---
schema_version: "secwatch.filing_event.v1"
accession: "0001043509-22-000016"
form_type: "8-K"
ticker: "SAH"
cik: "0001043509"
company_name: "SONIC AUTOMOTIVE INC"
filed_at: "2022-10-28T23:59:59+00:00"
generated_at: "2026-06-22T22:20:46.972101+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Sonic Automotive restates Q1-Q2 2022 fleet revenue; internal control material weakness

## Summary
- Restatement corrects overstatement of fleet new vehicle revenue by $130.4M (Q1) and $146.6M (Q2); no impact on gross profit or net income.
- Error stemmed from gross vs. net accounting for certain fleet transactions at one RFJ-acquired store; affects 3 months ended Mar 31 and Jun 30, 2022.
- Management identified a material weakness in internal control over financial reporting for Q1-Q3 2022; remediation plan to be detailed in Q3 10-Q.
- Prior 10-Qs for Mar 31 and Jun 30, 2022 no longer reliable; KPMG informed and Audit Committee authorized restatement.

## SEC filing metadata
- accession: 0001043509-22-000016
- form_type: 8-K
- ticker: SAH
- cik: 0001043509
- company_name: SONIC AUTOMOTIVE INC
- filed_at: 2022-10-28T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1043509/000104350922000016/0001043509-22-000016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1043509/000104350922000016/sah-20221026.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001043509-22-000016
- JSON: https://secwatch.observer/filing/0001043509-22-000016.json
- Plain text: https://secwatch.observer/filing/0001043509-22-000016.txt

## Key facts
- Auditor Changes
  SONIC AUTOMOTIVE INC reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: Contemporaneously with this Current Report on Form 8-K, the Company intends to restate the unaudited condensed consolidated financial statements included in the Affected 10-Qs for the three months ended March 31, 2022 and the three and six months ended June 30, 2022, which were initially filed with the Affected 10-Qs, in order to correct the identified misstatements contained therein. The tables below reflect the sections of the Company’s unaudited condensed consolidated financial statements that were impacted by the error: Three Months Ended March 31, 2022 (Dollars in millions) As Reported Adjustments As Restated Revenues: Fleet new vehicles $ 148.6 $ (130.4) $ 18.2 Total new vehicles $ 1,499.9 $ (130.4) $ 1,369.5 Total vehicles $ 3,039.5 $ (130.4) $ 2,909.1 Total revenues $ 3,586.6 $ (130.4) $ 3,456.2 Cost of sales: Fleet new vehicles $ (147.8) $ 130.4 $ (17.4) Total new vehicles $ (1,
  evidence_url: https://www.sec.gov/Archives/edgar/data/1043509/000104350922000016/0001043509-22-000016-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.