Sonic Automotive, Inc. - SAH STOCK NEWS

Sonic Automotive (NYSE:SAH) has announced the acquisition of Audi New Orleans from Bohn Brothers Automotive Group, marking its first franchise automotive location in Louisiana. The dealership, located in Metairie, serves the greater New Orleans area and has been operating since June 2009.

This acquisition represents Sonic's 10th Audi dealership and brings the company's total franchise automotive dealership portfolio to 108 locations nationwide. The deal continues a century-old tradition of automotive sales and service established by George Bohn, Sr. in the New Orleans area. Kerrigan Advisors represented Bohn Brothers Automotive Group in the transaction.

Sonic Automotive (NYSE: SAH) has acquired Motorcycles of Charlotte and Motorcycles of Greensboro in North Carolina from Mark and Gail Engel. This acquisition expands Sonic's powersports division, following their previous acquisition of 13 dealerships across South Dakota and Texas.

The acquired dealerships are among the top European motorcycle dealers in the Southeast, carrying brands like BMW, Ducati, Triumph, and Royal Enfield. The Charlotte location operates from a 19,000-square-foot facility, while both dealerships will maintain their current locations. This transaction strengthens Sonic Automotive's presence in the Southeast powersports market.

Sonic Automotive, a Fortune 500 company, is ranked #6 on the 2024 Automotive News Top 150 Dealership Groups based on 2023 new vehicle retail sales units.

Sonic Automotive (NYSE: SAH) has announced the relocation of its EchoPark Automotive Houston Southwest Freeway to a new, larger facility in Stafford, Texas. The new 16,825-square-foot experience center, which opened on December 2, 2024, offers an expanded inventory of pre-owned vehicles and enhanced shopping experience.

The facility, located at 12057 Southwest Freeway, replaces the original Houston location that opened in 2020. As part of the grand opening celebration, EchoPark is offering no payments for 90 days on select inventory until December 31, 2024. The company highlights that 50% of its inventory is priced under $25,000.

Sonic Automotive (NYSE:SAH) reported Q3 2024 financial results with total revenues of $3.5 billion, down 4% year-over-year. Net income increased 8% to $74.2 million, while adjusted net income decreased 39% to $44.0 million. The company's EchoPark segment achieved record quarterly performance with gross profit of $55.2 million, up 5% year-over-year.

The quarter was impacted by CDK Global software outage effects, reducing income before taxes by $17.2 million. The Board approved a 17% increase in quarterly cash dividend to $0.35 per share. The company maintained strong liquidity with $418 million in cash and floor plan deposits, and total liquidity of approximately $834 million.

Sonic Automotive (NYSE:SAH), a Fortune 500 automotive retailer, has announced the release date for its fiscal 2024 third quarter financial results. The results will be published on Thursday, October 24, 2024, at 7:00 A.M. (Eastern). Following the release, senior management will host a conference call at 11:00 A.M. (Eastern) to discuss the results.

Investors can access the earnings press release and presentation materials on the company's website at ir.sonicautomotive.com. The conference call will be available via live webcast on the same website, and interested parties can also dial in via telephone at (877) 407-8289 (domestic) or +1 (201) 689-8341 (international).

A webcast replay of the call will be available for 14 days following the event on the company's investor relations website.

CDK, the leading automotive retail software provider, has extended its agreement with Sonic Automotive, Inc. (NYSE: SAH), a major automotive and powersports retailer. The deal includes providing Sonic Automotive dealerships with the CDK Dealer Management System (DMS) and Dealership Xperience Modern Retail Suite. This software suite connects the consumer-to-dealer buying journey into a unified transaction, enhancing customer experience.

The partnership allows Sonic Automotive to leverage CDK's artificial intelligence (AI) features, including predictive modeling for customer buying propensity, machine learning for anticipating vehicle service opportunities, and the new CDK AI Virtual Assistant (AIVA) for personalized customer engagement.

CDK's software powers the majority of franchise dealerships in North America, including five of the six publicly held dealership groups in the U.S. as of 2024. This extension reinforces CDK's position at the center of the automotive ecosystem and its commitment to driving digital transformation in the industry.

Sonic Automotive (NYSE:SAH) reported mixed Q2 2024 financial results. Total revenues decreased 5% year-over-year to $3.5 billion, while reported net income increased 76% to $41.2 million. The company faced challenges due to a CDK Global software outage, which is estimated to have reduced Q2 GAAP income before taxes by approximately $30 million. Despite this, EchoPark Segment achieved record Q2 adjusted EBITDA, showing progress in used vehicle operations. The Franchised Dealerships Segment experienced margin normalization, with same-store retail new vehicle gross profit per unit down 29%. Sonic maintained its guidance for positive quarterly EchoPark Segment adjusted EBITDA for the remainder of 2024.

Sonic Automotive (NYSE:SAH), a Fortune 500 automotive retailer, has announced the release of its fiscal 2024 second quarter financial results on August 5, 2024. The results will be available by 7:00 A.M. Eastern, followed by a senior management conference call at 10:00 A.M. Eastern. Investors can access the live webcast and presentation materials on the company's website at ir.sonicautomotive.com. For those preferring to dial in, the numbers are (877) 407-8289 (domestic) or +1 (201) 689-8341 (international). A webcast replay will be available for 14 days after the call.

Sonic Automotive, Inc. announced the retirement of Rachel Richards, the Chief Marketing Officer, after a distinguished 40-year career in the automotive industry. Dino Bernacchi will succeed her effective May 1, 2024. Richards played a pivotal role in strategic planning and operational leadership, while Bernacchi is an industry veteran with significant marketing experience. The company expresses gratitude to Richards and excitement for Bernacchi's leadership.