Welcome to our dedicated page for Sonic Automotive news (Ticker: SAH), a resource for investors and traders seeking the latest updates and insights on Sonic Automotive stock.
Sonic Automotive, Inc. (SAH) is a leading player in the US automotive retail industry. As a Fortune 500 company and a member of the Russell 2000 Index, Sonic operates over 100 dealerships across 18 states, primarily in major metropolitan areas including California, Texas, and the Southeast. The company’s dealerships offer a broad range of services, including the sale of both new and used cars and light trucks, replacement parts, vehicle maintenance, warranty services, paint and collision repair, and the arrangement of extended warranty contracts, financing, and insurance options for customers.
Sonic's portfolio features approximately 30 different automotive brands, with a strong focus on luxury and import brands. Notably, Honda, BMW, Mercedes, and Toyota contribute about 58% of the company’s new-vehicle revenue, with BMW alone accounting for roughly 25%.
Beyond traditional dealerships, Sonic Automotive also owns 25 EchoPark used-vehicle stores, 16 collision centers, and 13 powersports locations. EchoPark has been a significant growth driver, contributing $2.4 billion to the company's $14.4 billion in revenue for 2023.
Sonic Automotive's commitment to excellence extends beyond sales. The company emphasizes delivering an outstanding automotive experience with professionalism, integrity, and enthusiasm. This dedication is evident in their industry-leading customer service and comprehensive automotive solutions.
In December 2021, Sonic expanded its footprint by acquiring RFJ Auto for $3.2 billion, bolstering its market position and increasing its revenue streams.
Stay updated with Sonic Automotive’s latest news and developments, ranging from new dealership openings to financial performance updates.
Sonic Automotive (NYSE:SAH) reported mixed Q2 2024 financial results. Total revenues decreased 5% year-over-year to $3.5 billion, while reported net income increased 76% to $41.2 million. The company faced challenges due to a CDK Global software outage, which is estimated to have reduced Q2 GAAP income before taxes by approximately $30 million. Despite this, EchoPark Segment achieved record Q2 adjusted EBITDA, showing progress in used vehicle operations. The Franchised Dealerships Segment experienced margin normalization, with same-store retail new vehicle gross profit per unit down 29%. Sonic maintained its guidance for positive quarterly EchoPark Segment adjusted EBITDA for the remainder of 2024.
Sonic Automotive (NYSE:SAH), a Fortune 500 automotive retailer, has announced the release of its fiscal 2024 second quarter financial results on August 5, 2024. The results will be available by 7:00 A.M. Eastern, followed by a senior management conference call at 10:00 A.M. Eastern. Investors can access the live webcast and presentation materials on the company's website at ir.sonicautomotive.com. For those preferring to dial in, the numbers are (877) 407-8289 (domestic) or +1 (201) 689-8341 (international). A webcast replay will be available for 14 days after the call.
Sonic Automotive, Inc. announced the retirement of Rachel Richards, the Chief Marketing Officer, after a distinguished 40-year career in the automotive industry. Dino Bernacchi will succeed her effective May 1, 2024. Richards played a pivotal role in strategic planning and operational leadership, while Bernacchi is an industry veteran with significant marketing experience. The company expresses gratitude to Richards and excitement for Bernacchi's leadership.
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