Sonic Automotive Continues to Grow Its EchoPark Nationwide Distribution Network & Digital Expansion in Austin, Texas

Rhea-AI Summary

Sonic Automotive (NYSE:SAH) expands its EchoPark Automotive brand with the opening of a new delivery center in Austin, Texas, enhancing customer experience. This center adds to six existing locations in the state and offers a unique vehicle delivery process alongside savings of up to $3,000 compared to competitors. Customers can choose from over 10,000 pre-owned vehicles through an easy online platform. Sonic aims for significant growth, targeting sales of 575,000 vehicles and generating $14 billion in annual revenues by 2025.

Positive

• Opening of a new EchoPark delivery center in Austin enhances customer experience.
• Potential savings of up to $3,000 for customers compared to competitors.
• Wide selection of over 10,000 pre-owned vehicles available online.
• Targeting annual revenues of $14 billion and 575,000 vehicle sales by 2025.

Negative

• None.

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 continued expansion of the EchoPark Automotive brand with the opening of its newest delivery center in the Austin market. With six other EchoPark locations in Texas, including one in nearby New Braunfels, Austin car buyers are already familiar with the tremendous value and guest experience that EchoPark provides its guests. The new EchoPark Austin Delivery Center will continue to fulfill EchoPark’s brand promise, while offering guests an exciting vehicle delivery experience unlike anything in the retail automotive space.

EchoPark Austin Delivery Experience (Graphic: Business Wire)

“With our new Austin Delivery Center concept, EchoPark introduces the next level of car buying, allowing guests to replace the traditional dealership experience with an exciting, enjoyable and seamless transaction, while still locking in savings of up to $3,000 versus the competition. Our customized guest delivery experience in Austin features three technology-enabled indoor delivery bays that will inspire our guests to celebrate their new purchase in a unique new way,” said David Smith, Chief Executive Officer of Sonic Automotive and EchoPark Automotive.

EchoPark guests are able to take delivery in person at our new Austin location after conveniently shopping online at EchoPark.com and choosing from over 10,000 high quality, one- to four-year-old pre-owned vehicles under original factory warranty, with clean CarFax reports. Our easy, transparent online purchase experience includes exact, no-haggle pricing (including taxes and fees), a firm trade-in vehicle offer, competitive financing solutions and the ability to choose from a selection of quality vehicle protection plans. After scheduling a pickup appointment at an EchoPark delivery center or retail sales center, guests will be greeted by an EchoPark Experience Guide to help answer any questions and finalize all vehicle purchase details before quickly getting them on their way home with their new purchase. With over 15,000 five-star reviews to date, the EchoPark experience is clearly resonating with guests.

“Over the past several years, car buyers in my home state have already discovered the value of the EchoPark brand, traveling to one of our six pre-existing physical locations to save thousands of dollars purchasing their next vehicle. We are excited to bring our flexible, seamless car buying experience directly to the state capital as we continue to grow our market share and expand our nationwide reach,” said Jeff Dyke, President of Sonic Automotive and EchoPark Automotive.

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 Locations

The EchoPark Austin Delivery Center is located at 13915 Research Boulevard, Austin, Texas. It is open Monday to Friday from 10am to 7pm, and Saturday from 10am to 6pm. The store can be reached at (512) 409-9679 or online at www.echopark.com/dealerships/austin.

About EchoPark Automotive

EchoPark Automotive is a rapidly growing operating segment within the Company that specializes in pre-owned vehicle sales, utilizing technology to provide a unique, guest-centric buying experience and deliver superior value to customers. 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 future revenue levels, future profitability, pre-owned vehicle sales projections, the opening of additional EchoPark markets, and future population coverage. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210810005178/en/

FAQ

What recent expansion did Sonic Automotive announce for its EchoPark brand?

Sonic Automotive announced the opening of a new EchoPark delivery center in Austin, Texas.

How many EchoPark locations are there in Texas?

There are a total of seven EchoPark locations in Texas, including the new Austin delivery center.

What savings can customers expect at the new EchoPark center in Austin?

Customers can save up to $3,000 compared to competitors at the new EchoPark center.

What is Sonic Automotive's revenue target for EchoPark by 2025?

Sonic Automotive aims for EchoPark to generate $14 billion in annual revenues by 2025.

How many vehicles does Sonic Automotive plan to sell annually through EchoPark by 2025?

Sonic Automotive plans to retail 575,000 vehicles annually through EchoPark by 2025.