Asbury Automotive Group Inc (ABG) 2025 Q2 法說會逐字稿

Greetings. Welcome to Asbury Automotive Group's second quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now a pleasure to introduce Chris Reeves, Vice President of Finance and Investor Relations. Thank you.

大家好！歡迎參加 Asbury Automotive Group 2025 年第二季財報電話會議。 （操作員指示）溫馨提示：本次會議正在錄製中。現在，我們很榮幸地介紹財務和投資者關係副總裁 Chris Reeves。謝謝。

You may begin.

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 Second Quarter 2025 Earnings Call. The press release detailing Asbury's second quarter results was issued earlier this morning and is posted on our website at investors.asburyauto.com. Participating with me today are David Hult, our President and Chief Executive Officer; Dan Clara, our Chief Operating Officer; and Michael Welch, our Senior Vice President and Chief Financial Officer.

謝謝接線員，早安。如前所述，今天的電話會議已被錄音，將於今天下午晚些時候提供重播。歡迎參加Asbury汽車集團2025年第二季財報電話會議。 Asbury第二季業績的新聞稿已於今天上午發布，並已發佈在我們的網站investors.asburyauto.com上。今天與我一起參加電話會議的有：我們的總裁兼執行長David Hult；我們的營運長Dan Clara；以及我們的資深副總裁兼財務長Michael Welch。

At the conclusion of our remarks, we will open up the call for questions and will be available later for any follow-up questions.

在我們的演講結束時，我們將開放提問環節，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, forecasts and current expectations, each of which are subject to significant uncertainties. 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, and 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. In addition, certain non-GAAP financial measures as defined under SEC rules may be discussed on this call.

在開始之前，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。前瞻性陳述是指除歷史性陳述以外的其他陳述，其中可能包括財務預測、預報和當前預期，而這些預測和預期均存在重大不確定性。有關可能導致實際結果與這些陳述存在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 (SEC) 提交的文件，包括截至 2024 年 12 月 31 日的 10-K 表格、後續提交的任何 10-Q 表格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。此外，本次電話會議可能會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。

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

根據美國證券交易委員會 (SEC) 的相關規定，我們會在網站上提供所有此類非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表。除非另有說明，否則將按同比進行比較。我們也在網站 investors.aburyauto.com 上發布了最新的投資者簡報，重點介紹了我們第二季的業績。現在，我很高興將電話會議交給我們的執行長 David Hult。 David？

Thank you, Chris, and good morning, everyone. Welcome to our second quarter earnings call. This is an exciting time for Asbury. And I want to begin my remarks by thanking our team members who make it all possible through their hard work and approach to execution that has helped us consistently lead the pack in operating efficiency. I would also like to formally welcome the more than 2,000 team members from Herb chambers.

謝謝克里斯，大家早安！歡迎參加我們第二季的財報電話會議。這對Asbury來說是一個激動人心的時刻。首先，我想感謝我們的團隊成員，他們的辛勤工作和執行力使我們的業績得以實現，並幫助我們在營運效率方面始終保持領先地位。我也要正式歡迎來自Herb Chambers的2,000多位團隊成員。

And finally, I want to personally thank (inaudible) Chambers for the opportunity to be a steward of his business. We look forward to a bright future together and we're eager to partner with the Herb Chambers team members to continue growing our presence in the New England market with a high level of service you have been delivering for 40 years. Shifting to our operational performance. We continue to see strong demand in the second quarter as consumers weighed the decision to buy ahead of potentially higher prices from an ever-changing tariff landscape. But we did see the AR decline as the quarter went on.

最後，我要親自感謝錢伯斯（聽不清楚）給我機會管理他的公司。我們期待共同擁有美好的未來，並渴望與赫伯·錢伯斯團隊成員合作，繼續擴大我們在新英格蘭市場的影響力，延續你們40年來提供的高水準服務。接下來談談我們的營運績效。由於消費者在不斷變化的關稅格局下，在價格上漲之前權衡購買決策，我們在第二季度繼續看到強勁的需求。但隨著季度的推進，我們確實看到了應收帳款（AR）的下降。

We believe the outlook for the second half of the year will be heavily dependent on how various tariff decisions make their way to consumer level pricing. While new vehicle GPUs have been resilient year-to-date, we still see those metrics trending back towards the $2,500 to $3,000 range over time with optimism that we end up more towards that 3,000 level. Used vehicle profitability has remained strong, supported by a constrained supply environment. Based on the limited pool of used vehicles, we have chosen to focus on gross profit. but we'll continually evaluate that approach based on how the used vehicle market evolves.

我們認為，下半年的前景將在很大程度上取決於各種關稅決定如何影響消費者層面的定價。儘管今年迄今新車平均售價 (GPU) 表現堅挺，但我們仍預計這些指標將隨著時間的推移回落至 2,500 美元至 3,000 美元的區間，並樂觀地認為最終價格將接近 3,000 美元。在供應受限的環境下，二手車獲利能力依然強勁。鑑於二手車數量有限，我們選擇專注於毛利，但我們將根據二手車市場的發展持續評估此策略。

Our parts and service business continued to deliver stable, consistent growth with same-store gross profit up 7% for the quarter. We are continuing to invest in tools and technology that will enable our fixed operations business to operate more efficiently and deliver an even better guest experience. Our transition to Tekion is part of that investment, and we are happy to report that our Koons stores are now 100% converted to the new DMS. As I mentioned at the start of the call, it's been an exciting but busy time for Asbury. Our near-term focus will be ensuring all of our critical initiatives are executed at the highest level possible.

我們的零件和服務業務持續保持穩定成長，本季同店毛利成長7%。我們將繼續投資工具和技術，以提高我們固定營運業務的營運效率，並提供更卓越的客戶體驗。我們向Tekion的過渡正是這項投資的一部分，我們很高興地宣布，我們的Koons門市現已100%遷移到新的DMS系統。正如我在電話會議開始時提到的，這對Asbury來說是一段激動人心但又忙碌的時期。我們近期的重點是確保所有關鍵措施都能以最高水準執行。

I couldn't wrap up my comments about our operational performance without commending the team for their focus on running the business efficiently. Our same-store adjusted SG&A as a percentage of gross profit was 63.2% for the quarter, an improvement of over 100 basis points from the second quarter of 2024 and a sequential improvement from the first quarter of 2025. It is important to note that we still see opportunity to further reduce our SG&A profile over time. Our ability to grow the company through transformative acquisitions while maintaining our operating margin profile is a point of pride for us, but it's just one element of our broader approach to strategically managing our portfolio and deploying capital to its highest and best use. In the second quarter and through July 28, we divested of 9 stores as part of our ongoing capital allocation in our effort to optimize our portfolio.

在結束對我們營運績效的評論之前，我必須讚揚團隊對高效營運業務的專注。本季度，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63.2%，較2024年第二季度提高超過100個基點，較2025年第一季也有環比改善。值得注意的是，我們仍有機會隨著時間的推移進一步降低銷售、一般及行政費用。我們能夠透過變革性收購來發展公司，同時保持我們的營業利潤率，這是我們引以為傲的一點，但這只是我們策略性地管理投資組合並將資本配置到最高最佳用途的更廣泛方法的一個方面。在第二季度，截至7月28日，作為我們持續資本配置的一部分，我們出售了9家門市，以優化我們的投資組合。

The proceeds from these transactions helped to offset some of our investment in her chambers, and we anticipate prioritizing leverage reduction over the next 12 to 18 months as we work to integrate the acquisition and focus on our migration to Tekion. That said, share repurchases are an important component of our capital allocation strategy. and we will be opportunistic in our execution of share buybacks even as we work to reduce our leverage ratio. And now for our consolidated results for the second quarter. We generated $4.4 billion in revenue, had a gross profit of $752 million and a gross profit margin of 17.2%.

這些交易的收益有助於抵消我們對其商會的部分投資。我們預計在未來12至18個月內，我們將優先考慮降低槓桿率，同時努力整合收購並專注於遷移到Tekion。即便如此，股票回購仍是我們資本配置策略的重要組成部分。即使在努力降低槓桿率的同時，我們也會把握時機進行股票回購。現在來看看我們第二季的合併業績。我們的營收為44億美元，毛利為7.52億美元，毛利率為17.2%。

We delivered an adjusted operating margin of 5.8%. Our adjusted earnings per share was $7.43 and our adjusted EBITDA was $256 million. Before I pass to Dan, I want to once again acknowledge our team members for their focus and dedication to the business. Your commitment every day puts us on the path to be the most guest-centric automotive retailer and we're optimistic about the future. Now Dan will discuss our operational performance.

我們的調整後營業利益率為5.8%。調整後每股盈餘為7.43美元，調整後息稅折舊攤提前利潤（EBITDA）為2.56億美元。在將工作交給丹之前，我想再次感謝團隊成員對業務的專注和奉獻。你們每天的付出，讓我們走上了成為最以客戶為中心的汽車零售商的道路，我們對未來充滿信心。現在，丹將討論我們的營運表現。

Dan?

擔？

Thank you, David, and good morning, everyone. 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. Starting with New beds. Same-store revenue was up 9% year-over-year and units were 7%. New average gross profit per vehicle was $3,611 Brand unit performance varied widely depending on availability or potential for tariff impact.

謝謝David，大家早安。我將更新我們的同店業績，除非另有說明，否則均包含經銷商和TCA的年比數據。首先是新床。同店營收年增9%，銷量成長7%。新床平均每輛車毛利為3,611美元。各品牌的銷售表現差異很大，取決於供應情況或關稅影響的可能性。

Our volume for Stellantis was up 15.6% this quarter compared to national sales down 11.5%. Across all brands, our same-store new day supply was 59 days at the end of June. Turning to used vehicles. Second quarter unit volume was down 4% year-over-year. Used retail gross profit per unit was $1,729 which marks the fourth quarter of sequential growth.

本季度，Stellantis 的銷量成長了 15.6%，而全國銷量則下降了 11.5%。截至 6 月底，我們所有品牌的同店新車供應天數為 59 天。說到二手車，第二季銷量較去年同期下降 4%。二手車零售單車毛利為 1,729 美元，這標誌著我們在第四季度實現了環比增長。

We continue to monitor conditions on a market-by-market basis for deploying our approach to prion, and we still plan to prioritize unit profitability at this point of the used car supply cycle. Our same-store used day supply of inventory was 37 days at the end of the quarter. Shifting to F&I. We earned an F&I PBR of 2,096. The deferred revenue headwind of TCA was a $161 decrease in the same-store F&I PVR number year-over-year.

我們將繼續根據每個市場的情況，部署應對朊病毒的方法，並且我們仍然計劃在二手車供應週期的這個階段優先考慮單位盈利能力。截至本季末，我們同店二手車庫存的供應天數為37天。轉向財務及保險業務。我們的財務及保險市淨率為2,096。 TCA的遞延收入逆風導致同店財務及保險市淨率年減161美元。

As a reminder, we are planning the TCA rollout to the Koons stores in the fourth quarter of this year following the recent completion of the Tekion conversion at those stores. The timing of this TCA rollout changes the magnitude of the deferral headwind that we had estimated at the start of the year. Michael later will walk you through additional details regarding TCA. In the second quarter, our total front-end yield per vehicle was $4, 861. Moving to parts and service.

提醒一下，我們計劃在今年第四季在 Koons 門市推出 Tekion 系統，此前這些門市最近完成了 Tekion 系統的改造。這次 TCA 的推出時間改變了我們年初估計的延期成本的幅度。 Michael 稍後會向您詳細介紹 TCA 的相關細節。第二季度，我們每輛車的前端總收益為 4,861 美元。接下來是零件和服務。

As David mentioned earlier, our same-store parts and service gross profit was up 7% in the quarter. We generated a gross profit margin of 59.2%, an expansion of 53 basis points. In addition, our fixed absorption rate was over 100%, an important benchmark for the strength of the business. When looking at our customer pay and warranty performance, customer pay gross profit was up 7% and with warranty gross profit higher by 16% or 9% on a combined basis. In our Western stores, we grew 15% on this combined metric.

如同David先前所提到的，本季我們同店零件及服務毛利潤成長了7%。我們的毛利率達到59.2%，成長了53個基點。此外，我們的固定吸收率超過100%，這是衡量業務實力的重要基準。從客戶付款和保固績效來看，客戶付款毛利成長了7%，保固毛利成長了16%，兩者合計成長了9%。在我們西部門店，這項指標合計成長了15%。

We continue to be bullish on the long-term trajectory of our parts and service business. We believe the continually aging car park and the increasing complexity of modern vehicles mean our stores are well positioned to capture future service growth. The average age of a passenger car on the road is 14.5 years old, and the average truck is nearly 12 years old. Additionally, recent and upcoming models have more technology and innovative powertrains, which should create opportunity for our service departments for years to come. And finally, on an all-store basis, we retailed over 9,500 sales through Clicklane in the second quarter.

我們持續看好零件和服務業務的長期發展方向。我們相信，停車場的不斷老化和現代車輛日益複雜的結構意味著我們的門市已做好準備，抓住未來服務業務的成長機會。道路上行駛的乘用車平均車齡為14.5年，卡車平均車齡接近12年。此外，近期和即將上市的車型配備了更多技術和創新的動力系統，這將為我們的服務部門在未來幾年創造機會。最後，在第二季度，我們透過Clicklane平台實現了全門市超過9,500輛的零售。

46% of these sales were new units. Before I pass the call, I would like to once again thank our team members for their commitment to service and to be the most kid-centric automotive retailer. I will now hand the call over to Michael to discuss our financial performance. Michael?

其中46%的銷售來自新車。在轉交電話之前，我想再次感謝我們的團隊成員對服務的投入，以及成為最以兒童為中心的汽車零售商的決心。現在，我將把電話交給邁克爾，討論我們的財務表現。麥可？

Thank you, Dan. To our investors, analysts, team members and other participants on the call. Thank you for joining us this morning. And now on to our financial performance. For the second quarter, adjusted net income was $146 million and adjusted EPS was $7.43 for the quarter.

謝謝丹！感謝我們的投資者、分析師、團隊成員以及其他與會者。感謝大家今天上午的參與。現在來談談我們的財務表現。第二季度，調整後淨利為1.46億美元，調整後每股收益為7.43美元。

In addition, the noncash deferral headwind due to TCA this quarter was $0.43 per share. Our adjusted EPS would have been $7.86 without the deferral impact. Adjusted net income for the second quarter of 2025 excludes net of tax, $4 million of cyber insurance recovery proceeds, $4 million related to the gain on divestitures and $2 million of professional fees related to the acquisition of Herb Chambers. Adjusted SG&A as a percentage of gross profit came in at 63.6%, noting that the Tech ion implementation costs are beginning to impact our P&L. We still anticipate 2025 SG&A in the mid-60s, caveating that we are monitoring tariff and trade developments.

此外，本季因TCA（交易成本調整）而產生的非現金遞延不利因素為每股0.43美元。若不計遞延影響，我們的調整後每股盈餘應為7.86美元。 2025年第二季調整後淨利不包括稅後淨額、400萬美元的網路保險追償收益、400萬美元的資產剝離收益以及200萬美元的收購Herb Chambers相關的專業費用。調整後的銷售、一般及行政費用（SG&A）佔毛利的百分比為63.6%，需要注意的是，Tech ion的實施成本已開始影響我們的損益表。我們仍預計2025年的銷售、一般及行政費用（SG&A）將在65%左右，但需要注意的是，我們正在密切關注關稅和貿易狀況的發展。

While we see additional expenses for Tekion rollout and legal fees, we still are optimistic there are opportunities to lower SG&A in the future. The adjusted tax rate for the quarter was 25%. Following the Chambers acquisition, we estimate the third and fourth quarter effective tax rate to be 25.5%. TCA generated $7 million of pretax income in the second quarter. The negative noncash deferral impact for the quarter was $11 million or $0.43 on an EPS basis.

雖然我們預期Tekion的部署和法律費用將帶來額外支出，但我們仍然樂觀地認為未來有機會降低銷售、一般和行政費用（SG&A）。本季調整後的稅率為25%。收購錢伯斯後，我們預計第三季和第四季的實際稅率為25.5%。 TCA在第二季實現了700萬美元的稅前收入。本季非現金遞延的負面影響為1,100萬美元，以每股收益計算為0.43美元。

As Dan mentioned, we now anticipate offering TCA and the Koons stores in early Q4. The updated schedule of the rollouts, along with lower SAAR projections versus our original estimate will affect the timing of deferrals in future periods. We have outlined our time line and estimated impact on 2025 EPS on Slide 19 of the presentation posted to our website this morning, the periods beyond 2025 have not been updated due to uncertainty around tariffs. Now moving back to our results. We generated $334 million of adjusted operating cash flow through the first half of 2025.

正如Dan所提到的，我們目前預計將在第四季初推出TCA和Koons門市。更新後的推出時間表，以及低於我們最初估計的年度調整後銷售額預測，將影響未來期間的延期時間。我們已在今天早上發佈到我們網站的簡報的第19張幻燈片中概述了我們的時間表以及對2025年每股收益的預計影響，由於關稅方面的不確定性，2025年之後的時間段尚未更新。現在回到我們的業績。截至2025年上半年，我們實現了3.34億美元的調整後營運現金流。

Excluding real estate purchases, we spent $60 million on capital expenditures. Through the end of June, 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 adjustment to spending as appropriate. Free cash flow was $275 million through the first 2 quarters of 2025. We ended Q2 with $1.1 billion 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.

不包括房地產購置，我們的資本支出為6000萬美元。截至6月底，我們預計2025年和2026年的資本支出約為2.5億美元。不過，這取決於關稅政策的影響和持續時間，並將根據支出情況進行適當調整。 2025年前兩季的自由現金流為2.75億美元。第二季末，我們的營運資金為11億美元，包括房屋平面圖抵銷帳戶、二手車和循環信貸額度的可用額度以及現金（不包括Total Care Auto的現金）。

Our transaction adjusted net leverage ratio was 2.46x at the end of June. Following the Chambers acquisition, we anticipate that this ratio will be above our target range. We will work down our leverage over the next 12 to 18 months and expect to be below the higher end of our range in mid- to late 2026. On July 21, we closed on the acquisition of Herb Chambers Automotive Group. Full year 2024 adjusted EBITDA for Her Chambers was $176.8 million, and the transaction was valued at about $1.45 billion.

截至6月底，我們的交易調整後淨槓桿率為2.46倍。收購錢伯斯後，我們預期該比率將高於我們的目標區間。我們將在未來12至18個月內逐步降低槓桿率，預計2026年中後期將低於我們目標區間的上限。 7月21日，我們完成了對赫伯錢伯斯汽車集團的收購。赫伯·錢伯斯2024年全年調整後EBITDA為1.768億美元，交易價值約14.5億美元。

Of this amount, $750 million represented a blue sky and $610 million was real estate and improvements. Please refer to Slide 32 in our investor deck and the Form 8-K filed this morning for more information on the pro forma financials. Upon completion of the deal, with our mini credit agreement, our revolver capacity increased to $925 million and our new vehicle floor plan facility to $2.25 billion. This deal was financed through a combination of our credit facility funding, proceeds from a new mortgage facility and cash. As noted in our release this morning, we divested 9 stores with annualized revenue of $619 million since the start of the second quarter.

其中，7.5億美元用於藍天項目，6.1億美元用於房地產及裝修。有關備考財務狀況的更多信息，請參閱我們投資者簡報的第32頁以及今天上午提交的8-K表格。交易完成後，憑藉我們的小額信貸協議，我們的循環信貸額度將增加至9.25億美元，新車規劃信貸額度將增加至22.5億美元。這筆交易的融資方式包括我們的信貸額度、新抵押貸款額度的收益、現金。正如我們今天上午的新聞稿所述，自第二季初以來，我們剝離了9家門市，年化收入為6.19億美元。

This was done as part of our portfolio optimization strategy, and it allowed us to use the net proceeds of $250 million to $270 million towards reducing our leverage. Before we take questions, I want to thank our team members. We appreciate and recognize your efforts and performance. And with that, this concludes our prepared remarks. We will now turn the call over to the operator and take your questions.

這是我們投資組合最佳化策略的一部分，它使我們能夠利用2.5億至2.7億美元的淨收益來降低槓桿率。在回答問題之前，我想感謝我們的團隊成員。我們感謝並認可你們的努力和表現。我們的準備演講到此結束。現在，我們將把電話轉給接線員，回答你們的問題。

Operator?

操作員？

(Operator Instructions)

（操作員指示）

Our first question is from Jeff Lick with Stephens.

我們的第一個問題來自史蒂芬斯的傑夫·利克 (Jeff Lick)。

Congrats on the great quarter and congrats on the acquisition. I know that means a lot to you, David, if you're known in routes up here. I just wanted to wonder if you could just walk through as the quarter progressed kind of the cadence of GPU and also units and just where you see things standing now as we are into the first month of Q3.

恭喜本季取得的優異成績，也恭喜此次收購。我知道這對你來說意義重大，David，如果你在這條路線上很有名的話。我只是想問一下，隨著本季度的進展，GPU 和單元的節奏如何，以及在進入第三季度的第一個月後，你對目前情況的看法如何。

Jeff, this is Dan. So as the quarter progressed, we saw the GPUs started at stronger in the first part of the quarter. as the SAAR started to level off, as David mentioned in his remarks at the beginning of the call, we started to see adjustment into the GPUs as well. I'll tell you that as things move forward, the situation is still pretty fluid. There's been, as you know, a few agreements that have been reached with Japan and the European Union, but still trying to see where things are going to fall and how the OEMs will react.

傑夫，我是丹。隨著季度的進展，我們看到GPU在本季前半段表現強勁。正如大衛在電話會議開始時所提到的，隨著年化平均成長率（SAAR）開始趨於平穩，我們也開始看到GPU的調整。我可以告訴你，隨著事態的發展，情況仍然相當不確定。如你所知，我們已經與日本和歐盟達成了一些協議，但仍在觀察事態發展以及原始設備製造商將如何應對。

But back to the comment that David stated earlier, we see those still have belief that those GPUs fall into 2,500 to 3,000 range.

但回到 David 之前的評論，我們看到那些人仍然相信這些 GPU 的價格在 2,500 到 3,000 的範圍內。

And that range you've given, that's inclusive of any, say, new kind of dealer invoice to MSRP adjustments and relationships?

您給出的範圍是否包括任何新類型的經銷商發票與製造商建議零售價的調整和關係？

Yes. It's -- again, it's still hard to tell where the product is going to fall for a lack of a better term until we start to see how they're adjusting. I will tell you there's been a few OEMs domestic and some of the luxury imports that have slightly adjusted invoice, but it's still too early to tell to see what the final impact is going to be.

是的。再說一次，由於缺乏更準確的術語，在我們開始看到他們如何調整之前，仍然很難判斷產品價格會跌到什麼程度。我可以告訴你，國內一些原始設備製造商和一些進口豪華車廠商已經對發票進行了小幅調整，但現在判斷最終的影響還為時過早。

And is it your thinking that most likely all of the. kind of major adjustments if there are any, will really kind of accompany the 2026 model year changeover.

您是否認為，所有重大調整（如果有的話）很可能都會伴隨 2026 年車型的轉換。

Yes. I think, yes, the 2026 model, when you think about the OEMs going through the transition right now, and this has been going on since the end of the first quarter, they've had plenty of time to strategize, think about it and make the necessary adjustments that are going to come down the pipeline. But you also got to think about that anything that has to do from a production standpoint, it takes time to really adjust the parts and the suppliers and what have you. So I do expect that in the 2026 model, there will be the adjustments necessary to adjust to the tariff, but it will take some time when it comes down to the packages and the options that might be available to adjust that accordingly with the suppliers.

是的。我認為，是的，2026款車型，考慮到原始設備製造商目前正在經歷轉型，而且這種情況自第一季末以來就一直在發生，他們有充足的時間制定策略，思考並做出必要的調整，這些調整將很快到來。但你也必須考慮到，從生產的角度來看，任何與生產相關的事情都需要時間來真正調整零件、供應商等等。因此，我確實預計2026年車型會進行必要的調整以適應關稅，但最終涉及套餐以及可能與供應商進行相應調整的選項時，仍需要一些時間。

Our next question is from Federico Miranda with Bank of America.

我們的下一個問題來自美國銀行的 Federico Miranda。

So you had a solid SG&A performance during the quarter. And I was wondering, can you talk more about the initiatives that that are allowing the SG&A to remain under control.

所以你們本季的銷售、行政及一般費用 (SG&A) 表現穩健。請問您能否詳細談談哪些措施使銷售、行政及一般費用 (SG&A) 保持可控？

Yes. I mean the main one is just focusing on that productivity per employee. We just try to make sure we maintain that discipline on the headcount and gain the productivity for the employee side. That's the big one because most of our expenses are compensation but then also looking at the different outside services that we use and making sure we're getting a good return for that investment. The 1 piece in that number that we still have in there is there's a couple of million dollars of Tekion conversion cost in there.

是的。我的意思是，最重要的是關注人均生產力。我們努力確保在員工人數方面保持紀律，並提高員工的生產力。這是最重要的一點，因為我們的大部分支出都用於薪酬，但我們也會關注我們使用的各種外部服務，並確保這些投資獲得良好的回報。我們仍然需要注意的是，其中還有數百萬美元的Tekion轉換成本。

So that number would have been even lower if we wouldn't have had the kind of Tekion on conversion cost in that mix.

因此，如果我們沒有將 Tekion 這種轉換成本納入其中，這個數字會更低。

And if we assume that in the second half, volumes for new vehicles will be lower due to higher prices and so consumers want buy vehicles. I would assume that it will be harder to leverage your SG&A. So how would you plan to offset the lower SG&A absorption?

如果我們假設下半年新車銷售會因價格上漲而下降，消費者會更願意購買新車。我認為，利用銷售、一般及行政費用（SG&A）來提升獲利能力會更加困難。那麼您計劃如何彌補銷售、一般及行政費用吸收率的下降呢？

Again, that protect for employee is key because a lot of our costs are commission-based, and they adjust with either a downturn in volume or PVRs so that cost discipline is key. But that's also why we kind of said mid-60s. To your point, it will be a little tough to keep that lower number if the PBR drops off significantly or the volume drops off. But that discipline on productivity is kind of the key to keeping that number as low as possible.

再次強調，保護員工權益至關重要，因為我們的許多成本都是基於佣金的，而且會隨著銷售量或每客單價（PBR）的下降而調整，因此成本控制至關重要。這也是我們說60%左右的原因。正如您所說，如果每客單價（PBR）大幅下降或銷量下降，保持這個較低的數字會有些困難。但對生產力的嚴格控制是盡可能降低這個數字的關鍵。

Our next question is from Rajat Gupta with JPMorgan.

我們的下一個問題來自摩根大通的 Rajat Gupta。

I just had one -- first one on just the Herb Chambers acquisition. You now have them under the hood for a couple of weeks. It looks like the SG&A to gross profile for Herb Chambers is slightly better than the legacy Asbury business. I'm curious, have you been able to given the couple of weeks you've had, any incremental opportunities do you see to improve like just metrics and the store, other areas around services or used cars that you see you can bridge the gap to versus a or forces like border industrial period that had better metrics. Just curious if you could just give us some more insight into what we should expect to see as the acquisition gets integrated further?

我剛剛問了一個問題——第一個問題是關於 Herb Chambers 的收購。您現在已經了解了幾週的情況。看起來 Herb Chambers 的銷售、行政和管理費用與毛利率的比率略高於原有的 Asbury 業務。我很好奇，考慮到這幾週的情況，您是否認為有什麼可以改進的機會，例如指標、門市、服務或二手車等其他方面，您認為可以彌補與指標更好的邊緣工業時期的差距。您能否進一步介紹一下，隨著收購的進一步整合，我們該期待看到什麼？

And I have a follow-up.

我還有一個後續問題。

Rajat, this is David. There was a few things that we think about their mix of luxury over 60%, the name in the marketplace that they have and the scale that they have in the market was most interesting to us, along with the quality people and tenure that they have. So we think we align philosophically and how to run the business. The best part about this in any transaction, there's always opportunities to improve. There's opportunity to improve.

Rajat，我是 David。我們最感興趣的是他們超過 60% 的奢侈品牌佔比、他們在市場上的品牌知名度、市場規模，以及他們優秀的人才和長期的經營經驗。所以，我們認為我們在經營理念和業務運作方式上是一致的。任何交易中最棒的一點是，總有改進的機會。總有改進的機會。

And our same-store, there's opportunity to improve with any acquisition that we have -- we'll work with the team over time to look for efficiencies to improve upon the business. But this was a strategic market for us. It's a defensive position New England is in a growth market, but it's a very stable market. It performs well in a downturn. And with the luxury mix and the presence in this market with the level of service that they offer, we think this creates great stability for Asbury over time.

我們的同店業績，任何收購都有機會提升－​​我們會與團隊持續合作，尋求提升效率的方法，從而改善業務。但這對我們來說是一個策略性市場。新英格蘭在成長型市場中處於守勢，但同時也非常穩定。在經濟低迷時期，它表現良好。憑藉其高端產品組合、在該市場的影響力以及其提供的高水準服務，我們認為這將為Asbury帶來長期的穩定性。

Understood. I just had a follow-up on parts and services into the second half. We're going to start running into some tougher comparisons. -- when it comes to warranty, specifically recall work later this year. Curious if you think you could maintain the mid-single-digit type growth cadence here as we go to the next couple of quarters?

明白了。我剛剛跟進了下半年的零件和服務情況。我們將開始面臨一些更嚴峻的挑戰——尤其是在保固方面，特別是今年稍後的召回工作。您是否認為在接下來的幾個季度裡，您能夠保持中等個位數的成長速度？

Do you feel comfortable offsetting any of the warranty to the tougher warranty comps with more customer pay work here later this year. Just curious to get your thoughts on the cadence there.

您是否願意在今年稍後透過增加客戶付費工作來抵消更嚴格的保固費用？只是想了解您對這方面的節奏有何看法。

This is Dan. Yes, we feel comfortable with the mid-single digits that we have been discussing as we move into the second half of the year. And we have the throughput in the stores. Obviously, the bay utilization, we have opportunity to grow that as well. So we feel comfortable with that measurement and continue to have and push forward as we go into the second half.

我是丹。是的，隨著我們進入下半年，我們對我們一直在討論的中等個位數成長感到滿意。而且我們門市的吞吐量也很好。當然，貨架利用率也有機會提高。因此，我們對這個指標感到滿意，並在進入下半年時繼續保持並努力向前發展。

Rajat, this is David. I'll just jump on that, too. It's kind of tough looking at year-over-year with the CDK issue last year so far against our peers. Our warranty growth was about half of our peers. Warranty isn't something that you sell.

Rajat，我是 David。我也想說說這句話。考慮到去年 CDK 的問題，與同業相比，同比情況比較起來有點難。我們的保固增幅大約是同行的一半。保固不是賣東西的。

It's something that you do based upon what's going on with the product. mix-wise, we're similar I can only think when we're off that much year-over-year, we must have just done a better job last year closing warranty. But to your point, going into the second half of the year, we're definitely going to have some headwinds on the warranty side, but we're convinced that CP will continue to be stable. And the chamber organization just does a fantastic job with fixed as well. So we're very optimistic about parts and service in the second half of the year with to your point of question mark, on warranty.

這是根據產品情況來做的。從產品組合來看，我們的情況也類似。我只能想，既然我們比去年同期下降這麼多，那我們去年在保固方面肯定做得更好。正如您所說，進入下半年，我們在保固方面肯定會遇到一些阻力，但我們確信CP會繼續保持穩定。商會組織在固定保固方面也做得非常出色。因此，我們對下半年的零件和服務非常樂觀，至於您提到的保固方面的問題。

That's helpful. Just one clarification. Are the warranty margins higher than customer paid for Asbury? I know it's tired of some here, but curious if the case for you as well.

這很有幫助。我只想澄清一下。 Asbury 的保固利潤率是否高於客戶支付的價格？我知道有些人已經厭倦了這個問題，但我也很好奇您是否也遇到過這種情況。

Yes. It varies slightly, but overall, it runs higher on warranty than it does CP the margin.

是的。價格略有不同，但整體來說，保固費用比CP利潤高。

(Operator Instructions)

（操作員指示）

Our next question is from Ryan Sigdahl with Craig Hallum Capital Group.

我們的下一個問題來自 Craig Hallum Capital Group 的 Ryan Sigdahl。

Want to move over to used GPUs. Nice -- really strong in the quarter. I guess, given the same-store sales performance, it appears as very continues to stick with the profitability over volume. But can you talk through kind of the strategy, how you think about the second half and if there's any change there?

想談二手GPU。不錯—本季表現非常強勁。我想，考慮到同店銷售業績，它似乎仍然堅持盈利高於銷量。能談談戰略嗎？您對下半年有何看法？以及下半年會有什麼變化？

Ryan, it's Dan. Our strategy remains the same. As you know, we are facing the lack of supply from a used car inventory in relation to the pandemic. And you don't need to walk you through it, but less lease turn-ins, et cetera, that all took place during the pandemic. So without thought in mind, our our plan stays the same, maximizing gross profit rather than chasing the volume.

瑞安，我是丹。我們的策略保持不變。如你所知，由於疫情，我們面臨二手車庫存供應不足的問題。你不用多說，疫情期間租賃車輛上交量減少等等。所以，我們的計畫保持不變，那就是最大化毛利，而不是追求銷售量。

But as we've stated at the beginning of the call, this is something that we assess on a continuous basis, and we're ready to adjust as soon as we see the market shifting and more availability of inventory.

但正如我們在電話會議開始時所說的那樣，我們會持續評估這一點，一旦我們看到市場變化和庫存增加，我們就會立即進行調整。

Ryan, I would jump on and say we can see the rest of this year. The pool is just very shallow, but I think we're at our low point to Dan's point about talking about the COVID peak. It starts to improve in '26 with off-lease vehicles, and that will vary a little bit depending upon lease penetration in groups and how much access they have. So $262 million certainly get back to normal, and I think you'll start to see increases mid-26 and beyond.

Ryan，我想說，我們可以預見今年剩餘時間的情況。資金池很淺，但我認為我們已經處於Dan提到的新冠疫情高峰的低谷。 2026年，租賃到期車輛的情況會開始好轉，具體情況會略有不同，具體取決於各集團的租賃滲透率以及他們擁有的資源。所以，2.62億美元的收入肯定會恢復正常，我認為2026年中期及以後會開始看到成長。

Helpful. Then just progress on Tekion, good to see Koons' completed a little ahead of expectation there. Multipart question here, I guess, as it relates to Tekion one, anything surprising you thus far post that conversion with Koons to -- can you quantify what the implementation costs for Tekion were in the quarter? I mean you had really nice SG&A leverage, especially comparing to peers in the quarter, you've been considering that, but if you're able to quantify? And then the last part would just be the conversion time line for the remaining Asbury source.

很有幫助。然後是Tekion的進展，很高興看到Koons的完成比預期略快。我想，關於Tekion，我想問幾個問題，首先，關於Koons的轉換，到目前為止，有什麼讓您感到驚訝的事情嗎？您能能量化一下本季Tekion的實施成本嗎？我的意思是，你們的銷售、一般及行政管理（SG&A）槓桿率非常高，尤其是與本季度的同行相比，您一直在考慮這一點，但您能否量化一下呢？最後一部分是關於剩餘Asbury資源的轉換時間表。

Ryan, I'll start and then Michael can jump in on the cost related stuff. One of the reasons we chose to go with Tekion was the simplicity of the software and not having as many bolt-ons as we have -- we see the benefits and efficiencies with that and making it easier for our teammates to work with the clients. But changing a DMS is like heart transplant. It's the one thing that dealerships never want to go through. And even with planning and execution, you're still going to have a lot of snaps, and we had that throughout the quarter.

Ryan，我先說，然後Michael可以談談成本相關的內容。我們選擇Tekion的原因之一是軟體簡單易用，而且不像我們需要那麼多附加元件——我們看到了它帶來的好處和效率，也讓我們的團隊成員更容易與客戶合作。但是更換DMS就像心臟移植一樣。這是經銷商最不想經歷的。即使做好了規劃和執行，仍然會有很多快照，我們整個季度都遇到了這種情況。

inconsistency with software applications, stuff going down at moments in time, things missing. It's just normal through it. So to the Koons folks credit, it was a frustrating quarter for them having to go through that. The stores that we originally piloted last year are all the way through that and really starting to see the efficiencies of the software. And when we're fully converted, which will hopefully be in '27 is when we really recognize the SG&A benefits, but also operating efficiencies positive feedback from some of the employees with less greens to utilize.

軟體應用程式不一致，某些東西會不時崩潰，某些東西會丟失。但這很正常。所以，對於 Koons 的員工來說，這是一個令人沮喪的季度，必須經歷這些。我們去年最初試行的門市已經完全完成了這些工作，並開始真正感受到軟體帶來的效率提升。當我們完全完成轉換時，希望在 2027 年，我們能真正感受到銷售、一般及行政管理費用 (SG&A) 的效益，同時也能從一些員工那裡獲得積極的反饋，因為他們可以利用的綠地更少了。

Some of the feedback that we get from leadership, the software is a little bit like a Ferrari, it's got more to it than what we're used to. So we're finding new things every day about it. So it's going to take us a while to become proficient on the software and work through the kinks of normal DMS conversions. But we're very happy and pleased with the progress. And quite honestly, how resilient the Koons team was working through it in the quarter was just -- it was inspiring for us to see.

我們從領導階層得到的一些回饋是，這款軟體有點像法拉利，比我們習慣的要複雜得多。所以我們每天都在發現它的新功能。因此，我們需要一段時間才能熟練這款軟體，並解決常規DMS轉換中遇到的問題。但我們對進展感到非常高興和滿意。坦白說，Koons團隊在本季的頑強努力讓我們深受鼓舞。

And on the cost front, it's about $2 million in costs in the quarter. About half of that is, I'll call it, duplication and implementation costs with Tecon. And the other half, because we're a public company, we have to go through a little bit of pain of aggravation of testing the control environment. And so we have we're paying outside resources to kind of work through the audit side of soft controls with the software. And so about $1 million of implementation and duplicated DMS cost at about $1 million of third-party audit cost.

在成本方面，本季的成本約為200萬美元。其中大約一半，我稱之為與Tecon的重複實施成本。另一半，由於我們是上市公司，我們必須承受測試控制環境帶來的一些麻煩。因此，我們不得不聘請外部資源，利用軟體處理軟體控制的審計工作。因此，DMS的實施和重複成本約為100萬美元，第三方審計成本也約為100萬美元。

Our next question is from David Whiston with Morningstar Equity Research.

我們的下一個問題來自晨星股票研究公司的戴維‧惠斯頓。

I was curious how -- I'm sure your Toyota (inaudible) inventory is lean, but is it leaner than it normally would be due to tariffs slowing production out of Japan?

我很好奇——我確信您的豐田（聽不清楚）庫存很少，但由於關稅減緩了日本的生產，庫存是否比正常情況下更少？

David, this is Dan. No, it's lean, but we have not seen a negative effect on being leaner than what we're used to operating -- and as you know, we've been operating under that single-digit to low double-digit DSI for quite a while. And it's all about the turn. And I feel like our stores are doing a pretty good job with that.

大衛，我是丹。沒錯，我們的確精簡了，但我們並沒有看到比以往更精簡的營運方式帶來負面影響——而且正如你所知，我們在個位數到低兩位數的DSI下運營了很長一段時間。一切都取決於週轉率。我覺得我們的門市在這方面做得相當不錯。

All right. And on the EV tax credit and your EV inventory, do you expect the OEMs post September 30 once the credit is going to be very aggressive on trying to pressure you on allocation?

好的。關於電動車稅收抵免和您的電動車庫存，您是否預計在9月30日之後，汽車製造商在稅收抵免政策實施後會非常積極地向您施壓，要求您分配庫存？

This is something that you have been able to monitor and see coming for for a while. I think some of the OEMs have done a very good job of planning accordingly and the number of EVs, whether they are in production or allocation or even on the dealer lots has been dwindling down. So I don't expect a tremendous amount of push because they have been preparing for it. And listen, at the end of the day, we're good partners. We are always going to make the best decision to to make sure that we return the right level of return of investment to our shareholders, but we're going to be true partners in support of our OEMs.

一段時間以來，你們已經能夠監控並預見這種情況。我認為一些原始設備製造商已經做好了很好的規劃，電動車的數量，無論是在生產、分配，還是在經銷商處，都在減少。所以我預計不會出現巨大的推動力，因為他們一直在為此做準備。聽著，說到底，我們是良好的合作夥伴。我們始終會做出最佳決策，確保為股東帶來合理的投資回報，但我們也會成為支持原始設備製造商的真正合作夥伴。

But like I stated before, they've been planning accordingly. We've seen the DSI go down in the EVs. And we're monitoring that closely on a day-to-day basis to make sure that we retail the EVs that we have on the ground before the September 30 date.

但正如我之前所說，他們一直在進行相應的規劃。我們已經看到電動車的DSI（每日服務指數）有所下降。我們每天都在密切關注這一情況，以確保在9月30日之前將現有的電動車進行零售。

Okay. And just one last question on your geographic mix with Herb Chambers really the one major part of the country you're not in is California. I know historically, you haven't wanted to be there, but are you perhaps thinking more about the West Coast that you've got the Northeast?

好的。最後一個問題，關於您和赫伯錢伯斯的地理分佈。您主要沒有去的地區是加州。我知道您以前不太想去加州，但您是否更關注西海岸，而不是東北部？

David, this is David. I'll take that question. We don't -- based upon the franchise laws in the different states and the economics in California, we just see there's better investments and better returns in other states. So you can never say never. But for the near term, we divested our 2 stores in California.

大衛，我是大衛。我來回答這個問題。根據各州的特許經營法以及加州的經濟狀況，我們只是發現其他州的投資機會更好，回報也更高。所以，你永遠不能說永遠。但就短期而言，我們剝離了加州的兩家門市。

I think we'll stay outside of California and focus on the markets that we're in. As a footprint now we're actually in the states that we want to be in and don't want to leave any of the states that we're in currently. However, that's not the plan anyhow. But we'll look at things as they come. size and scale matter to us to a certain degree, buying a store in a smaller state that has $30 million or $40 million in revenue per rooftop it's just something that doesn't interest us.

我認為我們會留在加州以外，專注於我們現有的市場。目前，我們實際上已經進入了我們想要進入的州，並且不想離開我們目前所在的任何州。然而，這並非我們的計劃。我們會觀察情況發展。規模和規模在某種程度上對我們很重要，對於在規模較小的州收購一家每家門市收入三、四千萬美元的門市，我們並不感興趣。

We try and look at 10-year economic outlooks or markets that we're in, what the franchise laws are and all that kind of stuff. And we think that's what helps our portfolio, Keith, the SG&A as tight as it is. We're not hyper focused on growth as a top line revenue growth, but really being strategic about the capital allocation, where we're buying stores, what our returns are for our shareholders. and making sure that we're doing it thoughtfully and building to the future. And while we talk about the headwind of TCA and what it meant to an EPS, I think $0.43 or so in the quarter, when you look at Slide 19 of our IR deck, when you get out to 28 and 29, you're talking $4.50 to $5.50 per share before we sell a car.

我們會嘗試分析未來10年的經濟前景或我們所處的市場，以及特許經營法規等等。基思，我們認為這有助於我們控制銷售、一般及行政費用（SG&A），儘管它非常嚴格。我們並非過度關注營收成長，而是真正策略性地進行資本配置，關注我們在哪裡購買門市，以及我們為股東帶來的回報。並確保我們深思熟慮地進行這些配置，著眼於未來。當我們談論TCA的逆風及其對每股收益的影響時，我認為本季每股收益約為0.43美元，當你看我們投資者關係演示文稿的第19張幻燈片時，當你看到28和29張幻燈片時，你會看到在我們賣出一輛車之前，每股收益約為4.50美元到5.50美元。

So while the next year, 1.5 years is tough on us on EPS, you start to look out a few years, we really look like a solid company and then you add in the concept of fully being on Tekion and the benefits of SG&A. So the next 6 or 7 months might be bumpy as we settle into tariffs and what happens there and stabilizing days supply. But we think the future is really bright and we're optimistic about it and excited for the future. But for now, California is not on the list, and it's really focusing on the markets we're in.

因此，雖然未來一年半的每股盈餘對我們來說很艱難，但展望未來幾年，你會發現我們看起來確實是一家穩健的公司，再加上完全依賴Tekion以及銷售、一般及行政費用（SG&A）的收益。因此，未來6到7個月可能會遇到一些坎坷，因為我們要適應關稅、當地情況以及穩定供應。但我們認為未來非常光明，我們對此充滿樂觀和期待。但目前，加州不在考慮範圍內，我們真正關注的是我們所處的市場。

Our next question is from Bret Jordan with Jefferies.

我們的下一個問題來自 Jefferies 的 Bret Jordan。

On Slide 19, I guess, you're pending full visibility on the tariff impact for the estimate reviews. Is there a meaningful exposure on the parts side where you've written warranties that might see a higher cost expected or is most of that in labor or just too small and the total TCA portfolio to really make a difference in the next several years?

我想，在投影片19上，您還在等待對估算審核中關稅影響的全面了解。在零件方面，是否有重大風險敞口？您簽訂的保固合約中，預期成本可能會更高。還是說，這些成本主要集中在人力成本？還是只是佔比太小，導致整個TCA產品組合在未來幾年內無法真正發揮作用？

Yes. I mean it's a good point. We try to bake in inflation into our estimates for what we price the F&I contracts at. So they're somewhat baked in there. But if you had a meaningful increase on the parts side, to your point, labor is the biggest component of that.

是的。我的意思是，你的觀點很有道理。我們試圖將通貨膨脹因素納入財務和保險合約的定價估算中。所以這些因素在某種程度上已經考慮進去了。但如果零件價格大幅上漲，那麼正如你所說，勞動成本是其中最大的組成部分。

And so we have a small impact on the claims but not a huge impact. On the '26 through '29 what we're really trying to figure out there is where do we think SAAR shakes out? That's the big driver of the TCA runoff. And when kind of that deferral hits us when that SAAR rebounds. And so once we figure out kind of a better forecast for SAAR over the next couple of years, we'll come back and update those numbers for the SAR projections.

所以，我們對申請的影響很小，但不會很大。在2026年到2029年期間，我們真正想弄清楚的是，我們認為SAAR最終會如何改變？這是TCA（稅收減免）流失的主要驅動因素。當SAAR反彈時，這種延遲對我們造成影響。因此，一旦我們對未來幾年的SAAR有了更準確的預測，我們就會回來更新SAR預測中的數字。

And Brett, just to jump on that real quick, if you don't mind, when we acquired TCA, their (inaudible) rating with an A minus, we've improved it to an A rating. So we're real happy with the way we're managing the portfolio and loss ratios and -- so we're very optimistic about the future for TCA regardless of tariffs.

布雷特，我簡單說一下，如果你不介意的話，我們收購TCA的時候，他們的（聽不清楚）評級是A-，我們把它提升到了A。所以我們對我們管理投資組合和損失率的方式非常滿意——所以無論關稅如何，我們都對TCA的未來非常樂觀。

Great. And then a follow-up on regional dispersion. I guess you called out the Western stores having 2x the company average in parts and service growth. Is there anything else sort of interesting from a regional performance either on units or puts and takes geographically?

好的。接下來是關於區域分佈的後續問題。我猜您之前提到過，西部門店的零件和服務成長是公司平均值的兩倍。從區域表現來看，無論是單位銷售量或是地理分佈上的投入和產出，還有其他有趣的事情嗎？

No, the Brett, this is Dan, the way No, I don't think that there's anything else interesting. I'll just expand on the double-digit growth in the West, and we've been talking about this for the last, I don't know, 12, 18 months been a lot of focus on the integration of our West stores and really putting the processes and procedures in place to maximize the opportunity on a day-to-day basis, but more importantly, to enhance the guest experience through technology, even though we know that the employees on the front lines are the ones that create the experience.

不，布雷特，我是丹，不，我覺得沒什麼其他有趣的事了。我只想談談西部地區的兩位數成長。過去12到18個月裡，我們一直在討論這個問題，重點是整合西部地區的門市，切實落實流程和程序，以便在日常運營中最大限度地利用機會，但更重要的是，透過技術提升顧客體驗，儘管我們知道，創造這種體驗的是一線員工。

I would just add to that. I would say more than geographical brand mix matters. All brands are cyclical. So depending upon your portfolio, it can be a tailwind or a headwind based on what you have. But things are pretty stable.

我只想補充一點。我想說，重要的不僅僅是地域品牌組合。所有品牌都是週期性的。所以，根據你的投資組合，它可能是順風，也可能是逆風，這取決於你擁有的品牌。但整體來說，情況相當穩定。

And I think everything is really -- the market is kind of sitting still waiting to see where the tariffs shake up, what the manufacturers end up doing with pricing and we'll make that onetime adjustment move on. The one thing that's proven true about this industry because I know there's a lot of negative talk about the second half of the year, what's going to happen with tariffs and margin and all that kind of stuff. -- the public auto space has been public for '27, '28 years now. There's been a lot of negativity over time with it. And as far as everyone looking for the headwinds going forward, One thing that's hold true and especially through the recession in '08 and '09, this is a resilient business model, and it's an accordion effect whether it's an expense control and it always finds a way to perform and continue to go on.

我認為一切都是真的——市場似乎在靜觀關稅的變動，看看製造商最終會如何定價，然後我們會進行一次性的調整。我知道有很多關於下半年的負面言論，例如關稅、利潤率等等，但有一件事已經被證明是正確的。 ——汽車業已經上市27、28年了。隨著時間的推移，負面情緒也隨之而來。至於每個人都在尋找未來的阻力，有一件事是肯定的，尤其是在2008年和2009年的經濟衰退期間，這是一種有韌性的商業模式，它就像手風琴一樣，無論是費用控制還是其他方面，它總能找到一種方式來保持業績並繼續發展下去。

The transportation retail business is strong. It's not going to go anywhere. In this business model, not just ours, but our peers in the private cap space will certainly adapt and come out on the other side of it is just as strong as they did before.

交通零售業務勢頭強勁，不會有任何動搖。在這種商業模式下，不僅是我們，而且私募股權領域的同業也一定會適應，最終會像以前一樣強勁。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to David Hult for closing remarks.

我們的問答環節已經結束。我想將會議交還給David Hult，請他致閉幕詞。

Thank you. This concludes our call today. We appreciate everyone's participation and look forward to speaking with you after our third quarter. Have a great day.

謝謝。今天的電話會議到此結束。感謝各位的參與，期待第三季結束後再次與大家溝通。祝大家有美好的一天。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝大家。今天的發表會到此結束。大家可以掛斷電話了，感謝大家的參與。