Sonic Automotive Inc., a national auto retailer based in Charlotte, is the new owner of Jaguar Land Rover Newport Beach.
The Fortune 500 company bought the Jaguar and Land Rover dealership in Coastal Orange County as part of a four-location deal. Sonic Automotive also bought Jaguar Land Rover dealerships in Los Angeles and San Jose, and a Land Rover dealership in Pasadena.
Buying the four dealerships would make Sonic Automotive the largest retail ownership group, by volume, in the United States for Jaguar and Land Rover brands. The Newport Beach, Los Angeles, Pasadena and San Jose locations were previously owned by US Auto Trust.
Jaguar Land Rover Newport Beach is located near Fashion Island, at 1540 Jamboree Road.
Sonic Automotive, in a company statement, said acquiring the four locations would add about $500 million of revenue to the company and expand the company’s footprint to 177 franchises in 125 locations.
Shares of Sonic Automotive (NYSE: SAH) were up nearly 3.5% to $82.66 a piece, as of publication.
