Latest Online Edition  Read Here

Sonic Sets Used Sales Record

Sonic Sets Used Sales Record Featured

Sonic Automotive Inc. set an all-time record for quarterly used retail unit sales of 30,933, up 1.5 percent over the prior year quarter.Sonic also announced the expansion of its EchoPark used-car superstores is continuing with two new stores operating during the third quarter.  The company reported that the original three stores generated positive cash during the third quarter.  The sixth Colorado store, located in Colorado Springs, will open during the first half of 2017.  In addition, Sonic will break ground on its first Texas location in the first half of 2017.
Read 3536 times Last modified on Friday, 04 November 2016 15:02
Rate this item
(0 votes)

Related items

  • Auto Sales Mixed Across the Country
    Auto sales were mixed but, on balance, steady in the last few months, according to the latest Beige Book from the Federal Reserve. Dealers in upstate New York reported that demand for new vehicles remained fairly robust in October but not quite on par with September's brisk levels. However, scattered increases were reported in used vehicle sales. Vehicle inventories were said to be a bit on the high side but mostly at satisfactory levels. Retail and wholesale credit conditions have remained favorable, according to dealers.Auto dealers in the Philadelphia district reported slight declines overall in year-over-year sales this period, a retreat from the modest increases during the prior period. Dealers were hopeful for stronger sales at year-end, Dealers reported that manufacturers continued to provide incentives for dealers to sustain sales.  Growth in auto loan volumes was stronger. Year-to-date new motor vehicle sales through September rose 2 percent in the Cleveland district compared to those of a year ago. That said, auto dealers reported that they are starting to see a slowing in demand after seven consecutive years of gains. Indirect auto lending remained relatively strong.Results were mixed in the Richmond district.A South Carolina auto dealer reported robust growth. However, a Virginia auto dealer reported a drop in sales of high-end vehicles.Recent hurricanes impacted sales in a couple of districts.Auto sales in Dallas were still elevated, but the initial post-hurricane surge had begun to recede.Post Hurricane Irma, Atlanta automobile dealers noted an increase in the momentum of auto sales.Demand for auto finance in Chicago edged down, with contacts noting an uptick in delinquencies in auto loan payments. An auto dealer reported that credit had tightened noticeably for buyers with credit scores at the lower end of the subprime category. Credit card volume increased slightly and quality was unchanged.Multiple auto dealers in the St. Louis district reported a decline in sales, which have failed to meet their expectations during 2017. Memphis and Louisville dealers noted a shift in demand away from used vehicles.Demand for auto loans declined in the district for a second straight quarter, though bankers anticipate that auto lending standards could loosen modestly next quarter.Auto sales continued to fall moderately in the Minneapolis district and were well below year-ago levels. Dealer contacts anticipated a moderate pickup in sales for the months ahead.
  • Shoppers Set to Spend on Cars
    After a relatively light post-summer dip, total traffic to dealership websites is once again on the rise, growing by 3 percent in October from September.That is the main finding from Dealer.com’s November Dealer DataView index, which captures year-to-date data through Oct. 31. The index showed that vehicle detail page (VDP) views, a strong indicator of sales intent, also rose by 2 percent last month. Taken together, these trends suggest a relatively robust selling climate this fall, as dealers gear up for a Black Friday and Cyber Monday jump in activity. However, insights from last year regarding credit application volume – a leading indicator of purchase intent – suggest that dealers have a compelling reason to prioritize Black Friday over the rest of the holiday weekend. Dealertrack data from 2016 revealed a nearly 40 percent rise in credit applications on Black Friday compared to other Fridays in that month, while Cyber Monday registered only a 2.6 percent growth over other Mondays in November.The November DataView index confirms that engagement trends remained remarkably consistent with 2017's overall pattern of increased mobile traffic and SUV popularity. Mobile traffic is holding steady month over month, accounting for 57 percent of total visits in October. SUVs remained the most popular body style at 35 percent of all VDP views.Search advertising cost-per-click (CPC), another bellwether for demand, climbed for the third consecutive month and is now averaging $3.51 nationally, with a fairly wide regional spread. The East South Central region registered the lowest CPC at $2.96, while the Mid-Atlantic region commanded a CPC rate of $3.81. Advertising decision-makers may once again need to adjust their budget to account for this continuing upward trend.
  • New Car Sales Slow
    New-vehicle sales are expected to decline 2 percent year-over-year to a total of 1.34 million units in October, resulting in an estimated 17.9 million seasonally adjusted annual rate (SAAR), according to Kelley Blue Book.In October, new light-vehicle sales, including fleet, are expected to top 1.3 million units, down 1.9 percent compared to October 2016 and down 11.8 percent from September.The seasonally adjusted annual rate for October is estimated to be 17.9 million, up from 17.8 million in October 2016 and down from 18.5 million in September.Retail sales are expected to account for 82.7 percent of volume in October, down from 83 percent in October 2016. After a record year of sales in 2016 and seven consecutive annual increases, Kelley Blue Book’s forecast for 2017 calls for sales in the range of 16.9 and 17.2 million units, which represents a 1 to 3 percent decrease from last year.