Asbury Automotive Group Inc (ABG) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Asbury Automotive Group first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Asbury Automotive Group 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Chris Reeves, Vice President of Finance and Treasurer. Thank you, sir. You may begin.

現在很榮幸為各位介紹本次會議主持人：財務副總裁兼財務主管（Treasurer）Chris Reeves。謝謝您，先生。您可以開始了。

Thanks, operator, and good morning. As noted, today's call is being recorded and will be available for replay later this afternoon. Welcome to the Asbury Automotive Group's first quarter 2026 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.

謝謝接線員，各位早安。如前所述，今天的電話會議將錄音，並於今天下午稍晚提供重播。歡迎參加 Asbury Automotive Group 2026 年第一季財報電話會議。詳述 Asbury 第一季業績的新聞稿已於今天稍早發布，並已張貼於我們的網站 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. At the conclusion of our remarks, we will open up the call for questions and will be available later for any follow-up questions.

今天與我一同出席的有：總裁兼執行長 David Hult；營運長 Dan Clara；以及資深副總裁兼財務長 Michael Welch。在我們發言結束後，我們將開放提問，並於稍後也可就任何後續問題提供回覆。

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.

在開始之前，我們必須提醒各位，今天電話會議中的討論很可能包含前瞻性陳述。前瞻性陳述係指非歷史性質之陳述，可能包括財務預估、預測與目前預期，而這些皆存在重大不確定性。

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, 2025, 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.

關於可能導致實際結果與上述陳述出現重大差異的部分風險資訊，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 2025 年 12 月 31 日止年度的 Form 10-K、其後提交的任何 Form 10-Q 季度報告，以及我們今天稍早發布的財報新聞稿。我們明確聲明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. We have also posted an updated Investor Presentation on our website, investors.asburyauto.com, highlighting our first quarter results.

此外，本次電話會議可能會討論依 SEC 規則所定義的某些非 GAAP 財務衡量指標。依適用的 SEC 規則要求，我們在網站上提供任何此類非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表。除非另有說明，對比將以年對年為基礎。我們也已在網站 investors.asburyauto.com 上發布更新版投資人簡報，重點呈現第一季業績。

It is my pleasure to now hand the call over to our CEO, David Hult. David?

我很高興現在把電話交給我們的執行長 David Hult。David？

Thank you, Chris, and good morning, everyone. Welcome to our first quarter earnings call. Our first quarter results highlighted efforts to transform our business by optimizing our portfolio and successfully migrating to Tekion.

謝謝你，Chris，各位早安。歡迎參加我們的第一季財報電話會議。我們第一季的業績突顯了我們透過優化投資組合並成功遷移至 Tekion 來轉型業務的努力。

Today, over 50% of our stores are running on Tekion. We remain on track and anticipate to be fully converted by the fall of this year, after which time we expect to begin fully realizing the cost and efficiency benefits enabled by the new technology platform.

目前，我們超過 50% 的門店已在 Tekion 平台上運行。我們仍按計畫推進，預期在今年秋季前完成全面轉換；屆時我們預期將開始充分實現新技術平台所帶來的成本與效率效益。

The first and second quarter of this year represent the peak in terms of number of stores making the transition. As a result, costs related to integration and temporary disruption to store operations will also remain elevated as team members become fully acclimated to the new technology. Michael will provide additional color behind the transition and its impact on our financial performance.

今年第一季與第二季是門店轉換數量的高峰期。因此，隨著團隊成員完全適應新技術，與整合相關的成本以及對門店營運的暫時性干擾也將維持在較高水準。Michael 將就此次轉換及其對我們財務表現的影響提供更多說明。

The first quarter also showcased a number of capital allocation decisions, which Asbury -- which position Asbury for future success while also returning capital to our shareholders. We divested 10 dealerships and a collision center at attractive multiples, representing approximately $600 million in annualized revenue.

第一季也展現了多項資本配置決策，這些決策使 Asbury 得以為未來成功奠定基礎，同時也向股東返還資本。我們以具吸引力的倍數出售了 10 家經銷據點及一座鈑噴中心（collision center），其年化營收約為 6 億美元。

$147 million of the proceeds went towards repurchasing 678,000 shares of our stock with the rest directed towards reducing our debt. In our view, our trading price undervalues the earning potential of the company, and we took advantage of this price-to-value dislocation to accelerate our repurchase activity.

其中 1.47 億美元的所得款項用於回購 678,000 股本公司股票，其餘則用於降低負債。我們認為目前的交易價格低估了公司的獲利潛力，因此我們把握此一價格與價值的偏離，加速了回購活動。

Moving on to our first quarter 2026 operational performance. Our results reflect the expected decrease in volumes as consumer demand moderated from last year's tariff-driven spike in sales. More challenging weather was also a factor as was the temporary disruption for the stores going through the Tekion conversion.

接著談談我們 2026 年第一季的營運表現。我們的業績反映了預期中的銷量下滑，因消費者需求自去年關稅驅動的銷售高峰後趨於溫和。較具挑戰性的天候亦為因素之一，此外還包括進行 Tekion 轉換之門店所受到的短期干擾。

While new vehicle volumes were down, gross profit on a per unit basis held up well. On an all-store basis, new vehicle PVRs were down just $73 sequentially and $177 on a year-over-year basis, an indication profitability is beginning to approach normalized levels. Similarly, used vehicle PVRs on an all-store basis was $1,847, which is up sequentially 5% and 16% year over year as the team continues to execute our strategy to maximize per unit profitability.

雖然新車銷量下滑，但單位毛利表現仍相當穩健。以全店口徑計算，新車 PVR（每台零售毛利）較前一季僅下降 73 美元，年對年下降 177 美元，顯示獲利能力正開始接近常態化水準。同樣地，以全店口徑計算，二手車 PVR 為 1,847 美元，較前一季成長 5%，年對年成長 16%，團隊持續執行我們最大化單位獲利的策略。

Parts & Service had a more challenging quarter, driven by a variety of factors, including weather, a more cautious consumer and temporary disruption from our DMS transition. That said, we still expect fixed operations gross profit to grow at mid-single-digit rate over time.

零件與維修（Parts & Service）在本季面臨較多挑戰，原因來自多項因素，包括天候、消費者更趨謹慎，以及我們 DMS 轉換所造成的暫時性干擾。即便如此，長期而言我們仍預期固定業務（fixed operations）毛利將以中個位數的成長率成長。

And now for our consolidated results for the first quarter. We generated $4.1 billion in revenue, had a gross profit of $727 million, a gross profit margin of 17.7%, an expansion of 22 basis points. We delivered an adjusted operating margin of 5%. Our adjusted earnings per share was $5.37, and our adjusted EBITDA was $207 million.

接下來是我們第一季的合併業績。我們創造 41 億美元營收，毛利為 7.27 億美元，毛利率 17.7%，擴張 22 個基點。我們的調整後營業利益率為 5%。調整後每股盈餘為 5.37 美元，調整後 EBITDA 為 2.07 億美元。

Before I hand the call over to our incoming Chief Executive Officer, Dan Clara, I want to take a moment to thank our team members for helping to make Asbury Automotive the company that it is today. Together, we have transformed our organization from a regional player to one with national scale in highly desirable markets, a balanced portfolio and a leader in technology-focused investments.

在我把電話交給我們即將上任的執行長 Dan Clara 之前，我想花點時間感謝我們的團隊成員，正是他們讓 Asbury Automotive 成為今天的樣貌。我們共同將組織從區域型業者轉型為在高度理想市場具備全國規模、投資組合均衡，並在以科技為核心的投資方面居於領先地位的公司。

It has been an honor and a privilege to serve as the steward of this business for the past 8.5 years. And I know our best days are ahead with Dan running the company.

在過去 8.5 年擔任這項事業的管理者，對我而言是一份榮耀與特權。我也相信在 Dan 帶領公司之下，我們最好的日子仍在前方。

Dan, I will hand things over to you to discuss our operational performance in more detail.

Dan，我把時間交給你，請你更詳細地說明我們的營運表現。

Good morning, everyone. Thank you, David, for the kind words. I feel I can speak for everyone here in saying that Asbury would not be as strong as it is today without your vision for growth and seeing the potential in this company. We all wish you the best in your next role as Executive Chairman.

各位早安。David，謝謝你的美言。我想我可以代表在場所有人說，若沒有你對成長的願景，以及你看見這家公司潛力的眼光，Asbury 不會像今天這麼強大。我們都祝福你在下一個職務——執行董事長（Executive Chairman）——一切順利。

And now moving on to the quarter. I would also like to thank the team members for handling the challenges that were thrown at them this quarter, including severe winter weather in nearly all our markets and across multiple weekends. Our teams have been working diligently to make the transition to Tekion a smooth process, and we are pleased with the early progress our stores are making.

接著談本季表現。我也要感謝團隊成員在本季妥善應對各項挑戰，包括幾乎所有市場在多個週末遭遇的嚴峻冬季天候。我們的團隊一直努力讓轉換至 Tekion 的流程更為順暢，我們也對各門店目前取得的初期進展感到滿意。

Changing the DMS is a complex endeavor for any dealership group, let alone one of our size, but it is necessary in order to elevate the guest experience and enhance our capabilities for strong operational performance.

對任何經銷商集團而言，更換 DMS 都是一項複雜的工程，更不用說以我們這樣的規模；但為了提升賓客體驗並強化我們實現強勁營運績效的能力，這是必要之舉。

As an example, we converted the Koons dealerships last summer, and they are starting to show the power of the software. For that specific group in March, we saw gross dollars per technician up 21% year over year and average productivity per service adviser up 16%. We are seeing efficiencies extend beyond the service bay as support costs in the stores decreased by 5% at the same time.

例如，我們在去年夏天完成 Koons 經銷據點的轉換，而他們已開始展現該軟體的威力。就該特定集團而言，在 3 月份，我們看到每位技師的毛利金額年增 21%，每位服務顧問的平均生產力年增 16%。我們也看到效率延伸至維修工位之外，因為門店的支援成本同期間下降了 5%。

And 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. Starting with new vehicles. Same-store revenue year over year was down 9%. While we believe the winter weather impacted sales activity, we are also monitoring consumer behavior in light of ongoing geopolitical events.

接下來我將提供同店表現的一些更新；除非另有說明，這些數據以年對年為基礎，並包含經銷據點與 TCA。先從新車開始。同店營收年對年下降 9%。雖然我們認為冬季天候影響了銷售活動，但我們也在持續地緣政治事件的背景下，監測消費者行為。

New gross profit per vehicle was $3,061 as luxury maintained GPUs in line with the prior year and import and domestic moderated as expected. On an all-store basis, which includes the positive impact of the Chambers platform, new gross profit per unit was $3,271, only down $177 year over year. Across all brands, our same-store new day supply was a healthy 54 days at the end of March, which we believe support resilient gross profit per unit.

每輛新車的單位毛利（GPU）為 3,061 美元；豪華品牌的 GPU 與去年持平，而進口與國產品牌如預期般趨於溫和。以全店口徑（包含 Chambers 平台的正面影響）來看，每單位新車毛利為 3,271 美元，年對年僅下降 177 美元。涵蓋所有品牌，我們同店新車日供給量在 3 月底為健康的 54 天，我們認為這有助於支撐具韌性的單位毛利。

Turning to Used Vehicles. First quarter total used gross profit was up 1% sequentially. Used retail gross profit per unit was up 12% at $1,828, a $201 increase over the prior year and a $79 increase over our reported fourth quarter 2025 number. Our efforts in used continue to pay off. This represented our second consecutive quarter of progress in growing GPUs. We have seen sequential increases in GPUs in six out of the last seven quarters, thanks to our teams executing more consistently.

接著談二手車。第一季二手車總毛利較前一季增加 1%。二手車零售每單位毛利上升 12% 至 1,828 美元，較去年增加 201 美元，較我們所報告的 2025 年第四季數字增加 79 美元。我們在二手車方面的努力持續見效。這是我們連續第二季在提升單位毛利（GPU）方面取得進展。在過去七個季度中，有六個季度的 GPU 較前一季增加，歸功於團隊更一致地執行。

We anticipate the pool of used vehicles will increase through the year, aided by lease return activity, which can give us the opportunity to increase volume and maintain this level of PVR. Finally, our same-store used DSI was 30 days at the end of the quarter, down from 35 days at the end of the fourth quarter.

我們預期二手車供給池將在今年逐步增加，租賃到期回收（lease return）活動將提供助力，這可讓我們有機會提升銷量並維持此一 PVR 水準。最後，我們同店二手車 DSI（庫存周轉天數）在季末為 30 天，低於第四季季末的 35 天。

Shifting to F&I. We earned an F&I PVR of $2,307. The non-cash deferral impact of TCA was $45. So without the year-over-year impact, the PVR would have been $2,351. We are on track to implement TCA in the Chambers stores by year end, which will complete our rollout across all our platforms. And finally, in the first quarter, our total front-end yield per vehicle was $4,806. On an all-store basis, our front-end yield was up $70 year over year at $4,921.

接著談 F&I（金融與保險）。我們的 F&I PVR 為 2,307 美元。TCA 的非現金遞延影響為 45 美元。因此，若不計年對年影響，PVR 會是 2,351 美元。我們正按計畫在年底前於 Chambers 門店導入 TCA，這將完成我們在所有平台的全面推行。最後，在第一季，我們每輛車的前端總收益（front-end yield）為 4,806 美元。以全店口徑來看，我們的前端收益年對年增加 70 美元至 4,921 美元。

Now moving to Parts & Service. Our same-store Parts & Service gross profit was down slightly year over year due to slowdowns associated with the winter storms. In addition, it is also important to note that when we convert stores to Tekion, there is a short-term effect of adjusting to the new software at the store level. We believe it takes about four to six months to overcome the muscle memory of the legacy software and start to see efficiencies take hold like those I mentioned earlier.

接下來談零件與維修（Parts & Service）。由於冬季風暴造成的放緩，我們同店零件與維修毛利年對年小幅下降。此外，也必須指出，當我們將門店轉換至 Tekion 時，門店層面需要適應新軟體，短期內會有影響。我們認為大約需要四到六個月，才能克服舊系統的操作慣性（muscle memory），並開始看到如我先前提到的效率改善逐步落地。

Now going back to the quarter's results. Customer pay gross profit was up 1% with warranty gross profit higher by 3%. During the month of March, we generated 4% growth for both customer pay and warranty gross, which was encouraging to see. April to date is trending similar to March. Overall, we believe our stores are well positioned for the extended period of growth within Parts & Service, supported by the aging car park and increased vehicle complexity.

回到本季的結果。客戶自費（customer pay）毛利增加 1%，保固（warranty）毛利增加 3%。在 3 月份，我們客戶自費與保固毛利皆達成 4% 成長，這點令人鼓舞。截至目前 4 月的趨勢與 3 月相近。整體而言，我們認為在車隊老化與車輛複雜度提升的支撐下，我們的門店已為零件與維修的延續成長期做好良好布局。

Before I pass the call to Michael, I want to thank the team again for your hard work to deliver a guest-centric experience and striving for improvement to unlock further performance.

在我把電話交給 Michael 之前，我想再次感謝團隊的辛勤付出，提供以賓客為中心的體驗，並持續追求改善以釋放更進一步的績效。

And with that, I will now hand the call over to Michael to discuss our financial performance. Michael?

接下來我將把電話交給 Michael，請他說明我們的財務表現。Michael？

Thank you, Dan, and good morning to our team members, analysts, investors and other participants on the call. For our financial performance in the first quarter, adjusted net income was $102 million. Adjusted EPS was $5.37 for the quarter. In addition, the noncash deferral headwind due to TCA this quarter was $0.26 per share. Our adjusted EPS would have been $5.63 without the deferral impact.

謝謝你，Dan，也向我們的團隊成員、分析師、投資人以及其他與會者道早安。就第一季的財務表現而言，調整後淨利為 1.02 億美元。本季調整後 EPS 為 5.37 美元。此外，本季因 TCA 造成的非現金遞延逆風為每股 0.26 美元。若不計遞延影響，我們的調整後 EPS 會是 5.63 美元。

Adjusted net income for the first quarter of 2026 excludes net of tax net gain on divestitures of $94 million, $5 million related to Tekion implementation expenses, $3 million of weather-related losses and $1 million related to the duplicate DMS-related expenses. In our consolidated results, we estimate that the weather-impacted gross profit by $19 million and EPS by $0.56.

2026 年第一季的調整後淨利排除了（稅後）處分收益淨額 9,400 萬美元、與 Tekion 導入費用相關的 500 萬美元、與天候相關的損失 300 萬美元，以及與重複的 DMS 相關費用 100 萬美元。在合併結果中，我們估計天候影響使毛利減少 1,900 萬美元，並使 EPS 減少 0.56 美元。

As stated in our press release this morning, during the quarter, we divested 10 dealerships and terminated seven franchises, which included exiting the Alfa Romeo and Maserati brands. Combined, these stores generated an estimated annualized revenue of $625 million.

如同我們今早新聞稿所述，本季我們處分了 10 家經銷據點並終止了 7 個特許經營權，其中包括退出 Alfa Romeo 與 Maserati 品牌。合計而言，這些門店估計可產生年化營收 6.25 億美元。

Adjusted SG&A as a percentage of gross profit on a same-store basis came in at 66.9%, which includes $2 million related to legal expenses for a specific matter. In March, we saw adjusted same-store SG&A in the low 60s. So we believe the SG&A number would have been more solidly within our expectations for mid-60s range without the severe weather headwinds.

同店口徑下，調整後 SG&A（銷售、一般及行政費用）占毛利比重為 66.9%，其中包含與特定事項相關的 200 萬美元法律費用。在 3 月份，我們看到調整後同店 SG&A 落在 60% 出頭。因此我們認為，若沒有嚴重天候帶來的逆風，SG&A 數字會更穩健地落在我們預期的 60% 中段區間。

As Dan mentioned, there are some frictional costs associated with changing our DMS that will take time to work out. In the short term, the stores are slightly less efficient in the first two months of operating in the new DMS. In months four to six, we see this work become more efficient.

如 Dan 所提到，更換 DMS 會伴隨一些摩擦成本，需要時間消化。短期而言，門店在新 DMS 上線後的前兩個月效率會略低。到了第四到第六個月，我們看到這些作業變得更有效率。

It is encouraging to see our team members lean into the tool and embracing the operational improvements the new platform can provide. Overall, we believe any short-term headwinds are outweighed by the benefits to come.

令人鼓舞的是，我們看到團隊成員積極投入並擁抱新平台所能帶來的營運改善。整體而言，我們認為任何短期逆風都將被未來的效益所抵銷並超越。

Before I move on, I will note that the onetime implementation costs at the stores and the cost of duplicate software have been adjusted out of our non-GAAP SG&A numbers as shown in our press release this morning.

在我繼續之前，我要補充說明：如同我們今早新聞稿所示，門店一次性的導入成本以及重複軟體的成本，已自我們的非 GAAP SG&A 數字中調整剔除。

Next, the adjusted tax rate for the quarter was 25.1%. We also estimate the full year 2026 effective tax rate to be approximately 25%. TCA generated $15 million of pretax income in the first quarter. The negative noncash deferral impact for the quarter was $7 million.

接著，本季調整後稅率為 25.1%。我們也估計 2026 全年有效稅率約為 25%。TCA 在第一季產生了 1,500 萬美元的稅前收益。本季負面的非現金遞延影響為 700 萬美元。

We generated $166 million of adjusted operating cash flow during the quarter. Excluding real estate purchases, we spent $46 million on capital expenditures in the first quarter and still anticipate approximately $250 million of CapEx spend for both 2026 and 2027.

本季我們產生了 1.66 億美元的調整後營運現金流。扣除不動產購置後，我們在第一季資本支出為 4,600 萬美元，且仍預期 2026 與 2027 年的資本支出（CapEx）各約為 2.5 億美元。

Adjusted free cash flow was $120 million for the first quarter. We ended the quarter with $1.2 billion in 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. Our transaction adjusted net leverage ratio was 3.2 times at the end of the first quarter.

第一季調整後自由現金流為 1.2 億美元。本季末我們的流動性為 12 億美元，包含 floor plan 抵銷帳戶、二手車額度與循環信貸額度的可用額度，以及現金（不含 Total Care Auto 的現金）。第一季末，我們交易調整後淨槓桿比率為 3.2 倍。

As David mentioned, we took opportunities to optimize our portfolio through strategic transactions. Our divestitures in the quarter also reduced our CapEx burden, further allowing us to deploy cash to higher return options.

如 David 所提到，我們透過策略性交易把握機會以最佳化我們的投資組合。本季的資產剝離也降低了我們的資本支出負擔，進一步讓我們能將現金部署到報酬更高的選項上。

The proceeds of the divestitures, combined with the robust cash flow in our business allowed us to balance our capital allocation priorities, both reducing our debt level and repurchasing 678,000 shares. Our diluted share count is approximately 18.6 million shares before adjusting for any future buybacks.

資產剝離所得款項，加上我們業務強勁的現金流，使我們得以平衡資本配置優先事項，同時降低負債水位並回購 678,000 股。在未調整任何未來回購影響之前，我們的稀釋後股數約為 1,860 萬股。

And finally, before we open to Q&A, I would like to thank David for his years of valuable leadership. David guided Asbury through a new level of growth and instilled the team focused and guest-centric culture that makes Asbury what it is today. And with that, this concludes our prepared remarks.

最後，在我們開放問答之前，我想感謝 David 多年來寶貴的領導。David 帶領 Asbury 達到新的成長層級，並塑造了以團隊為核心、以顧客為中心的文化，成就了今日的 Asbury。至此，我們的事先準備發言結束。

We will now turn the call over to the operator and take your questions. Operator?

接下來我們將把電話會議交給接線員並開始提問。接線員？

(Operator Instructions) Jeff Lick, Stephens.

（接線員指示）Jeff Lick，Stephens。

David, I just want to extend my thanks and you'll be missed. But since we've got you, I was wondering if -- look, 1Q was obviously a pretty noisy quarter on a variety of fronts, weather being one of the most. I wonder if you can maybe just give a state of the union of where we are for yourselves and the industry in 2Q, just thinking about new and then new has some implications for used.

David，我想先表達我的感謝，你會被大家想念。不過既然你還在線上，我想問一下——你看，第一季顯然在多個面向都相當「雜訊」很大，天氣是其中最主要之一。我想知道你是否能就第二季，從你們自身以及整個產業的角度，給我們一個現況概覽；特別是新車，因為新車也會對二手車產生一些影響。

And then obviously, Service & Parts was a little lumpy. I mean you did mention it was up in March. But just where do you think things stand now that the tax refund season is over? And obviously, we're not going to be getting any more the rest of this year.

另外，顯然服務與零件（Service & Parts）表現有些起伏。你確實提到 3 月有所回升。但在退稅季結束之後，你認為目前狀況如何？而且很明顯，今年剩下的時間我們不會再有（退稅季的）助力了。

Sure, Jeff. I'll take a shot and Dan can jump in. January and February were really rough for us from a weather perspective, and we got far behind the April at that point. Before the weather started hitting in mid-January, we were actually pacing well in the first half of January. And then once we got hit with all the weather, we didn't recover.

好的，Jeff。我先試著回答，Dan 也可以補充。從天氣角度來看，1 月和 2 月對我們來說真的很艱難，當時我們到 4 月時已經落後很多。在 1 月中旬天氣開始影響之前，我們其實在 1 月上半月的進度表現不錯。但一旦遭遇一連串惡劣天氣，我們就沒有恢復過來。

March was a good sign for us. Last March and April were extremely strong with the tariff presales for lack of a better term, but we really bounced back. And to Michael's comment, being in the low 60s for SG&A from March was a tell-tale sign for us.

3 月對我們而言是一個好跡象。去年 3 月和 4 月因為關稅預售（姑且這麼說）而異常強勁，但我們這次確實反彈了。而呼應 Michael 的評論，3 月 SG&A 落在 60% 出頭，對我們來說是一個明確的訊號。

We see the same going into April. Very difficult to predict much beyond that with what's going on with the war and gasoline prices and other things and how long that lingers. One would think the longer that lingers, the more impactful that's going to be on our business. We're definitely feeling the slowdown. It's not all the same by brand, but we're still seeing a slowdown in new car sales into April as well.

我們在進入 4 月時也看到相同情況。但考量戰爭、汽油價格等因素，以及這些影響會持續多久，很難預測更遠的情況。一般來說，這些因素拖得越久，對我們業務的影響就會越大。我們確實感受到放緩。不同品牌的情況不盡相同，但我們也看到 4 月新車銷售同樣在放緩。

And just think, top-level, we're essentially back about 4,300 units or so in the quarter on new on a same-store basis. Roughly, you're going to take in $2,300 to $2,500 trade-ins on those $4,000 and you're going to retail 80% of those cars.

再從整體層面來看，以同店基礎計算，本季新車大約少了 4,300 輛左右。粗略來說，在每輛 4,000 美元的交易中，你會收到約 2,300 到 2,500 美元的以舊換新（trade-in），而你會零售其中 80% 的車輛。

So there's a chunk of preowned that we normally have internally to sell that we don't have. So it will be a balancing act in the next few quarters if new doesn't pop back where we're going to source vehicles, but I think Parts & Services is going to bounce back nicely and continue to grow as the year goes on.

因此，我們通常內部會有一部分二手車可供銷售，但現在沒有了。所以如果新車沒有回升，接下來幾季在車源取得上會是一個需要平衡的課題；不過我認為零件與服務會有不錯的反彈，並在今年接下來的時間持續成長。

It does take us four to six months with Tekion to get the muscle memory right in the stores. It doesn't matter the market or the brand. It's just human behavior takes time. But once you get past that six-month window, you can really start to see some efficiencies as to why we would make this change in the DMSs.

我們導入 Tekion 後，門店需要 4 到 6 個月才能把「肌肉記憶」建立起來。這與市場或品牌無關。只是人的行為需要時間適應。但一旦超過 6 個月的窗口期，你就能真正開始看到效率提升，也能理解我們為何要在 DMS 上做這項變更。

We do believe it makes our folks more efficient and more productive while certainly lowering our costs at the same time. I don't know if there's any you want to add?

我們確實相信，這能讓同仁更有效率、更有生產力，同時也能降低成本。我不確定你是否還想補充什麼？

I think you covered it well. Nothing to add.

我覺得你講得很完整。沒有要補充的。

And then just a quick follow-up for Dan maybe is as you -- I wonder if you could just give us one thing with Tekion where you look at it and say it manifests itself in financial benefit where you say, you know what, we're making the right decision here.

那再快速追問 Dan 一個問題：關於 Tekion——我想知道是否有一個面向，你看到之後會覺得它在財務效益上已經開始體現，讓你認為我們做了正確的決定。

Yes, it might be a little noisy for four to six months. But when you start to look at our P&L a year or two years from now, we made the right decision. I was wondering if there's one thing you could highlight.

是的，前 4 到 6 個月可能會有些雜訊。但當你看我們一年或兩年後的損益表（P&L）時，我們做了正確的決定。我想知道你是否能點出一個重點。

Yes. I think, Jeff, I think I covered it just one example of several that we're seeing earlier today. When you think about the efficiencies to -- that the new software brings, when you look at the gross dollars per technician being up 21% at Koons and the average productivity per service adviser up 16%.

可以。Jeff，我想我剛才已經提到一個例子——我們今天稍早也看到的幾個例子之一。當你想到新軟體帶來的效率提升時，你會看到 Koons 的每位技師毛利美元（gross dollars per technician）提高了 21%，而每位服務顧問的平均生產力提高了 16%。

And then you add the fact that support cost has also decreased, it's a pretty nice mix and aligned with what we expected. And then to put icing on the cake, the guest experience is definitely improved upon by the ease of use in the technology, the ability to enhance how fast that guest can be served. So we believe that it definitely gives us a competitive advantage that we need for the future, and it is definitely the right thing to do.

再加上支援成本也下降了，這樣的組合相當不錯，也符合我們的預期。更重要的是，透過更易用的技術與加快服務顧客的能力，顧客體驗確實有所提升。因此我們相信，這確實能帶來我們未來所需的競爭優勢，而且這絕對是正確的做法。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

And David, best of luck and hope to catch up at some point again. I wanted to just follow up on some of the first quarter results, especially around the new car units and even used car. Of the 11% same-store decline and the 12% in used, is there any way to break up how much of it was weather?

David，祝你一切順利，也希望之後有機會再聊。我想追問一下第一季的一些業績表現，特別是新車台數，甚至二手車。同店新車下滑11%、二手車下滑12%，能否拆解一下其中有多少是天氣因素造成的？

How much of it was just the Tekion productivity? And then how much of it was market? Any way to parse that out would be helpful. And I have a quick follow-up on SG&A.

有多少是Tekion生產力的影響？然後有多少是市場因素？如果能幫忙拆解一下會很有幫助。我還有一個關於SG&A的快速追問。

Yes. Raj, this is Dan. I'll start it. On the -- when you look at the weather impact, I'm talking about from a same-store basis, we believe the snow closure in Q1 affected us somewhere in the 500 car range and similarly in used car volume.

是的。Raj，我是Dan。我先回答。關於——當你看天氣影響時，我是以同店口徑來說，我們認為第一季的降雪停業對我們的影響大約在500輛左右，新車如此，二手車量也差不多。

And then when you go down to the fixed revenue as well, obviously, that had a tremendous impact, somewhere on a same-store basis, somewhere around a $13 million impact. So it was a significant impact.

然後再往下看固定業務收入（fixed revenue），很明顯也受到巨大影響；以同店口徑來看，影響大約在1,300萬美元左右。所以影響相當顯著。

And as you know, when we have weather-related issues, it's not just the day that we're closed, it's the days leading up to with all the media frenzy that happens and the days after the fact recovering. David was in the Northeast at that time.

而且如你所知，遇到天氣相關問題，影響不只是我們關門的那一天，還包括關門前幾天媒體渲染造成的混亂，以及事後恢復的幾天。David當時就在東北部。

And as you know, the Northeast was hit pretty severely and there were piles and piles of snow. So it was definitely a big impact. But glad that it's behind us and glad that March showed that we are directionally correct and glad that April is similar to March so that we can continue to build on the momentum.

如你所知，東北部那次受創很嚴重，到處都是一堆一堆的積雪。所以確實影響很大。不過很高興已經過去了，也很高興3月的表現顯示我們方向是對的，而且4月也和3月類似，讓我們可以持續累積動能。

And how much do you think you lost due to like just the Tekion rollout in 1Q because you'll probably close the store for like a day and like the Monday. I'm curious if that had any meaningful impact on the units. I know it probably impacted services, but anything on the units that you could flag?

那你覺得第一季因為Tekion上線大概損失了多少？因為你們可能會把門店關一天，比如週一。我想知道這對台數是否有任何實質影響。我知道它可能影響服務業務，但在台數方面有沒有什麼你可以指出的？

So yes, on the -- I don't have the exact number, Michael, we have not shared that number. But on -- you bring up an excellent point because when we roll out the Tekion stores, we go through the conversion Saturday and Sunday, and we close operations on that Monday.

所以是的，關於——我沒有確切數字，Michael，我們也沒有對外分享那個數字。但——你提到一個很好的點，因為我們在Tekion門店上線時，會在週六和週日進行轉換，並在週一關閉營運。

So that is definitely a day that we lose from being able to serve our guests. And then Tuesday, we reopened. But again, that's a completely new system. We're much lower than what we used to be until we develop that muscle memory that like I explained earlier, it takes between four to six months to get back to the efficiency levels.

所以那確實是我們無法服務客戶的一天。然後週二重新開業。但再說一次，那是一套全新的系統。在我們建立起我先前提到的那種「肌肉記憶」之前，效率會比過去低很多；通常需要四到六個月才能回到原本的效率水準。

Got it. Got it. And just to clarify on Mike's comments on SG&A on the call -- in the prepared remarks, I think you mentioned mid-60s, excluding the weather headwinds. I just want to make sure we heard that correctly. And is it mid-60s even excluding some of the productivity losses from the DMS transition?

了解。了解。另外想釐清一下你在電話會議中對SG&A的說法——在事先準備的講稿裡，我記得你提到若排除天氣逆風，會在60%中段。我想確認我們是否聽得正確。而且即使排除DMS轉換造成的一些生產力損失，也仍然是60%中段嗎？

I'm curious like what's a good steady-state number post Tekion? If you did not have weather, if you did not have DMS transition, what would have been a good steady-state SG&A to gross number in the quarter?

我想問的是，Tekion上線後一個好的穩態（steady-state）數字會是多少？如果沒有天氣、也沒有DMS轉換，那這一季SG&A占毛利的穩態合理水準會是多少？

Yes. I think based on the March results that we saw that we were in the low 60s, I think mid-60s without the weather would have been the right number for the first quarter. So we're still comfortable in that mid-60s range going forward.

是的。我認為根據我們看到的3月結果，我們是在60%出頭；我認為若沒有天氣因素，第一季落在60%中段會是正確的數字。所以往後我們仍然對60%中段這個區間感到有信心。

And then at some point in the back half of the year as we start to see the Tekion efficiencies come through. I don't know if that's fourth quarter or where that shakes out, but sometime we'll start seeing an approach toward the mid-60s after we get the Tekion efficiencies running through the system.

然後在今年下半年某個時間點，當我們開始看到Tekion效率逐步顯現。我不確定是第四季或最後會落在哪裡，但在某個時點，當Tekion效率在系統中跑順之後，我們會開始看到往60%中段靠攏。

Got it. Got it. Just a final one on buybacks. Given the fact that you're ramping up buybacks here, while EBITDA is coming down, I'm curious, is this just -- is this you taking a view on the benefits of the Tekion rollout and the benefits you might see into '27 and beyond that's giving you that confidence given like the cyclical backdrop still looks a bit choppy here. So curious like just the thinking around the buybacks ramping up.

了解。了解。最後一個關於庫藏股。考量你們正在加速回購、同時EBITDA在下滑，我想知道，這是否代表你們看好Tekion上線帶來的效益，以及你們可能在2027年及之後看到的好處，因此在目前景氣循環背景仍有些顛簸的情況下，仍給了你們這樣的信心？所以想請教一下加速回購背後的思考。

So a couple of things in there. In the first quarter, we disposed of the stores, and so we used those proceeds to buy additional shares in the quarter. But also as the share price continue to dislocate and get to low levels and attractive prices for us, we took a view that we needed to take advantage of that stock price.

這裡面有幾個點。第一季我們處分了門店，因此我們用那些處分所得在本季回購了更多股份。另外，隨著股價持續偏離、跌到對我們而言較低且具吸引力的價位，我們認為需要把握這個股價水準。

We do think the back half of this year and into '27, the EBITDA comes up dramatically with the Tekion rollout behind us. And so we're trying to balance the leverage ratio and the share buybacks. And if the share price is low, we're going to lean in a little bit on share buybacks.

我們確實認為今年下半年到2027年，隨著Tekion上線告一段落，EBITDA會大幅回升。因此我們在槓桿比率與股份回購之間做平衡。如果股價偏低，我們就會在股份回購上更積極一些。

(Operator Instructions) Glenn Chin, Seaport Research.

（接線員指示）Glenn Chin，Seaport Research。

Just another follow-on related to Tekion. Can you just confirm for us the contour of the Tekion impact throughout the year? Do the costs and inefficiencies from the transition peak in 2Q?

再追問一個與Tekion相關的問題。你能否幫我們確認一下Tekion影響在全年各季的走勢輪廓？轉換帶來的成本與效率損失會在第二季達到高峰嗎？

No. So if you think about just the stack-up effect, we have first quarter was pretty heavy rollouts. 2Q has a decent amount of rollouts and then we go handle the west in 3Q. And so just the stack of all the stores, if you think about that four- to six-month window, it will probably peak in 3Q.

不會。如果你只看疊加效應（stack-up effect），第一季的上線量相當大。第二季也有一定數量的上線，然後第三季我們會處理西部地區。因此把所有門店疊加起來看，考量那個四到六個月的窗口，可能會在第三季達到高峰。

At some point, call it, sometime in 4Q, we should be able to flip over the -- we have more stores that are past the four to six months. But I would say the peak of it is going to be very late 2Q into 3Q is where the peak will be.

到某個時間點，大概第四季的某個時候，我們應該能夠翻轉——因為會有更多門店已經超過四到六個月。但我會說高峰會落在第二季末到第三季之間，也就是那段時間會是高峰。

Okay. Very good. And then I understood that you're going to adjust out the explicit costs from Tekion those time line around those, Michael, is also same?

好的。非常好。然後我理解你們會把Tekion的明確成本調整掉；Michael，那些成本的時間線也是一樣嗎？

No, it should be similar. 2Q and 3Q, 2Q probably has a few less stores in it and 3Q has a few more. So just from an implementation cost perspective, it will be in a similar ballpark to 1Q, but maybe a little lighter in 1Q and similar in 3Q when you compare it to 1Q.

不，應該會差不多。第二季和第三季，第二季可能店數會少一點，第三季會多一點。所以就導入成本的角度來看，會和第一季在相近的區間，但相較第一季，第二季可能稍微輕一些，而第三季與第一季相比則會差不多。

Okay. Very good. And then I think, Dan, you mentioned in your prepared remarks as well as last quarter, just hesitation around the consumer with respect to Parts & Service. Can you just -- any further elaboration on that, if you will?

好的。非常好。接著我想，Dan，你在事先準備的講稿以及上季也提到，消費者在零件與維修（Parts & Service）方面有些猶豫。你能否——如果可以的話——再多補充說明一下？

Yes, Glenn, we saw a pullback, as you mentioned, in Q4 going into Q1, there's a lot of uncertainties going on out there. So I would say that it is somewhat consistent, but there's -- keep in mind, there's a new war that has started that is with oil prices at an all-time high, is just keeping people on more of the defensive side of it.

是的，Glenn，正如你提到的，我們看到從第四季進入第一季有些回落，外部有很多不確定性。所以我會說這在某種程度上是一致的，但——請記住——又爆發了一場新的戰爭，加上油價創歷史新高，這只會讓人們更偏向採取防禦性的態度。

But again, when I go back into my remarks earlier today, it's encouraging to see what we saw in April, customer pay up and seeing that same trend going into April -- I'm sorry, in March going into April.

但同樣地，回到我今天稍早的談話，看到我們在四月的表現令人鼓舞，客戶自費（customer pay）回升，而且同樣的趨勢延續到四月——抱歉，是三月延續到四月。

David, we'll miss you. Good luck with everything and your new position.

David，我們會想念你。祝你一切順利，也祝你在新職位上好運。

Alex Perry, Bank of America.

美國銀行（Bank of America）的 Alex Perry。

I guess just first, I wanted to double-click a little bit more on the current state of demand with where gas prices have gone and just the impact of consumer confidence.

我想先更深入追問一下，目前在油價上升到這個水準、以及消費者信心受影響的情況下，需求的現況如何，以及其影響。

On the new vehicle side, when did you start to see the slowdown? Is that more an April comment? And is that just on new? Are you seeing any impact to mix yet in terms of the mix of vehicles that consumers are buying? And what are you seeing on used?

在新車方面，你們從什麼時候開始看到放緩？這比較像是四月才出現的情況嗎？而且這只發生在新車嗎？就消費者購買車款的組合而言，你們是否已經看到任何組合（mix）上的影響？那二手車方面你們看到什麼？

Yes. On the new car, it really goes back to -- I mentioned this on the fourth quarter. There was -- we didn't really get the pop for a lack of a better term that we get in December. January, as David mentioned earlier today, the first half of January before we got hit with the weather, we were pacing okay. And then we just never recovered from the weather.

是的。新車方面，其實要回到——我在第四季提過這點。我們在十二月沒有出現——沒有更好的說法——通常會有的那種「衝一波」的表現。一月，如同 David 今天稍早提到的，一月上半在天氣影響之前，我們的進度還可以。但之後我們就一直沒有從天氣影響中恢復過來。

So from a new car perspective, I will tell you that really after the weather never recovered, February about the same in March, the same trend continued. From a mix, typically, when you see gas prices hit the levels where we are right now, it usually takes five to six months for consumers to start really changing their buying habits.

所以從新車的角度來看，我會告訴你，天氣影響之後一直沒有恢復，二月差不多，三月也一樣，趨勢持續。至於組合（mix），通常當油價達到我們現在這樣的水準時，消費者真正開始改變購買習慣，往往需要五到六個月。

We have not seen that. And what I mean by that is the consumer that is going to trade in a Chevy Tahoe for a Honda Civic or what have you. We have not seen that, but the longer the war goes, I think the closer we're going to be getting to see a shift in consumer behavior, but we're not there yet.

我們還沒有看到那種情況。我的意思是，原本可能會把 Chevy Tahoe 換成 Honda Civic 或其他車款的消費者。我們還沒看到這樣的轉變，但戰爭拖得越久，我認為我們就越接近看到消費者行為的改變，只是目前還沒到那一步。

And from a used car standpoint, the demand of used cars is there, especially with the difference in the cost of sale between a new and used car. When you factor in all the items that have gone up, insurance rates, the average cost of maintaining a car. When you look at all that, the demand is definitely there for used cars. We strategically have made the decision to not chase the volume and to maximize the gross profit.

二手車方面，需求是存在的，尤其是新車與二手車在成交成本上的差異。當你把所有上漲的項目都納入考量——保險費率、車輛平均維護成本。把這些都看進去，二手車的需求絕對存在。我們策略性地決定不去追逐銷量，而是要把毛利最大化。

And as we showed in Q4, we were ahead in gross profit. Q1, when you look at March, again, even though we were backwards in volume, our gross profit was ahead year over year for used cars. So we believe strongly that, that is the right strategy to continue to execute. And as the availability of used cars become readily available as we move throughout the year, then we can pull that lever while still protecting the margins that we have delivered over the last few quarters.

而且如同我們在第四季所展示的，我們的毛利表現領先。第一季，當你看三月時，再次地，即使我們在銷量上落後，我們二手車的毛利仍然年增領先。所以我們非常相信，這是應該持續執行的正確策略。隨著今年進行、二手車供給變得更充足時，我們就能拉動那個槓桿，同時仍然保護我們在過去幾個季度所交付的利潤率。

Got you. Got you. That makes a lot of sense. And then I guess I just wanted to ask a little bit more on the parts and service trend. If we think about comps from here, I think you mentioned them rebounding earlier in the call.

了解。了解。這很合理。接著我想再多問一些關於零件與維修（parts and service）的趨勢。如果我們從現在開始看可比基期（comps），我記得你在電話會議較早時提到它們正在反彈。

Is that primarily a factor of just getting past the weather impact? Is there something you're seeing in terms of delayed effect from people that would have came in the first quarter starting to come in? Like can you just maybe talk about how you think about the Parts & Service and what drives that rebound?

這主要是因為天氣影響已經過去嗎？還是你們看到某種延後效應，例如原本第一季會進廠的人開始回來？你能否談談你如何看待零件與維修（Parts & Service），以及是什麼驅動這波反彈？

Yes. The Parts & Service, we've always been saying mid-single digit. We have a -- we've developed a very strategic plan to go and grow our fixed operations, meaning Parts & Service. And no different than what we've done with used cars. It's about the execution.

是的。零件與維修（Parts & Service）方面，我們一直都說是中個位數成長。我們已制定一個非常具策略性的計畫，去成長我們的固定營運（fixed operations），也就是零件與維修。這和我們在二手車所做的沒有不同。關鍵在於執行。

When you think about -- and you can see it on the IR deck, the average miles coming through our shop are -- continue to be in that 70,000 mile range. So that gives us a lot of stability that we are retaining the guests and obviously, that we have the opportunity to continue to maintain those cars for those customers.

當你想到——你也可以在 IR deck 上看到——進到我們維修廠的平均里程數——仍然維持在約 70,000 英里的區間。因此這給了我們很大的穩定性，代表我們留住了客戶，當然也代表我們有機會持續為這些客戶維護他們的車輛。

And the last factor that I see tremendous potential is growing the CPRO count and really focusing on what we call the cycle time, how fast can we serve our guests, which is also one of the benefits that I mentioned earlier of going to Tekion.

我看到的最後一個、潛力巨大的因素，是提升 CPRO 數量，並真正聚焦在我們所說的週期時間（cycle time）——我們能多快服務客戶——這也是我先前提到導入 Tekion 的好處之一。

The faster we get that guest in and out, the higher the retention and the higher propensity for that customer to come back and do business with us and the more throughput that we can push through our service departments.

我們讓客戶進出越快，留存率就越高，該客戶回來與我們再度交易的傾向也越高，而且我們也能在服務部門提升更多的處理量（throughput）。

John Babcock, Barclays.

Barclays 的 John Babcock。

I guess just first of all, I was wondering if you could talk about Herb Chambers, how the integration is going there and if there's anything new to share on that front? And then also, if you can just remind us when you're planning on implementing Tekion into that business.

我想首先，我想請你談談 Herb Chambers，那邊的整合進展如何，以及這方面是否有任何新的資訊可以分享？另外，也請你提醒我們，你們計畫何時在那個業務導入 Tekion。

Herb Chambers integration is going well. We are very happy with the talent, the people. We got some great team members, great stores. And what they have built together is impressive and now is up to all of us to work together as a team to take it to the next level.

Herb Chambers 的整合進展順利。我們對人才與團隊非常滿意。我們有一些很棒的團隊成員、很棒的門店。他們一起建立的成果令人印象深刻，接下來就看我們所有人如何作為一個團隊共同合作，把它帶到下一個層級。

Tekion rollout at Chambers started last month. We've already converted. I think we have 22 stores, 22 or 24 stores, call it, in the 20 range. With the rest of the stores, I think we have eight more that are going to be converting in the month of May -- or June, I'm sorry, in the month of June. So by June, Chambers will be completely converted to Tekion.

Chambers 的 Tekion 上線推行於上個月開始。我們已經完成轉換。我想我們有 22 家門店，22 或 24 家門店，就算大約 20 多家。至於其餘門店，我想還有 8 家會在 5 月——或 6 月，抱歉，是在 6 月完成轉換。因此到 6 月，Chambers 將會全面轉換至 Tekion。

Okay. And the next question, just on GPUs because you do break it out across luxury, imports and also domestic. And it seems like quarter over quarter, there was pretty good stability in luxury and imports, but domestic was down a decent bit. Is there anything we should take note of from those trends or --

好的。下一個問題，關於 GPU，因為你們確實按奢華、進口以及國產分開披露。看起來按季比較，奢華與進口相當穩定，但國產下滑得比較明顯。這些趨勢有什麼我們需要特別留意的嗎，或——

Listen, the biggest impact that I'm seeing on domestic side is we still have the headwind of Stellantis. We are well aware of it. We're focusing on performing better with Stellantis, getting that inventory turned and maximizing the gross profit. But it really -- the biggest impact in the domestic was our Stellantis stores.

聽著，我在國產端看到的最大影響是，我們仍然面臨 Stellantis 的逆風。我們非常清楚這點。我們正專注於在 Stellantis 上做得更好，加快庫存周轉並最大化毛利。但國產端最大的影響——就是我們的 Stellantis 門店。

Okay. Very helpful. And then just my last question. Just I was wondering if you could share how much, if any, shares you bought back in April?

好的。非常有幫助。然後我最後一個問題。我想請問你們能否分享一下，4 月份是否有回購股票？如果有，回購了多少？

Yes, any shares we would have bought back in April would have been disclosed as part of the press release. So we did our share buybacks early on in the quarter, took advantage of some share prices then. And so that all those shares were purchased January through March.

是的，我們在 4 月份回購的任何股份都會作為新聞稿的一部分予以披露。因此我們在本季初期進行了股票回購，當時利用了部分股價水平。所以那些股份都是在 1 月到 3 月期間買入的。

Bret Jordan, Jefferies.

Bret Jordan，Jefferies。

On the Stellantis, are you seeing any improvement in the trend? I mean it seems as if maybe they're making some product adjustments or maybe pricing adjustments. Are you seeing any traction there? Or is it pretty much the same?

關於 Stellantis，你們有看到趨勢有任何改善嗎？我的意思是，看起來他們可能在做一些產品調整或定價調整。你們有看到那邊有任何進展嗎？還是基本上差不多？

From a high level, there is -- there are changes being made that make total sense and it is a step in the right direction. But it's a double-edged sword because when they make those changes, I'll give you an example, they adjust the pricing for the new models coming in, but we still have the same model that is a year older and that is more expensive than the new model coming in.

從高層面來看，確實——正在做一些很合理的改變，而且是朝正確方向邁進的一步。但這是一把雙刃劍，因為當他們做出那些改變時，我舉個例子，他們調整了即將到貨的新車型定價，但我們手上仍有同款、年份早一年的車型，而它的價格反而比即將到貨的新車型更高。

And so that is where there is some pressure to the margins to be able to make sure that we liquidate that old inventory under the old pricing structure to make room for the new decisions that the management team is making.

因此，為了在舊的定價架構下清理那批舊庫存、騰出空間來配合管理團隊正在做的新決策，毛利率就會承受一些壓力。

Okay. And then I guess on the Parts & Service side of the business, you had a pretty hard warranty comp year over year. Could you talk about what you're seeing? Are there any major warranty programs that are popping up that might give you some tailwinds in volumes in the balance of this year?

好的。然後我想在零件與服務（Parts & Service）業務方面，你們的保固同比基期相當高。你能談談你們看到的情況嗎？今年剩餘時間是否有任何重大的保固計畫正在出現，可能在量的方面帶來一些順風？

Yes. We had some big warranty comps. I'll tell you one of the -- I don't want to say surprises, but one of the, I guess, obstacles that we faced is one of our import OEMs had a major decrease in warranty issues last quarter, which obviously, warranty is something that we don't control. So we happily service the customers when they come in, but it's really outside of our control.

是的。我們的保固同比基期確實很高。我告訴你其中一個——我不想說是驚訝，但算是我們面臨的一個、我想是障礙：我們的一家進口 OEM 在上一季保固問題大幅下降；而顯然，保固是我們無法控制的。所以客戶進廠時我們很樂意提供服務，但這確實不在我們的控制範圍內。

Moving forward, we've seen some of the domestics that have issued some recalls and some additional warranty work. But it's hard to tell. Like I said, warranty is important. I pay attention to it, but I cannot control it. That's why our focus is always on the customer pay. We'll just happily serve the guests when the OEMs have any warranty issues.

往前看，我們看到一些國產品牌發布了部分召回以及額外的保固維修。但這很難判斷。如我所說，保固很重要。我會關注它，但我無法控制它。這也是為什麼我們的重點始終放在客戶自費（customer pay）。當 OEM 有任何保固問題時，我們就很樂意為來店的客人提供服務。

Ryan Sigdahl, Craig-Hallum.

Ryan Sigdahl，Craig-Hallum。

This is Matthew Raab on for Ryan. Just want to go back to the new GPUs, maybe putting a finer point there. We've talked in the past about settling out in that $2,500 to $3,000 range. You're at $3,271, it feels like inventory is pretty rational and you're certainly getting the benefit of the Herb Chambers mix.

我是代替 Ryan 的 Matthew Raab。想回到新車 GPU 的問題，可能把重點再說得更明確一些。我們過去談過會在每台 2,500 到 3,000 美元區間趨於穩定。你們目前是 3,271 美元，感覺庫存相當理性，而且你們也確實受惠於 Herb Chambers 的組合。

I mean at this point, is there any reason why GPUs can't settle out near the higher end of that range? And if you have any expectation for new GPUs for '26, whether it's a year end number or a quarter-over-quarter decline through the rest of the year, that would be great.

我的意思是，在這個時間點，有任何理由讓新車 GPU 不能在該區間的較高端附近穩定下來嗎？另外，如果你們對 2026 年的新車 GPU 有任何預期——不論是年末數字，或是今年剩餘時間按季逐步下滑——分享一下會很棒。

Matt, thank you. Great question. And I agree with you. I think for the last several quarters, we've been talking about $2,500 to $3,000. We believe now that, that number is moderating, and it is closer to that $3,000 range. So to your point, excellent question.

Matt，謝謝你。問得很好。我也同意你的看法。我想在過去幾個季度，我們一直在談每台 2,500 到 3,000 美元。我們現在認為，這個數字正在趨於溫和，並且更接近 3,000 美元的區間。所以就像你說的，這是個很好的問題。

We have no further questions at this time. Mr. Hult, I'd like to turn the floor back over to you for closing comments.

目前沒有進一步的問題。Hult 先生，我想把時間交還給您做結語。

Thank you, operator. We appreciate everyone joining our first quarter earnings call, and the team here looks forward to discussing our second quarter results in the future. Have a great day.

謝謝你，接線員。感謝各位參加我們的第一季財報電話會議，我們的團隊也期待未來與各位討論第二季的業績結果。祝各位有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與，祝您有美好的一天。