車美仕 (KMX) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the third-quarter fiscal year 2026 CarMax earnings release conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的耐心等待。歡迎參加 CarMax 2026 財年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, David Lowenstein, Vice President, Investor Relations. Please go ahead.

現在我謹將會議交給今天的主講人，投資人關係副總裁大衛‧洛溫斯坦。請繼續。

Thank you, Nikki. Good morning, everyone. Thank you for joining our fiscal 2026 third-quarter earnings conference call. I'm here today with Tom Folliard, Interim Executive Chair of the Board; David McCreight, Interim President and CEO; Enrique Mayor-Mora, Executive Vice President and CFO; and Jon Daniels, Executive Vice President, CarMax Auto Finance.

謝謝你，妮基。各位早安。感謝您參加我們2026財年第三季業績電話會議。今天與我一同出席的有：董事會臨時執行主席湯姆·福利亞德；臨時總裁兼首席執行官大衛·麥克雷特；執行副總裁兼首席財務官恩里克·馬約爾-莫拉；以及CarMax汽車金融執行副總裁喬恩·丹尼爾斯。

Let me remind you our statements today that are not statements of historical fact, including, but not limited to, 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. In providing projections and other forward-looking statements, we disclaim any intent or obligation to update them.

讓我提醒各位，我們今天所作的聲明，除歷史事實陳述外，包括但不限於有關公司未來業務計劃、前景和財務業績的聲明，均為前瞻性聲明，系我們根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的聲明。這些聲明是基於我們目前的知識、預期和假設，但存在重大風險和不確定性，可能導致實際結果與我們的預期有重大差異。我們提供預測和其他前瞻性陳述時，不承擔任何更新這些陳述的意圖或義務。

For additional information on important factors and risks that could affect these expectations, please see our Form 8-K filed with the SEC this morning, our annual report on Form 10-K for fiscal year 2025, and our quarterly reports on Form 10-Q previously filed with the SEC. Please note, in addition to our earnings release, we have also prepared a quarterly investor presentation, and both documents are available on the Investor Relations section of our website.

有關可能影響這些預期的重要因素和風險的更多信息，請參閱我們今天早上向美國證券交易委員會提交的 8-K 表格、我們 2025 財年的 10-K 表格年度報告以及我們之前向美國證券交易委員會提交的 10-Q 表格季度報告。請注意，除了我們的獲利報告外，我們還準備了季度投資者演示文稿，這兩份文件都可以在我們網站的投資者關係部分找到。

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. Lastly, let me thank you in advance for asking only one question and getting back in the queue for more follow-ups.

如果您在通話後有任何後續問題，請隨時撥打 804-747-0422 轉 7865 聯絡我們的投資者關係部門。最後，請允許我提前感謝您只提了一個問題，然後又重新排隊等待後續問題。

Tom?

湯姆？

Thank you, David, and good morning, everyone. Thanks for joining us.

謝謝你，大衛，大家早安。謝謝您的參與。

Today, I'm going to provide some perspective on our leadership changes and CEO search. I'll then turn the call over to David, who will review our initial observations and the actions we are taking in response. After that, Enrique and Jon will speak to our third-quarter results before we open the line for your questions.

今天，我將就我們的領導層變動和執行長遴選工作提供一些見解。然後我會把電話轉給大衛，他會回顧我們最初的觀察結果以及我們正在採取的應對措施。之後，Enrique 和 Jon 將介紹我們第三季的業績，然後我們將開放提問環節。

As many of you know, I've been part of CarMax for more than 30 years. Over that time, we've developed a beloved brand with national scale, unmatched physical and digital infrastructure, and an award-winning culture. However, recent results have been unacceptable and do not reflect the company's potential. As a result, even though the Board was already working on a succession plan, we determined that more immediate change was required, and that direct involvement from David and myself was the best approach to strengthen the business in the near term.

正如你們許多人所知，我在 CarMax 工作已經超過 30 年了。在此期間，我們打造了一個深受喜愛的品牌，擁有全國規模、無與倫比的實體和數位基礎設施，以及屢獲殊榮的企業文化。然而，近期的業績令人無法接受，未能反映出公司的潛力。因此，儘管董事會已經在製定繼任計劃，但我們認為需要立即進行變革，而大衛和我親自參與是近期加強業務的最佳方法。

The Board has been searching for a permanent CEO with urgency. We are seeking a proven leader who can drive sales, maximize the benefits of our omnichannel experience, strengthen our brand, improve operations, and champion our culture. Conversations are underway, and we have some promising candidates. What is most important is that the next CEO captures the tremendous opportunity that we have in front of us.

董事會一直在緊急尋找一位正式的執行長。我們正在尋找一位經驗豐富的領導者，能夠推動銷售，最大限度地發揮全通路體驗的優勢，加強我們的品牌，改進運營，並倡導我們的企業文化。洽談正在進行中，我們有一些很有希望的候選人。最重要的是，下一任執行長要抓住我們面前的巨大機會。

As Interim Executive Chair of the Board, I'm focused on supporting David and the leadership team. David is in Richmond five days a week, and I'm spending a significant amount of time here myself. We are operating with a renewed sense of urgency to drive the business forward. I want to thank David for stepping into the Interim President and CEO role. As you know, he has served on our Board since 2018.

身為董事會臨時執行主席，我的重點是支持大衛和領導團隊。大衛每週有五天在里士滿，而我自己也在這裡待了相當長的時間。我們正以更迫切的心態推動業務向前發展。我要感謝大衛擔任臨時總裁兼執行長一職。如您所知，他自 2018 年以來一直擔任我們董事會成員。

David has more than 20 years of executive leadership experience at prominent retail brands in highly competitive and fast-paced markets. He has led several successful brand transformations, new omnichannel strategies, and growth initiatives for digitally native brands. What made him a great addition to our Board has also been a tremendous asset in this transition.

David 在競爭激烈、快速節奏的市場中，擁有超過 20 年的知名零售品牌主管領導經驗。他曾成功領導多個數位原生品牌的品牌轉型、新的全通路策略和成長計畫。他之所以能成為我們董事會的得力幹將，也正是因為他在這次過渡中發揮了巨大的作用。

And before I turn it over to David, I also want to thank Bill Nash for his more than 30 years of service with CarMax. David?

在把麥克風交給大衛之前，我還要感謝比爾納許在 CarMax 工作超過 30 年。大衛？

Thanks, Tom, and good morning, everyone. I'm honored to serve as the Interim President and CEO at this important juncture in CarMax's history. While our top priority is to find a terrific next leader, in the interim, Tom and I are committed to lead and take the steps needed to set up the next CEO for success.

謝謝你，湯姆，大家早安。我很榮幸能在CarMax發展歷程中的這個重要時刻擔任臨時總裁兼執行長。雖然我們的首要任務是找到一位優秀的下一任領導人，但在此期間，湯姆和我致力於領導並採取必要措施，為下一任執行長的成功做好準備。

After three decades in the retail industry and having led multiple companies through turnarounds, I'm familiar with the rigor and critical thinking required to succeed. The good news is CarMax already possesses many of the vital attributes needed to turn the business and regain momentum for growth, including a well-known and trusted brand, a strong culture supported by a base of 28,000 talented associates, and an expansive digital and physical infrastructure, including over 250 premium locations that put us near 85% of the US population.

在零售業從業三十年，帶領多家公司轉虧為盈之後，我深知成功所需的嚴謹態度與批判性思考。好消息是，CarMax 已經具備扭轉業務頹勢、重獲成長動力所需的許多關鍵要素，包括知名且值得信賴的品牌、由 28,000 名優秀員工組成的強大企業文化，以及廣泛的數位化和實體基礎設施，包括 250 多個優質門市，覆蓋了近 85% 的美國人口。

Despite these advantages, and after decades of industry leadership, based on recent results, it is clear CarMax needs change. And while it has been only a few weeks in our interim roles, here are some of our observations. Prices. Our average selling prices have drifted upward and appear to be less attractive to customers. To ensure that CarMax is a preferred choice, we will work to shrink the gap between our offering and the marketplace.

儘管擁有這些優勢，並且在數十年行業領先地位之後，根據最近的業績來看，很明顯 CarMax 需要做出改變。雖然我們擔任臨時職務只有幾週時間，但以下是我們的一些觀察。價格。我們的平均售價已經上漲，似乎對顧客的吸引力有所下降。為了確保 CarMax 成為首選，我們將努力縮小我們的產品和服務與市場之間的差距。

We are lowering margins and supporting this action with marketing spend while also building out more effective ways to communicate our value to the consumer. We are also comprehensively reviewing all the costs associated with bringing a car to market. We're going to find ways to eliminate the unproductive while maintaining our reputation for having a high-quality fleet.

我們正在降低利潤率，並透過行銷支出支持這項舉措，同時也在探索更有效的方式向消費者傳達我們的價值。我們也正在全面審查將一輛汽車推向市場的所有相關成本。我們將想辦法淘汰低效環節，同時保持我們擁有高品質車隊的聲譽。

Around the consumer. We need to bring an even sharper focus on the customer throughout the organization. In guiding decisions, we will reawaken our intellectual curiosity and challenge long-held institutional beliefs as we work to discover the most important elements to the customer in closing the sale. We will emphasize customer-incited decision-making, rooted in fact-based consumer research.

以消費者為中心。我們需要在整個組織中更加重視客戶。在指導決策的過程中，我們將重新喚起我們的求知欲，挑戰長期以來根深蒂固的製度信念，努力發現對客戶而言在促成交易中最重要的因素。我們將強調以客戶需求為導向的決策，並以基於事實的消費者研究為基礎。

Digital. We have the opportunity to incorporate a clear and more effective selling voice in our digital experience. While we have spent several years building out capabilities for customers to shop how they want and where they want, we must now focus our energies on making the digital shopping experience easier and shift our digital voice from one that earnestly delivers abundant information to one that focuses on delivering sales. This will drive conversion and further improve customer satisfaction, just as we do so successfully in our stores.

數位的.我們有機會在我們的數位體驗中融入更清晰、更有效的銷售語調。雖然我們花了數年時間建立各種功能，讓顧客能夠按照自己喜歡的方式和地點購物，但現在我們必須將精力集中在簡化數位購物體驗上，並將我們的數位聲音從認真提供大量資訊轉變為專注於促進銷售。這將提高轉換率，進一步提升客戶滿意度，就像我們在實體店中成功做到的那樣。

SG&A. Similar to our approach in tackling the cost of bringing our cars to market, we believe our expense structure is too high. It's clear that we have the opportunity to leverage our technological platforms and process enhancements to reduce our spend. We are committed to sharpening our business model and eliminating unproductive costs. And in just a moment, Enrique will provide a progress update on the decisive actions we are taking to reduce at least $150 million in SG&A.

銷售、一般及行政費用。與我們解決汽車上市成本問題的方法類似，我們認為我們的費用結構過高。很明顯，我們有機會利用我們的技術平台和流程改進來降低支出。我們致力於優化商業模式，消除低效率成本。稍後，恩里克將報告我們正在採取的果斷措施，以減少至少 1.5 億美元的銷售、一般及行政費用，並介紹其進展。

Profitability. We will more aggressively tap into opportunities in the selling experience to enhance our profitability. We're excited about the outstanding growth potential we have across CAF and our ancillary products. You will hear more from Jon today about our progress in full-spectrum lending, as well as the steps we're taking to capture incremental flow-through in our extended protection plan business.

盈利能力。我們將更積極地挖掘銷售體驗中的機會，以提高我們的獲利能力。我們對 CAF 及其輔助產品所擁有的巨大成長潛力感到非常興奮。今天，您將從 Jon 那裡聽到更多關於我們在全方位貸款方面取得的進展，以及我們正在採取哪些措施來獲取我們擴展保障計劃業務的增量收益。

Culture. We have always been a company intensely focused on operations, but with the advent of disruptive technologies, we now need to reignite the entrepreneurial spirit that made CarMax the industry leader for decades. Simply put, we will move faster and operate leaner while taking smart risks.

文化。我們一直是一家高度重視營運的公司，但隨著顛覆性技術的出現，我們現在需要重燃使 CarMax 幾十年來一直是行業領導者的創業精神。簡而言之，我們將加快步伐，精簡運營，同時承擔合理的風險。

We are optimistic that our immediate pricing and marketing actions will improve our sales performance, but pressure earnings in the near term. As we consider the business model more holistically moving forward, we anticipate that earnings pressure will be offset by unit growth, expanded profitability in CAF and ancillary products, and through reductions in SG&A and COGS.

我們樂觀地認為，我們立即採取的定價和行銷措施將改善我們的銷售業績，但短期內會對獲利造成壓力。隨著我們更全面地考慮未來的商業模式，我們預計獲利壓力將透過單位成長、CAF 和輔助產品獲利能力的擴大以及銷售、管理及行政費用和銷售成本的降低來抵銷。

Tom, the Board, and I believe that CarMax has many of the requisite attributes for a successful turnaround. We are confident the actions we're taking will begin to strengthen performance while the Board identifies the right permanent CEO to lead CarMax for the future.

湯姆、董事會和我相信，CarMax 具備成功轉虧為盈的許多必要條件。我們相信，我們正在採取的措施將開始增強公司業績，同時董事會也將確定合適的永久執行長來領導 CarMax 的未來發展。

Now, I'd like to turn the call over to Enrique to discuss our third-quarter financial performance in more detail. Enrique?

現在，我想把電話交給恩里克，讓他更詳細地討論我們第三季的財務表現。恩里克？

Thank you, David.

謝謝你，大衛。

During the quarter, we delivered total sales of $5.8 billion, down 6.9% compared to last year, reflecting lower volume. In our Retail business, total unit sales declined 8% and used unit comps were down 9%. Pressure performance across our age 0 to 5 inventory was partially offset by increased sales of older, higher mileage vehicles, which represented over 40% of our sales for the quarter, an increase of approximately 5 percentage points compared to the second quarter and last year's third quarter.

本季度，我們的總銷售額為 58 億美元，比去年同期下降 6.9%，反映出銷量下降。在我們的零售業務中，總銷量下降了 8%，二手商品銷售額下降了 9%。0 至 5 年車齡庫存的壓力表現部分被老舊、高里程車輛的銷量增長所抵消，這些車輛佔本季度銷量的 40% 以上，比第二季度和去年第三季度增長了約 5 個百分點。

Average selling price was $26,400, a year-over-year increase of $230 per unit. The increase was due to higher acquisition costs driven by year-over-year increase in market prices, partially offset by the increase toward older, higher mileage vehicles. Wholesale unit sales were down 6.2% versus the third quarter last year. Average Wholesale selling price declined by $40 per unit to $8,100.

平均售價為 26,400 美元，比去年同期每套上漲 230 美元。成長是由於市場價格年增率導致購置成本增加，但部分被老舊、高里程車輛的增購所抵銷。批發單位銷售量較去年第三季下降 6.2%。平均批發售價每單位下降 40 美元，至 8,100 美元。

We bought approximately 238,000 vehicles during the quarter, down 12% from last year. We purchased approximately 208,000 vehicles from our consumers, with more than half of those buys coming through our online instant appraisal experience. With the support of our admin sales team, we sourced the remaining approximately 30,000 vehicles through dealers, which is down 9% from last year.

本季我們購買了約 238,000 輛汽車，比去年同期下降了 12%。我們從消費者手中購買了大約 208,000 輛汽車，其中超過一半的購買是透過我們的線上即時評估服務完成的。在行政銷售團隊的支持下，我們透過經銷商購買了剩餘的約 30,000 輛汽車，比去年減少了 9%。

Third-quarter net earnings per diluted share was $0.43 versus $0.81 a year ago. This quarter was impacted by $0.08 of restructuring expenses related primarily to our CEO change and the workforce reductions in our customer experience centers.

第三季每股攤薄淨收益為 0.43 美元，去年同期為 0.81 美元。本季受到 0.08 美元的重組費用影響，主要與執行長變更和客戶體驗中心員工裁減有關。

Total gross profit was $590 million, down 13% from last year's third quarter. Used retail margin of $379 million decreased by 11%, driven by lower volume, and profit per used unit of $2,235, in line with historical averages, go down approximately $70 per unit from last year's record high.

總毛利為 5.9 億美元，比去年第三季下降 13%。二手零售利潤為 3.79 億美元，下降了 11%，主要原因是銷量下降；每輛二手車的利潤為 2235 美元，與歷史平均水平一致，比去年創紀錄的每輛下降了約 70 美元。

Wholesale vehicle margin of $115 million decreased by 17% from a year ago, with lower volume and Wholesale gross profit per unit of $899, a decline of approximately $120 year over year. Both Wholesale volume and margin were impacted by steep depreciation.

批發車輛利潤為 1.15 億美元，比上年同期下降 17%，銷量下降；每單位批發毛利潤為 899 美元，年減約 120 美元。批發銷量和利潤率均受到大幅貶值的影響。

Other gross profit was $96 million, down 16% from a year ago. This was driven primarily by the impact of lower Retail unit volume on EPP.

其他毛利為9,600萬美元，比去年同期下降16%。這主要是由於零售單位銷售下降對EPP的影響所致。

CarMax Auto Finance income was $175 million, up 9% over last year. Jon will provide detail on CAF's growth in a few moments.

CarMax汽車金融公司的營收為1.75億美元，比去年成長了9%。Jon 稍後將詳細介紹 CAF 的發展。

On the SG&A front, expenses for the third quarter were $581 million, up 1% from the prior year, driven by our previously communicated investment in marketing as we supported our new brand positioning launch and the restructuring expenses that I previously noted. These were partially offset by a reduction in the corporate bonus accrual.

在銷售、一般及行政費用方面，第三季支出為 5.81 億美元，比上年同期增長 1%，這主要得益於我們之前宣布的營銷投資，以支持我們新的品牌定位發布以及我之前提到的重組費用。這些損失部分被公司獎金累積減少所抵銷。

As David noted, we are on track to achieve at least $150 million in exit rate savings by the end of fiscal year '27. We took our first significant step toward these savings this quarter, with an approximately 30% reduction in our CEC workforce. This reduction was supported by our continued process and technology enhancements, which are making our associates more efficient, as well as empowering our customers to perform more of their shopping activities themselves.

正如大衛所指出的，我們預計在 2027 財政年度結束時實現至少 1.5 億美元的退出率節省。本季度，我們朝著節省成本邁出了重要一步，CEC 員工人數減少了約 30%。這項減少得益於我們持續的流程和技術改進，這些改進提高了員工的工作效率，同時也讓顧客能夠自主完成更多的購物活動。

Turning to capital allocation, during the third quarter, we continued our share repurchases, buying back 4.6 million shares for a total expenditure of $202 million. As of the end of the quarter, we had approximately $1.36 billion of our repurchase authorization remaining.

談到資本配置，在第三季度，我們繼續進行股票回購，回購了 460 萬股股票，總支出為 2.02 億美元。截至本季末，我們還有約 13.6 億美元的回購授權額度。

Looking forward, I'll cover two items. We are optimistic the actions of lowering margins and increasing marketing will improve our sales performance trends, but may pressure near-term earnings. We expect marketing spend on a total unit basis to be up year over year in the fourth quarter, though to a lesser degree than during the third quarter, with a focus on investing in acquisition to drive buys and sales. Secondly, we expect pressure on our service margins in the fourth quarter due to seasonal sales and as we annualize over cost coverage leverage taken last year.

接下來，我將介紹兩件事。我們樂觀地認為，降低利潤率和加強行銷的措施將改善我們的銷售業績趨勢，但可能會對短期獲利造成壓力。我們預計第四季度行銷支出總額將年增，但增幅不及第三季度，重點將放在收購投資上，以推動購買和銷售。其次，由於季節性銷售以及我們將去年採取的成本覆蓋槓桿年化，我們預計第四季度服務利潤率將面臨壓力。

At this time, I will now turn the call over to Jon to provide more detail on CarMax Auto Finance and our continuing focus on full credit spectrum expansion. Jon?

現在，我將把電話交給 Jon，讓他詳細介紹 CarMax 汽車金融以及我們持續關注的全面信貸範圍擴展。喬恩？

Thanks, Enrique, and good morning, everyone.

謝謝恩里克，大家早安。

During the third quarter, CarMax Auto Finance originated $1.8 billion, resulting in sales penetration of 42.6% net of three-day payoffs, versus 43.1% last year. Weighted average contract rate charged to new customers was 11% versus 11.2% last quarter, as we continue to adjust consumer rates in reaction to the broader interest rate environment.

第三季度，CarMax 汽車金融發放了 18 億美元的貸款，扣除三天內還款後的淨銷售滲透率為 42.6%，而去年同期為 43.1%。鑑於我們持續根據整體利率環境調整消費者利率，本季向新客戶收取的加權平均合約利率為 11%，而上一季為 11.2%。

Third-party Tier 2 volume for which we collect a fee and Tier 3 volume for which we pay a fee combined for 24.9% of sales versus 24.4% last year. Weakness in Tier 2 application volume, along with the impact from CAF's expansion in the Tier 2 space, was more than offset by growth from our Tier 3 partners.

第三方二級市場銷售（我們收取費用）和三級市場銷售（我們支付費用）合計佔銷售額的 24.9%，而去年為 24.4%。二級供應商申請量的疲軟，以及 CAF 在二級供應商領域的擴張所帶來的影響，都被三級供應商的成長所抵消。

CAF penetration continues to benefit from underwriting and pricing adjustments implemented since the beginning of the fiscal year, estimated to be 100 to 150 basis points in the quarter. However, this volume has been offset primarily by lower application volume in the prime credit segment, along with the aforementioned Tier 3 partner lender overperformance.

CAF 滲透率繼續受益於本財年開始以來實施的承保和定價調整，預計本季將提高 100 至 150 個基點。然而，這一成長主要被優質信貸領域的申請量下降以及上述三級合作貸款機構的超額表現所抵消。

CAF income for the quarter was $175 million, up $15 million from the same period last year. Included in the quarter is a $27 million gain on sale, along with an additional $5 million of servicing fees contributed to the closing of the 25B deal in September. Note that while the gain on sale is fully recognized at the time of sale, servicing fee income will continue over the remaining life of the deal and will be proportional to the receivable volume remaining.

CAF 本季營收為 1.75 億美元，比去年同期成長 1,500 萬美元。本季包括出售所得的 2,700 萬美元收益，以及為 9 月完成的 250 億美元交易而支付的 500 萬美元服務費。請注意，雖然出售收益在出售時已全額確認，但服務費收入將在交易的剩餘期限內持續產生，並且與剩餘應收帳款額成正比。

Net interest margin on the portfolio was flat year over year and down to 6.2% from 6.6% last quarter and largely reflects the higher margin receivables removed from the balance sheet as a part of 25B.

該投資組合的淨利差與去年同期持平，從上個季度的 6.6% 降至 6.2%，這主要反映了作為 250 億美元計劃的一部分，從資產負債表中移除的高利潤率應收帳款。

CAF had a loan loss provision of $73 million, resulting in a total reserve balance of $475 million, where 2.87% of auto loans held for investment. Losses observed during the quarter were in line with our expectations, upon which we based our reserve at the end of Q2.

CAF 的貸款損失準備金為 7,300 萬美元，導致總儲備餘額為 4.75 億美元，其中 2.87% 的汽車貸款用於投資。本季觀察到的虧損與我們的預期相符，我們以此為基礎在第二季末提列了準備金。

With regard to growing the CAF business, I'm immensely proud of our accomplishments to date. Over the last 18 months, we have greatly expanded our funding options, including this quarter's off-balance sheet transaction, which have been critical prerequisites to this growth. In addition, we continue to add underwriting capabilities and modeling refinements that will support profitable expansion.

在發展 CAF 業務方面，我對我們迄今為止的成就感到無比自豪。在過去的 18 個月裡，我們大大擴展了融資管道，包括本季的表外交易，這些都是實現成長的關鍵前提條件。此外，我們將繼續增加承保能力和改進模型，以支持獲利性擴張。

Separately, I am also excited about the significant future earnings potential from both our redesigned MaxCare plan, which focuses on mechanical coverage, and our new MaxCare Plus plan, which focuses on cosmetic protection. These products have already migrated from test phase to pilot in multiple markets. We expect to achieve near nationwide rollout during Q1 of FY27.

此外，我對我們重新設計的 MaxCare 計劃（側重於機械保障）和我們新的 MaxCare Plus 計劃（側重於外觀保護）未來巨大的盈利潛力也感到非常興奮。這些產品已經在多個市場從測試階段過渡到試點階段。我們預計在 2027 財年第一季實現近乎全國的推廣。

Now, I'd like to turn the call back over to David. David?

現在，我想把電話交還給大衛。大衛？

Thank you, Enrique. Thank you, Jon.

謝謝你，恩里克。謝謝你，喬恩。

Today, we outlined our initial observations and near-term priorities to drive improvement, shrinking the price gap between our offering and the marketplace, with a stronger focus on customer experience, increasing digital monetization capabilities, reducing costs, enhancing profitable growth drivers, and improving the speed of decision-making. And while we are realistic about the near-term challenges, CarMax's competitive foundation remains strong.

今天，我們概述了我們初步的觀察結果和近期優先事項，以推動改進，縮小我們產品與市場之間的價格差距，更加註重客戶體驗，提高數位化貨幣化能力，降低成本，增強盈利增長動力，並提高決策速度。儘管我們對近期面臨的挑戰保持清醒的認識，但CarMax的競爭基礎仍然穩固。

We have a trusted brand, national scale that is difficult to replicate, leading omnichannel capabilities and growing digital infrastructure, a strong financing platform in CAF, and an award-winning culture. Our execution has not matched the potential of these assets, but that's what's changing.

我們擁有值得信賴的品牌、難以複製的全國規模、領先的全通路能力和不斷發展的數位基礎設施、強大的 CAF 融資平台以及屢獲殊榮的企業文化。我們的執行力還沒有發揮出這些資產的潛力，但這種情況正在改變。

Tom, the Board, and I are focused on strengthening performance and creating a solid foundation for the permanent CEO to build upon. We appreciate your continued confidence in CarMax and are committed to being transparent about our progress.

湯姆、董事會和我正致力於提升公司業績，並為正式執行長奠定堅實的基礎。我們感謝您一直以來對CarMax的信任，並承諾在進展方面保持透明。

With that, we'll open the line for questions. Operator?

接下來，我們將開放提問環節。操作員？

(Operator Instructions) Sharon Zackfia, William Blair.

（操作說明）Sharon Zackfia，William Blair。

Morning. Good to hear you again, Tom, on a conference call. And welcome, David, to the world of CarMax conference calls. I guess, maybe if you could give some color on the magnitude of the GPU reset that you're looking to see here in the February quarter.

早晨。很高興再次在電話會議上聽到你的聲音，湯姆。歡迎大衛來到CarMax電話會議的世界。我想，或許您可以詳細說明一下您預計在二月季度看到的 GPU 重置的規模。

And then as you look at the business kind of, I guess, with a fresher perspective, are there any customer cohorts that you can delve into where you think somehow CarMax has become a bit less competitive or a bit less attractive? And what's the game plan to win those customers back?

然後，當你以更全新的視角審視這項業務時，你認為有哪些客戶群，CarMax 在這些群體中的競爭力或吸引力有所下降？那麼，如何才能贏回這些客戶呢？

Yeah, Sharon. Hey, it's Enrique. Let me jump in. The margin reductions, which are going to be supported with acquisition spend on marketing, will be meaningful and are designed to narrow the gap that we talked about with the broader marketplace. And we're optimistic that those can actually improve our Retail sales trends into the quarter.

是的，莎倫。嘿，我是恩里克。我也來插一句。利潤率的下降（將透過增加行銷方面的收購支出來支持）將是意義重大的，其目的是為了縮小我們之前討論過的與更廣泛市場之間的差距。我們樂觀地認為，這些措施實際上可以改善我們本季的零售銷售趨勢。

But they're big enough for us to talk about. And we're going to see how they roll out. We're going to see the impact within this quarter. And then when we have our year-end call in April, we'll provide insight and an outlook on what those margin reductions and marketing spend increase mean to us.

但它們足夠重要，值得我們討論。我們將拭目以待。我們將在本季看到影響。然後，在四月的年終電話會議上，我們將提供見解和展望，說明利潤率下降和行銷支出增加對我們意味著什麼。

Yeah. Sharon, this is Jon. I'll jump into your customer cohort question. Now, I think there's obviously places across the spectrum that we're looking to improve and grow sales.

是的。莎倫，這是喬恩。我來回答您關於客戶群的問題。現在，我認為很明顯，在各方面我們都需要改進和提升銷售額。

One in particular that stands out for me is if you look at maybe the higher FICO segments, we mentioned in the prepared remarks, sort of in CAF and the Tier 2 section, that maybe 650 to 750 space feels like we've lost volume there. We can track that through application volume coming through the door and then progression further on.

讓我特別注意到的一點是，如果你看一下 FICO 分數較高的部分，我們在準備好的發言稿中提到過，在 CAF 和 Tier 2 部分，650 到 750 分的區間感覺我們失去了一些客戶。我們可以透過申請人數和後續進展來追蹤這一點。

So a lot of speculation around what that could be. Certainly, we're going to look at all things. David mentioned a number of things. Pricing, obviously we try and keep our rates competitive, just overall the offering that we provide the consumer. But I think that's one spot in particular that I think there's a lot of chance to recapture and fuel our growth.

所以大家對那到底是什麼有很多猜測。當然，我們會考慮所有因素。大衛提到了很多事情。定價方面，我們當然會努力保持價格競爭力，以及我們為消費者提供的整體產品和服務。但我認為，在這個領域，我們有很大的機會重新奪回控制權，並推動我們的成長。

Can I ask a follow-up? You have a competitor who will be kind of lowering finance rates proactively in the current quarter to reinvest some of their GPU to the customer. I think historically, you followed the market on finance rates. Would there be something you'd be willing to do on interest rates to kind of weaponize that a bit more to gain more conversion?

我可以問一個後續問題嗎？你的競爭對手將在本季主動降低融資利率，以便將部分GPU資金重新投入客戶專案。我認為從歷史上看，金融利率是跟隨市場走勢的。您是否願意在利率方面採取一些措施，以更好地利用利率來提高轉換率？

Sure. I appreciate that question. Yeah, I think we're always keeping the pulse on the markets, looking at how we compare to obviously credit unions and banks and what have you, and certainly competitors as well, so that we can measure that. I'm not going to speak to what they're going to do, but we think our APRs are quite competitive with the Fed making the moves that they've had to make. We will adjust accordingly. We always have a test-and-learn methodology there.

當然。感謝你的提問。是的，我認為我們始終密切關注市場動態，看看我們與信用社、銀行等機構以及競爭對手相比如何，以便我們能夠衡量這一點。我不會評論他們將要採取的行動，但我們認為，考慮到聯準會不得不採取的措施，我們的年利率相當有競爭力。我們會據此做出相應調整。我們一直採用測試和學習的方法。

I'm not going to say we're going to try and get further ahead of the market, but I still think in maybe this space, there is a gap in interest rates that still exist, although it might be closing. But I think it's the broader offering question: how do we compare from an interest rate standpoint, certainly it may be term, but obviously couple that with what's the price of the car and all the other fees associated with that. So I think the bigger offering picture is the one that's really going to be the focus here.

我不會說我們會努力走在市場前面，但我仍然認為，在這個領域，利率差距可能仍然存在，儘管它可能正在縮小。但我認為這是一個更廣泛的報價問題：從利率的角度來看，我們如何進行比較？當然，期限可能是一個因素，但顯然還要考慮汽車的價格以及所有其他相關費用。所以我認為，更宏觀的產品和服務才是我們真正關注的重點。

And Sharon, what I'd say, looking at it a bit more broadly as well, is that the reductions in SG&A, so these are levers that we've talked about, the reductions in SG&A, the focus on COGS, growth opportunities in CAF, in full spectrum, as well as EPP products that Jon talked about and we're happy to elaborate on, those are all levers that bring to bear an ability to be more competitive in the marketplace.

Sharon，我想說的是，從更廣泛的角度來看，降低銷售、一般及行政費用（SG&A），這些都是我們討論過的槓桿，包括降低銷售成本（COGS）、全面提升客戶服務（CAF）和全方位提升服務（EPP）產品，以及Jon提到的EPP產品（我們很樂意詳細闡述），這些都是能夠增強我們在市場上競爭力的槓桿。

At the same time, we're reevaluating, as David talked about, how we go to market. And how we go to market, as Jon mentioned, it's the kind of cars, it's the price of the cars, it's how we communicate on our website, it's all of those items. And so we do think we have levers at this point that are lining up to be materially more competitive and to go to market with.

同時，正如大衛所說，我們正在重新評估我們的市場進入方式。正如 Jon 所提到的，我們如何進入市場，取決於汽車的類型、汽車的價格、我們在網站上的溝通方式，所有這些因素都至關重要。因此，我們認為目前我們已經掌握了一些能讓我們在物質上更具競爭力並進入市場的槓桿。

Okay. Thank you.

好的。謝謝。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

Good morning, everyone. So historically -- I'm going to take another shot at this GPU question. Historically, I believe the management teams have talked about needing to lower prices by about $500 per unit to see a real inflection in the sales pace. So that would obviously be meaningful to use Enrique's words. So is that in the range of how you guys are thinking about reducing your GPU?

各位早安。所以從歷史角度來看——我打算再嘗試回答這個GPU問題。從歷史數據來看，我相信管理團隊曾討論過需要將單價降低約 500 美元，才能真正扭轉銷售頹勢。所以，引用恩里克的話顯然是有意義的。所以，你們考慮降低GPU使用率的方案也在這個範圍內嗎？

Yeah. What I'd say is I don't think we've said $500 is a meaningful or a needed amount to drive sales. We do price elasticity testing. We're always in the market doing price elasticity testing. I'd tell you the number to move sales is well south of that.

是的。我想說的是，我認為我們還沒有說過 500 美元是推動銷售的有意義的或必要的金額。我們進行價格彈性測試。我們一直在市場上進行價格彈性測試。我可以告訴你，促成銷售的數字遠低於這個數字。

And in terms of what we're doing this quarter, we're trying different things. We are going out. It was, again, sizable for us to talk about on this call. We're going to test the impact on sales, again, in combination with an increase in marketing, kind of get a boost there overall. And we're going to report out in the fourth-quarter call in April and communicate what we saw in the market. We're optimistic it's going to change the trend in sales, but I wouldn't say that $500 is what we need to move sales, if that's what you're saying.

至於我們本季正在做的事情，我們正在嘗試不同的事情。我們要出門了。再次強調，這對我們這次電話會議來說，是一個相當大的話題。我們將再次測試其對銷售的影響，同時加強行銷力度，以期整體提升銷售業績。我們將在四月的第四季財報電話會議上報告，並傳達我們在市場上觀察到的情況。我們樂觀地認為這將改變銷售趨勢，但如果你的意思是說 500 美元是我們需要用來促進銷售的，那我並不這麼認為。

Got it. Thank you. And then just to follow up, if I can, I guess it's a bigger picture question for Tom and David. What do you think CarMax represents to consumers today in late 2025, given some of the alternatives that are out there? And where do you think you would like to end up in, call it, two to three years? Thank you.

知道了。謝謝。最後，如果可以的話，我想問一下，這對湯姆和大衛來說是一個更宏觀的問題。考慮到市場上已經出現了一些其他選擇，您認為在 2025 年末，CarMax 對消費者代表著什麼？那麼，你覺得兩到三年後，你的目標會是什麼樣子呢？謝謝。

Hey there. Nice to talk to you. David here. We think many of the things that CarMax has meant to the customers in the past can continue to be. We believe we're a leading used car destination for customers. We've invested a lot of money and time and effort in building and broadening those capabilities to be able to let them shop where they want and how they want.

嘿。很高興和你聊天。我是大衛。我們認為，CarMax過去對顧客來說意義非凡的許多方面，可以繼續保持下去。我們相信我們是客戶首選的二手車購買平台。我們投入了大量資金、時間和精力來建立和擴展這些能力，以便讓他們可以隨心所欲地在任何地方購物。

And ultimately, we believe we're the most trusted brand out there. The differences in where we've been and the performance we need to adjust to and adjust our model towards getting to and have confidence we're going to be able to get there in the near term.

最終，我們相信我們是市場上最值得信賴的品牌。我們已經取得的成就與我們需要調整的績效之間的差異，以及我們需要調整我們的模型以達到目標，並且我們有信心在不久的將來能夠實現目標。

Hey, Scot. It's Tom. Good to talk to you again. From my perspective, and I'm a little biased, over the last 30 years, we've built an iconic brand, and I don't think that's changed at all. I think the consumer knows what we represent; they know the quality that we represent. I think our associates in our stores and in our CECs and across the board are completely engaged and ready to serve the customer.

嘿，斯科特。是湯姆。很高興能再次和你聊天。從我的角度來看（我可能有點偏袒），在過去的 30 年裡，我們打造了一個標誌性品牌，我認為這一點絲毫沒有改變。我認為消費者了解我們所代表的理念；他們了解我們所代表的品質。我認為我們門市、客戶服務中心以及所有部門的員工都全心投入，隨時準備為顧客服務。

We've spent a lot of money investing so that we could serve the customer however they want to be served, whether it's online or in our stores. And I just think we need to activate that. We need to do a better job of presenting that to the customer up front. But in terms of the brand and the strength and the quality of our vehicles, all that stuff is fully intact, and I think it's the basis for us moving forward and a basis from which we can grow again.

我們投入了大量資金，以便能夠以客戶希望的方式為他們提供服務，無論是在線上還是在我們的實體店。我覺得我們需要啟動這個機制。我們需要更好地提前向客戶展示這一點。但就品牌、實力和車輛品質而言，所有這些都完好無損，我認為這是我們前進的基礎，也是我們再次發展的基礎。

Thank you, and happy holidays.

謝謝，祝您節日快樂。

Thanks, Scot.

謝謝你，斯科特。

Thank you.

謝謝。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey. Good morning. Thanks for taking my question. On the SG&A topic, what is the baseline SG&A from which you expect to cut $150 million? Just curious so that we can track your performance against that goal.

嘿。早安.謝謝您回答我的問題。關於銷售、一般及行政費用 (SG&A)，您預計從中削減 1.5 億美元的基準 SG&A 是多少？只是想了解一下情況，以便我們可以追蹤您完成該目標的進度。

Yeah. No, absolutely. And so when we talked about our SG&A goal of $150 million reduction, it's a reduction of SG&A opportunities that's really comparing it to last year, if you will. So if you want to use -- our base was $2.5 billion, roughly. And so that's what we're using as a baseline, and those are the reductions that we're going after.

是的。不，絕對的。因此，當我們談到減少 1.5 億美元的銷售、一般及行政費用目標時，這實際上是與去年相比減少銷售、一般及行政費用的機會。所以如果你想用——我們的基礎規模大約是 25 億美元。所以，這就是我們以此為基準，也是我們努力實現的減排目標。

And that is an exit run rate as of Q4 of fiscal '27?

這是截至 2027 財年第四季的退出運行率嗎？

Exactly.

確切地。

Okay. Thank you.

好的。謝謝。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

Great. Thanks for taking the question, and thanks for the candid assessment on the prepared remarks. I had a follow-up on just the margin versus same-store expectation. Can you give us like any sort of early read? Because we got the sense that last quarter also, there was an effort to become more price competitive. Anything you can give us in terms of like early reads in December and how those actions have already started to show us some results? Or is it still very early or have you not implemented them yet?

偉大的。感謝您回答這個問題，也感謝您對準備好的發言稿做出坦誠的評價。我隨後跟進了利潤率與同店預期利潤率的比較情況。能給我們提前讀一下嗎？因為我們感覺上個季度公司也在努力提高價格競爭力。您能否提供一些關於12月份早期數據以及這些措施已經開始產生哪些效果的資訊？或者現在還處於非常早期的階段，或者你們還沒有實施這些方案？

And what kind of like equation are we looking at in terms of dollar versus same-store volume trade-off, dollar GPU versus same-store volume trade off? And any more insight you can give us on how you see this equation playing out? And I have a very quick follow-up. Thanks.

那麼，在美元與同店銷售額的權衡、美元GPU與同店銷售額的權衡方面，我們正在尋找什麼樣的等式呢？您能否進一步闡述您對這一等式如何運作的看法？我還有一個簡短的後續問題。謝謝。

Hey, Rajat. So we just rolled out the price changes, so it is too early to provide any kind of insight into that. And again, we will provide a view into that in a Q4 call, but we literally just rolled out those changes. And they're underway -- actually, that's a good point. They're not fully rolled out, they're underway, but we just started this week.

嘿，拉賈特。我們剛推出價格調整方案，所以現在就此提供任何見解還為時過早。我們會在第四季財報電話會議上對此進行詳細說明，但我們實際上剛剛推出了這些變更。它們已經開始了——實際上，這是一個很好的觀點。它們尚未完全推出，正在進行中，但我們本週才剛開始。

If they hope to go back to share gains or positive unit growth, what kind of the expected outcome in the near term?

如果他們希望恢復市場佔有率成長或銷售量正成長，那麼短期內預期結果會是什麼樣的呢？

Yeah. No, we are optimistic that this lever that we're pulling, and again, it's really the combination of having lower margins, lower prices out there, being more price competitive, supporting it with acquisition marketing. So think about like paid search, other direct levers like that, like directly to support sales is going to change the trend of our performance.

是的。不，我們對我們正在採取的這項措施持樂觀態度，而且，這實際上是降低利潤率、降低市場價格、提高價格競爭力以及透過客戶獲取行銷來支持這些措施的綜合結果。所以想想付費搜尋之類的其他直接手段，直接支持銷售將會改變我們的業績趨勢。

So we just reported a negative 9% comp. Last quarter was a little better than that, but not great. And our goal is to change the trend and to get the sales flywheel going, and that's what we're looking to do.

所以我們剛剛公佈了-9%的業績下滑。上個季度比這稍好一些，但也不算好。我們的目標是改變這個趨勢，啟動銷售良性循環，而這正是我們努力的方向。

And at the same time, we're working really hard on getting other profitability metrics, or levers, I should say, in place. And again, those things are SG&A reductions, COG reductions, EPP growth, capital spectrum, so cap income growth over time. These are all levers that we're pulling because our goal is to drive sales over time, absolutely, and to drive earnings power over time as well.

同時，我們正在努力落實其他獲利指標，或者應該說是其他槓桿。再說一遍，這些因素包括銷售、管理及行政費用減少、銷售成本減少、企業利潤成長、資本範圍，因此會限制收入成長。這些都是我們正在採取的措施，因為我們的目標是隨著時間的推移提高銷售額，這是毋庸置疑的，同時也要隨著時間的推移提高獲利能力。

Just a quick follow-up on CAF. It looks like, as you mentioned, like third-party Tier 3 penetration went up. Is there any meaningful tightening effort going on right now? I'm curious how those reserves will change going forward once you go back to having more in-house Tier 3, Tier 2 type penetration, or maybe like any color you can give us on this CAF provision in the fourth quarter would be helpful as well. Thanks.

關於 CAF 的簡要後續說明。正如你所說，第三方三級滲透率似乎上升了。目前是否有任何實質的緊縮措施正在進行中？我很想知道，一旦你們恢復更多內部三級、二級類型的滲透能力，這些儲備金將會發生怎樣的變化；或者，你們能否就第四季度 CAF 的撥款情況提供一些信息，這將對我們很有幫助。謝謝。

Sure. Yeah, appreciate the question, Rajat. I don't think there's a tremendous story in the Tier 2, Tier 3. We always just provide the numbers and provide a little guidance that's at the delta there. But there's always swapping between maybe a Tier 2 lender that is choosing to be a little more aggressive or do in tightening.

當然。是的，感謝你的提問，Rajat。我不認為第二梯隊、第三梯隊有什麼特別精彩的故事。我們總是只提供數據，並就差值給予一些指導。但總是會有這樣的情況：有些二級貸款機構選擇採取更積極的策略，或是收緊信貸。

Again, they're going to make their own individual decisions versus the Tier 3 partner that again may be the recipient of that tightening higher upstream, or again, being a little looser on their side. So I don't think there's a meaningful story there, just to clarify, just really providing the numbers.

再次強調，他們將各自做出決定，而三級合作夥伴可能會受到上游收緊政策的影響，或者，他們這邊可能會稍微寬鬆一些。所以我覺得這裡面沒有什麼有意義的故事，澄清一下，我只是提供一些數據而已。

And ultimately, to your second question, I don't think that I would read much into that in terms of CAF provision. Again, we're, as we stated, very, very excited about our opportunity as we go down into the Tier 2 spectrum. Just for a point to note, we were over 10% of the Tier 2 volume came to CAF this quarter we went after. And so we're really excited about that.

最後，對於你的第二個問題，我認為就加拿大武裝部隊的安排而言，我不會對此做出太多解讀。正如我們之前所說，我們對進入第二梯隊市場的機會感到非常非常興奮。需要指出的是，本季我們爭取了 CAF 二級供應商總量的 10% 以上。所以，我們對此感到非常興奮。

And as we continue to go further spectrum, we're generally operating in that higher 50% of Tier 2, but we think we can get the entirety of that credit spectrum as we methodically roll out refinements for our model. We're excited about the funding solutions we have in place. And so we will reserve for it accordingly and we will enjoy the income and we will get there.

隨著我們不斷擴大信用範圍，我們目前主要處於第二級信用評級的較高 50% 範圍內，但我們認為，隨著我們逐步改進模型，我們可以獲得整個信用評級範圍。我們對現有的融資方案感到非常興奮。因此，我們會為此預留資金，享受收入，最終實現目標。

Great. Thanks for all the color, and good luck.

偉大的。感謝你帶來的繽紛色彩，祝你好運。

Thank you.

謝謝。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

Hey, guys. Good morning. Tom, welcome back to the falls.

嘿，夥計們。早安.湯姆，歡迎回到瀑布城。

Hey, Brian. Thanks.

嘿，布萊恩。謝謝。

This is going to be a potential repetitive -- I want to make -- just get this point across. So we're talking about pricing and be more aggressive in pricing here. For as long as I can remember, I've been with CarMax for some time now, we've done these pricing tests. And the message from CarMax has always been the same, is that they really lower prices, but the net result has not been favorable.

這可能會有點重複——我想強調的是——我只是想把這一點說清楚。所以我們現在要討論的是定價，以及在定價方面採取更積極的策略。據我所知，我在 CarMax 工作已經有一段時間了，我們一直在進行這些價格測試。CarMax 一直傳達的訊息始終如一，那就是他們確實降低了價格，但最終結果並不理想。

So I guess that one aspect as you're talking about, once again, is either testing or moving forward with lower prices and accepting lower GPUs, what's different this time? Why do you think that this will -- this time around is going to be different than the past, which actually drive better unit volume?

所以，正如你再次提到的，要么進行測試，要么以更低的價格接受更低的GPU，這次有什麼不同？為什麼你認為這次會與以往不同，從而真正推動銷售成長？

Yeah. I think in the past, when we've lowered our prices, and we do price elasticity all the time, Brian, we talk about that. I think the equation in the past has been you lower your prices, and then when you flow it through to the business, you make enough money to offset the lower margin with increase in sales, it absolutely drives sales. But the equation was, well, it didn't always drive enough profit.

是的。我認為過去當我們降低價格時，我們一直在進行價格彈性分析，布萊恩，我們討論過這個問題。我認為過去的模式是，降低價格，然後透過增加銷售額來彌補利潤率的下降，這絕對會促進銷售。但問題是，這種模式並不總是能帶來足夠的利潤。

I think the difference -- absolutely right now, there's a clear difference. The clear difference is that we have stronger levers that are now supporting to look at the business more holistically. Again, think of the reduction in SG&A, that aggressive test that we're going after. You think of COGS and how aggressive we're going after COGS. You think of EPP growth, you think of CAF full spectrum income growth.

我認為差別在於——現在，差異非常明顯。顯而易見的差異在於，我們現在擁有更強大的槓桿，可以更全面地看待業務。再想想銷售、一般及行政費用的減少，這是我們努力實現的目標。想想銷貨成本，以及我們在降低銷貨成本方面採取的積極措施。提到EPP成長，就會想到CAF全方位的收入成長。

These are all levers that are offset some of that pressure we had seen when we looked solely at the impact of lowering prices. So there's absolutely a difference. And we're just looking at the business a bit more holistically, and we have those levers at hand here.

這些措施都能抵消我們先前只專注於降價影響時所看到的一些壓力。所以，這之間絕對有差別。我們正在以更全面的角度看待這項業務，而且我們手頭上也有相應的手段。

Yeah. And Brian, I would just add that, as Enrique mentioned, we've always talked about it in terms of total profitability that when we do price changes, we definitely see some sales movement. And then we've always had kind of the guardrails around what total profitability is. I would just tell you that our focus in the near term, given our current performance, is to drive sales and to get things moving in the other direction.

是的。布萊恩，我還要補充一點，正如恩里克所提到的，我們一直從整體盈利能力的角度來討論這個問題，當我們進行價格調整時，我們肯定會看到一些銷售變化。而且，我們一直以來都為總獲利能力設定了一些限制條件。我只想告訴你們，鑑於我們目前的業績，我們近期的重點是推動銷售，讓情況朝著相反的方向發展。

The other thing to remember is when we say we're in a lower price as $100 or $200, it doesn't mean we're taking $100 across the board on cars. It's more like, if we say $100, think of it as 10% of our car is $1,000, or 5% of our car is $500. So it does -- it meaningfully impacts the trajectory of sales because of the way we execute price changes. But back to -- our near-term priority is to get things turned around and get sales moving in the other direction.

另一點要記住的是，當我們說我們的價格較低，例如 100 美元或 200 美元時，並不意味著我們所有汽車都降價 100 美元。更確切地說，如果我們說100美元，可以把它想像成我們車價的10%是1000美元，或者我們車價的5%是500美元。確實如此——我們執行價格變動的方式會對銷售軌跡產生重大影響。但回到正題——我們近期的首要任務是扭轉局面，讓銷售額朝相反的方向發展。

Thank you. And then just a follow-up -- sorry, David. But with regard to marketing, so you talked about, if I understand correctly, a stepped up marketing now, you put some say, that's down the gas a little more. Is it -- when you think about it, is it more of the same? Or is CarMax really working on coming to market with a new marketing message?

謝謝。然後還有一點要補充——抱歉，大衛。但就行銷而言，如果你談到了，如果我理解正確的話，現在需要加大行銷力度，你認為應該再加大一些力度。仔細想想，這不就是換湯不換藥嗎？或者，CarMax 真的在準備推出新的行銷策略嗎？

So yeah, good question. Thank you. So what we're doing is taking -- the new campaign was launched recently as the team took you through. And what we're focusing on now, in the near term, is sort of optimizing the campaign we have with the results and tests we have. So shifting things that are going into driving more conversion, messaging, perhaps some of the -- and dialing back perhaps some of the brand longer-term spend on it.

是的，問得好。謝謝。所以我們正在做的是——正如團隊向你介紹的那樣，這項新的活動最近已經啟動。而我們目前，近期的重點是根據我們已有的結果和測試，優化我們現有的行銷活動。因此，我們需要調整一些用來提高轉換率的因素，例如訊息傳遞方式，或許還需要減少一些品牌在這方面的長期支出。

But ultimately, we think the review and positioning of the campaign is really something for the new CEO, who's going to align it with the new strategy. And we're working with the existing campaign and resources we have right now. But the team has been working to optimize the results based on media, based on geographies, and based on messaging.

但歸根結底，我們認為活動的審查和定位實際上是新任執行長的職責，他將使其與新策略保持一致。我們正在利用現有的宣傳活動和現有資源進行工作。但該團隊一直在努力根據媒體、地理位置和資訊傳遞方式來優化結果。

Thanks. Appreciate all the color. Thank you.

謝謝。欣賞這繽紛的色彩。謝謝。

Thanks, Brian.

謝謝你，布萊恩。

Daniela Haigian, Morgan Stanley.

丹妮拉‧海吉安，摩根士丹利。

Thank you. Good morning, Tom, David. Appreciate your color in the prepared remarks. My first question is on that digital -- redefining the digital platform. What specifically within that needs to change to drive more of a selling experience? And how does that impact the operating cost structure with your store base? What would be early indicators of progress in that redefinition?

謝謝。早安，湯姆，大衛。欣賞您在準備好的演講稿中所展現的色彩。我的第一個問題是關於數位化的——重新定義數位平台。具體需要做出哪些改變才能提升銷售體驗？那麼這對您門市的營運成本結構有何影響？在重新定義過程中，哪些早期指標可以作為取得進展的標誌？

Yeah. So we'll take the first part of the question first. We have worked very diligently and over the years to build the capability set. But we have not been as focused yet on the next stage, which is to make it easier. Shopping online with us is not easy. We have ways to streamline it, and we have ways to make the digital selling voice really just like our sales associates in the stores, make it easier to bring to get them to the ultimate sale, and the ultimate satisfaction is finding a car they like that they can afford.

是的。那我們先來看問題的第一部分。多年來，我們一直兢兢業業地努力建構自身能力。但我們還沒有把注意力集中在下一個階段，也就是讓事情變得更容易。在我們這裡網上購物並不容易。我們有辦法簡化流程，也有辦法讓數位銷售的聲音真正像我們店裡的銷售人員一樣，更容易促成最終的銷售，而最終的滿足感就是找到一輛他們喜歡且買得起的車。

And we recognize that with all the good work that's been done, it's still not an easy experience. And so in our earnest efforts to provide information and countless options, we still have opportunity to streamline it and bring it there.

我們也意識到，儘管已經做了很多有益的工作，但這仍然不是一件容易的事。因此，在我們努力提供資訊和無數選擇的過程中，我們仍然有機會簡化流程並將其帶到目的地。

And then in terms of the impact downstream, we'll work in lockstep with the organization and the field to figure out what those best options are. As both Jon mentioned and Enrique mentioned earlier, we have an opportunity to look holistically at our business model from our COGS, our SG&A, our messaging, and all those components, that includes how we make decisions, not necessarily individually, but more holistically and what that means for an offer for the customer so we don't lose sight of what's most important to them.

至於對下游的影響，我們將與組織和第一線緊密合作，找出最佳方案。正如 Jon 和 Enrique 之前提到的那樣，我們有機會從銷售成本、銷售、管理及行政費用、資訊傳遞以及所有這些組成部分，全面審視我們的商業模式，包括我們如何做決定，不一定是單獨做決定，而是更全面地做決定，以及這對為客戶提供的產品意味著什麼，這樣我們就不會忘記對他們來說最重要的是什麼。

But I would expect you're going to see some of the changes. Tom and I would expect you'll see some of the changes, and it'll be iterative in the next month or two. You'll see it and we'll continue after that. But you should see the efforts are underway, and the team's very excited about this next step in that digital journey and how important it is in linking with the field team, very symbiotic.

但我認為你會看到一些變化。湯姆和我預計你會看到一些變化，而且在接下來的一兩個月裡會不斷迭代改進。你會看到的，之後我們繼續。但你應該可以看到，相關工作正在進行中，團隊對數位化進程的下一步感到非常興奮，也對與現場團隊的聯繫有多重要、多麼具有共生關係感到興奮。

Got it. That's helpful, and appreciate your transparency there. My follow-up is on COGS. You and Enrique, you keep calling out COGS as a key lever. What's the strategy with reducing that line item? And are you still progressing towards that regional reconditioning center approach?

知道了。這很有幫助，感謝你的坦誠。我的後續問題是關於成本的。你和恩里克一直把成本視為關鍵槓桿。削減該支出的策略是什麼？你們是否仍在推動區域復健中心模式？

Yeah. I would tell you we have been focused on COGS for -- I mean, we're always focused on COGS. What we've done is that we've called it out over the past couple of years. Like last year, we had communicated a goal of $125 per unit. We hit that goal this year. We had communicated, again, another goal of $125 per unit.

是的。我想說，我們一直都非常關注銷售成本——我的意思是，我們始終都非常關注銷售成本。過去幾年，我們一直在公開指出這個問題。和去年一樣，我們設定的目標是每單位 125 美元。我們今年實現了這個目標。我們再次強調了另一個目標，每單位 125 美元。

I would tell you, given where sales are, or have been for the past two quarters, we're probably a little bit behind that goal. Not because the initiatives aren't there and the teams aren't doing great work, it's just because you deliver in a tough sales environment. But we will continue to put even more accelerated goals internally to go after COGS opportunities. Some of that is through the reconditioning centers.

就目前的銷售情況，或者說過去兩季的銷售情況來看，我可以告訴你，我們可能離目標還有一點差距。並非因為缺乏措施或團隊工作做得不夠出色，而是因為你在艱難的銷售環境中取得了成功。但我們會繼續在內部設定更快的目標，以抓住降低銷售成本的機會。其中一些是透過康復中心實現的。

Some of that -- I'll give you a real example. We just rolled out a parts selection tool in our stores. We're already seeing benefits from that, really kind of forcing our associates in the stores to pick, balance speed with quality with cost, and making it really easy for our associates to do that. And we're seeing results fairly immediately. And that's just an example of items we're focused on in COGS.

有些事——我舉個實際例子給你聽。我們剛在門市推出了一款零件選擇工具。我們已經從中看到了好處，這實際上迫使我們門市的員工在挑選商品時，要兼顧速度、品質和成本，並使我們的員工能夠非常輕鬆地做到這一點。我們很快就看到了成效。這只是我們在銷售成本中重點關注的幾個項目之一。

In terms of the reconditioning centers, yeah, we've rolled out at this point in time five. Only two of them have been open for about a year. So it's still kind of early to tell what the goals are. I mean, the ultimate goal is absolutely to get them more efficient.

就復健中心而言，是的，目前我們已經推出了五個。其中只有兩家已經開業一年左右了。所以現在說目標是什麼還太早。我的意思是，最終目標絕對是提高他們的效率。

We're already seeing logistics savings in the system because we've rolled these things out. And we expect that those will perform in line with some of our larger reconditioning units that we have in stores, like Murrieta in LA. And we've seen their highly efficient store because of the volume that we pump through. And we have the same expectations with these more regional reconditioning centers. But again, we've only rolled out a few at this point in time.

由於我們已經推出了這些措施，系統在物流方面已經節省了成本。我們預計這些設備的性能將與我們在門市（例如洛杉磯的 Murrieta 門市）的一些大型翻新設備的性能保持一致。我們已經見識過他們高效的門市營運模式，這得益於我們龐大的客流量。我們對其他區域性復健中心也有同樣的期望。但目前我們只推出了少數幾個。

Thank you.

謝謝。

David Bellinger, Mizuho Securities.

David Bellinger，瑞穗證券。

Hey. Good morning, everyone. Tom, nice to talk to you again. In the prepared remarks, you guys mentioned reassessing the cost of bringing a car to market. What about the time to turn vehicles?

嘿。各位早安。湯姆，很高興能再次和你聊天。在事先準備好的演講稿中，你們提到要重新評估將汽車推向市場的成本。車輛掉頭需要多長時間？

CarMax has been a leader in that area for a long time. Looks like some competitors have increased their speed to market pretty dramatically. Is there anything you guys can do around AI implementation, cut down that timeline, use your 30-plus years of data, and potentially avoid some of those sharper depreciation swings that have disrupted the business over the last few quarters? How should we think about that opportunity?

CarMax長期以來一直是該領域的領導者。看來有些競爭對手已經大幅提高了產品上市速度。在人工智慧實施方面，你們能否採取一些措施來縮短時間，利用你們 30 多年的數據，並有可能避免過去幾季擾亂業務的劇烈貶值波動？我們該如何看待這個機會？

Yeah. I think we're always focused on reconditioning, on speed, on lowering our WIP. For example, this quarter, we increased our sellable inventory and decreased our overall inventory. That's really a strong focus on WIP that actually this quarter helped per turn relative to last year, despite comps being down 9%.

是的。我認為我們一直專注於調整狀態、提高速度、減少在製品數量。例如，本季我們增加了可售庫存，減少了總庫存。這確實體現了對在建工程的重視，儘管同業比較下降了 9%，但本季每週的在建工程量實際上比去年同期有所增加。

So you can see the organizational focus on just getting better in terms of turning vehicles. I think our offsite reconditioning locations will help as well because it'll be even more efficient. So just a couple of examples there in terms of the focus moving forward.

所以你可以看出，該組織的重點在於提高車輛轉彎性能。我認為我們的異地翻新地點也會有所幫助，因為這樣效率會更高。以上僅舉幾個例子，說明我們未來的發展重點。

And then, Enrique, maybe the second question is, can you update us on the real estate strategy? Anything that's changing there? You guys own a lot of your real estate. Is that a potential area where you could monetize and use that to fund more investment in the business if you need to?

那麼，恩里克，或許第二個問題是，你能向我們介紹房地產策略嗎？那裡有什麼變化嗎？你們擁有很多房產。這是否可以成為一個潛在的獲利領域，並在需要時利用這些收益為業務進行更多投資？

Yeah. I think it always is a potential. We own a lot of our sites out there for our store locations. I'd tell you we have better sources of capital versus doing like a sale leaseback or something. So we have great banking relationships, great partners out there, capital providers, and we have a revolver, a $2 billion revolver we can dip in there and just more efficient ways to get capital for us rather than monetize our stores or the land under our stores.

是的。我認為它始終是一種可能性。我們擁有許多用於展示我們門市位置的網站。我會告訴你，我們有比售後回租之類的更好的資金來源。因此，我們與銀行建立了良好的關係，擁有優秀的合作夥伴和資金提供方，我們還有 20 億美元的循環信貸額度，我們可以隨時動用，而且我們獲取資金的方式也更加高效，無需將我們的門店或門店下的土地變現。

Got it. Thank you.

知道了。謝謝。

Chris Bottiglieri, BNP Paribas.

克里斯‧波蒂列裡 (Chris Bottiglieri)，法國巴黎銀行。

Hey, guys. Thanks for taking my question. First one more clerical, I suppose, and then just a bigger question. Did you give the service profit, I think it was $4 million last quarter to security, so what that was for Q3? Is that a good run rate for Q4, given volumes are pretty similar Q4 versus Q3?

嘿，夥計們。謝謝您回答我的問題。我想，先是再處理一件文書工作，然後就是一個更大的問題。你們把服務利潤（我記得上個季度是 400 萬美元）分配給安保部門了嗎？第三季是多少？考慮到第四季和第三季的銷售量基本上持平，這樣的第四季銷售成長率算好嗎？

And then my actual -- can you just elaborate what's happening with the credit penetration? It sounds like the prime side, I suppose, you're seeing less appraisal traffic or less traffic coming in. I would think that with a K-shaped economy, that's probably the healthier side of the market. Just kind of curious what's causing that where you're seeing there. Thank you.

然後，我的實際問題是——您能詳細說明一下信貸滲透率的情況嗎？聽起來像是主要客戶那邊的情況，評估業務量或進入市場的業務量都減少了。我認為，在K型經濟中，這可能是市場較健康的一面。我只是有點好奇你在那裡看到的是什麼原因造成的。謝謝。

Do you want to do that one first, Jon?

喬恩，你想先做那個嗎？

Yeah, that's fine. Chris, this is Jon, I'll take the credit side. As we've noted in the remarks, and even reflecting on Sharon's question, when we look across the credit spectrum, we really can gauge who's coming and shopping with us through -- our pre-qual product is a great place to do it. Customers love it, they take full advantage of it. 80% plus of our customers start with credit online.

好的，沒問題。克里斯，我是喬​​恩，我來領功勞。正如我們在評論中提到的，甚至考慮到莎倫提出的問題，當我們縱觀整個信用體系時，我們確實可以衡量哪些人會來我們這裡購物——我們的預審資格產品是一個很好的平台。顧客非常喜歡這項服務，並充分利用它。超過 80% 的顧客都是從網路信用開始的。

I think we see definitely an opportunity in that sort of 650 to 750 credit space. As I mentioned earlier, hard to speculate what's driving that. We think our rates are quite competitive there, but it's always a question of inventory, price, availability, all of that. I think as we mentioned on this call, holistically, all of that is up for discussion, and we're going to look at again improving our overall offering there.

我認為我們絕對看到了650到750信用額度這個領域的機會。正如我之前提到的，很難推測是什麼原因導致這種情況發生。我們認為我們的價格在那裡很有競爭力，但這始終取決於庫存、價格、供應情況等等因素。我認為正如我們在這次電話會議上提到的，總的來說，所有這些都值得討論，我們將再次考慮如何改進我們在這方面的整體服務。

So while you would say K-shaped economy, ultimately, we do see those folks probably are less stressed by affordability. We want to make sure we have the right product at the right price at the right time for them when they're ready to purchase. So I think there's improvement there. That's really what the comments, I think, are in that space are.

所以，雖然你會說這是 K 型經濟，但最終我們確實看到這些人可能不太受經濟承受能力的壓力。我們希望確保在客戶準備購買時，在適當的時間以適當的價格為他們提供合適的產品。所以我認為這方面有進步。我認為，那條評論其實就是這個意思。

Yeah. And regarding service in the quarter, there definitely was pressure in services, as you know, and as we've talked about, it is a line item service margin that deleverages when sales are more challenged.

是的。至於本季的服務業務，如您所知，服務業務確實面臨壓力，而且正如我們之前討論過的，當銷售面臨更多挑戰時，服務業務的利潤率就會下降。

But for the past couple of years, the teams have made material strides in service margin over the past couple of years. And we had even talked at the beginning of this year that we expect it to be, I think, slightly positive for the year in service margin.

但近兩年來，各隊的服務率都取得了實質的進步。今年年初我們甚至討論過，我們預計今年的服務利潤率將略微為正。

Certainly, our sales expectations at that point in time were not where we are currently actualizing. But I'll tell you, for the full year, our outlook right now is maybe a little unprofitable or a little profitable, depending on sales performance in the fourth quarter.

當然，當時的銷售預期與我們現在實際達到的水平並不相符。但我可以告訴你，就全年而言，我們目前的預期可能是略微虧損或略微盈利，這取決於第四季度的銷售業績。

And that just tells you the incredible work the teams are doing in for service margin there. But we did have a negative margin in the third quarter. And we do expect, as I talked about in my prepared remarks, some pressure in the fourth quarter. We'll be topping over some cost coverage that we took last year.

這足以說明各團隊在服務品質方面所做的出色工作。但我們第三季的利潤率為負。正如我在準備好的發言稿中所說，我們預計第四季會面臨一些壓力。我們將增加去年承擔的部分成本。

But again, if I take a step back, and I look more holistically at it, the teams have done tremendous work. It's going to be borderline whether or not we hit that positive margin for the full year. But again, sales have been definitely more pressured than what we had anticipated versus the beginning of the year.

但是，如果我退後一步，從更全面的角度來看，各個團隊都做出了巨大的貢獻。全年能否實現正利潤率還很難說。但與年初相比，銷售壓力確實比我們預期的還要大。

Thank you.

謝謝。

John Babcock, Barclays.

約翰·巴布科克，巴克萊銀行。

Hey. Good morning, and thanks for taking my questions. I guess, just first of all, I was wondering if you could talk a bit more about what the Board is looking for in its next CEO and also how we should think about timing in terms of when something might be announced there, recognizing that might be variable.

嘿。早上好，感謝您回答我的問題。首先，我想請您再詳細談談董事會希望下一任執行長具備哪些素質，以及我們應該如何看待相關消息的宣佈時機，當然，我們也意識到這可能會有所變動。

Yeah. I would just tell you it's the Board's highest priority right now. It's my personal single highest priority as I'm leading the search along with the rest of the search committee.

是的。我只想告訴你，這是董事會目前的首要任務。這是我個人最重要的任務，因為我正與遴選委員會的其他成員一起領導這項工作。

We're looking for somebody that has led a complex business with a diverse set of assets. We're hoping to find somebody that's also led some type of a digital transformation. It doesn't have to come from automotive necessarily. It doesn't necessarily have to come from Retail. But one of the most important things is that it's somebody who understands our culture and can lead this team onto the next phase of our success.

我們正在尋找一位曾經領導過擁有多元化資產的複雜業務的人才。我們希望找到一位也曾領導過某種數位轉型專案的人。它不一定非得來自汽車產業。不一定非得來自零售通路。但最重要的一點是，這個人必須了解我們的文化，並且能夠帶領團隊走向下一個成功階段。

In terms of timing, we're moving as quickly as we can, but I don't really have an update on timing.

就時間安排而言，我們正在盡最大努力加快進度，但我目前還沒有關於具體時間安排的最新消息。

Okay, totally fair. And then next, at least based on the work that you've been doing over the last couple months and even in knowing the business, I was just wondering, how are you thinking about the omnichannel business? I mean, do you think this is kind of the setup that you want to keep longer term? Do you think you want to shift more towards digital over time? What's the benefit of omnichannel versus digital or pursuing more of a brick-and-mortar strategy?

好的，完全合理。接下來，至少根據你過去幾個月所做的工作，以及我對這個行業的了解，我想知道，你是如何看待全通路業務的？我的意思是，你覺得這是你想長期維持的模式嗎？你認為隨著時間的推移，你會希望更多地轉向數位化嗎？與數位化或更注重實體店策略相比，全通路策略有哪些優勢？

I think for us, it's really -- it's all of the above. Over the last several years, as the team has been communicating, we've spent hundreds of millions of dollars in our infrastructure and giving us the capabilities to meet the customer wherever they want to be. I think having a national physical footprint is an advantage for us: over 250 locations, as David mentioned in the beginning of the call, near 85% of the US population. So I think it's more of an all-of-the-above strategy.

我認為對我們來說，這真的是——以上所有因素都包含在內。過去幾年，正如團隊一直溝通的那樣，我們已經在基礎設施方面投入了數億美元，使我們有能力滿足客戶在任何地方的需求。我認為擁有遍布全國的實體店面對我們來說是一個優勢：超過 250 個地點，正如 David 在電話會議開始時提到的那樣，覆蓋了近 85% 的美國人口。所以我認為這更像是一種綜合運用多種策略的做法。

I think some of the comments you've heard today is that we're not happy with how we present to the customer from a digital standpoint. And I think you'll see us make some significant improvements there. But we think our stores are extremely valuable and our store teams do a great job meeting the -- converting customers once we get them in the store. But we clearly need to get better on the digital side.

我認為今天大家聽到的一些評論是，我們對從數位化角度向客戶展示的方式並不滿意。我認為你會看到我們在這方面取得一些重大進展。但我們認為我們的門市非常有價值，我們的門市團隊在滿足顧客需求方面做得非常出色——一旦顧客進入門市，他們就能將顧客轉化為顧客。但我們顯然需要在數位化方面做得更好。

Yeah. And just to add a little color to Tom's comments on that, we, again -- CarMax has built out so many capabilities. And now, when we are talking about holistically looking at our business model, we've built out so many potential capabilities and many of them are helpful, but some of them probably are adding clearly decisions we've made, things we're trying to do, and our best efforts to please everything for every customer.

是的。為了讓湯姆的評論增添一些色彩，我們再次強調——CarMax 已經建立了許多功能。現在，當我們從整體上審視我們的商業模式時，我們已經建立了許多潛在的能力，其中許多能力都很有幫助，但其中一些可能只是簡單地補充了我們已經做出的決定、我們正在努力做的事情，以及我們為滿足每位客戶的所有需求而做出的最大努力。

We have an opportunity to streamline, make some decisions, prioritize some things based on real quantified insights from the consumer in ways that we can streamline and optimize the advantages that omni should provide versus getting caught in some of the complexities that omni also provides. So we'll think you'll see that in the near term as the team sort of finishes that infrastructure buildout, but then gets to really sharpen it and hone it into a competitive advantage.

我們有機會根據消費者的真實量化洞察，簡化流程、做出一些決策、確定一些優先事項，從而簡化和優化全通路應該提供的優勢，而不是陷入全通路也帶來的一些複雜性。所以我們認為，隨著團隊完成基礎設施建設，並在之後真正對其進行完善和打磨，使其成為競爭優勢，那麼在不久的將來，你就會看到這一點。

All right. Thank you. That's very helpful.

好的。謝謝。那很有幫助。

Jeff Lick, Stephens, Inc.

Jeff Lick，Stephens公司

Good morning. Thanks for taking my question. Tom, it is absolutely awesome to hear your voice. So David, a question for you. You've been a senior leader at retail organizations that were digitally native and also retail organizations that are kind of a hybrid. They have physical business and a digital business. I was wondering if you can speak to the challenges of CarMax as a hybrid business, where there are people that went into the physical part of the business and there's some natural tension which makes it more difficult to have an ideal digital business.

早安.謝謝您回答我的問題。湯姆，聽到你的聲音真是太棒了。大衛，我有個問題想問你。您曾在數位化原生零售企業以及某種混合型零售企業擔任高階領導職務。他們既有實體業務，也有線上業務。我想請您談談CarMax作為混合型企業所面臨的挑戰，因為有些人從事的是實體業務，這自然會產生一些矛盾，使得打造理想的數位化業務變得更加困難。

Yeah. Jeff, great insight, and thank you for that question. There are examples of that. And that's a little bit of what I was alluding to. Now, recognize Tom and I have been in the chair for 2.5 weeks or so. But the most important things I see is that it's a really -- team's very excited about breaking through and it's incredibly talented and dedicated group. We just need to work across those channels to make sure we're putting the customer at front of those decisions and not having the operational biases or legacy approaches come through.

是的。傑夫，你的見解非常深刻，謝謝你的提問。這方面的例子是有的。這就是我剛才暗示的一點。現在，請注意，我和湯姆已經坐在椅子上大約 2.5 週了。但我看到的最重要的一點是，這是一支非常渴望突破的隊伍，他們非常有才華，而且非常敬業。我們只需要跨通路合作，確保將客戶放在決策的首位，而不是讓營運偏見或傳統方法影響決策。

So there is not a battle between one version versus another. But what we need to do is provide some leadership and focus to the team so we can start executing more with that. What's most important to the customer, streamline, make sure it's a competitive offer because we know we own the brand and we know we own the trust in a great part of the American consumer.

所以不存在版本之間的對立。但我們需要做的是為團隊提供一些領導和方向，這樣我們才能開始更好地執行任務。對客戶而言最重要的是簡化流程，確保提供有競爭力的報價，因為我們知道我們擁有品牌，也知道我們贏得了很大一部分美國消費者的信任。

But you're absolutely right. Many organizations, omni causes them to trip up. I would say we're just going through finishing sort of like an awkward adolescence, and we'll be moving into a much more refined effort in the upcoming time. Now, that being said, you'll want to confirm that answer with the new CEO when they come in. But in the interim, that's why we're so optimistic about the improvement because we have so many of the components already in place.

但你說得完全正確。全方位性給許多組織帶來了麻煩。我認為我們現在正處於一個尷尬的青春期末期，接下來我們將朝著更完善的方向發展。話雖如此，你還是需要在新任CEO上任後向他確認這個答案。但在此期間，正因如此，我們對改進前景充滿信心，因為我們已經具備了許多必要的條件。

And I was just wondering if we could quick double back to Sharon's first question about potential cohorts that you might've lost or been less effective with. I don't think she was thinking about necessarily the FICO score. And this kind of gets into the advertising strategy.

我只是想問一下，我們能否快速回到莎倫的第一個問題，即你可能已經失​​去或不太有效的潛在群體。我認為她當時未必考慮的是FICO信用評分。而這其實牽涉到廣告策略。

And Tom, just wondering, back in the day, it always seemed like you overindexed with that young professional, likely a female, that didn't want to go into the franchise dealer and do battle. You provided a much more easy professional experience. Do you think that your primary competitor has maybe cut you off at the pass and hasn't even done a better job of providing an experience for that person where it's like now it's super easy? Is that where --?

湯姆，我只是好奇，以前你是不是總是特別喜歡那種年輕的職業女性，她們不想去特許經銷商那裡競爭。您提供了更輕鬆、更方便的專業體驗。你是否認為你的主要競爭對手可能已經搶佔了先機，甚至沒有為用戶提供更便利的體驗？那是哪裡？——？

Jeff, your question about cohorts, the second quarter, we were down 6%; last quarter, we were down 9%. So we need to improve across the board. In turn, I would just go back to the comments we've already made. We're not as easy as we need to be for the consumer. We need to simplify our processes.

Jeff，關於你提到的客戶群問題，第二季度我們下降了 6%；上個季度我們下降了 9%。所以我們需要在各方面都做出改進。反過來，我只想重申我們之前已經發表過的評論。我們還沒有達到消費者應有的便利程度。我們需要簡化流程。

It's so easy to buy stuff online. It doesn't matter what it is these days. And it's true for automotive. It's not just true for one or two competitors. It's across the board. And again, we've invested the money to put ourselves in a position to be the best at this, and we got some work to do to get there. But we need to simplify for the consumer how they go through the process with us, whether it's on our website or in our app or in our stores.

網上購物太方便了。如今是什麼事已經不重要了。汽車業也是如此。這並非只適用於一兩家競爭對手。普遍如此。我們再次投入資金，讓自己處於能夠做到最好的位置，但我們還有很多工作要做才能實現這個目標。但我們需要簡化消費者與我們互動的方式，無論是在我們的網站、應用程式或實體店面。

Fair enough. Best of luck. And I look forward to hearing from you again.

很公平。祝你好運。期待再次收到您的來信。

Thanks, Jeff.

謝謝你，傑夫。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey. Sort of following up -- good morning -- on Jeff's thought there, I guess, do you think you have the customer base that wants to do more of the work online to sort of drive an OpEx offset in GPUs? Or do you need to reposition the brand to get younger? Or would you sort of reject that framing?

嘿。我想就 Jeff 剛才的想法做個補充——早上好——我想問的是，您認為您的客戶群是否希望更多地在線完成工作，從而在 GPU 方面實現運營支出抵消？或者，您需要重新定位品牌，使其更年輕化？還是你會不太認同這種說法？

Can you say that again? Sorry.

你能再說一次嗎？對不起。

Yeah. Sorry, we missed that.

是的。抱歉，我們錯過了。

Yeah. I'm just curious, do you think you have the customer base that wants to do more of the work online? Do you think you need to get younger with this new ad campaign? Or do you think it's just about pricing and the experience you're offering?

是的。我只是好奇，你認為你的客戶群中，有多少人願意更多地在線上完成工作？你認為你需要透過這項新的廣告宣傳活動來展現年輕化的一面嗎？還是你認為這只是與定價和你提供的體驗有關？

I absolutely think we have the customer base that wants to do more of the process online. By the way, the younger you go, the less money you have and the less likely you are to have the credit required to buy a car that's $26,000. But I think we have plenty of customer flow and we need to take better advantage of it.

我絕對相信我們擁有希望更多地在線上完成交易流程的客戶群。順便說一句，你越年輕，你的錢就越少，你就越不可能獲得購買一輛價值 26,000 美元的汽車所需的信用額度。但我認為我們客流量充足，需要更好地利用這一點。

And as David and Tom talked about, we have enviable assets. We have an awareness level that's off the charts. We have consumers that are extremely loyal and that love our brand. We have associates that are outstanding. We have more than 250 stores across the country that operate extremely well. We have a strong -- we've invested in the digital capabilities. We just need to kind of fine-tune how those things mesh together.

正如大衛和湯姆所說，我們擁有令人羨慕的資產。我們的意識水平已經達到了超乎尋常的程度。我們擁有非常忠誠、熱愛我們品牌的消費者。我們擁有非常優秀的員工。我們在全國各地擁有超過250家門市，營運狀況非常好。我們實力雄厚——我們已對數位化能力進行了投資。我們只需要稍微調整一下這些要素如何更好地結合。

But in terms of whether or not we have customers out there that want to buy it, I would tell you, absolutely, that's not the concern that we have. The opportunity that we have is to make our offering based on a consumer the most compelling that we can make it, and that's what we're focused on.

但就是否有顧客想要購買而言，我可以告訴你，絕對不是我們擔心的問題。我們所面臨的機會是，盡可能讓我們的產品和服務對消費者最具吸引力，而這正是我們關注的重點。

Okay. Thank you, and good luck.

好的。謝謝，祝你好運。

Thank you.

謝謝。

Michael Montani, Evercore.

Michael Montani，Evercore。

Yes, hi. Good morning. Thanks for taking the question, and Tom, good to hear from you again as well. Just wanted to dig into -- I guess it's a three-parter, but it's kind of all related, which was depreciation trends, just some incremental color about what you're seeing, the competitive backdrop, as the intensity ratcheting up, and then lastly was on the reinvestment into GPU. How much of a reinvestment we ought to be thinking about moving ahead?

是的，你好。早安.謝謝你回答這個問題，湯姆，很高興再次收到你的來信。我只是想深入探討一下——我想這可以分為三個部分，但它們都有些關聯，分別是折舊趨勢、對你所看到的情況進行一些補充說明、競爭背景（競爭強度不斷加劇），以及對 GPU 的再投資。我們應該考慮在未來進行多少再投資？

Yeah. So for depreciation, my comments were really in the Wholesale area. We did see very sharp depreciation within the quarter, a greater than 10% depreciation within the quarter. So very sharp, and that impacted performance within the quarter. And as that debates, then we would expect that performance would turn around.

是的。所以關於折舊，我的評論主要集中在批發領域。本季我們確實看到了非常嚴重的貶值，貶值幅度超過 10%。非常敏銳，這影響了本季的業績。隨著這些爭論的展開，我們預計該項表現將會好轉。

In terms of GP, we did talk about that. It's material enough for us to talk about it on the call, but at the same time, we've just rolled out different levels of pricing changes. We're going to see kind of how it performs within the quarter. And then in our Q4 call, we'll come back and we'll talk about what we saw and also what that means for our plan moving forward.

關於GP（全科醫生）方面，我們確實討論過。這足以成為我們在電話會議上討論的話題，但同時，我們剛剛推出了不同程度的價格調整。我們將觀察它在本季內的表現。然後，在第四季度財報電話會議上，我們會回顧並討論我們所看到的，以及這對我們未來的計劃意味著什麼。

I say that, but we're also optimistic that it's going to change the sales trend that we've had, negative 6%, negative 9% comps sequentially. And that's what we're looking to change. We're looking to change that trend. We'll come back with that.

話雖如此，我們也樂觀地認為，這將改變我們目前的銷售趨勢，此前我們的銷售額環比下降了 6% 到 9%。而這正是我們想要改變的。我們希望改變這種趨勢。我們會盡快回覆。

And I forget your number two question, but that --

我忘了你的第二個問題，但…--

Just the competitive intensity.

就是這種競爭強度。

I think I got number one and number three.

我覺得我拿到第一名和第三名了。

Let me add to the pricing part, which is, our pricing is not -- it's not like we have a static pricing model where we just lower all of our prices and leave them there. This is going to be very dynamic throughout the quarter.

關於定價方面，我想補充一點，我們的定價並非——我們並非採用靜態定價模式，只是降低所有價格然後就保持不變。整個季度情況都會非常不穩定。

I think one of the things David and I and the rest of the team here assessed in a short period of time is, if you want to get things moving in the other direction, there's some significant levers that you can push, but the two biggest are clearly pricing and marketing. So we're making moves there to try to get the trend moving in the other direction, but it'll be very dynamic throughout the quarter.

我認為，我和大衛以及團隊其他成員在短時間內評估出的一件事是，如果你想讓事情朝著相反的方向發展，你可以採取一些重要的措施，但其中最重要的兩項顯然是定價和行銷。所以我們正在採取措施，試圖扭轉這一趨勢，但整個季度情況都會非常不穩定。

It's why -- we're not trying to be evasive with what we think the margin impact will be, but we're trying to be as impactful as we can. And again, we're 18 days into the quarter. So this will be a dynamic process throughout the next three months.

這就是為什麼——我們不想迴避我們認為利潤率會受到的影響，但我們會盡力產生最大的影響。現在，我們已經進入本季第 18 天了。因此，在接下來的三個月裡，這將是一個動態的過程。

Thank you. And we don't have any further questions at this time. I will hand the call back to David for any closing remarks.

謝謝。我們目前沒有其他問題了。我將把電話轉回給大衛，讓他做最後的總結發言。

Thank you. We'd like to thank the thousands of CarMax associates who have helped build the business that we have today and will be part of our next leg of growth in the future. Thank you all for joining our call today.

謝謝。我們要感謝成千上萬的 CarMax 員工，他們幫助我們建立了今天的業務，並將繼續參與我們未來的下一階段成長。感謝各位今天參加我們的電話會議。

And then before we sign off, Tom has some closing remarks.

最後，在節目結束前，湯姆還有一些總結發言。

Yeah. I just thank all of you guys for your support. Many of you I know and I've heard your voice in the past. And although it's good to be back, I wish it was under slightly different circumstances.

是的。我衷心感謝大家的支持。我認識你們中的許多人，以前也聽過你們的聲音。雖然很高興能回來，但我希望回來的情況能稍微不同一些。

But what I would tell you is, from the Board perspective, we are absolutely committed to getting this right. David is the perfect person to sit in this role while we search for our next CEO. I'm happy to spend more time on the business. What I've been most enthusiastic about in the last two weeks is how engaged all of our employees are and how excited they are to win.

但我可以告訴大家的是，從董事會的角度來看，我們絕對致力於把這件事做好。在我們尋找下一任執行長期間，戴維是擔任這一職位的最佳人選。我很樂意花更多時間在事業上。過去兩週最讓我感到振奮的是，我們所有員工的參與度都非常高，而且他們都非常渴望勝利。

And as we've mentioned multiple times and Enrique just kind of covered in total, we have incredible assets in this company. We have a great balance sheet. We have an iconic brand. We have 250 locations. And most importantly, what has always separated us from everybody else is the engagement of our more than 28,000 associates. And none of that has wavered.

正如我們多次提到的，恩里克也全面地闡述過，我們公司擁有令人難以置信的資產。我們的資產負債表非常穩健。我們擁有一個標誌性品牌。我們有250個營業地點。最重要的是，我們始終與其他人區分開來的，是我們超過 28,000 名員工的敬業精神。這一切從未動搖過。

So I just wanted to close by saying the Board is absolutely committed to getting this right. And I wanted to also thank David for the role that he is playing while we're in the middle of this search.

最後我想強調的是，董事會絕對致力於把這件事做好。我還要感謝大衛在我們尋找合適人選的過程中所扮演的角色。

And lastly, I wish everybody a happy holiday season. Thank you for joining us, and we'll talk to you next time.

最後，祝大家節日快樂。感謝您的參與，我們下次再見。

Thank you. Ladies and gentlemen, that concludes the third-quarter fiscal year 2026 CarMax earnings release conference call. You may now disconnect.

謝謝。女士們、先生們，CarMax 2026 財年第三季財報電話會議到此結束。您現在可以斷開連線了。