Camping World Holdings Inc (CWH) 2024 Q3 法說會逐字稿

Good morning and welcome to Camping World Holdings Conference Call to discuss financial results for the third quarter of fiscal year 2024. (Operator Instructions) Please be advised that this call is being recorded and the reproduction of the call in whole or in part is not permitted without written authorization from the company.

早安，歡迎參加 Camping World Holdings 電話會議，討論 2024 財年第三季的財務表現。（操作員說明）請注意，本次通話正在錄音，未經本公司書面授權，不得複製全部或部分通話內容。

Joining on the call today are Marcus Lemonis, Chairman and Chief Executive Officer; Matthew Wagner, President; Tom Kern, Chief Financial Officer; Lindsey Christen, Chief Administrative and Legal Officer; and Brett Andres, Senior Vice President Investor Relations.

今天參加電話會議的還有董事長兼執行長馬庫斯‧萊莫尼斯 (Marcus Lemonis)；馬修·瓦格納，總裁；湯姆‧克恩 (Tom Kern)，財務長； Lindsey Christen，首席行政和法律官；和投資者關係資深副總裁布雷特安德烈斯 (Brett Andres)。

I will turn the call over to Ms. Christen to get us started.

我會將電話轉給克里斯汀女士，讓我們開始。

Thank you and good morning, everyone. A press release covering the company's third-quarter 2024 financial results was issued yesterday afternoon and a copy of that press release can be found in the Investor Relations section on the company's website. Management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝大家，早安。昨天下午發布了一份涵蓋該公司 2024 年第三季財務業績的新聞稿，該新聞稿的副本可以在該公司網站的投資者關係部分找到。管理階層對本次電話會議的評論可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

These remarks may include statements regarding our business plans and goals, industry and customer trends, inventory expectations, the expected impact of inflation, interest rates and market conditions, acquisition pipeline and plans, future dividend payments and capital allocation, and anticipated financial performance.

這些言論可能包括有關我們的業務計劃和目標、行業和客戶趨勢、庫存預期、通貨膨脹的預期影響、利率和市場狀況、收購管道和計劃、未來股息支付和資本配置以及預期財務業績的聲明。

Actual results may differ materially from those indicated by these statements as a result of various important factors, including those discussed in the Risk Factors section in our Form 10-K, our Form 10-Q, and other reports on file with the SEC. Any forward-looking statements represent our views only as of today and we undertake no obligation to update them.

由於各種重要因素，包括我們的表格 10-K、表格 10-Q 以及向 SEC 歸檔的其他報告的風險因素部分中討論的因素，實際結果可能與這些聲明中所示的結果存在重大差異。任何前瞻性陳述僅代表我們截至今天的觀點，我們不承擔更新這些陳述的義務。

Please also note that we will be referring to certain non-GAAP financial measures on today's call, such as EBITDA, Adjusted EBITDA, and adjusted earnings per share diluted, which we believe may be important to investors to assess our operating performance. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial statements are included in our earnings release and on our website. All comparisons of our 2024 third-quarter results are made against the 2023 third quarter, unless otherwise noted.

另請注意，我們將在今天的電話會議上提及某些非公認會計準則財務指標，例如EBITDA、調整後EBITDA 和調整後攤薄每股收益，我們認為這對於投資者評估我們的經營業績可能很重要。這些非公認會計原則財務指標與最直接可比較的公認會計原則財務報表的調節包含在我們的收益發布和我們的網站上。除非另有說明，我們 2024 年第三季業績的所有比較均與 2023 年第三季進行。

I'll now turn the call over to Marcus.

我現在將把電話轉給馬庫斯。

Thanks, Lindsey. Good morning and welcome to our 2024 third-quarter call. On today's call, our team will cover the operational and financial highlights of the quarter while providing comments on 2025. Before we get started, our team would like to welcome Tom Kern to his first official earnings call as CFO.

謝謝，林賽。早上好，歡迎參加我們的 2024 年第三季電話會議。在今天的電話會議上，我們的團隊將介紹本季的營運和財務亮點，同時對 2025 年發表評論。在我們開始之前，我們的團隊歡迎 Tom Kern 作為財務長參加他的第一次正式財報電話會議。

As we near the end of 2024, I am immensely proud of the progress and financial outperformance that our Camping World team has accomplished. Record market share, continued strength in our Good Sam business, bucking RV industry headwinds and year-over-year improvements in our service and parts business.

2024 年即將結束，我對我們的 Camping World 團隊所取得的進步和財務表現感到非常自豪。創紀錄的市場份額，我們的 Good Sam 業務持續強勁，克服房車行業的逆風，以及我們的服務和零件業務逐年改善。

As we prepare for 2025, we believe that the accelerated growth of our company is squarely rooted in three foundational drivers: distribution, product, and our ability to be a market maker. The first is distribution. Dealership acquisitions are part of the DNA of this organization. In May of 2003, we acquired our first dealership and have now grown to over 200 locations at the end of the quarter, with a clear path to 320.

當我們為 2025 年做準備時，我們相信我們公司的加速成長直接植根於三個基本驅動因素：分銷、產品和我們作為做市商的能力。首先是分配。經銷商收購是該組織 DNA 的一部分。2003 年 5 月，我們收購了第一家經銷店，截至本季末，我們的經銷店數量已增至 200 多個，並且預計將達到 320 個。

As I sit here today, I believe we are on the precipice of one of the most opportunistic M&A environments I've seen. We will execute that distribution growth through a combination of traditional Camping World dealership locations, manufacturer-exclusive locations, standalone-use super centers, standalone-use consignment locations, and our digital and physical Camping World auction platform.

當我今天坐在這裡時，我相信我們正處於我所見過的最具機會主義併購環境之一的邊緣。我們將透過傳統的 Camping World 經銷商地點、製造商專屬地點、獨立使用的超級中心、獨立使用的寄售地點以及我們的數位和實體 Camping World 拍賣平台的組合來實現分銷成長。

Secondly is product. Just shy of 36% of our new unit sales comes from the sale of contract manufactured RVs that are exclusive to Camping World and that are manufactured between both THOR and Forest River. Over a decade ago, our company started down this path with our OEM partners.

其次是產品。我們新銷售的近 36% 來自合約製造房車的銷售，這些房車是 Camping World 獨有的，由 THOR 和 Forest River 共同製造。十多年前，我們公司與 OEM 合作夥伴一起開始了這條道路。

Today, we partner with them on design and sourcing, looking for innovative ways to find new consumers through creative solutions around towing weight, modernized floor plans and features, with the idea of enhancing content while letting our size and scale yield true value creation for the customer. It is our plan to continue to use empirical data, market trends, and leading manufacturers to further unlevel the playing field, yielding unit gains.

今天，我們與他們在設計和採購方面進行合作，尋找創新方法，透過圍繞牽引重量、現代化平面圖和功能的創意解決方案來尋找新消費者，其理念是增強內容，同時讓我們的規模和規模為客戶創造真正的價值。我們計劃繼續利用經驗數據、市場趨勢和領先製造商來進一步創造不公平的競爭環境，從而產生單位收益。

Lastly, as distribution is the key to industry influence and product is the path to consumer acquisition, being a market maker is the cornerstone of value creation for Camping World. Over the last 15 years, our company has invested in accumulating and dissecting proprietary data. This highly customized data is used to initiate demand, increase lead generation, improve conversion metrics, modernize product design, create efficient inventory ordering, launch real-time market-based new and used pricing, and find the white space, both geographically as well as by product segment.

最後，分銷是產業影響力的關鍵，產品是獲取消費者的途徑，做市商是Camping World價值創造的基石。在過去 15 年裡，我們公司在累積和剖析專有數據方面進行了投資。這種高度客製化的數據用於激發需求、增加潛在客戶開發、提高轉換指標、實現產品設計現代化、創建高效的庫存訂購、推出基於市場的即時新舊定價，以及尋找地理位置和市場上的空白空間。按產品細分。

When identifying white space, nothing is more clear than the used RV market with over 750,000 units being sold, both via dealers and private party transactions. Between the Good Sam Valuator tool and our recently launched National CW auction business, we see tremendous value in formally supplanting others as the authority or marker around vehicle values, particularly on the use side of the industry.

在識別空白區域時，沒有什麼比二手房車市場更清晰的了，該市場透過經銷商和私人交易出售了超過 750,000 輛房車。在 Good Sam Valuator 工具和我們最近推出的全國 CW 拍賣業務之間，我們看到了正式取代其他工具作為車輛價值權威或標記的巨大價值，特別是在行業的使用方面。

Taken all together, we are essentially creating liquidity in the RV market through the buying or selling of inventory or the identification and capitalization of underserved markets. This enables us to constantly address the shifting in consumer preferences or macroeconomic environments by creating those pockets of opportunity in a nimble manner or mitigating certain macroeconomic headwinds in favor of our investors.

總而言之，我們本質上是透過購買或出售庫存或識別和資本化服務不足的市場來在房車市場創造流動性。這使我們能夠透過以靈活的方式創造這些機會或減輕某些有利於我們投資者的宏觀經濟阻力，不斷應對消費者偏好或宏觀經濟環境的變化。

These three growth drivers are the catalyst to exceeding 15% market share of the combined new and used RV market, a goal of ours. We currently sit at a record of nearly 11% share of those combined new and used RV markets. Do the math with me. 1% of incremental share would require us to sell an additional 10,000 units. Now in addition to organic growth, which we expect, we know acquisitions are required to achieve our market share goals.

這三個成長動力是新房車和二手房車市場綜合市場份額超過 15% 的催化劑，這也是我們的目標。目前，我們在新房車和二手房車市場合計中所佔份額接近 11%，創下歷史新高。跟我一起算算算看。 1% 的增量份額需要我們額外銷售 10,000 件。現在，除了我們期望的有機成長之外，我們知道還需要收購來實現我們的市場份額目標。

From 2017 to 2023, our dealership M&A has delivered north of 20% annualized cash-on-cash returns, inclusive of all sources of gross profit. As an example, we believe that for every $100 million that we deploy towards acquisitions, on average, that would equate to approximately 20 additional dealership locations.

從 2017 年到 2023 年，我們的經銷商併購實現了超過 20% 的年化現金回報率（包括所有毛利來源）。舉例來說，我們認為，平均而言，我們每投入 1 億美元用於收購，就相當於增加約 20 個經銷商地點。

And based on history, those 20 dealership locations would yield about an additional 10,000 units of volume based on the averages. That's the 1% we're looking for. Much like how we gained significant market share and bucked industry trends in 2024, despite the interest rate and macro headwinds, we believe we have a clear path to improve profitability in 2025 without relying on any single macro metric improving materially.

根據歷史記錄，這 20 個經銷商地點的平均銷售將增加約 10,000 單位。這就是我們要尋找的 1%。就像我們如何在2024 年獲得顯著的市場份額並逆行業趨勢發展一樣，儘管存在利率和宏觀阻力，我們相信我們有一條明確的道路可以在2025 年提高盈利能力，而無需依賴任何單一宏觀指標的實質改善。

I'll now turn the call over to Matthew.

我現在將電話轉給馬修。

Thanks, Marcus. As mentioned, we continue to significantly outpace the broader RV industry. We achieved material market share gains in both July and August as a direct result of our nearly 30% increase of new sales in those months. These strong results continued throughout September and into the fourth quarter, with our October month-to-date new sales up solidly in the double digits, accelerating on a stack basis, even as we began to enter more robust comps in the months ahead.

謝謝，馬庫斯。如前所述，我們繼續顯著超過更廣泛的房車產業。我們在 7 月和 8 月的新銷量成長了近 30%，直接導致了市場份額的大幅成長。這些強勁的業績持續整個9 月並進入第四季度，儘管我們在未來幾個月開始進入更強勁的競爭，但我們10 月至今的新銷售額以兩位數穩步增長，在堆疊基礎上加速增長。

Throughout the quarter, we also gained confidence in the stabilization of the used marketplace. We began to thoughtfully procure used assets in specific segments to fulfill localized dealership needs. As we sit here today, we have nearly the same amount of used units compared to last year. This calculated replenishment of our used inventory is yielding improved trend lines.

在整個季度中，我們也對二手市場的穩定充滿信心。我們開始精心採購特定細分市場的二手資產，以滿足在地化經銷商的需求。當我們今天坐在這裡時，我們的二手設備數量與去年幾乎相同。我們對二手庫存的計算補充正在產生改善的趨勢線。

In October, we anticipate that our used same-store sales units will be flat, while our margins have improved compared to October of 2023. Informing our increased appetite for used inventory is our positively evolving view on the health of the broader RV industry and our growing pipeline of dealership acquisitions. We currently have multiple LOIs in process.

10 月份，我們預計同店二手銷量將持平，而利潤率則較 2023 年 10 月有所改善。我們對更廣泛的房車行業的健康狀況以及我們不斷增長的經銷商收購管道的積極發展的看法表明我們對二手庫存的興趣不斷增加。我們目前有多個意向書正在處理中。

Consistent with messaging that we conveyed earlier this year, we have been patient and pragmatic with our capital as M&A opportunities accelerate into the fall and winter. As we drive towards 2025, we remain focused on judiciously re-establishing our used business, maintaining our dominance as the market maker in the RV industry, all while expanding upon the tremendous progress we have made in good sales, service, and our new unit market share.

與我們今年早些時候傳達的信息一致，隨著併購機會加速進入秋季和冬季，我們對我們的資本保持耐心和務實。As we drive towards 2025, we remain focused on judiciously re-establishing our used business, maintaining our dominance as the market maker in the RV industry, all while expanding upon the tremendous progress we have made in good sales, service, and our new unit市場占有率.

We see a variety of defined factors within our control next year, independent of what takes place across the broader industry, or the broader economy for that matter. We see paths to a strong recovery in the following ways. We anticipate used unit volumes to improve next year in excess of low double-digit growth year-over-year.

明年我們會看到各種確定的因素都在我們的控制範圍之內，這些因素與更廣泛的行業或更廣泛的經濟中發生的情況無關。我們透過以下方式看到強勁復甦的途徑。我們預計明年二手車銷量將年增超過兩位數。

We expect SG&A as a percentage of gross profit to improve by roughly 600 to 700 basis points as we bring used gross profit dollars back into the system. We believe average selling prices will modestly increase year-over-year with vehicle gross margins within our historical range. And finally, we expect a modest year-over-year increase of new unit sales based on the early indication of our model year 2025 inventory strategy.

隨著我們將使用過的毛利美元重新帶回系統，我們預計 SG&A 佔毛利的百分比將提高約 600 至 700 個基點。我們相信平均售價將同比小幅上漲，而車輛毛利率將保持在我們的歷史範圍內。最後，根據我們 2025 年車型庫存策略的早期跡象，我們預計新銷量將比去年同期小幅成長。

I'll now turn the call over to Tom to discuss our financial results.

我現在將電話轉給湯姆討論我們的財務表現。

Thanks, Matt. Turning to the financials, for the third quarter, we recorded revenue of $1.7 billion, roughly flat with last year, driven primarily by a 31% increase in new unit sales offset by an 18% decline in used unit sales. New vehicle gross margin of 13.5% was primarily driven by strong performance in Class Cs.

謝謝，馬特。轉向財務數據，第三季我們的營收為 17 億美元，與去年基本持平，這主要是由於新銷量成長 31%，抵消了二手銷量下降 18% 的影響。新車毛利率達到 13.5%，主要得益於 C 級車的強勁表現。

We sold over 900 units in the quarter compared to just over 400 last year, plus we accelerated sales on Class A gas and diesel segments as we continue to further de-emphasize these segments heading into 2025. These actions had the benefit of slightly bolstering our reported new ASP and GPU for the quarter.

我們本季售出了900 多台，而去年僅售出400 多台，此外，隨著我們在2025 年繼續進一步淡化這些細分市場，我們加快了A 級汽油和柴油細分市場的銷售。這些行動的好處是略微提高了我們報告的本季新的 ASP 和 GPU。

Used vehicle margins of 18.2% were in line with plan as we continue to bring fresh used inventory back into the system at a more accelerated but prudent pace. Our goal remains to be back within our historical margin range by the time we exit the fourth quarter. Good Sam services and plans saw another quarter of solid top-line growth, while the growth profit comparison was impacted by a $5.5 million exit arrangement benefit in last year's third quarter.

18.2% 的二手車利潤率符合計劃，因為我們繼續以更快但更謹慎的速度將新鮮的二手車庫存帶回系統。我們的目標仍然是在第四季度退出時回到歷史利潤範圍內。Good Sam 服務和計畫的營收又實現了一個季度的穩健成長，而成長利潤比較則受到去年第三季 550 萬美元退出安排收益的影響。

Within product services and other, our core dealer service revenues continue to show growth while product sales declined primarily due to the sale of our furniture business during the second quarter. Our adjusted EBITDA was $67.5 million with the primary driver of the year-over-year variance again stemming from our deliberate actions around used inventory procurement earlier in the year.

在產品服務和其他方面，我們的核心經銷商服務收入持續呈現成長，而產品銷售下降主要是由於第二季家具業務的出售。我們調整後的 EBITDA 為 6750 萬美元，同比差異的主要驅動因素再次源於我們今年早些時候圍繞二手庫存採購採取的故意行動。

On the balance sheet, we ended the quarter with about $180 million of cash, including approximately $152 million of cash in the floor plan offset account. We also have about $366 million of used inventory, net of flooring, and roughly $171 million of parts inventory. Finally, we own about $158 million of real estate without an associated mortgage.

在資產負債表上，本季末我們擁有約 1.8 億美元的現金，其中平面圖抵銷帳戶中約有 1.52 億美元的現金。我們還有約 3.66 億美元的二手庫存（扣除地板）和約 1.71 億美元的零件庫存。最後，我們擁有約 1.58 億美元的房地產，沒有相關抵押貸款。

I'll turn the call back over to Marcus for final thoughts.

我會將電話轉回給馬庫斯以徵求最後的想法。

Thanks, Tom. It's important to be clear that our team's conviction stems from our current out performance of our competitors, our growth in market share, the significant white space we see, and our belief that 2025 will be a much better year within our control. I'd like to now open up the call for Q&A.

謝謝，湯姆。需要明確的是，我們團隊的信念源於我們目前超越競爭對手的表現、我們市場份額的成長、我們看到的巨大空白，以及我們相信 2025 年將是我們控制範圍內更好的一年。我現在想開啟問答環節。

(Operator Instructions) Joe Altobello, Raymond James.

（操作員說明）喬·阿爾托貝洛、雷蒙德·詹姆斯。

Thanks. Hey, guys. Good morning. So first question, I wanted to ask about your outlook for modest new unit growth next year. Does that assume any further share gains, or is that essentially your market outlook? And does it assume any acquisitions?

謝謝。嘿，夥計們。早安.第一個問題，我想問一下你們對明年新單位適度成長的展望。這是否假設股票會進一步上漲，或者這本質上就是您的市場前景？它是否假設有任何收購？

Well, we believe that the new market is going to perform for the broader industry better than it did in 2024. And we expect to have modest increases on top of that. It is our goal that we continue to chip away and gain market share.

我們相信，新市場對整個產業的表現將比 2024 年更好。除此之外，我們預計還會有適度的成長。我們的目標是繼續蠶食並獲得市場份額。

Okay. That's good.

好的。那挺好的。

Hey, Joe, if I could just even add a couple of other additional elements to that -- I mean, when we regard ourselves in terms of judging our market share gains, we're oftentimes looking at just same-store basis. So when you think of the outlook, of course, we're a highly inquisitive business. So naturally by means of acquisitions, we continue to acquire market share thereafter. So I want to make sure that's abundantly clear where we judge ourselves in the purest form possible.

嘿，喬，如果我能添加一些其他額外的元素的話——我的意思是，當我們在判斷我們的市場份額增長時，我們經常只考慮同店基礎。因此，當你想到前景時，當然，我們是一家充滿好奇心的企業。因此，自然而然地透過收購的方式，我們之後繼續獲得市場份額。所以我想確保我們以盡可能最純粹的形式來評判自己，這是非常清楚的。

Okay, got it. And on used inventory, how do you guys see that trending over the next few quarters, and where is that inventory coming from? How are you procuring it?

好的，明白了。關於二手庫存，你們如何看待未來幾季的趨勢？你如何採購它？

So Joe, as we mentioned in our prepared remarks, we've been super judicious in how we've been procuring used inventory the entirety of this year, knowing that there was a quite a bit of instability in the marketplace this time last year. We feel now with greater confidence that we have a clear line of sight of what the used marketplace will yield in terms of overall return and investment.

因此，喬，正如我們在準備好的發言中提到的那樣，我們今年全年採購二手庫存的方式都非常明智，因為我們知道去年這個時候市場存在相當大的不穩定。我們現在更有信心，我們對二手市場在整體回報和投資方面將產生什麼有了清晰的認識。

So our cadence of use procurement will largely just follow a normal seasonal trend where we'd like to target about 3.5 turn on used, in which case we should be providing ourselves some leeway heading into season where we have about a three- or four-month supply, and we'll start to ramp up that procurement. And then thereafter, we'll continue to just sell through as we normally would. So our cadence of use and our outlook on use is such where we believe that we could actually receive and retain pretty material market share gains here.

因此，我們的使用採購​​節奏將在很大程度上遵循正常的季節性趨勢，我們希望將使用量目標定為3.5 左右，在這種情況下，我們應該為自己提供一些迴旋餘地，進入季節，我們大約有3 到4 種使用量。此後，我們將繼續像往常一樣進行銷售。因此，我們的使用節奏和使用前景是這樣的，我們相信我們實際上可以在這裡獲得併保留相當大的市場份額收益。

Joe, I think as you build out, the model for yourself and others too, we're expecting low double-digit to mid double-digit growth in that category, but more importantly, we're expecting to return to levels of gross margin that are acceptable to us. And it's going to fluctuate throughout the time of year.

喬，我認為，當您為自己和他人建立模型時，我們預計該類別將實現低兩位數到中兩位數的增長，但更重要的是，我們預計將恢復到毛利率水平這是我們可以接受的。而且它會在一年中的整個時間裡波動。

We're hoping to exit 2024 in the 19% to 19.5% range. And then as we get into the first and second quarter to get back to the 20% that we have enjoyed. That's a huge gap from the type of margin that we experienced this year. And that's going to make up a lot of ground in terms of earnings power.

我們希望 2024 年的成長率能維持在 19% 到 19.5% 的範圍內。然後，當我們進入第一季和第二季時，我們將恢復到之前的 20%。這與我們今年經歷的利潤類型存在巨大差距。這將為盈利能力奠定很大基礎。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Michael Swartz, Truist.

邁克爾·斯沃茨，真理主義者。

Hey, good morning, guys. Maybe just to start on the new RV margins in the quarter, they were down year over year, and I think the prior two quarters, they were about flat year-over-year. I heard some commentary just on your efforts to move some of the motorized stuff? Is that the primary factor in why new margins were a little pressured in the quarter? Then I guess, how should we think about that in the fourth quarter as well?

嘿，早上好，夥計們。也許只是從本季新的房車利潤率開始，它們同比下降，我認為前兩個季度，它們比去年同期持平。我聽到一些關於你移動一些機動物品的評論？這是本季新利潤率略有壓力的主要原因嗎？那我想，第四季我們也該如何思考呢？

Well, the way that we analyze margins in any categories, we break it down by segment. So our performance on margins in our core business of travel trailers and fifth wheels was actually solid, but we didn't actually do anything other than aggressively start to gain market share in our C-class business. That's the part of the overall motorized RV market that we believe we had lost some footing in, and we wanted to reestablish ourselves as the clear leader in that.

好吧，我們分析任何類別的利潤率的方式都是按細分市場進行細分。因此，我們在旅行拖車和第五輪核心業務中的利潤率表現實際上很穩健，但除了積極開始在 C 級業務中獲得市場份額之外，我們實際上沒有做任何其他事情。這是整個機動房車市場的一部分，我們認為我們已經失去了一些立足點，我們希望重新確立自己作為該領域明顯領導者的地位。

Clearly, that comes with a higher price point, and it comes with a lower margin. So when you factor in 900 units for the quarter compared to 400 and something a year ago, that's a lot of incremental unit sales at a much higher price with a lot more revenue, and it comes with a little lower margin.

顯然，這會帶來更高的價格點，並帶來更低的利潤。因此，當你考慮到本季的900 件產品（與一年前的400 件相比）時，你會發現單位銷量的增量很大，價格要高得多，收入也要高得多，但利潤率卻要低一些。

While the margin percentage matters, the gross dollars matter too. And so those 900 units deliver some gross margin on top of that. We actually felt very good about our new margin performance, particularly in light of our exiting of some diesels and some Class A gas that, quite frankly, we'd like to maybe de-stock or de-emphasize going into '25.

雖然利潤率很重要，但總美元也很重要。因此，這 900 台產品除此之外還帶來了一定的毛利率。事實上，我們對新的利潤率表現感覺非常好，特別是考慮到我們退出了一些柴油機和一些 A 級汽油，坦白說，我們希望可能會減少庫存或不再強調進入 25 年。

I especially feel really good about that margin profile, given the context of even pre-COVID norms, where we were right in line with those averages that had been established in 2016 through 2019. So now that we're entering a more normalized environment, Michael, I'd anticipate that Q4 margins will probably be roughly the same as where we ended Q3, especially given our profile, where we'll actually have the opportunity to sell through quite a few more motorized. And we want to constantly reaffirm and reassert our position as the largest motorized dealer too.

考慮到新冠疫情之前的標準，我對這一利潤率狀況感到特別滿意，我們與 2016 年至 2019 年制定的平均水平完全一致。因此，現在我們正在進入一個更正常化的環境，邁克爾，我預計第四季度的利潤率可能與第三季末的利潤率大致相同，特別是考慮到我們的情況，我們實際上有機會通過相當多的銷售還有一些機動化的。我們也希望不斷重申和維護我們作為最大機動經銷商的地位。

Okay. That's helpful. Then maybe just, I know you guys have a lot of exposure to the Southeast and then obviously in late September, early October, we had two storms that came through. I mean, any way to think about the impact of that, maybe near term on demand, on any disruption to your retail locations, and then longer term, any thoughts on potential replacement demand from that as well?

好的。這很有幫助。然後也許只是，我知道你們對東南部有很多接觸，然後顯然在九月底，十月初，我們經歷了兩場風暴。我的意思是，有什麼方法可以考慮這種影響，也許是近期的需求，對零售地點的任何干擾，然後從長遠來看，對潛在的替代需求有什麼想法嗎？

We're quite surprised at how robust our new and new same-store sales are in October. But to be candid, it was the first time in my 20 years that we had so many stores negatively affected by a back-to-back storm in the same region. There was a particular day within the month where we had 25 to 30 locations closed.

我們對 10 月新店和新店銷售的強勁表現感到非常驚訝。但坦白說，這是我 20 年來第一次在同一地區有如此多的商店受到連續風暴的負面影響。一個月內的某一天，我們關閉了 25 至 30 個營業點。

I don't ever want to make a big deal of it, but when you do the calculus on it, we probably missed out on anywhere between [300 and 400] new units, which just would have, obviously raised our performance so far in October, but I think the team did pretty well.

我不想小題大做，但是當你對其進行微積分時，我們可能會錯過 [300 到 400] 個新單位，這顯然會提高我們迄今為止的表現十月，但我認為球隊表現相當不錯。

In terms of creating additional demand, we did not see widespread devastation of people's homes. We saw a lot of power outages and we saw people coming in. But unlike Fort Myers two years ago where we saw unbelievable demand, we haven't quite seen that demand. And candidly, we're happy that happened, because we don't need to sell on top of other people's peril.

在創造額外需求方面，我們沒有看到人們的房屋遭到大規模的破壞。我們看到很多地方停電，也看到有人進來。但與兩年前我們看到令人難以置信的需求的邁爾斯堡不同，我們還沒有完全看到這種需求。坦白說，我們很高興發生這樣的事情，因為我們不需要在其他人面臨危險的情況下出售產品。

Perfect. Thank you, Marcus.

完美的。謝謝你，馬庫斯。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning. Thanks for taking my question. So it seems like the guideposts that you've given for 2025 are pretty macro independent, really industry independent, but I'm assuming within reason, right? Is there any way you could help us think through sort of if the industry does expect potential upside to the way that you're thinking about next year, and conversely, what the industry would need to look like from a downside perspective to prevent sort of some of the progress that you anticipate making?

嘿，早安。感謝您提出我的問題。因此，您為 2025 年給出的指導方針似乎非常宏觀獨立，真正獨立於行業，但我假設在合理範圍內，對吧？您是否可以透過任何方式幫助我們思考，如果該行業確實預期您明年所考慮的方式有潛在的上行空間，或者相反，從下行角度來看，該行業需要是什麼樣子，以防止出現某種情況您預計會取得哪些進展？

Well, we really feel like we're running an idiosyncratic business in a lot of ways, and the data is really driving a lot of it. We're forecasting internally, just for our own health and knowledge, that the industry will probably be in the 350,000- to 360,000-unit retail range, a slight uptick for both the industry and for us.

嗯，我們真的覺得我們在很多方面都在經營一項特殊的業務，而數據確實在很大程度上推動了它。我們根據自己的健康狀況和知識進行內部預測，該行業的零售量可能會在 350,000 至 360,000 輛之間，這對行業和我們來說都略有上升。

One of the factors in determining the health of the overall industry is to understand the health of the consumer. And partially what has really helped us in the last 12 to 15 months is our knowledge of how payment sensitive buyers are. And there are really two inputs to drive that as we've talked about in the past, interest rates and the price of the units.

決定整個產業健康狀況的因素之一是了解消費者的健康狀況。在過去 12 到 15 個月中，真正對我們有幫助的部分原因是我們了解買家對付款的敏感度。正如我們過去所討論的那樣，實際上有兩個因素可以推動這個過程：利率和單位價格。

One of them we can control. We did a really good job of driving down ASPs while still providing tremendous value to people. But as we saw the 10-year start to wiggle around through the year, we saw reductions in retail finance rates in advance of any Fed modification. In our model for 2025, we are taking a very conservative approach in our own financial statement and our own forecasting that we're only forecasting a quarter of a point rate cut in 2025.

其中之一是我們可以控制的。我們在降低平均售價方面做得非常好，同時仍然為人們提供了巨大的價值。但當我們看到 10 年期公債在這一年開始波動時，我們在聯準會做出任何修改之前就看到了零售金融利率的下降。在我們的 2025 年模型中，我們在自己的財務報表和預測中採取了非常保守的方法，即我們僅預測 2025 年降息四分之一個百分點。

Now, many have told us that that's far too negative. Our response to that is we need to build the business model that is resistant to what that possible outcome could be. But other than that, I don't know, Matt, you want to add anything to that?

現在，許多人告訴我們，這太消極了。我們對此的回應是，我們需要建立一個能夠抵抗可能結果的商業模式。但除此之外，我不知道，馬特，你還想補充什麼嗎？

No, we feel very confident with what we've put out there in the atmosphere given the fact that really we are so risk averse in the used segment. So James, as you're starting to even plug into your model just the concepts that we've thrown out there today, it's really just a recovery of our used business going back to what we had built throughout all of 2023. And we see a lot of upside there and we see a very clear target to just replenish our stocking levels while at the same time on the new side just maintaining what we focused on this year.

不，我們對大氣中推出的產品非常有信心，因為事實上我們在二​​手市場非常厭惡風險。所以詹姆斯，當你開始將我們今天拋出的概念插入到你的模型中時，這實際上只是我們二手業務的恢復，回到我們在 2023 年全年建立的業務。我們看到了很多好處，我們看到了一個非常明確的目標，即補充我們的庫存水平，同時在新方面保持我們今年的重點。

I think one last thing, James, is as we look at the landscape of other dealers, we are pleased to tell you that it looks like a large chunk of the RV market is much healthier than it was a year ago. They have the right disciplines, the good inventory strategy, and I compliment both THOR and Forest River for helping drive that process through discipline by not overproducing inventory.

詹姆斯，我認為最後一件事是，當我們觀察其他經銷商的情況時，我們很高興地告訴您，房車市場的很大一部分看起來比一年前健康得多。他們有正確的紀律和良好的庫存策略，我讚揚 THOR 和 Forest River 幫助透過紀律推動這一過程，避免過度生產庫存。

Unfortunately, there is still a subset of dealers that may be in a little bit more vulnerable shape. And so, as we head into 2025, we are excited to be opportunistic about doing what this company does very well, which is making acquisitions that on a long-term basis have 20-plus percent returns on a cash-on-cash basis.

不幸的是，仍有一部分經銷商可能處於更脆弱的情況。因此，當我們進入 2025 年時，我們很高興能抓住機會去做這家公司擅長的事情，即進行長期收購，以現金現金為基礎獲得 20% 以上的回報。

We have a number of LOIs that are working, and the way we think about growing market share and growing volume is, first, organically. We believe that on a same-store basis from a new unit and used unit volume standpoint, we have room to grow and room to improve on a standalone basis. We're not pleased with the number of units that each individual store is selling, and we know that as we drive towards the mid-cycle, that will start to ratchet up, and that will be great.

我們有許多正在發揮作用的意向書，我們考慮增加市場份額和增加銷售的方式首先是有機的。我們相信，從新單位和二手單位數量的角度來看，在同店基礎上，我們在獨立基礎上還有成長和改進的空間。我們對每家商店銷售的單位數量不滿意，我們知道，隨著我們進入周期中期，銷售量將開始增加，這將是很棒的。

On the growth side, we see a ton of opportunities. In fact, I think one of the things that has really benefited us well is that a number of deals that we looked at the end of '23, we paused on. We pulled back, because we really did believe that value would only get better. We're starting to reengage with those folks now and look for other opportunities and expect that as we head into 2025, we'll have a more traditional list of opportunities much like we did in the past.

在成長方面，我們看到了大量的機會。事實上，我認為真正讓我們受益匪淺的事情之一是我們在 23 年底考慮的一些交易，我們暫停了。我們撤回了，因為我們確實相信價值只會變得更好。我們現在開始與這些人重新接觸，並尋找其他機會，預計當我們進入 2025 年時，我們將擁有一個更傳統的機會清單，就像過去一樣。

And so I think there is a number of follow ups, but let me stick to that last point. You had a net decline in dealerships in the third quarter. Maybe help us think about what your store count looks like to end 2024, and more importantly 2025, and then maybe just an update on the past to 320.

我認為還有很多後續行動，但讓我堅持最後一點。第三季經銷商數量出現淨下降。也許可以幫助我們思考到 2024 年底，更重要的是 2025 年，您的商店數量會是什麼樣子，然後可能只是將過去的數量更新為 320 家。

How does that -- certainly, as it feels like the industry is getting better, it would seem to suggest that underperforming dealers might be less interested in selling at this point, but it seems like you're saying the exact opposite, so maybe updated thoughts on the M&A progress and trajectory?

這是怎麼回事——當然，因為感覺這個行業正在變得更好，這似乎表明表現不佳的經銷商可能對此時出售不太感興趣，但似乎你說的恰恰相反，所以可能會更新對併購進度和軌跡有何看法？

Well, Matt, Lindsey, Tom, and I have a very, very disciplined approach to how our existing operations perform, and if the working capital and inventory deployed in those locations is not yielding us something, we unfortunately part ways with that location and dispose of that real estate, and we've done that over the course of the 20 years, time in and time out.

嗯，馬特、林賽、湯姆和我對我們現有運營的表現採取了非常非常嚴格的方法，如果部署在這些地點的營運資金和庫存沒有給我們帶來什麼，我們不幸的是會與該地點分道揚鑣並處置我們在 20 年的時間裡不斷地這樣做。

We don't ever have pride of authorship. As we look at opportunities, and I'd like Matt to weigh in here, as we look at opportunities, we really want to find out where the white space is. And so Matt and Lindsey have been instrumental in looking at the market share reports and where that white space exists.

我們從來不以作者為榮。當我們尋找機會時，我希望馬特在這裡發表意見，當我們尋找機會時，我們真的想找出空白在哪裡。因此，馬特和林賽在研究市場份額報告以及空白區域方面發揮了重要作用。

James, as we said in the prepared remarks, we obviously have clear-cut targets in terms of our market share gains, growth, a new and used combined, and markets also allow approach or multifaceted approach to having not only traditional Camping World stores, but also perhaps used-only stores as well, our exclusive stores, our consignment stores.

詹姆斯，正如我們在準備好的發言中所說，我們顯然在市場份額增長、增長、新舊結合方面有明確的目標，而且市場也允許採取多方面的方法，不僅擁有傳統的露營世界商店，也許還有二手店、我們的專賣店、我們的寄賣店。

So this opened up the breadth of possibilities within all these local marketplaces, and furthermore, opened up the breadth of acquisition targets. So as we head into this year, we feel like we're back into this cadence of being able to target, as we've said previously, at least 12 to 15 stores every year. And in certain years, there's going to be opportunities that will present more beyond that 12 to 15.

因此，這為所有這些本地市場開闢了廣泛的可能性，此外，還開啟了收購目標的廣泛範圍。因此，當我們進入今年時，我們感覺我們又回到了這種節奏，正如我們之前所說，每年至少開設 12 至 15 家商店。在某些年份，將會有比 12 到 15 個更多的機會。

I'd like to be a little more optimistic than Matt. It's something that we go back and forth with, and Lindsey kind of mediates, but I think we can probably do.

我想比馬特更樂觀一點。這是我們反覆討論的事情，林賽也在其中進行調解，但我認為我們可能可以做到。

I think we've historically said 12 to 15 stores. And in past years, we've surpassed that and done upwards of 18 stores, like we saw last year. So we're excited about the growth opportunities that present and the different ways we can get into the channel.

我想我們歷來說過 12 到 15 家店。在過去的幾年裡，我們已經超越了這個數字，開設了 18 家以上的商店，就像我們去年看到的那樣。因此，我們對所呈現的成長機會以及進入該管道的不同方式感到興奮。

And just to put a finer point on it, and I don't want to put words in your mouth, but it sounds like you're saying that 2025 is going to be one of those sort of better than 12 to 15 types of years?

更詳細地說，我不想在你嘴裡說些什麼，但聽起來你是在說 2025 年將是比 12 到 15 種類型更好的年份之一？

As long as the transactions that are put in front of us are materially accretive to our business, they add value to our market share, they don't cannibalize what we have, and we feel comfortable deploying that capital.

只要擺在我們面前的交易對我們的業務有實質的增值，它們就會增加我們的市場份額的價值，它們不會蠶食我們所擁有的東西，而且我們會放心地部署這些資本。

Got it. Thanks, guys.

知道了。謝謝，夥計們。

Noah Zatzkin, KeyBanc Capital Markets.

Noah Zatzkin，KeyBanc 資本市場。

Hi, thanks for taking my question. Maybe this is more of a qualitative question, but when you think about like how your inventory on the new side was positioned kind of this time last year and your plans kind of positioning ahead of selling season, how has your inventory positioning kind of adjusted year over year? And what's kind of your approach to the new business that gives you confidence that you'll be able to kind of drive modest growth? And then on the margin side, should we expect margin improvement on new? Thanks.

您好，感謝您提出我的問題。也許這更像是一個定性問題，但是當您考慮一下去年這個時候您的新庫存的定位以及您在銷售季節之前的計劃定位時，您的庫存定位今年是如何調整的超過一年？您對新業務的態度是什麼，讓您有信心推動適度的成長？然後在利潤方面，我們是否應該預期新產品的利潤率會有所改善？謝謝。

No, we reflect upon -- the entirety this year in our inventory management, I feel like we've done a very effective job at managing -- playing into market share gains, playing to certain segments, actually bend those curves of affordability for our consumer base. And as such, we sit here today with nearly the exact same mix of model year '25 to '24, as compared to last year model year '24 to '23, where over half of our new inventory right now is model year 2025, as we're heading in towards the back quarter of the year.

不，我們反思 - 今年整個庫存管理，我覺得我們在管理方面做得非常有效 - 發揮市場份額的增長，發揮某些細分市場的作用，實際上彎曲了我們的承受能力曲線消費者基礎。因此，我們今天坐在這裡的車型年份 '25 至 '24 與去年車型年份 '24 至 '23 幾乎完全相同，目前我們新庫存的一半以上是車型年份 2025，當我們即將進入今年下半年時。

As we prepare for next year, we have further confidence that manufacturers will not be subjecting us to the same deflationary type of environment that we experienced last year. As such with pricing stability, we don't have to worry about our model year 2024 is to the same extent that we did our model year 2023 is this time last year.

當我們為明年做準備時，我們更有信心製造商不會讓我們陷入去年經歷的通貨緊縮環境。因此，考慮到定價穩定性，我們不必擔心我們的 2024 年車型與去年這個時候的 2023 年車型的情況相同。

I think one thing that Tom has done very well in this role is he's helped us identify -- Matt and I get excited because we're happy that our same-store sales are up. But Tom has done a nice job of pointing out deficiencies that we have. And whether that was in the $25,000 to $30,000 travel trailer, every single segment is getting analyzed to see where do we gain market share? Where do we lose market share?

我認為湯姆在這個角色中做得很好的一件事是他幫助我們確定了——馬特和我很興奮，因為我們很高興我們的同店銷售額上升了。但湯姆很好地指出了我們的不足。無論是在 25,000 美元到 30,000 美元的旅行拖車中，我們都會對每個細分市場進行分析，以了解我們從哪裡獲得市場份額？我們在哪裡失去市場佔有率？

I think a lot of people look at it holistically. We go all the way down the floor plan, type code, price point, segment, et cetera. And I think having a finance team partner with the inventory team has really shown us where there's opportunity in '25 that give us the confidence for a modest increase in '25, which is stacked on top of year after year of growth.

我想很多人都是從整體的角度來看這個問題的。我們一路了解平面圖、類型代碼、價格點、細分市場等等。我認為財務團隊與庫存團隊的合作確實向我們展示了 25 年的機會，這讓我們有信心在 25 年實現適度成長，這是在年復一年的成長基礎上實現的。

Thank you.

謝謝。

Scott Stember, ROTH.

斯科特·斯坦伯，羅斯。

Good morning. Thanks for taking my questions.

早安.感謝您回答我的問題。

Sure.

當然。

Marcus, you touched briefly on the competitive environment, talking about some dealers seemingly having more aged inventory than they need. Could you talk about a little bit more granular of what you're seeing in the competitive marketplace and how that's affecting your business?

馬庫斯，您簡要地談到了競爭環境，談到一些經銷商似乎擁有比他們需要的更多的陳舊庫存。您能否更詳細地談談您在競爭激烈的市場中看到的情況以及這對您的業務有何影響？

Yes, I don't think there's anything that's happening in the general marketplace that is putting any pressure on demand, margin, or anything of the sorts. When I look at the have and the have nots between the dealers who have disciplined approaches to inventory, understanding that the ASPs needed a drop, there's a subset of dealers who maybe didn't necessarily join with that same conviction.

是的，我認為一般市場上發生的任何事情都不會對需求、利潤或任何其他方面造成任何壓力。當我觀察那些對庫存採取嚴格方法的經銷商之間的優劣時，我知道平均售價需要下降，但有一部分經銷商可能不一定持有同樣的信念。

And when you look at inventory and we study other dealers on a minute-by-minute basis to understand market pricing and how it's affected, we notice that some dealers have continued to rely on segments that could either be contracting or are softer. We're a little concerned about where the overall diesel motorhome market is, but there are some top performers in that category.

當你查看庫存並且我們每分鐘研究其他經銷商以了解市場定價及其影響時，我們注意到一些經銷商繼續依賴可能收縮或疲軟的細分市場。我們有點擔心整個柴油房車市場的情況，但該類別中有一些表現最好的公司。

But the facts don't lie. That segment continues to contract. So we start thinking about how we're going to allocate our dollars month after month, quarter after quarter, seasonally adjusted. We continue to move away from the diesel motorhome and down into the Class A gas entry level segment, the C class and B class entry level segments, and really understanding that the difference between our performance and those who may be struggling is that delta in approach as it relates to ASP and stocking categories.

但事實不會說謊。該部分持續收縮。因此，我們開始考慮如何按季節調整後逐月、逐季分配資金。我們繼續從柴油房車轉向 A 級汽油入門級細分市場、C 級和 B 級入門級細分市場，並真正了解我們的性能與那些可能陷入困境的人之間的差異在於方法的增量因為它與ASP 和庫存類別相關。

I don't think there's a ton of inventory still in the channel that gives us much pause other than maybe what's in the motorized segment. But when you look at the traditional travel trailer business, which is the core of the RV market or the entry-level fifth wheel business, as we study every single dealer out there and look at their inventory and accumulate that information, we're not troubled by anything that we see that directly compete with us.

我認為除了機動化領域之外，通路中並沒有大量的庫存讓我們有太多的停頓。但是，當您觀察作為房車市場或入門級第五輪業務的核心的傳統旅行拖車業務時，當我們研究那裡的每一個經銷商並查看他們的庫存並積累這些信息時，我們並沒有對我們看到的任何與我們直接競爭的事物都感到困擾。

Got it. And can you remind us how 1% moved by the Fed, how much that benefits for you guys and whether it's floor plan versus your traditional debt?

知道了。您能否提醒我們聯準會如何調整 1%，這對你們有多大好處，以及它是樓層計畫還是傳統債務？

It could be up to $30 million, obviously. It depends on a floor plan rate that fluctuates a little bit throughout the year and our floor plan balance throughout the year because it does adjust seasonally (inaudible)

顯然，它可能高達 3000 萬美元。這取決於全年略有波動的平面圖價格以及我們全年的平面圖平衡，因為它確實會季節性調整（聽不清楚）

I think from a cash flow standpoint and from a net income standpoint and from an EBITDA standpoint, any cut in rate is a super benefit to our business from a floor plan standpoint, from a senior credit facility standpoint. But I think secondarily, the silver lining and a rate cut is improved consumer confidence. And that silver lining in a rate cut is that because our customers are payment sensitive and price and rate are the two inputs, a reduction in rate could allow the ASP to go up slightly.

我認為，從現金流的角度、淨利潤的角度和 EBITDA 的角度來看，從平面圖的角度、從高級信貸便利的角度來看，任何利率的下調都會為我們的業務帶來巨大的好處。但我認為其次，一線希望和降息是消費者信心的改善。降息帶來的一線希望是，由於我們的客戶對付款敏感，而價格和費率是兩個輸入，因此降息可能會讓平均售價略有上升。

And when we look at gross profit per unit in raw dollars, not percentages, any increase in ASP, even $1,000, is incremental gross profit on a per-unit basis that we have been missing for the last 15 to 18 months. As that ASP comes back, even if the margin percentage remains constant, and let's call it between 13.5 and 14.5, that 1%, I mean that $1,000 in increase in ASP is still $140 to $150 just in gross profit.

當我們以原始美元而非百分比來衡量單位毛利潤時，平均售價的任何增長，即使是1,000 美元，都是單位毛利潤的增量，而我們在過去15 到18 個月中一直缺失這一點。隨著 ASP 的回升，即使利潤率保持不變，我們將其稱為 13.5 到 14.5 之間，即 1%，我的意思是，ASP 增加 1,000 美元，毛利仍然為 140 到 150 美元。

When you're selling 70,000 -- [60,000 to 70,000] new units a year, that starts to add up. I think the most important takeaway from that is there is no incremental cost on the fixed cost side to running our business when those GPUs go up. Yes, we pay a little more commission, but everything else remains constant, and that's where we get the scale out of our business.

當你每年銷售 70,000 件——[60,000 到 70,000] 件新產品時，這個數字就開始增加。我認為最重要的一點是，當 GPU 數量增加時，我們的業務營運的固定成本方面不會產生增量成本。是的，我們支付了更多的佣金，但其他一切都保持不變，這就是我們擴大業務規模的地方。

Got it. And just one last quick one on the parts and service side. I think you guys said that the pure service side, I guess customer pay was up in the quarter. Could you quantify how much it was up and anything that's driving that?

知道了。最後簡單介紹一下零件和服務方面的狀況。我想你們說過，純粹的服務方面，我想本季客戶付費有所增加。您能量化一下上漲幅度以及推動上漲的因素嗎？

Sure. We don't report it that way, but I mean I would say it was up on a single digit percentage basis year over year in the quarter. We felt really good about where our customer pay work was in addition to how the teams performed on managing new inventory that's come in and managing the warranty process with the manufacturers and making sure that we're working to get units -- the front line ready and customer facing and ready.

當然。我們不會這樣報告，但我的意思是我會說該季度同比增長了個位數百分比。除了團隊在管理新庫存、與製造商管理保固流程以及確保我們正在努力讓前線做好準備之外，我們對客戶付款工作的表現也感到非常滿意麵向客戶並做好準備。

One of the things that's always a huge benefit from any slowdown, if there is any benefit, we try to find the happiness in all of it, is that we refine our process and we get better at some of the blocking and tackling that sometimes -- good times, really good times, maybe we get a little bit of amnesia. And I think the finance did a really good job of pointing out to Matt and I where they saw gaps and white space and opportunity.

任何放緩總是帶來巨大好處的事情之一，如果有任何好處的話，我們試圖在所有這一切中找到快樂，那就是我們改進了我們的流程，並且我們在一些阻礙和解決方面做得更好，有時 - - 美好時光，真的美好時光，也許我們有點失憶了。我認為財務部門做得非常好，向馬特和我指出了他們看到的差距、空白和機會。

Our collision business continues to perform at a nice level, and we continue to expand that. But at the end of the day, we want to see customers in our service base because customers in our service base demonstrate usage of the product and the enjoyment of the lifestyle. So we look at our overall piece.

我們的碰撞業務繼續保持良好水平，並且我們將繼續擴大這項業務。但歸根結底，我們希望在我們的服務基地中看到客戶，因為我們服務基地中的客戶展示了產品的使用和生活方式的享受。所以我們看看我們的整體作品。

One thing that is definitely a sore spot for us or opportunity for improvement is we do need to see our customers that we sell on Tuesday more often. We have recognized that our retention of customers who buy from us has room for improvement in the second, third, and fourth year of their ownership.

對我們來說絕對是一個痛處或改進機會的一件事是我們確實需要更頻繁地見到我們週二銷售的客戶。我們認識到，從我們這裡購買的客戶的保留率在客戶擁有後的第二年、第三年和第四年還有改進的空間。

We know that customers trade between 3.5 and 4.5 years. We're not pleased. We're not pleased, and we'll be developing some strategies and rolling them out in early '25. We are not pleased in our ability to retain those people at the rate that is consistent with how we do everything else in the company.

我們知道客戶的交易期限為 3.5 至 4.5 年。我們不高興。我們對此並不滿意，我們將製定一些策略並在 25 年初推出。我們對以與我們在公司其他方面所做的事情一致的速度留住這些人的能力感到不滿意。

Got it. That's all I have. Thank you.

知道了。這就是我所擁有的一切。謝謝。

John Healy, Northcoast Research.

約翰希利，北海岸研究中心。

Thanks for taking my question. I wanted to ask a big-picture strategy question. I think early on in the call, you guys gave us some stats on the private-label penetration. I was hoping you could just give us those again and where they were historically, but really wanted to get your thoughts on how you use private label going forward from here.

感謝您提出我的問題。我想問一個宏觀戰略問題。我想在電話會議的早期，你們給了我們一些關於自有品牌滲透率的統計數據。我希望您能再次向我們提供這些資訊以及它們在歷史上的位置，但我真的很想了解您對今後如何使用自有品牌的想法。

Because I feel like there's a lot of focus on store accounts and the market and what you're going to grow. But I feel like this private-label business that you guys have is differentiated and an advantage. We're just curious for 2025 how you're planning on using private label to distinguish yourself in the market and maybe augment those share gains? Thanks.

因為我覺得人們非常關注商店帳戶、市場以及你要發展的東西。但我覺得你們擁有的自有品牌事業是與眾不同的，也是一個優勢。我們只是好奇，到 2025 年，您計劃如何使用自有品牌在市場上脫穎而出，並可能擴大這些份額收益？謝謝。

Yes, I think this is a little bit of an inside joke inside of our company. But 20 years ago, when I was the only person here that's in this room today, I had this idea of private label. And back then, private label meant going to a manufacturer, looking at a model they already make, and changing a graphic or changing a small feature. I think the introduction of Matt Wagner into our business 17 years ago and his deep dive on all parts of the business, particularly inventory, really evolved our perspective.

是的，我認為這是我們公司內部的小玩笑。但 20 年前，當我是今天在座的唯一一個人時，我有了自有品牌的想法。那時，自有品牌意味著去製造商，查看他們已經製造的模型，並更改圖形或更改小功能。我認為 17 年前將馬特·瓦格納引入我們的業務，以及他對業務各個部分（特別是庫存）的深入研究，確實改變了我們的觀點。

We no longer even call it private label. We call it contract manufacturing. And the reason that we do it that way is because we really look at the relationship between the product that we want to bring to market and the expertise that the manufacturers have as an unbelievable resource.

我們甚至不再稱之為自有品牌。我們稱之為合約製造。我們這樣做的原因是因為我們真正關注我們想要推向市場的產品與製造商擁有的令人難以置信的資源專業知識之間的關係。

And if you could take a step back and study what Matt has done in that business, and at some point, we're going to want to show people that of understanding how to use key data and metrics to develop the right floor plan at the right price at the right time with contenting the product up, not decontenting it down; and then using our size, our scale, our relationship with suppliers that feed into those manufacturers, our intensity around ordering with those manufacturers when we know they have soft spots to be a good partner with them.

如果您可以退一步研究馬特在該業務中所做的事情，那麼在某個時候，我們將希望向人們展示如何使用關鍵數據和指標來製定正確的平面圖在正確的時間提供正確的價格，滿足產品需求，而不是降低產品滿意度；然後利用我們的規模、我們的規模、我們與為這些製造商提供服務的供應商的關係，以及當我們知道他們有軟肋，可以成為他們的良好合作夥伴時，我們與這些製造商訂購的強度。

Matt, do you want to add anything to that?

馬特，你想補充什麼嗎？

First, I want to clarify, Marcus is being far too kind. We're the team of us over years that assembled all this research and information. We think of how much we had to gather in terms of providing insights to better inform us and our OEM partners as to what floor plan solutions, manufacturer solutions we need to bring to the overall marketplace to satisfy that demand that in some situations, no one was satisfied.

首先，我想澄清一下，馬庫斯太仁慈了。我們的團隊多年來匯集了所有這些研究和資訊。我們認為我們必須收集多少資訊來提供見解，以便更好地告知我們和我們的OEM 合作夥伴，我們需要向整個市場提供哪些平面圖解決方案、製造商解決方案，以滿足在某些情況下沒有人的需求很滿意。

When we think about the number-one selling floor plan in the industry, the Coleman Lantern 17B, on first glance, it looks like a relatively utilitarian concept or idea. It was something that hadn't even existed in the marketplace until 2019. And that came off of years of research to understand what was that actual price point or those features that consumers required, where we used what was at the time, goodness, about a decade-plus of information to target certain floor plans, content features, et cetera.

當我們想到業內銷量第一的 Coleman Lantern 17B 平面圖時，乍一看，它看起來像是一個相對實用的概念或想法。直到 2019 年，這種產品才出現在市場上。這是經過多年的研究來了解實際的價格點或消費者需要的功能是什麼，我們使用當時的信息，天哪，大約十多年的信息來針對某些樓層平面圖、內容功能，等等。

And this has been an evolution over two decades now, where to Marcus's credit, he's really put us all in a stranglehold to say, okay, I understand that we have a concept floor plan. We also need to go out and find the right manufacturing partner, as well as the right brands to put on these units.

現在已經經歷了二十多年的演變，值得讚揚的是馬庫斯，他真的讓我們所有人都陷入了困境，讓我們說，好吧，我知道我們有一個概念平面圖。我們還需要走出去尋找合適的製造合作夥伴以及合適的品牌來安裝這些設備。

So over the last couple of years, we've been introducing not only Coleman, as people have understood that for many years, but like the Eddie Bauer product, where the Eddie Bauer is actually a licensed product to us as a company that we sub-licensed to different manufacturing partners based upon their ability or capability to satisfy certain segments' price points.

因此，在過去的幾年裡，我們不僅介紹了 Coleman，正如人們多年來所了解的那樣，而且還介紹了 Eddie Bauer 產品，Eddie Bauer 實際上是我們作為我們子公司的公司的授權產品。不同的製造合作夥伴滿足某些細分市場價格點的能力或能力向不同的製造合作夥伴授予許可。

And John, your question is very insightful in so much as by means of us expanding to all these different categories, which by the way, we're up to 36 different manufacturer private label brands, we're able to enter into a number of different marketplaces that traditionally we would be confined by different OEM brands. So what I mean by that is there's certain OEM brands that are franchised within Dallas, Texas. By means of having a full offering of all of our private label and contract manufacturer brands, we're able to enter into any marketplace within the United States.

約翰，你的問題非常有洞察力，透過我們擴展到所有這些不同的類別，順便說一句，我們有多達 36 個不同的製造商自有品牌，我們能夠進入許多領域傳統上我們會受到不同OEM品牌的限制。我的意思是，某些 OEM 品牌在德克薩斯州達拉斯擁有特許經營權。透過提供我們所有自有品牌和合約製造商品牌的完整產品，我們得以進入美國境內的任何市場。

I think as we look at it, we talked earlier in the call that distribution is key, and we have established distribution and want to ramp that up. But product is more important than anything. And I think that when you look at our company overall, we -- most people don't realize that we have an entire department dedicated to product development, product development, and that you don't see that in a retailer.

我認為，正如我們所看到的，我們早些時候在電話會議中談到了分銷是關鍵，我們已經建立了分銷並希望加大分銷力度。但產品比什麼都重要。我認為，當你從整體上看我們公司時，我們——大多數人都沒有意識到我們有一個專門負責產品開發的部門，而你在零售商中看不到這一點。

And the reason that we want to do that is we want to always have a competitive advantage against everybody else and then use our scale and our relationships with manufacturers to deliver a superior product. Many people have challenged us as they see us driving down ASP that other competitors are going to follow that. And we welcome that competition because when they go left, we're going to go right, and we're going to stratify that product offering in a very different way.

我們想要這樣做的原因是我們希望始終擁有相對於其他人的競爭優勢，然後利用我們的規模以及與製造商的關係來提供優質的產品。許多人對我們提出質疑，因為他們看到我們降低了平均售價，而其他競爭對手也會跟進。我們歡迎這種競爭，因為當他們向左走時，我們就會向右走，我們將以一種非常不同的方式對產品進行分層。

And that doesn't always mean going cheaper. That means being more innovative, focusing on tow capacity, looking at different floor plans. Because for us, if the industry isn't capable of widening its own TAM, we have to take matters into our own hands and find a way to widen the TAM for our business, which is what we believe the team accomplished in growing our market share so robustly and why we think we can compound on top of that.

這並不總是意味著更便宜。這意味著要更具創新性，專注於拖車容量，考慮不同的平面圖。因為對我們來說，如果產業沒有能力擴大自己的 TAM，我們就必須自己解決問題，找到一種方法來擴大我們業務的 TAM，這就是我們相信團隊在擴大市場方面所取得的成就分享得如此有力，以及為什麼我們認為我們可以在此基礎上進行複合。

Great. Thank you, guys.

偉大的。謝謝你們，夥計們。

Tristan Thomas-Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁，BMO 資本市場。

Hey, good morning.

嘿，早安。

Good morning.

早安.

I just want to follow up kind of quickly on John's question about kind of historical new RV margins. I think you said 4Q's kind of flattish compared to 3Q, but then how should we think about kind of the cadence of new RV margins next year?

我只是想快速跟進約翰關於歷史新 RV 利潤的問題。我想你說第四季與第三季相比有點持平，但是我們該如何考慮明年新房車利潤率的節奏呢？

Our historical goal in more recent times is 14% to 14.5%. And that fluxes during different times of the year. As you would imagine in the fourth quarter when it's cold outside and a guy's trying to make a commission, he's going to take a shorter deal. In the middle of the summer, it's better. But one thing that is very important to note, as we drive towards a mid-cycle environment, which we believe is coming here in the very near future, margins tend to get a little bit more robust.

我們近期的歷史目標是 14% 至 14.5%。而且這種情況在一年中的不同時間會改變。正如你可以想像的那樣，在第四季度，當外面很冷並且一個人試圖賺取佣金時，他會接受較短的交易。仲夏時節，比較好。但值得注意的一件事是，隨著我們走向中期環境（我們相信在不久的將來就會出現），利潤率往往會變得更加強勁。

They get more robust because there isn't excess inventory sitting everywhere. And while that sounds obvious to some, the reason we're so pleased with our 13.5% in Q3 is that we're still not in a robust market. We accelerated our motorized business. And so as we look at 2025, we would strongly encourage anybody building a model to anchor in that 14% range.

它們變得更加穩健，因為到處都沒有多餘的庫存。雖然這對某些人來說聽起來很明顯，但我們對第三季 13.5% 的成長如此滿意的原因是我們仍然沒有處於一個強勁的市場。我們加快了機動化業務。因此，當我們展望 2025 年時，我們強烈鼓勵任何人建立一個模型來錨定在 14% 的範圍內。

Okay, thank you. And then just quickly kind of -- maybe a re-emphasis there on Class Cs. Previously, you mentioned kind of going left when everyone's going right. Is this kind of just looking even further out if we get some rate cuts, supportability improves that we're going to planning for maybe a mixed shift up in the next year or two? Thanks.

好的，謝謝。然後很快——也許會再次強調 C 類。之前，您提到當每個人都向右走時卻向左走。如果我們降息、支援能力提高，我們是否會計劃在未來一兩年內進行混合轉變？謝謝。

I don't think we want to chase the up market. I think we want to acknowledge that every single segment has to be viewed independently. And so what we would ask the market to study the way we do is travel trailers in its own fit wheels, C classes, Bs, Class A gas and diesel. And we try to find the white space inside of each one of those. As it relates to the diesels, we're going to leave that white space at this point to other folks. That's just not a great return on investment for us.

我認為我們不想追逐上漲市場。我認為我們要承認每個細分市場都必須獨立看待。因此，我們要求市場像我們一樣研究配備自己合適車輪的旅行拖車，C 級、B 級、A 級汽油和柴油。我們試著找出其中每一個內部的空白。由於它與柴油機相關，我們將在這一點上將空白留給其他人。這對我們來說並不是一個很好的投資回報。

But on the Class C side, we know we have to do a better job of driving down to a value point where monthly payments become real. Not too long ago, maybe a decade ago, and I know that sounds like a long time, we would have a $399 Class C payment. That was $499. That same unit today is $699 or more.

但在 C 類方面，我們知道我們必須做得更好，以降低每月付款成為現實的價值點。不久前，也許十年前，我知道這聽起來像是很長一段時間，我們會有 399 美元的 C 類付款。那是 499 美元。今天，同樣的單位售價為 699 美元或更高。

So we have a lot of inflation over the last decade. And we have to work hard with our very distinct manufacturers to buy in a way that allows us to drive that number down to be ahead of the market. But more importantly, and I'll say this again, we don't want to get there by decontenting. We want our customers to see high value when they buy from us and high features and benefits at a great price.

因此，過去十年我們經歷了嚴重的通貨膨脹。我們必須與我們非常獨特的製造商努力合作，以一種能夠讓我們降低這個數字以領先於市場的方式進行採購。但更重要的是，我要再說一遍，我們不想透過不滿來實現這個目標。我們希望客戶在從我們這裡購買產品時能夠看到高價值、高功能和優惠的價格。

Tristan, if I could even just piggyback off that and relate back to John's question from earlier about our contract manufacturing products where we felt like we missed the mark in our Class C segment in fulfilling certain segments, price points, and floor plans. And this is where our exclusive brands come into play, where we've been working diligently over the last, goodness, six, seven months, identifying that there's a certain subset of the marketplace that no one was satisfying. So I would anticipate as we head into next year that we'll start to replenish the shelves and start to pick up more material gains than the Class C segment, especially.

特里斯坦，如果我能藉用這一點並回想起約翰之前關於我們的合約製造產品的問題，我們覺得我們在C 級細分市場中在滿足某些細分市場、價格點和平面圖方面沒有達到目標。這就是我們的獨家品牌發揮作用的地方，天哪，我們在過去六、七個月裡一直在努力工作，發現市場上有一個子集沒有人滿意。因此，我預計，當我們進入明年時，我們將開始補充貨架，並開始獲得比 C 級細分市場更多的物質收益。

Awesome. Thank you.

驚人的。謝謝。

Brandon Rollé, D.A. Davidson.

布蘭登·羅爾，D.A.戴維森。

Good morning. Thank you for taking my question. Just briefly on the fourth quarter, you had mentioned margins would stay kind of flat. Could you touch on your expectations for SG&A as a percentage of growth profit and maybe any adjusted EBITDA expectations? Thank you.

早安.謝謝你回答我的問題。在第四季度，您曾簡短地提到利潤率將保持穩定。您能否談談您對 SG&A 佔成長利潤百分比的預期，以及調整後的 EBITDA 預期？謝謝。

Well, we don't provide guidance in any quarter. So I want to just start with that. But we obviously are looking to continue to improve. As we think about the SG&A as a percentage of growth, the fourth quarter is always a tough quarter. It's like in the mid-90s. That's a quarter where in December -- I mean, it's rough out there. As we head into 2025, which is what we're really focused on, we're looking for those 600 to 700 points of improvement based on where we think we're going to finish this year.

嗯，我們不會在任何季度提供指導。所以我想從這個開始。但我們顯然希望繼續改進。當我們將 SG&A 視為成長的百分比時，第四季始終是一個艱難的季度。就像90年代中期。這是 12 月的四分之一——我的意思是，那裡的情況很艱難。當我們進入 2025 年時，這才是我們真正關注的目標，我們正在根據今年的目標，尋求 600 到 700 點的改進。

And we think we're going to finish this year probably around 85, way higher than we're comfortable being at. But we know the reason for that. And the reason is principally the evaporation of used volume and used growth that we elected to inflict on ourselves to mitigate risk. As that comes back and margins start to normalize and we take away the stores that we eliminated and some of the businesses that we got rid of that didn't make money, we're expecting that to come down into that 77 to 78 range.

我們認為今年的成績可能會在 85 左右，遠高於我們的舒適水平。但我們知道其中的原因。原因主要是我們選擇讓自己承受使用量的蒸發和使用量的成長，以降低風險。隨著這種情況的回歸，利潤率開始正常化，我們取消了我們淘汰的商店和一些我們擺脫的不賺錢的業務，我們預計利潤率會下降到 77 到 78 的範圍。

I will tell you that as a management team in a normal mid-cycle environment, we have a goal of being in the low 70s. That is the gold standard. So 78, while we're happy it's not 85, that isn't good enough for us.

我會告訴你，作為正常中期環境中的管理團隊，我們的目標是處於 70 歲以下。這就是黃金標準。所以 78，雖然我們很高興它不是 85，但這對我們來說還不夠好。

All right. Thank you.

好的。謝謝。

Bret Jordan, Jefferies.

布雷特·喬丹，杰弗里斯。

Hey, good morning, guys.

嘿，早上好，夥計們。

Good morning.

早安.

You talked a couple of times at the prepared remarks about sort of being a market maker in the used category. Is that a change of strategy at all? And I guess the margin impact, if you're going to provide liquidity in that market and buying used units, you're probably not going to resell, put them back into the wholesale market. Is that something that's either going to be changing capital allocation or margin as you expand the market making strategy?

您在準備好的發言中多次談到成為二手類別的做市商。這是策略的改變嗎？我猜想利潤率的影響，如果你要在該市場提供流動性併購買二手單位，你可能不會轉售，將它們放回批發市場。當您擴大做市策略時，這是否會改變資本配置或利潤率？

Well, if I could even start, I guess, at the top, I don't think that there's really a deviation in terms of overall strategy, where I would maintain that we've largely been able to push the market in different ways that perhaps we just had to step in and intervene to actually grow the over available addressable market within this marketplace. That goes back to Marcus's comments about contract manufacturing.

好吧，如果我甚至可以從頂部開始，我認為整體策略並沒有真正的偏差，我認為我們在很大程度上能夠以不同的方式推動市場，也許我們只需要介入並幹預，以真正發展這個市場中過度可用的可尋址市場。這可以追溯到馬庫斯關於合約製造的評論。

And within the used marketplace, I see us being really that market maker, and we established that last year. It just so happens this year, our risk aversion played into an overall decline in our gross margin profile on the used side and our gross profit profile. And then also to take a stab at your next question, I do see actually an opportunity for us to buy in the open market from consumers and just as well resell to wholesalers. And we've seen the success of that through our auction network.

在二手市場中，我認為我們確實是做市商，我們去年就建立了這一點。今年的情況正是如此，我們的避險情緒導致我們的二手毛利率和毛利狀況整體下降。然後，為了回答你的下一個問題，我確實看到我們實際上有機會在公開市場上從消費者那裡購買商品，也可以轉售給批發商。我們透過我們的拍賣網絡看到了這一點的成功。

In fact, I mean, we could reflect upon a number of anecdotes most recently where we were able to go to other different auctions, buy units, turn around and resell them through our auction and pick up the arbitrage to other wholesalers. So there's this whole robust marketplace that exists out there, and we're only about 7% of the entirety of the used marketplace. What's lost in that 7% is the amount of units that are sold from consumer-to-consumer.

事實上，我的意思是，我們可以反思最近的一些軼事，我們能夠去其他不同的拍賣，購買單位，透過我們的拍賣轉手並轉售它們，並向其他批發商獲取套利。因此，存在著整個強大的市場，而我們只佔整個二手市場的 7% 左右。這 7% 中損失的是消費者之間銷售的單位數量。

In another marketplace that exists out there where neighbors disconnect with other neighbors or Facebook marketplace or Craigslist, we feel like we could insert ourselves in that overall environment, provide the safety and security and comfort of dealing with a dealer that is going to be specialized in not only title transfer and any sort of payoff information, but just as well financing opportunities to make it more affordable to these consumers.

在另一個市場中，鄰居與其他鄰居或 Facebook 市場或 Craigslist 脫節，我們覺得我們可以將自己融入整個環境中，提供與專門從事以下業務的經銷商打交道的安全感和舒適感：不僅是所有權轉讓和任何類型的回報訊息，還有融資機會，使這些消費者更負擔得起。

There are two proof points that I think substantiate our position around being a market maker. The first is the Good Sam Valuator and its use of historical data, current new invoice pricing, and a variety of other factors that give consumers and other dealers and banks and insurance companies a better proof point on what units are worth. And we often find that other dealers are using that tool, quite frankly, not only to get a value, but to sometimes send customers to us.

我認為有兩個證據可以證實我們作為做市商的立場。第一個是 Good Sam Valuator 及其對歷史數據、當前新發票定價以及各種其他因素的使用，為消費者和其他經銷商、銀行和保險公司提供有關單位價值的更好證據。坦白說，我們經常發現其他經銷商正在使用該工具，不僅是為了獲得價值，有時還為了將客戶推薦給我們。

When you look at our used turns at the 3.5 rate, that encompasses everything that we buy. And whether we buy it to wholesale it or we buy it to retail it, that's part of creating that cycle of bringing units in and out. The second proof point is our achievement of a high-percentage of NADA when other dealers and banks drive units through our auctions.

當你以 3.5 的價格查看我們的二手車時，這涵蓋了我們購買的所有產品。無論我們購買它是為了批發還是我們購買它是為了零售，這都是創造單位進出循環的一部分。第二個證明點是，當其他經銷商和銀行透過我們的拍賣推動單位時，我們實現了高比例的 NADA。

The example that Matt was mentioning around auctions is we went to a particular auction and we're buying something at 65% or 70% or 71% of what is this so-called book. And then that same unit one week later in the same geographic area is running through our auction and bringing 8 to 12 points more one week later, selling the same unit. When we see banks validate that position, in our mind, that is the definition of being a market maker.

馬特在拍賣中提到的例子是，我們參加了一次特定的拍賣，我們以這本書的 65%、70% 或 71% 的價格購買了一些東西。然後，一周後，同一地理區域的同一單元將參加我們的拍賣，並在一周後賣出同一單元，從而帶來 8 到 12 點的收益。當我們看到銀行驗證這個立場時，在我們看來，這就是做市商的定義。

Okay, so is this something we'd expect to increase sort of at the P&L? Will the wholesale volumes be going up? I mean, is it something that strategically is shifting, or is this something that you just generally have been doing and we're talking about it more now?

好的，那麼這是我們期望在損益表上增加的東西嗎？批發量會增加嗎？我的意思是，這是戰略上正在轉變的事情，還是你們通常一直在做的事情，我們現在正在更多地討論它？

We're expecting to continue to ratchet that up because our online auction business and our physical auction business give us the ability. But because we're capitalists, anytime we can buy something for one price and sell it for more than what we bought it for, we're going to extract as many opportunities as we can.

我們預計會繼續加大力度，因為我們的線上拍賣業務和實體拍賣業務給了我們這種能力。但因為我們是資本家，任何時候我們都能以一個價格購買某樣東西，然後以高於我們購買價格的價格出售它，我們就會盡可能地獲得機會。

And when we look at driving volume and driving market share, one of the principles of getting to 15%, which is an incremental, we'll call it for this discussion, 40,000, 50,000 units, one of the ways that we have to do that is to find all the different avenues in which we can buy and sell new and used units. This is really us shooting for a goal, making sure that it's profitable, and recording the transaction.

當我們考慮推動銷售和推動市場份額時，達到 15% 的原則之一，這是一個增量，我們在本次討論中將其稱為 40,000、50,000 單位，這是我們必須做的方法之一那就是找到我們可以買賣新的和二手的單位的所有不同途徑。這實際上是我們為一個目標而努力，確保它有利可圖，並記錄交易。

And as we previously declared about a year ago, we realized that as we entered back into the used marketplace that we needed to create a more efficient marketplace. So in December of last year, we hosted our first auction. As we sit here today now, we have just shy of 20 under our belt, where we've gotten into a nice cadence now where we're routinely, oftentimes twice a month, if not three times a month in certain time periods, hosting an auction somewhere in the country.

正如我們大約一年前宣布的那樣，我們意識到，當我們重新進入二手市場時，我們需要創造一個更有效率的市場。因此，去年 12 月，我們舉辦了第一次拍賣。當我們今天坐在這裡時，我們的腰帶已經接近 20 個，我們現在已經進入了一個很好的節奏，我們經常每月兩次，甚至在某些時間段每月三次，主持該國某處的拍賣會。

While at the same time over the last five months, we've been hosting online virtual auctions into perpetuity, where they're just timed auctions, think of like an eBay type of model. So I don't think it's necessarily deviation at all. It's rather a just continued evolution of this opportunity to remarket and build our market share.

同時，在過去五個月裡，我們一直在永久舉辦線上虛擬拍賣，它們只是定時拍賣，就像 eBay 類型的模型一樣。所以我認為這根本不一定是偏差。這只是重新行銷和建立我們的市場份額的機會的持續發展。

And one last piece before we go is if you take a look at RVs.com, it's really been established for us to supplant other marketplaces. And whether that's some of our inventory, other dealers' inventory, private parties inventory, we're looking to create this marketplace where private parties can go to a trusted source without paying egregious fees and be able to transact with other consumers and generate leads.

在我們開始之前的最後一點是，如果你看看 RVs.com，它確實是為我們取代其他市場而建立的。無論是我們的一些庫存、其他經銷商的庫存還是私人團體的庫存，我們都希望創建一個市場，讓私人團體可以在不支付巨額費用的情況下找到值得信賴的來源，並能夠與其他消費者進行交易並產生潛在客戶。

Okay, great. And I guess quick follow up, any updates on the Good Sam process? I think you talked about it last January, the capitalists selling things for more than you paid for them. Is that still for sale?

好的，太好了。我想快速跟進一下，Good Sam 流程有什麼更新嗎？我想你去年一月就談過，資本家賣東西的價格比你付的錢高。那還賣嗎？

So because we're capitalists, and that's a great point, we had a lot of discussions both with our Board and as a senior management team. And what we really realized through that process is Good Sam, particularly in 2024 and '23, proved to be the absolute rock and the stable part of our business that despite all the industry headwinds, just really wasn't getting phased. So that was one bright spot.

因此，因為我們是資本家，這是一個很好的觀點，所以我們與董事會和高階管理團隊進行了許多討論。透過這個過程，我們真正意識到的是，Good Sam，特別是在2024 年和23 年，被證明是我們業務的絕對基石和穩定部分，儘管存在所有行業阻力，但它並沒有真正被分階段進行。這是一個亮點。

The second thing is, is that the superb management team at Good Sam has just said to us, look, we want to be part of this organization. We just don't want to be limited to only being in the recreational space as it relates to RVs. Give us a chance to explore marine and powersports and auto.

第二件事是，Good Sam 卓越的管理團隊剛剛對我們說，看，我們想成為這個組織的一部分。我們只是不想只限於與房車相關的休閒空間。讓我們有機會探索海洋、動力運動和汽車。

As a reminder, that's an asset-light business with no real contingent liability on its books other than a little bit of claims on roadside assistance. So when they ask for permission to go explore other markets, auto, marine, powersports, we really realized that the future of that business could be far more robust if we allow that team to do that. After seeing those two proof points, we've made the decision, and the Board has signed off on it that Good Sam is here to stay.

提醒一下，這是一家輕資產企業，除了一點路邊援助索賠外，帳面上沒有真正的或有負債。因此，當他們要求允許探索其他市場（汽車、船舶、動力運動）時，我們真正意識到，如果我們允許團隊這樣做，該業務的未來可能會更加強勁。在看到這兩個證據後，我們做出了決定，董事會也已批准 Good Sam 留下來。

Okay, great. Thank you.

好的，太好了。謝謝。

Alice Wycklendt, Baird.

愛麗絲·威克倫特，貝爾德。

Yes, good morning, guys. Thanks for taking my question. Maybe just want to touch on the F&I segment. I mean, nice performance there. But as we look into 2025, how should we be thinking about that maybe in the context of, is there any substantial difference between the attachment rates for new and used as you look for used to outgrow new?

是的，早上好，夥計們。感謝您提出我的問題。也許只是想談談 F&I 領域。我的意思是，那裡的表現很好。但當我們展望 2025 年時，我們應該如何考慮這一點：當您尋找二手產品超越新產品時，新產品和二手產品的附著率之間是否存在實質差異？

You're spot on. Oftentimes with a used asset, that F&I as a percent of that total revenue will actually be slightly lower. So I would anticipate that F&I percent, I tweaked down a little bit compared to this 13-plus percent that we've been seeing this year. And we've been overly indexing throughout the entirety of this year towards the new segment. So as we start to reach more parity between new and used, which we actually like that segment being more leaning in that favor, I would anticipate as you start to model on next year, I'd tweak it down maybe like 12.5-ish percent.

你說得對。通常，對於二手資產，F&I 佔總收入的百分比實際上會略低。因此，我預計 F&I 百分比與今年 13% 以上的百分比相比會略有下降。今年全年我們都對新細分市場進行了過度索引。因此，當我們開始在新舊二手車之間達到更多的平價時，我們實際上希望該細分市場更加傾向於這一點，我預計當你明年開始建模時，我會將其調整下來，可能會達到12.5％左右。

The only counterbalance to that is a slight increase in ASPs. And so with a slight increase in ASPs, while Matt's percentage is definitely accurate, you're applying that to a larger ASP. And so the total gross dollars that we will actually bring in should be relatively consistent on a per-unit basis.

唯一的平衡是平均售價的小幅成長。因此，隨著 ASP 略有增加，雖然 Matt 的百分比絕對準確，但您將其應用於更大的 ASP。因此，我們實際帶來的總美元金額在單位基礎上應該相對一致。

Great. That's helpful. That's it for me. Thanks, guys.

偉大的。這很有幫助。對我來說就是這樣。謝謝，夥計們。

This concludes our Q&A question session. I would like now to turn the conference back over to Mr. Lemonis.

我們的問答環節到此結束。現在我想將會議轉交給萊莫尼斯先生。

Great. Thank you so much for supporting our business. We look forward to reporting Q4 in the coming months. Take care.

偉大的。非常感謝您對我們業務的支持。我們期待在未來幾個月內報告第四季。小心。

Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect.

女士們先生們，感謝您的加入。會議現已結束。您可以斷開連線。