Sonic Automotive is one of the largest U.S. automotive retailers, operating through three segments: franchised dealerships (~85% of revenue), EchoPark standalone used-car stores (~14%), and Powersports (~1%). The franchised dealership segment spans 111 stores carrying 134 franchises across 24 brands in 18 states, with a heavy skew toward luxury and mid-line import brands — BMW, Mercedes, Land Rover, Lexus, and Audi lead the luxury mix, while Honda and Toyota anchor imports. Texas and California together account for over half of total revenue. Each franchised store generates revenue across four streams: new vehicle sales (low-margin, high-volume), used vehicle sales, Fixed Operations (service, parts, warranty repair, and collision), and F&I products (financing, extended warranties, GAP insurance). Fixed ops and F&I together drive over 75% of total gross profit despite being a smaller share of revenue, making them the true profit engine of the franchised business. Manufacturer warranty work is legally restricted to franchised dealers, giving Sonic captive service demand. EchoPark is a Sonic-developed used-car retail concept operating 18 standalone stores across 10 states, targeting value-conscious buyers and positioning itself as the low-cost provider in the used-car market. EchoPark turned profitable on an EBITDA basis in 2024. Sonic grows through franchised dealership M&A targeting luxury and import brands, organic fixed ops expansion by hiring technicians to fill underutilized service capacity, and longer-term EchoPark store expansion targeting 1M+ annual units sold.