The blistering pace of dealership buy-sell activity brewing for much of the year is reaching new heights as evidenced by another megadeal and a slew of others that closed last week.
Sonic Automotive Inc. bought RFJ Auto Partners Inc. on Monday, Dec. 6, in what was the third supersized acquisition by a publicly traded group to close this year.
Sonic's $950.2 million purchase included 22 franchised dealerships across Texas, Idaho, Washington, New Mexico, Missouri and Indiana. A group of 11 used-only stores in Washington, Idaho and Montana also were part of the package. Sonic said the transaction is expected to add $3.2 billion in annual revenue.