AutoNation Inc (AN) 2025 Q3 法說會逐字稿

Hello, and welcome to the AutoNation Inc. Q3 earnings call. My name is Harry, and I'll be your operator today. (Operator Instructions)

大家好，歡迎參加AutoNation Inc.第三季財報電話會議。我叫哈里，今天由我來為您接聽電話。（操作說明）

I will now hand the conference over to Derek Fiebig, VP of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁德里克·菲比格。請繼續。

Thanks, Harry, and good morning, everyone. Welcome to AutoNation's third quarter 2025 conference call. Leading our call today will be Mike Manley, our Chief Executive Officer; and Tom Szlosek, our Chief Financial Officer. Following their remarks, we will open up the call to questions.

謝謝你，哈里，大家早安。歡迎參加 AutoNation 2025 年第三季電話會議。今天主持我們電話會議的將是我們的執行長麥克·曼利和我們的財務長湯姆·斯洛塞克。在他們發言結束後，我們將開放提問環節。

Before beginning, I'd like to remind that certain statements and information on this call, including any statements regarding our anticipated financial results and objectives, constitute forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause our actual results or performance to differ materially from such forward-looking statements.

在開始之前，我想提醒大家，本次電話會議中的某些陳述和信息，包括任何關於我們預期財務業績和目標的陳述，均構成 1995 年聯邦私人證券訴訟改革法案意義上的前瞻性陳述。此類前瞻性陳述涉及已知和未知的風險，可能導致我們的實際結果或績效與此類前瞻性陳述有重大差異。

Additional discussions of factors that could cause our actual results to differ materially are contained in our press release issued today and in our filings with the SEC. Certain non-GAAP financial measures as defined under SEC rules will be discussed on this call. Reconciliations are provided in our materials and on our website at investors.autonation.com.

有關可能導致我們實際業績與預期業績有重大差異的因素的更多討論，請參閱我們今天發布的新聞稿以及我們向美國證券交易委員會提交的文件。本次電話會議將討論美國證券交易委員會規則中定義的某些非GAAP財務指標。財務報表已在我們的資料和網站 investors.autonation.com 上提供。

With that, I'll turn the call over to Mike.

這樣，我就把電話交給麥克了。

Yes. Thank you, Derek. Good morning, everybody. Thank you for joining us today. And as usual, I'm going to start on the third slide. Firstly, we were very pleased to report our strong third quarter. We delivered 25% adjusted EPS growth, generated strong cash flow and deployed significant capital for share repurchases and acquisitions while maintaining our leverage at the lower half of our targeted range.

是的。謝謝你，德里克。大家早安。感謝您今天蒞臨。像往常一樣，我將從第三張投影片開始。首先，我們非常高興地報告我們第三季業績強勁。我們實現了 25% 的調整後每股收益成長，產生了強勁的現金流，並投入了大量資金用於股票回購和收購，同時將槓桿率維持在目標範圍的下半部分。

Overall market conditions for New and Used Vehicles, we think are reasonable and holding up well, industry inventory of about 2.6 million units remains well below the 4 million units which was the norm ahead of the pandemic and units are down about 6% year-to-date.

我們認為新車和二手車的整體市場狀況合理且保持良好，行業庫存約為 260 萬輛，遠低於疫情前的 400 萬輛，今年迄今為止的銷量下降了約 6%。

I think OEMs have been adding some production, but overall, inventory levels are in good shape. New vehicle sales remained below historical standards with the year-to-date light vehicles are averaging 16.3 million units and the retails are averaging around 13.6.

我認為汽車製造商已經增加了一些產量，但總體而言，庫存水準狀況良好。新車銷量仍低於歷史標準，今年迄今輕型車平均銷量為 1,630 萬輛，零售銷售量平均約 1,360 萬輛。

Our industry sales are up 5% year-to-date, with about half of that increase attributable to a strong performance in March and April. But we think comparisons will probably get tougher in the fourth quarter as we (inaudible) of $16.7 million and $13.9 million, respectively.

今年迄今為止，我們行業的銷售額增長了 5%，其中約一半的增長歸功於 3 月和 4 月的強勁表現。但我們認為，第四季的比較可能會更加困難，因為我們（聽不清楚）分別為 1,670 萬美元和 1,390 萬美元。

The tariff story continues to evolve. Most of the negotiations with major trade partners are nearing completion, and the effects on the auto industry, I think, are becoming clearer. The impact on the OEM profitability is significant and well chronicled but they're clearly not standing still.

關稅問題仍在不斷演變。與主要貿易夥伴的大部分談判已接近尾聲，我認為，這些談判對汽車產業的影響也越來越明顯。對原始設備製造商 (OEM) 盈利能力的影響是巨大的，並且有大量的記錄，但他們顯然並沒有停滯不前。

There will be manufacturing relocations and other actions to drive a more efficient tariff supply chain, and the knock-on impacts of the dealers and consumers are beginning to play out as well. We expect decontenting and reductions in trim levels, additional fees and moderation in incentives and marketing spend.

為了推動更有效率的關稅供應鏈，將會有製造業轉移和其他措施，而這些措施對經銷商和消費者的連鎖反應也開始顯現。我們預計產品配置將減少，車型等級將降低，額外費用將會增加，激勵措施和行銷支出也將減少。

Now in the third quarter, we've already started to experience a reduction in certain types of incentive spending, which I will discuss a little bit more shortly. Our same-store sales of New Vehicles increased 4.5%, largely in line with the overall industry and unit growth was led by our domestic segment, which increased 11% from a year ago on a same-store basis.

現在到了第三季度，我們已經開始感受到某些類型的激勵性支出有所減少，我稍後會再詳細討論一下。我們的新車同店銷量成長了 4.5%，與整個產業基本一致，銷量成長主要由國內市場帶動，國內市場同店銷量比去年同期成長了 11%。

Import brand also increased and Premium Luxury was slightly down. With the expiration of government incentives for EVs on September 30, there was a significant increase in sales of Hybrid Vehicles, which were up 25% from a year ago and BEV which increased 40%.

進口品牌數量增加，而高端奢侈品數量略有下降。隨著政府對電動車的激勵措施於 9 月 30 日到期，混合動力車的銷量大幅成長，比去年同期成長了 25%，純電動車的銷量成長了 40%。

With the incentive exploration in mind, we reduced our BEV inventory by approximately 55% from year-end to around 1,550 units or less than 20 days of supplier quarter end. New Vehicle profitability moderated in the quarter as one might have expected with the mix of ourselves being more heavily weighted to bad and domestic vehicles. And as I mentioned, our (inaudible) incentive spending played a part in here as well.

考慮到激勵措施的探索，我們將 BEV 庫存從年底減少了約 55%，降至約 1,550 輛，相當於供應商季度末庫存的不到 20 天。正如人們所預期的那樣，由於我們的產品組合中劣質車和國產車的佔比更高，本季新車獲利能力有所下降。正如我之前提到的，我們的（聽不清楚）激勵性支出也起了一定作用。

Now, it is worth noting over the course of the quarter, we did see an improvement in unit profitability with September closing out more strongly than the average. Used Vehicle gross profit increased 3%, which was 2% on a same-store basis year-over-year as we benefited from stronger unit sales and improved performance in wholesale.

值得注意的是，在本季中，我們確實看到單位獲利能力有所改善，9 月的業績表現優於平均水準。二手車毛利潤成長了 3%，與去年同期相比，同店毛利成長了 2%，這得益於銷量成長強勁以及批發業務表現改善。

Our unit sales increased 4% overall and more than 2% on a same-store basis, outpacing the industry. We had strong performances for the over $40,000 price point. In terms of acquisition, the team did a nice job acquiring vehicles through trade-ins and directly from consumers to our We'll Buy Your Car effort and these channels accounted for around 90% of the vehicles acquired in the quarter.

我們的單位銷售額整體成長了 4%，同店銷售額成長超過 2%，超過了產業平均。我們在售價超過 4 萬美元的產品線中取得了優異的成績。在車輛收購方面，團隊透過以舊換新和直接從消費者手中收購車輛，進行「我們收購你的汽車」活動，做得非常出色，這些管道佔本季收購車輛總數的約 90%。

We ended September with over 27,000 Used Vehicles and inventory, which has positioned us well for the fourth quarter of this year. Customer Financial Services gross profit was the highest we had ever reported in a quarter increasing 12% from a year ago. We continue to attach more than two products per vehicle with extended service contracts continuing to be the top offering which is, of course, fantastic for our future After-Sales revenue and customer retention.

截至9月底，我們擁有超過27,000輛二手車庫存，為我們今年第四季的發展奠定了良好的基礎。客戶金融服務部門的毛利創下我們有史以來單季最高紀錄，比去年同期成長了 12%。我們繼續為每輛車配備兩種以上的產品，延長服務合約仍然是最受歡迎的產品，這當然對我們未來的售後收入和客戶留存非常有利。

Our finance penetration was higher from a year ago with around three-quarters of units begins with financing and we benefited from improved margins on vehicle service contracts. The momentum in After-Sales continued. We delivered record third course of revenue and gross profit. Total gross profit increased by 7%. The total gross profit margins expanded by 100 basis points from a year ago.

我們的金融滲透率比一年前有所提高，約四分之三的車輛都是透過融資購買的，而且我們還受益於車輛服務合約利潤率的提高。售後服務勢頭持續強勁。我們實現了第三階段營收和毛利的創紀錄成長。總毛利潤成長了7%。總毛利率較上年同期成長了100個基點。

Our growth was led by customer pay, which reflects our ongoing customer retention efforts. We continue to focus on our technician workforce by recruiting, retaining, and developing our technicians. And I think we're continuing to see positive signs here. Turnover has decreased and franchise technician hand count increased 4% from a year ago on a same-store basis.

我們的成長主要由客戶付費驅動，這反映了我們持續不斷的客戶維繫工作。我們將繼續專注於技術人員隊伍建設，透過招募、留住和培養技術人員來實現這一目標。我認為我們繼續看到積極的跡象。與去年同期相比，門市員工流動率下降，加盟店技術人員數量增加了 4%。

Now the strong momentum at AN Finance continued originations have nearly doubled from the year prior, and we continue to scale the business with the portfolio now exceeding more than $2 billion. The portfolio and balance continues to perform in line with our expectations from a delinquency and a loss perspective and the business's base cost to remain reasonably stable, enabling good profit scaling as the portfolio grows.

現在，AN Finance 的強勁發展勢頭持續強勁，貸款發放量比前一年幾乎翻了一番，我們不斷擴大業務規模，目前投資組合已超過 20 億美元。從違約和損失的角度來看，投資組合和資產負債表的表現持續符合我們的預期，業務的基本成本也保持相對穩定，隨著投資組合的成長，利潤得以良好成長。

Our Q3 performance, combined with our share repurchases, helped us to grow our adjusted EPS by 25% from a year ago. This was the third consecutive year-over-year increase in adjusted EPS. Cash flow for the quarter and year-to-date was also strong. On a year-to-date basis, our adjusted free cash flow is 1.7 times that for 2024, and Tom will talk a little bit more about that after me.

第三季業績加上股票回購，使我們的調整後每股盈餘比去年同期成長了 25%。這是調整後每股盈餘連續第三年年增。本季及年初至今的現金流也表現強勁。截至目前，我們調整後的自由現金流是 2024 年的 1.7 倍，湯姆在我之後會再詳細談談這一點。

Our investment-grade credit rating and balance sheet, as you know, is really anchored around a low net capital, high free cash flow model, enabled us to once again deploy significant capital in the quarter for both share repurchases and acquisitions to improve our franchise density and portfolio in existing markets. We've expanded our presence in two key markets, including the acquisition of a Ford and Groove Mazda in Denver as well as an Audi in the Mercedes store in Chicago.

如您所知，我們的投資等級信用評級和資產負債表真正建立在低淨資本、高自由現金流模式之上，使我們能夠在本季度再次投入大量資金用於股票回購和收購，以提高我們在現有市場的特許經營密度和投資組合。我們擴大了在兩個關鍵市場的業務，包括收購了丹佛的福特和 Groove Mazda 經銷店，以及在芝加哥的梅賽德斯經銷店收購了奧迪經銷店。

All in all, I think, really good results and good progress from the automation team. And as usual, it is their results that have delivered this. So thank you all, many of you listen. At that time, I'm going to hand it over to you to take everyone through the results in more detail.

總而言之，我認為自動化團隊取得了非常好的成果和進展。像往常一樣，正是他們的成績證明了這一點。所以謝謝大家，很多人都在聽。屆時，我將把發言權交給你，由你更詳細地向大家介紹結果。

All right. Great. Thanks, Mike. I'm turning to slide 4 to discuss our third quarter P&L. Our total revenue for the quarter was $7 billion an increase of 7% a year ago on both total store and same-store basis. We achieved attractive same-store growth across the entire business, including double-digit growth in Customer Financial Services.

好的。偉大的。謝謝你，麥克。接下來我將翻到第 4 張投影片，討論我們第三季的損益。本季總營收為 70 億美元，與去年同期相比，無論以門市總數或同店銷售額計算，均成長了 7%。我們實現了整個業務的同店成長，其中客戶金融服務業務實現了兩位數的成長。

7% increase in same-store new vehicle revenue, which reflects new unit volumes across all three segments and After-Sales growth of 6%. Gross profit of $1.2 billion increased by 5% from a year ago, reflecting same-store CFS growth of 11%, After-Sales growth of 7% and Used Vehicle growth of 2%.

同店新車收入成長 7%，反映了所有三個細分市場的新車銷售成長，售後服務成長 6%。毛利為 12 億美元，比上年同期成長 5%，反映出同店 CFS 成長 11%，售後服務成長 7%，二手車成長 2%。

The growth was offset in part by a decline in New Vehicle gross profit. Adjusted SG&A of 67.4% of gross profit for the quarter was in line with a year ago. For the year-to-date, we are at 67% within our targeted 66% to 67% range.

新車毛利的下降部分抵消了成長。本季調整後的銷售、管理及行政費用佔毛利的 67.4%，與去年同期持平。今年迄今為止，我們已達到目標範圍 66% 至 67% 的 67%。

Adjusted operating income increased by 9% and margin of 4.9% increased modestly from a year ago, reflecting excellent growth and performance in CFS and After-Sales, offset by moderation in new vehicle gross profit -- our unit profit.

調整後的營業收入成長了 9%，利潤率 4.9% 較上年同期略有增長，這反映了 CFS 和售後服務的出色增長和業績，但被新車毛利潤（我們的單位利潤）的放緩所抵消。

As a reminder, CFS and After-Sales comprise close to 80% of our gross profit together comprised a gross margin rate of more than 60% of revenue. Below the operating line, floor plan expense decreased by $13 million from a year ago as average rates were down approximately 100 basis points, combined with lower average outstanding borrowings. Non-vehicle interest expense was approximately flat from a year ago.

需要提醒的是，CFS 和售後服務占我們毛利的近 80%，合計毛利率超過收入的 60%。在營運成本以下，由於平均利率下降約 100 個基點，加上平均未償借款額降低，庫存融資支出比去年同期減少了 1,300 萬美元。非車輛利息支出與去年同期基本持平。

As a reminder, we reflect floor plan assistance received from OEMs in gross margin. This assistance totaled $34 million compared with $38 million a year ago. Net of these OEMs have net new vehicle floor plan expense totaled $12 million, down from $20 million a year ago.

再次提醒，我們將從原始設備製造商獲得的廠房佈局協助計入毛利率。這項援助總額為3,400萬美元，而一年前為3,800萬美元。這些整車製造商的淨新車融資計畫支出總計 1,200 萬美元，低於一年前的 2,000 萬美元。

In all, this resulted in an adjusted net income of $191 million compared to $162 million a year ago, an increase of 18%. Total shares repurchased over the 12 months decreased our average shares outstanding year-over-year by 5% to 38.1 million shares, benefiting our adjusted EPS, of course, which was $5.01 for the quarter, an increase of nearly $1 or 25% from a year ago.

總的來說，這使得調整後的淨收入達到 1.91 億美元，而一年前的淨收入為 1.62 億美元，成長了 18%。過去 12 個月回購的股份總數使我們的平均流通股數量同比減少了 5%，至 3,810 萬股，這當然有利於我們調整後的每股收益，該季度每股收益為 5.01 美元，比去年同期增長了近 1 美元，增幅達 25%。

Adjusted EPS for the quarter excludes the $40 million in business interruption insurance recoveries related to last year's CDK business incident. Also the year-over-year comparison of adjusted EPS benefited from non-reccurence of the residual effects of the CDK business incident that adversely impacted the third quarter last year by approximately $0.21.

本季調整後的每股盈餘不包括與去年 CDK 業務事故相關的 4,000 萬美元業務中斷保險賠償。此外，調整後每股盈餘的同比比較也受益於 CDK 業務事件的殘餘影響不再重現，去年第三季對每股收益產生了約 0.21 美元的不利影響。

Slide 5 provides some more color on New Vehicle. New Vehicle Unit volumes increased 5% from a year ago in total store, on a total store basis and 4% on a same-store basis. Total store unit sales were led by domestic vehicles, which grew approximately 12% in the quarter, followed by import growth at 4%.

幻燈片 5 為新車提供了更多細節。新車銷量較上年同期成長 5%（以門市總數計算），同店銷量成長 4%。門市總銷量主要由國產車帶動，本季成長約 12%，其次是進口車，成長 4%。

Premium Luxury was relatively flat year-over-year. By powertrain, Hybrid New Vehicle unit sales representing 20% of our volume, were up nearly 25% from the third quarter of a year ago. BEV New Vehicle sales representing nearly 10% of our volume, we're also up more than 40% year-over-year and on a sequential basis.

高端豪華市場年比基本持平。按動力系統劃分，混合動力新車銷量占我們總銷量的 20%，比去年同期成長了近 25%。純電動車新車銷量占我們總銷量的近 10%，較去年同期成長超過 40%，較上季也成長超過 40%。

Our New Vehicle unit profitability averaged approximately $2,300 for the quarter, down approximately 500 from a year ago for the reasons Mike mentioned. New Vehicle inventory amounted to 47 days of supply, down 5 days from the third quarter of last year and down from 2 days or down from 2 days at the end of June.

本季我們新車部門的平均利潤約為 2300 美元，比去年同期下降了約 500 美元，原因正如 Mike 所提到的。新車庫存相當於 47 天的供應量，比去年第三季減少了 5 天，比 6 月底的 2 天減少了 2 天。

The strong BEV sales during the quarter reduced battery electric inventory close to 70% from a year ago to less than one month of supply. For the fourth quarter, we expect the mix of new unit sales to improve, including less Battery Electric Vehicles and a higher percentage of Premium Luxury, reflecting seasonal strength during the holiday season.

本季強勁的純電動車銷售使電池電動車庫存比一年前減少了近 70%，目前庫存量不到一個月。我們預計第四季度新車銷售結構將有所改善，包括減少純電動車的銷量，增加高端豪華車的銷量，這反映了假期季節的季節性增長。

Turning to slide 6. Used Vehicle retail sales improved on a total store basis by 4%. Average retail prices were up about 4%. Used Vehicle retail unit profitability of $1,489 was lower than a year ago, reflecting higher acquisition costs, but remains in line with historical levels. Total used gross profit increased 3% from a year ago, reflecting increased units and stronger wholesale performance. We remain focused on optimizing vehicle acquisition, reconditioning, inventory velocity, and pricing.

翻到第6張投影片。二手車零售額以門市總數計算增加了 4%。平均零售價格上漲了約 4%。二手車零售單位利潤為 1,489 美元，低於去年同期水平，反映出購置成本較高，但仍與歷史水平持平。二手商品總毛利較上年同期成長 3%，反映出銷量增加及批發業績走強。我們將繼續專注於優化車輛採購、翻新、庫存週轉和定價。

Overall, industry supply of Used Vehicles remains tight. We continue to be competitive in securing our vehicle supply from our retail operations, including trade-ins, We'll Buy Your Car, services loaner conversions, and lease returns. We source more than 90% of our vehicles from these channels and are encouraged by the level and quality of our Used Vehicle inventories heading into the fourth quarter of the year.

整體而言，二手車產業供應依然緊張。我們透過零售業務（包括以舊換新、收購車輛、服務代步車改裝和租賃歸還）持續維持車輛供應的競爭力。我們90%以上的車輛都來自這些管道，我們對進入今年第四季以來二手車庫存的水平和品質感到鼓舞。

Turning to slide 7. Customer Financial Services. Momentum continues to be strong for CFS. Gross profit increased 12% on a total store basis. Approximately two-third of the increase was from higher unit profitability. The rest was volume related.

翻到第7張投影片。客戶金融服務。慢性疲勞症候群（CFS）的發展勢頭依然強勁。門市整體毛利成長了12%。成長中約有三分之二來自單位利潤率的提高。其餘部分與銷量有關。

The results reflect improved margins on vehicle service contracts, consistent product attachment, and higher penetration of finance products. The continued unit profitability performance in CFS is even more impressive considering the growth of AN Finance which, while superior long-term profitability dilutes our CFS PVR unit profitability. In fact, without the AN Finance dilution, our CFS per unit profitability would increase by an additional $30 from a year ago.

結果反映出車輛服務合約利潤率提高、產品附加率穩定以及金融產品滲透率提高。考慮到 AN Finance 的成長（儘管其長期獲利能力更強，但卻稀釋了我們 CFS PVR 的單位獲利能力），CFS 持續的單位獲利能力表現更加令人印象深刻。事實上，如果沒有 AN Finance 的稀釋，我們的 CFS 每單位利潤將比一年前增加 30 美元。

Slide 8 provides an update on AN Finance, which is our captive finance company. As expected, the profitability of this portfolio is gaining meaningful traction as the portfolio matures and we get leverage on the fixed cost structure from the outstanding portfolio growth.

第 8 張投影片介紹了 AN Finance 的最新情況，AN Finance 是我們的專屬金融公司。正如預期的那樣，隨著投資組合的成熟，其獲利能力正在獲得顯著提升，並且我們能夠利用投資組合的卓越成長來降低固定成本結構。

Year-to-date, you can see that we improved from a $10 million operating loss in 2024 to a $4 million operating profit in 2025. During the third quarter, we again originated more than $400 million in loans bringing the year-to-date originations to more than $1.3 billion, nearly double our originations from last year.

從今年至今，我們可以看到，我們的經營狀況已從 2024 年的 1,000 萬美元虧損改善到 2025 年的 400 萬美元獲利。第三季度，我們再次發放了超過 4 億美元的貸款，使今年迄今的貸款發放超過 13 億美元，幾乎是去年同期的兩倍。

We had approximately $160 million in customer repayments in the quarter. Portfolio has more than doubled since last year is now greater than $2 billion. The quality of the portfolio continues to be credit and performance metrics are improving with average FICO scores, our originations of 697 year-to-date compared to 674 a year ago.

本季我們收到了約 1.6 億美元的客戶還款。該投資組合自去年以來已成長一倍多，目前超過20億美元。投資組合的品質持續保持良好，信貸和績效指標也在不斷提高，平均 FICO 分數有所改善，今年迄今的貸款發放量為 697 筆，而一年前為 674 筆。

Delinquency rates at quarter end of 2.4% or solid and losses are stable as a percentage of the portfolio. We do expect delinquency rates to continue to normalize as the portfolio continues toward full maturity with delinquency rates migrating to the 3%-ish range.

季度末違約率為 2.4%，表現穩健，損失佔投資組合的比例也保持穩定。我們預計，隨著投資組合繼續走向完全到期，違約率將繼續正常化，違約率將趨於 3% 左右。

Our loss reserving methodology incorporates this expectation. The nonrecourse debt funded status of the portfolio also continued to improve as we have improved advance rates for our warehouse facilities and are benefiting from higher nonrecourse debt funding levels from our ABS issuance in the second quarter.

我們的損失準備金提列方法已將這一預期考慮在內。由於我們提高了倉儲設施的預付款率，並且受益於第二季度 ABS 發行帶來的更高的無追索權債務融資水平，投資組合的無追索權債務融資狀況也繼續改善。

Just going to 86% debt tonnage status that you can see on the page, released over $100 million of equity funding back to AutoNation. As we become a more regular ABS security this year, we expect to further increase the nonrecourse debt funding proportion of the portfolio, and we expect to carry out a second ABS transaction before the end of the first quarter 2026.

如您在頁面上所見，債務比率已降至 86%，並向 AutoNation 釋放了超過 1 億美元的股權融資。今年，隨著我們成為更常規的資產支持證券 (ABS)，我們預計將進一步提高投資組合中無追索權債務融資的比例，並預計在 2026 年第一季末之前進行第二筆 ABS 交易。

Closing off AutoNation finance, the businesses attractive offerings are driving strong customer takeup, and we continue to expect attractive ROEs in the business driven by profitability growth and the shrinking equity.

在關閉 AutoNation 金融業務後，該業務極具吸引力的產品正在推動客戶強勁成長，我們繼續預計，在獲利成長和權益縮減的推動下，該業務將獲得可觀的 ROE。

Moving to slide 9, After-Sales. Representing nearly one-half of our gross profit, continued its revenue and margin momentum and gross profit posted a third quarter record for AutoNation. Same-store revenue increased 6% and gross profit was up 7% led by customer pay, which increased 10%.

接下來是第 9 張投影片，售後服務。AutoNation 的營收和利潤率持續保持成長勢頭，占我們毛利的近一半，第三季毛利創下歷史新高。同店營收成長 6%，毛利成長 7%，主要得益於顧客支付額成長 10%。

Internal and warranty were also higher than prior year, reflecting higher value repair orders along with higher overall repair orders. Our total store gross margin increased 100 basis points to 48.7% of revenue. We remain focused on hiring, developing, and retaining our technicians.

內部維修和保固維修的金額也高於前一年，反映出維修訂單的價值更高，以及維修訂單總量更高。我們門市的總毛利率提高了100個基點，達到收入的48.7%。我們將繼續專注於招募、培養和留住技術人員。

And as Mike mentioned, these efforts helped us to increase our franchise technician headcount by 4% from a year ago on a same-store basis. The increased technician workforce is a key to consistently driving that mid-single-digit growth in after sales gross profit.

正如麥克所提到的，這些努力幫助我們在同店基礎上，使加盟店技術人員數量比一年前增加了 4%。技術人員隊伍的增加是持續推動售後毛利達到個位數中段成長的關鍵。

On slide 10. Adjusted cash flow for the nine months of the year totaled $786 million, which is about 134% of adjusted net income, and this compares to $467 million or 91% a year ago. The big increase reflects stronger operational performance, including our continued focus on working capital and cycle times as well as CapEx management and prioritization, which resulted in a $40 million lower spend on CapEx in 2025 and '24 as well the recovery from the CDK outage, including the $40 million in business interruption insurance receipts in the quarter.

第 10 張投影片。經調整後的本年度前九個月現金流總計 7.86 億美元，約佔經調整後淨收入的 134%，而一年前為 4.67 億美元，約佔 91%。這一大幅成長反映了更強勁的營運業績，包括我們持續關注營運資本和週期時間以及資本支出管理和優先排序，這使得 2025 年和 2024 年的資本支出減少了 4000 萬美元，以及從 CDK 中斷中恢復過來，包括本季度收到的 4000 萬美元業務中斷保險賠償。

Our CapEx to depreciation ratio was at 1.2 times compared to 1.5 times a year ago. We continue to expect healthy free cash flow conversion for the full year.

我們的資本支出與折舊比率為 1.2 倍，而一年前為 1.5 倍。我們仍然預計全年自由現金流轉換率將保持健康水準。

Slide 11, capital allocation. As we've discussed in the past, we consider capital allocation opportunity to either reinvest in the business in the form of CapEx or M&A or to return capital to share owners via share repurchase.

第 11 頁，資本配置。正如我們過去討論過的，我們認為資本配置機會要么是以資本支出或併購的形式對業務進行再投資，要么是透過股票回購將資本返還給股東。

Year-to-date, we've deployed over $1 billion in capital, as you can see on the page. We remain prudent in CapEx, which is mostly maintenance-related compulsory spending and totaled $223 million for the first nine months of 2025, which is 15% lower than 2024, as I previously mentioned.

正如您在頁面上看到的，今年迄今為止，我們已經投入了超過 10 億美元的資金。我們在資本支出方面仍然保持謹慎，這主要是與維護相關的強制性支出，2025 年前九個月的總支出為 2.23 億美元，比 2024 年減少了 15%，正如我之前提到的。

We continue to actively explore M&A opportunities to add scale and density to our existing markets. So far this year, we spent approximately $350 million closing on transactions in Denver and Chicago, which Mike discussed. Share repurchases have been and will continue to be an important part of our playbook year-to-date. We've repurchased $435 million worth or 6% of the shares that were outstanding at the end of 2024 at an average price of $183 per share.

我們將繼續積極探索併購機會，以擴大現有市場的規模和密度。今年到目前為止，我們在丹佛和芝加哥的交易中花費了大約 3.5 億美元，麥克對此進行了討論。今年以來，股票回購一直是並將繼續是我們策略的重要組成部分。我們以每股 183 美元的平均價格回購了價值 4.35 億美元或 2024 年底流通股的 6%。

In the nine months ending September 30, we repurchased September 30, 2024, we repurchased $356 million at an average purchase price of $159 per share. In our capital allocation decisioning, of course, we consider our investment-grade balance sheet and the associated leverage levels. At quarter end, our leverage was 2.35 times EBITDA, down from 2.45 times EBITDA at the end of last year and well within our 2 times to 3 times long-term target which gives us additional dry powder for capital allocation going forward.

截至 2024 年 9 月 30 日的九個月內，我們以每股 159 美元的平均購買價格回購了 3.56 億美元的股票。當然，在進行資本配置決策時，我們會考慮我們投資層級的資產負債表和相關的槓桿水準。截至季末，我們的槓桿率為 EBITDA 的 2.35 倍，低於去年年底的 EBITDA 的 2.45 倍，遠低於我們 2 倍至 3 倍的長期目標，這為我們未來的資本配置提供了額外的資金。

Now let me turn the call back to Mike before we go to question and answer.

現在，在進入問答環節之前，讓我把電話轉回給麥克。

So I think we just go straight into Q&A.

所以我覺得我們直接進入問答環節吧。

Harry, if you could please remind people how to.

哈利，請你提醒大家該怎麼做。

Yes, of course, no problem at all. (Operator Instructions)

當然沒問題。（操作說明）

Michael Ward, Citi Research.

Michael Ward，花旗研究部。

I wonder if you can quantify, it looks like the variable gross per unit from 2Q to 3Q went down by about $250. And it looks like -- is it split about equal between the unfavorable seasonal mix with Luxury and then in the BEV sell-up. Is that what we're looking at? And how does that reverse? Or does it fully reverse in 4Q?

我想知道您是否可以量化一下，看起來從第二季度到第三季度，單位可變毛利潤下降了約 250 美元。看起來，不利的季節性因素（如奢侈品）和電動車銷售，兩者之間的差距大致相當。這就是我們看到的嗎？那麼，這種逆轉又是如何發生的呢？或者第四季會完全逆轉？

Yes. Mike, I'll answer first and then Tom if you've got anything that you want to attend. So I think you saw two effects really on the growth. Obviously, everyone is talking about the significant increase in BEV mix, and there's no doubt about it that margins are absolutely -- were absolutely terrible and have been terrible for some time, but we'll talk about our view on how that moderates going forward.

是的。麥克，我先回答，然後湯姆，如果你有什麼想參加的，就再回答吧。所以我認為你實際上看到了對成長的兩種影響。顯然，大家都在談論電動車佔比的大幅成長，毫無疑問，利潤率絕對——過去絕對糟糕，而且已經糟糕了一段時間，但我們會談談我們對未來利潤率如何趨於緩和的看法。

So we -- it's still -- even though they increased significantly, it was only 10% of our total mix and it did have an effect on our margin, the biggest effect, frankly, came from our domestic combustion or life sales, where we saw quite a compression, particularly in the middle part of the quarter.

所以，儘管它們大幅成長，但只占我們總組合的 10%，而且確實對我們的利潤率產生了影響。坦白說，最大的影響來自我們的國內燃燒或人壽保險銷售，我們看到這部分銷量大幅下降，尤其是在季度中期。

We were able to reverse that to some extent as we came out of the quarter, as I alluded to in my comments, and I was pleased with our exit trajectory, but I think we had too much pressure on our domestic mix, as I said, in the middle of the quarter.

正如我在評論中提到的，隨著本季度結束，我們在一定程度上扭轉了局面，我對我們的收官軌跡感到滿意，但我認為，正如我在本季度中期所說，我們在國內產品組合方面承受了太大的壓力。

And that was the largest contribution to the sequential and year-over-year reduction. I think we've got better balance now going into Q4 with regard to that. And I do think that we are going to see a much better dynamic with regard to supply and demand on BEVs in Q4, and we could have a relatively long discussion about what does the effect of the loss of the $7,500 due on that?

這是造成環比和年比下降的最大因素。我認為進入第四季度，我們在這方面已經取得了更好的平衡。我認為，在第四季度，電動車的供需動態將會好得多，我們可以就損失 7500 美元的影響進行較長的討論。

And what's the thoughts about that? But I do think that we have a better dynamic in terms of supply, matching demand and therefore, less pressure potentially on margins.

對此您有什麼看法？但我認為，我們在供需平衡方面有了更好的動態，因此利潤率面臨的壓力也更小。

So a long answer to your question. It was actually more from our -- the highest contribution with our domestic sales. And Tom mentioned, they were up 11% in the quarter. There was, of course, an impact of BEV, but remember, it was only 10% of our total mix. Some of which will get mitigated as we go into the Q4 and you'll obviously get the benefit if we see normal patterns of a better luxury premium mix in December.

所以，對於你的問題，我需要給一個比較長的答案。實際上，國內銷售額佔比最高。湯姆提到，他們本季成長了 11%。當然，純電動車產生了一定的影響，但請記住，它只占我們總組合的 10%。進入第四季度後，其中一些問題將會得到緩解，如果我們在 12 月看到更好的豪華高端產品組合的正常模式，您顯然會從中受益。

Tom, do you want to add anything?

湯姆，你還有什麼要補充的嗎？

No, I think you hit them all, Mike.

不，我覺得你全都擊中了，麥克。

And the flip side of that is you have this record level of finance and insurance per unit. Any reason that won't continue?

另一方面，每間房屋的融資和保險費用也達到了創紀錄的水平。有什麼理由阻止這一切繼續下去嗎？

Well, I have expectation that team has continued to grow their contribution to our company throughout my four years now with AutoNation. And they are led by a great group of people in the dealerships, by the way, in our markets and here.

嗯，我期望在我加入 AutoNation 的這四年裡，該團隊能夠繼續為公司做出更大的貢獻。順便說一句，他們是由我們市場和這裡經銷商中一群非常優秀的人領導的。

So our expectation is that their performance will continue. And I think the thing that Tom and I are delighted about is that it's really in value-added products. We mentioned the attachment rate, for example, of (inaudible) service contracts. And it is clear that, that really for us is good for the future in terms of loyalty and in terms of our After-Sales business.

因此，我們預期他們的表現將會持續維持。我覺得我和湯姆都感到高興的是，它確實體現在加值產品中。例如，我們提到了（聽不清楚的）服務合約的附加率。很明顯，這對我們的未來，無論是在客戶忠誠度方面還是在售後業務方面，都是非常有利的。

So there's no reason why we would see that not necessarily change. It is and will continue to be mitigated by increased penetration of AN Finance in terms of the periodic reporting of that. But over the long term, the contract turn, we're better off with the overall returns AN Finance delivers rather than the one-off contracts we sell on behalf of others.

所以我們沒有理由認為這種情況不會改變。透過定期報告 AN Finance 的滲透率提高，這種情況已經並將繼續得到緩解。但從長遠來看，合約到期後，AN Finance 的整體回報比我們代表他人銷售的一次性合約更有利。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

I just wanted to ask a little bit of a high-level question on just the auto credit trends. You noted that delinquencies were flat quarter-on-quarter looks like your average FICO mix is a little similar to some of your public peers out there, you know CarMax and others.

我只是想問一個關於汽車信貸趨勢的高層次問題。您注意到違約率環比持平，看來您的平均 FICO 組合與一些上市同行（例如 CarMax 等）有些相似。

I'm curious like, is there anything in the data that you see or the performance that you see in your loan book that concerns you with regard to the health of consumer with regard to how maybe losses or delinquencies have been performing within the quarter, maybe in certain cohorts of the consumer? Any more color you can share there would be helpful. And I have a follow-up on the Used Car business.

我很好奇，您在貸款帳簿中看到的數據或表現是否有任何讓您擔憂的地方，例如消費者健康狀況，特別是本季度某些消費者群體的損失或違約情況？如果您能提供更多相關信息，那就太好了。我還有關於二手車業務的後續報導。

Yes. Thanks, Rajat. This is Tom. Good question. And obviously, there's a few headlines with some of the well-chronicled issues that came through in a couple of the larger portfolios this quarter. Obviously, that makes us double down and look at everything that we're doing, and we're very, very confident in the portfolio. I mean the growth has been outstanding, the financing levels continue to grow, minimizing our equity.

是的。謝謝你，拉賈特。這是湯姆。問得好。顯然，本季一些較大的投資組合中出現了一些眾所周知的問題，也因此引發了一些新聞報導。顯然，這促使我們加倍努力，重新審視我們正在做的一切，我們對投資組合非常有信心。我的意思是，成長非常顯著，融資水準持續成長，最大限度地減少了我們的股權支出。

But importantly, the portfolio itself is something that we look at very closely. Mike looks at it every week. And we look at not just the delinquencies, the delinquency rates, but we look at loss rates and write-offs, high vintage going all the way back to the start of when we were -- we did this business.

但更重要的是，我們會非常仔細地審視投資組合本身。麥克每週都會看。我們不僅關注違約率，還關注損失率和核銷率，以及追溯到我們開始從事這項業務以來的長期債務。

The trends are all in line with what we expected. Our reserving has reflected those expectations and not seeing anything by way of acceleration in anything like repossessions or first payment skips or anything like that, that is not already reflected in how we manage the book. So I'm pretty good, pretty happy knock-on wood with how that's been going.

這些趨勢都與我們的預期相符。我們的準備金已經反映了這些預期，並且沒有看到任何加速發生的情況，例如收回房產或拖欠首付款等，這些情況已經反映在我們的帳簿管理方式中。所以，我對目前的狀況相當滿意，希望一切順利。

Understood. That's helpful color. Just following up on the Used Car business, you had a pretty strong same-store growth number last quarter. Looks like it slowed down a bit. I'm sure like there's been some effect of the prebuy that happened last quarter that's causing the decel.

明白了。這是個很有幫助的顏色。關於二手車業務，你們上季的同店成長數據相當強勁。看起來速度稍微慢了下來。我確信，上個季度的提前購買行為產生了一些影響，導致了成長放緩。

But curious if we can get an update on some of the initiatives you talked about last time on improving the business there, both growth and profitability, where you are in the time line of that progress? And should we start to see further acceleration in that growth here over the next few quarters?

不過，我們很想知道您上次提到的那些旨在改善公司業務（包括成長和獲利能力）的舉措，目前進展如何？那麼，在接下來的幾個季度裡，我們是否會看到這種成長進一步加速？

Yes. I'll give you an answer to that question. I would tell you that one of the things that we talked about was that we believe that we could grow our Used Car business, and we are -- we are growing our Used Car business above the industry. And all of those things are continuing to happen and our margin is relatively stable, albeit there's some downward pressure on it.

是的。我會回答這個問題。我想告訴你們，我們討論過的事情之一就是，我們相信我們可以發展我們的二手車業務，而且我們正在——我們的二手車業務發展速度超過了行業平均水平。所有這些事情都在繼續發生，我們的利潤率相對穩定，儘管它面臨一些下行壓力。

So I think if you look objectively at our performance, you will say, yes, it's market, that's a good performance or some people would. So I would tell you that the team and I are really, really focused on what the other possibility here. And we are maintaining higher stock levels for the sale than we would normally have. Historically, I'd like to make sure that we have an inventory turn rate that for me, balances, obviously, the depreciation that we're now back into a normal cycle with how long we're keeping those vehicles in our inventory.

所以我覺得，如果你客觀地看待我們的表現，你會說，是的，這是市場表現，這是一個不錯的表現，或者有些人會這麼說。所以我想說的是，我和我的團隊目前非常非常關注另一種可能性。而且，為了這次促銷活動，我們保持的庫存水準比平常高。從歷史角度來看，我希望確保我們的庫存週轉率能夠平衡，顯然，我們現在恢復了正常的折舊週期，而這又與我們庫存中車輛的存放時間相平衡。

And we're not at that turn rate but the level of inventory that we're carrying today. We are typically the team would balance back down to just above their run rate to give them room to grow. But we're not going to do that time. We're going to hold the line with higher inventory on Used for a period of time. While we continue to work on the other levers to get our run rate to get back to the turn levels that we would expect.

我們現在的周轉率還沒達到那個水平，而是達到了我們目前的庫存水準。我們通常會讓球隊的收支平衡點略高於他們的平均水平，以便為他們留出成長的空間。但我們不會那樣做。我們將在一段時間內維持二手商品較高的庫存水準。同時，我們繼續努力調整其他措施，以使我們的營運效率恢復到我們預期的水平。

Now the consequence of that, of course, is the depreciation effect on our margin will be there for a period of time and will continue, frankly in Q4. And as you know, when you think about depreciation impact and it is completely time based that put some downward pressure on our overall result.

當然，由此帶來的後果是，我們的利潤率將受到貶值的影響，這種影響將持續一段時間，坦白說，這種影響將持續到第四季。如您所知，折舊的影響是完全基於時間的，這會對我們的整體業績造成一定的下行壓力。

So I would say we've made -- we continue to make progress that more headroom, we're not where I or the team would like to be. We're not going to take the balancing approach that we've taken before because we want to work the kinks out of the system. There will come a point that we may have to rebalance Used Inventory down so that we can alleviate some of that margin pressure that we're seeing. We're not there at this moment in time, but we'll make that decision as the quarter continues.

所以我想說，我們已經取得了進步——我們仍在不斷進步，有了更大的發展空間，但我們還沒有達到我和團隊希望達到的水平。我們不會再像以前那樣採取平衡的方法，因為我們想解決系統中的各種問題。我們可能遲早需要調整二手庫存，以減輕目前面臨的利潤率壓力。我們目前還沒有做出決定，但隨著本季的進行，我們會做出這個決定。

So the short answer is progress above industry in Q3. Our expectations are higher. We are doing numerous things to get there. They haven't all worked in the quarter, albeit the result was good. We're going to hold higher inventory levels than we normally would to make sure that we have the supply that is there as we work through those other things.

簡而言之，第三季進展優於行業平均。我們的期望更高。我們正在採取多種措施來實現這一目標。雖然結果不錯，但並非所有員工在本季都表現出色。我們將保持比平常更高的庫存水平，以確保在處理其他事務的同時，我們有足夠的供應。

The consequence of that is pick up increased depreciation, which is accounting for about 0.2% of our margin at this moment in time, and we will stay there in Q4 to enable the organization to grow, and we will see what happens with the overall marketplace. That doesn't mean to say that at some point in the quarter, we will balance our inventory back if we see that the market is not giving us the results that we need. That's what our job is to do. But at the moment, we're holding the line with our inventory, which is why you see our inventory levels where they are on Used. So hopefully, that's enough color for you.

結果是折舊增加，目前約占我們利潤的 0.2%，我們將在第四季度維持這一水平，以促進公司發展，我們將觀察整個市場的走向。但這並不意味著，如果在本季的某個時候，我們發現市場沒有為我們帶來我們需要的結果，我們就會調整庫存平衡。這就是我們的工作職責。但目前，我們對庫存保持穩定，所以您才能在二手商品頁面上看到我們目前的庫存水準。希望這些色彩夠讓你滿意了。

Jeff Lick, Stephens inc.

Jeff Lick，Stephens 公司

Tom, I was wondering if you could give a little more detail on the impressive 100 bps of gross margin expansion in service and parts, just kind of what's driving that and how sustainable that will be going forward?

湯姆，我想請你詳細解釋一下服務和零件業務毛利率增長 100 個基點的驚人增長情況，是什麼因素推動了這一增長，以及這種增長在未來能否持續？

I mean when you look at the performance in the quarter, I would say that the total -- just to reference, the growth was roughly [7%] in growth. And I'd say it's equally balanced between volume and price. And with volume, I'm talking about both parts, number of repair orders and labor hours per repair order. Those were all up and tracking nicely.

我的意思是，當你查看本季的業績時，我會說總成長率——僅供參考，大約是 7%。我認為銷量和價格之間達到了平衡。說到數量，我指的是兩個方面：維修訂單的數量和每個維修訂單的工時。這些項目都進展順利，運作良好。

Also from a price perspective, there's inflation in the market and we definitely do our part to offset that on a regular basis. And then we probably got a little bit more mix favorability as well. But the initiatives that Christian and the team are driving around technicians and the hiring and training of technicians as well as having appropriate capacity from a service day perspective or working out well for us, and we're able to leverage the investments that we've made.

從價格角度來看，市場存在通貨膨脹，我們肯定會定期盡力抵消這種通貨膨脹的影響。然後，我們的產品組合也可能更受消費者青睞一些。但是，克里斯蒂安和他的團隊正在推動的關於技術人員、技術人員的招募和培訓以及從服務日角度來看擁有適當能力的各項舉措，對我們來說效果很好，我們能夠利用我們已經進行的投資。

We talked about maintaining a reasonable level of CapEx spend and been able to achieve these results while being thoughtful about the amount of capital we're putting in as well. So I'd say those are the big drivers.

我們討論瞭如何保持合理的資本支出水平，並且在謹慎控制投入資金的同時，也實現了這些目標。所以我覺得這些都是主要驅動因素。

And just a quick follow-up on SG&A, 67.4% as a ratio of gross profit and flat last year, which given your peers' reports that you're the leader in the club. Outlook's pretty impressive. I know your kind of taking a bit of an outsider's point of view given your previous professional experience in -- just curious where you see that going and what highlights you'd give as to what's going to lead that?

關於銷售、一般及行政費用，我再補充一點，佔毛利的比例為 67.4%，與去年持平。根據同行的報告，你們是業界的領頭羊。前景相當不錯。我知道鑑於你之前的專業經驗，你可能會從局外人的角度看待這個問題——我只是好奇你認為這件事會如何發展，以及你認為哪些因素會促成這一發展？

Mike has his expectations. We talked about a range of 66%, 67%, but that's we're driving even more aggressive than that. I think the other important thing is there's a disparity amongst the group in terms of how service loaners are reported. We include the entire expense for service loaners and our SG&A rate as well. So that I think ours is a bit penalized compared to some in the group.

麥克有他的期望。我們討論過 66%、67% 的範圍，但我們現在的行動比這還要積極。我認為另一件重要的事情是，該群體在服務借用車輛的報告方式上存在差異。我們已將服務用車的全部費用以及銷售、一般及行政費用計入其中。所以我覺得，與組內其他一些組相比，我們組的情況有點不利。

So overall, it's a I agree with you that the performance is good from an outsider's view. But I would say we have a number of initiatives driving productivity on the -- in our variable side, both whether it's on the sales side in the service space, that's really important and drive the outcomes -- unit outcomes also on advertising being very, very thoughtful in terms of return on investments that we're getting there.

所以總的來說，我同意你的看法，從局外人的角度來看，這場演出很精彩。但我認為，我們在可變方面有很多舉措來提高生產力，無論是在銷售方面還是在服務領域，這都非常重要，並且能夠推動結果——單位結果，廣告方面也經過深思熟慮，考慮到我們在那裡獲得的投資回報率。

And then lastly, there was a whole pool of cost, other SG&A types of costs that we manage every day. We have a number of initiatives I've talked about before. But those are front and center. We look at them every month as a leadership team and course correct when we see things not in the direction we want.

最後，還有一大堆成本，以及其他我們每天都要管理的銷售、一般及行政費用。我之前提到我們有一些措施。但這些才是重點。我們帶領團隊每個月都會審視這些情況，如果發現事情沒有朝著我們想要的方向發展，就會進行修正。

I think it's getting the right amount of attention in the company. I expect us to closely manage that. Now we've got investments that we make and those are fairly regular. They can be a bit variable and spike at times, but they're all made with the idea of driving further growth. So that's in terms of how I'm looking at it. I think it's a big area focus.

我認為公司對此事給予了適當的關注。我希望我們能嚴密管理此事。現在我們有一些投資，而且這些投資相當規律。它們可能會有些波動，有時會出現峰值，但它們的最終目的都是為了推動進一步成長。這就是我的看法。我認為這是一個需要重點關注的領域。

Mike impressive performance. Best of luck in the fourth quarter.

麥克表現出色。祝你在第四節比賽中好運。

Daniela Haigian, Morgan Stanley.

丹妮拉‧海吉安，摩根士丹利。

One question on forward demand. As we've kind of passed through the peak tariff fears as you spoke to, Mike, we're now seeing OEMs revise up guidance is. Kind of clears the bar on improved outlook here. You spoke to decontenting, but how are you seeing pricing on new model your vehicles. Is that relatively unchanged? How are you thinking about '26? Anything you can share there would be helpful.

關於遠期需求的問題。正如你剛才提到的，麥克，我們已經度過了關稅擔憂的高峰期，現在我們看到原始設備製造商正在上調業績預期。這在某種程度上提高了前景的預期。您談到了降低配置，但您如何看待貴公司新車型的定價？情況基本沒有改變嗎？你對2026年有什麼想法？任何你能分享的資訊都會很有幫助。

Yes. So I think you're right in your view. I think the OEMs now have had enough time and are getting to a level of clarity where they have looked at their product plans, look at their supply chains. And the two big impacts of tariffs, but also from a powertrain perspective, have driven significant change into all of the OEMs views on their product lineup and the powertrains that they're going to deploy.

是的。所以我認為你的觀點是對的。我認為現在汽車製造商已經有足夠的時間，並且對產品計劃和供應鏈有了更清晰的認識。關稅的兩大影響，以及從動力系統角度來看的影響，已經對所有汽車製造商對其產品陣容和將要部署的動力系統的看法產生了重大影響。

And I think that they have, to the most extent, got their heads around that and understand what they want to do and therefore, they're being much more clear and less cautious about their future outlook. A lot of that hasn't really made its way yet into the market. Some of it has, of course.

我認為他們大多已經理解了這一點，明白了自己想做什麼，因此，他們對未來的展望更加清晰，也更少謹慎。很多這類產品還沒有真正進入市場。當然，其中有些確實如此。

But I would tell you that my view on this is look at pricing and what's come through the system so far, it looks broadly in line with normal pricing that we would expect for the model year changeover. But that, of course, is just a headline. We know that there is, as always, option decontenting. Things that were standard made optional and there is always value engineering that happens with every single OEM.

但我認為，從定價以及目前系統公佈的資訊來看，它大致符合我們對車型年換代所預期的正常定價。但這當然只是個標題而已。我們知道，和以往一樣，選擇權會被削減。一些原本是標準配置的東西變成了可選配置，每個原始設備製造商都會進行價值工程。

So at the end of the day, if you were to assess true value delivered to the customer for each dollar. I can't really give you a clear picture on that yet. But we know that the levers that have been pulled are on the supplier side, they are on, obviously, the cost per vehicle side and the bill of materials and also on some of the incentives that have been provided to dealers, whether it's volume growth incentives or other support incentives that do not directly impact net transaction price in the marketplace, but ultimately do impact dealer margins.

所以歸根結底，如果你要評估每一美元為客戶帶來的真正價值。我目前還無法就此給出明確的答案。但我們知道，採取的措施主要在供應商方面，顯然包括降低每輛車的成本和物料清單，以及向經銷商提供的一些激勵措施，無論是銷量成長激勵措施還是其他支持激勵措施，這些措施不會直接影響市場上的淨交易價格，但最終會影響經銷商的利潤率。

So we know there's effect across all of that. Some of that we saw in the quarter. We alluded to that in my incentive comments. I think that's going to continue as we get into deeper into Q4 and we clear our prior model year. But I'm pleased with where the industry is, frankly. We said at the beginning of the year, we thought it was -- we were hoping for 5% up year-over-year.

所以我們知道，所有這些都會產生影響。我們在本季看到了一些這樣的例子。我在激勵措施說明中已經提到過這一點。我認為隨著我們進入第四季後期，並清理上一年的車型庫存，這種情況還會持續下去。但坦白說，我對這個行業目前的狀況感到滿意。年初的時候我們就說過，我們希望年增 5%。

And we had no clue really of the turbulence that we were going to see that we have seen this year. And I think the OEMs have largely navigated it well, some better than others are always. So we are hoping that Q4 continues back. We think that the year-over-year comps are higher bar in Q4.

我們當時完全沒有預料到今年會遭遇如此巨大的動盪。我認為大多數汽車製造商都應對得很好，當然，有些製造商比其他製造商做得更好。所以我們希望第四季能夠繼續回升。我們認為第四季同比數據門檻更高。

And we said that because we wanted to give you an indication of our view of October through the end of December. But as we get into next year and you see some of the more rapid supply chain changes that OEMs are there. I think what they're going to want to do is to maintain the progress in this year. So it's too early for me to call what I think 2026 will be in terms of the total inventory.

我們這樣說，是因為我們想向你們表明我們對10月到12月底的看法。但隨著我們進入明年，你會看到一些原始設備製造商 (OEM) 的供應鏈發生了更快速的變化。我認為他們想要做的就是保持今年的進展。所以現在預測 2026 年的總庫存量還為時過早。

But I do think there's a lot more clarity from the OEMs. And I do think we're going to see more potential impacts that will be mitigated to some extent by their actions and dealer actions in Q4.

但我認為，來自原始設備製造商（OEM）的訊息更加清晰明了。而且我認為，在第四季度，我們將看到更多潛在的影響，而這些影響將在一定程度上被他們和經銷商的行動所緩解。

Great. That's very helpful. And back to Used Car, you spoke to sourcing challenges. Availability should improve at the margin over the next year. But how do you expect the strategy around older Used Cars to shift over time? It's clearly a very fragmented Used Car market? How are you viewing competition from the likes of online pure play retailers? And is there a greater opportunity to grow and consolidate there?

偉大的。那很有幫助。回到二手車話題，您剛才談到了採購上的挑戰。未來一年，供應量應該會略有改善。但您認為圍繞舊二手車的策略會隨著時間推移而發生怎樣的變化？二手車市場顯然非常分散？您如何看待純線上零售商等競爭對手的競爭？那裡是否有更大的發展和鞏固機會？

Yes. I'm always -- I always believe that there's opportunity to consolidate, particularly when you add the fragmentation that we have got. I mean even if you take the largest of the players in their forecast, it's a tiny percentage of market. So there's always opportunity for that to happen. But let me try let me try and answer your question in sections and redirect you if necessary.

是的。我始終相信存在整合的機會，尤其是在我們目前面臨的這種分散情況下。我的意思是，即使你把他們預測中最大的參與者也算進去，那也只佔市場份額的一小部分。所以這種情況總是有可能發生的。但我會盡量分段回答你的問題，有必要，我會引導你繼續往下看。

Firstly, we have continued to see competition for retail grade used inventory and that competition, it has resulted in some upward pressure on wholesale prices. We and the other big retailers benefit from one more channel than some of the pure plays, and that is obviously in our trading, but that channel is not completely isolated from competition because of the level of transparency pricing in the marketplace, which will only increase. But I think we have a very strong sourcing strategy that enables us to keep the level of inventory we want in place, albeit an elevated, albeit at an elevated cost.

首先，我們持續看到零售級二手庫存的競爭，而這種競爭給批發價格帶來了一定的上行壓力。我們和其他大型零售商比一些純粹的零售商多了一個管道，這顯然是在我們的交易管道中，但由於市場定價的透明度，這個管道並沒有完全與競爭隔絕，而且這種透明度只會越來越高。但我認為我們擁有非常強大的採購策略，使我們能夠保持我們想要的庫存水平，儘管成本較高。

Our growth, really, as we alluded to, came from higher-priced vehicles. Others are leaning into maybe lower-priced vehicles. I think as we exhaust the art of the possible from 20,000 units and above, and we want to continue to grow, we can lean higher into those lower-priced vehicles with obviously, the consequence of the investment required to get them road ready.

正如我們之前提到的，我們的成長實際上來自於價格較高的汽車。其他人則傾向於選擇價格較低的車型。我認為，當我們把產量從 2 萬輛以上發揮到極致，並且想要繼續增長時，我們可以更加重視那些價格較低的車型，當然，這也意味著需要投入資金才能讓它們達到上路標準。

But as I mentioned, we're going to hold slightly elevated used inventory in the quarter. Really to see the art of the possible of our sales teams and our marketing teams to get our turn rates back up to what we're used to. They'll be given some time to do that. We understand the consequences of that which will be some downward pressure, particularly around the aging that will be in addition to some slightly elevated wholesale prices that we're seeing.

但正如我之前提到的，本季我們的二手庫存將略微高於平均水準。真心希望看到我們的銷售團隊和行銷團隊能夠發揮最大的潛力，將我們的周轉率恢復到我們以往的水平。他們會被給予一些時間來完成這項工作。我們了解這將帶來的後果，即一些下行壓力，特別是隨著人口老化，再加上我們目前看到的批發價格略有上漲，將會造成下行壓力。

We may have to balance that, as I mentioned before, as the quarter closes. But I do think for us, we have a very strong North Star in terms of what we think we should be capable of with our physical the relationships and the confidence that comes from the brands that we have above our doors and the fact that we have multiple sourcing channels.

正如我之前提到的，隨著季度末的臨近，我們可能需要對此進行平衡。但我認為，對我們來說，我們有一個非常明確的目標，那就是憑藉我們的實體店面、人脈關係、以及我們門前品牌所帶來的信心和多元化的採購管道，我們應該能夠做到什麼。

So I am -- if you were to talk to any of our market presidents, I would tell you that I am very bullish on Used Car volumes. I understand it doesn't -- it's not a switch. It takes time, and of course, it includes all of the channels. But the reality is most people buy a Used Car within 50 miles of the dealership that's got it.

所以，如果你和我們任何一位市場總裁談談，我都會告訴你，我對二手車銷售非常看好。我知道它不是開關——它不是一個開關。這需要時間，當然，也包括所有管道。但現實情況是，大多數人都會在距離經銷商 50 英里以內的地方購買二手車。

Bret Jordan, Jefferies.

Bret Jordan，傑富瑞集團。

One of your peers yesterday was noting that the consumer sentiment around the luxury space was feeling a little softer. Are you seeing any changes sort of at the underlying demand level at the higher price points?

昨天，你的一位同行注意到，消費者對奢侈品市場的熱情似乎有所降溫。您是否觀察到高價位段的潛在需求層面有任何變化？

Yes, I think that -- so I mean, it's a good question because really when we closed out the quarter and we saw the level of activity around hybrid and there's a lot of that, obviously, for us is in luxury space, and we come into what really is a bit of a quiet period for luxury.

是的，我認為——我的意思是，這是一個很好的問題，因為當我們結束本季度時，我們看到了混合動力車市場的活躍程度，而且很明顯，對我們來說，混合動力車屬於奢侈品領域，而我們正進入奢侈品市場的相對平靜期。

I would tell you that I think it is more muted than last year. But I still have expectations we will see a seasonal uptick in December. But I do think it is more muted, particularly as the way as I see October developing. So that's the best color I can give you at the moment.

我認為今年的情況比去年要溫和一些。但我仍然預期12月份會出現季節性成長。但我認為情況會比較緩和，尤其是考慮到十月的發展趨勢。這就是我目前能提供的最佳顏色資訊。

Okay. And then within the domestic internal combustion GPUs, was it brand specific? Or was there sort of a one-off event in there that is to be corrected? Or are we thinking that domestic ICE GPUs are just under some sustained pressure?

好的。那麼，在國內內燃機GPU領域，是否存在品牌差異？或者說，其中是否存在需要糾正的個別事件？還是我們認為國內ICE GPU只是在面對持續的壓力？

Well, I tell you something. I think some of them self-inflicted, frankly. And that's one of the conversations that we have internally. We've set ourselves strong expectations in terms of how we want to perform in line of the marketplace. And it is always a three-way balance between what share are we able to achieve with the brands that we've got at what margin level and what marketing expense.

我跟你說件事。坦白說，我認為其中一些是咎由自取。這也是我們內部討論的話題之一。我們為自己設定了很高的市場表現預期。這始終是一個三方平衡的問題，一方面是我們能夠以怎樣的利潤水平，利用我們現有的品牌獲得怎樣的市場份額，另一方面是行銷費用。

And I think we -- as I tried to allude to, probably had some self-inflicted downward pressure in the middle of the quarter that was corrected in September, and I expect that to continue to be corrected. But you saw all of the domestic players, all of the domestic players chasing volume, domestic players tend to chase volume, and they do it in conjunction with their dealers. In other words, they have programs and schemes and relationships with their dealers when they're chasing volume.

而且我認為——正如我試圖暗示的那樣——我們可能在本季度中期經歷了一些自我造成的下行壓力，這種壓力在9月份得到了糾正，我預計這種情況還會繼續得到糾正。但你看，所有國內玩家都在追逐銷量，國內玩家往往追逐銷量，而且他們還會和經銷商一起這樣做。換句話說，他們在追求銷量時，會制定相應的計劃、方案，並與經銷商建立關係。

Everybody participates into driving a very competitive net transaction price, we're very -- we have a strong partnership with all three of the domestics and we were supportive as we could, and that had general downward pressure across the piece.

每個人都參與推動了極具競爭力的淨交易價格，我們與這三家國內公司都建立了牢固的合作關係，並儘我們所能地提供支持，這給整個行業帶來了普遍的下行壓力。

It is true that some domestics had higher downward pressure than others, but that's the nature of the game and the cycles that they're in. I think, as I said, some of our performance was a bit self-inflicted, which was corrected as we came out of the quarter.

確實有些國內產品比其他產品面臨更大的下行壓力，但這正是市場規律和週期規律使然。我認為，正如我所說，我們的一些表現問題是自己造成的，不過隨著季度結束，這些問題已經得到糾正。

We just want to make sure that we are growing because I think there's opportunity for us to grow but we do that in an appropriate balance fashion, knowing that for every new car that we sell, we get a customer who has a very high loyalty for us to have seven years if they keep the vehicle. And large percentage is a great opportunity on used car sales because the value we offer for their trades as well.

我們只是想確保公司發展壯大，因為我認為公司還有發展的機會，但我們會以適當的平衡方式發展，因為我們知道，每售出一輛新車，我們就能獲得一位忠誠度很高的客戶，如果他們保留車輛七年，他們就會一直支持我們。而且，高比例的折扣對於二手車銷售來說是一個絕佳的機會，因為我們也為他們的舊車置換提供了很高的價值。

So it isn't just one element. We try to think about the best balance we can achieve in the business. Sometimes we get it right, sometimes we push a little bit hard. That's why we look at it every day.

所以它並非僅僅由一個因素構成。我們努力思考如何在業務中實現最佳平衡。有時我們做得很好，有時我們用力過度。這就是為什麼我們每天都要看它的原因。

With no further questions on the line at this time. I will now hand the call back to Mike Manley for any closing comments.

目前沒有其他問題需要解答。現在我將把電話轉回給麥克·曼利，讓他做最後的總結發言。

Yes. Thank you, Harry. Thank you all for being on the call. As always, we appreciate your questions, and we wish you well. Thank you.

是的。謝謝你，哈里。感謝各位參加電話會議。一如既往，感謝您的提問，祝您一切順利。謝謝。

This will conclude the AutoNation, Inc. Q3 Earnings Call. Thank you to everyone who is able to join us today. You may now disconnect your lines.

AutoNation公司第三季財報電話會議到此結束。感謝今天所有到場的朋友。現在您可以斷開線路了。