8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 ____________________________________

FORM 8-K

 ____________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 14, 2024

____________________________________

SONIC AUTOMOTIVE, INC.

(Exact name of registrant as specified in its charter)

 ____________________________________

Delaware

(State or other jurisdiction

of incorporation)

1-13395	56-2010790
(Commission File Number)	(IRS Employer Identification No.)

	4401 Colwick Road
	Charlotte,	North Carolina	28211
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (704) 566-2400

Not Applicable

(Former name or former address, if changed since last report.)

 ____________________________________ 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share	SAH	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02. Results of Operations and Financial Condition.

On February 14, 2024, Sonic Automotive, Inc. (the “Company”) issued a press release announcing its financial results for its fourth fiscal quarter and fiscal year ended December 31, 2023 (the “Earnings Press Release”). A copy of the Earnings Press Release is attached hereto as Exhibit 99.1 and a copy of the earnings call presentation materials is attached hereto as Exhibit 99.2.

Item 7.01. Regulation FD Disclosure.

On February 14, 2024, in the Earnings Press Release, the Company announced the approval of a quarterly cash dividend.

Item 9.01. Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit   No.	Description
99.1	Press Release of Sonic Automotive, Inc., dated February 14, 2024.
99.2	Earnings Call Presentation Materials.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

The information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	SONIC AUTOMOTIVE, INC.
February 14, 2024	By:	/s/ STEPHEN K. COSS
		Stephen K. Coss
		Senior Vice President and General Counsel

EX-99.1

Exhibit 99.1

Sonic Automotive Reports Fourth Quarter and Full Year Financial Results

Full Year 2023 Results Include All-Time Record Annual Revenues of $14.4 Billion

EchoPark Segment Expected to Achieve Breakeven Adjusted EBITDA* in the First Quarter of 2024

CHARLOTTE, N.C. – February 14, 2024 – Sonic Automotive, Inc. (“Sonic Automotive,” “Sonic,” the “Company,” "we," "us" or "our") (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the fourth quarter and fiscal year ended December 31, 2023.

Fourth Quarter 2023 Financial Summary

•Total revenues of $3.6 billion, flat year-over-year; total gross profit of $541.1 million, down 6% year-over-year

•Reported net income of $38.7 million ($1.11 earnings per diluted share)

◦Reported fourth quarter net income includes the effect of a $16.7 million pre-tax charge related to non-cash impairment charges (partially offset by a $4.3 million tax benefit on above charges), and a one-time income tax charge of $5.8 million related to certain non-deductible tax items

◦Excluding these items, adjusted fourth quarter net income* was $56.9 million ($1.63 adjusted earnings per diluted share*)

•Total selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 71.4% (67.0% on a Franchised Dealerships Segment basis)

•Franchised Dealerships Segment revenues of $3.0 billion, up 1% year-over-year; Franchised Dealerships Segment gross profit of $491.4 million, down 7% year-over-year

•EchoPark Segment revenues of $556.6 million, down 6% year-over-year; EchoPark Segment gross profit of $42.8 million, up 5% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 17,562 units, up 1% year-over-year

•EchoPark Segment loss (defined as loss before taxes and impairment charges) of $15.9 million; EchoPark Segment adjusted EBITDA* loss of $9.1 million, a 64% improvement year-over-year

◦Expect to achieve breakeven EchoPark Segment adjusted EBITDA* in the first quarter of 2024

◦Fourth quarter EchoPark Segment adjusted EBITDA* loss includes: a $0.9 million loss recognized in the fourth quarter related to stores closed prior to the fourth quarter; and a $1.3 million loss related to the Northwest Motorsport stores closed after the end of the fourth quarter in January 2024

Full Year 2023 Financial Summary

•All-time record annual revenues of $14.4 billion, up 3% year-over-year; gross profit of $2.2 billion, down 3% year-over-year

•Reported full year net income of $178.2 million ($4.97 earnings per diluted share)

◦Reported net income includes the effect of a $79.3 million pre-tax charge related to non-cash impairment charges and a $10.0 million pre-tax charge to gross profit related to inventory valuation adjustments, offset partially by a net $9.3 million pre-tax gain in SG&A expenses (collectively, these items are partially offset by a $19.9 million tax benefit on the above net charges), and a one-time income tax charge of $5.8 million related to certain non-deductible tax items

◦Excluding these items, adjusted net income* was $244.1 million ($6.81 adjusted earnings per diluted share*)

•Total SG&A expenses as a percentage of gross profit of 71.3% (64.6% on a Franchised Dealerships Segment basis)

◦Adjusted SG&A expenses as a percentage of gross profit* of 71.4% (65.6% on a Franchised Dealerships Segment basis)

•Franchised Dealerships Segment revenues of $11.8 billion, up 3% year-over-year; Franchised Dealerships Segment gross profit of $2.0 billion, down 4% year-over-year

•EchoPark Segment revenues of $2.4 billion, down 1% year-over-year; EchoPark Segment gross profit of $161.8 million, down 8% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 73,676 units, up 15% year-over-year

•Reported EchoPark Segment loss (defined as loss before taxes and impairment charges) of $132.4 million; adjusted EchoPark Segment loss* of $112.8 million; EchoPark Segment adjusted EBITDA* loss of $83.0 million, a 21% improvement year-over-year

◦Full year EchoPark Segment adjusted EBITDA* loss includes: a $35.3 million loss related to stores closed during 2023; and a $5.1 million loss related to the Northwest Motorsport stores closed after the end of the fiscal year in January 2024

•During 2023, Sonic repurchased approximately 3.3 million shares of its Class A Common Stock, or 9% of shares outstanding at December 31, 2022, for an aggregate purchase price of approximately $177.6 million

* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.

Commentary

David Smith, Chairman and Chief Executive Officer of Sonic Automotive, stated, “We are proud of our team’s performance in the fourth quarter, delivering financial results that reflect our ability to leverage our diversified business model to adapt to rapidly changing market dynamics. During the quarter, we continued to realize the expected benefits of the strategic adjustments to our EchoPark business model, which showed improvement in year-over-year losses to help offset continued margin normalization in the franchised dealership segment. We remain confident that we have the right strategy, the right people, and the right culture to continue to grow our business and create long-term value for our stakeholders.”

Jeff Dyke, President of Sonic Automotive, commented, “While consumer affordability and used vehicle sourcing challenges persist, our EchoPark results in the fourth quarter demonstrate our team's valuable industry experience and the adaptability of our innovative EchoPark model. Based on recent performance and market trends, we remain confident in our path to achieve breakeven EchoPark segment adjusted EBITDA* in the first quarter of 2024, and expect to resume our disciplined long-term growth plans for EchoPark once used vehicle market conditions improve.”

Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “Our diversified cash flow streams continued to benefit our overall financial position in the fourth quarter. As of December 31, 2023, we had $846 million of total liquidity, including $374 million in cash and floor plan deposits on hand. We believe we remain well-positioned to adapt to evolving market conditions and position the Company for success in 2024 and beyond.”

Fourth Quarter 2023 Segment Highlights

The financial measures discussed below are results for the fourth quarter of 2023 with comparisons made to the fourth quarter of 2022, unless otherwise noted.

•Franchised Dealerships Segment operating results include:

•Same store revenues up 2%; same store gross profit down 6%

•Same store retail new vehicle unit sales volume up 10%; same store retail new vehicle gross profit per unit down 30%, to $4,279

•Same store retail used vehicle unit sales volume down 7%; same store retail used vehicle gross profit per unit down 1%, to $1,433

•Same store parts, service and collision repair (“Fixed Operations”) gross profit up 7%; same store customer pay gross profit up 9%; same store warranty gross profit up 6%; same store Fixed Operations gross margin up 30 basis points, to 49.9%

•Same store finance and insurance ("F&I") gross profit down 1%; same store F&I gross profit per retail unit of $2,334, down 3%

•On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 37 days’ supply of new vehicle inventory (including in-transit) and 29 days’ supply of used vehicle inventory

•EchoPark Segment operating results include:

•Revenues of $556.6 million, down 6% year-over-year; gross profit of $42.8 million, up 5% year-over-year

•Retail used vehicle unit sales volume of 17,562, up 1% year-over-year

•Segment loss of $15.9 million and adjusted EBITDA* loss of $9.1 million

◦EchoPark Segment stores closed prior to the fourth quarter incurred a $1.1 million segment loss and a $0.9 million adjusted EBITDA* loss during the fourth quarter, respectively

◦Northwest Motorsport stores closed after the end of the fourth quarter in January 2024 incurred a $1.8 million segment loss and a $1.3 million adjusted EBITDA* loss, respectively, in the fourth quarter

•On a trailing quarter cost of sales basis, the EchoPark Segment had 36 days’ supply of used vehicle inventory

•Powersports Segment operating results include:

•Revenues of $27.2 million, gross profit of $7.0 million, gross margin of 25.6%

•Segment loss of $3.5 million and adjusted EBITDA* loss of $2.4 million

* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.

Full Year 2023 Segment Highlights

The financial measures discussed below are results for the full year 2023 with comparisons made to the full year 2022, unless otherwise noted.

•Franchised Dealerships Segment operating results include:

•Same store revenues up 3%; same store gross profit down 4%

•Same store retail new vehicle unit sales volume up 8%; same store retail new vehicle gross profit per unit down 27%, to $4,849

•Same store retail used vehicle unit sales volume down 7%; same store retail used vehicle gross profit per unit up 1%, to $1,630

•Same store Fixed Operations gross profit up 9%; same store customer pay gross profit up 11%; same store warranty gross profit up 7%; same store Fixed Operations gross margin up 10 basis points, to 49.6%

•Same store F&I gross profit flat year-over-year; same store F&I gross profit per retail unit of $2,411, flat year-over-year

•EchoPark Segment operating results include:

•Revenues of $2.4 billion, down 1% year-over-year; gross profit of $161.8 million, down 8% year-over-year

•Retail used vehicle unit sales volume of 73,676, up 15% year-over-year

•Reported segment loss of $132.5 million, adjusted segment loss* of $112.8 million, and adjusted EBITDA* loss of $83.0 million

◦EchoPark Segment stores closed during 2023 incurred a $30.3 million reported segment loss and a $35.3 million adjusted EBITDA* loss during the fiscal year, respectively

◦Northwest Motorsport stores closed after the end of the fiscal year in January 2024 incurred a $6.7 million segment loss and a $5.1 million adjusted EBITDA* loss, respectively, for the full year

•Powersports Segment operating results include:

•Revenues of $163.2 million, gross profit of $50.3 million, gross margin of 30.9%

•Segment income of $5.7 million and adjusted EBITDA* of $10.8 million

•Year-over-year comparative financial results are not meaningful due to the timing of acquisitions (seven stores acquired in August 2022 and five stores acquired in February 2023)

* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.

Dividend

Sonic’s Board of Directors approved a quarterly cash dividend of $0.30 per share, payable on April 15, 2024 to all stockholders of record on March 15, 2024.

Fourth Quarter 2023 Earnings Conference Call

Senior management will hold a conference call today at 11:00 A.M. (Eastern). Investor presentation and earnings press release materials will be accessible beginning prior to the conference call on the Company’s website at ir.sonicautomotive.com.

To access the live webcast of the conference call, please go to ir.sonicautomotive.com and select the webcast link at the top of the page. For telephone access to this conference call, please dial (877) 407-8289 (domestic) or +1 (201) 689-8341 (international) and ask to be connected to the Sonic Automotive Fourth Quarter 2023 Earnings Conference Call. Dial-in access remains available throughout the live call; however, to ensure you are connected for the full call we suggest dialing in at least 10 minutes before the start of the call. A webcast replay will be available following the call for 14 days at ir.sonicautomotive.com.

About Sonic Automotive

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is on a quest to become the most valuable automotive retailer and service brand in America. Our Company culture thrives on creating, innovating, and providing industry-leading guest experiences, driven by strategic investments in technology, teammates, and ideas that ultimately fulfill ownership dreams, enrich lives, and deliver happiness to our guests and teammates. As one of the largest automotive and powersports retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in these categories. Our new platforms, programs, and people are set to drive the next generation of automotive and powersports experiences. More information about Sonic Automotive can be found at www.sonicautomotive.com and ir.sonicautomotive.com.

About EchoPark Automotive

EchoPark Automotive is one of the most comprehensive retailers of nearly new pre-owned vehicles in America today. Our unique business model offers a best-in-class shopping experience and utilizes one of the most innovative technology-enabled sales strategies in our industry. Our approach provides a personalized and proven guest-centric buying process that consistently delivers award-winning guest experiences and superior value to car buyers nationwide, with savings of up to $3,000 versus the competition. Consumers have responded by putting EchoPark among the top national pre-owned vehicle retailers in products, sales, and service, while receiving the 2023 Consumer Satisfaction Award from DealerRater. EchoPark’s mission is in the name: Every Car, Happy Owner. This drives the experience for guests and differentiates EchoPark from the competition. More information about EchoPark Automotive can be found at www.echopark.com.

Forward-Looking Statements

Included herein are forward-looking statements, including statements regarding anticipated future EchoPark profitability and anticipated future EchoPark adjusted EBITDA. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and increases in interest rates, new and used vehicle industry sales volume, future levels of consumer demand for new and used vehicles, anticipated future growth in each of our operating segments, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the integration of recent or future acquisitions, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and other reports and information filed with the United States Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC.

Non-GAAP Financial Measures

This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income, adjusted earnings per diluted share, adjusted SG&A expenses as a percentage of gross profit, adjusted segment loss, and adjusted EBITDA. As required by SEC rules, the Company has provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the schedules included in this press release. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosures and provide a meaningful presentation of the Company’s results.

Company Contacts

Investor Inquiries:

Heath Byrd, Executive Vice President and Chief Financial Officer

Danny Wieland, Vice President, Investor Relations & Financial Reporting

ir@sonicautomotive.com

Press Inquiries:

Sonic Automotive Media Relations

media.relations@sonicautomotive.com

Sonic Automotive, Inc.

Results of Operations (Unaudited)

Results of Operations - Consolidated

	Three Months Ended December 31,				Better / (Worse)		Twelve Months Ended December 31,				Better / (Worse)
	2023		2022		% Change		2023		2022		% Change
	(In millions, except per share amounts)
Revenues:
Retail new vehicles	$	1,680.2	$	1,555.3	8	%	$	6,304.6	$	5,622.6	12	%
Fleet new vehicles	21.8		29.3		(26)	%	92.2		99.4		(7)	%
Total new vehicles	1,702.0		1,584.6		7	%	6,396.8		5,722.0		12	%
Used vehicles	1,222.4		1,341.1		(9)	%	5,213.6		5,515.4		(5)	%
Wholesale vehicles	62.6		80.0		(22)	%	318.8		484.9		(34)	%
Total vehicles	2,987.0		3,005.7		(1)	%	11,929.2		11,722.3		2	%
Parts, service and collision repair	431.9		411.1		5	%	1,759.5		1,599.7		10	%
Finance, insurance and other, net	166.0		173.8		(4)	%	683.7		679.1		1	%
Total revenues	3,584.9		3,590.6		—	%	14,372.4		14,001.1		3	%
Cost of sales:
Retail new vehicles	(1,555.7)		(1,390.7)		(12)	%	(5,769.2)		(4,959.8)		(16)	%
Fleet new vehicles	(20.9)		(27.5)		24	%	(88.2)		(94.5)		7	%
Total new vehicles	(1,576.6)		(1,418.2)		(11)	%	(5,857.4)		(5,054.3)		(16)	%
Used vehicles	(1,184.9)		(1,305.6)		9	%	(5,062.4)		(5,334.6)		5	%
Wholesale vehicles	(65.8)		(83.7)		21	%	(321.4)		(488.0)		34	%
Total vehicles	(2,827.3)		(2,807.5)		(1)	%	(11,241.2)		(10,876.9)		(3)	%
Parts, service and collision repair	(216.5)		(207.0)		(5)	%	(885.5)		(807.2)		(10)	%
Total cost of sales	(3,043.8)		(3,014.5)		(1)	%	(12,126.7)		(11,684.1)		(4)	%
Gross profit	541.1		576.1		(6)	%	2,245.7		2,317.0		(3)	%
Selling, general and administrative expenses	(386.3)		(366.3)		(5)	%	(1,600.5)		(1,555.1)		(3)	%
Impairment charges	(16.7)		(320.4)		95	%	(79.3)		(320.4)		75	%
Depreciation and amortization	(36.6)		(33.5)		(9)	%	(142.3)		(127.5)		(12)	%
Operating income (loss)	101.5		(144.1)		170	%	423.6		314.0		35	%
Other income (expense):
Interest expense, floor plan	(18.4)		(13.6)		(35)	%	(67.2)		(34.3)		(96)	%
Interest expense, other, net	(28.3)		(24.9)		(14)	%	(114.6)		(89.9)		(27)	%
Other income (expense), net	(0.1)		0.1		(200)	%	0.1		0.2		(50)	%
Total other income (expense)	(46.8)		(38.4)		(22)	%	(181.7)		(124.0)		(47)	%
Income (loss) before taxes	54.7		(182.5)		130	%	241.9		190.0		27	%
Provision for income taxes - benefit (expense)	(16.0)		(8.4)		(90)	%	(63.7)		(101.5)		37	%
Net income (loss)	$	38.7	$	(190.9)	120	%	$	178.2	$	88.5	101	%
Basic earnings (loss) per common share	$	1.14	$	(5.22)	122	%	$	5.09	$	2.29	122	%
Basic weighted-average common shares outstanding	33.9		36.5		7	%	35.0		38.7		9	%
Diluted earnings (loss) per common share	$	1.11	$	(5.22)	121	%	$	4.97	$	2.23	123	%
Diluted weighted-average common shares outstanding(1)	34.8		36.5		5	%	35.9		39.7		10	%
Dividends declared per common share	$	0.30	$	0.28	7	%	$	1.16	$	1.03	13	%

(1) Basic weighted-average common shares outstanding used for the three months ended December 31, 2022 due to the net loss on a reported GAAP basis.

Franchised Dealerships Segment - Reported

	Three Months Ended December 31,				Better / (Worse)		Twelve Months Ended December 31,				Better / (Worse)
	2023		2022		% Change		2023		2022		% Change
	(In millions, except unit and per unit data)
Revenues:
Retail new vehicles	$	1,664.1	$	1,534.5	8	%	$	6,215.0	$	5,581.6	11	%
Fleet new vehicles	21.8		29.4		(26)	%	92.2		99.4		(7)	%
Total new vehicles	1,685.9		1,563.9		8	%	6,307.2		5,681.0		11	%
Used vehicles	727.5		823.4		(12)	%	3,050.3		3,391.5		(10)	%
Wholesale vehicles	39.3		52.6		(25)	%	204.5		314.0		(35)	%
Total vehicles	2,452.7		2,439.9		1	%	9,562.0		9,386.5		2	%
Parts, service and collision repair	425.2		404.8		5	%	1,714.2		1,588.0		8	%
Finance, insurance and other, net	123.2		128.0		(4)	%	498.6		510.1		(2)	%
Total revenues	3,001.1		2,972.7		1	%	11,774.8		11,484.6		3	%
Gross Profit:
Retail new vehicles	122.2		160.8		(24)	%	518.7		655.3		(21)	%
Fleet new vehicles	0.9		1.8		(50)	%	4.0		4.9		(18)	%
Total new vehicles	123.1		162.6		(24)	%	522.7		660.2		(21)	%
Used vehicles	35.1		38.4		(9)	%	162.9		174.4		(7)	%
Wholesale vehicles	(2.7)		(3.2)		16	%	(3.3)		(6.3)		48	%
Total vehicles	155.5		197.8		(21)	%	682.3		828.3		(18)	%
Parts, service and collision repair	212.6		200.9		6	%	852.7		786.7		8	%
Finance, insurance and other, net	123.2		128.0		(4)	%	498.6		510.1		(2)	%
Total gross profit	491.3		526.7		(7)	%	2,033.6		2,125.1		(4)	%
Selling, general and administrative expenses	(329.1)		(298.1)		(10)	%	(1,314.6)		(1,273.0)		(3)	%
Impairment charges	(1.0)		(115.5)		99	%	(1.0)		(115.5)		99	%
Depreciation and amortization	(29.4)		(26.0)		(13)	%	(112.3)		(101.8)		(10)	%
Operating income (loss)	131.8		87.1		51	%	605.7		634.8		(5)	%
Other income (expense):
Interest expense, floor plan	(14.6)		(9.8)		(49)	%	(49.2)		(23.6)		(108)	%
Interest expense, other, net	(27.5)		(23.4)		(18)	%	(109.7)		(85.0)		(29)	%
Other income (expense), net	0.1		—		100	%	0.2		(0.1)		300	%
Total other income (expense)	(42.0)		(33.2)		(27)	%	(158.7)		(108.7)		(46)	%
Income (loss) before taxes	89.8		53.9		67	%	447.0		526.1		(15)	%
Add: Impairment charges	1.0		115.5		(99)	%	1.0		115.5		(99)	%
Segment income (loss)	$	90.8	$	169.4	(46)	%	$	448.0	$	641.6	(30)	%
Unit Sales Volume:
Retail new vehicles	28,491		26,239		9	%	107,257		99,424		8	%
Fleet new vehicles	500		661		(24)	%	2,000		2,115		(5)	%
Total new vehicles	28,991		26,900		8	%	109,257		101,539		8	%
Used vehicles	24,365		26,631		(9)	%	100,210		108,512		(8)	%
Wholesale vehicles	4,440		5,616		(21)	%	20,602		24,052		(14)	%
Retail new & used vehicles	52,856		52,870		—	%	207,467		207,936		—	%
Used:New Ratio	0.86		1.01		(15)	%	0.93		1.09		(15)	%
Gross Profit Per Unit:
Retail new vehicles	$	4,289	$	6,130	(30)	%	$	4,836	$	6,591	(27)	%
Fleet new vehicles	$	1,780	$	2,642	(33)	%	$	1,989	$	2,292	(13)	%
New vehicles	$	4,246	$	6,044	(30)	%	$	4,784	$	6,502	(26)	%
Used vehicles	$	1,440	$	1,442	—	%	$	1,626	$	1,607	1	%
Finance, insurance and other, net	$	2,330	$	2,421	(4)	%	$	2,403	$	2,453	(2)	%

Note: Reported Franchised Dealerships Segment results include (i) same store results from the “Franchised Dealerships Segment - Same Store” table below and (ii) the effects of acquisitions, open points, dispositions and holding company impacts for the periods reported. All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.

Franchised Dealerships Segment - Same Store

	Three Months Ended December 31,				Better / (Worse)		Twelve Months Ended December 31,				Better / (Worse)
	2023		2022		% Change		2023		2022		% Change
	(In millions, except unit and per unit data)
Revenues:
Retail new vehicles	$	1,654.9	$	1,513.6	9	%	$	6,145.3	$	5,508.8	12	%
Fleet new vehicles	21.9		29.3		(25)	%	92.1		99.4		(7)	%
Total new vehicles	1,676.8		1,542.9		9	%	6,237.4		5,608.2		11	%
Used vehicles	724.6		810.7		(11)	%	3,012.1		3,334.4		(10)	%
Wholesale vehicles	39.2		51.1		(23)	%	202.2		309.1		(35)	%
Total vehicles	2,440.6		2,404.7		1	%	9,451.7		9,251.7		2	%
Parts, service and collision repair	423.9		399.0		6	%	1,696.4		1,565.8		8	%
Finance, insurance and other, net	122.8		124.4		(1)	%	493.6		494.0		—	%
Total revenues	2,987.3		2,928.1		2	%	11,641.7		11,311.5		3	%
Gross Profit:
Retail new vehicles	121.4		158.8		(24)	%	513.5		647.5		(21)	%
Fleet new vehicles	0.9		1.7		(47)	%	4.0		4.8		(17)	%
Total new vehicles	122.2		160.5		(24)	%	517.4		652.3		(21)	%
Used vehicles	34.8		37.8		(8)	%	161.1		171.3		(6)	%
Wholesale vehicles	(2.6)		(3.1)		16	%	(2.5)		(5.5)		55	%
Total vehicles	154.4		195.2		(21)	%	676.0		818.1		(17)	%
Parts, service and collision repair	211.5		197.8		7	%	842.2		774.8		9	%
Finance, insurance and other, net	122.8		124.4		(1)	%	493.6		494.0		—	%
Total gross profit	$	488.7	$	517.4	(6)	%	$	2,011.8	$	2,086.9	(4)	%
Unit Sales Volume:
Retail new vehicles	28,357		25,796		10	%	105,891		97,772		8	%
Fleet new vehicles	500		661		(24)	%	2,000		2,115		(5)	%
Total new vehicles	28,857		26,457		9	%	107,891		99,887		8	%
Used vehicles	24,269		26,128		(7)	%	98,841		106,320		(7)	%
Wholesale vehicles	4,429		5,466		(19)	%	20,333		23,630		(14)	%
Retail new & used vehicles	52,626		51,924		1	%	204,732		204,092		—	%
Used:New Ratio	0.86		1.01		(15)	%	0.93		1.09		(15)	%
Gross Profit Per Unit:
Retail new vehicles	$	4,279	$	6,155	(30)	%	$	4,849	$	6,623	(27)	%
Fleet new vehicles	$	1,780	$	2,642	(33)	%	$	1,989	$	2,292	(13)	%
New vehicles	$	4,236	$	6,067	(30)	%	$	4,796	$	6,531	(27)	%
Used vehicles	$	1,433	$	1,447	(1)	%	$	1,630	$	1,611	1	%
Finance, insurance and other, net	$	2,334	$	2,396	(3)	%	$	2,411	$	2,421	—	%

Note: All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.

EchoPark Segment - Reported

	Three Months Ended December 31,				Better / (Worse)		Twelve Months Ended December 31,				Better / (Worse)
	2023		2022		% Change		2023		2022		% Change
	(In millions, except unit and per unit data)
Revenues:
Retail new vehicles	$	—	$	2.0	(100)	%	$	1.0	$	9.2	(89)	%
Used vehicles	492.5		515.5		(4)	%	2,143.8		2,116.8		1	%
Wholesale vehicles	22.6		27.3		(17)	%	111.7		170.6		(35)	%
Total vehicles	515.1		544.8		(5)	%	2,256.5		2,296.6		(2)	%
Finance, insurance and other, net	41.5		44.5		(7)	%	177.9		166.4		7	%
Total revenues	556.6		589.3		(6)	%	2,434.4		2,463.0		(1)	%
Gross Profit:
Retail new vehicles	—		0.2		(100)	%	0.1		1.1		(91)	%
Used vehicles	1.7		(3.6)		147	%	(17.1)		4.4		(489)	%
Wholesale vehicles	(0.4)		(0.3)		(33)	%	0.9		3.2		(72)	%
Total vehicles	1.3		(3.7)		135	%	(16.1)		8.7		(285)	%
Finance, insurance and other, net	41.5		44.5		(7)	%	177.9		166.4		7	%
Total gross profit	42.8		40.8		5	%	161.8		175.1		(8)	%
Selling, general and administrative expenses	(48.0)		(62.3)		23	%	(247.0)		(269.8)		8	%
Impairment charges	(15.7)		(204.9)		92	%	(78.3)		(204.9)		62	%
Depreciation and amortization	(6.2)		(7.0)		11	%	(26.6)		(24.7)		(8)	%
Operating income (loss)	(27.1)		(233.4)		88	%	(190.1)		(324.3)		41	%
Other income (expense):
Interest expense, floor plan	(3.8)		(3.9)		3	%	(17.4)		(10.7)		(63)	%
Interest expense, other, net	(0.7)		(0.9)		22	%	(3.2)		(3.9)		18	%
Other income (expense), net	—		—		—	%	(0.1)		0.1		(200)	%
Total other income (expense)	(4.5)		(4.8)		6	%	(20.7)		(14.5)		(43)	%
Income (loss) before taxes	(31.6)		(238.2)		87	%	(210.8)		(338.8)		38	%
Add: Impairment charges	15.7		204.9		(92)	%	78.3		204.9		(62)	%
Segment income (loss)	$	(15.9)	$	(33.3)	52	%	$	(132.5)	$	(133.9)	1	%
Unit Sales Volume:
Retail new vehicles	—		26		(100)	%	11		152		(93)	%
Used vehicles	17,562		17,435		1	%	73,676		64,107		15	%
Wholesale vehicles	2,621		2,444		7	%	11,512		11,236		2	%
Gross Profit Per Unit:
Total used vehicle and F&I	$	2,461	$	2,340	5	%	$	2,183	$	2,657	(18)	%

EchoPark Segment - Same Market

	Three Months Ended December 31,				Better / (Worse)		Twelve Months Ended December 31,				Better / (Worse)
	2023		2022		% Change		2023		2022		% Change
	(In millions, except unit and per unit data)
Revenues:
Used vehicles	426.9		306.0		40	%	1,754.7		1,129.2		55	%
Wholesale vehicles	14.9		10.8		38	%	73.9		83.9		(12)	%
Total vehicles	441.8		316.8		39	%	1,828.6		1,213.0		51	%
Finance, insurance and other, net	39.7		30.7		29	%	160.1		101.1		58	%
Total revenues	481.5		347.5		39	%	1,988.7		1,314.1		51	%
Gross Profit:
Used vehicles	(0.4)		(3.4)		88	%	(5.2)		(17.2)		70	%
Wholesale vehicles	(0.4)		(0.1)		(300)	%	0.7		1.8		(61)	%
Total vehicles	(0.8)		(3.5)		77	%	(4.5)		(15.4)		71	%
Finance, insurance and other, net	39.7		30.7		29	%	160.1		101.1		58	%
Total gross profit	$	38.9	$	27.2	43	%	$	155.6	$	85.7	82	%
Unit Sales Volume:
Used vehicles	16,817		11,856		42	%	65,969		39,933		65	%
Wholesale vehicles	2,387		1,663		44	%	9,765		7,497		30	%
Gross Profit Per Unit:
Total used vehicle and F&I	$	2,338	$	2,310	1	%	$	2,348	$	2,100	12	%

Note: All currently operating EchoPark stores in a local geographic market are included within the same market group as of the first full month following the first anniversary of the market’s opening.

Powersports Segment - Reported

	Three Months Ended December 31,				Better / (Worse)		Twelve Months Ended December 31,				Better / (Worse)
	2023		2022		% Change		2023		2022		% Change
	(In millions, except unit and per unit data)
Revenues:
Retail new vehicles	$	16.1	$	18.8	(14)	%	$	88.6	$	31.8	179	%
Used vehicles	2.4		2.1		14	%	19.5		7.1		175	%
Wholesale vehicles	0.7		0.1		600	%	2.6		0.3		767	%
Total vehicles	19.2		21.0		(9)	%	110.7		39.2		182	%
Parts, service and collision repair	6.7		6.3		6	%	45.3		11.7		287	%
Finance, insurance and other, net	1.3		1.3		—	%	7.2		2.6		177	%
Total revenues	27.2		28.6		(5)	%	163.2		53.5		205	%
Gross Profit:
Retail new vehicles	2.3		3.6		(36)	%	16.6		6.4		159	%
Used vehicles	0.7		0.7		—	%	5.4		2.0		170	%
Wholesale vehicles	(0.1)		—		(100)	%	(0.2)		—		(100)	%
Total vehicles	2.9		4.3		(33)	%	21.8		8.4		160	%
Parts, service and collision repair	2.8		3.1		(10)	%	21.3		5.8		267	%
Finance, insurance and other, net	1.3		1.3		—	%	7.2		2.6		177	%
Total gross profit	7.0		8.7		(20)	%	50.3		16.8		199	%
Selling, general and administrative expenses	(9.2)		(5.9)		(56)	%	(38.9)		(12.3)		(216)	%
Impairment charges	—		—		—	%	—		—		—	%
Depreciation and amortization	(1.0)		(0.6)		(67)	%	(3.4)		(1.0)		(240)	%
Operating income (loss)	(3.2)		2.2		(245)	%	8.0		3.5		129	%
Other income (expense):
Interest expense, floor plan	—		—		—	%	(0.6)		—		(100)	%
Interest expense, other, net	(0.2)		(0.6)		67	%	(1.7)		(1.0)		(70)	%
Other income (expense), net	(0.1)		0.2		(150)	%	—		0.2		(100)	%
Total other income (expense)	(0.3)		(0.4)		25	%	(2.3)		(0.8)		(188)	%
Income (loss) before taxes	(3.5)		1.8		(294)	%	5.7		2.7		111	%
Add: impairment charges	—		—		—	%	—		—		—	%
Segment income (loss)	$	(3.5)	$	1.8	(294)	%	$	5.7	$	2.7	111	%
Unit Sales Volume:
Retail new vehicles	948		1,013		(6)	%	4,842		1,592		204	%
Used vehicles	289		237		22	%	2,261		590		283	%
Wholesale vehicles	66		34		94	%	216		35		517	%
Gross Profit Per Unit:
Retail new vehicles	$	2,429	$	3,535	(31)	%	$	3,435	$	3,974	(14)	%
Used vehicles	$	2,307	$	2,860	(19)	%	$	2,394	$	3,349	(29)	%
Finance, insurance and other, net	$	1,066	$	1,026	4	%	$	1,017	$	1,205	(16)	%

Powersports Segment - Same Store

	Three Months Ended December 31,				Better / (Worse)		Twelve Months Ended December 31,				Better / (Worse)
	2023		2022		% Change		2023		2022		% Change
	(In millions, except unit and per unit data)
Revenues:
Retail new vehicles	$	15.9	$	18.8	(15)	%	$	24.4	$	29.5	(17)	%
Used vehicles	1.7		2.1		(19)	%	5.2		6.9		(25)	%
Wholesale vehicles	0.3		0.1		200	%	0.7		0.2		250	%
Total vehicles	17.9		21.0		(15)	%	30.3		36.6		(17)	%
Parts, service and collision repair	5.2		6.3		(17)	%	9.6		11.0		(13)	%
Finance, insurance and other, net	1.3		1.3		—	%	2.1		2.5		(16)	%
Total revenues	24.4		28.6		(15)	%	42.0		50.1		(16)	%
Gross Profit:
Retail new vehicles	2.2		3.6		(39)	%	3.7		5.9		(37)	%
Used vehicles	0.4		0.7		(43)	%	1.1		1.9		(42)	%
Wholesale vehicles	—		—		—	%	(0.1)		(0.1)		—	%
Total vehicles	2.6		4.3		(40)	%	4.7		7.7		(39)	%
Parts, service and collision repair	2.2		3.1		(29)	%	4.3		5.5		(22)	%
Finance, insurance and other, net	1.3		1.3		—	%	2.1		2.5		(16)	%
Total gross profit	$	6.1	$	8.7	(30)	%	$	11.1	$	15.7	(29)	%
Unit Sales Volume:
Retail new vehicles	932		1,013		(8)	%	1,358		1,480		(8)	%
Used vehicles	201		237		(15)	%	477		563		(15)	%
Wholesale vehicles	8		34		(76)	%	17		35		(51)	%
Retail new & used vehicles	1,133		1,250		(9)	%	1,835		2,043		(10)	%
Used:New Ratio	0.22		0.23		(4)	%	0.35		0.38		(8)	%
Gross Profit Per Unit:
Retail new vehicles	$	2,407	$	3,535	(32)	%	$	2,707	$	3,989	(32)	%
Used vehicles	$	2,195	$	2,860	(23)	%	$	2,337	$	3,359	(30)	%
Finance, insurance and other, net	$	1,103	$	1,026	8	%	$	1,161	$	1,209	(4)	%

Note: All currently operating powersports stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.

Non-GAAP Reconciliation - Consolidated - SG&A Expenses

	Three Months Ended December 31,						Better / (Worse)
	2023			2022			Change			% Change
	(In millions)
Reported:
Compensation	$	240.5		$	240.8		$	0.3		—	%
Advertising	20.8			22.6			1.8			8	%
Rent	11.5			12.7			1.2			9	%
Other	113.5			90.2			(23.3)			(26)	%
Total SG&A expenses	$	386.3		$	366.3		$	(20.0)		(5)	%
Adjustments:
Acquisition and disposition-related gain (loss)	$	—		$	9.1
Total SG&A adjustments	$	—		$	9.1
Adjusted:
Total adjusted SG&A expenses	$	386.3		$	375.4		$	(10.9)		(3)	%
Reported:
SG&A expenses as a % of gross profit:
Compensation	44.4		%	41.8		%	(270)		bps
Advertising	3.8		%	3.9		%	10		bps
Rent	2.1		%	2.2		%	10		bps
Other	21.1		%	15.7		%	(540)		bps
Total SG&A expenses as a % of gross profit	71.4		%	63.6		%	(780)		bps
Adjustments:
Acquisition and disposition-related gain (loss)	—		%	1.6		%
Total effect of adjustments	—		%	1.6		%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit	71.4		%	65.2		%	(620)		bps
Reported:
Total gross profit	$	541.1		$	576.1		$	(35.0)		(6)	%

Non-GAAP Reconciliation - Consolidated - SG&A Expenses (Continued)

	Twelve Months Ended December 31,						Better / (Worse)
	2023			2022			Change			% Change
	(In millions)
Reported:
Compensation	$	1,016.3		$	1,014.8		$	(1.5)		—	%
Advertising	92.2			95.4			3.2			3	%
Rent	46.1			51.0			4.9			10	%
Other	445.9			393.9			(52.0)			(13)	%
Total SG&A expenses	$	1,600.5		$	1,555.1		$	(45.4)		(3)	%
Adjustments:
Acquisition and disposition-related gain (loss)	$	20.7		$	9.1
Hail and storm damage charges	(1.9)			—
Lease exit charges	(4.3)			—
Severance and long-term compensation charges	(5.1)			(4.4)
Total SG&A adjustments	$	9.4		$	4.7
Adjusted:
Total adjusted SG&A expenses	$	1,609.9		$	1,559.8		$	(50.1)		(3)	%
Reported:
SG&A expenses as a % of gross profit:
Compensation	45.3		%	43.8		%	(150)		bps
Advertising	4.1		%	4.1		%	—		bps
Rent	2.1		%	2.2		%	10		bps
Other	19.8		%	17.0		%	(280)		bps
Total SG&A expenses as a % of gross profit	71.3		%	67.1		%	(420)		bps
Adjustments:
Acquisition and disposition-related gain (loss)	0.2		%	0.4		%
Hail and storm damage charges	—		%	—		%
Lease exit charges	—		%	—		%
Severance and long-term compensation charges	(0.1)		%	(0.2)		%
Total effect of adjustments	0.1		%	0.2		%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit	71.4		%	67.3		%	(410)		bps
Reported:
Total gross profit	$	2,245.7		$	2,317.0		$	(71.3)		(3)	%
Adjustments:
Used vehicle inventory adjustment	$	10.0		$	—
Total adjustments	$	10.0		$	—
Adjusted:
Total adjusted gross profit	$	2,255.7		$	2,317.0		$	(61.3)		(3)	%

Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses

	Three Months Ended December 31,						Better / (Worse)
	2023			2022			Change			% Change
	(In millions)
Reported:
Compensation	$	206.9		$	200.8		$	(6.1)		(3)	%
Advertising	10.8			10.7			(0.1)			(1)	%
Rent	10.5			10.5			—			—	%
Other	100.9			76.1			(24.8)			(33)	%
Total SG&A expenses	$	329.1		$	298.1		$	(31.0)		(10)	%
Adjustments:
Acquisition and disposition-related gain (loss)	$	—		$	9.1
Total SG&A adjustments	$	—		$	9.1
Adjusted:
Total adjusted SG&A expenses	$	329.1		$	307.2		$	(21.9)		(7)	%
Reported:
SG&A expenses as a % of gross profit:
Compensation	42.1		%	38.1		%	(400)		bps
Advertising	2.2		%	2.0		%	(20)		bps
Rent	2.1		%	2.0		%	(10)		bps
Other	20.6		%	14.5		%	(610)		bps
Total SG&A expenses as a % of gross profit	67.0		%	56.6		%	(1,040)		bps
Adjustments:
Acquisition and disposition-related gain (loss)	—		%	1.7		%
Total effect of adjustments	—		%	1.7		%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit	67.0		%	58.3		%	(870)		bps
Reported:
Total gross profit	$	491.3		$	526.7		$	(35.4)		(7)	%

Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses (Continued)

	Twelve Months Ended December 31,						Better / (Worse)
	2023			2022			Change			% Change
	(In millions)
Reported:
Compensation	$	856.6		$	858.0		$	1.4		—	%
Advertising	40.5			36.9			(3.6)			(10)	%
Rent	40.3			42.4			2.1			5	%
Other	377.2			335.6			(41.6)			(12)	%
Total SG&A expenses	$	1,314.6		$	1,272.9		$	(41.7)		(3)	%
Adjustments:
Acquisition and disposition-related gain (loss)	$	20.9		$	9.1
Hail and storm damage charges	(1.9)			—
Long-term compensation charges	—			(4.4)
Total SG&A adjustments	$	19.0		$	4.7
Adjusted:
Total adjusted SG&A expenses	$	1,333.6		$	1,277.6		$	(56.0)		(4)	%
Reported:
SG&A expenses as a % of gross profit:
Compensation	42.1		%	40.4		%	(170)		bps
Advertising	2.0		%	1.7		%	(30)		bps
Rent	2.0		%	2.0		%	—		bps
Other	18.5		%	15.8		%	(270)		bps
Total SG&A expenses as a % of gross profit	64.6		%	59.9		%	(470)		bps
Adjustments:
Acquisition and disposition-related gain (loss)	1.1		%	0.4		%
Hail and storm damage charges	(0.1)		%	—		%
Long-term compensation charges	—		%	(0.2)		%
Total effect of adjustments	1.0		%	0.2		%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit	65.6		%	60.1		%	(550)		bps
Reported:
Total gross profit	$	2,033.6		$	2,125.1		$	(91.5)		(4)	%

Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses

	Three Months Ended December 31,						Better / (Worse)
	2023			2022			Change			% Change
	(In millions)
Reported:
Compensation	$	26.9		$	35.8		$	8.9		25	%
Advertising	9.6			11.6			2.0			17	%
Rent	1.0			2.2			1.2			55	%
Other	10.5			12.7			2.2			17	%
Total SG&A expenses	$	48.0		$	62.3		$	14.3		23	%
Reported:
SG&A expenses as a % of gross profit:
Compensation	62.8		%	87.9		%	2,510		bps
Advertising	22.5		%	28.4		%	590		bps
Rent	2.3		%	5.3		%	300		bps
Other	24.7		%	31.2		%	650		bps
Total SG&A expenses as a % of gross profit	112.3		%	152.8		%	4,050		bps
Reported:
Total gross profit	$	42.8		$	40.8		$	2.0		5	%

Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses (Continued)

	Twelve Months Ended December 31,						Better / (Worse)
	2023			2022			Change			% Change
	(In millions)
Reported:
Compensation	$	132.0		$	148.0		$	16.0		11	%
Advertising	49.9			58.0			8.1			14	%
Rent	6.3			8.5			2.2			26	%
Other	58.8			55.3			(3.5)			(6)	%
Total SG&A expenses	$	247.0		$	269.8		$	22.8		8	%
Adjustments:
Acquisition and disposition-related gain (loss)	$	(0.3)		$	—
Lease exit charges	(4.3)			—
Severance and long-term compensation charges	(5.1)			—
Total SG&A adjustments	$	(9.7)		$	—
Adjusted:
Total adjusted SG&A expenses	$	237.3		$	269.8		$	32.5		12	%
Reported:
SG&A expenses as a % of gross profit:
Compensation	81.6		%	84.5		%	290		bps
Advertising	30.9		%	33.1		%	220		bps
Rent	3.9		%	4.9		%	100		bps
Other	36.3		%	31.6		%	(470)		bps
Total SG&A expenses as a % of gross profit	152.7		%	154.1		%	140		bps
Adjustments:
Acquisition and disposition-related gain (loss)	(0.4)		%	—		%
Hail and storm damage charges	—		%	—		%
Lease exit charges	(6.4)		%	—		%
Severance and long-term compensation charges	(7.6)		%	—		%
Total effect of adjustments	(14.5)		%	—		%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit	138.2		%	154.1		%	1,590		bps
Reported:
Total gross profit	$	161.8		$	175.1		$	(13.3)		(8)	%
Adjustments:
Used vehicle inventory adjustment	$	10.0		$	—
Total adjustments	$	10.0		$	—
Adjusted:
Total adjusted gross profit	$	171.8		$	175.1		$	(3.3)		(2)	%

Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses

	Three Months Ended December 31,						Better / (Worse)
	2023			2022			Change			% Change
	(In millions)
Reported:
Compensation	$	6.7		$	4.1		$	(2.6)		(63)	%
Advertising	0.4			0.3			(0.1)			(33)	%
Rent	—			—			—			—	%
Other	2.1			1.5			(0.6)			(40)	%
Total SG&A expenses	$	9.2		$	5.9		$	(3.3)		(56)	%
Reported:
SG&A expenses as a % of gross profit:
Compensation	96.2		%	47.9		%	(4,830)		bps
Advertising	5.2		%	3.9		%	(130)		bps
Rent	0.7		%	0.4		%	(30)		bps
Other	29.5		%	16.2		%	(1,330)		bps
Total SG&A expenses as a % of gross profit	131.6		%	68.4		%	(6,320)		bps
Reported:
Total gross profit	$	7.0		$	8.7		$	(1.7)		(20)	%

	Twelve Months Ended December 31,						Better / (Worse)
	2023			2022			Change			% Change
	(In millions)
Reported:
Compensation	$	27.7		$	8.9		$	(18.8)		(211)	%
Advertising	1.8			0.6			(1.2)			(200)	%
Rent	(0.5)			—			0.5			100	%
Other	9.9			2.8			(7.1)			(254)	%
Total SG&A expenses	$	38.9		$	12.3		$	(26.6)		(216)	%
Reported:
SG&A expenses as a % of gross profit:
Compensation	55.0		%	52.9		%	(210)		bps
Advertising	3.5		%	3.4		%	(10)		bps
Rent	(1.0)		%	0.2		%	120		bps
Other	19.7		%	16.9		%	(280)		bps
Total SG&A expenses as a % of gross profit	77.2		%	73.4		%	(380)		bps
Reported:
Total gross profit	$	50.3		$	16.8		$	33.5		199	%

Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2023		2022		% Change		2023		2022		% Change
	(In millions)
Reported:
Income (loss) before taxes	$	89.8	$	53.9	67	%	$	447.0	$	526.1	(15)	%
Add: impairment charges	1.0		115.5				1.0		115.5
Segment income (loss)	$	90.8	$	169.4	(46)	%	$	448.0	$	641.6	(30)	%
Adjustments:
Acquisition and disposition-related (gain) loss	$	—	$	(9.1)			$	(20.9)	$	(9.1)
Hail and storm damage charges	—		—				1.9		—
Long-term compensation charges	—		—				—		4.4
Total pre-tax items of interest	$	—	$	(9.1)			$	(19.0)	$	(4.7)
Adjusted:
Segment income (loss)	$	90.8	$	160.3	(43)	%	$	429.0	$	636.9	(33)	%

Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2023		2022		% Change		2023		2022		% Change
	(In millions)
Reported:
Income (loss) before taxes	$	(31.6)	$	(238.2)	87	%	$	(210.8)	$	(338.8)	38	%
Add: impairment charges	15.7		204.9				78.3		204.9
Segment income (loss)	$	(15.9)	$	(33.3)	52	%	$	(132.5)	$	(133.9)	1	%
Adjustments:
Acquisition and disposition-related (gain) loss	$	—	$	—			$	0.3	$	—
Lease exit charges	—		—				4.3		—
Severance and long-term compensation charges	—		—				5.1		—
Used vehicle inventory valuation adjustment	—		—				10.0		—
Total pre-tax adjustments	$	—	$	—			$	19.7	$	—
Adjusted:
Segment income (loss)	$	(15.9)	$	(33.3)	52	%	$	(112.8)	$	(133.9)	16	%

Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2023		2022		% Change		2023		2022		% Change
	(In millions)
Reported:
Income (loss) before taxes	$	(3.5)	$	1.8	(294)	%	$	5.7	$	2.7	111	%
Add: impairment charges	—		—				—		—
Segment income (loss)	$	(3.5)	$	1.8	(294)	%	$	5.7	$	2.7	111	%

Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share

	Three Months Ended December 31, 2023					Three Months Ended December 31, 2022
	Weighted- Average Shares	Net Income (Loss)		Per Share Amount		Weighted- Average Shares	Net Income (Loss)		Per Share Amount
	(In millions, except per share amounts)
Reported net income (loss), diluted shares(1), and diluted earnings (loss) per share	34.8	$	38.7	$	1.11	36.5	$	(190.9)	$	(5.22)
Adjustments:
Acquisition and disposition-related (gain) loss		$	—				$	(9.1)
Impairment charges		16.7					320.4
Total pre-tax items of interest		$	16.7				$	311.3
Tax effect of above items		(4.3)					(22.6)
Non-recurring tax items		5.8					—
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share	34.8	$	56.9	$	1.63	37.4	$	97.8	$	2.61

(1) Basic weighted-average common shares outstanding used for the three months ended December 31, 2022 due to the net loss on a reported GAAP basis.

	Twelve Months Ended December 31, 2023					Twelve Months Ended December 31, 2022
	Weighted- Average Shares	Net Income (Loss)		Per Share Amount		Weighted- Average Shares	Net Income (Loss)		Per Share Amount
	(In millions, except per share amounts)
Reported net income (loss), diluted shares, and diluted earnings (loss) per share	35.9	$	178.2	$	4.97	39.7	$	88.5	$	2.23
Adjustments:
Acquisition and disposition-related (gain) loss		$	(20.7)				$	(9.1)
Hail and storm damage charges		1.9					—
Impairment charges		79.3					320.4
Lease exit charges		4.3					—
Severance and long-term compensation charges		5.1					4.4
Used vehicle inventory valuation adjustment		10.0					—
Total pre-tax items of interest		$	79.9				$	315.7
Tax effect of above items		(19.9)					(22.6)
Non-recurring tax items		5.8					—
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share	35.9	$	244.0	$	6.81	39.7	$	381.6	$	9.61

Non-GAAP Reconciliation - Adjusted EBITDA

	Three Months Ended December 31, 2023								Three Months Ended December 31, 2022
	Franchised Dealerships Segment		EchoPark Segment		Powersports Segment		Total		Franchised Dealerships Segment		EchoPark Segment		Powersports Segment		Total
	(In millions)
Net income (loss)							$	38.7							$	(190.9)
Provision for income taxes							16.0								8.4
Income (loss) before taxes	$	89.8	$	(31.6)	$	(3.5)	$	54.7	$	53.9	$	(238.2)	$	1.8	$	(182.5)
Non-floor plan interest (1)	25.9		0.7		0.1		26.7		22.0		0.9		0.6		23.5
Depreciation and amortization (2)	31.2		6.1		1.0		38.3		27.4		7.0		0.5		34.9
Stock-based compensation expense	6.0		—		—		6.0		3.6		—		—		3.6
Impairment charges	1.0		15.7		—		16.7		115.5		204.9		—		320.4
Acquisition and disposition-related (gain) loss	—		—		—		—		(9.2)		—		—		(9.2)
Adjusted EBITDA	$	153.9	$	(9.1)	$	(2.4)	$	142.4	$	213.2	$	(25.4)	$	2.9	$	190.7

	Twelve Months Ended December 31, 2023								Twelve Months Ended December 31, 2022
	Franchised Dealerships Segment		EchoPark Segment		Powersports Segment		Total		Franchised Dealerships Segment		EchoPark Segment		Powersports Segment		Total
	(In millions)
Net income (loss)							$	178.2							$	88.5
Provision for income taxes							63.7								101.5
Income (loss) before taxes	$	447.0	$	(210.8)	$	5.7	$	241.9	$	526.1	$	(338.8)	$	2.7	$	190.0
Non-floor plan interest (1)	103.2		3.2		1.7		108.1		80.0		3.7		1.0		84.7
Depreciation and amortization (2)	118.8		26.6		3.4		148.8		107.0		24.8		0.9		132.7
Stock-based compensation expense	23.3		—		—		23.3		16.0		—		—		16.0
Loss (gain) on exit of leased dealerships	—		4.3		—		4.3		—		—		—		—
Impairment charges	1.0		78.3		—		79.3		115.5		204.9		—		320.4
Severance and long-term compensation charges	—		5.1		—		5.1		4.4		—		—		4.4
Acquisition and disposition-related (gain) loss	(20.7)		0.3		—		(20.4)		(9.7)		—		—		(9.7)
Hail and storm damage charges	1.9		—		—		1.9		—		—		—		—
Used vehicle inventory valuation adjustment	—		10.0		—		10.0		—		—		—		—
Adjusted EBITDA	$	674.5	$	(83.0)	$	10.8	$	602.3	$	839.3	$	(105.4)	$	4.6	$	738.5

(1)Includes interest expense, other, net in the accompanying consolidated statements of operations, net of any amortization of debt issuance costs or net debt discount/premium included in (2) below.

(2)Includes the following line items from the accompanying consolidated statements of cash flows: depreciation and amortization of property and equipment; debt issuance cost amortization; and debt discount amortization, net of premium amortization.

EX-99.2

Sonic Automotive Investor Presentation Fourth Quarter 2023 Updated February 14, 2024

2 Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events, are not historical facts and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. These statements can generally be identified by lead-in words such as “may,” “will,” “should,” “could,” “believe,” “expect,” “estimate,” “anticipate,” “intend,” “plan,” “project,” “foresee” and other similar words or phrases. Statements that describe our Company’s objectives, plans or goals are also forward-looking statements. Examples of such forward- looking information we may be discussing in this presentation include, without limitation, our anticipated future new vehicle unit sales volume, revenues and profitability, our anticipated future used vehicle unit sales volume, revenues and profitability, future levels of consumer demand for new and used vehicles, our anticipated future parts, service and collision repair (“Fixed Operations”) gross profit, our anticipated future finance and insurance (“F&I”) gross profit, our anticipated expense reductions, long-term annual revenue and profitability targets, anticipated future growth capital expenditures, profitability and pricing expectations in our EchoPark Segment, EchoPark’s omnichannel strategy, anticipated future EchoPark population coverage, anticipated future EchoPark revenue and unit sales volume, anticipated future performance and growth of our Franchised Dealerships Segment, anticipated growth and profitability of our Powersports Segment, anticipated liquidity positions, anticipated industry new vehicle sales volume, the implementation of growth and operating strategies, including acquisitions of dealerships and properties, anticipated future acquisition synergies, the return of capital to stockholders, anticipated future success and impacts from the implementation of our strategic initiatives, and earnings per share expectations. You are cautioned that these forward-looking statements are not guarantees of future performance, involve risks and uncertainties and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. These risks and uncertainties include, without limitation, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and increases in interest rates, new and used vehicle industry sales volume, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and other reports and information filed with the United States Securities and Exchange Commission (the “SEC”). These forward-looking statements, risks, uncertainties and additional factors speak only as of the date of this presentation. We undertake no obligation to update any such statements, except as required under federal securities laws and the rules and regulations of the SEC.

3 Company Overview

4 ® Sonic Automotive: Who We Are QUICK FACTS (NYSE: SAH) a Fortune 500 Company and One of the Nation’s Largest Automotive Retailers 139 35+ 20 16 $14.4 Billion $2.2 Billion 112K New Vehicles Sold 176K Total Revenues Brands Locations Used Vehicles Sold Collision Centers States Gross Profit Note: Location Counts As Of February 14, 2024 Revenues, Gross Profit, New & Used Vehicles Sold are for FY 2023 Our Core Franchised Dealerships Segment Is A Full-Service Automotive Retail Business With Strategic Growth Levers Across Multiple Business Lines And A Diversified Brand Portfolio Our High Growth Potential EchoPark Segment Offers A Unique Approach To Pre-Owned Vehicle And F&I Sales Below-Market Pricing With A No Haggle Purchase Experience Drives Industry-Leading Used Vehicle Volume Throughput Early-Stage Consolidation Growth Opportunity At Attractive Multiples

5 Investment Highlights Multiple Growth And Profit Drivers For Franchised Dealerships Segment Unique, High Return Potential EchoPark Business Model Broad Revenue Stream Diversification Complementary Relationship Between Operating Segments Disciplined Capital Allocation To Drive Shareholder Returns Focused On Expense Control And Maintaining Strong Balance Sheet

6 Revenue Composition BY GEOGRAPHY TX 27% CA 23% CO 9% TN 7% FL 5% AL 5% NC 5% GA 4% ID 3% VA 2% MD 2% NV 2% All Others 6% Broad Geographic Distribution Geographic Footprint, Revenue Streams and Brand Mix Offer Attractive Diversification Across the Automotive Retail Space Note: Percentages are Percent of Total Revenue for Year Ended December 31, 2023

7 Revenue Composition – Diversified Revenue Streams Note: Percentages are Percent of Total for the Year Ended December 31, 2023 5% 30% 12% 39% 38% 7% 45% 24% Revenue Gross Profit New Vehicle Used Vehicle (Including Wholesale) Parts, Service & Collision Repair ("Fixed Operations") Finance & Insurance ("F&I") Brand Distribution Note: Percentages are Percent of Total Revenue for the Year Ended December 31, 2023 Brand % of Revenue Franchise Brand % of Revenue BMW 21% Mercedes 11% Audi 6% Lexus 4% Porsche 3% Land Rover 3% Cadillac 2% Other Luxury (1) 3% Honda 9% Toyota 7% Other Import (2) 3% EchoPark 17% Non-Franchise 17% Chevrolet GMC Buick 4% Ford 4% Chrysler Dodge Jeep RAM 3% Powersports <1% Powersports (3) <1% Luxury 53% 19%Import Domestic 11% (1) Includes Alfa Romeo, Infiniti, Jaguar, Maserati, MINI and Volvo (2) Includes Hyundai, Nissan, Mazda, Subaru and Volkswagen (3) Includes Harley-Davidson, Kawasaki, BRP, Polaris, Honda, Suzuki, BMW Motorrad, Yamaha, Ducati, and Indian Motorcycle Business Line Mix Majority Of Gross Profit Driven By Stable Business Lines

8 ® EchoPark Automotive – A Unique Growth Story Planned Nationwide Distribution Network At Maturity Unique, High Return Potential Business Model Focus On High Quality Pre-Owned Vehicles, In-Store or Online Plan To Reach 90% Of U.S. Population At Maturity Priced Up To $3,000 Below Market With Simplified, Easy Purchase Experience Focus On Pre-Owned Market – 2.5x Larger & More Stable Than New Vehicle Market The New Car Alternative Price. Quality. Experience. Note: Expected U.S. population reach is a projection, actual results may differ. See “Forward-Looking Statements.”

9 Strategic Focus • Continued Growth Opportunity In Parts & Service, F&I Per Unit • Ongoing Profitability Enhancement Through SG&A Expense Control, Inventory Management • Pursue Strategic Acquisition Opportunities As Market Evolves • Utilize Existing Infrastructure To Support Omnichannel Distribution Network • Targeting Return To Breakeven Adjusted EBITDA In Q1 2024 • Growing eCommerce Presence Offers Scalable Incremental Reach • Addressable Market Opportunity Of 2 Million Vehicles Annually At Maturity • Positioned To Resume Disciplined Expansion Of EchoPark Footprint Once Used Vehicle Market Conditions Improve • Focus On Guest Experience And eCommerce Opportunity To Drive Market Share Gains • Balanced Capital Allocation Strategy Prioritizes Highest Return on Investment • Return Of Capital To Shareholders Via Share Repurchase Program And Dividend • Further Diversify Business Model In Adjacent Sectors (Powersports) Franchised Dealerships EchoParkStrategic Focus Note: Profitability, unit sales volume, Adjusted EBITDA and footprint expansion projections are estimates of future results. Actual results may differ. See “Forward-Looking Statements.”

10 December 31, 2023 September 30, 2023 December 31, 2022 (In Millions) Cash and cash equivalents 28.9$ 34.6$ 229.2$ Floor plan deposit balance 345.0 300.0 272.0 Availability under the 2021 Revolving Credit Facility 298.6 288.9 292.9 Availability under the 2019 Mortgage Facility 173.0 173.0 - Total available liquidity resources 845.5$ 796.5$ 794.1$ Covenant Requirement* December 31, 2023 September 30, 2023 December 31, 2022 Liquidity ratio >= 1.05 1.25 1.27 1.38 Fixed charge coverage ratio >= 1.20 1.93 1.60 1.87 Total lease adjusted leverage ratio <= 5.75 2.97 2.87 2.31 Net debt to Adjusted EBITDA(1) ratio 2.06 2.15 1.69 Strong Balance Sheet And Liquidity Cash On Hand And Total Liquidity Remain At Target Levels Leverage Ratios Remain Within Our Internal Target Range Total Cash On Hand (1) Refer To Appendix For Calculation And Reconciliation of Adjusted EBITDA (A Non-GAAP Measure) and Net Debt To Adjusted EBITDA Ratio (A Non-GAAP Measure) * As Defined In The 2021 Revolving Credit Facility and 2019 Mortgage Facility

11 Share Repurchase Update ($ in Millions) Share Repurchase Authorization Remaining at December 31, 2022 464.3$ Q1 2023 Repurchase Activity (90.7) Q2 2023 Repurchase Activity - Q3 2023 Repurchase Activity (86.8) Q4 2023 Repurchase Activity (0.1) Remaining Authorization 286.7$ 43.1 41.8 40.7 36.2 34.0 30.0 35.0 40.0 45.0 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 (O ut st an di ng S ha re s, In M illi on s) 21% Reduction In Outstanding Share Count Since 2019

12 FY 2024 Outlook • Expect Continued Return Of New Vehicle Inventory To Drive Further Normalization Of New Vehicle GPU • New Vehicle Inventory Days’ Supply Could Exceed 50 Days (Adjusted For Sonic Brand Mix) • New Vehicle GPU Could Exit 2024 Near $3,000 Per Unit (Adjusted For Sonic Brand Mix) • Industry Analysts Expect New Vehicle SAAR To Increase By 1 - 4% From 2023 (Implies 15.6 - 16.1 Million Unit New Vehicle SAAR And 12.8 - 13.2 Million Unit Retail New Vehicle SAAR) • Expect Further Decline In Used Vehicle Pricing And Return To More Normal Market Pricing Variability (Both Wholesale And Retail Pricing) • Used Vehicle GPU Could Experience Further Declines Toward Historical Levels • Cox Automotive Forecast Calls For Flat Used Vehicle SAAR In 2024 (36.2 Million Units In 2023) • Interest Rate Improvement Expected In Late 2024, But Affordability Concerns Remain • Continued Vehicle Affordability Concerns Could Be A Potential Headwind For Revenues From New Vehicles, Used Vehicles And F&I • Sustained Affordability Concerns Could Be A Tailwind For Fixed Operations Revenues, As Consumers May Choose To Make Repairs Vs. Replace A Vehicle • Annual Floor Plan Interest Expected To Rise Year-Over-Year On Higher Inventory Levels And Lapping Comparisons To Lower Rate Environment In Early 2023 Note: 2024 New Vehicle SAAR Projections From Cox Automotive and J.D. Power. Above Outlook Is Based On Projections. Actual Results May Differ. See “Forward-Looking Statements.”

13 FY 2024 Outlook • Expect Low Single Digit Percentage Growth In Revenues And Mid Single Digit Percentage Decline In Gross Profit, Driven By: • Continued Normalization Of New Vehicle GPU, Potentially Exiting 2024 In $3,000 Per Unit Range • Low Single Digit Percentage Growth In New And Used Retail Sales Volume • Mid Single Digit Percentage Growth In Fixed Operations Gross Profit • Low Single Digit Percentage F&I Gross Profit Growth, Driven By Higher Retail Unit Volume And Flat F&I GPU In $2,400 Per Unit Range • Expect SG&A Expenses As A % Of Gross Profit In Low 70% Range Consolidated • Expect Lower Franchised Dealerships Segment Earnings To Be Partially Offset By Higher Earnings In Our EchoPark And Powersports Segments • Expect $15-20 Million Increase Floor Plan Interest Expense Due To Higher New Inventory Levels And Higher Average Interest Rates Vs. 2023 • Earnings Per Share Results Will Be Primarily Dependent Upon Rate Of Normalization Of New Vehicle GPU And Rate Of EchoPark Profitability Improvement Franchised Dealerships Segment EchoPark Segment • Expect Adjusted EBITDA Breakeven In Q1 2024 And Positive Adjusted EBITDA For FY 2024 • Realizing Benefits Of Smaller Store Footprint, Driving Higher Volume Throughput And Positive Used Vehicle GPU • Expect High Single Digit Percentage F&I GPU Growth • Expect SG&A Expenses As A % Of Gross Profit In Mid 80% Range (Target Below 70% At Maturity) Powersports Segment • Expect Adjusted EBITDA Between $10-$13 Million, With Majority Coming In Q3 (Q1 & Q4 Near Breakeven Due To Seasonality) Note: Above outlook is based on projections. Actual results may differ. See “Forward-Looking Statements.” Financial data may also include certain forward-looking information that is not presented in accordance with GAAP. We believe that a quantitative reconciliation of such forward-looking information to the most directly comparable GAAP financial measure cannot be made available without unreasonable efforts, because a reconciliation of these non-GAAP financial measures would require an estimate of future non-operating items such as impairment charges or gain/loss on property dispositions. Neither the timing nor likelihood of these events, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of such forward-looking information to the most directly comparable GAAP financial measure is not provided.

14 Franchised Dealerships

15 New & Used Vehicle Sales Parts & Service (P&S) Finance & Insurance (F&I) ® Franchised Dealerships Franchised Dealerships108 Brands, Luxury Weighted25+ Diversified Revenue Streams • New & Used Vehicle Sales • Parts & Service (Fixed Ops) • Finance & Insurance (F&I) Collision Repair Centers16 18 States Stable Business With Organic And Acquisition Growth Opportunities Resilient And Flexible Business Model Through Economic Cycles

16 Franchised Dealerships – Geographic Footprint Diversified Geographic Market Platform 108 Stores, 25+ Brands, 16 Collision Repair Centers

17 EchoPark

18 EchoPark – Brand Promise Up To 40% Below New Vehicle Price Up To $3,000 Below Used Vehicle Market Price High Quality Pre-Owned Vehicles With Available Warranty Transparent Guest-Centric Experience New Car Feel Without The New Car Price Complete Purchase In Under An Hour Free CARFAX Report With Every Vehicle Buy & Sell Your Way – On-Site Or Online P r i c e . Q u a l i t y. E x p e r i e n c e . L o w C o s t O m n i c h a n n e l M o d e l

19 Buy & Sell Your Way • Complete A Traditional Vehicle Purchase Experience With A Modern, Technology- Enabled Approach • Can Be Completed In Under An Hour • Research Online, Utilize Chat, Text, Phone, Zoom To Reduce In-Person Process • Review And Select Insurance Products And Financing Options • Includes Online Trade-In Appraisal And Firm Purchase Offer • Complete A Full eCommerce Transaction In Minutes • Conveniently Test Drive And Finalize Purchase At Nearest Store Location • 2.5 Million Unique Visitors To EchoPark.com In Q4 2023 Buy & Sell Your Way Start Online, Finish On-Site Or Buy Completely Online Buy On-Site • Our Blend Of Brick And Mortar And eCommerce Strategies Allows Guests To Choose Their Preferred Buying Approach • A Flexible, Guest- Centric Experience With Options • Will Be Seamless To The Guest, Regardless Of Which Path They Choose Represents 35% Of Q4 2023 EchoPark Unit Sales Volume

20 EchoPark – Planned Nationwide Distribution Network Target 90% Population Coverage At Maturity Note: Future locations and U.S. population coverage are based on projections. Actual results may differ. See “Forward-Looking Statements.” Suspended Operations Expected Coverage Area Existing Retail Hub Future New Market Opportunities Suspended Operations And New Markets Can Be Strategically Opened Once Market Conditions Improve

21 EchoPark – Addressable Market Opportunity * Share Of Vehicles That Fit Core1-4-Year-Old Model In Existing EchoPark Markets Plan To Achieve 90% Population Coverage At Maturity Once Market Conditions Improve Target 10% Market Share Already Achieving This Share* In Most Mature Market Priced Up to $3,000 Below Market Price Competes On Price vs. Older Vehicles, Consumer Can Buy Newer Vehicle For Same Price Pricing Up To 40% Below New Converts Prospective New Car Buyers 2 MILLION Opportunity 15+ MILLION 1–4-Year-Old Vehicles 10+ MILLION 5–8-Year- Old Vehicles 13+ MILLION New Vehicles Long-Term Strategy Remains Focused On Nearly-New, 1–4-Year-Old Vehicle Segment Despite Recent Strategic Adjustments To Include 5+ Year-Old Inventory Annual Retail Vehicle Sales Volume Note: Annual Retail Vehicle Sales Volume, EchoPark Volume Opportunity, Population Coverage And Market Share Targets Are Based On Projections. Actual Results May Differ. See “Forward-Looking Statements.”

22 EchoPark Segment – Revenue & Unit Volume Trend 15,347 17,871 15,000 16,773 15,32611,051 12,587 13,206 12,676 13,986 13,207 15,127 14,841 19,670 21,261 21,255 15,649 14,931 16,496 15,245 17,435 19,980 17,084 19,050 17,562 - 5,000 10,000 15,000 20,000 25,000 $- $100 $200 $300 $400 $500 $600 $700 (U ni ts ) (Q ua rte rly R ev en ue , I n M illi on s) EchoPark Branded Retail Units Non-EchoPark Retail Units Quarterly Revenue Note: EchoPark Branded Retail Units Are Sold At EchoPark Branded Stores. Non-EchoPark Retail Units Are Sold At Stores Within The EchoPark Segment, Including Northwest Motorsport And Other Acquired Pre-Owned Businesses, That Have Not Been Re-Branded As EchoPark.

23 EchoPark Segment – Adjusted EBITDA Trend $4.9 $4.9 $6.4 $5.3 $5.2 $5.6 $3.2 ($3.6) $5.3 ($10.9) ($30.5) ($19.2) ($36.2) ($30.8) ($23.7) ($24.1) ($24.4) ($27.3) ($3.5) ($6.7) $0.7 $0.9 $1.5 $2.0 $4.6 $6.7 $3.4 $0.5 $(1.3) $(12.5) $(4.5) $(1.7) $(2.4) $(40) $(30) $(20) $(10) $- $10 Q 1 2019 Q 2 2019 Q 3 2019 Q 4 2019 Q 1 2020 Q 2 2020 Q 3 2020 Q 4 2020 Q 1 2021 Q 2 2021 Q 3 2021 Q 4 2021 Q 1 2022 Q 2 2022 Q 3 2022 Q 4 2022 Q 1 2023 Q 2 2023 Q 3 2023 Q 4 2023 EchoPark All Other (In M illi on s) Refer To Appendix For Calculation And Reconciliation of Adjusted EBITDA (A Non-GAAP Measure). Note: Expected Improvement In Adjusted EBITDA Losses Is Based On Projections. Actual Results May Differ. See “Forward-Looking Statements.” Note: “EchoPark” Data Includes EchoPark-Branded Stores And Corporate/Holding Company Results. “All Other Pre-Owned” Data Includes Northwest Motorsport And Other Acquired Pre-Owned Businesses That Have Not Been Re-Branded As EchoPark. Q3 2023 Includes $10.0 Million Benefit From Inventory Adjustment Recognized In Q2 2023 Expect Breakeven EchoPark Segment Adjusted EBITDA In Q1 2024

24 Powersports

25 Powersports – Opportunistic Growth • Growth Via Acquisition At Attractive Earnings Multiples • Consolidation Opportunity In A $34 Billion Market* Where 85% Of U.S. Dealers Own A Single Location • Drive Profitability Enhancement Through Technology And Process Development • Generate Higher Margins Compared To Traditional Automotive Retail * Estimated Value Of North American Powersports Industry In 2022, Per Global Market Insights

26 Appendix

27 GAAP Income Statement Annual Trend – Consolidated NM = Not MeaningfulNote: Earnings (Loss) Per Share and Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts FY 2023 Better / (Worse) % Change (In millions, except unit, per unit, and per share data) FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 Year-Over-Year Revenues: Retail new vehicles 6,304.6$ 5,622.6$ 4,993.4$ 4,224.4$ 4,777.3$ 12% Fleet new vehicles 92.2 99.4 124.6 56.8 111.9 (7%) Total new vehicles 6,396.8 5,722.0 5,118.0 4,281.2 4,889.2 12% Used vehicles 5,213.6 5,515.4 4,933.6 3,604.2 3,490.0 (5%) Wholesale vehicles 318.8 484.9 367.2 197.4 202.8 (34%) Total vehicles 11,929.2 11,722.3 10,418.8 8,082.8 8,582.0 2% Parts, service and collision repair 1,759.5 1,599.7 1,340.4 1,194.3 1,395.3 10% Finance, insurance and other, net ("F&I") 683.7 679.1 637.2 489.9 477.0 1% Total revenues 14,372.4 14,001.1 12,396.4 9,767.0 10,454.3 3% Gross profit: Retail new vehicles 535.4 662.8 459.8 233.2 231.7 (19%) Fleet new vehicles 4.0 4.9 1.6 0.9 1.4 (18%) Total new vehicles 539.4 667.7 461.4 234.1 233.1 (19%) Used vehicles 151.2 180.8 133.0 105.2 147.4 (16%) Wholesale vehicles (2.6) (3.1) 9.6 0.1 (4.5) 16% Total vehicles 688.0 845.4 604.0 339.4 376.0 (19%) Parts, service and collision repair 874.0 792.5 673.1 594.3 668.0 10% Finance, insurance and other, net 683.7 679.1 637.2 489.9 477.0 1% Total gross profit 2,245.7 2,317.0 1,914.3 1,423.6 1,521.0 (3%) SG&A expenses (1,600.5) (1,555.1) (1,274.7) (1,028.7) (1,099.4) (3%) Impairment charges (79.3) (320.4) (0.1) (270.0) (20.8) NM Depreciation and amortization (142.3) (127.5) (101.1) (91.0) (93.1) (12%) Operating income (loss) 423.6 314.0 538.4 33.9 307.7 35% Interest expense, floor plan (67.2) (34.3) (16.7) (27.2) (48.5) (96%) Interest expense, other, net (114.6) (89.9) (48.0) (41.6) (53.0) (27%) Other income (expense), net 0.1 0.2 (15.5) 0.1 (6.6) NM Income (loss) from continuing operations before taxes 241.9 190.0 458.2 (34.8) 199.6 27% Income tax benefit (expense) (63.7) (101.5) (109.3) (15.9) (55.1) 37% Net income (loss) from continuing operations 178.2$ 88.5$ 348.9$ (50.7)$ 144.5$ 101% Diluted weighted-average shares outstanding 35.9 39.7 43.3 42.5 43.7 10% Diluted earnings (loss) per share from continuing operations 4.97$ 2.23$ 8.06$ (1.19)$ 3.31$ 123% Unit sales volume: Retail new vehicles 112,110 101,168 99,943 91,939 111,457 11% Fleet new vehicles 2,000 2,115 3,543 1,342 2,674 (5%) Used vehicles 176,147 173,209 183,292 159,025 162,149 2% Wholesale vehicles 32,330 35,323 36,795 32,057 34,153 (8%) Gross profit per unit ("GPU"): Retail new vehicles 4,776$ 6,552$ 4,600$ 2,536$ 2,078$ (27%) Used vehicles 859$ 1,043$ 720$ 667$ 909$ (18%) F&I 2,372$ 2,475$ 2,250$ 1,952$ 1,743$ (4%)

28 Non-GAAP Reconciliation – Annual Trend – Consolidated NM = Not Meaningful Note: Earnings (Loss) Per Share and SG&A Expenses As A Percentage Of Gross Profit Metrics Are Calculated Based On Actual Unrounded Amounts Note: Balance Sheet Amounts Are As Of December 31 For The FY Then Ended, Balance Sheet Amounts For LTM Q3 2023 Are As Of September 30, 2023 (In millions, except per share data) FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 Reported net income (loss) from continuing operations 178.2$ 88.5$ 348.9$ (50.7)$ 144.5$ Adjustments: Impairment charges 79.3$ 320.4$ -$ 269.2$ 19.6$ Acquisition and disposition-related (gain) loss (20.7) (9.1) 1.2 (9.2) (76.0) Long-term compensation charges 5.1 4.4 6.5 - 6.3 Loss on debt extinguishment - - 15.6 - 7.2 Legal and storm damage charges 1.9 - - - - Loss (gain) on exit of leased dealerships 4.3 - - - - Used vehicle inventory valuation adjustment 10.0 - - - - Total pre-tax adjustments 79.9 315.7 23.3 260.0 (42.9) Tax effect of above items (19.9) (22.6) (5.9) (40.4) 14.2 Non-recurring tax items 5.8 - - - - Total net income effect of adjustments 65.8 293.1 17.4 219.6 (28.7) Adjusted net income (loss) from continuing operations 244.0$ 381.6$ 366.3$ 168.9$ 115.8$ Diluted weighted-average shares outstanding 35.9 39.7 43.3 43.9 43.7 Adjusted diluted earnings (loss) per share from continuing operations 6.81$ 9.61$ 8.46$ 3.85$ 2.65$ Reported SG&A expenses (1,600.5)$ (1,555.1)$ (1,274.7)$ (1,028.7)$ (1,099.4)$ Acquisition and disposition-related (gain) loss (20.7) (9.1) 1.2 (9.2) (76.0) Long-term compensation charges 5.1 4.4 6.5 - 6.3 Legal and storm damage charges 1.9 - - - - Loss (gain) on exit of leased dealerships 4.3 - - - - Adjusted SG&A expenses (1,609.9)$ (1,559.8)$ (1,267.0)$ (1,037.9)$ (1,169.1)$ Adjusted SG&A expenses as a percentage of gross profit 71.4% 67.3% 66.2% 72.9% 76.9% Reported net income (loss) 178.2$ 88.5$ 348.9$ (51.4)$ 144.1$ Income tax (benefit) expense 63.7 101.5 109.3 15.6 55.0 Income (loss) before taxes 241.9 190.0 458.2 (35.8) 199.1 Non-floor plan interest 108.1 84.7 44.7 38.7 50.5 Depreciation and amortization 148.8 132.7 104.3 93.9 95.6 Stock-based compensation expense 23.3 16.0 15.0 11.7 10.8 Loss (gain) on exit of leased dealerships 4.3 - - - (0.2) Impairment charges 79.3 320.4 0.1 270.0 20.8 Loss on debt extinguishment - - 15.6 - 6.7 Long-term compensation charges 5.1 4.4 8.0 - - Acquisition and disposition-related (gain) loss (20.4) (9.7) (0.4) (8.2) (74.8) Hail and storm damage charges 1.9 - - - - Used vehicle inventory valuation adjustment 10.0 - - - - Adjusted EBITDA 602.3$ 738.5$ 645.5$ 370.3$ 308.5$ Long-term debt (including current portion) 1,616.7$ 1,751.7$ 1,561.2$ 720.1$ 706.9$ Cash and equivalents (28.9) (229.2) (299.4) (170.3) (29.1) Floor plan deposit balance (345.0) (272.0) (99.8) (73.2) - Net debt 1,242.8$ 1,250.5$ 1,162.0$ 476.6$ 677.8$ Net debt to adjusted EBITDA ratio 2.06 1.69 1.80 1.29 2.20 Long-term debt (including current portion) to adjusted EBITDA ratio 2.68 2.37 2.42 1.94 2.29

29 GAAP Income Statement Quarterly Trend – Consolidated NM = Not MeaningfulNote: Earnings (Loss) Per Share and Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2023 Better / (Worse) % Change (In millions, except unit, per unit, and per share data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Sequential Year-Over-Year Revenues: Retail new vehicles 1,680.2$ 1,573.5$ 1,608.2$ 1,442.8$ 1,555.3$ 7% 8% Fleet new vehicles 21.8 23.2 28.3 18.8 29.3 (6%) (26%) Total new vehicles 1,702.0 1,596.7 1,636.5 1,461.6 1,584.6 7% 7% Used vehicles 1,222.4 1,340.4 1,305.9 1,344.9 1,341.1 (9%) (9%) Wholesale vehicles 62.6 79.3 91.5 85.6 80.0 (21%) (22%) Total vehicles 2,987.0 3,016.4 3,033.9 2,892.1 3,005.7 (1%) (1%) Parts, service and collision repair 431.9 453.4 443.7 430.5 411.1 (5%) 5% Finance, insurance and other, net ("F&I") 166.0 173.7 175.3 168.6 173.8 (4%) (4%) Total revenues 3,584.9 3,643.5 3,652.9 3,491.2 3,590.6 (2%) 0% Gross profit: Retail new vehicles 124.5 131.4 141.4 138.1 164.6 (5%) (24%) Fleet new vehicles 0.9 0.9 1.3 0.9 1.8 (7%) (49%) Total new vehicles 125.4 132.3 142.7 139.0 166.4 (5%) (25%) Used vehicles 37.5 52.3 31.5 30.0 35.5 (28%) 6% Wholesale vehicles (3.2) (1.4) (1.0) 3.0 (3.7) (121%) 10% Total vehicles 159.7 183.2 173.2 172.0 198.2 (13%) (19%) Parts, service and collision repair 215.4 225.3 220.4 212.9 204.1 (4%) 6% Finance, insurance and other, net 166.0 173.7 175.3 168.6 173.8 (4%) (4%) Total gross profit 541.1 582.2 568.9 553.5 576.1 (7%) (6%) SG&A expenses (386.3) (409.6) (391.9) (412.8) (366.3) 6% (5%) Impairment charges (16.7) - (62.6) - (320.4) NM NM Depreciation and amortization (36.6) (35.2) (36.1) (34.3) (33.5) (4%) (9%) Operating income (loss) 101.5 137.4 78.3 106.4 (144.1) (26%) 170% Interest expense, floor plan (18.4) (17.4) (17.0) (14.6) (13.6) (6%) (35%) Interest expense, other, net (28.3) (29.0) (28.9) (28.4) (24.9) 2% (14%) Other income (expense), net (0.1) 0.2 0.1 0.2 0.1 NM NM Income (loss) before taxes 54.7 91.2 32.5 63.6 (182.5) (40%) 130% Income tax benefit (expense) (16.0) (22.8) (9.1) (15.9) (8.4) 30% (90%) Net income (loss) 38.7$ 68.4$ 23.4$ 47.7$ (190.9)$ (43%) 120% Diluted weighted-average shares outstanding 34.8 35.6 36 36.9 36.5 2% 5% Diluted earnings (loss) per share 1.11$ 1.92$ 0.65$ 1.29$ (5.22)$ (42%) 121% Unit sales volume: Retail new vehicles 29,439 28,260 28,754 25,657 27,278 4% 8% Fleet new vehicles 500 469 590 441 661 7% (24%) Used vehicles 42,216 45,428 42,972 45,531 44,303 (7%) (5%) Wholesale vehicles 7,127 7,996 8,801 8,406 8,094 (11%) (12%) Gross profit per unit ("GPU"): Retail new vehicles 4,230$ 4,649$ 4,918$ 5,381$ 6,034$ (9%) (30%) Used vehicles 888$ 1,150$ 732$ 660$ 800$ (23%) 11% F&I 2,317$ 2,357$ 2,445$ 2,369$ 2,428$ (2%) (5%)

30 Non-GAAP Reconciliation – Quarterly Trend – Consolidated NM = Not MeaningfulNote: Earnings (Loss) Per Share and SG&A Expenses As A Percentage Of Gross Profit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2023 Better / (Worse) % Change (In millions, except per share data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Sequential Year-Over-Year Reported net income (loss) 38.7$ 68.4$ 23.4$ 47.7$ (190.9)$ (43%) 120% Adjustments: Impairment charges 16.7$ -$ 62.6$ -$ 320.4$ NM NM Acquisition and disposition-related (gain) loss - - (20.7) - (9.1) NM NM Severance and long-term compensation charges - 0.9 2.2 2.0 - NM NM Hail and storm damage charges - - 1.9 - - NM NM Lease exit charges - 3.9 0.4 - - NM NM Used vehicle inventory valuation adjustment - - 10.0 - - NM NM Total pre-tax adjustments 16.7 4.8 56.4 2.0 311.3 NM NM Tax effect of above items (4.3) (1.2) (13.8) (0.5) (22.6) NM NM Non-recurring tax items 5.8 - - - - NM NM Total net income effect of adjustments 18.2 3.6 42.6 1.5 288.7 NM NM Adjusted net income (loss) 56.9$ 72.0$ 66.0$ 49.2$ 97.8$ (21%) (42%) Diluted weighted-average shares outstanding 34.8 35.6 36 36.9 37.4 2% 7% Adjusted diluted earnings (loss) per share 1.63$ 2.02$ 1.83$ 1.33$ 2.61$ (19%) (38%) Reported gross profit 541.1$ 582.2$ 568.9$ 553.5$ 576.1$ (7%) (6%) Used vehicle inventory valuation adjustment - - 10.0 - - NM NM Adjusted gross profit 541.1$ 582.2$ 578.9$ 553.5$ 576.1$ (7%) (6%) Reported SG&A expenses (386.3)$ (409.6)$ (391.9)$ (412.8)$ (366.3)$ 6% (5%) Acquisition and disposition-related (gain) loss - - (20.7) - (9.1) NM NM Severance and long-term compensation charges - 0.9 2.2 2.0 - NM NM Hail and storm damage charges - - 1.9 - - NM NM Lease exit charges - 3.9 0.4 - - NM NM Adjusted SG&A expenses (386.3)$ (404.8)$ (408.1)$ (410.8)$ (375.4)$ 5% (3%) Adjusted SG&A expenses as a percentage of gross profit 71.4% 69.5% 70.5% 74.2% 65.2% (190) bps (620) bps Reported net income (loss) 38.7$ 68.4$ 23.4$ 47.7$ (190.9)$ NM NM Income tax (benefit) expense 16.0 22.8 9.1 15.9 8.4 NM NM Income (loss) before taxes 54.7 91.2 32.5 63.6 (182.5) NM NM Non-floor plan interest 26.7 27.3 27.2 26.9 23.5 NM NM Depreciation and amortization 38.3 36.9 37.7 35.9 34.9 NM NM Stock-based compensation expense 6.0 6.7 5.6 5.0 3.6 NM NM Lease exit charges - 3.9 0.4 - - NM NM Impairment charges 16.7 - 62.6 - 320.4 NM NM Severance and long-term compensation charges - 0.9 2.2 2.0 - NM NM Acquisition and disposition-related (gain) loss - 0.3 (20.7) - (9.2) NM NM Hail and storm damage charges - - 1.9 - - NM NM Used vehicle inventory valuation adjustment - - 10.0 - - NM NM Adjusted EBITDA 142.4$ 167.2$ 159.4$ 133.4$ 190.7$ (15%) (25%)

31 GAAP Income Statement – Quarterly Trend – Franchised Dealerships Segment NM = Not MeaningfulNote: Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2023 Better / (Worse) % Change (In millions, except unit and per unit data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Sequential Year-Over-Year Revenues: Retail new vehicles 1,664.1$ 1,546.7$ 1,583.3$ 1,421.0$ 1,534.5$ 8% 8% Fleet new vehicles 21.8 23.2 28.3 18.8 29.4 (6%) (26%) Total new vehicles 1,685.9 1,569.9 1,611.6 1,439.8 1,563.9 7% 8% Used vehicles 727.5 780.7 774.5 767.6 823.4 (7%) (12%) Wholesale vehicles 39.3 51.4 55.6 58.4 52.6 (24%) (25%) Total vehicles 2,452.7 2,402.0 2,441.7 2,265.8 2,439.9 2% 1% Parts, service and collision repair 425.2 431.8 433.4 423.8 404.8 (2%) 5% Finance, insurance and other, net ("F&I") 123.2 126.0 132.2 117.1 128.0 (2%) (4%) Total revenues 3,001.1 2,959.8 3,007.3 2,806.7 2,972.7 1% 1% Gross profit: Retail new vehicles 122.2 125.5 136.9 134.0 160.8 (3%) (24%) Fleet new vehicles 0.9 0.9 1.3 0.9 1.8 (7%) (49%) Total new vehicles 123.1 126.4 138.2 134.9 162.6 (3%) (24%) Used vehicles 35.1 42.6 44.5 40.8 38.4 (18%) (9%) Wholesale vehicles (2.7) (1.5) (1.0) 1.9 (3.2) (74%) 20% Total vehicles 155.5 167.5 181.7 177.6 197.8 (7%) (21%) Parts, service and collision repair 212.6 215.1 215.4 209.6 200.9 (1%) 6% Finance, insurance and other, net 123.2 126.0 132.2 117.1 128.0 (2%) (4%) Total gross profit 491.3 508.6 529.3 504.3 526.7 (3%) (7%) SG&A expenses (329.1) (338.3) (316.1) (331.2) (298.1) 3% (10%) Impairment charges (1.0) - - - (115.5) NM NM Depreciation and amortization (29.4) (28.2) (27.9) (26.5) (26.0) (5%) (13%) Operating income (loss) 131.8 142.1 185.3 146.6 87.1 (7%) 51% Interest expense, floor plan (14.6) (12.9) (11.9) (9.9) (9.8) (13%) (49%) Interest expense, other, net (27.5) (27.9) (27.5) (26.9) (23.4) 1% (17%) Other income (expense), net 0.1 0.2 - - - NM NM Income (loss) before taxes 89.8$ 101.5$ 145.9$ 109.8$ 53.9$ (11%) 67% Unit sales volume: Retail new vehicles 28,491 26,869 27,358 24,539 26,239 6% 9% Fleet new vehicles 500 469 590 441 661 7% (24%) Used vehicles 24,365 25,541 25,197 25,107 26,631 (5%) (9%) Wholesale vehicles 4,440 5,163 5,516 5,483 5,616 (14%) (21%) Gross profit per unit ("GPU"): Retail new vehicles 4,289$ 4,672$ 5,003$ 5,463$ 6,130$ (8%) (30%) Used vehicles 1,440$ 1,666$ 1,765$ 1,626$ 1,442$ (14%) 0% F&I 2,330$ 2,403$ 2,516$ 2,360$ 2,421$ (3%) (4%)

32 Non-GAAP Reconciliation – Quarterly Trend – Franchised Dealerships Segment NM = Not MeaningfulNote: SG&A Expenses As A Percentage Of Gross Profit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2023 Better / (Worse) % Change (In millions) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Sequential Year-Over-Year Reported income (loss) before taxes 89.8$ 101.5$ 145.9$ 109.8$ 53.9$ (11%) 67% Impairment charges 1.0 - - - 115.5 NM NM Segment income (loss) 90.8$ 101.5$ 145.9$ 109.8$ 169.4$ (11%) (46%) Acquisition and disposition-related (gain) loss - - (20.9) - (9.1) NM NM Long-term compensation charges - - - - - NM NM Hail and storm damage charges - - 1.9 - - NM NM Adjusted segment income (loss) 90.8$ 101.5$ 126.9$ 109.8$ 160.3$ (11%) (43%) Reported SG&A expenses (329.1)$ (338.3)$ (316.1)$ (331.2)$ (298.1)$ 3% (10%) Acquisition and disposition-related (gain) loss - - (20.9) - (9.1) NM NM Long-term compensation charges - - - - - NM NM Hail and storm damage charges - - 1.9 - - NM NM Adjusted SG&A expenses (329.1)$ (338.3)$ (335.1)$ (331.2)$ (307.2)$ 3% (7%) Adjusted SG&A expenses as a percentage of gross profit 67.0% 66.5% 63.3% 65.7% 58.3% (50) bps (870) bps Income (loss) before taxes 89.8$ 101.5$ 145.9$ 109.8$ 53.9$ NM NM Non-floor plan interest 25.9 26.2 25.8 25.4 22.0 NM NM Depreciation and amortization 31.2 29.9 29.3 28.2 27.4 NM NM Stock-based compensation expense 6.0 6.7 5.6 5.0 3.6 NM NM Impairment charges 1.0 - - - 115.5 NM NM Long-term compensation charges - - - - - NM NM Acquisition and disposition-related (gain) loss - 0.2 (20.7) - (9.2) NM NM Hail and storm damage charges - - 1.9 - - NM NM Adjusted EBITDA 153.9$ 164.5$ 187.8$ 168.4$ 213.2$ (6%) (28%)

33 GAAP Income Statement – Quarterly Trend – EchoPark Segment NM = Not MeaningfulNote: Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2023 Better / (Worse) % Change (In millions, except unit and per unit data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Sequential Year-Over-Year Revenues: Retail new vehicles -$ -$ -$ 1.0$ 2.0$ (96%) (100%) Used vehicles 492.5 554.8 524.0 572.5 515.5 (11%) (4%) Wholesale vehicles 22.6 26.6 35.5 27.0 27.3 (15%) (17%) Total vehicles 515.1 581.4 559.5 600.5 544.8 (11%) (5%) Finance, insurance and other, net ("F&I") 41.5 45.3 41.1 50.0 44.5 (8%) (7%) Total revenues 556.6 626.7 600.6 650.5 589.3 (11%) (6%) Gross profit: Retail new vehicles - - - 0.1 0.2 127% (99%) Used vehicles 1.7 7.3 (14.3) (11.8) (3.6) (77%) 147% Wholesale vehicles (0.4) 0.2 - 1.1 (0.3) (797%) (56%) Total vehicles 1.3 7.5 (14.3) (10.6) (3.7) (83%) 134% Finance, insurance and other, net 41.5 45.3 41.1 50.0 44.5 (8%) (7%) Total gross profit 42.8 52.8 26.8 39.4 40.8 (19%) 5% SG&A expenses (48.0) (58.6) (66.6) (73.8) (62.3) 18% 23% Impairment charges (15.7) - (62.6) - (204.9) NM NM Depreciation and amortization (6.2) (6.1) (7.4) (7.0) (7.0) (2%) 12% Operating income (loss) (27.1) (11.9) (109.8) (41.4) (233.4) (128%) 88% Interest expense, floor plan (3.8) (4.3) (4.8) (4.6) (3.9) 10% 1% Interest expense, other, net (0.7) (0.7) (0.9) (0.9) (0.9) 8% 23% Other income (expense), net - - 0.1 0.1 - NM NM Income (loss) before taxes (31.6)$ (16.9)$ (115.4)$ (46.8)$ (238.2)$ (87%) 87% Unit sales volume: Retail new vehicles - - - 11 26 0% (100%) Used vehicles 17,562 19,050 17,084 19,980 17,435 (8%) 1% Wholesale vehicles 2,621 2,740 3,235 2,916 2,444 (4%) 7% Gross profit per unit ("GPU"): Total used vehicle and F&I 2,461$ 2,767$ 1,569$ 1,907$ 2,340$ (11%) 5%

34 Non-GAAP Reconciliation – Quarterly Trend – EchoPark Segment NM = Not MeaningfulNote: SG&A Expenses As A Percentage Of Gross Profit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2023 Better / (Worse) % Change (In millions) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Sequential Year-Over-Year Reported income (loss) before taxes (31.6)$ (16.9)$ (115.4)$ (46.8)$ (238.2)$ (87%) 87% Impairment charges 15.7 - 62.6 - 204.9 NM NM Segment income (loss) (15.9)$ (16.9)$ (52.8)$ (46.8)$ (33.3)$ 6% 52% Acquisition and disposition-related (gain) loss - - 0.2 - - NM NM Lease exit charges - 3.9 0.4 - - NM NM Severance and long-term compensation charges - 0.9 2.2 2.0 - NM NM Used vehicle inventory valuation adjustment - - 10.0 - - NM NM Adjusted segment income (loss) (15.9)$ (12.1)$ (40.0)$ (44.8)$ (33.3)$ (32%) 52% Reported gross profit 42.8$ 52.8$ 26.8$ 39.4$ 40.8$ (19%) 5% Used vehicle inventory valuation adjustment - - 10.0 - - NM NM Adjusted gross profit 42.8$ 52.8$ 36.8$ 39.4$ 40.8$ (19%) 5% Reported SG&A expenses (48.0)$ (58.6)$ (66.6)$ (73.8)$ (62.3)$ 18% 23% Acquisition and disposition-related (gain) loss - - 0.2 - - NM NM Lease exit charges - 3.9 0.4 - - NM NM Severance and long-term compensation charges - 0.9 2.2 2.0 - NM NM Adjusted SG&A expenses (48.0)$ (53.8)$ (63.8)$ (71.8)$ (62.3)$ 11% 23% Adjusted SG&A expenses as a percentage of gross profit 112.3% 101.9% 173.5% 182.1% 152.8% (1,040) bps 4,050 bps Income (loss) before taxes (31.6)$ (16.9)$ (115.4)$ (46.8)$ (238.2)$ NM NM Non-floor plan interest 0.7 0.7 0.8 0.9 0.9 NM NM Depreciation and amortization 6.1 6.1 7.6 7.0 7.0 NM NM Lease exit charges - 3.9 0.4 - - NM NM Impairment charges 15.7 - 62.6 - 204.9 NM NM Long-term compensation charges - 0.9 2.2 2.0 - NM NM Acquisition and disposition-related (gain) loss - 0.1 - - - NM NM Used vehicle inventory valuation adjustment - - 10.0 - - NM NM Adjusted EBITDA (9.1)$ (5.2)$ (31.8)$ (36.9)$ (25.4)$ 75% (64%)

35 GAAP Income Statement – Quarterly Trend – Powersports Segment NM = Not MeaningfulNote: Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2023 Better / (Worse) % Change (In millions, except unit and per unit data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Sequential Year-Over-Year Revenues: Retail new vehicles 16.1$ 26.8$ 24.9$ 20.8$ 18.8$ (40%) NM Used vehicles 2.4 4.9 7.4 4.8 2.1 (51%) NM Wholesale vehicles 0.7 1.3 0.4 0.2 0.1 NM NM Total vehicles 19.2 33.0 32.7 25.8 21.0 (42%) NM Parts, service and collision repair 6.7 21.6 10.3 6.7 6.3 (69%) NM Finance, insurance and other, net ("F&I") 1.3 2.4 2.0 1.5 1.3 (45%) NM Total revenues 27.2 57.0 45.0 34.0 28.6 (52%) NM Gross profit: NM Retail new vehicles 2.3 5.9 4.5 4.0 3.6 (61%) NM Used vehicles 0.7 2.4 1.3 1.0 0.7 (72%) NM Wholesale vehicles (0.1) (0.1) - - - NM NM Total vehicles 2.9 8.2 5.8 5.0 4.3 (66%) NM Parts, service and collision repair 2.8 10.2 5.0 3.3 3.1 (72%) NM Finance, insurance and other, net 1.3 2.4 2.0 1.5 1.3 (45%) NM Total gross profit 7.0 20.8 12.8 9.8 8.7 (66%) NM SG&A expenses (9.2) (12.7) (9.2) (7.8) (5.9) 28% NM Impairment charges - - - - - NM NM Depreciation and amortization (1.0) (0.9) (0.8) (0.8) (0.6) (12%) NM Operating income (loss) (3.2) 7.2 2.8 1.2 2.2 (144%) NM Interest expense, floor plan - (0.2) (0.3) (0.1) - NM NM Interest expense, other, net (0.2) (0.4) (0.5) (0.6) (0.6) 58% NM Other income (expense), net (0.1) - - 0.1 0.2 NM NM Income (loss) before taxes (3.5)$ 6.6$ 2.0$ 0.6$ 1.8$ (154%) NM Unit sales volume: Retail new vehicles 948 1,391 1,396 1,107 1,013 (32%) NM Used vehicles 289 837 691 444 237 (65%) NM Wholesale vehicles 66 93 50 7 34 NM NM Gross profit per unit ("GPU"): Retail new vehicles 2,429$ 4,213$ 3,235$ 3,573$ 3,535$ (42%) NM Used vehicles 2,307$ 2,833$ 1,942$ 2,328$ 2,860$ (19%) NM F&I 1,066$ 1,075$ 952$ 980$ 1,026$ (1%) NM

36 Non-GAAP Reconciliation – Quarterly Trend – Powersports Segment NM = Not MeaningfulNote: SG&A Expenses As A Percentage Of Gross Profit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2023 Better / (Worse) % Change (In millions) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Sequential Year-Over-Year Reported income (loss) before taxes (3.5)$ 6.6$ 2.0$ 0.6$ 1.8$ (154%) NM Impairment charges - - - - - NM NM Segment income (loss) (3.5)$ 6.6$ 2.0$ 0.6$ 1.8$ (154%) NM Reported SG&A expenses (9.2)$ (12.7)$ (9.2)$ (7.8)$ (5.9)$ 28% NM Reported SG&A expenses as a percentage of gross profit 131.6% 61.1% 71.6% 80.1% 68.4% (7,050) bps NM Income (loss) before taxes (3.5)$ 6.6$ 2.0$ 0.6$ 1.8$ NM NM Non-floor plan interest 0.1 0.4 0.6 0.6 0.6 NM NM Depreciation and amortization 1.0 0.9 0.8 0.7 0.5 NM NM Adjusted EBITDA (2.4)$ 7.9$ 3.4$ 1.9$ 2.9$ (130%) NM

37 Non-GAAP Reconciliation – Adjusted EBITDA – EchoPark Segment (In millions) Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Income (loss) before taxes 0.2$ 1.7$ 2.1$ (14.5)$ 2.1$ 2.6$ 0.2$ (0.8)$ 2.0$ (14.4)$ Non-floor plan interest 0.5 0.4 0.5 0.4 0.4 0.2 0.1 0.2 0.4 0.3 Depreciation and amortization 2.4 2.7 2.7 2.8 2.7 2.8 2.8 2.9 3.3 4.2 Loss (gain) on exit of leased dealerships - - - - - - - - - - Impairment charges 1.9 - 1.1 16.6 - - - - - - Long-term compensation charges - - - - - - - - 0.5 0.5 Acquisition and disposition-related (gain) loss - - - - - - - (5.2) - - Used vehicle inventory adjustment - - Adjusted EBITDA 5.0$ 4.8$ 6.4$ 5.3$ 5.2$ 5.6$ 3.1$ (2.9)$ 6.2$ (9.4)$ (In millions) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Income (loss) before taxes (32.9)$ (26.8)$ (35.3)$ (34.2)$ (31.1)$ (238.2)$ (46.8)$ (115.4)$ (16.9)$ (31.6)$ Non-floor plan interest 0.3 0.7 0.7 1.0 1.1 0.9 0.9 0.8 0.7 0.7 Depreciation and amortization 4.0 4.9 5.1 5.9 6.8 7.0 7.0 7.4 6.1 6.1 Loss (gain) on exit of leased dealerships - - - - - - - 0.4 3.9 - Impairment charges - 0.1 - - - 204.9 - 62.6 - 15.7 Long-term compensation charges 0.5 6.5 - - - - 2.0 2.2 0.9 - Acquisition and disposition-related (gain) loss (0.4) - - - - - - 0.2 0.1 - Used vehicle inventory adjustment - - - - - - - 10.0 - - Adjusted EBITDA (28.5)$ (14.6)$ (29.5)$ (27.3)$ (23.2)$ (25.4)$ (36.9)$ (31.8)$ (5.2)$ (9.1)$

® Investor Relations Contact: Danny Wieland, Vice President, Investor Relations & Financial Reporting Sonic Automotive Inc. (NYSE: SAH) Email: ir@sonicautomotive.com Investor Relations Website: ir.sonicautomotive.com

XML

Document	Feb. 14, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 14, 2024
Entity Registrant Name	SONIC AUTOMOTIVE, INC.
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Entity File Number	1-13395
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-2010790
Entity Address, Address Line One	4401 Colwick Road
Entity Address, City or Town	Charlotte,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28211
City Area Code	(704)
Local Phone Number	566-2400
Pre-commencement Issuer Tender Offer	false
Trading Symbol	SAH
Security Exchange Name	NYSE
Amendment Flag	false
Entity Central Index Key	0001043509