車美仕 (KMX) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Q4 Fiscal Year 2024 CarMax Earnings Release Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, David Lowenstein, VP, Investor Relations. Please go ahead.

女士們先生們，謝謝你們的支持。歡迎參加 2024 年第四季 CarMax 收益發布電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人、投資者關係副總裁 David Lowenstein。請繼續。

Thank you, Shelby. Good morning, everyone. Thank you for joining our fiscal 2024 fourth quarter earnings conference call. I'm here today with Bill Nash, our President and CEO; Enrique Mayor-Mora, our Executive Vice President and CFO; and Jon Daniels, our Senior Vice President, CarMax Auto Finance Operations.

謝謝你，謝爾比。大家，早安。感謝您參加我們的 2024 財年第四季財報電話會議。今天我和我們的總裁兼執行長比爾·納許一起來到這裡。 Enrique Mayor-Mora，我們的執行副總裁兼財務長；喬恩‧丹尼爾斯 (Jon Daniels)，CarMax 汽車金融營運部資深副總裁。

Let me remind you our statements today that are not statements of historical fact, including statements regarding the company's future business plans, prospects and financial performance, are forward-looking statements we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on our current knowledge, expectations and assumptions and are subject to substantial risks and uncertainties that could cause actual results to differ materially from our expectations.

讓我提醒您，我們今天的聲明不是歷史事實的聲明，包括有關公司未來業務計劃、前景和財務業績的聲明，而是我們根據美國《私人證券訴訟改革法案》的安全港條款做出的前瞻性聲明。1995 年。這些陳述基於我們目前的知識、預期和假設，並受到重大風險和不確定性的影響，可能導致實際結果與我們的預期存在重大差異。

In providing projections and other forward-looking statements, we disclaim any intent or obligation to update them. For additional information on important factors that could affect these expectations, please see our Form 8-K filed with the SEC this morning and our annual report on Form 10-K for the fiscal year ended February 28, 2023, previously filed with the SEC.

在提供預測和其他前瞻性陳述時，我們不承擔任何更新它們的意圖或義務。有關可能影響這些預期的重要因素的更多信息，請參閱我們今天上午向 SEC 提交的 8-K 表格以及之前向 SEC 提交的截至 2023 年 2 月 28 日的財年的 10-K 表格年度報告。

Should you have any follow-up questions after the call, please feel free to contact our Investor Relations department at (804) 747-0422 extension 7865. (Operator Instructions) Bill?

如果您在通話後有任何後續問題，請隨時聯繫我們的投資者關係部門，電話 (804) 747-0422 分機 7865。（操作員說明）比爾？

Great. Thank you, David. Good morning, everyone, and thanks for joining us. We're encouraged by the performance of our business during the fourth quarter. We are continuing to leverage our strongest assets, our associates, capabilities, experience and culture to build momentum as we manage through the cycle.

偉大的。謝謝你，大衛。大家早安，感謝您加入我們。我們對第四季的業務表現感到鼓舞。我們將繼續利用我們最強大的資產、我們的員工、能力、經驗和文化，在我們管理整個週期的過程中建立動力。

While affordability of used cars remains a challenge for consumers, pricing improved during the quarter. We continue to achieve efficiency improvements in our core operations and believe we are well positioned to drive growth as the market turns.

儘管二手車的承受能力仍然是消費者面臨的挑戰，但本季定價有所改善。我們繼續提高核心業務的效率，並相信我們有能力隨著市場的轉變而推動成長。

In the fourth quarter, we posted our fifth consecutive quarter of sequential year-over-year retail used unit improvement and reported growth in total used unit sales and comps. We delivered strong retail and wholesale GPUs. We increased used salable inventory units more than 10% while holding used total inventory units flat year-over-year.

在第四季度，我們公佈了連續第五個季度的零售二手單位同比改善，並報告了二手單位總銷售額和比較的增長。我們提供了強大的零售和批發 GPU。我們將二手可售庫存單位增加了 10% 以上，同時使二手庫存總量與去年同期持平。

We continue to actively manage our SG&A, and we grew CAF income significantly as we delivered a substantial reduction in the provision for loan losses year-over-year while maintaining stable net interest margin sequentially.

我們繼續積極管理我們的銷售及一般費用，我們的 CAF 收入顯著增長，因為我們比去年同期大幅減少了貸款損失撥備，同時保持了穩定的淨利差。

For the fourth quarter of FY '24, our diversified business model delivered total sales of $5.6 billion, down 2% compared to last year. This was driven by lower retail and wholesale prices and lower wholesale volume, partially offset by higher retail volume.

24 財年第四季度，我們多元化的業務模式實現總銷售額 56 億美元，比去年下降 2%。這是由較低的零售和批發價格以及較低的批發量所推動的，但部分被較高的零售量所抵消。

In our retail business, total unit sales increased 1.3%, and used unit comps were up 0.1%. Average selling price declined approximately $600 per unit or 2% year-over-year. Our market share data indicates that our nationwide share of 0- to 10-year-old used vehicles declined from 4% in calendar '22 to 3.7% in 2023 as we prioritized profitability over near-term market share growth. As always, we continue to test price elasticity to validate our decisions.

在我們的零售業務中，總銷量成長了 1.3%，二手銷量成長了 0.1%。平均售價每單位下降約 600 美元，年減 2%。我們的市場份額數據表明，由於我們將盈利能力置於近期市場份額增長之上，我們的0 至10 年車齡二手車在全國範圍內的份額從22 年的4% 下降到2023 年的3.7% 。一如既往，我們繼續測試價格彈性以驗證我們的決策。

External title data shows that our market share initially accelerated relative to our performance across the second half of 2022 but then came under pressure during multiple periods of steep depreciation. We remain confident in our ability to accelerate market share growth as used vehicle affordability continues to improve and as the volatility of vehicle value stabilizes.

外部產權數據顯示，相較於 2022 年下半年的表現，我們的市佔率最初有所加速，但隨後在多個急劇貶值期間面臨壓力。隨著二手車負擔能力的不斷提高以及車輛價值波動的穩定，我們對加速市場份額成長的能力仍然充滿信心。

Fourth quarter retail gross profit per used unit was $2,251, relatively consistent with last year's fourth quarter record of $2,277. Wholesale unit sales were down 4% versus the fourth quarter last year. Average selling prices declined approximately $250 per unit or 3% year-over-year.

第四季每二手商品零售毛利為 2,251 美元，與去年第四季 2,277 美元的記錄相對一致。批發單位銷售額比去年第四季下降了 4%。每件平均售價下降約 250 美元，年減 3%。

Fourth quarter wholesale gross profit per unit was $1,120, slightly down from $1,187 a year ago. As a reminder, last year's fourth quarter wholesale GPU was within $4 of our all-time record benefited from appreciation and strong dealer demand, particularly at the end of last year's quarter. This prior year appreciation dynamic impacted our year-over-year performance in buyers as well.

第四季每單位批發毛利為 1,120 美元，略低於去年同期的 1,187 美元。提醒一下，去年第四季的批發 GPU 價格與我們的歷史記錄相差不到 4 美元，這得益於升值和經銷商的強勁需求，特別是在去年季度末。去年的升值動態也影響了我們在買家中的年比表現。

We bought approximately 234,000 vehicles during the quarter, down 11% from last year. Of these vehicles, we purchased approximately 213,000 from consumers with slightly more than half of those buyers coming through our online instant appraisal experience.

本季我們購買了約 234,000 輛汽車，比去年下降 11%。在這些車輛中，我們從消費者那裡購買了大約 213,000 輛，其中略多於一半的買家是透過我們的線上即時評估體驗購買的。

With the support of our Edmond sales team, we sourced the remaining approximately 21,000 vehicles through dealers, up 45% from last year. For our fourth quarter online metrics, approximately 14% of retail unit sales were online, consistent with last year. Approximately 55% of retail unit sales were omni sales this quarter, up from 52% in the prior year. All of our fourth quarter wholesale auctions and sales were virtual and are considered online transactions. This represents 17% of total revenue.

在愛德蒙銷售團隊的支持下，我們透過經銷商採購了剩餘的約 21,000 輛汽車，比去年增加了 45%。對於我們第四季度的線上指標，大約 14% 的零售單位銷售額來自在線，與去年一致。本季約 55% 的零售單位銷售額為全方位銷售額，高於去年同期的 52%。我們第四季所有的批發拍賣和銷售都是虛擬的，被視為線上交易。這佔總收入的 17%。

Total revenue from online transactions was approximately 30%, in line with last year. CarMax Auto Finance or CAF delivered income of $147 million, up 19% from $124 million during the same period last year. Jon will provide more detail on consumer financing, the loan loss provisions and CAF contribution in a few minutes.

線上交易的總收入約為30%，與去年持平。 CarMax Auto Finance (CAF) 營收 1.47 億美元，比去年同期的 1.24 億美元成長 19%。喬恩將在幾分鐘內提供有關消費者融資、貸款損失準備金和 CAF 繳款的更多詳細資訊。

But at this point, I'd like to turn the call over to Enrique, who will provide more information on our fourth quarter financial performance. Enrique?

但此時，我想將電話轉給恩里克，他將提供有關我們第四季度財務業績的更多資訊。恩里克？

Thanks, Bill, and good morning, everyone. As Bill noted, we drove another quarter of sequential improvement in our used unit sales with strong per unit margins for both used and wholesale and strong CAF contribution growth while staying focused on managing SG&A.

謝謝比爾，大家早安。正如 Bill 指出的那樣，我們推動了二手商品銷售又一個季度的環比改善，二手商品和批發商品的單位利潤率強勁，CAF 貢獻增長強勁，同時繼續專注於管理 SG&A。

Fourth quarter net earnings per diluted share was $0.32 versus $0.44 a year ago. Last year's quarter benefited from an $0.08 tailwind due to the receipt of Extended Protection Plan or EPP profit-sharing revenues as well as $0.04 from a lower tax rate compared to a more normalized tax rate this quarter.

第四季攤薄後每股淨利為 0.32 美元，去年同期為 0.44 美元。去年季度受益於擴展保護計劃或 EPP 利潤分享收入帶來的 0.08 美元的順風，以及與本季度更加標準化的稅率相比較低的稅率帶來的 0.04 美元的收益。

Total gross profit was $586 million, down 4% from last year's fourth quarter. Used retail margin of $387 million was flat with higher volume partially offset by a slightly lower per unit margin.

總毛利為 5.86 億美元，比去年第四季下降 4%。二手零售利潤率為 3.87 億美元，與銷售量持平，但單位利潤率略有下降部分抵消了銷售量的增加。

Wholesale vehicle margin decreased by 9% to $129 million with a decrease in volume and per unit margin compared to last year. Other gross profit was $69 million, down 15% from a year ago. This decrease was driven primarily by last year's receipt of $16 million in profit sharing revenues from our EPP partners. As noted on our third quarter call, we did not expect to receive profit-sharing revenues this year as our partners experienced inflationary pressures and consumers return to more normalized driving patterns. Partially offsetting this dynamic was positive impact from price elasticity testing on our extended service product.

與去年相比，汽車批發利潤率下降 9%，至 1.29 億美元，數量和單位利潤率均有所下降。其他毛利為 6,900 萬美元，年減 15%。這一下降主要是由於去年從我們的 EPP 合作夥伴那裡獲得了 1600 萬美元的利潤分享收入。正如我們在第三季電話會議上指出的那樣，由於我們的合作夥伴經歷了通膨壓力以及消費者恢復了更正常的駕駛模式，我們預計今年不會獲得利潤分享收入。對我們的擴展服務產品進行價格彈性測試的正面影響部分抵消了這種動態。

During the quarter, we tested raising MaxCare margins per contract sold, which resulted in a slight decrease in product penetration while driving overall profitability. We are encouraged by these results, and we have rolled out the margin increase nationally. Our expectation is that this action will drive approximately $20 per retail unit of incremental EPP margin in FY '25.

在本季度，我們測試了提高 MaxCare 每份銷售合約的利潤率，這導致產品滲透率略有下降，同時推動了整體獲利能力。我們對這些結果感到鼓舞，並在全國範圍內推出了利潤增長計劃。我們預計，這項行動將在 25 財年使每個零售單位的 EPP 利潤增加約 20 美元。

Service decreased by $4 million as compared to last year's fourth quarter. This decrease was primarily driven by wage pressures and planned lower production in the quarter as we pre-built inventory in the third quarter due to holiday timing.

與去年第四季相比，服務減少了 400 萬美元。這一下降主要是由於工資壓力以及由於假期時間而在第三季度預先建立庫存而計劃減少本季度的產量。

For the full year, Service improved by $75 million year-over-year. Our expectation is that we will continue to see significant year-over-year favorability in FY '25. The extent of this improvement will be governed by sales performance, given the leverage/deleverage nature of service.

全年服務收入年增 7,500 萬美元。我們的預期是，25 財年我們將繼續看到顯著的逐年好感。考慮到服務的槓桿/去槓桿性質，這種改進的程度將取決於銷售業績。

Third-party finance fees were down $3 million from a year ago driven by higher volume in Tier 3 for which we pay a fee and lower volume in Tier 2 for which we receive a fee. On the SG&A front, expenses for the fourth quarter were $581 million, up 1% from the prior year's quarter. Our continued discipline in spend and investment levels allowed us to come in flat year-over-year when excluding share-based compensation.

第三方融資費用比一年前減少了 300 萬美元，因為我們支付費用的第 3 級交易量增加，以及我們收取費用的第 2 級交易量減少。在 SG&A 方面，第四季的支出為 5.81 億美元，比去年同期成長 1%。我們在支出和投資水平方面持續嚴格的紀律，使我們在排除基於股權的薪酬後，業績同比持平。

As a reminder, in the fourth quarter, we passed the year mark since initiating our significant cost management efforts.

提醒一下，第四季度，我們已經過了進行重大成本管理工作以來的一年了。

SG&A dollars for the fourth quarter versus last year were mainly impacted by 3 factors. First, other overhead decreased by $16 million. This decrease was driven primarily from reductions in spend for our technology platforms and from the continued favorability in non-CAF uncollectible receivables.

與去年相比，第四季的銷售、管理及行政費用主要受到三個因素的影響。首先，其他管理費用減少了 1,600 萬美元。這一下降主要是由於我們的技術平台支出減少以及非 CAF 無法收回的應收帳款持續受到青睞。

Second, total compensation and benefits increased by $7 million, excluding an $8 million increase in share-based compensation. This increase was mostly driven by a higher corporate bonus accrual in the quarter.

其次，薪資和福利總額增加了 700 萬美元，其中不包括增加的 800 萬美元的股權薪酬。這一增長主要是由於本季度公司應計獎金增加所致。

Third, advertising increased by $5 million. This reflects an increase as communicated last quarter due primarily to the timing of per unit spend.

第三，廣告費增加500萬美元。這反映了上季度公佈的增長，主要是由於單位支出的時間安排。

For full year FY '24, we strongly outperformed the target we set out at the beginning of the year of requiring low single-digit gross profit growth to lever SG&A even when excluding the benefits from this year's legal settlements. Our ability to materially drive SG&A costs down year-over-year was led by favorability in non-CAF uncollectible receivables that reflects improved execution at our stores, at our corporate offices and by external partners.

對於 24 財年全年，我們遠遠超出了年初設定的目標，即即使不包括今年法律和解的收益，也需要低個位數的毛利成長來槓桿 SG&A。我們能夠大幅降低 SG&A 成本年減，這得益於對非 CAF 無法收回的應收帳款的優惠，這反映了我們商店、公司辦公室和外部合作夥伴執行力的提高。

Our focus on driving efficiency gains in our stores and CECs, the planned reduction of technology spend and by aligning staffing levels and marketing spend to sales.

我們的重點是提高商店和 CEC 的效率、計劃減少技術支出以及調整人員配置水平和行銷支出與銷售。

In FY '25, we expect to acquire low single-digit gross profit growth to lever SG&A when excluding FY '24's favorable legal settlements. This reinforces our pathway back to a lower SG&A leverage ratio with our initial goal of returning to the mid-70% range over time once we see healthier consumer demand.

在 25 財年，如果排除 24 財年有利的法律​​和解，我們預計將獲得低個位數的毛利成長，以槓桿 SG&A。這強化了我們回到較低 SG&A 槓桿率的途徑，我們最初的目標是，一旦我們看到更健康的消費者需求，隨著時間的推移，回到 70% 的中間範圍。

We anticipate that SG&A will be pressured in the first quarter. As a reminder, we received $59 million in a legal settlement during the first quarter of FY '24.

我們預計第一季的銷售、管理和行政費用將面臨壓力。謹此提醒，我們在 2024 財年第一季獲得了 5,900 萬美元的法律和解金。

Additionally, in this year's first quarter, we expect an approximately $25 million impact due to share-based compensation for certain retirement-eligible executives and the lapping of favorable reserve adjustments related to non-CAF uncollectible receivables during last year's first quarter.

此外，在今年第一季度，我們預計由於某些符合退休資格的高階主管的股份薪酬以及去年第一季與非CAF 無法收回的應收帳款相關的有利準備金調整，將產生約2,500 萬美元的影響。

With regard to marketing, going forward, we plan to speak to our spend on a per total unit basis, inclusive of total retail and wholesale units. We believe this more holistically reflects the impact of our marketing initiatives, which support both vehicle sales and buys.

關於行銷，展望未來，我們計劃以總單位為基礎討論我們的支出，包括總零售和批發單位。我們相信，這更全面地反映了我們支持車輛銷售和購買的營銷行為的影響。

In FY '25, we expect full year marketing spend on a total unit basis to be similar to FY '24 at approximately $200.

在 25 財年，我們預計全年單位行銷支出將與 24 財年相似，約為 200 美元。

Regarding capital structure. During the quarter, we repurchased approximately 686,000 shares for a total spend of $49 million. Starting in the first quarter, we intend to modestly accelerate the pace of our share repurchases above the pace that we implemented in our third quarter of fiscal year '24. As of the end of the quarter, we had $2.36 billion of repurchase authorization remaining.

關於資本結構。本季度，我們回購了約 686,000 股股票，總支出為 4,900 萬美元。從第一季開始，我們打算適度加快股票回購的步伐，使其超過我們在 24 財年第三季實施的步伐。截至本季末，我們尚有 23.6 億美元的回購授權。

For capital expenditures, we anticipate an investment level between $500 million to $550 million, up from the $465 million in FY '24. The year-over-year increase in planned spending is primarily related to the timing of spend for new stores.

對於資本支出，我們預期投資水準在 5 億至 5.5 億美元之間，高於 24 財年的 4.65 億美元。計劃支出的年增率主要與新店的支出時間有關。

Like in FY '24, the largest portion of our CapEx investment remains related to the land and the build-out of facilities for long-term growth capacity and offsite reconditioning and auctions.

與 24 財年一樣，我們的資本支出投資的最大部分仍然與土地和設施建設有關，以實現長期增長能力以及異地修復和拍賣。

In FY '25, we plan to open 5 new store locations. Consistent with our strategy, these new locations will be smaller, cross-functional stores that complement our omnichannel strategy and leverage our scale. We also plan to open our second standalone reconditioning facility, which will be located in Richland, Mississippi as well as one off-site auction location in the Los Angeles metro market.

25 財年，我們計劃開設 5 家新店。根據我們的策略，這些新店將是規模較小的跨職能商店，以補充我們的全通路策略並利用我們的規模。我們還計劃開設第二個獨立翻新設施，該設施將位於密西西比州里奇蘭，並在洛杉磯地鐵市場開設一個場外拍賣地點。

We currently expect to open multiple off-site reconditioning and auction locations in FY '26. Our extensive nationwide footprint and logistics network continue to be a competitive advantage for CarMax.

目前，我們預計將在 26 財年開設多個場外修復和拍賣地點。我們廣泛的全國覆蓋範圍和物流網路仍然是 CarMax 的競爭優勢。

Now I'd like to turn the call over to Jon.

現在我想把電話轉給喬恩。

Thanks, Enrique, and good morning, everyone. During the fourth quarter, CarMax Auto Finance originated approximately $1.8 billion, resulting in sales penetration of 42.3% net of 3-day payoffs, which was down 240 basis points from the same period last year. The weighted average contract rate charged to new customers grew to 11.5%, an increase of 60 basis points from the last year's fourth quarter and 20 basis points sequentially.

謝謝恩里克，大家早安。第四季度，CarMax汽車金融產生約18億美元，扣除3天回款後的銷售滲透率為42.3%，較去年同期下降240個基點。向新客戶收取的加權平均合約費率成長至11.5%，比去年第四季增加60個基點，比上一季增加20個基點。

Tier 2 penetration in the quarter was 18.7%, down from 19.4% observed during last year's fourth quarter. Tier 3 accounted for 8.2% sales, up 130 basis points from last year as our partner began to ease previously implemented tightening.

本季二級市場滲透率為 18.7%，低於去年第四季的 19.4%。隨著我們的合作夥伴開始放鬆先前實施的緊縮政策，第三級銷售額佔 8.2%，比去年增長 130 個基點。

Also impacting each of these year results was CAF's continued decreased percentage in Tier 3 as well as the increased test volume in Tier 2. CAF income for the quarter was $147 million, up $23 million from the same period last year. This improvement was primarily driven by a $26 million year-over-year reduction in the provision for loan losses, slightly offset by a $3 million reduction in total interest margin.

對每年業績產生影響的還有 CAF 在 Tier 3 中的百分比持續下降以及 Tier 2 中測試量的增加。該季度 CAF 收入為 1.47 億美元，比去年同期增加 2,300 萬美元。這項改善主要是由於貸款損失撥備年比減少了 2,600 萬美元，但總息差減少了 300 萬美元，略有抵銷。

Note, fair market value adjustments from our hedging strategy accounted for $4 million in expense this quarter versus $1 million of income in last year's fourth quarter. The $72 million provision within the quarter resulted in a reserve balance of $483 million or 2.78% of receivables compared to 2.92% at the end of the third quarter. This highlights the significant impact that originations under our tightened credit policy are having on the reserve as they continue to become a larger percentage of the full portfolio.

請注意，我們對沖策略的公平市價調整導致本季費用為 400 萬美元，而去年第四季為 100 萬美元。本季撥備的 7,200 萬美元導致準備金餘額為 4.83 億美元，佔應收帳款的 2.78%，而第三季末為 2.92%。這突顯了我們緊縮的信貸政策下的原始資金對儲備產生的重大影響，因為它們繼續在整個投資組合中佔據更大的比例。

In addition, observed performance within the portfolio aligned closely to our reserve expectations at the end of the third quarter and contributed to the reduction in the reserve. The margin to receivable rate of the portfolio remained steady at 5.9% for the quarter.

此外，觀察到的投資組合表現與我們第三季末的準備金預期密切相關，並促成了準備金的減少。本季投資組合的應收帳款利潤率穩定在 5.9%。

We remain pleased with our ability to maintain a stable interest margin despite keeping our credit tightening in place. As I noted earlier, CAF continues to test across varying parts of the credit spectrum. Ultimately, CAF is building the capability to scale its participation across all credit tiers, which will help to capture finance economics, drive sales and fully complement our valued lending partnerships that are a key foundation of CarMax's best-in-class credit platform.

儘管我們繼續收緊信貸，但我們仍對保持穩定息差的能力感到滿意。正如我之前指出的，CAF 繼續在信用範圍的不同部分進行測試。最終，CAF 正在建立擴大其在所有信貸層級的參與的能力，這將有助於捕捉金融經濟、推動銷售並充分補充我們寶貴的貸款合作夥伴關係，這些合作夥伴關係是CarMax 一流信貸平台的關鍵基礎。

Now I'll turn the call back over to Bill.

現在我將把電話轉回給比爾。

Thank you, Jon and Enrique. Fiscal 2024 was a challenging year across the used car industry as vehicle affordability and widespread macro factors continue to pressure sales. In response, we focused on what we can control and took deliberate steps to support our business, both the near term and long run.

謝謝喬恩和恩里克。 2024 財年對於二手車產業來說是充滿挑戰的一年，因為車輛的承受能力和廣泛的宏觀因素繼續給銷售帶來壓力。作為回應，我們專注於我們可以控制的事情，並採取審慎的措施來支持我們的業務，無論是短期還是長期。

In addition to achieving the efficiencies across our entire organization that Enrique talked about , I am proud of the progress we've made in further enhancing our omnichannel capabilities as we prioritize projects designed to optimize experiences for our associates and customers and drive operating efficiencies.

除了實現恩里克談到的整個組織的效率之外，我還為我們在進一步增強全通路能力方面取得的進展感到自豪，因為我們優先考慮旨在優化員工和客戶體驗並提高營運效率的專案。

Some examples include: for retail, we leverage data science, automation and AI to make it even easier for customers to complete key transaction steps like vehicle transfers on their own. We also enhanced digital checkout functionality for appraisal customers, enabling them to submit their documents remotely and unlocking their ability to participate in our 30-minute express drop-off experience.

一些例子包括：對於零售業，我們利用數據科學、自動化和人工智慧，讓客戶更輕鬆地自行完成車輛轉移等關鍵交易步驟。我們還增強了評估客戶的數位結帳功能，使他們能夠遠端提交文件並參與我們的 30 分鐘快速投遞體驗。

Additionally, we expanded capabilities for Skye, our 24/7 virtual assistant to include managing finance applications, vehicle transfers, appointment reservations and appraisal offers. Customer adoption of Skye has been strong. And this has not only created efficiencies, but also widened bandwidth for our associates.

此外，我們還擴展了 Skye（我們的 24/7 虛擬助理）的功能，包括管理財務應用程式、車輛接送、預約預訂和評估報價。 Skye 的客戶採用率一直很高。這不僅提高了效率，也擴大了我們員工的頻寬。

For wholesale and vehicle acquisition, we modernized our auction platform to offer new services, including single sign-on across all of our systems, AI-enhanced condition reports, early bidding capabilities and automated bills of sale. Additionally, we streamlined MaxOffer by rolling out our instant offer experience to all participating dealers.

對於批發和車輛採購，我們對拍賣平台進行了現代化改造，以提供新服務，包括跨所有系統的單一登入、人工智慧增強的狀況報告、早期投標功能和自動銷售帳單。此外，我們透過向所有參與經銷商推出即時報價體驗來簡化 MaxOffer。

In the credit space, we have now incorporated all of our lenders into our finance-based shopping platform, expanding the breadth and depth of offers available to our customers. We continue to see great adoption with more than 80% of the consumers utilizing this best-in-class prequalification product as they begin the credit process.

在信貸領域，我們現在已將所有貸方納入我們的基於金融的購物平台，擴大了為客戶提供的服務的廣度和深度。我們繼續看到它的廣泛採用，超過 80% 的消費者在開始信用流程時使用這種一流的資格預審產品。

Finally, Edmunds launched a number of research and buyer tools in support of its goal to be the leader in EV research. These include range tests, charging efficiencies, VIN-level battery health assessments, EV tax credit and incentive guides.

最後，Edmunds 推出了許多研究和買家工具，以支持其成為電動車研究領導者的目標。其中包括續航里程測試、充電效率、VIN 級電池健康評估、電動車稅收抵免和激勵指南。

Looking ahead to fiscal 2025, we will build on our progress from last year to further expand our competitive moat. We are confident that the actions we are taking will enable us to grow sales, profitable market share and buyers while also driving additional operational efficiencies as the market turns.

展望2025財年，我們將在去年取得的進展的基礎上，進一步擴大我們的競爭護城河。我們相信，我們正在採取的行動將使我們能夠增加銷售額、獲利市場份額和買家，同時隨著市場的轉變提高營運效率。

Some examples include: for retail, we plan to launch an evolved hub within our customers' online shopping accounts that will make it even easier to seamlessly go back and forth between assisted health and self-progression. Customers will be able to see the steps they have taken on their shopping journey, whether on their own or with help from a CEC or store associate.

一些例子包括：對於零售業，我們計劃在客戶的線上購物帳戶中推出一個改進的中心，這將使在輔助健康和自我進步之間無縫地來回變得更加容易。顧客將能夠看到他們在購物過程中採取的步驟，無論是自己還是在 CEC 或商店員工的幫助下。

The hub will also guide next steps and promote MaxCare, our extended service plan offering. Additionally, we will continue to digitize work in support of our focus to build a leaner and high-value assistance model for our CECs. This will enable existing resources to support higher transaction volume as we grow traffic and drive stronger conversion.

該中心還將指導後續步驟並推廣我們的擴展服務計劃 MaxCare。此外，我們將繼續數位化工作，以支持我們為 CEC 建立更精簡、高價值的援助模式。隨著我們流量的成長並推動更強的轉化，這將使現有資源能夠支援更高的交易量。

As part of this effort, we will further integrate Skye into key communication channels, improve its ability to serve as the initial point of contact across many points in the customer shopping journey. Skye will manage next steps on -- or seamlessly transition customers to a CEC associate via the customer's channel of sorts.

作為這項工作的一部分，我們將進一步將 Skye 整合到關鍵溝通管道中，提高其作為客戶購物旅程中多個點的初始聯絡點的能力。 Skye 將管理後續步驟，或透過客戶的各種管道將客戶無縫過渡到 CEC 員工。

Our vehicle acquisition will focus to bring even more vehicles into our ecosystem. A key component of this will be our continued partnership with Edmunds to acquire vehicles from dealers.

我們的車輛收購將專注於將更多車輛帶入我們的生態系統。其中的關鍵組成部分是我們與 Edmunds 的持續合作，從經銷商處購買車輛。

In the credit space, we plan to further optimize our prequalification product by integrating the customers' instant offer into the application process. As Jon mentioned, we will also continue to test CAF's participation across varying parts of the credit spectrum. As always, we will continue to pursue opportunities that enable us to provide outstanding offers for consumers while driving sales and economics for the business.

在信貸領域，我們計劃透過將客戶的即時報價整合到申請流程中，進一步優化我們的資格預審產品。正如 Jon 所提到的，我們也將繼續測試 CAF 在信貸領域不同部分的參與。一如既往，我們將繼續尋找機會，為消費者提供卓越的產品，同時推動業務的銷售和經濟效益。

In regard to our long-term financial targets, we're maintaining our goal to sell more than 2 million combined retail and wholesale units annually. However, we are extending the time frame for this goal between fiscal 2026 and fiscal 2030 due to the uncertainty and the timing of the market recovery and as we continue to focus on profitable market share growth. We will adjust the time frame as we gain greater visibility into the industry's pace recovery.

關於我們的長期財務目標，我們維持每年銷售超過 200 萬個零售和批發單位的目標。然而，由於市場復甦的不確定性和時間安排以及我們繼續關注可獲利的市場份額成長，我們將這一目標的時間框架延長到 2026 財年至 2030 財年。當我們更清楚地了解產業的復甦步伐時，我們將調整時間框架。

Given higher average selling prices, we expect to achieve the $33 billion annual revenue target sooner than units. And similarly, we also expect to achieve more than 5% nationwide market share of 0- to 10-year-old used vehicle sooner than units. Given the recent volatility in vehicle values, we will provide an updated time frame for our expected achievement at the end of fiscal year 2025.

鑑於平均售價較高，我們預計將比單位更早實現 330 億美元的年收入目標。同樣，我們也預計0-10年二手車的全國市佔率將比整車更快達到5%以上。鑑於近期車輛價值的波動，我們將提供 2025 財年末預期成果的最新時間表。

Before turning to Q&A, I want to recognize 2 significant milestones. First, CarMax celebrated its 30th anniversary during fiscal 2024. I want to thank and congratulate all of our associates for the work they do. They are the differentiator and the key to our success.

在進行問答之前，我想先認識兩個重要的里程碑。首先，CarMax 在 2024 財年慶祝了成立 30 週年。我要感謝並祝賀我們所有員工所做的工作。它們是我們的差異化因素和成功的關鍵。

Second, Fortune Magazine recently named CarMax as one of the 100 Best Companies to Work For, for the 20th year in a row. I'm incredibly proud of this recognition, particularly as we faced a challenging year. It's due to our associates' commitment to supporting each other, our customers and our communities every day.

其次，《財星》雜誌最近連續 20 年將 CarMax 評為 100 家最適合工作的公司之一。我對這種認可感到無比自豪，尤其是在我們面臨充滿挑戰的一年。這是因為我們的員工每天都致力於相互支持、為我們的客戶和我們的社區提供支援。

In closing, I'm proud of the progress we've made on our journey to deliver the most customer-centric experience in the industry. I'm encouraged by the sequentially quarterly improvements we're driving across our business, and I'm excited about our focuses for fiscal 2025. And our core operations are strong, and we are well positioned to drive growth as macro conditions improve.

最後，我對我們在提供業內最以客戶為中心的體驗的過程中所取得的進展感到自豪。我對我們在整個業務中推動的逐季度改善感到鼓舞，並對我們 2025 財年的重點感到興奮。我們的核心業務強勁，隨著宏觀條件的改善，我們有能力推動成長。

With that, we'll be happy to take your questions. So Shelby?

這樣，我們將很樂意回答您的問題。那麼謝爾比？

(Operator Instructions) And your first question comes from the line of Seth Basham with Wedbush Securities.

（操作員說明）您的第一個問題來自 Wedbush Securities 的 Seth Basham。

I have one quarterly specific question, then one big picture question. On the quarter, it seems like service gross profit was weaker than we anticipated. Can you help us understand how much of that pressure was transitory and how much of an improvement we should see in the service line in 2025?

我有一個季度具體問題，然後是一個大局問題。本季服務毛利似乎弱於我們的預期。您能否幫助我們了解其中有多少壓力是暫時的，以及我們在 2025 年的服務線中應該看到多少改進？

Yes. Thanks, Seth. Great question. We do believe it is transitory. We did have a couple of things from a year-over-year standpoint, the planned lower production that we had communicated. So we did expect some headwinds there in the fourth quarter. We also had some wage pressures.

是的。謝謝，塞思。很好的問題。我們確實相信這是暫時的。從同比的角度來看，我們確實有一些事情，我們已經溝通過的計劃產量較低。因此，我們確實預計第四季會出現一些阻力。我們也面臨一些薪資壓力。

Now that being said, what we have undertaken in the fourth quarter, which will carry forward into next year, is even more efficiency initiatives, things for labor. Specifically, we've invested in RFID tracking of inventory. We're going to leverage our tech and engineering investments to enhance reporting in our stores. We're focused on driving more MaxCare work to our shops.

話雖這麼說，我們在第四季採取的措施將延續到明年，這是更多的效率舉措，為勞動力所做的事情。具體來說，我們投資了庫存的 RFID 追蹤。我們將利用我們的技術和工程投資來增強商店的報告功能。我們致力於將更多 MaxCare 工作帶到我們的商店。

And at the same time, we've also taken labor and parts rates up to help offset inflationary pressures. So we do expect to see improvement -- significant improvement year-over-year, just like we delivered this year, the significant improvement for the year as a whole. And we expect that same next year. Now it is also certainly related to sales performance as well, given the leverage/deleverage nature of service.

同時，我們也提高了勞動力和零件價格，以幫助抵消通膨壓力。因此，我們確實期望看到改進——逐年顯著改進，就像我們今年實現的那樣，全年的顯著改進。我們預計明年也是如此。考慮到服務的槓桿/去槓桿性質，現在它肯定也與銷售業績有關。

Understood. And then secondly, Bill, in regards to market share, you indicated on your last call that you started to see an improvement in market share towards the end of the fiscal third quarter. It seems like things slipped a little bit in the fourth quarter. Can you help us understand why? And when should we expect to see market share increases going forward as the cycle turns?

明白了。其次，比爾，關於市場份額，您在上次電話會議中表示，在第三財季末，您開始看到市場份額有所改善。第四季情況似乎有所下滑。你能幫助我們理解為什麼嗎？隨著週期的轉變，我們什麼時候可以看到市場佔有率增加？

Yes. Great question, Seth. And you're right. Last quarter, I talked about October from a year-over-year standpoint actually inflecting positive. But also during the quarter -- third quarter, I talked about the steep depreciation. It was going to be interesting to see how competitors react.

是的。好問題，賽斯。你是對的。上個季度，我從同比的角度談到了 10 月份，實際上是積極的。但也在第三季度，我談到了急劇貶值。看看競爭對手如何反應將會很有趣。

When I step back and think about market share kind of at the highest level, the 2 things that have been impacting us this year and really some of it was last year as well are affordability, and then more relevant to this year is the steep depreciation periods that we've seen. So from the affordability standpoint, we've talked about that throughout the year as far as consumers may be trading down, trading into older vehicles, into 0- to 10-year old cars that maybe we don't sell or just basically standing on the sidelines because we see that there's demand out there, yet people aren't actually pulling the trigger.

當我退後一步，思考最高層面的市場份額時，今年影響我們的兩件事（實際上也有一些是去年的）是負擔能力，然後與今年更相關的是急劇貶值我們所見過的時期。因此，從負擔能力的角度來看，我們全年都在討論消費者可能會降價購買舊車，購買0 到10 年的舊車，而這些車可能我們不會出售，或者只是停留在原地不動。觀望是因為我們看到那裡有需求，但人們實際上並沒有扣動扳機。

The other thing that we saw during the year, we saw 2 very steep depreciation cycles. If I look at last year's calendar year, and I talked about it in my prepared remarks, we were growing market share coming out of -- we're improving our market share coming out of last year. And then we ran into a period, let's call it, 4/5 months of steep depreciation starting in about April, and it was about $3,000.

我們在這一年中看到的另一件事是，我們看到了兩個非常陡峭的折舊週期。如果我看看去年的日曆年，我在準備好的演講中談到了這一點，我們的市場份額正在增長——我們正在提高我們去年的市場份額。然後我們遇到了一個時期，我們稱之為 4/5 個月的急劇貶值，大約從 4 月開始，大約是 3,000 美元。

Then it stabilized a little bit. And then we finished out the year with, again, another steep depreciation, probably the steepest we've seen in the shortest period of time of about another $3,000.

然後就穩定了一些。然後，我們在這一年結束時再次大幅貶值，這可能是我們在最短的時間內看到的最大幅度的貶值，大約又貶值了 3,000 美元。

And as we've talked about before, when we see the steep depreciation, that's really when we're testing our pricing elasticity because we know that competitors for their own reasons and for their business models may end up taking down prices to move inventory, that kind of thing. And what we've said is we're going to continue to move forward on profitable market share growth.

正如我們之前談到的，當我們看到急劇貶值時，這實際上是我們測試定價彈性的時候，因為我們知道競爭對手出於自己的原因和商業模式最終可能會降低價格以轉移庫存，那種事。我們已經說過，我們將繼續推進可獲利的市佔率成長。

So I think what we saw in the fourth quarter, dealers were trying to figure that out in October because a year ago, if you remember, we saw steep depreciation. There was a big influx of where we saw dealers letting inventory go.

因此，我認為我們在第四季度看到的情況是，經銷商在 10 月試圖解決這個問題，因為一年前，如果你還記得的話，我們看到了急劇的貶值。我們看到經銷商大量湧入庫存。

And then what happened in the beginning of the first quarter, they ended up buying a bunch of cars because they had sold through too much, and that drove up appreciation. So I think this year, dealers were a little bit delayed, which is why you saw a little bit of an inflection in October. But then we saw a sell-off in November and December.

然後第一季初發生的事情是，他們最終購買了一堆汽車，因為他們售出了太多汽車，這推高了汽車的升值。所以我認為今年經銷商有點延遲，這就是為什麼你在十月看到了一些拐點。但隨後我們在 11 月和 12 月看到了拋售。

Now the good news is the January data we have, we can actually see where we're improving market share in January. February, we don't have the actual data yet, but we feel good about February. So I think from a market share standpoint, this value volatility becomes challenging, and we'll continue to work it.

現在好消息是我們掌握的 1 月份數據，我們實際上可以看到 1 月份市場份額的改善情況。 2月份，我們還沒有實際數據，但我們對2月份感覺良好。因此，我認為從市場份額的角度來看，這種價值波動變得具有挑戰性，我們將繼續努力。

And that's one of the reasons why we want to see how this kind of pans out over this year before we update that target. So hopefully, that color is helpful.

這就是為什麼我們希望在更新目標之前看看今年的情況如何。希望這種顏色能有所幫助。

And we'll take our next question from Sharon Zackfia with William Blair.

我們將回答莎朗·扎克菲亞和威廉·布萊爾提出的下一個問題。

I guess 2 questions, and hopefully, you guys will forgive me. But on media improved affordability, can you give us some metrics around that? I mean it's clear that used car prices are coming down. And hopefully, rates are toppish.

我想問兩個問題，希望大家原諒。但在媒體的可負擔性提高方面，您能給我們一些相關指標嗎？我的意思是，很明顯二手車價格正在下降。希望利率是最高的。

So what was kind of an average loan payment that you originated this quarter versus maybe the third quarter or some historical benchmark just to give us an idea of how that's improving for the customer?

那麼，您本季發起的平均貸款支付情況與第三季或某些歷史基準相比是多少，只是為了讓我們了解客戶的情況如何改善？

And then secondarily, just on that market share dynamic, is there any region or any particular cohort of demographics that you've been more susceptible to this market share loss as some competitors may have been less rational?

其次，就市場份額動態而言，是否有任何地區或任何特定的人口群體更容易受到市場份額損失的影響，因為某些競爭對手可能不太理性？

Sure, Sharon. It's Jon here. I'll take the first one on the loan payment. So basically, our average used car was $20,000 forever. So that translated typically depending on the interest rate, $400 monthly payment. I think that's a good round number to think about.

當然，莎倫。這是喬恩。我會拿第一個還款額。所以基本上，我們的二手車平均價格永遠是 20,000 美元。因此，這通常取決於利率，每月支付 400 美元。我認為這是一個值得考慮的好整數。

With the appreciation you saw really a peak probably hit in kind of later calendar '22 of about [$570], [$580], that was -- I think we cited that was primarily driven by that financed amount. I mean rates are on their way up, but that finance amount really was driving that. So that increase, we kind of attribute it to maybe an 85-15 split on the finance amount versus the interest rate going up.

隨著升值，你看到的真正的峰值可能會在 22 年晚些時候達到約 [$570]、[$580]，那是 - 我認為我們提到這主要是由融資金額驅動的。我的意思是，利率正在上漲，但融資金額確實推動了這一趨勢。因此，我們將這種增長歸因於融資金額與利率上升之間的比例可能為 85 比 15。

Now as we've cited, clearly, the vehicle prices are coming down. The financed amount is coming down to some degree, and rates are going in the other direction.

正如我們所引用的，顯然，汽車價格正在下降。融資金額在一定程度上下降，而利率則朝相反方向發展。

So we probably say this quarter, we probably saw roughly a $520, $530 payment, still 2/3 of that driven by that vehicle price still higher. Now the rate is a bigger contributor, but hopefully, that gives you some perspective on how affordability has improved to some degree.

因此，我們可能會說，本季度，我們可能會看到大約 520 美元、530 美元的付款，其中 2/3 仍然是由於車輛價格仍然較高。現在，利率的貢獻更大，但希望這能讓您了解負擔能力如何在某種程度上得到改善。

Still a bit of a shock to a consumer that's used to a $400 monthly payment coming into a $530 monthly payment. They're going to have to figure out how they work that into their budget going forward. But yes, that hopefully gives you some context.

對於習慣了每月 400 美元付款的消費者來說，每月付款 530 美元仍然有點令人震驚。他們必須弄清楚如何將其納入未來的預算中。但是，是的，這希望能為您提供一些背景資訊。

And Sharon, on the second part of your question, not necessarily difference geographically. We talked about before, your Tier 3 customer, obviously were -- we have a lot less Tier 3 sales than we've had in the past. Our consumers that make less than $3,000 per month in a household, they've basically been cut in half. So certainly that lower finance customer, lower income coming in customer has been impacted.

莎倫，關於你問題的第二部分，不一定有地理上的差異。我們之前談過，您的 3 級客戶顯然是 - 我們的 3 級銷售額比過去少得多。我們家庭月收入低於 3,000 美元的消費者基本上已經減少了一半。因此，金融客戶的資金減少、客戶收入的減少肯定受到了影響。

But we also see -- and I talked about this in the third quarter, just from working with one of the credit bureaus, the folks that don't end up buying they'd apply for loan at CarMax, it's not like we're seeing this big degradation where they're going to someone else. They're just sitting on the sidelines. And I think part of that speaks to what Jon just spoke about.

但我們也看到——我在第三季度談到了這一點，只是透過與信用局之一的合作，那些最終沒有購買的人會在 CarMax 申請貸款，這不像我們看到這種巨大的退化，他們就去找別人了。他們只是坐在一旁。我認為這部分說明了喬恩剛才所說的。

The other thing I would just remind everybody on the market share is, historically, we have always grown market share. It's just when there's been unusual events, if you go back to the great financial crisis, if you go to COVID, and I would say now in this period, we've got these very, very steep depreciations. I mean, we saw 2 this year, we saw one last year. We've just never seen these before. And so I think working through these, we'll get through them. And then like always, we'll continue to grow market share.

關於市場份額，我想提醒大家的另一件事是，從歷史上看，我們的市場份額一直在增長。正是在發生不尋常事件的時候，如果你回到偉大的金融危機，如果你回到新冠疫情，我會說，在這個時期，我們經歷了非常非常急劇的貶值。我的意思是，今年我們看到了 2 個，去年我們看到了一個。我們以前從未見過這些。所以我認為解決這些問題，我們就會解決它們。然後像往常一樣，我們將繼續擴大市場份額。

And we'll take our next question from Rajat Gupta with JPMorgan.

我們將回答摩根大通拉賈古普塔 (Rajat Gupta) 提出的下一個問題。

Got it. Great. I wanted to just quickly ask on how the first quarter was trending, given you exhibited or you had positive comps in the fourth quarter. Should we expect that trend to continue here because seasonality would imply like comps should move lower or negative again in the first quarter. But curious like what you're seeing. Any update you can give us there.

知道了。偉大的。我想快速詢問第一季的趨勢如何，考慮到您在第四季度的表現或積極的表現。我們是否應該預期這種趨勢會持續下去，因為季節性意味著第一季的比較可能會再次走低或出現負值。但就像你所看到的那樣好奇。您可以在那裡向我們提供任何更新。

And then just a broader question on the long-term targets. It's a 4 -- it's almost like a 4-year range, 2026 to 2030. Could you explain the thought process behind such a wide range? And where is the uncertainty really coming from? Is it on the demand side? Or is it on the supply side? Any more color there would be helpful.

然後是關於長期目標的更廣泛的問題。這是一個 4——幾乎就像一個 4 年的範圍，2026 年到 2030 年。您能解釋一下如此廣泛的範圍背後的思考過程嗎？不確定性到底來自哪裡？是在需求方面嗎？還是供給面？任何更多的顏色都會有幫助。

Yes. So thanks for the question, Rajat. On the first question, kind of comp cadence, for the quarter, December, January, negative comps. February was a positive comp resulting in a positive for the quarter.

是的。謝謝你的提問，拉賈特。關於第一個問題，季度、十二月、一月的補償節奏，負補償。二月份的業績比較積極，為本季帶來了正面的結果。

Since the quarter end, it's been a little choppy. We've seen some weakness in right now, quarter-to-date, albeit early and again, choppy. We're seeing about a mid-single-digit negative comp right now. But again, it's early on, and it's been choppy the last 1.5 months.

自本季末以來，情況有些波動。目前，本季至今，我們已經看到了一些疲軟的情況，儘管是早期和反覆的波動。我們現在看到的是中個位數的負補償。但再說一遍，現在還為時過早，而且過去 1.5 個月一直不穩定。

On the second question, the market -- oh, the long-range targets. Well, keep in mind, on the market share, we'll come back at the end of this year and update that.

關於第二個問題，市場——哦，長期目標。好吧，請記住，關於市場份額，我們將在今年年底回來並更新。

On the units one, yes, you're right, it is a wide range. We're going to come back and provide more visibility into that once we just get a better idea of the market recovery.

在單位一上，是的，你是對的，它的範圍很廣。一旦我們對市場復甦有了更好的了解，我們就會回來提供更多的資訊。

Keep in mind, I think Cox's latest numbers had this year finishing up about 35.5 million units, where traditionally, we're at 40 million. And so I think expectation to ours going to be fairly flat, maybe up a little bit in total used units in the 0 to 10, it might be flat to even up a little bit less. So I think you're expecting when it comes to total used units, there's probably more growth in the over 10-year-old vehicles in the 0 to 10.

請記住，我認為考克斯的最新數據今年的銷量約為 3550 萬台，而傳統上我們的銷量為 4000 萬台。因此，我認為我們的預期將相當平穩，在 0 到 10 的總使用單位中可能會有所上升，也可能會持平甚至稍微少一些。因此，我認為您預計，就二手車總數而言，0 至 10 年間車齡超過 10 年的車輛可能會出現更多增長。

And so that's something of -- we want to get some visibility into that, especially when it comes to the units. The volatility also plays into it, though, because it also impacts -- vehicle volatility plays into it because it impacts your buy rate, which ultimately can impact your wholesale. So as we get more visibility into this market recovery, we'll come back and narrow that time frame for you.

所以這就是——我們希望對此有一些了解，特別是當涉及到單位時。不過，波動性也會影響它，因為它也會影響——車輛波動性也會影響它，因為它會影響你的購買率，這最終會影響你的批發。因此，當我們對市場復甦有了更多了解時，我們將回來為您縮小時間範圍。

Yes, the expectation is not to hit the wide end of that range. Really is we're going to provide visibility once there's just a bit more stability in the market like building.

是的，我們的期望不是達到該範圍的最寬端。事實上，一旦市場（例如建築）變得更加穩定，我們就會提供可見性。

Just to clarify on the 0- to 10-year-old comment. I mean if you look at what's happened with like new car sales the last few years and just the leases originated on them, is there a chance that the 0- to 10-year-old market takes another step down in calendar '25 before turning positive? Because that should be fairly visible, right, given what we know that's happened over the last 3, 4 years?

只是為了澄清 0 到 10 歲的評論。我的意思是，如果你看看過去幾年新車銷售的情況以及由此產生的租賃，那麼 0 到 10 年的市場是否有可能在 25 年日曆中在轉向之前再次下降積極的？因為根據我們所知道的過去三、四年發生的情況，這應該是相當明顯的，對吧？

Yes. I think the 0 -- again, I think the 0 to 10, what the estimates are out there is it's going to be flat to up a little bit. So we'll see where that actually pans out. I mean the -- keep in mind, there is a new car dynamic here where less cars were sold a couple of years ago. But again, I would also look back to -- we saw bigger declines back in the great financial crisis. So we'll see estimates are that it's going to be flat to up a little bit.

是的。我認為 0——再一次，我認為從 0 到 10，據估計，它將持平或略有上升。所以我們會看看實際效果如何。我的意思是——請記住，這裡有一種新的汽車動態，幾年前售出的汽車較少。但我還要再回顧一下——我們在金融危機期間看到了更大的下滑。因此，我們將看到估計它將持平或略有上升。

We'll take our next question from Brian Nagel with Oppenheimer.

我們將回答布萊恩·內格爾和奧本海默提出的下一個問題。

My first question with regard to used sales, and maybe a bit bigger picture. But I guess it's much in the business. Look, you got the positive comp, albeit slightly. You got positive used car unit comp here in Q4.

我的第一個問題是關於二手銷售的，也許是一個更大的問題。但我想這在商業上很重要。看，你得到了積極的補償，儘管只是輕微的。您在第四季度獲得了積極的二手車單位補償。

And then in response to the prior question, you talked about maybe some incremental weakness here in early Q1. But the question I have is as you're looking at this business, recognizing that you don't give guidance, there's a lot of moving parts out there. What has to happen? Because it seems like a lot of the key factors are starting to turn more favorable for CarMax whether it be used car pricing moderating, rate stabilization, we're seeing the data, a better tax refund season. So I guess as you look, what's the kind of the equation, if you will, to get back to that normalized used car unit comp?

然後，在回答先前的問題時，您談到了第一季初期可能出現的一些增量弱點。但我的問題是，當你審視這項業務時，認識到你沒有提供指導，那裡有很多變化的部分。必鬚髮生什麼？因為似乎許多關鍵因素都開始變得對 CarMax 更加有利，無論是二手車定價放緩、利率穩定，我們看到的數據是一個更好的退稅季節。所以我想，正如您所看到的，如果您願意的話，回到標準化二手車單位比較的方程式是什麼樣的？

Yes. I think we've hit on a couple of the major issues. The affordability has to continue to move down. I was encouraged. I mean this quarter was the first time we've been under a $26,000 average selling price in like 2 years. So that's a step in the right direction.

是的。我認為我們已經解決了幾個主要問題。承受能力必須持續下降。我很受鼓舞。我的意思是，本季是我們兩年來首次低於 26,000 美元的平均售價。所以這是朝著正確方向邁出的一步。

I think there's a lot of positives out there you referred to like interest -- hopefully interest rates are at least stable. And once they start coming down, I think that's certainly a good guide as well.

我認為你提到了很多積極的因素，例如利息——希望利率至少是穩定的。一旦它們開始下降，我認為這當然也是一個很好的指南。

I think building on some of the stuff that we've been working on, the efficiencies that we're working on that we've talked about is the fact that we've got sequential improvement. Jon talked about CAF becoming more of a full credit spectrum lender. There's opportunity there.

我認為，在我們一直在努力的一些事情的基礎上，我們正​​在努力提高效率，我們已經討論了這一事實，即我們已經取得了連續的改進。喬恩 (Jon) 談到 CAF 正在變得更像是一個全面的信用範圍貸款機構。那裡有機會。

I think there's opportunity in omni. I mean we've got a lot of good things that are positive, but we do need a little help on the affordability. And I think we also -- just that volatility, don't underestimate.

我認為全能有機會。我的意思是，我們有很多積極的好東西，但我們確實需要在負擔能力方面得到一些幫助。我認為我們也——不要低估波動性。

I mean when you have a year where you see depreciation of $6,000, keep in mind, we saw some appreciation at the beginning so it offset some of that. But $6,000 really in 2 different time periods. We just haven't seen that. And we had another of those last year, I would call them, their price corrections.

我的意思是，當你有一年看到貶值 6,000 美元時，請記住，我們一開始就看到了一些升值，因此它抵消了其中的一部分。但 6,000 美元實際上是在 2 個不同的時間段內發生的。我們只是還沒看到這一點。去年我們又進行了一次價格調整，我稱之為價格調整。

And I think having some visibility into that and stabilizing that. If you get a -- we've shown like continued market share growth over the years, whether it's been appreciation, whether it's been normal depreciation, keep in mind, normally in end of the year, there is depreciation. It's probably $1,500, $1,600 a year. We've been able to take market share in all those environments. So I think those are the 2 big factors for us.

我認為對此有一定的了解並使其穩定。如果你看到——我們多年來的市場份額持續增長，無論是升值還是正常貶值，請記住，通常在年底，都會出現貶值。一年大概是1500、1600美元。我們已經能夠在所有這些環境中佔據市場份額。所以我認為這對我們來說是兩個重要因素。

I think a couple of other just demand signals that we've seen. Web traffic was up again this quarter, year-over-year. Finance applications were up again this quarter. So there's demand signals that we're seeing out there just boils down to like we've been talking about really to the affordability question.

我認為我們也看到了其他一些需求訊號。本季網路流量較去年同期再次上升。本季金融申請再次增加。因此，我們看到的需求訊號歸結為我們一直在談論的負擔能力問題。

That's very helpful. And if I could ask just one follow-up. You've talked now -- forget about tightening lending standards. We're seeing -- we're clearly seeing the benefits of that in the CAF data and particularly, I guess, the loan loss provision. I guess the question I have is to what extent is -- are your -- what potential is that, your tighter lending now impacting demand for used cars at CarMax?

這非常有幫助。如果我可以問一個後續問題。你現在已經談到了——忘記收緊貸款標準吧。我們看到——我們在 CAF 數據中清楚地看到了這一點的好處，尤其是我猜的貸款損失撥備。我想我的問題是，你們收緊的貸款現在在多大程度上影響了 CarMax 對二手車的需求？

Yes, appreciate the question. I mean certainly, I think that's the benefit of our platform, right? CAF is able to tighten, and it's able to slow down to partners that are willing to -- maybe they're going to ask for a little more money down, it's going to be a little bit higher rate. But they are going to have the option to buy, and we see people get picked up down the line.

是的，感謝這個問題。我的意思當然是，我認為這就是我們平台的好處，對吧？ CAF 能夠收緊，並且能夠放慢合作夥伴的意願——也許他們會要求多一點首付，利率會更高一點。但他們將有購買的選擇，而且我們看到人們最終會被選中。

We're very careful when we [cast] rates. And we do any underwriting adjustments. We watch it very carefully. We test it. We know what's going to get picked up, and we're very thoughtful about the sales impact and any decision we make, whether it be pricing or underwriting.

我們在[鑄造]費率時非常小心。我們會進行承保調整。我們非常仔細地觀察它。我們測試一下。我們知道將會出現什麼，我們對銷售影響以及我們所做的任何決定（無論是定價還是承保）都非常深思熟慮。

So certainly, there's going to be a few people that might not choose that higher rate that more down payment from our lenders down the line. But we believe, generally, they are very excited, Tier 2 partners are, when CAF passes on stuff, and they can go pick it up.

因此，當然，會有一些人可能不會選擇更高的利率，而不是從我們的貸方那裡支付更多的首付。但我們相信，總的來說，當 CAF 傳遞東西時，他們會非常興奮，二級合作夥伴也是如此，他們可以去撿起來。

Yes. But Brian, it's definitely a headwind. I mean we're tightening. We've got great partners and picking up some of that, but they don't pick it all up. And then it goes down to Tier 3, and you've seen where our Tier 3 volume just is in general. So there's no doubt that the tightening in general of the industry is having an impact.

是的。但是布萊恩，這絕對是一個逆風。我的意思是我們正在收緊。我們有很棒的合作夥伴，他們吸收了其中的一些，但他們並沒有吸收全部。然後再下降到第 3 級，您已經看到了我們的第 3 級卷的整體情況。因此，毫無疑問，整個產業的緊縮政策正在產生影響。

And we'll take our next question from Craig Kennison with Baird.

我們將回答 Craig Kennison 和 Baird 提出的下一個問題。

I wanted to ask about sourcing, Bill. You bought 11% fewer cars. I know depreciation is a headwind, but you also have these innovative new tools like instant offer and MaxOffer that I thought might provide like a secular lift. So I'm wondering on instant offer, can you shed any light on just overall appraisal activity and buy rates to give us a feel for the kind of traction you have with that tool? And then on MaxOffer, how much of that 45% growth, albeit from a small base, is attributable to adding new dealers versus momentum with the existing dealers?

我想問一下有關採購的問題，比爾。您購買的汽車數量減少了 11%。我知道折舊是一個逆風，但你也有這些創新的新工具，如即時報價和 MaxOffer，我認為它們可能會提供長期的提升。所以我想知道即時報價，您能否透露一下整體評估活動和購買率，以便讓我們了解您對該工具的吸引力？然後，在 MaxOffer 上，儘管基數較小，但 45% 的成長有多少是由於新經銷商的增加以及現有經銷商的勢頭所致？

Yes. Thanks for the question, Craig. On the -- from consumers, again, I think it's more -- I think when you're talking about the decline, it's more of a year-over-year dynamic.

是的。謝謝你的提問，克雷格。再次，從消費者角度來看，我認為更多的是——我認為當你談論下降時，這更多是逐年的動態。

Buy rate this year was down a little bit versus last year. But keep in mind, last year, I think in the fourth quarter, we saw about $2,000 of appreciation. We didn't see that this quarter. It was much, much less than that by the end of the quarter. That has an impact because consumers always think their cars are worth more money. When you can put more on it, that helps buy.

今年的購買率比去年略有下降。但請記住，去年第四季度，我們看到了大約 2,000 美元的升值。本季我們沒有看到這一點。這比本季末要少得多。這會產生影響，因為消費者總是認為他們的汽車更值錢。當你可以放更多的東西時，這有助於購買。

On the MaxOffer, the increase there is really -- well, we've increased the overall number of deals. The way we think about it, how many active dealers do you have.

在 MaxOffer 上，成長確實是——好吧，我們增加了交易總數。我們的想法是，您有多少活躍經銷商。

And of the deals we have, we saw about a 50% increase in active dealers actually using the tools. So we're encouraged by that. We haven't expanded to other areas. We think there's a lot of opportunity to continue to move this along, which is what I said earlier in my prepared remarks. It's going to be a focus for us.

在我們的交易中，我們發現實際使用這些工具的活躍經銷商增加了約 50%。所以我們對此感到鼓舞。我們還沒有擴展到其他領域。我們認為有很多機會繼續推動這一進程，這就是我之前在準備好的演講中所說的話。這將成為我們關注的焦點。

And we'll take our next question from Michael Montani with Evercore ISI.

我們將回答 Evercore ISI 的 Michael Montani 提出的下一個問題。

Just wanted to ask to start off. If you think about this year, is there any reason that this wouldn't be another year for CarMax to take market share? And then is there a need at all to either sacrifice gross profit per unit or potentially loosen credit standards to take share?

只是想問一下開始。如果您考慮一下今年，是否有任何理由認為這不會是 CarMax 奪取市場份額的另一年？那麼是否有必要犧牲單位毛利潤或放鬆信貸標準來搶佔市場份額？

Yes. I think, look, you could -- if you lower your prices, you could absolutely sell some more cars. But I'll go back to what I said earlier. I mean we're focused on profitable market share.

是的。我認為，如果你降低價格，你絕對可以賣出更多的汽車。但我會回到我之前所說的。我的意思是我們專注於可獲利的市場佔有率。

And look, you can see it with the publicly traded auto retailers, they're swapping it off, sometimes units for GPU. And when you look at total comp GPU, it just -- it hasn't been necessarily a good decision. So we'll continue to test the elasticity.

你看，你可以在公開交易的汽車零售商那裡看到這一點，他們正在交換它，有時是 GPU 的單位。當你查看整體 GPU 對比時，你會發現這並不一定是一個好的決定。所以我們將繼續測試彈性。

Our goal, obviously, every year is to gain market share. I am hopeful just looking at kind of depreciation trends, I'm hoping that this year will be a more normal depreciation and appreciation cycles, but we'll see. And I think that's going to be a factor. And again, I always couch it with we'll always test the elasticity to see if it makes sense to lower margins in order to get more units and more total gross profit.

顯然，我們每年的目標都是獲得市場份額。我對貶值趨勢充滿希望，我希望今年將是一個更正常的貶值和升值週期，但我們拭目以待。我認為這將是一個因素。再說一次，我總是說，我們將始終測試彈性，看看降低利潤率以獲得更多單位和更多總毛利是否有意義。

And as far as the CAF lending standards, I mean, I think that's one of the things that we're optimistic about. We've tightened. We've tightened for a very for very purposeful reason. Obviously, we have partners down the line. But as Bill mentioned, yes, you do lose sales when CAF tightens.

就 CAF 貸款標準而言，我認為這是我們樂觀的事情之一。我們已經收緊了。我們出於非常有目的的原因而收緊了政策。顯然，我們有合作夥伴。但正如比爾所提到的，是的，當 CAF 收緊時，你確實會損失銷售額。

But we believe that the cycle will turn. The consumer will get healthier. And we're excited to go after more market share up and down the credit spectrum. So I think it absolutely is an opportunity on the other side of this.

但我們相信這個週期將會逆轉。消費者將變得更健康。我們很高興能夠在信貸領域追求更多的市場份額。所以我認為這絕對是另一方面的機會。

Yes. I'm optimistic with CAF. And I know the Fed is -- there's a decision on when they're going to cut rates. I mean it stabilizes and doesn't sound like it's going to go up. I'm going to knock on wood right now. But as that comes down, that's a tailwind for us for sure on a couple of different fronts from a CAF standpoint, margin standpoint but also from a sales standpoint.

是的。我對CAF持樂觀態度。我知道聯準會正在決定何時降息。我的意思是它穩定下來並且聽起來不會上漲。我現在要去敲木頭。但隨著這一點的下降，從 CAF 的角度、利潤率的角度以及銷售的角度來看，這對我們來說肯定是一個順風車。

Just how to think about the mid-70s SG&A ratio target as well. Is that feasible for this year? Or how should we think about that?

如何思考 70 年代中期的 SG&A 比率目標。今年可行嗎？或者說我們該如何思考這個問題？

Yes. I think for the mid 70s as we've talked about, that is absolutely our next step in our progress. I think in terms of this coming year, we're going to need strong consumer demand also return.

是的。我認為對於 70 年代中期，正如我們所討論的，這絕對是我們進步的下一步。我認為明年，我們將需要強勁的消費者需求回歸。

There's, obviously, 2 variables in that equation, right? You have SG&A, which I feel we've made a lot of strides this past year, and we'll continue to focus on. But we really need that gross profit number to accelerate in order to hit that mid-70%.

顯然，該方程中有 2 個變量，對吧？你有SG&A，我覺得我們在過去的一年裡取得了很大的進步，我們將繼續關注。但我們確實需要加速毛利數字才能達到 70% 左右。

I think you hit it in FY '25 would really be a tough put, just given the level -- the volumes of our unit sales over the past couple of years here.

我認為，考慮到我們過去幾年的單位銷售水平，在 25 財年實現這一目標確實是一個艱難的選擇。

Well -- and I think also just given that they think that the market is overall going to be fairly flat.

嗯——我認為也是因為他們認為市場整體上將相當平穩。

Yes. Exactly.

是的。確切地。

We'll take our next question from John Healy with Northcoast Research.

我們將回答 Northcoast Research 的 John Healy 提出的下一個問題。

Just wanted to ask a bit about the wholesale business. It's a nice position where we kind of ended the year in terms of GPUs on wholesale. I was kind of curious kind of how you see that business from a GPU performing in '25, just given the expected kind of the sending of the used car market in terms of values with improving supply. Do you think we can hold at this kind of $1,000 level for a while?

只是想詢問一下批發業務。這是一個很好的位置，我們在今年結束時在 GPU 批發方面處於領先地位。我有點好奇你如何看待 GPU 在 25 年的表現，考慮到二手車市場在供應改善的價值方面的預期發送方式。您認為我們能在 1,000 美元的水平上保持一段時間嗎？

And can you talk a little bit about what you're doing with the auction side of the business? I think in your prepared remarks, you mentioned that you're going to build a standalone auction facility, which I believe would be the first one for the company, maybe where you're going with that business and does that decoupling of auctions from the retail location potentially market new business line that you're getting into, not only from a self-sufficiency standpoint but maybe from a revenue standpoint?

您能談談您在拍賣方面所做的事情嗎？我認為在您準備好的發言中，您提到您將建立一個獨立的拍賣設施，我相信這將是公司的第一個拍賣設施，也許您將在其中開展該業務，並將拍賣與拍賣脫鉤。零售地點可能會推銷您正在進入的新業務線，不僅從自給自足的角度來看，而且也許從收入的角度來看？

Yes. Thank you for the questions. On the wholesale margin, yes, I was especially pleased with the wholesale margin. Just given some of the year-over-year dynamics, the team did a phenomenal job. And I think it speaks to just some of the improvements we made in our overall auction process with technology, that kind of thing.

是的。謝謝你的提問。在批發利潤方面，是的，我對批發利潤特別滿意。僅考慮到一些逐年變化，該團隊做得非常出色。我認為這只是我們在整個拍賣過程中透過技術等方面所做的一些改進。

I think you're thinking about it the right way. If you look at it on a yearly basis, I think a good target, give or take a little bit, is similar to what we ran for the year this year on wholesale margins. So I think you're thinking about that the right way. And I think it speaks to a lot of the improvements that we've made in the business.

我認為你正在以正確的方式思考這個問題。如果你以每年的角度來看，我認為一個好的目標，無論多少，都與我們今年的批發利潤率目標類似。所以我認為你正在以正確的方式思考這個問題。我認為這說明了我們在業務方面取得的許多改進。

As far as the standalone auction facility, it is -- it's interesting because we actually have a couple of standalone auction facilities that we've built over time, just that are generally located right close to one of the stores from a extra capacity.

就獨立拍賣設施而言，這很有趣，因為我們實際上擁有一些隨著時間的推移而建立的獨立拍賣設施，只是它們通常位於靠近其中一家商店的額外容量。

But this -- you're right, this will be the first time that we've gone out and really kind of built the facility with the intention of it having to be an auction facility. I think going forward, you're going to see some of the standalone auction/production.

但這——你是對的，這將是我們第一次走出去，真正建造這個設施，目的是讓它成為一個拍賣設施。我認為展望未來，您將看到一些獨立的拍賣/製作。

The one that we're talking about for next year is just an auction facility. We may run some logistics hub out there. But right now, it's an auction facility. And it's really going to help us in a couple of different ways. The facility will be close to existing stores. And we'll be able to take wholesale vehicles out of existing stores, allow them to leverage the lots more from a service standpoint, more from a sales standpoint.

我們明年討論的只是一個拍賣設施。我們可能會在那裡經營一些物流中心。但現在，它是一個拍賣設施。它確實會以幾種不同的方式幫助我們。該設施將靠近現有商店。我們將能夠從現有商店中取出批發車輛，讓他們從服務的角度、從銷售的角度更多地利用這些車輛。

We're ending up moving a lot of cars anyway from satellite and XF stores. And now taking them to this location will just help us continue to make benefits or improvements at standalone facilities, and I think they'll pan out well for us going forward.

無論如何，我們最終還是從衛星商店和 XF 商店轉移了很多汽車。現在將它們帶到這個位置將有助於我們繼續在獨立設施上取得效益或改進，我認為它們將為我們的未來帶來良好的結果。

So our intention as we go forward is to build more of these things, get more of some of the wholesale sales out of the stores to free up space, free up capacity that we think will have other benefits to the business, whether it's, hey, you can do a little bit more MaxCare retail service. There's a lot of benefits to that, plus just the standardization of having these bigger locations in closed proximity to stores will also help us to innovate even quicker than what we've been able to do.

因此，我們前進的目的是建造更多這樣的東西，從商店中獲得更多的批發銷售，以釋放空間，釋放容量，我們認為這將為業務帶來其他好處，無論是，嘿，可以多做一點MaxCare零售服務。這樣做有很多好處，此外，將這些更大的地點靠近商店的標準化也將幫助我們比我們能夠做的更快地進行創新。

We'll take our next question from Scot Ciccarelli with Truist Securities.

我們將回答 Truist Securities 的 Scot Ciccarelli 提出的下一個問題。

Another market share follow-up, I guess. Bill, why do you think you lose share in disruptive periods? I mean historically, industry leaders in various retail verticals actually accelerate share gains during disruptive periods. What is different about the CarMax model why that may not follow a similar pattern?

我猜這是另一個市場份額的後續行動。比爾，你認為為什麼你會在顛覆性時期失去市場份額？我的意思是，從歷史上看，各個零售垂直領域的行業領導者實際上在顛覆時期加速了份額成長。 CarMax 模型有什麼不同，為什麼可能不遵循類似的模式？

Well, when you say disruptive periods, I mean, the 3 periods, and I think Great Recession, if I think about COVID, I think what we're doing -- what's going on a little bit different. I mean here more recently, it's this vehicle volatility that I talked about earlier.

好吧，當你說破壞性時期時，我的意思是，這三個時期，我認為大衰退，如果我想到新冠疫情，我認為我們正在做的事情——正在發生的事情有點不同。我的意思是最近我之前談到的車輛波動性。

And when there are shocks to the system of large depreciation over a short amount of time, you know how we run the model. We're like, okay, should we lower our prices? And is it overall better from a profitability standpoint? And what we've seen is it just doesn't pan out that way, which is why we hold the margins steady.

當系統在短時間內遭受大幅折舊衝擊時，您知道我們如何運行模型。我們想，好吧，我們應該降低價格嗎？從獲利能力的角度來看，整體情況是否更好？但我們所看到的是，事實並非如此，這就是我們保持利潤率穩定的原因。

Now there's lots of competitors don't do that. And they do what's right for their business. They've got different demands. They've got credit lines, things like that. So they have to do what's right for their business, and we have to do what's right for our business.

現在有很多競爭對手不這麼做。他們做適合他們業務的事情。他們有不同的要求。他們有信用額度之類的東西。因此，他們必須做適合他們業務的事情，我們也必須做適合我們業務的事情。

So you will see -- we've seen this year when we hold the prices and others are liquidating inventory for various reasons. We -- trying to give up market share.

所以你會看到——我們今年已經看到，我們維持價格，而其他人則出於各種原因清算庫存。我們——試圖放棄市場佔有率。

So just philosophically, like is that the right decision over time? Like I understand like you can capture more profit. But if you want to be a growth vehicle and you have been for 20-plus years, I think you said [38], is that the right decision to kind of hold the line on price and protect profit? Or should you be seeking market share? I'm just wondering philosophically how you guys are thinking about that.

所以從哲學上來說，隨著時間的推移，這是正確的決定嗎？據我了解，您可以獲得更多利潤。但如果你想成為成長工具，而且你已經這樣做了 20 多年，我想你說過 [38]，那麼堅持價格底線並保護利潤是正確的決定嗎？或者你應該尋求市場佔有率嗎？我只是想知道你們在哲學上是如何思考這個問題的。

Yes. No, I mean, it's a good question. And obviously, we think philosophically, look, the buying cycle is every 5 years. And who -- if you had asked me at the beginning of this year, do you think there might be a price correction? I would say maybe, yes, probably another price correction coming out of last year.

是的。不，我的意思是，這是一個好問題。顯然，我們從哲學角度思考，看，購買週期是每 5 年一次。如果你在今年年初問我，你認為可能會出現價格調整嗎？我想說，也許，是的，去年可能會出現另一次價格調整。

I didn't expect there to be 2 price corrections. I don't see this type of environment being able to replicate itself year after year. I think these are very unusual circumstances.

沒想到會有2次價格調整。我不認為這種環境能夠年復一年地自我複製。我認為這些都是非常不尋常的情況。

So I do think that here in the short term, it is the right thing to do. It's not like this is going to be continuing to repeat. If it was, then we would look at the business model. But I just think we believe that this is the right move.

所以我確實認為，從短期來看，這樣做是正確的。這不會繼續重複。如果是的話，那麼我們就會考慮商業模式。但我只是認為我們相信這是正確的舉動。

We'll take our next question from Christopher Bottiglieri from BNP Paribas Exane.

我們將接受法國巴黎銀行 Exane 的 Christopher Bottiglieri 的下一個問題。

This is Ian Davis on for Chris. It seems you've been a bit more reliant on warehouse facilities than ABS in recent years ex the Tier 2 and Tier 3 pilot. So wondering if you could elaborate a little bit on how average FICO expected losses of loans in these warehouse facilities compares to maybe what you see in the -- similarly loans and ABS facilities?

這是克里斯的伊恩戴維斯。近年來，除第 2 級和第 3 級試點外，您對倉庫設施的依賴似乎比 ABS 更依賴。因此，想知道您是否可以詳細說明 FICO 在這些倉庫設施中的平均預期貸款損失與您在類似貸款和 ABS 設施中看到的情況相比如何？

Sure. Yes, I can take that one, Ian. Yes, I mean, I think you said excluding Tier 2 and Tier 3, so we're talking focused on the Tier 1 business. Yes, I mean, our focus is generally to bring in all the volume from Tier 1 into our warehouse facilities, and our goal would be to get it all into the ABS market.

當然。是的，我可以接受，伊恩。是的，我的意思是，我想你說的是排除二級和三級業務，所以我們討論的重點是一級業務。是的，我的意思是，我們的重點通常是將來自一級的所有數量引入我們的倉庫設施，我們的目標是將其全部進入 ABS 市場。

Now fundamentally, there are things that you need to pare back. There are certain criteria they need to meet. You need to have a title, they need to have made the first payment, et cetera. So you're going to have some higher risk stuff fall out. It's always going to happen.

現在從根本上來說，有些事情你需要削減。他們需要滿足某些標準。你需要有一個頭銜，他們需要支付第一筆款項，等等。所以你會遇到一些風險較高的事情。它總是會發生。

But our goal is to move all that volume from originations through the warehouse into ABS. Inherently because of those exclusions, you're going to have probably a little bit higher FICO in the ABS deals.

但我們的目標是將所有數量從原產地透過倉庫轉移到 ABS。本質上，由於這些排除，您在 ABS 交易中的 FICO 可能會稍微高一些。

If you look at deal over deal over deal, that change in FICO is coming from us changing what we're originating and that ultimately flowing through. Remember, it's going to take 6, 7 months to get into an ABS deal for when we originate it. But that movement over time in ABS is really what we're underwriting, probably less so what we're holding out into in a warehouse line.

如果你仔細觀察一筆又一筆的交易，你會發現 FICO 的改變來自於我們對我們的起源和最終流動的內容的改變。請記住，當我們發起 ABS 交易時，需要 6、7 個月的時間才能達成。但隨著時間的推移，ABS 的變動確實是我們所承保的，可能不是我們在倉庫中所持有的。

And from a total capacity standpoint, where we certainly leverage the ABS market is the most efficient way to fund the business. We also -- as you've noted, we've also grown our kind of non-ABS funding with our banking partners. We have tremendous banking partners, and we've built out some facilities, additional facilities there.

從總容量的角度來看，我們利用 ABS 市場無疑是為業務提供資金的最有效方式。正如您所指出的，我們還與銀行合作夥伴一起增加了非 ABS 融資。我們擁有大量的銀行合作夥伴，我們在那裡建立了一些設施，額外的設施。

And we talked about that several years ago about just bridging out and having alternative finance options as we continue to grow the business. And that's what we've done.

幾年前我們就討論過，隨著我們業務的不斷發展，我們需要進行過渡並擁有替代融資選擇。這就是我們所做的。

Got it. That's helpful. And if I could just slip another question in. We had read that CarMax may be removing the 30-day return policy. Is there any truth to this? And if there is, could you contextualize maybe how material abandoning the policy would be to earnings? And perhaps any other context in terms of customers valuing it or maybe using it, any context there would be helpful.

知道了。這很有幫助。我可以再插一個問題嗎？我們已經了解到 CarMax 可能會取消 30 天退貨政策。有沒有道理呢？如果有的話，您能否說明放棄該保單對收益的影響有多大？也許任何其他關於客戶重視它或可能使用它的背景，任何背景都會有幫助。

Yes. So what you're referring to is the 30-day money back guarantee. And we're modifying it to 10 days money back, which is still industry-leading. And that's really due to really some experiential headwind, both for customers and associates, which also add increased expenses when you're talking about most of our customers -- a lot of our customers take advantage of it well before the 30 days. You get past the 10, some people are just working the system.

是的。所以你指的是 30 天退款保證。我們將其修改為 10 天退款，這仍然是行業領先的。這實際上是由於對客戶和員工而言確實存在一些體驗上的逆風，當您談論我們的大多數客戶時，這也會增加費用 - 我們的許多客戶早在 30 天之前就利用了它。過了 10 點，有些人就只是在使用系統了。

Others, what we run into is some headwinds with DMVs and municipalities getting title work squared away, checks back, taxes back, that kind of thing. So I think that's what you're referring to.

其他的，我們遇到的一些阻力是DMV和市政當局在處理產權工作、核對、退稅等方面遇到的阻力。所以我認為這就是你所指的。

Yes, that's right.

恩，那就對了。

And we'll take our next question from Chris Pierce with Needham.

我們將回答克里斯·皮爾斯和李約瑟提出的下一個問題。

I just wanted to ask, are we set up for another period of excessive depreciation in the wholesale market because as we get the tax refund season, which we're sort of already through in the wholesale market, there's going to be normal depreciation. But like are we set for further excessive depreciation and what would limit excessive depreciation? Because as far as I can tell, dealers are already carrying lower inventories versus normal. So how -- is there anything that the industry can do to combat that? Or is it just we need to see that excessive depreciation because we need to get back to a $22,000 average used car?

我只是想問，我們是否已經為批發市場又一個過度貶值做好了準備，因為當我們進入退稅季節時，批發市場已經經歷了退稅季節，將會出現正常的貶值。但我們是否會進一步過度貶值以及什麼會限制過度貶值？因為據我所知，經銷商的庫存已經低於正常水準。那麼，業界可以採取什麼措施來應對這個問題呢？或者我們只是需要看到過度折舊，因為我們需要回到平均價值 22,000 美元的二手車？

Yes. Chris, I'm not necessarily seeing what you're calling excessive depreciation. I'm really seeing more depreciation that's more in line with kind of what you would see between 2015 and 2019. It's actually look at it, appreciate a little bit more. But again, your average sales price is up higher.

是的。克里斯，我不一定會看到你所說的過度折舊。我確實看到了更多的貶值，這與 2015 年至 2019 年之間的情況更相符。實際上，要多看一點，多欣賞一點。但同樣，您的平均銷售價格上漲了。

Just recently have we started to see some depreciation. So I haven't seen what you're referring to as far as excessive depreciation. And I think we may see more of a historical type of appreciation, depreciation throughout the year, but we'll see.

就在最近，我們開始看到一些貶值。所以我還沒看過你所說的過度折舊是指什麼。我認為我們可能會在一年中看到更多歷史類型的升值和貶值，但我們會看到的。

And is that because of lower dealer volumes or inventories? Or is that what gives you confidence that you think you'll see that -- you won't see abnormal depreciation this year like you saw last year?

這是因為經銷商數量或庫存減少了嗎？或者這讓你有信心相信你會看到這一點——今年你不會看到像去年那樣的異常貶值？

Well, I'm just going off of what I've seen so far kind of calendar year-to-date and comparing it to historical averages. The last 2, 3 years, it's kind of been all over the board from an appreciation standpoint and a depreciation standpoint.

好吧，我只是將我迄今為止所看到的日曆年至今的情況與歷史平均值進行比較。過去兩三年，從升值和貶值的角度來看，情況都是全面的。

If you kind of take those years out and look more historical like 2015 to 2019, what does the depreciation curve look like? What does the interpolate data look like? I would say this year, calendar year-to-date is falling more in line with kind of what those cycles look like. So that's what I'm referring to.

如果你把這些年份拿出來，看看 2015 年至 2019 年等更具歷史意義的年份，那麼折舊曲線是什麼樣的？插值資料是什麼樣的？我想說，今年，日曆年迄今的情況更符合這些週期的情況。這就是我指的。

And we'll take our next question from John Murphy with Bank of America.

我們將回答美國銀行約翰墨菲的下一個問題。

I just wanted to see if you could talk about sort of the split of the 0 to 6 and the 7- to 10-year-old vehicle sold in the quarter and maybe on a year-over-year basis. And as we think about this, unless there's some massive economic boom that is not really expected, seems like through '24 and '25, the 0 to 6 plus car population will continue to shrink, which is a supply issue for you guys, unless you shift a little bit more to the 7- to 10-year-old bucket but also would help you out a lot on affordability.

我只是想看看您是否可以談談本季銷售的 0 至 6 歲和 7 至 10 年車齡車輛的劃分，也許還有同比的劃分。當我們思考這個問題時，除非出現一些並非真正預期的大規模經濟繁榮，似乎在 24 和 25 年期間，0 至 6 輛以上的汽車數量將繼續減少，這對你們來說是一個供應問題，除非您可以將更多的時間轉移到7 到10 歲的年齡段，但也會對您的負擔能力有很大幫助。

So it just seems like it could be a small strategy shift here that could alleviate some of the issues that we're facing. Just curious if you could comment on that as well. So mix and then potentially pushing a little bit more to 7 to 10s.

因此，這似乎只是一個小小的策略轉變，可以緩解我們面臨的一些問題。只是好奇你是否也可以對此發表評論。因此，混合然後可能會增加一點至 7 到 10 秒。

Yes. So I think looking at the quarter, if I look at 0 to 4 versus, let's call it 5 plus, we were similar to last year. We were a little bit older than the third quarter. So I think our mix is -- it's interesting. It's almost 50-50 when you look at 0 to 4 and the 5 plus.

是的。所以我認為看看這個季度，如果我看 0 到 4 與，我們稱之為 5+，我們與去年相似。我們比第三季老。所以我認為我們的組合很有趣。當你看0到4和5+時，幾乎是50-50。

When I look at 0 to 6 maybe versus the 7 plus, it's -- for last year, it's very similar. Let's call it a 70-30 split, 0- to 6-year-old 70%, 7-plus 30% for us. Last quarter was a little bit -- and I made the remark last quarter that we had a little bit shift in some newer cars. So last quarter was a little bit more in the 0 to 6 than this quarter.

當我看 0 到 6 與 7 plus 的比較時，去年的情況非常相似。我們稱之為 70-30 的劃分，0 到 6 歲的孩子佔 70%，7 歲以上的孩子佔 30%。上個季度有點——我上個季度說過，我們在一些新車上有一些變化。所以上個季度的 0 到 6 比本季要多一些。

And I think, look, as we move forward, and I mentioned this earlier, you're right, as far as new cars, a year or 2 year ago, weren't as many new cars sold. But again, I would just point to you're still in the ballpark of 15-plus million SAAR run rate, which is much higher than what we saw coming out of the great financial crisis.

我認為，看，隨著我們前進，我之前提到過，你是對的，就新車而言，一兩年前，銷量沒有那麼多新車。但我想再次強調的是，您的 SAAR 運行率仍處於 15 多萬的範圍內，這比我們從金融危機中看到的要高得多。

And the other thing I would point to is that our self-sufficiency now for a couple of years on a yearly basis continues to be over 70%, which we didn't have prior, and we think that's a great tailwind. So for us, the supply hasn't really been the issue, it's the price.

我要指出的另一件事是，我們的自給自足率在過去幾年中每年繼續保持在 70% 以上，這是我們之前沒有的，我們認為這是一個很大的推動力。所以對我們來說，供應不是真正的問題，而是價格。

Now you could say, well, supply of just overall vehicles out there is causing price to go up, but our ability to acquire inventory has not been the issue. It's more the price.

現在你可以說，好吧，整體車輛的供應導致價格上漲，但我們獲取庫存的能力並不是問題。價格就更貴了

Got it. And then just one follow-up on the sourcing side that you just talked about. You said dealer sourcing was up 21,000 units, about 45% on a year-over-year basis in the quarter. Is that something you think could increase?

知道了。然後就是您剛才談到的採購方面的一個後續行動。您表示，本季經銷商採購量增加了 21,000 台，較去年同期成長約 45%。您認為這可以增加嗎？

I mean I think there's some concern that vehicles, late-model vehicles get caught further up funnel as openly, Manheim and ATB all kind of help with their virtual auctions to keep vehicles further up funnel. But it sounds like you actually kind of refute that with the increase in dealer sourcing. How much of an opportunity do you think dealer sourcing could be over time or maybe a risk as they hold on to more vehicles?

我的意思是，我認為有人擔心車輛、新型車輛會進一步陷入漏斗，因為曼海姆和 ATB 公開地在虛擬拍賣方面提供了各種幫助，以保持車輛進一步進入漏斗。但聽起來你實際上是在反駁這一點，因為經銷商採購的增加。隨著時間的推移，您認為經銷商採購可能會帶來多少機會，或者因為他們持有更多車輛而可能帶來風險？

Yes. Look, I'm pleased with the MaxOffer. I mean we're continuing to buy more vehicles to that. We think it's a great product that's really resonating with dealers. And when you look at the mix of vehicles we're buying, it's actually skewed more retail than wholesale, which is a huge benefit.

是的。看，我對 MaxOffer 很滿意。我的意思是我們將繼續購買更多車輛。我們認為這是一款真正能引起經銷商共鳴的出色產品。當你看看我們購買的車輛組合時，你會發現零售實際上比批發更多，這是一個巨大的優勢。

I think it's a very competitive product. And like I said, we've got a lot of dealers that are actively using it, and we plan to continue to push that. And when we talked about -- we've historically talked about self-sufficiency. We've always talked about it from a standpoint of just the consumers.

我認為這是一個非常有競爭力的產品。正如我所說，我們有很多經銷商正在積極使用它，我們計劃繼續推動這一趨勢。當我們談論——我們歷史上談論過自給自足。我們總是從消費者的角度來談論這個問題。

Well, it really should start adding in this bucket as well, which, again, just helps keep our self-sufficiency very high.

好吧，它確實也應該開始添加到這個桶中，這再次有助於我們保持很高的自給自足水平。

We'll take our next question from David Bellinger with Mizuho.

我們將回答瑞穗大衛貝林格 (David Bellinger) 提出的下一個問題。

Maybe just a follow-up on that last one and acquiring cars directly from consumers. Can you talk through just the quality of those vehicles? Are there any material differences versus those at the auction? And just overall, is there enough inventory out there from consumers in that $20,000 to $25,000 range right now? Or is that more of a limited opportunity?

也許只是最後一項的後續行動，直接向消費者購買汽車。您能談談這些車輛的品質嗎？與拍賣會上的有什麼實質差異嗎？總體而言，目前消費者在 20,000 美元至 25,000 美元範圍內是否有足夠的庫存？或者說這只是一個有限的機會？

Yes. Actually, from a -- I was encouraged because this quarter, if you look at our sales are less than 20% -- or less than $20,000 vehicles, while year-over-year, it was similar. It actually was better than the third quarter. So we had more less than $20,000 cars.

是的。事實上，我很受鼓舞，因為這個季度，如果你看看我們的銷量低於 20%，即低於 20,000 美元的車輛，而與去年同期相比，情況相似。實際上比第三季要好。所以我們有超過 20,000 美元的汽車。

I think as far as what do the vehicles look like for consumers, buying vehicles from consumers is just a huge benefit. I mean you're buying vehicles that people in that area generally like. And the reason why it's important is to self-sufficiency is because those are more profitable than having to go off-site.

我認為就消費者眼中的車輛是什麼樣子而言，從消費者那裡購買車輛就是一個巨大的優勢。我的意思是，您購買的是該地區人們普遍喜歡的車輛。自給自足之所以重要，是因為這些比離開現場更有利可圖。

And if you're having to go and secure all your vehicles off-site, that's an expensive channel to go through. And we have the luxury of having such a high self-sufficiency that we have to really kind of go out and obtain vehicles off-site on a limited basis.

如果您必須在場外保護所有車輛，那麼這是一個昂貴的途徑。我們擁有如此高的自給自足能力，以至於我們必須真正走出去，在有限的基礎上從場外獲取車輛。

Got it. And if I could just follow up one more on your quarter-to-date comment down mid-single digit. Is there anything that's really changed to explain that shift from positive comps in February, maybe some of the tax refund flows that might have impacted, but also, is there potentially just some pause on the part of the consumer with steeper price depreciation lately? And if that's the case, how long could that last?

知道了。如果我能再跟進一下您季度至今的評論，下降幅度為個位數。是否有任何真正的變化可以解釋二月份正補償的轉變，也許一些退稅流量可能會受到影響，而且，最近價格大幅貶值的消費者是否可能會有些停頓？如果是這樣的話，這種情況能持續多久？

Yes. I think it just -- it's probably more just speaks to consumer. I think the consumer is still in a tough spot. The tax season -- I think overall, the tax season this year has been a little softer, although refunds are higher, the actual -- the refund dollar amounts are higher, the actual number of refunds is behind where it was last year.

是的。我認為這只是——它可能更只是與消費者交談。我認為消費者仍然處於困境。報稅季－我認為總體來說，今年的報稅季有點軟，雖然退稅較高，但實際退稅金額較高，實際退稅數量落後於去年。

And while prices have gone down, obviously, interest rates are higher than a year ago. I think you still have the pressure of the consumers on everything else that they're basically buying food and housing, get inflationary pressure there. So I think it speaks more to the consumer mindset at this point.

儘管價格有所下降，但利率顯然高於一年前。我認為消費者仍然面臨著其他一切方面的壓力，他們基本上是在購買食品和住房，從而承受通膨壓力。所以我認為這更能說明目前消費者的心態。

And like I said, it's been choppy. I mean there's been a -- we've had some weather things going on. It's just -- there's been a lot going on. So we'll continue to monitor and make adjustments as we can as we go through.

就像我說的，事情一直很不穩定。我的意思是，我們已經發生了一些天氣問題。只是——發生了很多事情。因此，我們將繼續監控並盡我們所能進行調整。

And we'll take our last question from David Whiston with Morningstar.

我們將接受晨星公司大衛惠斯頓的最後一個問題。

Just a 2-part question on affordability. You mentioned ASPs are continuing to fall, which is good. But are consumers even noticing the lower ASPs at this point? Are they entirely focused on unfavorable monthly payment due to interest rates?

關於負擔能力的問題只有兩個部分。您提到平均售價持續下降，這是好事。但消費者此時是否注意到平均售價較低？他們是否完全專注於因利率而導致的不利每月付款？

And also on that trading trade-offs scenario for affordability, is the consumer moving into cars away from light trucks? Or is it more just shifting into older than 5-year-old vehicles?

此外，在權衡可負擔性的情況下，消費者是否會從輕型卡車轉向汽車？還是只是換成車齡超過 5 年的舊車？

Yes. Well, I think it's always been about the monthly payment for the consumers. And the prices are coming down. And as Jon said, the actual monthly payment is coming down, but it's still over $100 more than what it used to be.

是的。嗯，我認為這始終與消費者的每月付款有關。而且價格正在下降。正如喬恩所說，實際每月付款正在下降，但仍然比以前多了 100 美元以上。

And so when a consumer is thinking about buying a car, let's say they're in a car right now. Well, they're making a certain monthly payment. And all of a sudden, they look and say, "Okay, well, I'm ready to swap out." They're like, oh my gosh, I'd have to pay another $100. That's where we're seeing it.

因此，當消費者考慮購買汽車時，假設他們現在就在車上。嗯，他們每月支付一定的費用。突然間，他們看起來並說：“好吧，好吧，我準備好換掉了。”他們說，天哪，我還得再付 100 美元。這就是我們所看到的。

And again, there's lots of data points to say consumers are just waiting on the sidelines right now and either for the monthly payments to come down or to figure out a way to work it into their budget with all the other expenses. So I think that's what you're seeing. Was there another part of your question?

同樣，有大量數據表明，消費者現在只是在觀望，要么等待每月付款下降，要么想辦法將其與所有其他費用一起納入預算。所以我認為這就是你所看到的。您的問題還有其他部分嗎？

Yes. Are they also moving away from light trucks into cars? Or are they just focused on an older vehicle to try to...

是的。他們是否也從輕型卡車轉向汽車？或者他們只是專注於舊車來嘗試...

It's interesting. If you look at the numbers for the quarter, from a class standpoint, we actually sold more like from a mix standpoint, more larger SUVs, more expensive type of cars. Now the average age, both of our wholesale and retail is up on what you've sold. But it's not like they're choosing to go compact versus larger SUV types, at least not for the quarter.

這真有趣。如果你看一下本季的數字，從類別的角度來看，我們實際上銷售的更像是從混合的角度來看，更多的大型 SUV，更昂貴的汽車類型。現在，我們批發和零售的平均年齡都取決於您所銷售的產品。但他們並不是選擇選擇緊湊型SUV而不是大型SUV，至少在本季不是這樣。

Okay. Are you worried about the off-lease shortage ramping up with the anniversary of the start of the chip shortage?

好的。您是否擔心隨著晶片短缺開始週年紀念日的結束，租賃短缺會加劇？

Yes. Look, leased vehicles have never been a big piece of our inventory strategy. I mean -- and we've been through cycles before where there's been leased cars, and we've been through cycles where there haven't been leased cars.

是的。看，租賃車輛從來都不是我們庫存策略的重要組成部分。我的意思是——我們之前經歷過有租賃汽車的周期，也經歷過沒有租賃汽車的周期。

I think we've been in a cycle where there really haven't been leased cars because a lot of the manufacturers are requiring lease customers to take it back to the franchise dealer. We have customers wanting to sell it to lease vehicle, and we can't buy them because of those restrictions.

我認為我們一直處於一個確實沒有租賃汽車的周期，因為許多製造商要求租賃客戶將其帶回特許經銷商。我們有客戶想要出售它來租賃車輛，但由於這些限制，我們無法購買它們。

And quite honestly, it's -- I think it's been a nice benefit for the franchise dealers because they're able to get these things at a good rate base off of leases that were basically done a while ago. That will play out and not become such a benefit as we go into the future. But it just hasn't been a big source of inventory for us historically.

老實說，我認為這對特許經銷商來說是一個很好的好處，因為他們能夠以良好的價格從不久前完成的租賃中獲得這些東西。當我們走向未來時，這將會發揮作用，但不會成為這樣的好處。但從歷史上看，它並不是我們主要的庫存來源。

We don't have any further questions at this time. I'll hand the call back to Bill for any closing remarks.

目前我們沒有任何進一步的問題。我會將電話轉回給比爾，讓其結束語。

Great. Well, listen, I want to thank everybody for joining the call today. Obviously, we've got lots going on. And we appreciate your questions and your support.

偉大的。好吧，聽著，我要感謝大家今天加入電話會議。顯然，我們有很多事情要做。我們感謝您的提問與支持。

Before I close, again, I just want to congratulate all of our associates for being named as a Great Place to Work for the 20th year in a row. We're all very proud of that and really speaks to our folks and the culture that they've really enhanced here and implemented here at CarMax. So thanks for your time today, and we'll talk again next quarter.

在結束之前，我想再次祝賀我們所有的員工連續 20 年被評為「最佳工作場所」。我們都為此感到非常自豪，並與我們的員工以及他們在 CarMax 真正增強和實施的文化進行了真正的交流。感謝您今天抽出時間，我們將在下個季度再次討論。

Thank you. Ladies and gentlemen, that concludes the Q4 Fiscal Year 2024 CarMax Earnings Release Conference Call. You may now disconnect.

謝謝。女士們、先生們，2024 財年第四季 CarMax 收益發布電話會議到此結束。您現在可以斷開連線。