Penske Automotive Group Inc (PAG) 2024 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon. Welcome to the Penske Automotive Group third-quarter 2024 earnings conference call.

女士們、先生們，午安。歡迎參加潘世奇汽車集團 2024 年第三季財報電話會議。

Today's call is being recorded and will be available for replay approximately one hour after completion through November 6, 2024, on the company's website under the Investors tab at www.penskeautomotive.com.

今天的電話會議正在錄音，結束後約一小時可在 2024 年 11 月 6 日期間在公司網站 www.penskeautomotive.com 的「投資者」標籤下重播。

I will now introduce Tony Pordon, the company's Executive Vice President of Investor Relations and Corporate Development.

現在我將介紹公司投資者關係和企業發展執行副總裁 Tony Pordon。

Sir, please go ahead.

先生，請繼續。

Thank you, Lydia. Good afternoon, everyone, and thank you for joining us today.

謝謝你，莉迪亞。大家下午好，感謝您今天加入我們。

Our press release detailing Penske Automotive Group's third-quarter 2024 financial results was issued this morning and is posted on our website, along with a presentation designed to assist you in understanding the company's results.

我們今天早上發布了詳細介紹潘世奇汽車集團 2024 年第三季財務業績的新聞稿，並發佈在我們的網站上，同時也發布了旨在幫助您了解公司業績的簡報。

As always, I'm available by e-mail or phone for any follow-up questions you may have. Joining me for today's call are Roger Penske, our Chair and CEO; Shelley Hulgrave, EVP and Chief Financial Officer; Rich Shearing, North American Operations, Randall Seymore, International Operations; and Tony Facioni, Vice President and Corporate Controller.

像往常一樣，您可以透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。與我一起參加今天電話會議的是我們的董事長兼執行長羅傑·彭斯克 (Roger Penske)； Shelley Hulgrave，執行副總裁兼財務長； Rich Shearing，北美營運部，Randall Seymore，國際營運部；以及副總裁兼公司財務總監 Tony Facioni。

Our discussion today may include forward-looking statements about our operations, earnings potential, outlook, acquisitions, 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.

我們今天的討論可能包括有關我們的營運、獲利潛力、前景、收購、未來事件、成長計劃、流動性和業務狀況評估的前瞻性陳述。我們也可能討論某些非公認會計準則財務指標，例如息稅折舊攤提前利潤或 EBITDA 以及我們的槓桿率。

We have prominently presented the comparable GAAP measures and have reconciled the non-GAAP measures to the most directly comparable GAAP measures in this morning's press release and investor presentation, both of which are available on our website.

在今天早上的新聞稿和投資者介紹中，我們重點介紹了可比較的公認會計準則衡量標準，並將非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準進行了調整，這兩者都可以在我們的網站上找到。

Our future results may vary from our expectation 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 previously filed Form 10-Qs for additional discussion 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 表格和先前提交的 10-Q 表格，以了解可能導致未來結果與預期存在重大差異的其他討論因素。

I will now turn the call over to Roger Penske.

我現在將把電話轉給羅傑·彭斯克。

Thank you, Tony. Everyone, thank you for joining us today.

謝謝你，托尼。各位，謝謝你們今天加入我們。

In the third quarter of 2024, PAG generated $304 million in income before taxes, $226 million in net income, and earnings per share of $3.39. Overall revenues increased 2% to a third-quarter record of $7.6 billion, including a 14% increase in service and parts to a record $778 million.

2024年第三季度，太盟集團稅前收入為3.04億美元，淨利為2.26億美元，每股盈餘為3.39美元。第三季總營收成長 2%，達到創紀錄的 76 億美元，其中服務和零件收入成長 14%，達到創紀錄的 7.78 億美元。

61% of our revenue is derived in North America, 30% in the UK, and the remaining 9% came from our other international markets. Retail automotive brand mix is a key differentiator with 20 -- 72% of the revenue generated from premium brands, 21% generated from volume non-US brands.

我們 61% 的收入來自北美，30% 來自英國，其餘 9% 來自我們的其他國際市場。零售汽車品牌組合是關鍵的差異化因素，20% 至 72% 的營收來自高端品牌，21% 來自非美國品牌。

Our gross margin was consistent in the quarter over quarter at 16.4%. Our SG&A expenses as a percentage of gross profit was 71.2% and remains well within the target range and is nearly 800 basis points below pre-pandemic levels. I'm pleased with the financial performance during the quarter, despite the impact from stop sale of certain vehicles and residual impact from the CDK cyber security incidents.

我們的毛利率與上一季相比保持穩定，為 16.4%。我們的 SG&A 費用佔毛利的百分比為 71.2%，仍在目標範圍內，比疫情前的水平低了近 800 個基點。儘管受到某些車輛停止銷售的影響以及 CDK 網路安全事件的殘餘影響，但我對本季的財務表現感到滿意。

During the quarter, new and used automotive gross profit remained strong. Retail automotive service and parts performed at record levels. The retail commercial truck business performed well. SG&A expenses remained well controlled and equity income from Penske Transportation Solutions increased 14% sequentially, despite continued freight challenges.

本季度，新車和二手車毛利潤依然強勁。零售汽車服務和零件的表現達到創紀錄的水平。零售商用卡車業務表現良好。儘管貨運挑戰持續存在，但銷售、行政管理費用仍受到良好控制，潘世奇運輸解決方案公司的股權收入較上季成長 14%。

Let's take a look at our retail automotive. We delivered 117,551 units during the quarter. Our new units increased 5%. Same-store new units declined 2%. We continue to take forward orders were presold activity averaging between 10% and 20% in the US. 32% of our new vehicles sold in the US read MSRP. The average new vehicles transaction price now has increased 2% to $57,880. Gross profit per new vehicle retail remained strong at $5,072 and was only down $230 sequentially, remains nearly $2,000 higher than in 2019.

讓我們來看看我們的零售汽車。本季我們交付了 117,551 台。我們的新單位增加了 5%。同店新銷量下降 2%。我們繼續推進美國預售活動平均在 10% 到 20% 之間的訂單。我們在美國銷售的新車中，32% 都標有建議零售價。新車平均交易價格現已上漲 2%，達到 57,880 美元。每輛新車零售毛利潤依然強勁，達到 5,072 美元，僅比上一季下降 230 美元，仍比 2019 年高出近 2,000 美元。

Used units declined 13%. The availability of product has been impacted by the lower amount of new sales and previous years and the lack of trade-ins.

二手數量下降了 13%。產品的可用性受到新銷售和往年銷售量較低以及缺乏以舊換新的影響。

During 2024, we began transitioning the UK-based CarShop locations to Sytner Select dealerships. These dealerships sell fewer units, which contributed to a 13% decline in used vehicle retail during the quarter. Excluding these dealerships used vehicles retail would have increased 1%. On a same-store used retail, declined 13%, but only decreased 4% when excluding these dealerships. Average used vehicle transaction price increase 4.6% to $36,785. Gross profit per used vehicle retail increased $318 quarter over quarter, and it was up $60 sequentially. Variable gross profit per unit increased $8 sequentially. Approximately, one-half of our total gross profit is derived from service and parts.

2024 年，我們開始將英國的 CarShop 地點轉變為 Sytner Select 經銷商。這些經銷商的銷量減少，導致本季二手車零售量下降 13%。排除這些經銷商，二手車零售量將成長 1%。在同店二手零售中，下降了 13%，但排除這些經銷商後僅下降了 4%。二手車平均交易價格上漲 4.6% 至 36,785 美元。每輛二手車零售毛利潤季增 318 美元，季增 60 美元。每單位可變毛利比上一季增加 8 美元。我們總毛利的大約一半來自服務和零件。

As we look to continue growing this important part of our business, this added more than 7% more technicians during 2024. Our effective labor rate in the US has increased 5%. Service and parts revenue is at an all-time record of $778 million. Same-store retail automotive revenue decreased 5%. However, service and parts increased 7%, customer pay up 4%, and we're already up [20%] along with collision repair up 2%.

隨著我們希望繼續發展業務的這一重要部分，我們在 2024 年增加了 7% 以上的技術人員。我們在美國的有效勞動力率增加了 5%。服務和零件收入創歷史新高，達 7.78 億美元。同店汽車零售收入下降 5%。然而，服務和零件增加了 7%，客戶付款增加了 4%，我們增加了 [20%]，碰撞修復也增加了 2%。

Let me now turn the call over to Rich sharing.

現在讓我將電話轉給 Richsharing。

Thank you, Roger, and good afternoon, everyone.

謝謝你，羅傑，大家午安。

We have one of the largest commercial truck retailers for Daimler Trucks North America. Retail truck business is one of our core pillars of our diversified model. We operate 35 full sales and service facilities and 11 stand-alone service and parts or parts only facilities.

我們擁有戴姆勒卡車北美最大的商用卡車零售商之一。零售卡車業務是我們多元化模式的核心支柱之一。我們經營 35 個完整的銷售和服務設施以及 11 個獨立的服務和零件或僅零件設施。

Since acquiring the retail truck business in 2014, we have grown revenue and EBT more than 6 times through a combination of organic growth and acquisitions and will continue to pursue acquisitions as a part of PAG's capital allocation strategy. We believe Class 8 commercial truck demand will continue to be driven primarily by replacement purchases. During Q3, North American Class 8 retail sales declined 1%, year-to-date retail sales were 234,000 units or down 6%. At the end of September, the current industry backlog was 116,000 units or approximately four months of sales. This compares to a backlog of 161,300 units at the end of September last year.

自 2014 年收購零售卡車業務以來，透過有機成長和收購相結合，我們的收入和息稅前利潤 (EBT) 成長了 6 倍以上，並將繼續尋求收購，作為 PAG 資本配置策略的一部分。我們相信 8 級商用卡車的需求將繼續主要由更換購買推動。第三季度，北美 8 類汽車零售量下降 1%，年初至今零售量為 234,000 輛，下降 6%。截至9月底，目前產業積壓量為116,000台，相當於四個月的銷售量。相較之下，去年 9 月底的積壓量為 161,300 套。

Premier Truck Group sold 6,331 new and used units in Q3 which is up 14% when compared to Q3 last year. And same-store units increased 9%. Same-store SG&A to gross profit was 57.1% and fixed absorption was 126%. Premier Truck Group's solid Q3 with EBT of almost $57 million. As we look towards '25 and '26, the anticipated emissions change for '27 and recovery in the freight market should help drive retail sales.

Premier Truck Group 第三季售出 6,331 輛新車和二手車，比去年第三季成長 14%。同店銷量成長 9%。同店SG&A佔毛利的比例為57.1%，固定吸收率為126%。Premier Truck Group 第三季業績穩健，息稅前利潤 (EBT) 接近 5,700 萬美元。當我們展望「25」和「26」時，「27」的預期排放變化和貨運市場的復甦應有助於推動零售銷售。

Lastly, as you may recall, Premier Truck Group was temporarily impacted by the CDK's cyber security incident in June 2024. The system outage was restored in the third quarter and we resumed processing transactions at that time. The outage impacted the efficiency and productivity of fixed operations, leading to lower fixed absorption ratio and lower-than-expected parts and service gross profit during Q3.

最後，您可能還記得，Premier Truck Group 在 2024 年 6 月受到 CDK 網路安全事件的暫時影響。系統中斷在第三季恢復，我們當時恢復了交易處理。此次停電影響了固定營運的效率和生產率，導致第三季固定吸收率下降以及零件和服務毛利低於預期。

Turning to Penske Transportation Solutions. I'm pleased to report a 14% increase in sequential earnings for PTS. During Q3, operating revenue increased 3% to $2.8 [billion]. Full service revenue and contract maintenance increased 11%. Logistics revenue increased 3%. Rental declined 11% as a continued freight recession impacted the number of units on rentals.

轉向潘世奇運輸解決方案。我很高興地報告 PTS 的連續收益成長了 14%。第三季度，營業收入成長 3%，達到 28 億美元。全方位服務收入和合約維護成長了 11%。物流收入成長3%。由於貨運持續衰退影響了出租單位數量，租金下降了 11%。

PTS earnings of $[219 million] in Q3 increased sequentially by $27 million, but were down $81 million or 27% compared to Q3 last year. Our share of the PTS earnings was $60.3 million, up from $32.5 million in the first quarter and $52.9 million in the second quarter.

PTS 第三季的獲利為[2.19 億美元]，季增了 2,700 萬美元，但與去年第三季相比下降了 8,100 萬美元，即 27%。我們在 PTS 收益中的份額為 6,030 萬美元，高於第一季的 3,250 萬美元和第二季的 5,290 萬美元。

When we compared the PTS EBT in Q3 to the prior year, earnings were impacted by $21 million in higher maintenance expense of [simply] due to lease extension, a $44-million increase in depreciation expense, and a $23-million increase in interest expense from higher rates related to bond, refinancing, and higher outstanding debt. And finally, a $29-million decline in gain on sale of used trucks. Used truck sales were flat at 8,849 sold units compared to Q3 2023.

當我們將第三季的PTS EBT 與上一年進行比較時，收益受到了2100 萬美元的較高維護費用（簡單地）由於租約延期、折舊費用增加4400 萬美元以及利息費用增加2300 萬美元的影響。最後，二手卡車銷售收益下降了 2,900 萬美元。與 2023 年第三季相比，二手卡車銷量持平，為 8,849 輛。

I would now like to turn the call over to Randall Seymore.

我現在想把電話轉給蘭德爾·西莫爾。

Thanks, Rich. Good afternoon, everyone.

謝謝，里奇。大家下午好。

I will now discuss several activities taking place in our international operations. In the UK, we have been busy integrating the 16 dealerships and $1 billion in estimated annual revenue we acquired earlier this year, coupled with the re-branding and transitioning of the UK CarShop operations to Sytner Select. With this change Sytner Select, we can more closely align the used car operation with franchise dealerships to reduce our cost base.

我現在將討論我們國際業務中發生的幾項活動。在英國，我們一直忙於整合今年稍早收購的 16 家經銷商和估計年收入 10 億美元，同時也對 UK CarShop 業務進行品牌重塑並過渡到 Sytner Select。透過 Sytner Select 的這項變化，我們可以將二手車營運與特許經銷商更緊密地結合起來，以降低我們的成本基礎。

The UK new vehicle market remains challenging. Registrations increased 1% during Q3, with retail registrations down 4%. The decline in retail registrations is a result of the UK government's zero-emission vehicle mandate, which requires at least 22% of all vehicles registered to be zero emissions in 2024. These vehicles are primarily purchased by fleet customers due to payroll tax incentives and are often at lower gross margin.

英國新車市場仍充滿挑戰。第三季註冊量增加了 1%，零售註冊量下降了 4%。零售登記量的下降是英國政府零排放車輛指令的結果，該指令要求到 2024 年至少 22% 的已登記車輛實現零排放。由於工資稅優惠，這些車輛主要由車隊客戶購買，毛利率通常較低。

Same-store units delivered increased 7% with new units retail down 2%, and agency units, up 25%. Same-store used units declined 22% as a result of the transition of UK CarShop locations to Sytner Select, which focus on lower volume but higher quality vehicles. Excluding those dealerships, same-store used units decreased 6%. However, services and parts same-store revenue increased 8.5%.

同店交屋量成長 7%，新零售量下降 2%，代理單位量成長 25%。由於 UK CarShop 地點轉向 Sytner Select（專注於銷量較低但品質較高的車輛），同店二手車數量下降了 22%。排除這些經銷商，同店二手車數量下降了 6%。然而，服務和零件同店收入成長了8.5%。

Turning to Australia. As you may recall during the second quarter, we expanded our retail automotive operations with the acquisition of two Porsche dealerships located in Melbourne, the second largest city in Australia. During the third quarter, these dealerships retail nearly 400 new and used units, generated nearly $50 million in revenue at a 5% return on sales.

轉向澳大利亞。您可能還記得，在第二季度，我們透過收購位於澳洲第二大城市墨爾本的兩家保時捷經銷商來擴大我們的零售汽車業務。第三季度，這些經銷商零售了近 400 輛新車和二手車，創造了近 5,000 萬美元的收入，銷售回報率為 5%。

Last week, we announced an agreement to acquire our third Porsche dealership in Melbourne. We expect this dealership to add $130 million in estimated annualized revenue and closing is expected by the end of this year, subject to customary conditions.

上週，我們宣布達成協議，收購位於墨爾本的第三家保時捷經銷店。我們預計該經銷店的年化收入預計將增加 1.3 億美元，預計在符合慣例條件的情況下，在今年年底前完成交易。

Turning to our on-and-off highway markets within the commercial truck and power system operations. We continue to sell products and trucking, mining, power generation, defense, marine, rail, and construction sectors. And support full parts and after-sales service across the region. Service and parts represents approximately 70% of our total gross profit, so our focus on increasing units in operation is a key driver of the business.

轉向我們的商用卡車和電力系統營運中的公路和非公路市場。我們繼續向卡車運輸、採礦、發電、國防、船舶、鐵路和建築業銷售產品。並支援全區域的配件及售後服務。服務和零件約占我們總毛利的 70%，因此我們對增加營運單位的關注是業務的關鍵驅動力。

For nine months in Australia ending September 30 of this year, we have generated record profitability through an increase in sales and a reduction in our SG&A to gross profit of nearly 500 basis points. In the on-highway market, our Western Star, MAN brands have increased share in the forecast for Q4 looks solid. In fact, MAN is expected to achieve record sales results in 2024.

截至今年 9 月 30 日的九個月裡，我們在澳洲創造了創紀錄的獲利能力，銷售額增加，SG&A 毛利減少近 500 個基點。在公路市場，我們的西星、MAN 品牌的份額增加，第四季度的預測看起來很穩固。事實上，MAN 預計將在 2024 年實現創紀錄的銷售業績。

Energy solutions continues to perform strongly in the data center in battery energy storage solution markets. We continue to be a market leader in these segments with 55% market share of high horsepower generation. Our current order bank for large data centers in the battery storage systems is over $500 million for 2024 and beyond. Additionally, the mining market remains strong as commodity prices generally remain high, resulting in a positive environment.

能源解決方案在電池儲能解決方案市場的資料中心中持續表現強勁。我們繼續成為這些領域的市場領導者，在高馬力發電領域佔據 55% 的市場。目前，到 2024 年及以後，我們大型資料中心電池儲存系統的訂單量將超過 5 億美元。此外，由於大宗商品價格普遍維持高位，礦業市場依然強勁，創造了積極的環境。

I would now like to turn the call over to Shelley Hulgrave.

我現在想把電話轉給雪莉·赫爾格雷夫。

Thank you, Randall. Good afternoon, everyone. I will review our cash flow, balance sheet, and capital allocation.

謝謝你，蘭德爾。大家下午好。我將檢視我們的現金流量、資產負債表和資本配置。

Our balance sheet and cash flow provide us with opportunities to maximize capital allocation. As a result, we continue to grow our business through acquisitions and return capital to shareholders through dividends and securities repurchases.

我們的資產負債表和現金流量為我們提供了最大化資本配置的機會。因此，我們繼續透過收購發展業務，並透過股利和證券回購向股東返還資本。

During the first nine months, we generated $962 million in cash flow from operations, and our trailing 12-month EBITDA was $1.4 billion. On October 16, we announced an 11% increase in the cash dividend to $1.19 per share. So far in 2024, we have increased the dividend four times while increasing the cash payout from $0.79 per share at the end of last year to $1.19, a 51% increase. Using the closing price on October 28, the current yield is approximately 3.1%. The dividend payout ratio over the last 12 months is approximately 28%.

前 9 個月，我們的營運現金流為 9.62 億美元，過去 12 個月的 EBITDA 為 14 億美元。10 月 16 日，我們宣布將現金股利增加 11% 至每股 1.19 美元。2024年到目前為止，我們已四次增加股息，同時將現金支付從去年底的每股0.79美元增加到1.19美元，增幅為51%。以10月28日收盤價計算，當前收益率約為3.1%。過去12個月的股利支付率約為28%。

We have also repurchased approximately 511,000 shares for $77 million so far this year, including the upcoming dividend distribution and year-to-date share repurchases, the company will have returned approximately $350 million to shareholders so far this year. In addition to the return to shareholders, we have completed acquisitions, representing $2.1 billion an estimated annualized revenues to date this year, including $1.8 billion in retail automotive and $200 million in commercial truck.

今年到目前為止，我們還以 7,700 萬美元的價格回購了約 511,000 股股票，包括即將進行的股息分配和年初至今的股票回購，公司今年迄今將向股東返還約 3.5 億美元。除了股東回報外，我們還完成了收購，今年迄今預計將年化收入達 21 億美元，其中包括 18 億美元的零售汽車業務和 2 億美元的商用卡車業務。

Additionally, as we focus on effective capital allocation, we also divested or closed five underperforming locations so far this year, representing $500 million in estimated annual revenue.

此外，由於我們專注於有效的資本配置，今年到目前為止，我們也剝離或關閉了五個表現不佳的地點，預計年收入達 5 億美元。

Our strong cash flow has allowed PAG to keep its non-vehicle debt and leverage low. At the end of September, our long-term debt was $1.88 billion, up [$215] million from the end of December 2023.

我們強勁的現金流使太盟集團能夠將非車輛債務和槓桿率保持在較低水準。截至 9 月底，我們的長期債務為 18.8 億美元，比 2023 年 12 月底增加了 [2.15 億美元]。

22% of our long-term debt is at fixed rate. Our variable debt is approximately $4.7 billion, of which approximately 50% resides in the US. We estimate a 25-basis-point change in US rate [and tax] interest expense by approximately $6 million on an annual basis. Debt-to-total capitalization was 26.4% and leverage is 1.3 time. We have now determined that it is proper to classify our 2025 notes of current in our September 30 balance sheet.

我們 22% 的長期債務是固定利率的。我們的可變債務約為 47 億美元，其中約 50% 位於美國。我們估計，美國利率[和稅收]利息支出如果變化 25 個基點，每年將增加約 600 萬美元。債務佔總資本的比例為26.4%，槓桿率為1.3倍。我們現在已確定，將 2025 年流動票據分類到 9 月 30 日的資產負債表中是正確的。

As of September 30, we had $92 million of cash among the liquidity available to us was $1.7 billion. Our liquidity, strong cash flow, and strong balance sheet provide us many options to repay or refinance as we look ahead to the September 2025 (inaudible) of our five-year notes in the (technical difficulty) current interest rate environment.

截至 9 月 30 日，我們擁有 9,200 萬美元現金，其中可用流動資金為 17 億美元。當我們在當前利率環境（技術難度）下展望2025 年9 月（聽不清楚）的五年票據時，我們的流動性、強勁的現金流和強勁的資產負債表為我們提供了多種償還或再融資選擇。

Total inventory was $4.8 billion, up $530 million from the end of December last year. Floor plan debt was $4.2 billion. Despite the increase in new vehicle inventory, days' supply for new vehicles was 53 and 43 for used. This compares to 52 for new and 40 for use at the end of June. Days' supply of new vehicles for premium was 56 and volume foreign was 36. The day supply of new battery electric vehicles in the US has improved from 88 days at the end of June to 66 days at the end of September.

總庫存量為 48 億美元，比去年 12 月底增加 5.3 億美元。平面圖債務為 42 億美元。儘管新車庫存增加，但新車供應天數為 53 天，二手車供應天數為 43 天。相較之下，6 月底新的有 52 個，已使用的有 40 個。高級車新車供應天數為 56 輛，國外銷售量為 36 輛。美國新款純電動車的日供應量從6月底的88天改善到9月底的66天。

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

此時，我會將電話轉回給羅傑，徵求最後的意見。

Thank you, Shelley.

謝謝你，雪萊。

As Shelley remarked, our balance sheet remains is in great shape and provides us with a flexibility and capital allocation. In conclusion, our results continue to demonstrate the benefit from our diversification, disciplined capital allocation strategy, continued cost control, and the efforts for our whole team. I'm very confident in our model and the performance of the business.

正如雪萊所說，我們的資產負債表仍然狀況良好，為我們提供了靈活性和資本配置。總之，我們的績效繼續證明了我們的多元化、嚴格的資本配置策略、持續的成本控制以及我們整個團隊的努力所帶來的好處。我對我們的模式和業務表現非常有信心。

Appreciate you being on the call today. We'll open it up for questions.

感謝您今天接聽電話。我們將打開它供提問。

(Operator Instructions)

（操作員說明）

John Murphy, Bank of America.

約翰‧墨菲，美國銀行。

First question, Roger, on the stop sale because it's flowing through the business in a number of ways. I'm just curious if you can give us an idea of the impact in the quarter and what you expect near-term potentially there also on the flip side becoming benefits on parts and service and when that may hit? And maybe just more broadly because you've been in the industry for a long time, what do you actually think is going on here? Because it seems like (laughter) it's pretty pervasive and not isolated to one specific manufacturer apart.

羅傑，第一個問題是關於停止銷售，因為它以多種方式流經業務。我只是好奇您能否讓我們了解本季的影響，以及您預計近期可能會在零件和服務方面帶來哪些好處，以及何時會產生影響？也許更廣泛地說，因為您已經在這個行業工作了很長時間，您實際上認為這裡發生了什麼？因為它看起來（笑聲）非常普遍，並且不孤立於某個特定的製造商。

John, let me have Rich talk about the US and then Randall talk about the international.

約翰，讓我讓里奇談談美國，然後讓蘭德爾談談國際。

Okay, Rich?

好吧，里奇？

Yes, hey, John, good afternoon.

是的，嘿，約翰，下午好。

So I think like you mentioned it's a detriment on one side and the benefit on the other. And certainly as you look in the quarter, the amount of stop sales we saw were more pervasive than we've ever experienced, so that's disappointing. And I'll talk to some of the reasons why at least from the feedback we've received from the OEMs in a minute.

所以我認為就像你提到的那樣，一方面是有害的，另一方面是有益的。當然，正如您在本季度看到的那樣，我們看到的停止銷售數量比我們經歷過的更普遍，所以這令人失望。稍後我將至少根據我們從 OEM 收到的回饋來談談其中的一些原因。

But I think I'll focus on BMW because obviously that was probably the one that have got the biggest headlines and was the most impactful from an overall volume when you look at 26% of our worldwide revenue being with BMW, and that recall impacting about 1.5 million units globally. It certainly impacted both the business here in the US and in our business internationally, as Randall will talk to.

但我想我會專注於寶馬，因為很明顯，當你看到我們全球收入的26% 來自寶馬時，這可能是最熱門的頭條新聞，也是最具影響力的車型，而這次召回影響了全球約 150 萬台銷售。正如蘭德爾將談到的那樣，這無疑影響了美國的業務和我們的國際業務。

So when the announcement came out, it was an impact of -- to about 60% of our BMW ground stock and 100% of our many ground stock. And it was two things that we did proactively very early on. The first was to acquire vehicles from BMW that were in their internal for offer sale that enabled us to source vehicles that were not part of the stop sale, so that our retail teams had some units to sell, not knowing how long this stop sale is going to occur. So that was number one.

因此，當該公告發佈時，我們大約 60% 的 BMW 地面庫存和 100% 的許多地面庫存受到影響。這是我們很早就主動做的兩件事。第一個是從寶馬購買內部進行優惠銷售的車輛，這使我們能夠購買不屬於停售範圍的車輛，這樣我們的零售團隊就有一些單位可以出售，而不知道停售時間是多長將會發生。所以這是第一。

Number two, the teams, both at the dealerships regionally and with our brand management team worked very closely with BMW's parts and service organization, understand what was needed to make the repairs, what training was needed so that we could get ahead of it. And then we prioritized that work when the parts came available because the way BMW in the US was metering the parts is they would only give you more parts if all the vehicles from the first parts they ship were updated. And so we felt it was necessary to prioritize those repairs and get as many vehicles updated as soon as possible.

第二，區域經銷商團隊以及我們的品牌管理團隊與寶馬的零件和服務組織密切合作，了解維修需要什麼，需要什麼培訓，以便我們能夠領先。然後，當零件可用時，我們會優先考慮這項工作，因為美國寶馬計量零件的方式是，如果他們運送的第一批零件中的所有車輛都更新，他們只會為您提供更多零件。因此，我們認為有必要優先考慮這些維修，並儘快更新盡可能多的車輛。

So then if you look at the impact then from that the sales was about a $6-million gross impact from this sale side of it. And then about a $4-million net impact in gross when you factor in the warranty work that was necessary to get those stop sale vehicles updated, and that's on a global basis. So that's approach we took here in the US.

那麼，如果你看看影響，那麼銷售方面的總影響約為 600 萬美元。如果考慮到更新這些停售車輛所需的保固工作，那麼總淨影響約為 400 萬美元，而且這是在全球範圍內的。這就是我們在美國採取的方法。

I'll hand over to Randall talked about the international market.

我將交給蘭德爾談論國際市場。

Yeah. So it was other than the UK was effectively a non-issue, Italy and Japan, we have a decent BMW footprint, but we were able to get those vehicles back on the road. In the UK, a similar story hear to the US. Parts availability and timing and they prioritized, as you would expect, customer vehicles, new vehicles, and then used vehicles, which were still in the process of addressing.

是的。因此，除了英國實際上不是問題之外，義大利和日本，我們也有不錯的寶馬足跡，但我們能夠讓這些車輛重新上路。在英國，美國也聽到了類似的故事。零件的可用性和時間安排，正如您所期望的那樣，他們優先考慮客戶車輛、新車，然後是二手車，這些問題仍在解決過程中。

So from a new standpoint, it's probably more of a push rather than a cancellation, but used, as you can imagine, we did have some cancellations as customers if they wanted to buy used cars in early September aren't going to wait till November so that was really the effect in the UK.

因此，從新的角度來看，這可能更多的是推動而不是取消，但二手車，正如你可以想像的那樣，我們確實有一些取消，因為如果客戶想在9 月初購買二手車，他們不會等到11 月這就是英國的實際效果。

And then the second part of your question, John, what do we think is going on?

然後是你問題的第二部分，約翰，我們認為發生了什麼事？

So obviously, we've had discussions with each of the OEMs to understand what's going on. There's two main reasons that we would point to base -- that's been consistent from the feedback we've received.

顯然，我們已經與每個原始設備製造商進行了討論，以了解正在發生的情況。我們指出基地有兩個主要原因——這與我們收到的回饋一致。

One, the increasing vehicle complexity in the software that goes into these vehicles these days because there is a lot of the recalls, we've seen have been software related, take the Porsche Macan, for example, and then just how deeply the supply base cut their costs and workforce during the pandemic. They're just having a hard time ramping back up the demand and their production forecasts have increased, so those are the two things that we hear from the OEMs and it's being consistent to some of the underlying problems there.

一，如今這些車輛所使用的軟體越來越複雜，因為有很多召回，我們已經看到與軟體相關的事件，以保時捷 Macan 為例，然後是供應基礎有多深在大流行期間削減成本和勞動力。他們只是很難增加需求，而且他們的產量預測也有所增加，所以這是我們從原始設備製造商那裡聽到的兩件事，這與那裡的一些根本問題是一致的。

Got it.

知道了。

And then just maybe a second question that's very helpful on upfront grosses. I mean, up $8 sequentially, rate keeps [ticking grosses] in total are going to fall and then specifically, the relative strength of even new GPUs down a little bit more than $200 on their own. It just seems like this is holding up better than anybody is fearing. Or are we getting to a point in a slower on the decline? Are we getting to a point where we're get into this asymptotic limit where we might be, quote-unquote, normalizing now these much higher levels? Or is there a reason as we progress through the next 18 to 24 months, why there might be, quote-unquote, further normalization lower?

然後也許是第二個問題，這對預付款非常有幫助。我的意思是，如果連續上漲 8 美元，那麼總的費用[滴答作響]就會下降，具體來說，即使是新 GPU 的相對強度也會下降 200 美元多一點。看起來這比任何人擔心的都更有效。或者我們已經到了衰退速度放緩的地步？我們是否已經達到了漸近極限，我們可能會，引用不引用，現在將這些更高的水平正常化？或者，隨著我們在接下來的 18 到 24 個月的進展，是否存在一個原因，為什麼可能會出現進一步的正常化走低？

Yeah, I think we feel good about where the grosses are at right now, John. And as you pointed out, sequentially, the compression has slowed. There's no doubt the consumer is still I think challenged. The affordability remains to be a question mark as Roger alluded in his remarks up 2% in the quarter to over $57,000 now. Obviously, we think the rate cuts, if those come forward, that will help with the high penetration of leasing in the US market.

是的，我認為我們對目前的總收入狀況感覺良好，約翰。正如您所指出的，壓縮速度逐漸減慢。毫無疑問，我認為消費者仍然面臨挑戰。負擔能力仍然是一個問號，羅傑在他的演講中提到，該季度上漲了 2%，目前已超過 57,000 美元。顯然，我們認為，如果降息成功，將有助於提高租賃在美國市場的高滲透率。

But it goes back to our teams as well. I mean I think I give a lot of credit there to them making a deal that is holding on the gross and being disciplined and what they're doing. We still have very short supply in Texas our Toyota and Lexus, and you're seeing the incentives increase and so from the OEM. So with that, it helps move the [OEM] without us having to discount at a higher rate to move the inventory.

但這也回到了我們的團隊。我的意思是，我認為我對他們達成的協議給予了很大的讚揚，他們達成了一項能夠控制總金額、遵守紀律的協議以及他們正在做的事情。我們在德州的豐田和雷克薩斯的供應仍然非常短缺，而且您會看到原始設備製造商的激勵措施增加。因此，它有助於轉移[OEM]，而我們不必以更高的折扣來轉移庫存。

Ronald Jewsikow, Guggenheim Securities.

羅納德‧朱斯蒂科 (Ronald Jewikow)，古根漢證券公司。

I was wondering if we could start on, you called off the residual impact of CDK on the business. I thought the retail truck numbers, I guess, look (technical difficulty) pretty healthy in the quarter. So just put a finer point on that and maybe beyond that. There has been some freight market softness. So just any update you can provide on the order book and tone of conversations with your customers.

我想知道我們是否可以開始，您取消了 CDK 對業務的殘餘影響。我認為本季零售卡車數量（技術難度）看起來相當健康。因此，請對此提出更詳細的觀點，也許不止於此。貨運市場出現了一些疲軟。因此，您可以提供有關訂單簿的任何更新以及與客戶的對話語氣。

Yeah. Ron, Good afternoon. So Rich here again on. Let me take the first one on CDK. So I think just as a reminder, I think you're aware that we use CDK in our commercial retail truck business. So unlike our peers who have CDK in the automotive business, it's a smaller portion of our business, but still impacts probably on a proportional basis. Again, I give credit to our team and their responsiveness to implement manual processes as soon as possible so that we get at least sustain a business level that was acceptable.

是的。羅恩，下午好。所以里奇又來了。讓我看一下 CDK 上的第一個。所以我想提醒一下，我想您知道我們在商業零售卡車業務中使用 CDK。因此，與我們在汽車業務中擁有 CDK 的同行不同，它只占我們業務的一小部分，但仍然可能按比例產生影響。我再次讚揚我們的團隊以及他們盡快實施手動流程的回應能力，以便我們至少維持可接受的業務水平。

The biggest impact, as I said, was on our fixed operations, mostly from a productivity and efficiency standpoint, where things slowed as a result of having to generate repair orders manually, generate parts tickets manually instead of that automatically filling through our retail management system with the OEM.

正如我所說，最大的影響是對我們的固定運營，主要是從生產力和效率的角度來看，由於必須手動生成維修訂單、手動生成零件票，而不是透過我們的零售管理系統自動填寫，所以事情變慢了與原始設備製造商。

We also took the decision to pay our employees on the trend price prior to the CDK disruption because obviously, it wasn't anything that they had control over. And then when we came out of that through the middle of August, we looked back on a 3-month, 12 month, and 18-month trend basis to determine what we thought the impact to our business was during that time, and we feel it's minimum $7 million that was an impact in total with some of that being in the second quarter and some in the third quarter, so that's CDK.

我們還決定按照 CDK 中斷之前的趨勢價格向員工支付工資，因為顯然，這不是他們可以控制的任何事情。然後，當我們在 8 月中旬走出困境時，我們回顧了 3 個月、12 個月和 18 個月的趨勢基礎，以確定我們認為這段時間對我們業務的影響是什麼，我們覺得總影響至少為700 萬美元，其中一些在第二季度，一些在第三季度，所以這就是CDK。

Then as you look at the freight environment, your second question, certainly, it's lasted longer than any other freight recession that we've had in the past and we're still in the heights of that at the moment. But I think despite that, you look at our new vehicle sales up 16%, 10% on a same-store basis, used up 5%, 4% on a same-store basis.

然後，當你審視貨運環境時，你的第二個問題當然是，它的持續時間比我們過去經歷過的任何其他貨運衰退都要長，而且目前我們仍處於最高峰。但我認為儘管如此，你看看我們的新車同店銷量成長了 16%、10%，同店銷量成長了 5%、4%。

And I think the customers are continuing to purchase at a replacement demand versus fleet growth. And I think the decision they're making there is that the capital expenditure is better than the increased maintenance expense that they'll see if they run those trucks and keep those trucks longer and so on, our allocation is completely sold out. We have seen more smaller customer cancellations this year. I'd say it's nothing material that we haven't been able to [replace] those trucks with other customers where there is demand and the demand is still healthy and medium-duty private fleets and vocational business.

我認為，與機隊成長相比，客戶將繼續根據替換需求進行購買。我認為他們在那裡做出的決定是，資本支出優於增加的維護費用，如果他們運行這些卡車並保留這些卡車更長的時間等等，我們的分配已完全售罄。今年我們看到更多小規模客戶取消訂單。我想說的是，我們無法用其他有需求的客戶[替換]這些卡車，並且需求仍然是健康的中型私人車隊和職業業務，這並不重要。

As we look to 2025, the OEM we support Freightliner and Western Star, they have a quarterly reservation system. And so we know how many trucks we're going to be allocated on a quarterly basis. And then we're working with customers now to fulfill those orders. And we feel optimistic for the first time in four years that now there'll be production capacity to where we can go out and conquest business that we haven't been able to go after in the past, simply because all the trucks we were allocated were being used to satisfy our existing customer portfolio.

展望 2025 年，我們支持的 OEM 包括 Freightliner 和 Western Star，他們有季度預訂系統。因此我們知道每個季度將分配多少輛卡車。然後我們現在正在與客戶合作完成這些訂單。四年來我們第一次感到樂觀，現在我們將有產能，可以走出去，征服我們過去無法追求的業務，僅僅因為我們分配了所有卡車用於滿足我們現有的客戶組合。

So when you look at our grosses, I think both new and used sequentially are hanging right in there, so feel good overall about the performance in the quarter.

因此，當你看看我們的總收入時，我認為新的和連續使用的都在那裡，所以對本季的整體表現感覺良好。

Okay. That's super helpful. I appreciate all the color.

好的。這非常有幫助。我欣賞所有的顏色。

And then I was just wondering if we could talk about parts and service from here a little bit more as a follow-up to the stop sale discussion. Really strong quarter in Q3 obviously, fourth quarter will have less service space, but I assume it's largely the same year over year. So just wanted to get a sense of the potential benefit from stop sales and how closer (multiple speakers) potentially (multiple speakers)--

然後我只是想知道我們是否可以從這裡進一步討論零件和服務，作為停止銷售討論的後續內容。顯然，第三季的季度表現非常強勁，第四季的服務空間將會減少，但我認為與去年同期基本相同。因此，我只是想了解停止銷售的潛在好處以及（多個發言者）可能的距離有多近（多位發言者）——

Let me take that one.

讓我拿走那個。

I think a couple of things. When we look at parts and service, our technician count [is up] 7% and our effective labor rate is up five percentage, which obviously makes a big difference.

我認為有幾件事。當我們查看零件和服務時，我們的技術人員數量上升了 7%，我們的有效勞動力率上升了 5%，這顯然產生了很大的差異。

Customer pay when I look at it across, the US was up about 5%, internationally was up 2%. So overall, about 4% (inaudible) which was the strongest was up 20% across both the US and internationally. And our collision repair was up about 2.2%. So you can see it across the board. And I think the fact that the premium luxury cars are in, we looked at a number and I don't have it exactly here from a BEV concern to a ICE vehicle. And there's no question that the BEV vehicles now we're taking more time because the programming and then they are in an ICE vehicle and I can't give you exactly from an ROI perspective.

當我看到客戶付款時，美國上漲了約 5%，國際上漲了 2%。整體而言，美國和國際增幅最高的約 4%（聽不清楚），增幅達 20%。我們的碰撞修復提高了約 2.2%。所以你可以全面地看到它。我認為事實上，高端豪華車已經存在，我們查看了一些數字，但我沒有完全掌握從純電動車到內燃機汽車的數據。毫無疑問，純電動車現在我們需要更多的時間，因為編程，然後它們是在內燃機汽車中，我無法從投資回報率的角度給你確切的資訊。

But I think overall, when you look at our stop sale impact, it was about $6 million in sales at about $4 million on the fixed side. So again, we're focusing because you remember, when you think about Randall's business about 70% is parts and service in the -- we look at Rich's business is probably what 65% and 55% in the auto side. So when you look at those margins comparison to 6% and 7% on new and used, I think the focus is right. We spent a lot of money on dynamometer in their truck business. We've got ways to adjust or look at your tires as you come in the drive-through. We have equipment now that will tell us about and be able to show the customer their alignment. So a lot of these things are for customer satisfaction and also then drives margin in our [shock], so again we're investing a lot of money in shops because we see as the BEV units come in, we're going to need to have more space because of much of the programming that has to take place.

但我認為總體而言，當你看到我們的停止銷售影響時，你會發現銷售額約為 600 萬美元，固定銷售額約為 400 萬美元。再說一次，我們之所以專注於重點，是因為你還記得，當你想到Randall 的業務時，大約70% 是零件和服務——我們看看Rich 的業務，其中65% 和55% 可能是汽車方面的業務。因此，當您比較新機和二手機 6% 和 7% 的利潤時，我認為重點是正確的。我們在他們的卡車業務中在測功機上花了很多錢。當您進入駕駛通道時，我們有辦法調整或檢查您的輪胎。我們現在擁有的設備可以告訴我們並且能夠向客戶展示他們的定位。因此，這些事情很多都是為了客戶滿意度，然後在我們的[震驚]中提高利潤，因此我們再次在商店中投入大量資金，因為我們看到隨著 BEV 裝置的出現，我們將需要由於需要進行大量的程式設計工作，因此有更多的空間。

And what when you look at the difference between today and this is probably over the last 2% of our repair orders, the difference between a ICE vehicle when you look at it from a total cost is about $700 and it's about $1,300 per repair order for a BEV. So I'm not sure when -- which is around, but the stop sales and the complexity around this software is interesting. I see it here in the car business, and I can tell you that at our race cars, we're using a lot of software and we spend more time whether it's sitting there and we do on the track many days. So this isn't just epidemic on the car side. It just so complicated. And we're expecting so many things that get done. So I would say that overall parts and services is the heart of our business.

當你看看今天和這可能是我們最後2% 的維修訂單之間的差異時，如果你從總成本來看，ICE 車輛之間的差異約為700 美元，而每個維修訂單的成本約為$1,300 純電動汽車。所以我不確定什麼時候——什麼時候，但停止銷售和圍繞這個軟體的複雜性很有趣。我在汽車行業看到了這一點，我可以告訴你，在我們的賽車上，我們使用了大量的軟體，我們花費更多的時間，無論它是坐在那裡還是在賽道上很多天。所以這不僅僅是汽車方面的流行病。就是這麼複雜。我們期待著很多事情能夠完成。所以我想說，整體零件和服務是我們業務的核心。

So hey, Rich, could you clarify or I know you talked about the benefit from stop sales parts and service and the revenue that we would have received in the quarter. Can you go through those numbers one more time?

所以，嘿，Rich，您能否澄清一下，或者我知道您談到了停止銷售零件和服務的好處以及我們在本季度收到的收入。你能再看一次這些數字嗎？

Yeah. So as we're talking specifically BMW, BMW -- so on BMW, just to clarify then we saw about a $6-million impact to gross profit and sales. And then when you factor in the warranty repairs to correct those vehicles to prepare them for sale, the net impact was about $4 million. So you had let's say about $2 million in fixed operations that was a gain as a result of correcting the deficiency on those units.

是的。因此，當我們具體談論寶馬時，寶馬——所以寶馬，只是為了澄清一下，我們看到毛利和銷售額受到了約 600 萬美元的影響。然後，當您考慮到保固維修以糾正這些車輛以準備出售時，淨影響約為 400 萬美元。因此，假設固定業務中有大約 200 萬美元，這是糾正這些單位的缺陷所帶來的利益。

So Ron, that gives you the big picture piece there, okay.

羅恩，這給了你一個大局，好嗎？

Yeah. That's super helpful as we move forward and appreciate all the color on the increasing complexity as we are looking more and more like computer on wheels like us. Appreciate it.

是的。當我們向前邁進並欣賞日益複雜的所有顏色時，這非常有幫助，因為我們看起來越來越像像我們這樣的帶輪子的電腦。欣賞它。

Rajat Gupta, JPMorgan.

拉賈古普塔，摩根大通。

I had a question on the used car business, obviously a bit more than expected abrupt [correction] in the unit because of consolidation of CarShop. I was just curious looking forward from here is the third quarter level a good baseline to look at the business, both in terms of units and GPUs. Or were there some one-time impacts that (technical difficulty) the business more than we would expect because of the consolidation? So just curious if you could give us some guidance on that?

我對二手車業務有一個疑問，由於 CarShop 的整合，該部門的突然[修正]顯然比預期的要多一些。我只是很好奇，從這裡開始，第三季的水平是一個很好的基準來審視業務，無論是在單位還是 GPU 方面。或者是否由於整合而對業務產生了一些一次性影響（技術難度）超出我們的預期？所以只是好奇你能否給我們一些指導？

I have a follow-up.

我有一個後續行動。

I think in our press release, we talked about even though we showed our used car business down, if we took out 9,000 units, that would have put us at up 1% on an overall basis. But as we transitioned from CarShop to Sytner Select, we've taken away real estate and locations that we sold to third parties, which now has given us a base run rate between [2,000 and 2,500 versus 5,000].

我想在我們的新聞稿中，我們談到，即使我們的二手車業務出現下滑，如果我們拿出 9,000 輛，那麼我們的整體業績將增長 1%。但當我們從 CarShop 過渡到 Sytner Select 時，我們已經拿走了出售給第三方的房地產和地點，這給了我們一個基本運行率[2,000 和 2,500 與 5,000]。

Now that was done, and I would say this so you'll see the ultimate used car number come down but I think for gross profit perspective, even on the chassis we're almost double than where we were before and we're gaining a lot of strength on our F&I, our finance products, and to me the access to those vehicles now, these are vehicles that come from Sytner OEM business that can't be retailed or certified where they were being put on our Sytner net are exclusive or actions block.

現在已經完成了，我想說的是，這樣你就會看到最終的二手車數量下降，但我認為從毛利的角度來看，即使在底盤上，我們也幾乎是以前的兩倍，而且我們正在獲得我們的 F&I、我們的金融產品具有很大的實力，對我來說現在可以使用這些車輛，這些車輛來自 Sytner OEM 業務，不能在我們的 Sytner 網路上進行零售或認證，是獨家或動作塊。

We now take those vehicles and they're moved over to Sytner Select. And I can tell you this made a big difference because we're now sourcing a biggest portion of our vehicles through this process along with OEM. And I think that when you look at our overall gross profit, just for the quarter, we were up $318. So I think some of that has a big factor and overall we're up 5%.

我們現在將這些車輛移至 Sytner Select。我可以告訴你，這產生了很大的影響，因為我們現在透過這個流程與 OEM 一起採購我們的大部分車輛。我認為，當你看看我們本季的整體毛利時，我們就成長了 318 美元。所以我認為其中有一個重要因素，整體而言我們上漲了 5%。

So number one, it's lower units, higher margin, less locations. But I think when we look at the product now where we had a loss in it last year, we're looking as we go forward and do our business plans for 2025, we should see Sytner in the UK with [positive].

所以第一，它的單位數量更少，利潤更高，地點更少。但我認為，當我們現在審視去年虧損的產品時，我們正在展望未來並製定 2025 年的業務計劃，我們應該會看到英國的 Sytner[積極的]。

We also want -- took two down here in the US, one in New Jersey and one in Phoenix. And those costs were, I think from an operating standpoint, were higher than the business could afford. And those have been divested during the year. So when we look at the CarShop US and we look at Sytner Select, I think that we're going to have a business got to run somewhere between 2,500 in the UK and 1,100 to 1,200 in the US so you can say between 3,500 and 4,000 would be a run rate, and I think the margins are significantly higher than they were before.

我們還希望在美國降落兩架，一架在新澤西，一架在鳳凰城。我認為從營運的角度來看，這些成本高於企業的負擔能力。這些已在年內被剝離。因此，當我們查看 CarShop US 和 Sytner Select 時，我認為我們的業務將在英國運營 2,500 家，在美國運營 1,100 到 1,200 家，所以你可以說在 3,500 到 4,000 家之間這將是一個運行率，我認為利潤率明顯高於以前。

And we'll continue to look at our sourcing but I can tell you that we want to buy down -- on the service drive, we want to buy from the OEM and obviously trades are a big portion of this.

我們將繼續關注我們的採購，但我可以告訴你，我們想購買——在服務驅動方面，我們想從原始設備製造商那裡購買，顯然貿易是其中的很大一部分。

Got it. That's very clear.

知道了。這非常清楚。

And just a follow-up on capital allocation. You've done several acquisitions this year, added modest leverage to the business, and so [1.2] times. Curious how we should think about optionality around (technical difficulty) increasing leverage, being more aggressive on buyback or even more M&A. Just curious what's the latest thoughts off around go-forward capital allocation?

這只是資本配置的後續行動。今年您進行了多次收購，為業務增加了適度的槓桿作用，等等 [1.2] 倍。好奇我們應該如何考慮圍繞（技術難度）增加槓桿、更積極地回購甚至更多併購的選項。只是好奇關於未來資本配置的最新想法是什麼？

I will let Shelley answer that for you. Okay, Shelley?

我會讓雪萊為你解答。好吧，雪萊？

Hey, Rajat. Thanks for the question.

嘿，拉賈特。謝謝你的提問。

When we look at this quarter and we start all these capital allocation discussions with the word opportunistic, and I think we exemplified at this quarter and this year. So if you look at page 6 of our slide deck, acquiring $2 billion in annualized revenue year to date, I think chunk of that came from Bill Brown Ford, which we acquired in July, certainly not as cheap date.

當我們回顧本季時，我們以機會主義一詞開始所有這些資本配置討論，我認為我們在本季度和今年就是例證。因此，如果你看一下我們幻燈片的第6 頁，今年迄今為止獲得了20 億美元的年化收入，我認為其中很大一部分來自我們於7 月收購的比爾布朗福特(Bill Brown Ford) ，這當然不是那麼便宜的收購。

But then, we also wanted to take care of our shareholders, and so with the most recent dividend announcement, we will have returned over $350 million to our shareholders to date, and continue to grow the business through CapEx. Roger talked about expanded service opportunities, and we've opened a number of new stores and purchased about $37 million on land for future growth.

但是，我們也想照顧我們的股東，因此透過最近的股息公告，迄今為止我們將向股東返還超過 3.5 億美元，並繼續透過資本支出發展業務。羅傑談到了擴大服務機會，我們開設了許多新商店，並購買了約 3700 萬美元的土地用於未來的成長。

So I would say, we certainly like the buyback. It's not something that we've turned away from it. It just happened to be the opportunities that were presented to us in this quarter.

所以我想說，我們當然喜歡回購。這並不是我們迴避的事情。這恰好是本季向我們提供的機會。

David Whiston, Morningstar.

大衛‧惠斯頓，晨星公司。

Sticking on the M&A and capital allocation question, I'm just curious if you're seeing seller asking prices and for M&A coming down, as people are resetting their expectation given trailing 12-month profits have been coming down? Or do you still think because what would you still consider them [elevated]?

繼續討論併購和資本配置問題，我只是好奇您是否看到賣家要價和併購價格下降，因為人們正在重新調整他們的預期，因為過去 12 個月的利潤一直在下降？或者你仍然認為因為你還會考慮他們嗎[升高]？

Well, let me say this. We've been at the highest levels over the last, say, 24 months but when you look at the premium brand, the BMW, the Toyota, the Lexus and these brands, we still see these things -- at high levels. Obviously, when we look at the truck operations -- probably (inaudible) in some cases, 50% less from a multiple basis. And your volume foreign is somewhere in the middle.

好吧，讓我說一下。在過去，比如說 24 個月裡，我們一直處於最高水平，但是當你看看寶馬、豐田、雷克薩斯等高端品牌時，我們仍然看到這些東西——處於高水平。顯然，當我們觀察卡車運作時，在某些情況下（聽不清楚），從倍數來看可能會減少 50%。而你的國外銷售量則處於中間位置。

I think we look at it. That's so much what's the multiple. We look at what's the future opportunity from the standpoint of profitability and do we have synergies in the market where we are and that means, do we have other stores? Can we consolidate into a central office? And that's really been our focus.

我想我們看看它。倍數就這麼多了。我們從獲利的角度來看未來的機會是什麼，我們在我們所在的市場是否有協同效應，這意味著我們還有其他商店嗎？我們可以合併為一個中央辦公室嗎？這確實是我們的重點。

And on top of that, then we're looking at stores which are not going to produce what we expect going forward, so I would say if we look -- year to date, Shelley, it's about $200 million of our $2 billion-ish truck.

最重要的是，我們正在尋找未來不會生產我們預期的產品的商店，所以我想說，如果我們看看 - 今年迄今為止，雪萊，我們的 20 億美元左右中大約有 2 億美元卡車。

Yeah.

是的。

The balance and all of the divestitures are primarily on the auto side and some of that I would say is CarShop in the UK. So to me, we're certainly going to continue to buy. Look at the three Porsche stores, I think in Australia will generate probably what $220 million on a -- $260 million on an annualized basis.

餘額和所有資產剝離主要集中在汽車領域，其中一些是英國的 CarShop。所以對我來說，我們肯定會繼續買下去。看看這三家保時捷專賣店，我認為澳洲的年收入可能為 2.2 億美元——2.6 億美元。

There, we have the market. We have the capability because we have our headquarters for our Penske Australia power system business there and our truck business. So we get the benefit of the legal, we get benefit of the HR, and certainly the finance. So these are things which I think are a really key.

在那裡，我們有市場。我們有能力，因為我們在那裡設有潘世奇澳洲電力系統業務和卡車業務的總部。因此，我們受益於法律，我們受益於人力資源，當然還有財務。所以我認為這些都是非常關鍵的事情。

And I think the diversification that we have gives us the opportunity to pick what bucket we want to be in as we go forward. And certainly from a capital allocation standpoint, we look at where we are and we look at the dividend increases that we've done since November 2020, we've made 17 straight dividend increases to $1.19 and when you think about it, it's 28% payout for about a 3% return. So hopefully, we attract a shareholder with those types of metrics.

我認為我們所擁有的多元化讓我們有機會在前進時選擇我們想要進入的領域。當然，從資本配置的角度來看，我們看看我們的處境，我們看看自2020 年11 月以來我們所做的股息增加，我們已經連續17 次將股息增加到1.19 美元，當你想一想時，它是28%支付約 3% 的回報。因此，希望我們能夠透過這些類型的指標來吸引股東。

Thanks for that.

謝謝你。

And then on the agency system in Europe that's been going on for some time now. I'm just curious, are you hearing from other OEMs that they want to do that, or is it just sticking to the brands that are already doing it?

然後是歐洲的代理系統，這種系統已經存在了一段時間了。我只是很好奇，您是否從其他原始設備製造商那裡聽說他們想要這樣做，或者只是堅持已經在這樣做的品牌？

Yes, it's a mix. So obviously, Mercedes, we've had many launch in various markets this year. BMW is still on schedule to launch in 2026. You have brands like JLR that have said they are not going to go agency. So and then Mercedes is delayed and some of the other markets.

是的，這是一個混合體。顯然，梅賽德斯今年我們在各個市場推出了許多產品。BMW仍按計畫於 2026 年推出。像捷豹路虎這樣的品牌已經表示他們不會去代理。因此，梅賽德斯和其他一些市場的銷售都被推遲了。

But I would say from the largest agency portion, we have obviously as the Mercedes in UK and I would say, as we discussed on last call, it continues to be beneficial for us. I think with the current market conditions within interest rates elevated not having to hold inventory, having that fixed price, we're seeing some growth on the after sales there. So that's the status in the UK with Mercedes. We think it's been a good year.

但我想說，從最大的代理部分來看，我們顯然有英國的梅賽德斯，我想說，正如我們在上次電話會議中討論的那樣，它仍然對我們有利。我認為，在當前利率上升的市場條件下，不必持有庫存，有了固定價格，我們看到售後服務有所成長。這就是梅賽德斯在英國的地位。我們認為這是美好的一年。

I would add to that. The great thing is our PMA being the size of it is in the UK, all of the inquiries that come in either through the factory sites come to us and about 90% of the sales that we have, right, Randall, are really in our PMA, which is exactly what agency is trying to do a better connection with the customers. So I'd have to say, even though we were somewhat negative on it, we've worked very hard with Mercedes to make it work in the UK.

我想補充一點。很棒的事情是我們的PMA 的規模在英國，所有透過工廠網站收到的詢問都會來到我們這裡，我們大約90% 的銷售額，對吧，蘭德爾，實際上是在我們的工廠中。所以我不得不說，儘管我們對此有些消極，但我們與梅賽德斯非常努力地合作，使其在英國發揮作用。

I'm not sure they've got a great taste of it right now and what they're going to do worldwide, but they have some issues in Australia (inaudible) other things. But at the moment, I think we were up 25% on agency, which would have been basically and the quarter would have been Mercedez Benz.

我不確定他們現在是否已經很好地體會到了這一點以及他們將在世界範圍內做什麼，但他們在澳大利亞（聽不清楚）其他事情上遇到了一些問題。但目前，我認為我們的代理費增加了 25%，這基本上是梅賽德斯奔馳的季度增長。

And I'll be turning the conference back to Mr. Penske for final closing comments.

我將把會議轉回給潘斯克先生做最後的閉幕評論。

I just want to thank, everybody, for joining us today. I think we had a great quarter based on all the headwinds we're facing but thanks for your support. We'll see you next quarter.

我只想感謝大家今天加入我們。我認為，基於我們面臨的所有不利因素，我們度過了一個很棒的季度，但感謝您的支持。我們下季見。

Thank you.

謝謝。

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。您現在可以斷開連線。