“We sold almost 20,000 cars,” in the first quarter at EchoPark dealerships, an increase of more than 40% vs. a year ago, said Sonic CEO David Smith, in a phone interview April 29, following up on Sonic’s first-quarter earnings announcement.
The increase is largely because Sonic is adding more EchoPark stores, but Smith said some new EchoPark locations are also reaching operating profits faster than expected. Newly added markets include Phoenix, Birmingham, Ala., and Charleston, S.C.
EchoPark revenues were $507.1 million for the quarter, up 53% vs. a year ago. Pre-tax earnings for EchoPark were $2 million, down 4%.
Sonic, based in Charlotte, N.C., opened its first EchoPark location in late 2014.