Earlier today, we reported the highest quarterly revenues and earnings in our Company's history, with record fourth quarter revenues of $2.8 billion and an adjusted earnings per share of $1.50, up 54.6% from the fourth quarter of 2019.
In addition, the full year 2020 was our second consecutive year of all-time record adjusted earnings, with adjusted earnings per share of $3.85, up 45.3% from $2.65 in 2019.
As a result, we achieved all-time record adjusted SG&A expenses as a percentage of gross profit of 68.1% for the fourth quarter of 2020, down 560 basis points from 73.7% in the fourth quarter of 2019.
Full year 2020 adjusted SG&A expenses as a percentage of gross profit were 72.9%, 400 basis points better than 2019.
Fourth quarter revenues were $2.4 billion, down 1.2% from the prior year and up 11.5% sequentially from the third quarter of 2020.
Franchise dealership segment income increased $37.1 million or 68.2% compared to the fourth quarter of last year, driven by strong new vehicle and F&I gross profit per unit and a $30.3 million reduction in adjusted SG&A expenses.
Franchise dealership segment adjusted SG&A as a percentage of gross profit was 65.2%, down 810 basis points from the fourth quarter of 2019.
For the fourth quarter, revenues were an all-time record of $386.9 million, up 25.4% from the prior year quarter.
This growth was driven by a 17.1% increase in used vehicle unit sales volume to 14,841 units.
For the full year 2020, EchoPark revenues were $1.4 billion, a 22.1% increase compared to 2019, with retail sales volume of 57,161 units, up 15.4% from 2019.
For the first quarter of 2021, we expect to retail between 18,000 and 19,000 units at EchoPark on our way to delivering between 100,000 and 105,000 units for the full year of 2021.
We're in the process of transitioning these acquisitions into our EchoPark model and expect them to generate total annual revenues in excess of $350 million at maturity before any revenues from future delivery and buy centers that these markets will support.
By way of update, our delivery and buy center concept, our first market in Greenville, South Carolina, retailed 166 units and was profitable in January in its six full months of operation.
Our second delivery and buy center in Knoxville, Tennessee, opened in late December and retailed 55 units in its first full month, nearly mirroring what we saw in Greenville in month one.
For comparison, before entering these markets with the delivery and buy center model, we sold an average of 10 to 12 units per month in Greenville and two to three units per month in Knoxville from our nearest hubs, demonstrating that these truly are incremental sales into the adjacent markets.
The opening of four new EchoPark locations in the fourth quarter and seven for the full year of 2020 brings our total at year-end to 16.
These, plus the two acquisitions completed to date, the opening of our Phoenix, Arizona store next week and the additional openings in 2021 will give us over 40 points in place by the end of 2021.
As you can see, we are well under way in establishing our 140-plus point EchoPark nationwide distribution network, which is expected to retail over 0.5 million pre-owned vehicles annually and drive $14 billion in annual revenue -- annual EchoPark revenues by 2025.
Adjusted for calendar differences year-over-year, our fixed operations gross was down roughly 4% in January compared to nearly 6% for the fourth quarter.
F&I continues to be a highlight of our business as we eclipsed $2,000 per unit for the first time in the fourth quarter and continue to expect growth in this area in 2021.
The stage is set for an exciting 2021 for Sonic Automotive, with 25 new EchoPark locations to open and roll out -- and the rollout of our new omnichannel digital retail platform by the end of the year.
The GPUs, as Jeff mentioned, are normalizing, and we expect those to normalize at approximately $1,300 for the full year.
We continue to see opportunity to increase our GPU and continue to surpass the $2,000 per unit.
On the EchoPark segment, as Jeff mentioned, we had 16 stores at the end of the year.
That will grow to 40 locations by the end of 2021.
That's 2.5 times our current footprint, so very busy with new stores.
Units, we expect growth of 75% to 85% in units year-over-year.
As a percent of the total revenue, EchoPark was about 15% of total revenue in 2020.
We expect that to grow to 20% to 25% in 2021 as it continues to be a higher percentage of the business here at Sonic.
EchoPark EBITDA was approximately $11 million in 2020.
That includes the drag of $6.6 million from the new stores.
We expect that to be approximately double that in 2021, and that includes a drag of about $12 million to $14 million of EBITDA related to the new stores that are opening in 2021.
From a capex perspective, on EchoPark, we have budgeted $75 million in capex for that growth.
So you can see very low capex to get to that 40 new stores at EchoPark.
The profit cadence at Sonic because our portfolio mix, about 15% to 20% of our profitability will come in the first quarter, 25% in the second, 25% in the third, and 30% to 35% in the fourth quarter.
SG&A perspective, on a consolidated basis, 2020 was 72.9%.
We've mentioned the $84 million that we continue to see in reduced expenses, but that will be offset -- that lowering of SG&A on the franchise side will be offset due to the new stores that we're opening at EchoPark.
Tax rate and shares, we are modeling an expected tax rate of approximately 26% to 28%.
Share count, we'll maintain approximately 44 million.

Summary:
Earlier today, we reported the highest quarterly revenues and earnings in our Company's history, with record fourth quarter revenues of $2.8 billion and an adjusted earnings per share of $1.50, up 54.6% from the fourth quarter of 2019.