Sonic Automotive Offers Profit-Sharing Incentive to General Managers
Sonic Automotive is rolling out a new incentive plan for general managers. Called Partners in Excellence, the program gives GMs the opportunity to earn a percentage of their dealership's annual profits.
Sonic Automotive is rolling out a new incentive plan for general managers. Called Partners in Excellence, the program gives GMs the opportunity to earn a percentage of their dealership's annual profits.
Sonic President Jeffrey Rachor said this is the company's way of competing with privately held dealership, which can offer stronger bonuses and incentives to employees, reported Automotive News. Private dealers sometimes offer an equity share of their stores.
The Partners in Excellence program bonuses could earn a general manager more than $1 million after five years.
Sonic will choose the first candidates for the program by next month. Managers will qualify based on their dealership's financial performance and CSI. To retain the best GMs, the bonuses will be paid after a five-year vesting period.
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