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Sonic in Negotiations to Offer Private-Label Financing

Cody Lyon

canstockphoto7670072Sonic Automotive Inc. is in discussions with a pair of lenders to offer private-label financing to car buyers, Executive Vice President of Operations Jeff Dyke told Auto Finance News. Dyke declined to specify the lenders while negotiations are ongoing.

Separately, Sonic plans to launch a chain of pre-owned vehicle stores called EchoPark this fall in Denver. Once the Denver store is up and running, Sonic will scout out additional locations in Florida, Texas, the Carolinas, and Arizona. Sonic sold 62,000 new and used cars last quarter.

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