Sonic Automotive Stock Price, News & Analysis

Sonic Automotive has opened its new EchoPark delivery center in Huntsville, Alabama, marking the brand's 34th location. This center is part of Sonic's strategic expansion, aiming to cover 90% of the U.S. population and generate $14 billion in revenues by 2025. Guests can purchase vehicles online with prices up to $3,000 below market value. EchoPark is committed to providing a seamless customer experience while targeting 575,000 vehicle sales annually. The delivery center operates Monday to Friday and offers a wide selection of high-quality pre-owned vehicles.

Sonic Automotive (NYSE:SAH) has launched its 33rd EchoPark delivery center in Baton Rouge, Louisiana, enhancing its eCommerce automotive retailing. This location is EchoPark's second in Louisiana, following New Orleans, and part of a broader strategy to cover 90% of the U.S. population by 2025. The company aims to generate $14 billion in revenues by then, offering pre-owned vehicles at savings of up to $3,000 below market prices. With over 10,000 vehicles available, Sonic continues to expand its footprint in the automotive industry.

Sonic Automotive, Inc. (NYSE:SAH) has successfully completed the acquisition of RFJ Auto Partners, adding approximately $3.2 billion in annualized revenue. This strategic deal, which closed on September 17, 2021, elevates Sonic into the top five largest dealer groups in the U.S. with 33 new locations and 16 automotive brands. The acquisition aims to enhance Sonic's footprint and align with its goal of achieving $25 billion in total revenues by 2025. Leaders from both companies expressed optimism about future growth and synergy.

Sonic Automotive has launched the new EchoPark Delivery Center in Augusta, Georgia, marking its third location in the state and 32nd nationwide. This expansion aims to enhance the eCommerce automotive buying experience, offering over 10,000 high-quality pre-owned vehicles with savings up to $3,000 below market prices. By 2025, EchoPark aims to cover 90% of the U.S. population and generate $14 billion in revenues. The center is open Monday to Saturday, catering to a growing consumer base.

Sonic Automotive has acquired Cook Volkswagen in Fallston, Maryland, marking its fourth Volkswagen dealership and 89th overall. The acquisition strengthens Sonic's presence in the Maryland market, leveraging the dealership's over 50 years of operational history. CEO David Smith highlighted the strategic alignment with the company's goal of achieving $25 billion in revenue by 2025. This transaction is part of Sonic's ongoing expansion strategy, aiming to enhance its automotive sales and service network.

Sonic Automotive (SAH) reported record third-quarter revenues of $3.1 billion, a 20.6% increase year-over-year, with income from continuing operations before taxes up 39.1% to $112.2 million. The company announced its acquisition of RFJ Auto, projected to add $3.2 billion in annualized revenues, enhancing its market position. EchoPark segment revenues reached $663.3 million, soaring 72.3% year-over-year. The firm also amended credit facilities to $2.95 billion and issued $1.15 billion in senior notes, extending financial flexibility for growth.

Sonic Automotive, Inc. (NYSE: SAH) has closed a private offering of $1.15 billion in Senior Notes, comprising $650 million of 4.625% Notes due 2029 and $500 million of 4.875% Notes due 2031. The funds will be used for the potential acquisition of RFJ Auto Partners, redeeming existing 6.125% Senior Subordinated Notes due 2027, covering fees, and general corporate purposes including dealership development. The Notes were sold privately, not registered under the Securities Act.

Sonic Automotive, Inc. has announced the acquisition of Bobby Ford Chrysler Dodge Jeep RAM in Sealy, Texas, marking its 88th franchise dealership overall and the first for the Chrysler Dodge Jeep RAM brand. This acquisition supports Sonic's ongoing expansion in the Texas market and is part of its strategy to achieve over $25 billion in revenues by 2025. The new dealership aims to enhance customer experience and competitive pricing in the region, further strengthening Sonic's automotive sales network.

Sonic Automotive announced the pricing of its private offering of $1.15 billion in aggregate principal amount of Senior Notes. This includes $650 million of 4.625% Senior Notes due 2029 and $500 million of 4.875% Senior Notes due 2031, issued at par. The offering is expected to close on October 27, 2021. Proceeds will be used for acquiring RFJ Auto Partners, redeeming existing subordinated notes, covering related expenses, and general corporate purposes including dealership acquisitions.