Sonic Automotive Adds Additional Market To Its Growing EchoPark Nationwide Distribution Network & Digital Expansion In Salt Lake City, Utah

Rhea-AI Summary

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.

Positive

• Expansion of EchoPark Automotive into Salt Lake City, enhancing market presence.
• Offer of over 10,000 high-quality, pre-owned vehicles at competitive prices.
• Plans for significant market growth, aiming for 575,000 vehicle sales 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 introduction of EchoPark Automotive to the Salt Lake City, Utah 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 Utah’s most populous metropolitan area, 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.

“As more people get back on the road, consumers are increasingly looking for a better value in their pre-owned vehicle purchase. EchoPark’s mission is to offer our flexible, seamless car-buying experience to a growing population of happy guests 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 Salt Lake City Delivery Center is located at 3638 South State Street, South Salt Lake City, Utah. It is open Monday to Friday from 10am to 7pm, and Saturday from 10am to 6pm. The store can be reached at (801) 406-9259 or online at www.echopark.com/dealerships/salt-lake-city.

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/20210722005594/en/

FAQ

What is the latest announcement from Sonic Automotive regarding EchoPark?

Sonic Automotive has announced the introduction of EchoPark Automotive to the Salt Lake City market, enhancing its presence in the pre-owned vehicle sector.

How does EchoPark Automotive plan to attract customers in Salt Lake City?

EchoPark plans to attract customers by offering pre-owned vehicles at prices up to $3,000 below market value and a flexible, consumer-friendly buying experience.

What are Sonic Automotive's goals for EchoPark by 2025?

Sonic aims to achieve 90% population coverage with EchoPark by 2025, targeting annual sales of 575,000 vehicles and generating $14 billion in revenue.

Where can customers find EchoPark Automotive in Salt Lake City?

The EchoPark Salt Lake City Delivery Center is located at 3638 South State Street, South Salt Lake City, Utah.

What is the significance of EchoPark's pricing strategy?

EchoPark's pricing strategy, offering pre-owned vehicles below market value, is designed to attract a new demographic of cost-conscious car buyers.