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Sonic Automotive CEO arrested for assault

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The CEO of Fortune 500 company Sonic Automotive was arrested this week and charged with assault.

Smith allegedly held a woman against her will in a home he owns. One of the charges is felony assault by strangulation.

A Sonic Automotive spokesperson said Smith told the company's board of directors that he's “innocent and expects to be exonerated.”

The automotive retailer has more than $10 billion in annual revenue.

Read more from The Charlotte Observer.

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