Sonic Automotive Adds Additional Market to Its Growing EchoPark Nationwide Distribution Network & Digital Expansion in Marietta, Georgia

Rhea-AI Summary

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.

Positive

• New EchoPark sales center in Marietta enhances market presence.
• Offering pre-owned vehicles priced up to $3,000 below market.
• Plans for significant growth, targeting 25% population coverage by end of 2021.

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 opening of another EchoPark Automotive retail sales center serving the greater Atlanta 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 adding to our EchoPark presence in the Atlanta market, where we will continue to offer 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 or retail sales 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 Location

EchoPark Atlanta (Marietta) Retail Sales Center is located at 1431 Cobb Parkway SE, Marietta, Georgia and is open Monday to Saturday from 9am to 9pm. The store can be reached at (770) 872-4359 or online at www.echopark.com/dealerships/marietta.

Our original EchoPark Atlanta (Duluth) Retail Hub is located at 3296 Commerce Ave, Duluth, Georgia and is open Monday to Saturday from 9am to 9pm. The store can be reached at (678) 671-4244 or online at www.echopark.com/dealerships/atlanta.

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/20210722005471/en/

FAQ

What is the latest news about Sonic Automotive (SAH)?

Sonic Automotive has opened a new EchoPark retail sales center in Marietta, Georgia, to expand its presence in the pre-owned vehicle market.

Where is the new EchoPark center located?

The new EchoPark center is located at 1431 Cobb Parkway SE, Marietta, Georgia.

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

Sonic Automotive aims to achieve 90% population coverage and generate $14 billion in EchoPark revenues by 2025.

How much below market value does EchoPark price their vehicles?

EchoPark offers vehicles priced up to $3,000 below market value.

What is Sonic Automotive's strategy in the pre-owned vehicle market?

Sonic Automotive focuses on providing a consumer-friendly shopping experience and high-quality pre-owned vehicles.