CHARLOTTE, N.C. - Sonic Automotive, Inc. (NYSE:SAH), a major player in the U.S. automotive and powersports retail sector, announced today the retirement of Rachel Richards, the company's long-serving Chief Marketing Officer (CMO). Dino Bernacchi is set to take over the role effective May 1, 2024, following a successful tenure at EchoPark Automotive, a subsidiary of Sonic Automotive.
Richards, who has been with Sonic Automotive since 2006, played a crucial role in the company's strategic and operational marketing efforts. As the first CMO of the company, she led the transition from traditional to digital marketing and was responsible for the creation of the Sonic Automotive Guest Experience Center. Under her guidance, the company also launched its Women's Leadership Program in 2022.
Bernacchi, an automotive industry veteran, joined the company in October 2021 and has been recognized for his work with EchoPark Automotive, where he achieved significant growth in brand search and received a YouTube Excellence Award in 2023. His promotion will see him managing marketing strategies for Sonic Automotive's franchise dealership operations while continuing to oversee EchoPark Automotive and the Powersports division.
David B. Smith, Chairman and CEO of Sonic Automotive, expressed gratitude for Richards' contributions and optimism for Bernacchi's future impact. Jeff Dyke, President of Sonic Automotive, echoed these sentiments, highlighting the strategic vision Richards brought to the company and the creativity Bernacchi is expected to leverage in his new role.
Sonic Automotive, headquartered in Charlotte, North Carolina, aims to be the most valuable diversified automotive retail and service brand in America. The company is known for its commitment to innovation, technology, and providing exceptional guest experiences. With the appointment of Bernacchi, Sonic Automotive continues its pursuit of growth and leadership in the automotive and powersports retail industries.
This leadership transition is based on a press release statement from Sonic Automotive, Inc.
InvestingPro Insights
Amidst the leadership changes at Sonic Automotive, Inc. (NYSE:SAH), the company's financial health and market performance continue to be a focus for investors. Here are some insights based on real-time data from InvestingPro and InvestingPro Tips:
The company's market capitalization stands at a robust $2.05 billion, reflecting investor confidence in its business model and market presence. Sonic Automotive's commitment to shareholder returns is evident through its consistent dividend payments over 15 years, with the dividend growing by 7.14% in the last twelve months as of Q1 2024. This sustained return to shareholders is underscored by a notable dividend yield of 1.99% as of the last recorded date.
From a profitability standpoint, Sonic Automotive has been profitable over the last twelve months, with a P/E ratio adjusted for the last twelve months as of Q1 2024 at a value of 8.57. This is complemented by a PEG ratio of just 0.03, suggesting potential for future growth at a rate that could be considered undervalued relative to earnings growth expectations.
In terms of recent performance, the company has experienced a significant return over the last week, with a 1-week price total return of 18.61%. This short-term surge is part of a larger trend, as the company has also enjoyed a strong return over the last three months, with a 3-month price total return of 20.09%.
InvestingPro Tips highlight that management has been aggressively buying back shares, a move that often signals confidence in the company's future prospects and a commitment to enhancing shareholder value. Additionally, Sonic Automotive has raised its dividend for 3 consecutive years, reinforcing its position as a reliable income stock for investors.
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