Penske Automotive Group Inc (PAG) 2025 Q1 法說會逐字稿

Good afternoon. Welcome to the Penske Automotive Group First Quarter 2025 Earnings Conference Call. Today's call is being recorded and will be available for replay approximately one hour after completion through May 7, 2025, on the company's website under the Investors tab at www.penskeautomotive.com.

午安.歡迎參加 Penske Automotive Group 2025 年第一季財報電話會議。今天的電話會議正在錄音，並將在結束後約一小時內重播，直至 2025 年 5 月 7 日，可在公司網站 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. Sir, please go ahead.

現在我來介紹一下公司投資者關係和企業發展執行副總裁 Tony Pordon。先生，請繼續。

Thank you, Julianne. Good afternoon, everyone, and thank you for joining us today. A press release detailing Penske Automotive Group's first quarter 2025 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 e-mail or phone for any follow-up questions you may have. Joining me for today's call are Roger Penske, 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.

謝謝你，茱麗安。大家下午好，感謝大家今天的參與。今天早上發布了一份新聞稿，詳細介紹了 Penske Automotive Group 2025 年第一季度的財務業績，並與旨在幫助您了解公司業績的簡報一起發佈在我們的網站上。像往常一樣，我可以透過電子郵件或電話解答您的任何後續問題。參加今天電話會議的還有董事長兼執行長 Roger Penske； Shelley Hulgrave，執行副總裁兼財務長； Rich Shearing，北美業務；蘭德爾·西摩（Randall Seymore）擔任國際營運總監，托尼·法西奧尼（Tony Facioni）擔任副總裁兼公司財務總監。

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 as defined under SEC rules such as adjusted net earnings before taxes, adjusted net income adjusted earnings per share, adjusted selling, general and administrative expenses, earnings before interest, taxes, depreciation and amortization or EBITDA and adjusted 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、流動性和商業狀況評估的前瞻性陳述。我們也可能討論美國證券交易委員會 (SEC) 規則定義的某些非 GAAP 財務指標，例如調整後的稅前淨收益、調整後的淨收入、調整後的每股收益、調整後的銷售額、一般及管理費用、息稅折舊攤銷前利潤或 EBITDA 和調整後的 EBITDA 以及我們的槓桿率。

We prominently presented the comparable GAAP measures and have reconciled the non-GAAP measures to their most directly comparable GAAP measures in this morning's press release and investor presentation, both of which are available on our website. 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 previously filed Form 10-Qs for additional discussion and factors that could cause future results to differ materially from expectations.

我們在今天早上的新聞稿和投資者介紹中突出介紹了可比較的 GAAP 指標，並將非 GAAP 指標與最直接可比較的 GAAP 指標進行了協調，這兩項內容均可在我們的網站上查閱。由於今天的新聞稿中前瞻性聲明中概述的風險和不確定性，我們的未來業績可能與我們的預期有所不同。我請您參閱我們向美國證券交易委員會提交的文件，包括我們的 10-K 表格和先前提交的 10-Q 表格，以了解更多討論內容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.

現在我將電話轉給羅傑。

Thank you, Tony. Good afternoon, everyone, and thank you for joining us today. I'm pleased with the results of our first quarter, our diversified international transportation service business generated record first quarter revenue, the seventh consecutive quarter of stable gross margin and a 70 basis point improvement of adjusted selling, general and administrative expenses as a percentage of gross profit when compared to the first quarter of last year.

謝謝你，托尼。大家下午好，感謝大家今天的參與。我對我們第一季的業績感到滿意，我們多元化的國際運輸服務業務創造了創紀錄的第一季收入，連續第七個季度保持穩定的毛利率，與去年第一季相比，調整後的銷售、一般和行政費用佔毛利潤的百分比提高了 70 個基點。

During the quarter, revenue increased 2% to a record of $7.6 billion. Same-store retail automotive revenue also increased 2%, while related gross profit was up 3%. Same-store retail automotive service and parts revenue increased 4%, our related gross profit was up 6%. Service and parts gross margin increased 60 basis points to 58.6%. Our business generated $337 million in earnings before taxes, $244 million in net income and earnings per share of $3.66 each which increased by 14%. On an adjusted basis, earnings before taxes increased 5% to $310 million and net income increased 5% to $226 million. And our earnings per share increased 6% to $3.39.

本季度，營收成長 2%，達到創紀錄的 76 億美元。同店零售汽車收入也成長了2%，相關毛利成長了3%。同店零售汽車服務及零件收入成長4%，相關毛利成長6%。服務及零件毛利率增加60個基點至58.6%。我們的業務創造了 3.37 億美元的稅前收益、2.44 億美元的淨收入和每股收益 3.66 美元，成長了 14%。經調整後，稅前利潤成長 5% 至 3.1 億美元，淨收入成長 5% 至 2.26 億美元。我們的每股盈餘成長了 6%，達到 3.39 美元。

As we look at the automotive and commercial truck markets, the current environment remains very fluid. We believe the administration is encouraging companies in individual countries to come to the table to discuss their plans. We remain in close contact with our OEM partners. Many OEMs who announced their intent to hold current prices while tariff negotiations continue, and we believe most brands are evaluating our individual geographic footprint, including production capacity model mix, suppliers’ vehicle content, among others.

當我們觀察汽車和商用卡車市場時，當前的環境仍然非常不穩定。我們相信，政府正在鼓勵各國的公司坐下來討論他們的計劃。我們與 OEM 合作夥伴保持密切聯繫。許多原始設備製造商宣布，他們打算在關稅談判繼續進行期間維持當前價格，我們相信大多數品牌都在評估我們各自的地理足跡，包括生產能力、車型組合、供應商的車輛內容等。

As we look to the future, the diversification of PAG will be a key differentiator. The diversification provided by a premium brand mix, our President in International Automotive markets, our retail commercial truck dealerships and our investment in Penske Transportation Solutions coupled with our highly variable cost structure provide us with opportunities to flex our businesses to meet the changing landscape.

展望未來，PAG 的多元化將成為關鍵的區別因素。優質品牌組合、我們在國際汽車市場的總裁、我們的零售商用卡車經銷商以及我們對 Penske Transportation Solutions 的投資所帶來的多樣化，加上我們高度可變的成本結構，為我們提供了靈活調整業務以適應不斷變化的形勢的機會。

Approximately 59% of our revenue is generated in North America, 31% in the UK and 9% in other international markets. Our profitability is also diversified with 64% of our earnings in 2024 coming from our automotive retail operations and 36% from our nonautomotive operations as we generate that profitability across multiple sources, such as new, used, service and parts and finance and insurance. In fact, only 26% of our total gross profit in 2024 was generated from new vehicle sales.

我們約 59% 的營收來自北美，31% 來自英國，9% 來自其他國際市場。我們的獲利能力也呈現多元化，到 2024 年，我們的 64% 獲利來自汽車零售業務，36% 獲利來自非汽車業務，因為我們的獲利來自新車、二手車、服務和零件以及金融和保險等多種來源。事實上，2024 年我們總毛利中只有 26% 來自新車銷售。

So now let's turn our attention to a few additional details of the first quarter results. During the first quarter, we delivered 120,000 new and used automotive units and over 4,700 commercial trucks. New automotive units delivered increased 6% and 8% on a same-store basis. Used automotive units declined 16% and 11% on a same-store basis. The decline is associated with the realignment of our UK used-only dealerships, the Sytner Select, which took place in the last half of 2024. We sold or closed four locations, realigned the cost base changed the focus to retail and fear units at higher margin.

現在讓我們把注意力轉向第一季業績的一些其他細節。第一季度，我們交付了 120,000 輛新車和二手汽車以及 4,700 多輛商用卡車。新車交車量以同店計算分別成長了 6% 和 8%。二手車銷量較去年同期下降 16%，同店銷售下降 11%。此次下滑與我們英國二手車經銷商 Sytner Select 的重組有關，此次重組發生在 2024 年下半年。我們出售或關閉了四家店，重新調整了成本基礎，將重點轉向利潤率更高的零售和恐懼部門。

Excluding the performance of Sytner Select in both periods, used unit delivered only decreased in total on a same-store basis. Average new transaction price increased 4% to $59,202 while average used vehicle transaction price increased 12% to $37,624. New and used vehicle gross profit per unit retail remained strong. New vehicle gross was 5,059 down over $87 when compared to the fourth quarter of last year. Used vehicle gross increased per unit when compared to the fourth quarter of 2024, largely due to our efforts with Sytner Select and the overall improvement in used vehicle inventory management. Variable vehicle profit, which includes new, used and F&I was $5,281 per unit, representing a $38 unit decline when compared to the fourth quarter of last year.

除去 Sytner Select 在兩個時期的表現，同店交付的二手設備總量僅有所下降。新車平均交易價格上漲 4% 至 59,202 美元，二手車平均交易價格上漲 12% 至 37,624 美元。新車和二手車每單位零售毛利仍保持強勁。與去年第四季相比，新車銷量為 5,059 輛，下降超過 87 美元。與 2024 年第四季相比，二手車每輛總銷量有所增加，這主要歸功於我們與 Sytner Select 的合作以及二手車庫存管理的整體改善。可變車輛利潤（包括新車、二手車和財務及保險）為每輛 5,281 美元，與去年第四季相比下降了 38 美元。

In the quarter, service and parts revenue increased 6% to $789 million, including a 4% on a same-store basis with customer pay up 1% and we're already up 17%. [Ori] continues to be driven by recall activity across several brands. Fixed absorption in the US automotive business increased 310 basis points to 87.1%. It was 117.5% for our North American retail commercial truck business. As we look to continue growing this important part of our business, we've increased our technician head count by 5% since March of 2024 and the effective labor rate increased 5% in the US and 6% in the UK.

本季度，服務和零件收入成長 6%，達到 7.89 億美元，其中同店營收成長 4%，顧客支付成長 1%，總營收已成長 17%。 [Ori] 繼續受到多個品牌召回活動的推動。美國汽車業務的固定吸收量增加了310個基點，達到87.1%。我們的北美零售商用卡車業務的比例為 117.5%。為了繼續發展我們業務的這一重要部分，自 2024 年 3 月以來，我們的技術人員數量增加了 5%，美國的有效勞動力率增加了 5%，英國的有效勞動力率增加了 6%。

Last, I remain pleased with our efforts to control costs. On an adjusted basis, our SG&A to gross profit declined by 70 basis points to 70.0 and compared to the first quarter last year, and declined by 30 basis points sequentially when compared to the fourth quarter of 2024.

最後，我對我們控製成本的努力感到滿意。經過調整後，我們的銷售、一般及行政費用與毛利之比與去年第一季相比下降了 70 個基點至 70.0，與 2024 年第四季相比環比下降了 30 個基點。

Now let me turn the call over to Rich Shearing to discuss our North American operations.

現在，讓我將電話轉給 Rich Shearing，討論我們的北美業務。

Thank you, Roger, and good afternoon, everyone. In our US retail automotive operations, we experienced a rise in traffic, especially near the end of March. For the quarter, US new units increased 8%, while used units increased 2%. During the quarter, 29% of the new units sold in the US were at MSRP. Leasing in the US increased to 33% on new vehicle retail, up from 32% in Q1 last year, and leasing on our premium brands is in the mid-40% range compared to the mid-50% in 2019 prior to COVID.

謝謝你，羅傑，大家午安。在我們的美國汽車零售業務中，我們的客流量有所增加，尤其是在三月底。本季，美國新車銷量成長 8%，二手車銷量成長 2%。本季度，美國銷售的新車中有 29% 是按製造商建議零售價銷售的。美國新車零售的租賃率從去年第一季的 32% 上升至 33%，而我們高端品牌的租賃率處於 40% 左右，而新冠疫情爆發前的 2019 年這一比例為 50% 左右。

We sold 2,800 new BEV vehicles in the US during the quarter, representing approximately 8.5% of new vehicle sales. Our US day supply for BEVs has vastly improved at 56 days compared to 76 days at the end of December and 87 days in March last year. Although we have done a great job working with our OEM partners to manage BEV inventory to be more closely aligned with consumer demand, the majority of BEV units still require significant discounting. The average discount on BEV from MSRP was over $7,400 during Q1 compared to $6,300 Q1 last year. In our automotive business, Service and Parts same-store revenue increased 6% during Q1 and same-store gross profit increased 8%.

本季度，我們在美國銷售了 2,800 輛新的 BEV 汽車，約佔新車銷量的 8.5%。與去年 12 月底的 76 天和 3 月的 87 天相比，我們在美國對 BEV 的日供應量已大幅提高至 56 天。儘管我們與 OEM 合作夥伴合作出色地管理了 BEV 庫存，使其更緊密地與消費者需求保持一致，但大多數 BEV 車型仍然需要大幅折扣。今年第一季度，BEV 的平均折扣比製造商建議零售價高出 7,400 美元，而去年第一季為 6,300 美元。在我們的汽車業務中，服務和零件同店收入在第一季成長了 6%，同店毛利成長了 8%。

Turning to our retail commercial truck business. We operate 45 locations and remain one of the largest commercial truck retailers for Diamond Trucks North America. The retail truck business is one of the core pillars of our diversified model and represents 11% of revenue and gross profit. We believe Class 8 commercial truck demand will continue to be driven primarily by replacement purchases in 2025 rather than fleet growth.

轉向我們的零售商用卡車業務。我們經營 45 家門市，而且仍然是 Diamond Trucks North America 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，佔收入和毛利的 11%。我們相信，到 2025 年，8 級商用卡車的需求將繼續主要由替換購買而非車隊成長所驅動。

Premier Trucks sold 4,714 units in Q1, which was up 4% when compared to Q1 last year, and new units increased 7% but declined 2% on a same-store basis. This compares favorably to the 12% decline in the North American Class 8 market in Q1 as the strength of our customer mix and the strength of the Freightliner, Western Star brands outperformed.

Premier Trucks 第一季銷量為 4,714 輛，較去年同期成長 4%，新車銷量成長 7%，但同店銷量下降 2%。這與第一季北美 8 級貨運市場 12% 的跌幅相比表現良好，因為我們的客戶組合實力以及 Freightliner 和 Western Star 品牌的實力表現出色。

As of the end of March, the current industry backlog was 132,000 units or approximately six months of sales, down from 163,000 units in March last year. Used units declined 7%, including 9% on a same-store basis. However, used gross profit more than doubled to $7,541 from $3,187. Revenue was $824 million and EBT was $45 million for the quarter for a return on sales of 5.5%. Same-store SG&A to gross profit was 63.1% and fixed absorption was 117.5%.

截至3月底，目前業界積壓訂單量為13.2萬輛，約相當於六個月的銷售量，低於去年3月的16.3萬輛。二手銷量下降了 7%，其中同店銷量下降了 9%。然而，使用毛利卻從 3,187 美元增加了一倍多，達到 7,541 美元。本季營收為 8.24 億美元，息稅前利潤為 4,500 萬美元，銷售報酬率為 5.5%。同店銷售、一般及行政費用佔毛利的 63.1%，固定吸收率為 117.5%。

Looking to the future, Freightliner is committed to a minimal price increase related to tariffs. Initially, a tariff surcharge of $3,000 on heavy duty and $1,500 on medium-duty trucks will be applied. Any customer who places an order prior to the end of May for production by the end of October will see it not to exceed maximum tariff of $3,500. Tariffs on future orders beyond this point are not known at this time. Further, the potential truck prebuy for 2027 emission changes will be dependent on the outcome of the current EPA review of the waivers granted to certain states.

展望未來，福萊納致力於將與關稅相關的價格上漲降至最低。最初，將對重型卡車徵收 3,000 美元的關稅附加費，對中型卡車徵收 1,500 美元的關稅附加費。任何在 5 月底之前下訂單並在 10 月底之前生產的客戶都將看到其最高關稅不超過 3,500 美元。目前尚不清楚此後未來訂單的關稅。此外，2027 年排放變化的潛在卡車預購將取決於目前 EPA 對授予某些州的豁免的審查結果。

Turning to Penske Transportation Solutions. During Q1, operating revenue was flat at $2.7 billion. Full-service revenue and contract business increased 5%. Logistics revenue decreased 1%, and rental revenue declined 10% as the freight recession continues to impact the number of units on rent and our overall rental utilization. During the quarter, PTS sold over 11,000 units and ended the quarter with 428,000 units down from 435,000 at the end of December last year. PTS earnings were up $3 million when compared to the first quarter last year, and our share was $33.2 million, up 2% from $32.5 million in the first quarter last year.

轉向 Penske Transportation Solutions。第一季度，營業收入持平於 27 億美元。全方位服務收入和合約業務成長5%。由於貨運衰退持續影響租賃單位數量和我們的整體租賃利用率，物流收入下降了 1%，租賃收入下降了 10%。本季度，PTS 銷量超過 11,000 台，季度末銷量為 428,000 台，低於去年 12 月底的 435,000 台。PTS 的收益與去年第一季相比增加了 300 萬美元，我們的份額為 3,320 萬美元，比去年第一季的 3,250 萬美元增長了 2%。

I would now like to turn the call over to Randall Seymore to discuss our international operations.

現在我想將電話轉給 Randall Seymore 來討論我們的國際業務。

Thank you, Rich. Good afternoon, everyone. As a reminder, we operate retail automotive dealerships in the UK, Germany, Italy, Japan and Australia and the commercial vehicle and Power Systems business in Australia and New Zealand. Our international operations represent approximately 40% of PAG's revenue.

謝謝你，里奇。大家下午好。提醒一下，我們在英國、德國、義大利、日本和澳洲經營汽車零售經銷店，在澳洲和紐西蘭經營商用車和動力系統業務。我們的國際業務約佔 PAG 收入的 40%。

Looking at the UK retail automotive market, the new vehicle market registrations increased 6% compared to Q1 last year. We outperformed the market as same-store new units delivered in Q1 increased by 9%. New vehicle gross per unit remained resilient, declining only $138 per unit on a sequential basis when compared to the fourth quarter last year.

綜觀英國汽車零售市場，新車市場註冊量與去年第一季相比成長了6%。我們的表現優於市場，第一季同店新交付單位數成長了 9%。新車每輛總銷量保持強勁，與去年第四季相比，每輛環比僅下降 138 美元。

Same-store used units declined 22% as a result of the transition of the UK car shop to Sytner Select and the closure and sale of four locations. Excluding Sytner Select, same-store used unit sales in the UK would have only decreased by 2%. However, used vehicle same-store gross increased by $589 per unit when compared to the fourth quarter of 2024 as a result of improved vehicle inventory management. Service and Parts same-store revenue increased 2% and gross profit increased by 3%.

由於英國汽車商店轉型為 Sytner Select，以及四家門市的關閉和出售，同店二手車銷量下降了 22%。不包括 Sytner Select，英國同店二手車銷量僅下降 2%。然而，由於車輛庫存管理的改善，與 2024 年第四季相比，二手車同店毛利每輛增加了 589 美元。服務和零件同店營收成長 2%，毛利成長 3%。

Turning to Australia. As you may recall, last year, we acquired three Porsche dealerships in Melbourne. During the first quarter, these dealerships retailed 540 new and used units and generated $60 million in revenue. We remain very pleased with our progress in the Commercial Vehicle and Power Systems business in Australia as well. Service and parts represented approximately 61% of our total gross profit. So our focus on increasing units in operation is a key driver of the business.

轉向澳大利亞。您可能還記得，去年我們在墨爾本收購了三家保時捷經銷店。第一季度，這些經銷商零售了 540 輛新車和二手車，創造了 6,000 萬美元的收入。我們對澳洲商用車和動力系統業務的進展感到非常滿意。服務和零件約占我們總毛利的 61%。因此，我們專注於增加營運單位，這是業務的關鍵驅動力。

In the on-highway market, during the first quarter, we gained 150 basis points of market share. In the off-highway sector, revenue and margin were driven by strong energy solutions demand. We have a $300 million backlog for 2025 delivery in an order bank of over $600 million, predominantly related to growth in the large data center in battery energy storage solution businesses. We continue to maintain market leadership in the high horsepower power generation segment with over 55% share.

在公路市場，第一季我們的市佔率增加了 150 個基點。在非公路用車領域，強勁的能源解決方案需求推動了營收和利潤的成長。我們在超過 6 億美元的訂單庫中，有 3 億美元的積壓訂單將於 2025 年交付，這主要與電池儲能解決方案業務中大型資料中心的成長有關。我們繼續保持大馬力發電領域的市場領先地位，佔有超過 55% 的份額。

I would now like to turn the call over to Shelley Hulgrave to review our cash flow, balance sheet and capital allocation.

現在，我想將電話轉給 Shelley Hulgrave，讓她來審查一下我們的現金流、資產負債表和資本配置。

Thank you, Randall. Good afternoon, everyone. Our balance sheet remains in great shape, and our continued strong cash flow provides us with opportunities to maximize capital allocation. As you know, we follow an opportunistic approach, providing us with the ability to grow our business through acquisitions and return capital to shareholders through dividends and securities repurchases. We strongly believe that the strength of our balance sheet, strong cash flow, disciplined approach to capital allocation and our diversification will provide benefits as we work with our customers and partners in an uncertain environment.

謝謝你，蘭德爾。大家下午好。我們的資產負債表仍然保持良好狀態，持續強勁的現金流為我們提供了最大化資本配置的機會。如您所知，我們遵循機會主義的方法，使我們能夠透過收購來發展業務，並透過股利和證券回購向股東返還資本。我們堅信，我們強勁的資產負債表、強勁的現金流、嚴謹的資本配置方式以及多元化經營將為我們在充滿不確定性的環境中與客戶和合作夥伴的合作帶來益處。

During Q1, we generated $283 million in cash flow from operations and our EBITDA was $400 million or $372 million on an adjusted basis. On a trailing 12-month basis, EBITDA was over $1.5 billion. Our free cash flow, which is cash flow from operations after deducting capital expenditures was $206 million. During Q1, we paid $82 million in dividends and invested $77 million in digital expenditures to improve or expand our facilities. When compared to Q1 last year, capital expenditures were down $26 million.

第一季度，我們的營運活動現金流為 2.83 億美元，EBITDA 為 4 億美元，調整後為 3.72 億美元。過去 12 個月，EBITDA 超過 15 億美元。我們的自由現金流（即扣除資本支出後的營運現金流）為 2.06 億美元。在第一季度，我們支付了 8,200 萬美元的股息，並投資了 7,700 萬美元用於數位支出，以改善或擴展我們的設施。與去年第一季相比，資本支出下降了 2,600 萬美元。

During the quarter, we repurchased 255,000 shares of stock for $40 million and year-to-date through April 25, have repurchased 750,000 shares for $111 million. We expect to continue repurchasing shares on an opportunistic basis. As of April 25, we have $46 million remaining under the existing securities repurchase authorization. Our dividend is $1.22 per share.

本季度，我們以 4,000 萬美元回購了 255,000 股股票，截至 4 月 25 日，年初至今已以 1.11 億美元回購了 750,000 股。我們預計將繼續擇機回購股票。截至 4 月 25 日，現有證券回購授權剩餘金額為 4,600 萬美元。我們的股息為每股 1.22 美元。

Since the end of 2023, we have increased the dividend by 54%. Using yesterday's closing price, our current yield is approximately 3.1% with a payout ratio of 36%. Additionally, as we focus on strategic capital allocation, we divested on retail automotive location in Q1, which represented approximately $200 million in estimated annualized revenue. Our strong cash flow has allowed PAG to keep its non-vehicle debt and leverage low. At the end of March, our non-vehicle long-term debt was $1.77 billion down $80 million from the end of December last year. 78% of the non-vehicle long-term debt is at fixed rates. Debt to total capitalization was 24.7% and leverage is 1.2 times.

自2023年底以來，我們已將股利提高了54%。以昨日收盤價計算，我們目前的收益率約為 3.1%，股息率為 36%。此外，由於我們專注於戰略資本配置，我們在第一季剝離了汽車零售業務，這代表著約 2 億美元的年化收入。我們強勁的現金流使得太盟集團能夠維持較低的非汽車債務和槓桿。截至 3 月底，我們的非車輛長期債務為 17.7 億美元，較去年 12 月底減少了 8,000 萬美元。 78%的非車輛長期債務為固定利率。負債與總資本之比為 24.7%，槓桿率為 1.2 倍。

When including floor plan, we have $4.4 billion of variable debt. 55% of our variable rate set is in the US. We estimate a 25-basis-point interest rate would impact interest expense by approximately $11 million. At the end of March, we had $118 million of cash and the liquidity available to us was $2.1 billion. Upon the majority of our $550 million, 3.5% senior subordinated notes due in September. We currently expect to either repay those notes from cash flow, from operations or borrowings under our US credit agreement or refinance those notes in whole or in part with similar notes depending on the prevailing interest rates.

如果包括平面圖，我們的可變債務為 44 億美元。我們的浮動利率中有 55% 位於美國。我們估計 25 個基點的利率將影響利息支出約 1,100 萬美元。截至三月底，我們擁有現金1.18億美元，可用流動資金為21億美元。我們的大部分 5.5 億美元、3.5% 的次級債券將於 9 月到期。我們目前預計，要麼根據美國信貸協議，用現金流、營運或借款償還這些票據，要麼根據現行利率，用類似票據全部或部分地對這些票據進行再融資。

Total inventory was $4.5 billion, down $140 million from the end of December 2024. Floor plan debt was $4 billion. New and used inventory remains in good shape. New vehicle inventory is at a 39-day supply, including 38 days for premium and 29 days for volume foreign. Used vehicle inventory is at a 36-day supply.

總庫存為 45 億美元，比 2024 年 12 月底減少 1.4 億美元。樓層平面圖債務為 40 億美元。新舊庫存均保持良好狀態。新車庫存可供 39 天使用，其中高級車型 38 天，批量車型 29 天外國的。二手車庫存可供 36 天使用。

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

現在，我將把電話轉回給羅傑，請他發表一些最後的評論。

Thank you. PAG's Q1 performance was certainly strong. I remain particularly pleased with the continued resilience of gross profit for vehicle retail, performance of our automotive service and parts operations and the success we continue to demonstrate with our SG&A leverage and our focus on cost controls remain confident in our diversified model as ability to flex with market conditions and remain very pleased with the performance of our business in the first quarter. Operator, at this time, you can open up the call for questions.

謝謝。PAG 第一季的表現確實強勁。我對汽車零售毛利的持續彈性、汽車服務和零件業務的表現以及我們在銷售、一般及行政費用槓桿方面繼續取得的成功以及我們對成本控制的關注感到特別高興，對我們的多元化模式充滿信心，因為它能夠根據市場情況靈活調整，並且對我們第一季度的業務表現非常滿意。接線員，現在您可以打開電話詢問問題了。

John Murphy, Bank of America.

美國銀行的約翰‧墨菲。

Roger, everybody. Just a first question on the UK. I mean, Sytner Select sounds like it's chugging along and you're making great progress there. We've got another two quarters before that anniversaries itself. But it sounds like there's some other really good work going on in the UK to make the business much more efficient and profitable over time. I wonder if you could just maybe comment and highlight some of the things that are going on there.

明白，各位。第一個問題是關於英國的。我的意思是，Sytner Select 聽起來進展順利，而且你在那裡取得了很大的進展。距離週年紀念日還有兩個季度。但聽起來英國正在進行一些其他非常好的工作，以使業務隨著時間的推移變得更加高效和有利可圖。我想知道您是否可以評論並強調那裡正在發生的一些事情。

I'll let Randall give you an update on that.

我會讓蘭德爾向您通報最新情況。

John, how are you. Good. Thank you. Look, at the Q1, the UK total market was up 6%. And at Sytner, we were up 9%. So outperform. So that was certainly pleasing. But as you mentioned, the gross profit on used cars overall was up $589. We had a record fixed month in our after-sales gross profit as well.

約翰，你好嗎？好的。謝謝。你看，第一季度，英國整體市場上漲了 6%。在 Sytner，我們的股價上漲了 9%。因此表現出色。這當然令人高興。但正如您所說，二手車的整體毛利上漲了 589 美元。我們的售後毛利也創下了月度紀錄。

In back to both new car and used car, I'd really -- the kingpin there is inventory management. We -- the aging is at the best it's been in quite some time. We're really focusing on our new car days supply by model. So what that's doing is it's translating in lower inventory, more efficient inventory, a better turn on the inventory and better gross profit. So really hats off to the team there.

回到新車和二手車，我真的——關鍵在於庫存管理。我們——老化已經處於相當長一段時間以來的最佳狀態。我們真正關注的是按車型劃分的新車供應天數。因此，這樣做的結果是降低庫存、提高庫存效率、提高庫存週轉率並提高毛利。我真誠地向那裡的團隊致敬。

And then on the expense control as well, we're really looking at all of our demos, where our head count, we've had natural attrition where we've had head count reduction there with some savings back to fixed gross profit. Our gross profit per technician was up 7%. So I think there are a lot of levers there we're pulling that has equated to the good result in Q1. And I think the best news is it's all sustainable as we move through the rest of the year.

然後，在費用控制方面，我們確實在關注我們所有的演示，我們的員工人數，我們有自然的人員流失，我們在那裡減少了員工人數，並將一些節省下來的資金重新用於固定毛利。我們每位技術人員的毛利成長了7%。所以我認為我們正在採取很多措施來取得第一季的良好業績。我認為最好的消息是，隨著我們度過今年剩餘的時間，這一切都是可持續的。

And then just a second question on part to service. Results there are good, particularly on the margin side. But it sounds like warranty really dominated. I think Roger, you mentioned up 17%. Customer pay was up only 1%. Is there a crowding out effect going on there, where there's just so much warranty work, it's kind of tough to get to the customer pay and grow it. And if also you could just remind us what the tech growth there is and door rate increases are as well in the quarter.

然後是關於服務部分的第二個問題。那裡的業績不錯，特別是在利潤方面。但聽起來保固確實占主導地位。我認為羅傑，你提到了上漲 17%。顧客支付僅上漲了1%。是否存在擠出效應？保固工作太多，很難讓客戶付費並增加付費。另外，您能否提醒我們本季的技術成長情況以及門票價格上漲？

I think I mentioned that our head count is up by 5%. The average technician is driving about 30,000 gross profit for the month. And I think when you look at customer pay, it declined 3% in the US and certainly 17% from a PTS perspective, I think the most important thing to think about from the standpoint, when we look at parts and service is really the utilization of base.

我想我提到過我們的員工人數增加了 5%。平均每位技術人員每月可帶來約 30,000 的毛利。我認為，當你看客戶支付時，美國的客戶支付下降了 3%，從 PTS 的角度來看肯定下降了 17%，我認為從這個角度來看，當我們看零件和服務時，最重要的事情實際上是基地的利用率。

And I think, Rich, you talked about it -- we talked about earlier today, we're running at about 80% utilization of the base, which is critical. We have a big focus on apprentices coming in because we've got to build these technicians from the bottom up, which I think is key.

我認為，里奇，你談到了這一點——我們今天早些時候談到了這一點，我們的基地利用率約為 80%，這是至關重要的。我們非常重視學徒的加入，因為我們必須從底層開始培養這些技術人員，我認為這是關鍵。

From a warranty standpoint, we've got Tundra, we've got Mercedes, we've got BMW all with big recalls, which is driving that mix where it is at 17% overall versus 1%. And I think in the UK as Randall mentioned, we certainly have grown the gross profit there under -- because of cost controls and better utilization. And I would say we've driven a lower turnover in our service writers because we're getting probably more share of wallet from the customer when they come in. And I think that absolutely is helping us grow our fixed absorption 300 basis points here, and I'm not sure what it grew in the UK.

從保固角度來看，Tundra、賓士和寶馬均有大規模召回，這導致整體召回率為 17%，而召回率為 1%。我認為，正如蘭德爾所提到的，在英國，由於成本控制和更好的利用，我們在那裡的毛利肯定有所增長。我想說的是，我們服務撰稿人的流動率降低了，因為當客戶來找我們時，我們可能從他們那裡獲得了更多的錢包份額。我認為這絕對有助於我們將固定吸收率提高 300 個基點，但我不確定它在英國的成長如何。

Well, interestingly, in the UK in Q1, our customer pay was up 11%. So we're able to grow that business. And you're right, on the service advisor we've done a lot of training. Best device with service adviser with customers coming through the lane. So good, our fixed absorption was up just shy of 280 basis points.

有趣的是，在英國第一季度，我們的客戶薪資上漲了 11%。因此我們能夠發展該業務。你說得對，我們對服務顧問進行了大量培訓。最佳設備配有服務顧問，可與經過該通道的顧客一起提供服務。非常好，我們的固定吸收量僅上升了不到 280 個基點。

So John, better utilization, more productivity from the technicians, certainly more share of wallet on the [RO]. So I think that's interesting. One point I want to make that maybe you won't ask, but is we keep monitoring the BEV units, the battery electric vehicles, the average repair is running about $1,400 and the ICE vehicle at the same time, same brand is running about $700. So we still have a big opportunity. And I would say all of BEV work is warranty. So that's also driving the mix.

所以約翰，更好的利用率，技術人員的生產力更高，當然錢包的份額也會更大[RO]。所以我認為這很有趣。我想指出的一點，也許你不會問，但我們一直在監測 BEV 單元，即電池電動車，平均維修費用約為 1,400 美元，而同一品牌的 ICE 汽車的平均維修費用約為 700 美元。所以我們仍然有很大的機會。我想說的是，所有 BEV 工作都是有保固的。這也推動了混合。

Got to love those BEV UIOs, Roger. Maybe just one last one. Tariffs are kind of impossible to call exactly where they're going to land right now, but it sounds like costs are going to go up to automakers and pricing might go up to some extent. Roger, what's your sort of gut feel on the price elasticity of demand, particularly for your imports and your high-end product. I mean is there room to inch up pricing and the consumer might not push back too much? I mean what's your general just really gut check on that. It's tough to call.

羅傑，我喜歡那些 BEV UIO。也許只是最後一個。目前還無法準確預測關稅的具體水平，但聽起來汽車製造商的成本將會上升，價格也可能會上漲。羅傑，您對需求價格彈性有何直覺，特別是對於進口產品和高端產品。我的意思是，價格是否有上漲空間，而消費者可能不會抵制太多？我的意思是，您對此有何總體看法？這很難說。

Well, I think you've got to go back, and we've got to look at the price increases that have taken place since '19. I think the average selling price is up $17,000 just to put that in perspective. But I really want to focus on premium luxury because as we look back, we were at 55% leasing. We've gone now to 45% here in the last two quarters. So I see the ability to lease these vehicles with higher certainly residual values that the finance companies going to put on these, will mitigate some of the impact to the customer. And I think that's going to be critical.

好吧，我認為你必須回顧一下，我們必須看看自 19 年以來發生的價格上漲。我認為平均售價上漲了 17,000 美元，以便更好地理解這一點。但我確實想專注於高端奢華，因為回顧過去，我們的租賃率為 55%。過去兩個季度，這一比例已達到 45%。因此，我認為，如果能夠租賃這些具有較高殘值的車輛，而金融公司又能為這些車輛賦予更高的殘值，那麼就能減輕對客戶的一些影響。我認為這將是至關重要的。

And having those lease cars come back will be important later on because we've had kind of a dip in that from the COVID time when there's more cash buyers. But I think it's going to be -- certainly, as I look at it, it's going to be a fluid situation. I mean things are expected to change. They did last night, obviously. When you put it in perspective, there's about 7.9 million vehicles that are imported to the US each year. And ironically, Mexico and Canada, I think, represent 51% or about 4 million units. So with -- certainly, the US Mexico Canada initiative, hopefully, that will drive that to be more fluid and costs will be more realistic based on that opportunity for the people involved.

讓這些租賃車回歸到以後的銷售情況會很重要，因為在新冠疫情期間，當現金買家增加時，租賃車的銷售量有所下降。但我認為——當然，在我看來，這將是一個不穩定的情況。我的意思是事情預計會改變。顯然，他們昨晚確實這麼做了。從這個角度來看，美國每年進口的汽車大約有 790 萬輛。諷刺的是，我認為墨西哥和加拿大佔了 51%，約 400 萬台。因此，當然，希望美國墨西哥加拿大倡議能夠讓這項進程更加流暢，並且成本也將更加現實，因為這項措施將為相關人員提供更多機會。

So overall, I think there will be some impact probably on the lower-priced vehicles depending if they're coming in from outside the US at the moment. But the stacking of tariffs, I think was taken off the table here last -- or yesterday when it was announced. So let me just say, I think it's a fluid situation.

所以總的來說，我認為這可能會對低價車輛產生一些影響，這取決於它們目前是否來自美國以外。但我認為，上次，也就是昨天宣布加徵關稅時，已經不再考慮了。所以我想說的是，我認為這是一個不穩定的情況。

Remember, when we look at our business today and look at overall, our total gross profit was $300 million in the first quarter and only 26% of that was new vehicle. And obviously, with that will give us -- it's not the whole gross profit chain because of parts and service and our diversification. So overall, we're going to have to work brand by brand. And I think, Rich, you might want to comment today from an automotive standpoint and a truck standpoint.

請記住，當我們回顧今天的業務並縱觀整體情況時，我們會發現第一季我們的總毛利為 3 億美元，其中只有 26% 來自新車。顯然，這將為我們帶來——由於零件、服務和多樣化，這不是整個毛利鏈。所以總的來說，我們必須針對每個品牌進行工作。我認為，里奇，你今天可能想從汽車和卡車的角度發表評論。

Yes. So John, Rich here. I think I'll start with the truck. Yes. I think we stay close to Daimler. And as you know, we support exclusively the Freightliner and Western Star brand. And I would say they've taken a real leadership position in their communication and position in the marketplace and provided some clarity for how tariffs will impact our products there through the October of this year.

是的。我是 John，Rich。我想我會從卡車開始。是的。我認為我們與戴姆勒保持密切聯繫。如您所知，我們獨家支援 Freightliner 和 Western Star 品牌。我想說，他們在溝通和市場地位方面發揮了真正的領導作用，並明確了關稅將如何影響我們在今年 10 月之前的產品。

So I think initially, they stated there would be a not-to-exceed amount of 3,500. That was refined to 3,000 on heavy-duty 1,500 on medium-duty through July 4 production. They subsequently come out and said, that for orders placed prior to May 31, they'd extend that pricing protection through October. So really, the balance of this year from a production and subsequent delivery to us as a dealer standpoint, with the caveat that those orders placed prior to May 31 are noncancelable. So we'll have a high assurance of those orders when they come in that customers are committed to taking those trucks. So I think good that those customers have that certainty looking out in the future as things are very volatile at the moment.

所以我認為，他們最初聲明的數量不得超過 3,500。截至 7 月 4 日投產，重型車輛的產量已提升至 3,000 輛，中型車輛的產量已提升至 1,500 輛。他們隨後表示，對於 5 月 31 日之前下的訂單，他們將把價格保護延長至 10 月。因此，實際上，從生產和隨後交付給我們經銷商的角度來看，今年的餘額是，但需要注意的是，5 月 31 日之前下的訂單是不可取消的。因此，當這些訂單到來時，我們可以高度保證客戶會購買這些卡車。因此，我認為，這些客戶對未來有這樣的確定性是件好事，因為目前的情況非常不穩定。

On the automotive side, a little bit varied brand by brand relative to the communication. But I would say the majority of brands have committed for price production through May or June time frame. And with the units we have on ground in inventory at the moment, new units around $16,000, we think that carries us through June from a retail sales standpoint. And as we've seen over the last 30 days with various different changes, it's not unrealistic to think we'd see further change before the end of June as well.

在汽車方面，不同品牌在溝通方面略有不同。但我想說的是，大多數品牌都已承諾在 5 月或 6 月期間維持價格生產。就我們目前的庫存而言，新單位的價格約為 16,000 美元，從零售銷售的角度來看，我們認為這足以支撐我們度過 6 月。正如我們在過去 30 天看到的各種變化一樣，認為在 6 月底之前也會看到進一步的變化並非不切實際。

Mike Ward, Citigroup.

花旗集團的麥克沃德。

SG&A costs as a percentage of growth has been pretty flat. And you're taking out seven straight quarters. Is that sustainable? And what are some of the things you've done, or can it even go lower?

銷售、一般及行政費用佔成長的百分比一直相當穩定。並且連續七個季度獲利。這是可持續的嗎？您做了哪些事情，或者是否可以將其降低？

While I have you Shelley, answer that question for you, Mike.

雪萊，趁我還在，麥克，替你回答這個問題。

Yes, we are really pleased with our performance in SG&A to grow. You've mentioned relatively flat in the low 70s as we have kind of guided and feel very comfortable with that continued guidance, down 70 basis points on an adjusted basis year-over-year, down 30 sequentially. It's really all about our team's daily focus on what we can control. And so as our team has taken a look at headcount, we remain still down 10% from pre-COVID levels on a same-store basis.

是的，我們對銷售、一般及行政開支 (SG&A) 方面的表現感到非常高興。您提到，正如我們之前所指導的，在 70 年代初期相對平穩，並且對持續的指導感到非常滿意，調整後同比下降 70 個基點，環比下降 30 個基點。這其實關乎我們團隊每天關注的是我們能夠控制的事情。因此，當我們的團隊查看員工人數時，我們發現同店銷售額仍比疫情之前的水平下降了 10%。

We look at turnover, which is a daily effort by our teams, and we remain below NADA averages across the board. So really keeping our personnel costs low, looking at comp to growth metrics and making sure that we don't lead growth. We had an excellent result this quarter in the US come to growth declined 30 basis points. In the UK, they declined 110 basis points. And when you factor in that more of their compensation is fixed, it's a tremendous result by our team. So they did a really great job containing those costs.

我們專注於營業額，這是我們團隊每天努力的結果，我們的營業額總體上仍低於 NADA 平均水平。因此，我們確實要保持較低的人員成本，專注於成長指標，並確保我們不會引領成長。本季我們在美國取得了優異的業績，成長率下降了 30 個基點。在英國，利率下降了 110 個基點。如果考慮到他們的薪酬大部分是固定的，那麼這對我們的團隊來說就是一個巨大的成就。所以他們做得非常好包含這些成本。

And the other side of that equation, obviously, is growing growth. And when you look at some of our higher margin growth line, we've grown service in parts 40% since the same Q1 of 2019. Randall and Rich both talked about fixed absorption and their business line and then some of the other items that we can control advertising, for example, down $3 million quarter-over-quarter. Things like travel and entertainment, down $1 million, all of those items really continue to add up, and we're seeing the price result.

而這個等式的另一邊顯然是成長。當您查看我們的一些利潤率較高的成長線時，您會發現自 2019 年第一季以來，我們的零件服務成長了 40%。蘭德爾和里奇都談到了固定吸收和他們的業務線，然後談到了我們可以控制的一些其他項目，例如廣告，環比下降 300 萬美元。旅行和娛樂等費用減少了 100 萬美元，所有這些項目確實繼續加起來，我們正在看到價格結果。

And so if what I gathered from what Randall was saying, it sounds like the UK market has maybe bottomed and have start to turn the other direction, gaining some momentum. And if a lot of those costs are fixed, then if we start getting some momentum in the UK, we should see additional improvement. Am I hearing that right?

因此，如果我從蘭德爾的言論中了解到，英國市場可能已經觸底，並開始轉向另一個方向，獲得一些動力。如果其中許多成本都得到解決，那麼如果我們在英國開始獲得一些動力，我們應該會看到額外的改善。我聽得對嗎？

Yes. Look, I would say as far as the macro market overall, being up 6%, I don't expect it to go up significantly. But I think just our leadership team over there is doing an amazing job when we're pulling some levers like I talked earlier, relative to inventory management. One thing I didn't mention was upside on F&I. We've introduced more products. And remember, March was a registration on to September will be the next one. But I think our performance and as it pertains to managing the growth opportunity and our expenses is absolutely sustainable and super proud of what the team is doing.

是的。就宏觀市場整體而言，我認為它已經上漲了 6%，但我預計它不會大幅上漲。但我認為，當我們像我之前所說的那樣，在庫存管理方面採取一些措施時，我們的領導團隊做得非常出色。我沒有提到的一件事是財務和保險方面的優勢。我們推出了更多產品。請記住，三月是第一次註冊，九月將是下一次註冊。但我認為我們的表現以及在管理成長機會和費用方面的表現絕對是可持續的，我對團隊所做的事情感到非常自豪。

Why don't you mention too, on the Sytner select, what you're doing on inventory.

在 Sytner 選擇中，為什麼不提一下你在庫存方面所做的事情？

Yes. So we typically hold about 2,000 units in inventory. And just to give you a note as of today, we had 11 cars over 90 days. So we're really managing the age. But I think even more important than that is the sourcing and really trying to get more stickiness on trades, whether it be on new car or used cars because our gross profit opportunity on trades is a lot better than raising your hand at the auction next to 50 other people. So the result of that was a record gross profit per unit at Select in March after escalating even from January, February being strong.

是的。因此我們通常持有約 2,000 個單位的庫存。僅供大家參考，截至今天，我們在 90 天內已經擁有 11 輛車。所以我們確實在管理年齡。但我認為，更重要的是採購，並真正努力在交易中獲得更多的黏性，無論是新車還是二手車，因為我們在交易中獲得的毛利機會比在拍賣會上與其他 50 個人一起舉手要好得多。因此，Select 公司 3 月份的單位毛利創下了歷史新高，而 1 月份和 2 月份的毛利表現也十分強勁。

And the other point in that business, I mean, we're really focused on younger used cars, meaning the 0 to 4, maybe 5, 6, but as soon as you start getting over that, we -- that space, you end up selling it and then you invariably have problems and you got to take care of the customer. So your policy expense goes up or you're buying the car back. So we've just found it better to keep it clean with the newer cars there on the select side.

而該業務的另一個重點是，我的意思是，我們真正關注的是較新的二手車，即 0 到 4 年，也許是 5 年、6 年，但一旦你開始克服這個困難，我們 - 那個領域，你最終會將其出售，然後你不可避免地會遇到問題，你必須照顧好客戶。因此，您的保單費用就會增加，或者您要買回汽車。因此，我們發現，選擇較新的汽車時，最好保持清潔。

Shelley, is the share count currently or what we'll see on the 10-Q, is it about 66 million?

雪萊，目前的股票數量或我們將在 10-Q 上看到的股票數量大約是 6600 萬嗎？

It's pretty consistent with the prior year since you know when we make those buybacks, that number is weighted, Mike. And we also had a share grant within the quarter. So you'll see a fairly consistent 66.7 million in the quarter. However, we'll continue to see that go down as repurchases are weighted differently throughout the year.

這與前一年的情況非常一致，因為你知道，當我們進行這些回購時，這個數字是加權的，麥克。本季我們也授予了股票。因此，您會看到本季的銷量相當穩定，為 6,670 萬。然而，由於全年回購的權重不同，我們將繼續看到這一數字下降。

For 2Q or 1Q? Because you bought back in April, right?

針對第二季還是第一季？因為你四月就買回來了，對吧？

We bought back in March and in April. So you'll see the full effect of the March during Q2 and then waited Q2 number for April repurchase.

我們在三月和四月回購了。因此，您會在第二季看到 3 月的全部影響，然後等待 4 月回購的第二季數字。

And so the weighted 2Q number is going to be 66.7 million or it's going to be lower than that?

那麼加權後的第二季數字將是 6,670 萬還是會低於這個數字？

I'm sorry. I thought you were talking about EPS for Q1, but yes.

對不起。我以為您談論的是第一季的每股收益，但確實如此。

Yes. So Mike, this is Tony. So with the shares that we repurchased in the month of April, the share count will be lower in the second quarter than what it was in the first quarter.

是的。麥克，這是托尼。因此，考慮到我們在四月回購的股票，第二季的股票數量將低於第一季。

Correct.

正確的。

Right.

正確的。

Now Shelly, when you're looking at repurchase, is it just the big selloff in April with the tariff talk opportunistic? And is that the way you're going to look at it? I know you balance it out with acquisitions and other stuff has that side of the market dried up and you just find your stock cheap enough, and that's why you picked up a little bit?

現在，雪莉，當您考慮回購時，是否只是因為 4 月份的關稅談判而大規模拋售的機會？您會這樣看待它嗎？我知道您透過收購和其他方式來平衡市場，因為市場已經枯竭，您發現您的股票足夠便宜，這就是為什麼您的股價有所上漲？

I wouldn't say that it's dried up by any means, Mike. I would say the industry as a whole seems to be taking a pause as we await different outcomes of the tariff discussion. We are certainly still interested from an acquisition standpoint. That will remain opportunistic. And so if the market remains consistent or if we find ourselves with different options, we're going to weigh them as they come.

無論如何，我不會說它已經乾了，麥克。我想說的是，由於我們正在等待關稅討論的不同結果，整個行業似乎都在暫停。從收購的角度來看，我們當然仍然感興趣。這仍將是機會主義行為。因此，如果市場保持一致，或者我們發現自己有不同的選擇，我們就會對其進行權衡。

Mike, we've operated, we really haven't changed any offense. We've been operating under a 10b5 obviously, which goes out as of, I think, today. But that's been the driver specifically over the last quarter.

麥克，我們已經採取行動了，我們確實沒有改變任何進攻方式。顯然，我們一直在 10b5 下運作，我認為，該政策從今天起就已實施。但這確實是上個季度的驅動因素。

And when are your Board meetings scheduled? Is there a specific date like Tuesdays of the month or anything like that?

你們的董事會會議安排在什麼時候？是否有一個特定的日期，例如每月的星期二或類似的日期？

No, they vary. We -- our Board meets five times a year and the time varies based upon availability of the Board.

不，它們有所不同。我們的董事會每年召開五次會議，會議時間根據董事會的空閒時間而有所不同。

Daniela Haigian, Morgan Stanley.

摩根士丹利的丹妮拉·海吉安。

So within used, I know you mentioned in Q&A, there's a focus on 0- to 4-year-old, maybe 5- to 6-year-old vehicles. But with the younger used supply still tight and vehicle pricing only moving upwards from here, do you see greater opportunity in this mix shift towards this kind of middle-aged cohort and how does that impact your GPUs?

因此，在二手車方面，我知道您在問答中提到，重點關注的是 0 至 4 年車齡，也許是 5 至 6 年車齡的車輛。但是，由於年輕二手車供應仍然緊張，而且車輛價格只會從現在開始上漲，您是否認為這種向中年群體轉變的趨勢會帶來更大的機會，以及這會對您的GPU？

Daniela, let me say this. I've been in this business a long time, and we have tried every model car shop over here going down into the double-digit car years from an old perspective. And in the UK, as we were trying to do 5,000 cars a month, we were down deep into double digit. And the outcome with brand damage because of so many cars that we had to deliver policy on or buyback. So we focused on the 1 to 4.

丹妮拉，讓我這麼說。我從事這個行業已經很長一段時間了，我們從舊車的角度嘗試過這裡的每家車型店，一直到汽車年限達到兩位數。在英國，當我們試圖每月生產 5,000 輛汽車時，我們的產量卻跌到了兩位數。由於我們必須對太多汽車實施政策或進行回購，導致品牌受損。因此我們重點關注 1 到 4。

And because of our premium business from the standpoint of new cars on the lease returns that we get, we see a much better profitability. And we're running thousands of loaner cars, which we can turn into young used cars on a quarterly and annual basis, which makes a big difference. So I would say at the moment, we're staying in the 1 to 4. And you can see our margin and typically, we don't get the F&I bang because we get flats in many of the leases that we do. So -- but it's a 3-year, maybe max 4-year and we get that -- we have the opportunity to buy that vehicle back. Obviously, everybody does, but we focus on that along with trades is our first offense as we look for used cars.

而且由於我們的高端業務，從新車租賃回報的角度來看，我們看到了更好的獲利能力。我們擁有數千輛借用車，我們可以按季度和年度將其轉變為新的二手車，這有很大作用。所以我想說，目前我們的排名還在 1 到 4 之間。您可以看到我們的利潤率，通常我們不會有財務和投資收益，因為我們在許多租賃中獲得的是公寓。所以——但這是 3 年，也許最多 4 年，我們有機會買回那輛車。顯然，每個人都會這樣做，但我們在尋找二手車時，重點關注的是這一點，交易是我們的第一要務。

Daniela, the other thing to remember on used cars with our heavy leasing percentage, approximately 40% of our used vehicle sales in the US are certified preowned. So that helps skew it in that 0- to 4-year or 1- to 4-year-old time frame.

丹妮拉，關於二手車，還有一件事要記住，由於我們的租賃比例很高，我們在美國銷售的二手車中約有 40% 是經過認證的二手車。因此，這有助於在 0 至 4 歲或 1 至 4 歲的時間範圍內產生偏差。

And then one more on parts and service you have relatively inelastic demand there. You mentioned 80% utilization. Is there demand to grow your current capacity? Or do you think you have the base and capacity currently to service incremental demand?

然後再說一下零件和服務方面，那裡的需求相對缺乏彈性。您提到了 80% 的利用率。是否有擴大當前產能的需求？或者您認為您目前是否擁有滿足增量需求的基礎和能力？

Certainly, Daniela. Rich here on the US side, we have capacity. I mean we're -- as Roger said, we're about 80% utilization. So we probably have requisitions open right now for about 50 technicians. We grew our technician base in the first quarter by 94 technicians. And we would obviously look to continue to grow that technician base to leverage the utilization higher on our existing service facilities. And so I think we would do that certainly near term before we need to look at adding any brick-and-mortar to -- (multiple speakers)

當然，丹妮拉。美國這邊很富裕，我們有能力。我的意思是——正如羅傑所說，我們的利用率約為 80%。因此，我們現在可能需要招募約 50 名技術人員。第一季度，我們的技術人員隊伍增加了 94 名。我們顯然希望繼續擴大技術人員隊伍，以進一步提高現有服務設施的使用率。因此，我認為我們肯定會在近期這樣做，然後再考慮增加任何實體店面－（多位發言者）

Yes. We added 100 base in 2024.

是的。我們在 2024 年增加了 100 個基地。

Yes. Correct.

是的。正確的。

Ron Jewsikow, Guggenheim.

古根漢美術館的羅恩朱西科（Ron Jewsikow）。

Maybe starting off with kind of the tariff impact on parts and service. Any sense for how much parts inflation could hit your parts and service segment? And it sounds like customer willingness to pay is quite strong. But just wanted to get your sense of how the customer will absorb those costs because I assume you're going to look to pass them through.

也許首先要考慮關稅對零件和服務的影響。您知道零件價格上漲會對零件和服務部門造成多大影響嗎？聽起來客戶的支付意願相當強烈。但只是想了解客戶將如何承擔這些成本，因為我認為您會考慮將這些成本轉嫁出去。

I don't think we've calculated that now when you think about today, typically 2/3 of the repair order is labor and 1/3 of the repair order is parts. And when we think about a lot of parts that are being utilized, and older cars are really not genuine parts and they're coming out of China. And if China has a higher say, 145% tariff, that's going to drive their cost base up and we'll get probably even with what we have here with the genuine parts so we might even see a benefit from that as we go forward. But that speculation, I can't say I see it today, but it will certainly help us a lot in body shop parts where there is a lot of non-genuine parts being used. So we'll see.

我認為我們現在還沒有計算過，當你想到今天的時候，通常 2/3 的維修訂單是人工，1/3 的維修訂單是零件。當我們考慮到許多正在使用的零件時，舊車上的零件實際上不是原廠零件，而且它們來自中國。如果中國有更高的發言權，145%的關稅，這將會推高他們的成本基礎，而我們可能只會得到與我們這裡原廠零件相同的價格，因此我們甚至可能會從中受益。但這種猜測，我不能說我今天看到了它，但它肯定會對我們在車身修理廠使用大量非原廠零件的地方有很大幫助。我們拭目以待。

No, that's helpful color on how you could become more competitive versus some of the independent shops. I think it's been a while since we've been into a call this long and haven't really touched on new GPU kind of outlook. But it seems like we got another data point this quarter, the trends are stabilizing at a much higher level. I guess specific to your portfolio of brands, should we expect a couple of hundred dollars of new GPU moderation on a go-forward basis? Or do you think we're closer to the bottom and maybe that second derivative of declines continues to improve?

不，這有助於您了解如何與一些獨立商店相比更具競爭力。我認為我們已經有一段時間沒有進行這麼長時間的通話了，並且還沒有真正觸及新的 GPU 前景。但似乎我們本季獲得了另一個數據點，趨勢正在更高水準上穩定下來。我想，針對您的品牌組合，我們是否應該預期未來會有幾百美元的新 GPU 調整？或者您認為我們已經接近底部，並且下降的二階導數可能會繼續改善？

Well, when you look at new, in Q1, we were down 3% and new -- usually we're up 15%. This is on a total basis. And our F&I would say, was up 4%. So overall, variable is up 6%. And on a same-store basis, we actually were up on new, 5% and used, we were up 10%. And I think that the last five quarters, we were at really $5,229 in first quarter of '24, $5,300, $5,072 in Q3 and $5,146. So we've been, I guess, hovering around $5,000. And a lot of that has to do, I think our mix of BEV vehicles has gone down, if you look at it overall, replaced by ICE. And I think someone mentioned it earlier that our we're discounting BEV vehicles probably about $7,000 under MSRP. So that has some impact on it. And that mix is now down. I think we've got an inventory, Rich, of what?

好吧，當你看新產品時，在第一季度，我們下降了 3%，而新產品——通常我們會上漲 15%。這是總體情況。我們的財務和投資回報率上漲了 4%。因此總體而言，變數上漲了 6%。就同​​店銷售而言，我們的新品銷售實際上成長了 5%，二手產品銷售成長了 10%。我認為，在過去的五個季度中，我們實際的收入分別為 2024 年第一季 5,229 美元、5,300 美元、第三季 5,072 美元和 5,146 美元。因此我猜想我們的價格一直徘徊在 5,000 美元左右。而這在很大程度上與以下因素有關：從整體來看，我認為我們的 BEV 汽車組合已經下降，被 ICE 取代。我認為之前有人提到過，我們的 BEV 車輛折扣大概比製造商建議零售價低約 7,000 美元。所以對它有一定影響。而現在，這種混合已經下降了。我想我們有一個清單，里奇，是什麼？

16,000 new units.

16,000 個新單位。

No, of BEV.

不，是 BEV。

Sorry, yes. We're -- with of 10% of total and under 1,700 units.

抱歉，是的。我們的規模佔總數的 10%，數量不到 1,700 個單位。

Under 1,700 units at this point. So overall, I say I think that as I look into Q2, you'd have to think about with our businesses up 11% this month. And if you look at the quarter, you'd have to think there would be some momentum going to the end now before the current vehicle inventory we have is sold out because then you're going to be dealing with different cost pressures from the tariffs.

目前數量少於 1,700 台。所以總的來說，我認為當我展望第二季時，你必須考慮我們本月的業務成長了 11%。如果你看一下這個季度，你就不得不認為在我們現有的車輛庫存售罄之前，現在會有一些勢頭持續到最後，因為那時你將面臨來自關稅的不同成本壓力。

And Ron, to your point on our brand mix, I would only add that in the quarter, compared to our peer group, we had the lowest decline in new growth, and we had the highest increase in used growth. So I think that supports the premium brand mix that we've got.

羅恩，關於你提到的我們的品牌組合，我只想補充一點，在本季度，與同行相比，我們的新增長下降幅度最低，而二手增長增幅最高。所以我認為這支持了我們現有的高端品牌組合。

Any sense for how that trended in Europe versus the US? Because typically, we would see, I think, luxury underperformed going from 4Q to 1Q. So just trying to get a sense of unpacking that by region.

您能了解歐洲和美國的趨勢如何嗎？因為通常情況下，我認為，我們會看到奢侈品的表現從第四季度到第一季都不佳。所以只是想了解一下按地區來分析這個問題。

Yes. In the UK, our new gross profit was down slightly. So it trended very similar to what it was in the US on a new car side. And again, it's going to be predicated on mix.

是的。在英國，我們的新毛利略有下降。因此，其趨勢與美國新車市場的情況非常相似。再次強調，這將以混合為前提。

In the US, Ron, we were down [76] a unit, or 1%.

羅恩，在美國，我們下降了[76]一個單位，即1%。

We had a registration month in March, which drives some bonuses and other things at the end of the quarter, which could affect upward gross profit.

三月是我們的註冊月，這將推動季度末的一些獎金和其他事項，這可能會影響毛利的上升。

Jeff Lick, Stephens.

傑夫利克、史蒂芬斯。

Question for Rich. Rich, in the US, I know some of your brand partners on the luxury side, Mercedes, particularly BMW, last year, we're a little more focused on BEVs. And I think that had implications in terms of both how the sales play out in the GPU. And I wonder if you could maybe just unpack that just share how that benefited Q1 or how that rolled through Q1 this year?

向 Rich 提問。里奇，在美國，我知道你們在豪華車方面的一些品牌合作夥伴，像是梅賽德斯，特別是寶馬，去年我們更加關注純電動車。我認為這對 GPU 的銷售狀況有影響。我想知道您是否可以簡單解釋一下，這對第一季有何益處，或者這對今年第一季有何影響？

So yes, so if you look at Mercedes, let's start there. If we go back about a year ago now, they were north of 40% of our total inventory was battery electric vehicle and not only battery electric vehicle, but on the high end of the price point with the [EQS and EQE]. Probably midyear last year is when they realized they had to make adjustments to balance production with supply. And so they've made almost 180-degree turn as we sit here today, the Mercedes day supply is significantly reduced and under 5% of our total inventory at this point. And so we've seen a significant benefit in that to our West Coast dealerships and their profitability with the right mix and the right day supply for the demand in the market.

是的，如果你看看梅賽德斯，我們就從那裡開始。如果我們回到一年前，我們總庫存的 40% 以上都是純電動車，而且不僅是純電動車，而且價格也處於高端。[EQS 和 EQE]。大概去年年中他們就意識到必須做出調整以平衡生產和供應。因此，當我們今天坐在這裡時，他們幾乎發生了 180 度的大轉變，梅賽德斯的日供應量大幅減少，目前已低於我們總庫存的 5%。因此，我們看到，透過正確的產品組合和根據市場需求進行適當的日供應，我們的西海岸經銷商的盈利能力得到了顯著提升。

BMW has come off their peak as well, but they are still around that 25% to 30% as a percent of total from a BEV mix, but they have probably the broadest product line of battery electric vehicles, servicing the lower end of the market to the higher end of the market. And certainly, the i4 is a good seller there.

BMW也不再是巔峰時期，但其純電動車 (BEV) 組合仍佔總銷量的 25% 至 30% 左右，而且他們可能擁有最廣泛的電動車產品線，服務於從低端市場到高端市場。毫無疑問，i4 在那裡很暢銷。

If you look at days supply overall for battery electric, we peaked in June of last year at a 91-day supply new. And as we sit here today, we're at 56 days at the end of the quarter. And I think in April here, we're at 51 days. So it continues to trend in a more positive direction. And obviously, from a growth standpoint, we see that the gross profit on BEVs all in, when you look at the front side money and F&I is generally 65% to 70% of what we would have on an ICE vehicle and heavily discounted, as Roger said, over $7,400 now. So anything that balances that improves.

如果你看一下電池電動車的整體供應天數，我們會發現去年 6 月的供應量達到了峰值，為 91 天。今天，當我們坐在這裡時，本季已經結束 56 天了。我認為今年四月我們已經有 51 天了。因此，它繼續朝著更積極的方向發展。顯然，從成長的角度來看，當您查看前期資金和財務與保險 (F&I) 時，我們發現 BEV 的毛利總計一般為 ICE 汽車的 65% 到 70%，而且折扣很大，正如羅傑所說，現在超過 7,400 美元。因此，任何能夠平衡的事情都會帶來改善。

The other thing BMW is doing in this month of May is pausing wholesale deliveries of bets and supplementing with ICE vehicles, which I think is going to be very beneficial for our stores that are high on the BEV concentration at the moment. So that's another adjustment they're making to the market conditions.

BMW在五月做的另一件事是暫停批發交付車型，並補充內燃機汽車，我認為這對我們目前純電動車集中度較高的門市非常有利。這是他們根據市場狀況做出的另一項調整。

And then just a quick follow-up or a side question on commercial truck or retail truck. I'm just -- can you give any context to the delay in the 2027 emissions standards and just how big of a deal do you think that is? There was some thought that there'd be some pull forward of demand here and over the next 18 months. Just curious, by way of magnitude, how much you think that's going to affect your business?

然後只是快速跟進或詢問有關商用卡車或零售卡車的附帶問題。我只是—您能否說明 2027 年排放標準延後的具體原因，以及您認為這到底有多大影響？有人認為，未來 18 個月內，這裡的需求將會增加。只是好奇，就程度而言，您認為這會對您的業務產生多大影響？

Well, I think that any pull ahead in demand will be predicated on the outcome of the Congressional Review Act of the waivers have been submitted by the legislation has been submitted by the House for potential rescindance of the advanced clean car, advanced clean truck, and the Omnibus rule. So those will be voted on we think, by the end of May.

嗯，我認為需求的任何增長都將取決於國會審查法案的結果，該法案已由眾議院提交，可能撤銷先進清潔汽車、先進清潔卡車和綜合規則。因此我們認為這些將在五月底之前進行投票。

And if that -- if those waivers do get rescinded, that not only impacts California, but the other 13 states that opted into those regulations, Oregon being one of them that we operate in and so that will have positive impact, but it will obviously not spur any pre-buy at that moment because there won't be the rush to purchase trucks that aren't going to be impacted by the increased cost of those vehicles, which our intelligence would say is north of $20,000 per vehicle for the technology has got to be added to meet these emissions requirements if they were to go into effect.

如果這些豁免被撤銷，那不僅會影響加州，還會影響選擇加入這些法規的其他 13 個州，俄勒岡州是我們運營的州之一，因此這將產生積極影響，但顯然不會刺激任何預購，因為不會出現購買不會受到這些車輛成本增加影響的卡車的熱潮，我們的情報顯示，如果這些車輛成本生效，則必須添加購買不會受到這些車輛成本增加影響的卡車的熱潮，我們的情報顯示，如果這些車輛成本生效，則必須添加這些技術的成本。

I think the other important aspect of that legislation reform is that one emission standard across the US that creates a lot of complexity for the manufacturers today and for us as retailers to make sure that, that truck is certified for the state it's going to operate in and it's being registered correctly. So I think if successful in those legislative reforms it will only be positive for the transportation on the commercial side.

我認為立法改革的另​​一個重要方面是，美國實行統一的排放標準，這給當今的製造商和我們零售商帶來了很多複雜性，我們需要確保卡車獲得其將要運營的州的認證並正確註冊。因此我認為，如果這些立法改革成功，那麼對商業運輸來說只會是有利的。

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

Just one last question on just the used car. I know you've got a lot of that given the pretty substantial improvement. The level of GPU that you had in the first quarter, the $2,100 level, is that a new like base level we should be thinking about going forward? Do you feel comfortable sustaining those kind of growth? I know it can be a little volatile here in 2Q with the prebuy and like just to pull forward a bit and just used car inflation, but $2,100 is that like a new normal for the business, medium term?

關於二手車，我還有最後一個問題。我知道你已經取得了很大進步。第一季的 GPU 水準為 2,100 美元，這是我們未來應該考慮的新基準水準嗎？您是否對維持這種成長感到滿意？我知道第二季可能會有點不穩定，因為預購會稍微提前一點，二手車通膨也會上升，但 2,100 美元對於中期業務來說是一個新常態嗎？

Well, I think it can vary, but we're getting the benefit. When you look at the total company, meaning international plus domestic, the impact of certainly sitting or select now highly profitable and the use is driving a significant amount. I think, Randy, you said you were up in UK on used gross it was.

嗯，我認為可能會有所不同，但我們會受益。當你看整個公司，包括國際和國內公司時，坐著或選擇現在的高利潤和使用的影響正在推動大量的成長。蘭迪，我想你說過你在英國的二手總量是這樣的。

Yes. [580].

是的。[580]。

[580], and we ended up being [357], I think, on a global basis. So to me, I think the one thing that could impact us some is at the vehicles during COVID, there was not a lot of leasing. So some of the cars that we would get back, we're not getting. So they're building that pipeline back for us. But I think the lack of new vehicles, when you think about it during COVID drove the used vehicle business. So again, we're probably going to see some upward pricing.

[580]，而我們最終在全球範圍內的數量是[357]。因此，對我來說，我認為可能對我們產生一些影響的一件事是，在 COVID 期間，車輛租賃並不多。因此，有些我們本來可以收回的汽車，現在卻沒有收回。所以他們正在為我們重建那條管道。但我認為，當你在疫情期間思考時，新車的缺乏推動了二手車業務。因此，我們可能又會看到價格上漲。

And with that, we might see advance rates from the finance companies capped. So it would reduce our ability to get higher gross margins. But I think we'll deal with that case by case as we go forward. But I'm comfortable that we've got to lead the peer group on the used side because we're not into the 10- and 20-year-old cars.

這樣一來，我們可能會看到金融公司的預付利率受到限制。因此這會降低我們獲得更高毛利率的能力。但我認為我們會根據具體情況逐一處理。但我確信我們必須在二手車市場中處於領先地位，因為我們對 10 年或 20 年車齡的汽車不感興趣。

We're in vehicles that are 1 to 4, which we can obviously and are certified as Tony said, that it gives us the opportunity to get more margin and 70% of our sales in the quarter were 1 to 4 years old. And I think that and 5 to 8 was 20. So you see it's a very small part of that. And I think overall, the same thing in the UK, 65% was 1 to 4 and about 30% 5 to 8, and that was probably skewed still by Sytner Select.

我們經營的是 1 至 4 年的車輛，正如托尼所說，這顯然是經過認證的，它使我們有機會獲得更多的利潤，本季我們 70% 的銷售額都是 1 至 4 年的車輛。我認為 5 比 8 等於 20。所以你看這只是其中很小的一部分。我認為總體而言，英國的情況也一樣，65% 的人得分在 1 到 4 之間，而 30% 的人得分在 5 到 8 之間，這可能仍然受到 Sytner Select 的影響。

And then just one question on PTL. Not a lot of discussion today. Just curious, any thoughts on the outlook here. I know you've talked about like some choppiness in the freight market. Curious like how that impacts the PTL business? Should we expect the first quarter type of trends, flat year-over-year growth type of trends to continue for the remainder of the year? Or should we expect to be a little more volatile?

然後只有一個關於 PTL 的問題。今天沒有太多討論。只是好奇，對這裡的前景有什麼看法。我知道您談到了貨運市場的波動。好奇這對 PTL 業務有何影響？我們是否應該預期第一季的趨勢、與去年同期持平的成長趨勢將在今年剩餘時間內持續下去？或者我們應該預期市場會更加動盪一些？

Well, let's say the freight market, let's just answer with that first freight market, obviously, has not been good for the last 36 months when you think about it. And the rental businesses is certainly seasonal. But with the freight market down, and what we're seeing is that our customers who are leasing trucks on a 3- to 5-year basis with CPIs, we see those customers not reaching out for extra vehicles, which is typically 50% of our rental revenue so what we've had to do is reduce our fleet, which we've done from 88,000 down into the 70s, and that's driven lower maintenance, lower cost, lower depreciation. So we're trying to match it.

好吧，就拿貨運市場來說吧，我們只回答第一個貨運市場，顯然，如果你仔細想想，過去 36 個月貨運市場的表現並不好。而且租賃業務肯定是有季節性的。但隨著貨運市場的低迷，我們看到我們的客戶使用 CPI 以 3 至 5 年的時間租賃卡車，我們發現這些客戶並沒有購買額外的車輛，而這通常占我們租賃收入的 50%，所以我們必須減少我們的車隊，從 88,000 輛減少到 70 多輛，這降低了維護成本，降低了折舊。因此我們正在嘗試匹配它。

But if we don't see an increase certainly and because of the freight, I think our rental business will continue to suffer. And again, that drives maybe gain on sale of vehicles because when you're de-fleeting, we can't get the margins, you can if you're selling them one at a time, and we sold 4,000 vehicles last month. So it's -- we're watching it. The good news is we outperformed the first quarter of last year. Our income was about $1 million more for our percentage that we own of the company. But overall, our fleet is young I think that we're well balanced on the headcount. We've taken out hundreds of people in the rental product line because of the lower utilization and the lower demand.

但如果我們沒有看到成長，並且由於貨運原因，我認為我們的租賃業務將繼續受到影響。再一次，這也許會推動車輛銷售的成長，因為當你淘汰車隊時，我們無法獲得利潤，但如果你一次賣出一輛，你就可以獲得利潤，我們上個月賣出了 4,000 輛汽車。所以——我們正在觀察它。好消息是我們的業績優於去年第一季。由於我們擁有該公司的股份，我們的收入增加了約 100 萬美元。但總體而言，我們的船隊很年輕，我認為我們的員工人數很均衡。由於利用率較低和需求減少，我們已經裁掉了租賃產品線上的數百名員工。

Just last one here. You talked a little bit about some pull forward or maybe some pre-buy here in the second quarter, primarily for the premium luxury brand. Did you expect the second half to like see some material deceleration here or irrespective of what happens with prices? Just curious if there's any way to size one degree of pull forward a prebuy you might be seeing in the business?

這裡只剩下最後一個了。您談到了第二季的一些提前購買或預購活動，主要針對高端奢侈品牌。您是否預計下半年會出現實質減速，或無論價格如何變化？我只是好奇，是否有任何方法可以確定您在業務中可能看到的預購提前程度？

Let me say, if we got any momentum, it's going to be momentum on our existing inventory, isn't it? For us to be able to project what potential cost increase we have in the vehicle, we don't know that right now other than some of the things that were brought up last night and Trump's latest declaration as far as tariffs. So I would say the second half would be more cloudy for me from the standpoint of where we're going to be.

我要說的是，如果我們有任何動力，那將是現有庫存的動力，不是嗎？為了能夠預測車輛的潛在成本增加，我們現在還不知道，除了昨晚提出的一些事情和川普關於關稅的最新聲明之外。因此，從我們的處境來看，我認為下半年的情況會更加不明朗。

We've got 16,000 vehicles that we can sell at current cost with no increases due to tariffs. And of course, we hope to go through those over the next 60 days. So again, we're going to then have to look at what have we been able to be supplied at what price as we go forward. Rich, do you have any other comment?

我們有 16,000 輛汽車可以按當前成本出售，不會因關稅而上漲。當然，我們希望在接下來的 60 天內完成這些任務。因此，我們必須再次考慮未來我們能夠以什麼樣的價格供應什麼。Rich，您還有其他評論嗎？

No, I think you've covered it. I mean to your point, Rajat, we saw a little bit of a tailwind at the end of March, and certainly, that carried into the beginning of April but with each discussion around tariffs and then subsequently becoming lower, it's difficult to predict what that demand looks like in the near term.

不，我想你已經講完了。拉賈特，正如你所說，我們在三月底看到了一點順風，當然，這種勢頭一直持續到四月初，但隨著每次圍繞關稅的討論，以及隨後的關稅降低，很難預測短期內的需求會是什麼樣子。

Yes. One other thing that I didn't mention when you talked about the freight market, we're understanding that the ports receiving container ships from China, it looks like it's going to be down 60% here over the next several weeks. So that will certainly have some impact on the freight market. Yes.

是的。當您談到貨運市場時我沒有提到的另一件事是，我們了解到，接收來自中國的貨櫃船的港口在未來幾週內似乎將下降 60%。所以這肯定會對貨運市場產生一定的影響。是的。

David Whiston, Morningstar.

晨星公司的戴維‧惠斯頓。

I actually just have one question. You mentioned that earlier in the call, you said on a monthly basis, technicians contributing about $30,000 in gross profit per month. I was just curious roughly what was that number right before COVID?

我實際上只有一個問題。您在先前的電話會議中提到，按月計算，技術人員每月貢獻的毛利約為 30,000 美元。我只是好奇在 COVID 之前這個數字大概是多少？

I don't if anybody have that number. I'd be -- I'll get Tony to get that for you. But we've been growing that. We've been growing it for a couple of reasons because our effective labor rate has gone up, you following me? And we pay a percentage of that to the technician. Obviously, that's driven the opportunity plus our [ROs] from the standpoint we've had more ROs, more service.

我不知道是否有人有這個號碼。我會——我會讓托尼幫你拿到它。但我們一直在發展這一領域。我們一直在成長，原因有幾個，因為我們的有效勞動率上升了，你懂我的意思嗎？我們將從中支付一定比例給技術人員。顯然，這帶來了機會，也帶來了我們的[RO]，從我們擁有更多RO、更多服務的角度來看。

So that's driving it. That's one of the reasons we want to continue to grow the mechanic base because we can drive more business, which I think which is key, which will drive gross margin and for the technician because it's the best job in the company because we provide the customer provide the location, and we collect the money either from the factory or the customer.

這就是推動它的原因。這就是我們希望繼續擴大機械師基礎的原因之一，因為我們可以推動更多的業務，我認為這是關鍵，這將推動毛利率，對於技術人員來說，這是公司最好的工作，因為我們為客戶提供地點，我們從工廠或客戶那裡收取錢。

And I think that our turnover, when you look at turnover in that sector, I think we're running probably about 11% or 12% or 13%, which is world-class because it's so important to get these highly skilled people to stay with you because of the complexity of the vehicles today.

我認為我們的營業額，當你看這個行業的營業額時，我想我們的營業額大概在 11% 或 12% 或 13% 左右，這是世界一流的，因為考慮到當今車輛的複雜性，讓這些高技能人才留在公司非常重要。

And David, I would add to Roger's comments on the growth. So I would attribute some of it to our digital tools as well that we've deployed that enable us to load the shop more effectively. So we're getting better utilization out of the available hours that the technicians have through our artificial intelligence with service booking and reception. Tech video adoption is something that is still relatively new that we get better proficiency out across the businesses.

大衛，我想補充羅傑關於成長的評論。因此，我認為這部分歸功於我們部署的數位工具，這些工具使我們能夠更有效地裝載商店。因此，我們透過人工智慧進行服務預訂和接待，從而更好地利用技術人員的可用時間。技術影片的採用仍然相對較新，我們在整個企業中都能夠更好地掌握它。

Last August, we launched a communication tool for customers booking service appointments with us called Fast Lane. That enables us to add previous recommended not done items that the customer declined at a previous event enables us to get that information in front of them. That generated an additional $5.4 million in revenue in the first quarter or on average about $704 per appointment.

去年八月，我們推出了一款溝通工具，供客戶預約服務，名為快車道。這使我們能夠添加客戶在先前的活動中拒絕的先前推薦的未完成項目，使我們能夠將這些資訊呈現在他們面前。這在第一季創造了額外的 540 萬美元收入，或平均每次預約約 704 美元。

So all those things collectively and then other things we're doing in the shop from an efficiency standpoint to keep the technicians in the Bay where they're most productive and most happy are things we continue to look at as well as service adviser training. So it's not any one thing. It's a bunch of little things that are adding up year-over-year to make that improvement.

因此，所有這些事情，以及我們從效率的角度在商店中做的其他事情，都是為了讓技術人員在海灣地區保持最高效率和最快樂，以及服務顧問培訓，這些都是我們繼續關注的事情。所以這不是任何一件事。正是一系列小事逐年累積才實現了這一進步。

Yes. I just checked and pre-COVID, the average technician growth was about $26,500. Thank you, everyone, for joining us today.

是的。我剛剛查了一下，在新冠疫情之前，技術人員的平均收入成長約為 26,500 美元。感謝大家今天加入我們。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。