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Sonic Automotive Gets $500 Million in Acquisition Financing

28 July 2000

Groundbreaking $500 Million Financing Agreement With Ford Motor Credit and Chrysler Financial

    CHARLOTTE, N.C. - onic Automotive, Inc. announced today that it has entered 
into an agreement for acquisition and working capital financing with total 
availability of $500 million.  The availability of $500 million represents an 
increase of $150 million from the Company's existing agreement.

    The agent for the new financing agreement is Ford Motor Credit Company.
Ford Credit has been the sole provider of the Company's acquisition and
working capital credit lines.  Chrysler Financial will join Ford Credit as a
participant under the new financing agreement.  The manufacturers financing
arm's combined financial support will provide $150 million in additional
funding to assist Sonic Automotive in continuation of its growth strategy
through dealership acquisitions.  The deal demonstrates Sonic's ability to
access the capital markets and represents the fifth time in three years Sonic
has increased availability under its acquisition line.

    O. Bruton Smith, the Company's Chairman and Chief Executive Officer
stated, "We're excited to participate in this groundbreaking acquisition
financing led by Ford Credit which will allow us to continue to pursue our
growth strategy.  Our Company has an outstanding relationship with Ford Credit
that has lasted more than 30 years.  At Sonic, we value our relationships with
Ford Credit and Chrysler Financial and their support in providing our
acquisition financing, as well as their continued support in providing
affordable financing for our retail customers."

    Greg Smith, President - Ford Credit North America stated, "We're proud to
lead this syndicated credit facility.  This demonstrates Ford Credit's
willingness to provide innovative financing solutions for our dealers."

    About Sonic Automotive, Inc.

    Sonic Automotive, Inc. is the second largest automotive retailer in the
United States operating 168 franchises and 30 collision repair centers in
Alabama, California, Florida, Georgia, Maryland, Nevada, North Carolina, Ohio,
Oklahoma, South Carolina, Tennessee, Texas, and Virginia.   Sonic had revenues
of $3.4 billion in 1999, an increase of 109% over 1998. The revenue run rate
is estimated at over $6 billion for 2000.  Sonic has experienced eleven
consecutive quarters of greater than 50% growth in earnings per share.  

    About Ford Motor Credit Company

    Ford Credit a wholly owned subsidiary of Ford Motor Company is
the world's largest automotive finance company.  Now in its 41st year, Ford
Credit provides vehicle financing in 40 countries to more than 10 million
customers and more than 11,500 automotive dealers.  Ford Credit had total
earnings of $1.3 billion in 1999, with a worldwide receivables base of more
than $140 billion.