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Subsequent Events | 12 Months Ended
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Dec. 31, 2011
Subsequent Events [Abstract] |
Subsequent Events | 13. Subsequent Events Subsequent to December 31, 2011, Sonic completed the disposal of three dealerships, which generated net cash from disposition of approximately $13.0 million on the disposal of approximately $7.2 million of net assets. The results of operations of these dealerships were included in continuing operations in Sonic’s Annual Report on Form 10-K for the year ended December 31, 2011. The Consolidated Statements of Income and other disclosures in this Current Report on Form 8-K are presented in accordance with “Presentation of Financial Statements,” in the ASC and reflect the reclassification of results of operations of these three dealerships and certain corporate allocations related to these dealerships from continuing operations to discontinued operations. The disposal of these three dealerships reduced earnings per share from continuing operations by $0.01 in the year ended December 31, 2011 and had no effect on earnings per share from continuing operations for the years ended December 31, 2010 and 2009. Amounts reclassified from continuing operations to discontinued operations are as follows:
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
New vehicles |  | $ | 39,524 |  |  | $ | 32,392 |  |  | $ | 30,200 |
Used vehicles |  |  | 30,228 |  |  |  | 24,263 |  |  |  | 24,723 |
Wholesale vehicles |  |  | 2,052 |  |  |  | 2,460 |  |  |  | 3,804 |
Total vehicles |  |  | 71,804 |  |  |  | 59,115 |  |  |  | 58,727 |
Parts, service and collision repair |  |  | 17,747 |  |  |  | 20,154 |  |  |  | 21,791 |
Finance, insurance and other |  |  | 1,673 |  |  |  | 1,302 |  |  |  | 1,214 |
Total revenues |  |  | 91,224 |  |  |  | 80,571 |  |  |  | 81,732 |
Cost of Sales: |  |  |  |  |  |  |  |  |  |  |  |
New vehicles |  |  | (37,044 | ) |  |  | (30,008 | ) |  |  | (27,872 | )
Used vehicles |  |  | (27,953 | ) |  |  | (22,456 | ) |  |  | (22,986 | )
Wholesale vehicles |  |  | (2,177 | ) |  |  | (2,538 | ) |  |  | (3,908 | )
Total vehicles |  |  | (67,174 | ) |  |  | (55,002 | ) |  |  | (54,766 | )
Parts, service and collision repair |  |  | (8,807 | ) |  |  | (10,164 | ) |  |  | (10,629 | )
Total cost of sales |  |  | (75,981 | ) |  |  | (65,166 | ) |  |  | (65,395 | )
Gross profit |  |  | 15,243 |  |  |  | 15,405 |  |  |  | 16,337 |
Selling, general and administrative expenses |  |  | (13,439 | ) |  |  | (13,870 | ) |  |  | (14,288 | )
Impairment charges |  |  | — |  |  |  | — |  |  |  | (453 | )
Depreciation and amortization |  |  | (297 | ) |  |  | (469 | ) |  |  | (555 | )
Operating income (loss) |  |  | 1,507 |  |  |  | 1,066 |  |  |  | 1,041 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, floor plan |  |  | (279 | ) |  |  | (292 | ) |  |  | (287 | )
Interest expense, other, net |  |  | (301 | ) |  |  | (396 | ) |  |  | (518 | )
Other income (expense), net |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Total other income (expense) |  |  | (579 | ) |  |  | (687 | ) |  |  | (804 | )
Income (loss) before taxes |  |  | 928 |  |  |  | 379 |  |  |  | 237 |
Provision for income taxes - benefit (expense) |  |  | (299 | ) |  |  | (186 | ) |  |  | (89 | )
Income (loss) |  | $ | 629 |  |  | $ | 193 |  |  | $ | 148 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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