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Sonic Automotive Continues to Grow its EchoPark Nationwide Distribution Network with Opening in Raleigh, North Carolina
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Sonic Automotive has announced the opening of its 37th EchoPark retail hub in Raleigh, North Carolina, marking its third location in the state. This expansion aligns with the company's growth strategy, aiming for 90% U.S. population coverage by 2025. The new hub provides a modern, online-integrated car buying experience, featuring high-quality, pre-owned vehicles with transparent pricing. Sonic Automotive anticipates retailing 575,000 vehicles annually, generating $14 billion in revenue by 2025.
Positive
Opening of EchoPark Raleigh, third location in North Carolina enhances brand presence.
Growth strategy aims for 90% U.S. population coverage by 2025, supporting future revenue targets.
Anticipated revenue of $14 billion by 2025 from retailing 575,000 vehicles.
Negative
None.
The EchoPark Raleigh Retail Hub Marks the Brand’s 37th Location to Date and Offers Guests a Modern eCommerce Automotive Buying Experience
RALEIGH, 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 continued expansion of the EchoPark Automotive brand with the opening of its newest retail hub in Raleigh, North Carolina. This is EchoPark's 37th location to date and third in the state, adding to its existing Charlotte retail hub and Greensboro delivery center.
“Expanding EchoPark’s footprint within our home state of North Carolina has always been an important part of our growth plans for the brand,” said David Smith, Chief Executive Officer of Sonic Automotive. “We look forward to welcoming guests from across North Carolina and surrounding states to enjoy our award-winning guest experience, whether they’re buying a car or simply selling us their current vehicle.”
EchoPark guests are able to shop in person or take delivery of their purchase at the new Raleigh location after conveniently shopping online at EchoPark.com and choosing from thousands of high quality, one- to four-year-old pre-owned vehicles with clean CarFax reports. EchoPark’s 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 hub location, 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 45,000 five-star reviews to date, the EchoPark experience is clearly resonating with guests.
“With the opening of our EchoPark Raleigh retail hub, we continue to enhance the service we provide our guests by offering them yet another convenient option to shop online or in-store,” said Jeff Dyke, President of Sonic Automotive. “North Carolina remains a key market for us as we continue to execute our growth strategy to meet the increasingly strong demand for pre-owned vehicles across the nation.”
Following its 2014 launch, EchoPark 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
EchoPark Raleigh is located at 2333 Walnut Street, Cary, North Carolina. It is open Monday to Saturday from 9:00 am to 9:00 pm. The store can be reached at (919) 376-0022, or online at www.echopark.com/dealerships/raleigh.
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.
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.
Forward-Looking Statements
Included herein are forward-looking statements, including statements regarding anticipated future U.S. population coverage for EchoPark, anticipated future revenue projections, and anticipated future retail unit sales volume 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, 2021 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.
