Sonic taps brakes on EchoPark store openings; Lithia says inventory begins to ‘loosen’

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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% of the U.S. population by 2025, compared to reaching “over 50%” of the population currently.

But he also said the company is taking …



Source : AutoFinanceNews