Document:

<PAGE>

                                                                    Exhibit 10.1
                                                                    ------------

                         AMENDMENT TO CREDIT AGREEMENT

     THIS AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated August 15,
                                               ---------
2001, is among SONIC AUTOMOTIVE, INC., a Delaware corporation, (the "Borrower")
                                                                     --------
FORD MOTOR CREDIT COMPANY, a Delaware corporation, ("Ford Credit") CHRYSLER
                                                     -----------
FINANCIAL COMPANY, L.L.C., a Michigan limited liability company, ("Chrysler
                                                                   --------
Financial"), TOYOTA MOTOR CREDIT CORPORATION, a California corporation ("Toyota
---------                                                                ------
Credit"), and the other Lenders from time to time party hereto, and Ford Credit,
------
as administrative agent and collateral agent (in such capacity and together with
any Successor Agent appointed pursuant to Article VII of the Original Agreement
(as defined herein), the "Agent") for the Secured Parties.
                          -----

     WHEREAS, on August 10, 2000 Ford Credit and Chrysler Financial made a loan
(the "Original Loan") to Borrower in the principal amount of $500,000,000.00,
      -------------
pursuant to the terms of that certain Credit Agreement dated as of August 10,
2000 (the "First Agreement"); and
           ---------------

     WHEREAS, Borrower requested an increase of the Original Loan to the amount
of $600,000,000.00 (the "Increase;" and together with the Original Loan, the
                         --------
"Loan"), and in order to accommodate Borrower's request for the Increase, Toyota
 ----
Credit joined Ford Credit and Chrysler Financial as a Lender under the Loan
pursuant to the terms of that certain Amended and Restated Credit Agreement
dated as of June 20, 2001 (the First Agreement as amended by the Amended and
Restated Credit Agreement is referred to as the "Original Agreement"); and
                                                 ------------------

     WHEREAS, Borrower has requested that Ford Credit agree for a period of
three (3) years, with respect to a certain portion of the Loan, to convert
Borrower's obligation to pay interest to a fixed rate of interest as more
specifically described herein, from the Applicable LIBOR Rate (as defined in the
Original Agreement) (such change in interest obligations is referred to herein
as the "Conversion").
        ----------

     WHEREAS, Ford Credit has consented to the Conversion, subject to the terms
of this Amendment.

     NOW THEREFORE, The parties hereto agree that the Original Agreement is
hereby amended as follows and that effective as of the date of this Amendment,
the terms of the Original Agreement are amended in accordance herewith:

     NOW THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Original Agreement is hereby amended as follows:
<PAGE>

     1.   Except as modified herein, all capitalized terms shall have the
meanings set forth in the Original Agreement.  The amendments contained herein
will be deemed effective as of August 15, 2001.

     2.   The definition of Applicable LIBOR Rate as set forth in the Original
Agreement is hereby restated in its entirety to read as follows:

     "Applicable Rate" means (i) from August 15, 2001 to and including August
      ---------------
     14, 2004, with respect to the lesser of (a) that portion of Ford Credit's
     Ratable Share of the aggregate principal amount of all Advances, equal to
     $75,000,000.00, and having been advanced as of the earliest dates, and (b)
     Ford Credit's Ratable Share of the Advances outstanding from time to time
     (either such amount, as the case may be, is referred to as the "Fixed
                                                                     -----
     Sum"), the rate of seven and twenty three hundredths percent (7.23%) per
     ---
     annum (such fixed rate of interest is referred to herein as the "Fixed
                                                                      -----
     Rate"); and (ii)  with respect to all Advances outstanding in excess of the
     ----
     Fixed Sum, and with respect to the Fixed Sum from and after August 15,
     2004, the LIBOR Rate  plus two and fifty hundredths percent  (2.50%) per
     annum (such variable rate of interest is referred to herein as the
     "Variable Rate")."
      -------------

     3.   The following definitions are hereby added to the Original Agreement:

     "Breakage Fees" means any and all fees incurred by Lender in connection
      -------------
     with a prepayment made under the Related Borrowing, it being understood
     that if Borrower makes a prepayment pursuant to section 2.2 (A) hereof
     which results in Ford Credit's Ratable Share of the principal balance of
     the Advances being reduced to less than $75,000,000.00, Ford Credit will
     make a prepayment under the Related Borrowing in an amount equal to the
     difference between $75,000,000.00 and the Ford Credit's Ratable Share of
     the principal balance of the Advances after taking into account such
     prepayment."

     "Related Borrowing" means Ford Credit's borrowing of $75,000,000.00 from
      -----------------
     investors, which borrowing was made solely for the purpose of acquiring
     funds to advance to Borrower at the Fixed Rate pursuant to the terms of
     this Agreement."

     4.   Section 2.1 (A) of the Original Agreement is hereby restated in its
entirety as follows:

          (A)   Making Advances.    Upon satisfaction of the conditions
                ---------------
precedent set forth in Sections 3.1 and 3.2, from and including the Effective
                       ------------     ---
Date of this Agreement and prior to the Termination Date, Agent will (on behalf
of each Lender) on the terms and conditions set forth in this Agreement, make
Advances to the Borrower from time to time, in Dollars, in an amount not to
exceed the Revolving Credit Availability at such time; provided, however, at no
                                                       --------  -------
time shall the Revolving Credit Obligations exceed the Commitment at such time.
Subject to the terms of this Agreement, the Borrower may borrow, repay and re-
borrow Advances at any time prior to the Termination Date.  The Borrower shall
repay in full the outstanding principal balance of each Advance on or before the
Termination Date.  Agent may make Advances (on behalf of each Lender) in
reliance upon the agreement of each Lender to make available to Agent funds
required to perform the accounting as described in the following Section 2.1
                                                                 -----------
(B), unless all
---

                                      -2-
<PAGE>

Lenders will have jointly decided, as provided for in Section 8.1 hereof, to
                                                      -----------
terminate or suspend their obligations to make Advances hereunder. Borrower
acknowledges that with respect to the Fixed Sum, Ford Credit has borrowed
$75,000,000.00 from its investors, in order to facilitate advancing such amount
to Borrower at the Fixed Rate.

      5.  Section 2.1 (B) (1) (b) of the Original Agreement is hereby restated
in its entirety as follows:

          (b)  No later than 12:00 noon (Eastern Standard Time) on the first
      Business Day following a Payment Date upon which Agent has received
      payment in full from Borrower of the amount required pursuant to Section
                                                                       -------
      2.9 (b)(ii) hereof (each such date being referred to herein as an
      -----------
      "Interest Reconciliation Date"), Agent will make remittance to each Lender
       ----------------------------
      (via wire transfer, pursuant to wire transfer instructions provided to
      Agent by each Lender in writing from time to time) of each such Lender's
      Ratable Share of the Interest Due Lenders (it being understood that with
      respect to all Lenders other than Ford Credit, such Interest Due Lenders
      will be calculated and remitted at the Variable Rate only and no portion
      thereof will be calculated or remitted at the Fixed Rate); provided,
                                                                 --------
      however that the Administration Fee due to Agent (pursuant to Section 2.13
      -------                                                       ------------
      hereof) for the month immediately preceding such Interest Reconciliation
      Date will be netted out of the Interest Due Lenders and be maintained by
      Agent for the benefit of Agent; and

      6.  Section 2.2 (A) of the Original Agreement is hereby restated in its
entirety as follows:

      "2.2 (A) Optional Payments.  The Borrower may from time to time repay or
               -----------------
      prepay, all or any part of outstanding Advances; provided, however, that
                                                       --------  -------

          (i)   the Borrower may not so prepay Advances unless it shall have
                provided notice to Agent of such prepayment by 12:00 noon on the
                day such payment will be made, and the amount of such prepayment
                is not less than $500,000.00; and

          (ii)  if, prior to August 15, 2004, Borrower prepays the principal
                balance of the Advances such that Ford Credit's Ratable Share of
                the principal balance of the advances is reduced to less than
                $75,000,000.00, then in addition to paying interest on such
                amounts being prepaid through the day of prepayment, Borrower
                must also pay to Ford Credit the full amount of the Breakage
                Fees. The payment of such Breakage Fees must be made at the same
                time as the prepayment and in the manner described in Section
                2.7 hereof."

                                      -3-
<PAGE>

      7.   All references to "Applicable LIBOR Rate" in Sections 2.4, 2.6, 2.7
and 2.14 of the Original Agreement are hereby amended to read the "Applicable
Rate."

      8.   Borrower hereby reaffirms each representation and warranty made in
the Original Agreement and represents that no Event of Default or Unmatured
Default exists.

      9.   The security interest granted by Borrower to Lender under the
Borrower Security Agreement and the terms and conditions of the Borrower
Security Agreement shall apply equally to the indebtedness evidenced by the
Note, and the covenants of the Borrower Security Agreement and the Original
Agreement, as amended by this Amendment shall remain in full force and effect
until the Principal Balance (as defined in the Notes) of each of the Notes and
interest thereon is paid in full and all of the obligations of Borrower to
Lender under the Original Agreement, as amended, and the Notes are fully
performed and observed. Except as otherwise amended in this Amendment, the terms
and conditions of the Agreement shall remain in full force and effect in
accordance with the provisions thereof. Furthermore, Borrower hereby reaffirms
its obligations under the Borrower Guaranty.

     IN WITNESS WHEREOF, the Borrower, the Agent and each Lender have executed
this Agreement as of the date first above written.

                              SONIC AUTOMOTIVE, INC.,
                              as the Borrower

                              By:  /s/ Theodore M. Wright
                                   ----------------------
                              Name:  Theodore M. Wright
                              Title: Vice President

                              Address:
                              6415 Idlewild Road
                              Suite 109
                              Charlotte, North Carolina 28212
                              Attention: Theodore M. Wright
                              Telephone No.:  (704) 566-2400
                              Facsimile No.:  (704) 566-6031

                         [SIGNATURE PAGE TO AMENDMENT]

                                      -4-
<PAGE>

                              FORD MOTOR CREDIT COMPANY,
                              as Lender, and as Agent

                              By:  /s/ W. J. Beck IV
                                   ---------------------
                              Name:  W. J. Beck, IV
                              Title:  National Account Manager

                              Address:
                              6302 Fairview Road
                              Suite 500
                              Charlotte, North Carolina 28210
                              Attention: Branch Manager
                              Telephone No.:  (704) 442-0371
                              Facsimile No.:  (704)  442-1909

                         [SIGNATURE PAGE TO AMENDMENT]

                                      -5-
<PAGE>

                              CHRYSLER FINANCIAL COMPANY, LLC,
                              as Lender

                              By: /s/ R. D. Knight
                                  --------------------

                              Name:  R. D. Knight

                              Title:  Vice President of Credit

                              Address:
                              27777 Franklin Road, 18th floor
                              Southfield, MI  48034-8286
                              Attention:  Michele Nowak
                              Telephone No.:  (248) 948-4860
                              Facsimile No.:  (248) 948-3848

                         [SIGNATURE PAGE TO AMENDMENT]

                                      -6-
<PAGE>

                              TOYOTA MOTOR CREDIT CORPORATION, as Lender

                              By:  /s/ Tom Brubaker
                                   --------------------
                              Name: Tom Brubaker
                              Title:  National Accounts Development Manager

                              Address:
                              19001 South Western Avenue
                              Torrance, California 90501
                              Attention: Tom Brubaker
                              Telephone No.:  (310) 468-3756
                              Facsimile No.:  (310) 468-3501

                         [SIGNATURE PAGE TO AMENDMENT]

                                      -7-
<PAGE>

                           REAFFIRMATION OF GUARANTY

                                         Date:  August 15, 2001

     The undersigned guarantors (collectively, the "Guarantor") confirms and
                                                    ---------
restates Guarantor's liabilities, obligations and agreements under the guaranty
or guaranties by the undersigned of the indebtedness and obligations of SONIC
AUTOMOTIVE, INC., a Delaware corporation, ("Borrower") to the Lenders and the
                                            --------
Agent, under the Credit Agreement dated as of August 10, 2000, as amended by
that certain Amended and Restated Credit Agreement dated as of June 20, 2001
(the "Agreement"), as amended by the Amendment to Credit Agreement (the
      ---------
"Amendment") to which this Reaffirmation of Guaranty is attached, and
 ---------
acknowledges and agrees that every right, power and remedy of Lender thereunder
is in full force and effect, including without limitation, such right, powers
and remedies relating to the Agreement, as amended, and the payment of the
indebtedness and the performance of the obligations thereunder.  Without
limiting the foregoing, Guarantor intends by execution and delivery of this
Reaffirmation of Guaranty to absolutely, irrevocably and unconditionally
reaffirm Guarantor's guaranty to Lender and Agent of (i) the due and punctual
payment of the indebtedness due and payable under the Agreement, as amended, and
(ii) the performance by Borrower of the obligations under the Agreement.
Guarantor acknowledges and declares that Guarantor has no defense, claim,
charge, plea or set-off whatsoever in law or equity against the Lender, the
Agent, the guaranty or guaranties, the Agreement, the Amendment, or any other
instrument or document executed by Guarantor or Borrower in connection with the
Agreement, or the Amendment.  Guarantor waives and releases any and all defenses
which might accrue to Guarantor by the execution of the Amendment.

     Guarantor has executed this Reaffirmation of Guaranty of the date first
above written.

                              each of the  entities listed on the remainder of
                              this page and on the following three pages

                              By: /s/ Theodore M. Wright        (SEAL)
                                  ------------------------------

                              Name: Theodore M. Wright

                              Title:  Vice President

                              SONIC - MONTGOMERY FLM, INC.,
                              COBB PONTIAC-CADILLAC, INC.,
                              ROYAL MOTOR COMPANY, INC.,
                              CAPITAL CHEVROLET AND IMPORTS, INC.,
                              SONIC AUTOMOTIVE - 21699 U.S. HWY 19 N., INC.,
                              HMC FINANCE ALABAMA, INC.

                                      -8-
<PAGE>

                              SONIC AUTOMOTIVE OF GEORGIA, INC.,
                              SONIC AUTOMOTIVE 5260 PEACHTREE
                                    INDUSTRIAL BLVD., LLC,
                              FRONTIER OLDSMOBILE-CADILLAC, INC.,
                              MARCUS DAVID CORPORATION,
                              SONIC AUTOMOTIVE - 9103 E.
                                    INDEPENDENCE, NC, LLC,
                              SONIC CHRYSLER-PLYMOUTH-JEEP, LLC,
                              SONIC DODGE, LLC,
                              TOWN AND COUNTRY FORD,  INCORPORATED,
                              SONIC AUTOMOTIVE-3700 WEST BROAD
                                    STREET, COLUMBUS, INC.,
                              SONIC AUTOMOTIVE-1455 AUTOMALL DRIVE,
                                    COLUMBUS, INC.,
                              SONIC AUTOMOTIVE-1495 AUTOMALL DRIVE,
                                    COLUMBUS, INC.,
                              SONIC AUTOMOTIVE-4000 WEST BROAD
                                    STREET, COLUMBUS, INC.,
                              SONIC AUTOMOTIVE-1500 AUTOMALL
                                    DRIVE, COLUMBUS, INC.,
                              SONIC AUTOMOTIVE-1400 AUTOMALL DRIVE, COLUMBUS,
                                    INC.,
                              FORT MILL CHRYSLER-PLYMOUTH-DODGE,  INC.,
                              SONIC AUTOMOTIVE 2752 LAURENS RD., GREENVILLE,
                                    INC.,
                              SONIC AUTOMOTIVE 2424 LAURENS RD., GREENVILLE,
                                    INC.,
                              TOWN AND COUNTRY CHRYSLER-PLYMOUTH-JEEP OF ROCK
                                    HILL, INC.,
                              SONIC AUTOMOTIVE OF CHATTANOOGA, LLC,
                              SONIC AUTOMOTIVE OF NASHVILLE, LLC,
                              SONIC AUTOMOTIVE - 6025
                                    INTERNATIONAL DRIVE, LLC,
                              TOWN AND COUNTRY CHRYSLER-PLYMOUTH-JEEP, LLC,
                              TOWN AND COUNTRY DODGE OF
                                    CHATTANOOGA, LLC,
                              TOWN AND COUNTRY JAGUAR, LLC,
                              TOWN AND COUNTRY FORD OF CLEVELAND, LLC,
                              SONIC - 2185 CHAPMAN RD., CHATTANOOGA, LLC,

                                      -9-
<PAGE>

                              SONIC OF TEXAS, INC.,
                              SONIC - WILLIAMS IMPORTS, INC.,
                              SONIC - WILLIAMS BUICK, INC.,
                              SONIC - WILLIAMS CADILLAC, INC.,
                              SONIC - WILLIAMS MOTORS, LLC,
                              SONIC - NEWSOME CHEVROLET WORLD, INC.,
                              SONIC - NEWSOME OF FLORENCE, INC.,
                              SONIC - CLASSIC DODGE, INC.
                              SONIC - ROCKVILLE MOTORS, INC.,
                              SONIC - ROCKVILLE IMPORTS, INC.,
                              SONIC - MANHATTAN WALDORF, INC.,
                              SONIC - MANHATTAN FAIRFAX, INC.,
                              SONIC - NORTH CHARLESTON, INC.,
                              SONIC AUTOMOTIVE - 5585 PEACHTREE
                                    INDUSTRIAL BLVD., LLC,
                              SONIC - NORTH CHARLESTON DODGE, INC.,
                              VILLAGE IMPORTED CARS, INC.,
                              FIRSTAMERICA AUTOMOTIVE, INC.,
                              FA SERVICE CORPORATION,
                              FAA AUTO FACTORY, INC.,
                              FAA BEVERLY HILLS, INC.,
                              FAA CAPITOL N, INC.,
                              FAA CONCORD H, INC.,
                              FAA CONCORD N, INC.,
                              FAA CONCORD T, INC.,
                              FAA DEALER SERVICES, INC.,
                              FAA DUBLIN N, INC.,
                              FAA MARIN D, INC.,
                              FAA POWAY D, INC.,
                              FAA POWAY G, INC.,
                              FAA SAN BRUNO, INC.,
                              FAA SERRAMONTE H, INC.,
                              FAA SERRAMONTE L, INC.,
                              FAA SERRAMONTE, INC.,
                              FAA STEVENS CREEK, INC.,
                              FAA WOODLAND HILLS VW, INC.,
                              SMART NISSAN, INC.,
                              FAA TORRANCE CPJ, INC.,
                              FAA DUBLIN VWD, INC.,
                              KRAMER MOTORS INCORPORATED,
                              FAA SANTA MONICA V, INC.,
                              FAA LAS VEGAS H, INC.,
                              L DEALERSHIP GROUP, INC.,
                              WINDWARD, INC.,
                              AUTOBAHN, INC.,
                              SONIC - STEVENS CREEK B, INC.,
                              FAA HOLDING CORP.,
                              FRANCISCAN MOTORS, INC.,
                              SANTA CLARA IMPORTED CARS, INC.,

                                      -10-
<PAGE>

                              STEVENS CREEK CADILLAC, INC.,
                              FAA MARIN F, INC.,
                              FAA POWAY H, INC.,
                              FAA POWAY T, INC.,
                              FAA MARIN LR, INC.,
                              SONIC-RIVERSIDE, INC.,
                              SONIC-GLOVER, INC., and
                              RIVERSIDE NISSAN, INC.,
                              SPEEDWAY CHEVROLET, INC.
                              FORT MILL FORD, INC.,
                              FREEDOM FORD, INC.,
                              SONIC AUTOMOTIVE - CLEARWATER, INC.,
                              SONIC AUTOMOTIVE COLLISION CENTER OF CLEARWATER,
                                   INC.,
                              SONIC AUTOMOTIVE - 1919 N. DIXIE HWY., NSB, INC.,
                              SONIC AUTOMOTIVE - 1307 N. DIXIE HWY., NSB, INC.,
                              SONIC AUTOMOTIVE- 1720 MASON AVE., DB,
                                   INC.,
                              SONIC AUTOMOTIVE - 3741 S. NOVA RD., PO, INC.,
                              SONIC AUTOMOTIVE 241 RIDGEWOOD AVE., HH, INC.,
                              SONIC AUTOMOTIVE - 6008 N. DALE MABRY, FL, INC.,
                              SONIC AUTOMOTIVE OF NEVADA, INC.,
                              SONIC AUTOMOTIVE OF TENNESSEE, INC.,
                              SONIC AUTOMOTIVE - BONDESEN, INC.,
                              SONIC - LLOYD PONTIAC - CADILLAC, INC.,
                              SONIC - LLOYD NISSAN, INC.,
                              SONIC - SUPERIOR OLDSMOBILE, LLC,
                              SONIC - SHOTTENKIRK, INC.,
                              SONIC - INTEGRITY DODGE LV, LLC,
                              SONIC - VOLVO LV, LLC,
                              SONIC - FM AUTOMOTIVE, LLC,
                              SONIC - FM, INC.,
                              SONIC - FM VW, INC.,
                              SONIC - FM NISSAN, INC.,
                              SONIC - FREELAND, INC., and
                              SONIC AUTOMOTIVE - 1720 MASON AVE., DB, LLC
                              SONIC AUTOMOTIVE SERVICING COMPANY, LLC
                              SONIC AUTOMOTIVE F & I, LLC
                              SONIC - RIVERSIDE AUTO FACTORY, INC.

                                      -11-
<PAGE>

                              TRANSCAR LEASING, INC.
                              SONIC AUTOMOTIVE - 2490 SOUTH LEE
                                   HIGHWAY, L.L.C.
                              FAA CAPITOL F, INC.,
                              SONIC - LAS VEGAS C EAST, LLC,
                              SONIC - LAS VEGAS C WEST, LLC,
                              SONIC - CAPITOL CHEVROLET, INC.
                              SONIC  - LAS VEGAS C EAST, LLC
                              SONIC DEVELOPMENT, LLC

                  [Remainder of page intentionally left blank]

                                      -12-
<PAGE>

                              SONIC AUTOMOTIVE OF TEXAS, L.P.,
                              SONIC AUTOMOTIVE-4701 I-10 EAST,
                                    TX, L.P.,
                              SONIC AUTOMOTIVE - 3401 N. MAIN, TX, L.P.,
                              SONIC AUTOMOTIVE - 5221 I-10 EAST, TX, L.P.,
                              SONIC - SAM WHITE NISSAN, L.P.,
                              SONIC - LUTE RILEY, L.P.,
                              SONIC - READING, L.P., and
                              SONIC - CAMP FORD, L.P.,
                              SONIC - DALLAS AUTO FACTORY, L.P.
                              SONIC-FORT WORTH T, L.P.,
                              PHILPOTT MOTORS, LTD.
                              SONIC - RICHARDSON F, L.P.
                              SONIC - CARROLLTON V, L.P.
                              SONIC - HOUSTON V, L.P.

                              By:  Sonic of Texas, Inc., a Texas
                                   corporation, as General Partner

                                By: /s/ Theodore M. Wright        (SEAL)
                                    -----------------------------
                                    Name:  Theodore M. Wright
                                    Title:  Vice President

                              SONIC PEACHTREE INDUSTRIAL BLVD., L.P., and
                              SONIC - GLOBAL IMPORTS, L.P.

                              By:   Sonic Automotive of Georgia, Inc.,
                                    a Georgia corporation, as General Partner

                               By:  /s/ Theodore M. Wright       (SEAL)
                                    ----------------------------
                                    Name:  Theodore M. Wright
                                    Title:  Vice President

                                      -13-<PAGE>

                                                                    Exhibit 10.2
                                                                    ------------

                      AMENDED AND RESTATED PROMISSORY NOTE
                     (Acquisition/Revolving Line of Credit)
                                  (LIBOR Rate)

$600,000,000.00                          Charlotte, North Carolina

                                         August 15, 2001

     FOR VALUE RECEIVED, SONIC AUTOMOTIVE, INC., a Delaware corporation
("Borrower"), whose address is 6415 Idlewild Road, Suite 109, Charlotte, North
  --------
Carolina 28212, promises to pay to FORD MOTOR CREDIT COMPANY, a Delaware
corporation, ("Lender"), or order, at 6302 Fairview Road, Suite 500, Charlotte,
               ------
North Carolina 28210, or at such other place as Lender may from time to time in
writing designate, in lawful money of the United States of America, the
principal sum of SIX HUNDRED MILLION AND 00/100 DOLLARS ($600,000,000.00), or so
much thereof as may be advanced from time to time, together with interest,
adjusted monthly, on the principal balance outstanding from time to time (the
"Principal Balance"), in like money, from the Effective Date (as defined herein)
 -----------------
of this Amended and Restated Promissory Note (this "Note"), to and including the
                                                    ----
Termination Date, at the following rates in effect from time to time (referred
to collectively as the "Applicable Rate"):
                        ---------------

     (a) From the Effective Date to and including August 14, 2004, with respect
to the lesser of (1) that portion of the Principal Balance funded by and owing
to Lender, aggregating $75,000,000.00, and having been advanced as of the
earliest dates, and (2) Lender's Ratable Share of the Principal Balance
outstanding from time to time (either such amount, as the case may be, is
referred to as the "Fixed Sum"), the rate of seven and twenty three hundredths
                    ---------
percent (7.23%) per annum; and

     (b) with respect to that portion of the Principal Balance in excess of the
Fixed Sum, and with respect to the Fixed Sum from and after August 15, 2004,
the LIBOR Rate  plus two and fifty hundredths percent (2.50%) per annum.

     Capitalized terms used herein and not otherwise defined herein shall have
the meaning given to such terms in the Credit Agreement dated August 10, 2000,
as amended by the Amended and Restated Credit Agreement dated June 20, 2001, as
amended by the Amendment to Credit Agreement dated as of even date herewith,
among Borrower, the Lender and certain other lender parties thereto, and Lender,
as Agent for all lender parties  (the "Agreement").
                                       ---------

     The term "Effective Date" means August 15, 2001.
               --------------

     Borrower promises to pay interest on the unpaid principal balance
outstanding until such principal amount is paid in full, at the Applicable Rate,
and payable at such times as are specified in the Agreement.

     Both principal and interest are payable in lawful money of the United
States of America to the Agent under the Agreement, in same day funds.   Each
Advance owing to the Lender by the Borrower, and all payments made on account of
principal thereof, shall be recorded by the Lender and, prior to any transfer
hereof, endorsed on the grid attached hereto, which is part of

165435 ($525,000,000)
186565 ($75,000,000)

<PAGE>

this Note; provided, however, that the failure of the Lender to make any such
recordation or endorsement will not affect the Obligations of the Borrower under
this Note.

     This Note is one of the Notes referred to in, and is entitled to the
benefits of, the Agreement. The Agreement, among other things, (i) provides for
the making of Advances by the Lender to or for the benefit of the Borrower from
time to time in an aggregate amount not to exceed at any time outstanding the
U.S. Dollar amount first above mentioned, the indebtedness of the Borrower
resulting from each such Advance being evidenced by this Note, and (ii) contains
provisions for acceleration of the maturity hereof upon the happening of certain
stated events and (iii) contains provisions for prepayments on account of
principal hereof prior to the maturity hereof upon the terms and conditions
therein specified. In addition to the terms of prepayments described in the
Agreement, should Borrower prepay the Principal Balance such that Lender's
Ratable Share (as defined in the Agreement) of the Principal Balance is reduced
to less than $75,000,000.00, then in addition to paying interest accrued on such
amounts being prepaid through the day of prepayment, Borrower shall also pay to
Lender the full amount of the Breakage Fees (as defined in the Agreement). Any
prepayments and the payment of Breakage Fees will be made in the manner set
forth in Section 2.2 (A) of the Agreement.

     The Obligations of Borrower under this Note and the Loan Documents, and the
obligations of the Dealership Guarantors and any other parties to the loan are
secured by the Collateral as provided in the Loan Documents.

     In no circumstance may the aggregate principal amount of all Advances (as
     -------------------------------------------------------------------------
defined in the Agreement) outstanding under the Notes (as defined in the
------------------------------------------------------------------------
Agreement) exceed  the aggregate amount of all Lender's Commitments (as more
----------------------------------------------------------------------------
specifically set forth in the Agreement).
----------------------------------------

     IN WITNESS WHEREOF, Borrower, intending to be legally bound hereby, has
duly executed this Note under seal, the day and year first above written.

                                  SONIC AUTOMOTIVE, INC.,
                                  a Delaware corporation

                                  By:  /s/ Theodore M. Wright      (SEAL)
                                       ---------------------------
                                  Name:  Theodore M. Wright
                                  Title: Vice President

                      [SIGNATURE PAGE TO PROMISSORY NOTE]

                                      -2-

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