Penske Automotive Group Inc (PAG) 2023 Q2 法說會逐字稿

Ladies and gentlemen, good afternoon. Thank you for standing by, and welcome to the Penske Automotive Group Second Quarter 2023 Earnings Conference Call. Today's call is being recorded and will be available for replay approximately 1 hour after completion through August 2, 2023, on the company's website under the Investors tab at www.penskeautomotive.com. (Operator Instructions).

女士們、先生們，下午好。感謝您的耐心等待，歡迎參加潘世奇汽車集團 2023 年第二季度收益電話會議。今天的電話會議正在錄音，並將在結束後約 1 小時內重播，直至 2023 年 8 月 2 日，可在公司網站 www.penskeautomotive.com 的“投資者”選項卡下重播。 （操作員說明）。

I will now introduce Anthony Pordon, the company's Executive Vice President of Investor Relations and Corporate Development. Sir, please go ahead.

我現在介紹公司投資者關係和企業發展執行副總裁安東尼·波登（Anthony Pordon）。先生，請繼續。

Thank you, Leah. Good afternoon, everyone, and thank you for joining us today. A press release detailing Penske Automotive Group's second quarter 2023 financial results was issued this morning and is posted on our website, along with the presentation designed to assist you in understanding the company's results. As always, I'm available by email or phone for any follow-up questions you may have.

謝謝你，莉亞。大家下午好，感謝您今天加入我們。今天上午發布了詳細介紹潘世奇汽車集團 2023 年第二季度財務業績的新聞稿，並發佈在我們的網站上，同時還發布了旨在幫助您了解公司業績的演示文稿。一如既往，您可以通過電子郵件或電話聯繫我，解答您可能遇到的任何後續問題。

Joining me for today's call are Roger Penske, our Chair and our CEO; Shelley Hulgrave, EVP and Chief Financial Officer; Rich Shearing, North American operations, Randall Seymore, International Operations; and Tony Facione, our Vice President and Controller.

與我一起參加今天電話會議的是我們的主席兼首席執行官羅傑·彭斯克 (Roger Penske)； Shelley Hulgrave，執行副總裁兼首席財務官； Rich Shearing，北美業務，Randall Seymore，國際業務；以及我們的副總裁兼財務總監 Tony Facione。

Our discussion today may include forward-looking statements about our operations, earnings potential, outlook, future events, growth plans, liquidity and assessment of business conditions. We may also discuss certain non-GAAP financial measures such as earnings before interest, taxes, depreciation and amortization or EBITDA and our leverage ratio. We have prominently displayed or presented the comparable GAAP measures and have reconciled the non-GAAP measures in this morning's press release and investor presentation, which are available on our website to the most directly comparable GAAP measures.

我們今天的討論可能包括有關我們的運營、盈利潛力、前景、未來事件、增長計劃、流動性和業務狀況評估的前瞻性陳述。我們還可能討論某些非公認會計準則財務指標，例如息稅折舊攤銷前利潤或 EBITDA 以及我們的槓桿率。我們在今天上午的新聞稿和投資者演示中突出展示或介紹了可比較的公認會計準則衡量標準，並調整了非公認會計準則衡量標準，這些衡量標準可在我們的網站上與最直接可比較的公認會計準則衡量標准進行比較。

Our future results may vary from our expectations because of risks and uncertainties outlined in today's press release under forward-looking statements. I direct you to our SEC filings, including our Form 10-K and our previously filed Form 10-Qs for additional discussion and factors that could cause future results to differ materially from expectations.

由於今天的新聞稿中前瞻性陳述中概述的風險和不確定性，我們未來的結果可能與我們的預期有所不同。我將引導您查看我們向 SEC 提交的文件，包括我們的 10-K 表格和之前提交的 10-Q 表格，以了解更多討論以及可能導致未來結果與預期存在重大差異的因素。

I will now turn the call over to Roger.

我現在將把電話轉給羅傑。

Thank you, Tony. Good afternoon, everyone, and thanks for joining us today. Before we discuss our second quarter results, I wanted to welcome Randall Seymore and Rich Shearing to the call today. As you may recall, earlier this year, we added additional depth to our leadership team.

謝謝你，托尼。大家下午好，感謝您今天加入我們。在我們討論第二季度業績之前，我想歡迎 Randall Seymore 和 Rich Shearing 參加今天的電話會議。您可能還記得，今年早些時候，我們增加了領導團隊的深度。

Randall Seymore, formerly Executive Vice President, Global Operations for Commercial Trucks and Power Systems will now support our International Operations. Rich Shearing, formerly President of Premier Truck Group supports our North American automotive and commercial truck operations. These roles will work in tandem with me, our President, Rob Kurnik and our executive leadership team while building further depth to ensure we have the best leadership team in place.

商用卡車和動力系統全球運營前執行副總裁 Randall Seymore 現在將支持我們的國際運營。 Rich Shearing 是 Premier Truck Group 的前總裁，為我們的北美汽車和商用卡車業務提供支持。這些角色將與我、我們的總裁羅布·庫尼克 (Rob Kurnik) 和我們的執行領導團隊合作，同時進一步深化，以確保我們擁有最好的領導團隊。

Let me now discuss PAG's financial results for the second quarter. I'm really pleased to report strong second quarter performance from our diversified business model. As we will discuss, the quarter was highlighted by the performance of our automotive and commercial truck operations was partially was offset with higher interest expense and lower equity earnings for our investment and Penske Truck Leasing.

現在讓我討論太盟集團第二季度的財務業績。我非常高興地向大家報告我們多元化業務模式第二季度的強勁業績。正如我們將討論的，本季度的亮點是我們的汽車和商用卡車業務的業績，但部分被我們的投資和潘世奇卡車租賃的利息支出增加和股本收益下降所抵消。

During the second quarter, total units delivered increased to 123,879 units, which includes 8,900 units, which were agency in the U.K. Revenue increased 8% to a quarterly record of $7.5 billion. Our same-store retail revenue increased 6%, including an 11% increase in service and parts. Same-store variable gross profit per unit retailed increased $163 when compared to the first quarter of 2023. SG&A as a percentage of gross profit was 67.4% and improved 10 basis points sequentially. Net income was $301 million and earnings per share was $4.41. Year-to-date through June 30, we've repurchased 2.6 million shares for $350 million.

第二季度交付總量增至 123,879 輛，其中英國代理銷量為 8,900 輛。收入增長 8%，達到 75 億美元的季度紀錄。我們的同店零售收入增長了 6%，其中服務和零部件增長了 11%。與 2023 年第一季度相比，每單位零售同店可變毛利潤增加了 163 美元。SG&A 佔毛利潤的百分比為 67.4%，比上一季度提高了 10 個基點。淨利潤為 3.01 億美元，每股收益為 4.41 美元。今年迄今截至 6 月 30 日，我們已回購 260 萬股股票，耗資 3.5 億美元。

Let me now turn to our automotive operations. Our demand for new vehicles remain strong and new vehicle availability is improving. However, we expect supply to remain below historical averages during 2023. And for most of the brands that we represent. We continue to take forward orders and continue to see strong vehicle demand. In the U.K., our forward order bank represents 29,000 units.

現在讓我談談我們的汽車業務。我們對新車的需求仍然強勁，新車的供應量正在改善。然而，我們預計 2023 年供應量仍將低於歷史平均水平。對於我們代理的大多數品牌而言。我們繼續推進訂單並繼續看到強勁的車輛需求。在英國，我們的遠期訂單銀行有 29,000 個單位。

Grosses on these forward orders is approximately $132 million compared to $109 million at the same time in 2022. In the U.S., our current presold activity is approximately 50%. And beginning in the first quarter of 2023, we transitioned certain brands in the U.K. to an agency model for new vehicle sales. Under agency receive a fee from the manufacturer for the sale and delivery of each new vehicle, which is recorded in gross profit. We do not record revenue for the price of these vehicles.

這些遠期訂單的總收入約為 1.32 億美元，而 2022 年同期為 1.09 億美元。在美國，我們目前的預售活動約為 50%。從 2023 年第一季度開始，我們將英國的某些品牌的新車銷售轉變為代理模式。根據代理權，向製造商收取每輛新車的銷售和交付費用，該費用記錄在毛利潤中。我們不記錄這些車輛價格的收入。

Looking at our retail automotive operations on a same-store basis for Q2 '23 versus Q2 '22, total units delivered increased 6%, new retail up 9%, used retail down 8%. Retail automotive revenue, however, increased 6%, including an 11% increase in Service and Parts. Service and Parts is being driven by an increase of 10% in customer pay, 13% in our warranty business and 14% in collision repair. In fact, many of our operations experienced record months in service and parts during the quarter.

從我們 23 年第二季度與 22 年第二季度的同店零售汽車業務來看，交付總量增加了 6%，新零售增長 9%，二手零售下降 8%。然而，零售汽車收入增長了 6%，其中服務和零部件增長了 11%。服務和零件業務的推動因素包括客戶付費增長 10%、保修業務增長 13%、碰撞維修增長 14%。事實上，我們的許多業務在本季度的服務和零件月數都創下了紀錄。

Variable gross profit remained strong and higher than historical levels. For example, variable profit per vehicle with $5,612 is more than $2,138 higher than it was in Q2 of 2019. Taking a look at CarShop, our unit sales were 18,206, down 10% as the continued availability of late model, lower model vehicles remains very challenging.

可變毛利潤保持強勁並高於歷史水平。例如，每輛車的可變利潤為 5,612 美元，比 2019 年第二季度高出 2,138 美元以上。看看 CarShop，我們的銷量為 18,206 輛，下降了 10%，因為後期車型、較低型號車輛的持續供應仍然非常多。具有挑戰性的。

Revenue increased 2% to $475 million and variable gross profit per vehicle per unit declined 1%. We continue to focus on vehicle sourcing and the cost improvement programs, including digitization to improve efficiency. We operate 20 locations and remain committed to the CarShop brand. We have 1 store ready to open in the U.K. when the used vehicle availability improves.

收入增長 2%，達到 4.75 億美元，每輛車的可變毛利潤下降 1%。我們繼續關注車輛採購和成本改進計劃，包括數字化以提高效率。我們經營著 20 個地點，並始終致力於 CarShop 品牌。當二手車供應情況改善時，我們將在英國開設 1 家商店。

Let's turn to our Retail Commercial Truck Business now. Our premier truck dealership business represents 44 locations in North America and is an important part of our diversification. During the second quarter, we expanded into greater Winnipeg, Manitoba market area, acquiring 5 new locations and $180 million in estimated annualized revenue.

現在讓我們轉向我們的零售商用卡車業務。我們的主要卡車經銷業務遍布北美 44 個地點，是我們多元化發展的重要組成部分。第二季度，我們擴展到曼尼托巴省溫尼伯大市場區域，收購了 5 個新地點，預計年化收入達 1.8 億美元。

New commercial truck demand remains solid as being driven by replacement demand. In fact, we look at our entire allocation of Class 8 product for 2023 is sold out. To June 30, North American Class 8 retail truck sales were up 18% to 165,000 units. The current industry Class 8 backlog is 175,000 units, representing approximately 6 months of sales. During the second quarter, same-store unit sales were up 25%. Same-store revenue was up 19%, including a 4% increase in Service and Parts.

在替換需求的推動下，新的商用卡車需求依然強勁。事實上，我們看到 2023 年 8 類產品的全部分配已售罄。截至 6 月 30 日，北美 8 級零售卡車銷量增長 18%，達到 165,000 輛。目前行業 8 類積壓訂單為 175,000 台，相當於約 6 個月的銷售量。第二季度，同店單位銷售額增長了 25%。同店收入增長 19%，其中服務和零件收入增長 4%。

Same-store gross profit increased 7%, looking at parts and service that represented 65% of total gross profit and covered 128% of the fixed cost for the business in the second quarter. Service and Parts represented 65% of total gross profit and covered 128% as I said earlier, in the second quarter. Q2 EBT was $56 million, up $3 million when compared to the second quarter last year. As a data point, June 2023 was the second best month of EBT in the company's history.

同店毛利潤增長了 7%，其中零部件和服務佔第二季度毛利潤總額的 65%，並覆蓋了該業務固定成本的 128%。正如我之前所說，第二季度服務和零部件佔總毛利潤的 65%，佔 128%。第二季度息稅前利潤為 5600 萬美元，比去年第二季度增加 300 萬美元。作為一個數據點，2023 年 6 月是該公司歷史上 EBT 表現第二好的月份。

Let me now turn to Penske Transportation Solutions. PAG Group, as you know, owns 28.9% of PTS, which provides us with equity income, cash distributions and cash savings. PTS currently manages a fleet of over 431,000 trucks, tractors and trailers, the goal of increasing the fleet to 500,000 by 2025. The second quarter operating revenue increased 6% to $2.7 billion. Full-service leasing contract revenue increased 14%, logistics revenue increased 6%, rental declined 6%. PTS generated $253 million of income, our share at PTS declined by $63 million. The decline in earnings was mainly impacted by 4 particular items.

現在讓我談談潘世奇交通解決方案。如您所知，太盟集團擁有 PTS 28.9% 的股份，為我們提供股權收入、現金分配和現金儲蓄。 PTS 目前管理著超過 431,000 輛卡車、牽引車和拖車的車隊，目標是到 2025 年將車隊數量增加到 500,000 輛。第二季度營業收入增長 6%，達到 27 億美元。全方位服務租賃合同收入增長14%，物流收入增長6%，租金下降6%。 PTS 創造了 2.53 億美元的收入，我們在 PTS 的份額下降了 6300 萬美元。盈利下降主要受到4個特定項目的影響。

We have over 40,000 units on order with a factory, that's the OEM factory, as a result of supply constraints. We have 17,000 lease extensions so far this year and 36,000 extensions over the last 18 months. The older units in operation, obviously drove higher maintenance costs of $65 million in Q2. Our commercial rental utilization declined 410 basis points to 77.8%, really, that's still a strong number at 77% or 78%.

由於供應限制，我們向一家工廠（即 OEM 工廠）訂購了超過 40,000 台。今年到目前為止，我們有 17,000 次續租，過去 18 個月有 36,000 次續租。運行中的舊設備顯然導致第二季度的維護成本增加了 6500 萬美元。我們的商業租賃利用率下降了 410 個基點，降至 77.8%，實際上，77% 或 78% 的數字仍然很高。

Interest expense increased $47 million due to a higher average outstanding debt from the growth of the fleet combined with $1.5 billion in refinancing of the overall high interest with overall high interest rates and lower gain on sale of $55 million when compared to the record performance in 2022.

利息支出增加了 4700 萬美元，原因是機隊增長帶來的平均未償債務增加，加上整體高利率的再融資 15 億美元，與 2022 年創紀錄的業績相比，整體高利率和銷售收益降低了 5500 萬美元。

As we look forward, we believe the supply of new trucks is stabilizing, which will provide PTS an opportunity to replace from the lease extension and certainly will lower maintenance expense. At this point, I'll turn it over to Randall Seymore to discuss our Penske Australia business.

展望未來，我們相信新卡車的供應正在穩定，這將為 PTS 提供延期租賃的機會，並且肯定會降低維護費用。此時，我將把它交給 Randall Seymore 討論我們的潘世奇澳大利亞業務。

Thank you, Roger. In Australia, New Zealand and parts of the Pacific, we're the exclusive importer and distributor of Western Star, heavy-duty trucks. MAN, heavy and medium-duty trucks and buses. And Dennis Eagle, our refuse collection vehicle. We're also the leading distributor of diesel and gas engines and power systems, principally representing MTU, which is a Rolls-Royce company, also Detroit Diesel, Allison Transmission and Bergen engines.

謝謝你，羅傑。在澳大利亞、新西蘭和太平洋部分地區，我們是 Western Star 重型卡車的獨家進口商和經銷商。 MAN、重型和中型卡車和公共汽車。還有我們的垃圾收集車 Dennis Eagle。我們還是柴油和燃氣發動機及動力系統的領先經銷商，主要代理勞斯萊斯旗下的 MTU，以及底特律柴油機、艾里遜變速箱和卑爾根發動機。

Our business offers products across the on- and off-highway markets, including trucking, mining, power generation, defense, marine, rail and construction sectors and supports full parts and aftersales service through a network of branches, field service locations and dealers across the region. The off-highway sector remains very strong, nearly all heavy-duty engine allocations sold out for the remainder of 2023, predominantly serving the data center and mining markets. Some of these projects provide service contracts for 5 and all the way up to 20 years.

我們的業務提供公路和非公路市場的產品，包括卡車運輸、採礦、發電、國防、船舶、鐵路和建築行業，並通過遍布全球的分支機構、現場服務地點和經銷商網絡支持全面的零部件和售後服務。地區。非公路行業仍然非常強勁，幾乎所有重型發動機分配在 2023 年剩餘時間內都已售罄，主要服務於數據中心和採礦市場。其中一些項目提供為期 5 年甚至長達 20 年的服務合同。

Penske Australia also offers these mining engines through OEM mine haul trucks excavators, loaders and we also repower these equipment. In the Energy Solutions space, we recently delivered and commissioned the first 175-megawatt Bergen natural gas power station in Australia.

潘世奇澳大利亞還通過 OEM 礦用運輸卡車、挖掘機、裝載機提供這些採礦發動機，我們還為這些設備提供動力。在能源解決方案領域，我們最近交付並調試了澳大利亞第一個 175 兆瓦卑爾根天然氣發電站。

Our current order bank for Energy Solution deliveries is over $275 million for the remainder of 2023 and through 2024. Approximately 80% of all of our gross profit in this region comes from Service and Parts operation. So increasing units in operation is a key driver of our business.

從 2023 年剩餘時間到 2024 年，我們目前的能源解決方案交付訂單量超過 2.75 億美元。我們在該地區的毛利潤約 80% 來自服務和零部件業務。因此，增加運營單位是我們業務的關鍵驅動力。

I'd now like to turn the call over to Shelley Hulgrave.

我現在想把電話轉給雪萊·赫爾格雷夫。

Thank you, Randall. Good afternoon, everyone. I would now like to walk you through several key financial highlights and discuss the strength of our balance sheet. We maintain our drive and discipline to achieve operational efficiencies through cost reductions, automation and other improvements gained over the last several years to help us maintain lower levels of SG&A to gross profit than historical averages.

謝謝你，蘭德爾。大家下午好。現在，我想向您介紹幾個關鍵的財務亮點，並討論我們資產負債表的實力。我們保持動力和紀律，通過過去幾年來降低成本、自動化和其他改進來提高運營效率，幫助我們將銷售、管理和行政費用與毛利潤的比值保持在低於歷史平均水平的水平。

SG&A to gross profit was 67.4% in the second quarter and is 1,050 basis points below the 77.9% in 2019 prior to the pandemic. Most important, SG&A as a percentage of gross profit improved by 10 basis points subsequently when compared to Q1 of 2023. As a result of our efforts to control expenses in our U.S. automotive operations, our compensation to gross profit ratio improved by 30 basis points and our service and parts absorption improved 350 basis points over the second quarter of last year.

第二季度銷售、管理及行政費用 (SG&A) 佔毛利潤的比例為 67.4%，比 2019 年疫情爆發前的 77.9% 低 1,050 個基點。最重要的是，與 2023 年第一季度相比，SG&A 佔毛利潤的百分比隨後提高了 10 個基點。由於我們努力控制美國汽車業務的費用，我們的薪酬與毛利潤之比提高了 30 個基點，我們的服務和零部件吸收量比去年第二季度提高了 350 個基點。

Similarly, in the U.K. our compensation to gross profit ratio improved 130 basis points, and Service and Parts absorption improved 440 basis points. Looking to the future, we will continue to focus on simplification and optimization opportunities that will help deliver further efficiencies and cost reductions, particularly through automation.

同樣，在英國，我們的薪酬與毛利潤之比提高了 130 個基點，服務和零部件吸收率提高了 440 個基點。展望未來，我們將繼續關注簡化和優化機會，這將有助於進一步提高效率和降低成本，特別是通過自動化。

Looking at our cash flow. We generated over $600 million in cash flow from operations in the 6 months ended June 30, 2023. During this period, we repurchased 2.6 million shares for $350 million and returned $87 million in dividends to our shareholders.

看看我們的現金流。截至 2023 年 6 月 30 日的 6 個月內，我們的運營產生了超過 6 億美元的現金流。在此期間，我們以 3.5 億美元的價格回購了 260 萬股股票，並向股東返還了 8700 萬美元的股息。

So far this year, we have increased the cash dividend by 26% from $0.57 to $0.72 per share. We continue to maintain a disciplined approach to capital allocation. Over the last 18 months, 60% of our cash flow from operations funded share repurchases, 23% to acquisitions, 12% dividend and 5% to CapEx for growth and expansion. Our trailing 12-month EBITDA is nearly $1.9 billion.

今年到目前為止，我們已將現金股息增加了 26%，從每股 0.57 美元增至 0.72 美元。我們繼續保持嚴格的資本配置方法。在過去 18 個月中，我們運營現金流的 60% 用於股票回購，23% 用於收購，12% 用於股息，5% 用於資本支出以實現增長和擴張。我們過去 12 個月的 EBITDA 接近 19 億美元。

At the end of the quarter, our long-term debt was $1.7 billion. Approximately $1 billion of the long-term debt represents subordinated notes with 55% maturing in 2025, while the remaining 45% matures in 2029. The average interest rate on these notes is 3.6%. We also have $586 million in mortgages and $116 million in other borrowings at subsidiaries. Debt to total capitalization was 28% and leverage sits at 0.9x at the end of June and is consistent with March.

截至本季度末，我們的長期債務為 17 億美元。約 10 億美元的長期債務為次級票據，其中 55% 將於 2025 年到期，其餘 45% 將於 2029 年到期。這些票據的平均利率為 3.6%。我們的子公司還有 5.86 億美元的抵押貸款和 1.16 億美元的其他借款。 6 月底債務佔總資本的比例為 28%，槓桿率為 0.9 倍，與 3 月份一致。

At the end of the quarter, we have the ability to flex our leverage up to 4x compared to the 1.9x, but lease adjusted ratio, leaving us plenty of opportunity for acquisitions and returning capital to shareholders.

到本季度末，我們有能力將槓桿率從 1.9 倍調整至 4 倍，但租賃調整後的比率，為我們留下了大量的收購機會並將資本返還給股東。

During the second quarter, we amended our U.S. credit agreement to increase the facility borrowing capacity by $400 million. The amended agreement provides for up to $1.2 billion in revolving loans for working capital, acquisitions, capital expenditures, investments and other corporate purchases. At June 30, we had $120 million in cash, $630 million in vehicle equity and over $1.6 billion in availability under our credit agreement. Total inventory was $3.9 billion, representing an increase of $372 million from December 31. Floor plan debt was $3.2 billion.

第二季度，我們修改了美國信貸協議，將貸款能力增加了 4 億美元。修訂後的協議規定提供高達 12 億美元的循環貸款，用於營運資金、收購、資本支出、投資和其他企業採購。截至 6 月 30 日，根據我們的信貸協議，我們擁有 1.2 億美元的現金、6.3 億美元的車輛股權和超過 16 億美元的可用資金。庫存總額為 39 億美元，較 12 月 31 日增加 3.72 億美元。平面圖債務為 32 億美元。

We had a 32-day supply of new vehicles, including 26 days in the U.S. and 36 days in the U.K. As a data point, our current day supply of new battery electric vehicles is 54 days in the U.S. and 52 days in the U.K. Days supply of new vehicles for premium was 35 and volume foreign was 15. Used vehicle inventory had a 45-day supply.

我們的新車供應量為 32 天，其中美國為 26 天，英國為 36 天。作為一個數據點，我們目前的新車純電動汽車供應量在美國為 54 天，在英國為 52 天。高檔新車供應量為 35 輛，國外銷量為 15 輛。二手車庫存有 45 天的供應量。

At this time, I will turn the call back to Roger for some final remarks.

此時，我會將電話轉回羅傑以進行最後的評論。

Yes. Thank you, Shelley. As Shelley mentioned, our balance sheet is strong, and I would say certainly safe and secure. The capitalization ratio of 28%. We have the ability to flex our balance sheet to maximize our future capital allocation. We're committed to offering convenient options to meet the shopping desires, of course, with all of our customers. This ranges from 100% online to our superior customer experience traditionally offered in store.

是的。謝謝你，雪萊。正如雪萊提到的，我們的資產負債表很強勁，我想說當然是安全可靠的。資本化比例為28%。我們有能力調整資產負債表，以最大限度地提高未來的資本配置。當然，我們致力於提供便捷的選擇來滿足所有客戶的購物慾望。這範圍從 100% 在線到我們傳統上在商店提供的卓越客戶體驗。

These digital options include hybrid shopping solution, virtual test drives, remote signing for our customers, online scheduling and service food, digital and approvals for upsell and service.

這些數字選項包括混合購物解決方案、虛擬試駕、客戶遠程簽名、在線調度和服務食品、數字化以及追加銷售和服務的批准。

One of our key efficient initiatives is to leveraging artificial intelligence in both service and sales as we allow for automated interactions to answer basic service inquiries. Set service and sales appointments using natural and conversational language even when our facilities are closed.

我們的關鍵有效舉措之一是在服務和銷售中利用人工智能，因為我們允許自動交互來回答基本的服務查詢。即使我們的設施關閉，也可以使用自然的對話語言設置服務和銷售預約。

Finally, I'm glad to say -- I'd like to announce that 44 of our U.S. dealerships have received notification from automotive news that they have been named to the, "Best 100 Dealerships to Work for in 2023." I'd like to congratulate our team for the extraordinary efforts. In closing, I certainly remain confident in our business models. The results continue to demonstrate the benefit from our diversification across, the retail automotive commercial truck industries, our cost control and a disciplined capital allocation strategy.

最後，我很高興地說——我想宣布，我們的 44 家美國經銷商已收到汽車新聞的通知，他們已被評為“2023 年最佳 100 家經銷商”。我要祝賀我們的團隊所付出的非凡努力。最後，我對我們的商業模式仍然充滿信心。結果繼續證明了我們在零售汽車商用卡車行業的多元化、成本控制和嚴格的資本配置策略所帶來的好處。

Thanks for joining us today, and we'll turn it back to the operator. Thank you.

感謝您今天加入我們，我們會將其返還給運營商。謝謝。

(Operator Instructions) And our first question is from John Murphy.

（操作員說明）我們的第一個問題來自約翰·墨菲。

Roger, just a first question on one of the standouts. There's a lot of good stuff in the quarter, but the Parts and Service same-store sales up almost 11% follows on a pretty good strength in Parts and Service. the comps get tougher, you're arguing that this might slow down but over time. But I mean, what is your view on the sustainability of the strength of Parts and Service? And is there stuff that you or actions you can take on a micro basis that may support even further growth over time.

羅傑，這是關於一位傑出人物的第一個問題。本季度有很多好東西，但隨著零部件和服務業務的強勁增長，零部件和服務同店銷售額增長了近 11%。比賽變得更加艱難，你認為這可能會減慢，但隨著時間的推移。但我的意思是，您對零件和服務實力的可持續性有何看法？您是否可以在微觀基礎上採取一些措施或行動來支持隨著時間的推移進一步增長。

Well, I think on a same-store basis, John, our customer pay was up 10%, warranty was up 13% and our PDI up 27%, and body shops are now continuing to grow. As you know, during COVID, our body shop business really dropped. But I would say today, because of customer miles is being driven, it's certainly driving more service.

嗯，約翰，我認為在同店基礎上，我們的客戶付款增加了 10%，保修增加了 13%，我們的 PDI 增加了 27%，而且車身修理廠現在正在繼續增長。如您所知，在新冠疫情期間，我們的車身修理廠業務確實下降了。但今天我想說，由於客戶里程的增加，它肯定會帶來更多的服務。

And I think the use of AI that we're using from the standpoint of interaction across our network with the customers, quite honestly, is giving us the chance to schedule 24 hours a day, 2:00 a.m. in the morning, a customer and call us and they can schedule an appointment, which to me is really important because it gives us a cleaner look at our daily operating capability through the number of calls available.

老實說，我認為從通過網絡與客戶互動的角度來看，我們使用人工智能讓我們有機會每天 24 小時安排凌晨 2:00 的時間，為客戶和客戶提供服務。打電話給我們，他們可以安排預約，這對我來說非常重要，因為它可以讓我們通過可用呼叫的數量更清晰地了解我們的日常運營能力。

And we do this certainly by AI, which has really been a new opportunity for us. I think with the car part, $290 million, and certainly, today, and miles driven are up. I think on the premium/luxury side, we continue to see the use of videos. We're using videos from the standpoint of our technicians actually videoing the car and coming back directly to the customer. So I think this is, again, high-tech, high touch when you look at our service for the customers.

我們當然是通過人工智能來做到這一點，這對我們來說確實是一個新的機會。我認為汽車部分價值 2.9 億美元，當然，今天，行駛里程也有所增加。我認為在高端/奢侈品方面，我們繼續看到視頻的使用。我們從技術人員的角度使用視頻，實際拍攝汽車視頻並直接返回給客戶。所以我認為，當你看到我們為客戶提供的服務時，這又是高科技、高接觸度。

Certainly, in the U.K., we see the same, just a pent-up demand. One thing, it's a negative, however, because our used car business is down, we're certainly not seeing the opportunity and reconditioning we have used our inventory was up, and we sold more used cars. I think overall, we have an opportunity going forward because we opportunity as cars are running longer because of the pent-up demand, we're going to still see this experience certainly in the automotive side. And on the truck side, there's no question that we're seeing it the retail truck side at premier truck.

當然，在英國，我們也看到了同樣的情況，只是被壓抑的需求。然而，有一件事是負面的，因為我們的二手車業務下降了，我們當然看不到機會，而且我們使用的庫存增加了，我們銷售了更多的二手車。我認為總的來說，我們有一個前進的機會，因為我們有機會，由於被壓抑的需求，汽車的運行時間更長，我們仍然會在汽車方面看到這種體驗。在卡車方面，毫無疑問，我們看到的是零售卡車方面的優質卡車。

So again, the car part is certainly strong. And I think at the end of the day, we've been able to increase our effective labor rate which obviously is what we charge to the customer, up 6% from the standpoint in the U.S. and approximately 7% overall and premier truck were up 4%. So again, we also get the benefit as we increase the customer rate, we get that same increase not overnight, but ultimately from the OEMs, right? Those are all things that are driving our parts and service.

再說一遍，汽車部分確實很強大。我認為歸根結底，我們已經能夠提高有效勞動力率，這顯然是我們向客戶收取的費用，從美國的角度來看，提高了 6%，總體和主要卡車提高了約 7% 4%。再說一次，當我們提高客戶率時，我們也會受益，我們不會一夜之間獲得同樣的增長，但最終來自原始設備製造商，對吧？這些都是推動我們的零件和服務的因素。

Okay. One, just second question real quick. On the SG&A, I mean, it's great performance. I mean I think there's some skeptics that stand this is really a function of the some grocers that may be inflated in the short run. But I mean, it is very good performance. I mean, how do you think about SG&A going forward and the sustainability at these levels, either percent of gross or dollar value? I mean how do you think about that going forward?

好的。一，第二個問題很快。就SG&A而言，我的意思是，它的表現非常出色。我的意思是，我認為有些懷疑論者認為這實際上是一些雜貨店的功能，這些雜貨店可能會在短期內誇大價格。但我的意思是，這是非常好的表現。我的意思是，您如何看待未來的 SG&A 以及這些水平上的可持續​​性（佔總價值的百分比或美元價值）？我的意思是你如何看待未來的發展？

Well, John, there's 2 levers, obviously, maintaining gross or non-gross profit and I think we've been a customer for the last 18 months. That's going to be certainly under pressure as we go forward. But when you think about just cold hard SG&A over the last 12 months, company doing $27 billion, had $40 million more in SG&A over 12 months.

嗯，約翰，顯然有兩個槓桿可以維持毛利潤或非毛利潤，我想我們在過去 18 個月裡一直是我們的客戶。當我們前進時，這肯定會面臨壓力。但當你考慮一下過去 12 個月的 SG&A 支出時，公司的 SG&A 收入為 270 億美元，在 12 個月內的 SG&A 支出增加了 4000 萬美元。

So to me, that really when you look at it for the quarter, sorry, when you look at it quarter-to-quarter, when you look at it, it's amazing because, to me, I think that we're trying to balance our business, our costs associated with the volume of our business, similarly what GM, I think, said about their inventory with inventory down and the ability for us to get better yield out of our sales people. We've gone from roughly 12.5 units per salesperson to over 13. I think there's an opportunity there. We get better salespeople, better connection with the customer and using tools, we're able to take some of the sales costs out and on a sequential basis, our SG&A actually went down.

所以對我來說，真的，當你看這個季度的情況時，對不起，當你逐季度地看它時，當你看它時，這真是太棒了，因為對我來說，我認為我們正在努力平衡我們的業務，我們的成本與我們的業務量相關，我認為通用汽車在庫存下降時所說的類似，以及我們從銷售人員那裡獲得更好收益的能力。我們已經從每個銷售人員大約 12.5 個單位增加到超過 13 個單位。我認為這裡面有機會。我們擁有更好的銷售人員，與客戶建立更好的聯繫並使用工具，我們能夠降低一些銷售成本，並且在連續的基礎上，我們的SG&A實際上下降了。

And I think -- and the real costs were some, in people, about $8 million. We have some IT and some rent costs. But basically, we're going to continue to drive that. And through the simplification an optimization that we're looking at, I think it's really key. As we go forward, I sat down with the management team in the last couple of days, and we've got a plan that actually to take significant money out of our cost system. We're rolling that out over the next few weeks. And I think when you look at the overall 67.4% really from SG&A on a same-store basis, really, the SG&A was really only up $25 million. So it's a matter of hitting all the buttons and certainly, we're going to try to drive that because we know we'll have some pressure on grosses.

我認為，真正的人員成本約為 800 萬美元。我們有一些 IT 成本和一些租金成本。但基本上，我們將繼續推動這一趨勢。通過我們正在考慮的簡化和優化，我認為這非常關鍵。隨著我們的前進，過去幾天我與管理團隊坐下來，我們制定了一項計劃，實際上可以從我們的成本系統中節省大量資金。我們將在接下來的幾週內推出該功能。我認為，當您查看同店 SG&A 的總體 67.4% 時，實際上，SG&A 確實只增加了 2500 萬美元。因此，這是按下所有按鈕的問題，當然，我們將盡力推動這一目標，因為我們知道我們將在總收入方面面臨一些壓力。

Next, we go to Rajat Gupta.

接下來，我們前往 Rajat Gupta。

Just wanted to ask on PTL firstly. First quarter results were down like 30% year-over-year in the second quarter, down roughly 45%. You talked about some of the maintenance headwinds, these extensions, gain on sales being impacted by our selling fewer trucks. Any way to think about the trajectory here into the second half, maybe relative to the prior year or relative to the first half?

只是想先在PTL上問一下。第一季度業績同比下降 30%，第二季度下降約 45%。您談到了一些維護方面的不利因素、這些延期以及我們銷售的卡車數量減少對銷售收益的影響。有什麼方法可以思考下半年的軌跡，也許是相對於去年或相對於上半年？

What kind of areas of the second quarter should we expect to unwind? Any other trends that you can share in terms of handicapping the second half income levels for PTL and I have a follow up.

我們預計第二季度哪些領域將會放鬆？您可以分享有關影響 PTL 下半年收入水平的任何其他趨勢，我會跟進。

I think one of the things we were writing over the last 18 months was the higher gain on sale. Now we've sold already through 6 months approximately 5,000 more units. However, our margin is down about $14,000 per unit. So that certainly drove a big portion. Obviously, the decline in gain on sale, which was $55 million, I think, for the quarter.

我認為過去 18 個月我們所寫的事情之一就是更高的銷售收益。現在，我們已經在 6 個月內銷售了大約 5,000 件。然而，我們的利潤每單位下降了約 14,000 美元。所以這肯定推動了很大一部分。顯然，本季度銷售收益下降了，我認為是 5500 萬美元。

I think overall, from the standpoint of the business, we will see a reduction in maintenance costs as we take out, as we've talked about earlier, it's 17,000 leasing extensions so far this year, and we had 36,000 over the last 18 months. Now these drive higher maintenance costs. There's no question.

我認為總體而言，從業務的角度來看，我們將看到維護成本的降低，正如我們之前談到的，今年到目前為止已有 17,000 次租賃延期，過去 18 個月我們有 36,000 次延期。現在，這些導致了更高的維護成本。毫無疑問。

And we also have the issue of trying to bring that many units in at 1 point and taking units out because you have to prep these units going out and take time in our shops. So again, it's taking longer than what we had expected because of the huge surge of these units coming in. We think that's going to flow through. We'll be more in a steady state here as we get into Q3 and certainly Q4.

我們還面臨一個問題，即嘗試在 1 個時間點引入這麼多單位並取出單位，因為你必須準備這些單位出去並在我們的商店中花費時間。因此，由於這些單位的大量湧入，花費的時間比我們預期的要長。我們認為這將會得到解決。當我們進入第三季度，當然還有第四季度時，我們將更加處於穩定狀態。

Overall, from a rental perspective, we look at the commercial rental -- remember, that's down $31 million, really or 6%. But I talked about utilization. But what we'll do will flex that fleet will take out about 4,000 tractors. And when we do that, that will reduce those and take the depreciation interest and cost out and what will happen, we'll take 2,000 of those and now replace some of these high mileage units, obviously, which were killing us from a maintenance standpoint. And then what we'll do will also give 2,000 of those units to our sales team, and they'll sell the newer units.

總的來說，從租金的角度來看，我們關注的是商業租金——記住，下降了 3100 萬美元，實際上下降了 6%。但我談到了利用率。但我們要做的就是讓車隊能夠消滅大約 4,000 台拖拉機。當我們這樣做時，這將減少這些並消除折舊利息和成本，以及會發生什麼，我們將使用其中的 2,000 個，現在替換其中一些高里程單位，顯然，從維護的角度來看，這些單位正在殺死我們。然後我們還將向我們的銷售團隊提供 2,000 台這樣的設備，他們將銷售較新的設備。

It's somewhat like selling a loaded car in the auto side, we'll run it for 3 or 4 months, and then we'll sell it into the market and our guys would obviously, they would lease to as we've been very successful doing that on a shorter lease sometimes between 2 and 4 years. Certainly, when we look at the consumer rental that's rent the truck in New York, take it to Philadelphia. The only difference there is the length of the route and it's been shorter mileages in those one-way moves, which has impacted us.

這有點像在汽車方面出售一輛滿載的汽車，我們將運行它 3 或 4 個月，然後我們將其出售到市場上，我們的人員顯然會，他們會租賃，因為我們非常成功這樣做的租期較短，有時為 2 至 4 年。當然，當我們看到在紐約租賃卡車的消費者租賃時，把它帶到費城。唯一的區別是路線的長度，而且單程行駛的里程較短，這對我們產生了影響。

So we've got interest. We got to use truck values, which obviously declined just like used car values have over the last several months, and we have obviously the higher maintenance or the key areas that we have to deal with. But the company has a terrific reputation, the market, if you look at it against our peers, we continue to out this to them in all areas of the business. And certainly from the standpoint where we have an investment grade as we go into the market for our financing of our vehicles.

所以我們有興趣。我們必須使用卡車的價值，它的價值明顯下降，就像過去幾個月的二手車價值一樣，而且我們顯然有更高的維護或我們必須處理的關鍵領域。但該公司擁有極高的聲譽和市場，如果你將其與我們的同行相比，我們會繼續在所有業務領域向他們展示這一點。當然，從我們進入車輛融資市場時獲得投資評級的角度來看。

And I think when you look at our first half, if you can believe it, the first half profits really equal the entire amount of profits in 2019. So the business is certainly on a role.

我認為，當你看看我們的上半年時，如果你相信的話，上半年的利潤確實等於 2019 年的全部利潤。所以，業務肯定發揮了作用。

Got it. Got it. That's helpful. Maybe just on the used car business, unit comps were down roughly 8% in the quarter, but the grosses are very healthy relative to pre-pandemic even versus the first quarter. How should we think about the trade-off between units and GPUs, into the third quarter and fourth quarter? Should we expect similar kind of decline and you're able to maintain the gross profit per unit? Or should we expect anything to change your in terms of strategy?

知道了。知道了。這很有幫助。也許僅就二手車業務而言，本季度的單位銷售收入下降了約 8%，但與大流行前相比，即使與第一季度相比，總收入也非常健康。在第三季度和第四季度，我們應該如何考慮單元和 GPU 之間的權衡？我們是否應該預期類似的下降並且您能夠維持單位毛利潤？或者我們應該期待什麼會改變你的策略嗎？

Let's look at the real world here. We know everybody is trying to get 3- to 4-year used vehicles, and that's still going to be tight because they have less trades on vehicles over new vehicle sales over the last, say, 18 months. We're all fishing in this 0 to 4 frame. And we had a number of lease returns that didn't come back during that period due to customers buying out or extending leases. So what I see is probably the cost of sales going down in the market. But on the other hand, I think we can maintain our gross is because we're going to stay in the 0- to 4-year time frame, we've done that in the past.

讓我們看看這裡的現實世界。我們知道每個人都在嘗試購買 3 到 4 年的二手車，但這仍然會很緊張，因為過去（例如 18 個月）他們的車輛交易量少於新車銷售量。我們都在這個 0 到 4 幀中釣魚。由於客戶買斷或延長租約，我們有許多租賃回報在此期間沒有收回。所以我看到的可能是市場銷售成本下降。但另一方面，我認為我們能夠保持總收入是因為我們將保持在 0 到 4 年的時間範圍內，我們過去已經做到了這一點。

And hopefully, when we look at the opportunity here, we'll get some -- hopefully, some cars coming off lease, which will follow, obviously, we're going to customers who are buying those.

希望當我們看到這裡的機會時，我們會得到一些——希望一些汽車不再租賃，顯然，我們將面向購買這些汽車的客戶。

So we see that being an opportunity plus you'll have some railcars coming into the market. And when you look at the marketplace on leasing, where we actually got a lot of our used cars on the premium side as we were at 55% and those cars would always come back to the dealer. At this point, we've not had a lot of that because cash has been really -- I think Shelley mentioned it earlier today in a conversation that we still have 22% of our buyers are cash buyers today. So that's up from where we've been. Would you have any comment on that, Shelley?

因此，我們認為這是一個機會，而且您將有一些軌道車進入市場。當你看看租賃市場時，我們實際上得到了很多高端二手車，因為我們的比例是 55%，而且這些車總是會回到經銷商處。在這一點上，我們還沒有太多現金，因為現金確實——我想雪萊今天早些時候在一次談話中提到過，我們今天仍然有 22% 的買家是現金買家。這就是我們目前所處的情況。雪萊，你對此有何評論？

No, it's just that the consumer remains very healthy. They're obviously trying to avert some of these higher finance costs. But yes, they're up 2% over where they were last year, which was a historic high to begin with.

不，只是消費者仍然非常健康。他們顯然是在試圖避免一些更高的財務成本。但是，是的，它們比去年增長了 2%，這本來就是歷史高點。

So I see probably lower cost of sale. I see us maintaining our margins quite honestly. And I see our pipeline for us from a premium perspective, having the opportunity to see more trades. And when you think about our volume foreign business, that Honda, Toyota, and say, Hyundai, right now, we're running anywhere between 10 and 15 days supply. So as that picks up with obviously the OEM picking up supply, we're going to get more trades from them, which will be really hot merchandise for us.

所以我認為銷售成本可能會較低。我認為我們非常誠實地維持了我們的利潤。我從優質的角度看待我們的管道，有機會看到更多的交易。當你想到我們的大量外國業務時，本田、豐田和現代，現在我們的供應量在 10 到 15 天之間。因此，隨著 OEM 供應量的增加，我們將從他們那裡獲得更多的交易，這對我們來說將是非常熱門的商品。

So one additional thing to consider is how we are sourcing vehicles too. We've put a concerted effort into buying more vehicles directly from consumers. So on our franchise business in the U.S. is only about 4% of what we bought in 2020. This -- in 2023, so far, it's 12% and when you look at CarShop, when you go back and look at where they were in 2020, it was 6% and today, they're up to 27%. So we're really doing a good job of changing the way that we source. But with 6 million fewer cars sold in the marketplace over the past 3-plus years, the amount of cars that are available for us to buy is really challenging.

因此，需要考慮的另一件事是我們如何採購車輛。我們齊心協力直接從消費者那裡購買更多車輛。因此，我們在美國的特許經營業務僅占我們 2020 年購買量的 4% 左右。到 2023 年，到目前為止，這一比例為 12%，當你看 CarShop 時，當你回頭看看他們在哪裡時2020 年，這一比例為 6%，而今天，這一比例上升至 27%。因此，我們在改變採購方式方面確實做得很好。但過去三年多來，市場上售出的汽車減少了 600 萬輛，可供我們購買的汽車數量確實面臨挑戰。

And also, we're now compensating our salespeople in many cases, one way or the other could be sure we get the trade. So the customer hasn't go out and sell it personally. And that's what's happened. That's been kind of the run for the last say, 2 or 3 quarters. So we're hoping that's going to slow down. But look, the market is going to be slow coming back because they're just not the right cars. And we're not going to go to the auction because they seem to be the cars that have been pulled over the last period of time. We're not going to buy those real estate in our traditional way that we have, and I think that's going to pay dividends on growth.

而且，我們現在在很多情況下都會向我們的銷售人員提供補償，這樣或那樣可以確保我們獲得交易。所以客戶還沒有親自出去賣。這就是發生的事情。這就是最後說的兩三個季度的運行情況。所以我們希望這會放緩。但你看，市場的複蘇將會緩慢，因為它們不是合適的汽車。我們不打算去拍賣，因為它們似乎是過去一段時間被拉走的車。我們不會以傳統方式購買這些房地產，我認為這將為增長帶來紅利。

(Operator Instructions) Next, we'll go to the line of Daniel Imbro.

（操作員說明） 接下來，我們將前往 Daniel Imbro 的線路。

Maybe a follow-up actually on that topic you just touched on, Tony, around CarShop within this used business. Roger, you mentioned growth was hampered. Randall, I'd be curious if trends were any better or different international is sourcing just as tight there?

托尼，也許實際上是關於你剛才提到的那個主題的後續行動，圍繞著這個二手行業的 CarShop。羅傑，你提到增長受到阻礙。蘭德爾，我很好奇趨勢是否更好，或者不同的國際採購是否同樣緊張？

And then stepping back, I mean, how does this near to intermediate-term challenging used car backdrop, maybe change your thinking about the viability of the stand-alone concept or kind of commitment to growth in the stand-alone use concept.

然後退一步，我的意思是，這種近中期具有挑戰性的二手車背景可能會如何改變您對獨立概念的可行性或對獨立使用概念增長的承諾的看法。

So I'll touch on the sourcing first in the U.K. So a similar shift. If you go back 3 years ago, we were getting 22% of all of our used cars from the OEM via some program. That's down to 5%. But conversely, 13% of our cars, 3 years ago, we got directly from the consumer, meaning not a trade, but we were out proactively buying. That's up to 29%.

因此，我將首先談談在英國的採購，所以類似的轉變。如果你回到 3 年前，我們所有二手車的 22% 是通過某種程序從 OEM 那裡獲得的。下降至 5%。但相反，3年前，我們13%的汽車是直接從消費者那裡獲得的，這意味著不是貿易，而是我們主動購買的。高達 29%。

So from 13% to then as Roger said, focus on our trade has gone from 32% to 40% of all our used inventory. So if we call it self-sourced, you put it direct from consumer tweet how we're focusing intragroup, I bucket all those together, that's 82% of all of our trades year-to-date are coming from that versus 58% 3 years ago.

因此，正如 Roger 所說，從 13% 到現在，我們對貿易的關注已經從我們所有二手庫存的 32% 增加到了 40%。因此，如果我們稱之為自源，你可以直接從消費者推文中得知我們如何關注集團內部，我將所有這些放在一起，即我們今年迄今為止所有交易的 82% 來自自源，而這一比例為 58% 3幾年前。

Now looking at the commitment to the brand, there's no question we're committed to the brand. We have 20 units now. We've got location in the U.K., we're planning to open up as soon as the supply opens up for us so we can be prudent from the standpoint of cost. In fact, to be honest with you, we had an operation in Phoenix that we opened up and because we didn't have a supply and quite honestly, it was turning into a loss for us, we closed it and sold the building. So look, we're not afraid to take the action one way or the other.

現在看看對品牌的承諾，毫無疑問我們對品牌的承諾。我們現在有20個單位。我們在英國有工廠，我們計劃在供應開放後立即開業，這樣我們就可以從成本的角度謹慎行事。事實上，老實說，我們在鳳凰城開設了一家工廠，但因為我們沒有供應，老實說，這對我們來說是一種損失，我們關閉了它並賣掉了大樓。所以看，我們並不害怕以某種方式採取行動。

But I would say it's supply both in the U.S. and the U.K. We need 150 to 200 units more in the U.S. to get where we want to go, and I think we're doing 5,000 units. Am I right, Randall? In the U.K. on a monthly basis.

但我想說的是，它在美國和英國都有供應。我們在美國還需要 150 到 200 台才能到達我們想去的地方，我認為我們正在生產 5,000 台。我說得對嗎，蘭德爾？在英國按月計算。

So it's a big business right now, and we're going to try to look at digitization in the U.K. to take costs out, and we can do that by certain things that we haven't done in the past by giving certain functions of the sales process, either doing it technically or giving it to one person rather than having multiple managers in sales and delivery people handling. And we think that's going to take some additional cost out over the next third and fourth quarter. So to me, it's a great business. We've got a great brand when you look at car shop both here and also in the U.K. And we think it's an independent business, we run it that way. And quite honestly, overall, we're just looking for volume.

因此，現在這是一項大生意，我們將嘗試在英國進行數字化以降低成本，我們可以通過某些我們過去沒有做過的事情來做到這一點，即賦予數字化的某些功能。銷售流程，要么在技術上完成，要么交給一個人，而不是讓多個經理負責銷售和交付人員處理。我們認為這將在接下來的第三和第四季度消除一些額外成本。所以對我來說，這是一項偉大的事業。當你看看這里和英國的汽車商店時，我們擁有一個偉大的品牌，我們認為這是一個獨立的業務，我們就是這樣經營的。老實說，總的來說，我們只是在尋找數量。

Got it. That's all really helpful color. And then maybe shifting to the commercial truck side. Rich, the Class 8 backlog is substantial that will support sales at least through this year and into next year. How do you think about -- or can you talk about the risk into next year or maybe the freight backdrop remaining tough?

知道了。這都是非常有用的顏色。然後可能會轉向商用卡車方面。 Rich 表示，8 級積壓訂單數量龐大，至少將支持今年和明年的銷售。您如何看待——或者您能否談談明年的風險，或者貨運背景仍然嚴峻？

How does that impact your freight customers' willingness to turn over their fleets? And how does that weigh with the emission changes and obviously, service and parts is a natural hedge. If you could just talk through the moving pieces into 2024 as we think through how the industry works through backlog?

這對您的貨運客戶移交車隊的意願有何影響？這與排放變化有何關係，顯然，服務和零件是一種自然的對沖。當我們思考行業如何解決積壓問題時，您能否談談 2024 年的進展情況？

Yes. Thank you, Daniel. Just to comment then on current environment. As you mentioned, the backlog is still very at 176,000 units, representing about 6 months of retail sales. So that's going to carry us through the balance of this year. And so any allocation that we've received this year were completely sold out -- as you mentioned, the emissions, there's a greenhouse gas regulations go into effect in 2 steps, 2024 and 2027.

是的。謝謝你，丹尼爾。只是對當前環境發表評論。正如您提到的，積壓量仍然高達 176,000 輛，相當於大約 6 個月的零售量。因此，這將帶領我們度過今年餘下的時間。因此，我們今年收到的所有撥款都已全部售完——正如您提到的，排放量，溫室氣體法規分兩步生效，即 2024 年和 2027 年。

For 2024, you normally have in advance of an emissions year a prebuy effect. And of course, the OEMs aren't able to produce the vehicles, do supply chain challenges to take advantage of that. That's going to be a buffer against what you would normally have as a hangover year when new emissions vehicles are launched, which would be next year. I think you combine that with the fact similarly to the auto side for the last 3 years, there's been a lower supply of vehicles coming into the marketplace.

對於 2024 年，您通常會在排放年之前產生預購買效應。當然，原始設備製造商無法生產車輛，因此供應鏈面臨挑戰才能利用這一點。這將是對明年新排放車輛推出時通常會出現的後遺症的緩衝。我認為你將這一點與過去三年汽車方麵類似的事實結合起來，進入市場的車輛供應量減少了。

Certainly, Roger talked about it on the maintenance cost side for PTS, a lot of our carriers on retail trust side experience the same thing. So their maintenance costs are up as well, and they're going to be eager to replace those vehicles. So over the last 2 years, the sales have been driven by a robust rate environment. I think this year certainly and going into next year, it's going to be driven by replacement demand to get older higher-cost units from an operating standpoint out of the marketplace.

當然，羅傑談到了PTS的維護成本方面，我們很多零售信託方面的運營商也經歷過同樣的事情。因此，他們的維護成本也增加了，他們會急於更換這些車輛。因此，在過去兩年中，銷售一直受到強勁的利率環境的推動。我認為今年以及進入明年，從運營角度來看，更換需求將推動舊的、成本較高的設備退出市場。

And so we see that with the Q2 sales up 13% for the industry in the opening comments, we saw were up 29% for the quarter on a retail sales basis. And so I think the fundamentals right now for us well for certainly this year and looking into next year. The last comment I would make on the freight rates certainly, the spot market has come down from its historical highs, and we feel it bottomed out. We think there could be some more correction on the contract side through the end of the year.

因此，我們在開場評論中看到，該行業第二季度銷售額增長了 13%，而本季度零售額增長了 29%。因此，我認為目前我們的基本面對於今年和明年來說都很好。我對運費的最後評論當然是，現貨市場已經從歷史高位回落，我們感覺已經觸底。我們認為，到今年年底，合同方面可能會出現更多調整。

But the forecast is for freight rates start to back upward over the next 6 months. And so as the freight cycle recovers, I think that's going to act as a natural buffer to the retail sales and the commercial truck side on the truck side.

但預計運費將在未來 6 個月內開始回升。因此，隨著貨運週期的恢復，我認為這將成為零售銷售和商用卡車方面的天然緩衝。

And next, we go to David Whiston.

接下來，我們請來大衛·惠斯頓。

I guess first on PTS. I was just curious on Slide 27, the if you could break up the difference for me between full service lease and maintenance versus commercial rental.

我想首先是在 PTS 上。我只是對幻燈片 27 感到好奇，您能否為我消除全方位服務租賃和維護與商業租賃之間的差異。

You're talking to me? The maintenance on the equipment you're saying.

你在跟我說話嗎？你說的設備維護。

Your pie chart is full service lease and maintenance. And I mean, are you referring to truckline versus commercial rental truck. I think (inaudible) that's why I am asking.

您的餅圖是全方位服務租賃和維護。我的意思是，您指的是卡車運輸公司還是商業租賃卡車？我想（聽不清）這就是我問的原因。

All our maintenance, when we talk about maintenance, it's not only on leasing on our logistics contract makes business and our consumer and our commercial rental fee. That's our total maintenance number. So it includes hires and maintenance. So that's the total number that you saw. It was up $65 million in the quarter.

我們所有的維護，當我們談論維護時，不僅僅是我們的物流合同上的租賃，還包括我們的消費者和我們的商業租賃費。這是我們的總維護數量。因此它包括僱用和維護。這就是您看到的總數。該季度增長了 6500 萬美元。

Okay. And on the M&A market, do you expect to stay more skewed for the rest of the year, if you do a deal on the truck side or do you have a pretty robust light vehicle pipeline.

好的。在併購市場上，如果您在卡車方面進行交易，或者您擁有相當強大的輕型汽車管道，那麼您預計今年剩餘時間會保持更大的傾斜嗎？

Well, look, I would say we have a pipeline. Our goal is to be up 5 from a branding standpoint, at least 5 on acquisition, I think we're tracking in that area. We have some things in the pipeline, which I think what's promising. But we're going to be very, very selective, whether it's internationally or domestically to be sure it fits in areas where we have scale also, we wanted to fit in with all the premium luxury and volume foreign brand mix.

好吧，看，我想說我們有一條管道。我們的目標是從品牌角度提升 5 倍，在收購方面至少提升 5 倍，我認為我們正在該領域進行追踪。我們正在醞釀一些事情，我認為這些事情很有希望。但我們將非常非常有選擇性，無論是國際還是國內，以確保它適合我們也有規模的領域，我們希望適應所有高端奢侈品牌和大量外國品牌的組合。

So that's going to be important as we go forward. And I think at the end of the day, we followed that. That's why you look at us even in the U.K., we're 95% premium luxury. We made that acquisition of the North London Mercedes businesses is now under agency, and we had a 20.5% market share in the month of June. So that's starting to really pay off.

因此，這對於我們前進來說非常重要。我想最終我們還是遵循了這一點。這就是為什麼即使在英國你也會看到我們，我們是 95% 的頂級奢侈品。我們對北倫敦梅賽德斯業務的收購目前正在代理中，6 月份我們佔據了 20.5% 的市場份額。所以這開始真正得到回報。

So strategically and the brand will be critical when we look at this as we make acquisition, obviously, affordability from a standpoint of a return will also be key plus today, what's the CapEx requirement.

因此，當我們在進行收購時考慮這一點時，戰略和品牌將至關重要，顯然，從回報的角度來看，承受能力也將是關鍵，再加上今天的資本支出要求是什麼。

And finally, do you -- in your opinion, outside of Tesla, do you think there are too many EVs on the market right now?

最後，您認為，除了特斯拉之外，您是否認為目前市場上的電動汽車太多了？

Well, look, we're getting to electrification. I'm glad I'm not running the business, what I'm going to make on electric vehicle for the rest of the year. Why don't Randall talk a little bit about Tesla and what's going on in the EVs in the U.K. I think he's got good color on that.

好吧，看，我們正在走向電氣化。我很高興我不再經營這家公司，我將在今年剩下的時間裡靠電動汽車賺錢。為什麼蘭德爾不談談特斯拉以及英國電動汽車的發展情況呢？我認為他對此有很好的見解。

Yes. So in the U.K., there's been government subsidies for several years now, and the total market is about just over 16% BEV. Our business year-to-date is 20% BEV with our premium luxury mix. What's interesting on that as well as since they've been subventing the government for 4 years, we're -- that's the first market working where we're seeing a bonafide trade cycle of used BEVs. We've been hovering about a 52, 53 days supply of BEVs, which is about 375 units and that only represents about 6% of our total used inventory. So our exposure there is not massive. But interestingly, at the beginning of the year, late January, we had north of 600 units in stock.

是的。在英國，政府補貼已經有好幾年了，整個市場的純電動汽車佔比大約剛剛超過 16%。今年迄今為止，我們的高端豪華車業務中純電動汽車佔比為 20%。有趣的是，自從他們資助政府四年以來，我們——這是第一個我們看到二手純電動汽車真正貿易週期的市場。我們的純電動汽車供應量一直徘徊在 52 至 53 天左右，即約 375 輛，僅占我們二手庫存總量的 6% 左右。所以我們在那裡的曝光度並不大。但有趣的是，今年年初，1 月底，我們的庫存超過 600 套。

And when Tesla announced their price reduction, that had a ripple effect on the used side as well, even though we weren't exposed to Tesla as a brand unused certainly hit all BEVs. So we just need to be eyes wide open. We've got to turn these things quicker. And then as a consumer, if you buy a 4-year-old BEV, it's just interesting to say, what's the range going to be like after that time from a degradation standpoint?

當特斯拉宣布降價時，這也對二手車產生了連鎖反應，儘管我們沒有接觸過特斯拉，因為未使用的品牌肯定會影響所有純電動汽車。所以我們只需要睜大眼睛。我們必須更快地扭轉這些局面。然後，作為消費者，如果您購買一輛使用了 4 年的純電動汽車，那麼有趣的是，從性能退化的角度來看，在那之後的續航里程會是什麼樣子？

And then if there's a warranty situation, what are the associated costs there excuse me, if it's an out of warranty situation, what are the associated costs. So look, we're -- and then I just hit a couple of other markets. Germany is about 16% as well and government subsidies, interestingly, you go to a country like Italy, where there's not a lot of government subsidy and the market is only 4%, and we would even be less than that from a PAG standpoint. So interesting between the different markets.

如果有保修情況，請問相關費用是多少，如果是超出保修範圍的情況，相關費用是多少。所以看，我們——然後我剛剛進入了其他幾個市場。德國也是16%左右，還有政府補貼，有趣的是，你去意大利這樣的國家，政府補貼不多，市場只有4%，從PAG的角度來看，我們甚至會比這個還要低。不同市場之間如此有趣。

I think that also, when you look at it, talk a little bit about in the international markets, the impact of the governmental support, I think, think about that from a tax perspective in the U.K.

我認為，當你看它時，談論一下國際市場上政府支持的影響，我認為，從英國稅收的角度來考慮這一點。

It's a follow-the-money scenario. So in the U.K., a lot of people will have their vehicle as a company benefit and they provide a significant tax relief if you have a BEV, which is not quite 0, but maybe GBP 50 for tax where you've got a BMW 3 Series, that may be $300 per month in tax. So there's a real benefit to have that BEV from a tax standpoint, similar in Germany, like I said, I mean the government subsidies there some of these other countries where it's not. So you could call a little bit artificially buoyed on where the government subsidies are.

這是一個追隨金錢的場景。因此，在英國，很多人都會將自己的車輛作為公司福利，如果您擁有 BEV，他們會提供大量稅收減免，稅收減免不完全是 0，但如果您擁有 BMW 3，稅收可能為 50 英鎊系列，每月稅費可能為 300 美元。因此，從稅收的角度來看，擁有純電動汽車確實有好處，就像我在德國所說的那樣，我的意思是政府補貼了其他一些國家，而其他一些國家卻沒有。因此，你可以認為政府補貼的情況有點人為地提振了。

Yes. And I think when you look at the U.S. EQS for Mercedes, we've got 190 days supply right today at to sit here overall on BEV for MB, we had 13. So we're seeing affordability and pricing be a critical period from the standpoint of our business. And I know there's been some questions in the past I've heard this week from the other -- our peers talking about what part of our business is do we sell from a 100% or MSRP.

是的。我認為，當您查看梅賽德斯的美國 EQS 時，我們今天有 190 天的供應量，而 MB 的 BEV 總體上有 13 天的供應量。因此，我們認為負擔能力和定價是從我們業務的立場。我知道本週我從其他人那裡聽到了一些問題——我們的同行正在談論我們業務的哪一部分是我們以 100% 或建議零售價出售的。

We're running at about 54% year-to-date. If you take out you take out both hybrid and BEVs, we're at 70%. So you can see that the noise of the business, the PR from the OEMs and the supply is much greater than the marketplace. So I think it's something that we really have to look at as we go forward over the next several quarters. So we're watching the used car pricing. We're being careful.

今年迄今為止，我們的運行速度約為 54%。如果你把混合動力汽車和純電動汽車都去掉，我們的比例是 70%。所以你可以看到，業務的噪音、原始設備製造商的公關和供應量都比市場大得多。所以我認為這是我們在未來幾個季度前進時真正必須考慮的事情。所以我們正在關註二手車的定價。我們很小心。

One of the things that's going to have to take place. We've already seen it in the U.K., we're in our -- with Mercedes Benz on our commission or agency fee they've already raised at 100 basis points on EVs. We're seeing discounts and also incentives here in the U.S. (inaudible). You've seen what's happened domestically here with Ford. I heard this lately here in the paper. So I think we're in that kind of environment. So we're going to watch it carefully.

這是必鬚髮生的事情之一。我們已經在英國看到了這種情況，我們與梅賽德斯奔馳一起，他們已經將電動汽車的佣金或代理費提高了 100 個基點。我們在美國看到了折扣和激勵措施（聽不清）。你已經看到了福特在國內發生的事情。我最近在報紙上聽到了這個消息。所以我認為我們正處於這樣的環境中。所以我們要仔細觀察。

But the OEM captives at least on the premium side, we're going to have to step up and put residual values on these things if they're going to move them. And I just can't say that there's no other way to move these because right now, I think it's (inaudible) for the customer.

但 OEM 俘虜至少在高端方面，如果他們要轉移這些東西，我們將不得不加緊努力並賦予這些東西剩餘價值。我只是不能說沒有其他方法可以移動這些，因為現在，我認為這是（聽不清）為客戶服務的。

Yes. And real quick, that MSRP ratio you just mentioned is interesting because that's higher than what I've heard from some other dealers. Do you think that's sustainable for the next few quarters? Or is it going to crash hard soon as inventory grows.

是的。很快，您剛才提到的建議零售價比率很有趣，因為這比我從其他一些經銷商那裡聽到的要高。您認為未來幾個季度這種情況可持續嗎？或者說，隨著庫存的增加，它會很快崩潰嗎？

Start with a higher batting order. I want to get enough there's going to be pressure. Let's may be honest. But remember, we don't have a domestic portfolio today, we're 1%. At this particular time with the day supply we have in premium luxury, what we have in volume for and I still think we've got model right now, at least a market that's providing us the opportunity to hold pricing.

從較高的擊球順序開始。我想要得到足夠的東西，就會有壓力。讓我們說實話吧。但請記住，我們今天沒有國內投資組合，我們只是 1%。在這個特定的時間，我們擁有優質奢侈品的日供應量，我們擁有大量的產品，我仍然認為我們現在已經有了模型，至少有一個市場為我們提供了保持定價的機會。

Mr. Penske, I'll turn it back to you for closing.

彭斯克先生，我將把它轉回給您以結束。

All right. Well, thanks, everybody, for joining us. We'll see you next quarter. Thanks for the support for our people that are on the line.

好的。好的，謝謝大家加入我們。我們下季度見。感謝您對在線人員的支持。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。