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. (NYSE: SAH) is frequently in the news as one of the nation’s largest automotive and powersports retailers and a Fortune 500 / Fortune 300 company based in Charlotte, North Carolina. News coverage for Sonic often centers on quarterly earnings, segment performance across its Franchised Dealerships, EchoPark, and Powersports operations, and corporate developments such as acquisitions and dividend decisions.
Recent releases highlight record quarterly revenues and gross profit, as well as detailed segment results. The Franchised Dealerships segment is often discussed in terms of same-store performance in new and used vehicle sales, parts, service and collision repair, and finance and insurance. The EchoPark segment appears in news items for achieving all-time record gross profit, segment income, and adjusted EBITDA in certain quarters, reflecting Sonic’s focus on nearly new pre-owned vehicles and a technology-enabled, guest-centric sales model.
Sonic’s powersports activities also generate notable headlines, particularly around the Sturgis Motorcycle Rally. The company reports record-breaking performance at this event across its Harley-Davidson dealerships in the Black Hills region and at the Sturgis Harley-Davidson dealership in downtown Sturgis, South Dakota. These stories emphasize motorcycle sales, parts and service activity, rider engagement, and special rally programs.
In addition, Sonic appears in transaction-focused news, such as the acquisition of Jaguar Land Rover and Land Rover dealerships in California that the company states has made it the largest Jaguar Land Rover retail ownership group in the United States by volume for a specified period. Investors and followers of SAH news can expect regular updates on financial results, capital allocation decisions, segment milestones, and major brand or dealership initiatives.
CDK, the leading automotive retail software provider, has extended its agreement with Sonic Automotive, Inc. (NYSE: SAH), a major automotive and powersports retailer. The deal includes providing Sonic Automotive dealerships with the CDK Dealer Management System (DMS) and Dealership Xperience Modern Retail Suite. This software suite connects the consumer-to-dealer buying journey into a unified transaction, enhancing customer experience.
The partnership allows Sonic Automotive to leverage CDK's artificial intelligence (AI) features, including predictive modeling for customer buying propensity, machine learning for anticipating vehicle service opportunities, and the new CDK AI Virtual Assistant (AIVA) for personalized customer engagement.
CDK's software powers the majority of franchise dealerships in North America, including five of the six publicly held dealership groups in the U.S. as of 2024. This extension reinforces CDK's position at the center of the automotive ecosystem and its commitment to driving digital transformation in the industry.
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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