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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
As of December 31, 2023, Sonic had three operating segments: (1) the Franchised Dealerships Segment; (2) the EchoPark Segment; and (3) the Powersports Segment. Refer to Note 1, “Description of Business and Summary of Significant Accounting Policies,” for additional discussion of our operating segments. Sonic has determined that its operating segments also represent its reportable segments.
The reportable segments identified above are the business activities of Sonic for which discrete financial information is available and for which operating results are regularly reviewed by Sonic’s chief operating decision maker to assess operating performance and allocate resources. Sonic’s chief operating decision maker is a group of three individuals consisting of: (1) the Company’s Chief Executive Officer; (2) the Company’s President; and (3) the Company’s Chief Financial Officer.
Reportable segment financial information for the three years ended December 31, 2023 were as follows:
Year Ended December 31,
202320222021
Segment Revenues:(In millions)
Franchised Dealerships Segment Revenues:
Retail new vehicles$6,215.0 $5,581.6 $4,984.4 
Fleet new vehicles92.2 99.4 124.6 
Total new vehicles$6,307.2 $5,681.0 $5,109.0 
Used vehicles3,050.3 3,391.5 2,901.0 
Wholesale vehicles204.5 314.0 257.2 
Parts, service and collision repair1,714.2 1,588.0 1,340.4 
Finance, insurance and other, net498.6 510.1 443.5 
Franchised Dealerships Segment revenues$11,774.8 $11,484.6 $10,051.1 
EchoPark Segment Revenues:
Retail new vehicles$1.0 $9.2 $9.0 
Used vehicles2,143.8 2,116.8 2,032.6 
Wholesale vehicles111.7 170.6 110.0 
Finance, insurance and other, net177.9 166.4 193.7 
EchoPark Segment revenues$2,434.4 $2,463.0 $2,345.3 
Powersports Segment Revenues:
Retail new vehicles$88.6 $31.8 $— 
Used vehicles19.5 7.1 — 
Wholesale vehicles2.6 0.3 — 
Parts, service and collision repair45.3 11.7 — 
Finance, insurance and other, net7.2 2.6 — 
Powersports Segment revenues$163.2 $53.5 $— 
Total consolidated revenues$14,372.4 $14,001.1 $12,396.4 
Year Ended December 31,
202320222021
Segment Income (Loss) (1):(In millions)
Franchised Dealerships Segment (2)$448.0 $641.6 $530.3 
EchoPark Segment (3)(132.5)(133.9)(72.0)
Powersports Segment5.7 2.7 — 
Total segment income (loss)$321.2 $510.4 $458.3 
Impairment charges (4)(79.3)(320.4)(0.1)
Income (loss) before taxes$241.9 $190.0 $458.2 

(1)Segment income (loss) for each segment is defined as income (loss) before taxes and impairment charges.
(2)For the year ended December 31, 2023, amount includes approximately $20.9 million of pre-tax gain net gain on the disposal of franchised dealerships, partially offset by a $1.9 million pre-tax net loss related to property damage. For the year ended December 31, 2022, amount includes approximately $9.1 million of pre-tax net gain on disposal of property, plant, and equipment, partially offset by an approximately $4.4 million pre-tax charge for long-term compensation expense. For the year ended December 31, 2021, amount includes approximately $15.5 million of pre-tax net loss on the extinguishment of debt, and approximately $1.8 million of pre-tax net gain on the disposal of franchised dealerships.
(3)For the year ended December 31, 2023, amount includes approximately $19.7 million of pre-tax net loss primarily related to the indefinite suspension of operations at certain EchoPark locations that occurred in the second and third quarter of 2023. For the year ended December 31, 2021, amount includes approximately $6.5 million of long-term compensation-related expenses.
(4)For the year ended December 31, 2023, amount includes approximately $1.0 million of pre-tax property and equipment impairment charges for the Franchised Dealerships Segment and $78.3 million of pre-tax impairment charges related to property and equipment, lease right-of-use assets, and other assets for the EchoPark Segment. For the year ended December 31, 2022, amount includes approximately $115.5 million of pre-tax franchise asset and property and equipment impairment charges for the Franchised Dealerships Segment and $204.9 million of pre-tax goodwill and franchise asset impairment charges for the EchoPark Segment. For the year ended December 31, 2021, amount includes approximately $0.1 million of pre-tax property and equipment impairment charges for the EchoPark Segment.
Year Ended December 31,
202320222021
(In millions)
Impairment charges:
Franchised Dealerships Segment$1.0 $115.5 $— 
EchoPark Segment78.3 204.9 0.1 
Powersports Segment— — — 
Total impairment charges$79.3 $320.4 $0.1 

Year Ended December 31,
202320222021
(In millions)
Depreciation and amortization:
Franchised Dealerships Segment$112.3 $101.8 $84.8 
EchoPark Segment26.6 24.7 16.3 
Powersports Segment3.4 1.0 — 
Total depreciation and amortization$142.3 $127.5 $101.1 

Year Ended December 31,
202320222021
(In millions)
Floor plan interest expense:
Franchised Dealerships Segment$49.2 $23.6 $11.8 
EchoPark Segment17.4 10.7 4.9 
Powersports Segment0.6 — — 
Total floor plan interest expense$67.2 $34.3 $16.7 
Year Ended December 31,
202320222021
(In millions)
Interest expense, other, net:
Franchised Dealerships Segment$109.7 $85.0 $46.3 
EchoPark Segment3.2 3.9 1.7 
Powersports Segment1.7 1.0 — 
Total interest expense, other, net$114.6 $89.9 $48.0 

Year Ended December 31,
202320222021
(In millions)
Capital expenditures:
Franchised Dealerships Segment$181.4 $130.3 $204.6 
EchoPark Segment15.3 96.6 93.6 
Powersports Segment6.9 0.2 — 
Total capital expenditures$203.6 $227.1 $298.2 
 
December 31,
20232022
(In millions)
Assets:
Franchised Dealerships Segment$4,455.8 $4,363.7 
EchoPark Segment667.9 267.6 
Powersports Segment212.0 117.8 
Corporate and other:
Cash and cash equivalents28.9 229.2 
Total assets$5,364.6 $4,978.3