Sonic Automotive Continues Expansion of EchoPark Network with Newest Store in Plano, Texas
Sonic Automotive, Inc. has opened its 14th EchoPark specialty pre-owned vehicle store in Plano, Texas, marking significant expansion in the Dallas/Fort Worth area. This location joins five others in Texas, enhancing accessibility for car buyers to over 400 high-quality pre-owned vehicles priced up to 40% less than new. Sonic aims to grow its EchoPark network to 140 locations by 2025, projecting annual sales of 575,000 vehicles and $14 billion in revenues. The company emphasizes a data-driven strategy to target market growth and consumer demand in pre-owned vehicles.
- Opening of 14th EchoPark location indicates strong expansion.
- Plans to reach 140 EchoPark locations by 2025, potentially increasing market share.
- Projected annual sales of 575,000 vehicles could significantly boost revenues.
- None.
PLANO, Texas--(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 newest EchoPark specialty pre-owned vehicle store in Plano, Texas.
The newest store in Plano is the 14th EchoPark location nationwide, continuing the rapid expansion of the specialty pre-owned vehicle brand. EchoPark Plano is now the second store in the Dallas/Fort Worth area and the sixth in the State of Texas, enabling car buyers from all over the region to shop a wide assortment of high quality, one to four year old pre-owned vehicles, priced up to 40 percent below new car pricing. Guests visiting EchoPark Plano will be able to choose from a selection of over 400 pre-owned vehicles on site.
“Consumer demand for quality pre-owned vehicles is increasing throughout the nation,” said Jeff Dyke, President of Sonic Automotive and EchoPark Automotive. “Our team employs a data-driven approach in selecting new markets to build out EchoPark’s nationwide distribution network, and as one of the fastest growing markets in the country, this expansion in the Dallas/Fort Worth area will allow us to grow our market share and further develop the EchoPark brand.”
Since the launch of EchoPark in 2014, the brand has been one of the biggest success stories in pre-owned automotive retail. The Company plans to expand its EchoPark footprint to a 140-point nationwide distribution network by 2025, which is expected to retail 575,000 vehicles annually and generate
“EchoPark provides an exceptional guest experience, offering shoppers a nearly-new vehicle at a great price with the quality and convenience our guests have come to expect from the EchoPark brand,” continued Dyke. “We are continuing to execute our expansion plan and are excited to bring the EchoPark guest experience to several brand-new markets in the coming months.”
EchoPark Plano is located at 4400 West Plano Parkway, Plano TX 75093, and can be reached by phone at 469-838-4029 or online at www.echopark.com.
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 pre-owned vehicle sales projections, anticipated future EchoPark revenues, and the opening of additional EchoPark locations. 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, 2019, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 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.
