Group 1 Automotive Inc (GPI) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Group 1 Automotive's third quarter 2025 financial results conference call. Please be advised that this call is being recorded.

女士們、先生們，早安。歡迎參加 Group 1 Automotive 2025 年第三季財務業績電話會議。請注意，本次通話正在錄音。

At this time I'd like to turn the call over to Mr. Pete DeLongchamps, Group 1's Senior Vice President, Manufacturer Relations and Financial Services. Please go ahead, Mr. DeLongchamps.

此時，我想把電話交給 Group 1 的高級副總裁、製造商關係和金融服務負責人 Pete DeLongchamps 先生。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 includes reconciliations related to the adjusted results we will refer to on this call for comparison purposes have been posted at Group 1's website.

謝謝你，傑米。各位早安，歡迎參加今天的電話會議。我們今天早上發布的盈利報告以及相關的幻燈片簡報（其中包含與調整後業績相關的調節表，我們將在本次電話會議上提及這些調節表以作比較）已發佈在第一集團的網站上。

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，我想先就前瞻性陳述和非GAAP財務指標的使用做一些簡要說明。除電話會議中提到的歷史資訊外，Group 1 Automotive管理層所作的陳述均為前瞻性陳述，這些陳述是根據1995年《私人證券訴訟改革法案》的安全港條款作出的。

Forward-looking statements of all 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, conditions of market, successful integrations of acquisitions, and adverse developments in the global economy and resulting impacts on demand for new and used vehicles and related services.

前瞻性聲明包含所有已知和未知的風險和不確定性，這些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績效有重大差異。這些風險包括但不限於與定價、銷售、庫存供應、市場狀況、收購整合的成功以及全球經濟的不利發展及其對新車和二手車及相關服務需求的影響相關的風險。

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.

這些風險以及其他風險都在公司提交給美國證券交易委員會的文件中有所描述。此外，本次電話會議可能會討論美國證券交易委員會規則定義的某些非GAAP財務指標。根據適用的美國證券交易委員會規則，本公司在其網站上提供任何此類非GAAP財務指標與最直接可比較的GAAP指標的調節表。

Participating with me on today's call, Daryl Kenningham, our President and Chief Executive Officer; and Daniel McHenry, Senior Vice President and Chief Financial Officer. I'd now like to hand the call over to Daryl.

今天與我一起參加電話會議的有：我們的總裁兼執行長達裡爾·肯寧漢姆；以及高級副總裁兼首席財務官丹尼爾·麥克亨利。現在我想把電話交給達裡爾。

Good morning, everyone. Let me start with a few highlights from the quarter before discussing our regional performance. Group 1 delivered an all-time record quarterly revenues driven by record results in parts of service and used vehicles, along with another quarter of very strong F&I perform in both the US and UK.

各位早安。在討論我們區域業績之前，讓我先介紹一下本季的一些亮點。第一集團的季度收入創歷史新高，這主要得益於服務和二手車業務的創紀錄業績，以及美國和英國金融保險業務的另一個季度強勁表現。

New vehicle PRU gross profit performance was solid, and customer pay in both markets performed well, supported by healthy repair order growth. We've maintained cost discipline in the US with good SG&A leverage, less than 66% on an as reported and same store basis.

新車 PRU 毛利表現穩健，兩個市場的客戶付款狀況都表現良好，這得益於維修訂單的穩健成長。我們在美國保持了成本控制，銷售、一般及行政費用槓桿率良好，按報告和同店銷售額計算低於 66%。

Now turning to our UK operation. The UK environment remains challenging, with inflation, wage, and insurance cost pressures, and the BEV mandate, which continues to compress margins. While the broader SAAR improved slightly in the quarter, much of that growth was fleet driven, and retail conditions remained soft.

現在來看看我們在英國的業務。英國市場環境仍充滿挑戰，面臨通貨膨脹、薪資和保險成本壓力，以及電動車強制令，這些都持續壓縮著利潤空間。雖然本季整體經季節性調整後的年化收益率略有改善，但其中大部分成長是由車隊營運推動的，零售環境依然疲軟。

New lower cost entrants are seeing increasing market share performance with cost conscious consumers. However, this is not yet a significant factor in our business, given our luxury leaning portfolio. Despite these headwinds, there are some bright spots in our UK business.

價格較低的新進業者在註重成本的消費者中獲得了越來越大的市場份額。然而，鑑於我們以奢侈品為主的產品組合，這目前還不是我們業務中的重要因素。儘管面臨這些不利因素，但我們在英國的業務也有一些亮點。

Our after sales business continues to expand with healthy customer pay operations. We are applying our US after sales playbook across our UK dealerships. For example, in the UK, our stores now welcome walk in customers which we had previously limited. And we have fully reopened shop schedules, cutting appointment wait times from nearly two weeks to just a few days, and we're extremely pleased with the progress we're making in reshaping our UK after sales business.

我們的售後業務在良好的客戶付款營運基礎上持續擴張。我們將美國售後服務模式推廣到我們在英國的經銷商。例如，在英國，我們的門市現在歡迎顧客直接上門，而先前我們曾限制過此類顧客。我們已經全面恢復了門市營業時間，將預約等待時間從近兩週縮短到幾天，我們對在重塑英國售後業務方面取得的進展感到非常滿意。

New vehicle margins in the quarter remained steady year-over-year. For used vehicle volumes in the UK were up nearly 4%. Our UK used vehicle teams have been successful exercising discipline in our aging and reconditioning processes.

本季新車利潤率與去年同期相比保持穩定。英國二手車銷量成長近 4%。我們的英國二手車團隊在車輛老化和翻新過程中一直嚴格遵守相關規定，並且取得了成功。

F&I also delivered an excellent quarter, with same store PRU up $155 or greater than 16% year-over-year. Our team is focused on improving product penetration, which has resulted in same store financing penetration, increasing by over 4%.

F&I 業務也取得了優異的季度業績，同店 PRU 年增 155 美元，增幅超過 16%。我們的團隊致力於提高產品滲透率，這使得同店融資滲透率提高了 4% 以上。

We're continuing to strengthen our business with initiatives to offset our cost increase. Since the acquisition of Inchcape, we've implemented a series of headcount reductions, systems integration activities and selective franchise closures and divestitures to improve operational efficiency and to better align our cost structure with current market conditions.

我們正透過各項措施不斷加強業務，以抵銷成本成長的影響。自收購 Inchcape 以來，我們實施了一系列裁員、系統整合活動以及選擇性關閉特許經營權和剝離業務，以提高營運效率，並使我們的成本結構更好地與當前市場狀況保持一致。

Our headcount reductions have included approximately 700 positions across the UK. And our responsible portfolio management has resulted in the closure of four dealerships and the termination of eight franchises. We're making meaningful progress on systems integration.

我們此次裁員涉及英國各地約 700 個職位。我們負責任的資產組合管理導致了四家經銷商的關閉和八個特許經營權的終止。我們在系統整合方面取得了實質進展。

Across our UK business, we've completed the consolidation of 11 DMS platforms, and we're rolling out a new business intelligence system now. We are also completing the final stages of our US UK systems integration review, spanning approximately 90 different systems company-wide.

在英國的業務中，我們已經完成了 11 個 DMS 平台的整合，現在正在推出一個新的商業智慧系統。我們目前也正在完成美國和英國系統整合審查的最後階段，該審查涵蓋公司範圍內約 90 個不同的系統。

These actions are improving visibility, operational consistency, and data-led decisions across the organization. In the third quarter, we formally notified Jaguar Land Rover of our decision to exit this brand in the UK within 24 months.

這些措施提高了整個組織的透明度、營運一致性和數據驅動決策。第三季度，我們正式通知捷豹路虎，我們將在 24 個月內退出英國市場。

We feel our efforts and some of our real estate can be more effectively utilized elsewhere. We are collaborating closely with our OEM partners at JLR to achieve a positive outcome for them and for Group 1 shareholders. It's our intention that this achieves a positive result for all concerned.

我們認為，我們的努力和部分房地產可以更有效地用於其他地方。我們正與捷豹路虎的OEM合作夥伴緊密合作，以期為他們和集團1的股東取得積極的成果。我們希望這件事能為所有相關方帶來正面的結果。

Due to this decision, our UK portfolio was required to be tested for impairment. As a result, we took $123.9 million asset impairment in the quarter. Also important to note, this decision was unrelated to the JLR cyber-attack, which separately impacted our UK profitability by approximately GBP3 million during the quarter.

由於這項決定，我們的英國投資組合需要進行減損測試。因此，本季我們提列了 1.239 億美元的資產減損損失。另需注意的是，該決定與捷豹路虎網路攻擊無關，該攻擊在本季度單獨導致我們在英國的盈利能力下降了約 300 萬英鎊。

Those actions reflect our commitment to optimize our portfolio, control costs, and focus our resources on winning through operational excellence. We will continue to refine the UK business, managing our headcount, right sizing our network, and prioritizing after sales and F&I while leaning into our luxury platform and geographic diversity. This will position our UK business for long term success.

這些措施體現了我們致力於優化產品組合、控製成本，並將資源集中在透過卓越營運贏得市場的承諾。我們將繼續完善英國業務，管理員工人數，調整網路規模，優先考慮售後和金融保險業務，同時發揮我們的豪華平台和地理多樣性優勢。這將使我們在英國的業務為長期成功奠定基礎。

Now turning to our UK operation. Our US teams continue to execute very well, maintaining operational discipline and customer focus across our dealerships. As a result, the business delivered another solid quarter of growth with healthy performance across all major lines.

現在來看看我們在英國的業務。我們的美國團隊繼續表現出色，在各經銷商處保持了良好的營運紀律和以客戶為中心的理念。因此，公司又實現了穩健成長，所有主要業務線均表現良好。

Demand remained consistent throughout the quarter, supported by balanced inventory levels and steady consumer interest, which we believe to be relatively healthy in the US. Our used vehicles sold -- units sold nearly set a record, only 40 units off of our all-time quarterly volume record.

本季需求保持穩定，庫存水準均衡，消費者興趣穩定，我們認為美國的消費者興趣相對健康。我們的二手車銷量——銷量幾乎創下紀錄，僅比我們有史以來季度銷量紀錄少了 40 輛。

Our same store sales in used vehicle outpaced the industry. F&I was outstanding once again, with an all-time quarterly high PRU of nearly $2,500, combined with an impressive 77% new vehicle finance penetration. After sales achieved record quarterly revenue and gross profit, underscoring the strength and stability of this high margin business.

我們二手車同店銷售額超過了行業平均。F&I 再次表現出色，季度 PRU 創歷史新高，接近 2,500 美元，同時新車融資滲透率也達到了令人印象深刻的 77%。售後業務實現了創紀錄的季度收入和毛利，凸顯了這項高利潤業務的實力和穩定性。

Our investment in our after sales operation continues to capture growth and our initiatives around flexible scheduling, all day Saturday operations, and technician productivity continue to create new capacity and improve retention across our US stores.

我們對售後服務的投入持續增長，我們圍繞靈活排班、週六全天運營和技術人員生產力的舉措持續創造新的產能，並提高我們在美國各門店的客戶留存率。

Same store technician headcount increased by over 4% due to our recruitment and retention efforts. On a same store basis, our customer pay revenue increased nearly 8%, warranty was up 16% versus a prior year comp that saw 20% growth.

由於我們採取了招募和留任措施，同一門市的技術人員數量增加了 4% 以上。以同店計算，我們的客戶付費收入成長了近 8%，保固收入成長了 16%，而去年同期成長了 20%。

We continue to believe in the potential of our after sales business, and we also believe that capacity and productivity are the keys to success. The overall US environment remains dynamic with ongoing policy and trade uncertainty.

我們依然相信售後業務的潛力，我們也相信產能和生產力是成功的關鍵。美國整體環境依然充滿變數，政策和貿易方面持續存在不確定性。

We're maintaining a cautious but confident stance, balancing discipline in spending, with targeted investment where we see long term return. Our operational excellence is a key advantage, giving us the ability to adjust quickly to changing conditions.

我們保持謹慎而自信的態度，在支出方面保持紀律性，並在我們認為有長期回報的領域進行有針對性的投資。卓越的營運能力是我們的關鍵優勢，使我們能夠快速適應不斷變化的環境。

Now a word about our capital allocation. In August, we added Mercedes-Benz of Buckhead in Atlanta, Georgia to our portfolio. It's expected to be one of the best performing stores in the US for Group 1. It's positioned in a growing market and consistent with our cluster strategy and our disciplined focus on pursuing only those opportunities that will create long term shareholder value.

現在談談我們的資本配置。8 月，我們將位於喬治亞州亞特蘭大巴克海德的梅賽德斯-奔馳經銷商納入了我們的投資組合。預計它將成為 Group 1 在美國業績最好的門市之一。它定位在一個不斷成長的市場中，符合我們的集群策略，我們始終專注於追求那些能夠創造長期股東價值的機會。

Just as importantly, we continue to opportunistically buy back shares of our company. Since the beginning of 2022, we've repurchased nearly one-third of the company's outstanding common shares. The acquisition landscape has been fairly quiet in recent months and we continue to engage and researching opportunities in the US, but we are holding on further UK acquisition investment.

同樣重要的是，我們會繼續伺機回購公司股票。自 2022 年初以來，我們已回購了該公司近三分之一的流通普通股。近幾個月來，收購市場相對平靜，我們繼續在美國尋找和研究收購機會，但我們暫時不考慮在英國進行進一步的收購投資。

We expect consolidation to continue in the future in both markets, and we believe we're well positioned with our OEM partners to capitalize on those kind of opportunities. Now, I'll turn the call over to our CFO, Daniel McHenry, for an operating and financial overview.

我們預計未來這兩個市場的整合將會持續，我們相信我們與 OEM 合作夥伴已經做好充分準備，能夠抓住這些機會。現在，我將把電話交給我們的財務長丹尼爾·麥克亨利，讓他對公司的營運和財務狀況進行概述。

Thank you, Daryl, and good morning, everyone. In the third quarter of 2025, Group 1 Automotive reported quarterly record revenues of $5.8 billion, gross profit of $920 million, adjusted net income of $135 million, and adjusted diluted EPS of $10.45 from continuing operations.

謝謝你，達裡爾，大家早安。2025 年第三季度，Group 1 Automotive 公佈季度創紀錄的營收為 58 億美元，毛利為 9.2 億美元，調整後淨收入為 1.35 億美元，持續經營調整後攤薄每股收益為 10.45 美元。

Starting with our US operations, performance was strong across all business lines, both reported and same store. Revenue growth was broad-based, led by record quarterly records in used vehicle, parts and service and F&I.

首先來看我們在美國的業務，所有業務線的業績都很強勁，無論是報告業績或同店業績。營收成長全面，其中二手車、零件和服務以及金融保險業務均創下季度新高。

New vehicle unit sales rose mid-single-digits on both a reported and same store basis, reflecting healthy demand and steady inventory flow. While new vehicle GPUs continue to moderate from the highs of the past few years, we have maintained strong operational discipline through effective cost management and process consistency.

新車銷售量按報告數據和同店銷售數據均實現了中等個位數成長，反映出市場需求旺盛，庫存週轉穩定。儘管新車GPU的需求量從過去幾年的高點有所回落，但我們透過有效的成本管理和流程一致性，維持了嚴格的營運紀律。

Expiring tax credits lead to increased BEV deliveries in the quarter at lower GPUs, negatively affecting US new vehicle GPUs by approximately 6%. Our used vehicle operations performed well, with record quarterly revenue and GPUs holding up well, with only a slight 3% decline on the same store and as reported basis.

稅收抵免到期導致本季度電動車交付量增加，但每平方英里產量下降，對美國新車每平方英里產量造成約 6% 的負面影響。我們的二手車業務表現良好，季度營收創歷史新高，GPU 表現也相當不錯，同店銷售額和報告銷售額僅略微下降了 3%。

These results reflect the benefits of our scale and operational flexibility combined with our team's focus on discipline sourcing and pricing in a competitive market. Our third quarter F&I GPUs grew over 5%, or $135 and $126 on a reported and same store basis versus the prior year comparable period respectively.

這些成果體現了我們規模優勢和營運彈性，以及我們團隊在競爭激烈的市場中專注於規範採購和定價。第三季度，我們的 F&I GPU 成長超過 5%，按報告和同店計算，分別比去年同期成長 135 美元和 126 美元。

The performance by our F&I professionals has been outstanding to maintain GPU discipline while driving higher product penetration across nearly all product categories. After sales once again stood out as a major contributor, achieving record quarterly revenue and gross profit.

我們的 F&I 專業人員表現出色，在保持 GPU 紀律的同時，推動了幾乎所有產品類別中更高的產品滲透率。售後服務再次成為主要貢獻者，實現了創紀錄的季度收入和毛利。

Gross profit continues to benefit from our efforts to optimize our collision footprint, shifting collision space opportunistically to additional traditional service capacity, and closing collision centers where returns do not meet our requirements. After sales remains one of our strongest engines of growth and stability.

毛利持續受益於我們優化碰撞事故處理能力、將碰撞事故處理空間靈活地轉移到其他傳統服務能力以及關閉收益不符合我們要求的碰撞事故處理中心的努力。售後服務仍然是我們成長和穩定最強勁的動力之一。

Overall, our US business continues to perform exceptionally well, demonstrating both the strength of the consumer demand and the effectiveness of our disciplined, process-driven operating model.

整體而言，我們的美國業務持續表現出色，這不僅體現了消費者需求的強勁，也體現了我們嚴謹的、流程驅動的營運模式的有效性。

Wrapping up the US, let's shift to SG&A. While the US adjusted SG&A as a percentage of gross profit increased 160 basis points sequentially to 65.8%, we view this as a good performance. We continue to focus on resource management and technology investments to maintain SG&A as a percent of gross profit below pre-COVID levels as vehicle GPUs further normalized.

美國部分介紹完畢，接下來我們來看看銷售、一般及行政費用。儘管美國調整後的銷售、一般及行政費用佔毛利潤的百分比環比上升 160 個基點至 65.8%，但我們認為這是一個不錯的成績。隨著車載GPU進一步恢復正常，我們將持續專注於資源管理與技術投資，以維持銷售、管理及行政費用佔毛利的百分比低於新冠疫情前的水準。

Turning to the UK. Results have reflected a challenging operating environment. However, same store revenues grew across almost every line of business. New vehicles same store volumes declined 4%, as local currency GPUs moderated by 1% versus the prior year quarter, leading to a 6% decline in local currency same store new vehicle revenues.

轉向英國。結果反映出經營環境充滿挑戰。然而，幾乎所有業務線的同店收入都實現了成長。由於以當地貨幣計算的GPU較去年同期下降了1%，導致新車同店銷量下降了4%，進而導致以當地貨幣計算的新車同店營收下降了6%。

Used vehicles same store revenues were up over 5% on a local currency basis, with volumes up 4%. However, same store GPUs declined by over 24% on the local currency basis, leading to similar decline in same store used vehicle GPU, reflecting the challenging used vehicle market in the UK.

二手車同店銷售額以當地貨幣計算成長超過 5%，銷量成長 4%。然而，以當地貨幣計算，同店平均銷售額下降了超過 24%，導致同店二手車平均銷售額也類似下降，反映出英國二手車市場面臨挑戰。

After sales and F&I year-over-year growth in both revenue and gross profit. The after sales business remains an important stabilizer within the UK operations along with F&I is a key area of focus as we work to enhance profitability.

售後業務及金融保險業務的收入和毛利均較去年同期成長。售後服務業務仍是英國業務的重要穩定因素，而金融保險業務是我們提高獲利能力的重點領域。

Same store F&I PRU reached $1,106 with as reported and same store PRU both increasing more than 15% year-over-year. On expenses, SG&A increased from the prior period, reflecting cost inflation and integration-related impacts, as well as the lack of gross profit for the full quarter from our JLR operations due to the cyber-attack.

同店 F&I PRU 達到 1,106 美元，據報道，同店 PRU 和同店 PRU 均年增超過 15%。在費用方面，銷售、一般及行政費用較上期有所增加，反映了成本上漲和整合相關影響，以及由於網路攻擊導致捷豹路虎業務本季沒有實現毛利。

While we have executed target restructuring initiatives to improve efficiency and return the business to more sustainable cost levels, costs continue to increase, some of the government imposed through increased payroll tax related charges.

雖然我們已經實施了有針對性的重組計劃，以提高效率並使業務恢復到更可持續的成本水平，但成本仍在持續增加，其中一些成本是政府透過增加工資稅相關費用而徵收的。

During the quarter, we also incurred modest non-recurring restructuring charges tied to our restructuring efforts. In response to current market conditions, we are taking further actions to reduce our corporate headcount by approximately an additional 10%, and we are taking additional expense actions to save an expected $8 million in our stores. We will benefit from these savings in 2026.

本季度，我們也因重組工作而產生了少量非經常性重組費用。為應對當前市場狀況，我們正在採取進一步措施，將公司員工人數再減少約 10%，同時我們正在採取額外的費用控制措施，預計在門市節省 800 萬美元。我們將於 2026 年受益於這些節省。

We will also be executing additional restructuring plans in future periods as we exit select OEM sites. In connection to the notification with JLR, we recognized a franchise rights impairment charge of $18.1 million, which is included in the impairment charge that Daryl mentioned earlier. We are taking decisive actions in the UK to control costs, strengthen operational efficiency, and position the business for improved returns as market conditions stabilize.

未來，隨著我們退出部分OEM工廠，我們也將執行額外的重組計畫。關於與捷豹路虎的通知，我們確認了 1,810 萬美元的特許經營權減損費用，這筆費用包含在 Daryl 之前提到的減損費用中。我們正在英國採取果斷措施，控製成本，提高營運效率，並在市場狀況穩定後為業務帶來更高的回報。

Turning to our balance sheet and liquidity. Our strong balance sheet, cash flow generation, and leverage position will continue to support a flexible capital allocation approach. As of September 30, our liquidity of $1 billion was composed of accessible cash of $434 million, and $555 million available to borrow on our acquisition line.

接下來來看看我們的資產負債表和流動性。我們強勁的資產負債表、現金流產生能力和槓桿水準將繼續支持靈活的資本配置方式。截至 9 月 30 日，我們的 10 億美元流動資金包括 4.34 億美元的可用現金和 5.55 億美元的收購信貸額度。

Our rent adjusted leverage ratio as defined by our US syndicated credit facility, was 2.9 times at the end of September. Cash flow generation through the third quarter of 2025 yielded $500 million of adjusted operating cash flow and $352 million of free cash flow after [backing] out $148 million of CapEx.

根據我們在美國銀團貸款協議中定義的租金調整槓桿率，截至 9 月底為 2.9 倍。截至 2025 年第三季度，現金流產生額為 5 億美元調整後經營現金流和 3.52 億美元自由現金流（扣除 1.48 億美元的資本支出）。

This capital was deployed in the quarter through a combination of acquisitions, share repurchase, and dividends, including the acquisition of $210 million in revenues, $82 million, repurchasing approximately 186,000 shares at an average price of $443.81, and $6.4 million in dividends to our shareholders.

本季度，該公司透過收購、股票回購和分紅等方式運用了這筆資金，其中包括收購獲得 2.1 億美元的收入，以平均每股 443.81 美元的價格回購約 186,000 股股票，金額為 8,200 萬美元，以及向股東支付 640 萬美元的股息。

Subsequent to the third quarter, we repurchased an additional 140,000 shares under a Rule 10b5-1 trading plan at an average price of $433.48 for a total cost of $60.9 million, resulting in an approximate 5% reduction in share hand since January 1.

第三季之後，我們根據 10b5-1 交易計劃，以平均每股 433.48 美元的價格回購了 140,000 股股票，總成本為 6,090 萬美元，導致自 1 月 1 日以來持股量減少了約 5%。

We currently have $165.4 million remaining on our Board authorized common share repurchase program. 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.

我們目前還有1.654億美元的資金可用於董事會批准的普通股回購計畫。有關我們財務狀況的更多詳情，請參閱新聞稿附件中的補充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.

現在我將把電話轉交給接線員，開始問答環節。

(Operator Instructions) Bret Jordan, Jefferies.

（操作說明）Bret Jordan，傑富瑞。

Hey, good morning, guys.

嘿，大家早安。

Morning, Brett.

早安，布雷特。

Some of your peers have talked about a US luxury trend softening. Could you sort of give us any color on what you're seeing at the consumer, maybe luxury versus import versus domestic demand trends and GPUs?

一些同行談到美國奢侈品消費趨勢正在放緩。您能否為我們介紹一下您在消費者方面觀察到的情況，例如奢侈品、進口產品和國產產品的需求趨勢以及GPU市場？

Bret, I wouldn't say that what we've seen is material enough yet to call it a trend. You've seen a little bit of shift between some of the big bakes. Audi is certainly a challenge. I'm not sure that's consumer related. But we saw a little bit of inventory build in some of the luxury makes in the third quarter.

布雷特，我認為我們目前看到的還不足以稱之為一種趨勢。你會發現一些大型烘焙作品之間出現了一些變化。奧迪的確是個挑戰。我不確定這是否與消費者有關。但我們看到第三季一些奢侈品牌的庫存略有增加。

I think the real tell will be fourth quarter, which typically is the largest quarter of the year for the luxury makes and especially the Germans. And so before I think we would say we see a softening there, I'd want to see how the fourth quarter kind of shakes out and where that heads, to be honest with you. And Peter or Daniel may have another view based on their perspective.

我認為真正的考驗將在第四季到來，這通常是奢侈品牌，尤其是德國奢侈品牌一年中業績最好的一個季度。所以，說實話，在我認為我們看到市場出現疲軟跡象之前，我想看看第四季的情況如何，以及市場走向如何。彼得或但以理可能會根據他們的角度有不同的看法。

Bret, this is Pete DeLongchamps. I would tell you that our Lexus business remains very, very strong. BMW dealerships did well in the quarter. Like of Daniel's or Daryl's comment on the Audi business is certainly difficult.

布雷特，我是皮特‧德隆尚。我可以告訴你，我們的雷克薩斯業務依然非常非常強勁。寶馬經銷商本季業績良好。很難評價丹尼爾或達裡爾對奧迪業務的評論。

Okay. And then a question on the JLR exit, I guess, within 24 months. It sounded as if you might be reallocating some of those properties to other brands? Or is this -- when you think about business?

好的。然後還有一個關於捷豹路虎退出市場的問題，我想是在 24 個月內。聽起來你們似乎打算將其中一些資產重新分配給其他品牌？或者，當你想到商業時，你會想到這件事嗎？

Yeah, we own the vast majority of those -- that real estate. And we've had some reviews of how it might be used in better ways, primarily automotive, other brands potentially. Some of them will stay JLR and transition to another owner.

是的，我們擁有其中絕大部分——那些房地產。我們已經收到了一些關於如何更好地利用它的意見，主要是在汽車領域，也可能包括其他品牌。其中一些將留在捷豹路虎，並轉讓給其他所有者。

And then others, just through the consolidation work going on in the UK with all the OEMs, it might provide an opportunity for us in some of our cluster markets and other brands. Some of that is still undetermined. But that is an outcome that's a possibility. Yeah, absolutely, Bret.

此外，透過英國所有原始設備製造商正在進行的整合工作，這可能會為我們的一些集群市場和其他品牌提供機會。有些問題仍未確定。但這是一種可能出現的結果。是的，絕對的，布雷特。

Okay. And the housekeeping, I guess, of the $124 million impairment, $18 million of that was JLR?

好的。我猜，在1.24億美元的減損損失中，有1,800萬美元是捷豹路虎的損失？

So it's Daniel here, Bret. It's a combination there. So in terms of our franchise rights, $18 million was JLR. Now what that did was by terminating the JLR franchise, it triggered us to have to look at the UK entity as a whole and take a goodwill impairment.

我是丹尼爾，布雷特。這是多種因素共同作用的結果。所以就我們的特許經營權而言，捷豹路虎獲得了 1800 萬美元。終止捷豹路虎特許經營權後，我們不得不將英國實體視為一個整體來審視，並提列商譽減損準備。

Now that goodwill impairment is not just JLR specific, it's the entity as a whole. So some percentage of the circa $100 million remaining will be relating to JLR. So $18 million plus some percentage of the total business unit.

現在商譽減損不再只是捷豹路虎特有的問題，而是整個公司的問題。因此，剩餘的約 1 億美元中，將有一部分與捷豹路虎有關。所以是 1800 萬美元加上該業務部門總收入的一定比例。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

Thanks for taking the question. Just to follow up on Bret's question on the UK, just the reallocation of capacity question. Would you consider partnering with some of the Chinese brands here? It clearly looks like they're gaining a lot of share, putting some pressure on the legacy brands that you own. Curious if there's any thought process around that of maybe increasing exposure there? And I have a quick follow-up.

感謝您回答這個問題。我來補充 Bret 關於英國的問題，也就是產能重新分配的問題。您是否考慮與這裡的一些中國品牌合作？很明顯，他們正在獲得很大的市場份額，這給你擁有的傳統品牌帶來了一些壓力。很好奇是否有任何關於增加這方面曝光度的考慮？我還有一個後續問題。

Rajat, Daryl here. We have met with some of the Chinese OEMs about representing them. And we continue to consider that and review that. And we've also looked at that part of the industry and where we believe it's going in the UK. We believe for the next several years, it will be primarily mass market focus and not luxury.

拉賈特，我是達裡爾。我們已經與一些中國汽車製造商洽談了代理事宜。我們會繼續考慮並審查這一點。我們也研究了該行業的這一部分，以及我們認為它在英國的發展方向。我們認為，未來幾年，公司將主要面向大眾市場，而不是奢侈品市場。

At some point, we certainly get the luxury business. Our focus in the UK is primarily luxury. But we have looked at it. What we want to make sure that we are comfortable with is that the retail model is a good one for our shareholders.

我們遲早會涉足奢侈品行業。我們在英國的業務主要集中在奢侈品領域。但我們已經研究過了。我們希望確保的是，這種零售模式對我們的股東來說是有利的。

The rooftop throughput at retail for the Chinese brands is still quite low and the economics around these rooftop aren't what our other stores can generate at this point. But we realize, obviously, they're growing. We want to make sure that we're positioned well to take advantage of that if there's an opportunity. We are having some active dialogue.

中國品牌的屋頂零售空間吞吐量仍然很低，而且目前這些屋頂空間的經濟效益不如我們其他門市所能產生的收益。但我們當然也意識到，它們正在成長。我們希望確保自己做好充分準備，以便在機會出現時能夠抓住它。我們正在積極開展對話。

Got it. Got it. That's helpful. And then just on the used GPUs in the US, it seems like it pulled back quite a bit sequentially, also down year-over-year. I'm wondering if you could elaborate a little bit more on that. Was it just some of the tariff tailwinds from the previous quarter going away, maybe some higher priced inventory that came with the quarter? Or is there -- or is it just a sign of just more competitive landscape on the used car side? Any thoughts there would be helpful. Thanks.

知道了。知道了。那很有幫助。然後，就美國二手GPU市場而言，似乎比去年同期下降了不少，年比也下降了不少。我想請您再詳細解釋一下。是不是上一季的一些關稅利好因素消失了，也可能是本季一些價格較高的庫存商品減少了？或者，這是否意味著二手車市場競爭更加激烈？任何想法都將不勝感激。謝謝。

Rajat, it's Pete DeLongchamps. We've certainly seen stabilization through the used car -- in the used car business. But it does remain very competitive in the acquisition landscape of used cars. I think we've done a really good job of maintaining discipline with our auction purchases.

Rajat，我是 Pete DeLongchamps。我們已經看到二手車市場趨於穩定。但在二手車收購領域，它仍然具有很強的競爭力。我認為我們在拍賣採購方面一直做得很好，並保持了嚴格的紀律。

The majority of our cars come from trades and customer outside purchases. But it's a business right now that it is dependent on how well you can acquire and how quickly you can turn. I think we maintained a 30 days -- 31 day supply again. So we're comfortable with the performance of the used car operation in the current landscape.

我們的車輛大多來自以舊換新和客戶外部購買。但就目前而言，這個行業的成敗取決於你獲取客戶的能力和周轉速度。我認為我們再次保持了 30 天到 31 天的供應量。因此，我們對目前市場環境下二手車業務的營運表現感到滿意。

Got it. Okay, great, thanks for the color. I'll jump back in the queue.

知道了。好的，太好了，謝謝你提供的顏色。我重新排隊。

Jeff Lick, Stephens Inc.

Jeff Lick，Stephens 公司

Good morning. Yeah, thanks for taking my question. I was wondering, Daniel or Daryl, if you wouldn't mind just giving some detail on the parts and service in the US and the dynamics here, customer pay and warranty up 16%.

早安.謝謝你回答我的問題。丹尼爾或達裡爾，我想問你們是否介意詳細介紹美國的零件和服務情況，以及這裡的動態，客戶付費和保固上漲了 16%。

Just as we go forward, is there anything that would skew the gross margin percentage, which obviously flows into gross profit dollars? Just the dynamics and we're lapping some tough compares now. Just any color would be helpful.

展望未來，是否存在任何因素會影響毛利率（這顯然會影響毛利）？光是動力方面，我們就已經超越了一些強勁的對手。任何顏色都可以。

Well, the encouraging thing, Jeff, this is Daryl, and I'm sure Daniel has a comment. The encouraging thing is our customer count grew. In the UK, it grew almost 6% year-over-year. In the US, it grew 3%. So we were really pleased that we're adding customers to our shops, not just dollars.

好消息是，傑夫，我是達裡爾，我相信丹尼爾也會有話要說。令人鼓舞的是，我們的客戶數量增加了。在英國，較去年同期成長近 6%。在美國，它成長了3%。所以我們很高興看到我們不僅增加了收入，還增加了顧客。

And so we feel like our CP business is still healthy, and we still feel like there's a lot of opportunity there. Warranty is really tough to predict sometimes, obviously. And we don't see any reason for necessarily a mix change.

因此，我們感覺我們的CP業務依然健康，並且仍然覺得那裡有很多機會。顯然，保固條款有時真的很難預測。我們認為沒有必要改變配方。

One thing that is happening is the -- I mean, a margin mix change, I should say. As the collision business is -- it's getting weaker and that can affect margin because a lot of the our wholesale parts sales go to the collision industry. And so overall after sales margin may be helped by that on a percentage basis. So if the wholesale parts continue to climb. So at least the collision sector.

正在發生的一件事是——我的意思是，利潤率組合發生了變化。碰撞維修業務正在走弱，這可能會影響利潤率，因為我們的大量批發零件銷售都流向了碰撞維修行業。因此，整體而言，銷售後利潤率可能會因此而提高（以百分比計算）。所以如果批發零件價格繼續上漲的話。所以至少在碰撞領域是這樣。

But on CP and on warranty, we haven't seen that. I know there's been some discussion on margin percentages by some in the industry, but we haven't necessarily seen that. We don't necessarily really predict that either. So Daniel, I don't know if you have anything to add.

但在CP和保固方面，我們還沒有看到這種情況。我知道業內有些人討論過利潤率的問題，但我們還沒有真正看到這種情況。我們不一定真的會做出這樣的預測。丹尼爾，我不知道你還有什麼要補充的。

Jeff, the only thing that I would add around was customer pay, as Daryl said, continues to be strong. US specific, we've grown by about 8% year-on-year. In terms of warranty, we've grown by just over 16% year-on-year.

Jeff，我唯一要補充的是，正如Daryl所說，顧客付費方面依然強勁。就美國市場而言，我們年增了約 8%。在保固方面，我們年增了略高於 16%。

Now as we talked about in the earnings call, collision is down. We closed a number of our smaller collision centers turning those into customer pay work, and it's down about 11% in the quarter. Now the result of that is that our margin mix as a total company is trading upwards and our margin mix has gone up from about 54% to 55.2% in the quarter.

正如我們在財報電話會議上討論的那樣，碰撞事故發生率下降了。我們關閉了一些規模較小的碰撞維修中心，並將這些維修工作轉為客戶付費，本季業務量下降了約 11%。現在，結果是我們公司的整體利潤率組合正在上升，本季利潤率組合已從約 54% 上升至 55.2%。

And the CP margin was up year-over-year for us and so was warranty margin.

我們的CP利潤率和保固利潤率都比去年同期成長了。

Just a quick follow-up. I think that this is one for Pete. On your slide 14, you guys do a good job of always disclosing the retention by model year, which you don't think your peers necessarily disclose that. Could you talk a little bit about I believe you guys are well north of what would be typical and just the dynamics there.

再補充一點。我覺得這事兒應該交給皮特。你們在第 14 張幻燈片中做得很好，總是按車型年份披露留存率，而你們認為同行未必會披露這一點。能否請您談談，我相信你們所在的地區遠高於一般水平，以及那裡的具體情況？

This is on parts and service overview, retention?

這是關於零件和服務概覽、保留率的資訊嗎？

Yeah.

是的。

Yeah, I think what we're working on, and it starts with the sale. And then if you take a look, Jeff, at our overall consistency with vehicle service contracts, maintenance, we are completely focused on getting our customers back into our shops, and we do that through constant follow-up.

是的，我認為我們正在努力的方向是銷售。傑夫，如果你仔細看看我們在車輛服務合約和維護方面的整體一致性，你會發現我們完全專注於讓客戶回到我們的店裡，而我們是透過不斷的後續跟進來實現這一點的。

We do that by ensuring that pricing is right, making sure that schedules are wide open for appointments. And I think that when you take a look at the trend we've had over the years, and we've done a remarkable job with it, and this is where we've landed at 68%-plus.

我們透過確保定價合理、確保預約時間表寬鬆來實現這一點。我認為，縱觀我們這些年來的發展趨勢，我們取得了顯著的成就，最終達到了 68% 以上。

Jeff, one of the things that we focus on, the way we measure retention is two visits in a year. Other people measure it differently. OEMs all measure it differently. We wanted a standard number we could use inside Group 1 across all our stores.

Jeff，我們關注的重點之一是，我們衡量用戶留存率的方式是每年兩次造訪。其他人有不同的衡量標準。所有原始設備製造商的測量方法都不一樣。我們希望有一個標準號碼，可以在第一集團的所有門市中使用。

The key in the future as the average mileage goes up, the age of the cars is still going up. Our average mileage on our service drives is almost 70,000 miles. And really, the key for us to continue to grow customer pay is in reaching those higher mileage, older vehicles.

未來，隨著平均行駛里程的增加，汽車的車齡也會持續成長，這將是一個關鍵問題。我們服務車輛的平均行駛里程接近 70,000 英里。事實上，我們要繼續提高客戶付費率，關鍵在於吸引那些行駛里程較高、車齡較長的車輛。

And one of the keys to doing that is when we vertically integrated our own data management with our customers starting about a year ago, so that we now have a much clearer view, much better view of where our customers are going and when they're likely to need service next using propensity modeling and things like that, that help us do that. And so we have to be able to reach deeper into that ownership cycle as time goes, and we're really working hard on that, really working hard.

實現這一目標的關鍵之一是，大約一年前，我們開始將自己的資料管理與客戶的資料管理進行垂直整合，這樣我們現在就能更清晰、更好地了解客戶的動向以及他們下次可能需要服務的時間，這得益於傾向性​​建模等技術，這些技術幫助我們實現了這一目標。因此，隨著時間的推移，我們必須能夠更深入地了解所有權週期，我們正為此努力，真的非常努力。

(inaudible) Thanks for taking the question, and best of luck in the next quarter.

（聽不清楚）謝謝你回答這個問題，祝你下個季度一切順利。

Thank you.

謝謝。

Daniela Haigian, Morgan Stanley.

丹妮拉‧海吉安，摩根士丹利。

Great, thank you. So one on forward demand. We've kind of passed through the peak tariff fear from April. We're now seeing OEMs revise up their guidances, clearing the bar on these improved gross tariff impacts. Are you seeing any decontenting or changing in pricing on new model year vehicles in excess of the normal price hikes? And how are you thinking about that going into next year?

太好了，謝謝。所以，這是基於遠期的需求。我們已經基本度過了4月關稅恐慌的高峰期。我們現在看到汽車製造商正在修改他們的指導意見，從而掃清了這些改進後的毛關稅影響的障礙。您是否發現新款車型在價格上漲幅度超出正常範圍的情況下，出現配置減少或價格變動的情況？那麼，您對明年有何打算呢？

We haven't seen anything in excess of normal price hikes, Daniela. We've seen a little recontenting not -- I wouldn't -- I would say it's normal. There hasn't been any broad announcements about major pricing. There's been a couple of specific pricing actions with smaller OEMs.

丹妮拉，我們沒有看到任何超出正常價格上漲範圍的情況。我們看到了一些內容上的調整——我不會——我會說這是正常的。目前還沒有關於主要定價方面的任何公開公告。針對一些規模較小的原始設備製造商，已經採取了一些具體的定價措施。

As we think about it and in more discussions we have with our OEM partners is they are taking a longer view on it, and they're going to try to recover the tariff impacts over a longer period of time and some of that -- and they will absorb most of it in general.

我們仔細思考後，與我們的 OEM 合作夥伴進行了更多討論，發現他們正在從長遠角度看待這個問題，他們將嘗試在更長的時間內彌補關稅的影響，並且他們總體上將承擔大部分影響。

And we're seeing very little pricing that can be attributable to tariff increases. And I think that will continue, to be honest with you, unless something radically changes with the tariffs, we think that's probably what will happen. And Pete may have some more.

我們發現，價格上漲很少能歸因於關稅上漲。坦白說，我認為這種情況還會持續下去，除非關稅方面發生根本性的變化，我們認為這很可能就是最終的結果。皮特可能還有一些。

No, I think, Daryl, you just covered it. The only thing I would add is you take a look at the financial services companies and the strength of the financial services companies can bring down those -- some of those additional costs through leasing or subbing rates, which bodes well for those OEMs that have strong financial services companies.

不，我想，達裡爾，你已經說得很清楚了。我唯一要補充的是，您可以看看金融服務公司，金融服務公司的實力可以透過租賃或分包費率降低一些額外的成本，這對那些擁有實力雄厚的金融服務公司的原始設備製造商來說是個好兆頭。

Got it. That's helpful. And then one more, maybe, Pete, for you.

知道了。那很有幫助。或許，再來一個吧，皮特，給你。

Our captive lenders are really -- a real advantage, we feel like. And we -- they drive loyalty, they drive finance attachment, and that's a real key for Group 1.

我們覺得，我們的專屬貸款機構確實是真正的優勢。而我們——它們能提升忠誠度，它們能增強財務依戀，這對第一集團來說至關重要。

Absolutely. Absolutely. And then in that vein on auto credit, obviously, there's a lot of headlines out there. And obviously, Group 1 skew is much higher on the credit quality curve. But just as investors continue to focus on risk to the consumer, have you seen any change in consumer behavior in the last few weeks starting the fourth quarter?

絕對地。絕對地。那麼，關於汽車信貸，顯然有很多相關的新聞報導。顯然，第一組的偏度在信用品質曲線上要高得多。但正如投資者繼續關註消費者面臨的風險一樣，您是否觀察到第四季度開始的這幾周里消費者的行為發生了任何變化？

We have not seen a change in consumer behavior. And actually, we're seeing increased penetration rates on new and used. And then most of the headlines are centered around the deep subprime, which we don't play in. So a channel checked the majority of our lenders prior to this call and the business continues to be robust, and there's still a lot of appetite with the lenders to make car loans with us and our customers.

我們尚未看到消費者行為改變。事實上，我們看到新車和二手車的滲透率都在提高。然後，大部分新聞頭條都集中在次貸危機上，而我們並不涉足這個領域。因此，在本次電話會議之前，我們管道對大多數貸款機構進行了調查，業務依然強勁，貸款機構仍然非常願意與我們和我們的客戶合作發放汽車貸款。

Great. Thank you.

偉大的。謝謝。

Glenn Chin, Seaport Research.

Glenn Chin，海港研究公司。

Good morning, folks. Thank you. I guess just a couple of questions on the UK. So just broadly on the macro. I mean, this used to be close to 2.5 million unit market. Can I just ask where you see it settling out? And what needs to be done to improve it? I mean, is it lower energy costs or government incentives? And does it need to get worse before it gets better?

各位早安。謝謝。我想問幾個關於英國的問題。所以，就宏觀層面而言。我的意思是，這曾經是一個接近250萬台的市場。請問您認為它最終會落到什麼地步？那麼需要採取哪些措施來改進它呢？我的意思是，是能源成本降低還是政府誘因？情況一定要先惡化才能好轉嗎？

It doesn't need to get worse before it gets better. What has to happen is the throughput through per rooftop has to grow. The margins were steady year-over-year. The after sales business is healthy. We've got work to do on costs, as we've mentioned.

情況不必先惡化再好轉。必須提高的是每個屋頂的吞吐量。利潤率與上年持平。售後服務業務發展良好。正如我們之前提到的，我們在成本控制方面還有很多工作要做。

And the OEMs are all working to try to rationalize their networks to a level that meets today's SAAR of around 2 million rather than the 2.5 million that you referenced, Glenn. So as we take rooftops out, that should improve the throughput of the remaining networks, and they're all working feverishly on that.

格倫，所有原始設備製造商都在努力調整其網絡，使其達到目前 SAAR 約 200 萬的水平，而不是你提到的 250 萬。因此，隨著我們拆除屋頂，剩餘網路的吞吐量應該會提高，他們都在為此全力以赴。

Some of them are in our opinion, taking a healthier approach than others. Groups like Volkswagen, groups like Mercedes-Benz, groups like BMW are doing a really great job working with their dealer partners to try to affect that.

我們認為，他們中的一些人採取了比其他人更健康的方式。像大眾汽車、梅賽德斯-奔馳、寶馬這樣的汽車集團正在與他們的經銷商合作夥伴密切合作，努力實現這一目標，他們做得非常出色。

And I think their outcomes are going to be really good, really healthy. But that's a real key is to try to get the throughput per rooftop up to a better level. And then while we continue to take costs out, we'll continue to do that and focus on that. Daniel may have something to add.

我認為他們的結果會非常好，非常健康。但真正的關鍵在於努力提高每個屋頂的吞吐量。然後，在我們繼續削減成本的同時，我們將繼續這樣做，並專注於此。丹尼爾或許還有補充。

Glenn, there's a couple of things that I would add. If you look at the forward-looking SAAR curve for the UK, it's pretty static out over the last -- the next five years in terms of approximately 2 million. I think the important thing for us as a company is that the premium sector within that 2 million remains pretty constant with a little uptick over the next five year period.

格倫，我還有幾點要補充。如果你看英國的前瞻性 SAAR 曲線，你會發現過去五年內，該曲線基本上保持不變，約 200 萬。我認為對我們公司來說，最重要的是，這 200 萬用戶中的高端用戶數量在未來五年內保持相對穩定，並略有成長。

In terms of the UK government at this moment in time, they continue to be taxing both the consumer and the business fairly heavily. And I can't really see that changing in the short term. But as Daryl rightly said, there's a lot that we can still do around cost.

就目前英國政府而言，他們仍然對消費者和企業徵收相當重的稅。而且我看不出這種情況短期內會有任何改變。但正如達裡爾所說，我們在成本方面仍然有很多可以做的。

And equally so, we bought a lot of stores over the last 18 months, and we are working on portfolio rationalization, which I think will make the business a much stronger business coming out of that in 18 months' time.

同樣地，在過去的 18 個月裡，我們收購了許多門市，我們正在進行投資組合合理化，我認為這將使公司在 18 個月後變得更加強大。

And can you -- with respect to that rationalization, Daniel, can you give us a feel or some perspective on how much more needs to be done? I mean, you took $124 million in impairment this quarter. How much more needs to go?

關於這種合理化解釋，丹尼爾，你能否給我們一些感受或見解，說說還需要做多少工作？我的意思是，你們這一季提列了 1.24 億美元的減損損失。還需要做多少？

In terms of impairment, that's -- we've taken impairment for JLR as a franchise, and we took effectively a goodwill impairment on our whole company. If I look at our forward-looking projections for that, I would say I would be fairly confident, all things being equal, that we have taken the impairment that's required for us to take as a company.

就減損而言，我們已經對捷豹路虎特許經營權提列了減損準備，並且實際上對整個公司提列了商譽減損準備。如果我看一下我們對未來的預測，我會說，在所有條件相同的情況下，我相當有信心，我們已經提列了作為一家公司必須提列的減損準備。

In terms of other things that we would dispose of, typically, they're going to be smaller stores or underperforming stores that have little or no goodwill attributed to those stores, certainly in terms of franchise rights. So I wouldn't expect there to be any additional impairment.

至於其他需要處置的資產，通常是指規模較小的門市或業績不佳的門市，這些門市幾乎沒有或根本沒有商譽，尤其是在特許經營權方面。因此，我預計不會有任何額外的損害。

Equally so, we've totally impaired the Jaguar Land Rover franchise, and we will be able to sell those for some element of goodwill or some element of value. So we should see some upside coming out of that.

同樣，我們已經徹底損害了捷豹路虎的特許經營權，我們將能夠以一定的商譽或價值出售這些特許經營權。所以我們應該會看到一些利好因素從中產生。

And Glenn, if you look at how we've managed our portfolio in the US over the last four years, we've sold smaller underperforming stores in the US or divested of those or closed some of those. And so it's a similar approach that we're taking in the UK.

格倫，如果你看看我們過去四年在美國的投資組合管理情況，你會發現我們出售了美國一些較小、業績不佳的門市，或者剝離了這些門市，或者關閉了一些門市。因此，我們在英國也採取了類似的方法。

Yeah. Portfolio rationalization -- we're optimizing, I should say. Just one last question on JLR. So what is different about the franchise in the UK versus in the US or your stores for that matter? Do you have a different view of the JLR franchise in the US.

是的。投資組合合理化——或者更確切地說，我們正在進行優化。關於捷豹路虎，最後一個問題。那麼，英國的特許經營模式與美國的特許經營模式，或者說你們自己的門市，有什麼不同之處呢？您對捷豹路虎在美國的業務有何不同看法？

Well, when you look at where some of our UK JLR stores are, they're close to London. And London had some of the highest theft issues in the -- which affected insurability on those vehicles. And we saw the order banks dry up very quickly in those brands and then in those ZIP codes right around London. And so that was -- and that didn't recover really, Glenn.

嗯，如果你看看我們英國的一些捷豹路虎門市的位置，你會發現它們都靠近倫敦。倫敦的竊盜問題在全國最為嚴重，這影響了這些車輛的保險。我們看到，這些品牌以及倫敦週邊地區的訂單很快就枯竭了。所以事情就是這樣——而且這件事並沒有真正恢復，格倫。

And so when you look at that and when you look at how much those stores are contributing or losing, and what we really firmly believe at Group 1 is we've got to put our focus and attention and efforts in the areas that are going to drive the best shareholder return for our constituencies.

因此，當你審視這些門市的貢獻或虧損情況時，你會發現，我們 Group 1 堅信，我們必須將注意力和精力集中在能夠為我們的股東帶來最佳回報的領域。

And so when we looked at it and assessed it, and it wasn't an overnight decision, obviously, it was something we've considered for some time. We just felt like our efforts are better with some of our other partners.

因此，當我們審視並評估這個問題時，顯然這不是一夜之間做出的決定，而是我們已經考慮了一段時間的事情。我們覺得與其他一些合作夥伴一起合作效果更好。

And we also hope and believe in my conversations with the OEM on this, that they can go get partners that they feel like they can be successful with. But given the real estate that we have with JLR and given the location of those sites and just the outlook in general of it, we felt like our efforts were going to be much better utilized and the return is much better in our other brands.

而且，透過我與OEM廠商的溝通，我們也希望並相信，他們可以找到他們認為能夠成功的合作夥伴。但考慮到我們與捷豹路虎擁有的房地產資源，以及這些地點的地理位置和整體前景，我們覺得我們的努力在其他品牌上能夠得到更好的利用，並且回報也會更好。

Okay. Very good. Thank you.

好的。非常好。謝謝。

And ladies and gentlemen, with that, we'll conclude today's question-and-answer session. We do thank you for joining today's presentation. You may now disconnect your lines.

女士們、先生們，今天的問答環節就到此結束。非常感謝您參加今天的演講。現在您可以斷開線路了。