Sonic Automotive, Inc. - SAH STOCK NEWS

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.

EchoPark Automotive Tampa has announced the winners of its student mural contest aimed at celebrating the significance of cars in everyday life. Eighty-eight students from Howard W. Blake High School submitted designs, with the top three artists—Valentina Sarrin, Phillip Woodside, and Vittoria Haynes—receiving commissions to create a mural on the dealership's exterior wall. Local artist Carlos Pons will paint the mural, which starts this month and will involve all contest participants in the process. EchoPark plans to unveil the mural once completed, emphasizing its commitment to community engagement.

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.