the first quarter of 2020, attributable to the COVID-19 pandemic.

Adjusted net income from continuing operations* for the first quarter of 2020 was $17.6 million, or $0.40 per diluted share. Comparatively, adjusted net income from continuing operations* for the first quarter of 2019 was $16.8 million, or $0.39 per diluted share.

Adjusted results exclude the following pre-tax items of interest:

(In millions)	Q1 2020		Q1 2019		Income Statement <br>Line Item
Gain on franchise disposals	$	—	$	46.7	SG&A expenses
Executive transition costs	$	—	$	(6.3)	SG&A expenses	(1)
Impairment charges	$	(268.0)	$	(1.9)	Impairment charges	(2)

Note: Amounts in table relate to the Franchised Dealerships Segment unless otherwise noted below.

(1) $6.0 million of Q1 2019 amount is not deductible for tax purposes.

(2) $91.1 million of Q1 2020 amount is not deductible for tax purposes. $1.9 million Q1 2019 amount is related to the EchoPark Segment.

Dividend

Sonic’s Board of Directors approved a quarterly cash dividend of $0.10 per share payable on July 15, 2020 to all stockholders of record on June 15, 2020.

First Quarter 2020 Earnings Conference Call

Senior management will host a conference call on Thursday, April 30, 2020 at 11:00 A.M. (Eastern) to discuss the quarter’s results. To access the live broadcast of the call over the Internet, please go to ir.sonicautomotive.com. The conference call will also be available live by dialing in 15 minutes prior to the start of the call at:

Domestic: (833) 353-0344

International: (346) 294-9374

Conference ID: 5789957

A conference call replay will be available one hour following the call for seven days and can be accessed by calling:

Domestic: (855) 859-2056

International: (404) 537-3406

Conference ID: 5789957

Investor presentation and earnings press release materials for the Company’s earnings conference call will be accessible beginning the morning of the conference call on the Company’s website at ir.sonicautomotive.com.

About Sonic Automotive

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is one of the nation’s largest automotive retailers. Sonic can be reached on the web at www.sonicautomotive.com.

About EchoPark Automotive

EchoPark Automotive is an operating segment within the Company with 10 existing locations that specialize in pre-owned vehicle sales and provide a unique guest experience unlike traditional used car stores. More information about EchoPark Automotive can be found at www.echopark.com.

Forward-Looking Statements

Included herein are forward-looking statements. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, economic conditions in the markets in which we operate, new and used vehicle industry sales volume, anticipated liquidity position, expected future capital expenditures, anticipated future growth in our EchoPark Segment, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the effect of the COVID-19 pandemic and related government-imposed restrictions on operations, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s other periodic reports and information filed with the Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC.

Non-GAAP Financial Measures

This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income from continuing operations, adjusted earnings per diluted share from continuing operations, adjusted SG&A expenses, and adjusted SG&A expenses as a percentage of gross profit. As required by SEC rules, the Company provides reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosures and provide a meaningful presentation of the Company’s results.

Company Contacts

Investor Inquiries:

Heath Byrd, Executive Vice President and Chief Financial Officer (704) 566-2400

Danny Wieland, Investor Relations (704) 927-3462

Press Inquiries:

Danielle DeVoren / Anthony Feldman

212-896-1272 / 347-487-6194

ddevoren@kcsa.com/afeldman@kcsa.com

Sonic Automotive, Inc.

Results of Operations (Unaudited)

Results of Operations

	Three Months Ended March 31,
	2020		2019		% Change
	(In thousands, except per share amounts)
Revenues:
New vehicles	$	959,489	$	1,066,334	(10.0)	%
Used vehicles	850,052		820,366		3.6	%
Wholesale vehicles	48,543		54,770		(11.4)	%
Total vehicles	1,858,084		1,941,470		(4.3)	%
Parts, service and collision repair	334,680		341,430		(2.0)	%
Finance, insurance and other, net	115,292		106,238		8.5	%
Total revenues	2,308,056		2,389,138		(3.4)	%
Cost of Sales:
New vehicles	(914,074)		(1,012,538)		(9.7)	%
Used vehicles	(817,922)		(783,358)		4.4	%
Wholesale vehicles	(48,700)		(56,037)		(13.1)	%
Total vehicles	(1,780,696)		(1,851,933)		(3.8)	%
Parts, service and collision repair	(176,782)		(178,194)		(0.8)	%
Total cost of sales	(1,957,478)		(2,030,127)		(3.6)	%
Gross profit	350,578		359,011		(2.3)	%
Selling, general and administrative expenses	(282,156)		(247,095)		(14.2)	%
Impairment charges	(268,000)		(1,952)		(13,629.5)	%
Depreciation and amortization	(22,297)		(22,649)		1.6	%
Operating income (loss)	(221,875)		87,315		(354.1)	%
Other income (expense):
Interest expense, floor plan	(10,508)		(13,226)		20.6	%
Interest expense, other, net	(10,965)		(12,853)		14.7	%
Other income (expense), net	100		100		—	%
Total other income (expense)	(21,373)		(25,979)		17.7	%
Income (loss) from continuing operations before taxes	(243,248)		61,336		(496.6)	%
Provision for income taxes for continuing operations - benefit (expense)	44,117		(18,987)		332.4	%
Income (loss) from continuing operations	(199,131)		42,349		(570.2)	%
Discontinued operations:
Income (loss) from discontinued operations before taxes	(285)		(180)		(58.3)	%
Provision for income taxes for discontinued operations - benefit (expense)	83		52		59.6	%
Income (loss) from discontinued operations	(202)		(128)		(57.8)	%
Net income (loss)	$	(199,333)	$	42,221	(572.1)	%
Basic earnings (loss) per common share:
Earnings (loss) per share from continuing operations	$	(4.67)	$	0.99	(571.7)	%
Earnings (loss) per share from discontinued operations	(0.01)		(0.01)		—	%
Earnings (loss) per common share	$	(4.68)	$	0.98	(577.6)	%
Weighted-average common shares outstanding	42,615		42,838		0.5	%
Diluted earnings (loss) per common share:
Earnings (loss) per share from continuing operations	$	(4.67)	$	0.99	(571.7)	%
Earnings (loss) per share from discontinued operations	(0.01)		(0.01)		—	%
Earnings (loss) per common share	$	(4.68)	$	0.98	(577.6)	%
Weighted-average common shares outstanding	42,615		42,888		0.6	%
Dividends declared per common share	$	0.10	$	0.10	—	%

New Vehicles - Consolidated

	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Reported new vehicle:
Revenue	$	959,489		$	1,066,334		$	(106,845)	(10.0)	%
Gross profit	$	45,415		$	53,796		$	(8,381)	(15.6)	%
Unit sales	21,724			25,197			(3,473)		(13.8)	%
Revenue per unit	$	44,167		$	42,320		$	1,847	4.4	%
Gross profit per unit	$	2,091		$	2,135		$	(44)	(2.1)	%
Gross profit as a % of revenue	4.7		%	5.0		%	(30)		bps
	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Same store new vehicle:
Revenue	$	959,491		$	1,006,903		$	(47,412)	(4.7)	%
Gross profit	$	45,465		$	51,752		$	(6,287)	(12.1)	%
Unit sales	21,724			23,133			(1,409)		(6.1)	%
Revenue per unit	$	44,167		$	43,527		$	640	1.5	%
Gross profit per unit	$	2,093		$	2,237		$	(144)	(6.4)	%
Gross profit as a % of revenue	4.7		%	5.1		%	(40)		bps

Used Vehicles - Consolidated

	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Reported used vehicle:
Revenue	$	850,052		$	820,366		$	29,686	3.6	%
Gross profit	$	32,130		$	37,008		$	(4,878)	(13.2)	%
Unit sales	40,024			38,463			1,561		4.1	%
Revenue per unit	$	21,239		$	21,329		$	(90)	(0.4)	%
Gross profit per unit	$	803		$	962		$	(159)	(16.5)	%
Gross profit as a % of revenue	3.8		%	4.5		%	(70)		bps
	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Same store used vehicle:
Revenue	$	832,190		$	793,460		$	38,730	4.9	%
Gross profit	$	30,444		$	32,351		$	(1,907)	(5.9)	%
Unit sales	39,105			36,692			2,413		6.6	%
Revenue per unit	$	21,281		$	21,625		$	(344)	(1.6)	%
Gross profit per unit	$	779		$	882		$	(103)	(11.7)	%
Gross profit as a % of revenue	3.7		%	4.1		%	(40)		bps

Wholesale Vehicles - Consolidated

	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Reported wholesale vehicle:
Revenue	$	48,543		$	54,770		$	(6,227)	(11.4)	%
Gross profit (loss)	$	(157)		$	(1,267)		$	1,110	87.6	%
Unit sales	8,675			8,647			28		0.3	%
Revenue per unit	$	5,596		$	6,334		$	(738)	(11.7)	%
Gross profit (loss) per unit	$	(18)		$	(147)		$	129	87.8	%
Gross profit (loss) as a % of revenue	(0.3)		%	(2.3)		%	200		bps
	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Same store wholesale vehicle:
Revenue	$	48,313		$	52,004		$	(3,691)	(7.1)	%
Gross profit (loss)	$	(154)		$	(1,083)		$	929	85.8	%
Unit sales	8,586			7,972			614		7.7	%
Revenue per unit	$	5,627		$	6,523		$	(896)	(13.7)	%
Gross profit (loss) per unit	$	(18)		$	(136)		$	118	86.8	%
Gross profit (loss) as a % of revenue	(0.3)		%	(2.1)		%	180		bps
	Three Months Ended March 31,									Better / (Worse)
---	---	---	---	---	---	---	---	---	---	---	---
	2020			2019			Change			% Change
	(In thousands)
Reported:
Revenue
Customer pay	$	135,056		$	137,721		$	(2,665)		(1.9)	%
Warranty	60,760			68,973			(8,213)			(11.9)	%
Wholesale parts	38,706			39,297			(591)			(1.5)	%
Internal, sublet and other	100,158			95,439			4,719			4.9	%
Total	$	334,680		$	341,430		$	(6,750)		(2.0)	%
Gross profit
Customer pay	$	74,595		$	74,326		$	269		0.4	%
Warranty	33,746			38,407			(4,661)			(12.1)	%
Wholesale parts	6,667			6,796			(129)			(1.9)	%
Internal, sublet and other	42,890			43,707			(817)			(1.9)	%
Total	$	157,898		$	163,236		$	(5,338)		(3.3)	%
Gross profit as a % of revenue
Customer pay	55.2		%	54.0		%	120		bps
Warranty	55.5		%	55.7		%	(20)		bps
Wholesale parts	17.2		%	17.3		%	(10)		bps
Internal, sublet and other	42.8		%	45.8		%	(300)		bps
Total	47.2		%	47.8		%	(60)		bps
	Three Months Ended March 31,									Better / (Worse)
---	---	---	---	---	---	---	---	---	---	---	---
	2020			2019			Change			% Change
	(In thousands)
Same Store:
Revenue
Customer pay	$	137,147		$	133,233		$	3,914		2.9	%
Warranty	61,313			65,474			(4,161)			(6.4)	%
Wholesale parts	38,706			38,157			549			1.4	%
Internal, sublet and other	99,559			90,698			8,861			9.8	%
Total	$	336,725		$	327,562		$	9,163		2.8	%
Gross profit
Customer pay	$	75,729		$	71,929		$	3,800		5.3	%
Warranty	33,907			36,525			(2,618)			(7.2)	%
Wholesale parts	6,667			6,565			102			1.6	%
Internal, sublet and other	42,752			40,832			1,920			4.7	%
Total	$	159,055		$	155,851		$	3,204		2.1	%
Gross profit as a % of revenue
Customer pay	55.2		%	54.0		%	120		bps
Warranty	55.3		%	55.8		%	(50)		bps
Wholesale parts	17.2		%	17.2		%	—		bps
Internal, sublet and other	42.9		%	45.0		%	(210)		bps
Total	47.2		%	47.6		%	(40)		bps

Finance, Insurance and Other, Net ("F&I") - Consolidated

	Three Months Ended March 31,						Better / (Worse)
	2020		2019		Change		% Change
	(In thousands, except unit and per unit data)
Reported:
Revenue	$	115,292	$	106,238	$	9,054	8.5	%
Unit sales	61,163		63,381		(2,218)		(3.5)	%
Gross profit per retail unit (excludes fleet)	$	1,885	$	1,676	$	209	12.5	%
	Three Months Ended March 31,						Better / (Worse)
	2020		2019		Change		% Change
	(In thousands, except unit and per unit data)
Same Store:
Revenue	$	109,054	$	99,384	$	9,670	9.7	%
Unit sales	60,244		59,546		698		1.2	%
Gross profit per retail unit (excludes fleet)	$	1,810	$	1,669	$	141	8.4	%

Q1 2020 Build - Consolidated Same Store

	B/(W) than Comparable Period in 2019
(In millions, except unit and per unit data)	January - February 2020				March 2020					Q1 2020
		%			%			%
New vehicle revenues		13.5	%		(33.2)	%		(4.7)	%
Retail used vehicle revenues	127	25.8	%	(88)	(29.0)	%	39	4.9	%
Wholesale used vehicle revenues	—	2.2	%	(4)	(28.4)	%	(5)	(7.1)	%
Fixed Operations revenues	18	8.3	%	(9)	(7.6)	%	9	2.8	%
F&I revenues	17	27.8	%	(7)	(18.4)	%	10	9.7	%
Total revenues		17.3	%		(27.6)	%		0.3	%
New vehicle gross profit		3.5	%		(34.8)	%		(12.1)	%
New vehicle unit sales volume	1,603	11.3	%	(3,012)	(33.6)	%	(1,409)	(6.1)	%
New vehicle GPU		(7.0)	%		(1.7)	%		(6.4)	%
Retail used vehicle gross profit		14.1	%		(36.1)	%		(5.9)	%
Retail used vehicle unit sales volume	6,100	26.9	%	(3,687)	(26.4)	%	2,413	6.6	%
Retail used vehicle GPU		(10.0)	%		(13.2)	%		(11.7)	%
Wholesale used vehicle gross profit		63.4	%		196.1	%		85.8	%
Fixed Operations gross profit		8.1	%		(9.3)	%		2.1	%
Customer Pay gross profit		11.6	%		(6.6)	%		5.3	%
F&I gross profit		27.8	%		(18.4)	%		9.7	%
F&I GPU		6.4	%		15.3	%		8.4	%
Total gross profit		14.0	%		(18.9)	%		1.7	%

All values are in US Dollars.

New Vehicles - Franchised Dealership Segment

	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Reported new vehicle:
Revenue	$	959,489		$	1,066,334		$	(106,845)	(10.0)	%
Gross profit	$	45,415		$	53,796		$	(8,381)	(15.6)	%
Unit sales	21,724			25,197			(3,473)		(13.8)	%
Revenue per unit	$	44,167		$	42,320		$	1,847	4.4	%
Gross profit per unit	$	2,091		$	2,135		$	(44)	(2.1)	%
Gross profit as a % of revenue	4.7		%	5.0		%	(30)		bps
	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Same store new vehicle:
Revenue	$	959,491		$	1,006,903		$	(47,412)	(4.7)	%
Gross profit	$	45,465		$	51,752		$	(6,287)	(12.1)	%
Unit sales	21,724			23,133			(1,409)		(6.1)	%
Revenue per unit	$	44,167		$	43,527		$	640	1.5	%
Gross profit per unit	$	2,093		$	2,237		$	(144)	(6.4)	%
Gross profit as a % of revenue	4.7		%	5.1		%	(40)		bps

Used Vehicles - Franchised Dealership Segment

	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Reported used vehicle:
Revenue	$	566,888		$	603,949		$	(37,061)	(6.1)	%
Gross profit	$	32,314		$	36,738		$	(4,424)	(12.0)	%
Unit sales	26,038			27,412			(1,374)		(5.0)	%
Revenue per unit	$	21,772		$	22,032		$	(260)	(1.2)	%
Gross profit per unit	$	1,241		$	1,340		$	(99)	(7.4)	%
Gross profit as a % of revenue	5.7		%	6.1		%	(40)		bps
	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Same store used vehicle:
Revenue	$	566,889		$	577,043		$	(10,154)	(1.8)	%
Gross profit	$	32,288		$	32,608		$	(320)	(1.0)	%
Unit sales	26,038			25,641			397		1.5	%
Revenue per unit	$	21,772		$	22,505		$	(733)	(3.3)	%
Gross profit per unit	$	1,240		$	1,272		$	(32)	(2.5)	%
Gross profit as a % of revenue	5.7		%	5.7		%	—		bps

Wholesale Vehicles - Franchised Dealership Segment

	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Reported wholesale vehicle:
Revenue	$	42,440		$	52,533		$	(10,093)	(19.2)	%
Gross profit (loss)	$	(83)		$	(1,204)		$	1,121	93.1	%
Unit sales	6,910			8,148			(1,238)		(15.2)	%
Revenue per unit	$	6,142		$	6,447		$	(305)	(4.7)	%
Gross profit (loss) per unit	$	(12)		$	(148)		$	136	91.9	%
Gross profit (loss) as a % of revenue	(0.2)		%	(2.3)		%	210		bps
	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Same store wholesale vehicle:
Revenue	$	42,440		$	49,767		$	(7,327)	(14.7)	%
Gross profit (loss)	$	(83)		$	(1,020)		$	937	91.9	%
Unit sales	6,910			7,473			(563)		(7.5)	%
Revenue per unit	$	6,142		$	6,660		$	(518)	(7.8)	%
Gross profit (loss) per unit	$	(12)		$	(136)		$	124	91.2	%
Gross profit (loss) as a % of revenue	(0.2)		%	(2.0)		%	180		bps

Fixed Operations - Franchised Dealership Segment

	Three Months Ended March 31,									Better / (Worse)
	2020			2019			Change			% Change
	(In thousands)
Reported:
Revenue
Customer pay	$	134,798		$	137,569		$	(2,771)		(2.0)	%
Warranty	60,760			68,973			(8,213)			(11.9)	%
Wholesale parts	38,706			39,297			(591)			(1.5)	%
Internal, sublet and other	90,237			90,386			(149)			(0.2)	%
Total	$	324,501		$	336,225		$	(11,724)		(3.5)	%
Gross profit
Customer pay	$	74,593		$	74,324		$	269		0.4	%
Warranty	33,746			38,407			(4,661)			(12.1)	%
Wholesale parts	6,667			6,796			(129)			(1.9)	%
Internal, sublet and other	43,090			43,919			(829)			(1.9)	%
Total	$	158,096		$	163,446		$	(5,350)		(3.3)	%
Gross profit as a % of revenue
Customer pay	55.3		%	54.0		%	130		bps
Warranty	55.5		%	55.7		%	(20)		bps
Wholesale parts	17.2		%	17.3		%	(10)		bps
Internal, sublet and other	47.8		%	48.6		%	(80)		bps
Total	48.7		%	48.6		%	10		bps
	Three Months Ended March 31,									Better / (Worse)
---	---	---	---	---	---	---	---	---	---	---	---
	2020			2019			Change			% Change
	(In thousands)
Same Store:
Revenue
Customer pay	$	136,913		$	133,081		$	3,832		2.9	%
Warranty	61,313			65,474			(4,161)			(6.4)	%
Wholesale parts	38,706			38,157			549			1.4	%
Internal, sublet and other	90,219			85,646			4,573			5.3	%
Total	$	327,151		$	322,358		$	4,793		1.5	%
Gross profit
Customer pay	$	75,728		$	71,926		$	3,802		5.3	%
Warranty	33,907			36,525			(2,618)			(7.2)	%
Wholesale parts	6,667			6,565			102			1.6	%
Internal, sublet and other	42,911			41,044			1,867			4.5	%
Total	$	159,213		$	156,060		$	3,153		2.0	%
Gross profit as a % of revenue
Customer pay	55.3		%	54.0		%	130		bps
Warranty	55.3		%	55.8		%	(50)		bps
Wholesale parts	17.2		%	17.2		%	—		bps
Internal, sublet and other	47.6		%	47.9		%	(30)		bps
Total	48.7		%	48.4		%	30		bps

F&I - Franchised Dealership Segment

	Three Months Ended March 31,						Better / (Worse)
	2020		2019		Change		% Change
	(In thousands, except unit and per unit data)
Reported:
Revenue	$	83,029	$	80,521	$	2,508	3.1	%
Unit sales	47,177		52,330		(5,153)		(9.8)	%
Gross profit per retail unit (excludes fleet)	$	1,760	$	1,539	$	221	14.4	%
	Three Months Ended March 31,						Better / (Worse)
	2020		2019		Change		% Change
	(In thousands, except unit and per unit data)
Same Store:
Revenue	$	78,830	$	73,737	$	5,093	6.9	%
Unit sales	47,177		48,495		(1,318)		(2.7)	%
Gross profit per retail unit (excludes fleet)	$	1,671	$	1,521	$	150	9.9	%

Used Vehicles and F&I - EchoPark Segment

	Three Months Ended March 31,						Better / (Worse)
	2020		2019		Change		% Change
	(In thousands, except unit and per unit data)
Reported used vehicle and F&I:
Used vehicle revenue	$	283,164	$	216,417	$	66,747	30.8	%
Used vehicle gross profit (loss)	$	(184)	$	270	$	(454)	(168.1)	%
Used vehicle unit sales	13,986		11,051		2,935		26.6	%
Used vehicle revenue per unit	$	20,246	$	19,583	$	663	3.4	%
F&I revenue	$	32,263	$	25,717	$	6,546	25.5	%
Combined used vehicle gross profit and F&I revenue	$	32,079	$	25,987	$	6,092	23.4	%
Total used vehicle and F&I gross profit per unit	$	2,294	$	2,352	$	(58)	(2.5)	%
	Three Months Ended March 31,						Better / (Worse)
	2020		2019		Change		% Change
	(In thousands, except unit and per unit data)
Same store used vehicle:
Used vehicle revenue	$	265,301	$	216,417	$	48,884	22.6	%
Used vehicle gross profit (loss)	$	(1,844)	$	(257)	$	(1,587)	(617.5)	%
Used vehicle unit sales	13,067		11,051		2,016		18.2	%
Used vehicle revenue per unit	$	20,303	$	19,583	$	720	3.7	%
F&I revenue	$	30,224	$	25,647	$	4,577	17.8	%
Combined used vehicle gross profit and F&I revenue	$	28,380	$	25,390	$	2,990	11.8	%
Total used vehicle and F&I gross profit per unit	$	2,172	$	2,298	$	(126)	(5.5)	%

Wholesale Vehicles - EchoPark Segment

	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Reported wholesale vehicle:
Revenue	$	6,103		$	2,237		$	3,866	172.8	%
Gross profit (loss)	$	(74)		$	(63)		$	(11)	(17.5)	%
Unit sales	1,765			499			1,266		253.7	%
Revenue per unit	$	3,458		$	4,483		$	(1,025)	(22.9)	%
Gross profit (loss) per unit	$	(42)		$	(126)		$	84	66.7	%
Gross profit (loss) as a % of revenue	(1.2)		%	(2.8)		%	160		bps
	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands, except unit and per unit data)
Same store wholesale vehicle:
Revenue	$	5,873		$	2,237		$	3,636	162.5	%
Gross profit (loss)	$	(71)		$	(63)		$	(8)	(12.7)	%
Unit sales	1,676			499			1,177		235.9	%
Revenue per unit	$	3,504		$	4,483		$	(979)	(21.8)	%
Gross profit (loss) per unit	$	(42)		$	(126)		$	84	66.7	%
Gross profit (loss) as a % of revenue	(1.2)		%	(2.8)		%	160		bps

Fixed Operations - EchoPark Segment

	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands)
Total reported Fixed Operations:
Revenue	$	10,179		$	5,205		$	4,974	95.6	%
Gross profit (loss)	$	(198)		$	(210)		$	12	5.7	%
Gross profit (loss) as a % of revenue	(1.9)		%	(4.0)		%	210		bps
	Three Months Ended March 31,								Better / (Worse)
	2020			2019			Change		% Change
	(In thousands)
Total same store Fixed Operations:
Revenue	$	9,574		$	5,204		$	4,370	84.0	%
Gross profit (loss)	$	(158)		$	(209)		$	51	24.4	%
Gross profit (loss) as a % of revenue	(1.7)		%	(4.0)		%	230		bps

Segment Income (Loss)

	Three Months Ended March 31,						Better / (Worse)
	2020		2019		Change		% Change
Segment income (loss):
Franchised Dealerships Segment	$	22,656	$	61,182	$	(38,526)	(63.0)	%
EchoPark Segment	2,096		2,106		(10)		(0.5)	%
Total segment income (loss)	$	24,752	$	63,288	$	(38,536)	(60.9)	%
Impairment charges	(268,000)		(1,952)		(266,048)		13,629.5	%
Income (loss) from continuing operations before taxes	$	(243,248)	$	61,336	$	(304,584)	(496.6)	%

Selling, General and Administrative ("SG&A") Expenses - Non-GAAP Reconciliation

	Three Months Ended March 31,									Better / (Worse)
	2020			2019			Change			% Change
	(In thousands)
Reported:
Compensation	$	174,422		$	184,185		$	9,763		5.3	%
Advertising	14,135			15,050			915			6.1	%
Rent	13,865			15,250			1,385			9.1	%
Other	79,734			32,610			(47,124)			(144.5)	%
Total SG&A expenses	$	282,156		$	247,095		$	(35,061)		(14.2)	%
Items of interest:
Gain (loss) on franchise disposals	$	—		$	46,680
Executive transition costs	—			(6,264)
Total SG&A adjustments	$	—		$	40,416
Adjusted:
Total adjusted SG&A expenses	$	282,156		$	287,511		$	5,355		1.9	%
Reported:
SG&A expenses as a % of gross profit:
Compensation	49.8		%	51.3		%	150		bps
Advertising	4.0		%	4.2		%	20		bps
Rent	4.0		%	4.2		%	20		bps
Other	22.7		%	9.1		%	(1,360)		bps
Total SG&A expenses as a % of gross profit	80.5		%	68.8		%	(1,170)		bps
Items of interest:
Gain (loss) on franchise disposals	—		%	13.1		%
Executive transition costs	—		%	(1.8)		%
Total effect of adjustments	—		%	11.3		%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit	80.5		%	80.1		%	(40)		bps

Earnings Per Share from Continuing Operations - Non-GAAP Reconciliation

	Three Months Ended March 31, 2020								Three Months Ended March 31, 2019
	Weighted-<br>Average<br>Shares	Amount		Per<br>Share<br>Amount		Weighted-<br>Average<br>Shares	Amount		Per<br>Share<br>Amount
	(In thousands, except per share amounts)
Diluted earnings (loss) and shares from continuing operations^(1)^	42,615	$	(199,131)	$	(4.67)	42,888	$	42,349	$	0.99
Pre-tax items of interest:
(Gain) loss on franchise disposals		$	—				$	(46,680)
Executive transition costs		—					6,264
Impairment charges		268,000					1,926
Total pre-tax items of interest		$	268,000				$	(38,490)
Tax effect of above items		$	(51,295)				$	12,902
Adjusted diluted earnings (loss) and shares from continuing operations	43,432	$	17,574	$	0.40	42,888	$	16,761	$	0.39

(1) Basic Weighted-Average Shares Used For Three Months Ended March 31, 2020 Due To Net Loss On GAAP Basis

Adjusted EBITDA - Non-GAAP Reconciliation

	Three Months Ended March 31, 2020														Three Months Ended March 31, 2019
	Franchised Dealerships Segment		EchoPark Segment		Discontinued Operations		Total		Franchised Dealerships Segment		EchoPark Segment		Discontinued Operations		Total
	(In thousands)
Net income (loss)							$	(199,333)							$	42,221
Provision for income taxes							(44,200)								18,935
Income (loss) before taxes	$	(245,344)	$	2,096	$	(285)	$	(243,533)	$	61,156	$	180	$	(180)	$	61,156
Non-floor plan interest	10,043		365		—		10,408		11,829		433		—		12,262
Depreciation and amortization	20,144		2,708		—		22,852		20,824		2,418		—		23,242
Stock-based compensation expense	2,427		—		—		2,427		2,814		—		—		2,814
Loss (gain) on exit of leased dealerships	—		—		—		—		(170)		—		—		(170)
Impairment charges	268,000		—		—		268,000		26		1,926		—		1,952
Loss (gain) on franchise disposals	—		—		—		—		(46,750)		—		—		(46,750)
Adjusted EBITDA	$	55,270	$	5,169	$	(285)	$	60,154	$	49,729	$	4,957	$	(180)	$	54,506

exhibit992

Exhibit 99.2 Sonic Automotive – A Holistic Approach to Creating Shareholder Value Earnings & Investor Presentation Updated April 29, 2020

Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events, are not historical facts and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. These statements can generally be identified by lead-in words such as “may,” “will,” “should,” “could,” “believe,” “expect,” “estimate,” “anticipate,” “intend,” “plan,” “foresee” and other similar words or phrases. Statements that describe our Company’s objectives, plans or goals are also forward-looking statements. Examples of such forward-looking information we may be discussing in this presentation include, without limitation, the effects of COVID-19 on operations, anticipated future new vehicle unit sales volume, anticipated future used vehicle unit sales volume, anticipated future parts, service and collision repair (“Fixed Operations”) gross profit, anticipated expense reductions, long-term annual revenue targets, anticipated future growth and profitability in our EchoPark Segment, anticipated openings of new EchoPark stores, anticipated future performance and growth of our Franchised Dealerships Segment, anticipated liquidity positions, anticipated 2020 industry new vehicle sales volume, the implementation of growth and operating strategies, including acquisitions of dealerships and properties, the return of capital to stockholders, anticipated future success and impacts from the implementation of our strategic initiatives, and earnings per share expectations. You are cautioned that these forward-looking statements are not guarantees of future performance, involve risks and uncertainties and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. These risks and uncertainties include, without limitation, economic conditions in the markets in which we operate, new and used vehicle industry sales volume, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s other periodic reports and information filed with the Securities and Exchange Commission (the “SEC”). These forward-looking statements, risks, uncertainties and additional factors speak only as of the date of this presentation. We undertake no obligation to update any such statements, except as required under federal securities laws and the rules and regulations of the SEC. 2

COMPANY OVERVIEW 3

Sonic Automotive: Who We Are QUICK FACTS Our Core Franchised 95 15 Dealerships Segment is a Dealerships Collision Centers Full-Service Automotive Retailer, Selling New and Used Vehicles, Arranging (NYSE: SAH) F&I Product Sales, and a Fortune 500 Providing Parts, Service 20+ 12 and Collision Repair Automotive Brands States Company and One of the Nation’s Largest Automotive Retailers Our Growing EchoPark $10.5B $1.5B Segment Offers a Unique Revenue Gross Profit Approach to Pre-Owned Vehicle and F&I Sales Below-Market Pricing with a No Haggle Purchase 114K 162K Experience Drives New Vehicles Sold Used Vehicles Sold Industry-Leading Used Vehicle Volume Throughput Note: Revenue, Gross Profit, New and Used Vehicles Sold are for FY 2019 4

Investment Highlights Multiple Growth And Profit Drivers For Franchised Segment Broad Geographic, Unique, High Return Revenue Stream And EchoPark Brand Mix Diversification Business Model Complementary Focused On Expense Relationship – Sonic Control And Strengthening Franchised And EchoPark The Balance Sheet Disciplined Capital Allocation To Accelerate EchoPark Growth 5

Revenue Composition BY GEOGRAPHY Geographic Footprint, Revenue Streams and Brand Mix Offer Attractive Diversification Across the Automotive Retail Space SC 2% NV 2% Other * 3% MD 2% VA 2% GA 3% NC 4% CA 28% AL 5% Concentration in Major Metro FL 6% Markets TN 7% CO 9% TX 27% Note: Percentages are Percent of Total Revenue for FY 2019 * Consists of Disposed Stores and Holding Companies 6

Revenue Composition Brand Distribution Business Line Mix % of % of New Vehicle Brand Revenue Franchise Brand Revenue Used Vehicle (Including Wholesale) BMW 23% Mercedes 11% Parts, Service & Collision Repair ("Fixed Operations") Audi 6% Finance & Insurance ("F&I") Lexus 4% Luxury 57% Land Rover 3% 16% Porsche 3% Cadillac 3% 9% 47% MINI 2% Other Luxury (1) 2% Honda 13% Toyota 8% 44% Import 24% Hyundai 1% Volkswagen 1% 35% Other Import (2) 1% EchoPark 11% Non-Franchise 11% Ford 4% 31% Domestic 8% 13% General Motors (3) 4% 5% (1) Includes Volvo, Jaguar, Acura and Infiniti Revenue Gross Profit (2) Includes Nissan, Subaru and Kia (3) Includes Chevrolet, GMC and Buick Note: Percentages are Percent of Total Revenue for FY 2019 Note: Percentages are Percent of Total for FY 2019 7

Franchised Dealerships Franchised Brands, Luxury 86 Dealerships 20+ Weighted New & Used Vehicle Sales Parts & Service (P&S) Finance & Insurance (F&I) Major Collision Metropolitan Repair Centers 15 20 Markets Focused On Inventory Mix and Attractive Pricing to Drive Growth and Profitability 8

Franchised Dealerships – Geographic Footprint Headquartered in 86 Stores, 20+ Brands, Platforms in Major Charlotte, NC 15 Collision Repair Centers Metro Markets 9

Franchised Dealerships – Strategic Levers Grow Parts and Service Acquire Potential High Maximize Return Stores F&I Penetration Divest Multiple Growth Underperforming Used Vehicle or Cap Ex Volume Intensive Stores Drivers Throughput SG&A Expense Inventory Discipline Sourcing Omni-Channel Selling EchoPark Learnings 10

EchoPark Automotive The New Car Alternative™ Get the New Car Feel Without the New Car Price Focus On Pre-Owned Below Market Market – More Stable Pricing With Simplified, Easy Than New Vehicle Purchase Experience Market Unique, High Return Business Model 1 to 4-Year-Old 30% of Guests Vehicles - Nearly New With Travel More Than 30 Minutes Remaining OEM Warranty To Shop Our Inventory Expansion Goal of 25+ Locations Through 2024 11

EchoPark – Geographic Footprint Texas Colorado • Grand Prairie (Dallas) – • Thornton and Centennial Pre-Owned Business (Denver) – Opened Q4 2014 Acquired Q3 2017 • Colorado Springs – Opened • San Antonio – Opened Q4 Q2 2017 2017 • New Braunfels – Opened Q1 2018 • Houston – Opened December 2018 North Carolina California • Charlotte – Opened October • Long Beach – Opened 2018 December 2019 Florida TBD • Tampa – Opened April 2020 • Two Additional Locations By 10 Existing Stores in End of 2020 Two Additional Locations • 25+ Locations Through Seven Physical 2024 Opening in 2020 Markets 12

EchoPark – Growth Path $350 16,000 13,986 14,000 $300 13,206 12,587 12,676 12,000 $250 11,051 10,000 $200 8,762 7,698 7,459 8,000 (In Millions) (In $150 5,518 6,000 4,496 $100 4,000 2,400 2,049 $50 1,585 1,685 1,673 2,000 920 941 1,136 660 881 764 212 $- - Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Quarterly Retail Units Quarterly Revenue Prior to COVID-19 Stay At Home Orders, On Pace For 16,000 Retail Units Sold In Q1 2020 13

EchoPark – Modeled 4-Wall Economics At Maturity Medium Store Large Store Existing Medium Stores: • Centennial, CO* Average Monthly Retail Unit Volume (100% Mature) 750 1,500 • Colorado Springs, CO* Average Vehicle Selling Price $ 20,500 $ 20,500 • New Braunfels, TX* Total Annual Revenues $ 210,000,000 $ 420,000,000 • San Antonio, TX* Total Combined Gross Profit Per Unit Retailed ("GPU") $ 2,150 $ 2,150 • Charlotte, NC • Long Beach, CA Target SG&A Expenses as % of Gross Profit 60% 60% • Tampa, FL Average Monthly Pre-Tax Profit $ 600,000 $ 1,200,000 Existing Large Stores: Average Compensation Per Employee (with Fringe) $ 78,000 $ 78,000 • Dallas, TX • Thornton, CO* Total Headcount 105 170 • Houston, TX Average Retail Unit Sales Per Head Per Month 7.1 8.8 Other Targeted Markets: Target Inventory Days' Supply 30 Days 30 Days • Atlanta, GA Working Capital Investment $ 15,000,000 $ 31,000,000 • Fort Lauderdale/Miami, FL Capital Expenditures (Varies By Market) $ 16,000,000 $ 20,000,000 • Los Angeles, CA Total Capital Investment $ 30,000,000 $ 50,000,000 • Nashville, TN • Orlando, FL Pre-Tax Return On Investment 24%+ 29%+ • Philadelphia, PA • Phoenix, AZ • Washington, D.C. Note: Estimate average pre-tax losses of $2M per new store opening including hiring, training and other pre-opening expenses, plus operating losses incurred prior to targeted breakeven. Note: Amounts are estimates of future results used for comparative modeling purposes. Actual store results may differ. * These stores were established under the previous EchoPark operating model and may not conform to the above model. 14

EchoPark – Market Maturity Comparison Average Monthly Retail Unit Volume - 150 300 450 600 750 900 1,050 1,200 1,350 1,500 1,650 1,800 Denver/Colorado Springs Opened Q4 2014 * Dallas Acquired Q3 2017 Houston Opened Q4 2018 Charlotte Despite Challenging Conditions, Opened Q4 2018 All Markets Grew Volume Both Sequentially And Compared To Prior Long Beach Opened December 2019 Year San Antonio Opened Q1 2018 ** Q1 2020 Q1 2019 * This Market Converted To Current EchoPark 1-4 Year Old Vehicle Inventory And Pricing Model In Q2 2018 ** This Market Began To Pilot An Outlet Model Selling 1-8 Year Old Vehicles In November 2019 15

EchoPark – Adjusted EBITDA Trend $6,352 $6,000 $5,299 $5,169 $4,957 $4,792 $4,000 FY 2019 Adjusted EBITDA of $21.4 $2,000 Million, Up 302% From FY 2018 (In Thousands) $- Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 ($1,115) Q4 Seasonally Lighter Than Q3 $(2,000) Q1 2020 Negatively Impacted By COVID-19 ($2,059) ($2,168) New Store Openings – Lower By $0.7 Million In ($2,802) Q4 2019, $0.9 Million in Q1 2020 ($3,029) ($3,353) $(4,000) Note: Refer To Appendix For Calculation And Reconciliation of Adjusted EBITDA (A Non-GAAP Measure) 16

EchoPark – High Volume Drives Superior Returns Ultra-Low Pricing Attractive F&I High Volume Throughput May Yield Slightly Negative Higher Penetration Rates 5X Volume Per Store Per Month Front-End Gross Profit Per Unit On F&I Products vs. Sonic Franchised Stores vs. Sonic Franchised Stores Gross Profit Per Unit (“GPU”) Franchised Used EchoPark B (W) Front-End Used Vehicle GPU $1,300 $(100) F&I GPU $1,400 $2,250 Parts and Service Reconditioning GPU $500 - Total Used-Related GPU $3,200 $2,150 ($1,050) Volume Differential Factor x1 X5 Pro Forma Comparative Used-Related Gross Profit $3,200 $10,750 $7,550 Note: Amounts are estimates of future results used for comparative modeling purposes. Actual store results may differ. 17

Industry-Leading Used Vehicle Volume Throughput Retail Used Vehicle Unit Sales Per Store Per Month 518 469 319 105 101 79 Peer Average* Sonic Franchised Sonic Franchised CarMax** EchoPark EchoPark (Q4 2019) (Q1 2020) (Q4 2019) (Q1 2020) Utilize Highly Efficient Inventory Sourcing, Pricing And Selling Processes To Maximize Throughput * Peer Average Is Store Count As Of And Unit Sales For The Quarter Ended December 31, 2019 (Q1 2020 Data Not Available As Of Date Of This Report) For ABG, AN, GPI, LAD And PAG ** CarMax Data Is Store Count As Of And Unit Sales For The Quarter Ended February 29, 2020 Note: Data Source – Company Filings, Company Websites 18

Used Vehicle Volume Throughput Trend Franchised Dealerships Retail Used Vehicle Unit Sales Volume Per Store Per Month 115 109 105 96 95 95 91 88 89 90 85 85 81 75 70 65 55 53 44 45 45 40 41 35 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2005-2019 – 7.4% CAGR 19

Inventory Management Expertise 58 Used Vehicle Inventory Days’ Supply 44 34 33 29 28 Peer Average* Sonic Franchised Sonic Franchised CarMax** EchoPark EchoPark (December 31, 2019) (March 31, 2020) (December 31, 2019) (March 31, 2020) Low Inventory Days’ Supply Reduces Exposure to Fluctuations in Used Vehicle Valuations * Peer Average Is As Of December 31, 2019 (March 31, 2020 Data Not Available As Of Date Of This Report) For ABG, AN, GPI, LAD And PAG ** CarMax Data Is As Of February 29, 2020 Note: Data Source – Company Filings, Calculated Based On Trailing Quarter Cost Of Sales If Not Explicitly Disclosed 20

Inventory Management Expertise COVID-19-Related Sales Decline In Second Half Of March 2020 Magnified Seasonal Increase In New Vehicle Days’ Supply 86 75 64 63 59 53 32 33 34 34 29 31 30 29 27 27 28 25 Excellent Used Vehicle Days’ Supply – Manage This To Lower Sales Volume Using Data-Driven Purchasing Decisions Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 New Used - Franchised Used - EchoPark Data Analytics Tools Enable Accuracy, Consistency And Scalability Of Used Inventory Sourcing And Pricing 21

Data and Analytics-Based Inventory Management POWERFUL EFFICIENT INSTANT SIMPLE Analytics Delivered To Only the Information Needed Insights in Less Than a Click Implementation in Existing Buyer’s Fingertips in the Moment Webpage with No Training HyperIntelligence Embeds The Analytics Into the Tools We Already Use To Enable Speed, Accuracy And Split- Second Decision Making 22

Consolidated F&I Per Unit Trend Annual F&I Gross Profit Per Unit $1,800 $1,743 $1,700 $1,600 $1,557 $1,500 $1,411 $1,400 $1,354 $1,300 $1,280 $1,219 $1,200 $1,138 $1,100 $1,071 $992 $1,002 $1,006 $1,000 $954 $900 $906 $918 $900 $800 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Additional Opportunity to Continue Improving F&I Product Penetration Q1 2020 F&I Per Unit Of $1,885 23

Complementary Relationship Between Segments Franchised Dealerships • Thrives When New Vehicle Industry Is • Strong Secular Growth Phase Due To: Healthy, Particularly Where Luxury  Focus On Recession-Resistant Brands Are Strong Pre-Owned Vehicle Market • Diverse Revenue Streams - Some  Below-Market Price Strategy Recession-Resistant  Simplified, Easy Purchase • Profitable Through 2008 Economic Experience Downturn - Relatively Low Fixed Costs And Multiple Operational Levers • If Pre-Owned Vehicle Valuations Decline, EchoPark Should: • Further Growth Opportunities:  Benefit From Rapid Inventory  Parts and Service Business Turns, Creating An Even Greater  Used Vehicles Pricing Advantage Over  F&I Penetration Competitors To Drive Additional Volume 24

Strategic Direction Franchised Dealerships EchoPark Capital Allocation Drive New And Used Vehicle Early Stage Strong Secular Opportunistic Divestitures Of Profit Growth Through Growth Phase Underperforming Or Capital- Multiple Channels Intensive Franchised (Traditional Sale Or Lease, Profitability Improving As Dealerships Online Selling, Alternative Older Stores Continue To Sources Of Inventory) Mature Strategically Deploy Capital To Accelerate EchoPark’s Continued Growth Expect 2 New Locations By Already Strong Growth Opportunity In Parts & The End Of 2020 (Bringing Service, F&I Total to 12) - Goal Of 25+ Continue To Monitor Locations Through 2024 Franchised Dealership Ongoing Profitability Acquisition Opportunities As Enhancement Through Expansion To Be Self- Market Evolves SG&A Expense Control, Funding In 2-3 Years With Inventory Management Free Cash Flow From Existing Stores 25

FINANCIAL OVERVIEW 26

Q1 2020 – Consolidated Continuing Operations – GAAP B/(W) than Q1 2019 (In millions, except per share data) Q1 2020 $ % Revenues $2,308.1 ($81.1) (3.4%) Gross profit $350.6 ($8.4) (2.3%) SG&A expenses $282.2 ($35.1) (14.2%) SG&A expenses as % of gross profit 80.5% (1,170) bps Earnings from continuing operations before taxes ($243.2) ($304.6) (496.6%) Continuing Ops: Net income ($199.1) ($241.5) (570.2%) Diluted earnings per share ($4.67) ($5.66) (571.7%) In Q1 2020 Sonic Was Required To Record A Non-Cash Goodwill Impairment Charge Of $268.0 Million Related To Its Franchised Dealerships Reporting Unit As A Result Of A Decrease In The Company’s Market Value Due To The COVID-19 Pandemic’s Effect On The Stock Market And Expected Reduction In Economic Activity In The Near Term Note: Refer To Appendix For Items Of Interest That May Affect Comparability Of GAAP Amounts 27

Q1 2020 – Consolidated Continuing Operations - Adjusted B/(W) than Q1 2019(1) (1) (In millions, except per share data) Q1 2020 $ % Revenues $2,308.1 ($81.1) (3.4%) Gross profit $350.6 ($8.4) (2.3%) SG&A expenses $282.2 $5.4 1.9% SG&A expenses as % of gross profit 80.5% (40) bps Earnings from continuing operations before taxes $24.8 $1.9 8.3% Continuing Ops: Net income $17.6 $0.8 4.8% Diluted earnings per share $0.40 $0.01 2.6% Revenues Were Lower Due To The Effect Of Franchise Disposals In FY 2019 And Impact Of COVID-19 In Q1 2020 Strategic Emphasis On Expense Discipline And Debt Reduction In FY 2019 Drove Profit And EPS Growth In Lower Revenue Environment (1) Amounts Are Adjusted – Refer To Appendix For Reconciliation of Adjusted SG&A Expenses, Adjusted SG&A Expenses As % Of Gross Profit, Adjusted Earnings From Continuing Operations Before Taxes, Adjusted Net Income, And Adjusted Diluted Earnings Per Share (Non-GAAP Measures) 28

Q1 2020 Build – Consolidated Continuing Operations FY 2019 Momentum Carried Into The First Two Months Of FY 2020, March Impacted By COVID-19 B/(W) than Comparable Period in 2019 (In millions, except unit and per unit data) January - February 2020 March 2020 Q1 2020 $ % $ % $ % New vehicle revenues $ 45 6.9% $ (152) (36.8%) $ (107) (10.0%) Retail used vehicle revenues 122 24.1% (93) (29.7%) 30 3.6% Wholesale used vehicle revenues - (3.0%) (5) (30.8%) (6) (11.4%) Fixed Operations revenues 8 3.7% (15) (12.9%) (7) (2.0%) F&I revenues 16 25.0% (7) (17.2%) 9 8.5% Total revenues $ 191 12.9% $ (272) (30.2%) $ (81) (3.4%) New vehicle gross profit $ - 0.9% $ (9) (39.4%) $ (8) (15.6%) New vehicle unit sales volume 314 2.0% (3,787) (38.9%) (3,473) (13.8%) New vehicle GPU $ (22) (1.1%) $ (17) (0.7%) $ (44) (2.1%) Retail used vehicle gross profit $ 2 8.1% $ (7) (45.7%) $ (5) (13.2%) Retail used vehicle unit sales volume 5,639 23.6% (4,078) (27.9%) 1,561 4.1% Retail used vehicle GPU $ (117) (12.5%) $ (247) (24.6%) $ (159) (16.5%) Wholesale used vehicle gross profit $ 1 69.3% $ - 100.9% $ 1 87.6% Fixed Operations gross profit $ 3 2.9% $ (8) (15.0%) $ (5) (3.3%) Customer Pay gross profit $ 3 6.9% $ (3) (12.3%) $ - 0.4% F&I gross profit $ 16 25.0% $ (7) (17.2%) $ 9 8.5% F&I GPU $ 153 9.3% $ 384 22.4% $ 209 12.5% Total gross profit $ 22 10.0% $ (31) (22.9%) $ (8) (2.3%) 29

Q1 2020 Build – Consolidated Same Store FY 2019 Momentum Carried Into The First Two Months Of FY 2020, March Impacted By COVID-19 B/(W) than Comparable Period in 2019 (In millions, except unit and per unit data) January - February 2020 March 2020 Q1 2020 $ % $ % $ % New vehicle revenues $ 83 13.5% $ (130) (33.2%) $ (47) (4.7%) Retail used vehicle revenues 127 25.8% (88) (29.0%) 39 4.9% Wholesale used vehicle revenues - 2.2% (4) (28.4%) (5) (7.1%) Fixed Operations revenues 18 8.3% (9) (7.6%) 9 2.8% F&I revenues 17 27.8% (7) (18.4%) 10 9.7% Total revenues $ 245 17.3% $ (238) (27.6%) $ 6 0.3% New vehicle gross profit $ 1 3.5% $ (7) (34.8%) $ (6) (12.1%) New vehicle unit sales volume 1,603 11.3% (3,012) (33.6%) (1,409) (6.1%) New vehicle GPU $ (151) (7.0%) $ (41) (1.7%) $ (144) (6.4%) Retail used vehicle gross profit $ 3 14.1% $ (5) (36.1%) $ (2) (5.9%) Retail used vehicle unit sales volume 6,100 26.9% (3,687) (26.4%) 2,413 6.6% Retail used vehicle GPU $ (86) (10.0%) $ (122) (13.2%) $ (103) (11.7%) Wholesale used vehicle gross profit $ 1 63.4% $ - 196.1% $ 1 85.8% Fixed Operations gross profit $ 8 8.1% $ (5) (9.3%) $ 3 2.1% Customer Pay gross profit $ 5 11.6% $ (2) (6.6%) $ 4 5.3% F&I gross profit $ 17 27.8% $ (7) (18.4%) $ 10 9.7% F&I GPU $ 106 6.4% $ 261 15.3% $ 141 8.4% Total gross profit $ 30 14.0% $ (24) (18.9%) $ 6 1.7% 30

Q1 2020 – Franchised Dealerships Segment – GAAP B/(W) than Q1 2019 (In millions, except unit and per unit data) Q1 2020 $ % Revenues $1,976.3 ($163.2) (7.6%) Gross profit $318.8 ($14.5) (4.4%) SG&A expenses $256.4 ($29.4) (13.0%) SG&A expenses as % of gross profit 80.4% (1,230) bps Segment income (loss) $22.8 ($38.5) (63.0%) New vehicle unit sales volume 21,724 (3,473) (13.8%) Retail used vehicle unit sales volume 26,038 (1,374) (5.0%) New vehicle gross profit per unit $2,091 ($44) (2.1%) Retail used vehicle gross profit per unit $1,241 ($99) (7.4%) F&I gross profit per unit retailed $1,760 $221 14.4% Revenues And Unit Sales Volumes Were Lower Due To The Effect Of Franchise Disposals In FY 2019 And Impact Of COVID-19 In Q1 2020 Q1 2020 Industry New Vehicle Retail SAAR Down 8.7%, Total New Vehicle SAAR Down 12.4% Note: Refer To Appendix For Items Of Interest That May Affect Comparability Of GAAP Amounts 31

Q1 2020 – Franchised Dealerships Segment – Adjusted B/(W) than Q1 2019(1) (In millions, except unit and per unit data) Q1 2020 $ % Revenues $1,976.3 ($163.2) (7.6%) Gross profit $318.8 ($14.5) (4.4%) SG&A expenses $256.4 $11.0 4.1% SG&A expenses as % of gross profit 80.4% (20) bps Segment income (loss) $22.7 $1.9 9.1% New vehicle unit sales volume 21,724 (3,473) (13.8%) Retail used vehicle unit sales volume 26,038 (1,374) (5.0%) New vehicle gross profit per unit $2,091 ($44) (2.1%) Retail used vehicle gross profit per unit $1,241 ($99) (7.4%) F&I gross profit per unit retailed $1,760 $221 14.4% Revenues And Unit Sales Volumes Were Lower Due To The Effect Of Franchise Disposals In FY 2019 And Impact Of COVID-19 In Q1 2020 Q1 2020 Industry New Vehicle Retail SAAR Down 8.7%, Total New Vehicle SAAR Down 12.4% (1) Q1 2019 Amounts Are Adjusted – Refer To Appendix For Reconciliation of Adjusted SG&A Expenses, Adjusted SG&A Expenses As % Of Gross Profit, And Adjusted Segment Income (Non-GAAP Measures) 32

Q1 2020 – Franchised Dealerships Segment Same Store B/(W) than Q1 2019 (In millions, except unit and per unit data) Q1 2020 $ % New vehicle revenues $959 ($47) (4.7%) Retail used vehicle revenues $567 ($10) (1.8%) Wholesale used vehicle revenues $42 ($7) (14.7%) Fixed Operations revenues $327 $5 1.5% F&I revenues $79 $5 6.9% Total revenues $1,975 ($55) (2.7%) New vehicle gross profit $45 ($6) (12.1%) New vehicle unit sales volume 21,724 (1,409) (6.1%) New vehicle gross profit per unit $2,093 ($144) (6.5%) Retail used vehicle gross profit $32 ($0) (1.0%) Retail used vehicle unit sales volume 26,038 397 1.5% Retail used vehicle gross profit per unit $1,240 ($32) (2.5%) Wholesale used vehicle gross profit ($0) $1 91.8% Wholesale used vehicle unit sales volume 6,910 (563) (7.5%) Fixed Operations gross profit $159 $3 2.0% Customer Pay gross profit $76 $4 5.3% F&I gross profit $79 $5 6.9% F&I gross profit per unit $1,671 $150 9.9% Total gross profit $316 $3 0.8% Prior To Impact Of COVID-19 In March 2020, February 2020 YTD Revenues Were Up 13%, New Vehicle Unit Sales Volume Was Up 11%, Retail Used Vehicle Unit Sales Volume Was Up 20%, And Total Gross Profit Was Up 12% Compared To The Same Prior Year Period 33

Q1 2020 – EchoPark Segment B/(W) than Q1 2019 (In millions, except unit and per unit data) Q1 2020 $ % Revenues $331.7 $82.1 32.9% Gross profit $31.8 $6.1 23.7% SG&A expenses $25.7 ($5.6) (28.1%) SG&A expenses as % of gross profit 80.9% (270) bps Segment income (loss) $2.1 ($0.0) (0.5%) Retail used vehicle unit sales volume 13,986 2,935 26.6% Total combined gross profit per unit retailed $2,294 ($58) (2.5%) We Opened Our Ninth EchoPark Store In Long Beach, California In December 2019 And Our Tenth EchoPark Store In Tampa, Florida In April 2020 Segment Income Was Negatively Affected By $1.0 Million In Q1 2020 Due To Costs Associated With Opening These Stores 34

Q1 2020 – EchoPark Segment Same Store B/(W) than Q1 2019 (In millions, except unit and per unit data) Q1 2020 $ % Retail used vehicle revenues $265 $49 22.6% Wholesale used vehicle revenues $6 $4 162.6% Parts, service and collision repair revenues $10 $4 84.0% F&I revenues $30 $5 17.8% Total revenues $311 $61 24.6% Combined retail used vehicle and F&I gross profit $28 $3 11.8% Retail used vehicle unit sales volume 13,067 2,016 18.2% Combined retail used vehicle and F&I gross profit per unit $2,172 ($126) (5.5%) Wholesale used vehicle gross profit ($0) ($0) NM Wholesale used vehicle unit sales volume 1,676 1,177 NM Parts, service and collision repair gross profit ($0) $0 NM Total gross profit $28 $3 12.1% NM = Not Meaningful Prior To Impact Of COVID-19 In March, February 2020 YTD Revenues Were Up 51% Retail Used Vehicle Unit Sales Volume Was Up 42% Total Gross Profit Was Up 39% Compared To The Same Prior Year Period 35

Q1 2020 – Consolidated Adjusted SG&A Expenses As Percentage Of Gross Profit On A GAAP Basis*, SG&A Expenses As Percentage Of Gross Profit Were 80.5% For Q1 2020 Compared To 68.8% For Q1 2019 40 bps Worse 80.5%(1) 80.1%(1) 22.7% 22.1% 4.0% 4.2% 49.8% 49.6% 4.0% 4.2% Q1 2020 Q1 2019 Advertising Comp Rent Other * Refer To Appendix For Items Of Interest That May Affect Comparability Of GAAP Amounts (1) Refer To Appendix For Reconciliation of Adjusted SG&A Expenses (A Non-GAAP Measure) 36

Gross Profit Per Unit Trend $2,500 $2,351 $2,341 $2,294 $2,264 $2,300 $2,234 $2,209 $2,100 $2,135 $2,100 $2,000 $2,091 $1,997 $1,835 $1,900 $1,710 $1,760 $1,700 $1,645 $1,576 $1,581 $1,539 $1,500 $1,300 $1,342 $1,340 $1,297 $1,286 $1,318 $1,241 $1,100 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 New GPU Franchised Used GPU Franchised F&I GPU EchoPark Combined GPU New GPU Is Seasonally Low in Q3 and High In Q4 Franchised Used GPU May Vary Depending On Volume And Inventory Days Supply Seasonal Variations 37

Strong Balance Sheet And Liquidity March 31, 2020 December 31, 2019 (In Millions) Cash and cash equivalents $ 181.8 $ 29.1 Availability under the 2016 Revolving Credit Facility - 230.7 Availability under our used vehicle floor plan facilities 26.6 17.1 Availability under the 2019 Mortgage Facility 3.1 3.1 Floor plan deposit balance 100.0 - Total available liquidity resources $ 311.5 $ 280.0 Covenant Requirement* March 31, 2020 December 31, 2019 Liquidity ratio >= 1.05 1.07 1.11 Fixed charge coverage ratio >= 1.20 1.70 1.60 Total lease adjusted leverage ratio <= 5.75 3.69 3.21 Net debt to Adjusted EBITDA ratio(1) 2.01 2.20 Strategic Management Actions Have Increased Available Liquidity Despite Weakening Sales Environment Available Liquidity As Of April 28, 2020 Was $418.4 Million * As Defined In The 2016 Revolving Credit Facility and 2019 Mortgage Facility (1) Refer To Appendix For Calculation And Reconciliation of Adjusted EBITDA (A Non-GAAP Measure) and Net Debt To Adjusted EBITDA Ratio (A Non-GAAP Measure) 38

Capital Expenditure Discipline Gross Capital Expenditures (In Millions) $234.2 $163.6 $125.6 $110.8 FY 2017 FY 2018 FY 2019 FY 2020E Strict Capital Growth Capital Used To Expand Allocation Strategy EchoPark Locations Nationwide Actual Q1 2020 Capital Expenditures Of $19.8 Million FY 2020E Expected To Be $72.0 Million Net Of Mortgage Proceeds Upon Project Completion 39

COVID-19 IMPACT ACTIONS TAKEN 2020 OUTLOOK 40

COVID-19 Impact Since Inception of Stay Home Orders Rolling 7-Day Average New Vehicle Rolling 7-Day Average Fixed Operations Unit Sales Volume Gross Profit (Less Internal) 400 $2,500 350 300 $2,000 250 $1,500 200 150 $1,000 100 50 (In Thousands) $500 - $- 2-Apr 4-Apr 6-Apr 8-Apr 7-Mar 9-Mar 10-Apr 12-Apr 14-Apr 16-Apr 18-Apr 20-Apr 2-Apr 4-Apr 6-Apr 8-Apr 11-Mar 13-Mar 15-Mar 17-Mar 19-Mar 21-Mar 23-Mar 25-Mar 27-Mar 29-Mar 31-Mar 7-Mar 9-Mar 10-Apr 12-Apr 14-Apr 16-Apr 18-Apr 20-Apr 11-Mar 13-Mar 15-Mar 17-Mar 19-Mar 21-Mar 23-Mar 25-Mar 27-Mar 29-Mar 31-Mar 2019 2020 2019 2020 Rolling 7-Day Average Retail Used Vehicle Unit Sales Volume • New Vehicle Units Bottomed Out 600 And Beginning to Climb 500 400 • Used Vehicle Units Returning Faster 300 Than New Vehicles 200 100 - • Fixed Operations Gross Profit Bottomed Out And Beginning to 2-Apr 4-Apr 6-Apr 8-Apr 7-Mar 9-Mar 10-Apr 12-Apr 14-Apr 16-Apr 18-Apr 20-Apr 11-Mar 13-Mar 15-Mar 17-Mar 19-Mar 21-Mar 23-Mar 25-Mar 27-Mar 29-Mar 31-Mar Climb 2019 2020 41

COVID-19 Actions Taken 1. Ensure Guest and Teammate Safety 2. Ensure Sonic’s Status As An Essential Business 3. Strengthen Liquidity • Taking Advantage of All Deferral Opportunities (Tax, Floor Plan Interest, Mortgages and Leases) • Daily Modeling Based on Actual Operations • Optimizing Floor Plan Capacity • Evaluating Additional Liquidity Via Unencumbered Property 4. Implementation of Expense Reductions • 33% Reduction in Headcount Via Terminations and Furlough • Reduction of Advertising and Other Operating Expenses • Total Anticipated Monthly Savings of $14M 5. Implementation of New Marketing/Operations • No-Contact Delivery on Site • Home Delivery on Purchases = 15% of Total Sales Thru April 22nd • Pickup and Delivery for Service = 7% of Total Sales Thru April 22nd • Company Wide Rollout of CarCash = 30% of Total Appraisals and Growing • Acceleration of Robotic Process Automation for Marketing • Permanent Infrastructure for Remote Workers 6. Maintain Inventory Management Discipline 42

Inventory Management Expertise Used Vehicle Inventory Days’ Supply 34 33 29 28 Sonic Franchise Sonic Franchise EchoPark EchoPark (December 31, 2019) (March 31, 2020) (December 31, 2019) (March 31, 2020) Strength of Day Supply Management, Pricing Engine and Buying Engine Supports Recovery 43

Outlook – J.D. Power J.D. Power New Vehicle Sales % of Original Forecast 120% 100% 100% 100% 100% 100% 100% 100% 100% 91% 80% 81% Back To Original 60% 65% Forecast in August 59% 40% 46% 20% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec J.D. Power COVID-19 Forecast Source Data: COVID-19: J.D. Power Auto Industry Impact Report April 22, 2020 44

Outlook – Sonic Automotive Franchised Dealerships New Vehicle Unit Sales Volume 14,000 12,000 Above Forecast 10,000 Jan & Feb 8,000 Back To Original 6,000 Forecast in August 4,000 2,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Original Forecast COVID-19 Forecast Due To Uncertainty Related To The COVID-19 Pandemic And The Resulting Economic Impact, Actual Results May Differ Materially From Management’s Forecast 45

Outlook – Sonic Automotive Franchised Dealerships Retail Used Vehicle Unit Sales Volume 14,000 12,000 Above Forecast Above Forecast July Through Dec Jan & Feb 10,000 8,000 Back To Original Forecast in July 6,000 4,000 2,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Original Forecast COVID-19 Forecast Due To Uncertainty Related To The COVID-19 Pandemic And The Resulting Economic Impact, Actual Results May Differ Materially From Management’s Forecast 46

Outlook – Sonic Automotive EchoPark Retail Used Vehicle Unit Sales Volume 8,000 Above Forecast in July Through Dec 7,000 Above Forecast 6,000 Jan & Feb 5,000 Back To Original 4,000 Forecast in July 3,000 2,000 1,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Original Forecast COVID-19 Forecast Due To Uncertainty Related To The COVID-19 Pandemic And The Resulting Economic Impact, Actual Results May Differ Materially From Management’s Forecast 47

Outlook – Sonic Automotive Franchised Dealerships Fixed Operations Gross $ $70,000 Above Forecast Above Forecast Aug Through Dec Jan & Feb $60,000 $50,000 Back To Original Forecast in Aug/Sept $40,000 (In Thousands) $30,000 $20,000 $10,000 $- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Original Forecast COVID-19 Forecast Due To Uncertainty Related To The COVID-19 Pandemic And The Resulting Economic Impact, Actual Results May Differ Materially From Management’s Forecast 48

APPENDIX 49

Items Of Interest – Q1 Income Statement (In millions) Q1 2020 Q1 2019 Line Item Gain on franchise disposals $ - $ 46.7 SG&A expenses Executive transition costs - (6.3) SG&A expenses(1) Impairment charges (268.0) (1.9) Impairment charges(2) Subtotal: Pre-tax items of interest $ (268.0) $ 38.5 Tax effect of above items 51.3 (12.9) Tax-effected items of interest $ (216.7) $ 25.6 Note: Amounts In Table Relate To Franchised Dealerships Segment Unless Otherwise Noted (1) $6.0 million of Q1 2019 amount is not deductible for tax purposes. (2) $1.9 million Q1 2019 amount is related to the EchoPark Segment. $91.1 million of Q1 2020 amount is not deductible for tax purposes. In Q1 2020 Sonic Was Required To Record A Non-Cash Goodwill Impairment Charge Of $268.0 Million Related To Its Franchised Dealerships Reporting Unit As A Result Of A Decrease In The Company’s Market Value Due To The COVID-19 Pandemic’s Effect On The Stock Market And Expected Reduction In Economic Activity In The Near Term 50

Non-GAAP Reconciliation – Segment Income & Adjusted Earnings Franchised Dealerships EchoPark Segment Segment Consolidated (In millions, except unit data) Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Revenues $ 1,976.3 $ 2,139.6 $ 331.7 $ 249.6 $ 2,308.1 $ 2,389.1 Gross profit $ 318.8 $ 333.3 $ 31.8 $ 25.7 $ 350.6 $ 359.0 SG&A expenses $ 256.4 $ 227.0 $ 25.7 $ 20.1 $ 282.2 $ 247.1 Adjusted segment income $ 22.7 $ 20.8 $ 2.1 $ 2.1 $ 24.8 $ 22.9 Gain on franchise disposals - 46.7 - - - 46.7 Executive transition costs - (6.3) - - - (6.3) Segment income $ 22.7 $ 61.2 $ 2.1 $ 2.1 $ 24.8 $ 63.3 Impairment charges (268.0) - - (1.9) (268.0) (1.9) Earnings (loss) from continuing operations before taxes $ (245.3) $ 61.2 $ 2.1 $ 0.2 $ (243.2) $ 61.4 Adjusted earnings (loss) from continuing operations before taxes $ 22.7 $ 20.8 $ 2.1 $ 2.1 $ 24.8 $ 22.9 Gain on franchise disposals - 46.7 - - - 46.7 Executive transition costs - (6.3) - - - (6.3) Impairment charges (268.0) - - (1.9) (268.0) (1.9) Earnings (loss) from continuing operations before taxes $ (245.3) $ 61.2 $ 2.1 $ 0.2 $ (243.2) $ 61.4 New vehicle unit sales volume 21,724 25,197 - - 21,724 25,197 Retail used vehicle unit sales volume 26,038 27,412 13,986 11,051 40,024 38,463 Note: Segment Income (Loss) Defined As Earnings (Loss) From Continuing Operations Before Taxes And Impairment Charges 51

Non-GAAP Reconciliation – SG&A Expenses Franchised Dealerships EchoPark Segment Segment Consolidated (In millions) Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Gross profit $ 318.8 $ 333.3 $ 31.8 $ 25.7 $ 350.6 $ 359.0 SG&A expenses $ 256.4 $ 227.0 $ 25.7 $ 20.1 $ 282.2 $ 247.1 Items of interest: Gain on franchise disposals $ - $ 46.7 $ - $ - $ - $ 46.7 Executive transition costs - (6.3) - - - (6.3) Adjusted SG&A expenses $ 256.4 $ 267.4 $ 25.7 $ 20.1 $ 282.2 $ 287.5 SG&A expenses as % of gross profit 80.4% 68.1% 80.8% 78.2% 80.5% 68.8% Adjusted SG&A expenses as % of gross profit 80.4% 80.2% 80.8% 78.2% 80.5% 80.1% 52

Non-GAAP Reconciliation – Earnings Per Share Q1 2020 Q1 2019 Weighted- Per Weighted- Per Average Share Average Share (In thousands, except per share amounts) Shares Amount Amount Shares Amount Amount Diluted earnings (loss) and shares from continuing operations(1) 42,615 $ (199,131) $ (4.67) 42,888 $ 42,349 $ 0.99 Pre-tax items of interest: Gain on franchise disposals $ - $ (46,680) Executive transition costs - 6,264 Impairment charges 268,000 1,926 Total pre-tax items of interest $ 268,000 $ (38,490) Tax effect of above items (51,295) 12,902 Adjusted diluted earnings (loss) and shares from continuing operations 43,432 $ 17,574 $ 0.40 42,888 $ 16,761 $ 0.39 (1) Basic Weighted-Average Shares Used For Q1 2020 Due To Net Loss On GAAP Basis 53

Non-GAAP Reconciliation – Adjusted EBITDA LTM* (In thousands) FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Q1 2020 Net Income (Loss) $ 76,254 $ 89,101 $ 81,618 $ 97,217 $ 86,311 $ 93,193 $ 92,983 $ 51,650 $ 144,137 $ (97,419) Provision For Income Taxes 46,907 47,648 43,386 62,346 55,962 59,899 13,198 22,645 54,954 (8,181) Income (Loss) Before Taxes $ 123,161 $ 136,749 $ 125,004 $ 159,563 $ 142,273 $ 153,092 $ 106,181 $ 74,295 $ 199,091 $(105,600) Non-Floor Plan Interest 63,576 58,453 55,356 52,269 49,524 48,034 50,531 52,049 50,475 48,621 Depreciation and Amortization 51,164 52,616 58,139 62,161 72,130 81,034 92,127 96,652 95,646 95,262 Stock-Based Compensation Expense 3,698 5,160 7,208 7,675 9,814 11,165 11,119 11,853 10,797 10,408 Loss (Gain) On Exit Of Leased Dealerships 4,384 4,286 2,915 302 1,848 1,386 2,157 1,709 (170) - Impairment Charges 1,151 950 9,872 6,594 17,955 8,063 9,394 29,514 20,768 286,816 Loss (Gain) On Debt Extinguishment 1,107 19,713 28,238 - - (6) 14,607 - 6,690 6,690 Long-Term Compensation Charges - - - - - - - 32,522 - - Loss (Gain) on Franchise Disposals 386 (10,343) 457 (11,279) (2,748) 48 (9,980) (39,307) (74,812) (28,063) Adjusted EBITDA $ 248,627 $ 267,584 $ 287,189 $ 277,285 $ 290,796 $ 302,816 $ 276,136 $ 259,287 $ 308,485 $ 314,134 Long-Term Debt (Including Current Portion) $ 533,577 $ 615,395 $ 734,022 $ 758,530 $ 814,581 $ 882,678 $ 1,024,703 $ 945,083 $ 706,886 $ 911,642 Cash and Equivalents (1,913) (3,371) (3,016) (4,182) (3,625) (3,108) (6,352) (5,854) (29,103) (181,780) Floor Plan Deposit Balance - (60,000) (65,000) (57,500) (74,000) (10,000) (3,000) - - (100,000) Net Debt $ 531,664 $ 552,024 $ 666,006 $ 696,848 $ 736,956 $ 869,570 $ 1,015,351 $ 939,229 $ 677,783 $ 629,862 Net Debt To Adjusted EBITDA Ratio 2.14 2.06 2.32 2.51 2.53 2.87 3.68 3.62 2.20 2.01 * LTM Q1 2020 Is For The Twelve Month Period Ended March 31, 2020 54

Non-GAAP Reconciliation – Adjusted EBITDA Q1 2020 Q1 2019 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ (199,333) $ 42,221 Provision For Income Taxes (44,200) 18,935 Income (Loss) Before Taxes $ (245,344) $ 2,096 $ (285) $ (243,533) $ 61,156 $ 180 $ (180) $ 61,156 Non-Floor Plan Interest 10,043 365 - 10,408 11,829 433 - 12,262 Depreciation And Amortization 20,144 2,708 - 22,852 20,824 2,418 - 23,242 Stock-Based Compensation Expense 2,427 - - 2,427 2,814 - - 2,814 Loss (Gain) On Exit Of Leased Dealerships - - - - (170) - - (170) Impairment Charges 268,000 - - 268,000 26 1,926 - 1,952 Gain On Franchise Disposals - - - - (46,750) - - (46,750) Adjusted EBITDA $ 55,270 $ 5,169 $ (285) $ 60,154 $ 49,729 $ 4,957 $ (180) $ 54,506 Q4 2019 Q4 2018 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 46,307 $ 21,821 Provision For Income Taxes 14,703 9,150 Income (Loss) Before Taxes $ 75,466 $ (14,518) $ 62 $ 61,010 $ 37,388 $ (6,196) $ (221) $ 30,971 Non-Floor Plan Interest 12,335 435 - 12,770 12,902 423 89 13,414 Depreciation And Amortization 20,972 2,765 - 23,737 21,086 2,211 - 23,297 Stock-Based Compensation Expense 2,690 - - 2,690 1,264 - - 1,264 Loss (Gain) On Exit Of Leased Dealerships - - - - (1,080) 3 89 (988) Impairment Charges 1,075 16,617 - 17,692 14,053 1,500 - 15,553 Loss On Debt Extinguishment 6,690 - - 6,690 - - - - Gain On Franchise Disposals (29,242) - - (29,242) (158) - - (158) Adjusted EBITDA $ 89,986 $ 5,299 $ 62 $ 95,347 $ 85,455 $ (2,059) $ (43) $ 83,353 55

Non-GAAP Reconciliation – Adjusted EBITDA Q3 2019 Q3 2018 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 29,010 $ 15,118 Provision For Income Taxes 11,307 7,262 Income (Loss) Before Taxes $ 38,417 $ 2,123 $ (223) $ 40,317 $ 28,087 $ (5,455) $ (252) $ 22,380 Non-Floor Plan Interest 12,011 402 - 12,413 12,279 423 98 12,800 Depreciation And Amortization 21,561 2,703 - 24,264 22,140 1,999 - 24,139 Stock-Based Compensation Expense 2,681 - - 2,681 4,578 - - 4,578 Loss (Gain) On Exit Of Leased Dealerships - - - - 24 4 103 131 Impairment Charges - 1,124 - 1,124 - - - - Gain On Franchise Disposals 823 - - 823 88 - - 88 Adjusted EBITDA $ 75,493 $ 6,352 $ (223) $ 81,622 $ 67,196 $ (3,029) $ (51) $ 64,116 Q2 2019 Q2 2018 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 26,599 $ 16,905 Provision For Income Taxes 10,009 8,142 Income (Loss) Before Taxes $ 35,129 $ 1,693 $ (213) $ 36,608 $ 53,176 $ (27,832) $ (297) $ 25,047 Non-Floor Plan Interest 12,599 431 - 13,030 12,349 406 106 12,861 Depreciation And Amortization 21,736 2,668 - 24,404 22,801 1,919 - 24,720 Stock-Based Compensation Expense 2,612 - - 2,612 3,049 - - 3,049 Loss (Gain) On Exit Of Leased Dealerships - - - - (2,618) 6 106 (2,506) Impairment Charges - - - - 10,317 - - 10,317 Long-Term Compensation Charges - - - - - 23,333 - 23,333 Gain On Franchise Disposals 356 - - 356 (38,047) - - (38,047) Adjusted EBITDA $ 72,432 $ 4,792 $ (213) $ 77,010 $ 61,027 $ (2,168) $ (85) $ 58,774 56

Non-GAAP Reconciliation – Adjusted EBITDA Q1 2019 Q1 2018 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 42,221 $ (2,194) Provision For Income Taxes 18,935 (1,910) Income (Loss) Before Taxes $ 61,156 $ 180 $ (180) $ 61,156 $ 10,830 $ (14,686) $ (248) $ (4,104) Non-Floor Plan Interest 11,829 433 - 12,262 12,469 389 115 12,973 Depreciation And Amortization 20,824 2,418 - 23,242 22,830 1,666 - 24,496 Stock-Based Compensation Expense 2,814 - - 2,814 2,962 - - 2,962 Loss (Gain) On Exit Of Leased Dealerships (170) - - (170) 4,955 7 109 5,071 Impairment Charges 26 1,926 - 1,952 3,561 82 - 3,643 Long-Term Compensation Charges - - - - - 9,189 - 9,189 Gain On Franchise Disposals (46,750) - - (46,750) (1,190) - - (1,190) Adjusted EBITDA $ 49,729 $ 4,957 $ (180) $ 54,506 $ 56,417 $ (3,353) $ (24) $ 53,040 Q4 2018 Q4 2017 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 21,821 $ 61,952 Provision For Income Taxes 9,150 (8,399) Income (Loss) Before Taxes $ 37,388 $ (6,196) $ (221) $ 30,971 $ 57,822 $ (3,976) $ (293) $ 53,553 Non-Floor Plan Interest 12,902 423 89 13,414 12,449 276 123 12,848 Depreciation And Amortization 21,086 2,211 - 23,297 22,639 1,314 - 23,953 Stock-Based Compensation Expense 1,264 - - 1,264 2,217 - - 2,217 Loss (Gain) On Exit Of Leased Dealerships (1,080) 3 89 (988) 23 - 118 141 Impairment Charges 14,053 1,500 - 15,553 6,079 - - 6,079 Long-Term Compensation Charges - - - - - 1,271 - 1,271 Gain On Franchise Disposals (158) - - (158) (1,507) - (6) (1,513) Adjusted EBITDA $ 85,455 $ (2,059) $ (43) $ 83,353 $ 99,722 $ (1,115) $ (58) $ 98,549 57

Non-GAAP Reconciliation – Adjusted EBITDA Q3 2018 Q3 2017 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 15,118 $ 19,440 Provision For Income Taxes 7,262 13,935 Income (Loss) Before Taxes $ 28,087 $ (5,455) $ (252) $ 22,380 $ 38,228 $ (4,372) $ (481) $ 33,375 Non-Floor Plan Interest 12,279 423 98 12,800 12,126 253 132 12,511 Depreciation And Amortization 22,140 1,999 - 24,139 22,179 1,317 - 23,496 Stock-Based Compensation Expense 4,578 - - 4,578 3,179 - - 3,179 Loss (Gain) On Exit Of Leased Dealerships 24 4 103 131 (173) - 362 189 Impairment Charges - - - - 200 - - 200 Gain On Franchise Disposals 88 - - 88 (8,490) - - (8,490) Adjusted EBITDA $ 67,196 $ (3,029) $ (51) $ 64,116 $ 67,249 $ (2,802) $ 13 $ 64,460 58

Investor Relations Contact: Sonic Automotive Inc. (NYSE: SAH) KCSA Strategic Communications Danny Wieland, Director of Financial Reporting David Hanover / Scott Eckstein ir@sonicautomotive.com sonic@kcsa.com (704) 927-3462 (212) 896-1220

exhibit993

&YIJCJU Sonic Automotive 2020 Annual Meeting Of Stockholders April 29, 2020

Agenda 1. Welcome and Call to Order 2. Introduction of Meeting Chairperson David Smith - CEO 3. Report of a Quorum Mr. Peter Friz of CT Hagberg LLC - Inspector of Elections 4. Issues Before the Stockholders Stephen K. Coss - Secretary ‡ Election of Directors ‡ Ratification of the Appointment of KPMG LLP as Sonic’s Independent Public Accounting Firm ‡ Advisory Vote on Executive Compensation ‡ Approval of Amendment and Restatement of Sonic’s 2012 Formula Restricted Stock and Deferral Plan for Non-Employee Directors 5. Report On Operations/Financial Results for FY 2019 Heath R. Byrd – EVP/CFO 6. Report of the Inspector of Elections Mr. Peter Friz of CT Hagberg LLC - Inspector of Elections 7. Adjournment Stephen K. Coss - Secretary 8. Q&A Management Team 3

Your Executive Management Team O. Bruton Smith David Bruton Smith Jeff Dyke Heath R. Byrd Executive Chairman, Chief Executive Officer, President, Director Executive Vice President, Director Director Chief Financial Officer 4

Other Participating Executives Angela Steve Coss Rachel Richards Maren McGrane Broadway Senior VP & General VP – Human Resources Chief Marketing Officer VP – Culture and Counsel Strategic Initiatives C.G. Saffer Karen McKemie Danny Wieland VP & Chief Accounting VP – Guest Experience Director – Financial Officer Center Reporting & IR 5

Report of A Quorum 6

Issues Before Stockholders ‡ Election of Directors ‡ Ratification of the Appointment of KPMG LLP as Sonic’s Independent Public Accounting Firm ‡ Advisory Vote on Executive Compensation ‡ Approval of Amendment and Restatement of Sonic’s 2012 Formula Restricted Stock and Deferral Plan for Non-Employee Directors 7

Report of Operations and Financial Results for 2019 Fiscal Year 8

FY 2019 – Consolidated All-Time Records ™Total Revenue – $10.454 Billion ™Used Retail Volume – 162,149 Units ™F&I Gross – $477.0 Million ™F&I Gross PUR – $1,743 Per Unit ™Total Gross Profit – $1.521 Billion ™Net Income – $144.1 Million ™Adjusted EBITDA(1) – $308.5 Million ™GAAP Continuing Ops EPS – $3.31 per Share ™Adjusted Continuing Ops EPS – $2.65 per Share (1) Refer To Appendix For Calculation And Reconciliation of Adjusted EBITDA (A Non-GAAP Measure) 9

FY 2019 – Consolidated – GAAP B/(W) than FY 2018* (amounts in millions, except per share data) FY 2019* $ % Revenue $10,454 $503 5.1% Gross Profit $1,521 $75 5.2% SG&A $1,099 $46 4.0% SG&A as % of Gross 72.3% 690 bps Depreciation $93 $0 0.5% Operating Profit $308 $130 73.2% Interest & Other ($108) ($6) (5.6%) Continuing Ops: Profit (after tax) $145 $92 175.9% Diluted EPS $ 3.31 $ 2.09 171.3% 2019 Comparative Results Reflect the Disposition of 10 Franchises During 2019 That Generated $656 Million of Revenue in FY 2018 * Refer To Appendix For Items Of Interest That May Affect Comparability Of GAAP Amounts 10

FY 2019 – Consolidated – Adjusted B/(W) than FY 2018(1) (amounts in millions, except per share data) FY 2019 (1) $% Revenue $10,454 $503 5.1% Gross Profit $1,521 $75 5.2% SG&A $1,169 ($26) (2.3%) SG&A as % of Gross 76.9% 210 bps Depreciation $93 $0 0.5% Operating Profit $258 $48 22.9% Interest & Other ($101) $1 1.4% Continuing Ops: Profit (after tax) $116 $39 50.5% Diluted EPS $ 2.65 $ 0.86 48.0% 2019 Comparative Results Reflect the Disposition of 10 Franchises During 2019 That Generated $656 Million of Revenue in FY 2018 (1) Amounts Are Adjusted – Refer To Appendix For Reconciliation of Adjusted Amounts (Non-GAAP Measures) 11

FY 2019 – Consolidated Continuing Operations Revenue Gross Profit Segment Income (Loss)* $9.1 $1,162 $112 $700 $58 In Millions ($52.6) $211.3 $9,252 $9,292 $1,388 $1,409 $157.4 FY 2018 FY 2019 FY 2018 FY 2019 FY 2018 FY 2019 Total Revenue Up 5.1% Total Gross Profit Up 5.2% Adjusted EBITDA(1) Up 19.0% Franchised EchoPark On A GAAP Basis*, FY 2019 Earnings Per Diluted Share From Continuing Operations of $3.31, Up 171% Compared To FY 2018 * Refer To Appendix For Items Of Interest That May Affect Comparability Of Amounts (1) Refer To Appendix For Calculation And Reconciliation of Adjusted EBITDA (A Non-GAAP Measure) 12

FY 2019 – Consolidated Adjusted SG&A Expenses to Gross Profit On A GAAP Basis*, SG&A Expenses To Gross Profit Were 72.3% For FY 2019, Compared To 79.2% For FY 2018 210 bps Better 76.9%(1) 79.0%(1) 21.5% 22.5% 3.6% 4.3% 47.8% 47.8% 4.0% 4.4% FY 2019 FY 2018 Advertising Comp Rent Other * Refer To Appendix For Items Of Interest That May Affect Comparability Of Amounts (1) Refer To Appendix For Calculation And Reconciliation of Adjusted SG&A Expenses (A Non-GAAP Measure) 13

FY 2019 – Franchised Dealerships Segment B/(W) than FY 2018* (In millions, except unit and per unit data) FY 2019* $ % Revenues $9,292.3 $40.9 0.4% Gross profit $1,408.6 $20.5 1.5% SG&A expenses $1,011.8 $34.7 3.3% SG&A expenses as % of gross profit 71.8% 360 bps Segment income (loss) $211.4 $53.9 34.2% New vehicle unit sales volume 114,131 (8,586) (7.0%) Retail used vehicle unit sales volume 112,629 2,461 2.2% New vehicle gross profit per unit $2,042 $74 3.8% Retail used vehicle gross profit per unit $1,310 ($37) (2.7%) F&I gross profit per unit retailed $1,620 $128 8.6% 2019 Comparative Results Reflect the Disposition of 10 Franchises During 2019 That Generated $656 Million of Revenue in FY 2018 * Refer To Appendix For Items Of Interest That May Affect Comparability Of Amounts 14

FY 2019 – EchoPark Segment B/(W) than FY 2018* (In millions, except unit and per unit data) FY 2019* $ % Revenues $1,162.0 $461.8 66.0% Gross profit $112.4 $54.4 93.7% SG&A expenses $87.6 $11.2 11.4% SG&A expenses as % of gross profit 77.9% 9,250 bps Segment income (loss) $9.1 $61.7 117.4% Retail used vehicle unit sales volume 49,520 20,083 68.2% Total combined gross profit per unit retailed $2,296 $416 22.1% We Opened Our Ninth EchoPark Store In Long Beach, California In December 2019 And Opened Our Tenth EchoPark Store In Tampa, Florida In April 2020 * Refer To Appendix For Items Of Interest That May Affect Comparability Of Amounts 15

EchoPark Retail Unit Sales Volume Growth Quarterly Quarterly Revenue Retail Units $350,000,000 13,206 14,000 12,587 12,676 $300,000,000 11,051 12,000 $250,000,000 10,000 8,762 7,698 $200,000,000 7,459 8,000 $150,000,000 5,518 6,000 4,496 $100,000,000 4,000 2,400 2,049 1,585 1,685 1,673 $50,000,000 1,136 2,000 660 881 920 764 941 212 $0 - Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 FY 2019 Revenues Of $1.2B, 49,520 Retail Unit Sales 16

EchoPark Segment – Adjusted EBITDA Trend $6,352 $6,000 $5,299 $4,957 $4,792 $4,000 FY 2019 Adjusted EBITDA(1) of $21.4 $2,000 Million, Up 302% From FY 2018 (In Millions) $- Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 $(1,115) $(2,000) Q4 Seasonally Lighter Than Q3 – $(2,168) $(2,059) Lower By $0.7 Million From Long Beach Opening In Q4 2019 $(2,802) $(3,029) $(3,353) $(4,000) Current Inventory And Pricing Strategy Began In Q2 2018 Q3 2018 And Q4 2018 Pressured By New Store Openings And Relocations (1) Refer To Appendix For Calculation And Reconciliation of Adjusted EBITDA (A Non-GAAP Measure) 17

Industry-Leading Used Vehicle Volume Throughput 469 Q4 2019 Retail Used Vehicle Unit Sales Per Store Per Month 299 105 85 82 83 76 69 Utilize Highly Efficient Inventory Sourcing, Pricing And Selling Processes To Maximize Throughput * Peer Average Is 79 Units Per Store Per Month Based On Store Counts As Of December 31, 2019 Note: Peer Data Source – Company Filings, Company Websites Note: CarMax Data is for the Quarter Ended November 30, 2019 18

Inventory Management Expertise Q4 2019 Used Vehicle Inventory Days’ Supply 65 57 52 39 34 33 29 28 Low Inventory Days’ Supply Reduces Exposure to Fluctuations in Used Vehicle Valuations Note: Peer Data Source: Company Filings, Calculated Based on Trailing Quarter Cost of Sales If Not Explicitly Disclosed Note: CarMax Data is for the Quarter Ended November 30, 2019 19

Strong Balance Sheet and Liquidity 12/31/2019 12/31/2018 (In Millions) Cash and cash equivalents $ $29.1 $ $5.9 Availability under the 2016 Revolving Credit Facility 230.7 223.9 Availability under our used vehicle floor plan facilities 17.1 2.0 Availability under the 2019 Mortgage Facility 3.1 - Total available liquidity resources $ $280.0 $ $231.8 Covenant Requirement* 12/31/2019 12/31/2018 Liquidity Ratio >= 1.05 1.11 1.10 Fixed Charge Coverage Ratio >= 1.20 1.60 1.43 Total Lease Adjusted Leverage Ratio <= 5.75 3.21 5.25 Net Debt To Adjusted EBITDA Ratio(1) 2.20 3.62 All Covenant Ratios Improved Total 2019 Debt Reduction Of $238M * As Defined In The 2016 Revolving Credit Facility and 2019 Mortgage Facility (1) Refer To Appendix For Calculation And Reconciliation of Adjusted EBITDA (A Non-GAAP Measure) and Net Debt To Adjusted EBITDA Ratio (A Non-GAAP Measure) 21

Financial Results for Q1 2020 22

Consolidated – Q1 2020 Continuing Operations – GAAP B/(W) than Q1 2019 (In millions, except per share data) Q1 2020 $ % Revenues $2,308.1 ($81.1) (3.4%) Gross profit $350.6 ($8.4) (2.3%) SG&A expenses $282.2 ($35.1) (14.2%) SG&A expenses as % of gross profit 80.5% (1,170) bps Earnings from continuing operations before taxes ($243.2) ($304.6) (496.6%) Continuing Ops: Net income ($199.1) ($241.5) (570.2%) Diluted earnings per share ($4.67) ($5.66) (571.7%) In Q1 2020 Sonic Was Required To Record A Non-Cash Goodwill Impairment Charge Of $268.0 Million Related To Its Franchised Dealerships Reporting Unit As A Result Of A Decrease In The Company’s Market Value Due To The COVID-19 Pandemic’s Effect On The Stock Market And Expected Reduction In Economic Activity In The Near Term Note: Refer To Appendix For Items Of Interest That May Affect Comparability Of GAAP Amounts 23

Consolidated – Q1 2020 Continuing Operations - Adjusted B/(W) than Q1 2019(1) (1) (In millions, except per share data) Q1 2020 $% Revenues $2,308.1 ($81.1) (3.4%) Gross profit $350.6 ($8.4) (2.3%) SG&A expenses $282.2 $5.4 1.9% SG&A expenses as % of gross profit 80.5% (40) bps Earnings from continuing operations before taxes $24.8 $1.9 8.3% Continuing Ops: Net income $17.6 $0.8 4.8% Diluted earnings per share $0.40 $0.01 2.6% Revenues Were Lower Due To The Effect Of Franchise Disposals In FY 2019 And Impact Of COVID-19 In Q1 2020 Strategic Emphasis On Expense Discipline And Debt Reduction In FY 2019 Drove Profit And EPS Growth In Lower Revenue Environment (1) Amounts Are Adjusted – Refer To Appendix For Reconciliation of Adjusted SG&A Expenses, Adjusted SG&A Expenses As % Of Gross Profit, Adjusted Earnings From Continuing Operations Before Taxes, Adjusted Net Income, And Adjusted Diluted Earnings Per Share (Non-GAAP Measures) 24

Consolidated – Q1 2020 Performance Build By Month – Continuing Operations B/(W) than Comparable Period in 2019 (In millions, except unit and per unit data) January - February 2020 March 2020 Q1 2020 $% $ % $% New vehicle revenues$ 45 6.9%$ (152) (36.8%)$ (107) (10.0%) Retail used vehicle revenues 122 24.1% (93) (29.7%) 30 3.6% Wholesale used vehicle revenues - (3.0%) (5) (30.8%) (6) (11.4%) Fixed Operations revenues 8 3.7% (15) (12.9%) (7) (2.0%) F&I revenues 16 25.0% (7) (17.2%) 9 8.5% Total revenues$ 191 12.9%$ (272) (30.2%)$ (81) (3.4%) New vehicle gross profit$ - 0.9%$ (9) (39.4%)$ (8) (15.6%) New vehicle unit sales volume 314 2.0% (3,787) (38.9%) (3,473) (13.8%) New vehicle GPU$ (22) (1.1%)$ (17) (0.7%)$ (44) (2.1%) Retail used vehicle gross profit$ 2 8.1%$ (7) (45.7%)$ (5) (13.2%) Retail used vehicle unit sales volume 5,639 23.6% (4,078) (27.9%) 1,561 4.1% Retail used vehicle GPU$ (117) (12.5%)$ (247) (24.6%)$ (159) (16.5%) Wholesale used vehicle gross profit$ 1 (69.3%)$ - 100.9%$ 1 87.6% Fixed Operations gross profit$ 3 2.9%$ (8) (15.0%)$ (5) (3.3%) Customer Pay gross profit$ 3 6.9%$ (3) (12.3%)$ - 0.4% F&I gross profit$ 16 25.0%$ (7) (17.2%)$ 9 8.5% F&I GPU$ 153 9.3%$ 384 22.4%$ 209 12.5% Total gross profit$ 22 10.0%$ ( 31) (22.9%)($ 8) (2.3%) 25

Consolidated – Q1 2020 Performance Build By Month – Same Store B/(W) than Comparable Period in 2019 (In millions, except unit and per unit data) y - February 2020 March 2020 Q1 2020 $% $ % $% New vehicle revenuesJanuar$ 83 13.5%$ (130) (33.2%)$ (47) (4.7%) Retail used vehicle revenues 127 25.8% (88) (29.0%) 39 4.9% Wholesale used vehicle revenues - 2.2% (4) (28.4%) (5) (7.1%) Fixed Operations revenues 18 8.3% (9) (7.6%) 9 2.8% F&I revenues 17 27.8% (7) (18.4%) 10 9.7% Total revenues$ 245 17.3%$ (238) (27.6%)$ 6 0.3% New vehicle gross profit$ 1 3.5%$ (7) (34.8%)$ (6) (12.1%) New vehicle unit sales volume 1,603 11.3% (3,012) (33.6%) (1,409) (6.1%) New vehicle GPU$ (151) (7.0%)$ (41) (1.7%)$ (144) (6.4%) Retail used vehicle gross profit$ 3 14.1%$ (5) (36.1%)$ (2) (5.9%) Retail used vehicle unit sales volume 6,100 26.9% (3,687) (26.4%) 2,413 6.6% Retail used vehicle GPU$ (86) (10.0%)$ (122) (13.2%)$ (103) (11.7%) Wholesale used vehicle gross profit$ 1 (63.4%)$ - 196.1%$ 1 85.8% Fixed Operations gross profit$ 8 8.1%$ (5) (9.3%)$ 3 2.1% Customer Pay gross profit$ 5 11.6%$ (2) (6.6%)$ 4 5.3% F&I gross profit$ 17 27.8%$ (7) (18.4%)$ 10 9.7% F&I GPU$ 106 6.4%$ 261 15.3%$ 141 8.4% Total gross profit$ 30 14.0%$ ( 24) (18.9%) $ 6 1.7% 26

COVID-19 Impact Actions Taken 2020 Outlook 27

COVID-19 Impact Since Inception of Stay Home Orders Rolling 7-Day Average New Vehicle Rolling 7-Day Average Fixed Operations Unit Sales Volume Gross Profit (Less Internal) 400 $2,500 350 300 $2,000 250 $1,500 200 150 $1,000 100 $500 50 (In Thousands) - $- 2-Apr 4-Apr 6-Apr 8-Apr 7-Mar 9-Mar 10-Apr 12-Apr 14-Apr 16-Apr 18-Apr 20-Apr 2-Apr 4-Apr 6-Apr 8-Apr 11-Mar 13-Mar 15-Mar 17-Mar 19-Mar 21-Mar 23-Mar 25-Mar 27-Mar 29-Mar 31-Mar 7-Mar 9-Mar 10-Apr 12-Apr 14-Apr 16-Apr 18-Apr 20-Apr 11-Mar 13-Mar 15-Mar 17-Mar 19-Mar 21-Mar 23-Mar 25-Mar 27-Mar 29-Mar 31-Mar 2019 2020 2019 2020 Rolling 7-Day Average Retail Used Vehicle Unit Sales Volume ‡ New Vehicle Units Bottomed Out 600 And Beginning to Climb 500 400 ‡ Used Vehicle Units Returning Faster 300 Than New Vehicles 200 100 - ‡ Fixed Operations Gross Profit Bottomed Out And Beginning to 2-Apr 4-Apr 6-Apr 8-Apr 7-Mar 9-Mar 10-Apr 12-Apr 14-Apr 16-Apr 18-Apr 20-Apr 11-Mar 13-Mar 15-Mar 17-Mar 19-Mar 21-Mar 23-Mar 25-Mar 27-Mar 29-Mar 31-Mar Climb 2019 2020 28

COVID-19 Actions Taken 1. Ensure Guest and Teammate Safety 2. Ensure Sonic’s Status As An Essential Business 3. Strengthen Liquidity ‡ Taking Advantage of All Deferral Opportunities (Tax, Floorplan Interest, Mortgages and Leases) ‡ Daily Modeling Based on Actual Operations ‡ Optimizing Floorplan Capacity ‡ Evaluating Additional Liquidity Via Unencumbered Property 4. Implementation of Expense Reductions ‡ 33% Reduction in Headcount Via Terminations and Furlough ‡ Reduction of Advertising and Other Operating Expenses ‡ Total Anticipated Monthly Savings of $14M 5. Implementation of New Marketing/Operations ‡ No-Contact Delivery on Site ‡ Home Delivery on Purchases = 15% of Total Sales Thru April 22nd ‡ Pickup and Delivery for Service = 7% of Total Sales Thru April 22nd ‡ Company Wide Rollout of CarCash = 30% of Total Appraisals and Growing ‡ Acceleration of Robotic Process Automation for Marketing ‡ Permanent Infrastructure for Remote Workers 6. Maintain Inventory Management Discipline 29

Report of the Inspector of Elections 36

Adjournment 37

Q&A 38

Appendices 39

Appendix – Company Overview April 29, 2020

Revenue Composition Brand Distribution Business Line Mix % of % of New Vehicle Brand Revenue Franchise Brand Revenue Used Vehicle (Including Wholesale) BMW 23% Mercedes 11% Parts, Service & Collision Audi 6% Finance & Insurance Lexus 4% Luxury 57% Land Rover 3% 16% Porsche 3% Cadillac 3% 9% 47% MINI 2% Other Luxury (1) 2% Honda 13% Toyota 8% 44% Import 24% Hyundai 1% Volkswagen 1% 35% Other Import (2) 1% EchoPark 11% Non-Franchise 11% Ford 4% 31% Domestic 8% 13% General Motors (3) 4% 5% (1) Includes Volvo, Jaguar, Acura and Infiniti Revenue Gross Profit (2) Includes Nissan, Subaru and Kia (3) Includes Chevrolet, GMC and Buick Note: Percentages are Percent of Total Revenue for FY 2019 Note: Percentages are Percent of Total for FY 2019 44

Franchised Dealerships – Geographic Footprint Headquartered in 86 Stores, 20+ Brands, Platforms in Major Charlotte, NC 15 Collision Repair Centers Metro Markets 46

Franchised Dealerships – Strategic Levers Grow Parts and Service Acquire Potential High Maximize Return Stores F&I Penetration Divest Multiple Growth Underperforming Used Vehicle or Cap Ex Drivers Volume Intensive Stores Throughput SG&A Expense Inventory Discipline Sourcing Omni-Channel Selling EchoPark Learnings 47

EchoPark – Geographic Footprint Texas Colorado ‡ Grand Prairie (Dallas) – ‡ Thornton and Centennial Pre-Owned Business (Denver) – Opened Q4 2014 Acquired Q3 2017 ‡ Colorado Springs – Opened ‡ San Antonio – Opened Q4 Q2 2017 2017 ‡ New Braunfels – Opened Q1 2018 ‡ Houston – Opened December 2018 North Carolina California ‡ Charlotte – Opened October ‡ Long Beach – Opened 2018 December 2019 Florida TBD ‡ Tampa – Opened April 2020 ‡ Two Additional Locations By 10 Existing Stores in End of 2020 Two Additional Locations ‡ 25+ Locations Through Seven Physical 2024 Opening in 2020 Markets 49

Complementary Relationship Between Segments Franchised Dealerships ‡ Thrives When New Vehicle Industry Is ‡ Strong Secular Growth Phase Due To: Healthy, Particularly Where Luxury 9 Focus On Recession-Resistant Brands Are Strong Pre-Owned Vehicle Market ‡ Diverse Revenue Streams - Some 9 Below-Market Price Strategy Recession-Resistant 9 Simplified, Easy Purchase ‡ Profitable Through 2008 Economic Experience Downturn - Relatively Low Fixed Costs And Multiple Operational Levers ‡ If Pre-Owned Vehicle Valuations Decline, EchoPark Should: ‡ Further Growth Opportunities: 9 Benefit From Rapid Inventory 9 Parts and Service Business Turns, Creating An Even Greater 9 Used Vehicles Pricing Advantage Over 9 F&I Penetration Competitors To Drive Additional Volume 50

Appendix – Non-GAAP Reconciliations April 29, 2020

Items of Interest – Full Year Income Statement (In millions) FY 2019 FY 2018 Line Item Gain on franchise disposals$ 76.0 $ 38.9 SG&A expenses Executive transition costs (6.3) (1.6) SG&A expenses Legal and storm damage charges - (5.7) SG&A expenses Long-term compensation charges - (32.5) SG&A expenses (1) Lease exit adjustments - (1.4) SG&A expenses Impairment charges (19.6) (29.5) Impairment charges (2) Loss on extinguishment of debt (7.2) - Other expense Subtotal: Pre-tax items of interest$ 42.9 $ (31.8) Tax effect of above items (14.2) 7.3 Tax-effected items of interest$ 28.7 $ (24.5) Note: Amounts In Table Relate To Franchised Dealerships Segment Unless Otherwise Noted (1) $32.5 Million in FY 2019 Relates To EchoPark Segment (2) $18.5 Million In FY 2019 and $1.6 Million In FY 2018 Attributed To EchoPark Segment Related to Building And Land Held For Sale At Former EchoPark Locations 53

Items Of Interest – Q1 Income Statement (In millions) Q1 2020 Q1 2019 Line Item Gain on franchise disposals$ - $ 46.7 SG&A expenses Executive transition costs - (6.3) SG&A expenses (1) Impairment charges (268.0) (1.9) Impairment charges (2) Subtotal: Pre-tax items of interest$ (268.0) $ 38.5 Tax effect of above items 51.3 (12.9) Tax-effected items of interest$ (216.7) $ 25.6 Note: Amounts In Table Relate To Franchised Dealerships Segment Unless Otherwise Noted (1) $6.0 million of Q1 2019 amount is not deductible for tax purposes. (2) $1.9 million Q1 2019 amount is related to the EchoPark Segment. $91.1 million of Q1 2020 amount is not deductible for tax purposes. In Q1 2020 Sonic Was Required To Record A Non-Cash Goodwill Impairment Charge Of $268.0 Million Related To Its Franchised Dealerships Reporting Unit As A Result Of A Decrease In The Company’s Market Value Due To The COVID-19 Pandemic’s Effect On The Stock Market And Expected Reduction In Economic Activity In The Near Term 54

Non-GAAP Reconciliation – Segment Income & Adjusted Earnings – Full Year Franchised Dealerships EchoPark Segment Segment Consolidated (In millions, except unit data) FY 2019 FY 2018 FY 2019 FY 2018 FY 2019 FY 2018 Revenues$ 9,292.3 $ 9,251.5 $ 1,162.0 $ 700.2 $ 10,454.3 $ 9,951.6 Gross profit$ 1,408.6 $ 1,388.1 $ 112.4 $ 58.0 $ 1,521.0 $ 1,446.1 SG&A expenses$ 1,011.8 $ 1,046.5 $ 87.6 $ 98.9 $ 1,099.4 $ 1,145.3 Segment income$ 211.3 $ 157.4 $ 9.1 $ (52.6) $ 220.4 $ 104.8 Impairment charges (1.1) (27.9) (19.7) (1.6) (20.8) (29.5) Earnings (loss) from continuing operations before taxes $ 210.2 $ 129.5 $ (10.6) $ (54.2) $ 199.6 $ 75.3 Adjusted earnings (loss) from continuing operations before taxes$ 148.8 $ 127.2 $ 7.9 $ (20.1) $ 156.7 $ 107.1 Gain on franchise disposals 76.0 38.9 - - 76.0 38.9 Executive transition costs (6.3) (1.6) - - (6.3) (1.6) Legal and storm damage charges - (5.7) - - - (5.7) Long-term compensation expense - - - (32.5) - (32.5) Lease exit adjustments - (1.4) - - - (1.4) Impairment charges (1.1) (27.9) (18.5) (1.6) (19.6) (29.5) Loss on extinguishment of debt (7.2) - - - (7.2) - Earnings (loss) from continuing operations before taxes $ 210.2 $ 129.5 $ (10.6) $ (54.2) $ 199.6 $ 75.3 New vehicle unit sales volume 114,131 122,717 - - 114,131 122,717 Retail used vehicle unit sales volume 112,629 110,168 49,520 29,437 162,149 139,605 Note: Segment Income (Loss) Defined As Earnings (Loss) From Continuing Operations Before Taxes And Impairment Charges 55

Non-GAAP Reconciliation – Segment Income & Adjusted Earnings – Q1 Franchised Dealerships EchoPark Segment Segment Consolidated (In millions, except unit data) Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Revenues$ 1,976.3 $ 2,139.6 $ 331.7 $ 249.6 $ 2,308.1 $ 2,389.1 Gross profit$ 318.8 $ 333.3 $ 31.8 $ 25.7 $ 350.6 $ 359.0 SG&A expenses$ 256.4 $ 227.0 $ 25.7 $ 20.1 $ 282.2 $ 247.1 Adjusted segment income$ 22.7 $ 20.8 $ 2.1 $ 2.1 $ 24.8 $ 22.9 Gain on franchise disposals - 46.7 - - - 46.7 Executive transition costs - (6.3) - - - (6.3) Segment income$ 22.7 $ 61.2 $ 2.1 $ 2.1 $ 24.8 $ 63.3 Impairment charges (268.0) - - (1.9) (268.0) (1.9) Earnings (loss) from continuing operations before taxes $ (245.3) $ 61.2 $ 2.1 $ 0.2 $ (243.2) $ 61.4 Adjusted earnings (loss) from continuing operations before taxes$ 22.7 $ 20.8 $ 2.1 $ 2.1 $ 24.8 $ 22.9 Gain on franchise disposals - 46.7 - - - 46.7 Executive transition costs - (6.3) - - - (6.3) Impairment charges (268.0) - - (1.9) (268.0) (1.9) Earnings (loss) from continuing operations before taxes $ (245.3) $ 61.2 $ 2.1 $ 0.2 $ (243.2) $ 61.4 New vehicle unit sales volume 21,724 25,197 - - 21,724 25,197 Retail used vehicle unit sales volume 26,038 27,412 13,986 11,051 40,024 38,463 Note: Segment Income (Loss) Defined As Earnings (Loss) From Continuing Operations Before Taxes And Impairment Charges 56

Non-GAAP Reconciliations – SG&A Expenses Consolidated (In millions) FY 2019 FY 2018 Gross profit$ 1,521.0 $ 1,446.1 SG&A expenses$ 1,099.4 $ 1,145.3 Items of interest: Gain on franchise disposals$ 76.0 $ 38.9 Executive transition costs (6.3) (1.6) Legal and storm damage charges - (5.7) Long-term compensation charges - (32.5) Lease exit adjustments - (1.4) SG&A expenses (excluding items of interest)$ 1,169.1 $ 1,143.0 SG&A expenses as % of gross profit 72.3% 79.2% SG&A expenses (excluding items of interest) as % of gross profit 76.9% 79.0% 57

Non-GAAP Reconciliations – Earnings Per Share FY 2019 FY 2018 Weighted- Per Weighted- Per Average Share Average Share (In thousands, except per share amounts) Shares Amount Amount Shares Amount Amount Diluted earnings (loss) and shares from continuing operations 43,710 $ 144,537 $ 3.31 42,950 $ 52,390 $ 1.22 Pre-tax items of interest: Gain on franchise disposals$ (75,983) $ (38,893) Executive transition costs 6,264 1,581 Legal and storm damage charges - 5,749 Long-term compensation charges - 32,522 Lease exit adjustments - 1,435 Impairment charges 19,618 29,512 Loss on extinguishment of debt 7,157 - Total pre-tax items of interest$ (42,944) $ 31,906 Tax effect of above items 14,193 (8,694) Non-recurring tax items - 1,313 Adjusted diluted earnings (loss) and shares from continuing operations 43,710 $ 115,786 $ 2.65 42,950 $ 76,915 $ 1.79 58

Non-GAAP Reconciliation – Adjusted EBITDA (In thousands) FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Net Income (Loss)$ 76,254 $ 89,101 $ 81,618 $ 97,217 $ 86,311 $ 93,193 $ 92,983 $ 51,650 $ 144,137 Provision For Income Taxes 46,907 47,648 43,386 62,346 55,962 59,899 13,198 22,645 54,954 Income (Loss) Before Taxes$ 123,161 $ 136,749 $ 125,004 $ 159,563 $ 142,273 $ 153,092 $ 106,181 $ 74,295 $ 199,091 Non-Floor Plan Interest 63,576 58,453 55,356 52,269 49,524 48,034 50,531 52,049 50,475 Depreciation and Amortization 51,164 52,616 58,139 62,161 72,130 81,034 92,127 96,652 95,646 Stock-Based Compensation Expense 3,698 5,160 7,208 7,675 9,814 11,165 11,119 11,853 10,797 Loss (Gain) On Exit Of Leased Dealerships 4,384 4,286 2,915 302 1,848 1,386 2,157 1,709 (170) Impairment Charges 1,151 950 9,872 6,594 17,955 8,063 9,394 29,514 20,768 Loss (Gain) On Debt Extinguishment 1,107 19,713 28,238 - - (6) 14,607 - 6,690 Long-Term Compensation Charges - - - - - - - 32,522 - Loss (Gain) on Franchise Disposals 386 (10,343) 457 (11,279) (2,748) 48 (9,980) (39,307) (74,812) Adjusted EBITDA$ 248,627 $ 267,584 $ 287,189 $ 277,285 $ 290,796 $ 302,816 $ 276,136 $ 259,287 $ 308,485 Long-Term Debt (Including Current Portion)$ 533,577 $ 615,395 $ 734,022 $ 758,530 $ 814,581 $ 882,678 $ 1,024,703 $ 945,083 $ 706,886 Cash and Equivalents (1,913) (3,371) (3,016) (4,182) (3,625) (3,108) (6,352) (5,854) (29,103) Floor Plan Deposit Balance - (60,000) (65,000) (57,500) (74,000) (10,000) (3,000) - - Net Debt$ 531,664 $ 552,024 $ 666,006 $ 696,848 $ 736,956 $ 869,570 $ 1,015,351 $ 939,229 $ 677,783 Net Debt To Adjusted EBITDA Ratio 2.14 2.06 2.32 2.51 2.53 2.87 3.68 3.62 2.20 59

Non-GAAP Reconciliations – Adjusted EBITDA FY 2019 FY 2018 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 144,137 $ 51,650 Provision For Income Taxes 54,954 22,645 Income (Loss) Before Taxes $ 210,167 $ (10,522) $ (554) $ 199,091 $ 129,481 $ (54,169) $ (1,017) $ 74,295 Non-Floor Plan Interest 48,774 1,701 - 50,475 50,000 1,641 408 52,049 Depreciation And Amortization 85,093 10,553 - 95,646 88,857 7,795 - 96,652 Stock-Based Compensation Expense 10,797 - - 10,797 11,853 - - 11,853 Loss (Gain) On Exit Of Leased Dealerships (170) - - (170) 1,281 20 408 1,709 Impairment Charges 1,101 19,667 - 20,768 27,931 1,583 - 29,514 Loss On Debt Extinguishment 6,690 - - 6,690 - - - - Long-Term Compensation Charges - - - - - 32,522 - 32,522 Gain On Franchise Disposals (74,812) - - (74,812) (39,307) - - (39,307) Adjusted EBITDA $ 287,640 $ 21,399 $ (554) $ 308,485 $ 270,096 $ (10,608) $ (201) $ 259,287 Q4 2019 Q4 2018 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 46,307 $ 21,821 Provision For Income Taxes 14,703 9,150 Income (Loss) Before Taxes $ 75,466 $ (14,518) $ 62 $ 61,010 $ 37,388 $ (6,196) $ (221) $ 30,971 Non-Floor Plan Interest 12,335 435 - 12,770 12,902 423 89 13,414 Depreciation And Amortization 20,972 2,765 - 23,737 21,086 2,211 - 23,297 Stock-Based Compensation Expense 2,690 - - 2,690 1,264 - - 1,264 Loss (Gain) On Exit Of Leased Dealerships - - - - (1,080) 3 89 (988) Impairment Charges 1,075 16,617 - 17,692 14,053 1,500 - 15,553 Loss On Debt Extinguishment 6,690 - - 6,690 - - - - Gain On Franchise Disposals (29,242) - - (29,242) (158) - - (158) Adjusted EBITDA $ 89,986 $ 5,299 $ 62 $ 95,347 $ 85,455 $ (2,059) $ (43) $ 83,353 60

Non-GAAP Reconciliations – Adjusted EBITDA Q3 2019 Q3 2018 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 29,010 $ 15,118 Provision For Income Taxes 11,307 7,262 Income (Loss) Before Taxes $ 38,417 $ 2,123 $ (223) $ 40,317 $ 28,087 $ (5,455) $ (252) $ 22,380 Non-Floor Plan Interest 12,011 402 - 12,413 12,279 423 98 12,800 Depreciation And Amortization 21,561 2,703 - 24,264 22,140 1,999 - 24,139 Stock-Based Compensation Expense 2,681 - - 2,681 4,578 - - 4,578 Loss (Gain) On Exit Of Leased Dealerships - - - - 24 4 103 131 Impairment Charges - 1,124 - 1,124 - - - - Gain On Franchise Disposals 823 - - 823 88 - - 88 Adjusted EBITDA $ 75,493 $ 6,352 $ (223) $ 81,622 $ 67,196 $ (3,029) $ (51) $ 64,116 Q2 2019 Q2 2018 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 26,599 $ 16,905 Provision For Income Taxes 10,009 8,142 Income (Loss) Before Taxes $ 35,129 $ 1,693 $ (213) $ 36,608 $ 53,176 $ (27,832) $ (297) $ 25,047 Non-Floor Plan Interest 12,599 431 - 13,030 12,349 406 106 12,861 Depreciation And Amortization 21,736 2,668 - 24,404 22,801 1,919 - 24,720 Stock-Based Compensation Expense 2,612 - - 2,612 3,049 - - 3,049 Loss (Gain) On Exit Of Leased Dealerships - - - - (2,618) 6 106 (2,506) Impairment Charges - - - - 10,317 - - 10,317 Long-Term Compensation Charges - - - - - 23,333 - 23,333 Gain On Franchise Disposals 356 - - 356 (38,047) - - (38,047) Adjusted EBITDA $ 72,432 $ 4,792 $ (213) $ 77,010 $ 61,027 $ (2,168) $ (85) $ 58,774 61

Non-GAAP Reconciliations – Adjusted EBITDA Q1 2019 Q1 2018 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 42,221 $ (2,194) Provision For Income Taxes 18,935 (1,910) Income (Loss) Before Taxes $ 61,156 $ 180 $ (180) $ 61,156 $ 10,830 $ (14,686) $ (248) $ (4,104) Non-Floor Plan Interest 11,829 433 - 12,262 12,469 389 115 12,973 Depreciation And Amortization 20,824 2,418 - 23,242 22,830 1,666 - 24,496 Stock-Based Compensation Expense 2,814 - - 2,814 2,962 - - 2,962 Loss (Gain) On Exit Of Leased Dealerships (170) - - (170) 4,955 7 109 5,071 Impairment Charges 26 1,926 - 1,952 3,561 82 - 3,643 Long-Term Compensation Charges - - - - - 9,189 - 9,189 Gain On Franchise Disposals (46,750) - - (46,750) (1,190) - - (1,190) Adjusted EBITDA $ 49,729 $ 4,957 $ (180) $ 54,506 $ 56,417 $ (3,353) $ (24) $ 53,040 Q4 2018 Q4 2017 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 21,821 $ 61,952 Provision For Income Taxes 9,150 (8,399) Income (Loss) Before Taxes $ 37,388 $ (6,196) $ (221) $ 30,971 $ 57,822 $ (3,976) $ (293) $ 53,553 Non-Floor Plan Interest 12,902 423 89 13,414 12,449 276 123 12,848 Depreciation And Amortization 21,086 2,211 - 23,297 22,639 1,314 - 23,953 Stock-Based Compensation Expense 1,264 - - 1,264 2,217 - - 2,217 Loss (Gain) On Exit Of Leased Dealerships (1,080) 3 89 (988) 23 - 118 141 Impairment Charges 14,053 1,500 - 15,553 6,079 - - 6,079 Long-Term Compensation Charges - - - - - 1,271 - 1,271 Gain On Franchise Disposals (158) - - (158) (1,507) - (6) (1,513) Adjusted EBITDA $ 85,455 $ (2,059) $ (43) $ 83,353 $ 99,722 $ (1,115) $ (58) $ 98,549 62

Non-GAAP Reconciliations – Adjusted EBITDA Q3 2018 Q3 2017 Franchised Franchised Dealerships EchoPark Discontinued Dealerships EchoPark Discontinued Segment Segment Operations Total Segment Segment Operations Total (In thousands) Net Income (Loss) $ 15,118 $ 19,440 Provision For Income Taxes 7,262 13,935 Income (Loss) Before Taxes $ 28,087 $ (5,455) $ (252) $ 22,380 $ 38,228 $ (4,372) $ (481) $ 33,375 Non-Floor Plan Interest 12,279 423 98 12,800 12,126 253 132 12,511 Depreciation And Amortization 22,140 1,999 - 24,139 22,179 1,317 - 23,496 Stock-Based Compensation Expense 4,578 - - 4,578 3,179 - - 3,179 Loss (Gain) On Exit Of Leased Dealerships 24 4 103 131 (173) - 362 189 Impairment Charges - - - - 200 - - 200 Gain On Franchise Disposals 88 - - 88 (8,490) - - (8,490) Adjusted EBITDA $ 67,196 $ (3,029) $ (51) $ 64,116 $ 67,249 $ (2,802) $ 13 $ 64,460 63

Investor Relations Contact: Sonic Automotive Inc. (NYSE: SAH) Danny Wieland, Director of Financial Reporting ir@sonicautomotive.com (704) 927-3462