Sonic Automotive Expands its EchoPark Network with Newest Store in Birmingham, Alabama
Sonic Automotive has opened its 22nd EchoPark specialty pre-owned vehicle store in Birmingham, Alabama, marking its first in the state. This new store will offer nearly 10,000 high-quality pre-owned vehicles priced up to 40% below new car prices. CEO David Smith highlights strong demand for pre-owned vehicles and anticipates growth in the EchoPark brand. The company aims to expand its nationwide distribution network to 140 points by 2025, projecting annual sales of 575,000 vehicles and $14 billion in revenue.
- Opening of the 22nd EchoPark location in Birmingham, Alabama.
- Anticipated strong demand for pre-owned vehicles.
- Plans to expand to 140 locations by 2025.
- Projected annual sales of 575,000 vehicles and $14 billion in revenue.
- 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 opening of its newest EchoPark specialty pre-owned vehicle store in Birmingham, Alabama.
EchoPark Birmingham is the Company’s 22nd location to-date, its first in the State of Alabama and follows recent openings in Maryland, Arizona and New York. Guests in the greater Birmingham market will be able to visit in person or online at www.echopark.com to shop an inventory of nearly 10,000 high quality one-to-four year-old pre-owned vehicles under original factory warranty, with clean CarFax reports, and priced up to 40 percent below new car pricing.
“We are very excited to bring the EchoPark brand to Birmingham, which has been a great market for Sonic’s new vehicle business for many years,” said David Smith, Chief Executive Officer of Sonic Automotive and EchoPark Automotive. “More and more people are getting back out on the roads as we head further into 2021, and we expect to see continued strong demand for pre-owned vehicles and rapid growth for the EchoPark brand as a result of its inventory selection, unbeatable pricing and unique guest experience.”
David Smith continued, “There is a tremendous opportunity for growth in the pre-owned vehicle market, and as we continue the rapid expansion of our nationwide distribution network we are excited to introduce the EchoPark guest experience to car buyers in the State of Alabama and beyond.”
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 with plans to reach a 140-point nationwide distribution network by 2025, which is expected to retail 575,000 vehicles annually and generate
EchoPark Birmingham is located at 2001 Tom Williams Way, Birmingham, AL 35210 and can be reached at (205) 670-2462, or online at www.echopark.com. The 27,000 square foot facility provided EchoPark the perfect opportunity to upcycle the building, refreshing the location with a bright, welcoming, guest-centric experience. We continue our growth into new markets offering a unique alternative to the traditional pre-owned vehicle dealership experience. EchoPark Birmingham is expected to employ approximately 70 EchoPark teammates when fully staffed.
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 future revenue levels, pre-owned vehicle sales projections, staffing levels 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, 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.
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