Asbury Automotive Group Inc (ABG) 2025 Q1 法說會逐字稿

Greetings and welcome to the Asbury Automotive Group's first quarter 2025 earnings call. (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, Investor Relations. Thank you, sir. You may begin.

問候並歡迎參加 Asbury Automotive Group 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，財務、投資者關係副總裁克里斯·里夫斯 (Chris Reeves)。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 first quarter 2025 earnings call. The press release [detailing Asbury’s first quarter results was issued earlier this morning and is posted on our website at investors.asburyauto.com. Participating with me today are David Hult,](added by company after the call) our President and Chief Executive Officer; Dan Clara, our Chief Operating Officer; 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 we'll be available later for any follow up questions.

謝謝接線員，早安。如上所述，今天的通話已被錄音，並將於今天下午晚些時候提供重播。歡迎參加 Asbury Automotive Group 2025 年第一季財報電話會議。新聞稿[詳細介紹了Asbury第一季的業績]已於今天上午發布，並發佈在我們的網站investors.asburyauto.com上。今天與我一同出席的嘉賓包括：我們的總裁兼執行長David Hult（電話會議結束後公司加場）；我們的營運長Dan Clara；以及我們的資深副總裁兼財務長Michael Welch。在我們的演講結束時，我們將開放提問環節，稍後我們將解答任何後續問題。

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, forecasts, and current expectations, each of which are subject to significant uncertainties.

在我們開始之前，我們必須提醒您，今天電話會議中的討論可能包含前瞻性陳述。前瞻性陳述是除歷史性質的陳述之外的陳述，可能包括財務預測、預報和當前預期，而每種預測、預報和當前預期都存在重大不確定性。

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 31, 2024, any 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，請參閱我們不時向美國證券交易委員會提交的文件，包括截至 2024 年 12 月 31 日的年度 10-K 表、隨後提交的任何 10-Q 表季度報告以及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. Comparisons will be made on a year-over-year basis unless we indicate otherwise.

此外，本次電話會議也可能討論美國證券交易委員會 (SEC) 規則定義的某些非公認會計準則 (non-GAAP) 財務指標。根據適用的美國證券交易委員會規則的​​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 指標的對帳表。除非我們另有說明，否則將按同比進行比較。

We have also posted an updated investor presentation on our website, investors.asburyauto.com, highlighting our first quarter results. It is now my pleasure to hand the call over to our CEO, David Hult. David?

我們也在我們的網站 investors.asburyauto.com 上發布了更新的投資者介紹，重點介紹了我們的第一季業績。現在我很高興將電話交給我們的執行長大衛赫爾特 (David Hult)。戴維？

Thank you, Chris, and good morning everyone. Welcome to our first quarter earnings call. I want to begin by expressing my appreciation for our hardworking team members in delivering strong first quarter results. I'm proud of the way our team members came together to serve our guests.

謝謝你，克里斯，大家早安。歡迎參加我們的第一季財報電話會議。首先，我要對我們辛勤工作的團隊成員表示感謝，他們在第一季取得了強勁的業績。我為我們的團隊成員齊心協力為客人服務的方式感到自豪。

Since 2017, Asbury has been the top public operator in adjusted SG&A as a percentage of gross profit and in adjusted operating margin. We take pride in how we run our business to generate strong, long-term results for our shareholders.

自 2017 年以來，Asbury 一直是調整後銷售、一般及行政費用佔毛利百分比和調整後營業利潤率最高的上市公司。我們為自己能夠為股東創造強勁、長期業績的經營方式感到自豪。

I'd like to spend just a few moments addressing the issue of tariffs. As the scale and scope of the new tariff approach became more clear, we saw a rise in demand in late March as consumers purchased vehicles ahead of the potential price increases.

我想花一點時間談談關稅問題。隨著新關稅方案的規模和範圍變得更加清晰，我們看到 3 月底需求上升，因為消費者在潛在價格上漲之前就已經購買了汽車。

Our OEM partners are all working to determine how the tariff policies will impact their specific brand and they will communicate those decisions to us when ready. As we assess our own scenario planning, we believe our portfolio is comparatively insulated from the tariff impacts on pricing.

我們的 OEM 合作夥伴都在努力確定關稅政策將如何影響他們的特定品牌，並將在準備好時將這些決定告知我們。當我們評估我們自己的情境規劃時，我們相信我們的投資組合相對不受關稅對定價的影響。

We estimate that approximately 56% of our new vehicle units in Q1 were produced in America and would be shielded from the tariffs. As it stands today, we are seeing a wide range of approaches for how the OEMs are addressing the tariff impacts.

我們估計，第一季約有 56% 的新車是在美國生產的，因此不會受到關稅影響。目前，我們看到原始設備製造商針對關稅影響採取了各種各樣的方法。

We expect to get more clarity in the weeks and months ahead, but until then, predicting the trend lines for key metrics like volumes or new GPUs will be challenging.

我們期望在未來幾週和幾個月內獲得更清晰的信息，但在此之前，預測數量或新 GPU 等關鍵指標的趨勢線將具有挑戰性。

Transitioning to highlights for the quarter. We posted another all-time record in gross profit for our parts and service business. The team built off their momentums from previous quarters with same store gross profit of 5% and same store customer pay gross higher by 6%.

過渡到本季的亮點。我們的零件和服務業務的毛利再創歷史新高。團隊延續了前幾季的良好勢頭，同店毛利成長 5%，同店顧客支付總額成長 6%。

I think it is important to give some historical context for the consistent growth we have produced with our stores over time. We look back at the subset of stores today that we operated in 2014 and saw a 97% increase in customer pay gross profit over that 10-year period.

我認為有必要介紹一下我們商店長期以來持續增長的歷史背景。我們回顧 2014 年營運的幾部分門市，發現在這 10 年期間，客戶支付毛利增加了 97%。

Dan will provide additional detail about this in his comments. And I'm optimistic about our positioning for long term growth. Our Tekion implementation continues to progress. We recently expanded the rollout beyond our four-store pilot.

丹將在他的評論中提供有關此事的更多細節。我對我們的長期成長定位感到樂觀。我們的 Tekion 實施工作持續取得進展。最近，我們擴大了試點範圍，不再侷限於四家門市。

The Koons Group, which is on a different DMS than the rest of Asbury, has had multiple stores transition to Tekion and should be completed before the end of Q3. We have seen early signs of improvement in productivity and the guest experience.

Koons Group 與 Asbury 的其他集團採用不同的 DMS，該集團已有多家門市轉向 Tekion，預計在第三季末之前完成。我們已經看到了生產力和客戶體驗改善的早期跡象。

Shifting to capital allocation. We are excited about the pending acquisition of the Herb Chambers Automotive Group. This is a strategic part of the country that we have been looking to enter for a long time as part of our disciplined growth strategy.

轉向資本配置。我們對即將到來的 Herb Chambers 汽車集團收購感到非常興奮。這是該國的一個戰略要地，作為我們嚴謹的成長策略的一部分，我們長期以來一直希望進入這個地區。

The Boston area is a traditionally resilient market that can weather different economic cycles. In addition, they have a wonderful group of luxury stores that we expect will balance our overall brand portfolio. We expect to close the transaction following OEM approval by the end of the second quarter. We also divested a Colorado Nissan store and a South Carolina Volvo store, and are continuously evaluating our portfolio to optimize brand mix.

波士頓地區是一個傳統上具有彈性的市場，可以承受不同的經濟週期。此外，他們擁有一批出色的奢侈品商店，我們期望這些商店能夠平衡我們的整體品牌組合。我們預計在第二季末獲得 OEM 批准後完成交易。我們還剝離了科羅拉多州的一家日產商店和南卡羅來納州的一家沃爾沃商店，並不斷評估我們的產品組合以優化品牌組合。

Following the pending acquisition of Herb Chambers, we intend to focus on reducing our leverage over the next 18 to 24 months. Michael will provide more details in his remarks.

在即將收購 Herb Chambers 之後，我們打算在未來 18 到 24 個月內致力於降低槓桿率。邁克爾將在他的演講中提供更多細節。

And now for our consolidated results for the first quarter. We generated $4.1 billion in revenue, had a gross profit of $724 million and a gross profit margin of 17.5%. Our same store adjusted SG&A as a percentage of gross profit was 63.9%. We delivered an adjusted operating margin of 5.8%. And our adjusted earnings per share was $6.82. Our adjusted EBITDA was $240 million.

現在來看看我們第一季的綜合業績。我們創造了 41 億美元的收入，毛利為 7.24 億美元，毛利率為 17.5%。我們同店調整後的銷售、一般及行政費用佔毛利的百分比為 63.9%。我們實現了 5.8% 的調整後營業利潤率。我們的調整後每股收益為 6.82 美元。調整後的 EBITDA 為 2.4 億美元。

Before I pass to Dan, I want to say thank you again to our valued team members for their performance and service to our guests. Now Dan will discuss our operational performance. Dan?

在將話題交給丹之前，我想再次感謝我們尊貴的團隊成員為我們的客人提供的表現和服務。現在丹將討論我們的營運績效。擔？

Thank you, David, and good morning everyone. I am thankful and proud of our team members' commitment to our North Star to be the most guest-centric automotive retailer. Thank you.

謝謝你，大衛，大家早安。我對我們的團隊成員致力於成為最以客戶為中心的汽車零售商的承諾表示感謝和自豪。謝謝。

Now I am going to provide some updates on our same store performance, which includes dealerships and TCA on a year-over-year basis unless stated otherwise.

現在我將提供一些有關我們同店業績的最新信息，除非另有說明，否則包括經銷商和 TCA 的同比表現。

Starting with new vehicles. Same store revenue was up 6% year by year and units were up 4%, driven by the boost in March sales. New average gross profit per vehicle was $3,449 a solid first quarter performance compared to normal seasonality from fourth quarter to the first quarter.

從新車開始。受 3 月銷售額成長的推動，同店營收年增 6%，銷售額成長 4%。每輛車的新平均毛利為 3,449 美元，與第四季至第一季的正常季節性相比，第一季的表現穩健。

Our volume for Stellantis was up 3% this quarter compared to national sales down 12%. While this is an improvement from where we have been, we estimate the Stellantis headwind to our PVR was $125.

本季度，Stellantis 的銷量成長了 3%，而全國銷量則下降了 12%。雖然這比我們以前的狀況有所改善，但我們估計 Stellantis 對我們的 PVR 的不利影響為 125 美元。

Across all brands, our same store new days supply was 44 days at the end of March versus 47 at the end of December.

就所有品牌而言，我們同店新品供應天數在 3 月底為 44 天，而在 12 月底為 47 天。

Turning to used vehicles. First quarter unit volume was down 8% year over year. Used retail gross profit per unit was $1,587 which marks the third quarter of sequential growth. We still plan to prioritize unit profitability at this point of the used car supply cycle. We remain ready to adjust our approach to the pre-owned business based on how market conditions are shaping up. Our same store use days supply was 31 days at the end of the quarter.

轉向二手車。第一季銷量較去年同期下降8%。二手零售每單位毛利為 1,587 美元，連續第三季成長。在二手車供應週期的這個階段，我們仍然計劃優先考慮單位獲利能力。我們隨時準備根據市場狀況的變化調整二手車業務的策略。本季末，我們的同店使用天數供應為 31 天。

Shifting to F&I, we earned an F&I PVR of $2,263, a sequential increase versus the fourth quarter. [The deferred revenue headwind of TCA was an $11 decrease in the same store F&I PVR number year over year. As an update, we are adjusting the timing of the rollout of TCA to the Koons stores, which would change the magnitude of the deferral headwind](added by company after the call) this year. We now plan to integrate TCA in the Koons stores by early Q4. The Koons stores are undergoing a transition to Tekion that we would like to focus on before rolling out TCA at those locations. [Michael later will walk you through additional details regarding TCA. In the first quarter, our](added by company after the call) total front-end yield per vehicle was $4,854.

轉向財務及投資 (F&I) 業務後，我們的財務及投資 (F&I) 個人價值收益 (PVR) 為 2,263 美元，較第四季度環比增長。 [TCA 的遞延收入逆風導致同店財務及投資 (F&I) PVR 年減 11 美元。另行通知，我們正在調整今年在 Koons 門市推出 TCA 的時間，這將改變遞延收入逆風的幅度]（公司在電話會議後補充）。我們目前計劃在第四季初將 TCA 整合到 Koons 商店中。Koons 門市正在向 Tekion 過渡，我們希望在推廣 TCA 之前先專注於此。 [Michael 稍後會向您詳細介紹 TCA。第一季度，我們]（公司在電話會議後補充）每輛車的前端總收益為 4,854 美元。

Moving to parts and service, as David mentioned, it was impressive to see the consistent growth over the last couple of quarters continue. Our same store parts and service gross profit was up 5% in the quarter and up 7% in the month of March, driven by warranty.

談到零件和服務，正如大衛所提到的，看到過去幾個季度持續的持續成長令人印象深刻。保證推動，我們同店零件和服務毛利在本季上漲了 5%，3 月上漲了 7%。

We believe growth would have been higher if not for the weather-related disruptions. For the quarter, we generated a gross profit margin of 58.3%, an expansion of 170 basis points.

我們相信，如果沒有天氣因素的影響，成長可能會更高。本季度，我們的毛利率為 58.3%，擴大了 170 個基點。

This expansion was driven by increased profitability of our higher margin segments. When looking at our customer pay and warranty performance together, they grew a combined 9.1% in gross profit. And in our Western stores, this combined figure grew 14% in gross profit, led by 14.4% growth in customer pay.

此次擴張的動力來自於我們高利潤率部門獲利能力的提升。當我們將客戶付款和保固績效結合起來看時，它們的毛利總共增加了 9.1%。在我們的西部門店，綜合毛利成長了 14%，其中顧客支付額增加了 14.4%。

We continue to be bullish on the long term trajectory of our parts and service business. As David mentioned earlier in his remarks, there were 54 stores in 2014 that we still owned in 2024. We looked at those stores and compared their customer pay performance back then to what they generated in 2024.

我們持續看好零件和服務業務的長期發展。正如大衛之前在演講中提到的那樣，2014 年我們擁有的 54 家商店到 2024 年仍然有。我們觀察了這些商店，並將它們當時的顧客支付表現與 2024 年的顧客支付表現進行了比較。

For the cohort of rooftops, we saw our customer pay gross profit dollars grow from $122 million to $241 million. An increase of nearly 100% in that 10 year period.

對於屋頂群體，我們看到客戶支付毛利從 1.22 億美元成長到 2.41 億美元。在這 10 年期間成長了近 100%。

Through fluctuating SAAR levels, macro conditions and other economic factors, we have demonstrated our ability to consistently deliver robust, profitable growth year in and year out.

透過波動的 SAAR 水準、宏觀條件和其他經濟因素，我們已經證明了我們能夠年復一年地持續實現強勁、獲利的成長。

We believe that the continually aging car park and increasing complexity of modern vehicles means our stores are well-positioned to capture future service growth. And finally, we retailed over 10,500 sales through Clicklane in the first quarter.

我們相信，停車場的不斷老化和現代車輛的日益複雜意味著我們的商店已準備好迎接未來的服務成長。最後，我們在第一季透過 Clicklane 實現了超過 10,500 件的零售。

We sold approximately 5,000 new units, or about 47% of all Clicklane sales. We view this ability to sell new cars as an important differentiating factor in the marketplace. Thank you once again to our team members as we progress along our journey to be the most guest-centric automotive retailer. I will now hand the call over to Michael to discuss our financial performance. Michael?

我們銷售了約 5,000 台新設備，約佔 Clicklane 總銷量的 47%。我們認為銷售新車的能力是市場上的重要的差異化因素。再次感謝我們的團隊成員，我們將繼續努力成為最以客戶為中心的汽車零售商。我現在將電話交給邁克爾來討論我們的財務表現。麥可？

Thank you, Dan. And thank you to our team members for a solid start to the year. For now, I will discuss our financial performance in the quarter. For the first quarter, adjusted net income was $134 million and adjusted EPS was $6.82 for the quarter.

謝謝你，丹。並感謝我們的團隊成員為今年的順利開局所做的努力。現在，我將討論我們本季的財務表現。第一季度，調整後淨收入為 1.34 億美元，調整後每股收益為 6.82 美元。

Adjusted net income for the first quarter of 2025 excludes net of tax, $11 million in non-cash asset impairments, $7 million of cyber insurance recovery proceeds, $3 million related to the gains on the divestitures, and $2 million of professional fees related to the pending acquisition of the Herb Chambers Automotive Group. There were no adjustments in the first quarter of 2024.

2025 年第一季的調整後淨收入不包括稅後淨額、1,100 萬美元的非現金資產減損、700 萬美元的網路保險追償收益、300 萬美元的資產剝離收益以及 200 萬美元的與即將收購 Herb Chambers 汽車集團相關的專業費用。2024年第一季沒有調整。

Adjusted SG&A as a percentage of gross profit came in at 64%. As we stand today, there is a risk for slightly higher SG&A profile if tariff policies persist. The adjusted tax rate for the quarter was 24.7%. And we forecast the full year adjust the tax rate for 2025 to be 25.2%. TCA generated $19.5 million of pre-tax income in the first quarter. The negative non-cash deferral impact for the quarter was about $2 million or $0.06 on an EPS basis.

調整後的銷售、一般及行政費用佔毛利的百分比為 64%。就目前情況來看，如果關稅政策持續下去，銷售、一般及行政費用 (SG&A) 比率可能會略有上升。本季調整後的稅率為24.7%。而我們預測2025年全年調整稅率為25.2%。TCA 第一季的稅前收入為 1,950 萬美元。本季的負面非現金遞延影響約為 200 萬美元，或每股收益 0.06 美元。

In the [fourth] quarter of 2024, this was a slight non-cash benefit to EPS. We estimate that the second quarter of 2025 would follow this trend of negative non-cash deferral impacts. As Dan mentioned, we now anticipate offering TCA in the Koons stores in early Q4. The updated schedule of the rollouts would affect the timing of the deferrals in future periods.

在 2024 年第四季度，這對 EPS 來說是一項輕微的非現金收益。我們估計，2025 年第二季將延續這種非現金遞延負面影響的趨勢。正如丹所提到的，我們現在預計在第四季度初在 Koons 商店提供 TCA。更新後的推出時間表將影響未來期間的延期時間。

We have outlined our we have outlined our timeline and estimated impact on EPS on slide 18 of the presentation posted to our website this morning along with the accounting example from last quarter. The future periods have not been updated due to the uncertainty around tariffs.

我們已經在今天早上發佈到我們網站的簡報的第 18 張投影片中概述了我們的時間表和對 EPS 的預計影響，以及上個季度的會計範例。由於關稅的不確定性，未來期間尚未更新。

Now moving back to our results, we generated $187 million of adjusted operating cash flow for the first quarter of 2025. Excluding real estate purchases, we spent $21 million in capital expenditures through March. We anticipate approximately $250 million in CapEx spend for both 2025 and 2026. However, this is dependent on the impact and duration of tariff policies with adjustments to spending as appropriate.

現在回到我們的業績，我們在 2025 年第一季產生了 1.87 億美元的調整後經營現金流。不包括房地產購買，截至 3 月份，我們的資本支出為 2,100 萬美元。我們預計 2025 年和 2026 年的資本支出約為 2.5 億美元。然而，這取決於關稅政策的影響和持續時間，並酌情調整支出。

Free cash flow was $166 million for the first quarter of 2025. We ended Q1 with $964 million of liquidity comprised of floor plan offset accounts, availability on both our used line and revolving credit facility, and cash, excluding cash at Total Care Auto.

2025 年第一季的自由現金流為 1.66 億美元。我們在第一季結束時擁有 9.64 億美元的流動資金，包括樓層平面圖抵銷帳戶、二手信用額度和循環信貸額度的可用性以及現金（不包括 Total Care Auto 的現金）。

In February we announced the pending acquisition of Herb Chambers Automotive Group. The transaction is valued at $1.34 billion before inventory and fixed assets to be acquired at close. This transaction amount represents $750 million of blue sky and $590 million of real estate and improvements. We expect this deal will be financed through a combination of our credit facility funding, proceeds from the new mortgage facility, and existing cash.

二月份，我們宣布即將收購 Herb Chambers 汽車集團。此次交易價值為 13.4 億美元，不包括交易結束時收購的庫存和固定資產。該交易金額代表著 7.5 億美元的藍天和 5.9 億美元的房地產及改良設施。我們預計這筆交易的融資將透過我們的信貸融資、新抵押貸款的收益和現有現金相結合的方式進行。

Earlier this month, we amended our credit facility, which would increase our revolver capacity to $925 million and our new vehicle floor plan capacity to $2.25 billion. It was very encouraging to see that the facility was oversubscribed, showing robust interest from our banks and OEM partners.

本月初，我們修改了信貸安排，將循環信貸額度提高至 9.25 億美元，將新車貸款額度提高至 22.5 億美元。令人鼓舞的是，該筆貸款被超額認購，顯示我們的銀行和 OEM 合作夥伴對此有濃厚的興趣。

These increases are conditioned upon and will become effective concurrent with the closing of the Chambers deal. Please refer to the 8-K filed on April 9th for more details.

這些增加是有條件的，並將與錢伯斯交易同時生效。請參閱 4 月 9 日提交的 8-K 以了解更多詳細資訊。

Our transaction adjusted net leverage was 2.75 times at the end of March. We anticipate that this ratio will be near the higher end of our target range shown in our presentation by next year. As it relates to capital allocation, we plan to focus on de-leveraging over the next 18 to 24 months.

截至三月底，我們的交易調整後淨槓桿為2.75倍。我們預計，到明年，這一比例將接近我們在報告中提出的目標範圍的高端。就資本配置而言，我們計劃在未來 18 到 24 個月內專注於去槓桿。

We estimate that the net proceeds from pending divestitures and assets held for sales following the close of the pending Chambers deal should be between $250 million and $275 million, which would contribute a meaningful amount to paying down debt at the appropriate pace. In closing, thank you again to all our team members for your efforts and resiliency. This concludes our remarks. We will now turn the call over to the operator and take your questions. Operator?

我們估計，在錢伯斯交易完成後，待定資產剝離和持有待售資產的淨收益應在 2.5 億美元至 2.75 億美元之間，這將為以適當的速度償還債務做出重大貢獻。最後，再次感謝我們所有團隊成員的努力和堅韌。我們的發言到此結束。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)

（操作員指示）

Jeff Lick, Stephens.

傑夫利克、史蒂芬斯。

Congrats on a nice quarter. Thanks for taking my question. And as it relates to TCA on slide 18, you guys highlighted a $0.74 benefit in 1Q and then you know you have a $0.30 benefit for the rest of the year. Is that simply implying that it's going to be a $0.44 cost the rest of the year? And then also building on slide 18 you highlighted that you know 2025 to 2029 were under review, could you maybe highlight how tariffs will affect the TCA business as well?

恭喜本季取得良好業績。感謝您回答我的問題。正如第 18 張投影片中關於 TCA 的內容所述，你們強調了第一季的 0.74 美元收益，然後你們知道今年剩餘時間的收益為 0.30 美元。這是否僅僅意味著今年剩餘時間的成本將是 0.44 美元？然後，在第 18 張投影片上，您強調說，您知道 2025 年至 2029 年正在審查中，您能否強調一下關稅將如何影響 TCA 業務？

Jeff, this is Michael. Yeah, with tariffs, if it results in a decrease in the volume that would slow down the deferral impact and so you'd have less of the deferral impact in '25 and push off that deferral impact in the future years and so it's really, what that does to the SAAR level. And if you know SAAR ends up in the 15 million range and that's going to be a less of the deferral impact for '25. But probably more of a deferral impact in '26 and '27, so just kind of slides it over a year, depending on the impact on volumes.

傑夫，這是麥可。是的，如果關稅導致貿易量減少，那麼遞延影響就會減緩，因此 25 年的遞延影響就會減少，並且會將遞延影響推遲到未來幾年，所以這實際上就是對 SAAR 水準的影響。如果您知道 SAAR 最終在 1500 萬的範圍內，那麼對於 25 年來說，延期的影響就會較小。但可能更多的是 26 年和 27 年的延期影響，因此只是在一年內滑動，這取決於對數量的影響。

Got it. And just a quick follow-up on Tekion, you mentioned, you're rolling out stuff to Koons now, you guys have talked about the SG&A opportunity longer term. I'm just curious in the short term, how is the integration going and maybe if you could remind us just, big picture, how this is going to manifest itself into, substantial SG&A savings. I think you guys even highlighted that you could get into the 50s.

知道了。關於 Tekion 的快速跟進，您提到，您現在正在向 Koons 推出產品，您已經討論了長期的銷售、一般和行政費用 (SG&A) 機會。我只是好奇，在短期內，整合進展如何，也許您能提醒我們一下，從總體上看，這將如何體現為可觀的銷售、一般和行政費用的節省。我認為你們甚至強調你們可以進入 50 年代。

Yeah, Jeff, this is David. The rollout's going extremely well, and it continues to progress, and our hope at this point is to have all stores converted by the end of 26, beginning of '27.

是的，傑夫，這是大衛。推廣工作進展非常順利，而且還在繼續推進，我們目前的希望是，所有商店能夠在 2026 年底、2027 年初完成轉換。

We still have some pending litigation we have to deal with, with CDK, but we're optimistic. The savings for us is certainly going to be a material number to us. It's on a twofold basis. We're basically unplugging two-thirds of the software applications that we have currently in CDK that we will no longer have to pay. And then with each application that we have in CDK, we have to pay a fee for integration on a monthly basis, so those fees go away as well.

我們還有一些與 CDK 有關的未決訴訟需要處理，但我們對此持樂觀態度。對我們來說，節省下來的錢肯定是一個可觀的數字。這是雙重的。我們基本上會移除目前 CDK 中三分之二的不再需要付費的軟體應用程式。然後，對於我們在 CDK 中的每個應用程序，我們都必須按月支付整合費用，因此這些費用也會消失。

So there's a benefit on overall expense savings there on the flip side, we see the benefits on the productivity. If our productivity increases per employee like we anticipate what we're seeing early on, that lowers our personnel cost as well.

因此，從另一方面來說，這對整體費用節省是有好處的，我們也看到了對生產力的益處。如果我們每位員工的生產效率像我們早期預期的那樣提高，那麼我們的人員成本也會降低。

Great, I'll pass it along and congrats again.

太好了，我會傳達的，再次祝賀。

Rajat Gupta, J.P. Morgan.

摩根大通的 Rajat Gupta。

Great, thanks for taking the question. I just had one question on just, overall, gross profit performance. I mean if you look at the unit performance and the same store service performance, it seems a little bit below, than some of the peers that are reported. I was curious if there's anything you can point to either in terms of, regional differences. I know you have a lot of exposure in the DC area, maybe that caused an outsized headwind.

太好了，謝謝你回答這個問題。我只有一個問題，關於整體毛利表現。我的意思是，如果你看一下單位業績和同店服務業績，它似乎比報告的一些同行略低一些。我很好奇您是否可以指出任何與地區差異有關的事情。我知道您在華盛頓特區有很多曝光機會，也許這給您帶來了巨大的阻力。

Any way you can unpack, what might be causing that divergence, if any, in your opinion, and have a quick follow-up. Thanks.

無論如何，您認為造成這種分歧的原因是什麼（如果有的話），請解釋一下，並進行快速跟進。謝謝。

Rajat. This is David. It was a lot went on in the quarter. It started off January a little bit soft for us. We had a lot of weather issues and a lot of our markets, and we pull out Sundays and we look at the quarter, we generate around $50 million of revenue a day. And that kind of ties into the days we lost with weather as far as where we're off there.

拉賈特。這是大衛。本季發生了很多事情。一月初我們的情況有點不好。我們遇到了很多天氣問題，很多市場也受到影響，我們把周日也算上，看看這個季度，我們每天的收入約為 5000 萬美元。這和我們在那裡因天氣原因而損失的日子有關。

As we started to progress into the quarter and things were heating up on the tariffs, my message to the operators was don't chase volume. We can't replace the cars that we have - focus on gross profit. Don't get caught up in volume. I think when you look at growth quarter over quarter, you can't just get caught in the concept of how much someone's up, but what are the dynamics within the quarter and how do we maximize our returns?

隨著我們開始進入本季度，並且關稅問題也開始升溫，我向運營商傳達的信息是不要追求數量。我們無法更換現有的汽車——我們只關注毛利。不要被音量所困擾。我認為，當你觀察季度環比成長時，你不能只專注於某人成長了多少，還要關注季度內的動態是什麼，以及我們如何最大化回報？

And I think at the end of the day we're here to maximize our returns, which I think we did again, by so far having the highest operating margin and the lowest SG&A.

我認為，最終我們的目的是實現收益最大化，而且我認為我們再次實現了這一點，因為我們迄今為止擁有最高的營業利潤率和最低的銷售、一般和行政費用。

Were there any regions that saw maybe some outsized weakness, relatively within, your store group?

在您的門市集團內，是否有任何地區出現了相對較大的疲軟？

The only reason, as you would expect, the DC market, that area around DC and Baltimore, we saw some, weakness there just with the uncertainties around the government jobs. So that's the one market that kind of stood out as a tough market. Other than the ones that David mentioned in terms of, weather impact we had, weather impact across a lot of our stores.

唯一的原因是，正如您所預料的，我們看到華盛頓特區市場，即華盛頓特區和巴爾的摩週邊地區存在一些疲軟，原因是政府就業存在不確定性。所以這是一個顯得十分艱難的市場。除了大衛提到的天氣影響之外，我們的許多商店也受到了天氣影響。

We had in Georgia, the Carolinas, Indiana, St. Louis, Northern Florida. Unfortunately, we just got hit hard compared to year over year, and Koons probably took the biggest hit.

我們在喬治亞州、卡羅來納州、印第安納州、聖路易斯、佛羅裡達州北部都有活動。不幸的是，與去年同期相比，我們受到了沉重的打擊，而昆斯可能受到的打擊最大。

Got it. That's helpful. And then just one question on Herb Chambers. I know like in the past when there was a lot of uncertainty, during the pandemic years, you had exercised the option to, walk away from the Park Place deal and then you're again renegotiated, are those terms and agreements still in place even for Herb Chambers, in case, the macro got worse due to the tariff backdrop? Just curious how you'd approach it in that backdrop and what the breakup fee would be like for Asbury? Thanks.

知道了。這很有幫助。然後我只想問一個關於 Herb Chambers 的問題。我知道，就像過去有很多不確定性的時候一樣，在疫情期間，您曾選擇放棄 Park Place 交易，然後又重新進行談判，這些條款和協議是否仍然有效，即使對於 Herb Chambers 來說，如果宏觀經濟因關稅背景而變得更糟？只是好奇在這樣的背景下你會如何處理這件事，以及阿斯伯里的分手費是多少？謝謝。

Sure, the asset purchase agreement we have doesn't have a breakup fee for us. It does for the seller. We do have a MAC in the contract. Based on current market conditions, we don't see any reason to not move forward with the deal, and there's nothing in the contract that would allow us to get out at this point, but we don't have interest in getting out at this point in the contract, and the group is performing extremely well in the first half of the year. Like most, we're hoping the next couple months create a lot of clarity with the tariffs.

當然，我們的資產購買協議中沒有分手費。對於賣家來說確實如此。我們的合約中確實有MAC。根據目前的市場狀況，我們認為沒有理由不推進這筆交易，而且合約中也沒有任何條款允許我們在這個階段退出，但我們對在這個階段退出合約不感興趣，而且該集團在今年上半年的表現非常好。與大多數人一樣，我們希望未來幾個月關稅問題能更加明朗。

But as we said in our statements, 56% of our products that we're selling is US-based and not involved in the tariffs, plus our parts and service business and our TCA business. We think we're in a good position. We also think long term as we should be thinking for our shareholders, this is a really great asset in a part of the country we've been trying to get into for a while, and we believe the luxury mix and their brand recognition and name in the market is certainly the dominant player in that area.

但正如我們在聲明中所說，我們銷售的 56% 的產品來自美國，不涉及關稅，另外還有我們的零件和服務業務以及 TCA 業務。我們認為我們處於有利地位。我們也進行長遠考慮，因為我們應該為股東著想，這是我們一直試圖進入的地區一筆非常寶貴的資產，我們相信，他們的奢侈品組合以及品牌認知度和市場名稱肯定是該地區的主導者。

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

明白了。這非常清楚。感謝所有的色彩並祝你好運。

John Murphy, Bank of America.

美國銀行的約翰‧墨菲。

Good morning, guys. Just three quick ones. David, first on front-end, gross is $4,852 is a really good number. I mean, people are looking at the year over year decline and looking at some of the components, but I think, last year, as you kind of average out the year, you ran it $4,880. So the year-over-year declines are slowing.

大家早安。只需簡單三句。大衛，首先從前端來看，毛收入 4,852 美元是一個非常好的數字。我的意思是，人們正在關注逐年下降的情況，並關注其中的一些因素，但我認為，去年，按年平均計算，其收入為 4,880 美元。因此同比下降趨勢正在放緩。

You're kind of reaching what appears maybe sort of an asymptotic limit. On the downside, how do you think about that front-end yield or that front-end gross, going forward? I mean, there's a lot of moving parts in it, but it seems like we're kind of, getting close to a floor here.

您可能已經達到了某種漸近極限。不利的一面是，您如何看待未來的前端報酬率或前端毛利率？我的意思是，這其中有很多活動部件，但看起來我們已經接近底部了。

John, I'll take a shot at it and hopefully at some point every time I repeat this it'll get some credibility in the street. We're a different company today than we were, pre-COVID. Our store balance mix is different. It shows that our acquisitions prior to COVID were accretive as far as GPUs go to what the legacy Asbury was, and I think you're seeing that in the numbers. The other comment that I would make, and Dan can follow this up if he wants, was my comment to Rajat.

約翰，我會嘗試一下，希望每次我重複這個動作時，它都能在街頭獲得一些信譽。如今，我們是一家與新冠疫情之前不同的公司。我們的商店平衡組合是不同的。這表明，就 GPU 而言，我們在 COVID 之前的收購對 Asbury 的傳統產生了增值作用，我想您可以從數字中看到這一點。我要提出的另一條評論是我對 Rajat 的評論，如果 Dan 願意的話，他可以跟進。

I don't think necessarily highest year over year increases in certain areas necessarily project a winner. I think it's based upon the market conditions, and the market conditions were such in Q1 where we had beyond weather issues.

我認為，某些領域的年成長率最高並不一定意味著會成為贏家。我認為這取決於市場狀況，而第一季的市場狀況不僅僅是天氣問題。

You could see the winds coming with the tariffs, and to us the inventory we had on the ground, couldn't be replaced at the same dollar value in general thinking, so why would we give the cars away? We should focus on gross profit and not chase volume, and that's what we chose to do. It's certainly debatable, but that's what we chose to do.

你可以看到關稅帶來的不利影響，而對於我們來說，我們在地面上的庫存，一般來說無法以相同的美元價值進行替換，那麼我們為什麼要把汽車贈送出去呢？我們應該關注毛利而不是追求數量，這就是我們選擇做的事情。這當然是有爭議的，但這就是我們的選擇。

The weather days, as I said earlier, tied into the revenue miss that we think we had, and we feel really comfortable with the stability that we had, and I think that Dan's comment is really relevant when you look at customer pay and warranty combined at 9%. That's a pretty strong number coming through the weather issues and the delays we had within Q1.

正如我之前所說，天氣因素與我們認為的收入損失有關，我們對所擁有的穩定性感到非常滿意，我認為，當你看到客戶支付和保固加起來達到 9% 時，丹的評論確實很有意義。儘管第一季遇到了天氣問題和延誤，但這個數字仍然相當強勁。

Okay, and then just a second one on parts and service. I mean, I guess you're talking about this on the weather, etc., that you know to press the quarter, but I mean, there's no change really in in your view that you should be doing mid to high single digits on the same store basis.

好的，接下來是關於零件和服務的第二個問題。我的意思是，我猜你談論的是天氣等因素，你知道要按季度進行銷售，但我的意思是，你認為在同一家商店的基礎上應該實現中高個位數的銷售增長，這一點實際上沒有任何變化。

I'm just curious if there's any change there. I know you're seeing the consumer, kind of getting freaked out and maybe buying ahead on vehicles, but maybe on service work hitting the hitting the pause button and we're seeing some deferred maintenance potentially build up with a slightly slower same store sales on parts and service.

我只是好奇那裡是否有任何變化。我知道您看到消費者有點驚慌失措，可能會提前購買車輛，但也許在服務工作上按下暫停鍵，我們看到一些延期維護可能會累積，導致零件和服務的同店銷售略有放緩。

Hi, John, good morning. This is Dan. No, our thought process is still the same. We're not changing our outlook of fixed operations mid-single digit growth. As far as the second question of our foreseeing any slowdown or pushing back, service work because of tariffs, I would say, we've seen a little bit of the opposite where customers are calling in and getting more information as to what the true impact is of the parts, the cost of the parts to repair future services.

嗨，約翰，早安。這是丹。不，我們的思考過程還是一樣的。我們不會改變固定業務中個位數成長的前景。至於第二個問題，即我們預見到關稅會導致服務工作放緩或推遲，我想說，我們看到的情況正好相反，客戶打電話來獲取更多信息，了解零件的真正影響，以及未來維修服務的零件成本。

And we share with them that this is something that the OEMs are slow cautiously watching and we only share the information that we have with them, but in some cases some of these guests have decided to move their services up front rather than delay it in hopes that if the tariff does impact parts in a negative way that they have already serviced their car at least for the short term.

我們告訴他們，這是原始設備製造商正在謹慎觀察的事情，我們只與他們分享我們掌握的信息，但在某些情況下，一些客人決定提前提供服務，而不是推遲，希望如果關稅確實對零件產生負面影響，那麼他們至少在短期內已經為他們的汽車提供了服務。

And John, I would add, as I said in my statement that base of 54 stores that we still own in '24, to go, from 122 million to 240 million with essentially flat volume because, SAAR went up and down during that period. But when you snapshot '14 against '24, to grow $100 million in 54 stores with essentially flat volume shows our growth within the market and stays consistent.

約翰，我想補充一點，正如我在聲明中所說，24 年我們仍擁有的 54 家門市數量將從 1.22 億增加到 2.4 億，銷量基本持平，因為 SAAR 在此期間有漲有跌。但是，當你將 2014 年與 2024 年進行比較時，54 家門市的銷售額成長了 1 億美元，而銷量基本上持平，這表明我們在市場中實現了成長，並且保持了穩定。

And the other thing that I think it's really important to refer to is slide 15 on our IR deck where it shows the average miles through the shop at over 71,000, approaching 72,000. And we have some stores over 90,000, but the average is over 71,000.

我認為另一件非常重要的事情是參考我們的 IR 幻燈片上的第 15 張幻燈片，其中顯示通過該車間的平均里程超過 71,000 英里，接近 72,000 英里。我們有一些商店超過 90,000 家，但平均數量超過 71,000 家。

That's pretty strong, and it shows tremendous growth there. So that also insinuates, supposedly the franchise dealer loses the customer after warranty. Well, this is well after warranty, and it shows we're retaining it and we keep getting it. It's not coming in huge chunks at once, but it's slow steady growth, which we think is smart because we want to retain the customers as well. So we're very focused on that.

這是相當強勁的，並且顯示出巨大的增長。這也暗示特許經銷商在保固期過後會失去客戶。嗯，這已經遠遠超出了保固期，這表明我們保留了它並且繼續得到它。它不會一次實現巨大的成長，而是緩慢而穩定的成長，我們認為這是明智的，因為我們也想留住客戶。所以我們非常關注這一點。

And as I've said in prior calls, in my opinion between now and ‘30, between the EVs and all the other things going on in the marketplace right now and technology changing, we think we're in an opportunity over the next several years to grow revenue because cost of ownership is going to go up and the service expenses are going to go up as well.

正如我在之前的電話會議中所說的那樣，我認為從現在到 2030 年，在電動車和目前市場上所有其他事物以及技術變革之間，我們認為我們在未來幾年內有機會增加收入，因為擁有成本將會上升，服務費用也會上升。

The cost for ownership is going to go up. We see this as favorable for us and with technology the way it is, we think it makes it tougher for the independents and we see it as an opportunity for the franchise model to continue to thrive and grow.

擁有成本將會上升。我們認為這對我們有利，而且考慮到技術的發展，我們認為這會使獨立經營者面臨更大的困難，我們認為這是特許經營模式繼續蓬勃發展和成長的機會。

I completely agree. Just one last one, David, on Tekion, I think a lot of folks tend to focus on the cost side of the equation, but is that system is, integrated, are there other, revenue opportunities as folks become more efficient? Do you -- how do you think about it sort of on the sort of the top line potential benefit as opposed to just the cost side?

我完全同意。最後一個問題，David，關於 Tekion，我認為很多人傾向於關注成本方面，但是係統是否集成，隨著人們效率的提高，是否還有其他收入機會？您如何看待它帶來的潛在收益而非成本方面的利益？

Sure, John, I, I'll take a stab at it and please follow-up if it doesn't make sense what I'm saying. One of the main elements that we did when we designed our software with Tekion was a one customer profile.

當然，約翰，我會嘗試一下，如果我說的話沒有意義，請跟進。當我們與 Tekion 一起設計軟體時，我們所做的主要元素之一就是一個客戶資料。

So basically, right now in Atlanta with the stores that we have, if you do business in one store and your wife does business in another store, the two stores can't see that. With our one customer profile, all stores see that customer and the family and what goes on, so it allows us to better communicate. It's also a one CRM for all departments. Usually CRMs are just for a sales department.

所以基本上，目前我們在亞特蘭大擁有的商店，如果你在一家商店做生意，而你的妻子在另一家商店做生意，這兩家商店都看不到這一點。透過我們的一個客戶檔案，所有商店都可以看到該客戶及其家人以及發生的事情，因此我們可以更好地溝通。它也是所有部門的統一 CRM。通常 CRM 僅適用於銷售部門。

They have a CRM for sales, service, parts, collision. So it allows us better connectivity, better communication, more efficient marketing, and communication to that consumer as well. So we see an opportunity with efficiencies and costs for marketing. We see obviously lower cost with the software.

他們有針對銷售、服務、零件、碰撞的 CRM。因此，它使我們能夠更好地連接、更好地溝通、更有效率地行銷以及與消費者進行溝通。因此，我們看到了提高行銷效率和降低行銷成本的機會。我們發現該軟體的成本明顯降低。

But to your point, as technology continues to advance, our production per employee or on the sales side, sales units per salesperson, we expect to see it go up over time fairly materially, which is going to save us on the expense line and we're also starting to see it on the productivity per service advisor as well.

但正如您所說，隨著技術的不斷進步，我們預計每位員工的產量，或者在銷售方面，每位銷售人員的銷售單位，將隨著時間的推移而大幅上升，這將節省我們的開支，我們也開始看到每位服務顧問的生產力也在提高。

As the technicians get more comfortable with videos and technology that they have and how seamless it's integrated into Tekion, it just makes it a lot easier. It also allows the consumer at the same time, instead of just getting a text message to see how their car did on an MPI, they're getting to see all the documents and create their own library. So the transparency and communication we think is going to build trust, which is going to allow us to capture more business within the markets we compete in.

隨著技術人員對他們所擁有的視訊和技術越來越熟悉，以及它們與 Tekion 的無縫集成，工作變得更加容易。它還允許消費者同時查看所有文件並創建自己的庫，而不僅僅是透過簡訊來了解他們的汽車在 MPI 上的表現。因此，我們認為透明度和溝通將建立信任，這將使我們能夠在競爭的市場中獲得更多業務。

Super helpful, thank you very much.

非常有幫助，非常感謝。

Ryan Sigdahl, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的瑞安‧西格達爾 (Ryan Sigdahl)。

Hey, thanks. This is Matthew Raab on for Ryan. I believe it was mentioned, there's risk to a slightly higher SG&A profile if the tariffs persist. What sort of guard rails would you provide to us knowing what you know today about the tariff situation? I think last quarter you called out kind of a mid-60% range for 2025, any puts/takes there would be helpful. Thanks.

嘿，謝謝。我是馬修·拉布 (Matthew Raab)，代替瑞安 (Ryan) 發言。我相信有人提到，如果關稅持續存在，銷售、一般和行政費用 (SG&A) 比率可能會略有上升。根據您目前對關稅情況的了解，您會為我們提供什麼樣的保護措施？我認為上個季度您預測的 2025 年成長率將在 60% 左右，任何看跌/看漲預測都會有所幫助。謝謝。

Yeah, it'd be slightly higher than that, so call it mid to high 60s if that's assuming that you had a big fall off on volume, and so we'll be able to control the cost, a lot of our costs are variable and compensation related or advertising related. And so we're able to pull the leverage pretty quick to get the cost out, but if you saw a meaningful drop off, in the sales volume, you'd see a little bit of an uptick on the SG&A side.

是的，會稍微高一點，如果假設銷量大幅下降，那麼就稱之為 60 年代中後期，這樣我們就能控製成本，我們的很多成本都是可變的，與補償或廣告有關。因此，我們能夠很快地利用槓桿來降低成本，但如果你看到銷售量大幅下降，你會發現銷售、一般和行政費用 (SG&A) 方面會略有上升。

And just as a follow-up, if the volume goes down, we contract the headcount and generally speaking, over the last few decades in the franchise model when volume decreases, usually margins sustain or grow.

作為後續措施，如果銷售量下降，我們就會縮減員工人數。一般來說，在過去幾十年的特許經營模式中，當銷售下降時，利潤率通常會維持或成長。

That's great, thank you very much.

太好了，非常感謝。

(Operator Instructions)

（操作員指示）

David Whiston, Morningstar.

晨星公司的戴維‧惠斯頓。

Going back to Tekion, David, you said that personnel costs are going down with the pilot, and so once you roll that out everywhere, does that mean that these personnel costs be more from you at that point headcount reductions could be done, or do you mean that that there would be less replacement hiring?

回到 Tekion，David，您說試行後人員成本會下降，所以一旦你們在各地推廣這一計劃，這是否意味著到那時你們的人員成本會更高，從而可以進行裁員，還是說替代招聘的人數會減少？

Yeah, David, let me clarify that. Headcount has not gone down today, like anything else, you get better with practice with software and you become more efficient with it over time, compared to the software in the stores we had before and what we have with Tekion, it's kind of like going from a car to a Ferrari, a traditional car, so it takes a while to get used to it.

是的，大衛，讓我澄清一下。如今，員工人數沒有減少，就像其他任何事情一樣，隨著時間的推移，你會更好地使用軟體，並且會變得更有效率，與我們以前在商店中使用的軟體以及我們擁有的 Tekion 軟體相比，這有點像從汽車換到法拉利，一輛傳統汽車，所以需要一段時間來適應它。

We're confident that over time headcounts will come down because we will be more productive, but it's also part of our vision of being a flatter organization and offering our better guest experience. Time and efficiency is what matters to our guests, and we think this software along with future training and efficiencies will certainly get us there.

我們相信，隨著時間的推移，員工人數將會減少，因為我們會更有效率，但這也是我們成為一個扁平化組織並提供更好的客戶體驗的願景的一部分。時間和效率對我們的客人來說很重要，我們相信這款軟體以及未來的培訓和效率肯定能幫助我們實現這一目標。

We also think when the headcount comes down, our income per employee will go up, which is going to allow us to garner a higher quality employee to service our guests. Our focus is that, I mean at the end of the day we gain or grow a business based on the level of service we offer.

我們也認為，當員工人數減少時，每位員工的收入將會上升，這將使我們能夠獲得更高品質的員工來為我們的客人服務。我們的重點是，最終我們會根據我們提供的服務水準獲得或發展業務。

And on tariffs, likely there'll be some type of price increases eventually. Do you think that the automakers would be more likely to first try and cut incentives, try and do it in an indirect way, or do you think they'll just be more blunt and just do an increase and try and get it over with?

至於關稅，最終可能會出現某種形式的價格上漲。您是否認為汽車製造商更有可能首先嘗試削減激勵措施，嘗試以間接的方式做到這一點，或者您認為他們會更直截了當地增加激勵措施並試圖解決這個問題？

Yeah, I wish I knew the answer to that. I would tell you it's going to vary dramatically by brand, and let's face it, I mean, the demand from the consumer is going to dictate what the threshold is for price increases. If you have a product pre-tariff that has a high day supply and a low turn, that's not a car that can absorb a price increase. I would assume the first lever would be to back off on incentives.

是的，我希望知道答案。我想告訴你，不同品牌的價格會有很大差異，讓我們面對現實吧，我的意思是，消費者的需求將決定價格上漲的門檻。如果您的產品在關稅前供應量高但周轉率低，那麼產品就無法負擔價格上漲。我認為第一個手段就是減少激勵措施。

Some have already done that, some have not. I think it's really too early to tell, and everyone's trying to navigate what the future holds. I think the other thing is whatever sticks at the end of the day, all of us will be able to create our plans and move forward, which we're excited to get to that point.

有些人已經這樣做了，有些人還沒有。我認為現在下結論還為時過早，每個人都在努力預測未來會發生什麼。我認為另一件事是，無論最終結果如何，我們所有人都將能夠制定計劃並繼續前進，我們很高興能夠達到這一點。

But it also could fluctuate what models you see coming to the US and what kind of supply and if any models get eliminated along the way. Again, I wish I had more insight, but I think it's a little bit early to figure out where it's going to settle.

但它也可能影響進入美國的車型、供應類型以及是否有任何車型在途中被淘汰。再次，我希望我有更多的見解，但我認為現在弄清楚它將在哪裡解決還為時過早。

And on that point of uncertainty, which I totally understand, I'm going to ask you another one that's tough to say, but do you think a lot of March was more pull forward or a lot of pent up demand?

關於這個不確定性，我完全理解，我想問您另一個很難回答的問題，您認為 3 月份的大部分需求是提前釋放的，還是被壓抑的需求？

Yeah, David, and I heard our peers, from our standpoint, March was kind of pacing along like a traditional March for us. It wasn't until the last 7 to 10 days of the month that it started to go on a little bit higher trajectory.

是的，大衛，我和我們的同行聽到了，從我們的角度來看，三月對我們來說就像傳統的三月一樣。直到本月最後 7 到 10 天，它才開始走上略高的軌跡。

Again, I can't stress it enough. We really started focusing on in the middle of the quarter, don't chase volume. Let's focus on margin, hold off, you can't replace that car. So right or wrong, our focus was on generating gross, I mean per transaction and less on volume, but there was a slight uptick towards the end of the quarter. I wouldn't say there was any uptick in parts and service, but we certainly did see it on the sales side slightly.

再次強調，我再怎麼強調也不為過。我們確實開始關注本季中期，而不是追求數量。讓我們專注於利潤，等等，你無法更換那輛車。所以無論對錯，我們的重點是創造毛利，我的意思是每筆交易的毛利，而不是交易量，但在本季末出現了小幅上升。我不會說零件和服務有任何上漲，但我們確實在銷售方面看到了一點上漲。

Thanks, guys.

謝謝大家。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Hey, good morning guys. On the parts and service, could you give us maybe you said it and I missed it, but what was the contribution from price versus car count? And I guess as you think about the year shaking out, how do you see price contributing to that mid-single digit growth in parts and service?

嘿，大家早安。關於零件和服務，您能否告訴我們，也許您說過而我遺漏了，但價格與汽車數量的貢獻是什麼？我想，當您思考今年的情況時，您認為價格對零件和服務的中位數個位數成長有何貢獻？

Brett, I'm sorry, I missed the question. Can you please repeat it?

布雷特，很抱歉，我沒聽清楚問題。你能再說一次嗎？

Yeah, in the parts and service, what was price versus car count in a ticket versus traffic and I guess in your outlook for the year, where do you see price contributing to the mid-single digit growth?

是的，在零件和服務方面，價格與罰單中的汽車數量以及交通量之間的關係如何？我想，在您對今年的展望中，您認為價格對中位數個位數成長的貢獻是什麼？

This is David, Brett. I would tell you because of the weather impacts, the traffic count was slightly above in what we've been trending the last couple quarters has been the revenue or dollar increases. Part of it you can kind of see in our brand mix of what we have and what we're generating per transaction, but it's generally dollar increases more than traffic increases.

這是大衛，布雷特。我想告訴你，由於天氣的影響，客流量略高於我們過去幾季的趨勢，也就是收入或美元的成長。您可以從我們的品牌組合中看到我們擁有的產品和每筆交易產生的收益，但一般來說，美元的成長幅度大於流量的成長幅度。

We anticipate in the future quarters, meaning the spring and summer, not to have weather related issues and that car count to increase, but what you saw in the quarter was mainly dollar increase.

我們預計未來幾個季度，也就是春季和夏季，不會出現與天氣相關的問題，汽車數量也會增加，但您在本季度看到的主要是美元的增長。

And then a question on luxury. It seems like a couple of the German brands are holding product free tariff at the import.

然後是關於奢侈品的問題。似乎有幾個德國品牌在進口時都享有產品免關稅。

Do you see any sort of short term issue on supply? It sounds like maybe Porsche, Audi have enough to get through May, but is what you hear from the OEs, will they probably keep the inventory flowing, or is there a risk that we're going to stock out in some of the German luxury brands?

您是否發現供應有任何短期問題？聽起來保時捷、奧迪可能有足夠的庫存度過五月份，但您從原始設備製造商那裡聽到的消息是，他們可能會保持庫存流動嗎，還是我們可能會面臨一些德國豪華品牌缺貨的風險？

Yeah, and then kind of the comment earlier about us not chasing volume, you can't replace it. We -- when the brands announced Porsche, Audi, and Land Rover, kind of announced that they were holding off shipments coming to the US, generally they had between a 45 and 60 day supply of vehicles currently in the United States.

是的，就像之前說的我們不追求數量一樣，你無法取代它。當保時捷、奧迪和路虎等品牌宣布暫停向美國出貨時，他們目前在美國的車輛供應量一般為 45 至 60 天。

So that gave them, this is my thought, not theirs, they don't share it, but, it gave them inventory on the ground that was not tariffed, and if they brought shipments in early, meaning continued the shipments, they were going to have that heavy tariff.

所以這給了他們，這是我的想法，不是他們的想法，他們不認同，但是，這給了他們沒有被徵收關稅的地面庫存，如果他們提前發貨，也就是繼續發貨，他們就會面臨高額關稅。

And if for some reason things got worked out in 45, 60 days later, they would have had that product on the ground at a much higher tariff rate potentially. So I'm assuming it was a little bit strategic to say let's take a breath. We have enough product in the United States.

如果由於某種原因，事情在 45 到 60 天後得到解決，那麼他們可能會以更高的關稅稅率向中國出口該產品。所以我認為說「讓我們喘口氣」是有點策略性的。我們在美國有足夠的產品。

Let's see where the dust settles, decide what we're going to do. To your point, we are certainly getting down a lower days supply than we would like to be at, and we're looking forward to those shipments to continue. But not inside knowledge from an OEM perspective, just an opinion from sitting on the sidelines watching it.

讓我們看看塵埃落定後，再決定我們要做什麼。正如您所說，我們現在的供應量確實比我們希望的要低，我們期待這些貨物能夠繼續供應。但這並不是從 OEM 角度獲得的內部訊息，而只是站在場外觀察的一種看法。

Okay great. Thank you.

好的，太好了。謝謝。

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

目前沒有其他問題。現在我想把發言權交還給戴維·赫爾特，請他發表最後評論。

Thank you very much. This concludes our call today. We appreciate you all participating and we look forward to discussing our performance in the next quarter. Have a great day.

非常感謝。今天的通話到此結束。我們感謝大家的參與，並期待討論下一季的表現。祝你有美好的一天。

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。現在您可以斷開線路。感謝您的參與。