Sonic Automotive released its second quarter results. According to a press release, Sonic Automotive posted record adjusted earnings of $3.7 billion, up 9% year-over-year. Sonic also reported quarterly gross profit of $588.8 million, an increase of 15%. Earnings, adjusted for one-time costs, were $2.45 per share. EchoPark also reported record quarterly revenue of $665.6 million, up 12% from a year ago.
Key Sonic Automotive executives commented on the quarterly results, including Sonic Automotive CEO David Smith. Smith said, “Sonic delivered another quarter of record revenues and strong earnings thanks to the continued dedication of our Sonic and EchoPark teams and our strong relationships with our manufacturer and supplier partners.”
Even with high inflation and supply chain issues, Smith still saw an increase in revenue by raising vehicle prices. Demand for vehicles is also high with low inventory.
Jeff Dyke, President of Sonic Automotive, added, “During the second quarter, we further expanded EchoPark’s national geographic and digital network, opening three new locations and completing the rollout of our e-commerce platform. exclusive, best-in-class, 100% from our national network. traffic on EchoPark.com.
Sonic is focused on using its new e-commerce platform to increase online sales.
Stay tuned to CBT News for our next interview with Sonic President Jeff Dyke this Monday, August 1.