As we surmised would be the case, Bruton Smith’s Sonic Automotive took a bottom-line hit due to the credit pullback. A Q3 loss of $25m., a swing from a profit of $26m. this time last year.
If Sonic is losing money despite its 169 dealership footprint — not to mention blood-from-a-turnip sales tactics — you can bet on a bloodbath elsewhere in the sector.
Auto dealer bailout, anyone?
