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Sonic Automotive Continues EchoPark Expansion with Opening of Newest Location in Chattanooga, Tennessee
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Rhea-AI Summary
Sonic Automotive Inc. (NYSE:SAH) has opened its 35th EchoPark delivery center in Chattanooga, Tennessee, enhancing its regional presence. This center is part of a strategy to capture 90% of the U.S. population and aims to generate $14 billion in revenues by 2025. With three locations in Tennessee, Sonic reinforces its growth, offering over 10,000 pre-owned vehicles priced up to $3,000 below market. The company continues to innovate in the automotive retail sector, focusing on customer experience and expanding its digital platform.
Positive
Expansion of EchoPark with the opening of the 35th delivery center in Chattanooga.
Projected revenue growth to $14 billion by 2025.
Three strategic locations in Tennessee enhance regional market presence.
Offering over 10,000 pre-owned vehicles significantly below market prices.
Negative
None.
The Chattanooga Delivery Center Marks EchoPark’s 35th Store To Date
Providing Guests with a Modern eCommerce Automotive Retail Experience
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
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 its new EchoPark delivery center in Chattanooga, the fourth-largest metropolitan area in the state of Tennessee.
Located near the Georgia border, the Chattanooga Delivery Center is EchoPark’s third location in Tennessee, following the opening of the Knoxville delivery center and Nashville retail sales center in 2020. The new Chattanooga delivery center is also EchoPark’s 35th location to date, continuing the brand’s expansion toward a nationwide distribution network that is expected to reach 90 percent of the U.S. population and generate $14 billion in revenues by 2025.
“Our new delivery center in Chattanooga is an important part of EchoPark’s ongoing growth strategy, and further enhances our expanding regional and national footprint,” said David Smith, CEO of Sonic Automotive and EchoPark Automotive. “With three strategic locations in Tennessee, guests have multiple options to experience the EchoPark difference no matter where they live in the region.”
Guests are able to take delivery in person at the Chattanooga location after conveniently shopping online at EchoPark.com and choosing from over 10,000 high quality, one- to four-year-old pre-owned vehicles priced up to $3,000 below market, with clean CarFax reports, most of which are still under original factory warranty. 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.
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 90 percent population coverage by 2025, enabling its interim goal of retailing 575,000 vehicles and generating $14 billion in annual EchoPark revenues by 2025, while driving toward a two million vehicle annual sales opportunity at maturity.
Find Our Newest Location
The EchoPark Chattanooga Delivery Center is located at 4301 Highway 58, Chattanooga, Tennessee. It is open Monday to Friday from 10:00 am to 7:00 pm, and Saturday from 10:00 am to 6:00 pm. The store can be reached at (423) 535-9090 or online at www.echopark.com/dealerships/chattanooga.htm.
About EchoPark Automotive
EchoPark Automotive is one of the fastest growing and most comprehensive retailers of nearly new pre-owned vehicles in America today. Our rapid growth plan is expected to bring our unique business model to 90% of the U.S. population by 2025, utilizing one of the most innovative technology-enabled sales strategies in our industry. Our approach provides a personalized and proven guest-centric buying process that consistently delivers award winning guest experiences and superior value to car buyers nationwide, with savings of up to $3,000 versus the competition. We believe EchoPark is on pace to become the #1 retailer in the nearly new pre-owned vehicle market by 2025, and is already making its mark by earning the 2021 Consumer Satisfaction Award from DealerRater, expanding its Owner Experience Centers, developing an all-new digital ecommerce platform and focusing on growing its brand nationwide. EchoPark’s mission is in its name: Every Car deserves a Happy Owner. This drives the car buying experience for guests and differentiates EchoPark from the competition. 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 on a quest to become the most valuable automotive retailer and service brand in America. Our Company culture thrives on creating, innovating, and providing industry-leading guest experiences, driven by strategic investments in technology, teammates, and ideas that ultimately fulfill ownership dreams, enrich lives, and deliver happiness to our guests and teammates. As one of the largest automotive retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in this category. Our new platforms, programs, and people are set to drive the next generation of automotive experiences. More information about Sonic Automotive can be found at www.sonicautomotive.com and ir.sonicautomotive.com.
Forward-Looking Statements
Included herein are forward-looking statements, including statements regarding anticipated future U.S. population coverage for EchoPark, anticipated future revenue projections, and anticipated future retail unit sales volume projections. 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.
