Sonic Automotive Continues to Grow Its EchoPark Nationwide Distribution Network & Digital Expansion with Opening in Las Vegas, Nevada
30th Location Nationwide Brings the EchoPark Brand to Over Two Million Additional Consumers
LAS VEGAS--(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 continued expansion of the EchoPark Automotive brand with the opening of its newest retail hub in the Las Vegas market, its first in the state of Nevada.
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EchoPark Las Vegas - 1100 West Warm Springs Road, Henderson, Nevada (Photo: Business Wire)
“EchoPark Las Vegas is an important part of our growing omnichannel solution for consumers, and offers guests who visit in-store or shop online at EchoPark.com an entirely new way to buy cars,” said David Smith, Chief Executive Officer of Sonic Automotive and EchoPark Automotive. “Our rapidly growing distribution network brings an exciting, seamless guest experience to another key market, while offering a new population of car buyers savings of up to $3,000 versus the competition.”
EchoPark guests are able to shop in person or take delivery of their purchase at our new Las Vegas location after conveniently shopping online at EchoPark.com and choosing from over 10,000 high quality, one- to four-year-old pre-owned vehicles under original factory warranty, with clean CarFax reports. Our easy, transparent online purchase experience includes below-market, no-haggle pricing (including taxes and fees), a firm trade-in vehicle offer, competitive financing solutions and the ability to choose from a selection of quality vehicle protection plans. After scheduling a pickup appointment at an EchoPark delivery center or retail sales center, guests will be greeted by an EchoPark Experience Guide to help answer any questions and finalize all vehicle purchase details before quickly getting them on their way home with their new purchase. With over 15,000 five-star reviews to date, the EchoPark experience is clearly resonating with guests.
“The opening of EchoPark Las Vegas is a key component of the Company’s ongoing growth strategy, as we continue to execute our accelerated expansion plan to meet the strong demand for pre-owned vehicles across the nation,” said Jeff Dyke, President of Sonic and EchoPark Automotive.
Following its 2014 launch, EchoPark Automotive has rapidly become one of the pre-owned automotive retail industry’s most prominent success stories. The Company continues to expand its EchoPark footprint into new markets and anticipates 90 percent population coverage by 2025, enabling its interim goal of retailing 575,000 vehicles and generating $14 billion in annual EchoPark revenues by 2025, while driving toward a two million vehicle annual sales opportunity at maturity.
Find Our Newest Locations
EchoPark Las Vegas is located at 1100 West Warm Springs Road, Henderson, Nevada and will be open Monday to Saturday from 9am to 9pm. The store can be reached at (725) 240-9003, or online at www.echopark.com/dealerships/las-vegas.
The 20,500-square-foot EchoPark Las Vegas store will employ approximately 40 team members when fully staffed.
About EchoPark Automotive
EchoPark Automotive is a rapidly growing operating segment within the Company that specializes in pre-owned vehicle sales, utilizing technology to provide a unique, guest-centric buying experience and deliver superior value to customers. 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, pre-owned vehicle sales projections, the opening of additional EchoPark markets, and future population coverage. 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.
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Company Contacts
Investor Inquiries:
Heath Byrd, Executive Vice President and Chief Financial Officer 704-566-2400
Danny Wieland, Vice President, Investor Relations 704-927-3462
ir@sonicautomotive.com
Press Inquiries:
Joshua Greenwald / Danielle DeVoren
646-379-7971 / 212-896-1272
jgreenwald@kcsa.com / ddevoren@kcsa.com
Source: Sonic Automotive, Inc.
Released August 17, 2021