Higher wholesale prices in March challenged EchoPark’s goal to keep used-car payments under $500

EchoPark, Sonic Automotive’s stand-alone used vehicle operation, strives to acquire vehicles at prices that allow it to keep its customers’ used vehicle monthly payments under $500.

“That’s going to be in the $24,000 price range,” said Sonic Automotive president Jeff Dyke, during the company’s earnings call covering its quarter that ended March 31.

But that goal was challenged when wholesale vehicles prices suddenly ...