Sonic Automotive Becomes the Largest Jaguar Land Rover Retailer in the U.S.
Rhea-AI Summary
Sonic Automotive (NYSE:SAH), a Fortune 500 automotive retailer, has become the largest Jaguar Land Rover retail ownership group in the United States following the acquisition of four California dealerships from US Auto Trust. The newly acquired locations include Jaguar Land Rover Los Angeles, Jaguar Land Rover Newport Beach, Jaguar Land Rover San Jose, and Land Rover Pasadena.
The strategic acquisition is expected to generate approximately $500 million in annual revenue and expands Sonic's network to 177 automotive and powersports franchises across 125 locations. The company also operates 18 EchoPark Automotive locations nationwide, which is ranked as the No. 1 used car buying experience in America.
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News Market Reaction 1 Alert
On the day this news was published, SAH gained 3.50%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Acquisition of Four California Dealerships Expands National Footprint
The newly acquired stores include Jaguar Land Rover Los Angeles, Jaguar Land Rover Newport Beach, Jaguar Land Rover San Jose, and Land Rover Pasadena. All four were previously owned by US Auto Trust and represent a significant expansion in one of the most coveted luxury markets in the country.
The deal is expected to add approximately
"This acquisition marks a major step forward for Sonic Automotive as we deepen our footprint in one of the most dynamic luxury markets in the country," said David B. Smith, Chairman and Chief Executive Officer of Sonic Automotive. "We're proud to welcome the new teams into the Sonic family and look forward to building on the foundation they've created. This acquisition reflects our long-term belief in the strength of their brands and the opportunity ahead in this segment."
In addition to its 177 automotive and powersports franchises at 125 locations, Sonic operates 18 EchoPark Automotive locations nationwide. EchoPark, ranked as the No. 1 used car buying experience in America, continues to expand the company's reach in the high-quality pre-owned segment.
"Since acquiring our first Jaguar Land Rover store in 2019, we focused on delivering a premium experience in
The move cements Sonic's status as a leading Jaguar Land Rover retail ownership group in the
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 company based in
For Further Information, Please Contact:
Sonic Automotive Investor Inquiries
Heath Byrd, Executive Vice President and Chief Financial Officer
Danny Wieland, Vice President, Investor Relations
ir@sonicautomotive.com
Sonic Automotive Press Inquiries
Sonic Automotive Media Relations
media.relations@sonicautomotive.com
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SOURCE Sonic Automotive