Latest news with #EchoPark
Condé Nast Traveler
22-05-2025
- Entertainment
- Condé Nast Traveler
Sunset Views and Starry Nights: A Dreamy Trip to Los Angeles Inspired by La La Land
Outdoor Experiences Golden hour hits different in LA, especially when you're seeing the city from all of its best angles. On the Beverly Hills and Hollywood: Helicopter Tour, take in aerial views of iconic neighborhoods, celebrity mansions, and views that stretch from the mountains to the ocean—all while listening to entertaining commentary from your pilot. Have a little romantic interlude at Echo Park Lake: Swan Pedal Boat Rental. Glide across the man-made lake—which was built in 1868 and initially used as a reservoir for drinking water—in a swan-shaped boat. From the water you'll experience a truly unique way to score views of the LA skyline. If you're ready for a little wind in your hair, head to the coast for an E-bike Tour of Hermosa Beach & Other Beach Cities. Cruise along the water on an electric bike, and explore the picturesque communities of Hermosa Beach, Manhattan Beach, and Redondo Beach. Your guide will tell stories of the area and take you to spots with cinematic lore like Hermosa Beach Pier and the legendary Lighthouse Cafe—two of the locations where La La Land was filmed. LA isn't just a backdrop—it's a feeling. Maybe you won't break into song on a freeway overpass or lock eyes with a jazz pianist across a crowded room, but this city still knows how to set the scene for something magical. With GetYourGuide, you can find the experiences that make you feel like you're in your own modern-day movie—camera not required, but definitely encouraged.
Yahoo
29-04-2025
- Entertainment
- Yahoo
LA City Council Passes Motion to Begin Filming Permit Reform
The Los Angeles City Council has unanimously passed a motion calling on various city departments to research ways to reduce the costs of on-location shooting, adding to the statewide efforts to revive declining production rates in California. The motion was introduced by recently elected councilmember Adrin Nazarian, who represents a district that includes North Hollywood, where many IATSE West Coast locals are headquartered. The methods the motion asks city departments to research include reducing or eliminating fees, particularly for shoots on public property and ways to streamline the process for permits. The motion calls for the relevant departments to report back to the council in 30 days with proposed changes. Along with Nazarian, councilmembers across the political spectrum spoke out in support of the motion, from members of the council's progressive bloc like Echo Park CM Hugo Soto-Martínez to more right-leaning members like Westside CM Traci Park, whose council district includes the wildfire-ravaged Pacific Palisades. In a speech during the city council meeting on Tuesday, Nazarian spoke about the rapid decline in Los Angeles production as studios have moved shoots to other states and countries amidst pressure to reduce production spending and make their streaming services profitable. 'We've been regressing and losing so much ground,' he stated. 'Now we're losing commercials and platforms and miniseries. We can't have this happen.' While a handful of high-profile productions have moved to California, including NBC's 'Suits L.A.' and the second season of Prime Video's popular 'Fallout,' TV production in Los Angeles has fallen 58% from its all-time high in 2021, according to the latest quarterly report from FilmLA. In response to this, Hollywood unions and studios, who two years ago were in conflict amid an industry-paralyzing double strike, have joined forces to lobby local and state officials to make changes that would allow California to become a more competitive production hub. In Sacramento, a pair of bills that would expand the types of productions eligible for the California Film and Television Tax Credit have been slowly advancing through various committees. The bills have the support of Gov. Gavin Newsom, who last fall called for the program's cap to be raised from $330 million to $750 million. Such changes will be part of what is expected to be a contentious budget debate facing state legislators next month, as California faces uncertainty over its budget due to the Trump Administration's tariffs against China and ongoing threats to pull federal funding. As those bills continue through the legislative process, grassroots groups like Stay in LA have made permitting costs another part of their campaign. The organization has passed out flyers at industry events comparing the fees required for Los Angeles shoots to those of other U.S. cities like New York, Chicago and Atlanta. Among the fees required of L.A. shoots that are reduced or nonexistent in other cities include county and city fees for fire review and notification, hourly fees for public safety and fire workers and additional fees for shoots that take place on roads, including for permit applications, road inspections and closures. The post LA City Council Passes Motion to Begin Filming Permit Reform appeared first on TheWrap.
Yahoo
24-04-2025
- Automotive
- Yahoo
Sonic Automotive Reports First Quarter 2025 Financial Results
EchoPark Reports All-Time Record Quarterly Gross Profit, Segment Income, and Adjusted EBITDA* CHARLOTTE, N.C., April 24, 2025--(BUSINESS WIRE)--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, 2025. First Quarter 2025 Financial Summary First quarter record total revenues of $3.7 billion, up 8% year-over-year; total gross profit of $566.4 million, up 6% year-over-year Reported net income of $70.6 million, up 68% year-over-year ($2.04 earnings per diluted share, up 70% year-over-year) Reported net income for the first quarter of 2025 includes the effect of a $30.0 million pre-tax gain from cyber insurance proceeds and a $0.2 million pre-tax gain on the sale of real estate, offset partially by a $1.4 million non-cash pre-tax impairment charge, a $1.2 million pre-tax disposition related loss, and a $0.9 million pre-tax charge related to storm damage (collectively, these items are partially offset by a $7.4 million tax expense on the above net benefit) Reported net income for the first quarter of 2024 includes the effect of a $2.2 million pre-tax charge related to accelerated equity compensation vesting, a $1.0 million non-cash pre-tax impairment charge and a $4.2 million pre-tax charge related to the closure of stores in the EchoPark Segment (collectively, these items are partially offset by a $1.9 million tax benefit on the above charges) Excluding these items, adjusted net income* was $51.3 million, up 8% year-over-year ($1.48 adjusted earnings per diluted share*, up 9% year-over-year) Total reported selling, general and administrative ("SG&A") expenses as a percentage of gross profit of 67.1% (66.0% on a Franchised Dealerships Segment basis, 70.1% on an EchoPark Segment basis, and 112.5% on a Powersports Segment basis) Total adjusted SG&A expenses as a percentage of gross profit* of 72.1% (71.8% on a Franchised Dealerships Segment basis, 70.4% on an EchoPark Segment basis, and 102.0% on a Powersports Segment basis) EchoPark Segment revenues of $559.7 million, flat year-over-year; all-time record quarterly EchoPark Segment total gross profit of $63.9 million, up 21% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 18,798, up 5% year-over-year Reported EchoPark Segment income of $10.3 million, as compared to a segment loss of $2.9 million in the prior year period, a 455% improvement year-over-year Adjusted EchoPark Segment income* of $10.1 million, as compared to $1.3 million in the prior year period, a 677% improvement year-over-year All-time record quarterly EchoPark Segment adjusted EBITDA* of $15.8 million, as compared to $7.3 million adjusted EBITDA* in the prior year period, up 116% year-over-year, Sonic's Board of Directors approved a quarterly cash dividend of $0.35 per share, payable on July 15, 2025 to all stockholders of record on June 13, 2025 * 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, "In the first quarter, our team continued to execute at a high level, driving record first quarter consolidated revenues and combined new and used retail unit sales volume, in addition to all-time record quarterly adjusted EBITDA* in our EchoPark Segment. Going forward, we remain focused on delivering an outstanding experience for our guests and teammates, continuing to grow our EchoPark volume and profitability, gaining market share in our franchised dealerships and powersports segments, and optimizing our expense structure to drive sustained success. Despite uncertainty around the impact of tariffs on pricing, vehicle and parts inventory levels, gross margin, and consumer demand, our entire team remains focused on executing our strategy and continuing to grow our business, in order to create long-term value for our stakeholders." Jeff Dyke, President of Sonic Automotive, commented, "Our Franchised Dealerships Segment generated first quarter record total revenues, fixed operations gross profit, and F&I gross profit, and continues to execute our operational strategy at a high level. Our EchoPark team did an excellent job in the first quarter, achieving all-time record quarterly gross profit, segment income and adjusted EBITDA*, capitalizing on seasonal strength and setting the stage for continued operating efficiency going forward. In our Powersports Segment, we are beginning to see the benefits of our investment in modernizing our inventory management and marketing processes, which will be key to success in this segment." Heath Byrd, Chief Financial Officer of Sonic Automotive, added, "As of March 31, 2025, we had approximately $430 million in cash and floor plan deposits on hand, with total liquidity of approximately $947 million, before considering unencumbered real estate. In light of uncertainty around the effects that tariffs are expected to have on the automotive industry and our business, we have updated or withdrawn certain items in our previous financial guidance for 2025. Please refer to our updated guidance for 2025 in our investor presentation released this morning. Despite this uncertainty, we remain optimistic about opportunities to strategically deploy our capital to grow our revenue base and enhance shareholder returns, while managing the impact of tariffs on our business." First Quarter 2025 Segment Highlights The financial measures discussed below are results for the first quarter of 2025 with comparisons made to the first quarter of 2024, unless otherwise noted. Franchised Dealerships Segment operating results include: Same store revenues up 8%; same store gross profit up 3% Same store retail new vehicle unit sales volume up 10%; same store retail new vehicle gross profit per unit down 17%, to $3,089 Same store retail used vehicle unit sales volume down 2%; same store retail used vehicle gross profit per unit down 3%, to $1,555 Same store parts, service and collision repair ("Fixed Operations") gross profit up 7%; same store customer pay gross profit up 2%; same store warranty gross profit up 38%; same store Fixed Operations gross profit margin up 70 basis points, to 50.8% Same store finance and insurance ("F&I") gross profit up 8%; same store F&I gross profit per retail unit of $2,442, up 4% On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 51 days' supply of new vehicle inventory (including in-transit) and 31 days' supply of used vehicle inventory EchoPark Segment operating results include: Revenues of $559.7 million, flat year-over-year; all-time record quarterly gross profit of $63.9 million, up 21% On a same market basis (which excludes closed stores), revenues were up 3% and gross profit was up 19% Retail used vehicle unit sales volume of 18,798, up 5% On a same market basis (which excludes closed stores), retail used vehicle unit sales volume was up 7% All-time record quarterly reported segment income of $10.3 million, all-time record quarterly adjusted segment income* of $10.1 million, and all-time record quarterly adjusted EBITDA* of $15.8 million On a trailing quarter cost of sales basis, the EchoPark Segment had 35 days' supply of used vehicle inventory Powersports Segment operating results include: First quarter record revenues of $34.4 million, up 24%; gross profit of $8.5 million, up 9% Segment loss of $3.5 million, a 52% increase from a segment loss of $2.3 million in the prior year period, and adjusted EBITDA loss* of $0.7 million, a 13% improvement from an adjusted EBITDA loss* of $0.8 million in the prior year period * 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 $0.35 per share, payable on July 15, 2025 to all stockholders of record on June 13, 2025. First Quarter 2025 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 To access the live webcast of the conference call, please go to 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 2025 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 About Sonic Automotive Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is on a quest to become the most valuable diversified automotive retail 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 and powersports retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in these categories. Our new platforms, programs, and people are set to drive the next generation of automotive and powersports experiences. More information about Sonic Automotive can be found at and About EchoPark Automotive EchoPark Automotive is one of the most comprehensive retailers of nearly new pre-owned vehicles in America today. Our unique business model offers a best-in-class shopping experience and utilizes 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 among the top national pre-owned vehicle retailers in products, sales, and service, while receiving the 2023 Consumer Satisfaction Award from DealerRater. 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 Forward-Looking Statements Included herein are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address our future objectives, plans and goals, as well as our intent, beliefs and current expectations regarding future operating performance, results and events, and can generally be identified by words such as "may," "will," "should," "could," "believe," "expect," "estimate," "anticipate," "intend," "plan," "foresee" and other similar words or phrases. You should not place undue reliance on these statements, and you are cautioned that these forward-looking statements are not guarantees of future performance. 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, the effects of tariffs on vehicle and parts pricing and supply, the effects of tariffs on consumer demand, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and changes 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 and investment in new technologies, the rate and timing of overall economic expansion or contraction, the integration of acquisitions, cybersecurity incidents and other disruptions to our information systems, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 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. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 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, adjusted segment income, 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. Sonic Automotive, Inc. Results of Operations (Unaudited) Results of Operations - Consolidated Three Months Ended March 31, Better / (Worse) 2025 2024 % Change (In millions, except per share amounts) Revenues: Retail new vehicles $ 1,656.3 $ 1,455.8 14 % Fleet new vehicles 22.1 19.6 13 % Total new vehicles 1,678.4 1,475.4 14 % Used vehicles 1,225.0 1,215.6 1 % Wholesale vehicles 82.7 77.3 7 % Total vehicles 2,986.1 2,768.3 8 % Parts, service and collision repair 474.4 446.7 6 % Finance, insurance and other, net 190.8 169.0 13 % Total revenues 3,651.3 3,384.0 8 % Cost of sales: Retail new vehicles (1,566.9 ) (1,359.4 ) (15 )% Fleet new vehicles (21.5 ) (18.9 ) (14 )% Total new vehicles (1,588.4 ) (1,378.3 ) (15 )% Used vehicles (1,178.6 ) (1,168.6 ) (1 )% Wholesale vehicles (84.1 ) (78.1 ) (8 )% Total vehicles (2,851.1 ) (2,625.0 ) (9 )% Parts, service and collision repair (233.8 ) (222.8 ) (5 )% Total cost of sales (3,084.9 ) (2,847.8 ) (8 )% Gross profit 566.4 536.2 6 % Selling, general and administrative expenses (380.3 ) (392.2 ) 3 % Impairment charges (1.4 ) (1.0 ) NM Depreciation and amortization (39.7 ) (36.3 ) (9 )% Operating income (loss) 145.0 106.7 36 % Other income (expense): Interest expense, floor plan (20.0 ) (20.3 ) 1 % Interest expense, other, net (27.6 ) (29.0 ) 5 % Other income (expense), net — 0.1 NM Total other income (expense) (47.6 ) (49.2 ) 3 % Income (loss) before taxes 97.4 57.5 69 % Provision for income taxes - benefit (expense) (26.8 ) (15.5 ) (73 )% Net income (loss) $ 70.6 $ 42.0 68 % Basic earnings (loss) per common share $ 2.09 $ 1.24 69 % Basic weighted-average common shares outstanding 33.9 34.0 — % Diluted earnings (loss) per common share $ 2.04 $ 1.20 70 % Diluted weighted-average common shares outstanding 34.6 34.9 1 % Dividends declared per common share $ 0.35 $ 0.30 17 % NM = Not Meaningful Franchised Dealerships Segment - Reported Three Months Ended March 31, Better / (Worse) 2025 2024 % Change (In millions, except unit and per unit data) Revenues: Retail new vehicles $ 1,636.9 $ 1,439.9 14 % Fleet new vehicles 22.1 19.6 13 % Total new vehicles 1,659.0 1,459.5 14 % Used vehicles 745.6 729.3 2 % Wholesale vehicles 54.6 48.6 12 % Total vehicles 2,459.2 2,237.4 10 % Parts, service and collision repair 467.4 439.9 6 % Finance, insurance and other, net 130.6 119.6 9 % Total revenues 3,057.2 2,796.9 9 % Gross Profit: Retail new vehicles 86.7 94.1 (8 )% Fleet new vehicles 0.6 0.7 (14 )% Total new vehicles 87.3 94.8 (8 )% Used vehicles 39.9 40.8 (2 )% Wholesale vehicles (1.0 ) (0.2 ) (400 )% Total vehicles 126.2 135.4 (7 )% Parts, service and collision repair 237.2 220.8 7 % Finance, insurance and other, net 130.6 119.6 9 % Total gross profit 494.0 475.8 4 % Selling, general and administrative expenses (325.9 ) (338.5 ) 4 % Impairment charges — (1.0 ) NM Depreciation and amortization (33.4 ) (29.8 ) (12 )% Operating income (loss) 134.7 106.5 26 % Other income (expense): Interest expense, floor plan (16.3 ) (16.0 ) (2 )% Interest expense, other, net (26.6 ) (27.8 ) 4 % Other income (expense), net 0.1 — NM Total other income (expense) (42.8 ) (43.8 ) 2 % Income (loss) before taxes 91.9 62.7 47 % Add: Impairment charges — 1.0 NM Segment income (loss) $ 91.9 $ 63.7 44 % Unit Sales Volume: Retail new vehicles 28,082 25,297 11 % Fleet new vehicles 383 379 1 % Total new vehicles 28,465 25,676 11 % Used vehicles 25,441 25,666 (1 )% Wholesale vehicles 6,195 5,105 21 % Retail new & used vehicles 53,523 50,963 5 % Used-to-New Ratio 0.91 1.01 (10 )% Gross Profit Per Unit: Retail new vehicles $ 3,089 $ 3,722 (17 )% Fleet new vehicles $ 1,444 $ 1,706 (15 )% New vehicles $ 3,067 $ 3,692 (17 )% Used vehicles $ 1,568 $ 1,592 (2 )% Finance, insurance and other, net $ 2,439 $ 2,348 4 % NM = Not Meaningful Note: Reported Franchised Dealerships Segment results include (i) same store results from the "Franchised Dealerships Segment - Same Store" table below and (ii) the effects of acquisitions, open points, dispositions and holding company impacts for the periods reported. 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. Franchised Dealerships Segment - Same Store Three Months Ended March 31, Better / (Worse) 2025 2024 % Change (In millions, except unit and per unit data) Revenues: Retail new vehicles $ 1,623.6 $ 1,437.4 13 % Fleet new vehicles 22.0 19.6 12 % Total new vehicles 1,645.6 1,457.0 13 % Used vehicles 731.8 726.8 1 % Wholesale vehicles 54.0 48.2 12 % Total vehicles 2,431.4 2,232.0 9 % Parts, service and collision repair 461.6 438.7 5 % Finance, insurance and other, net 129.2 119.3 8 % Total revenues 3,022.2 2,790.0 8 % Gross Profit: Retail new vehicles 86.1 94.2 (9 )% Fleet new vehicles 0.6 0.6 — % Total new vehicles 86.7 94.8 (9 )% Used vehicles 38.9 40.9 (5 )% Wholesale vehicles (1.0 ) (0.2 ) (400 )% Total vehicles 124.6 135.5 (8 )% Parts, service and collision repair 234.3 219.7 7 % Finance, insurance and other, net 129.2 119.3 8 % Total gross profit $ 488.1 $ 474.5 3 % Unit Sales Volume: Retail new vehicles 27,870 25,231 10 % Fleet new vehicles 383 379 1 % Total new vehicles 28,253 25,610 10 % Used vehicles 25,019 25,554 (2 )% Wholesale vehicles 6,117 5,065 21 % Retail new & used vehicles 52,889 50,785 4 % Used-to-New Ratio 0.90 1.01 (11 )% Gross Profit Per Unit: Retail new vehicles $ 3,089 $ 3,732 (17 )% Fleet new vehicles $ 1,444 $ 1,706 (15 )% New vehicles $ 3,067 $ 3,702 (17 )% Used vehicles $ 1,555 $ 1,600 (3 )% Finance, insurance and other, net $ 2,442 $ 2,350 4 % 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) 2025 2024 % Change (In millions, except unit and per unit data) Revenues: Used vehicles 473.7 482.9 (2 )% Wholesale vehicles 27.3 28.6 (5 )% Total vehicles 501.0 511.5 (2 )% Finance, insurance and other, net 58.7 47.9 23 % Total revenues 559.7 559.4 — % Gross Profit: Used vehicles 5.4 5.3 2 % Wholesale vehicles (0.2 ) (0.6 ) 67 % Total vehicles 5.2 4.7 11 % Finance, insurance and other, net 58.7 47.9 23 % Total gross profit 63.9 52.6 21 % Selling, general and administrative expenses (44.8 ) (45.6 ) 2 % Impairment charges (0.2 ) — NM Depreciation and amortization (5.2 ) (5.5 ) 5 % Operating income (loss) 13.7 1.5 813 % Other income (expense): Interest expense, floor plan (3.1 ) (3.8 ) 18 % Interest expense, other, net (0.4 ) (0.7 ) 43 % Other income (expense), net (0.1 ) 0.1 NM Total other income (expense) (3.6 ) (4.4 ) 18 % Income (loss) before taxes 10.1 (2.9 ) 448 % Add: Impairment charges 0.2 — NM Segment income (loss) $ 10.3 $ (2.9 ) 455 % Unit Sales Volume: Used vehicles 18,798 17,981 5 % Wholesale vehicles 3,150 2,994 5 % Gross Profit Per Unit: Total used vehicle and F&I $ 3,411 $ 2,955 15 % NM = Not Meaningful EchoPark Segment - Same Market Three Months Ended March 31, Better / (Worse) 2025 2024 % Change (In millions, except unit and per unit data) Revenues: Used vehicles $ 473.7 $ 473.2 — % Wholesale vehicles 27.3 25.5 7 % Total vehicles 501.0 498.7 — % Finance, insurance and other, net 59.1 47.5 24 % Total revenues 560.1 546.2 3 % Gross Profit: Used vehicles 4.3 5.6 (23 )% Wholesale vehicles (0.2 ) 0.1 (300 )% Total vehicles 4.1 5.7 (28 )% Finance, insurance and other, net 59.1 47.5 24 % Total gross profit $ 63.2 $ 53.2 19 % Unit Sales Volume: Used vehicles 18,798 17,618 7 % Wholesale vehicles 3,150 2,785 13 % Gross Profit Per Unit: Total used vehicle and F&I $ 3,373 $ 3,018 12 % 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) 2025 2024 % Change (In millions, except unit and per unit data) Revenues: Retail new vehicles $ 19.4 $ 15.9 22 % Used vehicles 5.7 3.4 68 % Wholesale vehicles 0.8 0.1 700 % Total vehicles 25.9 19.4 34 % Parts, service and collision repair 7.0 6.8 3 % Finance, insurance and other, net 1.5 1.5 — % Total revenues 34.4 27.7 24 % Gross Profit: Retail new vehicles 2.7 2.3 17 % Used vehicles 1.1 0.9 22 % Wholesale vehicles (0.2 ) — (100 )% Total vehicles 3.6 3.2 13 % Parts, service and collision repair 3.4 3.1 10 % Finance, insurance and other, net 1.5 1.5 — % Total gross profit 8.5 7.8 9 % Selling, general and administrative expenses (9.6 ) (8.1 ) (19 )% Impairment charges (1.1 ) — NM Depreciation and amortization (1.2 ) (1.0 ) (20 )% Operating income (loss) (3.4 ) (1.3 ) (162 )% Other income (expense): Interest expense, floor plan (0.5 ) (0.5 ) — % Interest expense, other, net (0.7 ) (0.5 ) (40 )% Other income (expense), net — — NM Total other income (expense) (1.2 ) (1.0 ) (20 )% Income (loss) before taxes (4.6 ) (2.3 ) (100 )% Add: Impairment charges 1.1 — NM Segment income (loss) $ (3.5 ) $ (2.3 ) (52 )% Unit Sales Volume: Retail new vehicles 993 845 18 % Used vehicles 578 409 41 % Wholesale vehicles 60 13 362 % Gross Profit Per Unit: Retail new vehicles $ 2,681 $ 2,676 — % Used vehicles $ 1,823 $ 2,185 (17 )% Finance, insurance and other, net $ 943 $ 1,197 (21 )% NM = Not Meaningful Powersports Segment - Same Store Three Months Ended March 31, Better / (Worse) 2025 2024 % Change (In millions, except unit and per unit data) Revenues: Retail new vehicles $ 16.4 $ 15.2 8 % Used vehicles 4.4 3.0 47 % Wholesale vehicles 0.7 0.1 600 % Total vehicles 21.5 18.3 17 % Parts, service and collision repair 5.7 6.3 (10 )% Finance, insurance and other, net 1.4 1.4 — % Total revenues 28.6 26.0 10 % Gross Profit: Retail new vehicles 2.2 2.2 — % Used vehicles 0.8 0.8 — % Wholesale vehicles — — — % Total vehicles 3.0 3.0 — % Parts, service and collision repair 2.8 2.9 (3 )% Finance, insurance and other, net 1.4 1.4 — % Total gross profit $ 7.2 $ 7.3 (1 )% Unit Sales Volume: Retail new vehicles 850 816 4 % Used vehicles 466 374 25 % Wholesale vehicles 60 13 362 % Retail new & used vehicles 1,316 1,190 11 % Used-to-New Ratio 0.55 0.46 20 % Gross Profit Per Unit: Retail new vehicles $ 2,588 $ 2,672 (3 )% Used vehicles $ 1,780 $ 2,153 (17 )% Finance, insurance and other, net $ 1,037 $ 1,166 (11 )% Note: All currently operating powersports 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. Non-GAAP Reconciliation - Consolidated - SG&A Expenses Three Months Ended March 31, Better / (Worse) 2025 2024 Change % Change (In millions) Reported: Compensation $ 258.5 $ 247.3 $ (11.2 ) (5 )% Advertising 23.8 22.3 (1.5 ) (7 )% Rent 10.2 9.3 (0.9 ) (10 )% Other 87.8 113.3 25.5 23 % Total SG&A expenses $ 380.3 $ 392.2 $ 11.9 3 % Adjustments: Acquisition and disposition-related gain (loss) $ (1.0 ) $ — Closed store accrued expenses — (2.1 ) Cyber insurance proceeds 30.0 — Storm damage charges (0.9 ) — Severance and long-term compensation charges — (4.3 ) Total SG&A adjustments $ 28.1 $ (6.4 ) Adjusted: Total adjusted SG&A expenses $ 408.4 $ 385.8 $ (22.6 ) (6 )% Reported: SG&A expenses as a % of gross profit: Compensation 45.6 % 46.1 % 50 bps Advertising 4.2 % 4.2 % — bps Rent 1.8 % 1.7 % (10 ) bps Other 15.5 % 21.1 % 560 bps Total SG&A expenses as a % of gross profit 67.1 % 73.1 % 600 bps Adjustments: Acquisition and disposition-related gain (loss) (0.2 )% — % Closed store accrued expenses — % (0.4 )% Cyber insurance proceeds 5.3 % — % Storm damage charges (0.2 )% — % Severance and long-term compensation charges — % (0.7 )% Total effect of adjustments 5.0 % (1.1 )% Adjusted: Total adjusted SG&A expenses as a % of gross profit 72.1 % 72.0 % (10 ) bps Reported: Total gross profit $ 566.4 $ 536.2 $ 30.2 6 % Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses Three Months Ended March 31, Better / (Worse) 2025 2024 Change % Change (In millions) Reported: Compensation $ 226.4 $ 216.5 $ (9.9 ) (5 )% Advertising 15.8 15.3 (0.5 ) (3 )% Rent 9.7 10.1 0.4 4 % Other 74.0 96.6 22.6 23 % Total SG&A expenses $ 325.9 $ 338.5 $ 12.6 4 % Adjustments: Acquisition and disposition-related gain (loss) $ (0.3 ) $ — Cyber insurance proceeds 30.0 — Storm damage charges (0.9 ) — Severance and long-term compensation charges — (2.2 ) Total SG&A adjustments $ 28.8 $ (2.2 ) Adjusted: Total adjusted SG&A expenses $ 354.7 $ 336.3 $ (18.4 ) (5 )% Reported: SG&A expenses as a % of gross profit: Compensation 45.8 % 45.5 % (30 ) bps Advertising 3.2 % 3.2 % — bps Rent 2.0 % 2.1 % 10 bps Other 15.0 % 20.3 % 530 bps Total SG&A expenses as a % of gross profit 66.0 % 71.1 % 510 bps Adjustments: Acquisition and disposition-related gain (loss) (0.1 )% — % Cyber insurance proceeds 6.1 % — % Storm damage charges (0.2 )% — % Severance and long-term compensation charges — % (0.4 )% Total effect of adjustments 5.8 % (0.4 )% Adjusted: Total adjusted SG&A expenses as a % of gross profit 71.8 % 70.7 % (110 ) bps Reported: Total gross profit $ 494.0 $ 475.8 $ 18.2 4 % Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses Three Months Ended March 31, Better / (Worse) 2024 2023 Change % Change (In millions) Reported: Compensation $ 25.9 $ 25.2 $ (0.7 ) (3 )% Advertising 7.7 6.6 (1.1 ) (17 )% Rent 0.7 (0.8 ) (1.5 ) (188 )% Other 10.5 14.6 4.1 28 % Total SG&A expenses $ 44.8 $ 45.6 $ 0.8 2 % Adjustments: Closed store accrued expenses $ — $ (2.1 ) Acquisition and disposition-related gain (loss) 0.2 — Severance and long-term compensation charges — (2.1 ) Total SG&A adjustments $ 0.2 $ (4.2 ) Adjusted: Total adjusted SG&A expenses $ 45.0 $ 41.4 $ (3.6 ) (9 )% Reported: SG&A expenses as a % of gross profit: Compensation 40.5 % 47.8 % 730 bps Advertising 12.1 % 12.6 % 50 bps Rent 1.1 % (1.4 )% (250 ) bps Other 16.4 % 27.6 % 1,120 bps Total SG&A expenses as a % of gross profit 70.1 % 86.6 % 1,650 bps Adjustments: Closed store accrued expenses — % (4.0 )% Acquisition and disposition-related gain (loss) 0.3 % — % Severance and long-term compensation charges — % (4.0 )% Total effect of adjustments 0.3 % (8.0 )% Adjusted: Total adjusted SG&A expenses as a % of gross profit 70.4 % 78.6 % 820 bps Reported: Total gross profit $ 63.9 $ 52.6 $ 11.3 21 % Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses Three Months Ended March 31, Better / (Worse) 2025 2024 Change % Change (In millions) Reported: Compensation $ 6.2 $ 5.6 $ (0.6 ) (11 )% Advertising 0.2 0.4 0.2 50 % Rent (0.2 ) — 0.2 — % Other 3.4 2.1 (1.3 ) (62 )% Total SG&A expenses $ 9.6 $ 8.1 $ (1.5 ) (19 )% Adjustments: Acquisition and disposition-related gain (loss) $ (0.9 ) $ — Total SG&A adjustments $ (0.9 ) $ — Adjusted: Total adjusted SG&A expenses $ 8.7 $ 8.1 Reported: SG&A expenses as a % of gross profit: Compensation 72.6 % 72.7 % 10 bps Advertising 2.9 % 5.1 % 220 bps Rent (2.0 )% 0.4 % 240 bps Other 39.0 % 26.6 % (1,240 ) bps Total SG&A expenses as a % of gross profit 112.5 % 104.8 % (770 ) bps Adjustments: Acquisition and disposition-related gain (loss) (10.5 )% — % Total effect of adjustments (10.5 )% — % Adjusted: Total adjusted SG&A expenses as a % of gross profit 102.0 % 104.8 % 280 bps Reported: Total gross profit $ 8.5 $ 7.8 $ 0.7 9 % Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss) Three Months Ended March 31, 2025 2024 % Change (In millions) Reported: Income (loss) before taxes $ 91.9 $ 62.7 47 % Add: Impairment charges — 1.0 Segment income (loss) $ 91.9 $ 63.7 44 % Adjustments: Acquisition and disposition-related (gain) loss $ 0.3 $ — Cyber insurance proceeds (30.0 ) — Storm damage charges 0.9 — Severance and long-term compensation charges — 2.2 Total pre-tax adjustments $ (28.8 ) $ 2.2 Adjusted: Segment income (loss) $ 63.1 $ 65.9 (4 )% Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss) Three Months Ended March 31, 2025 2024 % Change (In millions) Reported: Income (loss) before taxes $ 10.1 $ (2.9 ) 448 % Add: Impairment charges 0.2 — Segment income (loss) $ 10.3 $ (2.9 ) 455 % Adjustments: Closed store accrued expenses $ — $ 2.1 Acquisition and disposition-related (gain) loss (0.2 ) — Severance and long-term compensation charges — 2.1 Total pre-tax adjustments $ (0.2 ) $ 4.2 Adjusted: Segment income (loss) $ 10.1 $ 1.3 677 % Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss) Three Months Ended March 31, 2025 2024 % Change (In millions) Reported: Income (loss) before taxes $ (4.6 ) $ (2.3 ) (100 )% Add: Impairment charges 1.1 — Segment income (loss) $ (3.5 ) $ (2.3 ) (52 )% Adjustments: Acquisition and disposition-related (gain) loss $ 0.9 $ — Adjusted: Adjusted segment income (loss) $ (2.6 ) $ (2.3 ) (13 )% Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 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 34.6 $ 70.6 $ 2.04 34.9 $ 42.0 $ 1.20 Adjustments: Acquisition and disposition-related (gain) loss $ 1.0 $ — Closed store accrued expenses — 2.1 Cyber Insurance Payment (30.0 ) — Storm damage charges 0.9 — Impairment charges 1.4 1.0 Severance and long-term compensation charges — 4.3 Total pre-tax adjustments $ (26.7 ) $ 7.4 Tax effect of above items 7.4 (1.9 ) Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share 34.6 $ 51.3 $ 1.48 34.9 $ 47.5 $ 1.36 Non-GAAP Reconciliation - Adjusted EBITDA Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Franchised Dealerships Segment EchoPark Segment Powersports Segment Total Franchised Dealerships Segment EchoPark Segment Powersports Segment Total (In millions) Net income (loss) $ 70.6 $ 42.0 Provision for income taxes 26.8 15.5 Income (loss) before taxes $ 91.9 $ 10.1 $ (4.6 ) $ 97.4 $ 62.7 $ (2.9 ) $ (2.3 ) $ 57.5 Non-floor plan interest (1) 24.9 0.5 0.7 26.1 26.3 0.6 0.5 27.4 Depreciation and amortization (2) 35.1 5.2 1.2 41.4 31.5 5.4 1.0 37.9 Stock-based compensation expense 5.8 — — 5.8 4.4 — — 4.4 Impairment charges — 0.2 1.1 1.4 1.0 — — 1.0 Severance and long-term compensation charges — — — — 2.2 2.1 — 4.3 Cyber insurance proceeds (30.0 ) — — (30.0 ) — — — — Acquisition and disposition related (gain) loss 0.3 (0.2 ) 0.9 1.0 — — — — Storm damage charges 0.9 — — 0.9 — — — — Closed store accrued expenses $ — $ — $ — $ — $ — $ 2.1 $ — $ 2.1 Adjusted EBITDA $ 128.9 $ 15.8 $ (0.7 ) $ 144.0 $ 128.1 $ 7.3 $ (0.8 ) $ 134.6 Note: Due to rounding, segment level financial data may not sum to consolidated results. (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. Non-GAAP Reconciliation - EchoPark Segment Operations and Closed Stores Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Better / (Worse) % Change EchoPark Operations Closed Stores Total EchoPark Segment EchoPark Operations Closed Stores Total EchoPark Segment EchoPark Operations Closed Stores Total EchoPark Segment (In millions, except unit and per unit data) Total revenues $ 560.1 $ (0.4 ) $ 559.7 $ 546.2 $ 13.2 $ 559.4 3 % (103 )% — % Total gross profit (loss) $ 64.1 $ (0.2 ) $ 63.9 $ 53.2 $ (0.6 ) $ 52.6 20 % 67 % 21 % Income (loss) before taxes $ 10.2 $ (0.1 ) $ 10.1 $ 2.9 $ (5.8 ) $ (2.9 ) 252 % 98 % 448 % Non-floor plan interest (1) 0.4 0.1 0.5 0.6 — 0.6 NM NM NM Depreciation and amortization (2) 5.2 — 5.2 5.4 — 5.4 NM NM NM Acquisition and disposition-related (gain) loss (0.2 ) — (0.2 ) — — — NM NM NM Closed store accrued expenses — — — — 2.1 2.1 NM NM NM Impairment charges 0.2 — 0.2 — — — NM NM NM Severance and long-term compensation charges — — — 0.5 1.6 2.1 NM NM NM Adjusted EBITDA $ 15.8 $ — $ 15.8 $ 9.4 $ (2.1 ) $ 7.3 68 % NM 116 % Used vehicle unit sales volume 18,798 — 18,798 17,618 363 17,981 7 % NM 5 % Total used vehicle and F&I gross profit per unit $ 3,423 NM $ 3,411 $ 3,018 NM $ 2,955 13 % NM 15 % NM = Not Meaningful (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. View source version on Contacts Company Contacts Investor Inquiries: Heath Byrd, Executive Vice President and Chief Financial OfficerDanny Wieland, Vice President, Investor Relations & Financial Reportingir@ Press Inquiries: Sonic Automotive Media
Fox News
03-03-2025
- Automotive
- Fox News
Christopher Bell holds off Daytona 500 winner William Byron at Circuit of the Americas for second straight win
Christopher Bell took home his second NASCAR victory in as many weeks, winning the checkered flag at Circuit of the Americas on Sunday. Bell also won the Ambetter Health 400 in Atlanta last week before taking home this year's EchoPark Automotive Grand Prix on the road course. Kyle Busch led for a decent chunk in the second half of the race but fell back in the closing laps after his right rear got messed up. The final three laps were a three-man race between Bell, William Byron and Tyler Reddick, who make up the last three winners of this race. The Daytona 500 winner in Byron did all he could to get by Bell, and once Bell cleared Busch, the Oklahoma driver had to make a desperate bid to keep his Joe Gibbs Racing Toyota in front of the hard-charging Byron in his Hendrick Motorsports Chevrolet and 2023 race winner Reddick of 23X1 Racing's Toyota. But in his effort to take home his second-consecutive EchoPark victory (Bell came in second last year), Bell was able to hold on for the victory on the straightaway. "These road course races are just so much fun," Bell said. "(Busch) was doing such a good job running his race. He bobbled and allowed me to get out front. When he did, I just said don't beat yourself." It's the first time since 2023 that a NASCAR driver has won back-to-back races, when Byron took home the Penzoil 400 and United Rentals Work United 500 that March. It's the 11th victory of Bell's career, which began in 2020. Bell has now won at least two races in each of his last four seasons; he won three last year. Follow Fox News Digital's sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.
Los Angeles Times
21-02-2025
- Business
- Los Angeles Times
11 delicious ways to support L.A. wildfire relief this month
New York-founded H&H Bagels lands in a new Santa Monica location at the end of February, and is donating its first week of sales to L.A. wildfire relief. Feb. 21, 2025 9:37 AM PT It's been more than a month since wildfires devastated communities across Los Angeles County and recovery efforts are still in early stages. Countless homes and small, locally owned businesses were damaged or destroyed in the fires, including treasured neighborhood restaurants such as Cafe de Leche in Altadena and Cholada Thai in Malibu. Restaurant workers were among those displaced, with many losing long-term employment as a result. Despite these challenges, the restaurant industry has been at the forefront of relief efforts, preparing free meals and hosting fundraisers for wildfire evacuees and first responders. There are plenty of options for those who want to contribute to L.A. wildfire relief, including attending exclusive dinners led by culinary figures from the Netflix series 'Chef's Table,' purchasing T-shirts with designs that memorialize restaurants lost in the fires or ordering wine from a Los Olivos winery. Here are 11 local initiatives to support this month, ordered chronologically: No matching places! Try changing or resetting your filters Showing Places Pasadena Cheese Shop $ By Danielle Dorsey On Feb. 22, Neighbors & Friends coffee and cheese shop in Pasadena will debut the city's new community fridge that will offer free food and beverages to residents in need. Those who want to support the effort are invited to come out between 9 and 11 a.m. and bring fresh fruit and produce to help stock the refrigerator. The community fridge will observe the shop's regular business hours. Route Details Echo Park Wine Bars $$ The Echo Park wine bar will close at the end of this month, but they're keeping busy until then. On Feb. 23, stop by for a fire relief fundraiser with wine to go from Altadena Beverage and Market, with bottle sales benefiting the market's reopening efforts after being affected by the Eaton fire. If you prefer to dine in, food from Little Palace Delicatessen and cold brew from Canyon Coffee will be available on the bar's patio, along with wines from Tilda and a special shandy made in collaboration with Skyduster Beer, with all food and beverage proceeds donated to Cal Fund's wildfire relief fund. While you're in the area, visit Untitled next door for a fire relief book sale. Route Details Santa Monica Bagels $ The iconic New York bagel shop that opened in 1972 is launching a new location in Santa Monica, and franchise owner and L.A. native Philip Gross has committed to donating 100% of the first week of profits to the California Community Foundation's Wildfire Recovery Fund (Cal Fund). The menu features the same classic flavors you'll find in New York, such as the classic bacon, egg and cheese and Nova salmon with 'the works,' plus specialty sandwiches and cream cheese flavors including scallion, jalapeño, walnut raisin and strawberry that can be paired with plain, everything, sesame, jalapeño cheddar, egg and pumpernickel bagels. Route Details Westside Butcher Shop Wine Bars $$ On March 1, husband-and-wife team Tyson and Bridgette Blackney will host an Aussie-inspired sausage sizzle fundraiser at their Echo Park wine bar and butchery. The bar will cook up lamb sausage sandwiches with grilled onions on Clark Street bread, alongside a truncated daytime menu with charcuterie, with the full menu available for dinner. Event proceeds will be donated to fire relief funds, and Ola Sol cocktail sales will be matched with donated meals to L.A. Food Bank. Route Details Hollywood Eclectic $$$ In partnership with Resy, 'Chef's Table' — the long-running Netflix series that spotlights renowned chefs and kitchens around the globe — is hosting a dinner series with restaurants across the country for L.A. wildfire relief, with proceeds split between restaurant partners and community funds, including World Central Kitchen and Restaurants Care, as well as fundraisers supporting Altadena and Pacific Palisades communities directly. While many of the dinners have sold out, seats are still available for dinner with chef Evan Funke at his Hollywood restaurant Mother Wolf on March 8, including a cocktail hour, a meet-and-greet with the chef, classic Italian American dishes served family style and optional wine pairings. Tickets are $275 per person. Additional dinners are scheduled in New York and Miami in March and April, with more expected to be announced soon. Route Details Bakery $$ Dini McCullough Amozurrutia, the owner of Dini's Divine Pies in Rockville, Md., collaborated with John Hinman of Hinman Pie in Denver on a grassroots effort to support Los Angeles bakeries and panaderías affected by the wildfires. The fundraiser with run through Pi Day on March 14, with pie and bake shops across the country pledging a percentage of pie sales from a day, a week or even the entire month to support affected L.A. bakers. In L.A., participating bakeries include Bocey's Bakery and SugarPop55, with more expected to join the campaign. Website Details Century City Italian $$ By Danielle Dorsey The tri-level Italian marketplace has partnered with Massimo Bottura of three-Michelin-starred Osteria Francescana on a special dinner hosted on its terrace restaurant Terra, with Mattia Agazi (Gucci Osteria Beverly Hills), Michael Ciramusti (Providence, Connie & Ted's) and Eataly's culinary team joining the Italian chef to create a memorable menu, and all proceeds benefiting the Los Angeles Fire Department and the California Community Foundation. The dinner will be held on March 18 and tickets are $1,000 per person plus fees. Route Details Japanese $$ A coalition of Japanese chefs across 20 restaurants in L.A. — including Times 101 Best Restaurants such as Hayato, Mori Nozomi and Sushi Kisen — have formed Japanese Chefs Unite (JCU), and are offering T-shirts with 100% of proceeds donated to the LAFD Foundation. T-shirts are $35 apiece and must be purchased in person. Stay for a meal to support local restaurants that have suffered loss of business after the fires. Participating restaurants include: Sushi Gen, Sushi Inaba, Morihiro, Kogane, Sushi Kaneyoshi, Asanebo, Shunji, 715, Bar Sawa, Sushi Takeda, Shin Sushi, Sushi Yui, the Brothers Sushi, Sushi Chitose, Sushi Yamamoto, Sushidokoro Miyama and Kaiseki Motoishi. Details Retail $$ Supermarket Merch partnered with L.A. Countdown on a T-shirt collection with 100% of proceeds going to support Altadena restaurants impacted by the Eaton fire, including the Little Red Hen Coffee Shop, Pizza of Venice, Cafe de Leche, Rancho Bar and Vittorio Restaurante & Pizzeria. T-shirts are $40 each and available online. Website Details
