Group 1 Automotive Inc (GPI) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen and welcome to Group 1 Automotive’s third quarter 2024 financial Results Conference Call. Please be advised that this call is being recorded.

早安，女士們、先生們，歡迎參加 Group 1 Automotive 2024 年第三季財務業績電話會議。請注意，此通話正在錄音。

I would now like to turn the call over to Mr. Pete DeLongchamps, Group 1’s Senior Vice President of Manufacturer Relations and Financial Services.

我現在想將電話轉給 Group 1 製造商關係和金融服務資深副總裁 Pete DeLongchamps 先生。

Please go ahead, Mr. DeLongchamps.

請繼續，德隆尚先生。

Thank you, Jamie. Good morning, everyone and welcome to today’s call. The earnings release we issued this morning and a related slide presentation that include reconciliations related to the adjusted results we will refer to on this call for comparison purposes have been posted to the Group 1 website.

謝謝你，傑米。大家早安，歡迎參加今天的電話會議。我們今天早上發布的收益報告和相關幻燈片演示文稿，其中包括與我們將在本次電話會議上出於比較目的而參考的調整後結果相關的調節表，已發佈到第一集團網站上。

Before we begin, I’d like to make some brief remarks about forward-looking statements and the use of non-GAAP financial measures. Except for historical information mentioned during the conference call, statements made by management of Group 1 Automotive are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

在開始之前，我想對前瞻性陳述和非公認會計準則財務指標的使用做一些簡短的評論。除電話會議期間提及的歷史資訊外，Group 1 Automotive 管理層發表的聲明均為根據 1995 年《私人證券訴訟改革法案》安全港條款做出的前瞻性聲明。

Forward-looking statements involve both known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. Those risks include, but are not limited to, risks associated with pricing, volume, inventory supply due to increased customer demand and reduced manufactured production levels due to component shortages, conditions of markets, successful integration of acquisitions, and adverse developments in the global economy and resulting impacts on demand for new and used vehicles and related services.

前瞻性陳述涉及已知和未知的風險和不確定性，可能導致公司未來期間的實際績效與預測結果有重大差異。這些風險包括但不限於與定價、數量、庫存供應相關的風險，這些風險是由於客戶需求增加和零件短缺導致製造生產水準降低、市場狀況、收購成功整合以及全球經濟不利發展造成的。對新車和二手車及相關服務的需求產生影響。

Those and other risks are described in the company's filings with the Securities and Exchange Commission. In addition, certain non-GAAP financial measures as defined under SEC rules may be discussed on this call. As required by applicable SEC rules, the company provides reconciliations of any such non-GAAP financial measures to the most directly comparable GAAP measures on its website.

這些風險和其他風險在該公司向美國證券交易委員會提交的文件中進行了描述。此外，本次電話會議可能會討論根據 SEC 規則定義的某些非 GAAP 財務指標。根據適用的 SEC 規則的要求，該公司在其網站上提供任何此類非 GAAP 財務指標與其最直接可比較的 GAAP 指標的調整表。

Participating with me on today's call are Daryl Kenningham, our President and Chief Executive Officer; and Daniel McHenry, Senior Vice President and Chief Financial Officer.

與我一起參加今天電話會議的是我們的總裁兼執行長 Daryl Kenningham；麥克亨利（Daniel McHenry），資深副總裁兼財務長。

Thank you, Pete. Good morning, everyone. Thanks to our great teams in the US and the UK, we were pleased with our performance in the quarter. I'll start with our UK business. During the quarter, we closed on the previously announced Inchcape retail transaction, adding $2.7 billion in revenue from 54 dealerships in key hubs such as the Midlands, the Northwest of England and Wales.

謝謝你，皮特。大家早安。感謝我們在美國和英國的優秀團隊，我們對本季的表現感到滿意。我將從我們的英國業務開始。本季度，我們完成了先前宣布的 Inchcape 零售交易，為中部地區、英格蘭西北部和威爾斯等主要樞紐的 54 家經銷商增加了 27 億美元的收入。

In a separate transaction, we also acquired four additional Mercedes-Benz dealerships north of London. Additionally, we recently closed on a large BMW store in Lincoln, England. We are encouraged by the pace of integration of these new dealerships in our portfolio. The brand and geographic mix are outstanding and give us significant scale and reach that will improve our SG&A leverage.

在另一筆交易中，我們還收購了倫敦北部另外四家賓士經銷店。此外，我們最近關閉了位於英國林肯市的一家大型寶馬商店。我們對這些新經銷商整合到我們的投資組合中的步伐感到鼓舞。品牌和地理組合非常出色，為我們帶來了巨大的規模和影響力，這將提高我們的 SG&A 槓桿率。

Because of our size now in the UK, we've been able to significantly strengthen our relationships with great brands like BMW, Volkswagen, Audi, Porsche, Mercedes-Benz, Toyota, Land Rover and Ford. A close relationship with our OEM partners based on performance and commitment is critical to our growth focus.

由於我們目前在英國的規模，我們已經能夠顯著加強與寶馬、大眾、奧迪、保時捷、梅賽德斯-奔馳、豐田、路虎和福特等知名品牌的關係。基於績效和承諾與我們的 OEM 合作夥伴建立密切關係對於我們的成長重點至關重要。

On October 1, Mark Raban joined us as CEO of Group 1 UK. Mark brings with him deep industry and public company knowledge in the UK market. He is both operationally and financially sound. Mark has already appointed his leadership team comprised of both legacy Group 1 leaders and Inchcape retail leaders.

10 月 1 日，Mark Raban 加入我們，擔任 Group 1 UK 執行長。馬克帶來了英國市場深厚的產業和上市公司知識。他的營運和財務狀況都很穩健。Mark 已經任命了他的領導團隊，其中包括傳統的 Group 1 領導者和 Inchcape 零售領導者。

We now have the strongest leadership team we've ever had in our UK business. We are also working on bringing the rest of the organizations together and hope to have that substantially finished by the end of 2024. It's a big task to integrate this many stores and two corporate organizations that quickly, but we believe it's important and we believe integration is a strength at Group 1.

我們現在擁有英國業務中最強大的領導團隊。我們也致力於將其他組織整合在一起，並希望在 2024 年底前基本完成。快速整合這麼多商店和兩個企業組織是一項艱鉅的任務，但我們相信這很重要，而且我們相信整合是 Group 1 的優勢。

In his upcoming comments, Daniel McHenry will give several specific examples of the integration activities and their expected benefits. Based on what we've seen after 80 days of ownership, we have more confidence today that the Inchcape retail acquisition will be a significant contributor to Group 1 and our shareholders.

在接下來的評論中，Daniel McHenry 將給出整合活動及其預期收益的幾個具體範例。根據我們在擁有 80 天後所看到的情況，我們今天更有信心收購 Inchcape 零售業務將為 Group 1 和我們的股東做出重大貢獻。

Turning to the US. There were slight continuing impacts from the CDK outage on our third quarter operations. There were some in business impact on our largest market, Houston from Hurricane Beryl in July, as some stores were without power for up to a week. We felt some moderate impact from Helene in late September. We don't believe there was any impact from Milton since it didn't hit until October the 5th.

轉向美國。CDK 中斷對我們第三季的營運產生了輕微的持續影響。7 月的颶風貝裡爾對我們最大的市場休士頓造成了一些業務影響，因為一些商店停電長達一周。九月下旬，我們感受到了海倫的一些中等影響。我們認為米爾頓不會產生任何影響，因為它直到 10 月 5 日才襲擊。

In the third quarter, we saw record new and used vehicle units delivered, our F&I business performed well and our new vehicle gross profits held up well, and our US adjusted SG&A leverage was excellent at 64.3%. Our US same-store service business grew a little over 8%, which we considered quite good coming off of double digit increases each of the last three year over year quarters in customer pay.

第三季度，我們的新車和二手車交付量創歷史新高，我們的 F&I 業務表現良好，新車毛利保持良好，美國調整後的 SG&A 槓桿率為 64.3%，非常出色。我們的美國同店服務業務成長了 8% 多一點，我們認為這非常好，因為過去三個季度的客戶付費每年都有兩位數的成長。

Our UK same store service business grew over 13% in local currency in the third quarter. We continue to view after sales as a way to differentiate Group 1.

以當地貨幣計算，第三季我們的英國同店服務業務成長了 13% 以上。我們繼續將售後服務視為區分第一組的一種方式。

We believe it is the most underinvested area of our business and for a number of reasons, we believe there's tremendous opportunity for growth well into the future. We continue to be successful adding and retaining technicians, adding eight more technicians in the US this year and we are putting even more focus into this.

我們相信這是我們業務中投資最不足的領域，由於多種原因，我們相信未來存在巨大的成長機會。我們繼續成功地增加和留住技術人員，今年在美國又增加了八名技術人員，我們將更加關注這一點。

As an example of our commitment, we know that employee engagement scores are higher and turnover is lower in workshops with air conditioning. We are well underway with a capital program to install air conditioning in nearly 90% of our shops in the United States, up from just over 55% when we began the project.

作為我們承諾的一個例子，我們知道在配備空調的車間中，員工敬業度得分更高，人員流動率更低。我們正在順利實施一項資本計劃，為我們在美國近 90% 的商店安裝空調，而我們開始該項目時這一比例略高於 55%。

We expect to be substantially finished with this project by the end of 2025. While we are focused on retaining and hiring technicians, we believe we have a long way to go before we reach the limits of our facility capacity. We still have over 400 empty stalls in our US stores.

我們預計到 2025 年底該專案將基本完成。雖然我們專注於留住和僱用技術人員，但我們相信，在達到設施容量的極限之前，我們還有很長的路要走。我們的美國門市仍有 400 多個空攤位。

However, to make what we feel is an important point, we do not view stall count as a limiter in growing our technician staffing. Estimate to this is that one third of our US stores have more technicians on staff than we have stalls. To be more specific, those nearly 50 stores have 19% more technicians

然而，為了表達我們認為重要的一點，我們並不將攤位數量視為增加技術人員配備的限制因素。據估計，我們三分之一的美國商店的技術人員數量比我們的攤位數量還要多。具體來說，這近50家門市的技術人員數量增加了19%

than stalls. So we believe we can continue to act technicians far into the future without physical facility limitations.

比攤位。因此，我們相信我們可以在未來繼續為技術人員提供服務，而不受實體設施的限制。

And one last word on our after sales business, over one third of our customers should come into our store for warranty work. Also have some CP work done. So as long as we continue to see some of these large -- some of these large recalls and warranty campaigns from major brands, we expect that incremental warranty work is a bit of a tailwind on CP.

關於我們的售後業務，最後要說的是，超過三分之一的客戶應該來我們店進行保固工作。也做了一些CP工作。因此，只要我們繼續看到主要品牌的一些大型召回和保固活動，我們預計增量保固工作會對 CP 產生一定的推動作用。

While we regularly evaluate other business adjacencies, we continue to believe in this environment the best use of our shareholders' capital is investing in new vehicle franchise dealerships. We believe that entering other business adjacencies limits our returns but it also dilutes our focus. And fundamentally, we don't believe we should be in any business that potentially competes with our OEM partners.

雖然我們定期評估其他業務鄰接關係，但我們仍然相信，在這種環境下，股東資本的最佳利用方式是投資新車特許經銷店。我們相信，進入其他業務領域會限制我們的回報，但也會削弱我們的焦點。從根本上說，我們認為我們不應該從事任何可能與我們的 OEM 合作夥伴競爭的業務。

As a result of this focus, our performance on our acquisition eligibility criteria is quite strong across nearly all of our OEMs. That allows us to engage in acquisition discussions on nearly any brand with the confidence that we will be approved.

由於這種關注，我們幾乎所有 OEM 廠商在收購資格標準方面的表現都相當出色。這使我們能夠參與幾乎任何品牌的收購討論，並確信我們會獲得批准。

The brands we've grown with just this year like Lexus, Honda, Mercedes-Benz, BMW, Toyota, Porsche, Land Rover, and Audi are all examples of our ability to acquire outstanding brands in desirable markets because we perform well on the OEM eligibility metrics. We view those relationships rooted in performance as critical to our success.

今年我們合作的品牌，如雷克薩斯、本田、賓士、寶馬、豐田、保時捷、路虎和奧迪，都是我們有能力在理想市場中收購優秀品牌的例子，因為我們在 OEM 方面表現良好資格指標。我們認為這些植根於績效的關係對於我們的成功至關重要。

Another important element of our capital allocation strategy is share buybacks. We continue to balance acquisitions and dispositions with repurchasing our shares. This year, we have bought back another 3.4% of the company for $138 million. We have repurchased 24% of our stock in the past 33 months. In the months ahead, should we believe repurchasing our stock is a better option to return capital to shareholders, we will certainly pursue that aggressively.

我們資本配置策略的另一個重要因素是股票回購。我們持續平衡收購和處置與回購股票。今年，我們又斥資 1.38 億美元回購了該公司 3.4% 的股份。過去 33 個月我們回購了 24% 的股票。在未來的幾個月裡，如果我們相信回購股票是向股東返還資本的更好選擇，我們肯定會積極追求這一目標。

Now, I'll turn the call over to our CFO, Daniel McHenry for an operating and financial overview.

現在，我將把電話轉給我們的財務長 Daniel McHenry，以了解營運和財務概況。

Daniel?

丹尼爾？

Thank you, Daryl, and good morning, everyone. In the third quarter of 2024, Group 1 Automotive reported adjusted net income of $133.5 million quarterly adjusted diluted EPS from continuing operations of $9.90.

謝謝你，達裡爾，大家早安。2024 年第三季度，Group 1 Automotive 報告調整後淨利為 1.335 億美元，季度調整後持續經營稀釋每股收益為 9.90 美元。

Current quarter total revenues of $5.2 billion an all-time quarterly record -- and all-time quarterly records across all business lines, including new vehicle sales of $2.6 billion, used vehicle sales of $1.7 billion, parts and service revenues of $660 million, and F&I of $214 million.

本季總收入為 52 億美元，創歷史季度記錄，所有業務線均創歷史季度記錄，其中新車銷售額 26 億美元，二手車銷售額 17 億美元，零部件和服務收入 6.6 億美元， F&I 2.14億美元。

We had just over 2,000 new and used vehicles in stop sale at the end of the quarter. These stop-sale vehicles were weighted towards higher GPU models, lightly slightly suppressing our third quarter GPU averages.

截至本季末，我們有超過 2,000 輛新車和二手車停止銷售。這些停止銷售的車輛偏向於更高 GPU 型號，略微抑制了我們第三季 GPU 平均值。

Starting with our US operations, we achieved an all-time quarterly record on new vehicle revenues of $2 billion driven by record new vehicle units sold up 7% on a reported basis. This reflects the resiliency of demand and the continued emphasis on driving volume through new dealership acquisitions.

從我們的美國業務開始，我們的新車收入創下了 20 億美元的季度歷史新高，據報告，新車銷量創紀錄地增長了 7%。這反映了需求的彈性以及對透過收購新經銷商來推動銷售的持續重視。

We are pleased with new vehicle GPU performance, moderating only $143 and $129 from the sequential quarter on a reported and same-store basis respectively. This was particularly strong given the global stop sell of certain vehicle models from Lexus, BMW, and other manufacturers, which impacted sales during the current quarter.

我們對新車 GPU 性能感到滿意，按報告和同店計算，較上一季分別僅下降 143 美元和 129 美元。鑑於雷克薩斯、寶馬和其他製造商的某些車型在全球範圍內停止銷售，影響了本季度的銷售，這種情況尤其強勁。

Used cars experienced a volume increase sequentially with same-store units up 1,076 or 3% sequentially, pricing up 216 unit and GPU down only $109.

二手車銷量較上月成長，同店銷量較上月成長 1,076 輛，即 3%，售價上漲 216 輛，GPU 僅下降 109 美元。

With our franchise model, the global stop sale did affect certain used vehicle models. We are pleased with our ability to increase volume and whole pricing. We believe this is testament to our process, discipline and use of technology with pricing used vehicles. Our F&I revenues of 185 million were also a quarterly record for the US. RF and IGPU of $2,406 increased on the same-store sequential quarter basis and year-over-year. The performance by our F&I professionals has been outstanding to maintain GPU discipline.

透過我們的特許經營模式，全球停止銷售確實影響了某些二手車型。我們對增加銷售量和整體定價的能力感到滿意。我們相信，這證明了我們在二手車定價方面的流程、紀律和技術使用。我們的 F&I 收入為 1.85 億美元，也創下了美國季度記錄。RF 和 IGPU 較去年同期同店成長 2,406 美元。我們的 F&I 專業人員在維持 GPU 紀律方面表現出色。

Shifting gears to after sales. After sales third quarter revenues and gross profits were all time quarterly highs outperforming sequentially and year-over-year. Same-store customer pay and warranty revenues for the quarter were up 5% and 19.6% year over year respectively. These gains demonstrate our ability to add after sales capacity on the same-store basis. Our overall same-store non technician US headcount has declined 10% from 2019. However, our technician headcount is up 20% over the same period. As Daryl added earlier, we have added 8% additional technicians this year alone.

轉向售後。第三季售後營收和毛利創歷史季新高，表現優於上一季和年比。該季度同店客戶付費和保固收入較去年同期分別成長 5% 和 19.6%。這些成果證明了我們有能力在同店基礎上增加售後服務能力。我們的美國同店非技術人員總數較 2019 年下降了 10%。然而，我們的技術人員人數在同一時期增加了 20%。正如 Daryl 早些時候補充的那樣，光是今年我們就增加了 8% 的技術人員。

Wrapping up the US that's shipped to SG&A. US adjusted SG&A as a percentage of gross profit decreased 6 basis points sequentially to 64.3%, demonstrating our continued focus on managing costs at below pre-COVID levels as new vehicle margins continue to normalize.

包裝運至美國的 SG&A。美國調整後的 SG&A 佔毛利的百分比比上一季下降 6 個基點至 64.3%，這表明隨著新車利潤率繼續正常化，我們繼續致力於將成本管理在低於新冠疫情前的水平。

Turning to the UK in terms of headline results, acquisition activity fueled an all time quarterly record in total revenues leading to a 55.2% increase year-over-year. We are pleased to be able to maintain gross profit on a same-store basis thanks to improvements in after sales year-over-year. Sequentially new vehicle GPUs declined $109 and $15 in the same-store basis. Same-store retail used vehicle units increased nearly 4%.

就英國的整體業績而言，收購活動推動總收入創下歷史季度紀錄，年增 55.2%。由於售後逐年改善，我們很高興能維持同店毛利。隨後，新車 GPU 同店價格分別下降了 109 美元和 15 美元。同店零售二手車數量成長近 4%。

However, remained challenged with sequential declines in GPU of $71. Despite this used vehicle backdrop, same store wholesale losses per unit improved compared to the sequential quarter evidencing our continued focus to better manage our used vehicle inventory in a tough UK market.

然而，GPU 仍面臨 71 美元連續下降的挑戰。儘管存在二手車背景，但與上一季相比，同店每輛批發損失有所改善，這證明我們繼續致力於在嚴峻的英國市場中更好地管理我們的二手車庫存。

Although UK adjusted same-store SG&A as a percent of gross profit improved 48 basis points sequentially. We recognize that we still have some challenges to overcome for the UK as a whole and will continue to focus on cost control and business process efficiencies as we execute our business integration activities. Our integration activities related to Inchcape have been ongoing for nearly 90 days, and principally include efforts aimed at workforce alignment systems conversions, and operational efficiency. We expect at least a 300 basis point saving in the UK SG&A as a result of these activities.

儘管英國調整後的同店 SG&A 佔毛利潤的百分比比上一季提高了 48 個基點。我們認識到，對於整個英國來說，我們仍然面臨一些挑戰需要克服，並將在執行業務整合活動時繼續專注於成本控制和業務流程效率。我們與 Inchcape 相關的整合活動已經持續了近 90 天，主要包括旨在實現勞動力調整系統轉換和營運效率的努力。我們預計，由於這些活動，英國的 SG&A 至少可以節省 300 個基點。

Our workforce alignment will primarily involve reductions to leadership and corporate positions, which are duplicative, bringing back office support functions in-house from an outsourced model, and increasing staffing at the dealerships where we believe there are opportunities for improvements in gross profit and volume.

我們的勞動力調整將主要涉及減少重複的領導和公司職位，將辦公室支援職能從外包模式帶回內部，以及增加經銷商的人員配備，我們認為這些經銷商有機會改善毛利和銷售。

We believe the change from an outsourced model will generate a 50% savings from the costs previously incurred by Inchcape for those services. Technician headcount is light in our opinion, leaving room to increase after-sales as we onboard additional technicians. We will also opportunistically look for return-based headcount additions at stores to support higher gross profit returns.

我們相信，外包模式的改變將使 Inchcape 先前為這些服務產生的成本節省 50%。我們認為技術人員人數較少，因此隨著我們增加技術人員，增加售後空間。我們也將機會主義地尋找基於回報的商店員工人數增加，以支持更高的毛利回報。

System conversions will transition us to nearly one single DMS platform in the UK, allowing us to create additional transactional processing efficiencies. Operational activities are expected to yield lower operation-related costs, such as banking and credit card fees. We will operate under a single brand name, Group 1 in the UK, which is expected to drive marketing savings versus maintaining two separate brands.

系統轉換將使我們過渡到英國幾乎單一的 DMS 平台，使我們能夠提高交易處理效率。預計營運活動將降低與營運相關的成本，例如銀行和信用卡費用。我們將在英國以單一品牌 Group 1 經營，與維持兩個獨立品牌相比，預計這將節省行銷費用。

Turning to our balance sheet and liquidity. Our strong balance sheet, cash flow generation, and leverage position will continue to support a capital and flexible allocation approach. As of September 30, our liquidity of $813 million was comprised of assessable cash of $159 million $655 million, available to borrow on our acquisition line.

轉向我們的資產負債表和流動性。我們強大的資產負債表、現金流產生和槓桿狀況將繼續支持資本和靈活的配置方法。截至 9 月 30 日，我們的流動資金為 8.13 億美元，其中應稅現金為 1.59 億美元，其中 6.55 億美元可透過我們的收購額度借款。

Our rent adjusted leverage ratio is defined by credit facility was 2.98 times at the end of September. We expect this to moderate as we close on mortgage-related financing for intricate properties. Cash flow generation through the third quarter of 2024 yielded $455 million of adjusted operating cash flow and $328 million of free cash flow after backing out $127 million of CapEx.

截至 9 月底，我們的租金調整槓桿率（以信貸額度定義）為 2.98 倍。我們預計，隨著我們結束複雜房產的抵押貸款相關融資，這種情況將會有所緩解。截至 2024 年第三季的現金流產生了 4.55 億美元的調整後營運現金流，在收回 1.27 億美元的資本支出後，產生了 3.28 億美元的自由現金流。

This capital was deployed in the same period through a combination of acquisitions, share repurchases, and dividends, including the acquisition of $3.8 billion in revenues through September 30, $130 million repurchasing approximately 438,000 shares at an average price of $295.80 resulting in a 3.2% reduction in share count since January 1, and $19.1 million in dividends to our shareholders.

同期，這筆資金透過收購、股票回購和股息等方式進行了部署，其中包括收購截至9 月30 日的38 億美元收入，並以1.3 億美元以平均價格295.80 美元回購約438,000 股股票，導致股價減少3.2%自 1 月 1 日以來的股票數量，以及向股東發放的股利為 1,910 萬美元。

During the fourth quarter, we’ve repurchased an additional 23,200 shares under a Rule 10b5-1 trading plan at an average price per common share of $349.30 for a total cost of $8.1 million We currently have $166 million remaining in our board-authorized common share repurchase program

第四季度，我們根據 10b5-1 規則交易計畫額外回購了 23,200 股股票，每股普通股平均價格為 349.30 美元，總成本為 810 萬美元。股票回購計劃

As of September 30, approximately 56% of our 5.2 billion in floor plan and other debt was fixed, resulting in an annual EPS impact of about $1.30 for every a hundred basis point increase in the secured overnight funding rate. For additional detail regarding our financial condition, please refer to the schedules of additional information attached to the news release as well as the investor presentation posted on our website.

截至 9 月 30 日，我們 52 億的平面圖和其他債務中約 56% 已修復，擔保隔夜融資利率每增加 100 個基點，對年度每股收益的影響約為 1.30 美元。有關我們財務狀況的更多詳細信息，請參閱新聞稿所附的附加資訊表以及我們網站上發布的投資者簡報。

I will now turn the call over to the operator to begin the question-and-answer session.

我現在將把電話轉給接線員以開始問答環節。

(Operator Instructions)

（操作員說明）

Rajat Gupta, JPMorgan.

拉賈古普塔，摩根大通。

Oh, great. Thanks for taking the question. You know, you just had the Just had the one question on, all the one time impacts and then one on UK. So you mentioned, the hurricane impacts some lingering CDK issues you had some of the stop sale headwind. Curious if you could quantify some of those buckets or in an aggregate fashion.

哦，太好了。感謝您提出問題。你知道，你剛剛提出了一個關於所有一次性影響的問題，然後又問了一個關於英國的問題。所以你提到，颶風影響了一些揮之不去的 CDK 問題，你遇到了一些停止銷售的阻力。很好奇您是否可以量化其中一些桶子或以聚合方式量化。

Just trying to get a baseline for third quarter EPS excluding all those headwinds. Anything you want to flag, that might continue in the fourth quarter, especially with respect to the stop sales and any recall work that might offset that. And have a follow up on UK. Thanks.

只是想獲得排除所有這些不利因素後第三季每股收益的基準。您想要標記的任何事情都可能在第四季度繼續，特別是在停止銷售和任何可能抵消這一影響的召回工作方面。並對英國進行跟進。謝謝。

Rajat, hi, good morning. It's Daniel. A couple of things there. We came out of the CDK shortage at the end of June. And I think that we were fairly well ahead of our peers in terms of coming out of that. Early July hurricane hit and our biggest market, which is our Houston market.

拉賈特，嗨，早安。是丹尼爾。有幾件事。我們在六月底擺脫了 CDK 短缺的局面。我認為我們在這方面遠遠領先同行。七月初颶風襲擊了我們最大的市場，也就是我們的休士頓市場。

July, I would say we performed about 70% of where we would've expected to have performed on a normal basis or a run rate basis. I would've thought that cost us somewhere between $0.20 and $0.30 in terms of EPS and I think that muddled a little of the first week or two in terms of CDK and the CRM outage.

7 月份，我想說我們的表現約為正常情況或運行率預期表現的 70%。我原以為，就 EPS 而言，我們的成本在 0.20 美元到 0.30 美元之間，而且我認為，在 CDK 和 CRM 中斷方面，第一周或第二週的情況有些混亂。

In terms of stop sell, as I said, we have about 2000 vehicles on stop sell that on the assumption that we would've sold and delivered at least 50% of those, the expectation would've been that cost us about $3.5 million in terms of profits for those vehicles which is another $0.20 to $0.30 in terms of EPS.

在停止銷售方面，正如我所說，我們有大約 2000 輛汽車處於停止銷售狀態，假設我們會出售並交付至少 50% 的車輛，預計這將花費我們約 350 萬美元。收益計算又增加了0.20 至0.30 美元。

In terms of the hurricane at the end of the quarter we had limited exposure to that. But a couple of our stores, one in particular was closed for a number of days with that hurricane.

就本季末的颶風而言，我們的風險敞口有限。但我們的幾家商店，特別是其中一家，因颶風而關閉了幾天。

And just to clarify on that, I mean, did you have any recall where that may have offset some of the $3.5 million stop sale impact or is that net of that?

為了澄清這一點，我的意思是，您是否記得這可能抵消了部分 350 萬美元的停止銷售影響，或者是扣除的影響？

We did have some recall work that would have netted off some of that. The estimate for the recall work, I would have said in terms of growth was something like $1.2 million in terms of gross profit for the BMW stop sell.

我們確實進行了一些召回工作，可以消除其中的一些問題。對於召回工作的估計，我想說的是，就成長而言，就寶馬停售的毛利而言，大約是 120 萬美元。

Got it, got it. That's, that's very clear.

明白了，明白了。就是這樣，非常清楚了。

You know, of, of course, of course, Raj, we probably would have filled out with normal work anyway.

你知道，當然，當然，拉吉，無論如何我們可能都會完成正常的工作。

Right. Right. Got it. Got it. Yeah, , it's a capacity thing. And then on UK, appreciate all the color you gave us in your prepared remarks. You mentioned like 300 basis points reduction in SG&A from all these actions. Is that -- I mean, if you look at your UK SG&A to gross, it's running close to 80% right now, just based on the third quarter results and what you might do for the full year.

正確的。正確的。知道了。知道了。是的，這是一個能力的問題。然後在英國，感謝您在準備好的發言中給我們帶來的所有色彩。您提到透過所有這些行動，SG&A 減少了 300 個基點。我的意思是，如果你看看英國的 SG&A 總額，僅根據第三季的業績以及你全年可能做的事情，它現在就接近 80%。

So is that more like going to 77% next year? I mean, can you help us just size that a little more granularity in terms of how we should think about the SG&A opportunity once all the integration is done?

那麼明年這個比例是否會達到 77%？我的意思是，在所有整合完成後，我們應該如何考慮 SG&A 機會，您能否幫助我們更細化一下規模？

Thanks. Good morning, Rajat. This is Daryl. I'm going to answer part of that and then Daniel will come in. We have just some organic opportunity in the UK on performance. And we've seen better performance. You saw it in some of the used car PRUs a matter of fact this quarter. So we're improving there, but we know there's improvement including in SG&A as a percentage of growth.

謝謝。早上好，拉賈特。這是達裡爾。我將回答其中的一部分，然後丹尼爾會進來。我們在英國只有一些有機的表現機會。我們看到了更好的表現。事實上，本季度您在一些二手車 PRU 中就看到了這一點。因此，我們正在這方面有所改進，但我們知道，銷售管理及行政費用 (SG&A) 佔成長的百分比也有所改善。

And now Daniel, he spoke to some of the effect that expense savings we should see when we combine the Inchcape and Group 1 organizations together. We get them on 1 DMS and all those things. So there's probably a plus benefit to the 300 basis points based on the organic improvements that we still see.

現在，丹尼爾談到了當我們將 Inchcape 和 Group 1 組織合併在一起時我們應該看到的一些費用節省效果。我們透過 1 DMS 獲取它們以及所有這些東西。因此，基於我們仍然看到的有機改進，300 個基點可能會帶來額外的好處。

Daniel may want to add some more color to that.

丹尼爾可能想為此添加更多色彩。

So Rajat, that 300 basis points is based around how we're operating today in terms of growth. So as Daryl says, there is the ability to expand on that should we increase the growth.

Rajat，這 300 個基點是基於我們今天在成長方面的運作方式。正如達裡爾所說，如果我們加快成長，就有能力擴大這一點。

And I think Rajat, just one other at least opinion. We spent a lot of time in the UK in the last four months and quite a bit of time with the new stores once we closed on them. We feel better today. We really like this acquisition when we first started the discussions early this year, really liked it a lot.

我認為 Rajat 至少只是另一種觀點。過去四個月裡，我們在英國待了很多時間，在新店關門後，我們也花了很多時間在新店。今天我們感覺好多了。當我們今年年初第一次開始討論時，我們非常喜歡這次收購，非常喜歡它。

And I can tell you after spending time in all of those stores over the last 80 days, we feel better about that acquisition today than we ever have. And honestly just feel like those are great stores and great markets with great opportunity, and we just feel more optimistic today than we ever have.

我可以告訴你，在過去 80 天參觀了所有這些商店之後，我們今天對這次收購的感覺比以往任何時候都好。老實說，我覺得這些都是偉大的商店和偉大的市場，擁有巨大的機會，我們今天比以往任何時候都更樂觀。

from John Murphy from Bank of America.

來自美國銀行的約翰‧墨菲。

Good morning, guys. And Daniel, maybe I could follow-up on the UK. As you look at this, you guys have built out a tremendous amount of scale there now with this acquisition. You've added a few more acquisitions post-Inchcape.

早安，夥計們。丹尼爾，也許我可以跟進英國的情況。當你看到這一點時，你們現在已經透過這次收購建立了巨大的規模。在 Inchcape 之後，您又添加了一些收購。

But have we reached a point where you may be somewhat saturated in the UK market? That might be the pessimist view on it, but the optimistic side might be you actually built this platform and there might be a lot more acquisition opportunity now that you're getting even deeper into the market. I mean, how should we think about the M&A environment or opportunity for you over there now that this is done.

但英國市場是否已達到某種程度飽和的程度？這可能是悲觀的觀點，但樂觀的一面可能是您實際上建立了這個平台，現在您正在更深入地進入市場，可能會有更多的收購機會。我的意思是，既然這件事已經完成了，我們應該如何考慮那裡的併購環境或機會。

Good. John, it's Daniel here. I think the number of large acquisitions in the UK, are largely over for today. There's been a number transacted. Clearly Lucas has transacted and Pen Dragon and they're the larger deals. It's fair to say that we waited for the Inchcape acquisition.

好的。約翰，我是丹尼爾。我認為英國的大型收購數量今天已經基本結束。已經有一筆成交了。顯然盧卡斯已經與 Pen Dragon 進行了交易，而且它們是更大的交易。可以公平地說，我們等待 Inchcape 的收購。

I think the brand portfolio there is just excellent. I think as we continue to grow there, it's more likely we'll add in tuck ins, like we have added with the Mercedes stores that we bought and the BMW stores because I just don't think there's another large luxury group out there, that we would be actively pursuing today.

我認為那裡的品牌組合非常棒。我認為，隨著我們在那裡繼續發展，我們更有可能會增加一些折扣，就像我們增加了我們購買的梅賽德斯商店和寶馬商店一樣，因為我只是不認為那裡還有另一個大型奢侈品集團，我們今天將積極追求這一點。

Some of the tuck ins are really nice stores, John, but the BMW store we just closed on in the last couple weeks is $125 million, which is a big store in the UK. And the four Mercedes stores are a little less than that for their agency. So you look at $50 million, there's like a hundred million to put on. So there's some decent sized stuff even though it's not a giant group.

約翰，有些小店真的很不錯，但是我們在過去幾週剛關閉的寶馬商店價值 1.25 億美元，這是英國的一家大商店。而且這四家賓士專賣店比他們代理店的少一點。所以你看看 5000 萬美元，大約有 1 億可以投入。因此，儘管不是一個龐大的群體，但還是有一些規模相當大的東西。

So I mean, just if we think about that, the two main platforms being the UK and the US at this point, or the two platforms regionally. Do you think these sort of these large chunky deals are now done in both regions? It's more tuck in or do you think that, but back across the pond to home, your home market? That there could be chunky deals that could occur in the US?

所以我的意思是，只要我們考慮一下，目前的兩個主要平台是英國和美國，或是兩個區域平台。您認為現在這兩個地區都完成了此類大型交易嗎？它更像是藏在裡面，還是你這麼認為，但回到大洋彼岸的家鄉，你的家鄉市場？美國可能會發生大額交易嗎？

We think there can be chunky deals in the US still, especially in certain markets that aren't as built out as other markets, including some that we're already in. So yes, we think there can be some chunky deals still out there in the United States.

我們認為美國仍然可能存在大量交易，特別是在某些不像其他市場那樣成熟的市場，包括我們已經進入的一些市場。所以，是的，我們認為美國仍然可能存在一些大筆交易。

Certainly far fewer in the UK it's much more rolled up in the UK. But we are also really pleased with our scale now in the UK whereas before we were probably vulnerable at our size that we were, now we're a significant presence with great brands and we feel really good about that.

當然，英國的數量要少得多，而英國的數量要多得多。但我們也對我們現在在英國的規模感到非常滿意，而以前我們的規模可能很脆弱，但現在我們在偉大的品牌中佔有重要地位，我們對此感覺非常好。

So we don't think we have to grow anymore in the UK to be competitive and get scaled. But we think there's plenty of opportunities here in the US for some larger deals. Don't know how soon those will come. There's different valuations today on the, some expectations are very high.

因此，我們認為我們不必再在英國發展才能保持競爭力並擴大規模。但我們認為在美國有很多進行大型交易的機會。不知道這些要多久才會到來。今天有不同的估值，有些預期非常高。

You see some deals taking longer to close than they historically have. So I think some of that has to sort its way out, but I still think there's some other stuff to come I don't know if that'll come next week, next month or next year, but at some point we think.

您會發現有些交易的完成時間比以往還要長。所以我認為其中一些問題必須解決，但我仍然認為還會有其他一些事情發生，我不知道這些事情是否會在下週、下個月或明年發生，但我們會在某個時候考慮。

And just one follow up on the GPU side, I mean, you know, it just keeps surprising a bit to the upside. I mean, it's sliding a little bit, but not much at this point. Lots of consternation around rising inventory Atlantis and the waves that may cross in the industry in front of pricing and GPUs.

GPU 方面的一個後續行動，我的意思是，你知道，它只是一直令人驚訝地向上。我的意思是，它有一點滑動，但目前還沒有太大。Atlantis 的庫存不斷增加，以及定價和 GPU 方面可能在行業中掀起的浪潮，引起了許多人的恐慌。

But what is your take about where this all ultimately lands, I mean, it's a little bit of guesswork at the moment and maybe also like, what are the consumers saying about pricing, which obviously would've implications for the GPUs?

但你對這一切最終的結果有何看法，我的意思是，目前還有些猜測，也許消費者對定價有何看法，這顯然會對 GPU 產生影響？

Well, I think based on I think we're, you know, the obvious comment is yeah, the glide path is certainly slowing. And even in some brands where the inventory's too high, the glide path is slowing. So and we saw some of that this quarter where we saw better GPUs on certain brands than we probably expected. And then those are the brands with high inventories.

嗯，我認為基於我認為我們，你知道，明顯的評論是，下滑路徑肯定正在放緩。即使在一些庫存過高的品牌中，下滑速度也在放緩。因此，我們在本季看到了一些情況，某些品牌的 GPU 比我們預期的要好。然後這些是庫存高的品牌。

So the resistance from customers, it's nothing that you don't already know whether it's interest rate created by interest rates, the cut that the Fed did hasn't fully flowed through yet and hopefully there's more to come there. But we don't sense that there's a great deal of resistance there.

因此，來自客戶的阻力，你已經知道它是否是由利率創造的利率，聯準會所做的降息尚未完全實施，希望還會有更多降息。但我們沒有感覺到那裡有很大的阻力。

But the finance arms have also gotten more aggressive too with interest rates have mentioned and leasing is up 3 points as well. So you're seeing some more ammunition pointed at that affordability issue.

但金融部門也變得更加激進，利率也提到了，租賃也上漲了 3 個百分點。所以你會看到更多針對負擔能力問題的彈藥。

John, there's only one thing that I would add. 11% of our vehicular brand mix is BMW and 6% of our brand mix is Lexus. Clearly, without those stop sells and the stop-sells generally were at higher GPU models. I think that reduction in GPU for the quarter would have been extremely small if we had been able to deliver the vehicles that we had sold.

約翰，我只想補充一件事。 BMW占我們汽車品牌組合的 11%，Lexus占我們品牌組合的 6%。顯然，如果沒有這些停售，停售通常發生在較高的 GPU 型號上。我認為，如果我們能夠交付已售出的車輛，本季 GPU 的減少量將會非常小。

Jeff Lick, Stephens Inc.

傑夫·利克，史蒂芬斯公司

Good morning. Yeah. Congrats on a great quarter. Just digging into the Inchcape position, I'm curious if you take the 54 stores you acquired there, you had 56 or so going in, obviously there's one or two that move around every quarter.

早安.是的。恭喜您度過了一個出色的季度。就深入研究 Inchcape 的情況，我很好奇，如果你把你在那裡收購的 54 家商店看一下，你就有 56 家左右進入，顯然每個季度都會有一兩家店移動。

I wonder if you can just give us some perspective by way of magnitude of how much bigger those Inchcape stores are, pick your metric, whether it's units per store, gross per store, new gross, used gross. I'm just curious. They appear to be a little bigger, so they're having a disproportionate impact on your results. Any help there would be great.

我想知道您是否可以給我們一些關於 Inchcape 商店規模大小的看法，選擇您的指標，無論是每家商店的數量、每家商店的總銷售額、新總銷售額還是二手總銷售額。我只是好奇。它們看起來有點大，因此對您的結果產生不成比例的影響。任何幫助都會很棒。

You know, When we look at it in total, let's say, look similar size to what we have. There are so many different places, a little bit different SG&A profile, but we don't see, I guess, a material difference, Jeff between the two at least at this point two months in.

你知道，當我們從整體上看時，可以說，看起來與我們擁有的尺寸相似。有很多不同的地方，SG＆A概況有點不同，但我想，傑夫，我們至少在兩個月後的此時此刻，我們沒有看到兩者之間存在實質性差異。

We do believe there's upside in after-sales in across the board in the Inchcape source, the analysis we've done on their after-sales performance relative to our UK after sales performance, we believe there is more upside there. Daniel has something to add.

我們確實相信，根據 Inchcape 的資料，我們對他們的售後表現相對於我們在英國的售後表現進行了分析，售後方面存在全面的上升空間，我們相信那裡還有更多的上升空間。丹尼爾有話要補充。

Jeff the only thing I would add is the storage Inchcape tend to be slightly more luxury based than our stores that we have in the UK. So the revenues could be seen as slightly higher. Unit volumes aren't necessarily as high. They just don't have the Fords, the Kias, et cetera, that we have within our operation. So that's the only difference that I would call out there.

Jeff，我唯一要補充的是，Inchcape 的儲存往往比我們在英國的商店稍微豪華一些。因此，收入可能會略高一些。單位體積不一定那麼高。他們只是沒有我們營運中的福特、起亞等汽車。所以這是我要指出的唯一區別。

And then one more on just shifting gear to the US and the stop sales. I'm curious if you could give any perspective on like right now you have Toyota, Lexus, Honda, Hyundai all have ongoing stop sales. I'm curious when these happen, what's the consumer reaction in terms of how many what percentage kind of wait to get what they want versus go somewhere else.

然後又是關於將裝備轉向美國並停止銷售的問題。我很好奇你是否能給出任何觀點，例如現在豐田、雷克薩斯、本田、現代都在停止銷售。我很好奇當這種情況發生時，消費者的反應是什麼，有多少人等待得到他們想要的東西，而不是去其他地方。

Then I guess a follow-up to that is how you even begin to think about where GPUs could settle when you have all this noise that just seems to never go away.

然後我想，當你面對這些似乎永遠不會消失的噪音時，你甚至會開始思考 GPU 可以在哪裡安定下來。

Your last two words were never go away, I think is the key, right. This is Daryl, Jeff. Our experience on stop sales is customers that have an order in or a or new car shoppers, they tend to stick with it until the stop sale comes off. And sometimes they'll switch to a different model.

你的最後兩個字永遠不會消失，我認為這是關鍵，對吧。這是達裡爾，傑夫。我們在停止銷售方面的經驗是，有訂單的客戶或新車購買者，他們往往會堅持下去，直到停止銷售結束。有時他們會切換到不同的模型。

But we retain that customer. Used car customers sometimes, they're not as sticky as the new car customers. It's hard to predict when all the noise goes away because there obviously, there's always noise and what is it? To me it feels like, business is pretty healthy and with the lean cost structure, I think we have, we still have an opportunity and a heavier luxury mix today than we've ever had, which we're really pleased about.

但我們保留了那個客戶。二手車客戶有時並不像新車客戶那麼黏性。很難預測所有噪音何時消失，因為顯然總是有噪音，那是什麼？對我來說，感覺業務相當健康，而且憑藉精益的成本結構，我認為我們今天仍然有機會和比以往任何時候都更豐富的奢侈品組合，我們對此感到非常高興。

And so I don't have a number to give you, but I would just say I'm fairly optimistic, even though there's some macro headwind issues out there, I'm still pretty optimistic about our business and our model and our structure in general.

所以我沒有一個數字可以給你，但我只想說我相當樂觀，儘管存在一些宏觀逆風問題，我仍然對我們的業務、我們的模式和我們的結構非常樂觀一般的。

Michael Ward from Freedom Capital.

來自自由資本的麥可沃德。

Thank you. Good morning everyone. Daryl, I think you said the integration of Inchcape would be complete by year-end. That seems like a pretty quick integration process. Did you start it earlier or what have been the secrets of that integration?

謝謝。大家早安。Daryl，我想您說過 Inchcape 的整合將在年底前完成。這似乎是一個相當快的整合過程。您是較早開始的嗎？

Well, it'll be substantially finished by the end of the year, Mike. We have, we expect that most of the organizational integration will be done, there will be some that'll carry into next year, but it's not as core to the business as the parts that will be done.

好吧，到今年年底它就會基本完成，麥克。我們預計大部分組織整合將完成，其中一些將延續到明年，但它並不像將要完成的部分那樣是業務的核心。

And then there's some IT integration that most of that should happen here by the end of the year. And the DMS integration may spill into next year a little bit, but it's substantially will be this year.

然後還有一些 IT 集成，其中大部分應該在今年年底前完成。DMS 整合可能會稍微延續到明年，但基本上會在今年進行。

Daniel, you may want to add some more color to that.

丹尼爾，你可能想為此添加更多色彩。

I hope the DMS integration's completed by the end of the year because that's my -- I think the lion's share of the job's going to be completed, by the end of the year. It could be some operational realignment still required running into early next year, but certainly by the end of quarter one will be done.

我希望 DMS 整合能夠在今年年底前完成，因為這是我的工作，我認為大部分工作將在今年年底前完成。明年初可能仍需要進行一些營運調整，但肯定會在第一季末完成。

Let me, Mike, let me give you an example of something that that could spill into next year a little bit. Inchcape priced all of their used cars centrally. They had a used car pricing team that they price all their used cars and all their dealerships centrally.

麥克，讓我舉一個可能影響到明年的例子。Inchcape 對所有二手車進行集中定價。他們有一個二手車定價團隊，負責對所有二手車和所有經銷商進行集中定價。

Our model is we lack our stores, we want to give them guidelines and technology to be able to understand where to price on the market, but our stores price their used cars. And that's our model at Group 1. And that's what we're transitioning to with the Inchcape stores.

我們的模式是我們缺乏商店，我們希望為他們提供指導和技術，以便能夠了解市場上的定價，但我們的商店為他們的二手車定價。這就是我們第一組的模型。這就是我們正在轉型為 Inchcape 商店的方向。

Now the thing is, you have to teach the people in the stores, how to price a used car because they've never had to do that before. And you have to teach them the technology to do that. So there's a bit of a ramp on that learning curve.

現在的問題是，你必須教導商店裡的人如何為二手車定價，因為他們以前從未這樣做過。你必須教導他們做到這一點的技術。所以學習曲線上有一點斜坡。

We believe we can get there by the end of the year, but something like that could spill into January, February. We don't expect the impact to be that big. But there's some things that could spill into that. But it is not the majority of the integration efforts. Those should be done by the end of the year.

我們相信我們可以在今年年底前實現這一目標，但類似的事情可能會蔓延到一月、二月。我們預計影響不會那麼大。但有些事情可能會影響到這一點。但這並不是整合工作的大部分。這些應該在今年年底前完成。

Well that's impressive. I wonder if you could talk a little bit about, you touched on it, your strategy as it relates to adjacencies. You stayed away from FinCos, you've stayed away from some of the other areas standalone used. What are your thoughts on some of those strategies and where do you stand?

嗯，這令人印象深刻。我想知道你是否可以談談你涉及的與鄰接關係相關的策略。你遠離了金融公司，也遠離了其他一些獨立使用的領域。您對其中一些策略有何看法？

We evaluate them all the time, Mike, honestly, we really do. And we do an annual exercise where we look at it and when we develop kind of our capital allocation model for the year. And given the interest rate environment, the risk environment, the growth opportunities that we see, we look at should we allocate some capital to adjacencies.

我們一直在評估他們，麥克，說實話，我們確實這樣做。我們每年都會進行一次練習，並在製定當年的資本分配模型時進行研究。考慮到我們看到的利率環境、風險環境和成長機會，我們會考慮是否應該將一些資本分配給週邊地區。

To this point, we haven't done that. Will we never do that? I don't know. I could see us potentially at some point in the future considering something that it would need to be tied closely to our core business, and it would be something that we would never want to compromise an OEM relationship with an adjacency that we're in ever.

到目前為止，我們還沒有這樣做。我們永遠不會那樣做嗎？我不知道。我可能會看到我們在未來的某個時候可能會考慮一些需要與我們的核心業務緊密聯繫在一起的事情，這將是我們永遠不想妥協與我們曾經處於的鄰接關係的 OEM 關係的事情。

And so it's too important for us to perform well with the OEMs because you can't grow if you have a bad relationship with the OEMs or your performance is bad in your current stores. So you cannot get their approval to grow. So we are very cautious there, very careful there.

因此，與 OEM 廠商合作對我們來說太重要了，因為如果你與 OEM 廠商的關係不好或你在目前商店的表現不佳，你就無法成長。所以你無法獲得他們的批准來成長。所以我們在那裡非常謹慎，非常小心。

Today we still see opportunity in the US for acquisitions, and so I'd never say never. We never close it off. It's an active discussion with our Board on a regular basis. It was part of a review we did just a few months ago as a matter of fact. And we will continue to keep our mind open to those things certainly. Today, we just don't see that it fits for us

今天，我們在美國仍然看到了收購的機會，所以我永遠不會說永遠不會。我們從不關閉它。這是與我們董事會定期進行的積極討論。事實上，這是我們幾個月前所做的審查的一部分。當然，我們將繼續對這些事情保持開放的態度。今天，我們只是不認為它適合我們

Glenn Chin from Seaport Research Partners.

來自 Seaport Research Partners 的 Glenn Chin。

Thank you. Good morning folks. Congratulations on getting the Inchcape transaction closed. Some more questions around it. So in certain respects like service or after sales revenue as a proportion of total, F&I, same thing and then floor plan expense. They seem a bit different versus the rest of the company.

謝謝。各位早安。恭喜 Inchcape 交易完成。圍繞它還有一些問題。因此，在某些方面，例如服務或售後服務收入佔總收入的比例、F&I、相同的事情以及平面圖費用。他們與公司其他人相比似乎有點不同。

Anything that prevents you guys from bringing each of those areas more in line with the company, I after sales, you talked about hiring more technicians. Anything inherent about the business that prevents you from doing so.

任何阻礙你們使這些領域與公司更加一致的事情，我在售後，你們談到了僱用更多的技術人員。任何阻礙您這樣做的業務固有的因素。

I don't feel there's anything inherent that would prevent us from doing that, Glenn. The stores are in different markets. They're not most of them are not around London. So they're in a little bit lower cost market for us. They are a little heavier luxury mix and they're facilitated generally well. So, and we feel like there's certainly after sales opportunity.

我不認為有任何內在因素會阻止我們這樣做，格倫。這些商店位於不同的市場。他們大多數不在倫敦附近。所以他們對我們來說處於成本較低的市場。它們是稍微重一點的奢華組合，整體來說便利性很好。因此，我們覺得肯定有售後機會。

Just philosophically, I think we tend to look at after sales differently than Inchcape did. And so we're trying to implement those things. There's nothing structurally that we're concerned about being able to implement anything in Inchcape.

從哲學上講，我認為我們對售後服務的看法往往與 Inchcape 不同。所以我們正在努力實施這些事情。從結構上來說，我們並不擔心能夠在 Inchcape 中實現任何東西。

Glenn, I'll just pick up on the floor plan point. I agree with you. Their floor plan is slightly different. We manage our floor plan in a different way than Inchcape has historically managed their floor plan. We clearly acquired their floor plan as part of the acquisition and it's going to take us probably a few months to turn that inventory over.

格倫，我只想談談平面圖。我同意你的看法。他們的平面圖略有不同。我們管理平面圖的方式與 Inchcape 以往管理平面圖的方式不同。作為收購的一部分，我們顯然獲得了他們的平面圖，我們可能需要幾個月的時間才能週轉該庫存。

However, we will realign it to similar floor plan as we have for the rest of our group and we are in negotiations with our banking partners at the moment for a new floor plan line that will be at a slightly lower rate than Inchcape currently are operating.

然而，我們將把它重新調整為與我們集團其他公司類似的平面圖，並且我們目前正在與我們的銀行合作夥伴就一條新的平面圖生產線進行談判，該生產線的費率將略低於Inchcape 目前營運的費率。

Oh, okay. Very good. Thank you. That's it for me.

哦好的。非常好。謝謝。對我來說就是這樣。

Thank you, Glen.

謝謝你，格倫。

And ladies and gentlemen, with that being our final question, we'll wrap up today’s question and answer session as well as today’s conference call. We do thank you for joining today’s presentation. You may now disconnect your lines.

女士們先生們，這是我們的最後一個問題，我們將結束今天的問答環節以及今天的電話會議。我們非常感謝您參加今天的演示。現在您可以斷開線路。