Sonic Automotive, Inc. (SAH - Free Report) has announced that it is expanding its EchoPark Automotive to Charlotte, NC. Notably, introduced in 2014, EchoPark has already been well accepted by customers in Denver, Colorado, Dallas and San Antonio, Texas. The company is likely to witness similar customer adulation this time around too.
Per CarFax, EchoPark model sells almost new vehicles at 20-40% less price than new vehicles. In fact, since 2014, EchoPark has witnessed triple-digit growth, amply meeting expectations of customers. Apart from huge positive economic impact of the EchoPark stores, EchoPark Automotive is also involved in extensive community service in the localities.
Sonic Automotive focuses on expanding its network of stores and grow its used-vehicle business to boost sales. The company already informed that it is opening EchoPark stores in Charlotte, NC, and Houston, TX, in fourth-quarter 2018.
Year to date, shares of Sonic Automotive have outperformed the industry it belongs to. Over this time frame, shares of the company have edged down 1.4% compared with 16.1% decline recorded by the industry.
Zacks Rank & Stocks to Consider
Currently, Sonic Automotive has a Zacks Rank #3 (Hold). A few better-ranked stocks in the auto space are Allison Transmission Holdings, Inc. (ALSN - Free Report) , American Axle & Manufacturing Holdings, Inc. (AXL - Free Report) and Navistar International Corporation (NAV - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Allison Transmission has an expected long-term growth rate of 10%. Over the past six months, shares of the company have surged 33.8%.
American Axle & Manufacturing has an expected long-term growth rate of 8.1%. Over the past six months, shares of the company have risen 10.9%.
Navistar has an expected long-term growth rate of 5%. Over the past six months, shares of the company have risen 5.8%.
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