Sonic Auto. Reports 14.2% Rise In Same-Store Customer-Pay Revenue

Sonic Automotive’s fixed operations (parts, service and collision repair) revenue rose 19.1% to $404.70 million in the third quarter of 2022. On a same-store basis, fixed operations revenue increased 10.3% to $373.60 million, with same-store customer-pay revenue up 14.2% to $177.10 million, same-store warranty revenue up 6.3% to $55.80 million and same-store wholesale parts revenue up 13.7% to $47.20 million.

Fixed operations gross profit grew 17.5% to a record $201.00 million in the quarter. On a same-store basis, fixed operations gross profit increased 9.6% to $186.50 million, with same-store customer-pay gross profit up 12.1% to $99.30 million, same-store warranty gross profit up 6.9% to $32.70 million and same-store wholesale parts gross profit up 14.7% to $8.60 million.

Fixed operations gross margin declined 60 basis points to 49.7%, and its same-store gross margin decreased 30 basis points to 49.9%.

As of Sept. 30, 2022, Sonic Automotive operated 111 stores in its franchised dealerships segment and 52 stores in its EchoPark segment. The franchised dealerships segment consisted of 142 new vehicle franchises (representing 28 different brands of cars and light trucks) and 17 collision repair centers across 18 states. The company’s 52 EchoPark stores are spread across 21 states.

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