Sonic Automotive acquires Calabasas Motorcars
Sonic Automotive Inc., an automotive retailer, has acquired Calabasas Motorcars from David Peterson which is a long-time Mercedes Benz dealer. Calabasas Motorcars is located in one of Sonic's largest markets and represents approximately $120 million in annual revenues. The acquisition will be soon renamed as Mercedes Benz of Calabasas.
The company's president and chief strategic officer, B. Scott Smith stated that the company is excited about this growth opportunity with a brand where Sonic has demonstrated execution capability. Sonic has a strong relationship with its premier manufacturer partners; Mercedes’ approximately 10% of the carmaker’s annual revenues proves it.
“The acquisition of the dealership shows our continued commitment to executing our disciplined acquisition growth strategy by strengthening our brand portfolio within our existing markets.” said Mr. Scott Smith. “This enables us to leverage our existing infrastructure, gain further economies of scale and more easily implement our proven best practices.”, he added.
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