BALTIMORE–(BUSINESS WIRE)–Sonic Automotive, Inc. (“Sonic” or the “Firm”) (NYSE:SAH), a Fortune 500 Firm and one of many nation’s largest automotive retailers, at the moment introduced the growth of its EchoPark specialty pre-owned automobile community into the better Baltimore-Washington metro space with the acquisition of the Carbiz dealership group.
Household owned and operated, Carbiz was based in Northwest Baltimore in 2003, increasing into the Washington D.C. market in 2017. Carbiz is an ideal match to hitch the EchoPark community because it already embraces the identical tradition and values that outline the EchoPark model, with a highly-qualified group targeted on offering an distinctive expertise and unimaginable worth to their friends.
The mixing of two Carbiz shops in Baltimore and Laurel, Md. into EchoPark’s community brings EchoPark’s whole nationwide footprint to 21 areas, together with retail hub shops and supply and purchase facilities. This follows the openings of 4 new EchoPark areas in the course of the fourth quarter of 2020 and three earlier openings in 2021 so far.
Since its inception in 2014, EchoPark Automotive has been dedicated to its model promise to offer a guest-centric used automotive shopping for expertise with nice pricing and high-quality automobile stock. Potential automotive patrons within the mid-Atlantic area can now get pleasure from the advantages of EchoPark’s intensive retail community, providing the power to buy in particular person or on-line at echopark.com and select from a listing of almost 10,000 top quality one-to-four year-old pre-owned automobiles below authentic manufacturing unit guarantee, with clear CarFax stories, and priced as much as 40 % beneath new automotive pricing.
“We’re excited so as to add Carbiz to the EchoPark household, increasing EchoPark’s footprint into the Baltimore-Washington space and providing new friends on this market the stock choice, distinctive pricing and extraordinary visitor expertise that has turn into synonymous with the EchoPark model,” stated Jeff Dyke, President of Sonic Automotive and EchoPark Automotive. “This newest addition, coupled with the latest acquisition of Used Automotive King, marks EchoPark’s entry into the mid-Atlantic and northeast markets as we proceed the growth of our nationwide distribution community.”
“We’re thrilled to have Carbiz be part of EchoPark Automotive. For years, we have now been increasing our on-line footprint. On the identical time, we consider clients ought to have the power to buy how they wish to store, together with finishing transactions on-line or coming into the dealership,” stated Evan Burney, Chief Government Officer of Carbiz. “With its progressive mannequin and comparable firm tradition, EchoPark was a transparent match for us and I’m excited for my group and I to hitch an accelerating business disruptor. I wish to thank all of our clients for his or her patronage over time and stay up for persevering with to serve them as a part of the EchoPark household.”
Upon completion of the acquisition, all 65 Carbiz associates have been retained and have turn into valued staff below the EchoPark model. EchoPark is trying to fill one other 30 positions instantly, with plans to succeed in 150 associates throughout the first 12 months.
Following its 2014 launch, EchoPark Automotive has quickly turn into one of many pre-owned automotive retail business’s most outstanding success tales. The Firm continues to increase its EchoPark footprint with plans to succeed in a 140-point nationwide distribution community by 2025, which is predicted to retail 575,000 automobiles yearly and generate $14 billion in EchoPark revenues by that point.
EchoPark Baltimore is situated at 6001 Reisterstown Rd., Baltimore, MD 21215, and might be reached by telephone at 410-553-5519 or on-line at www.echopark.com.
EchoPark Laurel is situated at 8751 Freestate Drive #100, Laurel, MD 20723, and might be reached by telephone at 410-928-8171 or on-line at www.echopark.com.
About EchoPark Automotive
EchoPark Automotive is a rising working phase throughout the Firm that makes a speciality of pre-owned automobile gross sales and supplies a singular visitor expertise in contrast to conventional used automotive shops. Extra details about EchoPark Automotive might be discovered at www.echopark.com.
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 firm primarily based in Charlotte, North Carolina, is without doubt one of the nation’s largest automotive retailers. Sonic might be reached on the internet at www.sonicautomotive.com.
Included herein are forward-looking statements, together with statements relating to anticipated future income ranges, future profitability, projected SG&A expense ranges, pre-owned automobile gross sales projections and the opening of further EchoPark factors. There are various components that have an effect on administration’s views about future occasions and traits of the Firm’s enterprise. These components contain dangers and uncertainties that would trigger precise outcomes or traits to vary materially from administration’s views, together with, with out limitation, financial circumstances within the markets by which we function, new and used automobile business gross sales quantity, anticipated future progress in our EchoPark Phase, the success of our operational methods, the speed and timing of total financial growth or contraction, the impact of the COVID-19 pandemic and associated government-imposed restrictions on operations, and the chance components described within the Firm’s Annual Report on Kind 10-Ok for the 12 months ended December 31, 2020 and different stories and knowledge filed with the Securities and Change Fee (the “SEC”). The Firm doesn’t undertake any obligation to replace forward-looking info, besides as required below federal securities legal guidelines and the principles and laws of the SEC.