- Sonic Automotive (SAH +8.3%) trades higher after posting strong results in the used vehicles part of the business, with revenue up 15% and units moved 14% higher.
- Overall, gross margin was 15.0% of sales vs. 14.7% consensus
- "We believe the improved strength of our balance sheet and the positive cash flows from our EchoPark and franchise operations will allow us to fund the expansion of EchoPark internally without the need to access capital from the public market," states CEO Sonic CFO Heath Byrd.
- Previously: Sonic Automotive beats by $0.16, misses on revenue (April 25)