With EchoPark feeling the sting of higher auction prices and increased competition for used vehicles, the growing Sonic Automotive Inc. used-only store brand is widening its inventory criteria to include more older cars.
EchoPark is now on the hunt for cars up to 8 years old, up from the unit's ideal vehicle age of 1 to 4 years, Sonic President Jeff Dyke said last month. EchoPark might even bump that to 10 years depending on how successful it is at filling its lots with the new approach, Dyke said.
The pivot comes as supply chain shortages and low new-vehicle supplies have caused more retailers to increase their focus on used vehicles, particularly those in that 1- to 4-year range. Rental car companies also are now buying those vehicles at auctions and paying more for them than traditional retailers, he said.