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Sonic Automotive (SAH) maintains this dedicated news hub to provide stakeholders with direct access to official corporate communications and market-relevant updates. Our curated collection features verified press releases, financial disclosures, and strategic announcements from one of America's leading automotive retail enterprises.
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Sonic Automotive, Inc. (SAH) reported record financial results for Q4 2020, achieving revenues of $2.8 billion, a 1.8% increase, and income from continuing operations before taxes of $90.4 million, up 48.3%. Adjusted earnings reached $65.8 million ($1.50 per diluted share), up 52.7% year-over-year. For the full year, revenues declined 6.6% to $9.8 billion, with a reported loss from continuing operations of $50.7 million ($1.19 per diluted share). Despite the challenges posed by COVID-19, the company anticipates significant growth for the EchoPark segment, projecting $14 billion in annual revenues by 2025.
Sonic Automotive will release its fiscal 2020 Q4 and full-year financial results on February 17, 2021, at 7:00 A.M. (Eastern). A conference call will follow at 11:00 A.M. (Eastern), with details available on the company’s investor relations site. Sonic, a leading automotive retailer based in Charlotte, North Carolina, operates EchoPark Automotive and is listed on the NYSE under SAH. Investors can access earnings materials online starting the morning of the call.
Sonic Automotive (NYSE:SAH) has opened its first EchoPark specialty pre-owned vehicle store in Atlanta, marking the 15th location overall. This store features a modern shopping environment in a repurposed big-box retail space, offering quality pre-owned vehicles at prices up to 40% below new cars. Sonic aims to expand its EchoPark network to 140 locations by 2025, projecting annual sales of 575,000 vehicles and $14 billion in revenue. The launch reflects strong demand for affordable, nearly new vehicles in major markets, supporting Sonic's growth strategy.
Sonic Automotive, Inc. (NYSE:SAH), a major automotive retailer, has received the 13th Annual Ventana Research Overall Digital Leadership Award. This recognition underscores Sonic’s innovative use of Microstrategy HyperIntelligence and the implementation of Buyer Hypercards, which enhance real-time vehicle inventory management. These advancements support the EchoPark pre-owned vehicle strategy by optimizing vehicle sourcing.
Jeff Dyke, President of Sonic, expressed pride in the team’s efforts, emphasizing the commitment to improving automotive retail technology and guest experiences.
Sonic Automotive, Inc. has opened its 14th EchoPark specialty pre-owned vehicle store in Plano, Texas, marking significant expansion in the Dallas/Fort Worth area. This location joins five others in Texas, enhancing accessibility for car buyers to over 400 high-quality pre-owned vehicles priced up to 40% less than new. Sonic aims to grow its EchoPark network to 140 locations by 2025, projecting annual sales of 575,000 vehicles and $14 billion in revenues. The company emphasizes a data-driven strategy to target market growth and consumer demand in pre-owned vehicles.
Sonic Automotive, a leading Fortune 500 automotive retailer, has appointed Steve Wittman as its first Chief Digital Retail Officer and Stephen Conrad as Vice President of eCommerce. These additions aim to enhance Sonic's online retail strategy as part of a goal to double revenue to over $20 billion by 2025. Marti Eulberg has been promoted to Chief Creative Officer, strengthening the leadership team. The focus on digital transformation underscores Sonic's commitment to providing exceptional guest experiences and aligning with brand management standards.
Sonic Automotive reported strong Q3 2020 results, achieving record earnings per diluted share of $1.35, up 105% from $0.66 in Q3 2019. Total revenues reached $2.5 billion, with gross profit of $376.6 million. EchoPark segment revenues surged 23.3% year-over-year to $385.1 million, alongside a retail sales volume of 15,127 units, a 14.5% increase. SG&A expenses also improved to 68.3% of gross profit, down from 76.7% last year. Net income was $60 million, reflecting a strong recovery and growth strategy.
Sonic Automotive opened its first EchoPark specialty pre-owned vehicle store in Nashville, Tennessee, marking the 13th location nationwide. The store offers a variety of high-quality, 1-4 year old pre-owned vehicles priced 20-40% below new car pricing. This expansion is part of Sonic's strategy to build a 140-point nationwide network, aiming to sell over half a million pre-owned vehicles annually by 2025. CEO David Smith highlighted high demand for quality pre-owned vehicles, while suggesting more EchoPark locations will open in states like Arizona and Georgia in the coming months.
Sonic Automotive, one of the largest automotive retailers in the U.S., will report its fiscal 2020 third quarter financial results on October 29, 2020, at 7:00 A.M. (Eastern). A conference call for investors will follow at 11:00 A.M. the same day. The call can be accessed online or via phone. The company provides insights into its operations through its EchoPark Automotive segment, focusing on pre-owned vehicle sales. Interested parties can find the earnings presentation on the company's investor website.
Sonic Automotive has acquired approximately four acres of land next to its Charlotte EchoPark retail hub to enhance its inventory capacity. This expansion will add 400 vehicle parking spaces, bringing total capacity to around 1,000 vehicles. CEO David Smith highlighted the strong customer demand in the area, prompting this investment. The Charlotte location supports over 500 pre-owned vehicle sales monthly, with EchoPark aiming for over 61,000 pre-owned vehicle sales in 2020. This strategic move aligns with Sonic's growth strategy in the Carolinas and overall market expansion.
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