Wednesday, Nov. 02, 2022, 01:38 PM
Sonic Automotive delivered record revenues and net income in its third quarter, but is tapping the brakes on adding stores to its EchoPark Automotive stand-alone used-car brand until mid-2023 while it realigns the brand with the changing economic environment.
Sonic CEO David Smith said the company remains committed to expanding EchoPark’s reach to within 90% of the U.S. population by 2025, compared to reaching “over 50%” of the population currently.
But he also said the company is taking …