Sonic Automotive, Inc. - SAH STOCK NEWS

Sonic Automotive, a prominent automotive retailer, has expanded its EchoPark Automotive brand into the Salt Lake City, Utah market. This strategic move aims to capitalize on the growing demand for pre-owned vehicles, offering customers an exceptional selection priced up to $3,000 below market value. EchoPark's online and in-person services allow seamless car-buying experiences, with over 10,000 vehicles available, all under original factory warranty. Sonic plans to increase its national footprint, targeting 25% population coverage by year-end 2021 and 90% by 2025, with anticipated annual sales of 575,000 vehicles and $14 billion in revenue.

Sonic Automotive (NYSE:SAH) has expanded its EchoPark Automotive presence in the greater Atlanta market with the opening of a new retail sales center in Marietta. The company aims to meet the growing demand for pre-owned vehicles by offering high-quality options priced up to $3,000 below market value. EchoPark plans to achieve 25% population coverage by 2021 and 90% by 2025, targeting the sale of 575,000 vehicles annually and generating $14 billion in revenue by 2025.

Sonic Automotive, one of the largest automotive retailers in the U.S., will release its fiscal 2021 second quarter financial results on July 29, 2021, at 7:00 A.M. Eastern. A conference call will follow at 11:00 A.M. Eastern the same day, where senior management will discuss the results. Investors can access earnings materials on Sonic's investor relations website. A replay of the conference call will be available within an hour after its conclusion for two weeks. Sonic's EchoPark segment emphasizes pre-owned vehicle sales, offering a distinct customer experience.

Sonic Automotive (SAH) reported record first quarter revenues of $2.8 billion, a 20.7% increase year-over-year. The company achieved $72.6 million in income from continuing operations before taxes, a significant turnaround from a $243.2 million loss in Q1 2020, which included a $268 million goodwill impairment. Diluted earnings per share rose to $1.23, compared to a loss of $4.67 per share a year earlier. EchoPark segment revenues reached $507.1 million, up 52.9%, contributing to the positive outlook for 2021 as Sonic aims to double revenues to $25 billion by 2025.

Sonic Automotive, Inc. (NYSE: SAH) will release its fiscal 2021 first quarter financial results on April 29, 2021, at 7:00 A.M. Eastern. The company will host a conference call at 11:00 A.M. the same day. Investors can access the earnings press release and presentation materials on Sonic's investor relations website. A replay of the conference call will be available for 14 days post-call. Sonic Automotive is among the largest automotive retailers in the U.S., also operating the EchoPark Automotive segment for pre-owned vehicle sales.

Sonic Automotive has opened its 22nd EchoPark specialty pre-owned vehicle store in Birmingham, Alabama, marking its first in the state. This new store will offer nearly 10,000 high-quality pre-owned vehicles priced up to 40% below new car prices. CEO David Smith highlights strong demand for pre-owned vehicles and anticipates growth in the EchoPark brand. The company aims to expand its nationwide distribution network to 140 points by 2025, projecting annual sales of 575,000 vehicles and $14 billion in revenue.

Sonic Automotive, Inc. (NYSE: SAH) has expanded its EchoPark specialty pre-owned vehicle network into the Baltimore-Washington metro area through the acquisition of Carbiz. This addition increases EchoPark's total locations to 21 nationwide. Carbiz, established in 2003, aligns with EchoPark's values of exceptional customer experience. The acquisition retains all 65 Carbiz employees and aims to hire an additional 30. EchoPark plans to grow to 140 locations by 2025, targeting $14 billion in revenues from 575,000 annual vehicle sales.

Sonic Automotive (NYSE:SAH) has been inducted into Training magazine’s Hall of Fame after ranking in the Top 10 of its Annual Top 100 list for four consecutive years. This recognition highlights the Company’s commitment to employer-sponsored training and development programs. Sonic employs over 7,000 teammates across 12 states and has developed industry-leading training solutions for its 84 dealerships and 14 collision centers. Despite challenges posed by the pandemic, Sonic effectively pivoted to virtual training, reinforcing its focus on teammate development to enhance customer experiences.

Sonic Automotive, a leading U.S. automotive retailer and NYSE:SAH, announced that its EchoPark Automotive segment has received the 2021 DealerRater Consumer Satisfaction Award. This accolade recognizes dealerships providing exceptional customer service based on online reviews. EchoPark locations in Colorado, North Carolina, and Texas were particularly noted. The award signifies that EchoPark ranks among the top 10% of U.S. dealerships in terms of customer satisfaction, leveraging DealerRater's extensive review database to highlight its commitment to quality service.