Sonic Automotive - SAH STOCK NEWS

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.

Sonic Automotive, Inc. (NYSE:SAH) has launched its newest EchoPark Automotive retail hub in Las Vegas, marking its entry into Nevada. This store aims to enhance the company's omnichannel consumer experience, offering savings of up to $3,000 on pre-owned vehicles. EchoPark Las Vegas features over 10,000 quality vehicles with a transparent online purchasing process. Sonic plans to achieve 90% population coverage by 2025, targeting retail sales of 575,000 vehicles and $14 billion in annual revenue. The Las Vegas location employs approximately 40 staff and represents a significant growth strategy for the company.

Sonic Automotive (NYSE:SAH) expands its EchoPark Automotive brand with the opening of a new delivery center in Austin, Texas, enhancing customer experience. This center adds to six existing locations in the state and offers a unique vehicle delivery process alongside savings of up to $3,000 compared to competitors. Customers can choose from over 10,000 pre-owned vehicles through an easy online platform. Sonic aims for significant growth, targeting sales of 575,000 vehicles and generating $14 billion in annual revenues by 2025.

Sonic Automotive reported a record revenue of $3.4 billion for Q2 2021, a 58.7% increase year-over-year, with income from continuing operations before taxes at $151.0 million, up 303.4%. Additionally, earnings surged to $114.0 million or $2.63 per diluted share. The company noted significant growth in its EchoPark segment, with revenues at $595.6 million, up 88.9% year-over-year. A cash dividend of $0.12 per share was announced, payable on October 15, 2021. Sonic plans to expand its market coverage and enhance profitability in the coming years.

Sonic Automotive announced the acquisition of Grand Junction Subaru and Grand Junction Volkswagen in Colorado, enhancing its automotive sales and service network in the region. CEO David Smith emphasized the strategic importance of these franchises in achieving Sonic's goal of $25 billion in total revenues by 2025. The acquisitions mark the beginning of several planned expansions within the franchised dealership business, capitalizing on strong brand demand in Colorado.