Sonic Automotive (SAH) Unveils 9th EchoPark In California

Sonic Automotive, Inc. (NYSE:SAH) recently unveiled its ninth specialty pre-owned vehicle store — EchoPark Automotive — in Long Beach, CA. Since its introduction in 2014, EchoPark has been offering better ways to purchase pre-owned vehicles, changing how consumers buy used cars.

The firm’s used-car segment EchoPark is its major growth engine. Stellar organic growth, fueled by the EchoPark expansion, is likely to significantly boost the company’s growth profile. The segment is on track to bring in more than $1.2 billion of revenues by the end of this year.

The EchoPark retail space comes with a phygital environment, which incorporates physical space with digital technology. Every EchoPark visitor engages in the sales process and does not have to bargain over prices, with the help of an experienced guide.

All the vehicles come with a clean report of CarFax history and 190-point inspection. Also, one- to four-year old vehicles are priced 20-40% below new car pricing.

Further, the EchoPark team has decided to prepare and serve hot meals to the homeless, in collaboration with the Long Beach Rescue Mission. Throughout this December, it will have a vehicle at the new location filled with items like clean socks, bedding and canned goods, which will be donated later to the Long Beach Rescue Mission, as part of the company’s "Fill Our Car, Fill A Need" drive.

The company projects continued execution of its EchoPark development strategies, omni-channel sales and other online initiatives, in the days ahead.

Zacks Rank and Other Stocks to Consider

Currently, Sonic Automotive sports a Zacks Rank #1 (Strong Buy). In the past six months, shares of Sonic Automotive have outperformed the industry it belongs to. Its shares have appreciated 40.1% compared with the industry’s rise of 25.4%.

Other top-ranked stocks in the Auto-Tires-Trucks sector include Weichai Power Co. (OTC:WEICY) , Spartan Motors, Inc. (NASDAQ:SPAR) and SPX Corporation (NYSE:SPXC) . While Weichai Power flaunts a Zacks Rank #1, Spartan Motors and SPX carry a Zacks Rank of 2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Weichai Power has a projected earnings growth rate of 6.11% for the current year. Its shares have gained 75.5% over the past year.

Spartan Motors has an estimated earnings growth rate of 85.42% for the ongoing year. The company’s shares have surged 141.6% in a year’s time.

SPX has an expected earnings growth rate of 23.18% for 2019. The stock has appreciated 87.7% in the past year.

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