Asbury Automotive Group Inc (ABG) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Asbury Automotive Group third quarter 2024 earnings call.

您好，歡迎參加阿斯伯里汽車集團 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chris Reeves, Vice President of Finance, Treasurer. Thank you, sir. You may begin.

（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人克里斯·里夫斯 (Chris Reeves)，他是財務副總裁兼財務主管。謝謝您，先生。你可以開始了。

Thanks, operator, and good morning. As noted, today's call is being recorded and will be available for replay later this afternoon. Welcome to Asbury Automotive Group's third quarter 2024 earnings call. The press release detailing Asbury's third quarter results was issued earlier this morning and is posted on our website at investors.asburyauto.com.

謝謝接線員，早安。如前所述，今天的通話正在進行錄音，並將於今天下午晚些時候重播。歡迎參加阿斯伯里汽車集團 2024 年第三季財報電話會議。詳細介紹阿斯伯里第三季業績的新聞稿於今天早上早些時候發布，並發佈在我們的網站 Investors.asburyauto.com 上。

Participating with me today are David Hult, our President and Chief Executive Officer; Dan Clara, our Senior Vice President of Operations; and Michael Welch, our Senior Vice President and Chief Financial Officer. At the conclusion of our remarks, we will open up the call for questions and will be available later for any follow-up questions.

今天與我一起參加的有我們的總裁兼執行長 David Hult； Dan Clara，我們的營運資深副總裁；以及我們的高級副總裁兼財務長邁克爾·韋爾奇。在我們的演講結束時，我們將開放提問，稍後將回答任何後續問題。

Before we begin, we must remind you that the discussion during the call today is likely to contain forward-looking statements. Forward-looking statements are statements other than those which are historical in nature, which may include financial projections forecast and current expectations, each of which are subject to significant uncertainties.

在開始之前，我們必須提醒您，今天電話會議的討論可能包含前瞻性陳述。前瞻性陳述是除歷史性陳述之外的陳述，其中可能包括財務預測和當前預期，其中每一項都受到重大不確定性的影響。

For information regarding certain of the risks that may cause actual results to differ materially from these statements please see our filings with the SEC from time to time, including our Form 10-K for the year ended December 2023 and subsequently filed quarterly reports on Form 10-Q and our earnings release issued earlier today. We expressly disclaim any responsibility to update forward-looking statements.

有關可能導致實際結果與這些聲明有重大差異的某些風險的信息，請參閱我們不時向 SEC 提交的文件，包括我們截至 2023 年 12 月的年度的 10-K 表格以及隨後提交的 10 表格季度報告-Q 和我們今天早些時候發布的收益報告。我們明確表示不承擔更新前瞻性陳述的任何責任。

In addition, certain non-GAAP financial measures as defined under SEC rules may be discussed on this call. As required by applicable SEC rules, we provide reconciliations of any such non-GAAP financial measures to the most directly comparable GAAP measures on our website. We have also posted an updated investor presentation on our website, investors.asburyauto.com, highlighting our third quarter results. It is my pleasure to now hand the call over to our CEO, David Hult. David?

此外，本次電話會議可能會討論根據 SEC 規則定義的某些非 GAAP 財務指標。根據適用的 SEC 規則的要求，我們在我們的網站上提供任何此類非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表。我們也在我們的網站 Investors.asburyauto.com 上發布了更新的投資者演示文稿，重點介紹了我們第三季度的業績。我很高興現在將電話轉交給我們的執行長 David Hult。大衛？

Thank you, Chris. Good morning, everyone. Welcome to our third quarter earnings call. As I look at our results and set them against some of the unique challenges we faced in the quarter, I'm really pleased with our overall performance and credit the team for their ongoing resiliency. In particular, those individuals and their families impacted by both Hurricane Helene and Milton.

謝謝你，克里斯。大家早安。歡迎參加我們的第三季財報電話會議。當我查看我們的結果並將其與我們在本季度面臨的一些獨特挑戰進行比較時，我對我們的整體表現感到非常滿意，並對團隊持續的彈性表示讚賞。特別是那些受到颶風海倫和米爾頓影響的個人及其家人。

Operationally, we saw sequential quarterly growth in used vehicle profitability, and the pace of gross profit decline for new vehicles has started to moderate, a notable achievement given our exposure to Stellantis. Stellantis in particular, continues to be a headwind for our business. To give you some context, our 20 Stellantis locations are seeing year-over-year new volume declines of 30% and with gross profit per vehicle down over 53% from Q3 of 2023.

在營運方面，我們看到二手車盈利能力按季度連續增長，而新車毛利潤下降的速度已開始放緩，考慮到我們對 Stellantis 的投資，這是一項顯著的成就。尤其是 Stellantis，仍然是我們業務的阻力。為您提供一些背景信息，與 2023 年第三季度相比，我們的 20 個 Stellantis 門市的新銷量同比下降了 30%，每輛車的毛利下降了 53% 以上。

Encouragingly, however, we've recently seen them take a more aggressive stance on incentives, which we hope will begin to resolve some of the excess inventory challenges. Our SG&A as a percentage of gross profit improved quarter-over-quarter, showing that our efforts to take costs out of the business is gaining traction. And finally, our parts and service business continues to show healthy growth.

然而，令人鼓舞的是，我們最近看到他們在激勵措施上採取了更積極的立場，我們希望這將開始解決一些庫存過剩的挑戰。我們的銷售及管理費用（SG&A）佔毛利的百分比比上一季有所改善，這表明我們為降低業務成本所做的努力正在取得進展。最後，我們的零件和服務業務持續呈現健康成長。

For the quarter, we delivered adjusted earnings per share of $6.35. But as I mentioned at the start of the call, several unique events had a meaningful impact on our performance. Hurricane Helene affected store operations in Florida, Georgia, and South Carolina. And the extended stop sale order for certain Toyota, Lexus, and BMW models impacted volumes on some of our most profitable and in-demand vehicles.

本季度，我們實現調整後每股收益 6.35 美元。但正如我在電話會議開始時提到的，一些獨特的事件對我們的表現產生了有意義的影響。颶風海倫影響了佛羅裡達州、喬治亞州和南卡羅來納州的商店營運。豐田、雷克薩斯和寶馬某些車型的延長停售令影響了我們一些利潤最高、需求最大的車輛的銷售。

Excluding the negative effects from these two items, we estimate our adjusted earnings per share for the third quarter would have been between $6.74 and $6.78 per share. With Hurricane Helene, stores in the path of the storm closed their doors early or opened later after the storm passed.

排除這兩項的負面影響，我們估計第三季調整後每股收益將在每股 6.74 美元至 6.78 美元之間。受颶風海倫影響，風暴路徑上的商店提前關門，或在風暴過後晚些時候才開業。

Most importantly, however, all of our team members were safe, although many incurred damage to their homes and property. Temporary store closures and reduced customer traffic in the days leading up to the storm and immediately afterwards, resulted in fewer new and used unit sales along with lost business in fixed operations.

然而，最重要的是，我們所有的團隊成員都很安全，儘管許多人的房屋和財產受到了損害。風暴發生前幾天和風暴發生後不久，商店暫時關閉並減少了客流量，導致新貨和二手貨銷量減少，固定業務業務也隨之損失。

All told, we estimate the impact of the storm on earnings per share to be between $0.07 and $0.09 per share. The various stop sale orders were even more impactful to our quarterly results. The Lexus TX and Toyota Grand Highlander models have been popular vehicles with healthy gross profit margins. Based on our pre stop sale trends for these models and for our BMWs, we estimate that this resulted in nearly 1,200 fewer new units sold for the quarter. The estimated negative impact to our third quarter earnings per share was between $0.32 and $0.34 per share.

總而言之，我們估計風暴對每股盈餘的影響在 0.07 美元至 0.09 美元之間。各種停止銷售訂單對我們的季度業績影響更大。雷克薩斯 TX 和豐田 Grand Highlander 車型一直是毛利率較高的熱門車款。根據我們對這些車型和 BMW 的停售前銷售趨勢，我們估計這導致本季新銷量減少近 1,200 輛。對我們第三季每股收益的估計負面影響為每股 0.32 美元至 0.34 美元。

As it relates to Hurricane Milton, while we're still assessing the operational and financial effects from this fourth quarter event, we believe the magnitude of the impact to our business will be greater than Hurricane Helene. The size and path of the storm placed it over a larger section of our store footprint and the damage to our dealership locations was more extensive.

由於它與颶風米爾頓有關，雖然我們仍在評估第四季度事件對營運和財務的影響，但我們相信對我們業務的影響程度將大於颶風海倫。風暴的規模和路徑使我們的商店佔地更大，對我們的經銷商地點的破壞也更廣泛。

A higher number of stores closed for longer compared to Helene. Several locations experienced flooding, partial loss of vehicle inventories, and extended power outages. Other locations had varying degrees of wind and water damage preventing them from reopening in a timely manner. Separate from the hurricane, we are also working to better understand the fourth quarter impact on all the various stop sale orders.

與海倫相比，更多商店關門時間更長。一些地點遭遇了洪水、部分車輛庫存損失以及長時間停電。其他地點也受到不同程度的風災和水災，無法及時重新開放。除了颶風之外，我們還在努力更了解第四季度對所有各種停售訂單的影響。

This is inclusive of the ongoing stop sale for certain Toyota, Lexus, and BMW models, along with the recent Honda stop-sale order for several of their more popular models. We'll provide additional details during our fourth quarter earnings call.

這包括對某些豐田、雷克薩斯和寶馬車型的持續停止銷售，以及最近本田對其幾種更受歡迎的車型的停止銷售命令。我們將在第四季財報電話會議上提供更多詳細資訊。

Now for our consolidated results for the third quarter. We generated $4.2 billion in revenue, up 16% year-over-year, had a gross profit of $718 million, up 7%, and a gross profit margin of 16.9%. Our same-store adjusted SG&A as a percentage of gross profit was 63.8% and 64.4% on an adjusted all-store basis. We delivered adjusted operating margin of 5.6%, our adjusted earnings per share was $6.35, and our adjusted EBITDA was $233 million.

現在是我們第三季的綜合業績。我們的營收為 42 億美元，年增 16%，毛利為 7.18 億美元，成長 7%，毛利率為 16.9%。我們的同店調整後銷售及管理費用佔毛利的百分比為 63.8%，調整後全店基礎上的百分比為 64.4%。調整後營業利潤率為 5.6%，調整後每股收益為 6.35 美元，調整後 EBITDA 為 2.33 億美元。

During the quarter, we repurchased nearly 400,000 shares for $89 million, bringing our year-to-date total through October 28, to approximately 830,000 shares for $183 million. In the third quarter, we divested one Chevrolet and one Honda store as part of our ongoing efforts to optimize our portfolio. And finally, in the fourth quarter, we launched our long-awaited pilot with Tekion in four stores and our shared service center.

本季度，我們以 8,900 萬美元回購了近 40 萬股股票，使截至 10 月 28 日的年初至今的回購總額達到約 83 萬股，回購金額為 1.83 億美元。第三季度，我們剝離了一家雪佛蘭店和一家本田店，作為我們持續優化產品組合努力的一部分。最後，在第四季度，我們與 Tekion 在四家商店和共享服務中心啟動了期待已久的試點計畫。

Now before I hand the call over to Dan, I want to say thank you again to our team members for delivering another solid performance. Given our heavy presence in Florida and the Southeast, the recent storms have had major impacts to our team members and the communities in which they serve. Their dedication to getting our stores back up and running is just a small part of the overall recovery effort, and I couldn't be more proud of them.

現在，在我將電話交給 Dan 之前，我想再次感謝我們的團隊成員再次提供了出色的表現。鑑於我們在佛羅裡達州和東南部的大量業務，最近的風暴對我們的團隊成員及其服務的社區產生了重大影響。他們為讓我們的商店恢復正常運作所做的努力只是整個恢復工作的一小部分，我為他們感到無比自豪。

Now Dan will discuss our operational performance. Dan?

現在丹將討論我們的營運績效。擔？

Thank you, David, and good morning, everyone. First, I would also like to say how grateful I am of our team members. Our team members rose to the occasion through major storms to deliver the most guest-centric experience in automotive retail. Thank you.

謝謝大衛，大家早安。首先，我也要表達我對我們團隊成員的感激之情。我們的團隊成員克服了重大風暴，在汽車零售領域提供了最以客戶為中心的體驗。謝謝。

Now moving to same-store performance year-over-year, which includes dealerships and TCA unless stated otherwise. Starting with new vehicles. Same-store revenue was flat year-over-year with strong performance from Ford, Mercedes-Benz and Hyundai to name a few, offset by the challenges we saw in Stellantis, plus the impact of stop sales affecting volume for certain in demand Toyota, Lexus and BMW models.

現在轉向同比同店業績，其中包括經銷商和 TCA，除非另有說明。從新車開始。同店營收與去年同期持平，福特、賓士和現代汽車等公司表現強勁，但被我們在 Stellantis 看到的挑戰所抵消，加上停止銷售對某些需求旺盛的豐田汽車銷量的影響，雷克薩斯和寶馬車型。

Toyota and Lexus represent 30% of our new vehicle revenue and are great partners with terrific brands. Unfortunately, the stop- sale led to a meaningful impact on our unit volume and gross profit per unit. And as it relates to Stellantis, while it is early days, we are encouraged by changes we have seen lately on incentivizing their product.

豐田和雷克薩斯占我們新車收入的 30%，並且是優秀品牌的重要合作夥伴。不幸的是，停售對我們的單位銷售和單位毛利產生了重大影響。就 Stellantis 而言，雖然現在還處於早期階段，但我們最近在激勵他們的產品方面看到的變化讓我們感到鼓舞。

New average gross profit per vehicle was $3,512 as we moderated sequential GPU decline better than we anticipated. Our same-store new days supply was 63 days at the end of September with wide variation among brands.

每輛車的新平均毛利為 3,512 美元，因為我們比我們預期更好地減緩了 GPU 連續下降的趨勢。截至 9 月底，我們的同店新品供應量為 63 天，各品牌差異較大。

Turning to used vehicles. Third quarter unit volume decreased 6% year-over-year and Used retail gross profit per unit was $1,566. On a quarter-over-quarter basis, used gross profit per unit slightly increased. As we mentioned in the prior quarter, we have assessed the balance of volume and gross profit and until the pool of used vehicles gets back to more historical levels, we will prioritize unit profitability over chasing volume. We will continue to evaluate our approach and adjust to market conditions. Our same-store used days supply was 38 days at the end of the quarter.

轉向二手車。第三季單位銷售量年減 6%，每單位二手零售毛利為 1,566 美元。與上一季相比，單位使用毛利略有成長。正如我們在上一季提到的，我們已經評估了銷售和毛利的平衡，在二手車池恢復到歷史水平之前，我們將優先考慮單位盈利能力而不是追逐銷量。我們將繼續評估我們的方法並根據市場情況進行調整。截至本季末，我們的同店已用天數供應量為 38 天。

Shifting to F&I. We earned an F&I PVR of $2,111 in the quarter, our results holding in line with the second quarter of 2024. As we expected, the deferred revenue headwind of TCA contributed to nearly half of the year-over-year decrease. It was $51 of the $108 decrease in the same-store F&I PVR number year-over-year.

轉向金融與工業。本季我們的 F&I PVR 為 2,111 美元，我們的業績與 2024 年第二季持平。正如我們預期，TCA 的遞延收入逆風導致了近一半的年減。同店 F&I PVR 數量較去年同期減少 108 美元，其中 51 美元。

We view this headwind to be more impactful throughout 2025 and into 2026. Michael will provide more details on these factors for TCA. In the third quarter, our total front-end yield per vehicle was $4,743, and it was encouraging to see total front-end margin stabilizing given headwinds from certain brands this quarter.

我們認為這種逆風在 2025 年和 2026 年期間影響更大。Michael 將為 TCA 提供有關這些因素的更多詳細資訊。第三季度，我們每輛車的總前端收益率為 4,743 美元，鑑於本季度某些品牌的不利因素，前端總利潤率趨於穩定，令人鼓舞。

Moving to parts and service. As David noted, we were pleased with the progress of our parts and service business. Our same-store parts and service gross profit was up 4%, even with hurricane disruptions in several markets. For the quarter, we earned a gross profit margin of 56.8%, an expansion of 144 basis points versus prior year quarter, driven by margin increases in our customer pay operations and revenue mix.

轉向零件和服務。正如大衛指出的那樣，我們對零件和服務業務的進展感到滿意。即使多個市場受到颶風幹擾，我們的同店零件和服務毛利潤仍增加了 4%。在客戶付費業務和收入組合利潤率成長的推動下，本季我們的毛利率為 56.8%，比去年同期成長了 144 個基點。

I'd like to provide further visibility on the progress being made in our fixed operations. At a store level, within the customer pay bucket this quarter, same-store customer pay service sales revenue was up 11%, and same-store parts customer pay revenue was up 4%.

我想進一步了解我們的固定業務所取得的進展。從門市層級來看，本季客付費類別中，同店客付費服務銷售收入成長了11%，同店零件客付費收入成長了4%。

And now shifting to our gross profit performance within fixed operations. Our largest portion and most profitable piece of the business, customer pay, generated gross profit growth of 8%. In warranty, we were up 14%. The smaller units of the business, wholesale parts and collision were down 2% and 10%, respectively. These are lower margin profile businesses and that mix impact contributed to the overall fixed operations margin expansion. I am especially pleased with the progress and momentum of our Western stores this year, with a 22% growth in service customer pay labor gross profit year-over-year.

現在轉向我們固定業務中的毛利表現。我們最大的部分和最賺錢的業務部分，即客戶付費，產生了 8% 的毛利成長。在保固期內，我們上漲了 14%。較小的業務部門、批發零件和碰撞業務分別下降了 2% 和 10%。這些是利潤率較低的業務，其混合影響推動了整體固定業務利潤率的擴張。我對今年西店的進展和勢頭感到特別滿意，服務顧客付費勞動力毛利年增了 22%。

And finally, we retailed approximately 13,000 sales through Clicklane in the quarter, a 13% increase over last year. We were especially encouraged by the performance in new units, a differentiating factor for us with approximately 6,400 units sold, a 20% increase year-over-year. Thank you, leaders and team members for helping make the car buying experience in-store and online, more transparent and easier for our guests.

最後，本季我們透過 Clicklane 零售了大約 13,000 輛，比去年增長了 13%。新單位的表現尤其令我們感到鼓舞，這是我們的一個差異化因素，售出約 6,400 套單位，較去年同期成長 20%。感謝各位領導和團隊成員的協助，讓我們的客人在店內和網路上的購車體驗變得更加透明和輕鬆。

I will now hand the call over to Michael to discuss our financial performance. Michael?

我現在將把電話轉給邁克爾，討論我們的財務表現。麥可？

Thank you, Dan. I would also like to give my thanks to our team members for their perseverance and performance through the hurdles we faced this quarter. I will now walk us through a more detailed financial overview of the quarter.

謝謝你，丹。我還要感謝我們的團隊成員在本季面臨的障礙中所展現的毅力和表現。現在，我將向我們介紹本季更詳細的財務概況。

Overall, adjusted net income was $126 million and adjusted EPS was $6.35 for the quarter. However, as David mentioned in his opening remarks, we estimate our adjusted earnings per share for the third quarter would have been $6.74 to $6.78 per share when excluding the impact from the storm and various stop sales. Adjusted net income for the third quarter 2024 excludes net of tax, net gain on divestitures of $3 million and losses related to the hail damage of $2 million.

總體而言，本季調整後淨利為 1.26 億美元，調整後每股收益為 6.35 美元。然而，正如 David 在開場白中提到的，如果排除風暴和各種停售的影響，我們估計第三季調整後每股收益將為 6.74 美元至 6.78 美元。2024 年第三季調整後淨利不包括稅後、剝離淨收益 300 萬美元以及與冰雹損失相關的損失 200 萬美元。

Adjusted net income for the third quarter of 2023 excludes net of tax of $3 million gain on the sale of real estate and $1 million of professional fees related to the acquisition of the Jim Koons Automotive Companies. Adjusted SG&A as a percentage of gross profit came in at 64.4%, a sequential improvement over the second quarter.

2023 年第三季調整後淨收入不包括出售房地產所得的 300 萬美元收益稅和與收購吉姆昆斯汽車公司相關的 100 萬美元專業費用。調整後的 SG&A 佔毛利的百分比為 64.4%，比第二季較上季有所改善。

Despite the headwinds of certain brand performances and lower vehicle grosses, we are encouraged by the efforts of our team to contain costs. We anticipate SG&A on a percentage basis to be in the mid-60%s for the fourth quarter, given the anticipated impact from Hurricane Milton and the ongoing stop sale activity. The adjusted tax rate for the quarter was 25.4%, and we anticipate the full year adjusted tax rate to be approximately 25.3%.

儘管存在某些品牌業績和車輛總銷量下降的不利因素，但我們團隊為控製成本所做的努力令我們感到鼓舞。考慮到颶風米爾頓的預期影響和持續的停止銷售活動，我們預計第四季度的 SG&A 將按百分比計算將達到 60% 左右。本季調整後稅率為25.4%，我們預計全年調整後稅率約為25.3%。

TCA generated $18 million of pretax income in the third quarter, and $59 million year-to-date. We anticipate full year results to be between $70 million and $80 million on a pretax basis. We plan to offer TCA across the Florida and Koons markets next year and have outlined the puts and takes for the TCA pretax income estimates for the next few years in the presentation posted this morning on our website. We generated $48 million of adjusted operating cash flow year-to-date. Excluding real estate purchase, we spent $105 million on capital expenditures year-to-date, and we anticipate to end the year between $180 million and $200 million.

TCA 第三季稅前收入為 1,800 萬美元，年初至今為 5,900 萬美元。我們預計全年稅前業績將在 7,000 萬美元至 8,000 萬美元之間。我們計劃明年在佛羅裡達州和昆斯市場提供 TCA，並在今天早上在我們網站上發布的簡報中概述了未來幾年 TCA 稅前收入估算的看跌期權和賣出期權。今年迄今為止，我們產生了 4,800 萬美元的調整後營運現金流。不包括房地產購買，我們今年迄今的資本支出為 1.05 億美元，預計年底將在 1.8 億至 2 億美元之間。

Free cash flow was $383 million year-to-date. We ended the quarter with $768 million of liquidity comprised of floor plan offset accounts, availability on both our used and revolving credit facility and cash, excluding cash for Total Care Auto. Our transaction adjusted net leverage ratio was 2.9x at the end of September, which reflects our strategic deployment of capital in the quarter to share buybacks. We continue to seek and create opportunities with our rigorous capital allocation approach across shares buybacks, M&A, and organic investments.

年初至今自由現金流為 3.83 億美元。本季結束時，我們的流動資金為 7.68 億美元，其中包括平面圖抵銷帳戶、已使用和循環信貸額度的可用性以及現金，不包括 Total Care Auto 的現金。截至 9 月底，我們的交易調整後淨槓桿率為 2.9 倍，這反映了我們在本季對股票回購的資本策略部署。我們繼續透過股票回購、併購和有機投資等嚴格的資本配置方法來尋找和創造機會。

In closing, thank you, team members once again for delivering strong results to support our mission to be the most guest-centric automotive retailer. This concludes our prepared remarks. We will now turn the call over to the operator and take your questions. Operator?

最後，再次感謝團隊成員的強勁成果，支持我們成為最以客人為中心的汽車零售商的使命。我們準備好的演講到此結束。我們現在將把電話轉給接線員並回答您的問題。操作員？

(Operator Instructions) John Murphy, Bank of America.

（操作員指示）John Murphy，美國銀行。

Good morning, guys. Really good quarter and in the face of a lot of adversity here. Just -- David, just first on the Stellantis impact. I mean sounds like in the Stellantis stores, you're starting to manage this better with some help from the factory. But as you think it's sort of the spillover to the pricing environment and the risk it's creating to new GPUs. I mean how do you think about that? I mean, and so far, it doesn't seem like it's really had any significant impact on the overall market, but just curious how you think about that.

早安，夥計們。這是一個非常好的季度，但這裡也面臨著許多逆境。只是－大衛，先談談斯特蘭提斯的影響。我的意思是，聽起來就像在 Stellantis 商店中，在工廠的幫助下，你開始更好地管理這個問題。但正如您所認為的，這是對定價環境的溢出效應以及它對新 GPU 帶來的風險。我的意思是你對此有何看法？我的意思是，到目前為止，它似乎並沒有真正對整個市場產生任何重大影響，但只是好奇你如何看待這一點。

John, I'll give you my thoughts, and I'm sure Dan will jump in. A lot of it, when you think about incentives, we all think of the traditional methods. In the last quarter, the incentive -- everyone had a high days supply of Stellantis, including our peers, and they came out with coupon incentives, which were basically put on taking more inventory.

約翰，我會告訴你我的想法，我相信丹會加入進來。很多時候，當你想到激勵措施時，我們都會想到傳統方法。在上個季度，激勵措施——每個人都擁有高天數的 Stellantis 供應，包括我們的同行，他們推出了優惠券激勵措施，基本上是為了增加庫存。

Our stores chose not to, for the most part, take more inventory because we were already at a high days supply. So for the quarter, we were at a competitive disadvantage because a lot of our competitors that chose to take more inventory had more coupons to use. So that puts pressure on our volumes and it put pressure on our margins as well.

在大多數情況下，我們的商店選擇不增加庫存，因為我們的供應天數已經很高了。因此，在本季度，我們處於競爭劣勢，因為我們的許多競爭對手選擇增加庫存，從而有更多優惠券可供使用。因此，這給我們的銷售帶來了壓力，也給我們的利潤帶來了壓力。

It is still impacting early in the fourth quarter with the coupon concept, but they're also engaging with other incentives that we think will help. But over the last 12 months, they've also eliminated a lot of their entry-level models. And they probably haven't been, from my perspective, building vehicles with the right content that has been able to move the product faster.

它仍然對第四季度初的優惠券概念產生影響，但他們也參與了我們認為會有所幫助的其他激勵措施。但在過去 12 個月裡，他們也淘汰了許多入門型號。從我的角度來看，他們可能還沒有建立出具有正確內容的工具，從而能夠更快地推動產品的發展。

They're a good company. They're going to figure it out. It's just taking them a little time with the management changes and other things that they've had. And we're unique in the sense that our size of 153 rooftops, 20 Stellantis stores unfortunately has a material impact on our business. Dan, I don't know if there's anything you want to add to that?

他們是一家好公司。他們會想辦法的。他們只是花了一點時間來處理管理層的變動和其他事情。我們的獨特之處在於，我們擁有 153 個屋頂、20 家 Stellantis 商店，不幸的是，這對我們的業務產生了重大影響。丹，不知道你還有什麼要補充的嗎？

John, I'll just add that lately to what David mentioned, the new incentives that we're seeing is when they become -- when they put money that can be used for a better transactional price for the guest, the response that we're starting to see is slightly better from the guest. And so therefore, it is allowing us to move some of the units. In addition to that, just as of last week, end of last week, they announced some special interest rates going -- starting in November. So like I stated, it's early in its days, but we're excited with what we're seeing.

約翰，我最近要補充一點，大衛提到的，我們看到的新激勵措施是當他們投入資金可以為客人提供更好的交易價格時，我們的反應是從客人那裡開始看到稍微好一些。因此，它允許我們移動一些單位。除此之外，就在上週，上週末，他們宣布了一些特殊利率——從 11 月開始。正如我所說，現在還處於早期階段，但我們對所看到的感到興奮。

Okay. And then just a follow-up to that on the GPU of $3,512. I mean it's better than people have been fearing better than we were estimating and in the face of what you just talked about on the Stellantis side, it's pretty remarkable. How do you think about this going forward? It seems like we're getting -- it's a little stickier in the $3,000 to $3,500 range as opposed to the $2,500 range that people ultimately think it might settle into.

好的。GPU 售價為 3,512 美元。我的意思是，這比人們一直擔心的要好，比我們估計的要好，而且面對你剛才在 Stellantis 方面談到的情況，這是相當了不起的。您如何看待這件事的發展？看起來我們得到的結果是——它在 3,000 美元到 3,500 美元的範圍內有點黏性，而不是人們最終認為它可能會穩定在 2,500 美元的範圍。

Yes. I would say, again, when you look at the peer group, you really have to break down the brand mix. 30% of our revenue is Toyota and Lexus, very low days supply. So those are very high margins. Mercedes obviously had a good quarter as well. And then when you look at our segments broken down, luxury, import, domestic, luxury held up the best.

是的。我想說，當你觀察同行群體時，你真的必須分解品牌組合。我們收入的 30% 來自豐田和雷克薩斯，供應量非常低。所以這些利潤率非常高。梅賽德斯顯然也有一個不錯的季度。然後，當你查看我們細分的細分市場時，奢侈品、進口、國產、奢侈品表現最好。

And even when we're showing backwards on units with -- on the domestic side, 100% of those units being backwards was solely Stellantis. We were up with the other brands. Dan, anything you want to add as far as the margin?

即使我們在國內方面展示落後的單位，100% 落後的單位只是 Stellantis。我們與其他品牌齊頭並進。丹，關於保證金，您還有什麼要補充的嗎？

Well, I would just say, too, that even on the other domestics, when you look at our other domestic partners, margins are holding pretty steady there as well. So we're encouraged by what we're seeing there. But I think a lot of it is also our portfolio mix that is definitely contributing to what David stated on the $3,500 GPU.

好吧，我也想說，即使在其他國內企業，當你看看我們其他國內合作夥伴時，利潤率也保持相當穩定。因此，我們對在那裡看到的一切感到鼓舞。但我認為，很大程度上也是我們的產品組合對 David 在 3,500 美元 GPU 上所說的做出了貢獻。

And then just one last one on the parts and service. I mean, stop-sales are negative short run, but probably provide a pretty good warranty parts and service bump on the other side. How do you think about that? And how fast does that potential benefit come through?

然後是關於零件和服務的最後一項。我的意思是，停止銷售在短期內是負面的，但另一方面可能會提供相當好的保固零件和服務提升。您對此有何看法？這種潛在好處的實現速度有多快？

I'll start, and then David, I'm sure we'll add anything that I forget. So John, we have -- there are several stop sales going on right now, as I'm sure you're aware of. Some of them, their fixes, Toyota and Lexus just announced that there is a fix that is available for the Highlander and also for the TX. And the warranty reimbursement rates that we're getting, some of those are paying 3.1 hours, and then there's going to be some nice gross profit margin that we should see from the parts side of the equation as well.

我先開始，然後大衛，我相信我們會添加我忘記的任何內容。約翰，我們現在有幾個停止銷售的情況，我相信你也知道。其中一些，他們的修復，豐田和雷克薩斯剛剛宣布有一個修復可用於漢蘭達和 TX。我們得到的保固報銷率，其中一些支付 3.1 小時，然後我們也應該從等式的零件方面看到一些不錯的毛利率。

It really depends to your question of how soon we're going to see it. It really depends on the availability of the parts when the recall notices are sent to the consumer as to when they're going to be available to come into our shops. We have the throughput. We're ready to serve our guests, but I would expect that we're going to see that definitely start in Q4, but I would expect for it to move into Q1 of 2025 as well as we complete all the recalls.

這實際上取決於您的問題：我們多久才能看到它。這實際上取決於向消費者發送召回通知時零件的供應情況，以及零件何時可以進入我們的商店。我們有吞吐量。我們已準備好為客人提供服務，但我預計我們肯定會在第四季度開始，但我預計它會進入 2025 年第一季度，同時我們也會完成所有召回。

Yes. I would say -- agree with Dan. We'll get a little bit of a tailwind from the warranty with Toyota and Lexus. With the Honda stop-sale, that just came out last week, I believe, and they don't have a fix yet. So it's too early to predict what kind of impact that will have.

是的。我想說——同意丹的觀點。我們將從豐田和雷克薩斯的保固中獲得一點好處。我相信本田上週剛宣布停止銷售，但他們還沒有解決辦法。因此，現在預測這會產生什麼樣的影響還為時過早。

Right. Thank you, guys.

正確的。謝謝你們，夥計們。

Rajat Gupta, JPMorgan.

拉賈古普塔，摩根大通。

Good morning. Thank you for taking the question. Just on the stop sales impact, if we look at the impact from the stop sale and the hurricane, it seems like it turned out to be much higher than maybe what some of your peers might have experienced. Was there something to do with the fact that -- because you were more exposed to the hurricanes, it made it harder for you to just get those fixes done and get those cars out the door late in September? Or is there anything else you would flag on just the magnitude of the impact from the stop sales? And I had a follow-up on the used car business.

早安.感謝您提出問題。僅就停止銷售的影響而言，如果我們看看停止銷售和颶風的影響，結果似乎比您的一些同行可能經歷的影響要高得多。這是否與以下事實有關——因為您更容易受到颶風的影響，這讓您更難完成這些修復工作並在 9 月底將這些汽車推出市場？或者您還有什麼要指出的關於停止銷售的影響程度嗎？我對二手車業務進行了跟進。

Rajat, I'm going to give that to Michael, but I'll start by saying the fix for the Toyota and Lexus did not come in the third quarter. It's literally coming right now. So even into the fourth quarter, it's at the end of October before starting to see it. So we haven't even started performing the fixers yet, but we're about to. But in the third quarter, hurricane aside, there wasn't a fix and there wasn't parts available to address them and through stop-sale. You obviously can't sell the vehicles either.

拉賈特，我要把這個轉告給邁克爾，但我首先要說的是，豐田和雷克薩斯的修復問題並沒有在第三季出現。它現在就真的來了。所以即使到了第四季度，也要到10月底才開始看到。所以我們還沒有開始執行修復程序，但我們即將開始。但在第三季度，除了颶風之外，沒有解決辦法，也沒有可用的零件來解決這些問題並透過停止銷售。顯然你也不能出售車輛。

Yes. So on the hurricane, because we had exposure in Florida, Atlanta, and up into Greenville, we got hit in multiple markets. And that just shut down the business from a customer perspective and closing the stores across multiple markets for us. And so that's -- the impact of that was mainly just those stores impacted. It was so late in the quarter, there's not really a way to recover from a sales perspective.

是的。因此，在颶風中，因為我們在佛羅裡達州、亞特蘭大和格林維爾都有風險敞口，所以我們在多個市場都受到了打擊。從客戶的角度來看，這只是關閉了我們的業務，並關閉了我們在多個市場的商店。所以，這主要是那些受到影響的商店。現在已經是本季末了，從銷售角度來看還沒有真正恢復的方法。

And there is very little damage on that storm in those specific markets. So you don't have that recovery demand. When we get to the fourth quarter and get to Milton, there is some flooding and some things there that will probably provide some benefit on sales in the fourth quarter.

這場風暴對這些特定市場造成的損害很小。所以你沒有那種恢復需求。當我們進入第四季度並到達米爾頓時，那裡發生了一些洪水，那裡的一些事情可能會為第四季度的銷售帶來一些好處。

On the stop sale for us, we're just a higher percentage Lexus and Toyota than most of the groups. And so we just took the new vehicle sales, the used vehicles that would have gone with that from a trading perspective, and then just kind of fed that down the income statement, so you get the internal gross profit from those used vehicles and then you have the SG&A flow-through. So the majority of that is the reason we're higher is just our exposure to Toyota, Lexus versus the rest of the peer space.

在我們的停售中，我們只是雷克薩斯和豐田的比例高於大多數集團。因此，我們只考慮了新車銷量和從交易角度來看的二手車銷量，然後將其納入損益表，這樣你就可以從這些二手車中獲得內部毛利，然後你就可以獲得這些二手車的內部毛利。因此，我們之所以走得更高，主要是因為我們對豐田、雷克薩斯的投資與其他同行相比。

And Rajat, we just took the run rate of those models prior to the stop sale and just assume the same going through it. And in reality, it would have been higher because you're coming into that selling summer season, so to speak. So from our perspective, we think we took a conservative approach.

Rajat，我們只是在停止銷售之前獲取了這些型號的運行率，並假設經歷了同樣的情況。事實上，它會更高，因為你正進入夏季銷售季節，可以這麼說。因此，從我們的角度來看，我們認為我們採取了保守的做法。

Understood. That's helpful. And just on the used car business, the 6% same-store decline. I'm sure like some of that was impacted by the hurricane and also the stop sales of the stores for the trade ins. But just curious how we should think about recovery in that business here fourth quarter, perhaps next year, especially in light of the off-lease shortages that we might start to see anything else you might be doing to turn around the operations there?

明白了。這很有幫助。僅就二手車業務而言，同店下降了6%。我確信其中一些受到颶風和以舊換新商店停止銷售的影響。但只是好奇我們應該如何考慮第四季度（也許是明年）該業務的復甦，特別是考慮到租賃結束後的短缺，我們可能會開始看到你們可能會採取其他措施來扭轉那裡的業務？

Sure. I'll start and then Dan can jump in. Last quarter, I said we're still assessing whether we're going to chase volume or go back to gross profit. We decided to go back to gross profit and not chase volume based on the peers that have, I think, announced already most of them -- I think there was only one better than us so far as far as being backwards in unit sales. So we improved our margin quarter-over-quarter. We lost sales with the hurricane, we're able to maintain margin not as much as we wanted.

當然。我先開始，然後丹可以加入。上個季度，我說我們仍在評估是要追逐銷量還是回到毛利。我們決定回歸毛利，而不是追逐銷量，因為我認為，大多數同行已經宣布了這一點——我認為，就銷量落後而言，到目前為止，只有一家比我們更好。因此，我們的利潤率逐季提高。我們因颶風而損失了銷售額，我們能夠維持的利潤率沒有達到我們想要的水平。

But I think until the pool becomes normal again, with the off-lease cars and everything coming, which is still a year away, I don't think it makes sense for us to chase volume because we have expenses with every car that we sell. And from our perspective, we would rather be more conservative on the unit sales and focus more on the gross profit. Dan, any thoughts?

但我認為，直到池子再次恢復正常，隨著租賃結束的汽車和一切到來，這還需要一年的時間，我認為我們追逐銷量是沒有意義的，因為我們出售的每輛車都有費用。從我們的角度來看，我們寧願對銷量更加保守，而更加關注毛利。丹，有什麼想法嗎？

I agree with David, and just to expand on your question about what else are we doing focusing on this side of the business. As you all know, we make our highest margin on trade-ins and acquisitions that we do with the -- with our local customers, really trying to stay away from auctions and what have you, because the one that wins that car is the one that is holding the hand at the end of the bidding process and usually it brings you a very low margin.

我同意大衛的觀點，只是為了擴展你的問題，即我們還專注於這方面的業務。眾所周知，我們在與當地客戶進行的以舊換新和收購方面獲得了最高的利潤，我們真的努力遠離拍賣和其他什麼，因為贏得那輛車的人就是那個人這在投標過程結束時掌握著主動權，通常它會給你帶來非常低的利潤。

So we have processes in place to increase and continue to work on capturing the trades, acquiring inventory through the service department. We also have the loaner car pool that we can utilize when those cars are available to come out. And just trying to maximize our margin as we move forward. And when the availability of inventory comes back, like I stated on the call, then we will assess if it is the right time to get more aggressive on the volume side of it.

因此，我們制定了流程來增加並繼續努力捕獲交易，透過服務部門獲取庫存。當這些汽車可用時，我們也可以使用租賃汽車池。在我們前進的過程中，我們只是努力最大化我們的利潤。當庫存恢復時，就像我在電話中所說的那樣，我們將評估現在是否是在數量方面採取更積極行動的合適時機。

Understood. That's very clear. Thanks for the color and good luck.

明白了。這非常清楚。謝謝你的顏色，祝你好運。

Jeff Lick, Stevens.

傑夫·利克，史蒂文斯。

Congrats guys. That was a very impressive quarter given what you were up against this quarter. I was curious with respect to your SG&A percent of gross is 64.4%, that's the best amongst your peers. Could you talk about where you think that could go and also highlight the impact of how your test and potential rollout of Tekion may disproportionately influence this going forward?

恭喜你們。考慮到本季的情況，這是一個非常令人印象深刻的季度。我很好奇你們的 SG&A 佔總收入的百分比是 64.4%，這是你們同業中最好的。您能否談談您認為這可能會走向何方，並強調您的測試和 Tekion 的潛在推出可能如何對未來產生不成比例的影響？

Yeah, Jeff, thank you. On the SG&A side, we still have the declining new vehicle PVRs that’ll put a little bit of pressure on that number over the next year. But the things we're doing with the Tekion launch and rolling that out in '25 and '26, we think that will give us the opportunity in the long term to pull that number down as we become more productive with our employees, and we just don't have as many bolt-ons.

是的，傑夫，謝謝你。在 SG&A 方面，我們的新車 PVR 仍在下降，這會對明年的數字造成一些壓力。但是我們正在做的 Tekion 發布以及在 25 年和 26 年推出的事情，我們認為從長遠來看，隨著我們員工的工作效率提高，我們將有機會降低這個數字，而且我們只是沒有那麼多螺栓。

There will be a little bit of cost in '25 and '26, if we do the rollouts just in terms of transitioning from CDK to Tekion, but not much in the way. There's just a little bit of overlap cost there, but we really see the benefits kind of late '26 into '27 from an SG&A perspective, hopefully be able to pull that number back below back into the 50%s once we get those things rolled out.

如果我們只是從 CDK 過渡到 Tekion，那麼在 25 和 26 年將會有一些成本，但不會有太多成本。那裡只有一點點重疊成本，但從 SG&A 的角度來看，我們確實看到了 26 世紀末到 27 世紀的好處，希望一旦我們完成這些事情，就能將這個數字拉回到 50% 以下出去。

And then just a quick one on F&I. F&I GPU can came in at $2,141, which is stronger than us on the Street estimated. Given you guys have been guiding the TCA would have a negative impact short term. Is that still the case? Or would this $2,140-level kind of be the base from which you're going to grow off of?

然後簡單介紹一下 F&I。F&I GPU 的售價為 2,141 美元，高於我們在華爾街的估計。鑑於你們一直在指導 TCA，短期內會產生負面影響。現在還是這樣嗎？或者這個 2,140 美元的水平會成為你成長的基礎嗎？

So I'll answer the TCA thing and then let Dan weigh in on just the operational side at the store level. TCA in '25 and '26 will have a more meaningful impact and lower that overall consolidated PVR just because we'll take the headwind from TCA deferral as we continue the deferral impact of the stores we've already rolled out, but then also roll out our large market in Florida and the Koons market. So '25 and '26 will be the hefty years from an F&I PVR perspective.

因此，我將回答 TCA 問題，然後讓 Dan 就商店層面的營運方面進行權衡。'25 和'26 的TCA 將產生更有意義的影響，並降低整體綜合PVR，因為我們將承受TCA 延期帶來的不利影響，因為我們將繼續我們已經推出的商店的延期影響，但隨後也會推出我們在佛羅裡達州的大市場和昆斯市場。因此，從 F&I PVR 的角度來看，25 年和 26 年將是重要的年份。

And specifically, we think the second half of '25 will be a really sizable hit into '26. And then '27 should start to become a tailwind for us where it goes the opposite direction. Dan?

具體來說，我們認為 25 年下半年將對 26 年產生巨大影響。然後'27應該開始成為我們的順風，它會朝著相反的方向發展。擔？

From an operational standpoint, nothing has really changed. We continue to focus on the bottom 20% of our stores, continue to train them, coach them, make sure that we provide a great guest experience when -- during the final process of purchasing a car.

從操作的角度來看，沒有什麼真正改變。我們繼續關注排名最後 20% 的商店，繼續培訓他們、指導他們，確保我們在購買汽車的最後過程中提供良好的客戶體驗。

Thank you. Congrats. And will catch up here in a bit.

謝謝。恭喜。稍後會趕上這裡。

Ryan Sigdahl, Craig Hallum Capital Group.

瑞安·西格達爾，克雷格·哈勒姆資本集團。

Looking at slide 14, helpful from a breakout mix standpoint of what EVs are versus ICE, curious what the sales breakdown would be.

看一下投影片 14，從電動車與內燃機汽車的突破組合角度來看，很有幫助，很好奇銷售細目是什麼。

Dan, you got that?

丹，你明白了嗎？

Yes. I'll just give me one second here. Good morning, Ryan. So I can give you some color but I don't have the sales breakdown percentage-wise, I can certainly give that to you later. But I do have the -- I'd like to give you some color on some of the GPUs, if that's okay with you. From an EV standpoint -- I break it down by brand -- and I'm going to start with luxury then I'm going to move on to the imports and domestic. But on the luxury side of it, we're seeing GPUs holding on pretty good with BMW and Lexus.

是的。我只給我一秒鐘。早安，瑞安。所以我可以給你一些顏色，但我沒有銷售明細百分比，我當然可以稍後給你。但我確實有——如果您同意的話，我想為您提供有關某些 GPU 的一些資訊。從電動車的角度來看——我按品牌進行細分——我將從豪華車開始，然後轉向進口和國產。但在豪華車方面，我們看到 GPU 在 BMW 和 Lexus 上表現得相當不錯。

And I'll just give you a specific example. So one of our partners, we run about a $3,500 front-end GPU. And in EVs, that number is in the $2,800 range. But then when we go into some of our domestics, we're starting to see a little bit of a steeper decline in GPUs. And in some cases that number is a negative number in the front end of the EVs. From an import standpoint, it's a very -- it's a mix throughout all of them. So when we look at -- for example, Nissan is pretty flat compared to the ICE versus EVs and we do have some of them that are substantially different. Specifically, if we look at some of the GPUs in looking here in my charts that just bear with me Nissan -- I'm sorry, at Hyundai and also Honda, we see a drop. But overall, the EV, we're seeing a negative impact of the PVR. And I would have to get back to you on the exact numbers breakdown from a sales perspective because I don't have that readily available.

我將舉一個具體的例子。因此，我們的合作夥伴之一運行了大約 3,500 美元的前端 GPU。在電動車中，這個數字在 2,800 美元範圍內。但當我們進入一些國內市場時，我們開始看到 GPU 的下降幅度更大。在某些情況下，該數字在電動車的前端是負數。從進口的角度來看，它是所有這些的混合體。因此，例如，當我們觀察時，日產汽車與內燃機汽車和電動車相比相當平坦，而且我們確實有一些產品有很大不同。具體來說，如果我們看看我的圖表中的一些 GPU，這些 GPU 就讓我感到滿意，日產 - 對不起，在現代和本田，我們看到了下降。但總的來說，對於電動車，我們看到了 PVR 的負面影響。我必須從銷售角度向您回覆確切的數位細目，因為我沒有現成的資料。

Helpful. You answered my second question. I was going to move into the GPUs and how that compared. Instead, I will ask about Hurricane impact. Have you seen any positive externalities thinking pricing, used vehicle pricing, GPUs, demand, insurance proceeds coming in, et cetera?

有幫助。你回答了我的第二個問題。我打算轉向 GPU 以及它的比較。相反，我會問颶風的影響。您是否看到任何積極的外部因素，包括定價、二手車定價、GPU、需求、保險收益等？

Yes. I would just say there was certainly more vehicles lost in Milton. So there should be some tailwind in the fourth quarter with replacement vehicles, certainly on the western side of Florida.

是的。我只想說，米爾頓丟失的車輛肯定更多。因此，第四季度更換車輛應該會帶來一些順風，尤其是在佛羅裡達州西側。

And from an insurance perspective, we'll have the insurance claim related to the property damage and the inventory damage that we'll settle pretty quickly. As you know, BI claims with the insurance companies just take a while. And so I wouldn't expect any BI recovery until mid-'25 or later.

從保險的角度來看，我們將獲得與財產損失和庫存損失相關的保險索賠，我們將很快解決。如您所知，BI 向保險公司索賠只需要一段時間。因此，我預計 BI 的恢復要到 25 年中期或更晚。

Very good. Thanks guys.

非常好。謝謝你們。

Bret Jordan, Jefferies.

布雷特·喬丹，杰弗里斯。

Good morning. On that service slide that breaks out the repair order by powertrain, do you think that BEV premium is something that's sustainable? Or is this sort of working the bugs out of new technology and that will revert lower as these units get a little bit more seasoned?

早安.在以動力系統劃分維修訂單的服務投影片上，您認為 BEV 溢價是可持續的嗎？或者說，這種方法可以解決新技術中的錯誤，並且隨著這些設備變得更加成熟，該技術會恢復到更低的水平？

Bret, this is David and Dan can jump in. I think, logically, you're correct. I think there's going to be a few more years of higher dollars on BEVs. And as you get probably closer to 2030, a lot of the kinks should get worked out as you move forward. There's just a lot of technology in these vehicles and you add wind, weather and cold. It just creates a lot of disruption.

布雷特，這是大衛，丹可以加入。我認為，從邏輯上講，你是對的。我認為純電動車的價格還會持續幾年。隨著 2030 年的臨近，許多問題都應該在前進的過程中得到解決。這些車輛採用了許多技術，還添加了風、天氣和寒冷。它只會造成很多幹擾。

So I think in the near term, it's good. And when you look at the car park that's out there in the age of the car park, and one of the slides shows that we're averaging over 71,000 miles coming through our service drive. So we're not just servicing during the warranty period, 71,000 is well above it. So we're doing a good job at retaining them.

所以我認為在短期內，這很好。當您查看停車場時代的停車場時，其中一張幻燈片顯示我們的服務行駛里程平均超過 71,000 英里。所以我們不只是在保固期內提供服務，71,000 遠高於它。所以我們在留住他們方面做得很好。

We look at the next 6 to 10 years is pretty strong parts and service between the mix of all the different products. And we still believe with the BEVs as they continue to come to market, retention numbers are only going to go up. Frequency should come down over time, but we think the dollars and margins will stay higher. Dan, anything you want to add?

我們預計，未來 6 到 10 年，所有不同產品的組合將提供相當強大的零件和服務。我們仍然相信，隨著純電動車不斷進入市場，保留數量只會增加。隨著時間的推移，頻率應該會下降，但我們認為美元和利潤率將保持在高水準。丹，你還有什麼要補充的嗎？

No, I have nothing to add.

不，我沒有什麼好補充的。

Okay. And then a question on collision. Obviously, that's been soft, I think, across for everybody. Is that something that's secular? Is there a real structural change in collision demand? Or is this tied to something shorter term?

好的。然後是關於碰撞的問題。顯然，我認為這對每個人來說都是軟弱的。這是世俗的東西嗎？碰撞需求是否存在真正的結構性變化？還是這與短期的事情有關？

That's it. We're all scratching our head on that one, Brett. It doesn't matter the market. It doesn't matter the state. Everywhere is experiencing less year-over-year. Some are -- there's more total losses because the claims are higher and there's more technology in these cars so the dollar values are higher, so we're seeing more total losses year-over-year.

就是這樣。我們都在摸不著頭腦，布雷特。市場沒關係。跟國家沒關係。各地的情況都在逐年減少。有些是——總損失更多，因為索賠更高，而且這些汽車的技術更多，所以美元價值更高，所以我們看到總損失逐年增加。

But it's not only affecting our collision business, it affects our parts business because we're obviously not wholesaling as many parts because our competitors are also not seeing the business either. Curious to see how this turns out over time, but it's been a trend all year, and it hasn't really changed at all. Dan?

但這不僅影響了我們的碰撞業務，也影響了我們的零件業務，因為我們顯然沒有批發那麼多零件，因為我們的競爭對手也沒有看到這項業務。我很想知道隨著時間的推移，這種情況會發生什麼變化，但這一直是全年的趨勢，而且根本沒有真正改變。擔？

Right. And I guess a question on customer pay marks and service traffic versus ticket just as a housekeeping that plus-4%, I guess, how much was car count.

正確的。我猜想一個關於客戶付費標記和服務流量與門票的問題，就像家事服務一樣，我猜汽車數量增加了 4%。

Bret, this is Dan. And if we look at customer pay RO count specifically, luxury was up 9%. The import of 1% total was up 3% from a customer payer count.

布雷特，這是丹。如果我們具體查看客戶支付的 RO 數量，奢侈品增加了 9%。進口總額為 1%，比客戶付款人數增加了 3%。

Right. Thank you.

正確的。謝謝。

David Whiston, Morningstar.

大衛‧惠斯頓，晨星公司。

Thanks. Good morning. Just curious especially for the domestic and import brands, if negative equity is at all a concern for you either right now or in 2025?

謝謝。早安.只是好奇，特別是對於國產和進口品牌，負資產是否是您現在或 2025 年所關心的問題？

Good morning. David, this is Dan. Yes, it is. We're definitely seeing our fair share of consumers that are in a negative equity situation. And obviously, it is requiring, in a lot of cases, more money down as a down payment to offset some of that. So definitely, a slight concern as we move forward.

早安.大衛，這是丹。是的。我們確實看到相當一部分消費者處於負資產狀態。顯然，在許多情況下，它需要更多的首付作為首付，以抵消其中的一部分。所以，在我們前進的過程中，一定會有一點擔憂。

Are you seeing it more with one particular brand -- customer brand set like import versus domestic?

您是否在某一特定品牌上看到更多這種情況—客戶品牌設定為進口品牌還是國產品牌？

Yeah, I mean, we definitely see it a little bit more with domestic, but I will tell you that nobody is really has been protected. We see it i in luxury. We see it in the imports, within domestic, but more heavily weighted into the domestic side of the business.

是的，我的意思是，我們肯定在國內看到更多一點，但我會告訴你，沒有人真正受到保護。我們在奢華中看到了它。我們在國內的進口中看到了這一點，但更重要的是國內業務。

One thing I would add, credit scores have been resilient. They've held up well. Lending has been strong for us. So we don't see any headwind at this point holding us back from being able to acquire loans for our consumers.

我要補充的一件事是，信用評分一直具有彈性。他們堅持得很好。貸款對我們來說一直很強勁。因此，目前我們沒有看到任何阻礙我們為消費者獲得貸款的阻力。

Okay. And on your balance sheet, your leverage ratio is near the high end of your target range. Profits are normalizing post chip shortage. Do you feel the need to pay down some debt before doing more M&A? Or can you go either way?

好的。在您的資產負債表上，您的槓桿比率接近目標範圍的高端。晶片短缺後利潤正在正常化。您是否認為在進行更多併購之前需要償還一些債務？或者你可以選擇任何一種方式嗎？

No, I mean, this quarter, we saw an opportunity to deploy some capital to share buybacks. And so we elected to buy those shares. The leverage ticked up a little bit. We do think in the future, we can continue to -- the cash we generate, we can deploy towards the net leverage and look for those opportunities as they come.

不，我的意思是，本季度，我們看到了部署一些資本進行股票回購的機會。所以我們選擇買這些股票。槓桿略有上升。我們確實認為，在未來，我們可以繼續下去——我們產生的現金，我們可以用於淨槓桿，並在機會到來時尋找機會。

There are no further questions at this time. I would now like to turn the floor back over to David Hold for closing comments.

目前沒有其他問題。我現在想把發言權交還給大衛·霍爾德（David Hold），請他發表結束語。

David, before you close, do you mind if I jump in, I have the numbers for Ryan on the EV sales, it’s between 6% to 7% of our total sales.

大衛，在結束之前，你介意我插話嗎？

Okay. Thank you. This concludes today's call. We appreciate your participation today and look forward to discussing the fourth quarter early in '25. Have a great day. Thank you.

好的。謝謝。今天的電話會議到此結束。我們感謝您今天的參與，並期待在 25 年初討論第四季。祝你有美好的一天。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。