Sonic Automotive 8K Reports First Quarter Earnings In Line with Company Expectations | SAH 29 Apr 08

Exhibit 99.2

Cautionary Notice Regarding

Forward-Looking Statements

•This presentation contains statements that constitute

“forward-looking statements”

within the meaning of

Section 27A of the Securities Act of 1933 and Section 21E

of the Securities Exchange Act of 1934.

•These forward-looking statements are not historical

facts, but only predictions by our company and/or our

company’s management.

•These statements generally can be identified by lead-in

words such as “believe,”

“expect”

“anticipate,”

“intend,”

“plan,”

“foresee”

and other similar words. Similarly,

statements that describe our company’s objectives, plans

or goals are also forward-looking statements.

•You are cautioned that these forward-looking statements

are not guarantees of future performance and involve

risks and uncertainties, and that actual results may differ

materially from those projected in the forward-looking

statements as a result of various factors. Among others,

factors that could materially adversely affect actual

results and performance include those risk factors that

are listed in Sonic Automotive’s Form 10-K for the year

ended December 31, 2007.

First Quarter 2008

Earnings Review

April 29, 2008

Discussion Topics

•Building for the long term

Update on strategic initiatives

•Quarter review

•Questions

•Closing comments

Develop

Associates

Well Run

Operations

Valued

Customers

Grow

the

Business

•Deliver Industry Leading

Customer Experience

•Differentiate through target

based Marketing & eCommerce

Web Infrastructure

•Strengthen the Balance

Sheet

•Targeted Acquisitions &

disposals

•Optimize Cost Structure

Sonic’s vision is to preserve the core automotive retail principles

that have driven its past success and at the same time

leverage the opportunities of scale.

Building for the Long Term

2008 Strategic Focus

•Acquire, Develop, and

Retain Top Talent

•Launch Phase 1 of Best

-in-class automotive retail

training.

•Institutionalize Operational

Excellence

•Standardize & Improve

Sales & Marketing processes

•Leverage common systems

and centralize

Building for the Long Term

Used Vehicle Strategy

Trade

Desk

Phase II –

In Process

Phase III

Web-Tail

Maximize Margin

Volume Growth

Increased Profitability

Right inventory, Right Location, Right Price

On-line

Branding

Virtual Lot

Sonic “Auto

Pilot”

National

Inventory

Optimization

Interactive

Internet

Basic Process rollout (best practices)

Less Wholesale/Keep more trades

Common Technology (S.I.M.S)

Inventory

Control

Process

Standardization

Phase I -

Complete

Building for the Long Term

The Quarter in Review

•

Business performed well in tough environment

•

On track with internal expectations –

reaffirming

full year guidance

•

Total revenue up

–

New vehicle environment challenging

–

Used volume continues to be a strength

•

Sticking with our strategy

–

Investment in Associates and technology progressing

as planned

Financial Performance

1.0%

2.5%

(9.6%)

(19.0%)

(28.9%)

(10.3%)

(20.5%)

30bps

2008

2007

Better/

(Worse)

Revenue

$1,901

$1,883

$18

Gross Profit

$306

$298

–

Margin

16.1%

15.8%

Operating Income

–

Amount

$55

$61

($6)

–

Margin

2.9%

3.2%

Net Income

–

Continuing Operations

$18.0

$22.3

($4.2)

–

Total Operations

14.2

20.0

(5.8)

EPS -

Diluted

–

Continuing Operations

$0.44

$0.49

($0.05)

–

Total Operations

0.35

0.44

(0.09)

Same Store Revenue Growth –

Q1 2008

•

Challenging new vehicle environment

•

Used retail volume, F&I and customer pay expanding

(8.2%)

11.5%

0.7%

5.9%

(2.9%)

(23.5%)

(4.0%)

New

Used

Fixed

Operations

F&I

Sub Total

Wholesale

Total

-12.0%

-7.0%

-2.0%

3.0%

8.0%

13.0%

18.0%

23.0%

Sonic

-8.7%

10.2%

20.5%

Industry

-10.9%

2.1%

0.8%

Q1 New**

Q1 Used*

CPO Q1

New, Used, & CPO Retail Unit Sales

Same Store vs. Industry

*National Franchised Dealers

Focus on used vehicles is

paying off

*National franchise dealers

**Excluding fleet –

with fleet, industry off 8.0%

$984

$1,027

$1,067

$1,024

$930

$959

$986

$957

800

840

880

920

960

1,000

1,040

1,080

Q3 '07

Q4 '07

Q1 '08

Last 3 Qtr

2007/2008

2006/2007

F&I –

Same Store

8.5%

69.1%

70.9%

8.4%

Q1 2008

Q1 2007

All Other SG&A

Rent

SG&A Expenses as % of Gross Profit

77.6%

79.3%

170

bps

Inventory Management

Days Supply

Mar-08

Mar 08

Industry

New Vehicles

Domestic

(excluding Cadillac)

63.1

73.1

Luxury (

including Cadillac)

66.0

53.5

Import

58.6

53.2

Overall

63.1

62.6

Used Vehicles

35.7

Capitalization

53.7%

57.6%

60.6%

54.0%

46.0%

39.4%

39.6%

43.7%

41.4%

2005

2006

2007

Act Q1 2008

Pro Forma Q1

2008

Equity

Debt

Mortgages

46.3%

42.4%

46.3%

Debt to Cap With Mortgages

2.8%

2.6%

4.9%

Summary

•

Reaffirming full year guidance –

we are on the right track

•

In a difficult economic environment, Sonic expanded revenue

in Used, F&I and Fixed Operations

•

Sticking to our strategy

–

Investing in our people

–

Digital marketing

–

Technology

–

Phase II of our used vehicle process

•

Q2 Outlook

–

New vehicle environment challenging in terms of both volume and gross

margin

–

Consumer confidence low

•

We are building for the long term

Sonic Automotive (SAH) 8-KSonic Automotive, Inc. Reports First Quarter Earnings In Line with Company Expectations