Strategic Adjustments to EchoPark Business
Drove Improvements in EchoPark Segment Unit Sales Volume and
Profitability in the Third Quarter
Repurchased 1.7 Million Shares of Class A
Common Stock During the Third Quarter
Sonic Automotive, Inc. (“Sonic Automotive,” “Sonic,” the
“Company,” "we," "us" or "our") (NYSE:SAH), one of the nation’s
largest automotive retailers, today reported financial results for
the third quarter ended September 30, 2023.
Third Quarter 2023 Financial
Summary
- Record third quarter revenues of $3.6 billion, up 6%
year-over-year; gross profit of $582.2 million, flat
year-over-year
- Reported third quarter net income of $68.4 million, down 22%
year-over-year ($1.92 earnings per diluted share, down 14%
year-over-year)
- Adjusted third quarter net income* was $72.0 million, down 18%
year-over-year ($2.02 adjusted earnings per diluted share*, down 9%
year-over-year)
- Reported selling, general and administrative (“SG&A”)
expenses as a percentage of gross profit of 70.4% (66.5% on a
Franchised Dealerships Segment basis)
- Adjusted SG&A expenses as a percentage of gross profit* of
69.5%
- EchoPark Segment revenues of $626.7 million, up 6%
year-over-year; all-time record quarterly EchoPark Segment gross
profit of $52.8 million, up 22% year-over-year; EchoPark Segment
retail used vehicle unit sales volume of 19,050, up 25%
year-over-year
- Reported EchoPark Segment loss of $16.9 million, adjusted
EchoPark Segment loss* of $12.1 million, and EchoPark Segment
adjusted EBITDA* loss of $5.2 million
- Reiterate previously issued guidance of an expected return to
breakeven EchoPark Segment adjusted EBITDA* in the first quarter of
2024
- During the third quarter, Sonic repurchased approximately 1.7
million shares of its Class A Common Stock for an aggregate
purchase price of approximately $86.7 million, totaling
approximately 3.3 million shares repurchased year-to-date, or 9% of
shares outstanding at December 31, 2022
- Sonic's Board of Directors approved a 3.4% increase to the
Company's quarterly cash dividend, to $0.30 per share, payable on
January 12, 2024 to all stockholders of record on December 15,
2023
* Represents a non-GAAP financial measure - please refer to the
discussion and reconciliation of non-GAAP financial measures
below.
Management Commentary David
Smith, Chairman and Chief Executive Officer of Sonic Automotive,
stated, “We are proud of our team’s performance in the third
quarter, delivering financial results that reflect our ability to
leverage our diversified business model to adapt to changing market
dynamics. During the quarter, we realized the expected initial
benefits of the strategic adjustments to our EchoPark business
model, which combined with our growing powersports platform,
provided sequential earnings growth to help offset margin
normalization in the franchised dealership segment. We remain
confident that we have the right strategy, the right people, and
the right culture to continue to grow our business and create
long-term value for our stakeholders.”
Jeff Dyke, President of Sonic Automotive, commented, “While
consumer affordability and used vehicle sourcing continue to be a
challenge, the substantial improvement in our EchoPark results in
the third quarter demonstrate our team's valuable industry
experience and the adaptability of our innovative EchoPark model.
As we expected, despite reducing our EchoPark store footprint by
50%, in the third quarter we retailed 12% more vehicles than the
second quarter and reduced our EchoPark adjusted EBITDA loss to
$5.2 million, compared to a $31.8 million adjusted EBITDA loss in
the second quarter of 2023. Based on recent market trends, we
remain confident in our path to breakeven EchoPark segment adjusted
EBITDA in the first quarter of 2024, and expect to resume our
disciplined long-term growth plans for EchoPark as used vehicle
market conditions continue to improve.”
Heath Byrd, Chief Financial Officer of Sonic Automotive, added,
“Our diversified cash flow streams continued to benefit our overall
financial position in the third quarter, while allowing us to
return capital to our stockholders via share repurchases and an
increase to our quarterly dividend. As of September 30, 2023, we
had $797 million of liquidity, including $335 million in cash and
floor plan deposits on hand. Heading into what is historically a
seasonally strong fourth quarter for Sonic, we believe we remain
well-positioned to adapt to evolving market conditions and position
the Company for success in 2024 and beyond.”
Third Quarter 2023 Segment
Highlights The financial measures discussed below are
results for the third quarter of 2023 with comparisons made to the
third quarter of 2022, unless otherwise noted.
- Franchised Dealerships Segment operating results include:
- Same store revenues up 5%; same store gross profit down 3%
- Same store retail new vehicle unit sales volume up 12%; same
store retail new vehicle gross profit per unit down 30%, to
$4,678
- Same store retail used vehicle unit sales volume down 3%; same
store retail used vehicle gross profit per unit down 2%, to
$1,668
- Same store parts, service and collision repair (“Fixed
Operations”) gross profit up 8%; same store customer pay gross
profit up 10%; same store warranty gross profit up 8%; same store
Fixed Operations gross profit margin up 10 basis points, to
49.7%
- Same store finance and insurance ("F&I") gross profit up
3%; same store F&I gross profit per retail unit of $2,407, down
5%
- On a trailing quarter cost of sales basis, the Franchised
Dealerships Segment had 33 days’ supply of new vehicle inventory
(including in-transit) and 28 days’ supply of used vehicle
inventory
- EchoPark Segment operating results include:
- Revenues of $626.7 million, up 6%; gross profit of $52.8
million, up 22%
- Retail used vehicle unit sales volume of 19,050, up 25%
- Reported segment loss of $16.9 million, adjusted segment loss*
of $12.1 million, and adjusted EBITDA* loss of $5.2 million
- Reported segment loss includes $6.7 million loss related to the
closed EchoPark stores (closed EchoPark stores represent a $1.9
million loss on an adjusted segment loss* basis and a $2.2 million
loss on an adjusted EBITDA* basis)
- Expect ongoing expenses associated with the closed EchoPark
stores of approximately $1.5 million to $2.0 million per quarter
(excluding any amounts related to potential future exits of leased
or owned properties)
- Retail used vehicle unit sales volume was comprised of 85%
1-4-year-old vehicles and 15% 5-plus-year-old vehicles, with 20% of
retail used vehicle unit sales volume sourced from non-auction
sources
- On a trailing quarter cost of sales basis, the EchoPark Segment
had 37 days’ supply of used vehicle inventory
- Powersports Segment operating results include:
- Revenues of $57.0 million, gross profit of $20.8 million, gross
profit margin of 36.5%
- Segment income of $6.6 million and adjusted EBITDA* of $7.9
million
- Year-over-year comparative financial results are not meaningful
due to the timing of acquisitions (seven stores acquired in August
2022 and five stores acquired in February 2023)
* Represents a non-GAAP financial measure - please refer to the
discussion and reconciliation of non-GAAP financial measures
below.
Dividend Sonic’s Board of
Directors approved a quarterly cash dividend of $0.30 per share,
payable on January 12, 2024 to all stockholders of record on
December 15, 2023.
Third Quarter 2023 Earnings Conference
Call Senior management will hold a conference call today
at 11:00 A.M. (Eastern). Investor presentation and earnings press
release materials will be accessible beginning prior to the
conference call on the Company’s website at
ir.sonicautomotive.com.
To access the live webcast of the conference call, please go to
ir.sonicautomotive.com and select the webcast link at the top of
the page. For telephone access to this conference call, please dial
(877) 407-8289 (domestic) or +1 (201) 689-8341 (international) and
ask to be connected to the Sonic Automotive Third Quarter 2023
Earnings Conference Call. Dial-in access remains available
throughout the live call; however, to ensure you are connected for
the full call we suggest dialing in at least 10 minutes before the
start of the call. A webcast replay will be available following the
call for 14 days at ir.sonicautomotive.com.
About Sonic Automotive Sonic
Automotive, Inc., a Fortune 500 company based in Charlotte, North
Carolina, is on a quest to become the most valuable diversified
automotive retail and service brand in America. Our Company culture
thrives on creating, innovating, and providing industry-leading
guest experiences, driven by strategic investments in technology,
teammates, and ideas that ultimately fulfill ownership dreams,
enrich lives, and deliver happiness to our guests and teammates. As
one of the largest automotive and powersports retailers in America,
we are committed to delivering on this goal while pursuing
expansive growth and taking progressive measures to be the leader
in these categories. Our new platforms, programs, and people are
set to drive the next generation of automotive and powersports
experiences. More information about Sonic Automotive can be found
at www.sonicautomotive.com and ir.sonicautomotive.com.
About EchoPark Automotive
EchoPark Automotive is one of the most comprehensive retailers of
nearly new pre-owned vehicles in America today. Our unique business
model offers a best-in-class shopping and utilizes one of the most
innovative technology-enabled sales strategies in our industry. Our
approach provides a personalized and proven guest-centric buying
process that consistently delivers award-winning guest experiences
and superior value to car buyers nationwide, with savings of up to
$3,000 versus the competition. Consumers have responded by putting
EchoPark among the top national pre-owned vehicle retailers in
products, sales, and service, while receiving the 2023 Consumer
Satisfaction Award from DealerRater. EchoPark’s mission is in the
name: Every Car, Happy Owner. This drives the experience for guests
and differentiates EchoPark from the competition. More information
about EchoPark Automotive can be found at www.echopark.com.
Forward-Looking Statements
Included herein are forward-looking statements, including
statements regarding anticipated future EchoPark profitability,
anticipated future EchoPark adjusted EBITDA, and anticipated future
expenses related to closed locations. 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, supply chain
disruptions and manufacturing delays, labor shortages, the impacts
of inflation and increases in interest rates, new and used vehicle
industry sales volume, future levels of consumer demand for new and
used vehicles, anticipated future growth in each of our operating
segments, the success of our operational strategies, the rate and
timing of overall economic expansion or contraction, the
integration of recent or future acquisitions, and the risk factors
described in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2022 and other reports and information filed
with the United States 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.
Non-GAAP Financial Measures
This press release and the attached financial tables contain
certain non-GAAP financial measures as defined under SEC rules,
such as adjusted net income, adjusted earnings per diluted share,
adjusted SG&A expenses as a percentage of gross profit,
adjusted segment loss, and adjusted EBITDA. As required by SEC
rules, the Company has provided reconciliations of these non-GAAP
financial measures to the most directly comparable GAAP financial
measures in the schedules included in this press release. The
Company believes that these non-GAAP financial measures improve the
transparency of the Company’s disclosures and provide a meaningful
presentation of the Company’s results.
Sonic Automotive, Inc. Results
of Operations (Unaudited)
Results of Operations -
Consolidated
Three Months Ended September
30,
Better / (Worse)
Nine Months Ended September
30,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except per share
amounts)
Revenues:
Retail new vehicles
$
1,573.5
$
1,371.8
15
%
$
4,624.4
$
4,067.4
14
%
Fleet new vehicles
23.2
32.0
(28
)%
70.4
70.0
1
%
Total new vehicles
1,596.7
1,403.8
14
%
4,694.8
4,137.4
13
%
Used vehicles
1,340.4
1,355.8
(1
)%
3,991.2
4,174.4
(4
)%
Wholesale vehicles
79.3
114.7
(31
)%
256.3
404.8
(37
)%
Total vehicles
3,016.4
2,874.3
5
%
8,942.3
8,716.6
3
%
Parts, service and collision repair
453.4
408.2
11
%
1,327.6
1,188.6
12
%
Finance, insurance and other, net
173.7
165.6
5
%
517.7
505.3
2
%
Total revenues
3,643.5
3,448.1
6
%
10,787.6
10,410.5
4
%
Cost of sales:
Retail new vehicles
(1,442.1
)
(1,209.6
)
(19
)%
(4,213.5
)
(3,569.2
)
(18
)%
Fleet new vehicles
(22.3
)
(30.7
)
27
%
(67.3
)
(66.9
)
(1
)%
Total new vehicles
(1,464.4
)
(1,240.3
)
(18
)%
(4,280.8
)
(3,636.1
)
(18
)%
Used vehicles
(1,288.1
)
(1,304.9
)
1
%
(3,877.4
)
(4,029.1
)
4
%
Wholesale vehicles
(80.7
)
(116.8
)
31
%
(255.8
)
(404.2
)
37
%
Total vehicles
(2,833.2
)
(2,662.0
)
(6
)%
(8,414.0
)
(8,069.4
)
(4
)%
Parts, service and collision repair
(228.1
)
(205.4
)
(11
)%
(669.0
)
(600.2
)
(11
)%
Total cost of sales
(3,061.3
)
(2,867.4
)
(7
)%
(9,083.0
)
(8,669.6
)
(5
)%
Gross profit
582.2
580.7
—
%
1,704.6
1,740.9
(2
)%
Selling, general and administrative
expenses
(409.6
)
(399.0
)
(3
)%
(1,214.2
)
(1,188.8
)
(2
)%
Impairment charges
—
—
—
%
(62.6
)
—
(100
)%
Depreciation and amortization
(35.2
)
(32.8
)
(7
)%
(105.7
)
(94.0
)
(12
)%
Operating income (loss)
137.4
148.9
(8
)%
322.1
458.1
(30
)%
Other income (expense):
Interest expense, floor plan
(17.4
)
(9.6
)
(81
)%
(48.9
)
(20.6
)
(137
)%
Interest expense, other, net
(29.0
)
(22.9
)
(27
)%
(86.2
)
(65.1
)
(32
)%
Other income (expense), net
0.2
—
100
%
0.3
0.1
200
%
Total other income (expense)
(46.2
)
(32.5
)
(42
)%
(134.8
)
(85.6
)
(57
)%
Income (loss) before taxes
91.2
116.4
(22
)%
187.3
372.5
(50
)%
Provision for income taxes - benefit
(expense)
(22.8
)
(29.1
)
22
%
(47.8
)
(93.1
)
49
%
Net income (loss)
$
68.4
$
87.3
(22
)%
$
139.5
$
279.4
(50
)%
Basic earnings (loss) per common share
$
1.96
$
2.28
(14
)%
$
3.94
$
7.09
(44
)%
Basic weighted-average common shares
outstanding
34.9
38.3
9
%
35.4
39.4
10
%
Diluted earnings (loss) per common
share
$
1.92
$
2.23
(14
)%
$
3.85
$
6.90
(44
)%
Diluted weighted-average common shares
outstanding
35.6
39.2
9
%
36.2
40.5
11
%
Dividends declared per common share
$
0.30
$
0.25
20
%
$
0.86
$
0.62
39
%
Franchised Dealerships Segment -
Reported
Three Months Ended September
30,
Better / (Worse)
Nine Months Ended September
30,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except unit and
per unit data)
Revenues:
Retail new vehicles
$
1,546.7
$
1,359.6
14
%
$
4,550.9
$
4,047.1
12
%
Fleet new vehicles
23.2
32.0
(28
)%
70.4
70.0
1
%
Total new vehicles
1,569.9
1,391.6
13
%
4,621.3
4,117.1
12
%
Used vehicles
780.7
842.4
(7
)%
2,322.8
2,568.1
(10
)%
Wholesale vehicles
51.4
75.8
(32
)%
165.3
261.2
(37
)%
Total vehicles
2,402.0
2,309.8
4
%
7,109.4
6,946.4
2
%
Parts, service and collision repair
431.8
404.7
7
%
1,289.0
1,183.4
9
%
Finance, insurance and other, net
126.0
125.8
—
%
375.4
382.1
(2
)%
Total revenues
2,959.8
2,840.3
4
%
8,773.8
8,511.9
3
%
Gross Profit:
Retail new vehicles
125.5
160.7
(22
)%
396.5
494.5
(20
)%
Fleet new vehicles
0.9
1.3
(31
)%
3.1
3.1
—
%
Total new vehicles
126.4
162.0
(22
)%
399.6
497.6
(20
)%
Used vehicles
42.6
45.4
(6
)%
127.9
136.0
(6
)%
Wholesale vehicles
(1.5
)
(2.1
)
29
%
(0.8
)
(3.0
)
73
%
Total vehicles
167.5
205.3
(18
)%
526.7
630.6
(16
)%
Parts, service and collision repair
215.1
201.0
7
%
640.1
585.7
9
%
Finance, insurance and other, net
126.0
125.8
—
%
375.4
382.1
(2
)%
Total gross profit
508.6
532.1
(4
)%
1,542.2
1,598.4
(4
)%
Selling, general and administrative
expenses
(338.3
)
(332.0
)
(2
)%
(985.5
)
(974.9
)
(1
)%
Depreciation and amortization
(28.2
)
(25.8
)
(9
)%
(82.8
)
(75.8
)
(9
)%
Operating income (loss)
142.1
174.3
(18
)%
473.9
547.7
(13
)%
Other income (expense):
Interest expense, floor plan
(12.9
)
(6.6
)
(95
)%
(34.7
)
(13.9
)
(150
)%
Interest expense, other, net
(27.9
)
(21.4
)
(30
)%
(82.2
)
(61.7
)
(33
)%
Other income (expense), net
0.2
—
100
%
0.2
0.1
100
%
Total other income (expense)
(40.6
)
(28.0
)
(45
)%
(116.7
)
(75.5
)
(55
)%
Income (loss) before taxes
101.5
146.3
(31
)%
357.2
472.2
(24
)%
Add: Impairment charges
—
—
—
%
—
—
—
%
Segment income (loss)
$
101.5
$
146.3
(31
)%
$
357.2
$
472.2
(24
)%
Unit Sales Volume:
Retail new vehicles
26,869
24,241
11
%
78,766
73,185
8
%
Fleet new vehicles
469
672
(30
)%
1,500
1,454
3
%
Total new vehicles
27,338
24,913
10
%
80,266
74,639
8
%
Used vehicles
25,541
26,647
(4
)%
75,845
81,881
(7
)%
Wholesale vehicles
5,163
5,813
(11
)%
16,162
18,436
(12
)%
Retail new & used vehicles
52,410
50,888
3
%
154,611
155,066
—
%
Used-to-New Ratio
0.95
1.10
(14
)%
0.96
1.12
(14
)%
Gross Profit Per Unit:
Retail new vehicles
$
4,672
$
6,627
(30
)%
$
5,034
$
6,757
(25
)%
Fleet new vehicles
$
2,046
$
1,955
5
%
$
2,059
$
2,132
(3
)%
New vehicles
$
4,627
$
6,501
(29
)%
$
4,978
$
6,667
(25
)%
Used vehicles
$
1,666
$
1,704
(2
)%
$
1,685
$
1,661
1
%
Finance, insurance and other, net
$
2,403
$
2,473
(3
)%
$
2,428
$
2,464
(1
)%
NM = Not Meaningful
Franchised Dealerships Segment - Same
Store
Three Months Ended September
30,
Better / (Worse)
Nine Months Ended September
30,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except unit and
per unit data)
Revenues:
Retail new vehicles
$
1,538.1
$
1,341.9
15
%
$
4,491.8
$
3,995.7
12
%
Fleet new vehicles
23.2
32.0
(28
)%
70.4
70.0
1
%
Total new vehicles
1,561.3
1,373.9
14
%
4,562.2
4,065.7
12
%
Used vehicles
775.4
829.2
(6
)%
2,288.8
2,524.3
(9
)%
Wholesale vehicles
51.3
75.1
(32
)%
163.3
258.2
(37
)%
Total vehicles
2,388.0
2,278.2
5
%
7,014.3
6,848.2
2
%
Parts, service and collision repair
429.2
399.0
8
%
1,272.7
1,166.9
9
%
Finance, insurance and other, net
125.4
122.2
3
%
370.9
369.7
—
%
Total revenues
2,942.6
2,799.4
5
%
8,657.9
8,384.8
3
%
Gross Profit:
Retail new vehicles
125.0
158.8
(21
)%
392.2
488.8
(20
)%
Fleet new vehicles
1.0
1.3
(23
)%
3.1
3.1
—
%
Total new vehicles
126.0
160.1
(21
)%
395.3
491.9
(20
)%
Used vehicles
42.3
44.5
(5
)%
126.4
133.5
(5
)%
Wholesale vehicles
(1.4
)
(1.9
)
26
%
—
(2.5
)
100
%
Total vehicles
166.9
202.7
(18
)%
521.7
622.9
(16
)%
Parts, service and collision repair
213.4
198.0
8
%
630.9
577.1
9
%
Finance, insurance and other, net
125.4
122.2
3
%
370.9
369.7
—
%
Total gross profit
$
505.7
$
522.9
(3
)%
$
1,523.5
$
1,569.7
(3
)%
Unit Sales Volume:
Retail new vehicles
26,727
23,816
12
%
77,567
71,986
8
%
Fleet new vehicles
469
672
(30
)%
1,500
1,454
3
%
Total new vehicles
27,196
24,488
11
%
79,067
73,440
8
%
Used vehicles
25,371
26,122
(3
)%
74,631
80,221
(7
)%
Wholesale vehicles
5,131
5,738
(11
)%
15,921
18,164
(12
)%
Retail new & used vehicles
52,098
49,938
4
%
152,198
152,207
—
%
Used-to-New Ratio
0.95
1.10
(13
)%
0.96
1.11
(14
)%
Gross Profit Per Unit:
Retail new vehicles
$
4,678
$
6,666
(30
)%
$
5,056
$
6,790
(26
)%
Fleet new vehicles
$
2,046
$
1,955
5
%
$
2,059
$
2,132
(3
)%
New vehicles
$
4,633
$
6,537
(29
)%
$
5,000
$
6,698
(25
)%
Used vehicles
$
1,668
$
1,704
(2
)%
$
1,694
$
1,664
2
%
Finance, insurance and other, net
$
2,407
$
2,525
(5
)%
$
2,437
$
2,429
—
%
NM = Not Meaningful
Note: All currently operating franchised
dealership stores are included within the same store group as of
the first full month following the first anniversary of the store’s
opening or acquisition.
EchoPark Segment -
Reported
Three Months Ended September
30,
Better / (Worse)
Nine Months Ended September
30,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except unit and
per unit data)
Revenues:
Retail new vehicles
$
—
$
1.6
(100
)%
$
1.0
$
7.3
(86
)%
Used vehicles
554.8
511.4
9
%
1,651.3
1,601.3
3
%
Wholesale vehicles
26.6
38.9
(32
)%
89.1
143.3
(38
)%
Total vehicles
581.4
551.9
5
%
1,741.4
1,751.9
(1
)%
Finance, insurance and other, net
45.3
38.9
17
%
136.4
121.8
12
%
Total revenues
626.7
590.8
6
%
1,877.8
1,873.7
—
%
Gross Profit:
Retail new vehicles
—
(0.6
)
100
%
0.1
1.0
(90
)%
Used vehicles
7.3
4.9
49
%
(18.8
)
7.9
(338
)%
Wholesale vehicles
0.2
—
100
%
1.3
3.6
(64
)%
Total vehicles
7.5
4.3
74
%
(17.4
)
12.5
(239
)%
Finance, insurance and other, net
45.3
38.9
17
%
136.4
121.8
12
%
Total gross profit
52.8
43.2
22
%
119.0
134.3
(11
)%
Selling, general and administrative
expenses
(58.6
)
(63.4
)
8
%
(199.0
)
(207.5
)
4
%
Impairment charges
—
—
—
%
(62.6
)
—
(100
)%
Depreciation and amortization
(6.1
)
(6.8
)
10
%
(20.4
)
(17.7
)
(15
)%
Operating income (loss)
(11.9
)
(27.0
)
56
%
(163.0
)
(90.9
)
(79
)%
Other income (expense):
Interest expense, floor plan
(4.3
)
(3.0
)
(43
)%
(13.6
)
(6.7
)
(103
)%
Interest expense, other, net
(0.7
)
(1.1
)
36
%
(2.5
)
(3.0
)
17
%
Total other income (expense)
(5.0
)
(4.1
)
(22
)%
(16.1
)
(9.7
)
(66
)%
Income (loss) before taxes
(16.9
)
(31.1
)
46
%
(179.1
)
(100.6
)
(78
)%
Add: Impairment charges
—
—
—
%
62.6
—
100
%
Segment income (loss)
$
(16.9
)
$
(31.1
)
46
%
$
(116.5
)
$
(100.6
)
(16
)%
Unit Sales Volume:
Retail new vehicles
—
45
(100
)%
11
126
(91
)%
Used vehicles
19,050
15,245
25
%
56,114
46,672
20
%
Wholesale vehicles
2,740
2,449
12
%
8,891
8,792
1
%
Gross Profit Per Unit:
Total used vehicle and F&I
$
2,767
$
2,868
(4
)%
$
2,095
$
2,775
(25
)%
NM = Not Meaningful
EchoPark Segment - Same
Market
Three Months Ended September
30,
Better / (Worse)
Nine Months Ended September
30,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except unit and
per unit data)
Revenues:
Used vehicles
$
469.9
$
268.0
75
%
$
1,274.1
$
818.6
56
%
Wholesale vehicles
16.0
14.8
8
%
56.4
73.0
(23
)%
Total vehicles
486.0
282.8
72
%
1,330.5
891.6
49
%
Finance, insurance and other, net
41.7
22.8
83
%
114.9
70.0
64
%
Total revenues
527.7
305.6
73
%
1,445.4
961.6
50
%
Gross Profit:
Used vehicles
5.0
(2.0
)
350
%
(4.3
)
(13.7
)
69
%
Wholesale vehicles
—
(0.1
)
100
%
1.1
2.0
(45
)%
Total vehicles
5.0
(2.1
)
338
%
(3.2
)
(11.7
)
73
%
Finance, insurance and other, net
41.7
22.8
83
%
114.9
70.0
64
%
Total gross profit
$
46.7
$
20.7
126
%
$
111.7
$
58.3
92
%
Unit Sales Volume:
Used vehicles
17,480
9,412
86
%
46,997
27,911
68
%
Wholesale vehicles
2,305
1,495
54
%
7,010
5,828
20
%
Gross Profit Per Unit:
Total used vehicle and F&I
$
2,672
$
2,209
21
%
$
2,352
$
2,015
17
%
Note: All currently operating EchoPark
stores in a local geographic market are included within the same
market group as of the first full month following the first
anniversary of the market's opening.
Powersports Segment -
Reported
Three Months Ended September
30,
Better / (Worse)
Nine Months Ended September
30,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except unit and
per unit data)
Revenues:
Retail new vehicles
$
26.8
$
10.6
153
%
$
72.5
$
13.0
458
%
Used vehicles
4.9
2.0
145
%
17.1
5.0
242
%
Wholesale vehicles
1.3
—
100
%
1.9
0.3
533
%
Total vehicles
33.0
12.6
162
%
91.5
18.3
400
%
Parts, service and collision repair
21.6
3.5
517
%
38.6
5.2
642
%
Finance, insurance and other, net
2.4
0.9
167
%
5.9
1.4
321
%
Total revenues
57.0
17.0
235
%
136.0
24.9
446
%
Gross Profit:
Retail new vehicles
5.9
2.1
181
%
14.3
2.7
430
%
Used vehicles
2.4
0.6
300
%
4.7
1.4
236
%
Wholesale vehicles
(0.1
)
—
(100
)%
—
—
—
%
Total vehicles
8.2
2.7
204
%
19.0
4.1
363
%
Parts, service and collision repair
10.2
1.8
467
%
18.5
2.7
585
%
Finance, insurance and other, net
2.4
0.9
167
%
5.9
1.4
321
%
Total gross profit
20.8
5.4
285
%
43.4
8.2
429
%
Selling, general and administrative
expenses
(12.7
)
(3.6
)
(253
)%
(29.7
)
(6.4
)
(364
)%
Depreciation and amortization
(0.9
)
(0.2
)
(350
)%
(2.5
)
(0.5
)
(400
)%
Operating income (loss)
7.2
1.6
350
%
11.2
1.3
762
%
Other income (expense):
Interest expense, floor plan
(0.2
)
—
100
%
(0.6
)
—
100
%
Interest expense, other, net
(0.4
)
(0.4
)
—
%
(1.5
)
(0.4
)
(275
)%
Other income (expense), net
—
—
—
%
0.1
—
(100
)%
Total other income (expense)
(0.6
)
(0.4
)
(50
)%
(2.0
)
(0.4
)
(400
)%
Income (loss) before taxes
6.6
1.2
450
%
9.2
0.9
NM
Add: Impairment charges
—
—
—
%
—
—
—
%
Segment income (loss)
$
6.6
$
1.2
450
%
$
9.2
$
0.9
NM
Unit Sales Volume:
Retail new vehicles
1,391
490
184
%
3,894
579
573
%
Used vehicles
837
177
373
%
1,972
353
459
%
Wholesale vehicles
93
9
NM
150
29
NM
Gross Profit Per Unit:
Retail new vehicles
$
4,213
$
4,304
(2
)%
$
3,680
$
4,742
(22
)%
Used vehicles
$
2,833
$
3,328
(15
)%
$
2,407
$
3,677
(35
)%
Finance, insurance and other, net
$
1,075
$
1,297
(17
)%
$
1,006
$
1,445
(30
)%
NM = Not Meaningful
Non-GAAP Reconciliation - Consolidated
- SG&A Expenses
Three Months Ended September
30,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
256.0
$
255.2
$
(0.8
)
—
%
Advertising
22.5
21.1
(1.4
)
(7
)%
Rent
11.7
11.9
0.2
2
%
Other
119.4
110.8
(8.6
)
(8
)%
Total SG&A expenses
$
409.6
$
399.0
$
(10.6
)
(3
)%
Adjustments:
Lease exit charges
$
(3.9
)
$
—
Severance and long-term compensation
charges
(0.9
)
—
Total SG&A adjustments
$
(4.8
)
$
—
Adjusted:
Total adjusted SG&A expenses
$
404.8
$
399.0
$
(5.8
)
(1
)%
Reported:
SG&A expenses as a % of gross
profit:
Compensation
44.0
%
43.9
%
(10
)
bps
Advertising
3.9
%
3.6
%
(30
)
bps
Rent
2.0
%
2.1
%
10
bps
Other
20.5
%
19.1
%
(140
)
bps
Total SG&A expenses as a % of gross
profit
70.4
%
68.7
%
(170
)
bps
Adjustments:
Lease exit charges
(0.7
)%
—
%
Severance and long-term compensation
charges
(0.2
)%
—
%
Total effect of adjustments
(0.9
)%
—
%
Adjusted:
Total adjusted SG&A expenses as a % of
gross profit
69.5
%
68.7
%
(80
)
bps
Reported:
Total gross profit
$
582.2
$
580.7
$
1.5
—
%
Non-GAAP Reconciliation - Consolidated
- SG&A Expenses (Continued)
Nine Months Ended September
30,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
775.8
$
774.1
$
(1.7
)
—
%
Advertising
71.4
72.8
1.4
2
%
Rent
34.5
38.3
3.8
10
%
Other
332.5
303.6
(28.9
)
(10
)%
Total SG&A expenses
$
1,214.2
$
1,188.8
$
(25.4
)
(2
)%
Adjustments:
Acquisition and disposition-related gain
(loss)
$
20.7
$
—
Hail and storm damage charges
(1.9
)
—
Lease exit charges
(4.3
)
—
Severance and long-term compensation
charges
(5.1
)
(4.4
)
Total SG&A adjustments
$
9.4
$
(4.4
)
Adjusted:
Total adjusted SG&A expenses
$
1,223.6
$
1,184.4
$
(39.2
)
(3
)%
Reported:
SG&A expenses as a % of gross
profit:
Compensation
45.5
%
44.5
%
(100
)
bps
Advertising
4.2
%
4.2
%
—
bps
Rent
2.0
%
2.2
%
20
bps
Other
19.5
%
17.4
%
(210
)
bps
Total SG&A expenses as a % of gross
profit
71.2
%
68.3
%
(290
)
bps
Adjustments:
Acquisition and disposition-related gain
(loss)
0.4
%
—
%
Hail and storm damage charges
—
%
—
%
Lease exit charges
(0.1
)%
—
%
Severance and long-term compensation
charges
(0.1
)%
(0.3
)%
Total effect of adjustments
0.2
%
(0.3
)%
Adjusted:
Total adjusted SG&A expenses as a % of
gross profit
71.4
%
68.0
%
(340
)
bps
Reported:
Total gross profit
$
1,704.6
$
1,740.9
$
(36.3
)
(2
)%
Adjustments:
Used vehicle inventory valuation
adjustment
$
10.0
$
—
Total adjustments
$
10.0
$
—
Adjusted:
Total adjusted gross profit
$
1,714.6
$
1,740.9
$
(26.3
)
(2
)%
Non-GAAP Reconciliation - Franchised
Dealerships Segment - SG&A Expenses
Three Months Ended September
30,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
216.9
$
216.2
$
(0.7
)
—
%
Advertising
11.0
10.5
(0.5
)
(5
)%
Rent
10.2
10.1
(0.1
)
(1
)%
Other
100.2
95.2
(5.0
)
(5
)%
Total SG&A expenses
$
338.3
$
332.0
$
(6.3
)
(2
)%
Reported:
SG&A expenses as a % of gross
profit:
Compensation
42.6
%
40.6
%
(200
)
bps
Advertising
2.2
%
2.0
%
(20
)
bps
Rent
2.0
%
1.9
%
(10
)
bps
Other
19.7
%
17.9
%
(180
)
bps
Total SG&A expenses as a % of gross
profit
66.5
%
62.4
%
(410
)
bps
Reported:
Total gross profit
$
508.6
$
532.1
$
(23.5
)
(4
)%
Non-GAAP Reconciliation - Franchised
Dealerships Segment - SG&A Expenses (Continued)
Nine Months Ended September
30,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
649.7
$
657.2
$
7.5
1
%
Advertising
29.7
26.2
(3.5
)
(13
)%
Rent
29.8
31.9
2.1
7
%
Other
276.4
259.6
(16.8
)
(6
)%
Total SG&A expenses
$
985.5
$
974.9
$
(10.6
)
(1
)%
Adjustments:
Acquisition and disposition-related gain
(loss)
$
20.9
$
—
Hail and storm damage charges
(1.9
)
—
Long-term compensation charges
—
(4.4
)
Total SG&A adjustments
$
19.0
$
(4.4
)
Adjusted:
Total adjusted SG&A expenses
$
1,004.5
$
970.5
$
(34.0
)
(4
)%
Reported:
SG&A expenses as a % of gross
profit:
Compensation
42.1
%
41.1
%
(100
)
bps
Advertising
1.9
%
1.6
%
(30
)
bps
Rent
1.9
%
2.0
%
10
bps
Other
18.0
%
16.3
%
(170
)
bps
Total SG&A expenses as a % of gross
profit
63.9
%
61.0
%
(290
)
bps
Adjustments:
Acquisition and disposition-related gain
(loss)
1.3
%
—
%
Hail and storm damage charges
(0.1
)%
—
%
Long-term compensation charges
—
%
(0.3
)%
Total effect of adjustments
1.2
%
(0.3
)%
Adjusted:
Total adjusted SG&A expenses as a % of
gross profit
65.1
%
60.7
%
(440
)
bps
Reported:
Total gross profit
$
1,542.2
$
1,598.4
$
(56.2
)
(4
)%
Non-GAAP Reconciliation - EchoPark
Segment - SG&A Expenses
Three Months Ended September
30,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
30.0
$
36.5
$
6.5
18
%
Advertising
10.9
10.4
(0.5
)
(5
)%
Rent
2.1
1.8
(0.3
)
(17
)%
Other
15.6
14.7
(0.9
)
(6
)%
Total SG&A expenses
$
58.6
$
63.4
$
4.8
8
%
Adjustments:
Lease exit charges
$
(3.9
)
$
—
Severance charges
(0.9
)
—
Total SG&A adjustments
$
(4.8
)
$
—
Adjusted:
Total adjusted SG&A expenses
$
53.8
$
63.4
$
9.6
15.1
%
Reported:
SG&A expenses as a % of gross
profit:
Compensation
56.9
%
84.4
%
NM
Advertising
20.5
%
24.0
%
35
bps
Rent
3.9
%
4.2
%
30
bps
Other
29.8
%
34.2
%
440
bps
Total SG&A expenses as a % of gross
profit
111.1
%
146.8
%
NM
Adjustments:
Lease exit charges
(7.5
)%
—
%
Severance charges
(1.7
)%
—
%
Total effect of adjustments
(9.2
)%
—
%
Adjusted:
Total adjusted SG&A expenses as a % of
gross profit
101.9
%
146.8
%
NM
Reported:
Total gross profit
$
52.8
$
43.2
$
9.6
22
%
NM = Not Meaningful
Non-GAAP Reconciliation - EchoPark
Segment - SG&A Expenses (Continued)
Nine Months Ended September
30,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
105.1
$
112.2
$
7.1
6
%
Advertising
40.3
46.4
6.1
13
%
Rent
5.3
6.2
0.9
15
%
Other
48.3
42.7
(5.6
)
(13
)%
Total SG&A expenses
$
199.0
$
207.5
$
8.5
4
%
Adjustments:
Acquisition and disposition-related gain
(loss)
$
(0.3
)
$
—
Lease exit charges
(4.3
)
—
Severance and long-term compensation
charges
(5.1
)
—
Total SG&A adjustments
$
(9.7
)
$
—
Adjusted:
Total adjusted SG&A expenses
$
189.3
$
207.5
$
18.2
8.8
%
Reported:
SG&A expenses as a % of gross
profit:
Compensation
88.4
%
83.5
%
(490
)
bps
Advertising
33.9
%
34.6
%
70
bps
Rent
4.4
%
4.7
%
30
bps
Other
40.5
%
31.7
%
(880
)
bps
Total SG&A expenses as a % of gross
profit
167.2
%
154.5
%
NM
Adjustments:
Acquisition and disposition-related gain
(loss)
(0.6
)%
—
%
Hail and storm damage charges
—
%
—
%
Lease exit charges
(9.0
)%
—
%
Severance and long-term compensation
charges
(10.7
)%
—
%
Total effect of adjustments
(20.4
)%
—
%
Adjusted:
Total adjusted SG&A expenses as a % of
gross profit
146.8
%
154.5
%
NM
Reported:
Total gross profit
$
119.0
$
134.3
$
(15.3
)
(11
)%
Adjustments:
Used vehicle inventory valuation
adjustment
$
10.0
$
—
Total adjustments
$
10.0
$
—
Adjusted:
Total adjusted gross profit
$
129.0
$
134.3
$
(5.3
)
(4
)%
NM = Not Meaningful
Non-GAAP Reconciliation - Powersports
Segment - SG&A Expenses
Three Months Ended September
30,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
9.1
$
2.5
$
(6.6
)
(264
)%
Advertising
0.6
0.2
(0.4
)
(200
)%
Rent
(0.6
)
—
0.6
—
%
Other
3.6
0.9
(2.7
)
(300
)%
Total SG&A expenses
$
12.7
$
3.6
$
(9.1
)
(253
)%
Reported:
SG&A expenses as a % of gross
profit:
Compensation
44.0
%
47.2
%
320
bps
Advertising
2.9
%
3.1
%
20
bps
Rent
(2.9
)%
0.2
%
310
bps
Other
17.1
%
15.7
%
(140
)
bps
Total SG&A expenses as a % of gross
profit
61.1
%
66.2
%
510
bps
Reported:
Total gross profit
$
20.8
$
5.4
$
15.4
285
%
NM = Not Meaningful
Nine Months Ended September
30,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
21.0
$
4.7
$
(16.3
)
(347
)%
Advertising
1.4
0.2
(1.2
)
(600
)%
Rent
(0.6
)
—
0.6
—
%
Other
7.8
1.5
(6.3
)
(420
)%
Total SG&A expenses
$
29.7
$
6.4
$
(23.3
)
(364
)%
Reported:
SG&A expenses as a % of gross
profit:
Compensation
48.4
%
58.3
%
NM
Advertising
3.2
%
2.8
%
(40
)
bps
Rent
(1.2
)%
0.1
%
130
bps
Other
18.1
%
17.6
%
(50
)
bps
Total SG&A expenses as a % of gross
profit
68.5
%
78.8
%
NM
Reported:
Total gross profit
$
43.4
$
8.2
$
35.2
429
%
NM = Not Meaningful
Non-GAAP Reconciliation - Franchised
Dealerships Segment - Income (Loss) Before Taxes and Segment Income
(Loss)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
% Change
2023
2022
% Change
(In millions)
Reported:
Income (loss) before taxes
$
101.5
$
146.3
(31
)%
$
357.2
$
472.2
(24
)%
Add: Impairment charges
—
—
—
—
Segment income (loss)
$
101.5
$
146.3
(31
)%
$
357.2
$
472.2
(24
)%
Adjustments:
Acquisition and disposition-related (gain)
loss
$
—
$
—
$
(20.9
)
$
—
Hail and storm damage charges
—
—
1.9
—
Long-term compensation charges
—
—
—
4.4
Total pre-tax adjustments
$
—
$
—
$
(19.0
)
$
4.4
Adjusted:
Segment income (loss)
$
101.5
$
146.3
(31
)%
$
338.2
$
476.6
(29
)%
Non-GAAP Reconciliation - EchoPark
Segment - Income (Loss) Before Taxes and Segment Income
(Loss)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
% Change
2023
2022
% Change
(In millions)
Reported:
Income (loss) before taxes
$
(16.9
)
$
(31.1
)
46
%
$
(179.1
)
$
(100.6
)
(78
)%
Add: Impairment charges
—
—
62.6
—
Segment income (loss)
$
(16.9
)
$
(31.1
)
46
%
$
(116.5
)
$
(100.6
)
(16
)%
Adjustments:
Acquisition and disposition-related (gain)
loss
$
—
$
—
$
0.3
$
—
Lease exit charges
3.9
—
4.3
—
Severance and long-term compensation
charges
0.9
—
5.1
—
Used vehicle inventory valuation
adjustment
—
—
10.0
—
Total pre-tax adjustments
$
4.8
$
—
$
19.7
$
—
Adjusted:
Segment income (loss)
$
(12.1
)
$
(31.1
)
61
%
$
(96.8
)
$
(100.6
)
4
%
Non-GAAP Reconciliation - Powersports
Segment - Income (Loss) Before Taxes and Segment Income
(Loss)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
% Change
2023
2022
% Change
(In millions)
Reported:
Income (loss) before taxes
$
6.6
$
1.2
450
%
$
9.2
$
0.9
NM
Add: Impairment charges
—
—
—
—
Segment income (loss)
$
6.6
$
1.2
450
%
9.2
0.9
NM
NM = Not Meaningful
Non-GAAP Reconciliation - Consolidated
- Net Income (Loss) and Diluted Earnings (Loss) Per
Share
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Weighted-
Average
Shares
Amount
Per
Share
Amount
Weighted-
Average
Shares
Amount
Per
Share
Amount
(In millions, except per share
amounts)
Reported net income (loss), diluted
shares, and diluted earnings (loss) per share
35.6
$
68.4
$
1.92
39.2
$
87.3
$
2.23
Adjustments:
Lease exit charges
$
3.9
$
—
Severance and long-term compensation
charges
0.9
—
Total pre-tax items of interest
$
4.8
$
—
Tax effect of above items
(1.2
)
—
Adjusted net income (loss), diluted
shares, and diluted earnings (loss) per share
35.6
$
72.0
$
2.02
39.2
$
87.3
$
2.23
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
Weighted-
Average
Shares
Net Income
(Loss)
Per
Share
Amount
Weighted-
Average
Shares
Net Income
(Loss)
Per
Share
Amount
(In millions, except per share
amounts)
Reported net income (loss), diluted
shares, and diluted earnings (loss) per share
36.2
$
139.5
$
3.85
40.5
$
279.4
$
6.90
Adjustments:
Acquisition and disposition-related gain
(loss)
$
(20.7
)
$
—
Hail and storm damage charges
1.9
—
Impairment charges
62.6
—
Lease exit charges
4.3
—
Severance and long-term compensation
charges
5.1
4.4
Used vehicle inventory valuation
adjustment
10.0
—
Total pre-tax items of interest
$
63.2
$
4.4
Tax effect of above items
(15.6
)
—
Adjusted net income (loss), diluted
shares, and diluted earnings (loss) per share
36.2
$
187.1
$
5.17
40.5
$
283.8
$
7.01
Non-GAAP Reconciliation - Adjusted
EBITDA
Three Months Ended September
30, 2023
Three Months Ended September
30, 2022
Franchised
Dealerships
Segment
EchoPark
Segment
Powersports
Segment
Total
Franchised
Dealerships
Segment
EchoPark
Segment
Powersports
Segment
Total
(In millions)
Net income (loss)
$
68.4
$
87.3
Provision for income taxes
22.8
29.1
Income (loss) before taxes
$
101.5
$
(16.9
)
$
6.6
$
91.2
$
146.3
$
(31.1
)
$
1.2
$
116.4
Non-floor plan interest (1)
26.2
0.7
0.4
27.3
19.9
1.1
0.4
21.4
Depreciation and amortization (2)
29.9
6.1
0.9
36.9
27.3
6.7
0.3
34.3
Stock-based compensation expense
6.7
—
—
6.7
3.8
—
—
3.8
Loss (gain) on exit of leased
dealerships
—
3.9
—
3.9
—
—
—
—
Severance and long-term compensation
charges
—
0.9
—
0.9
—
—
—
—
Acquisition and disposition related (gain)
loss
0.2
0.1
—
0.3
0.5
—
—
0.5
Adjusted EBITDA
$
164.5
$
(5.2
)
$
7.9
$
167.2
$
197.8
$
(23.3
)
$
1.9
$
176.4
Nine Months Ended September
30, 2023
Nine Months Ended September
30, 2022
Franchised
Dealerships
Segment
EchoPark
Segment
Powersports
Segment
Total
Franchised
Dealerships
Segment
EchoPark
Segment
Powersports
Segment
Total
(In millions)
Net income (loss)
$
139.5
$
279.4
Provision for income taxes
47.8
93.1
Income (loss) before taxes
$
357.2
$
(179.1
)
$
9.2
$
187.3
$
472.2
$
(100.6
)
$
0.9
$
372.5
Non-floor plan interest (1)
77.4
2.5
1.6
81.5
58.0
3.0
0.2
61.2
Depreciation & amortization (2)
87.6
20.4
2.4
110.4
79.6
17.6
0.5
97.7
Stock-based compensation expense
17.3
—
—
17.3
12.4
—
—
12.4
Loss (gain) on exit of leased
dealerships
—
4.3
—
4.3
—
—
—
—
Impairment charges
—
62.6
—
62.6
—
—
—
—
Severance and long-term compensation
charges
—
5.1
—
5.1
4.4
—
—
4.4
Acquisition and disposition related (gain)
loss
(20.7
)
0.3
—
(20.4
)
(0.5
)
—
—
(0.5
)
Hail and storm damage charges
1.9
—
—
1.9
—
—
—
—
Used vehicle inventory valuation
adjustment
—
10.0
—
10.0
—
—
—
—
Adjusted EBITDA
$
520.7
$
(73.9
)
$
13.2
$
460.0
$
626.1
$
(80.0
)
$
1.6
$
547.7
(1)
Includes interest expense, other, net in
the accompanying consolidated statements of operations, net of any
amortization of debt issuance costs or net debt discount/premium
included in (2) below.
(2)
Includes the following line items from the
accompanying consolidated statements of cash flows: depreciation
and amortization of property and equipment; debt issuance cost
amortization; and debt discount amortization, net of premium
amortization.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231026441223/en/
Company Contacts Investor
Inquiries: Heath Byrd, Executive Vice President and Chief
Financial Officer Danny Wieland, Vice President, Investor Relations
& Financial Reporting ir@sonicautomotive.com
Press Inquiries: Sonic Automotive Media Relations
media.relations@sonicautomotive.com
Sonic Automotive (NYSE:SAH)
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