Lithia Motors Inc (LAD) 2025 Q2 法說會逐字稿

Greetings. Welcome to Lithia and Driveways 2025 second-quarter earnings call. (Operator Instructions) Please note that today's conference is being recorded.

問候。歡迎參加 Lithia and Driveways 2025 第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I'll now turn the conference over to Jordan Jaramillo, Senior Director of Finance. Thank you. You may begin.

現在，我將會議交給財務高級總監喬丹·賈拉米洛 (Jordan Jaramillo)。謝謝。你可以開始了。

Good morning. Thank you for joining us for our second-quarter earnings call. With me today are Bryan DeBoer, President and CEO; Tina Miller, Senior Vice President and CFO; and Chuck Leitz, Senior Vice President of Driveway Finance.

早安.感謝您參加我們的第二季財報電話會議。今天與我一起的有總裁兼執行長 Bryan DeBoer、高級副總裁兼財務長 Tina Miller 和 Driveway Finance 高級副總裁 Chuck Leitz。

Today's discussion may include statements about future events, financial projections and expectations about the company's products, markets, and growth. Such statements are forward-looking and subject to risks and uncertainties that could cause actual results to materially differ from the statements made. We disclose those risks and uncertainties we deem to be material in our filings with the Securities and Exchange Commission.

今天的討論可能包括有關未來事件的陳述、財務預測以及對公司產品、市場和成長的期望。此類聲明具有前瞻性，受風險和不確定性的影響，可能導致實際結果與聲明有重大差異。我們在向美國證券交易委員會提交的文件中揭露了我們認為重大的風險和不確定性。

We urge you to carefully consider these disclosures and not to place undue reliance on forward-looking statements. We undertake no duty to update any forward-looking statements which are made as of the date of this release. Our results discussed today include references to non-GAAP financial measures. Please refer to the text of today's press release for reconciliation of comparable GAAP measures. We have also posted an updated investor presentation on our website, investors.lithiadriveway.com, highlighting our second-quarter results.

我們敦促您仔細考慮這些揭露，不要過度依賴前瞻性陳述。我們不承擔更新本新聞稿發布之日所作的任何前瞻性陳述的義務。我們今天討論的結果包括對非公認會計準則財務指標的引用。請參閱今天的新聞稿文本，以了解可比較 GAAP 指標的調整。我們也在我們的網站 investors.lithiadriveway.com 上發布了更新的投資者介紹，重點介紹了我們的第二季業績。

With that, I'd like to turn the call over to Bryan DeBoer, President and CEO.

說到這裡，我想把電話轉給總裁兼執行長 Bryan DeBoer。

Thank you, Jardon. Good morning and welcome to our second-quarter earnings call. The first half of 2025 reaffirms the strength of our strategy with a 29% increase in EPS on a year-over-year basis, vastly outpacing the industry's profitability growth. Lithia and Driveways' strong earnings growth is enabled by an operational focus powered by our people and the profitability of our ecosystem and adjacencies. Our integrated physical and digital network services customers while scaling a platform designed to compound value and earnings power with a diverse and resilient ecosystem.

謝謝你，Jardon。早上好，歡迎參加我們的第二季財報電話會議。2025 年上半年，每股盈餘年增 29%，大大超過產業獲利成長，再次證明了我們策略的實力。Lithia and Driveways 強勁的獲利成長得益於我們員工的營運重點以及我們的生態系統和鄰近地區的獲利能力。我們整合了實體和數位網路服務客戶，同時擴展了旨在透過多樣化和有彈性的生態系統增加價值和獲利能力的平台。

In the second quarter, we delivered record revenue of $9.6 billion and 4% year-over-year same-store revenue increase, reflecting our continued ability to grow share and enhance the profitability of our platform. In addition, diluted earnings per share for the quarter was $9.87, and $10.24 on an adjusted basis, an increase of 25% and 30% year over year, respectively. We saw strength across the business with record profitability in financing operations, expanding after-sales margins, and flat SG&A despite pressures from lower GPUs.

第二季度，我們實現了創紀錄的 96 億美元營收，同店營收年增 4%，這反映出我們持續擴大市場份額和提昇平台獲利能力的能力。此外，本季每股攤薄收益為 9.87 美元，調整後每股攤薄收益為 10.24 美元，分別年增 25% 和 30%。儘管面臨 GPU 降低的壓力，但我們看到整個業務表現強勁，融資業務盈利能力創歷史新高，售後利潤率不斷擴大，銷售、一般及行政費用持平。

We're encouraged by our adjacencies that are now contributing meaningfully to both earnings and consumer engagement. These businesses are not just supporting core operations. They are expanding unit economics, reinforcing loyalty and widening the profit gap between Lithia and the marketplace. As we look to the second half of 2025 and beyond, our focus remains on store performance, scaling high-margin adjacencies, deepening customer relationships across the ecosystem, and deploying capital in a way that is most valuable to our shareholders.

我們對我們的鄰近業務感到鼓舞，它們現在對收益和消費者參與度都做出了有意義的貢獻。這些業務不僅僅支持核心營運。他們正在擴大單位經濟效益、加強忠誠度並擴大 Lithia 與市場之間的利潤差距。展望 2025 年下半年及以後，我們的重點仍然是門市業績、擴大高利潤鄰接範圍、深化整個生態系統的客戶關係，以及以對股東最有價值的方式部署資本。

Our combination of local execution, integrated technology, and capital discipline positions us to grow profitably, take share, and advance to our long-term targets while continuing to lead the industry in innovation. We're pleased to see increasing momentum in our high-margin business lines, including financing operations and aftersales, which expands our unit economics and adds consistency to our earnings profile. Our stores are adapting in real time to demand shifts supported by their understanding of customer needs and OEM dynamics.

我們將本地執行、綜合技術和資本紀律相結合，使我們能夠實現盈利增長、佔據市場份額並向長期目標邁進，同時繼續引領行業創新。我們很高興看到我們的高利潤業務線（包括融資業務和售後業務）的成長勢頭不斷增強，這擴大了我們的單位經濟效益並增強了我們的盈利狀況的一致性。我們的商店根據對客戶需求和 OEM 動態的了解即時適應需求變化。

We continue to monitor and respond to the evolving tariff landscape and broader consumer trends. We have diversified our earnings stream. And as a reminder, over 60% of our net profit comes from the after-sales operations. Our OEM partners have responded nicely, maintaining affordability and price stability. With a broad product mix, we are well positioned to serve customers across all segments and affordability levels, while continuing to build upon the customer lifecycle with high-margin adjacencies to further improve the profit equation.

我們將繼續監控並應對不斷變化的關稅狀況​​和更廣泛的消費趨勢。我們已實現了收入來源多元化。需要提醒的是，我們 60% 以上的淨利潤來自售後業務。我們的 OEM 合作夥伴反應良好，保持了可負擔性和價格穩定性。憑藉廣泛的產品組合，我們能夠為各個細分市場和不同經濟水平的客戶提供服務，同時繼續利用高利潤率的鄰接產品來建立客戶生命週期，從而進一步改善利潤方程式。

What differentiates us is how our components work together, a national footprint with local autonomy, integrated digital tools, high-margin adjacencies that scale earnings across the ownership lifecycle, while also being the preferred acquirer of businesses in the industry. In a fragmented sector, our ability to acquire, integrate, and operate at scale remains a key focus and competitive advantage.

我們的獨特之處在於，我們的各組成部分如何協同工作，在全國範圍內具有地方自主權，集成數位工具，高利潤的鄰接關係，可在整個所有權生命週期內擴大收益，同時也是業內企業的首選收購者。在分散的產業中，我們收購、整合和大規模營運的能力仍然是我們關注的重點和競爭優勢。

This quarter, we added stores and targeted high-return markets, continued optimizing our existing portfolio, and embedded adjacencies more deeply into our daily operations. Our omnichannel platform is expanding both engagement and reach. Tools like the MyDriveway portal are strengthening customer retention in digital brands like Driveway and GreenCars as they continue attracting new customers into the ecosystem, all while improving the customer experience and driving margin.

本季度，我們增加了門市並瞄準高回報市場，繼續優化現有產品組合，並將鄰近業務更深入地嵌入到我們的日常營運中。我們的全通路平台正在擴大參與度和覆蓋範圍。MyDriveway 入口網站等工具正在加強 Driveway 和 GreenCars 等數位品牌的客戶保留率，因為它們不斷吸引新客戶進入生態系統，同時改善客戶體驗和駕駛利潤。

In July, we completed a transaction to transfer our North American joint venture back to Pinewood AI, paving the way for Pinewood's full rollout of the industry's pinnacle cloud-based solution across North America. In addition to our high-margin adjacencies, we have a set of operational levers that tighten costs and lift throughput at the store level.

7 月，我們完成了將北美合資企業轉讓回 Pinewood AI 的交易，為 Pinewood 在北美全面推出業界頂尖的基於雲端的解決方案鋪平了道路。除了我們的高利潤鄰接業務外，我們還有一套營運槓桿，可以縮緊成本並提高商店層面的吞吐量。

Today, MyDriveway's customer portal reduces service costs and drives higher retention. Soon, the Pinewood AI will allow us to replace multiple legacy and third-party solutions, allowing both customers and our team members to operate in the same environment. This will improve the sales experience, streamline workflows, and further reduce our cost structure. Layer on to that scale-driven advantageous pricing as we unlock meaningful SG&A leverage while freeing store teams to focus on selling and servicing vehicles.

如今，MyDriveway 的客戶入口網站降低了服務成本並提高了保留率。很快，Pinewood AI 將允許我們取代多個傳統和第三方解決方案，讓客戶和我們的團隊成員在同一個環境中工作。這將改善銷售體驗，簡化工作流程，並進一步降低我們的成本結構。在我們釋放出有意義的銷售、一般和行政費用槓桿的同時，充分利用規模驅動的優惠定價優勢，讓門市團隊能夠專注於銷售和維修車輛。

Together, these abilities give Lithia a structural edge that supports sustained margin consistency and growth. This strategy is producing results and creates a foundation of tremendous potential and more resilient and rewarding earnings model. This enables us to grow through volatility, allocate capital with confidence, and advance towards our long-term targets with clarity.

這些能力共同賦予了 Lithia 結構性優勢，支持其利潤率的持續穩定和成長。這項策略正在產生成果，並為巨大的潛力和更具彈性和回報的獲利模式奠定基礎。這使我們能夠在波動中成長，充滿信心地分配資本，並明確地朝著我們的長期目標前進。

Strategic acquisitions remain a core pillar of our growth model and a proven differentiator of LAD. Our history of sustainable high return and virtually risk-free growth has grown our revenue from $13 billion in 2019 to become the largest global auto retailer, quickly approaching $40 billion in revenue. EPS has grown at a similar rate, and we remain excited to operate and grow in one of the most unconsolidated sectors in the country.

策略性收購仍是我們成長模式的核心支柱，也是 LAD 公認的差異化因素。我們擁有可持續的高回報和幾乎無風險的成長歷史，使我們的收入從 2019 年的 130 億美元增長至全球最大的汽車零售商，收入迅速接近 400 億美元。EPS 也以類似的速度成長，我們仍然很高興能夠在國內最不整合的行業之一中運作和發展。

Our scaled, diverse strategy and cash engine now have the flexibility to not only accelerate share buybacks but also continue to grow both organically and through acquisitions. With a disciplined approach, we continue to target high-quality assets in the US that strengthen our network, especially in the Southeast and South Central, where population growth and operational profits are the highest. We aim to acquire at 15% to 30% of revenue or 3 to 6 times normalized EBITDA with a 15% minimum after-tax hurdle rate. Our track record reflects a 95% success rate of above-target returns.

我們規模化、多樣化的策略和現金引擎現在不僅可以靈活地加速股票回購，還可以透過有機成長和收購繼續成長。我們採取嚴謹的方法，繼續瞄準美國的優質資產，以加強我們的網絡，特別是在人口增長和運營利潤最高的東南部和中南部地區。我們的目標是以 15% 至 30% 的收入或 3 至 6 倍的標準化 EBITDA 進行收購，最低稅後回報率為 15%。我們的業績記錄反映出超過目標報酬率的成功率達到 95%。

Today, we are in a position of strength. Our growing capital engine and consistent free cash flow gives us the flexibility to allocate where returns are most attractive. While waiting for market valuations on acquisitions to reset, the relative value of our own shares supports a more aggressive buyback strategy, which Tina will be discussing further. In the first half of the year, we repurchased 3% of our outstanding shares. Over the long term, we continue to target acquiring $2 billion to $4 billion in revenue annually and will continue to deploy capital where it compounds value most effectively.

今天，我們處於強勢地位。我們不斷成長的資本引擎和持續的自由現金流使我們能夠靈活地分配最具吸引力的回報。在等待收購的市場估值重置的同時，我們自己的股票的相對價值支持更積極的回購策略，蒂娜將進一步討論這一點。今年上半年，我們回購了3%的流通股。從長遠來看，我們將繼續以每年獲得 20 億至 40 億美元的收入為目標，並將繼續將資本部署在最能有效增加價值的地方。

We have clear line of sight to our long-term revenue of EPS growth targets powered by five strategic levers: improving store-level performance; expanding our footprint and digital reach to grow US market share from 1% to 5%; financing up to 20% of units through scaling DFC; reducing costs through scale efficiencies in SG&A discipline and capital structure; and finally, capturing growing contributions from omnichannel adjacencies like e-commerce, fleet, software, and insurance.

我們對長期每股收益成長目標有著清晰的認識，這由五個策略槓桿推動：提高門市層面的績效；擴大我們的業務範圍和數位覆蓋範圍，將美國市場份額從 1% 提高到 5%；透過擴大 DFC 為高達 20% 的單位提供融資；透過銷售、一般和行政管理費用 (SG&A) 紀律和資本結構的工作能力越來越大、成本

Let's turn to our key operating results and how the performance is being driven at the store and departmental level. This quarter marked another meaningful step forward in the consistency of our performance. We delivered year-over-year growth, particularly in aftersales, and continued to see sequential improvements in used autos, especially in the value auto segment.

讓我們來看看我們的關鍵經營成果以及在商店和部門層面如何推動業績。本季標誌著我們的業績一致性又邁出了有意義的一步。我們實現了同比增長，特別是在售後服務方面，並且二手車，尤其是價值汽車領域繼續保持連續增長。

While the June 2024 outage contributed to softer comps in the prior year, this quarter's results reflect operational progress yielding organic revenue growth through each month of the quarter supported by disciplined SG&A control and strong execution across our stores. As we move through the rest of 2025, our focus remains on the fundamentals, expanding market share, improving throughput, maintaining cost efficiency to reach our potential.

雖然 2024 年 6 月的停電導致上一年的同店銷售額下降，但本季的業績反映了營運方面的進展，在嚴格的銷售、一般及行政費用控制和各門市的強勁執行力的支持下，本季度每個月都實現了有機收入增長。在 2025 年剩餘時間裡，我們的重點仍然是基本面，擴大市場份額，提高產量，保持成本效率，以發揮我們的潛力。

Turning to same-store sales performance, total revenues and gross profit both increased by just over its 4% due to sequential strength across all business lines that are partially offset by declining GPUs. Total vehicle gross profit of [$4,318] was down $128 compared to the same period last year. New vehicle units increased 2% year over year, with front-end GPUs at [$3,175] up slightly sequentially.

談到同店銷售業績，總營收和毛利均成長略高於 4%，這得益於所有業務線的連續強勁成長，但部分被 GPU 的下滑所抵消。車輛總毛利為 [4,318 美元]，與去年同期相比下降了 128 美元。新車銷量年增 2%，前端 GPU 價格為 [3,175 美元]，較上季略有上漲。

Used vehicle units increased 4% year over year. Our value auto sales continued to trend impressively with 50% same-store sales improvement versus last year. Front-end GPUs for used vehicles were flat year over year at [$1,900]. We saw a slight increase in new vehicle inventory day supply of 63 at quarter-end This compares to an unusually strong sales month in March, with absolutely inventory increasing by only 5% sequentially.

二手車保有量較去年同期成長4%。我們的價值車銷售持續呈現令人印象深刻的趨勢，與去年相比同店銷售額成長了 50%。二手車前端 GPU 去年同期持平，為[1,900 美元]。我們看到季度末新車庫存天數供應量略有增加，為 63 天。相比之下，3 月的銷售異常強勁，絕對庫存僅較上季成長 5%。

Used vehicle DSO increased slightly to 48 days from 45 days in Q1. Flooring interest savings were significant this quarter, with a 28% decline year over year. F&I delivered 4.5% year-over-year growth in same-store sales gross profit and $1,841 on a per-unit basis, a $25 year-over-year increase reflecting the continued steady growth of this high profitability area.

二手車 DSO 從第一季的 45 天略微增加至 48 天。本季地板利息節省顯著，較去年同期下降28%。F&I 同店銷售毛利年增 4.5%，每單位毛利為 1,841 美元，較去年同期成長 25 美元，反映出這一高獲利領域的持續穩定成長。

Aftersales was once again a key earnings driver. Same-store after-sales gross profit grew 8.5% year over year, helped by solid momentum in both customer pay and warranty work. Gross profit expanded even faster at 11.9% as the segment's gross profit margin widened to 57.8%, a 188-basis-point increase from last year, reflecting stronger mix and operating efficiency. Warranty remains a standout with gross profit up 21.9% on elevated OEM service activity and higher technician productivity. With aftersales now contributing more than 60% of the net income of our company, we see continued headroom to compound growth and earning stability in 2025 and beyond.

售後服務再次成為主要的獲利驅動因素。受客戶付款和保固工作強勁成長的推動，同店售後毛利年增 8.5%。毛利成長更快，達到 11.9%，因為該部門的毛利率擴大至 57.8%，比去年增加了 188 個基點，反映了更強勁的產品組合和營運效率。保固業務依然表現突出，由於 OEM 服務活動的增加和技術人員生產力的提高，毛利增加了 21.9%。目前，售後服務已占公司淨收入的 60% 以上，我們預計 2025 年及以後仍將維持複合成長和獲利穩定的空間。

With the foundation of our strategy now in place, Lithium Driveway Differentiated Model is delivering results. Leveraging our national physical network throughout the customer lifecycle with inventory and network scale advantages, industry-leading digital customer solutions, and deepening customer economics through captive finance and expanding aftersales all underscore the consistency, resiliency, flexibility, and potential of our model.

隨著我們策略基礎的建立，鋰車道差異化模式正在取得成果。利用我們的全國實體網路在整個客戶生命週期中的庫存和網路規模優勢、業界領先的數位客戶解決方案，以及透過專屬融資和擴大售後服務來深化客戶經濟，所有這些都凸顯了我們模式的一致性、彈性、靈活性和潛力。

Our leaders are executing across the network by driving towards store potential, integrating adjacencies, and creating memorable customer engagements across the ownership journey. Our integrated ecosystem is delivering tangible results, and we are confident in our ability to lead the industry in consistency, profitability, and long-term value creation.

我們的領導者正在透過挖掘商店潛力、整合鄰接關係以及在整個所有權旅程中創造令人難忘的客戶互動來執行整個網路。我們的綜合生態系統正在產生實際的成果，我們有信心在一致性、獲利能力和長期價值創造方面引領產業。

Before turning things over to Tina, I would like to thank and congratulate Gary Glandon, our Chief People Officer, on his upcoming retirement. His leadership is leveraging LAD's greatest strength, our people, and is a perfect exclamation point on an illustrious 25-year career as Head of People Functions and his five years here at LAD. We look forward to seeing our people and culture teams that Gary has built, led by Katie Macaddino, continue to flourish and drive our mission of growth powered by people.

在將工作交給蒂娜之前，我想感謝並祝賀我們的首席人才官加里·格蘭登即將退休。他的領導力充分發揮了 LAD 的最大優勢——我們的員工，這是他作為人力資源主管 25 年輝煌職業生涯以及在 LAD 任職 5 年的完美總結。我們期待看到由加里 (Gary) 建立並在凱蒂·馬卡迪諾 (Katie Macaddino) 領導下的人才和文化團隊繼續蓬勃發展，並推動我們以人為本的成長使命。

With that, I'll turn the call over to Tina.

說完這些，我就把電話轉給蒂娜。

Thank you, Bryan. Our momentum in the second quarter translates into improving financial leverage with continued year-over-year EPS improvement, the highest quarterly income to date for financing operations powered by strong fundamentals, and a focus on identifying ways to generate SG&A efficiency and free cash flow generation that funded the repurchase of 1.5% of shares in the quarter. These results underscore how ongoing cost control actions, a maturing captive finance platform, and balanced capital deployment are accelerating value creation.

謝謝你，布萊恩。我們第二季度的發展勢頭轉化為不斷提高的財務槓桿，每股收益繼續同比增長，在強勁基本面的推動下，融資業務實現了迄今為止最高的季度收入，並專注於尋找提高銷售、一般及行政費用效率和自由現金流的方法，為本季度回購 1.5% 的股份提供資金。這些結果強調了持續的成本控制行動、成熟的專屬融資平台以及均衡的資本配置如何加速價值創造。

Adjusted SG&A as a percentage of gross profit was 67.7%, down from 67.9% a year ago. On a same-store basis, SG&A ticked up to 67.4% from 66.4%, reflecting cost pressures as we navigate declining front-end GPUs. We're pushing levers to reclaim operating margin by increasing productivity through performance management and technology, optimizing our tech stack and retiring duplicate systems, renegotiating national vendor contracts, and automating back-office workflows.

調整後的銷售、一般及行政費用佔毛利的百分比為 67.7%，低於一年前的 67.9%。以同店計算，銷售、一般及行政費用從 66.4% 上升至 67.4%，反映出我們在應對前端 GPU 下降時面臨的成本壓力。我們正在透過績效管理和技術提高生產力、優化技術堆疊和淘汰重複系統、重新談判國家供應商合約以及自動化後台工作流程來推動槓桿以恢復營業利潤率。

These actions, combined with ongoing UK network rationalization, are designed to bend the SG&A curve lower again while giving store teams more time with customers. We expect the benefits to build each quarter, controlling SG&A even if front-end GPUs continue to normalize. DFC continues to scale profitably, demonstrating the differentiation of our model. Financing ops income more than doubled year over year from $7 million to $20 million, supported by a 50-basis-point expansion in net interest margin to 4.6%.

這些措施與英國正在進行的網路合理化相結合，旨在再次降低銷售、一般及行政開支曲線，同時讓門市團隊有更多時間與客戶溝通。我們預計每季的收益都會增加，即使前端 GPU 繼續正常化，也能控制銷售、一般及行政費用 (SG&A)。DFC 持續實現獲利性擴張，彰顯了我們模式的差異化。融資業務收入年增一倍以上，從 700 萬美元增至 2,000 萬美元，這得益於淨息差擴大 50 個基點至 4.6%。

Disciplined underwriting remains the cornerstone with second-quarter originations of $731 million, carrying an average FICO score of 747. This was achieved while increasing US penetration to 15%, up 240 basis points versus last year. The optimization of risk and reward in recent vintages is driving improved performance, passing more of that spread through to earnings.

嚴格的承保仍然是基石，第二季的承保金額為 7.31 億美元，平均 FICO 分數為 747。同時，美國的滲透率也提高了 15%，比去年提高了 240 個基點。近年來，風險與回報的優化正在推動績效的提升，並將更多的利差轉化為收益。

Our market position at the top of the consumer funnel and high-quality originations keeps credit risk low and preserves balance sheet capacity for continued growth. With managed receivables now above $4 billion, our mature portfolio can continue to deliver outsized profitability relative to indirect lending, reinforcing our earnings growth trajectory. Strong origination flow, improving margins, and runway to increase retail penetration demonstrate a clear path to our long-term profitability targets for DFC.

我們處於消費者通路頂端的市場地位和高品質的發起使信用風險保持在較低水平，並保持了資產負債表容量以實現持續成長。現在，我們管理的應收帳款已超過 40 億美元，我們成熟的投資組合可以繼續提供相對於間接貸款而言超額的獲利能力，從而鞏固我們的獲利成長軌跡。強勁的發起流量、不斷提高的利潤率以及增加零售滲透率的跑道為我們實現 DFC 的長期盈利目標指明了清晰的道路。

Now moving on to our cash flow and balance sheet health, we reported adjusted EBITDA of $489 million for the second quarter, a 20% increase year over year driven by increased earnings. During the quarter, we generated free cash flows of $269 million. Our business continues to convert operating momentum into healthy free cash flow, giving us the flexibility to pursue a balanced strategy of buying back shares, funding accretive store acquisitions, and investing in the customer experience, all while preserving a strong balance sheet profile.

現在談談我們的現金流量和資產負債表健康狀況，我們報告第二季調整後的 EBITDA 為 4.89 億美元，年成長 20%，這得益於收益的成長。本季度，我們產生了 2.69 億美元的自由現金流。我們的業務繼續將營運動能轉化為健康的自由現金流，使我們能夠靈活地推行平衡的策略，包括回購股票、為增值門市收購提供資金以及投資於客戶體驗，同時保持強勁的資產負債表狀況。

This steady, self-funded cash engine lets us stay nimble in challenging markets and deploy capital where it will compound shareholder value fastest. This quarter, we continued our balanced approach to capital allocation. We deployed approximately one-third of cash flows to share buybacks at an average price of $306, representing 1.5% of outstanding shares. One-third was allocated to acquisitions of high-quality stores in targeted geographic regions, with the remaining capital invested in store CapEx, the customer experience, and opportunities to improve operating efficiency.

這種穩定的、自籌資金的現金引擎讓我們在充滿挑戰的市場中保持靈活，並將資本部署到能夠最快增加股東價值的地方。本季度，我們繼續採取均衡的資本配置方法。我們將約三分之一的現金流量用於股票回購，平均價格為 306 美元，佔流通股的 1.5%。三分之一用於收購目標地理區域的優質商店，其餘資本則投資於商店資本支出、客戶體驗和提高營運效率的機會。

Our capital allocation philosophy is to act opportunistically, and with leverage comfortably below our target and ample liquidity, we are accelerating our share repurchases to target up to 50% of free cash flows and capitalize on what we view as a meaningful disconnect between our stock price and intrinsic value. This stepped-up buyback pace allows us to compound returns for shareholders while still preserving capacity for high-return strategic acquisitions.

我們的資本配置理念是把握機會，在槓桿率遠低於目標且流動性充足的情況下，我們正在加快股票回購，目標是實現高達 50% 的自由現金流，並利用我們所認為的股價與內在價值之間的重大脫節。加快回購步伐使我們能夠為股東帶來複合回報，同時仍保留高回報策略收購的能力。

The last strategy remains anchored in consistent, differentiated, profitable growth powered by an omnichannel platform that now delivers tangible earnings at every step of the ownership journey. Our passionate teams, differentiated digital and financial capabilities, and sound balance sheet provide the foundation to scale both core operations and high-margin adjacencies, unlocking the next chapter of value creation in 2025 and beyond, as we continue our progress to creating $2 of EPS per billion in revenue.

最後一個策略仍然以全通路平台為動力，實現持續、差異化、盈利的成長，該平台現在可在所有權旅程的每一步提供切實的收益。我們充滿熱情的團隊、差異化的數字和財務能力以及健全的資產負債表為擴大核心業務和高利潤率鄰接業務奠定了基礎，開啟了 2025 年及以後價值創造的下一篇章，我們將繼續朝著每十億美元收入創造 2 美元每股收益的目標邁進。

This concludes our prepared remarks. With that, I'll turn the call over to the operator for questions. Operator?

我們的準備好的演講到此結束。說完這些，我將把電話轉給接線生來回答問題。操作員？

(Operator Instructions) Ryan Sigdahl, Craig Hallum.

（操作員指示）Ryan Sigdahl、Craig Hallum。

Hey, good morning, guys.

嘿，大家早安。

Morning.

早晨。

Morning, Ryan.

早安，瑞安。

I want to start with SG&A to gross profit, so certainly making good progress on the adjacencies, on the operating efficiencies. I hear you from an operational standpoint. But when I look at the numbers, I guess a little bit worse than we were expecting from an SG&A to gross profit leverage despite better GPUs. So I guess, can you talk through kind of the operational improvements and then kind of the financial implications and maybe put some guardrails to help the Street and myself kind of think about how this layers into the income statement and the model as it relates to the second half of this year and then 2026?

我想從銷售、一般及行政費用到毛利開始，這樣在鄰近專案和營運效率方面肯定會取得良好進展。我從營運的角度了解您的情況。但當我看到這些數字時，我認為儘管 GPU 更好，但銷售、一般及行政費用與毛利槓桿的比率還是比我們預期的要差一些。所以我想，您能否談談營運方面的改進，以及財務方面的影響，並設置一些護欄，以幫助華爾街和我自己思考這些改進將如何影響今年下半年以及 2026 年的損益表和模型？

Hi, Ryan. This is Tina. I'll start with that question. I mean, I think when we think about SG&A, as we've talked about before, a lot of it is driven by volume on the top line and making sure we're really driving that growth in terms of units and where that's happening in our stores. That continues to be the focus as we look at our leaders that we have in our stores, our department managers, and making sure they're really driving to get that market share and that growth that's available in their market, and then looking at productivity and cost controls on that line as we look at SG&A.

你好，瑞安。這是蒂娜。我先從這個問題開始。我的意思是，當我們考慮銷售、一般和行政費用時，正如我們之前談到的，其中很大一部分是由營業額驅動的，並確保我們真正推動單位成長以及我們商店的成長。這仍然是我們關注的重點，因為我們關注的是商店中的領導者、部門經理，並確保他們真正努力爭取市場份額和市場增長，然後在關注銷售、一般和行政費用時關注該生產線的生產力和成本控制。

So I think as a combined effort in both, we continue to pay a lot of attention to it and drive discipline through it and making sure we have the right leaders who are able to look at that. As we look at the rest of the year, we did increase the outlook slightly as we think about SG&A, just sort of balancing what's already occurred in the first half with continued discipline in the second half. And as we've talked about, that continued pace that we see, it needs to be that glide path down to getting toward that long-term target of 55% SG&A as a percentage of gross profit, but it's a diligence on it that we need to do every quarter.

因此，我認為，透過雙方的共同努力，我們將繼續高度關注這個問題，並透過它來推動紀律，並確保我們擁有能夠關注這個問題的合適領導者。展望今年剩餘時間，考慮到銷售、一般及行政費用 (SG&A)，我們確實略微提高了預期，只是在上半年已經發生的事情與下半年繼續保持紀律之間取得平衡。正如我們所討論的，我們看到的持續成長速度需要沿著下滑路徑下降，以達到銷售、一般和行政費用佔毛利 55% 的長期目標，但這是我們每個季度都需要努力實現的。

Very good. I don't believe you commented on the UK specifically, so I'll ask it here, but very challenging conditions from an industry standpoint, changing EV mandates, et cetera, et cetera. How do you feel about the UK from an industry overall and then where your business stands from whether it be cost or operational standpoint?

非常好。我不認為您專門針對英國發表了評論，所以我會在這裡提問，但從行業角度來看，情況非常具有挑戰性，電動車法規不斷變化，等等。從整個產業來看，您對英國有何看法？從成本或營運角度來看，您的業務處於什麼位置？

Thanks for the question, Ryan. I think the UK for us has been performing as expected. We were actually up profitability-wise by about 3% year-over-year, which was a nice number relative to what's happening in the marketplace. Neil and his teams there understand that top line is most critical and they're obviously growing their businesses and doing a nice job at cost management and so on. So we're pretty pleased with where we sit today, and I think it took a year to get the network fairly well cleaned up. And they sit with a nice clean portfolio with a lot of really great people that understand the consumers and understand the competition should continue to flourish in the future.

謝謝你的提問，Ryan。我認為英國的表現符合我們的預期。我們的獲利能力實際上同比增長了約 3%，相對於市場現狀而言，這是一個不錯的數字。尼爾和他的團隊明白，營收是最重要的，他們顯然正在發展業務，並在成本管理等方面做得很好。所以我們對現在的狀況非常滿意，我認為我們花了一年的時間才把網路清理得相當乾淨。他們擁有清晰的產品組合和許多真正優秀的人才，他們了解消費者，也知道未來的競爭應該會繼續蓬勃發展。

Great. I'll turn it over to the others. Thanks, Bryan, Tina.

偉大的。我將把它交給其他人。謝謝，布萊恩，蒂娜。

Thanks, Ryan.

謝謝，瑞安。

Thanks.

謝謝。

Michael Ward, Citi Research.

花旗研究部的麥可沃德 (Michael Ward)

Thanks very much. Good morning, Bryan. Good morning, Tina. Maybe just following up on the SG&A side, with the addition of Pendragon, it kind of distorts some of the comps in 2Q in particular. How does the US alone look on SG&A?

非常感謝。早安，布萊恩。早安，蒂娜。也許只是跟進銷售、一般及行政費用方面，隨著 Pendragon 的加入，它會扭曲第二季的一些比較數據。美國單獨看待銷售、一般及行政費用 (SG&A) 的情況如何？

This is Tina. I mean, our US business continues to be strong on the SG&A side. And as you know, the SG&A footprint in the UK is just higher. And so when we look at our blended number, I think both of the teams on both sides, I would say, continue to focus on SG&A. And it's an area that we see long-term continued opportunity to drive that down over time. But our US business continues to do well on the SG&A front.

這是蒂娜。我的意思是，我們的美國業務在銷售、一般及行政費用方面持續保持強勁。如您所知，英國的銷售、一般及行政費用 (SG&A) 佔更高。因此，當我們查看混合數字時，我認為雙方的兩個團隊都會繼續專注於銷售、一般和行政費用 (SG&A)。我們認為，這是一個長期持續的機會，可以隨著時間的推移降低這個數字。但我們的美國業務在銷售、一般及行政費用方面繼續表現良好。

I think it's also important. It's easy to get caught up in one number or another, but there's a lot of factors that go into how you think about your business and how you grow your business. It's easy to get caught up of what's happening quarter over quarter or year over year or so on, but Lithia and Driveway has built an organization that is focused on multiple assets of the customer lifecycle to expand the wallet share of a consumer and staying in our ecosystem for a longer period of time.

我認為這也很重要。我們很容易被一個數字或另一個數字所困擾，但有很多因素會影響你如何看待自己的業務以及如何發展業務。我們很容易陷入季度與季度之間或年度與年度之間發生的事情中，但 Lithia and Driveway 已經建立了一個專注於客戶生命週期的多項資產的組織，以擴大消費者的錢包份額並在我們的生態系統中停留更長時間。

It's shocking, the microscopic views that the market is taking on what we're doing when we've grown our organization threefold in revenue and threefold in earnings and have all of the levers and the dry powder in our adjacencies to continue to do the same thing, let alone in our M&A strategies of how we attack the marketplace.

令人震驚的是，當我們的組織收入和收益增長了三倍，並且擁有繼續做同樣事情的所有槓桿和乾粉時，市場對我們所做的事情的看法是如此的微觀，更不用說我們如何進軍市場的併購策略了。

We don't have blips in terms of how we buy and how we operate because we didn't pay based off COVID-level earnings. We don't have write-offs, as two of our peers just had. But for some reason, everyone keeps discounting those types of things. Lithia and Driveway, as it continues to plot along as the largest now auto retailer in the country and continuing to separate ourselves in terms of scale and size that we get into these microscopic views of SG&A was a half a point higher than it should have been.

我們的採購和營運方式沒有出現任何問題，因為我們沒有根據 COVID 水準的收入進行支付。我們沒有註銷，而我們的兩個同行剛剛註銷了。但出於某種原因，每個人都對這類事情不以為然。Lithia and Driveway 繼續發展成為國內最大的汽車零售商，並在規模和大小方面不斷脫穎而出，從微觀角度來看，SG&A 的盈利比應有的水平高出半個百分點。

Same-store sales might have been a little worse when our same-store sales revenue growth in used cars was the best in the sector so far, okay? Last quarter and the quarter before, it wasn't. So the gaps that we're realizing because of the ecosystem are quite there. Tina and the teams are working diligently on SG&A, and we're going to be able to deliver the performance.

當我們的二手車同店銷售收入成長是目前業界最好的時，同店銷售額可能稍微差一點，好嗎？上個季度和上個季度的情況並非如此。因此，我們意識到由於生態系統而產生的差距是相當大的。蒂娜和團隊正在努力處理銷售、一般和行政費用，我們將能夠完成任務。

And this quarter, we felt that we picked up some of the gaps in where we stand. And there is no question that we have a greater portion of our business that's sitting in blue states where population growth is not as exorbitant or robust as what it is in the Southeast and South Central. We've been very fortunate to be able to change our mix, to be able to expand where we sit. And as such, we're more excited than ever about what we've built and the potential of what we have.

本季度，我們感覺我們已經彌補了一些不足。毫無疑問，我們的大部分業務都位於藍州，這些州的人口成長並不像東南部和中南部那樣過快或強勁。我們非常幸運能夠改變我們的組合，能夠擴大我們的規模。因此，我們對我們所建造的一切以及我們所擁有的潛力感到比以往任何時候都更加興奮。

So Mike, thanks for letting me get on my soapbox for a few minutes, but it's sure frustrating as a management team that you build something and all you do is get the penalties of it. And then when there's one number out of 17 seems to jump out, people forget of what we've accomplished as a management team, and more importantly, what the foundational elements of what we built have the capacity to do in the future.

所以麥克，謝謝你讓我花幾分鐘發表意見，但作為一個管理團隊，你創造了一些東西，但你所做的只是得到懲罰，這確實令人沮喪。然後，當 17 個數字中有一個數字顯得格格不入時，人們就會忘記我們作為管理團隊所取得的成就，更重要的是，我們建構的基礎要素在未來能夠發揮什麼作用。

Well my point was -- is it was better than it looks, because the UK kind of distorts it, so the performance is actually better than it looks. To that end, it looks like Driveway Finance has turned the corner. Is $20 million, $30 million the new run rate per quarter? Is that what we're looking at? So $100 million plus contribution, like '26?

嗯，我的觀點是——它比看起來的要好，因為英國有點扭曲了它，所以表現實際上比看起來的要好。為此，Driveway Finance 似乎已經扭轉了局面。2000 萬美元、3000 萬美元是每季新的運行率嗎？這就是我們所看到的嗎？那麼捐款金額為 1 億美元以上，就像 26 年？

Hey, Mike, this is Chuck. DFC is on a very specific growth trajectory. And yes, we feel, as you've said, DFC has definitely got out of the startup phase and continues to execute our strategy of being top of funnel and getting preferential loan selection. And we see just that continued growth rate trend continuing for the next foreseeable quarters going forward. So yes, definitely expect to see that level of run rate going forward.

嘿，麥克，我是查克。DFC 正處於非常特殊的成長軌跡。是的，正如您所說，我們認為 DFC 確實已經走出了初創階段，並繼續執行我們的策略，即成為通路頂端並獲得優先貸款選擇。我們認為，在未來可預見的幾個季度中，這種持續的成長率趨勢將持續下去。所以是的，我們絕對期待看到未來這種水平的運行率。

Chuck's being very humble. Because I think the $20 million that we did was three times what we did in the previous year. The spreads are there. Our delinquency rates continue to strengthen and become better, which is great. And I think it's easy to forget that we made $20 million in the quarter, and I think we're targeting $60 million or something, $70 million for the year.

查克非常謙虛。因為我認為我們所賺的 2000 萬美元是前一年的三倍。價差就在那裡。我們的犯罪率持續上升並且有所改善，這是非常好的。我認為大家很容易忘記我們本季的獲利為 2,000 萬美元，而我們全年的目標是獲利 6,000 萬美元或 7,000 萬美元。

Ultimately, at the current revenue base where we finance vehicles, which is in the US, we're about $32 billion in revenue, which is about $320 million in profitability at scale, at just that revenue base. And we've continued to say that at a $50 billion domestic revenue base, we're going to make $0.5 billion. That's real money that our competitors at this stage don't have.

最終，以我們目前在美國為汽車提供融資的收入為基礎，我們的收入約為 320 億美元，僅以這個收入為基礎，我們的規模盈利能力就約為 3.2 億美元。我們一直說，在 500 億美元的國內收入基礎上，我們將賺取 5 億美元。這是真金白銀，我們的競爭對手目前還沒有這個實力。

And it's important to clarify that we're not getting valued on that. In fact, for the last two years, we've been penalized for it. And I think there's a lot of confusion out there that it takes a lot of capital and a lot of courage and bold planning to be able to execute on the things that we're executing on to be able to bring you what is now a company that has the ability to compete in acquisitions, in consolidation, and then the bottom line profitability in ways others can't.

需要澄清的是，我們並沒有因此而受到重視。事實上，過去兩年來，我們一直因此受到懲罰。我認為，外界存在著許多困惑，認為需要大量資金、巨大的勇氣和大膽的規劃才能執行我們正在執行的事情，才能讓公司在收購、整合方面具有競爭力，並以其他公司無法比擬的方式實現盈利。

Yes, it's a marathon, not a sprint. There are some of us still cheering for you, Bryan. Thank you.

是的，這是一場馬拉松，而不是短跑。我們中的一些人仍在為你歡呼，布萊恩。謝謝。

All right. Bye-bye.

好的。再見。

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

Great. Thanks for taking the questions. I'm sorry, I have to apologize in advance. I want to follow up on Mike's question and your response. It looks like, Bryan, you've obviously done a lot of acquisitions since the pandemic. You have grown your company threefold, as you've said, but I think it's been a couple of years since you've had those under the hood. And I think it's been 10 quarters now since the same-store metrics have underperformed your peer group.

偉大的。感謝您回答這些問題。抱歉，我必須提前道歉。我想跟進麥克的問題和您的回答。布萊恩，看起來自疫情爆發以來你顯然已經進行了很多收購。正如您所說，您的公司已經成長了三倍，但我認為您已經有好幾年沒有實現這些目標了。我認為，自同店業績指標落後於同業以來，已經有 10 個季度了。

So I don't know if like 1.5 year is enough time or we need to see more time before that starts to recover. So could you give us some visibility on when we should see your organic performance. I understand the adjacencies. I think DFC is great. But just the store performance metrics, when should we see that recoupling or doing better than peers? And I have a quick follow up. Thanks.

所以我不知道 1.5 年的時間是否足夠，或者我們需要更多時間才能開始恢復。那麼，您能否告訴我們何時可以看到您的有機表現？我了解鄰接關係。我認為 DFC 很棒。但僅從商店績效指標來看，我們何時才能看到其重新掛鉤或比同行做得更好？我有一個快速的跟進。謝謝。

Rajat, I think if you look back three quarters, our performance has bridged a lot of that gap. Like I said, in used cars, we were number one in revenue growth. Okay? Number one. And in service, we were in the middle of the pack. Okay? And remember, that service is based off of smaller units and operation growth than what others are. We believe it's somewhere between 3% and 3.5% difference just from units and operation. We were about 1.5% to 2% below what the peer group was.

拉賈特，我認為如果回顧前三個季度，我們的表現已經彌補了許多差距。正如我所說，在二手車領域，我們的收入成長排名第一。好的？第一。在服務方面，我們處於中游水準。好的？請記住，該服務是基於比其他服務更小的單位和營運成長。我們認為，僅從單位和營運來看，差異就在 3% 到 3.5% 之間。我們比同行低了約 1.5% 到 2%。

When it comes to new car sales, you know what? Stellantis is still struggling a little bit, and we still got a fairly large portion of that, like AutoNation does, and the rest is yet to be seen. If you want to view the world as that, go ahead. It's one part of who we are as an organization, and the ecosystem is beginning to perform. And the same-store sales growth is starting to bridge the gaps that are there. I can't change overnight where our footprint is.

說到新車銷售，你知道嗎？Stellantis 仍然處於困境之中，我們仍然獲得了相當大的份額，就像 AutoNation 一樣，其餘部分還有待觀察。如果你想這樣看待世界，那就去吧。這是我們作為一個組織的一部分，生態系統正在開始發揮作用。同店銷售額的成長開始彌補存在的差距。我無法在一夜之間改變我們的足跡。

If you remember, we were 80% West Coast-based before our acquisition of DCH. At the same time, we were almost 75% domestic manufacturers. Today, we sit at less than 30% of our mix being domestic. We sit with over 40% of our mix being in the Southeast and South Central. That automatically yields over double the operating margins of what the Western two regions perform at. If you want to just compare apples to apples, then you need to do deeper dives into what the marketplace is doing, where population growth is, and how operational profits and dock fees impact those operating profits.

如果你還記得的話，在收購 DCH 之前，我們的業務 80% 都位於西海岸。同時，我們的製造商幾乎有75%是國內製造商。如今，我們的國內產品佔不到 30%。我們的產品組合中 40% 以上位於東南部和中南部。這自然就產生了西部兩個地區營業利潤率的兩倍以上。如果您只想進行同類比較，那麼您需要更深入地了解市場動態、人口成長情況以及營運利潤和碼頭費用如何影響營運利潤。

Understood. And if you do have a line of sight and all of these gaps narrowing and getting better over the next few years, could we see a more aggressive pivot to -- and also given the fact that you're at a significant discount to your peer group? Or could we see a more aggressive pivot to stock buyback, at least in the interim, before the market can give you credit?

明白了。如果您確實有預見性，並且所有這些差距在未來幾年內都會縮小並變得更好，我們是否可以看到更積極的轉變 - 並且考慮到您與同行相比有顯著的折扣？或者，我們會看到更積極的股票回購，至少在市場給予你信任之前，暫時如此？

Sure, Rajat. I mean, good insight. I mean, I think when we're trading at a 20% to 30% discount to the peer group. And we've got somewhere between 20% and 40% upside just from our adjacencies that are not fully realizing their potential. And the trajectory is there, absolutely. I mean, as Tina mentioned, we're now allocating 50% of our capital to buybacks. I'm imagining we're in the market today buying, and we're going to continue to buy back until the world understands that what we built is something special and that the performance on each of these side metrics that --

當然，拉賈特。我的意思是，很有見地。我的意思是，我認為我們的交易價格比同行低 20% 到 30%。僅從尚未充分發揮其潛力的鄰近地區，我們就獲得了 20% 至 40% 的上升空間。軌跡就在那裡，絕對是如此。我的意思是，正如蒂娜所提到的，我們現在將 50% 的資金分配給回購。我想像我們今天在市場上買入，我們將繼續回購，直到世界明白我們所打造的東西是特別的，並且在每個方面指標上的表現--

I get that there's metrics, but you still have to look at the totality of what is being accomplished and not lose sight of that this is about TSR. It's about shareholder return and the ability to grow a company, both top and bottom line. We'll be rewarded for it. We're confident of that. But as a management team, it's easy to get frustrated that the boldness that we took and the steps that we took to reinvent basically the industry and our sector, we've been pretty much penalized for the last 2.5 years. And this is a hell of a buying opportunity because at those kinds of discounts, we're going to back up the truck and continue to buy shares back.

我知道有指標，但你仍然必須考慮正在完成的全部工作，並且不要忽視這是關於 TSR 的。它關係到股東回報和公司發展的能力，包括營收和利潤。我們將得到獎勵。我們對此充滿信心。但作為管理團隊，我們很容易感到沮喪，因為我們為重塑產業和部門所採取的大膽舉措在過去 2.5 年裡幾乎受到了懲罰。這是一個絕佳的購買機會，因為在這種折扣下，我們將支持卡車並繼續回購股票。

And that's it. Thanks for the answers and good luck.

就是這樣。感謝您的回答，祝您好運。

Thanks, Rajat.

謝謝，拉賈特。

Daniela Haigian, Morgan Stanley.

摩根士丹利的丹妮拉·海吉安。

Hi, Bryan. Just a quick one. Hi. On used car availability and growth, what's the mix or strength coming from across CPO, core, and value autos? You cited 70% self-sufficiency, which is really strong in this fragmented used car market. How do you view competition from the likes of the online pure-play retailers, and is there greater opportunity to grow and consolidate here?

你好，布萊恩。只是快速的。你好。在二手車供應量和成長方面，CPO、核心和價值汽車的混合或優勢是什麼？您提到了 70% 的自給率，這在分散的二手車市場中確實很高。您如何看待來自線上純零售商等的競爭？這裡是否有更大的成長和鞏固機會？

Great question, Daniela. And I think as we think about our mix, what we're seeing and part of the reason for the outperformance in used vehicles on same store is because we're growing our over nine-year-old bucket quite nicely. It was up 50% year over year. That obviously means that the other buckets didn't grow quite as fast, but that's because the supply in those buckets really aren't there.

很好的問題，丹妮拉。我認為，當我們思考我們的產品組合時，我們看到的以及同店二手車錶現優異的部分原因是因為我們的九年以上車齡的庫存增長相當不錯。年比成長了50%。這顯然意味著其他桶的增長速度沒有那麼快，但這是因為這些桶中的供應確實不存在。

We are purchasing over two-thirds of our vehicles directly from consumers. Those are yielding almost a $1,700 price difference between those vehicles purchased from auctions or on the street. And that's a massive competitive advantage over used-only retailers that are not funneled quite as much.

我們三分之二以上的車輛直接從消費者手中購買。這些車輛與從拍賣會上購買的車輛和在街上購買的車輛之間存在近 1,700 美元的價格差。這與通路不完善的二手零售商相比具有巨大的競爭優勢。

One of the other notes that I think is important to understand is that in our ecosystem, Driveway actually purchased over double the amount of vehicles through our AI valuations and those purchasing metrics. Quite a difference year over year, and that's starting to impact our ability to find the vehicles to be able to meet our consumers' demand at the right affordability levels.

我認為需要理解的另一個重要事項是，在我們的生態系統中，Driveway 實際上透過我們的 AI 估值和那些購買指標購買了兩倍以上的車輛數量。與去年相比，差異很大，這開始影響我們找到能夠以合適的可承受水平滿足消費者需求的車輛的能力。

Got it. Thank you. And then, can you just comment on the M&A environment? I know you have the target for $2 billion to $4 billion in annual accrued revenues per year. Does the policy on certainty change that? More or less dealers to the table this year, next year, et cetera. Any comments around that?

知道了。謝謝。那麼，您能評論一下併購環境嗎？我知道您的目標是每年累積收入達到 20 億至 40 億美元。確定性政策會改變這一點嗎？經銷商或多或少都會參與討論今年、明年等等。對此有什麼評論嗎？

Sure. We've done just over $0.5 billion so far this year. We have a considerable amount under contract. But again, I would state this. We don't flex on pricing, okay? We watch the market come to us. We act when there's opportunities that make a good ROI sense. And I said in my prepared remarks that we're 95% successful on acquisitions. We're actually 99% successful now that we purged some of the smaller stores that were in groups, which created that extra 4%.

當然。今年到目前為止，我們的投資金額已超過 5 億美元。我們簽訂了相當數量的合約。但我還是要再強調這一點。我們不會在定價上妥協，好嗎？我們看著市場走向我們。當存在著能夠帶來良好投資報酬率的機會時，我們就會採取行動。我在準備好的發言中說過，我們的收購成功率達到 95%。事實上，我們現在已經成功了 99%，因為我們清理了一些成組的小型商店，從而創造了額外的 4%。

So this is a pretty easy roll-up strategy, and we believe the market will come back to us as profits begin to normalize, which they've done nicely, but we need that to happen for a couple of years, because that's what determines pricing. So there is an advantage to having a discounted stock price in the event that M&A is a little pricier, then we can buy our shares back. So I think, Daniela, to summarize, we should be able to achieve the low end of that $2 billion to $4 billion range by year end and have a fair amount of stuff that have come into play over the last few months.

因此，這是一個相當簡單的總結策略，我們相信，隨著利潤開始正常化，市場將會回歸，他們已經做得很好了，但我們需要這種情況持續幾年，因為這才是決定定價的因素。因此，如果併購價格稍高，那麼以折扣價收購股票是有優勢的，我們可以回購自己的股票。所以我認為，丹妮拉，總結一下，我們應該能夠在年底前實現 20 億至 40 億美元的低端目標，並且在過去幾個月中已經取得了相當多的成果。

Thanks, Bryan.

謝謝，布萊恩。

You bet.

當然。

Mark Jordan, Goldman Sachs.

高盛的馬克喬丹。

Hey, thanks for taking my question. For the after-sales segment, how much of the stronger same-store sales growth can you attribute to lapping last year's CDK issues, and is there any additional color you can provide regarding how the different channels performed?

嘿，謝謝你回答我的問題。對於售後部分，同店銷售額的強勁成長有多少可以歸因於去年的 CDK 問題，您能否提供更多有關不同通路表現的詳細資訊？

Really good question. I would say that the lapsing of performance in same-store sales was driven by a little better than 50% by the easy lapse of comp. I don't know what the other peers had communicated that with the rest coming from outperformance, where a lot of it's being driven by customer pay and some by warranty.

真是個好問題。我想說，同店銷售額的業績下滑有 50% 以上是因為公司業績的輕易下滑。我不知道其他同行是如何傳達這一訊息的，其餘的成長來自於優異的表現，其中很大一部分是由客戶付費驅動的，一部分是由保固驅動的。

Okay, perfect. And then, did you benefit in aftersales from any tariff-related inflation pass-through during the quarter, and is that factored into your full-year outlook for mid-single-digit comp for the segment?

好的，完美。那麼，本季你們的售後業務是否受益於與關稅相關的通膨轉嫁，這是否已計入您對該部門全年中等個位數增長的預期中？

Mark, I would say that there's slight impacts from tariffs, but most manufacturers have controlled their pricing on parts as well. Now going forward, there may be implications there, but we didn't see impact from tariffs at any scale. And you can see that we were up, what, 1.5% in margin in aftersales, which usually is indicative that there was a higher mix of labor, which is a 60%, 65% margin business rather than a 30%, 35% margin business, which is parts. So without having the specific tariff-related data, I would say that it had minimal impact.

馬克，我想說關稅的影響很小，但大多數製造商也控制了零件的定價。現在展望未來，可能會產生影響，但我們沒有看到任何規模的關稅影響。您可以看到，我們的售後利潤率上升了 1.5%，這通常表明勞動力結構更高，售後業務的利潤率為 60% 至 65%，而不是零件業務的利潤率為 30% 至 35%。因此，如果沒有特定的關稅相關數據，我會說它的影響微乎其微。

Excellent. Thank you very much.

出色的。非常感謝。

Great, Mark, thanks for your question.

太好了，馬克，謝謝你的提問。

Ron Jewsikow, Guggenheim Securities.

古根漢證券公司的 Ron Jewsikow。

Good morning, team, and thanks for taking my questions. Hey, Bryan. Wanted to start with kind of the DFC growth this quarter and then especially after another strong quarter for DFC. I guess the back-half guide does imply a pretty meaningful step down versus what you did this quarter. Trying to understand what's informing that because NIMs and credit performance both still look strong, so I don't know if this is just to lean towards conservatism. It looks like you still want to grow the book pretty aggressively, but it's tough for us to bridge to certainly the low end of the range at least.

早安，團隊，謝謝你們回答我的問題。嘿，布萊恩。想從本季的 DFC 成長開始，然後特別是在 DFC 又一個強勁的季度之後。我想，與本季相比，下半年的指南確實意味著相當有意義的下降。試圖理解是什麼在告知這一點，因為 NIM 和信貸表現看起來仍然強勁，所以我不知道這是否只是傾向於保守主義。看起來你仍然希望積極地拓展這本書，但對我們來說，至少要達到這個範圍的低端是困難的。

Yes, Ron, this is Chuck. Great question. First, I think you actually hit on some of it in that again, one of the great things about DFC is we've grown our penetration rates. We're getting very close to hitting that -- consistently, that 15% penetration rate, and then hopefully we can build on that to 20%. And as you know, as we continue to ramp up those originations, that can have a drag on some of our near-term profitability when we have to take that CECL reserve up front.

是的，羅恩，這是查克。好問題。首先，我認為你實際上又談到了其中的一些內容，DFC 的一大優點是我們提高了滲透率。我們已經非常接近實現這一目標了——持續保持 15% 的滲透率，然後希望能夠在此基礎上進一步提高到 20%。而且如您所知，隨著我們繼續增加這些發起，當我們必須預先提取 CECL 儲備金時，這可能會拖累我們的部分近期盈利能力。

And then secondarily, there is some seasonality in our numbers. The summer months generally are those months that consumers don't necessarily pay their auto loans. So if you look at some of the published reports, you are seeing delinquency rates tick up. But once you kind of get past the summer months, we hope that those start to tick down a little bit and don't start weighing us down with actual charge-offs. So somewhat of it is due to the growth rates. The other part would be seasonality.

其次，我們的數字具有一定的季節性。夏季通常是消費者不一定會償還汽車貸款的月份。因此，如果你查看一些已發布的報告，你會發現拖欠率正在上升。但是，一旦度過了夏季，我們希望這些費用會開始減少一點，並且不會開始因實際的沖銷而給我們帶來壓力。所以這在一定程度上是由於成長率。另一部分是季節性。

Our 3.1% loss ratio includes and assumes that seasonality, but it does change the profit equations. If you look at the first quarter, you can't just take it times 4 and say what you're making.

我們的 3.1% 損失率包括並假設了季節性，但它確實改變了利潤方程式。如果你看一下第一季度，你不能只將其乘以 4 就能知道你賺了多少錢。

Exactly, Bryan.

確實如此，布萊恩。

Okay. No, that's super helpful, caller. And then Bryan might have a chance for you to get back on your soapbox here, but on SG&A, you laid out a bunch of buckets you're targeting to start taking costs out and improve efficiencies. I guess any way to think about the cost savings potential for some of the things you laid out, performance management, tech stack, vendor contracts, automating workflows, and then the UK? I know it's a lot, but just kind of how you think about taking costs out.

好的。不，這非常有幫助，來電者。然後布萊恩可能有機會讓你回到你的講台上，但是在銷售、一般和行政費用方面，你列出了一系列目標，以開始削減成本並提高效率。我想問一下，您列出的一些事項，例如績效管理、技術堆疊、供應商合約、自動化工作流程以及英國，有沒有什麼方法可以考慮一下這些事項的成本節約潛力？我知道這很多，但你只是考慮如何降低成本。

Sure, Ron. I think most importantly, when you think about SG&A costs, we're obviously trying to grow our top line, most importantly, because that's what generates the net profit as an organization because if I grow top line in new and used vehicle sales, I get the 62% of my net profit that's generated from aftersales. Massive point to remember. And obviously, to be able to grow the aftersales, you got to spend money to do it.

當然，羅恩。我認為最重要的是，當你考慮銷售、一般和行政費用時，我們顯然在努力增加我們的營業收入，最重要的是，因為這是一個組織產生淨利潤的因素，因為如果我增加新車和二手車銷售的營業收入，我就能從售後業務中獲得 62% 的淨利潤。要記住的重要一點。顯然，為了增加售後服務，你必須花錢。

Our SG&A is made up primarily of personnel expenses in the sales department. Anything that occurs there is going to pay later in aftersales. Important to remember that. As we think about driving down our cost structures in sales and in the service advisor pay, which makes up the small portion of SG&A personnel costs, those are productivity jobs, okay? And what we're pretty excited about is the Pinewood AI that we have a partnership. And now I think in a couple weeks or whatever, we'll have about a third ownership in that company.

我們的銷售、一般及行政費用主要由銷售部門的人員費用組成。那裡發生的任何事情都會在售後支付。記住這一點很重要。當我們考慮降低銷售和服務顧問薪酬的成本結構時，這些只佔銷售、一般和行政費用 (SG&A) 人員成本的一小部分，這些都是生產力工作，好嗎？我們非常興奮的是與 Pinewood AI 建立了合作夥伴關係。現在我想再過幾週左右，我們將擁有該公司三分之一的所有權。

That AI technology is going to put our customers and our sales associates in both the service and sales departments into the same environment, which helps us to drive down personnel costs. A lot of the 700 basis points that we're looking at achieving is coming from AI improvements and then skinning up how we look at staffing those departments, a big part of that.

人工智慧技術將把我們的客戶以及服務和銷售部門的銷售人員置於同一環境中，這有助於我們降低人力成本。我們希望實現的 700 個基點很大一部分來自於人工智慧的改進，然後是我們如何為這些部門配備人員，這是其中很大一部分。

The remaining 200 basis points is coming from vendor and scale and other types of things. But we're really looking at gaining productivity in both sales and service in those productive jobs. And hopefully at some point, which some of the AI is helping us today, but ultimately that's the stuff that's embedded in the Pinewood system that we're helping co-develop with them.

剩餘的 200 個基點來自供應商、規模和其他類型的因素。但我們真正希望的是提高這些生產性工作的銷售和服務的生產力。希望在某個時候，一些人工智慧能夠幫助我們，但最終這些都是嵌入在 Pinewood 系統中的東西，我們正在幫助他們共同開發。

Yes, that's super helpful, and I appreciate the detail on the AI sourcing of vehicles as well. It's an interesting anecdote. Thanks for taking my question.

是的，這非常有幫助，我也很欣賞有關車輛 AI 採購的細節。這是一個有趣的軼事。感謝您回答我的問題。

It's interesting, Ron, because when you think about AI, I think when we started on this journey 10 years ago, we thought technology was there to bring customers in and to be able to touch customers throughout their lifecycle. Today, when we look at what technology and engineers and these partnerships with great companies like Pinewood can do, it's incremental simplification of simple things like scheduling appointments.

這很有趣，羅恩，因為當你想到人工智慧時，我想當我們 10 年前開始這段旅程時，我們認為科技的存在是為了吸引客戶，並能夠在客戶的整個生命週期中與他們接觸。今天，當我們審視技術和工程師以及與 Pinewood 等優秀公司的合作所能帶來的改變時，我們發現，安排約會等簡單的事情正在逐漸簡化。

If we can have AI-scheduled appointments, which is as simple as what we now have in our My Driveway portal that allows consumers in all of our stores other than three to be able to schedule appointments, well, that takes off the load of the BDCs and the service advisors. What we have to do a better job of is looking at productivity metrics, and then driving those cost reductions into the store.

如果我們可以使用人工智慧來安排預約，就像我們現在在 My Driveway 入口網站上所做的一樣簡單，它允許我們除三家門市之外的所有門市的消費者安排預約，那麼這將減輕 BDC 和服務顧問的負擔。我們必須做得更好的是專注於生產力指標，然後將這些成本降低帶入商店。

Now the 60-day plan and the everyday plan started on that venture, but it's easy to get sloppy and it's easy to think that top-line growth is going to also fix your SG&A costs when ultimately you still have to force the cost savings. And we're encouraging our store leaders and our department leaders to do such, and they get it. It's important that we lead the pack in all these categories, and we'll continue to be able to drive those costs down.

現在，60 天計畫和日常計畫已經開始實施，但很容易變得馬虎，而且很容易認為營業收入成長也會解決銷售、一般和行政費用問題，但最終你仍然必須強制節省成本。我們鼓勵我們的商店領導和部門領導這樣做，他們也明白這一點。重要的是我們在所有這些類別中都處於領先地位，並且我們將繼續降低這些成本。

Yes, that's great color, and thanks for taking my question.

是的，顏色很棒，感謝您回答我的問題。

You bet, Ron. Thanks.

當然，羅恩。謝謝。

Jeff Lick, Stephens. Please receive your questions.

傑夫利克、史蒂芬斯。請接收您的問題。

Good morning, everybody. Congrats on a nice quarter. Bryan, I was wondering just if we could talk a little bit tapping into your historic expertise and experience here. If we assume that a 15% tariff is probably going to be where we end up just across the board, on a high cost of goods unit like a car is, 85%, 87%, whatever cost of goods sold, the price increase required at the OEM invoice level is pretty substantial.

大家早安。恭喜本季取得良好業績。布萊恩，我想知道我們是否可以稍微談談你在這裡的歷史專業知識和經驗。如果我們假設 15% 的關稅可能意味著我們最終會全面徵收關稅，那麼對於像汽車這樣的高成本商品單位，無論銷售成本為 85% 還是 87%，OEM 發票等級所需的價格上漲都是相當大的。

At some point, on the units that are tariffed, there's going to have to be conversations. I'm just curious, how do you see those playing out? What will be the mechanism? I mean, at some point, the OEMs have to go to the dealers and say, look, you've got to share the pain. I'm just kind of curious how you see that playing out.

在某些時候，對於被徵收關稅的單位，必須進行對話。我只是好奇，您認為這些結果會如何？機制是怎樣的？我的意思是，在某個時候，原始設備製造商必須去找經銷商並說，看，你必須分擔痛苦。我只是有點好奇你如何看待這件事。

Sure, Jeff. And I think, let me answer the first, your direct question, and then let me embellish a little bit on how we think about it as a mitigation strategy. The most important thing is our manufacturers are all competing to sell cars, so it's important to keep that in play. And only about half of the vehicles that we sell on a new-car basis are being impacted by terrorists, okay? The rest are not.

當然，傑夫。我想，讓我先回答你的第一個直接問題，然後讓我稍微闡述我們如何將其視為一種緩解策略。最重要的是我們的製造商都在競爭銷售汽車，因此保持這種競爭態勢非常重要。我們銷售的新車中只有大約一半受到恐怖分子的影響，對嗎？其餘的則不是。

So when we think about the remaining half, what happens? I believe that manufacturers have already begun to either decontent cars or not charge for other upgrades. I believe that consumers can save other dollars. So when you think about a 15% increase, they're thinking about that I don't have to pay for as much gas because we now have, what, 36% of our vehicle sales are sustainable vehicles that get better gas mileage.

那麼當我們考慮剩下的一半時，會發生什麼？我相信製造商已經開始減少汽車配置或不對其他升級收費。我相信消費者可以節省其他費用。因此，當你考慮 15% 的成長時，他們會想到我不需要支付那麼多汽油費，因為我們現在有 36% 的汽車銷售是可持續的、油耗更低的汽車。

I think Chuck would sit here and argue that the DFC has the ability to help with financing, and manufacturers can subsidize in the financing capacities. We've now got our government that's allowing us to write off certain interest costs on auto LANs, and there's a lot of other moving parts. So a finite 15% increase when we think about the tariff on the 50% of our inventory that influences things is just another thing in our daily lives, and each of our stores will respond to that.

我認為查克會坐在這裡爭辯說，DFC 有能力幫助融資，製造商可以在融資能力方面提供補貼。現在，我們的政府允許我們取消汽車區域網路的某些利息成本，並且還有很多其他的活動部分。因此，當我們考慮對我們 50% 的庫存徵收關稅時，有限的 15% 的增長只是我們日常生活中的另一件事，我們的每家商店都會對此做出反應。

Now in terms of who is Lithia Motors and Driveway and how do we respond to it, I think if you look at our profit equation today, okay, and compare it to that of our peer group, we're already diversifying that portfolio with 60-plus percent of our net profits being directly attributed to aftersales, with less than 20% of our net profit currently being attributed to new vehicle sales, including F&I.

現在就 Lithia Motors and Driveway 是誰以及我們如何應對這個問題而言，我想如果你看看我們今天的利潤方程式，好吧，並將其與我們的同行進行比較，我們已經實現了投資組合多元化，60% 以上的淨利潤直接歸因於售後，目前我們淨利潤中不到 20% 歸因於新車銷售，包括 F&I。

As a retailer, we think about those equations, and I think as you look at going forward and you push through all the differences in the dry powder within the adjacencies, that 61%, 62% that's being derived from aftersales of our net profit starts to become even higher. And new cars are just a pathway to be able to get to your high-margin businesses of financing and servicing cars and trucks.

作為零售商，我們會考慮這些等式，我認為，當你展望未來並克服相鄰區域內所有乾粉差異時，來自售後業務的淨利潤的 61%、62% 會開始變得更高。新車只是通往高利潤的汽車和卡車融資和服務業務的一條途徑。

It's an interesting time in the industry, but to me, it's pretty exhilarating. Our ability to deal with these situations, we've got all the levers to pull. As the world moves on and as these things start to change the industry, those with more cash and more ability to code solutions for customers that make it easier are those that are going to be able to grow market share and be less impacted by whatever changes do come from tariffs or our model or franchise laws or whatever might else be there.

這是行業中一個有趣的時刻，但對我來說，這是非常令人興奮的。我們有能力處理這些情況，我們已經掌握了一切可以運用的手段。隨著世界的發展以及這些因素開始改變行業，那些擁有更多現金和更有能力為客戶編寫解決方案的企業將能夠擴大市場份額，並且不受關稅、我們的模式或特許經營法或其他任何因素帶來的變化的影響。

Well, in one follow up, while I've got you in this kind of big-picture mode here, for the first time we heard as it relates to the UK the notion that Chinese OEMs, which none of the publics have any Chinese OEM franchises in the UK, that those are starting to maybe represent some formidable competitive pressures. And maybe it mucks things up for the other OEMs or other brands. I'm just curious your take on the Chinese OEMs and if you wanted to go one step further and say when do they -- what's the implications? Do they eventually wash up on US shores?

好吧，在後續問題中，當我讓您以這種宏觀模式看待這個問題時，我們第一次聽到與英國有關的觀點，即中國原始設備製造商（英國沒有任何一家公眾擁有中國原始設備製造商特許經營權）可能開始代表一些強大的競爭壓力。這也許會給其他 OEM 或其他品牌帶來麻煩。我只是好奇您對中國 OEM 的看法，如果您想更進一步了解他們何時會這樣做——這意味著什麼？它們最終會被沖到美國海岸嗎？

Yes, sure.

是的，當然。

Happy to hear that one, too.

我也很高興聽到這個。

Well, I mean, we'll have to see what happens in tariff, and I think US consumer sentiment may be different than what the UK is. I think it's also important to remember that our presence in the United Kingdom does include BYD and MG with five total stores. So we are getting to see what's occurring there. It's still pretty bumpy.

嗯，我的意思是，我們必須看看關稅會發生什麼，我認為美國消費者情緒可能與英國不同。我認為同樣重要的是要記住，我們在英國的業務確實包括比亞迪和名爵，共有五家門市。所以我們要看看那裡發生了什麼事。路途還是很坎坷。

If you remember, we started out pretty strong with BYD, but it came to a dull roar in about a quarter and a half. And now there's another surge out there, and it's starting to impact the marketplace. But again, in the UK, it's pretty easy to adapt. It's still not a material amount of our profitability equation as to how we think about it, and I'd still go back to it 110% tariffs today with the Chinese. And a BYD price, competitive wise in the United Kingdom, isn't much less than what a BMW or Mercedes is for the same type of equipment and same type of propulsion.

如果你還記得的話，我們與比亞迪的合作一開始非常強勁，但大約一個半季度後就變得沉悶了。現在又出現了另一波浪潮，並開始對市場產生影響。但在英國，適應起來還是相當容易的。至於我們如何看待它，它仍然不是我們獲利方程式中的一個重要金額，而且我今天仍然會回到對中國徵收 110% 關稅的局面。就英國市場而言，比亞迪的售價並不比配備相同設備和相同動力的寶馬或賓士低多少。

So we'll continue to be diversified, and we'll continue to keep our pulse on what occurs in the United States and look to whether or not those models are including dealers or if they do even come to the United States. But there's been now three failed attempts by large Chinese manufacturers coming into the US that have not really yielded their results the same as a lot of other places in the world.

因此，我們將繼續實現多元化，並繼續關注美國的情況，並關注這些車型是否包括經銷商，或者是否真的進入美國。但目前中國大型製造商進入美國市場的嘗試已經三次失敗，並沒有取得與世界其他許多地方相同的成果。

Awesome. Well, thanks for taking the questions.

驚人的。好的，感謝您回答這些問題。

Thanks, Jeff. Appreciate your insights.

謝謝，傑夫。感謝您的見解。

Federico Merendi, Bank of America.

費德里科·梅倫迪，美國銀行。

Good morning, everybody. Earlier you mentioned that the 55% SG&A target long term, and I appreciate the commentary on the actions to reduce the SG&A. But it seems to me that an important part of the equation is also this footprint, your size. And I was wondering how much larger should Lithia become to enable that target reach?

大家早安。之前您提到了 55% 的銷售、一般和行政費用的長期目標，我很欣賞您對降低銷售、一般和行政費用的行動的評論。但在我看來，這個等式的一個重要部分也是這個足跡，也就是你的尺寸。我想知道 Lithia 應該擴大到多大才能實現這一目標？

Federico, congratulations too on taking over the research, and welcome to the space. I think when we think about our trajectory and our timing of SG&A, we're looking out a half a decade to be able to accomplish it. Because it's easy for us to say that we can reduce our personnel expenses, which makes up the most of the SG&A costs. But ultimately, if we're not competitive in terms of salaries and compensation with what the industry is, you ultimately can lose your people.

費德里科，也祝賀你接手這項研究，歡迎來到這個領域。我認為，當我們考慮我們的發展軌跡和銷售、一般和行政費用的時間時，我們期望用五年的時間來實現它。因為我們很容易說我們可以減少人事費用，而這佔了銷售、一般和行政費用的大部分。但最終，如果我們的薪資和薪資在業界沒有競爭力，我們最終可能會失去員工。

Now if we can provide solutions that allow our people to be more productive and ultimately make more money than the industry, then ultimately, the throughput that we gain from that can create the disconnect in profitability. So we can move a little bit ahead of where the industry's at, but not massively ahead of the industry.

現在，如果我們能夠提供解決方案，讓我們的員工更有效率，並最終比行業賺更多的錢，那麼最終，我們從中獲得的產量可以彌補盈利能力的脫節。因此，我們可以稍微領先於行業水平，但不能領先太多。

And I think when we think about the trajectory on that, about half of the improvements do need to come from personnel costs, and they are focused in the sales and service departments on the support staffs. And that's something that I think I challenge my stores to be thinking about, what do we have for BDCs?

我認為，當我們考慮這一發展軌跡時，大約一半的改進確實需要來自人員成本，並且主要集中在銷售和服務部門的支援人員。我覺得我應該讓我的商店思考這個問題：我們為 BDC 準備了什麼？

20 years ago, we didn't have BDCs. And they're great in certain locations where you have massive amounts of volumes, and the department leaders have figured out ways to get productivity out of both. But in many situations, we added business development centers and service and sales that are basically doing the same job that our advisors and our sales associates are doing. So lots of opportunities to be able to attack that. The remaining portion of that is coming from scale and is coming from the adjacencies of what they provide with lower marketing costs, more efficient inventory, and so on.

20年前，我們沒有BDC。在某些擁有大量數據的地區，它們非常有用，部門領導已經找到了同時提高生產力的方法。但在很多情況下，我們增加了業務開發中心、服務和銷售部門，他們的工作基本上與我們的顧問和銷售助理所做的相同。因此有很多機會可以實現這一目標。剩餘部分來自於規模，來自於他們所提供的更低的行銷成本、更有效率的庫存等等。

Thank you, Bryan. And my last question would be on the omnichannel initiatives. Could you give us an update and also how you fare compared to your competitors?

謝謝你，布萊恩。我的最後一個問題是關於全通路計劃。您能否向我們提供最新進展以及與競爭對手相比您的表現如何？

Sure. Sure that everyone counts the same, but some of the facts that I do know, at least in terms of us, so I'll try to avoid any direct comparisons. We sold over 25.5% of our vehicles through omnichannel sources with digital support, or 45,000 vehicles in the quarter. That's up considerably from where we've been in the past. Our Driveway channel continues to be over 97% new customers to the ecosystem, which is quite effective, and we continue to drive that channel.

當然。當然，每個人的情況都一樣，但我確實知道一些事實，至少就我們而言，所以我會盡量避免任何直接的比較。本季度，我們透過全通路數位化通路銷售了超過 25.5% 的汽車，即 45,000 輛汽車。這比我們過去的水平有了很大的提高。我們的 Driveway 管道繼續為生態系統帶來超過 97% 的新客戶，這是非常有效的，我們將繼續推動該管道的發展。

And I believe more importantly than ever, having an omnichannel solution within our stores is a lot of the reasons that a BDC was developed is because salespeople weren't as equipped to be able to deal with internet leads 15, 20 years ago. And today, they're equipped to be able to do it. Our IT solutions are able to use AI to be able to sort leads, to be able to do a lot of the communications and work for us, to be able to catalyze the change, to be able to drive those costs down.

我認為，比以往任何時候都更重要的是，在我們的商店中擁有全通路解決方案，開發 BDC 的許多原因都是因為 15 或 20 年前銷售人員還沒有能力處理網路線索。如今，他們已經具備了實現這一目標的能力。我們的 IT 解決方案能夠使用人工智慧來分類線索，能夠為我們進行大量的溝通和工作，能夠催化變革，並且能夠降低成本。

So in terms of digital solutions, it kind of goes hand-in-hand with our SG&A solutions. We're pretty excited at where we've been able to grow and build Driveway, and we sit here today with a MyDriveway portal that has -- I'm not 100% sure on this, but I believe it was 137,000 users. Remember, that went live in December of last year, so we're about seven, eight months in, and that's growing. And consumers are now doing more of the stuff themselves in a simple, transparent, and empowered way.

因此，就數位解決方案而言，它與我們的銷售、一般和行政費用 (SG&A) 解決方案是相輔相成的。我們對能夠發展和建立 Driveway 感到非常興奮，今天我們坐在這裡，使用 MyDriveway 入口網站 - 我對此不是 100％ 確定，但我相信它有 137,000 名用戶。請記住，它是在去年 12 月上線的，所以我們已經使用了大約七到八個月，而且它還在不斷發展。消費者現在可以以簡單、透明和自主的方式自己做更多的事情。

Thank you, guys, and I look forward to working with you.

謝謝你們，我期待與你們合作。

Thanks, Frederico.

謝謝，弗雷德里科。

Chris Battaglieri, BNP Paribas.

克里斯‧巴塔列裡 (Chris Battaglieri)，法國巴黎銀行。

Hey, guys. Thanks for taking the question.

嘿，大家好。感謝您回答這個問題。

Hi, Chris.

你好，克里斯。

Hey. The first one I want to follow up was on you raised the GPU guide by about $200 a unit to midpoint, and there's been some strength kind of year to date. But how do you think about tariffs impacting that outlook? What do you expect the industry to do from inventory levels like brand mix and incentive levels as it's trended to 2.5, '25 and '26? Do you have any view on kind of the drivers of those?

嘿。我想跟進的第一件事是，您將 GPU 指南提高了約 200 美元/台至中點，並且今年迄今為止一直表現強勁。但您認為關稅會對這前景產生什麼影響？隨著庫存水準趨向於 2.5、'25 和 '26，您預期產業將在品牌組合和激勵水準等庫存水準方面做些什麼？您對於這些驅動因素有何看法？

Sure, Chris. I think when we think about the impacts of tariffs, we got to go back to affordability because I think we still have the ability to order cars. We still have the ability to guide and support manufacturers on decontenting cars and to be able to keep affordability front and center. It's easy to get lost in that these increases are going to create this higher price level. We make 5% to 7% on the new vehicles that we sell and have varying costs and so on and so on. So there's structural support within the industry and across competition that we're not here to kill each other, and there's only so much margin in cars. And 5% to 7% is pretty small.

當然，克里斯。我認為，當我們考慮關稅的影響時，我們必須回到可負擔性問題，因為我認為我們仍然有能力訂購汽車。我們仍然有能力指導和支持製造商減少汽車內耗，並將可負擔性放在首位。人們很容易忘記，這些增長將會導致更高的價格水平。我們銷售的新車的利潤為 5% 到 7%，成本各不相同，等等。因此，產業內部和競爭對手之間都有結構性支持，我們不會互相殘殺，而且汽車的利潤空間也是有限的。5% 到 7% 的比例相當小。

So manufacturers are going to have to respond. We continue to believe that incentives are going to have to grow again, and I think as we think about how that shakes out, each of the manufacturers in each of the segments are going to have to think about how they go to market to be able to respond to that. As a side note for the quarter, incentives were only up about 0.5%. They went to 6.5% of the price of a vehicle from 6% in the previous quarter, so I think there's still a lot of room there as manufacturers think about their own P&L and think about the market share and the future of where they want to sit and how they capture customers to be able to sell another car four to five years from now.

因此製造商必須做出回應。我們仍然相信激勵措施必須再次增加，而且我認為，當我們思考如何實現這一目標時，每個細分市場中的每個製造商都必須思考如何進入市場才能對此做出反應。附帶說明一下，本季的激勵措施僅上漲了約 0.5%。他們將汽車價格從上一季的 6% 提高到了 6.5%，所以我認為，當製造商考慮自己的損益表，考慮市場份額和未來他們想要佔據的位置以及如何吸引客戶，以便能夠在四到五年後銷售另一輛車時，這裡仍然有很大的空間。

So we think we're pretty insulated from the impacts of tariffs, and it's easy for us to get confused with what manufacturers have to do versus what a retailer has to do. We're quite diversified, and you can see as we think about our model, just move downstream. Whether it's decontented new cars, or whether it's more mainstream new cars, or whether it's selling more value auto cars, retailers are pretty adaptable.

因此，我們認為我們基本上不受關稅的影響，而且我們很容易混淆製造商和零售商需要做的事情。我們的業務相當多樣化，您可以看到，當我們思考我們的模型時，只需向下游移動。無論是廉價的新車，或是更主流的新車，也或是銷售更有價值的汽車，零售商的適應力都相當強。

Got you. That's really helpful. And then on the credit side, I mean, your own credit performance has been pretty spectacular. You've grown the portfolio a lot. Just curious what you're seeing, to peel the onion back, like, are you noticing any differences between the '21, '22 vintages and the '23, '24s? You notice any differences between borrowers that have student debt and those that don't? It just seems like the broader credit environment is a little bit choppier, but yours looks really great. Let's see what we can learn from you.

明白了。這真的很有幫助。然後在信用方面，我的意思是，你自己的信用表現相當出色。您的投資組合已經大幅成長。我只是好奇您看到了什麼，剝開洋蔥，您是否注意到 21、22 年份和 23、24 年份之間有什麼區別？您注意到有學生債務的借款人和沒有學生債務的借款人之間有什麼區別嗎？看起來，整體信貸環境似乎有些不穩定，但您的信貸環境看起來確實很好。讓我們看看我們能從您身上學到什麼。

Yes, Chris, this is Chuck. Great question. Yes, that 2021 vintage, both for us as well as the market, really was one that's not performing as well as we all, I think, would hope in the industry and the segments. But that really led for us to take that major shift for us to move up market and really try to de-risk our portfolio.

是的，克里斯，這是查克。好問題。是的，對於我們和市場而言，2021 年份的葡萄酒表現確實不如我們所有人所希望的那樣好，我想，在行業和細分市場中也是如此。但這確實促使我們做出重大轉變，進軍高端市場，並真正努力降低投資組合的風險。

And as you said, we're really starting to see that start to flow through in our '23, '24, and even into our '25 vintages. We really feel strongly that we are starting to see separation on preferential selection from some of the key metrics like delinquency and some of the default rates. So we expect that preferential selection to continue as we go forward and hopefully see the results of that as we go forward in the market and our financials.

正如您所說，我們確實開始看到這種趨勢在 23、24 甚至 25 年份中逐漸顯現。我們確實強烈感覺到，我們開始看到優先選擇與一些關鍵指標（如拖欠率和一些違約率）的分離。因此，我們預計這種優先選擇將會持續下去，並希望隨著市場和財務狀況的發展，我們能夠看到其結果。

I love how Chuck is so humble on things. I think it's important to note that when you think about the different vintages of our portfolio, remember this. At 15% penetration rate, that was our mid- and long-term goal. And we accomplished that by lowering our LTV by 1% to less than 95%. Our original targets were 100% to 105% LTVs. More importantly than that, our average FICO score on our incoming business this quarter was 746. That's 36 points higher than what our original forecast had established at 710.

我喜歡查克對待事物如此謙遜的態度。我認為值得注意的是，當你考慮我們投資組合的不同年份時，請記住這一點。15%的滲透率是我們的中長期目標。我們透過將 LTV 降低 1% 至 95% 以下實現了這一目標。我們最初的目標是 100% 到 105% 的 LTV。更重要的是，本季我們新進業務的平均 FICO 分數為 746。這比我們最初預測的 710 點高出 36 點。

We were also 15 points higher FICO this year over last year. So when we think about our loss ratios, we're able to skin better and better paper from our stores, and they're doing an excellent job at giving us first look. And we're going to continue the pathway towards the 20%, which is our super long-term goal. So we're pretty excited of what we see, and we're bucking the trends. Two years ago, we bucked the trend last year, and we're bucking the trend this year, and we're not seeing any softness across our portfolio. And it's continuing to add value to our ecosystem and to our customers' relationships.

今年我們的 FICO 分數也比去年高出 15 分。因此，當我們考慮我們的損失率時，我們能夠從我們的商店中剝離出越來越好的紙張，並且他們在讓我們首先看到方面做得非常出色。我們將繼續朝著 20% 的目標前進，這是我們的超長期目標。因此，我們對所看到的結果感到非常興奮，我們正在逆勢而上。兩年前，我們逆勢而上，去年，我們逆勢而上，今年，我們仍然逆勢而上，我們的投資組合沒有出現任何疲軟。並且它正在繼續為我們的生態系統和客戶關係增加價值。

That's great. Thanks, guys.

那太棒了。謝謝大家。

Thanks, Chris.

謝謝，克里斯。

Doug Dutton, Evercore ISI.

道格‧達頓 (Doug Dutton)，Evercore ISI。

Yes, just a quick one for me, team. I'm curious on something that was contradictory here. We have in the Q2 deck for Driveway DFC $50 million to $60 million of finance operations income targeted for '25 is the estimate. And then something that was spoken to earlier was that $20 million in the second quarter and $33 million year to date is going to continue to grow. So those things are sort of at odds, and I was just curious if you could clarify which one of these is correct.

是的，團隊，我只需要快速回答一個問題。我對這裡矛盾的事情感到好奇。我們在 Driveway DFC 的第二季報告中預計，25 年的財務營運收入將達到 5,000 萬至 6,000 萬美元。之前提到過，第二季的 2000 萬美元和今年迄今的 3300 萬美元將繼續增長。所以這些事情有點矛盾，我只是好奇你是否可以澄清哪一個是正確的。

Yes, Doug, this is Chuck. Our financing income is actually our segment. We do have a couple of other businesses that are included in that. Notably, we do have a finance company in Canada as well as a fleet management company in the UK that also does financing that does get consolidated into that. So I think if you were to peel back, sometimes we do refer just to the DFC, which is the US portion of our business for some of our numbers. But the $20 million and the $7 million that Bryan referenced was for our financing income segment. So hopefully, that clears up that question.

是的，道格，這是查克。我們的融資收入其實是我們的部分。我們確實還有其他幾家企業也包含在內。值得注意的是，我們在加拿大有一家金融公司，在英國有一家車隊管理公司，它們也提供融資服務。所以我認為，如果你深入研究一下，你會發現有時我們確實只參考 DFC，這是我們部分數據中美國業務的部分。但布萊恩提到的 2000 萬美元和 700 萬美元是用於我們的融資收入部分。希望這能解答這個問題。

And remember, Chuck talked about the seasonality. And when we talk about improvements, it's year-over-year improvements. I mean, we made $10 million last year in DFC as a whole, and we're going to make $60 million to $70 million this year.

請記住，查克談到了季節性。當我們談論改進時，我們指的是逐年改進。我的意思是，去年我們在 DFC 整體上賺了 1000 萬美元，今年我們將賺 6000 萬到 7000 萬美元。

Okay. Okay, that's helpful. That was my only one. Thanks, team.

好的。好的，這很有幫助。那是我唯一的一個。謝謝，團隊。

Thanks, Doug.

謝謝，道格。

Mike Albanese, Benchmark.

麥克‧阿爾巴尼斯 (Mike Albanese)，Benchmark。

Yes, hey guys, thanks for taking my question and I really appreciate all the great commentary on this call thus far. I just had a quick one on new vehicle volumes, obviously pulled back your guide from mid-single digits on the year to low single digits. Is this just a reflection of updated Q2 results, essentially changing the base going forward? Is it more company-specific? Obviously regional and brand mix play a role here. Or macro-related, obviously thinking tariffs and pricing implications on the consumer in the second half? If you could just comment on your rationale there, that would be helpful.

是的，嘿夥計們，感謝你們回答我的問題，我非常感謝迄今為止對這次通話的所有精彩評論。我剛剛快速了解了新車銷售情況，顯然將您的指導值從今年的中個位數下調到了低個位數。這是否只是對第二季業績更新的反映，本質上改變了未來的基礎？它是否更針對公司？顯然，區域和品牌組合在這裡發揮作用。或宏觀相關，顯然考慮關稅和定價對下半年消費者的影響？如果您能就您的理由進行評論，那將會很有幫助。

Sure, Mike. I think if you take the first half of the year of the entire sector and then annualize it, you're going to get to a smaller number, okay? Because you do have more difficult comps coming in July because of the CDK event. So it's more of an industry thing. We just wanted to make sure that we fine-tuned it for you.

當然，麥克。我認為，如果你把整個產業上半年的數據拿來然後進行年度化，你會得到一個更小的數字，好嗎？因為 7 月的 CDK 活動會為你帶來更困難的比賽。所以這更多的是產業問題。我們只是想確保我們為您進行了微調。

Got it. Thank you. That's helpful. And then just another one here, switching gears to Pinewood. Right now that that's positioned for growth, really, could you just maybe kind of frame your expectations or timeline in terms of the rollout across your base and beyond? I mean, maybe a better way to ask that would be how should we be sitting in an annual seat here? How should we be measuring success in that rollout?

知道了。謝謝。這很有幫助。然後這裡就又有一個，切換到 Pinewood。現在，它確實處於成長階段，您能否根據您的基地及其他地區的推廣情況，大致闡述您的期望或時間表？我的意思是，也許更好的提問方式是我們應該如何坐在這裡的年度席位上？我們該如何衡量此次推廣的成功？

Sure. I mean, I'll give lots of kudos to Pinewood. They're good at coding. They're good at capturing market share. They're now almost a third of the market share in the United Kingdom, so they're growing globally. It's pretty exciting what they're doing. That gives them the capital to be able to do what they need to do in North America. Our rollout schedule is a couple stores by the end of the year with two specific manufacturers. We should have another 15 to 25 stores next year with full rollout in '27 and '28. I think the Pinewood teams are ready and supportive of that. We're pretty excited about it.

當然。我的意思是，我會對 Pinewood 表示崇高的敬意。他們擅長編碼。他們擅長佔領市場。他們現在佔據了英國近三分之一的市場份額，因此他們在全球範圍內都在成長。他們所做的事情非常令人興奮。這為他們提供了在北美開展所需工作的資本。我們的推廣計劃是在今年年底前與兩家特定製造商合作在幾家商店推出該服務。明年我們應該會再開設 15 到 25 家門市，並在 27 年和 28 年全面開業。我認為 Pinewood 團隊已經做好準備並支持這一點。我們對此感到非常興奮。

One other thing to note as well as there was a market-to-market adjustment, but we still beat the Street by almost $1 after that, which was a pretty big number relative to where we sit today. The other thing is we have not recorded the North American JV equity, so that is not in that number. That's coming in future quarters.

另外要注意的是，雖然進行了市場調整，但此後我們的股價仍然比華爾街高出近 1 美元，相對於我們今天所處的位置來說，這是一個相當大的數字。另一件事是我們沒有記錄北美合資企業的股權，所以這不包含在這個數字中。這將在未來幾個季度實現。

This is an exceptional investment that's embedded into our ecosystem. Even though not all of our stores are on it yet, the UK is doing absolutely phenomenally, and a lot of their improvements, a lot of the gains that they're going to be making in SG&A now can be pushed through the utilization of the Pinewood AI solutions to be able to take them up a step, while that helps pathway us in North America for the bigger platform and portfolio to be able to be successful in the upcoming years.

這是一項融入我們生態系統的特殊投資。儘管我們的商店尚未全部採用該系統，但英國的表現絕對驚人，他們的許多改進以及他們在銷售、一般和行政費用方面取得的許多收益都可以通過利用 Pinewood AI 解決方案來推動，從而使他們更上一層樓，同時這有助於我們在北美獲得更大的平台和產品組合，以便在未來幾年取得成功。

Awesome. Really helpful. Thanks, guys. Nice quarter.

驚人的。真的很有幫助。謝謝大家。不錯的季度。

Thanks, Mike.

謝謝，麥克。

Thank you. This now concludes our question-and-answer session. I'd like to turn the floor back over to Bryan DeBoer for closing comments.

謝謝。我們的問答環節到此結束。我想將發言權交還給 Bryan DeBoer 來做最後評論。

Thanks, Rob, and thank you, everyone, for joining us today. We really look forward to seeing you on our third-quarter call in October. All the best. Bye-bye.

謝謝，羅布，也謝謝大家今天加入我們。我們非常期待在十月的第三季電話會議上見到您。一切順利。再見。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與並祝您有美好的一天。