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So we are going to get started with the next presentation now. I will be happy to have Sonic Automotive here with us today. Sonic operates over 100 new vehicle dealerships across 15 states and represented over 30 automotive brands, I think. Most of their volume relates to luxury or import brands, particularly BMW. The firm generated $8 billion revenue last year, its market cap is just under $1 billion. We are excited to have Dave Cosper with us, representing Sonic today as well as C.G. Saffer in Investor Relations. David is Sonic’s Vice Chairman and Chief Financial Officer. Prior to joining Sonic he worked for Ford Motor and Ford Motor Credit Company for a number of years rising to Vince Chairman and CFO of Ford Credit before coming on over to Sonic.
Dave, thanks for being here and I’ll turn it over to you.
Excellent. So I use to work at Ford but then I wised up and discovered how exiting retail was. Thanks for being here today. It’s strange to look at the backs of those screens and see Sonic backwards. I’ll try to focus on that. I want to flick you through a few slides, tell you a little bit about what we are doing.
This first slide I used just at very high level get across how we are trying to change our industry. In the very bottom of this thing is the culture. Our business, taken as a whole, is a very rough and tumble in your face kind of business. And turnover’s rampened, and if you want to build a professional store, you need a bit of a culture, you need some more professional people and that’s something we undertook several years ago, we train our people, we pay them, we don’t change their pay plans, we promote them, we develop them, we show them how to make money.