Sonic Automotive - SAH STOCK NEWS

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.

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.