Sonic Automotive is expanding a retail hub on Independence Boulevard that is part of a fast-growing segment of its business, the Charlotte-based auto company announced Tuesday.
The Fortune 500 firm said it has closed on the purchase of four acres next to the store at 3648 East Independence Boulevard near the intersection with North Wendover Road. Property records show Sonic paid $3.2 million for the site.
The acquisition allows the company to add around 400 parking spaces for vehicles to its inventory, according to a release from Sonic, for a total capacity of around 1,000 cars at the location, known as EchoPark.
EchoPark focuses on offering used one- to four-year-old cars at a discount, and allows people to buy and sell cars through its website or retail locations.
David Smith, CEO of Sonic and EchoPark, said the pandemic delivered a hit to revenues in April. As