MENU
SEARCH
According to Reuters, auto dealer group Sonic Automotive Inc. on July 29 reported weaker quarterly earnings as new dealerships failed to offset an industrywide drop in used vehicle sales.
The Charlotte, N.C.-based company also cut the top end of its earnings outlook for the full year, says Reuters.
Reuters reported that Sonic said second-quarter net earnings fell to $28.5 million, or 68 cents per share, from $31.5 million, or 71 cents, in the year-ago quarter.
Total revenues rose to $1.94 billion from $1.84 billion in the previous second quarter, according to Reuters.
According to Reuters, Sonic said it now expects earnings per share this year of between $2.45 and $2.60, excluding the impact of accounting changes. In late April, the company had said it expected earnings per share of $2.45 to $2.70, excluding the accounting changes.
Sonic shares closed on Monday at $26.95 on the New York Stock Exchange. Since the beginning of the year, Sonic shares have gained about 81 percent, outperforming a gain of 13 percent for the S&P 500 index, says Reuters.
For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.
Read More →
In this video, Ryan Ruff explains the rule that elite sales professionals use to turn ordinary conversations into unforgettable customer experiences.
Read More →
What’s the atmosphere saying about you to your customers? You can make minor adjustments and additions that transform your space into one that creates trust with the people on the other side of the desk.
Read More →
How can auto dealerships help F&I managers fulfill their vital role in the most effective ways? Industry expert Rick McCormick shares his insights on the best ways to train these professionals and help them maintain good habits.
Read More →
More consumers and businesses are opting for all-season options for various reasons as safety, sustainability and convenience push practical change.
Read More →
It’s time to take the next digital step to free F&I managers to handle the most challenging aspects of customer meetings.
Read More →
Some of it should be given to the customer, but that doesn’t mean the F&I office relinquishes the process. In fact, a different approach both builds trust and boosts sales.
Read More →
Talk to F&I customers like you’d talk to a friend, without industry lingo or sales-like questions, and use hard proof to show, not tell, them about a need.
Read More →
Helping F&I customers understand complementary offerings is likely to lead to more sales, based on the success of a high-performing practitioner of the philosophy.
Read More →