Sonic’s Q2 Same-Store Customer-Pay Gross Profit Up 7.9%

Fixed operations revenue for Sonic Automotive’s franchised dealerships segment increased 1.5% to $347.34 million in the second quarter of 2019. Same-store fixed operations revenue rose 5.5% to $346.22 million.

Fixed operations gross profit increased 2.5% to $170.71 million. On a same-store basis, gross profit grew by $10.87 million (or 6.8%) to $169.92 million. Taking a closer look, that works out as …
Customer-pay gross profit up $5.70 million (or 7.9%) to $77.08 million.
• Warranty gross profit up $4.40 million (or 12.5%) to $39.25 million.
Wholesale parts gross profit up $300,000 (or 3.9%) to $6.81 million.
• Internal, sublet and other gross profit up $600,000 (or 1.3%) to $46.78 million.

As of June 30, 2019, Charlotte-based Sonic operated 92 locations in its franchised dealerships segment and eight locations in its EchoPark segment. The franchised dealerships business consisted of 104 new vehicle franchises representing 23 different brands of cars and light trucks, as well as 15 collision repair centers, in 13 states.