Lithia Motors Inc (LAD) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Lithia & Driveway's 2025 third quarter earnings call. (Operator Instructions)

您好，歡迎參加 Lithia & Driveway 2025 年第三季財報電話會議。（操作員指示）

It is my now my pleasure to introduce your host, Jardon Jaramillo. Thank you. You may begin.

我現在很高興向您介紹您的主持人 Jardon Jaramillo。謝謝。你可以開始了。

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

早安.感謝您參加我們的第三季財報電話會議。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 Lietz。

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.

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，並受風險和不確定性的影響，可能導致實際結果與所作的聲明有重大差異。

We disclose those risks and uncertainties we deem to be material in our filings with the Securities and Exchange Commission. 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 that are made as of the date of this release.

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要的風險和不確定性。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的任何前瞻性陳述的義務。

Our results discussed today include references to non-GAAP financial measures. Please refer to the text of today's press release for a reconciliation of comparable GAAP measures. We have also posted an updated investor presentation on our website, investors.lithiadriveway.com, highlighting our third quarter results.

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 指標的對帳情況。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三季業績。

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

接下來，我想將電話轉給總裁兼執行長 Bryan DeBoer。

Thank you, Jardon. Good morning, and welcome to our third quarter earnings call. This quarter was all about execution at speed where we improved our same-store revenue across all business lines, focused on cost control, and deepening the integration of our adjacencies within store operations. The result is a high-quality earnings mix, with more profits coming from reoccurring streams to create compounding cash flows.

謝謝你，Jardon。早上好，歡迎參加我們的第三季財報電話會議。本季的重點是快速執行，我們提高了所有業務線的同店收入，專注於成本控制，並深化了店面營運中相鄰業務的整合。結果是高品質的收益組合，更多的利潤來自經常性收入流，從而創造複合現金流。

Quarterly revenue was $9.7 billion, up 4.9% year-over-year and adjusted diluted EPS was $9.50, up 17%. These outcomes reflect the power of our ecosystem and combining local market leadership with a unique omnichannel platform. This quarter highlights an inflection in our performance with strong top line growth across all business lines highlighted by the accelerated growth in our highly profitable used vehicle and aftersales segment demonstrating our focus on execution.

季度營收為 97 億美元，年增 4.9%，調整後稀釋每股收益為 9.50 美元，成長 17%。這些成果反映了我們生態系統的力量以及將本地市場領導地位與獨特的全通路平台結合。本季凸顯了我們業績的一個轉折點，所有業務線的營收均實現強勁增長，其中利潤豐厚的二手車和售後部門的加速增長尤為突出，體現了我們對執行力的關注。

We look to continue to capture market share and increase customer loyalty, finishing strong in 2025 and spring boarding into 2026. Our team is quickly converting our momentum into share gains, faster throughput, and sustained cost efficiencies, so earnings power builds from here. Our unique and diversified earnings engine is outpacing the industry while also being more durable despite a mixed customer backdrop of normalized GPUs and customer affordability issues.

我們希望繼續佔領市場份額並提高客戶忠誠度，在 2025 年取得強勁成績，並在 2026 年實現春季登機。我們的團隊正在迅速將我們的發展勢頭轉化為份額成長、更快的吞吐量和持續的成本效率，因此獲利能力從此開始增強。儘管客戶背景複雜，包括標準化的 GPU 和客戶承受能力問題，但我們獨特而多樣化的獲利引擎仍超越了行業，同時也更加持久。

The gross profit growth in our reoccurring aftersales department, resilient F&I attachments, and to focus on increasing market share, created strong top and bottom-line results. Combined with tight SG&A control and a focus on fast turning used cars, we have multiple levers to expand margin and cash flow in any environment.

我們經常性的售後部門的毛利成長、有彈性的 F&I 附件以及專注於增加市場份額，創造了強勁的營收和利潤表現。結合嚴格的銷售、一般和行政費用控制以及對快速週轉的二手車的關注，我們擁有多種槓桿來在任何環境下擴大利潤和現金流。

Our results reflect our momentum in building value for customers through simple, empowered, and convenient solutions. As such, same-store revenues for the quarter increased 7.7% driven by growth in every business line. Despite continued normalization of front-end GPUs, total gross profit also increased 3.2%. Total vehicle GPU was $4,109 down $216 year-over-year, consistent with industry trends. Note that all vehicle operation results are on a same-store basis from this point forward.

我們的成果反映了我們透過簡單、有力且便利的解決方案為客戶創造價值的勢頭。因此，在各業務線成長的推動下，本季同店營收成長了 7.7%。儘管前端GPU持續正常化，總毛利也成長了3.2%。車輛 GPU 總成本為 4,109 美元，年減 216 美元，與產業趨勢一致。請注意，從現在起，所有車輛營運結果均以同店為基礎。

New and used volumes both contributed nicely to top line growth. New retail revenue grew 5.5% with units up 2.5%. New GPU was $2,867, down $348 sequentially. The past few quarters of lagging domestic brand performance shifted this quarter and drove most of our year-over-year improvement. Adversely, luxury brands performed the weakest year-over-year and import brands relatively flat.

新車和二手車銷售都對營收成長做出了巨大貢獻。新零售收入成長 5.5%，銷售成長 2.5%。新 GPU 的價格為 2,867 美元，比上一季下降了 348 美元。過去幾季國內品牌業績落後的局面在本季度得到了扭轉，並推動了我們大部分的同比增長。相反的是，豪華品牌較去年同期表現最弱，進口品牌表現相對平淡。

Our used vehicle performance continues to improve nicely, now considerably outperforming the industry with used retail revenue increases of 11.8% over last year. This was driven by a 6.3% increase in unit growth and higher average selling prices. Our value segments continue to deliver high growth with a 22.3% unit increase year-over-year. Well done, Team Lithia. Lastly, used front-end GPU was $1,767, declining by $90 sequentially.

我們的二手車業績持續良好提升，目前已大幅超越行業水平，二手車零售收入比去年增長了 11.8%。這是由於銷量成長 6.3% 和平均售價上漲所致。我們的價值部門持續保持高成長，單位數量年增 22.3%。幹得好，Lithia 團隊。最後，二手前端 GPU 的價格為 1,767 美元，環比下降 90 美元。

Our strategic focus on used vehicles provides another durable layer in any cycle and affordability level. We will continue to prioritize high ROI used vehicles keeping all price levels of our vehicles in our ecosystem, turning inventory efficiently and increasing the F&I and after sales attachment to deliver more connected and repetitive ownership experiences with our customers.

我們對二手車的策略重點為任何週期和可負擔水準提供了另一個耐用層。我們將繼續優先考慮高投資回報率的二手車，將所有價格水平的車輛保留在我們的生態系統中，高效週轉庫存，增加財務和保險以及售後服務，為我們的客戶提供更加互聯和重複的擁有體驗。

F&I also continues to grow with F&I revenue up 5.7%, reflecting our continued focus and opportunity in this high throughput area. F&I per retail unit reached $1,847, up $20 year-over-year, which includes the impact of lower F&I from increasing penetration of EV leases and strengthening DFC penetration in the quarter.

F&I 也持續成長，F&I 營收成長 5.7%，反映了我們對這一高吞吐量領域的持續關注和機會。每零售單位的財務及保險費用達到 1,847 美元，年增 20 美元，其中包括本季電動車租賃滲透率提高和 DFC 滲透率加強導致的財務及保險費用降低的影響。

Vehicle inventory and carrying costs improved nicely with new days' supply at 52 days, a decrease of 11 days sequentially. Used DSO was 46 days versus 48 in Q2. Floor plan interest expense declined $19 million year-over-year due to tailwinds from decreases in inventory balances and slightly lower interest rates.

車輛庫存和運輸成本明顯改善，新車供應天數為 52 天，比上一季減少 11 天。已使用的 DSO 為 46 天，而第二季為 48 天。由於庫存餘額減少和利率略有下降帶來的順風，樓層平面圖利息支出年減 1,900 萬美元。

After sales continues to be the largest single driver of customer retention and earnings growth. After sales revenue increased 3.9% while gross profit rose a hefty 9.1% with margins expanding to 58.4%, up 280 basis points year-over-year. We saw strength in all keys after sales categories with customer pay gross profit up 9.2% and warranty gross profit up 10.8%.

售後服務仍然是客戶保留和獲利成長的最大單一驅動力。售後營收成長 3.9%，毛利大幅成長 9.1%，利潤率擴大至 58.4%，較去年同期成長 280 個基點。我們看到所有關鍵售後類別均表現強勁，客戶支付毛利成長 9.2%，保固毛利成長 10.8%。

The strong growth across both categories shows the resilience and opportunity of after sales and illustrates the value of increasing the number and frequency of customers in our ecosystem. Cost discipline driven by productivity gains and managing performance through people is a key element of our earnings engine.

這兩個類別的強勁成長顯示了售後服務的彈性和機遇，並說明了增加我們生態系統中客戶數量和頻率的價值。由生產力提高和透過人員管理績效推動的成本控制是我們獲利引擎的關鍵要素。

North America's adjusted SG&A was flat sequentially at 64.8% as we bent the cost curve even as GPUs continue to normalize. In the UK, our teams are responding to market conditions and regulatory labor costs that increased in the year by improving productivity and managing performance through people.

儘管 GPU 繼續正常化，但我們還是改變了成本曲線，因此北美調整後的銷售、一般及行政費用環比持平，為 64.8%。在英國，我們的團隊透過提高生產力和透過人員管理績效來應對今年增加的市場狀況和監管勞動力成本。

Globally, we are increasing market share and growing our high-margin aftersales business as we simplify the tech stack with Pinewood AI, retire duplicative systems, and increase sales efficiency without compromising the customer experiences to drive incremental SG&A leverage. This leverage is amplified by our digital platforms where we're unifying the customer experience across Driveway.com, GreenCars, and our MyDriveway on our portal to make shopping, financing, and service simpler and faster.

在全球範圍內，我們正在增加市場份額並發展高利潤的售後業務，因為我們使用 Pinewood AI 簡化技術堆疊，淘汰重複系統，並在不影響客戶體驗的情況下提高銷售效率，從而推動銷售、一般和行政費用 (SG&A) 槓桿的增加。我們的數位平台擴大了這種優勢，我們在入口網站上統一了 Driveway.com、GreenCars 和 MyDriveway 的客戶體驗，使購物、融資和服務更簡單、更快捷。

The sale of our North American JV back to Pinewood AI streamlines the path to market for North America rollout, creating a single industry platform for stores and customers, reducing duplication, and increasing speed of delivery by empowering associates and customers. Together, these steps deepen retention, support SG&A leverage, and reinforce the power of our ecosystem.

將我們的北美合資企業出售給 Pinewood AI 簡化了北美市場的推廣路徑，為商店和客戶創建了單一的行業平台，減少了重複，並透過授權員工和客戶來提高交付速度。總之，這些措施加深了保留率，支持了銷售、一般及行政費用槓桿，並增強了我們生態系統的力量。

Driveway Finance continues to build a growing base of stable earnings with healthy spreads and disciplined underwriting. The path to higher penetration is clear as our focus on growing market share provides us a larger funnel of high-quality loans as we move towards our long-term targets, converting retail demand into reoccurring, stable earnings through any economic cycle. I'm happy to congratulate our DFC team and our store leaders for achieving our 15% penetration rate milestone a few quarters earlier than expected. Well done, team.

Driveway Finance 繼續透過健康的利差和嚴格的承保建立不斷增長的穩定獲利基礎。提高滲透率的道路是明確的，因為我們專注於擴大市場份額，這為我們提供了更大的高品質貸款管道，讓我們能夠朝著長期目標邁進，在任何經濟週期中將零售需求轉化為經常性的穩定收益。我很高興祝賀我們的 DFC 團隊和商店領導比預期提前幾季度實現了 15% 的滲透率里程碑。幹得好，團隊。

Turning to capital strategy. We remain focused on investing where we can create the most shareholder value. With our stock trading at a meaningful discount, this quarter, we prioritized repurchases, buying back 5.1% of our outstanding shares at prices that will drive significant long-term accretion.

轉向資本策略。我們仍然專注於投資能夠創造最大股東價值的領域。由於我們的股票交易價格大幅折價，本季我們優先考慮回購，以將推動長期大幅增值的價格回購了 5.1% 的流通股。

This quarter, we issued low-cost well-priced bonds increasing our flexibility without stretching risk. Looking ahead, we'll keep making incremental accretive decisions, buying back more when the discount is wide, funding selective acquisitions when returns are clear and more affordable, and continuing to invest in technology.

本季度，我們發行了低成本、價格合理的債券，增加了我們的靈活性，但又不增加風險。展望未來，我們將繼續做出漸進式增值決策，在折扣較大時回購更多股票，在回報明確且更實惠時為選擇性收購提供資金，並繼續投資於技術。

Each element of our ecosystem is building traction and momentum. We're increasing market share and productivity, building stable earnings power in our service drives, accelerating high ROI value autos, and scaling our adjacencies while improving SG&A leverage. Optionality in our free cash flows and expertise in M&A provides a strong foundation to grow durable EPS and cash flow in any environment.

我們生態系統的每個元素都在累積牽引力和動力。我們正在提高市場份額和生產力，在我們的服務驅動中建立穩定的盈利能力，加速高投資回報率汽車的發展，擴大我們的鄰接範圍，同時提高銷售、一般和行政費用槓桿率。我們的自由現金流的可選性和併購方面的專業知識為在任何環境下實現持久的每股收益和現金流增長提供了堅實的基礎。

Strategic acquisitions remain a core pillar and key differentiator of our growth model. From $12.7 billion of revenue in 2019 to approaching $40 billion today, we've paired scale with consistent EPS compounding in one of the most unconsolidated retail sectors. This growth was accomplished by also building a much more diversified and profitable business model.

策略性收購仍是我們成長模式的核心支柱和關鍵差異化因素。從 2019 年的 127 億美元營收到如今的接近 400 億美元，我們在最不整合的零售行業之一中將規模與持續的每股收益複合增長相結合。這一成長是透過建立更加多樣化和盈利能力更強的商業模式來實現的。

Today, our cash engine and unique ecosystem give us the flexibility to both accelerate buybacks and continue to grow organically through exceptionally high return targeted acquisitions. We remain disciplined and US focused in our acquisitions prioritizing stores that strengthen our network, especially in the Southeast and South Central regions, where population growth in operating profits are strongest.

如今，我們的現金引擎和獨特的生態系統使我們能夠靈活地加速回購，並透過極高的回報目標收購繼續實現有機成長。我們在收購中保持紀律性並以美國為中心，優先考慮能夠加強我們網絡的商店，特別是在東南部和中南部地區，這些地區的人口營業利潤增長最為強勁。

Alongside these additions to our network in the quarter, we reiterate our $2 billion acquisition revenue estimate for 2025 expecting a strong finish with some complementary acquisitions by year-end. Our acquisition financial hurdle rates are unchanged to acquire at 15% to 30% of revenue or 3 times to 6 times normalized EBITDA with a 15% minimum after-tax return. It is important to note that our track record over the past decade has yielded high rates of return, nearly doubling these hurdle rates.

除了本季網路的這些新增之外，我們還重申了 2025 年 20 億美元的收購收入預測，預計到年底將有一些補充收購，並取得強勁的成績。我們的收購財務障礙率保持不變，收購價格為收入的 15% 至 30% 或標準化 EBITDA 的 3 倍至 6 倍，最低稅後回報率為 15%。值得注意的是，我們過去十年的業績記錄取得了高回報率，幾乎是這些最低迴報率的兩倍。

Over the long term, we continue to target $2 billion to $4 billion of acquired revenue annually deploying capital where each incremental dollar compounds value per share the fastest. If seller expectations stay elevated, we'll lean harder into repurchases when fit and value align, we move with speed to integrate accretive acquisitions.

從長遠來看，我們將繼續以每年 20 億至 40 億美元的收購收入為目標，將資本部署到每增加一美元就能以最快的速度增加每股價值的地方。如果賣方的預期保持高位，當合適且價值一致時，我們將更傾向於回購，我們會迅速整合加值收購。

With the foundation set and strategic design now providing meaningful tailwinds, Lithia & Driveway's differentiated model is delivering. Our long-term $2 of EPS per $1 billion of revenue targets are powered by a consistent set of levers, lift store-level productivity and throughput, expand our footprint and digital reach to grow US and global market share, increase DFC penetration, reduce costs through scale efficiencies, SG&A discipline, and an optimized capital structure, and capture rising contributions from omnichannel adjacencies. Together, these levers will continue to convert momentum into durable EPS and cash flow growth.

隨著基礎設定和策略設計提供有意義的順風，Lithia & Driveway 的差異化模式正在發揮作用。我們的長期目標是每 10 億美元收入實現 2 美元的每股收益，這得益於一系列一致的槓桿、提升門市層面的生產力和吞吐量、擴大我們的業務範圍和數位影響力以增加美國和全球市場份額、提高 DFC 滲透率、透過規模效率、銷售、一般及行政管理紀律和優化的資本結構來降低成本，並抓住全程成長的貢獻。這些槓桿將共同繼續將動力轉化為持久的每股盈餘和現金流成長。

Our nationwide network of amazing people, paired with industry-leading digital tools is driving engagement across the full ownership life cycle, strengthening used vehicle after sales and our captive finance business deepens customer economics and smooth out any economic cycles while inventory and network scale improves speed and choice.

我們遍布全國的優秀人才網絡，加上業界領先的數位工具，正在推動整個所有權生命週期的參與，加強二手車的售後服務，我們的專屬金融業務深化了客戶經濟並平滑了任何經濟週期，同時庫存和網絡規模提高了速度和選擇。

Operational leaders across the network are driving store and departmental towards potential integrating adjacencies leveraging our ecosystem and elevating our customers' experiences. The result is a model with consistency, resilience, flexibility, and visible compounding power that will deliver accelerating shareholder value.

整個網路的營運領導者正在推動商店和部門利用我們的生態系統實現潛在的整合鄰接並提升客戶體驗。其結果是一個具有一致性、彈性、靈活性和可見複合能力的模型，它將加速股東價值的提升。

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 third quarter momentum is clear. Year-over-year EPS improved, financing operations delivered continued growth on solid credit and healthy spreads, and we made progress on SG&A efficiency. Strong free cash flow generation supported meaningful share repurchases, and our balance sheet remains flexible with ample liquidity to fund growth and return. These outcomes reflect disciplined cost actions, a maturing captive finance platform and balanced capital deployment. Taken together, they position us to continue compounding value per share.

謝謝你，布萊恩。我們第三季的勢頭很明顯。每股盈餘較去年同期有所改善，融資業務憑藉穩健的信貸和健康的利差繼續增長，並且我們在銷售、一般和行政費用效率方面也取得了進步。強勁的自由現金流產生支持了有意義的股票回購，我們的資產負債表保持靈活，並擁有充足的流動性來資助成長和回報。這些成果反映了嚴謹的成本行動、成熟的專屬融資平台和均衡的資本配置。綜合起來，它們使我們能夠繼續增加每股價值。

Adjusted SG&A as a percentage of gross profit was 67.9% versus 66% a year ago. On a same-store basis, SG&A was 67.1% compared with 65.1%. As Bryan mentioned, sequential SG&A in North America was essentially flat at 64.8%, which reflects the cost discipline of our teams considering the sequential decrease in total vehicle GPU of $315. Our teams continue to focus managing costs through growing market share and gross profit as we start to lap prior comps that reflect our 60-day cost-saving efforts last year.

調整後的銷售、一般及行政費用佔毛利的百分比為 67.9%，而去年同期為 66%。以同店計算，銷售、一般及行政費用為 67.1%，去年同期為 65.1%。正如 Bryan 所提到的，北美地區的銷售、一般及行政費用環比基本持平於 64.8%，這反映了我們團隊的成本控制，考慮到車輛 GPU 總成本環比下降了 315 美元。我們的團隊繼續專注於透過增加市場份額和毛利來管理成本，因為我們開始超越去年反映我們 60 天成本節約努力的先前競爭對手。

In the UK, macro and mix headwinds pressured margins and labor costs and we are focused on actions to increase gross profit, including increasing market share in used autos and aftersales and reducing SG&A through efficiency and cost control.

在英國，宏觀和混合不利因素對利潤率和勞動力成本造成壓力，我們專注於提高毛利的行動，包括增加二手車和售後市場的份額，並透過效率和成本控制降低銷售、一般和行政費用。

We've seen solid SG&A results as we've bent the cost curve in North America, and we're making improvements across our network, particularly in the UK with specific levers, raising productivity through performance management and technology, simplifying the tech stack and retiring duplicative systems, renegotiating national vendor contracts and automating back-office workflows. These actions should build benefits each quarter containing the SG&A trend even if front-end GPUs continue to normalize.

隨著我們在北美扭轉成本曲線，我們看到了穩健的銷售、一般及行政費用 (SG&A) 業績，並且我們正在整個網絡中進行改進，特別是在英國，採用特定的槓桿，透過績效管理和技術提高生產力，簡化技術堆疊和淘汰重複系統，重新談判國家供應商合約並實現後台工作流程自動化。即使前端 GPU 繼續正常化，這些措施也應該會在每季產生效益，抑制銷售、一般及行政費用趨勢。

Driveway Finance Corporation continues to scale profitably underscoring the differentiation of our model. Financing operations income was $19 million in the quarter, with portfolio growth offsetting seasonal trends in profitability. We achieved $52 million in financing operations for the year-to-date hitting the low end of our full year expectations a quarter early. Net interest margin of 4.6% was up 70 basis points year-over-year while North America penetration reached 14.5%, up 290 basis points year-over-year.

Driveway Finance Corporation 持續擴大獲利規模，凸顯了我們模式的差異化。本季融資營運收入為 1,900 萬美元，投資組合成長抵消了獲利的季節性趨勢。今年迄今為止，我們的融資業務已達到 5,200 萬美元，提前一個季度達到了全年預期的低端。淨利差為4.6%，較去年同期上升70個基點，北美滲透率達14.5%，較去年同期上升290個基點。

Our disciplined underwriting and credit management practices have resulted in strong provision experience, and we have not seen meaningful changes in consumer credit trends within our portfolio. Our position at the top of the demand funnel and high-quality originations keep credit risk low and capital efficient with managed receivables now above $4.5 billion, the maturing portfolio is delivering profitability that supports our earnings trajectory with steady, consistent growth. Strong origination flow, improving margins and a clear runway to increase retail penetration rates gives us confidence in the path of our long-term DFC profitability targets.

我們嚴謹的核保和信貸管理實務帶來了強大的撥備經驗，而且我們並未看到投資組合中的消費信貸趨勢發生重大變化。我們處於需求漏斗頂端，且擁有高品質的貸款發放，這使我們的信用風險保持在低水平，資本效率較高，目前管理的應收帳款已超過 45 億美元，而到期的投資組合正在提供盈利能力，以穩定、持續的增長支持我們的盈利軌跡。強勁的發起流量、不斷提高的利潤率以及提高零售滲透率的清晰途徑使我們對長期 DFC 獲利目標的實現充滿信心。

Now, moving on to our cash flow and balance sheet health. We reported adjusted EBITDA of $438 million in the third quarter, a 7.7% increase year-over-year, primarily driven by lower flooring interest. We generated $174 million of free cash flow converting operating momentum into liquidity that lets us build return capital and invest for growth while maintaining a strong balance sheet. This steady self-funded cash engine keeps us nimble and focused on deploying dollars where they compound value fastest.

現在，我們來談談現金流和資產負債表的健康狀況。我們報告第三季調整後的 EBITDA 為 4.38 億美元，年增 7.7%，主要原因是地板利息下降。我們產生了 1.74 億美元的自由現金流，將經營勢頭轉化為流動性，使我們能夠建立回報資本並投資於成長，同時保持強勁的資產負債表。這款穩定的自籌資金現金引擎讓我們保持靈活，並專注於將資金部署到增值最快的地方。

This quarter, we strengthened our capital allocation commitment to focus on share buybacks. With our share price significantly lower than intrinsic value, we allocated approximately 60% of capital deployment to share repurchases buying back 5.1% of outstanding shares at an average price of $312. So far in 2025, we have repurchased 8% of outstanding shares at an average price of $313, slightly less than one-third of capital was deployed to high-quality acquisitions in targeted regions and the remainder to store capital expenditures, customer experience and efficiency initiatives.

本季度，我們加強了資本配置承諾，並專注於股票回購。由於我們的股價遠低於內在價值，我們將約 60% 的資本配置用於股票回購，以平均 312 美元的價格回購了 5.1% 的流通股。截至 2025 年，我們已以平均 313 美元的價格回購了 8% 的流通股，其中略低於三分之一的資金用於目標地區的高品質收購，其餘資金用於儲存資本支出、客戶體驗和效率計劃。

Our capital allocation philosophy is to act opportunistically and with leverage in our target range and ample liquidity. We've accelerated share repurchases to capitalize on the meaningful disconnect between our stock price and the fundamental value of our business. This quarter, higher 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，在目標範圍內利用槓桿，並擁有充足的流動性。我們加快了股票回購，以利用我們的股價和業務基本價值之間的重大脫節。本季度，更快的回購速度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。

Our strategy remains consistent while we continue to grow, generating differentiated, stable earnings from an omnichannel platform that serves the full ownership cycle. With talented teams, class-leading digital and financing capabilities, and a strong flexible balance sheet, we're scaling core operations and high-margin adjacencies with measured discipline. Our omnichannel model creates durability and flexibility as business conditions evolve while preserving capital flexibility to deploy where returns are highest.

我們的策略始終保持一致，同時我們將繼續發展，透過服務整個所有權週期的全通路平台創造差異化、穩定的收益。憑藉優秀的團隊、一流的數位和融資能力以及強大且靈活的資產負債表，我們正在以穩健的紀律擴大核心業務和高利潤率的鄰接業務。我們的全通路模式能夠隨著業務條件的變化而創造持久性和靈活性，同時保留資本彈性，以便在回報最高的地方進行部署。

As we move into 2026 and beyond, we will continue our focus on translating share gains and throughput into cash flows and compounding value per share. This concludes our prepared remarks.

隨著我們進入 2026 年及以後，我們將繼續致力於將股票收益和產量轉化為現金流量和每股複合價值。我們的準備好的演講到此結束。

With that, I'll turn the call over to the operator for questions. Operator?

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 Capital Group.

（操作員指示）Ryan Sigdahl，Craig-Hallum Capital Group。

Nice to see the operational improvements. I want to start with EVs were given the tax credit expiration. But it seems like, let's get cleared through most of their EV inventory or refresh a lot of it anyways. But can you talk through kind of what you saw in the quarter? What that meant from a sales standpoint and also GPU standpoint? And then how you think about that category going forward?

很高興看到營運方面的改善。我想先從電動車的稅收抵免到期說起。但看起來，無論如何，我們都要清理掉大部分電動車庫存，或是刷新其中的大部分。但是您能談談您在本季看到的情況嗎？從銷售角度和 GPU 角度來看這意味著什麼？那麼您如何看待該類別的未來發展？

Sure, Ryan. This is Bryan. Thanks for joining us today. Believe it or not, our electrified vehicles in the quarter were back to 43% of our total new car mix, which was a nice number. We actually started the month of September, and this is close to correct, okay? I think we had 6,000 electrified vehicles that qualified for the $7,500 federal credit going into the month and then we ended at just under 2,000 with really the only product that's remaining is a little bit of the higher-price stuff, which we spoke to in the past.

當然，瑞安。這是布萊恩。感謝您今天加入我們。不管你信不信，本季我們的電動車佔新車總量的 43%，這是一個不錯的數字。我們實際上是從九月開始的，這接近正確，好嗎？我認為，本月我們有 6,000 輛電動車符合 7,500 美元聯邦信貸的條件，但月底我們只剩下不到 2,000 輛，剩下的只有一些價格較高的產品，我們過去曾談到過這些產品。

The other thing that's pretty important to remember is manufacturers incentivized those cars quite nicely as well. Many of the manufacturers are carrying over those incentives plus they're basically replacing the $7,500 credit on top of that to be able to keep that volume hopefully, somewhat static. I imagine it's going to drop a little bit, and I don't have the preliminary October results, but I would imagine it has dropped a little bit.

另一件需要記住的重要事情是製造商也對這些汽車提供了很好的激勵。許多製造商正在延續這些激勵措施，此外，他們基本上還在其基礎上補充了 7,500 美元的信貸，以便能夠保持這一數量基本上穩定。我想它會下降一點，我還沒有十月份的初步結果，但我想它已經下降了一點。

But the important thing to remember is that the way that they push those units out the door and what the impact is of the $7,500 is basically an affordability issue because most of those vehicles were leased. So our lease penetration, I think, was the highest we've ever had on a blended basis. We were almost lease penetration on new vehicles, which was quite nice, which means most of those customers are coming back in the next 24 to 30 months or whatever the length of those terms are. So kind of need to see that we can move the market when we need to.

但需要記住的重要一點是，他們推銷這些車輛的方式以及 7,500 美元的影響基本上是一個可負擔性問題，因為大多數車輛都是租賃的。因此，我認為，我們的租賃滲透率是我們有史以來最高的。我們幾乎實現了新車租賃滲透，這非常好，這意味著大多數客戶將在未來 24 到 30 個月內或無論期限多長都會回來。因此我們需要確保在需要的時候能夠推動市場發展。

And I think what I would take away from it is those vehicles, those 4,000 vehicles or so that we pushed out in September were really first-generation BEVs, a lot of first-generation BEVs, Hondas, Tata, Subarus, and some of the domestic products that now second-generation cars are coming either in the '26 model cycle by the end of the year or early in 2026. So we're going to have rather than a 200-mile range car, we're going to have a 300- to 400-mile range car for about the same price.

我認為我能從中得出的結論是，我們在 9 月推出的那些車輛，大約 4,000 輛，實際上是第一代 BEV，很多第一代 BEV，本田、塔塔、斯巴魯，以及一些國產產品，現在第二代汽車要么在 26 年車型週期中推出，要么在年底或 2026 年初推出。因此，我們將推出的不是續航里程為 200 英里的汽車，而是續航里程為 300 至 400 英里的汽車，價格大致相同。

That's great color. And not just consumers coming back, but like you said, the first refusal for that inventory on the used side coming in the door for you guys. I want to switch over to the UK, I appreciate the disclosure on kind of North America SG&A to gross. If I back into it, I think it implies to the UK with something in the high 80%-ish range, understanding kind of the margin challenges there, the labor challenges, et cetera.

顏色真棒。不只是消費者的回歸，而且就像你說的，二手庫存的首次拒絕也來到了你們的面前。我想轉到英國，我很欣賞有關北美銷售、一般及行政費用佔總收入的披露。如果我回顧一下，我認為這對英國來說意味著 80% 左右的高位，了解那裡的利潤挑戰、勞動力挑戰等等。

But it sounds like a lot of company-specific initiatives from cost efficiencies, focusing on parts and service and used and things that the US did a decade ago. But do you see any kind of line of sight to improved market conditions there? Or is it really kind of a self-help, do what you can do given the Chinese mix and kind of the constraints in the market?

但這聽起來像是許多公司從成本效率出發的具體舉措，重點是零件和服務以及美國十年前所做的事情。但您是否看到那裡的市場狀況有任何改善的跡象？或者這實際上是一種自助，根據中國市場的情況和限制條件，盡你所能？

No, Ryan, great questions. And I think the insights on the labor market really happened in January and it was twofold. One was the minimum wage and then one was a payroll tax and the actual impact to the organization was $20 million for us, okay? And they curved about $11 million of it in the first six months sheerly through headcount reductions and productivity gains. They've now earmarked another $8 million or $9 million, which will get them beyond what the impact was. But there's another $3 million coming in 2026. So they're really working on how to do that.

不，瑞安，這個問題問得真好。我認為對勞動市場的洞察確實發生在一月份，而且是雙重的。一個是最低工資，一個是工資稅，對我們組織的實際影響是 2000 萬美元，好嗎？他們在前六個月僅透過裁員和提高生產力就節省了約 1,100 萬美元。他們現在又撥出 800 萬或 900 萬美元，這將使他們擺脫先前的影響。但 2026 年還會有另外 300 萬美元。所以他們正在努力研究如何做到這一點。

And I think even though our SG&A is higher than last year, and the market has shifted, our team is doing a pretty nice job relatively speaking, of how to respond to that. And a lot of the increases, I think we were up $10 million approximately in operational net profit in parts and service. So a big improvement there. Our used cars are beating the market by a little bit, and our new cars are basically in line with the marketplace.

我認為，儘管我們的銷售、一般和行政費用高於去年，而且市場也發生了變化，但我們的團隊在應對這些變化方面相對來說做得相當不錯。其中有很多成長，我認為我們的零件和服務營運淨利潤增加了約 1000 萬美元。因此這是一個很大的進步。我們的二手車略高於市場水平，新車則基本上與市場水平持平。

And I would say this, last year, we had -- let's see, we had three BYD stores and an MG store, which are Chinese brands. This year, right now, we have seven total Chinese stores with, I believe, five more that open in the next 60 days. So unlike the United States, where you have to go buy and pay goodwill to be able to shift your manufacturing mix in the UK, if you've got a facility and you've got good relationships with manufacturers, you have the ability to add and respond pretty quickly to the marketplace.

我想說的是，去年，我們有三家比亞迪專賣店和一家 MG 專賣店，它們都是中國品牌。今年，目前，我們在中國共有 7 家門市，我相信未來 60 天內還會有 5 家門市開幕。因此，與美國不同，在美國，你必須購買並支付商譽才能改變英國的製造組合，而如果你擁有工廠並且與製造商建立了良好的關係，你就有能力增加并快速響應市場。

So we're pretty pleased about what we're seeing there and our team there is doing a really nice job responding. So we should exit the year with almost a dozen Chinese brands, which are up a pretty nice amount. Now, some brands like Ford and stuff are up quite nicely as well. So I think we're able to respond to the market. But like you said, it's our response. It's not necessarily coming from strength in the marketplace right now.

因此，我們對在那裡看到的情況感到非常高興，我們的團隊在那裡做了非常好的回應工作。因此，今年我們應該會擁有近十幾個中國品牌，而且數量成長相當可觀。現在，福特等一些品牌也表現得相當不錯。所以我認為我們能夠對市場做出反應。但就像你說的，這是我們的回應。它不一定來自於當前市場的強勁表現。

Federico Merendi, Bank of America.

費德里科·梅倫迪，美國銀行。

We have seen some turmoil in the subprime market and to deliver more news on that front. So my question is, Bryan, could you give us an overview of the used market and how sub-prime can impact it? I understand that your higher credit quality, but what are the ramifications for Lithia's credit portfolio?

我們已經看到次級房貸市場出現了一些動盪，並在這方面發布了更多新聞。所以我的問題是，布萊恩，您能否向我們概述二手市場以及次貸對其有何影響？我知道您的信用品質較高，但這對 Lithia 的信用組合有何影響？

Would love to, Federico. And I think let me speak directly to the used car market as a whole and as a whole for Lithia & Driveway, not specifically to our DFC part of our organization, okay, because their buying behaviors are different in the marketplace of more of a prime type of lender.

非常樂意，費德里科。我想讓我直接談談整個二手車市場以及整個 Lithia & Driveway，而不是專門針對我們組織的 DFC 部分，因為他們的購買行為在更主要的貸款人市場中有所不同。

What we're seeing in the marketplace, in the used car marketplace is a lot of opportunity. This is from a Lithia's standpoint in the value auto segment, okay? And the value auto segment is our most affordable cars. And I think there's a general belief in the industry that value autos are driven off of low-quality credit. It's the exact inverse of what you think, okay?

我們在市場上，在二手車市場上看到了很多機會。這是從 Lithia 在價值汽車領域的觀點來看的，好嗎？價值型汽車領域是我們最實惠的汽車。我認為業界普遍認為價值型汽車是由低品質的信貸所推動。這和你的想法正好相反，好嗎？

Lower-priced vehicles are only financed about 50% of the time, okay? Whereas a certified vehicle is typically financed 90% of the time. The reason why is that lower-priced vehicles or what we call value auto, are typically quite scarce, okay? They take money to recondition. So your price to book value is typically quite high, meaning it's difficult to finance.

低價車輛的融資率只有 50% 左右，好嗎？而經過認證的車輛通常有 90% 的時間都是獲得融資的。原因是低價車輛或我們所說的價值型汽車通常非常稀缺，對嗎？他們花錢進行修復。因此，您的市淨率通常相當高，這意味著融資很困難。

Okay. And I got Chuck sitting next to me here shaking his head that those are really hard cars to finance because at a $15,000 car, if you've got $3,000 in this equity, you're now financing 20% over LTV without profitability and without down payment.

好的。坐在我旁邊的查克搖頭說，這些車真的很難融資，因為一輛價值 15,000 美元的車，如果你有 3,000 美元的股權，那麼你現在要融資超過 LTV 的 20%，而且沒有盈利能力，也不需要首付。

So you've got some big anomalies that remember that value autos are driven off a higher credit quality customer that typically saves their money or has the ability to finance at a fairly high LTV, loan-to-value, okay? So really interesting dynamic, and this is what we teach our stores and why our value autos were up 22% on a unit basis in the quarter and a lot of our real strong tailwinds.

因此，您會發現一些重大異常現象，請記住，價值汽車是由信用品質較高的客戶購買的，這些客戶通常會存錢或有能力以相當高的 LTV（貸款價值比）進行融資，好嗎？這真是一個有趣的動態，這就是我們教給我們的商店的內容，也是為什麼我們的價值汽車在本季度按單位計算增長了 22% 以及我們的許多真正強勁的順風。

Other market dynamics that are important to remember, we actually achieved 74% of our used car sourcing in the quarter was bought directly from consumers. Okay? And that's trade in, obviously, or buying them directly off the street from consumers or off-lease vehicles, so on and so on. That's the highest we've had all year.

其他需要記住的重要市場動態是，我們本季 74% 的二手車採購實際上是直接從消費者那裡購買的。好的？顯然，這是以舊換新，或直接從消費者手中購買，或購買租賃車輛，等等。這是我們全年的最高紀錄。

Okay, meaning that our teams are keeping pretty much every vehicle that they can make stop, steer and go. So you're selling a safe vehicle, but you're digging into the affordability landscape of these high-quality customers that ultimately make pretty good money on because the vehicle is scarce. Okay?

好的，這意味著我們的團隊保留了幾乎所有可以停止、轉向和行駛的車輛。因此，您銷售的是一輛安全的車輛，但您正在深入了解這些高品質客戶的承受能力，因為車輛稀缺，他們最終可以從中賺取相當可觀的利潤。好的？

Some other little tidbits of information. Our margins on used vehicles, and I believe this is more of a Lithia thing because we now have Driveway and GreenCars to be able to spread our wings and get more eyes in front of every type of car. And this is a little better than what we've been in the past.

還有一些其他的小資訊。我們的二手車利潤率，我相信這更多的是 Lithia 的事情，因為我們現在有了 Driveway 和 GreenCars，能夠擴展我們的業務範圍，讓更多人關注每種類型的汽車。這比我們過去的情況要好一點。

We made 5.1%, 5.2% margins on both certified and core product, okay, as a percentage, right? Our value auto this quarter was almost 16%, okay? And remember, that's a lot lower price car. So our actual annual return on our value auto is 130% cash-on-cash return, okay, massive improvement relative to certified and core that's under 50%, okay? So nice improvements. We're pretty excited about what's happening in that space.

我們的認證產品和核心產品的利潤率分別為 5.1% 和 5.2%，以百分比來說，對嗎？我們本季的汽車價值幾乎是 16%，好嗎？請記住，這是一輛價格低得多的汽車。因此，我們價值汽車的實際年回報率是 130% 的現金回報率，相對於低於 50% 的認證和核心回報率而言，這是一個巨大的進步，好嗎？非常好的改進。我們對這個領域發生的事情感到非常興奮。

To finish that thought, Federico, remember that the mix in the market nationally in North America, only 11% of used vehicles sold are one- to three-year-old vehicles, okay, only 11%. Okay? So we spend very little of our time and it only makes up about 1/5 of our total sales, selling those. We do it because we've got the off-lease returns, and it's easy. People expect us to have those certified cars.

為了完成這個想法，費德里科，請記住，在北美全國市場上，只有 11% 的二手車是一到三年的車，好吧，只有 11%。好的？因此，我們花費的時間很少，而且銷售這些產品僅占我們總銷售額的 1/5。我們這樣做是因為我們已經獲得了租約到期的回報，而且這很容易。人們期望我們擁有那些經過認證的汽車。

Another quarter of the market comes from Corrado's or three- to eight-year-old vehicles. okay? And we were about -- that makes up 26% of the market, which leaves over nine-year-old vehicles makes up 63% of the marketplace, okay? That's a huge amount, okay? That's a number that's bigger than new cars are, okay?

另外四分之一的市場來自 Corrado 或三至八年的車齡的車輛。好嗎？我們大約——這佔據了 26% 的市場份額，而超過九年的車齡的車輛佔據了 63% 的市場份額，好嗎？那數目可真大啊，懂嗎？這個數字比新車還要大，好嗎？

So remember, that's where the big money is in the business and as a new car retailer, we're top of funnel to get the first waterfall effect of trade-in and then the second waterfall effect and ultimately, that second and third trade-in, which is really that value auto that brings those nice returns that we're looking at.

所以請記住，這就是生意中的大錢所在，作為一家新車零售商，我們處於漏斗的頂端，以獲得以舊換新的第一個瀑布效應，然後是第二個瀑布效應，最終是第二次和第三次以舊換新，這才是真正能帶來我們所期待的豐厚回報的價值汽車。

Hopefully, that helped Federico. Thanks for your question.

希望這對費德里科有幫助。謝謝你的提問。

It was super helpful. The second question I have is on the UK and the regulatory environment. I mean, we have seen that in the US, the EV regulatory environment has changed. And Continental Europe is it seems that they're moving into that direction. What do you think is going to happen in the UK over the next, I don't know, 18 months in the regard of EV?

這非常有幫助。我的第二個問題是關於英國及其監管環境。我的意思是，我們已經看到美國的電動車監管環境已經改變了。歐洲大陸似乎正朝這個方向發展。您認為未來 18 個月內英國在電動車方面將會發生什麼變化？

So Federico, let me just reiterate for everyone that UK makes up a little over 10% of our revenue and makes up about 5% to 6% of our net profit. So we don't have a ton of impact coming from the UK. But what we're seeing is growth of the Chinese brand but it's not coming from the electrified segment. It's coming from their introduction of ICE vehicles into the marketplace. So -- and I think when BYD when MG and those others first came into the market, they were electrified vehicles, okay?

所以費德里科，讓我向大家重申一下，英國市場占我們收入的 10% 多一點，占我們淨利潤的 5% 到 6% 左右。因此，我們不會受到來自英國的巨大影響。但我們看到中國品牌的成長並非來自電氣化領域。這是因為他們將 ICE 汽車引入了市場。所以——我認為當比亞迪、名爵和其他品牌首次進入市場時，它們都是電動車，好嗎？

Today, the reason why they're gaining market shares, they're selling ICE vehicles and plug-ins. Okay? And I was there four weeks ago, okay, and traveled the marketplace. We now have a Cherry franchise there as well looking at the product and what I see in the electrified vehicles at the price point that they're selling them for in the UK, they have zero ability to compete in North America, okay?

如今，他們之所以能獲得市場份額，是因為他們銷售內燃機汽車和插電式汽車。好的？四周前我就去過那裡，參觀了市場。我們現在在那裡也有 Cherry 特許經營店，從產品和我看到的電動車來看，以他們在英國的售價來看，他們在北美根本沒有競爭力，好嗎？

And that may change and they may have margin that they can still take out of the formula, but I looked at a Cherry vehicle that was GBP 37,000, which is an equivalent to almost USD48,000 to USD50,000 okay? It was an electrified vehicle that had about 256, 257-mile range, okay? And wouldn't hold a candle to any of the imports or the domestic cars at about $10,000 less, okay?

這種情況可能會發生變化，他們可能仍有利潤可以從公式中扣除，但我看了一輛 Cherry 汽車，價格為 37,000 英鎊，相當於 48,000 至 50,000 美元，對嗎？這是一輛電動車，續航里程約為 256 至 257 英里，好嗎？而且與價格低 10,000 美元左右的進口車或國產車相比，簡直是小巫見大巫，明白嗎？

So we're actually not as concerned, and it's great to be able to see what's happening in the UK. Remember this also in China and UK, they've plateaued in terms of electrified vehicle sales. They both sit at about 55% penetration rates, okay? And that's the same as it was last year. So really, the impact that's happening is coming from the ICE vehicles that I don't think that message gets out there.

所以我們實際上並不那麼擔心，很高興能夠看到英國正在發生的事情。請記住，在中國和英國，電動車銷量已經達到穩定水準。他們的滲透率都約為 55%，好嗎？這與去年的情況相同。所以實際上，正在發生的影響來自於 ICE 車輛，但我認為這個訊息並沒有傳達出去。

I do believe that the Labor Party in the United Kingdom is definitely into sustainable vehicles. At times, I wish we were a little bit more into that as well, but that's probably now five to seven years out in the United States, but it is making it hard expense-wise in the United Kingdom. And I imagine they'll embellish that further with more quotas on electrified vehicles.

我確實相信英國工黨絕對支持永續汽車。有時，我希望我們也能在這方面多做一些，但在美國這可能還需要五到七年的時間，但在英國，從費用角度來看，這很困難。我想他們會進一步完善這項政策，增加電動車的配額。

Mike Ward, Citi Research.

花旗研究部的麥克沃德 (Mike Ward)。

Two things. On the US BEV sales, you mentioned there about 4,000 units. I believe what I hear in the industry, the margin on those is very light. So if you take that out, you probably -- your overall gross -- new vehicle growth has been relatively flat, if I'm doing the math right, over the last couple of quarters. Is that correct?

兩件事。關於美國純電動車的銷量，您提到大約有 4,000 輛。我相信我所聽到的業內消息，這些產品的利潤率非常低。因此，如果你把這個因素去掉，那麼如果我的計算正確的話，在過去的幾個季度裡，你的整體新車銷售成長可能相對平穩。對嗎？

I believe you're correct. Tina, have you got any insights there? I'm looking here real quickly. I think that that's a fair assumption, Mike, that the BEVs are a little bit lighter, and we're pushing those out the doors. Our manufacturers are asking us to help them meet their CAFE standards so they can ultimately continue to build other higher-demand cars at the current time.

我相信你是對的。蒂娜，你對此有什麼見解嗎？我正在快速瀏覽這裡。麥克，我認為這是一個合理的假設，即純電動車 (BEV) 稍微輕一些，我們正在將其推向市場。我們的製造商要求我們幫助他們達到 CAFE 標準，以便他們最終能夠繼續生產其他需求更高的汽車。

Better cars. It's a much higher repeat buyer, too, right? The EVs, people buy them, they love them.

更好的汽車。重複購買率也高很多，對嗎？人們購買電動車，他們喜歡電動車。

I think you're right about that. The big thing is we're conquesting second and third-generation Tesla customers, massively conquesting them. So that's a positive thing, especially in the West where Tesla penetration is high, and our, I would say, our managers and store leaders are not as opinionated of whether they should sell an electric car, plug-in hybrid or an ICE engine, they seem pretty savvy on being able to convert customers.

我認為你說得對。最重要的是，我們正在征服第二代和第三代特斯拉客戶，大規模地征服他們。所以這是一件好事，特別是在特斯拉普及率很高的西方，而且我們的經理和門市領導對於是否應該銷售電動車、插電式混合動力汽車或內燃機汽車並沒有那麼固執己見，他們似乎非常精明，能夠轉化客戶。

And I think what a customer gets is a wonderful service and aftersales experience. So the life cycle of the ownership is a much different experience than maybe their first one or two experiences with the Teslas. And to be fair, most manufacturers now have competitive product in price, in range and in speed, which is something that a lot of consumers are looking at that the performance elements of the car are quite excited.

我認為客戶獲得的是優質的服務和售後體驗。因此，擁有特斯拉汽車的整個生命週期可能與他們第一次或第二次購買特斯拉汽車的經歷大不相同。公平地說，現在大多數製造商的產品在價格、續航里程和速度方面都有競爭力，這是許多消費者所關注的，他們對汽車的性能元素非常興奮。

And we're really excited about the next-gen of the Japanese and Korean imports that are hitting in the next couple of months, okay, to really be able to start to push those vehicles out to the consumers a really affordable levels.

我們對未來幾個月即將上市的日本和韓國進口的下一代汽車感到非常興奮，好的，我們能夠真正開始以真正實惠的價格將這些汽車推向消費者。

And it sounds like the profitability aspect probably bottomed with the 3Q with the rush to buy. So maybe --

聽起來盈利能力可能在第三季隨著搶購潮而觸底。所以也許--

That's probably a fair assumption.

這可能是個合理的假設。

The second thing is, you kind of alluded to that you have about it sounds like about $1 billion in acquisitions that could close by year-end. Is that what you're seeing? And is -- have the multiples come back into check? And it looks like -- it sounds like you have a lot of opportunity there.

第二件事是，您暗示說，您有大約 10 億美元的收購交易可能在年底前完成。這就是你所看到的嗎？那麼——倍數是否已經恢復正常了？看起來——聽起來你在那裡有很多機會。

Yeah, you know us. I mean, we don't use these stretch on deals. We're fortunate that we've got great relationships with our manufacturer partners, which allows us to fish in every possible pond. And I think in North America, we've been real fortunate to be able to find a few deals in the first three quarters of the year, but we've got some really nice deals coming in Q4 and are pretty excited that you can find them in this type of market, especially the quality of the deals.

是的，你認識我們。我的意思是，我們不使用這些延長交易期限的政策。我們很幸運，與製造商合作夥伴建立了良好的關係，這使我們能夠在每個可能的池塘中捕魚。我認為在北美，我們非常幸運能夠在今年前三個季度找到一些交易，但我們在第四季度會有一些非常好的交易，並且非常高興能夠在這種類型的市場中找到它們，尤其是交易的品質。

And it's those long-term relationships that may take three to five years to get into that point where certain things start to drive the decisioning of these sellers. And we're fortunate that they chose us to be able to be their suiters and their successors at what we would look at is well within our 15% hurdle rate on ROI and 3 times to 6 times EBITDA and so on and so on.

這些長期關係可能需要三到五年的時間才能達到某個階段，某些因素開始影響這些賣家的決策。我們很幸運，他們選擇我們作為他們的追求者和繼任者，我們所考慮的是投資回報率 (ROI) 的最低收益率在 15% 以內，EBITDA 的 3 倍到 6 倍以內，等等。

So you're keeping that allocation plan tight. It's nice to see.

所以你要嚴格執行分配計畫。很高興看到。

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

Great. I just wanted to dig in a little bit more on the US versus the UK performance. Anything more you can share in terms of how the GPUs were in US versus UK? How is the services growth? I appreciate the SG&A comments, but just any more clarity around the profit performance would be helpful.

偉大的。我只是想更深入地了解美國與英國的表現。您還能分享更多關於美國和英國的 GPU 狀況嗎？服務業成長如何？我很欣賞銷售、一般及行政費用的評論，但如果能更清楚地了解利潤表現，那就更好了。

And then relatedly, any more color on the US in terms of how you feel you're doing versus the marketplace now, particularly given like historically, you've had some tough exposure in terms of your regional mix. So curious like how that's doing versus the broader market? And I have a quick follow-up.

然後相關的是，您覺得您現在在美國的表現與市場表現相比如何，特別是考慮到歷史上您在區域組合方面經歷了一些艱難的時期。所以很好奇它與大盤相比表現如何？我有一個快速的後續行動。

Yeah. Sure, Raj. I think maybe I'll spend most of the time on what we think of our North American performance and where we sit in the marketplace. I mean it does look like that we massively beat on used cars. The market is showing flat, okay?

是的。當然，拉傑。我想也許我會花大部分時間來思考我們對北美業績的看法以及我們在市場上的地位。我的意思是，看起來我們在二手車方面確實取得了巨大的成功。市場表現平淡，好嗎？

So we think we sit quite nicely at 11.8% revenue increase and almost 7%-unit increase. Also, if you reflect back on, they used only retailers that have reported so far. Remember, they were down 6%. So it speaks to the strength of our model and ability to respond to the marketplace in a little bit tougher conditions. We're pretty excited about that.

因此，我們認為收入成長 11.8% 和單位成長近 7% 的水平相當不錯。此外，如果你回想一下，他們只使用了迄今為止已報告的零售商。請記住，它們下降了 6%。因此，這體現了我們的模式的實力以及在稍微艱難的條件下響應市場的能力。我們對此感到非常興奮。

Also, if you look at our aftersales business, we were up over 9% in gross profit, okay, which was a really, really nice number as well, and that's driving a lot of the profitability in the United States, which is great. I mean really, the new car market was where maybe a little bit of weakness lied, okay? Because ultimately, our GPUs did come down even though we were up 5% or 6%. That also looks better than what the marketplace was. So I'd say this, I think our team is responding.

此外，如果你看看我們的售後業務，我們的毛利成長了 9% 以上，這也是一個非常非常好的數字，而且這對美國的獲利能力有很大的推動作用，這很好。我的意思是，新車市場確實可能存在一些弱點，好嗎？因為最終，儘管我們的 GPU 成長了 5% 或 6%，但還是下降了。這看起來也比市場情況好。所以我想說，我認為我們的團隊正在做出回應。

And to be fair, last quarter, our results were kind of middle of the pack. This quarter, I believe that we're going to be -- we're going to look nice in terms of top line revenue growth, and we'll see tomorrow and next week of where we sit. And no matter what, I believe that we've got lots of opportunity. I think our team believes there's lots of opportunity, and they're really driving towards that 2:1 ratio.

公平地說，上個季度我們的業績處於中等水平。本季度，我相信我們的營收成長將會很好，明天和下週我們就會知道我們的狀況。無論如何，我相信我們有很多機會。我認為我們的團隊相信有很多機會，他們正在努力實現 2:1 的比例。

In terms of the UK, the UK's profitability was only -- was down 2.4% year-over-year. So it wasn't that much, and it didn't affect things that much in terms of our overall numbers. So most of the $300 in GPU was truly North America, okay, which is the sound by.

就英國而言，英國的獲利能力僅較去年同期下降了 2.4%。所以影響不大，而且對我們的整體數字也沒有太大影響。因此，300 美元的 GPU 大部分確實來自北美，好吧，這就是聲音。

Now, we did -- we have read some third-party information. It appears that the GPUs as a whole were down almost 16% on new vehicles, okay, for the nation, okay? So if that's true, we probably beat by 5% to 7% in terms of GPUs. And obviously, on the top line side on new unit volume, we beat on a pretty good amount there as well.

現在，我們確實——我們已經閱讀了一些第三方資訊。看起來，對於整個國家來說，新車的 GPU 總體下降了近 16%，好嗎？如果這是真的，那麼我們在 GPU 方面可能勝出 5% 到 7%。顯然，從新單位銷售的頂線來看，我們也取得了相當不錯的成績。

So all in all, I can tell you this, my team is looking forward to the challenge, and I think being back in operations and getting to know a lot of our operational middle leaders and top leaders a little bit better, we've got great people that understand the opportunity and now it's game on and are looking for how to show that Lithia is the best operator in the segment, and most importantly, how to leverage the ecosystem and the massive amounts of acquisitions that we've added over the last five years to really differentiate ourselves as operators.

總而言之，我可以告訴你們，我的團隊期待著挑戰，我認為回到營運中，更好地了解我們的許多營運中層領導和高層領導，我們擁有了解機會的優秀人才，現在遊戲開始了，我們正在尋找如何證明 Lithia 是該領域最好的運營商，最重要的是，如何利用生態系統和我們在過去五年中增加的大量收購，真正使我們作為運營商成為運營商。

Got it. That's helpful color. I just wanted to follow up on Mike's question around just M&A. Just a little more finer point on that, if possible. You reiterated your $2 billion target for the year, but you also noted like you're very return focused.

知道了。這是很有幫助的顏色。我只是想跟進麥克關於併購的問題。如果可能的話，請再詳細闡述這一點。您重申了今年 20 億美元的目標，但您也表示非常注重回報。

So I'm curious, like, is that like a hard target that you want to meet here in the fourth quarter? If not, like would we expect that excess cash flow to go into buybacks? Just curious like how much of I mean, is that something you're like you're forcefully working towards to achieve in the fourth quarter?

所以我很好奇，這是您想要在第四季實現的硬性目標嗎？如果不是，我們是否會預期多餘的現金流量會用於回購？我只是好奇，我的意思是，這是你在第四季努力實現的目標嗎？

Yeah. I think the return thresholds at any given time are balanced, but we -- that is a hard number we don't flex, okay? And we haven't had the flex even over the last three or four years where earnings were elevated. And as such, prices were elevated. We've always bought off normalized earnings.

是的。我認為任何給定時間的回報門檻都是平衡的，但是我們——這是一個我們不會改變的硬數字，好嗎？即使在過去三、四年我們的獲利有所提高，但我們也沒有看到這種彈性。因此，價格上漲。我們一直都買入正常化的收益。

We have not put in the value creation that comes from the ecosystems in our return metrics still, okay, which gives us another 50% of lift when we think about where we stand there. So there's good opportunity out there. You just got to be able to fish in a bigger pond to find the opportunities that are great, okay?

我們還沒有把生態系統創造的價值納入我們的回報指標中，好吧，當我們考慮我們所處的位置時，這給了我們另外 50% 的提升。所以這裡面有很好的機會。你只需要能夠在更大的池塘裡釣魚就能找到絕佳的機會，好嗎？

And I think one thing that I know about how we think about our network is we do look at density, we are starting to gain market share and expand loyalty okay? And at about 188 miles from over 95% of the population in our -- in the United States, we sit in a nice place to be able to grow and push the market.

我認為，我知道的一件事是，我們如何看待我們的網絡，我們確實關注密度，我們開始獲得市場份額並擴大忠誠度，好嗎？距離美國 95% 以上的人口約 188 英里，我們處於一個有利的位置，可以發展並推動市場。

I think our team spent the last three or four years getting to understand the benefits of what Driveway.com can do, what the MyDriveway consumer portal can do and how DFC can help drive sales while still being extremely controlled in what we buy in DFC to be able to get there. So we're pretty pleased. And you saw that we bought, what, 5.1% of our shares back in one quarter. okay? The implications of that, we buy the whole company back in five years, okay? That's 20 quarters, okay?

我認為我們的團隊花了三、四年的時間來了解 Driveway.com 可以做什麼、MyDriveway 消費者入口網站可以做什麼以及 DFC 如何幫助推動銷售，同時仍然嚴格控制我們在 DFC 購買的產品。所以我們非常高興。並且您看到我們在一個季度內回購了 5.1% 的股份。好嗎？這意味著，我們將在五年內買回整個公司，好嗎？那是 20 個 25 美分硬幣，好嗎？

So I don't believe that can happen. And if -- but if the world can't see what we built and can't see that we know what we're doing and that we had the courage and the boldness to be able to redesign our organization for a higher profit model that has lower costs, okay, and can't see that the synergies that are coming from DFC and Driveway and fleet management businesses and Pinewood experiences and partnerships, I'm not sure what they're looking at, but this management team and our Board believe that we have a rocket launching in the space. And if people don't get it, we'll continue to buy our shares back.

所以我不相信這會發生。如果——但如果世界看不到我們所建立的東西，看不到我們知道自己在做什麼，看不到我們有勇氣和膽量重新設計我們的組織，以實現成本更低、利潤更高的模式，也看不到來自 DFC、Driveway 和車隊管理業務以及 Pinewood 經驗和合作夥伴關係的協同效應，我不知道他們在看什麼，但這個管理團隊和我們的董事會已經相信我們在這個領域。如果人們不理解，我們將繼續回購我們的股票。

Glenn Chin, Seaport Research Partners.

Glenn Chin，海港研究合作夥伴。

Can we just pull down a little more into your used performance? So as you pointed out, very promising 6.3% same-store unit growth. I mean, that's the best number you've put up in almost four years. Can you just tell us what drove that, Bryan? Was it a change in focus, change in process? It doesn't sound like it was a change in market.

我們能否稍微深入了解一下您使用過的效能？正如您所指出的，同店銷售額 6.3% 的成長率非常有前景。我的意思是，這是近四年來你所取得的最佳成績。布萊恩，你能告訴我們是什麼原因導致的嗎？是焦點發生了變化，還是流程改變了？這聽起來不像是市場的變化。

Well, I can tell you this, Adam did a nice job kicking off used car focus. And to be fair, that's my love, okay? So everyone's getting the message, and it's very clear that we know what we're doing. It's a matter of keeping those.

好吧，我可以告訴你，亞當在二手車焦點方面做得很好。公平地說，這就是我的愛，好嗎？所以每個人都收到了訊息，而且很明顯我們知道自己在做什麼。問題在於保留這些。

And remember this, Glenn, we bought $25 billion in revenue with not a lot of messaging to the stores over that first three or four years of ownership that we keep every car, okay? And we bring people into our ecosystem through affordability and then they eventually step up to buy better or newer cars and then eventually buy new cars, okay? And that is our model.

格倫，請記住這一點，我們在購買汽車後的前三四年裡，並沒有向商店傳達太多信息，說我們會保留每一輛汽車，這樣就獲得了 250 億美元的收入，明白嗎？我們透過可負擔性將人們納入我們的生態系統，然後他們最終會購買更好或更新的汽車，然後最終購買新車，好嗎？這就是我們的模型。

And I think I'm proud of that $25 billion that joined us to be able to clear their mind that they can actually sell these cars in a respectful way, and it's a higher-quality car then Joe's Garage down the street that doesn't have warranties on their cars, may not have a car that actually stops steers and goes for some period of time. And we've got the integrity and the support to be able to do that, and we've got digital channels that are putting more eyes on that cars to make that 16% profit margin on those value auto cars. We're going to continue to push though, in all three of the buckets, okay?

我認為，我為這 250 億美元的投資感到自豪，這讓他們明白，他們實際上可以以值得尊敬的方式銷售這些汽車，而且這些汽車的質量要高於街上那些沒有保固的喬氏車庫，他們的汽車可能沒有真正停下來行駛一段時間的汽車。我們擁有誠信和支援來做到這一點，我們擁有數位管道，可以讓更多的人關注這些汽車，從而在這些價值汽車上實現 16% 的利潤率。我們將繼續努力，在這三個方面，好嗎？

And I know that our team can do it, and it's truly a focus on being able to walk to gum and then eventually run at the same time. And I think our teams in the walk stage, and we'll continue to get to jog and run on used cars, but it's the biggest area that we built the ecosystem for, okay? And even our sustainable vehicles and used cars is looking like a quite nice number at almost 20% of our sales were electrified in used cars as well.

我知道我們的團隊可以做到這一點，而且我們真正關注的是能夠走到口香糖那裡，然後最終同時跑起來。我認為我們的團隊處於步行階段，我們將繼續在二手車上慢跑和奔跑，但這是我們建立生態系統的最大領域，好嗎？甚至我們的永續汽車和二手車看起來也是一個相當不錯的數字，我們銷售的二手車中幾乎有 20% 是電動車。

And you've emphasized that messaging to me in the last several quarters that it was going to be a point of focus for you and the team. I mean, so was last quarter at the inflection point, meaning -- I mean, should we expect positive comps from here on out? Is that a safe assumption?

在過去的幾個季度裡，您一直向我強調這一點，這將成為您和團隊的重點。我的意思是，上個季度是否處於轉折點，這意味著——我的意思是，我們應該從現在開始期待積極的業績嗎？這是一個安全的假設嗎？

Absolutely. If you remember pre-COVID, Glenn, pre-COVID, the company basically for eight years, had high single-digit, low double-digit increases in used cars quarter-over-quarter. I don't remember a quarter that we were ever below 7.5%, 8%, okay? I mean the market is there.

絕對地。如果您還記得新冠疫情之前的情況，那麼在新冠疫情之前的八年裡，該公司的二手車銷量環比增長基本上保持在高個位數到低兩位數之間。我不記得有哪個季度我們的成長率低於 7.5% 或 8%，好嗎？我的意思是市場就在那裡。

Remember, we have less than 2% of the used car market, okay? And we're top of funnel, okay? We built our ecosystem to be able to grow used cars out by finding the best cars, reconditioning them closest to the consumer, meaning I don't get the fees to transport cars because I got 350 reconditioning locations in North America, okay?

請記住，我們的二手車市佔率不到 2%，好嗎？我們已經處於漏斗頂端了，好嗎？我們建立了我們的生態系統，以便能夠透過尋找最好的汽車並在距離消費者最近的地方對其進行修復來發展二手車，這意味著我不需要支付運輸汽車的費用，因為我在北美有 350 個修復地點，好嗎？

And on top of that, 75% of our cars or three-quarters of our cars are coming directly from consumers, so we don't have to pay auction fees. okay? It's about $1,000 advantage over used car retailers, okay? Important thing to remember, and we're just getting started.

最重要的是，我們的 75% 或四分之三的汽車直接來自消費者，所以我們不必支付拍賣費用。好嗎？這比二手車零售商大約有 1,000 美元的優勢，懂嗎？需要記住的重要事情是，我們才剛開始。

Yes. And to your point, I mean, I'm looking at my model here, you have positive comps every quarter prior to COVID, I apologize for the noise. Back to as far as my model goes from -- so from 2012 through 2020, you had positive comps every quarter.

是的。關於你的觀點，我的意思是，我正在看我的模型，在 COVID 之前，每個季度都有積極的業績，對於造成的干擾，我深表歉意。回到我的模型——從 2012 年到 2020 年，每季都有正成長。

Great. Well, since I've got everyone on the call, in October, we're trending up 10% in unit sales, okay? And we've got tough comps, okay? We had tough comps last quarter because we had all the carryover units from CDK that gave us a bigger number last year in used car sales. So we're just getting started.

偉大的。好吧，既然我已經和大家通了電話，那麼 10 月份我們的單位銷售額預計會成長 10%，好嗎？我們的比賽很艱難，好嗎？上個季度我們的業績表現不佳，因為我們擁有來自 CDK 的所有結轉單位，這使得我們去年的二手車銷售額更大。所以我們才剛開始。

Chris Bottiglieri, BNP Paribas.

克里斯‧波蒂列裡 (Chris Bottiglieri)，法國巴黎銀行。

Two quick ones for me. The self-sourcing was 74% this quarter, the highest of the year. Can you just remind us what that looked like pre-COVID?

對我來說，有兩個簡單的問題。本季自營採購率為74%，為年內最高。您能提醒我們一下在新冠疫情之前的情況嗎？

Actually, pre-COVID, we were low 70 percentile. The area that grew is what we procure directly private party, meaning what we buy directly from a consumer. They don't actually trade in the car and buy a car from us. And that was 3% or 4%, if I remember pre-COVID, and that's pushing 8% to 10% in most quarters now.

實際上，在新冠疫情之前，我們的百分位數低於 70%。成長的領域是我們直接從私人採購的，也就是我們直接從消費者那裡購買的。他們實際上並沒有用舊車換新車，而是從我們這裡購買。如果我沒記錯的話，在新冠疫情之前，這個數字是 3% 或 4%，而現在大多數季度這個數字都達到了 8% 到 10%。

A lot of that is driven off of the Driveway ability to be able to procure a couple of thousand cars a month, okay? And that Driveway procurement is really retraining a lot of our store leaders that cars are worth more than what they think. And when they pay a little bit more on a trade-in, somehow, they sell them for a little bit more.

其中很大一部分是由於 Driveway 每月能夠採購數千輛汽車的能力，好嗎？車道採購確實讓許多商店領導者重新認識到汽車的價值比他們想像的要高。當他們在以舊換新時支付稍多一點的費用時，不知何故，他們會以稍多一點的價格賣出。

Because remember, our thesis on our design elements 10 years ago is that we buy cars for about $1,200 to $1,500 less than what they used only retailers, primarily driven off what I just spoke about of reconditioning closer to the customers and closer to what car sale, not having auction fees and having more of our cars come off trade-in, okay, that, that gives us a distinct advantage. But unfortunately, we pass it all through to the consumer, and we sell cars for about $1,000 to $1,500 less than what Carvana and CarMax selling for, okay? And that's purely because we believe because they've got more eyes on cars and it's a pretty nice transparent selling process that they have, much like what we have in Driveway.

因為請記住，我們 10 年前的設計元素論點是，我們購買汽車的價格比他們只使用零售商的價格低 1,200 到 1,500 美元，主要是因為我剛才談到的更貼近客戶、更貼近汽車銷售的翻新方法，沒有拍賣費，而且我們的更多汽車都是以舊換新的方式出售的我們，好吧，這給了我們明顯的優勢。但不幸的是，我們將所有成本都轉嫁給了消費者，我們出售的汽車價格比 Carvana 和 CarMax 的售價低 1,000 至 1,500 美元，好嗎？這純粹是因為我們相信，他們對汽車的關注度更高，而且他們的銷售流程非常透明，就像我們在 Driveway 所擁有的一樣。

Got you. I show that [$2,000] gap price surveys and whatever believes me, but anyway. My follow-up question would be, can you just elaborate more on the net losses as a percentage of managed receivables this quarter and then all the allowance for the end of the quarter as a percentage of ending receivables.

明白了。我表明 [$2,000] 差距價格調查和其他任何相信我的事情，但無論如何。我的後續問題是，您能否更詳細地說明本季度淨虧損佔管理應收帳款的百分比，以及本季度末所有準備金佔期末應收帳款的百分比。

Just want to get a sense, quarter last quarter. The allowance didn't really move much. Just wondering if that's conservatism or just you're a little bit spooked by maybe some of the fringe parts of the subprime market you guys don't really play there. But just kind of curious how you're thinking of that allowance going forward.

只是想了解上個季度的情況。津貼其實沒有太大變動。我只是想知道這是保守主義還是只是你們對次級抵押貸款市場的一些邊緣部分有點害怕，你們實際上並沒有在那裡參與。但我只是有點好奇你對未來這項津貼有何看法。

Yeah, Chris, this is Chuck. I would say there's a lot of noise in the marketplace, but we're very happy with how our portfolio is performing. Just a couple of quick data points.

是的，克里斯，這是查克。我想說市場上有很多噪音，但我們對我們的投資組合的表現非常滿意。僅列舉幾個快速數據點。

Our first payment defaults, which is the biggest indicator of fraud and highly likely fraud is actually down year-over-year. Our delinquency rates are down year-over-year on a sequential basis. And our default rates, which leads to the provision that you're talking about are also at or below at each credit segments year-over-year after we adjust for seasonal adjustments.

我們的首次付款違約是詐欺的最大指標，而且極有可能是欺詐，但實際上，這一數字同比去年有所下降。我們的拖欠率逐年下降。而且，在進行季節性調整後，我們的違約率（也就是您所說的撥備）也與去年同期相比在每個信貸細分領域處於或低於這一水平。

So this really speaks to the power of our ecosystem of being top of funnel, Chris, and that this credit discipline, while still increasing our originations by 33% over last year, that's pretty much key to DFC's ability to drive and hit our long-term goals of $500 million of pretax profit. And as it relates back to the provision, we're very comfortable that keeping that app where we've got it, it should be more than enough to cover what our losses are on a go-forward basis. So thanks for your question.

所以，克里斯，這確實說明了我們的生態系統處於漏斗頂端的力量，而且這種信貸紀律雖然使我們的信貸發放量比去年增加了 33%，但這對於 DFC 推動和實現 5 億美元稅前利潤的長期目標至關重要。並且由於它與規定相關，我們非常放心將該應用程式保留在原處，它應該足以彌補我們未來的損失。感謝您的提問。

Jeff Lick, Stephens, Inc.

傑夫·利克（Jeff Lick），史蒂芬斯公司

Bryan, congrats on a great quarter and the rest of the team. Bryan, I was wondering if we could, if you wouldn't mind just drilling down a little more on the new GPUs as we go forward, I think we're going to be lapping a tougher Q4 than last year with the election bump, and I think the OEMs had some dealer incentives and then as we get into next year, there really hasn't been talking on this call of tariffs, which is amazing in itself. I'm just curious how you see the outlook for new GPUs as we go through Q4 and 2026.

布萊恩，恭喜你和團隊其他成員取得了出色的成績。布萊恩，我想知道我們是否可以，如果你不介意的話，在我們前進的過程中對新的 GPU 進行更深入的探討，我認為由於選舉的影響，我們將面臨比去年更艱難的第四季度，我認為原始設備製造商有一些經銷商激勵措施，然後當我們進入明年時，實際上還沒有談論關稅問題，這本身就很了不起。我只是好奇，當我們進入第四季度和 2026 年時，您如何看待新 GPU 的前景。

I think that's a good insight, Jeff, that Q4 of last year did have some nice numbers in it. But to be fair, when we think about how we grow our business, it's taken us a year or so to get back to performance through people. And our store leaders out there are making good people decisions and a lot of those were made in the summer and are now taking hold.

傑夫，我認為這是一個很好的見解，去年第四季確實有一些不錯的數據。但公平地說，當我們考慮如何發展業務時，我們花了大約一年的時間才透過人員恢復業績。我們的商店領導在人事安排上做出了很好的決定，其中許多決定都是在夏天做出的，現在正在發揮作用。

Now, what happens in the quarter, we'll have to see. I would say this, when we look at tariffs and the impact of those tariffs on GPUs, I would say it's offset more by the competitive environment that manufacturers are all dealing with new entrants. They're dealing with new product lines. It feels like incentives are starting to creep even though they only show up slightly year-over-year.

現在，我們拭目以待本季會發生什麼事。我想說的是，當我們考慮關稅及其對 GPU 的影響時，我會說它更多地被製造商都在應對新進入者的競爭環境所抵消。他們正在處理新的產品線。儘管與去年同期相比，激勵措施僅略有增加，但感覺激勵措施已開始逐漸顯現。

We feel like there's a turn there. I just got from one of the Korean manufacturers this morning that dropped the drop their APR on their two highest moving products down to 0% again, on top of the big rebates that they already have on the table. So I'm feeling like that could help offset some of the comparative numbers that came from the election period last year. So we're feeling pretty good.

我們感覺那裡有一個轉折點。我今天早上剛從一家韓國製造商那裡得知，他們將其兩種最暢銷產品的 APR 再次降至 0%，此外還提供了他們已經提供的巨額回扣。所以我覺得這可能有助於抵銷去年選舉期間的一些比較數字。所以我們感覺很好。

I would also say that the tariffs, though there is some pretty big implications and it does look like some of those may stick, I think the biggest sound bite as to whether we're at 50% or 150% tariffs on China, the North American market is not going to behave like Europe or the rest of the world, okay? Knowing that those vehicles are selling for a certain price in the rest of the world and then adding on a doubling factor to the cost of that vehicle, there's no chance that I think that Chinese manufacturers are here in the next half decade or so at scale, okay?

我還想說，儘管關稅有一些相當大的影響，而且看起來其中一些可能會持續下去，但我認為最大的問題是，無論我們對中國徵收 50% 還是 150% 的關稅，北美市場都不會像歐洲或世界其他地區那樣表現，好嗎？知道這些車輛在世界其他地區的售價是固定的，然後將車輛成本翻倍，我認為中國製造商不可能在未來五年左右的時間內大規模地進入這個市場，好嗎？

Someday, they may be able to do that and the product quality that I saw was pretty good. I mean it was up there with the Koreans and the Japanese, which are truly some nice high-quality vehicles. So we'll see what happens there.

也許有一天，他們能夠做到這一點，而且我看到的產品品質非常好。我的意思是，它與韓國和日本的汽車一樣，確實是一些優質的汽車。所以我們將看看那裡會發生什麼。

The good news is, I believe that the Koreans and the Japanese are responding to the market nicely. They are not raising prices. I think our increase is in two of the main import Japanese brands. They're talking about $250 to $300 increases on their main product lines like CRBs, RAV4 and so on. And these cars are now full hybrids or they are plug-in hybrids that are just better and more economical cars.

好消息是，我相信韓國人和日本人對市場的反應很好。他們沒有提高價格。我認為我們的成長來自於兩個主要的日本進口品牌。他們正在討論其主要產品線（如 CRB、RAV4 等）的價格上漲 250 至 300 美元。這些車現在都是全混合動力車，或是插電式混合動力車，是更好、更經濟的汽車。

So on an affordability level for a consumer, I don't think tariffs -- I think tariffs can be overcome by better gas mileage and lower bills at the pump or electrification to be able to help with the affordability component and offset that or maybe even more than offset that.

因此，就消費者的負擔能力而言，我認為關稅不是——我認為關稅可以透過提高燃油效率和降低加油站帳單或電氣化來克服，從而能夠幫助解決負擔能力問題並抵消它，甚至可能抵消更多。

And just a quick follow-up. -- any elaboration on the 300-basis point improvement in service and parts gross margin percent, that's obviously pretty impressive. Just curious what's driving that, how sustainable you view it? Any details would be great.

只是一個快速的後續問題。 ——任何關於服務和零件毛利率提高 300 個基點的詳細說明，這顯然非常令人印象深刻。我只是好奇是什麼推動了這一點，您認為它有多可持續？任何細節都很好。

Yeah. A lot of times, Jeff, that's driven off of the mix between the 30% margin inventory, our parts business and the 65% labor businesses. And our labor portion of our business was up a lot more. But we'll say this; we are retaining more growth. And our manufacturer partners because of inflation, they are increasing our labor rates on warranty and corresponding, we will increase our customer pay labor rates.

是的。傑夫，很多時候，這是由 30% 利潤庫存、我們的零件業務和 65% 勞動力業務的混合所驅動的。我們業務中的勞動力部分也大幅增加。但我們會這樣說；我們正在保持更多的成長。由於通貨膨脹，我們的製造商合作夥伴正在提高保固方面的人工費率，相應地，我們也將提高客戶支付的人工費率。

And as a competitive environment, we're able to maintain pretty good profit margins because generally speaking, inflation and our labor costs are going up, okay? And we're able to bring that to the bottom line. Go ahead, Tina.

在競爭激烈的環境中，我們能夠維持相當好的利潤率，因為一般來說，通貨膨脹和勞動成本都在上升，好嗎？我們能夠將其帶入底線。繼續吧，蒂娜。

I would add to that, Jeff, too, we had strong performance both in customer pay and warranty in the third quarter. and those are more heavily labor-based. And so that mix shift and that overall performance also drove the margin improvement.

傑夫，我還要補充一點，我們在第三季的客戶支付和保固方面都表現強勁，而這些都更依賴勞動力。因此，組合轉變和整體表現也推動了利潤率的提升。

Yeah, that outpaced by 7%, 6%. It's a good point.

是的，超過了 7%、6%。這是個好觀點。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

As you build out the Chinese brand mix in the UK, could you talk about the rooftop economics of BYD or an MG, the sort of seen as lower price point or lower ASP units, maybe in some cases. Are you getting similar GPUs and after sales and mix out of those brands as you do out of your legacy UK product?

當您在英國建立中國品牌組合時，您能否談談比亞迪或名爵的屋頂經濟性，在某些情況下，它們被視為較低的價格點或較低的 ASP 單位。您是否從這些品牌中獲得與傳統英國產品類似的 GPU 和售後服務和組合？

Good question, Brett. And the answer is yes, on GPUs are getting margins similar to what the mainstream brands are getting. Now, BYD is a little bit different. They are a little bit higher priced Chinese brand. So they kind of fall in this area between the US manufacturers and the Japanese and Korean and other European mainstream manufacturers and luxury cars, okay? So important to remember that.

問得好，布雷特。答案是肯定的，GPU 的利潤率與主流品牌的利潤率相似。現在，比亞迪有點不同了。它們是價格稍高一點的中國品牌。所以它們處於美國製造商和日本、韓國以及其他歐洲主流製造商和豪華汽車之間的一個領域，對嗎？記住這一點非常重要。

Here's the difficult thing. So even though our volumes are increasing quite nicely with the Chinese brands, there's no units in operation, okay? So the way that we're making a difference is we're going out and doing what Lithia does best. And we've got this great mainstream leader, Gary, who knows how to sell used cars. In fact, I probably could learn some things from Gary because he's selling almost 3:1 used to new in the mainstream or Evans Halshaw brand in the United Kingdom.

困難的事情就在這裡。因此，儘管我們的中國品牌銷售成長相當不錯，但卻沒有投入營運的單位，好嗎？因此，我們做出改變的方式就是走出去，做 Lithia 最擅長的事。我們還有這位偉大的主流領袖加里，他知道如何銷售二手車。事實上，我可能可以從 Gary 那裡學到一些東西，因為他在英國的主流或 Evans Halshaw 品牌中銷售的二手車與新品的比例幾乎是 3:1。

So a lot of our business model when we think about adding Chinese or opening those points is, in the interim, why you build your units in operations, which is what drives your aftersales business, you've got to sell used cars. And he's doing a nice job being able to quickly get to those 2:1, 3:1, and 4:1 ratios. Keep it up, it's need to be able to see that and set the bar maybe even a little higher for our North American stores because ultimately, I'll tell you that we sit at 1.2 used to new ratio on -- in North America.

因此，當我們考慮增加中國業務或開設這些點時，我們的許多商業模式都是在過渡期間建立營運單位的原因，這是推動售後業務的動力，你必須銷售二手車。他做得很好，能夠快速達到 2:1、3:1 和 4:1 的比例。繼續努力，我們需要能夠看到這一點，並為我們的北美商店設定更高的標準，因為最終，我會告訴你，我們在北美的舊貨與新貨比率為 1.2。

The marketplace is at 2.5:1, okay? Just to put in reference to what we're looking at, that's what we believe the potential is, okay? In the UK, it's a little bit better used to new ratio, and Gary gets all of it, okay, which tells us that we should be able to get that. So Gary and Neil in the UK, a big shout out to you guys.

市場是2.5:1，好嗎？就我們所看到的而言，這就是我們認為的潛力，好嗎？在英國，新比例的使用效果更好一些，加里 (Gary) 已經掌握了所有比例，好吧，這告訴我們我們應該能夠掌握這些比例。所以，英國的 Gary 和 Neil，向你們致上最誠摯的問候。

Okay. And then a question on after sales, the growth rate. Could you parse that out between price and car count? How much is just same service price inflation versus incremental traffic in the Bay -- and I guess, how do you see the price on a year-over-year basis in the fourth quarter on a same service basis? Are you seeing tariff impact or labor inflation flowing through?

好的。然後是關於售後成長率的問題。您能分析一下價格和車輛數量之間的關係嗎？灣區相同服務價格通膨與增量交通量相比是多少？我想，您如何看待第四季相同服務基礎上的年比價格？您是否看到了關稅影響或勞動力通膨的影響？

Good question. Bret. A little bit more than half is coming from price increases with a little less than half coming from customer count and RO.

好問題。布雷特。一半多一點的貢獻來自於價格上漲，而不到一半的貢獻來自於客戶數量和 RO。

Okay. And we continue to sort of see inflation being a comp driver at the end of the year or we've seen most of it play out already, I guess, what -- how long does the tailwind from price?

好的。我們繼續認為通貨膨脹是年底的競爭驅動因素，或者我們已經看到通貨膨脹的大部分已經顯現，我想，價格的順風會持續多久？

I think that the way that we go to market and the way that my presidents and vice presidents are thinking about things is we've got to grow RO count, and our top-performing or what we call our Lithia Partners Group stores, they somehow seem to be able to do both, and they're carrying a lot of that 9.1% year-over-year same-store sales gross profit growth, but they're also carrying along with it most of the improvements in top line growth, okay? And that shouldn't be that way.

我認為，我們進入市場的方式以及我的總裁和副總裁考慮問題的方式是，我們必須增加 RO 數量，而我們表現最好的商店或我們稱之為 Lithia Partners Group 的商店，它們似乎能夠同時做到這兩點，並且它們帶來了 9.1% 的同比同店銷售毛利潤增長，但它們也帶來了大部分營業額增長的改善，對營業額增長的改善，對嗎？但事實不應該是這樣的。

Our Northeast and Northwest regions are a little bit softer in terms of our RO count, but we're challenging them and I think they see the opportunity, and there could be some nice tailwinds there that come into play as we really start to help people see a more bright future on growing your customer base.

我們的東北和西北地區的 RO 數量稍微少一些，但我們正在向他們發起挑戰，我認為他們看到了機會，而且當我們真正開始幫助人們看到擴大客戶群的更光明的未來時，那裡可能會出現一些良好的順風。

Daniela Haigian, Morgan Stanley.

摩根士丹利的丹妮拉·海吉安。

Just squeezing one in here on forward demand, Bryan. As we pass through the peak tariff fears from April and now, we're seeing OEMs revise up their guidance, it kind of clears the bar on this, and I appreciate the color on sales tracking 10% higher in October. Just wanted to get your commentary on how you're seeing pricing on these new model-year vehicles and how you're thinking about consumer demand going into '26.

布萊恩，我只是根據需求擠進這裡而已。隨著我們度過 4 月以來的關稅高峰期，現在我們看到原始設備製造商上調了他們的預期，這在某種程度上清除了障礙，我很欣賞 10 月銷售額成長 10% 的勢頭。只是想聽聽您對這些新車型的定價的看法，以及您對 26 年消費者需求的看法。

Sure. Daniela, real quick, the 10% was used vehicle volume, okay. So just to clarify that to make sure that was clear, and that's an early October number where two-thirds of the way through the month.

當然。丹妮拉，很快，10% 是二手車數量，好的。因此，只是為了澄清這一點，以確保這一點清楚，這是十月初的數字，已經過去了十月份的三分之二。

In terms of peak tariff, I think when we think about the tariff impact, I think we're through most of the impact. I think that it's going to get better. I think the manufacturers need to know how stable the ground is that they stand on and then determine what their three- to five-year product cycle is going to look like to decide where they're going to ultimately build those cars, okay?

就峰值關稅而言，我認為當我們考慮關稅影響時，我們已經經歷了大部分影響。我認為情況會變得更好。我認為製造商需要知道他們所處的基礎有多穩定，然後確定他們三到五年的產品週期將會是什麼樣子，以決定他們最終在哪裡製造這些汽車，好嗎？

And I think we sit in a nice position as new car retailers, and we have to remember this, we're a new car retailer but less than a quarter of our profitability is derived from new cars, okay? Remember that 61% of our profitability is coming from after sales business. And I think that's why we spend a lot of time in after sales.

我認為，作為新車零售商，我們處於有利地位，我們必須記住這一點，我們是一家新車零售商，但我們的盈利能力中只有不到四分之一來自新車，好嗎？請記住，我們 61% 的利潤來自售後業務。我認為這就是我們在售後花費大量時間的原因。

New cars is somewhat a function of your marketplace, okay, and what your manufacturers' incentives are. So as a retailer, I'd love to be able to say that I could take a bunch of market share in new we, to some extent, we can be plus or minus 10%. But outside of that, our manufacturers and our mix base is what dictates that on a geographic base.

新車在某種程度上取決於你的市場，以及你的製造商的激勵措施。因此，作為零售商，我很高興能夠說我可以在新的市場中佔據大量份額，在某種程度上，我們可以增加或減少 10%。但除此之外，我們的製造商和混合基礎是從地理基礎決定的。

So hopefully, that helps you a little bit, Daniela. Do you have a follow-up on that?

希望這對你有點幫助，丹妮拉。您對此有何後續消息？

No. That's all right. We went through a lot of topics here.

不。沒關係。我們在這裡討論了很多話題。

Great. Thanks for your question.

偉大的。謝謝你的提問。

Mike Albanese, Benchmark Company.

麥克‧阿爾巴尼斯 (Mike Albanese)，Benchmark 公司。

Hung with you to the end here. Just a quick one, circling back on used, specifically the value autos. Just given what you said about the typical credit quality buyer there and generally how much is financed, are the value autos or value auto demand inversely? Or correlated with consumer affordability? Or maybe a better way to ask the question is if you (multiple speakers) --

我會一直陪你到最後。簡單說一下，回到二手車，特別是價值車。鑑於您所說的典型的信用品質買家以及通常的融資額，汽車價值或汽車需求價值是否成反比？或與消費者的承受能力有關？或者也許更好的提問方式是（多位發言者）——

That's the yes on the first question. Go ahead.

第一個問題的答案是肯定的。前進。

Yeah. To take that a step further, I guess, and maybe a better way I thought to ask you was if the gap between new and used pricing kind of widen and there is a trade down where does value fit within that? And is there a segment and within your mix CPO core value that generally sees a pickup in demand? Or does it depend on a host of different variables at any given time?

是的。我想，為了更進一步，也許我想問您的更好的方式是，如果新車和二手車之間的價格差距擴大，並且價格下降，那麼價值在哪裡呢？在您的組合 CPO 核心價值中，是否存在一個細分市場的需求普遍上升的情況？或者它取決於任何給定時間的大量不同變數？

Yeah. I would say that value auto vehicles have very little impact caused by new vehicles. It's too different of customer, okay? It's two different levels of affordability. So definitely certified vehicles and some of the I would say one- to five-year-old vehicles have an impact based on vehicle pricing, tariffs, so on and so on, but value auto is so far downstream.

是的。我想說的是，新車對價值型汽車的影響很小。顧客差太大了好嗎？這是兩種不同程度的負擔能力。因此，經過認證的車輛和一些我認為一到五年車齡的車輛肯定會對車輛定價、關稅等產生影響，但價值汽車目前處於下游。

Remember this, value auto that 63% of the market that I told you is based off, what, 41 million units, okay? 42 million in units, something like that. You're talking about 24 million units or 160% of what your new car SAAR is in that segment. It is a bulletproof segment, okay?

記住這一點，我告訴你的 63% 的汽車市場價值是基於 4100 萬輛，好嗎？4200萬個單位，差不多這個數。您說的是 2400 萬輛，或者說是該細分市場新車 SAAR 的 160%。這是防彈片段，好嗎？

It's where probably most of the money is made in used cars, okay? And it's something that everyone can do as a new car retailer or as a used car retailer. Keep the car that you take in on trade is the way to do it. I mean we get 80%, 90% of those cars from trade-in, okay? So it's a very stable thing.

大部分的錢可能都是從二手車賺來的，對吧？無論是新車零售商還是二手車零售商，每個人都可以做到這一點。保留您以舊換新的汽車是解決問題的方法。我的意思是，我們 80% 到 90% 的汽車都是透過以舊換新獲得的，對嗎？所以這是一件非常穩定的事情。

But again, we have a third of our stores that probably don't keep those cars. We've got to help them understand that you're making 16% margin. And yes, I get it that you make a little bit less in F&I. But as a whole, the returns are massively better than any other segment.

但同樣，我們有三分之一的商店可能不保留這些汽車。我們必須幫助他們了解你的利潤率為 16%。是的，我知道你在財務和保險方面賺得少了一點。但總體而言，其回報比其他任何部分都要好得多。

So does it come down to essentially sourcing, being able to source these vehicles and hold on to them and right? Like what's driving the (multiple speakers) --

那麼，這是否本質上歸結為採購，能夠採購這些車輛並保留它們，對嗎？比如是什麼推動了（多位發言者）——

It's sourcing. But remember, the sourcing is right under your nose. It's a mindset of your sales department leaders and then a mindset of your service department leaders that they can make this car stop, steer, and go and that they can lower the expectations that I don't just sell new cars, okay?

這是採購。但請記住，貨源就在你的眼皮底下。這是你們銷售部門領導的心態，也是你們服務部門領導的心態，他們可以讓這輛車停下來、轉向和行駛，他們可以降低期望值，我不只是賣新車，好嗎？

And then you've got a secondary problem. Once those two people decide, then your salespeople and your technicians are going to convince you, you shouldn't do it. Why? Because they get comebacks, okay, meaning that there's a car that breaks 45 days later or four days later, and they're trying to keep a car deal together rather than just take the person out of the car, sell them another car, okay, and go fix that car, so it's an easy experience for your consumer, okay? So that sets you back.

然後你又遇到了第二個問題。一旦這兩個人做出決定，你的銷售人員和技術人員就會說服你，你不應該這樣做。為什麼？因為他們會得到回報，好的，這意味著如果一輛車在 45 天或 4 天后壞了，他們會試圖維持汽車交易，而不是把人從車裡趕走，賣給他們另一輛車，好的，然後去修理那輛車，所以這對你的消費者來說是一種輕鬆的體驗，好嗎？這讓你退縮了。

So we've always said that it typically takes a couple of years to get people on that treadmill to be able to keep all different -- all three of our categories, okay? And I would say this, most of our growth was growing in value. It shouldn't. It should also be growing and certified. It should also be growing in late model conquest vehicles, and it should be growing in core product, okay? All three of those buckets have the potential to grow in a double-digit manner, and we'll get those there.

所以我們總是說，通常需要幾年的時間才能讓人們堅持下去，以便能夠保持所有不同的——我們的所有三個類別，好嗎？我想說的是，我們的成長大部分來自於價值的成長。不應該。它也應該不斷發展並獲得認證。它在後期征服車輛方面也應該有所增長，並且它在核心產品方面也應該有所增長，好嗎？這三個桶都有可能以兩位數的方式成長，我們會實現的。

Do you generally see, if you have a customer in value over time move up into core CPO or --

您是否通常會看到，如果您的客戶隨著時間的推移而升值成為核心 CPO，或者--

You do. I think there's half of the customers that are always going to buy a car that's depreciated and that they can buy this a value, okay? And they don't care that the car is scarce, and they don't really care what Kelly Blue Book says or what Black Book says. They just buy the car that's $10,000 because they're using it for transportation. They're not using it for status.

你做。我認為有一半的顧客總是會購買貶值的汽車，而且他們可以買到有價值的汽車，好嗎？他們並不關心汽車是否稀缺，也不真正關心凱利藍皮書或黑皮書說了什麼。他們購買價值 10,000 美元的汽車只是因為要用它來交通。他們不用它來彰顯地位。

The other half of the cars are using is the stepping stone. A lot of parents will pay cash for cars for their kids, and it's an entry-level car. And then hopefully, the next time they're buying a certified used car and maybe eventually, they buy new car. So the waterfall, believe it or not, goes both ways that as a new car retail of breadth, we look at affordability and how do we keep everyone in the Lithia & Driveway life cycle at every affordability level.

另一半的汽車正在使用的是踏腳石。很多家長會用現金給孩子買車，而且是入門的車。然後希望他們下次購買經過認證的二手車，或最終購買新車。因此，不管你信不信，瀑布都是雙向的，作為一家具有廣泛性的新車零售商，我們關注的是可負擔性，以及如何讓每個人都處於 Lithia & Driveway 生命週期的每一個可負擔水平上。

And I think as you see us move through economic cycles, affordability will shine and reign supreme at Lithia & Driveway because of our ability and the behavioral mindset of most of our stores today that understand that we can walk into them at the same time, meaning sell new cars, sell core product, sell value auto products, and then sell a certified product.

我認為，隨著我們經歷經濟週期，價格實惠將在 Lithia & Driveway 中閃耀並佔據主導地位，因為我們的能力以及當今大多數商店的行為思維方式，他們明白我們可以同時走進他們的商店，這意味著銷售新車、銷售核心產品、銷售有價值的汽車產品，然後銷售認證產品。

Mark Jordan, Goldman Sachs.

高盛的馬克喬丹。

Just a quick one on M&A. Brian, you mentioned you don't buy dealerships based on expected value creation. But can you talk about what the drivers of value creation are when you bring a dealer into your system? Whether it be instituting best practices, putting inventory on the driveway platform or maybe just consolidating systems? What are the drivers there that you expect when you bring a new dealership on?

我只想簡單談談併購問題。布萊恩，你提到你不會根據預期價值創造來購買經銷權。但是，您能談談當您將經銷商引入系統時，價值創造的驅動力是什麼嗎？無論是製定最佳實踐、將庫存放在車道平台上還是僅僅整合系統？當您開設新經銷商時，您期望的驅動因素是什麼？

Sure. So typically, the way that we get the returns that we're expecting, and it's typically 2 times to 3 times lift in net profitability, about a quarter of it comes automatically from scale synergies lower interest rate costs, better vendor contracts, getting consolidation of vendors where you've got duplication even within the store that you buy. And that comes in the first, I would say, six months. okay?

當然。因此，通常情況下，我們獲得預期回報的方式是，淨獲利能力通常會提高 2 倍到 3 倍，其中約四分之一自動來自規模協同效應、降低利率成本、更好的供應商合約、獲得供應商整合（即使在您購買的商店內也存在重複）。我想說，這發生在前六個月。好嗎？

The other two key drivers, and like I said, they support each other is used vehicles. I mean it's the ability to sell late model conquest cars, meaning if you're a Honda store, you sell Toyota and you sell Fords too, okay? Most new car dealers get spoiled off of selling the cars that they sell new, okay?

另外兩個關鍵驅動因素，正如我所說，它們相互支持，那就是二手車。我的意思是，它能夠銷售最新的征服汽車，也就是說，如果你是本田商店，你也會銷售豐田和福特，好嗎？大多數新車經銷商都因為銷售新車而感到被寵壞了，好嗎？

I believe our current run rates on all the stores that we bought, it's somewhere north of two-thirds of the cars that they sell when we buy them, that they sell use are the same like model that they sell new, okay? And for reference, when a store is mature at Lithia, it's a 60-40 split the other way, meaning we sell about 40% of the brand we sell new. We sell about 60% of conquest vehicles, okay?

我相信，我們目前購買的所有商店的運行率大約是，當我們購買它們時，他們銷售的二手車的三分之二與他們銷售的新車的型號相同，好嗎？作為參考，當 Lithia 的一家商店發展成熟時，另一種方式是 60-40 分割，這意味著我們銷售的新品牌約佔 40%。我們銷售了大約 60% 的征服車輛，好嗎？

A lot of that comes from the ability to keep an over five-year-old car, okay? Because of those -- that alignment of your consumer, your service advisers, your salespeople, your other personnel that it's just a mindset you have to get past. Alongside that also is as new car retailers, it's really easy to get spoiled off of maintenance in service and off of warranty work. It makes great profit, okay?

這很大程度源自於有能力保留一輛五年以上的車，好嗎？因為這些——你的消費者、你的服務顧問、你的銷售人員、你的其他人員之間的一致性，這只是一種你必須克服的思維定勢。除此之外，作為新車零售商，很容易在維修服務和保固工作中受到損害。利潤很大好嗎？

So why do warranty work after the sale, it's more difficult. It takes more time. You've got to do diagnostic, there's drivability issues, so on and so on. Well, we sell non-OEM parts for a reason, keep our customers at an affordable level post warranty period, okay? So that's the other big lift that we get.

那麼售後保固工作為什麼還要做呢，這比較困難。這需要更多時間。你必須進行診斷，存在駕駛性能問題等等。好吧，我們出售非 OEM 零件是有原因的，為了讓我們的客戶在保固期後仍能以可負擔的價格購買到零件，好嗎？這是我們獲得的另一個巨大提升。

Believe it or not, both of those things help embellish the life cycle of a customer, which helps us sell more new cars as well, okay? And then we can get into the gross profit part of the equation. And if you've got more eyeballs looking at cars when we've got 10 million eyeballs looking at an average car. And when we buy a dealership, they've got 10,000 eyeballs looking at a car. Are you following me?

不管你信不信，這兩件事都有助於延長客戶的生命週期，這也有助於我們銷售更多的新車，好嗎？然後我們就可以進入等式的毛利部分。當我們有 1000 萬雙眼睛注視著一輛普通汽車時，如果有更多的眼睛注視著汽車。當我們購買一家經銷店時，就有 10,000 隻眼睛盯著一輛車。你跟蹤我了嗎？

So there is a supply and demand issue that comes from selection that helps us as well in terms of what our price to market is, is relatively better than what they're able to get on an individual basis. So hopefully, that gives you some color on how do we get that 2 times to 3 times improvement in profitability. That's how we get it.

因此，選擇中存在供需問題，這對我們也有幫助，因為我們的市場價格相對比他們個人所能獲得的價格更好。所以希望這能讓您了解我們如何實現 2 倍到 3 倍的獲利能力提升。我們就是這樣得到它的。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

If I look at your full year targets, most of them seem pretty wide, but SG&A to growth, it's actually been trending pretty close to the high end of that target. And usually, Q4 things tend to step up seasonally. So is the outlook that SG&A actually could even despite seasonality hold in Q4? Or is it just a more muted increase sequentially that we should be looking at? And then how should we think about SG&A maybe longer term?

如果我看一下你們的全年目標，你會發現大多數目標似乎都很寬泛，但銷售、一般和行政費用與增長之間的比例實際上已經非常接近該目標的高端。通常，第四季度的情況會隨著季節變化而上升。那麼，儘管存在季節性因素，第四季度銷售、一般及行政開支的前景是否實際上能夠保持不變？或者我們應該關注的只是環比的較為溫和的成長？那我們該如何看待銷售、一般和行政費用的長期問題呢？

Sure, Colin. Thanks for the question. I think when we think about SG&A or we most importantly, think about $2 of EPS for every $1 billion of revenue. We've given light guidance, I think it's on slide 14, if I recall from the slide deck. Okay, as to where we believe it can be but this is not how we manage our business.

當然，科林。謝謝你的提問。我認為，當我們考慮銷售、一般和行政費用時，或者最重要的是，考慮每 10 億美元的收入中每股收益為 2 美元。我們已經給了簡單的指導，如果我沒記錯的話，它在第 14 張投影片上。好的，至於我們相信它可以實現，但這不是我們管理業務的方式。

We manage our business on a net profit basis year-over-year and a top line basis that will ultimately generate more net profit in aftersales and reciprocal trade-in values and our reciprocal businesses like DFC and our Wheels Fleet Management businesses and those type of things.

我們以逐年淨利潤和營收為基礎來管理我們的業務，最終將在售後和互惠以舊換新價值以及我們的互惠業務（如 DFC 和我們的 Wheels Fleet Management 業務等）和諸如此類的事情中產生更多的淨利潤。

So that's -- it is an important delineation, but we purely look at that our goal is to get to $2 of EPS for every $1 billion of revenue and the easiest way that I can get there is to have quarters like this where we grow top line at 7.5%, and we continue to grow used cars at double-digit numbers and grow our gross profit in the aftersales space.

所以，這是一個重要的劃分，但我們純粹的目標是每 10 億美元的收入實現 2 美元的每股收益，而實現這一目標的最簡單方法就是像這樣的季度，我們的營收增長率達到 7.5%，二手車銷量繼續以兩位數增長，售後領域的毛利也不斷增加。

So in terms of the quarter, we'll see where it comes out. A lot of that is dictated based off volume and GPUs as well. So hopefully, that gives you some insights. And remember, slide 14 helps lay out our pathway to $2. And I would say this, the entire foundation is built and like I said, we're just getting started.

因此，就本季而言，我們將看看它的結果如何。其中許多也是根據體積和 GPU 決定的。希望這能給你一些啟發。請記住，投影片 14 幫助我們規劃出實現 2 美元目標的途徑。我想說的是，整個基礎已經建立，就像我說的，我們才剛開始。

Just one quick modeling follow-up. Tax is really low in the quarter. Is that -- what's driving that? And is that sustainable, I guess, as we [move] forward, should we put in the new rate? Or is that just a one-off?

只需進行一次快速建模跟進。本季的稅收確實很低。那是什麼原因導致的呢？我想，隨著我們不斷前進，這種做法是否可持續，我們是否應該採用新的利率？或者這只是一次性事件？

Colin, I think we got half an hour later together. We're running awfully -- we'll get you that information on our one-on-one.

科林，我想我們在一起的時間比平常晚了半小時。我們的情況很糟糕——我們會在一對一交流中向您提供這些資訊。

We have reached the end of the question-and-answer session. And I'd like to turn the floor back to Bryan DeBoer for closing remarks.

問答環節已經結束。現在我想請 Bryan DeBoer 做最後發言。

Thank you, everyone, for joining us today. We look forward to seeing you on Lithia & Driveway's year-end results, believe it or not, February. With the last year, we're looking forward to continuing to delight you. Bye-bye.

感謝大家今天加入我們。我們期待在 Lithia & Driveway 的年終業績報告上見到您，不管您信不信，二月。在過去的一年裡，我們期待繼續為您帶來快樂。再見。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，大家可以斷開連線了。感謝您的參與。