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Sonic Automotive Continues to Grow Its EchoPark Nationwide Distribution Network & Digital Expansion with Opening in New Orleans, Louisiana
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Sonic Automotive has opened its first EchoPark Delivery Center in New Orleans, marking its 31st location nationwide. This center aims to provide a modern, flexible car-buying experience, offering pre-owned vehicles priced up to $3,000 below competitors. Customers can shop both online and on-site, choosing from over 10,000 vehicles, with streamlined purchase processes and high customer satisfaction, reflected in 15,000 five-star reviews. Sonic aims for 90% U.S. population coverage by 2025, targeting sales of 575,000 vehicles and achieving annual revenues of $14 billion.
Positive
Opening of first EchoPark location in Louisiana, enhancing market presence.
Aiming for 90% U.S. population coverage by 2025, indicating ambitious growth plans.
Targeting annual revenues of $14 billion and retailing 575,000 vehicles by 2025.
Negative
None.
The Newly Opened EchoPark New Orleans Delivery Center Offers Consumers a Modern eCommerce Automotive Buying Experience
NEW ORLEANS--(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 a new EchoPark Delivery Center in the New Orleans market. This is EchoPark's first location in the state of Louisiana and 31st EchoPark location to date.
“With the opening of the EchoPark New Orleans Delivery Center, we are excited to provide our guests in the greater New Orleans market with a modern car buying experience that is flexible, seamless, and guest-focused from start to finish,” said David Smith, Chief Executive Officer of Sonic Automotive and EchoPark Automotive. “As we continue to expand our nationwide reach, each new market introduces a new population of car buyers to our exceptional selection of high-quality, pre-owned vehicles, priced up to $3,000 below the competition.”
EchoPark Automotive guests are able to visit on site or online at EchoPark.com to shop 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 below-market, 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.
“Car buyers in the Louisiana market have already discovered the value of the EchoPark brand, traveling hundreds of miles to save thousands of dollars purchasing a vehicle from one of our two EchoPark retail sales centers in Houston. We are happy to announce that we have reduced that travel time by bringing our flexible, seamless car-buying experience directly to the New Orleans market as we continue to 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 Location
The EchoPark New Orleans Delivery Center is located at 4625 Airline Drive, Metairie, Louisiana. It is open Monday to Friday from 10:00 a.m. to 7:00 p.m., and Saturday from 10:00 a.m. to 6:00 p.m.
About Sonic Automotive Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina is on a quest to becoming the most valuable automotive retailer and service brand in North America. Our focus to accomplish this will be by 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 every guest with every encounter. As the fifth largest automotive retailer in North America, our 87 franchised dealerships are committed to delivering on this goal while Sonic continues to take aggressive actions to grow and progressive steps 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 nearly new automotive retail brand in America today. Our aggressive plan is to cover 90% of the U.S. by 2025 to reach 90% of the population with the most unique business model and utilization of one of the most innovative technology-enabled sales strategies. This approach provides a personalized and preferred, guest-centric buying process that has been proven out by consistently delivering award-winning guest-focused experiences and superior value to car buyers nationwide with an average savings up to $3,000 over the competition. EchoPark is set to be the #1 in near-new/pre-owned 1-4-year-old vehicle sales by 2025 and already making its mark by earning the 2021 Consumer Satisfaction Award, creation of new Owner Experience Centers, development of all-new online shopping technology and a focus to grow the brand. EchoPark’s mission is in its name, Every Car deserves a Happy Owner. This drives all they do, differentiates itself from the competition, and has them focused to redefine the category for their guests. 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 levels, future pre-owned vehicle sales projections, the opening of additional EchoPark markets, future population coverage and the anticipated launch timing of our digital omnichannel platform. 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.
What is the significance of Sonic Automotive's new EchoPark location in New Orleans?
The new EchoPark Delivery Center in New Orleans is significant as it expands Sonic Automotive's market presence, providing a modern and competitive car-buying experience in Louisiana.
How many EchoPark locations does Sonic Automotive have now?
With the opening in New Orleans, Sonic Automotive now has a total of 31 EchoPark locations across the U.S.
What are Sonic Automotive's sales goals for EchoPark by 2025?
Sonic Automotive aims to retail 575,000 vehicles and generate $14 billion in annual revenues from EchoPark by 2025.
How does the EchoPark experience differ from traditional car buying?
The EchoPark experience offers a seamless, guest-focused process with no-haggle pricing, a vast selection of pre-owned vehicles, and high customer satisfaction.
