Sonic Automotive Expands its EchoPark Footprint with Newest Store in Phoenix, Arizona Market
February 23 2021 - 8:55AM
Business Wire
First Location in Arizona, 19th Location
To-Date As Part of Rapidly Expanding 140-Point Nationwide
Distribution Network
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 Avondale, Arizona (a suburb of
Phoenix).
EchoPark Phoenix is the Company’s 19th location and follows
recent openings in Atlanta, Georgia, and Knoxville, Tennessee.
Guests in the Phoenix market will be able to visit in person or
online at www.echopark.com to shop an inventory of nearly 10,000
high quality one-to-four year-old pre-owned vehicles under original
factory warranty, with clean CarFax reports, and priced up to 40
percent below new car pricing.
“Our fiscal year 2020 success reflects EchoPark’s continued
value proposition and its truly unique guest experience, inventory
selection and unbeatable pricing,” said Jeff Dyke, President of
Sonic Automotive and EchoPark Automotive. “We’re kicking off the
New Year by opening an EchoPark store in a new market, right here
in Phoenix, Arizona and will continue executing our accelerated
expansion plan, bringing the EchoPark guest experience to many
additional markets in the coming months.”
In the second quarter of 2020, Sonic Automotive announced it had
accelerated its 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 continues to break records. For fiscal year 2020, we
achieved all-time record revenue and retail sales volume while
opening seven new EchoPark locations during the year,” said Heath
Byrd, Chief Financial Officer of Sonic Automotive and EchoPark
Automotive. “EchoPark’s growth and performance tell us two things:
the EchoPark hybrid business model continues to be compelling, and
the market for specialty pre-owned vehicles continues to be
favorable for expansion.”
EchoPark Phoenix is located at 10555 West Papago Fwy, Avondale,
AZ 85323 and can be reached at (602) 654-4061, 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 future revenue levels, future
profitability, projected SG&A expense levels, pre-owned vehicle
sales projections and the opening of additional EchoPark points.
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, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210223005011/en/
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
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