As previously reported, Stephens analyst Rick Nelson upgraded Sonic Automotive to Overweight from Equal Weight and raised his price target for the shares to $30 from $19. In a research note to investors, Nelson says used vehicle unit sales are ramping up at Sonic's standalone used vehicle format, EchoPark, with retail unit sales reaching over 11,000 in the most recent quarter, representing about 29% of consolidated used unit sales. Nelson contends that Sonic has been building, renovating and overhauling the EchoPark strategy for more than five years and appears to have "finally cracked the code," driving up his sum-of-the-parts analysis.