Sonic Automotive, Inc. - SAH STOCK NEWS

Sonic Automotive reports record first quarter revenues of $3.6 billion, a 28.7% year-over-year increase, with income from continuing operations before taxes at $128.9 million (+77.5%). The net income reached $97.3 million ($2.33 per diluted share, +89.4%). SG&A expenses decreased to 67.7% of gross profit. EchoPark revenues also hit a record $625.3 million (+23.3%). Sonic repurchased 1.7 million shares for $76.1 million and raised its dividend by 108%. Despite supply chain issues, consumer demand remains robust, supporting long-term growth goals.

Sonic Automotive, Inc. has opened its 38th location, the EchoPark Delivery Center in Columbus, Georgia, as part of its aggressive expansion strategy. This new location is the fourth in Georgia and contributes to the goal of reaching 90% of the U.S. population by 2025, aiming for $14 billion in revenues. EchoPark aims to simplify the car-buying experience and has received over 50,000 5-Star ratings. The company's strategy includes offering quality pre-owned cars and enhancing customer satisfaction.

Sonic Automotive, a leading U.S. automotive retailer, plans to release its fiscal 2022 Q1 financial results on April 28, 2022, at 7:00 A.M. (Eastern). A conference call for investors will follow at 11:00 A.M. (Eastern), where senior management will discuss the results. Investor materials will be available on the company’s website prior to the call. Sonic aims to enhance its growth through strategic investments and aims to lead the automotive retail industry.

Sonic Automotive has announced the opening of its 37th EchoPark retail hub in Raleigh, North Carolina, marking its third location in the state. This expansion aligns with the company's growth strategy, aiming for 90% U.S. population coverage by 2025. The new hub provides a modern, online-integrated car buying experience, featuring high-quality, pre-owned vehicles with transparent pricing. Sonic Automotive anticipates retailing 575,000 vehicles annually, generating $14 billion in revenue by 2025.

Sonic Automotive has appointed Stephen Carvelli as its first Chief Technology Officer (CTO). Carvelli, who has over 25 years of experience in technology, previously worked at Comcast and led digital retail functions at major companies like Lowe’s and American Eagle. This appointment aligns with Sonic's growth strategy and commitment to enhancing guest experiences at its dealerships and EchoPark locations. Currently, Sonic operates 111 franchised dealerships and 36 EchoPark locations, with plans for further expansion in 2022 and beyond.

On March 16, 2022, Sonic Automotive (NYSE: SAH), a leading automotive retailer, announced its partnership with CallRevu, a specialist in automotive call monitoring and analytics. Sonic aims to enhance customer experience through CallRevu's Communication Intelligence platform, providing better analysis and action throughout the customer journey. Sonic's Chief Marketing Officer expressed excitement over the partnership, highlighting CallRevu's understanding of their needs. This collaboration aims to improve operational efficiency and customer interactions, reinforcing Sonic's commitment to innovation in the automotive sector.

Sonic Automotive, Inc. (NYSE:SAH) has launched its new EchoPark delivery center in Johnson City, Tennessee, marking the company's 36th location. This center supports Sonic's goal of expanding its EchoPark network to cover 90% of the U.S. population by 2025, with projected annual revenues of $14 billion. This center allows customers to deliver vehicles after shopping online from a selection of over 10,000 pre-owned cars. Sonic aims to retail 575,000 vehicles annually by 2025, targeting a long-term sales opportunity of 2 million vehicles.

Sonic Automotive, Inc. has promoted Thomas "Tim" Keen as the first Chief Operating Officer of EchoPark Automotive, enhancing its leadership as it aims for significant nationwide expansion. Keen, a seasoned professional with nearly 30 years in the automotive industry, has been instrumental in expanding EchoPark's business model, which targets 90% U.S. population coverage and projected revenues of $14 billion by 2025. This strategic move underscores Sonic's commitment to growth in the pre-owned vehicle segment and fostering operational expertise within the company.

Sonic Automotive (NYSE:SAH) announced the successful acquisition of RFJ Auto, expected to contribute $3.2 billion in revenue in 2022. The company reported record fourth-quarter revenues of $3.2 billion, a 13.8% increase year-over-year, and net income of $96.3 million ($2.25 per diluted share). Sonic's Board approved a 108% increase to its quarterly dividend, raising it to $0.25 per share. The company aims for significant growth with EchoPark, expanding its reach to 90% of the U.S. population by 2025.