Sonic Automotive, Inc. - SAH STOCK NEWS

Sonic Automotive announced its partnership with VaynerMedia as the fully integrated agency of record for EchoPark Automotive. This partnership aims to enhance marketing capabilities, focusing on a volume-based content model to engage new audiences. The goal is to reach 90% of the U.S. car-buying population by 2025, supported by a new eCommerce website and 39 EchoPark Experience Center locations. The partnership symbolizes a shift in accountability for advertising results, intended to drive significant growth and brand recognition.

Sonic Automotive reported record quarterly revenues of $3.7 billion for Q2 2022, a 9% increase year-over-year, and a gross profit of $588.8 million, up 15%. Net income from continuing operations was $94.8 million, equating to $2.34 per diluted share. The Board of Directors authorized a $500 million increase in share repurchase, totaling $633.1 million. Challenges included a 33% decline in new vehicle sales volume, though EchoPark revenues rose 12%. A quarterly dividend of $0.25 per share was approved.

Sonic Automotive (NYSE:SAH) will announce its fiscal 2022 Q2 financial results on July 28, 2022 at 7:00 A.M. (Eastern). A conference call with senior management will follow at 11:00 A.M.. Investors can access presentation materials on the company's website. Sonic Automotive aims to be a leader in the automotive retail industry, focusing on enriching customer experiences and expanding its presence nationwide. The company has innovative growth strategies, including technology advancements and market expansion.

EchoPark Automotive Tampa has unveiled a new exterior wall mural created by local artist Carlos Pons, featuring designs from Howard W. Blake High School art students. The mural celebrates the significance of cars in Tampa's culture and has garnered positive community reception since its completion. The project, initiated in May, included a donation to the school's art department, further enhancing community ties. EchoPark aims to expand its presence and enhance guest experiences as part of Sonic Automotive, Inc.'s growth strategy in the automotive retail sector.

Sonic Automotive, Inc. announces the passing of its founder and executive chairman, Bruton Smith. CEO David Smith expresses gratitude for his father's influence in life and business. Bruton Smith's legacy will guide Sonic's commitment to excellence and innovation in the automotive retail space. The company emphasizes its goal to become the most valuable automotive retailer in America, focusing on guest experiences, technology investments, and expansive growth. Sonic Automotive remains committed to honoring Smith’s vision and continuing to serve its customers and communities.

Ollen Bruton Smith, the founder and executive chairman of Sonic Automotive (NYSE:SAH) and Speedway Motorsports, passed away at 95 from natural causes. Smith, born on March 2, 1927, was a significant figure in motorsports and automotive retail, establishing Speedway Motorsports as the first motorsports company on the NYSE in 1995. He also founded Sonic Automotive in 1997, which has grown to over 160 dealerships across 23 states. Smith's legacy includes numerous achievements in enhancing the fan experience in motorsports and contributing over $61 million to children's charities.

Sonic Automotive, Inc. (NYSE: SAH) has partnered with Instabase to automate invoice processing, enhancing efficiency and reducing operational costs. This initiative targets the management of unstructured invoices, enabling Sonic to streamline payments to vendors across its dealership network. The collaboration aims to decrease processing time significantly, potentially from days to minutes, while boosting accuracy and minimizing manual paperwork. Instabase's technology will facilitate deeper insights and improved integration with existing systems, supporting Sonic's ongoing digital transformation.

Sonic Automotive, Inc. has expanded its EchoPark Automotive brand with the opening of a new Retail Hub in St. Louis, Missouri, marking its first location in the state.

This expansion contributes to EchoPark's goal of reaching 90% of the U.S. population by 2025, aiming for $14 billion in revenue. The brand's innovative retail model caters to consumer preferences for both online and in-person vehicle purchases, supported by proprietary research showing that 71% of consumers prefer starting online. EchoPark is positioned for continued growth in the pre-owned automotive market.