EchoPark Is Main Attraction in Sonic's 1Q
We are not changing our Sonic Automotive fair value estimate following good first-quarter numbers. Adjusted diluted EPS from continuing operations of $0.39, up 50% year over year, easily beat consensus of $0.23. Revenue declined 0.5% to slightly miss consensus. Sonic showed the same trend that other dealers reporting so far have reported: Weak new-vehicle demand contrasted with improving new-vehicle gross profit per unit and strong used demand and profit growth. Sonic's new-vehicle gross profit ...Sonic Automotive is an automotive retailer in the United States. The company has two reportable segments: the Franchised Dealerships Segment and the EchoPark Segment. The Franchised Dealerships segment is comprised of retail automotive franchises that sell new vehicles and buy and sell used vehicles, sell replacement parts, perform vehicle maintenance, warranty and repair services, and arrange finance and insurance products. The EchoPark segment is comprised of pre-owned vehicle retail locations that provide customers an opportunity to search the company's nationwide inventory, purchase a pre-owned vehicle, select finance and insurance products and sell their vehicle to the company
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