sonic automotive
glassdoor has 254 sonic automotive reviews submitted anonymously by sonic automotive employees. read employee reviews and ratings on glassdoor to decide if sonic automotive is right for you .
sonic automotive, inc. - company profile, information, business description, history, background information on sonic automotive, inc .
see what the ihs markit score report has to say about sonic automotive inc .
sonic automotive, inc. reports first quarter results - record revenue and gross profit
sonic automotive, inc. (sah) dividend date & amp; history - urltoken
glassdoor has 12 echopark automotive reviews submitted anonymously by echopark automotive employees. read employee reviews and ratings on glassdoor to decide if echopark automotive is right for you .
sonic automotive represents 24 brands and more than 35, 000 new and used vehicles nationwide .
sonic automotive (sah) up 6. 5% since earnings report: can it continue ?
why is sonic automotive (sah) down 10. 2% since its last earnings report ?
sonic automotive, inc. , a fortune 300 company and member of the russell 2000 index, is among the largest automotive retailers in the united states .
sonic represents approximately 30 different automotive brands with the majority of our dealerships being luxury and import brands .
news about sonic automotive inc. , including commentary and archival articles published in the new york times .
, is one of the nation' s largest automotive retailers. sonic can be reached on the web at
current and historical revenue for sonic automotive (sah) from 2006 to 2018. the sum of all revenue fields included for a company' s operating activities. the current revenue for sonic automotive as of march 31, 2018 is .
sonic automotive operates over 100 dealerships spread across 13 states and 25 major metropolitan markets. we represent approximately 24 different automotive brands with the majority of our dealerships being luxury and import brands. we are an industry - leading automotive retailer committed to providing our customers with an outstanding automotive experience that is delivered with professionalism, integrity and enthusiasm .
sonic automotive operates over 100 dealerships spread across 14 states and 25 major metropolitan markets. we represent approximately 25 different automotive brands with the majority of our dealerships being luxury and import brands. we are an industry - leading automotive retailer committed to providing our customers with an outstanding automotive experience that is delivered with professionalism, integrity and enthusiasm .
for more information regarding echopark, please visit its website and for sonic automotive, inc. , please visit its website .
sonic automotive inc. (nyse: sah) is attempting to forever change how the charlotte - based car dealer does business .
to all the dads out there, thanks for being with us every mile. happy father’s day from all of us at sonic automotive .
let' s see if sonic automotive (sah) stock is a good choice for value - oriented investors right now from multiple angles .
geist, laura clark ,
on wall street, sonic looks bionic ,
automotive news, january 4, 1999, p. 6 .
lundegaard, karen ,
sonic automotive acquires chain of 16 dealerships ,
wall street journal, january 16, 2002, p. b7 .
sonic automotive' s (sah) first - quarter 2018 adjusted earnings of 26 cents per share surpass the zacks consensus estimate of 25 cents .
auto dealer sonic automotive inc. (nyse: sah) said friday it will bring its fast - growing echopark used car dealerships to georgia .
postman, lore ,
charlotte, n. c. , sonic automotive to buy more dealerships ,
charlotte observer, april 28, 1998 .
charlotte, n. c. - based sonic is one of the nation’s largest automotive retailers with sales of $ 9. 7 billion in 2016 .
if you are new to the automotive field the work hours may seem at times excessive .
sonic automotive had record first - quarter used - car sales and march, in particular, was the retailer’s strongest month ever for pre - owned volumes .
sonic automotive is a fortune 500 company that was founded by bruton smith. his son, scott, took over as ceo in the summer of 2015 .
sonic automotive (sah) reported earnings 30 days ago. what' s next for the stock? we take a look at earnings estimates for some clues .
for now, echopark contributed a per - share loss of 10 cents to sonic automotive' s overall $ 2. 2 million loss in the first quarter .
sonic automotive is expanding its chain of used - car dealerships to charlotte, including a location in the prominent coliseum center shopping complex on independence that is being redeveloped .
sonic automotive inc. is naming its new used - vehicle business echopark and eventually aims to put the stand - alone stores in more than 50 markets across the country .
charlotte, n. c. , april 26, 2018 / prnewswire / - - sonic automotive, inc. (nyse: sah), one of the nation' s largest automotive retailers, today reported financial results for the first quarter of 2018. record ...
in 2001, we were purchased by a company out of charlotte north carolina, sonic automotive. the sonic name is an acronym for sales, opportunity, new, in, concept. learn more about philpott pre - owned super center here .
at they did it. they were supposed to have their regional manager call me but haven' t done that either. i have left several messages with them and sonic automotive
otten johnson was engaged by sonic automotive, inc. , a fortune 500 company and national automotive retailer, to serve as land use counsel in connection with sonic’s roll - out of echopark automotive in the denver region. echopark is an entirely new, neighborhood - based approach to the sale of premium pre - owned vehicles. working with a team of sonic representatives and consultants, our attorneys assisted sonic in identifying and purchasing properties for echopark stores, obtaining necessary zoning and entitlements to permit automotive sales and service uses, and pursuing site plan and other development approvals to see the neighborhood stores come to fruition. to date, echopark has successfully opened its regional hub facility in thornton along with neighborhood stores in centennial and highlands ranch, and otten johnson continues to assist sonic in identifying new locations and developing additional stores as echopark expands its footprint in colorado .
sonic automotive is a fortune 500 company that is transforming the way people shop for, buy and service their vehicles. our talented team work together to ensure we provide an experience unmatched by our competitors .
), one of the nation' s largest automotive retailers, today reported financial results for the second quarter of 2017 .
sonic was formed in 1997 with five dealerships on charlotte, north carolina. in 1998, sonic entered new markets in ohio, alabama, florida and south carolina and
sonic automotive inc (nyse: sah), a specialty retail company based in united states, received a lot of attention from a substantial price movement on the nyse in the over the lastread more ...
after reading sonic automotive inc’s (nyse: sah) most recent earnings announcement (31 december 2017), i found it useful to look back at how the company has performed in the past andread more ...
sonic automotive inc (nyse: sah), a specialty retail company based in united states, saw a significant share price rise of over 20% in the past couple of months on the nyse. read more ...
2. high stakes: how big is sonic anyway? in 2013, it ranked as the no. 4 automotive dealer in the u. s. , with $ 8. 8 billion in sales on 275, 289 vehicles, according to automotive news. sonic' s market share has slipped some (it was ranked no. 3 in 2012) as it has built one sonic — one experience. it is also making a bold play to extend the platform to all of its 102 stores while also launching the used - car concept echopark .
sonic automotive inc (nyse: sah) is trading with a trailing p / e of 9x, which is lower than the industry average of 18. 2x. while sah might seem like an attractive stock toread more ...
it has been said that everything rises and falls on leadership. for sonic automotive, it all started when o. bruton smith as a young man, fell in love with cars and began racing and building cars in his parent' s garage and subsequently began selling them in his front yard. his passion for building, racing, and selling automobiles led him to open his first used car dealership in charlotte, north carolina. it was the leadership of mr. smith which formed the foundation of the company we celebrate today. with 20 stores, representing15 brands and several hundred employees, sonic automotive was launched as a public company in november 1997. it is that same commitment to leadership, exercised every day by every one of our associates, which has made sonic automotive one of the largest and most successful automotive retailers in the country .
it has been said that everything rises and falls on leadership. for sonic automotive, it all started when o. bruton smith as a young man, fell in love with cars and began racing and building cars in his parent' s garage and subsequently began selling them in his front yard. his passion for building, racing, and selling automobiles led him to open his first used car dealership in charlotte, north carolina. it was the leadership of mr. smith which formed the foundation of the company we celebrate today. with 20 stores, representing 15 brands and several hundred employees, sonic automotive was launched as a public company in november 1997. it is that same commitment to leadership, exercised every day by every one of our associates, which has made sonic automotive one of the largest and most successful automotive retailers in the country .
perhaps most significant, sonic customers will be able handle the entire transaction online, dyke said .
sonic automotive, the fourth - largest auto dealership group in the u. s. , is entering the san antonio market for the first time with plans to build five locations of its echopark used car retail brand in the next two years .
, was chosen after six months of research and about a half - dozen focus groups, said sonic president scott smith. sonic executives wanted to avoid using “car” or similar words in the name .
among other technology updates discussed, sonic said it will introduce an appraisal app “in coming months. ”
the cbt automotive network welcomes paul cummings, who is president and ceo of paul cummings enterprises. he tells our jim fitzpatrick about his new ...
sonic automotive, inc. is one of the largest automotive retailers in the united states. included herein are forward - looking statements, including statements with respect to anticipated acquisition activity, disposition activity, earnings per share and expense levels and debt - to - capital levels of sonic automotive, inc. there are many factors that affect management' s views about future events and trends of the company' s business. these factors involve risk and uncertainties that could cause actual results or trends to differ materially from management' s view, including without limitation, economic conditions, risks associated with acquisitions. the company does not undertake any obligation to update forward - looking information .
i truly enjoy working for sonic automotive. the processes they have in place make the expectations achievable. i have seen many employees start in entry level positions and have moved through the ranks quickly. they do care about their employees and encourage and support growth .
ts for sonic, evelyn slaybaugh the southeast director of hr, and even bruton smth' s secretary .
that the employee directs sonic how much to pay and when. that negates the purpose of having a garnishmen
year later, acquired dealerships in texas and california. since the company' s founding, sonic has experienced phenomenal growth, as today sonic operates over 100 dealerships spread across 15 states and 26 major metropolitan markets .
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o. bruton smith decided to found sonic automotive. he is also chairman of speedway motorsports which owns and operates 8 out of the largest nascar motor speedways in north america: atlanta, bristol, lowes, infineon, las vegas, new hampshire, texas and kentucky .
today, sonic automotive, as a fortune 500 company and member of the russell 2000 index, is among the largest automotive retailers in the united states. these dealerships provide comprehensive services, including sales of both new and used cars and light trucks, sales of replacement parts, performance of vehicle maintenance, warranty, paint and collision repair services, and arrangement of extended warranty contracts, financing and insurance for the company' s customers .
continue to invest in our brand and associates. we are building a great brand that will change the automotive shopping experience for our guest. we believe in echopark !
new york, ny / accesswire / april 26, 2018 / sonic automotive, inc. class a (nyse: sah) will be discussing their earnings results in their q1 earnings call to be held on april 26, 2018 at 11: 00 am eastern ...
“if you look at the first quarter, and you look holistically, it’s the first time in a quarter that sonic automotive has sold more pre - owned cars than new cars, ” executive vice president jeff dyke said in an earnings call with the investment community on wednesday .
1. family legacy: sonic president scott smith, 47, is the oldest son of motorsports magnate and sonic founder bruton smith, 87. and while bruton retains his ceo and chairman roles at sonic, scott is the man running the company and setting its strategy. it' s a job he has been groomed for since childhood .
sonic automotive in charlotte, nc treats the needs of each individual customer with paramount concern. we know that you have high expectations, and as a car dealer we enjoy the challenge of meeting and exceeding those standards each and every time. allow us to demonstrate our commitment to excellence !
mr. david bruton smith was appointed to the office of vice chairman in march 2013. he has served as executive vice president and a director of sonic since october 2008 and has served in sonic' s organization since 1998. prior to being named a director and executive vice president in 2008, mr. smith served as sonic' s senior vice president of corporate development. mr. smith served as sonic' s vice president of corporate strategy from october 2005 to march 2007, and also served prior to that time as dealer operator and general manager of several sonic dealerships .
williams, audrey y. ,
buyout plan drives charlotte, n. c. , automotive firm' s high performance ,
charlotte observer, june 6, 1999 .
cbt automotive network is a highly targeted, multi - media platform for retail automotive professionals. with digital channels including a daily newscast, informative website, daily enewsletters, a monthly magazine, webinars and 9 network shows hosted by the industry’s top trainers and thought leaders. cbt is your dealership' s “go to” source from the showroom to the service drive .
mr. jeff dyke has served as our executive vice president of operations since october 2008 and is responsible for direct oversight for all of sonic' s retail automotive operations. from march 2007 to october 2008, mr. dyke served as our division chief operating officer - southeast division, where he oversaw retail automotive operations for the states of alabama, florida, georgia, north carolina, south carolina, tennessee and texas. mr. dyke first joined sonic in october 2005 as our vice president of retail strategy, a position that he held until april 2006, when he was promoted to division vice president - eastern division, a position he held from april 2006 to march 2007. prior to joining sonic, mr. dyke worked in the automotive retail industry at autonation, inc. from 1996 to 2005, where he held several positions in divisional, regional and dealership management with that company .
according to building permits filed last month, sonic’s echopark at 3700 east independence blvd. will include a pre - owned car sales lot with a showroom, offices and repair facilities. dyke said sonic has about 10 acres on the site .
today on urltoken - monday, july 9th, 2018: paul cummings: setting goals for each department of your dealership the cbt automotive network welcomes paul cummings, who ...
cbt automotive network is a highly targeted, multi - media platform for retail automotive executives and managers. with digital channels including a daily newscast, informative website, daily enewsletters, monthly digital magazine, webinar services and 9 network shows hosted by the industry’s top trainers and thought leaders, cbt is the “go to” source for dealership staff from the showroom to the service bay .
do you have a passion for cars? do your friends always compliment your friendliness? you should join our team! we’re looking for a director of first impressions to join the sonic automotive family. to find out more about the position and / or apply. click the link below. # openroads # openopportunities urltoken
charlotte, n. c. , april 2, 2018 / prnewswire / - - sonic automotive, inc. (nyse: sah) today announced it will release fiscal 2018 first quarter financial results on thursday, april 26, 2018 at 7: 30 a. m. (eastern)... .
on a recent visit to sonic automotive’s new echopark dealership, joe had the pleasure of speaking one - on - one with jeff dyke, executive vp of operations for sonic. jeff told joe how echopark has achieved profitability using the one sonic - one experience program. the main goal of this program is to offer one customer, one price in one hour. along with this goal was to improve transparency, grow market share and improve fixed - ops. this multi - year implementation for sonic has proven to be a successful, so successful they are on track to open 50 more stores by the end of the year and recently reporting an increase of 41. 8% in profit .
sonic closed the 1990s with another strong year, marked by the largest acquisition, to date, in the history of automotive retailing: firstamerica automotive. the deal provided sonic entry into the highly coveted, high - growth california market, as well as giving it a coast - to - coast footprint. moreover, sonic added several luxury brands and picked up the services of firstamerica' s talented and seasoned management team. in addition, in 1999 sonic acquired another 44 dealerships and expanded into ten new metropolitan markets including las vegas, nevada; washington, d. c. ; mobile, alabama; panama city, florida; monroe, north carolina; florence, south carolina; and a number of cities in texas, including houston, baytown, richardson, and stafford. to help pay the price tag, sonic raised $ 85 million in a secondary stock offering held in april 1999 and raised another $ 280 million in debt financing while increasing its available credit lines by $ 250 million. as a result of these acquisitions, sonic' s revenues soared to $ 3. 35 billion and net income approached $ 45 million in 1999 .
lamm, marcy ,
sonic rides into town ,
atlanta business chronicle, december 19, 1997, p. 1a .
mr. b. scott smith is the co - founder of sonic. he is also chief executive officer, president and a director of sonic. prior to his appointment as chief executive officer in july 2015, mr. smith served as president and chief strategic officer of sonic since march 2007. prior to that, mr. smith served as sonic' s vice chairman and chief strategic officer from october 2002 to march 2007 and president and chief operating officer from april 1997 until october 2002. mr. smith has been a director of sonic since its organization in january 1997. mr. smith has over 26 years of experience in the automobile dealership industry .
6. gradual process: one reason sonic took seven years to fully plan and roll out one sonic is because of the culture and technology shift it required. previously, most sonic stores (and its rivals still) operated on inventory and accounting platforms that were local to each dealership. integrating more than 100 dealerships to one single proprietary platform required tedious work, with numerous bugs and adjustments to consider .
4. willing to lose: to work, sonic' s new model comes with a willingness to lose some customers. the pricing model uses advanced analytics to keep prices competitive. but there will be times when other dealers undercut sonic' s set prices, especially on loss - leader promotions. sonic says it' s willing to lose customers who care only about paying the absolute rock - bottom price .
had made before putting the car on the lot. all in all, i would never recommend anyone to shop with sonic after this experience
bonnie, fred ,
rapid but disciplined growth at sonic ,
ward' s dealer business, september 1998, p. 47 .
however, sonic’s experience is that once it has presented to localities, they have achieved a “100 - percent success rate” at getting greenlit .
buying a car should be an enjoyable experience. and sonic automotive is committed to making it that way, starting with our charlotte stores and expanding to other locations soon. no long waits. no uncomfortable negotiations. and no sales gimmicks. instead, you' ll work with one non - commissioned guide who' ll take you all the way through our innovative process in about an hour. we have eliminated all the pain points in car shopping with the one sonic one experience ® .
s. they were nice. the problem is sonic' s
true price
system. they say they are trying to change the way dealership
- - - - - - ,
sonic' s growth continues ,
ward' s dealer business, april 2000, p. 33 .
jeff dyke, sonic’s executive vice president of operations, said that in addition to the coliseum center location, echopark will open local dealerships in huntersville and gastonia .
the echopark stores will begin to open in late fall in the denver area. sonic, the nation’s fourth - largest dealership group, has begun hiring and training employees .
sonic, which has its corporate headquarters in cotswold, launched its echopark used - car chain in 2014 in denver and operates six dealerships in and around colorado. in a quarterly earnings report last week, sonic said it plans to open an additional 15 echopark locations in florida, georgia, texas and the carolinas by the end of 2018 .
in announcing second quarter results on friday, sonic said its echopark stores retailed 2, 049 units, up 80. 4 percent over the last year' s second quarter .
was in 2013, and the service we received was top notch. i' m not sure what has changed since then, but we thought it important enough to share the sonic customer experience
many of the recommended changes implemented by sonic began to show progress in 2004. the company cut back on acquisitions, allowing recent purchases to be integrated into the company. at the same time, management came to the conclusion that acquisitions had to remain a key part of company strategy in light of the automotive industry, which remained highly fragmented and offered great opportunities. hence, sonic began to adopt a concept it called
enriching our dealership portfolio .
in a nutshell it meant selling off underperforming dealerships and replacing them with other dealerships offering greater long - term potential. they would mostly be luxury and import dealerships that offered higher profits and required lower inventory levels. on other fronts, sonic was able to cut advertising expenses as a percentage of gross profit from 6. 5 percent in 2003 to 5. 4 percent in 2004. concerning sales compensation, sonic introduced a variable compensation structure tied to key performance metrics, which reduced compensation expense as a percentage of gross profit from 36. 4 percent in 2003 to 35. 3 percent in 2004. sonic closed 2004 posting sales of nearly $ 7. 4 billion and net income of $ 86. 1 million. its founder, now approaching 80 years of age, remained very much in charge .
launched in the fall of 2014, sonic says echopark offers a
revolutionary customer experience
for customers to search for, buy, service and sell pre - owned vehicles. sonic currently has six echopark locations open in colorado, and has announced plans to expand into additional markets in north carolina, south carolina and texas with operations in these markets expected to begin in 2017 and 2018 .
sonic is also in the process of buying land for echopark dealerships in the areas around boerne, new braunfels, seaworld san antonio and the intersection between loop 410 and interstate 35 on the east side, said jeff dyke, sonic’s executive vice president of operations. the company plans to build them all at the same time, breaking ground next summer and finishing around the beginning of 2018 .
bruton smith was one of those businessmen who wanted to be a consolidator in auto retailing. in february 1997 he incorporated sonic automotive, inc. and began building up its portfolio of dealerships before tapping the equity markets. smith got a head start with the 1996 purchase of fort mill ford in south carolina for $ 5. 7 million. then in june 1997 sonic paid about $ 3. 7 million for fort mill chrysler - plymouth - dodge. more acquisitions followed in the fall of 1997. sonic paid $ 18. 3 million for lake norman dodge and its affiliates in september. a pair of acquisitions were completed in october: $ 1. 8 million for williams motors, inc. located in rock hill, south carolina, and $ 25. 5 million for clearwater, florida - based ken marks ford, inc. then, in november 1997, sonic paid $ 18 million in cash to acquire atlanta' s dyer & dyer volvo, and another $ 27. 6 million for the bowers dealerships and affiliates located mostly in chattanooga and nashville, tennessee .
moore, pamela l. ,
no boom in stock of charlotte, n. c. - based sonic auto dealerships ,
charlotte observer, january 9, 1998, p. 109 .
7. echopark: in conjunction with one sonic — one experience, the company is making a big play for the stand - alone pre - owned car segment. sonic opened its first echopark store in denver a few months ago. it will compete head - to - head with carmax and other pre - owned superstores. but sonic says it has also worked to build a
neighborhood store
model that will serve as spokes to a market' s hub store. in denver, sonic won approval to have the smaller stores zoned as specialty retail, allowing them to open in areas normally closed to car dealers. customers can shop online and make an appointment to see the cars they' re interested in at the local neighborhood store instead of driving across town to the big lot .
buying a car is one of the most exciting things you can do. which is why sonic goes above and beyond to make your car buying experience as enjoyable as possible. what started in 1997 as a small company with 20 stores representing 15 brands has grown into a fortune 500 company with over 100 stores representing 24 brands. we' re now the fourth largest automotive retailer and largest luxury retailer in the country and more important, the no. 1 retailer at striving to make our guests happy .
mr. victor h. doolan has been a director of sonic since july 2005. prior to being appointed as a director, mr. doolan served for approximately three years as president and chief executive officer of volvo cars north america until his retirement in march 2005. prior to joining volvo, mr. doolan served as the executive director of the premier automotive group, the luxury division of ford motor company during his tenure, from july 1999 to june 2002. mr. doolan also enjoyed a 23 - year career with bmw, culminating with his service as president of bmw of north america from september 1993 to july 1999. mr. doolan has worked in the automotive industry for approximately 47 years. [ mr. doolan also served as a director of blue fire ethanol fuels inc. until december 2010 .
t. mr. smith' s secretary told me to take them to court. if i go to court, the first thing that will happen is a bench warrant will be issued for my ex husband. why should he be arrested when the wages are being withheld but sonic refuses to submit them on time? he will also miss time from work, which i' m afraid sonic will say is grounds for terminatio
new york, june 22, 2018 - - in new independent research reports released early this morning, fundamental markets released its latest key findings for all current investors, traders, and shareholders of sonic ...
new york, may 03, 2018 - - in new independent research reports released early this morning, fundamental markets released its latest key findings for all current investors, traders, and shareholders of sonic ...
t on my ex husband' s wages for child support. sonic refuses to enforce it properly. it' s due on the first of every month. they don' t withhold it from his check until t
the one sonic ­— one experience initiative is now on display at town and country toyota in south charlotte. it became the flagship for the new approach this fall. the rest of the company' s stores will follow suit over the next 24 months, including four other charlotte stores. a large advertising campaign has already hit charlotte airwaves, portraying sonic in the year 1 a. d. —
the era after dealerships .
sanjaya prakash, a veteran general manager at sonic, told me he recently had a customer at town and country toyota who found a better deal at a competitor by using sonic' s in - showroom computer tablets. the man wanted to save the $ 140 price difference. so prakash gave him directions to the other place and told him sonic wouldn' t match the price .
the guest went outside and smoked a cigarette, then he came back in and bought the car, and told us he liked the way we did business ,
prakash says .
we think customers are willing to pay a small premium for a positive experience .
mr. robert heller has been a director of sonic since january 2000. mr. heller served as a director of firstamerica automotive, inc. from january 1999 until its acquisition by sonic in december 1999. mr. heller was a director and executive vice president of fair, isaac and company from 1994 until 2001, where he was responsible for strategic relationships and marketing. from 1991 to 1993, mr. heller was president and chief executive officer of visa u. s. a. mr. heller is a former governor of the federal reserve system and has had an extensive career in banking, international finance, government service and education. mr. heller currently serves as a director of the bank of marin bancorp, a public company traded on the nasdaq capital market .
century bmw a sonic store gave me my bmw back with no airbag in the steering wheel and it was laying on the passenger seat with wires hanging. i have driven bmws for 20 years and never had such a bad
with 23 dealerships in five states as well as four stand - alone used - vehicle lots and seven collision - repair centers, altogether generating close to $ 900 million in sales, sonic went public in november 1997 at $ 12 a share, with the initial stock offering underwritten by a group of firms led by merrill lynch. the stock did not, however, flourish after it began trading, enjoying a high of $ 12. 37 before it soon dipped below the $ 10 mark. investors were generally optimistic about sonic' s business plan and respected the ability of smith and his team, which included his son and heir apparent, scott smith, but were mistrustful of the industry in general, believing that car sales were too cyclical. according to barron' s ,
ipo investors reasonably ask: how much better will it get over time ?
indeed, group 1 automotive, backed by another wall street heavyweight in goldman sachs, experienced a similar fate after going public two weeks earlier than sonic .
houston, may 3, 2018 / prnewswire / - - houston - based leslie doggett industries' affiliate the doggett auto group has purchased one of houston' s oldest and largest ford dealerships, lone star ford (8477 north freeway, between the north loop 610 and beltway 8 on i - 45 north) from north carolina - based sonic automotive inc. (sah) for an undisclosed amount effective may 1, 2018. on july 31, 2018, doggett will move the store to 9115 north freeway, to the lot adjacent to doggett' s john deere construction and forestry headquarters .
sonic continued to expand through acquisitions in 2001, adding a dozen dealerships representing $ 1 billion in annual sales. these purchases included buena park honda, harborcity honda, and coast cadillac in the los angeles area, and lawrence marshall chevrolet in houston. sonic was even more active in 2002, acquiring 31 dealerships representing $ 1. 8 billion in annual sales. the most important deal took place early in the year with the purchase of michigan - based don massey dealerships, a seven - state chain of 16 dealerships with $ 1 billion in annual revenue. after the acquisition, sonic did background checks on massey personnel and fired 200 of the 1, 550 employees. the company' s caution was understandable, given that two of its clearwater dealerships were under investigation in florida for fraudulent sales practices in the finance and insurance departments, problems the company blamed on rogue employees at some of sonic' s early acquisitions before policies and training were implemented to curb unethical practices .
in 2000 sonic acquired 11 dealerships, representing 16 different brands and accounting for nearly $ 800 million in annual sales. the company also took stock of its dealership portfolio, which included a number of dealerships that were essentially acquisition throw - ins. many of these were weeded out, resulting in the 2000 sale of eight dealerships representing some $ 65 million in annual sales. overall 2000 was a strong year for sonic, despite sluggish new vehicle sales in the final months of the year .
smith declined to say where the echopark venture will head after denver. sonic is acquiring real estate in other markets, and executives anticipate adding two or three markets a year. that pace could speed up if the venture goes really well, smith said .
sonic only cares about how much money you can make them, so the guys at the top can continue to maintain an expensive lifestyle. health benefits are horrible. be prepared to receive an email every holiday from corporate laced with their personal political views .
3. more than price: the headline of sonic' s transformation for most people is the new no - haggle pricing. but that' s really just the means to an end. yes, the company believes all the haggling at car dealerships is fundamentally bad for customers. but sonics top executives also realize it' s bad for their business. sonic is trying to build an experience for a new generation of car buyers and a business model that is more
predictable, repeatable and sustainable
over the long term, scott smith says. by switching to one price, sonic saves time and resources it can refocus on getting to know customers, building relationships that will become repeat business and make the company' s financial results much easier to forecast .
there are currently five echopark locations in colorado, with the next stops being texas and the southeast. last year, sonic purchased automatch — a group of four used - car stores in georgia and florida – and is converting those outlets into echopark locations .
we are delivering a premier automotive shopping experience to our guest. salaried employees that work as a team, free car washes as long as you own the car, no dealer handling fees, our guest are greeted by a experience guide that stays with them from inventory search until they purchase their car. 401k, medical and dental coverage, training and profit sharing are all great benefits .
the learnings gathered helped pave a path for a strategy based around meeting guests' needs. pairing experience touch points that meets guest needs at each step keeps the experience friendly, informed and enjoyable, resulting in increased customer trust and long term relationships with sonic .
mr. william r. brooks has been a director of sonic since its organization in january 1997. mr. brooks also served as sonic' s initial chief financial officer, treasurer, vice president and secretary from january 1997 to april 1997. since december 1994, mr. brooks has been the vice president, treasurer, chief financial officer and a director of smi, became executive vice president of smi in february 2004 and became vice chairman in 2008. mr. brooks also serves as an executive officer and a director for various operating subsidiaries of smi and as an officer and director of sfc, the largest stockholder of sonic. before the formation of smi in december 1994, mr. brooks was a vice president of charlotte motor speedway and a vice president and director of atlanta motor speedway .
if the plan backfires or doesn' t improve results, this is a huge pot to lose. on the other hand, sonic may be uniquely qualified to make such a play. since the smith family controls more than 70% of the shares, it can afford to be more patient and long - term focused than rivals that must balance more short - term interest from wall street investors. sonic also benefits from its size. only nine dealership groups in the u. s. have more than 50 stores. most are still family - owned private businesses without the deep pockets and national relationships to transform their entire business in one swoop. finally, sonic' s dealerships are weighted toward luxury brands (bmw is its top seller), so building the future on guest experience may be particularly effective .
the cover story in this week' s print edition of the charlotte business journal goes behind the scenes to explain how and why sonic is putting its business on the line. here are a few more things that didn' t make it in the paper, or deserved additional context .
then in 1997, sonic went public, with 29 - year - old scott as its president .
i was the youngest president on the new york stock exchange at the time ,
he says .
back when it wasn' t cool to be young on the new york stock exchange .
sonic experienced a disappointing year in 2003, when it failed to keep pace with its peer group and failed to live up to its own expectations. the company continued to grow through acquisitions, adding dealerships in existing markets such as atlanta, dallas, san francisco, and detroit, many of them representing luxury brands such as porsche, bmw, jaguar, and mercedes. but sonic' s sluggish performance in 2003 prompted management to take stock of its operating strategies, including its aggressive acquisition program. much of sonic' s success had been based on buying and turning around underperforming dealerships. but such an approach put a great deal of pressure on the managers, who were now buckling under the strain. as a result, management decided to put on the brakes somewhat, limiting acquisitions to no more than 10 percent of annual revenues. moreover, management looked to improve profitability by better controlling costs, in particular advertising and sales compensation .
“it was always the plan to bring (echopark) to charlotte, ” dyke told the observer monday. sonic is able to open multiple locations in a new market because it plans to streamline training and advertising here, he added. “when we come into town, we want to come in with a splash. ”
the echopark model, which sonic executives predict will be a “game changer” for the used - car business, will feature a hub store in each market that is substantially larger than other locations in the market. in denver, the hub store in thornton is on 10 acres. it will handle all reconditioning work and distribute inventory to the neighborhood stores .
sonic says stores using the system have increased the number of vehicles bought on trade to six in 10 from four in 10. the system is able to generate better offers because it can see market demand across the u. s. rather than just the market where the trade is taking place and route the car to the lot where it will resell for the best price .
“given our performance at echopark, we are accelerating our expansion into the carolinas, florida, georgia and texas markets ,
jeff dyke, sonic’s executive vice president of operations, said in a statement .
our colorado stores were cash flow positive in the quarter. currently, we have more than 15 locations in the aforementioned markets that will break ground in 2017 and 2018. ”
it' s about giving the guest a great experience, and you can' t do that if you haggle ,
sonic' s operations chief jeff dyke says in an interview with car biz today. and coming soon: electronic price tags that hang in car windshields so prices can be updated to match the market dynamics, without asking the local staff to reprice entire lots of vehicles .
the makeover, to be rolled out to all 102 of its dealerships in the u. s. , includes no - haggle sales policies, no - commission customer - service reps, high - tech showrooms and centralized analytics, accounting and back - office teams in charlotte. the goal is to eliminate all pain points associated with buying cars while putting sonic on the leading edge of 21st century car sales .
with stress and an untrustworthy perception of the industry on the rise, sonic recognized the need to revolutionize the pre - owned auto industry. they turned to wd to find ways to redesign the buying experience through detailed customer research, design to match and plans to scale country - wide. as a strategic partner, we didn' t just execute a store, we helped echopark grow their brand with consistency and scale in mind .
sonic hasn' t disclosed plans for its next echopark locations, but charlotte will surely be up to bat for the brand in the near future. as for competing with carmax, smith says he isn' t worried .
echopark is where the big growth opportunity is. pre - owned is such a big business ,
smith says .
it' s like asking how many tuna boats do you need in the ocean .
also, sonic had to slowly move its teams of employees to the no - haggle pricing by, over time, reducing how much they negotiated and replacing some sales reps with a new generation happy to work on a salary instead of commission .
we had to bridge the gap between the old way of doing it and what the future of our business is going to look like without destroying the company in the meantime ,
smith says .
i met scott for an interview in his seventh - floor executive suite at sonic' s recently renovated headquarters off sharon amity road. the office has full floor - to - ceiling windows looking over the cotswold shopping area, with a large sectional couch in the corner, facing his desk. you can see the tip of the bank of america corporate center rising over the treetops in the distance. for our meeting, scott wore blue jeans and a black button - up shirt with his initials on the pocket, bss for bruton scott smith. while his father is known for brash business, scott — for this hour at least — led with a quiet and friendly demeanor. we rode up and down the elevator as he showed me how one sonic had changed the corporate nature of the company in addition to its stores. and he pointed to family photos of his three young children, his
littles ,
that covered nearly every surface in the room .
5. transforming trade - ins: one point i didn' t cover well in the print - edition story is the technology around sonic' s new trade - in platform. when buying a car, the customer - service rep guests interface with also handles their trade. the rep walks around the car with the owner and together they take photos of any blemishes and document the car' s condition. the information is then uploaded to the trade desk in charlotte — a large room with analysts at computers in the cotswold hq — where the vehicle is analyzed. a firm offer for the car is returned to the dealership via mobile app in less than five minutes .
mr. heath r. byrd has served as our executive vice president and chief financial officer since april 2013. mr. byrd was previously a vice president and our chief information officer from december 2007 to march 2013, and has served our organization since 2007. prior to joining sonic, mr. byrd served in a variety of management positions at hr america, inc. , a workforce management firm that provided customized human resource and workforce development through co - sourcing arrangements, including as a director, as president and chief operating officer and as chief financial officer and chief information officer. prior to hr america, inc. , mr. byrd served as a manager in the management consulting division of ernst & young llp .
mr. william i. belk has been a director of sonic since march 1998. mr. belk is currently affiliated with southeast investments, n. c. inc. , a finra member firm headquartered in charlotte, north carolina. mr. belk' s past professional experience includes serving as a north carolina district court judge, serving as a partner in the investment banking firm carolina financial group, inc. , and serving in the positions of chairman and director for certain belk stores, a retail department store chain. mr. belk has also previously served as a director of monroe hardware co. , inc. , a wholesaler of hardware materials. mr. belk has a jd with an llm - taxation and a masters in business administration. he is also a director of british west indies trading company .
mr. john w. harris iii has served as a director of sonic since october 2014. mr. harris currently serves as president of lincoln harris, llc, a privately - held corporate real estate services firm focused on commercial brokerage, construction services, development and property management. from march 2012 to september 2015, he served as chief operating officer and executive vice president of lincoln harris. prior to joining lincoln harris, mr. harris held various positions at fortress investment group llc, a global investment management firm, from august 2004 to february 2012. during his tenure, mr. harris worked on assignments in europe and the united states. mr. harris currently serves on the boards of directors of lincoln harris, llc and intrawest resorts holdings, inc. , a public company traded on the nyse.
sonic automotive , inc. ( nyse : sah ) is a fortune 500 company based in charlotte , north carolina , and is the fifth largest automotive retailer in the united states . the company ’s founder and executive chairman o. bruton smith is also the executive chairman and a director of speedway motorsports ( nyse : trk ) . sonic ranked 297th on the 2016 fortune 500 list . the company also is a member of the russell 2000 index . sonic automotive operates in 14 states with more than 100 dealerships representing 25 different brands of automobiles . the dealerships market new and used car , replacement parts and vehicle maintenance , as well as collision repair services . 
sonic automotive, inc. (nyse: sah) is a fortune 500 company based in charlotte, north carolina, and is the fifth largest automotive retailer in the united states. the company ’s founder and executive chairman o. bruton smith is also the executive chairman and a director of speedway motorsports (nyse: trk). sonic ranked 297th on the 2016 fortune 500 list. the company also is a member of the russell 2000 index. sonic automotive operates in 14 states with more than 100 dealerships representing 25 different brands of automobiles. the dealerships market new and used car, replacement parts and vehicle maintenance, as well as collision repair services.
sonic automotive, inc. (nyse: sah) is a fortune 500 company based in charlotte, north carolina, and is the fifth largest automotive retailer in the united states. the company ’s founder and executive chairman o. bruton smith is also the executive chairman and a director of speedway motorsports (nyse: trk). sonic ranked 297th on the 2016 fortune 500 list. the company also is a member of the russell 2000 index. sonic automotive operates in 14 states with more than 100 dealerships representing 25 different brands of automobiles. the dealerships market new and used car, replacement parts and vehicle maintenance, as well as collision repair services.