CHARLOTTE, N.C. -

Sonic Automotive announced this week that its vice chairman and chief financial officer notified the company that he intends to retire, effective at a yet-to-be-determined date.

David Cosper said his retirement will come sometime during the first quarter of next year.

The company said that it is initiating a formal search for a successor CFO. 

Sonic chairman and chief executive officer Bruton Smith stated, “Dave Cosper has contributed a great deal to Sonic Automotive since he first joined our company in March 2006. He has been instrumental in helping our company strengthen our balance sheet and simplify our capital structure.

"Dave has further shown outstanding leadership for our company, developing a very capable financial team that will ensure continuity and an orderly transition as our company searches for a new CFO," Smith continued.

“We are thankful for Dave’s contributions to Sonic, and we wish him and his lovely wife Pam the best of success, happiness and enjoyment in retirement.  Dave is leaving us on a very strong financial footing,” Smith went on to say.

Reflecting on his tenure with the company that ranked No. 4 on Auto Remarketing’s list of the top 125 used-car dealer groups based on 2011 sales, Cosper said, “I have greatly enjoyed my time at Sonic Automotive for the last six-plus years, and am very appreciative of the opportunity that I've had to serve as the company’s vice chairman and CFO.

“I’m particularly proud of the operational and financial successes achieved by our company since the depths of the financial crisis in 2009,” Cosper continued. “After our company’s recent successful offering of 7-percent Senior Subordinated Notes and related successful exchange offer for our previously outstanding 5-percent Convertible Senior Notes, I feel confident that Sonic’s balance sheet and capital structure are as strong as they have ever been, and I feel like this is a great time for me to turn to the next chapter in my life. 

“The company has a strong management team, great people, a sound strategy and positive momentum going forward,” Cosper added.

As Cosper winds down his time with Sonic, fellow company executive Hal McLarty will be one of the keynote speakers at this year’s National Remarketing Conference, which is the last of three events that make up Used Car Week.

The National Remarketing Conference sponsored by SmartAuction runs Nov. 14 through 16 at The Phoenician Resort in Scottsdale, Ariz.

For more details visit nrc.autoremarketing.com or www.usedcarweek.biz.