Sonic reduces headcount by a third, reports Q1 net loss

The dealership group wrote down the value of its franchised business by $268 million during the first quarter because of the impact of the coronavirus crisis on its market value. Adjusted earnings from continuing operations rose 4.9 percent to $17.6 million and the company's shares surged in early trading.

source https://www.autonews.com/dealers/sonic-reduces-headcount-third-reports-q1-net-loss