Sonic taps brakes on EchoPark store openings; Lithia says inventory begins to ‘loosen’

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 …

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