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Tim Keen Promoted to Chief Operating Officer of EchoPark Automotive, a Subsidiary of Sonic Automotive
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Sonic Automotive, Inc. has promoted Thomas "Tim" Keen as the first Chief Operating Officer of EchoPark Automotive, enhancing its leadership as it aims for significant nationwide expansion. Keen, a seasoned professional with nearly 30 years in the automotive industry, has been instrumental in expanding EchoPark's business model, which targets 90% U.S. population coverage and projected revenues of $14 billion by 2025. This strategic move underscores Sonic's commitment to growth in the pre-owned vehicle segment and fostering operational expertise within the company.
Positive
Appointment of Tim Keen as COO is expected to enhance EchoPark's growth strategy.
EchoPark is on track to achieve $14 billion in revenue by 2025.
Strategic focus on nationwide expansion will increase access to pre-owned vehicles for consumers.
Negative
None.
30-Year Industry Veteran Becomes EchoPark’s First COO as Nationwide Expansion Continues
CHARLOTTE, 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 promotion of Thomas “Tim” Keen to become the first Chief Operating Officer of EchoPark Automotive, the Company’s rapidly growing nationwide pre-owned vehicle segment.
Tim Keen, COO of EchoPark Automotive (Photo: Business Wire)
Keen has spent nearly 30 years in the automotive industry and has been with Sonic Automotive for the past 15 years, holding a variety of regional leadership positions with the Company’s franchised dealerships. In 2014, Keen was named Divisional Vice President of EchoPark Automotive, where he was instrumental in developing the EchoPark model and opening the first EchoPark locations in Denver, Colorado. In 2018, Tim was promoted to Executive Vice President of Operations for Sonic Automotive and EchoPark Automotive, with oversight of the Company’s franchised and EchoPark dealerships.
The promotion of Keen to COO of EchoPark Automotive allows him to focus entirely on the nationwide expansion of EchoPark, which produced significant growth in 2021 and remains on track to reach 90 percent of the U.S. population and achieve its target of $14 billion in revenues by 2025. Keen will report to Jeff Dyke, President of Sonic Automotive, who remains responsible for oversight of the Company’s franchised and EchoPark businesses.
“We are thrilled to promote Tim to COO of EchoPark Automotive,” said David Smith, Chief Executive Officer of Sonic Automotive and EchoPark Automotive. “Tim’s dedication to EchoPark since inception, combined with his track record of operational success, make him the perfect fit to lead the team and drive our expansion plans in 2022 and beyond.”
“I have tremendous respect for and trust in Tim, having worked with him for the past 30 years,” said Jeff Dyke. “We have big plans for EchoPark Automotive, and focusing Tim’s operational expertise, tenacity, and commitment to teammate development solely on the growth of EchoPark will help us achieve our goals as we continue to invest in the long-term success of the nationwide pre-owned vehicle segment.”
“It’s been an honor to work with our franchised dealerships over the past three years and collaborate with our manufacturing partners,” said Tim Keen, Chief Operating Officer of EchoPark Automotive. “I’m excited to jump back into EchoPark full time and work alongside our dedicated teammates as we continue to introduce our exceptional experience to new guests nationwide.”
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.
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.
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, 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.
