Sonic Automotive Adds Additional Market To Its Growing EchoPark Nationwide Distribution Network & Digital Expansion In Greensboro, North Carolina

Rhea-AI Summary

Sonic Automotive (NYSE:SAH) has opened a new EchoPark Automotive delivery center in Greensboro, North Carolina, expanding its footprint in the growing pre-owned vehicle market. The facility aims to provide a consumer-friendly car buying experience, offering vehicles priced up to $3,000 below market value. Sonic anticipates a 25% population coverage by 2021 and 90% by 2025, with goals of retailing 575,000 vehicles and achieving $14 billion in revenue by that year.

Positive

• New EchoPark location opens in Greensboro, NC.
• Vehicles priced up to $3,000 below market value.
• Plans for 25% population coverage by 2021 and 90% by 2025.
• Targeting 575,000 vehicle sales annually by 2025.

Negative

• None.

Sonic Automotive, Inc. (“Sonic” or the “Company”) (NYSE:SAH), a Fortune 500 Company and one of the nation’s largest automotive retailers, today announced the recent opening of an EchoPark Automotive delivery center in the Greensboro, North Carolina market.

“The pre-owned vehicle market continues to grow, and the way consumers shop and buy vehicles is trending toward a more modern, consumer-friendly approach. We are excited to meet this growing demand by bringing our unique EchoPark experience to the Greensboro – Winston-Salem – High Point market, where we will offer a new population of car buyers an exceptional selection of high-quality, pre-owned vehicles, priced up to $3,000 below market with a modern, flexible guest-centric experience,” said David Smith, Chief Executive Officer of Sonic Automotive and EchoPark Automotive.

Guests are able to visit in person or online at EchoPark.com to shop an inventory of over 10,000 high quality, one- to four-year-old pre-owned vehicles under original factory warranty, with clean CarFax reports. From the EchoPark website, guests can complete a purchase online and schedule a convenient time for pickup at an EchoPark delivery center. Upon arrival, guests work with an EchoPark experience guide, who will help answer any questions and finalize all transaction details before quickly getting them on their way home with their new purchase.

“Over the past three years, consumers in the Piedmont Triad have already discovered the value of the EchoPark brand, traveling nearly 100 miles to save thousands of dollars purchasing a vehicle from our physical retail location in Charlotte. We are happy to announce that we have reduced that travel time by bringing our flexible, seamless car-buying experience to directly to this market as we continue to expand our nationwide reach,” said Jeff Dyke, President of Sonic Automotive and EchoPark Automotive.

Following its 2014 launch, EchoPark Automotive has rapidly become one of the pre-owned automotive retail industry’s most prominent success stories. The Company continues to expand its EchoPark footprint into new markets and anticipates 25% population coverage by the end of 2021 and 90% population coverage by 2025, driving toward its interim goal of retailing 575,000 vehicles annually and generating $14 billion in EchoPark revenues by 2025.

Find Our Newest Locations

EchoPark Greensboro Delivery Center is located at 3604 West Wendover Avenue, Greensboro, North Carolina. It is open Monday to Friday from 10am to 7pm, and Saturday from 10am to 6pm. The store can be reached at (336) 815-4032 or online at www.echopark.com/dealerships/greensboro.

About EchoPark Automotive

EchoPark Automotive is a growing operating segment within the Company that specializes in pre-owned vehicle sales and provides a unique guest experience unlike traditional used car stores. More information about EchoPark Automotive can be found at www.echopark.com.

About Sonic Automotive

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is one of the nation’s largest automotive retailers. Sonic can be reached on the web at www.sonicautomotive.com.

Forward-Looking Statements

Included herein are forward-looking statements, including statements regarding anticipated future revenue levels, future profitability, pre-owned vehicle sales projections, the opening of additional EchoPark markets, and future population coverage. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, economic conditions in the markets in which we operate, new and used vehicle industry sales volume, anticipated future growth in our EchoPark Segment, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the effect of the COVID-19 pandemic and related government-imposed restrictions on operations, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and other reports and information filed with the Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210723005010/en/

FAQ

What is the significance of Sonic Automotive opening a delivery center in Greensboro?

The opening of the Greensboro delivery center enhances Sonic Automotive's reach in the growing pre-owned vehicle market and offers consumers a better buying experience.

How does EchoPark Automotive differentiate itself in the vehicle market?

EchoPark Automotive focuses on providing a consumer-friendly car buying experience with a selection of high-quality, pre-owned vehicles at competitive prices.

What are Sonic Automotive's future goals for the EchoPark segment?

Sonic aims for 25% market coverage by 2021 and 90% by 2025, with a target of selling 575,000 vehicles annually and generating $14 billion in EchoPark revenues by 2025.

What is the location of the new EchoPark delivery center?

The EchoPark Greensboro Delivery Center is located at 3604 West Wendover Avenue, Greensboro, North Carolina.