Sonic Automotive Continues Rapid Expansion of EchoPark Brand with 13th Location Nationwide, First in the State of Tennessee
Sonic Automotive opened its first EchoPark specialty pre-owned vehicle store in Nashville, Tennessee, marking the 13th location nationwide. The store offers a variety of high-quality, 1-4 year old pre-owned vehicles priced 20-40% below new car pricing. This expansion is part of Sonic's strategy to build a 140-point nationwide network, aiming to sell over half a million pre-owned vehicles annually by 2025. CEO David Smith highlighted high demand for quality pre-owned vehicles, while suggesting more EchoPark locations will open in states like Arizona and Georgia in the coming months.
- Opening of EchoPark's first location in Tennessee expands brand reach.
- The store offers vehicles 20-40% cheaper than new cars, enhancing customer appeal.
- The expansion is part of a broader plan to establish 140 EchoPark locations by 2025, targeting sales of over half a million pre-owned vehicles annually.
- None.
NASHVILLE, 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 newest EchoPark specialty pre-owned vehicle store in Nashville, Tennessee.
As Sonic Automotive continues to rapidly expand its EchoPark network, its first Tennessee location will allow car buyers in the region to shop an assortment of high quality, 1-4 year old pre-owned vehicles priced 20-40 percent below new car pricing. This new EchoPark location, conveniently located just north of downtown Nashville, was formerly a Sonic Automotive franchised dealership that was recently redesigned for the EchoPark brand, giving guests the ability to shop a variety of high quality pre-owned vehicles across the expansive 9 acre lot.
The Nashville retail hub is EchoPark’s 13th location nationwide, continuing the expansion of the EchoPark brand toward a 140-point nationwide distribution network expected to retail over half a million pre-owned vehicles annually by 2025.
“Quality, pre-owned vehicles are in high demand across the nation,” said David Smith, Chief Executive Officer of Sonic Automotive and EchoPark Automotive. “In July, we announced the accelerated expansion of our EchoPark network, and we are excited to introduce EchoPark to the Nashville metro area and the State of Tennessee with our diverse inventory of nearly new pre-owned vehicles at below-market pricing.”
Since the launch of EchoPark in 2014, the brand has been one of the biggest success stories in pre-owned automotive retail. Customers from across the United States trust the EchoPark brand to deliver great inventory selection, unbeatable pricing, and a unique guest experience. In the coming months, the Company plans to open additional EchoPark locations in Arizona, Georgia, Nevada, South Carolina and Texas, further expanding EchoPark’s reach into new markets.
“An increasing amount of customers who had only purchased new vehicles in the past are making the switch to nearly new pre-owned vehicles, which really illustrates the power of the EchoPark brand,” said Jeff Dyke, President of Sonic Automotive and EchoPark Automotive. “We have differentiated ourselves through the best-in-class experience and convenience we provide our guests, driving tremendous opportunity for our business and shareholders as we continue to introduce the EchoPark brand to new markets.”
The new specialty pre-owned vehicle store is located at 2121 Rosa L Parks Blvd, Nashville, TN 37228, and can be reached by phone at 615-932-5034 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 and the opening of additional EchoPark points. 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 June 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.
