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07-30-2008, 06:40 AM

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Slumping auto sales hit Smith's Sonic chain (The Charlotte Observer)

Automotive Franchise News - Slumping auto sales hit Smith's Sonic chain (The Charlotte Observer)

Sonic Automotive reported a 59 percent drop in second-quarter profits Tuesday, and executives said revenue from new vehicle sales and parts, maintenance and related operations this year will be worse than initially forecast. The Charlotte-based company – one of the nation's largest auto retailers – posted a net income of about $10.8 million for the quarter, down from almost $26.4 million a year ...

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