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EchoPark Automotive, a subsidiary of Sonic Automotive, one of the largest automotive dealership groups in the United States, today announced that it has selected VaynerMedia as its fully integrated agency of record. In a first-of-its-kind partnership, the agency will be responsible for providing full creative, strategic, analytical, social and media services as the brand expands its advertising and marketing capabilities.
VaynerMedia's appointment was awarded following a competitive review. The fully integrated agency of record reflects a new style of business partnership, in which VaynerMedia is responsible for all aspects of EchoPark's marketing efforts and is held accountable for business results. The agency will apply their volume-based content model, the Vayner Volume Model, in an effort to broaden EchoPark's cultural relevance and engage with new audiences.
"At EchoPark, we're focused on disrupting our category with innovation and care for our guests. Our mission is to ensure the car browsing, shopping, buying, and selling process is inspirational, exciting, transparent, and fun. We want to set best practice in retail, regardless of the category," said Dino Bernacchi, Chief Marketing Officer of EchoPark Automotive. "We found VaynerMedia to be a synergistic and natural partner with a proven track record of building real emotional connections with consumers, based on daily consumer insights, keen measurement in target profiling, and embracing an innovative spirit. Their disruptive approach makes them the perfect partner for us."
"We're incredibly excited to partner with EchoPark, as we share many of the same principles and ethos when it comes to the consumer," said VaynerMedia CEO Gary Vaynerchuk. "Implementing our full Volume Model across creative, strategy, media and analytics will allow us to be fully accountable for their advertising services, using insights to better connect with the consumer and drive culturally relevant ideas."
"We're on a growth trajectory targeted to reach 90% of the U.S. car buying population by 2025 and partnering with the team at VaynerMedia is a critical step to help us achieve that goal and aligns with the launch of our new, best-in-class eCommerce website. These two efforts are transformational for our company, our business model, and our category," said David Smith, CEO of Sonic Automotive. "With 39 EchoPark Experience Center locations and growing across the country, we'll cover the entire car buying process from online to in-store with our award-winning guest experience grounded in creating Happy Owners."
EchoPark will immediately bring VaynerMedia on board and together the companies will plan for new brand campaign efforts later this year.
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. We believe EchoPark is on pace to become the #1 retailer in the nearly new pre-owned vehicle market by 2025, and is already making its mark by earning the 2021 Consumer Satisfaction Award from DealerRater, expanding its Owner Experience Centers, developing an all-new digital ecommerce platform and focusing on growing its brand nationwide. EchoPark's mission is in its name: Every Car deserves a Happy Owner. This drives the car buying experience for guests and differentiates EchoPark from the competition. More information about EchoPark Automotive can be found at www.echopark.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.
VaynerMedia is a contemporary global creative and media agency with an expertise in driving relevance for clients and delivering impactful business results. The independently-owned agency was founded in 2009 and has offices in New York, Los Angeles, London, Singapore and Mexico City. VaynerMedia has been recognized for its work at Cannes Lions, the Clio Awards and The Webby Awards. It is part of the VaynerX family of companies.
Included herein are forward-looking statements, including statements regarding anticipated future pre-owned vehicle sales projections, the opening of additional EchoPark markets, and future population coverage. 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, new and used vehicle industry sales volume, anticipated future growth in our EchoPark Segment, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the effect of the COVID-19 pandemic and related government-imposed restrictions on operations, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other reports and information filed with the 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.
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