Sonic Automotive - SAH STOCK NEWS

Marcus Lemonis continues his holiday tradition of giving, distributing nearly $2 million in gifts, including vehicles from EchoPark Automotive, a subsidiary of Sonic Automotive (SAH). This year, he awarded a car to Patrick Rhodes for his community service and will give away three more vehicles in December. Lemonis emphasizes partnering with reputable brands like EchoPark, while Sonic Automotive aims to enhance customer satisfaction through their unique offerings and guest-centric approach.

Sonic Automotive reported record third-quarter revenues of $3.4 billion, up 12% year-over-year, with gross profit reaching $580.7 million (+23%). Net income was $87.3 million ($2.23 per diluted share). The company repurchased 3.1 million shares (8% of total) in Q3 2022. EchoPark revenues decreased 8% to $607.8 million, while gross profit surged 88% to $48.6 million. A 12% increase in the quarterly cash dividend to $0.28 per share was also announced.

Sonic Automotive, one of the largest automotive retailers in the U.S., will release its fiscal 2022 third quarter financial results on October 27, 2022, at 7:00 A.M. (Eastern). A conference call will follow at 11:00 A.M. (Eastern) where management will discuss the results. Investor materials will be available on the company’s website. Sonic aims to enhance guest experiences and expand its market presence, leveraging technology and strategic investments to achieve its goals.

Sonic Automotive is expanding its EchoPark Automotive brand with a new Retail Hub in Roseville, California, marking the second location in the state. Currently, EchoPark operates 41 Retail Hubs and aims to cover 90% of the U.S. population by 2025. The brand is known for its modern eCommerce approach and excellent customer service, reflected in over 50,000 five-star ratings. EchoPark’s strategy includes enhancing the buying experience through innovative technology and personal service, aiming to save customers up to $3,000 compared to competitors.

Sonic Automotive, Inc. has expanded its EchoPark Automotive brand with the opening of a new Delivery Center in Tulsa, Oklahoma, marking its 40th location. This site aims to enhance the ecommerce automotive buying experience for local residents and is part of a strategic growth plan to cover 90% of the U.S. population by 2025. EchoPark is known for its award-winning customer service, with 50,000+ five-star reviews, and offers a wide selection of pre-owned vehicles. The Tulsa location is now operational and reflects the company's focus on customer satisfaction and technological innovation.

Sonic Automotive, Inc. has announced the acquisition of Audi Owings Mills, marking its 8th Audi franchise and 112th overall franchised dealership. Located in Owings Mills, Maryland, the dealership caters to the greater Baltimore area, offering new and pre-owned Audi vehicles along with manufacturer-authorized services.

The acquisition strengthens Sonic's presence in the Baltimore metropolitan market and enhances its competitive edge, ensuring a wider array of choices for customers.

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.