Sonic Automotive, Inc. (SAH) has agreed to acquire RFJ Auto Partners, Inc. Based in Plano, Texas, RFJ Auto is one of the largest privately owned auto retail platforms in the United States, with a dealership footprint of 33 rooftops. The deal is expected to close in December 2021.
Sonic Automotive said the acquisition is projected to add $3.2 billion in annualized revenues, representing an incremental 30% increase in franchised dealership revenues above the previously stated target of $25 billion in total revenues by 2025. The transaction will add five additional brands to the company's portfolio, including the Chrysler Jeep Dodge RAM dealer Dave Smith Motors.
The company said its management team remains focused on executing the accelerated expansion plan for EchoPark's nationwide distribution network. Also, Sonic's Board continues to work with its advisors to consider a full range of potential strategic alternatives for EchoPark business.
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