Sonic Automotive, Inc. - SAH STOCK NEWS

Sonic Automotive announced the pricing of its private offering of $1.15 billion in aggregate principal amount of Senior Notes. This includes $650 million of 4.625% Senior Notes due 2029 and $500 million of 4.875% Senior Notes due 2031, issued at par. The offering is expected to close on October 27, 2021. Proceeds will be used for acquiring RFJ Auto Partners, redeeming existing subordinated notes, covering related expenses, and general corporate purposes including dealership acquisitions.

Sonic Automotive (NYSE: SAH) announced a proposed private offering of $1.0 billion in Senior Notes due 2029 and 2031. The proceeds will be utilized to fund the potential acquisition of RFJ Auto Partners, redeem the outstanding 6.125% Senior Subordinated Notes due 2027, and cover related fees. The offering is intended for qualified institutional buyers and is subject to market conditions. The notes will not be registered under the Securities Act, restricting their sale in the U.S. without exemptions.

Sonic Automotive, Inc. (NYSE: SAH) will release its fiscal 2021 third quarter financial results on October 28, 2021, at 7:00 A.M. ET. A conference call will follow at 11:00 A.M. ET. Interested parties can access the earnings materials on the company's website. Sonic Automotive aims to be the leading automotive retailer in America, enhancing customer experiences through innovation and growth strategies. The company's focus includes expanding the EchoPark brand, offering nearly new pre-owned vehicles while utilizing advanced technology.

Sonic Automotive has opened its first EchoPark Delivery Center in New Orleans, marking its 31st location nationwide. This center aims to provide a modern, flexible car-buying experience, offering pre-owned vehicles priced up to $3,000 below competitors. Customers can shop both online and on-site, choosing from over 10,000 vehicles, with streamlined purchase processes and high customer satisfaction, reflected in 15,000 five-star reviews. Sonic aims for 90% U.S. population coverage by 2025, targeting sales of 575,000 vehicles and achieving annual revenues of $14 billion.

Sonic Automotive has appointed Thien Truong as the first Chief Revenue Officer of EchoPark Automotive, effective October 4, 2021. Truong, a fintech veteran with over 25 years of experience, previously led roles at Brightloom and Coinstar. His expertise will enhance EchoPark's omnichannel strategy, aiming for 90% U.S. population coverage by 2025, and projected annual revenues of $14 billion from retailing 575,000 vehicles. EchoPark aims to be a leader in the pre-owned vehicle market, currently boasting over 15,000 five-star reviews.

Sonic Automotive has appointed Dino Bernacchi as the first Chief Marketing Officer of EchoPark Automotive, effective October 4, 2021. With over 20 years in the automotive sector, including roles at General Motors, Bernacchi aims to elevate the EchoPark brand's nationwide presence.

The company plans to cover about 25% of the U.S. population by year-end and aims for 90% by 2025, with projected annual revenues of $14 billion. Sonic Automotive is focusing on expanding its digital platform to enhance customer experience.

Sonic Automotive has announced a significant acquisition of RFJ Auto Partners, marking one of the largest transactions in automotive retail history. This acquisition, expected to close in December 2021, will propel Sonic into the top five largest dealer groups in the U.S. by revenue, adding approximately $3.2 billion in annualized revenues. RFJ Auto, with 33 locations and a diverse portfolio of brands, will enhance Sonic’s geographic reach and brand offerings, increasing its franchised dealership revenues by 30% beyond its previous target of $25 billion by 2025.

Sonic Automotive has announced the acquisition of Audi Glenwood Springs and Glenwood Springs Volkswagen in Glenwood Springs, Colorado. This move expands Sonic's dealership network in Colorado, where it aims to enhance its automotive sales and service offerings. Sonic's CEO, David Smith, emphasized the commitment of these dealerships to quality customer service, which aligns with Sonic's growth strategy. With this acquisition, Sonic continues to push toward its goal of reaching $25 billion in total revenues by 2025.

Sonic Automotive, a major player in the automotive retail sector, announced a wage increase for hourly employees to a minimum of $15 per hour, effective September 1, 2021. CEO David Smith emphasized the importance of employees, stating that this move showcases the company's commitment to their workforce amidst industry challenges like inventory shortages. Notably, Sonic reported record quarterly revenues of $3.4 billion for Q2 2021, a 58.7% year-over-year increase, and sales associates achieved a 41% increase in vehicle sales compared to pre-pandemic levels.