Sonic Automotive's stock soared 5.14% in Thursday's pre-market trading, driven by the company's strong fourth-quarter 2024 results and optimistic growth prospects for 2025 and beyond.
The automotive retailer reported record franchise revenue of $3.4 billion in the fourth quarter, up 12% year-over-year, fueled by a 13% increase in new retail volume and a 5% increase in used retail volume. The company's fixed operations revenue also grew by 10%, setting a new quarterly record.
While Sonic Automotive's Echo Park used car segment faced challenges with its adjusted EBITDA falling short of guidance at $4.2 million due to inventory management issues, the company has taken steps to address these concerns. Furthermore, the company announced plans to resume opening new Echo Park stores in the first or second quarter of 2026, capitalizing on the improving affordability and used car supply.
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