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Sonic Automotive Continues EchoPark Expansion with Opening of Newest Location in Johnson City, Tennessee
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Sonic Automotive, Inc. (NYSE:SAH) has launched its new EchoPark delivery center in Johnson City, Tennessee, marking the company's 36th location. This center supports Sonic's goal of expanding its EchoPark network to cover 90% of the U.S. population by 2025, with projected annual revenues of $14 billion. This center allows customers to deliver vehicles after shopping online from a selection of over 10,000 pre-owned cars. Sonic aims to retail 575,000 vehicles annually by 2025, targeting a long-term sales opportunity of 2 million vehicles.
Positive
Launch of 36th EchoPark delivery center expands Sonic's footprint.
Anticipated revenue of $14 billion by 2025 reinforces growth strategy.
Plans to retail 575,000 vehicles annually by 2025 indicate strong sales outlook.
Negative
None.
The Johnson City Delivery Center Marks EchoPark’s 36th Location to Date, and Provides Guests in the Surrounding Area with a Modern eCommerce Automotive Retail Experience
JOHNSON CITY, 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 the Tri-Cities region of Tennessee, which comprises Johnson City, Kingsport, Bristol, and surrounding communities in Northeast Tennessee and Southwest Virginia.
The Johnson City Delivery Center is EchoPark’s fourth location in Tennessee, and follows the recent opening of its Chattanooga Delivery Center in the state. Additional EchoPark locations in Tennessee are located in Nashville and Knoxville. The new delivery center marks EchoPark’s 36th 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.
“With the opening of the new Johnson City EchoPark location, we are continuing our nationwide growth strategy by providing customers with an additional site to take delivery of their vehicles as well as trade in or sell us their existing vehicles,” said David Smith, CEO of Sonic Automotive and EchoPark Automotive. “We look forward to offering our guests in Johnson City and neighboring communities a modern automotive retail experience with an exceptional selection of high-quality, pre-owned vehicles.”
Guests are able to take delivery in person at the Johnson City location after conveniently shopping online at EchoPark.com and choosing from over 10,000 high quality, one- to four-year-old pre-owned vehicles with clean CarFax reports, most of which are still under original factory warranty. 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.
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 Johnson City Delivery Center is located at 2000 Franklin Terrace Court, Johnson City, 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) 491-4222 or online at www.echopark.com.
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, 2021 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.
