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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 expansion of its specialty pre-owned vehicle brand with the addition of Used Car King to the EchoPark Automotive network.
These two Used Car King locations bring EchoPark’s nationwide count of retail stores and delivery & buy centers to 18, following the recent openings of four new EchoPark locations during the fourth quarter of 2020. Furthermore, the addition of Used Car King expands EchoPark’s geographic footprint into the northeastern United States, serving car buyers throughout New York State and beyond.
EchoPark Automotive opened in 2014 with a distinct focus on enhancing the used car buying experience by making the process faster, easier and friendlier. It was a natural choice for Used Car King to join the EchoPark family as our brand values and interests are aligned in the way we approach the automotive business - we love cars and our guests are our #1 priority.
To our guests, this brand expansion is another example of our continued commitment to providing best in class cars at unbeatable prices, great quality and a guest experience second to none. Now part of a larger retail network, EchoPark Cortland and EchoPark Cicero will be able to offer guests a larger and more varied selection of vehicle brands and models.
"EchoPark’s brand promise is centered around offering below-market pricing, high vehicle quality and an extraordinary guest experience," said Jeff Dyke, President of Sonic Automotive and EchoPark Automotive. "With thousands of delighted guests across all of our existing markets, we are excited to bring the same great EchoPark experience to new regions of the U.S. as we continue our rapid expansion."
"Since the day my father Joe Caputo opened Sun Auto Group in 1978, we've been providing value to our customers and there is no doubt in my mind that EchoPark Automotive is ahead of the curve," said Todd Caputo, Chief Executive Officer of Used Car King. "We couldn’t be happier to have the Used Car King brand join the EchoPark family as we both share the same goal - to make our customers happy by offering them great cars at excellent prices. While you will see a new name and logo, you can anticipate the same great experience that you’ve come to expect from Used Car King; that will remain unchanged. Thank you to all of our customers, and we look forward to a new relationship with EchoPark Automotive and continuing to meet your needs."
At the time of acquisition, all 38 Used Car King associates were retained and have become valued employees under the EchoPark brand. An additional 25 members of the local community have been hired and EchoPark is looking to fill another 12 positions immediately.
"We anticipate additional hiring needs as the business matures into the second and third quarter of 2021 and beyond," noted Dan King, General Manager, EchoPark Automotive. "The EchoPark retail hub store in Cicero, New York, where pre-owned inventory is processed for reconditioning, will eventually serve markets throughout the Northeast as the footprint of our brand expands in the coming years, leading to additional hiring needs. EchoPark offers all of the wonderful benefits one would expect from a rapidly expanding Fortune 500 company, providing competitive wages and undeniable opportunity for advancement. It’s an exciting time to be in the retail automotive arena."
Since inception, the EchoPark 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 Cicero is located at 8010 Brewerton Rd. Cicero, NY 13039, and can be reached by phone at 315-698-6808 or online at www.echopark.com.
EchoPark Cortland is located at 3861 West Rd. Cortland, NY 13045, and can be reached by phone at 315-907-4170 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.
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, 2019, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, the Company’s Current Report on Form 8-K filed on February 12, 2021 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/20210219005043/en/
Heath Byrd, Executive Vice President and Chief Financial Officer (704) 566-2400
Danny Wieland, Investor Relations (704) 927-3462