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Three Dealerships Part of $1-Bil Sale

DETROIT-Don Massey dealerships in Detroit, Lansing and Plymouth, MI are sold by their retiring owner to Sonic Automotive Inc. of Charlotte, NC. They are among dealerships acquired, 13 of them selling Cadillacs.

By Robert Carr | Updated on January 16, 2002

DETROIT-Don Massey car dealerships in Detroit, Lansing and Plymouth, MI have been sold to Sonic Automotive Inc. of Charlotte, NC. Sonic says it has entered into an agreement to purchase substantially all of the Don Massey Dealerships, the 19th largest dealership group in the US.

The Massey group dealerships to be acquired by Sonic represent 16 dealerships with estimated annual revenues of $1 billion. Of the 16 dealerships, 13 represent the Cadillac brand.

“With these acquisitions, we are raising our 2002 earnings per share target to $2.38 to $2.45,” says O. Bruton Smith, Sonic’s chairman and chief executive officer. “For a full year in 2003, we expect the Massey group acquisition to increase earnings per share $0.30 to $0.40.”

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