15th Location To-Date, Part of Rapidly Growing Nationwide Distribution Network
ATLANTA–(BUSINESS WIRE)–Sonic Automotive, Inc. (“Sonic” or the “Company”) (NYSE:SAH), a Fortune 500 Company and one of the nation’s largest automotive retailers, today announced the opening of its newest EchoPark specialty pre-owned vehicle store in the Atlanta market.
EchoPark Atlanta is the Company’s 15th location to-date, its first in Georgia, and follows the most recent grand openings of EchoPark locations in Nashville, Tennessee and Plano, Texas. Guests in the Atlanta market will be able to shop a wide assortment of high quality, one to four-year old pre-owned vehicles, priced up to 40 percent below new car pricing.
The new store is the first of its kind for EchoPark, repurposing a former big-box retail store with a guest-friendly, open environment for used car shopping. The newly renovated facility is in a high-visibility location with close proximity to the freeway providing connectivity to the Atlanta/Duluth market. It is a win/win for the community, as the building has a new life and consumers now have access to an excellent selection of pre-owned vehicles at great prices and an industry-leading guest experience.
“The demand for quality, nearly new vehicles at below-market prices shows no signs of abating, especially in major metropolitan markets like Atlanta,” said Jeff Dyke, President of Sonic Automotive and EchoPark Automotive. “We will continue to meet this demand throughout the nation by accelerating our roll-out of new EchoPark locations as part of our ongoing 140-point, five-year growth plan.”
Since the launch of EchoPark in 2014, the brand has been one of the biggest success stories in pre-owned automotive retail. The Company plans to expand its EchoPark footprint to a 140-point nationwide distribution network by 2025, which is expected to retail 575,000 vehicles annually and generate $14 billion in EchoPark revenues by that time.
“EchoPark’s brand promise centers around below-market pricing, high vehicle quality and an extraordinary guest experience,” said Heath Byrd, Chief Financial Officer of Sonic Automotive and EchoPark Automotive. “Our record sales volume in the third quarter is further validation that these factors are hitting the mark with consumers and positions EchoPark as one of the leading specialty pre-owned vehicle retailers nationwide. With thousands of delighted guests in each of our existing markets, we are excited to bring the same great EchoPark experience to new markets as we continue our rapid expansion.”
EchoPark Atlanta is located at 3296 Commerce Ave. NW, Duluth, GA 30096, and can be reached by phone at 678-537-6625 or online at www.echopark.com.
About EchoPark Automotive
EchoPark Automotive is a growing operating segment within the Company that specializes in pre-owned vehicle sales and provides a unique guest experience unlike traditional used car stores. More information about EchoPark Automotive can be found at www.echopark.com.
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is one of the nation’s largest automotive retailers. Sonic can be reached on the web at www.sonicautomotive.com.
Forward-Looking Statements
Included herein are forward-looking statements, including statements regarding anticipated pre-owned vehicle sales projections, anticipated future EchoPark revenues, and the opening of additional EchoPark locations. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, economic conditions in the markets in which we operate, new and used vehicle industry sales volume, anticipated future growth in our EchoPark Segment, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the effect of the COVID-19 pandemic and related government-imposed restrictions on operations, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and other reports and information filed with the Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC.
Contacts
Investor Inquiries:
Heath Byrd, Executive Vice President and Chief Financial Officer (704) 566-2400
Danny Wieland, Investor Relations (704) 927-3462
ir@sonicautomotive.com
Press Inquiries:
Danielle DeVoren / Anthony Feldman
212-896-1272 / 347-487-6194
ddevoren@kcsa.com/afeldman@kcsa.com
