sah-20230427

Exhibit 99.1

Sonic Automotive Reports Record First Quarter Revenues

Repurchased 1.6 Million Shares of Class A Common Stock, or Approximately 5% of Total Shares Outstanding as of December 31, 2022

CHARLOTTE, N.C. – April 27, 2023 – 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 first quarter ended March 31, 2023.

First Quarter 2023 Financial Summary

•Record first quarter revenues of $3.5 billion, up 1% year-over-year; quarterly gross profit of $553.5 million, down 3% year-over-year

•Reported first quarter net income of $47.7 million, down 51% year-over-year ($1.29 earnings per diluted share, down 45% year-over-year)

▪Excluding non-recurring items, adjusted first quarter net income* was $49.2 million, down 49% year-over-year ($1.33 adjusted earnings per diluted share*, down 43% year-over-year)

•Reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 74.6% (65.7% on a Franchised Dealerships Segment basis) and adjusted SG&A expenses as a percentage of gross profit* of 74.2%

•Record first quarter EchoPark Segment revenues of $650.5 million, up 5% year-over-year; first quarter EchoPark Segment gross profit of $39.4 million, down 9% year-over-year; record first quarter EchoPark Segment retail used vehicle unit sales volume of 19,980, up 34%

•During the first quarter, Sonic repurchased approximately 1.6 million shares of its Class A Common Stock for an aggregate purchase price of approximately $90.7 million, or an average of $55.16 per share

•Sonic's Board of Directors approved a 3.6% increase to the Company's quarterly cash dividend, to $0.29 per share, payable on July 14, 2023 to all stockholders of record on June 15, 2023

* Represents a non-GAAP financial measure - 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 first quarter, and are excited to build on last year's success as we move forward in 2023. Despite ongoing challenges in the automotive retail industry, including rising interest rates and vehicle affordability concerns, we remain focused on delivering an exceptional guest experience and executing our long-term strategic plan. We are excited about the prospects for our core franchised dealerships business, and the growth opportunities at EchoPark and our growing powersports business, as we leverage our diversified portfolio to maximize future earnings potential.”

Jeff Dyke, President of Sonic Automotive, commented, “Our franchised dealerships team continues to demonstrate the adaptability of our business, achieving all-time record quarterly Fixed Operations gross profit while actively addressing ongoing challenges in the new and used vehicle retail market. We are also encouraged by the momentum we are seeing at EchoPark, with 34% growth in sales

volume year-over-year, demonstrating that our below-market pricing and exceptional guest experience continue to resonate with shoppers in the face of ongoing affordability challenges. We are committed to EchoPark’s long-term earnings potential and remain focused on executing strategic enhancements to the business model in 2023 as we drive toward EchoPark's expected return to profitability in 2024.”

Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “Our diversified business model continues to allow us to focus on the long-term growth potential at EchoPark and our powersports business, while utilizing the cash flows from our franchised dealerships business to support our capital strategy via our dividend and share repurchases while continuing to invest in the business. We are increasingly focused on our disciplined, return-based capital allocation in the face of an uncertain macroeconomic outlook. As of March 31, 2023, we had $893 million of liquidity, including $432 million in cash and floor plan deposits on hand, which we believe provides us flexibility to strategically deploy capital in 2023 and beyond to continue to deliver long-term returns for our stockholders.”

First Quarter 2023 Segment Highlights

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

•Franchised Dealerships Segment operating results include:

•Same store revenues down 1%; same store gross profit down 3%

•Same store retail new vehicle unit sales volume down 1%; same store retail new vehicle gross profit per unit down 17%, to $5,434

•Same store retail used vehicle unit sales volume down 8%; same store retail used vehicle gross profit per unit down 12%, to $1,560

•Same store parts, service and collision repair (“Fixed Operations”) gross profit up 12%; same store customer pay gross profit up 14%; same store warranty gross profit up 9%; same store Fixed Operations gross margin up 30 basis points, to 49.3%

•Same store finance and insurance ("F&I") gross profit down 4%; same store F&I gross profit per retail unit of $2,318, flat year-over-year

•On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 31 days’ supply of new vehicle inventory (including in-transit) and 29 days’ supply of used vehicle inventory

•EchoPark Segment operating results include:

•Record first quarter revenues of $650.5 million, up 5%; gross profit of $39.4 million, down 9%

•Record first quarter retail used vehicle unit sales volume of 19,980, up 34%

•Retail used vehicle unit sales volume was comprised of 84% 1-4-year-old vehicles and 16% 5-plus-year-old vehicles, with 20% of retail used vehicle unit sales volume sourced from non-auction sources

•Segment loss of $46.8 million and adjusted EBITDA* loss of $36.9 million

•On a trailing quarter cost of sales basis, the EchoPark Segment had 48 days’ supply of used vehicle inventory

•Powersports Segment operating results include:

•Revenues of $34.0 million, gross profit of $9.8 million, gross margin of 28.8%

•Segment income of $0.6 million and adjusted EBITDA* of $1.9 million

•Year-over-year comparative financial results are not meaningful due to the timing of acquisitions of Horny Toad Harley-Davidson in Temple, Texas (one store acquired in January 2022), Team Mancuso Powersports in Houston,

Texas (seven stores acquired in August 2022), and Black Hills Harley-Davidson in Sturgis, South Dakota (five stores acquired in February 2023)

* Represents a non-GAAP financial measure - 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 $0.29 per share, payable on July 14, 2023 to all stockholders of record on June 15, 2023.

First 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 First 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 retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in this category. Our new platforms, programs, and people are set to drive the next generation of automotive 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 fastest growing and most comprehensive retailers of nearly new pre-owned vehicles in America today. Our rapid growth plan is expected to bring our unique business model to 90% of the U.S. population by 2025, utilizing 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 at number one among national pre-owned vehicle retailers in products, sales, and service based on Google Reviews between April 2021 through April 2022, while receiving the 2023 Consumer Satisfaction Award from DealerRater. EchoPark’s nationwide growth will continue to leverage the unique and preferred Experience Centers in-market with a best-in-class shopping and online buying tool. 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 EchoPark's anticipated future U.S. population coverage, anticipated future EchoPark profitability, anticipated future capital allocation and anticipated incremental growth opportunities. 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, 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

[email protected]

Press Inquiries:

Sonic Automotive Media Relations

[email protected]

Sonic Automotive, Inc.

Results of Operations (Unaudited)

Results of Operations - Consolidated


	Three Months Ended March 31,				Better / (Worse)
			2023		2022		% Change
		(In millions, except per share amounts)
Revenues:
Retail new vehicles			$	1,442.8	$	1,351.3	7	%
Fleet new vehicles			18.8		18.2		3	%
Total new vehicles			1,461.6		1,369.5		7	%
Used vehicles			1,344.9		1,370.1		(2)	%
Wholesale vehicles			85.6		168.8		(49)	%
Total vehicles			2,892.1		2,908.4		(1)	%
Parts, service and collision repair			430.5		381.2		13	%
Finance, insurance and other, net			168.6		166.6		1	%
Total revenues			3,491.2		3,456.2		1	%
Cost of sales:
Retail new vehicles			(1,304.7)		(1,183.6)		(10)	%
Fleet new vehicles			(17.9)		(17.4)		(3)	%
Total new vehicles			(1,322.6)		(1,201.0)		(10)	%
Used vehicles			(1,314.9)		(1,322.2)		1	%
Wholesale vehicles			(82.6)		(167.4)		51	%
Total vehicles			(2,720.1)		(2,690.6)		(1)	%
Parts, service and collision repair			(217.6)		(194.3)		(12)	%
Total cost of sales			(2,937.7)		(2,884.9)		(2)	%
Gross profit			553.5		571.3		(3)	%
Selling, general and administrative expenses			(412.8)		(387.0)		(7)	%
Impairment charges			—		—		—	%
Depreciation and amortization			(34.3)		(29.9)		(15)	%
Operating income (loss)			106.4		154.4		(31)	%
Other income (expense):
Interest expense, floor plan			(14.6)		(5.0)		(192)	%
Interest expense, other, net			(28.4)		(20.8)		(37)	%
Other income (expense), net			0.2		0.3		(33)	%
Total other income (expense)			(42.8)		(25.5)		(68)	%
Income (loss) before taxes			63.6		128.9		(51)	%
Provision for income taxes - benefit (expense)			(15.9)		(31.6)		50	%





Net income (loss)			$	47.7	$	97.3	(51)	%

Basic earnings (loss) per common share			$	1.33	$	2.41	(45)	%


Basic weighted-average common shares outstanding			35.9		40.4		11	%

Diluted earnings (loss) per common share			$	1.29	$	2.33	(45)	%


Diluted weighted-average common shares outstanding			36.9		41.8		12	%

Dividends declared per common share			$	0.28	$	0.25	12	%

Franchised Dealerships Segment - Reported


	Three Months Ended March 31,			Better / (Worse)
		2023		2022		% Change
		(In millions, except unit and per unit data)
Revenues:
Retail new vehicles		$	1,421.0	$	1,345.7	6	%
Fleet new vehicles		18.8		18.2		3	%
Total new vehicles		1,439.8		1,363.9		6	%
Used vehicles		767.6		853.6		(10)	%
Wholesale vehicles		58.4		106.4		(45)	%
Total vehicles		2,265.8		2,323.9		(3)	%
Parts, service and collision repair		423.8		380.5		11	%
Finance, insurance and other, net		117.1		126.5		(7)	%
Total revenues		2,806.7		2,830.9		(1)	%
Gross Profit:
Retail new vehicles		134.0		166.6		(20)	%
Fleet new vehicles		0.9		0.8		13	%
Total new vehicles		134.9		167.4		(19)	%
Used vehicles		40.8		46.9		(13)	%
Wholesale vehicles		1.9		(0.4)		575	%
Total vehicles		177.6		213.9		(17)	%
Parts, service and collision repair		209.6		186.6		12	%
Finance, insurance and other, net		117.1		126.5		(7)	%
Total gross profit		504.3		527.0		(4)	%
Selling, general and administrative expenses		(331.2)		(315.2)		(5)	%
Impairment charges		—		—		NM
Depreciation and amortization		(26.5)		(24.9)		(6)	%
Operating income (loss)		146.6		186.9		(22)	%
Other income (expense):
Interest expense, floor plan		(9.9)		(3.3)		(200)	%
Interest expense, other, net		(26.9)		(20.0)		(35)	%
Other income (expense), net		—		0.2		NM
Total other income (expense)		(36.8)		(23.1)		(59)	%
Income (loss) before taxes		109.8		163.8		(33)	%
Add: impairment charges		—		—		NM
Segment income (loss)		$	109.8	$	163.8	(33)	%

Unit Sales Volume:
Retail new vehicles		24,539		24,602		—	%
Fleet new vehicles		441		360		23	%
Total new vehicles		24,980		24,962		—	%
Used vehicles		25,107		27,078		(7)	%
Wholesale vehicles		5,483		6,772		(19)	%
Retail new & used vehicles		49,646		51,680		(4)	%
Used-to-New Ratio		1.02		1.10		(7)	%

Gross Profit Per Unit:
Retail new vehicles		$	5,463	$	6,771	(19)	%
Fleet new vehicles		$	2,020	$	2,344	(14)	%
New vehicles		$	5,402	$	6,707	(19)	%
Used vehicles		$	1,626	$	1,731	(6)	%
Finance, insurance and other, net		$	2,360	$	2,448	(4)	%

NM = Not Meaningful

Franchised Dealerships Segment - Same Store


	Three Months Ended March 31,			Better / (Worse)
		2023		2022		% Change
		(In millions, except unit and per unit data)
Revenues:
Retail new vehicles		$	1,416.6	$	1,345.7	5	%
Fleet new vehicles		18.9		18.1		4	%
Total new vehicles		1,435.5		1,363.8		5	%
Used vehicles		765.0		853.7		(10)	%
Wholesale vehicles		58.1		106.4		(45)	%
Total vehicles		2,258.6		2,323.9		(3)	%
Parts, service and collision repair		422.0		380.5		11	%
Finance, insurance and other, net		114.7		119.7		(4)	%
Total revenues		2,795.3		2,824.1		(1)	%
Gross Profit:
Retail new vehicles		133.0		160.8		(17)	%
Fleet new vehicles		0.8		0.9		(11)	%
Total new vehicles		133.8		161.7		(17)	%
Used vehicles		39.0		47.9		(19)	%
Wholesale vehicles		1.8		(0.6)		400	%
Total vehicles		174.6		209.0		(16)	%
Parts, service and collision repair		208.2		186.3		12	%
Finance, insurance and other, net		114.7		119.7		(4)	%
Total gross profit		$	497.5	$	515.0	(3)	%

Unit Sales Volume:
Retail new vehicles		24,465		24,602		(1)	%
Fleet new vehicles		441		360		23	%
Total new vehicles		24,906		24,962		—	%
Used vehicles		25,023		27,078		(8)	%
Wholesale vehicles		5,466		6,772		(19)	%
Retail new & used vehicles		49,488		51,680		(4)	%
Used-to-New Ratio		1.02		1.10		(7)	%

Gross Profit Per Unit:
Retail new vehicles		$	5,434	$	6,538	(17)	%
Fleet new vehicles		$	2,020	$	2,344	(14)	%
New vehicles		$	5,374	$	6,477	(17)	%
Used vehicles		$	1,560	$	1,768	(12)	%
Finance, insurance and other, net		$	2,318	$	2,316	—	%

NM = Not Meaningful

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 March 31,			Better / (Worse)
		2023		2022		% Change
		(In millions, except unit and per unit data)
Revenues:
Retail new vehicles		$	1.0	$	4.4	(77)	%
Used vehicles		572.5		515.4		11	%
Wholesale vehicles		27.0		62.4		(57)	%
Total vehicles		600.5		582.2		3	%

Finance, insurance and other, net		50.0		39.9		25	%
Total revenues		650.5		622.1		5	%
Gross Profit:
Retail new vehicles		0.1		0.8		(88)	%
Used vehicles		(11.8)		0.7		NM
Wholesale vehicles		1.1		1.9		(42)	%
Total vehicles		(10.6)		3.4		(412)	%

Finance, insurance and other, net		50.0		39.9		25	%
Total gross profit		39.4		43.3		(9)	%
Selling, general and administrative expenses		(73.8)		(71.2)		(4)	%
Impairment charges		—		—		NM
Depreciation and amortization		(7.0)		(5.0)		(40)	%
Operating income (loss)		(41.4)		(32.9)		(26)	%
Other income (expense):
Interest expense, floor plan		(4.6)		(1.7)		(171)	%
Interest expense, other, net		(0.9)		(0.8)		(13)	%
Other income (expense), net		0.1		0.1		NM
Total other income (expense)		(5.4)		(2.4)		(125)	%
Income (loss) before taxes		(46.8)		(35.3)		(33)	%
Add: impairment charges		—		—		NM
Segment income (loss)		$	(46.8)	$	(35.3)	(33)	%

Unit Sales Volume:
Retail new vehicles		11		44		(75)	%
Used vehicles		19,980		14,931		34	%
Wholesale vehicles		2,916		3,649		(20)	%

Gross Profit Per Unit:
Total used vehicle and F&I		$	1,907	$	2,707	(30)	%

NM = Not Meaningful

EchoPark Segment - Same Market


	Three Months Ended March 31,			Better / (Worse)
		2023		2022		% Change
		(In millions, except unit and per unit data)
Revenues:
Retail new vehicles		$	1.0	$	4.5	(78)	%
Used vehicles		505.7		488.7		3	%
Wholesale vehicles		23.8		62.5		(62)	%
Total vehicles		530.5		555.7		(5)	%

Finance, insurance and other, net		44.7		37.9		18	%
Total revenues		575.2		593.6		(3)	%
Gross Profit:
Retail new vehicles		0.1		0.8		(88)	%
Used vehicles		(10.1)		1.5		NM
Wholesale vehicles		1.1		2.0		(45)	%
Total vehicles		(8.9)		4.3		(307)	%

Finance, insurance and other, net		44.7		37.9		18	%
Total gross profit		$	35.8	$	42.2	(15)	%

Unit Sales Volume:
Retail new vehicles		11		44		(75)	%
Used vehicles		17,789		14,042		27	%
Wholesale vehicles		2,571		3,649		(30)	%

Gross Profit Per Unit:
Total used vehicle and F&I		$	1,940	$	2,802	(31)	%

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 March 31,			Better / (Worse)
		2023		2022		% Change
		(In millions, except unit and per unit data)
Revenues:
Retail new vehicles		$	20.8	$	1.2	NM
Used vehicles		4.8		1.1		NM
Wholesale vehicles		0.2		—		NM
Total vehicles		25.8		2.3		NM
Parts, service and collision repair		6.7		0.7		NM
Finance, insurance and other, net		1.5		0.2		NM
Total revenues		34.0		3.2		NM
Gross Profit:
Retail new vehicles		4.0		0.3		NM
Used vehicles		1.0		0.2		NM
Wholesale vehicles		—		—		NM
Total vehicles		5.0		0.5		NM
Parts, service and collision repair		3.3		0.3		NM
Finance, insurance and other, net		1.5		0.2		NM
Total gross profit		9.8		1.0		NM
Selling, general and administrative expenses		(7.8)		(0.6)		NM

Depreciation and amortization		(0.8)		—		NM
Operating income (loss)		1.2		0.4		NM
Other income (expense):
Interest expense, floor plan		(0.1)		—		NM
Interest expense, other, net		(0.6)		—		NM
Other income (expense), net		0.1		—		NM
Total other income (expense)		(0.6)		—		NM
Income (loss) before taxes		0.6		0.4		NM
Add: impairment charges		—		—		NM
Segment income (loss)		$	0.6	$	0.4	NM

Unit Sales Volume:
Retail new vehicles		1,107		41		NM
Used vehicles		444		64		NM
Wholesale vehicles		7		—		NM


Gross Profit Per Unit:
Retail new vehicles		$	3,573	$	6,829	NM
Used vehicles		$	2,328	$	3,733	NM
Finance, insurance and other, net		$	980	$	1,643	NM

NM = Not Meaningful

Note: Year-over-year comparative financial results are not meaningful due to the timing of acquisitions of Horny Toad Harley-Davidson in Temple, Texas (one store acquired in January 2022), Team Mancuso Powersports in Houston, Texas (seven stores acquired in August 2022), and Black Hills Harley-Davidson in Sturgis, South Dakota (five stores acquired in February 2023).

Non-GAAP Reconciliation - Consolidated - SG&A Expenses


	Three Months Ended March 31,						Better / (Worse)
	2023			2022			Change			% Change
	(In millions)
Reported:
Compensation	$	258.8		$	252.5		$	(6.3)		(2)	%
Advertising	26.1			26.2			0.1			—	%
Rent	11.3			12.7			1.4			11	%
Other	116.6			95.6			(21.0)			(22)	%
Total SG&A expenses	$	412.8		$	387.0		$	(25.8)		(7)	%
Items of interest:




Long term compensation charges	(2.0)			—
Total SG&A adjustments	$	(2.0)		$	—
Adjusted:
Total adjusted SG&A expenses	$	410.8		$	387.0		$	(23.8)		(6)	%

Reported:
SG&A expenses as a % of gross profit:
Compensation	46.7		%	44.2		%	(250)			bps
Advertising	4.7		%	4.6		%	(10)			bps
Rent	2.0		%	2.2		%	20			bps
Other	21.2		%	16.7		%	(450)			bps
Total SG&A expenses as a % of gross profit	74.6		%	67.7		%	(690)			bps
Items of interest:





Long term compensation charges	(0.4)		%	—		%
Total effect of adjustments	(0.4)		%	—		%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit	74.2		%	67.7		%	(650)		bps

Franchised Dealerships Segment - SG&A Expenses



	Three Months Ended March 31,						Better / (Worse)
	2023			2022			Change			% Change
	(In millions)
Reported:
Compensation	$	213.8		$	215.1		$	1.3		1	%
Advertising	9.9			7.9			(2.0)			(25)	%
Rent	10.2			10.9			0.7			6	%
Other	97.2			81.3			(15.9)			(20)	%
Total SG&A expenses	$	331.1		$	315.2		$	(15.9)		(5)	%










Reported:
SG&A expenses as a % of gross profit:
Compensation	42.4		%	40.8		%	(160)		bps
Advertising	2.0		%	1.5		%	(50)		bps
Rent	2.0		%	2.1		%	10		bps
Other	19.3		%	15.4		%	(390)		bps
Total SG&A expenses as a % of gross profit	65.7		%	59.8		%	(590)		bps

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



	Three Months Ended March 31,						Better / (Worse)
	2023			2022			Change			% Change
	(In millions)
Reported:
Compensation	$	39.7		$	37.1		$	(2.6)		(7)	%
Advertising	15.8			18.3			2.5			14	%
Rent	1.1			1.8			0.7			39	%
Other	17.2			14.0			(3.2)			(23)	%
Total SG&A expenses	$	73.8		$	71.2		$	(2.6)		(4)	%
Items of interest:

Long-term compensation charges	(2.0)			—



Total SG&A adjustments	$	(2.0)		$	—
Adjusted:
Total adjusted SG&A expenses	$	71.8		$	71.2		$	(0.6)		(0.8)	%

Reported:
SG&A expenses as a % of gross profit:
Compensation	100.6		%	85.7		%	(1,490)		bps
Advertising	40.0		%	42.2		%	220		bps
Rent	2.7		%	4.2		%	150		bps
Other	43.9		%	32.3		%	(1,160)		bps
Total SG&A expenses as a % of gross profit	187.2		%	164.4		%	(2,280)		bps
Items of interest:

Long-term compensation charges	(5.1)		%	—		%




Total effect of adjustments	(5.1)		%	—		%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit	182.1		%	164.4		%	(1,770)		bps

NM = Not Meaningful

Powersports Segment - SG&A Expenses



	Three Months Ended March 31,						Better / (Worse)
	2023			2022			Change		% Change
	(In millions)
Reported:
Compensation	$	5.3		$	0.3		$	(5.0)	NM
Advertising	0.4			—			(0.4)		NM
Rent	—			—			—		NM
Other	2.1			0.3			(1.8)		NM
Total SG&A expenses	$	7.8		$	0.6		$	(7.2)	NM










Reported:
SG&A expenses as a % of gross profit:
Compensation	53.9		%	31.1		%	NM
Advertising	4.2		%	2.1		%	NM
Rent	0.4		%	—		%	NM
Other	21.6		%	20.1		%	NM
Total SG&A expenses as a % of gross profit	80.1		%	53.3		%	NM

NM = Not Meaningful

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


	Three Months Ended March 31,
	2023		2022		% Change
	(In millions)
Reported:
Income (loss) before taxes	$	109.8	$	163.8	(33)	%
Add: impairment charges	—		—
Segment income (loss)	$	109.8	$	163.8	(33)	%

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


	Three Months Ended March 31,
	2023		2022		% Change
	(In millions)
Reported:
Income (loss) before taxes	$	(46.8)	$	(35.3)	(33)	%
Add: impairment charges	—		—
Segment income (loss)	$	(46.8)	$	(35.3)	(33)	%

Pre-tax items of interest:

Long-term compensation charges	2.0		—

Total pre-tax items of interest	$	2.0	$	—

Adjusted:
Segment income (loss)	$	(44.8)	$	(35.3)	(27)	%

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


	Three Months Ended March 31,
	2023		2022		% Change
	(In millions)
Reported:
Income (loss) before taxes	$	0.6	$	0.4	NM
Add: impairment charges	—		—
Segment income (loss)	$	0.6	$	0.4	NM

NM = Not Meaningful

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


	Three Months Ended March 31, 2023					Three Months Ended March 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	36.9	$	47.7	$	1.29	41.8	$	97.3	$	2.33
Pre-tax items of interest:
Long term compensation charges		$	2.0				$	—



Total pre-tax items of interest		$	2.0				$	—
Tax effect of above items		(0.5)					—

Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share	36.9	$	49.2	$	1.33	41.8	$	97.3	$	2.33

Non-GAAP Reconciliation - Adjusted EBITDA



	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
	Franchised Dealerships Segment		EchoPark Segment		Powersports Segment		Total		Franchised Dealerships Segment		EchoPark Segment		Powersports Segment		Total
	(In millions)
Net income (loss)							$	47.7							$	97.3
Provision for income taxes							15.9								31.6
Income (loss) before taxes	$	109.8	$	(46.8)	$	0.6	$	63.6	$	163.8	$	(35.3)	$	0.4	$	128.9
Non-floor plan interest (1)	25.4		0.9		0.6		26.9		19.0		0.7		—		19.7
Depreciation and amortization (2)	28.2		7.0		0.7		35.9		25.9		5.1		0.1		31.1
Stock-based compensation expense	5.0		—		—		5.0		4.4		—		—		4.4


Long-term compensation charges	—		2.0		—		2.0		—		—		—		—
Loss (gain) on franchise and real estate disposals	—		—		—		—		(1.1)		—		—		(1.1)
Adjusted EBITDA	$	168.4	$	(36.9)	$	1.9	$	133.4	$	212.0	$	(29.5)	$	0.5	$	183.0

(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.

® Sonic Automotive – Investor Presentation April 2023 Updated April 27, 2023 Exhibit 99.2

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 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 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 173 25+ 25 17 $14.0 Billion $2.3 Billion 103K New Vehicles Sold 173K Total Revenues Automotive Brands Locations Used Vehicles Sold Collision Centers States Gross Profit Note: Location Counts As Of April 27, 2023 Revenues, Gross Profit, New & Used Vehicles Sold are for FY 2022 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 26% CA 22% CO 8% TN 7% ID 6% FL 6% AL 5% NC 4% GA 4% VA 2% MD 2% SC 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, 2022

7 Revenue Composition – Diversified Revenue Streams Note: Percentages are Percent of Total for the Year Ended December 31, 2022 5% 29% 11% 34% 43% 8% 41% 29% 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, 2022 Brand % of Revenue Franchise Brand % of Revenue BMW 21% Mercedes 10% Audi 5% Lexus 4% Porsche 3% Land Rover 3% Cadillac 2% Other Luxury (1) 4% Honda 8% Toyota 7% Other Import (2) 3% EchoPark 17% Non-Franchise 17% Chevrolet GMC Buick 5% Ford 4% Chrysler Dodge Jeep RAM 4% Powersports <1% Powersports (3) <1% Luxury 52% 18%Import Domestic 13% (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 Growing Nationwide Distribution Network Unique, High Return Potential Business Model Focus On High Quality Pre-Owned Vehicles, In-Store or Online Expect To Reach 90% Of U.S. Population By 2025 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 • Early-Stage Strong Secular Growth Phase • Achieved >50% U.S. Population Coverage To Date, Expect 90% Coverage By 2025 • Growing eCommerce Presence Offers Scalable Incremental Reach • Addressable Market Opportunity Of 2 Million Vehicles Annually At Maturity • 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 and population coverage projections are estimates of future results. Actual results may differ. See “Forward-Looking Statements.”

10 Strong Balance Sheet And Liquidity March 31, 2023 December 31, 2022 (In Millions) Cash and cash equivalents 160.2$ 229.2$ Floor plan deposit balance 272.0 272.0 Availability under the 2021 Revolving Credit Facility 294.0 292.9 Availability under the 2019 Mortgage Facility 166.4 - Total available liquidity resources 892.6$ 794.1$ Covenant Requirement* March 31, 2023 December 31, 2022 Liquidity ratio >= 1.05 1.28 1.38 Fixed charge coverage ratio >= 1.20 1.70 1.87 Total lease adjusted leverage ratio <= 5.75 2.58 2.31 Net debt to Adjusted EBITDA ratio(1) 1.89 1.69 Finalized Second Tranche Of Collateral For 2019 Mortgage Facility In March 2023, Resulting In $166.4 Million In Incremental Liquidity Net Increase In Liquidity YTD Includes Effect Of $90.7 Million In Share Repurchase Outflows 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 Share Repurchase Activity (90.7) Remaining Authorization 373.6$ 43.1 41.8 40.7 36.2 35.3 30.0 35.0 40.0 45.0 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Mar 2023 (T ot al C la ss A a nd C la ss B O ut st an di ng S ha re s, In M illi on s) 18% Reduction In Outstanding Share Count Since 2019

12 Franchised Dealerships

13 New & Used Vehicle Sales Parts & Service (P&S) Finance & Insurance (F&I) ® Franchised Dealerships Franchised Dealerships110 Brands, Luxury Weighted25+ Diversified Revenue Streams • New & Used Vehicle Sales • Parts Service (P S) • Finance & Insurance (F&I) Collision Repair Centers17 18 States Stable Business With Organic And Acquisition Growth Opportunities Resilient And Flexible Business Model Through Economic Cycles

14 Franchised Dealerships – Geographic Footprint Diversified Geographic Market Platform 110 Stores, 25+ Brands, 17 Collision Repair Centers

15 Franchised Dealerships – Strategic Growth Levers Mature Cash Flows + Multiple Growth Drivers Pursue Strategic Acquisitions Opportunities Grow Parts and Service Retention Maximize F&I Penetration High Used Vehicle Volume Throughput Data-Driven Inventory Management Apply EchoPark Learnings Develop Omnichannel Platform SG&A Expense Discipline Realize Synergies From Acquisitions

16 EchoPark

17 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

18 EchoPark – Developing Nationwide Distribution Network Achieved >50% Population Coverage To Date Target 90% Population Coverage By 2025 Note: Future locations and U.S. population coverage are based on projections. Actual results may differ. See “Forward-Looking Statements.” Existing Delivery Center Future Delivery Center Coverage Area Existing Retail Hub Future Market Opportunities

19 EchoPark – Addressable Market Opportunity * Share Of Vehicles That Fit Core1-4-Year-Old Model In Existing EchoPark Markets Target 90% Population Coverage By 2025 With Growing Nationwide Distribution Network 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.”

20 EchoPark – Delivery Center Model Existing Retail Hub Example Delivery Center Market Coverage Opportunity Delivery Center Model • Utilize Nearby Retail Hub For Inventory Storage And Reconditioning (Asset Light Expansion) • Advertise Inventory Online In Surrounding Markets • Drive Incremental eCommerce Sales In New Markets • Inspect & Buy Vehicles From Guests After Online Appraisal And Firm Purchase Offer • Arrange Vehicle Transport To Delivery Center • Guest Picks Up Vehicle At EchoPark Delivery Center Nearest Their Home (i.e. Next-To-Last-Mile Delivery) Strategic Advantages • Accelerates Entry Into New Markets With Minimal Capital Expenditures Or Overhead Costs • Same Guest-Centric Purchase Experience And Convenience • Blend Of Brick And Mortar And eCommerce Distribution Network Creates Operating Leverage Delivery Center Markets • Expect To Support 3 To 4 Delivery Centers Per Retail Hub At Maturity • Target Adjacent Secondary Markets Or Large Metro Markets Where Traditional Dealership Real Estate Is Unavailable Or Cost Prohibitive

21 EchoPark – Industry Headwinds & Action Plan Industry Headwinds • Supply Chain Disruption Continues To Suppress New Vehicle Production And Inventory Levels – Began To Ease In Q1 2023 • Rental Car Companies Continue To Be Net Buyers In Used Vehicle Auction Market, But Not Paying As Much Above Market As In Early 2022 (Drove 6.3% Increase In 3-Year-Old Vehicle Manheim Prices In Q1 2023) • Used Price As A Percentage Of New Price At 65% In March (Typically In 55-60% Range) Negatively Impacting Affordability • Year-To-Date, 3-Year-Old Vehicle Manheim Prices Increased 6.3% - We Anticipate 10-15% Decrease In Remainder Of 2023 EchoPark Action Plan In Progress • Expanded Inventory To Include 5+ Year-Old Vehicles In All Markets, Driving Lower Inventory Acquisition Cost And Lower Retail Selling Price, Expanding Customer Segments While Benefiting Consumer Affordability And Gross Profit Per Unit (“GPU”) • Implemented Marketing Strategy To Source More Vehicles From Non-Auction Sources (Historically Less Than 10% Of Inventory) • Launched New EchoPark.com In June 2022 To Modernize eCommerce Offering And Drive Improved Sales Efficiency And Volume Throughput • EchoPark Brand Launch In Select Markets – Increase Consumer Awareness And Advertising Reach Beyond Being The Low Price Leader • Pricing And Expense Optimization At EchoPark Expected To Drive Profitability Improvement Throughout 2023 • Continued Focus On Maintaining Highest Reputation Scores In The Pre-Owned Competitive Segment EchoPark Action Plan Results To Date • Non-Auction Sourcing Mix Was 20% Of Sales In Q1 2023 Compared To 28% In Q4 2022 (Historically Less Than 10%) • Older Model Year Cohort Vehicles (5+ Years Old) Represented 16% of Q1 2023 EchoPark Unit Sales Volume (Compared to 19% In Q4 2022), Average 35% Lower Selling Price And Generate $1,200-$1,500 More In Total GPU Compared To 1-4- Year-Old Vehicles • New EchoPark.com eCommerce Results For Q1 2023 • Omnichannel Transactions Accounted For 36% Of EchoPark Retail Unit Volume (Down From 38% In Q4 2022), With 9% Of EchoPark Volume Sold End-to-End Online (Flat Compared To Q4 2022) • Approximately 40% Of Units Sold End-To-End Online Were Shipped Out Of Market (Down From 50% In Q4 2022) • Online F&I Attachment Continues To Exceed Expectations, Averaging $2,120 F&I Per Unit (Down From $2,183 In Q4 2022)

22 EchoPark Segment – Growth Path 212 660 881 920 764 941 1,136 1,585 1,685 1,673 2,049 2,400 4,496 5,518 7,459 7,698 8,762 11,051 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 $- $100 $200 $300 $400 $500 $600 $700 (In M illi on s) Quarterly Used Retail Units Quarterly Revenue EchoPark Took Advantage Of Lower Wholesale Pricing Exiting Q4 2022 To Drive Higher Used Retail Volume In Q1 2023 After Increasing In Q1 2023, We Expect Wholesale Prices To Resume Downward Trend In Late Q2 2023

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) $0.7 $0.9 $1.5 $2.0 $4.6 $6.7 $3.4 $0.5 $(1.3) $(12.5) $(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 EchoPark Brand All Other Pre-Owned (In M illi on s) Expect Improvement In Losses Throughout 2023 – Target Breakeven Adjusted EBITDA In Q1 2024 Once Used Market Normalizes 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 Brand 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.

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 Sonic Powersports

26 Omnichannel Strategy

27 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 Franchised Dealership, EchoPark Retail Hub Or EchoPark Delivery Center 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 36% Of Q1 2023 EchoPark Unit Sales Volume

28 New EchoPark.com Results to Date Rolled Out To 100% Of National Web Traffic In June 2022 Conversion Rate 30% Higher Compared To Old Website Q1 2023 F&I of $2,120 Per Unit Exceeding Projections For End-To-End Online F&I Product Sales Nearly 40% Of Vehicles Sold Out Of Market In Q1 2023, Driving Incremental Reach Total Website Traffic Improved 9%, To 4.7 Million Unique Visitors, From Q4 2022 To Q1 2023

29 Appendix

30 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 2022 Better / (Worse) % Change (In millions, except unit, per unit, and per share data) FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 Year-Over-Year Revenues: Retail new vehicles 5,622.6$ 4,993.4$ 4,224.4$ 4,777.3$ 4,905.9$ 13% Fleet new vehicles 99.4 124.6 56.8 111.9 68.2 (20%) Total new vehicles 5,722.0 5,118.0 4,281.2 4,889.2 4,974.1 12% Used vehicles 5,515.4 4,933.6 3,604.2 3,490.0 2,973.5 13% Wholesale vehicles 484.9 367.2 197.4 202.8 217.6 32% Total vehicles 11,722.3 10,418.8 8,082.8 8,582.0 8,165.2 13% Parts, service and collision repair 1,599.7 1,340.4 1,194.3 1,395.3 1,380.9 15% Finance, insurance and other, net ("F&I") 679.1 637.2 489.9 477.0 405.5 7% Total revenues 14,001.1 12,396.4 9,767.0 10,454.3 9,951.6 13% Gross profit: Retail new vehicles 662.8 459.8 233.2 231.7 240.5 44% Fleet new vehicles 4.9 1.6 0.9 1.4 1.0 201% Total new vehicles 667.7 461.4 234.1 233.1 241.5 45% Used vehicles 180.8 133.0 105.2 147.4 143.0 37% Wholesale vehicles (3.1) 9.6 0.1 (4.5) (11.3) (131%) Total vehicles 845.4 604.0 339.4 376.0 373.2 40% Parts, service and collision repair 792.5 673.1 594.3 668.0 667.4 18% Finance, insurance and other, net 679.1 637.2 489.9 477.0 405.5 7% Total gross profit 2,317.0 1,914.3 1,423.6 1,521.0 1,446.1 21% SG&A expenses (1,555.1) (1,274.7) (1,028.7) (1,099.4) (1,145.3) (22%) Impairment charges (320.4) (0.1) (270.0) (20.8) (29.5) NM Depreciation and amortization (127.5) (101.1) (91.0) (93.1) (93.6) (26%) Operating income (loss) 314.0 538.4 33.9 307.7 177.7 (42%) Interest expense, floor plan (34.3) (16.7) (27.2) (48.5) (48.4) (105%) Interest expense, other, net (89.9) (48.0) (41.6) (53.0) (54.1) (87%) Other income (expense), net 0.2 (15.5) 0.1 (6.6) 0.1 NM Income (loss) from continuing operations before taxes 190.0 458.2 (34.8) 199.6 75.3 (59%) Income tax benefit (expense) (101.5) (109.3) (15.9) (55.1) (22.9) 7% Net income (loss) from continuing operations 88.5$ 348.9$ (50.7)$ 144.5$ 52.4$ (75%) Diluted weighted-average shares outstanding 39.7 43.3 42.5 43.7 43.0 8% Diluted earnings (loss) per share from continuing operations 2.23$ 8.06$ (1.19)$ 3.31$ 1.22$ (72%) Unit sales volume: Retail new vehicles 101,168 99,943 91,939 111,457 120,819 1% Fleet new vehicles 2,115 3,543 1,342 2,674 1,898 (40%) Used vehicles 173,209 183,292 159,025 162,149 139,605 (6%) Wholesale vehicles 35,323 36,795 32,057 34,153 34,167 (4%) Gross profit per unit ("GPU"): Retail new vehicles 6,552$ 4,600$ 2,536$ 2,078$ 1,991$ 42% Used vehicles 1,044$ 720$ 667$ 909$ 1,024$ 45% F&I 2,475$ 2,250$ 1,952$ 1,743$ 1,557$ 10%

31 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 Q1 2023 Are As Of March 31, 2023 (In millions, except per share data) LTM Q1 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 Reported net income (loss) from continuing operations 88.5$ 348.9$ (50.7)$ 144.5$ 52.4$ Adjustments: Impairment charges 320.4$ -$ 269.2$ 19.6$ 29.5$ Acquisition and disposition-related (gain) loss (9.1) 1.2 (9.2) (76.0) (38.9) Long-term compensation charges 4.4 6.5 - 6.3 34.1 Loss on debt extinguishment - 15.6 - 7.2 - Legal and storm damage charges - - - - 5.7 Loss (gain) on exit of leased dealerships - - - - 1.5 Total pre-tax adjustments 315.7 23.3 260.0 (42.9) 31.9 Tax effect of above items (22.6) (5.9) (40.4) 14.2 (7.4) Total net income effect of adjustments 293.1 17.4 219.6 (28.7) 24.5 Adjusted net income (loss) from continuing operations 381.6$ 366.3$ 168.9$ 115.8$ 76.9$ Diluted weighted-average shares outstanding 39.7 43.3 43.9 43.7 43.0 Adjusted diluted earnings (loss) per share from continuing operations 9.61$ 8.46$ 3.85$ 2.65$ 1.79$ Reported SG&A expenses (1,555.1)$ (1,274.7)$ (1,028.7)$ (1,099.4)$ (1,145.3)$ Acquisition and disposition-related (gain) loss (9.1) 1.2 (9.2) (76.0) (38.9) Long-term compensation charges 4.4 6.5 - 6.3 34.1 Legal and storm damage charges - - - - 5.7 Loss (gain) on exit of leased dealerships - - - - 1.5 Adjusted SG&A expenses (1,559.8)$ (1,267.0)$ (1,037.9)$ (1,169.1)$ (1,142.9)$ Adjusted SG&A expenses as a percentage of gross profit 67.3% 66.2% 72.9% 76.9% 79.0% Reported net income (loss) 38.9$ 88.5$ 348.9$ (51.4)$ 144.1$ 51.7$ Income tax (benefit) expense 85.8 101.5 109.3 15.6 55.0 22.6 Income (loss) before taxes 124.7 190.0 458.2 (35.8) 199.1 74.3 Non-floor plan interest 91.9 84.7 44.7 38.7 50.5 52.0 Depreciation and amortization 137.5 132.7 104.3 93.9 95.6 96.7 Stock-based compensation expense 16.6 16.0 15.0 11.7 10.8 11.9 Loss (gain) on exit of leased dealerships - - - - (0.2) 1.7 Impairment charges 320.4 320.4 0.1 270.0 20.8 29.5 Loss on debt extinguishment - - 15.6 - 6.7 - Long-term compensation charges 6.4 4.4 8.0 - - 32.5 Acquisition and disposition-related (gain) loss (8.6) (9.7) (0.4) (8.2) (74.8) (39.3) Adjusted EBITDA 688.9$ 738.5$ 645.5$ 370.3$ 308.5$ 259.3$ Long-term debt (including current portion) 1,732.5$ 1,751.7$ 1,561.2$ 720.1$ 706.9$ 945.1$ Cash and equivalents (160.2) (229.2) (299.4) (170.3) (29.1) (5.9) Floor plan deposit balance (272.0) (272.0) (99.8) (73.2) - - Net debt 1,300.3$ 1,250.5$ 1,162.0$ 476.6$ 677.8$ 939.2$ Net debt to adjusted EBITDA ratio 1.89 1.69 1.80 1.29 2.20 3.62 Long-term debt (including current portion) to adjusted EBITDA ratio 2.51 2.37 2.42 1.94 2.29 3.64

32 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 Q1 2023 Better / (Worse) % Change (In millions, except unit, per unit, and per share data) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Sequential Year-Over-Year Revenues: Retail new vehicles 1,442.8$ 1,555.3$ 1,371.8$ 1,344.3$ 1,351.3$ (7%) 7% Fleet new vehicles 18.8 29.3 32.0 19.8 18.2 (36%) 4% Total new vehicles 1,461.6 1,584.6 1,403.8 1,364.1 1,369.5 (8%) 7% Used vehicles 1,344.9 1,341.1 1,355.9 1,448.3 1,370.1 0% (2%) Wholesale vehicles 85.6 80.0 114.6 121.4 168.8 7% (49%) Total vehicles 2,892.1 3,005.7 2,874.3 2,933.8 2,908.4 (4%) (1%) Parts, service and collision repair 430.5 411.1 408.2 399.2 381.2 5% 13% Finance, insurance and other, net ("F&I") 168.6 173.8 165.6 173.2 166.6 (3%) 1% Total revenues 3,491.2 3,590.6 3,448.1 3,506.2 3,456.2 (3%) 1% Gross profit: Retail new vehicles 138.1 164.6 162.2 168.3 167.7 (16%) (18%) Fleet new vehicles 0.9 1.8 1.3 0.9 0.8 (49%) 5% Total new vehicles 139.0 166.4 163.5 169.2 168.5 (16%) (18%) Used vehicles 30.0 35.5 51.0 46.6 47.8 (15%) (37%) Wholesale vehicles 3.0 (3.7) (2.2) 1.1 1.5 186% 98% Total vehicles 172.0 198.2 212.3 216.9 217.8 (13%) (21%) Parts, service and collision repair 212.9 204.1 202.8 198.7 186.9 4% 14% Finance, insurance and other, net 168.6 173.8 165.6 173.2 166.6 (3%) 1% Total gross profit 553.5 576.1 580.7 588.8 571.3 (4%) (3%) SG&A expenses (412.8) (366.3) (399.0) (402.8) (387.0) (13%) (7%) Impairment charges - (320.4) - - - NM NM Depreciation and amortization (34.3) (33.5) (32.8) (31.2) (29.9) (2%) (15%) Operating income (loss) 106.4 (144.1) 148.9 154.8 154.4 174% (31%) Interest expense, floor plan (14.6) (13.6) (9.6) (6.1) (4.9) (6%) (196%) Interest expense, other, net (28.4) (24.9) (22.9) (21.3) (20.8) (14%) (36%) Other income (expense), net 0.2 0.1 - (0.2) 0.2 NM NM Income (loss) before taxes 63.6 (182.5) 116.4 127.2 128.9 135% (51%) Income tax benefit (expense) (15.9) (8.4) (29.1) (32.5) (31.6) (89%) 50% Net income (loss) 47.7$ (190.9)$ 87.3$ 94.8$ 97.3$ 125% (51%) Diluted weighted-average shares outstanding 36.9 36.5 39.2 40.5 41.8 (1%) 12% Diluted earnings (loss) per share 1.29$ (5.22)$ 2.23$ 2.34$ 2.33$ 125% (45%) Unit sales volume: Retail new vehicles 25,657 27,278 24,776 24,427 24,687 (6%) 4% Fleet new vehicles 441 661 672 422 360 (33%) 23% Used vehicles 45,531 44,303 42,069 44,764 42,073 3% 8% Wholesale vehicles 8,406 8,094 8,263 8,545 10,421 4% (19%) Gross profit per unit ("GPU"): Retail new vehicles 5,381$ 6,034$ 6,547$ 6,890$ 6,793$ (11%) (21%) Used vehicles 660$ 800$ 1,211$ 1,041$ 1,135$ (18%) (42%) F&I 2,369$ 2,428$ 2,477$ 2,503$ 2,495$ (2%) (5%)

33 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 Q1 2023 Better / (Worse) % Change (In millions, except per share data) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Sequential Year-Over-Year Reported net income (loss) 47.7$ (190.9)$ 87.3$ 94.8$ 97.3$ 125% (51%) Adjustments: Impairment charges -$ 320.4$ -$ -$ -$ NM NM Acquisition and disposition-related (gain) loss - (9.1) - - - NM NM Long-term compensation charges 2.0 - - 4.4 - NM NM Total pre-tax adjustments 2.0 311.3 - 4.4 - NM NM Tax effect of above items (0.5) (22.6) - - - NM NM Total net income effect of adjustments 1.5 288.7 - 4.4 - NM NM Adjusted net income (loss) 49.2$ 97.8$ 87.3$ 99.2$ 97.3$ (50%) (49%) Diluted weighted-average shares outstanding 36.9 37.4 39.2 40.5 41.8 1% 12% Adjusted diluted earnings (loss) per share 1.33$ 2.61$ 2.23$ 2.45$ 2.33$ (49%) (43%) Reported SG&A expenses (412.8)$ (366.3)$ (399.0)$ (402.8)$ (387.0)$ (13%) (7%) Acquisition and disposition-related (gain) loss - (9.1) - - - NM NM Long-term compensation charges 2.0 - - 4.4 - NM NM Adjusted SG&A expenses (410.8)$ (375.4)$ (399.0)$ (398.4)$ (387.0)$ (9%) (6%) Adjusted SG&A expenses as a percentage of gross profit 74.2% 65.2% 68.7% 67.7% 67.7% (900) bps (650) bps Reported net income (loss) 47.7$ (190.9)$ 87.3$ 94.8$ 97.3$ NM NM Income tax (benefit) expense 15.9 8.4 29.1 32.5 31.6 NM NM Income (loss) before taxes 63.6 (182.5) 116.4 127.2 128.9 NM NM Non-floor plan interest 26.9 23.5 21.4 20.1 19.7 NM NM Depreciation and amortization 35.9 34.9 34.3 32.4 31.1 NM NM Stock-based compensation expense 5.0 3.6 3.8 4.2 4.4 NM NM Impairment charges - 320.4 - - - NM NM Long-term compensation charges 2.0 - - 4.4 - NM NM Acquisition and disposition-related (gain) loss - (9.2) 0.5 0.1 (1.1) NM NM Adjusted EBITDA 133.4$ 190.7$ 176.4$ 188.4$ 183.0$ (30%) (27%)

34 GAAP Income Statement – Quarterly Trend – Franchised Dealerships Segment NM = Not MeaningfulNote: Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts Q1 2023 Better / (Worse) % Change (In millions, except unit and per unit data) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Sequential Year-Over-Year Revenues: Retail new vehicles 1,421.0$ 1,534.5$ 1,359.6$ 1,341.7$ 1,345.7$ (7%) 6% Fleet new vehicles 18.8 29.4 32.0 19.9 18.1 (36%) 4% Total new vehicles 1,439.8 1,563.9 1,391.6 1,361.6 1,363.8 (8%) 6% Used vehicles 767.6 823.4 842.4 871.9 853.7 (7%) (10%) Wholesale vehicles 58.4 52.6 75.7 79.3 106.4 11% (45%) Total vehicles 2,265.8 2,439.9 2,309.7 2,312.8 2,323.9 (7%) (3%) Parts, service and collision repair 423.8 404.8 404.7 398.1 380.5 5% 11% Finance, insurance and other, net ("F&I") 117.1 128.0 125.9 129.8 126.5 (8%) (7%) Total revenues 2,806.7 2,972.7 2,840.3 2,840.7 2,830.9 (6%) (1%) Gross profit: Retail new vehicles 134.0 160.8 160.7 167.3 166.6 (17%) (20%) Fleet new vehicles 0.9 1.8 1.3 0.9 0.8 (49%) 6% Total new vehicles 134.9 162.6 162.0 168.2 167.4 (17%) (19%) Used vehicles 40.8 38.4 45.4 43.7 46.9 6% (13%) Wholesale vehicles 1.9 (3.2) (2.1) (0.5) (0.4) 155% 540% Total vehicles 177.6 197.8 205.3 211.4 213.9 (10%) (17%) Parts, service and collision repair 209.6 200.9 201.0 198.1 186.6 4% 12% Finance, insurance and other, net 117.1 128.0 125.9 129.8 126.5 (8%) (7%) Total gross profit 504.3 526.7 532.2 539.3 527.0 (4%) (4%) SG&A expenses (331.2) (298.1) (332.0) (327.6) (315.2) (11%) (5%) Impairment charges - (115.5) - - - NM NM Depreciation and amortization (26.5) (26.0) (25.9) (25.2) (24.9) (2%) (7%) Operating income (loss) 146.6 87.1 174.3 186.5 186.9 68% (22%) Interest expense, floor plan (9.9) (9.8) (6.6) (3.9) (3.3) (1%) (199%) Interest expense, other, net (26.9) (23.4) (21.4) (20.2) (20.0) (15%) (35%) Other income (expense), net - - - (0.3) 0.2 NM NM Income (loss) before taxes 109.8$ 53.9$ 146.3$ 162.1$ 163.8$ 104% (33%) Unit sales volume: Retail new vehicles 24,539 26,239 24,241 24,342 24,602 (6%) 0% Fleet new vehicles 441 661 672 422 360 (33%) 23% Used vehicles 25,107 26,631 26,647 28,156 27,078 (6%) (7%) Wholesale vehicles 5,483 5,616 5,813 5,851 6,772 (2%) (19%) Gross profit per unit ("GPU"): Retail new vehicles 5,463$ 6,130$ 6,627$ 6,871$ 6,771$ (11%) (19%) Used vehicles 1,626$ 1,442$ 1,704$ 1,553$ 1,731$ 13% (6%) F&I 2,360$ 2,421$ 2,473$ 2,472$ 2,448$ (3%) (4%)

35 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 Q1 2023 Better / (Worse) % Change (In millions) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Sequential Year-Over-Year Reported income (loss) before taxes 109.8$ 53.9$ 146.3$ 162.1$ 163.8$ 104% (33%) Impairment charges - 115.5 - - - NM NM Segment income (loss) 109.8$ 169.4$ 146.3$ 162.1$ 163.8$ (35%) (33%) Acquisition and disposition-related (gain) loss - (9.1) - - - NM NM Long-term compensation charges - - - 4.4 - NM NM Adjusted segment income (loss) 109.8$ 160.3$ 146.3$ 166.5$ 163.8$ (31%) (33%) Reported SG&A expenses (331.2)$ (298.1)$ (332.0)$ (327.6)$ (315.2)$ (11%) (5%) Acquisition and disposition-related (gain) loss - (9.1) - - - NM NM Long-term compensation charges - - - 4.4 - NM NM Adjusted SG&A expenses (331.2)$ (307.2)$ (332.0)$ (323.2)$ (315.2)$ (8%) (5%) Adjusted SG&A expenses as a percentage of gross profit 65.7% 58.3% 62.4% 59.9% 59.8% (740) bps (590) bps Income (loss) before taxes 109.8$ 53.9$ 146.3$ 162.1$ 163.8$ NM NM Non-floor plan interest 25.4 22.0 19.9 19.1 19.0 NM NM Depreciation and amortization 28.2 27.4 27.3 26.4 25.9 NM NM Stock-based compensation expense 5.0 3.6 3.8 4.2 4.4 NM NM Impairment charges - 115.5 - - - NM NM Long-term compensation charges - - - 4.4 - NM NM Acquisition and disposition-related (gain) loss - (9.2) 0.5 0.1 (1.1) NM NM Adjusted EBITDA 168.4$ 213.2$ 197.8$ 216.3$ 212.0$ (21%) (21%)

36 GAAP Income Statement – Quarterly Trend – EchoPark Segment NM = Not MeaningfulNote: Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts Q1 2023 Better / (Worse) % Change (In millions, except unit and per unit data) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Sequential Year-Over-Year Revenues: Retail new vehicles 1.0$ 2.0$ 1.6$ 1.2$ 4.4$ (50%) (78%) Used vehicles 572.5 515.5 511.4 574.5 515.4 11% 11% Wholesale vehicles 27.0 27.3 38.9 42.1 62.4 (1%) (57%) Total vehicles 600.5 544.8 551.9 617.8 582.2 10% 3% Finance, insurance and other, net ("F&I") 50.0 44.5 38.9 43.1 39.9 12% 25% Total revenues 650.5 589.3 590.8 660.9 622.1 10% 5% Gross profit: Retail new vehicles 0.1 0.2 (0.6) 0.7 0.8 (64%) (92%) Used vehicles (11.8) (3.6) 5.0 2.4 0.7 (225%) (1908%) Wholesale vehicles 1.1 (0.3) (0.1) 1.6 1.9 538% (36%) Total vehicles (10.6) (3.7) 4.3 4.7 3.4 (181%) (407%) Finance, insurance and other, net 50.0 44.5 38.9 43.1 39.9 12% 25% Total gross profit 39.4 40.8 43.2 47.8 43.3 (3%) (9%) SG&A expenses (73.8) (62.3) (63.4) (72.9) (71.2) (18%) (4%) Impairment charges - (204.9) - - - NM NM Depreciation and amortization (7.0) (7.0) (6.7) (5.9) (5.0) 0% (39%) Operating income (loss) (41.4) (233.4) (26.9) (31.0) (32.9) 82% (26%) Interest expense, floor plan (4.6) (3.9) (3.0) (2.2) (1.7) (17%) (183%) Interest expense, other, net (0.9) (0.9) (1.1) (1.0) (0.8) (1%) (12%) Other income (expense), net 0.1 - - - 0.1 NM NM Income (loss) before taxes (46.8)$ (238.2)$ (31.0)$ (34.2)$ (35.3)$ 80% (32%) Unit sales volume: Retail new vehicles 11 26 45 37 44 (58%) (75%) Used vehicles 19,980 17,435 15,245 16,496 14,931 15% 34% Wholesale vehicles 2,916 2,444 2,449 2,694 3,649 19% (20%) Gross profit per unit ("GPU"): Total used vehicle and F&I 1,907$ 2,340$ 2,869$ 2,751$ 2,707$ (18%) (30%)

37 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 Q1 2023 Better / (Worse) % Change (In millions) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Sequential Year-Over-Year Reported income (loss) before taxes (46.8)$ (238.2)$ (31.0)$ (34.2)$ (35.3)$ 80% (32%) Impairment charges - 204.9 - - - NM NM Segment income (loss) (46.8)$ (33.3)$ (31.0)$ (34.2)$ (35.3)$ (41%) (32%) Long-term compensation charges 2.0 - - - - NM NM Adjusted segment income (loss) (44.8)$ (33.3)$ (31.0)$ (34.2)$ (35.3)$ (35%) (27%) Reported SG&A expenses (73.8)$ (62.3)$ (63.4)$ (72.9)$ (71.2)$ (18%) (4%) Long-term compensation charges 2.0 - - - - NM NM Adjusted SG&A expenses (71.8)$ (62.3)$ (63.4)$ (72.9)$ (71.2)$ (15%) (1%) Adjusted SG&A expenses as a percentage of gross profit 182.1% 152.8% 146.8% 152.6% 164.4% (2,930) bps (1,770) bps Income (loss) before taxes (46.8)$ (238.2)$ (31.0)$ (34.2)$ (35.3)$ NM NM Non-floor plan interest 0.9 0.9 1.1 1.0 0.7 NM NM Depreciation and amortization 7.0 7.0 6.8 5.9 5.1 NM NM Impairment charges - 204.9 - - - NM NM Long-term compensation charges 2.0 - - - - NM NM Adjusted EBITDA (36.9)$ (25.4)$ (23.2)$ (27.3)$ (29.5)$ 45% 25%

38 GAAP Income Statement – Quarterly Trend – Powersports Segment NM = Not MeaningfulNote: Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts Q1 2023 Better / (Worse) % Change (In millions, except unit and per unit data) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Sequential Year-Over-Year Revenues: Retail new vehicles 20.8$ 18.8$ 10.6$ 1.3$ 1.2$ 11% NM Used vehicles 4.8 2.1 2.0 1.9 1.1 125% NM Wholesale vehicles 0.2 0.1 - 0.1 - 68% NM Total vehicles 25.8 21.0 12.6 3.3 2.3 23% NM Parts, service and collision repair 6.7 6.3 3.5 1.1 0.7 6% NM Finance, insurance and other, net ("F&I") 1.5 1.3 0.9 0.3 0.2 19% NM Total revenues 34.0 28.6 17.0 4.7 3.2 19% NM Gross profit: NM Retail new vehicles 4.0 3.6 2.1 0.4 0.3 10% NM Used vehicles 1.0 0.7 0.6 0.5 0.2 52% NM Wholesale vehicles - - - - - 100% NM Total vehicles 5.0 4.3 2.7 0.9 0.5 17% NM Parts, service and collision repair 3.3 3.1 1.8 0.5 0.3 5% NM Finance, insurance and other, net 1.5 1.3 0.9 0.3 0.2 19% NM Total gross profit 9.8 8.7 5.4 1.7 1.0 13% NM SG&A expenses (7.8) (5.9) (3.6) (2.3) (0.6) (32%) NM Impairment charges - - - - - NM NM Depreciation and amortization (0.8) (0.6) (0.2) (0.1) - (39%) NM Operating income (loss) 1.2 2.2 1.6 (0.7) 0.4 (45%) NM Interest expense, floor plan (0.1) - - - - NM NM Interest expense, other, net (0.6) (0.6) (0.4) - - 3% NM Other income (expense), net 0.1 0.2 - - - NM NM Income (loss) before taxes 0.6$ 1.8$ 1.2$ (0.7)$ 0.4$ (66%) NM Unit sales volume: Retail new vehicles 1,107 1,013 490 48 41 9% NM Used vehicles 444 237 177 112 64 87% NM Wholesale vehicles 7 34 1 - - NM NM Gross profit per unit ("GPU"): Retail new vehicles 3,573$ 3,535$ 4,304$ 7,401$ 6,829$ 1% NM Used vehicles 2,328$ 2,860$ 3,328$ 4,196$ 3,733$ (19%) NM F&I 980$ 1,026$ 1,297$ 1,933$ 1,643$ (4%) NM

39 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 Q1 2023 Better / (Worse) % Change (In millions) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Sequential Year-Over-Year Reported income (loss) before taxes 0.6$ 1.8$ 1.2$ (0.7)$ 0.4$ (66%) NM Impairment charges - - - - - NM NM Segment income (loss) 0.6$ 1.8$ 1.2$ (0.7)$ 0.4$ (66%) NM Reported SG&A expenses (7.8)$ (5.9)$ (3.6)$ (2.3)$ (0.6)$ (32%) NM Reported SG&A expenses as a percentage of gross profit 80.1% 68.4% 66.2% 135.2% 53.2% (1,170) bps NM Income (loss) before taxes 0.6$ 1.8$ 1.2$ (0.7)$ 0.4$ NM NM Non-floor plan interest 0.6 0.6 0.4 - - NM NM Depreciation and amortization 0.7 0.5 0.2 0.1 0.1 NM NM Adjusted EBITDA 1.9$ 2.9$ 1.8$ (0.6)$ 0.5$ (34%) NM

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

® ®

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


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


☐			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))


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


Exhibit No.						Description

99.1						Press Release of Sonic Automotive, Inc., dated August 27, 202 3 .

99.2						Earnings Call Presentation Materials.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


	SONIC AUTOMOTIVE, INC.

April 27, 2023	By:	/s/ STEPHEN K. COSS
		Stephen K. Coss
		Senior Vice President and General Counsel