CHARLOTTE, N.C. -

Sonic Automotive dealerships turned an average of 89 used vehicles per month during the second quarter, a span in which the retail total ended up nearly flat against the year-ago period.

According to the report the company put out this morning, that average retail sales total pushed Sonic’s used-unit volume to 26,599 vehicles during Q2. A year earlier, Sonic stores moved 26,525 units.

Year to date, Sonic has turned 53,068 used vehicles, up from 52,003 units the company retailed halfway through 2012.

At the midpoint of this year, Sonic also has wholesaled more units, too, sending 15,650 vehicles out for consignment. Through the first two quarters of last year, Sonic wholesaled 14,805.

On the new-car side, Sonic reported Q2 retail sales of 33,685 vehicles, an uptick from the year-ago period when the company turned 33,115 new models.

Through two quarters, Sonic’s retail new-vehicle sale figure is up to 64,275 vehicles. At the point a year ago, the company turned 61,605 new models.

Sonic’s used- and new-vehicle retail sales performances during the second quarter helped the company post a 3.8-percent rise in revenue, propelling the company to second quarter adjusted earnings from continuing operations of $26.4 million.

The company calculated that adjusted earnings from continuing operations per diluted share increased 11.1 percent to $0.50 compared to an adjusted $0.45 in the prior year quarter.  Sonic mentioned adjusted results in the second quarter exclude a pre-tax charge of approximately $29.0 million, or $0.34 per diluted share, related to costs associated with retiring its outstanding 9.0 percent Senior Subordinated Notes due 2018.

“I’m pleased that we grew our earnings per share by more than 11 percent in the quarter despite our margin challenges associated with our True Price process execution,”  Sonic president Scott Smith said. “Our investment strategy remains the same. We continue to focus on investing in our base business, owning our real estate and strengthening our balance sheet.

“In May, we announced the acquisition of Murray Mercedes-Benz of Denver and Murray BMW of Denver which we expect to close in the third quarter. Both operations are brands that we operate very well and are in one of the best markets in the country,” Smith continued.

“In addition, during June we also executed the most successful bond offering in the company’s history securing 5-percent financing on $300.0 million, moving our nearest maturity out to 2022,” Smith went on to say.

Smith also reiterated Sonic’s earnings guidance that was originally given at the beginning of the year, targeting fully diluted earnings per share from continuing operations at $1.93-$2.03 for the full year.

Jeff Dyke, Sonic’s executive vice president of operations, touched on the True Price strategy when the company reported its Q2 results this morning.

“Training on True Price and the development of our customer experience model and related technologies continued in the second quarter,” Dyke said. “We are learning a great deal. It's been an amazing first six months of the year as we continue to evolve.  We have stores within brand lines that are showing substantial growth over the prior year as the stores gain the experience needed to execute our True Price process. 

“We are very excited about the progress and potential that we see in our stores and the feedback we are receiving from our customers as we work toward using technology, process and transparency to enhance trust and eliminate the wasteful time and energy it takes to buy a vehicle,” Dyke continued.

“We are confident that over the next 18 months the rollout of these processes and the commitment we are making to a seamless, paperless transaction that includes our sales associates handling the entire customer experience transaction will provide us with infinite opportunities for growth and a significant competitive advantage,” he went on to say.

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