Sonic Automotive ( NYSE: SAH ) posted record revenue of $3.6B in Q4 on 13% growth.
Same store revenue was up 12% for the Franchised Dealerships Segment and was 2% higher for the EchoPark Segment.
Selling, general and administrative expenses as a percentage of gross profit fell 110 basis points during the quarter to 63.6%.
The auto retailer ended the quarter with $804.5M of liquidity, which it believes provides flexibility to strategically deploy capital in 2023 and beyond to continue to deliver long-term returns for stockholders.
Looking ahead, President Jeff Syke said that despite a challenging used vehicle industry backdrop, the company is committed to EchoPark’s long-term potential and are focused on executing strategic enhancements to the business model in 2023. Sonic Automotive ( SAH ) is keeping a target of hitting 90% U.S. population coverage by 2025.
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Sonic Automotive delivers record revenue despite challenging conditions