DETROIT, July 31 (Reuters) - Sonic Automotive, Inc. said on Thursday that it has agreed to buy 18 vehicle dealerships with combined revenues of $800 million in California, Texas, Georgia and Michigan.
Sonic said it expects revenues at the dealerships to grow to about $1 billion annually.
The bulk of the dealerships are located in the Houston, Texas area, including the Momentum and Advantage automotive groups.
Sonic said it has already completed the acquisition of Mesquite Hyundai in Dallas, and the remaining deals are expected to be finalized by the end of the year.