Mr. Smith concluded, “As customer demand continues to increase, each new market we enter will allow EchoPark to grow its overall market share by offering guests best-in-class price, quality, and convenience in their pre-owned vehicle purchase, which are the cornerstones of the EchoPark brand.”. "They're being sold in all the big populations, and we're going to get our fair share of that.". Included herein are forward-looking statements, including statements regarding anticipated GAAP earnings per diluted share from continuing operations for the quarter ending June 30, 2020, anticipated permanent SG&A expense reductions, anticipated new and used vehicle sales volume for the remainder of the year ending December 31, 2020, anticipated parts and service gross profit for the remainder of the year ending December 31, 2020, anticipated new vehicle inventory shortages over the next few months, and anticipated near-term used vehicle inventory acquisition opportunities. “We can take an existing old dealership, or an existing old facility, maybe a Big Box store, and turn it into a sales center and reconditioning center,” he said. We continue to maintain less than 30 days’ supply of used inventory at both our franchised dealerships and EchoPark stores, positioning us to meet increasing consumer demand as well as capitalize on expected near-term inventory acquisition opportunities.”. Sonic expects to provide the next update to its 2020 outlook during the week of July 27th in conjunction with reporting financial results for the second quarter of 2020. Structure My Deal tools are complete — you're ready to visit EchoPark Automotive! All Rights Reserved, This is a BETA experience. Click here to submit a Letter to the Editor, and we may publish it in print. Finally, in the short term new vehicles are in short supply, also thanks to the pandemic. The other two, locations in Colorado and Texas that currently operate under theCarCash brand name selling older used vehicles, will be converted this week to the EchoPark name, Dyke said. Privacy Statement Sonic projected in its second-quarter earnings call that EchoPark would add $15 million in profitability to the company next year. Please provide your email address to begin receiving price alerts at home, at work, and on your phone! Those centers have been replicated in other EchoPark locations. An EchoPark used-car store in Grand Prairie, Texas. Size Does Matter After a journalism degree at the University of North Carolina-Chapel Hill. The new dealership is located at 10050 Southwest Freeway, Houston, TX 77074, and can be reached by phone at 713-345-9707 or online at www.echopark.com. The first EchoPark location opened in the Thornton area of Denver, Colorado in 2014. We continue to see a slower recovery in California, particularly in our fixed operations business, resulting in a reduction of our fourth quarter fixed operations gross profit projections back to our original pre-pandemic forecast.”, Mr. Dyke continued, “As we anticipated, EchoPark sales have experienced a v-shaped recovery and we expect to be back to our original pre-pandemic forecast unit sales volume this month. Please select at least one newsletter to subscribe. September 8, 2020 | Is GM-Honda partnership a sign of things to come? Sonic spent five years and millions of dollars getting the EchoPark customer-experience formula right, including no-haggle pricing, and having a single salesperson stay with the customer through the whole process, including financing, CEO David Smith said. Get the new car feel without the new car price at EchoPark. At "our big stores in Denver and Dallas and in San Antonio, we're selling a ton of cars," Dyke said. That didn't happen because the locations were not large enough to house the volume needed, Dyke said. Yes, I'd like to receive email communications on editorial features, special offers, research and events and webinars from Automotive News. The Largest Independent Automotive Research Resource, Contact Information, Credits, and Terms of Use. % Change Better (Worse) From Comparable Prior Year Period. Sonic, based in Charlotte, N.C., launched the EchoPark concept in 2014. At the same time, we remain committed to controlling our expense structure going forward and achieving greater return on investment through rigorous inventory and vendor service management as well as optimizing marketing expenses. We're going to do this wisely, methodically, profitably.". Impact 50: Investors Seeking Profit — And Pushing For Change. I cover the pervasive, yet little-understood auto industry. Sonic Automotive Inc. plans to open additional EchoPark standalone used-vehicle stores by the end of 2020 in markets such as Atlanta and Los Angeles and along the eastern side of Florida. You may opt-out by. “That’s where you add a lot of complexity, and a lot of cost.”. In addition, high unemployment because of the pandemic has accelerated the trend to used vehicles. Sonic plans to add at least three EchoPark stores in 2020. Choose your news – we will deliver. Sonic, one of the country's largest retailers of new and used vehicles, has long had big aspirations for EchoPark. It retailed 123,489 used vehicles for the same period, ranking it No. We'll have this time-saving information on file when you visit the dealership. The new appraisal app about to launch will carry the CarCash name. Sonic currently has seven stores under the EchoPark umbrella, including five operating with the EchoPark name. For more information, see our Privacy Policy. You may opt-out by. David Smith, Sonic’s and EchoPark’s Chief Executive Officer, commented, “We continue to see improving operating conditions since the onset of the COVID-19 pandemic, including steadily increasing automotive retail consumer demand. Second, even before the coronavirus, new-vehicle sales were expected to experience a cyclical downturn. The information included in the presentation prepared by Sonic that updates such outlook and accompanies this press release is an update to the anticipated outlook information previously provided by Sonic on May 19, 2020, which can be found at ir.sonicautomotive.com.

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