The completion of this facility increases the sources of long-term, attractively priced capital for Sonic. We believe this new credit facility provides us with a stable capital structure for the foreseeable future, and we can focus our efforts on successfully deploying that capital consistent with the more measured acquisition strategy we have previously communicated to the marketplace.

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Dave has an outstanding track record of success at Ford, working closely with both the investment community and the dealership community. We believe that Dave's operational, financial management and capital markets expertise, combined with his extensive knowledge of the retail automotive business, make him a perfect fit for Sonic Automotive.

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