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Sonic Automotive has acquired Cook Volkswagen in Fallston, Maryland, marking its fourth Volkswagen dealership and 89th overall. The acquisition strengthens Sonic's presence in the Maryland market, leveraging the dealership's over 50 years of operational history. CEO David Smith highlighted the strategic alignment with the company's goal of achieving $25 billion in revenue by 2025. This transaction is part of Sonic's ongoing expansion strategy, aiming to enhance its automotive sales and service network.
Positive
Acquisition aligns with Sonic's strategy to reach $25 billion in revenue by 2025.
Expands Sonic's footprint in Maryland, enhancing market presence.
Strengthens relationship with the Volkswagen brand.
Negative
None.
This Marks the Company’s 4th Volkswagen Dealership and 89th Franchised Dealership Overall
CHARLOTTE, N.C.--(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 acquisition of Cook Volkswagen in Fallston, Maryland. Effective today, the Company will operate the dealership as Volkswagen of Fallston, marking the 89th franchised location in the Company’s portfolio and its fourth Volkswagen dealership.
The dealership was one of the first Volkswagen franchises in the country and has been in operation for over 50 years. Located 30 miles from Baltimore, the dealership serves residents of Harford County and surrounding areas with new and pre-owned vehicles.
“We are excited to expand our automotive sales and service network with Volkswagen of Fallston,” said David Smith, Chief Executive Officer of Sonic Automotive and EchoPark Automotive. “The successful longevity of this dealership franchise in the Maryland market, combined with the strength of the Volkswagen brand and group of dedicated teammates, aligns with our company’s strategy of providing an exceptional experience to consumers in new markets and attaining $25 billion in revenues by 2025.”
“This is our fourth acquisition of the year, and we are thrilled to welcome the team from Volkswagen of Fallston into our growing family,” said Jeff Dyke, President of Sonic Automotive and EchoPark Automotive. “We are looking forward to continuing our partnership with the Volkswagen brand and extending our exceptional guest experience, quality vehicles, and competitive pricing to consumers in Maryland and surrounding areas.”
Visit Our Newest Location
Volkswagen of Fallston is located at 2110 Bel Air Road in Fallston, Maryland. It is open Monday to Friday from 9:00 a.m. to 9:00 p.m., and Saturday from 9:00 a.m. to 7:00 p.m. The store can be reached at (410) 401-8684 or online at www.cookvolkswagen.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.
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.
Forward-Looking Statements
Included herein are forward-looking statements, including statements regarding anticipated future revenue 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.
