SAH - Insider Selling: David B. Smith Unloads $237K Of Sonic Automotive Stock | Benzinga
David B. Smith, Chairman and CEO at Sonic Automotive (NYSE:SAH), disclosed an insider sell on May 1, according to a recent SEC filing.
What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Wednesday showed that Smith sold 3,861 shares of Sonic Automotive. The total transaction amounted to $237,195.
Tracking the Thursday's morning session, Sonic Automotive shares are trading at $57.28, showing a down of 0.0%.
Delving into Sonic Automotive's Background
Sonic Automotive is one of the largest auto dealership groups in the United States. The company has 108 franchised stores in 18 states, primarily in metropolitan areas in California, Texas, and the Southeast, plus 25 EchoPark used-vehicle stores, 16 collision centers, and 13 powersports locations. The franchise stores derive revenue from new and used vehicles plus parts and collision repair, finance, insurance, and wholesale auctions. Luxury and import dealerships make up about 86% of franchise new-vehicle revenue, while Honda, BMW, Mercedes, and Toyota constitute about 58% of new-vehicle revenue. BMW is the largest brand at about 25%. 2023's revenue was $14.4 billion, with EchoPark's portion totaling $2.4 billion. Sonic bought RFJ Auto in December 2021, which added $3.2 billion in sales.