Sonic Automotive Adds Additional Market to Its Growing Echopark Nationwide Distribution Network & Digital Expansion in Pensacola, Florida

Rhea-AI Summary

Sonic Automotive, Inc. (NYSE:SAH) has announced the launch of its EchoPark Automotive brand in Pensacola, Florida, expanding its offerings in the pre-owned vehicle market. Following the April 2020 opening in Tampa, the Pensacola location will provide a unique buying experience with over 10,000 high-quality vehicles priced up to $3,000 below market value. The company aims to achieve 25% population coverage by year-end 2021 and 90% by 2025, targeting annual sales of 575,000 vehicles and generating $14 billion in revenues from EchoPark by 2025.

Positive

• Introduction of EchoPark Automotive in Pensacola enhances market reach.
• Targeting 575,000 vehicle sales annually and $14 billion in revenue by 2025 indicates strong growth potential.

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 Pensacola market. EchoPark previously opened its first Florida location in Tampa in April 2020.

“The demand for a modern, consumer-friendly, pre-owned vehicle purchase experience continues to grow, and we are excited to introduce our unique EchoPark experience to the Florida Panhandle, 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 take delivery in person at our new Pensacola location after conveniently shopping online at EchoPark.com and choosing from 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 vehicle purchase details before quickly getting them on their way home with their new purchase. With over 15,000 five-star reviews to date, it’s clear that the EchoPark experience is resonating with our guests.

“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 Pensacola Delivery Center is located at 5970 Pensacola Boulevard, Pensacola, Florida. It is open Monday to Friday from 10am to 7pm, and Saturday from 10am to 6pm. The store can be reached at (850) 786-2808 or online at www.echopark.com/dealerships/pensacola.

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/20210728005036/en/

FAQ

What is the market expansion plan for Sonic Automotive (SAH)?

Sonic Automotive plans to achieve 25% population coverage by the end of 2021 and 90% by 2025.

How does EchoPark Automotive differentiate itself in the market?

EchoPark offers a modern, consumer-friendly purchasing experience with vehicles priced up to $3,000 below market.

What is the significance of the new EchoPark location in Pensacola for Sonic Automotive (SAH)?

The Pensacola location expands Sonic's presence in the growing pre-owned vehicle market and enhances its EchoPark brand.