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Sonic Automotive, Inc. has announced the acquisition of Bobby Ford Chrysler Dodge Jeep RAM in Sealy, Texas, marking its 88th franchise dealership overall and the first for the Chrysler Dodge Jeep RAM brand. This acquisition supports Sonic's ongoing expansion in the Texas market and is part of its strategy to achieve over $25 billion in revenues by 2025. The new dealership aims to enhance customer experience and competitive pricing in the region, further strengthening Sonic's automotive sales network.
Positive
Acquisition of Bobby Ford dealership expands Sonic's franchise network.
First Chrysler Dodge Jeep RAM dealership enhances brand portfolio.
On track to exceed $25 billion in revenues by 2025.
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None.
This Marks the Company’s 17th Franchised Dealership in the State of Texasand 88th Franchise 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 Bobby Ford Chrysler Dodge Jeep RAM in Sealy, Texas. Effective today, the Company will operate the dealership as Momentum Chrysler Dodge Jeep RAM of Sealy, marking the 88th franchised location in the Company’s portfolio and its first Chrysler Dodge Jeep RAM (CDJR) dealership.
The dealership serves residents of Houston, Katy, Columbus, Brookshire, Sealy and surrounding areas of South Texas with new and pre-owned vehicles.
“We continue to enhance our automotive sales and service network in the state of Texas, with the addition of the Chrysler Dodge Jeep RAM brands to our franchised dealership network,” said David Smith, Chief Executive Officer of Sonic Automotive and EchoPark Automotive. “This represents our third completed acquisition this year, which, combined with pending acquisitions, puts us on pace to exceed our previously announced goal of reaching $25 billion in revenues by 2025.”
“We’re excited to add our first Chrysler Dodge Jeep RAM dealership to our growing network,” said Jeff Dyke, President of Sonic Automotive and EchoPark Automotive. “The strength of the Bobby Ford team and the CDJR brands will jumpstart our brand expansion efforts, setting the stage for additional CDJR locations we plan to begin operating in the Northwest later this year as part of the recently announced RFJ Auto Partners acquisition. Our team is ready to deliver an exceptional guest experience and competitive pricing to CDJR consumers in the great state of Texas and beyond.”
Visit Our Newest Location
Momentum Chrysler Dodge Jeep RAM of Sealy is located at 3704 I-10 Frontage Road, Sealy, Texas. It is open Monday to Friday from 9:00 a.m. to 7:00 p.m., and Saturday from 9:00 a.m. to 6:00 p.m. The store can be reached at (979) 559-9600 or online at www.bobbyfordcdjr.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 the fastest growing and most comprehensive retailer 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. 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, the pending anticipated acquisition of RFJ Auto Partners, anticipated future U.S. population coverage for EchoPark. 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.
