Sonic taps brakes on EchoPark store openings; Lithia says inventory begins to ‘loosen’
File photo of Sonic Automotive’s EchoPark location in Charlotte, N.C. Photo by Joe Overby.
Wednesday, Nov. 2, 2022, 05:38 PM
Arlena Sawyers, Correspondent
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% […]