Sonic Automotive Clears Used Inventory in 1Q; Upside Potential Looms in Its Key Houston Market
Sonic Automotive’s first-quarter results gave us no reason to change our fair value estimate. Record first-quarter revenue of $2.4 billion, a 4.9% year-over-year increase and an all-time record for used-vehicle volume, in part due to the stand-alone used-vehicle stores called EchoPark, means to us there is a long growth runway ahead in used. Management even thinks EchoPark can one day surpass the franchise stores’ used-vehicle business and, based on how big CarMax is, we would not disagree. For ...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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