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Sonic Automotive

AutoNation, Sonic Set Records as Publics Grow PVR

All six of America’s big publicly traded dealership groups enjoyed year-over-year gains in F&I profit per vehicle retailed in Q3, led by record highs at AutoNation and Sonic Automotive.

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Beverly Hills BMW Sold in Recordbreaking Deal

The four-acre, 93,000-square-foot Beverly Hills BMW has been sold for $70 million, an amount billed as the highest ever paid to acquire a Los Angeles auto dealership.

Carvana Crashes Used-Vehicle Dealer Rankings

Carvana broke into the top 10 in its first appearance on Automotive News’ list of the nation's Top 100 Used Retailers, more than doubling its output to more than 94,000 units and outpacing the Asbury, Larry H. Miller, and Ken Garff groups.

Sonic CEO Scott Smith Steps Down, Successors Named

The automotive retailer announced that co-founder B. Scott Smith is stepping down as CEO, president, and director of the public dealer group. His brother David Burton Smith will assume his role as CEO, while executive Jeff Dyke was promoted to president.

Sonic: Q3 'Operationally Challenging'

F&I, used retail sales, and fixed ops helped dampen Sonic's third quarter declines in volume and gross profit per unit (GPU) retailed. The group also reported that its EchoPark locations increased their F&I per-copy average by 16.3% to $1,078. Overall, the group's F&I operations averaged $1,341 per copy during the period.

EchoPark, F&I Offset Sagging Sales Numbers for Sonic in Q2

Poor retail sales were offset by a 3.1% increase in total F&I gross profit and a 40.5% increase in revenue at Sonic Automotive's EchoPark locations. While declining oil prices have hurt the company's performance in the Houston market, officials are confident the group will recover.

F&I, Fixed Ops Lead the Way for Sonic in Q1 2016

Record F&I and fixed-ops gross profit helped Sonic Automotive offset low vehicle sales. But the big story for the publicly traded dealer group was the performance of the F&I offices at its one-touch EchoPark dealerships. They increased their per-copy averages by 54.1%.

Sonic Cautious About CFPB, But Revs Up Hybrid F&I Push

Sonic executives said the company is delaying plans to launch a captive finance company in light of the CFPB’s recent settlement with Honda Finance. But the group has given the go-ahead for the first phase of its much-delayed hybrid sales process.

Sonic Files Suit Against Former Employee for Luring Away Employees

Sonic and Philpott Motors have filed a lawsuit against a former employee who left the dealership and hired seven other employees to come work for him.

Sonic’s Hybrid F&I Pilot Experiences Training, Staffing Issues

Officials said the Charlotte test store was overwhelmed by sales and paperwork. F&I performance rebounded, however, after the group added document specialists.