Sonic Automotive, one of the largest car retailers in the U.S., shared its updated earnings outlook as the industry continues to recover from the COVID-19 pandemic and lockdowns.

For the third quarter, the car seller expects to report earnings per diluted share in the range of $1.08 to $1.15, a 64 to 74 percent increase from the same period a year ago. Analysts, on average, expect the company to report earnings per share of $1.08.

Sonic Automotive said its new vehicle unit sales fell 17 percent in July, 21 percent in August, and 9 percent in September compared to a year ago. Used vehicle sales were down 5 percent in July and 9 percent in August, versus a year ago. Used vehicle sales at Sonic Automotive locations are up 6 percent month-to-date versus 2019.

Parts and service gross profit dropped 4 percent in July and declined 10 percent in August compared to last year. The parts and service segment profit is up 2 percent in September.

“We are very pleased with our operating performance in the third quarter to date, continuing our recovery from the challenges our industry faced earlier this year. Consumer demand for new and used vehicles and parts and repair service has continued to improve steadily in recent weeks, particularly when factoring in the timing of this year’s Labor Day weekend sales compared to the prior year,” CEO David Smith said in a statement.

At its EchoPark store locations, which offers previously owned vehicles that are 1 to 4 years old and still under a manufacturer’s warranty, used car unit sales volume increased 19 percent in July, 4 percent in August, and 36 percent in September versus a year ago.

EchoPark’s same-store sales rose 3 percent in July and fell 10 percent in August from the comparable prior-year period. For September, the company is seeing same-store sales up 13 percent from a year ago.

This month, the company opened its 11th used car-dealer EchoPark, with a new Houston, Texas location. The company also recently detailed plans to add 25 EchoPark locations each year between 2021 through 2025 to reach its goal of $14 billion in revenue by 2025.

“We are excited to leverage the efficiency of the EchoPark model and bring our low pricing and best-in-class guest experience to new markets across the country as we open additional EchoPark points in Arizona, Georgia, South Carolina, Tennessee and Texas in the next few months,” Sonic Automotive and EchoPark president Jeff Dyke said in a statement.

The company noted the updated earnings outlook is dependent on the gradual reopening of the economy and an absence of a second wave of the COVID-19 pandemic in the U.S.

Shares of Sonic Automotive (SAH) were last trading down 21 cents near $40.67 on Thursday.