This is not just another software product -- it's a significantly improved management tool that we've selected to manage our entire inventory process. We fully expect that American Auto Exchange will enable our dealerships to make better informed decisions that will result in incremental sales and profitability.

The software appliance approach makes perfect sense for end-users who are interested in simplifying the deployment and management of applications. With this model, users are sheltered from operating system issues and are able to quickly and easily receive the value of the applications.

It's really a software management system that can be either nationwide or geographically targeted.

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.

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.

The recommended strategy is to employ 'smart' buying practices to reduce acquisition and support costs, including software asset management, and increase the use of standards-compliant software,'