Penske Automotive Group Inc (PAG) 2025 Q3 法說會逐字稿

Good afternoon. Welcome to the Penske Automotive Group third-quarter 2025 earnings conference call. Today's call is being recorded and will be available for replay approximately one hour after completion through November 5, 2025, on the company's website under the Investors tab at www.penskeautomotive.com.

午安.歡迎參加彭斯克汽車集團2025年第三季財報電話會議。今天的電話會議正在錄音，錄音將於會議結束後約一小時後至 2025 年 11 月 5 日期間在公司網站 www.penskeautomotive.com 的「投資者」標籤下提供回放。

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

現在我將介紹公司投資者關係和企業發展執行副總裁托尼波頓。先生，請繼續。

Thank you, Rob. Good afternoon, everyone, and thank you for joining us today. A press release detailing Penske Automotive Group's third-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.

謝謝你，羅布。各位下午好，感謝各位今天參加我們的節目。今天早上發布了一份詳細介紹 Penske Automotive Group 2025 年第三季財務業績的新聞稿，該新聞稿已發佈在我們的網站上，同時還附有旨在幫助您了解公司業績的簡報。如有任何後續問題，歡迎隨時透過電子郵件或電話與我聯絡。

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 Seymour, International Operations; and Tony Facioni, our Vice President and Corporate Controller. We may include forward-looking statements on today's call about our earnings potential, outlook and other future events, and we may also discuss certain non-GAAP financial measures such as EBITDA. Our future results may vary from our expectations because of risks and uncertainties outlined in today's press release.

今天與我一起參加電話會議的有：董事長兼執行長羅傑·彭斯克；執行副總裁兼首席財務官雪莉·赫爾格雷夫；北美營運負責人里奇·謝林；國際營運負責人蘭德爾·西摩；以及副總裁兼公司財務總監托尼·法西奧尼。我們可能會在今天的電話會議上發表有關我們獲利潛力、前景和其他未來事件的前瞻性聲明，我們也可能會討論某些非GAAP財務指標，例如EBITDA。由於今天新聞稿中概述的風險和不確定性，我們未來的業績可能與預期有所不同。

We also have prominently presented and reconciled any non-GAAP measures to their most directly comparable GAAP measures in this morning's press release and the 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 also 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.

我們也於今天早上的新聞稿和投資者簡報中顯著展示並核對所有非GAAP指標與其最直接可比較的GAAP指標，這兩份文件均可在我們的網站上查閱。由於今天新聞稿中前瞻性聲明部分概述的風險和不確定性，我們未來的業績可能與預期有所不同。我還建議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，以了解更多討論和可能導致未來業績與預期存在重大差異的因素。

At this time, I'll now turn the call over to Roger Penske.

現在，我將把電話交給羅傑·彭斯克。

Thank you, Tony. Good afternoon, everyone. I'm pleased with the performance of PAG during Q3. Our teams navigated through several challenges across our business and delivered solid results. Q3 revenue was $7.7 billion, up 1%.

謝謝你，托尼。大家下午好。我對PAG在第三季的表現感到滿意。我們的團隊克服了業務中的許多挑戰，並且取得了實際的成果。第三季營收為77億美元，成長1%。

For the quarter, EBT was $292 million, net income, $213 million, and earnings per share of $3.23. Retail automotive same-store revenue increased 5%, which included a 5% increase in service and parts revenue, partially offset by approximately $200 million of annualized revenue of strategic divestitures and dealership closures made during the last year.

本季度，EBT 為 2.92 億美元，淨利潤為 2.13 億美元，每股收益為 3.23 美元。零售汽車同店收入成長 5%，其中包括服務和零件收入成長 5%，但部分被去年戰略性資產剝離和經銷商關閉造成的約 2 億美元的年度收入所抵消。

Q3 each year typically is impacted by seasonality as we navigate the change to a new model year. This year's seasonality was coupled to the expiration of EV tax credit in the US, which drove a higher penetration of BEV sales during the quarter to more than 10% of our total sales. And that's up from 6% to 7% in previous quarters. The average discount from MSRP on BEV we sold in the US in Q3 was $7,100. ,We estimate the higher percentage of BEVs sold during the quarter reduced total new vehicle gross per unit by approximately $100.

每年第三季通常都會受到季節性因素的影響，因為我們要應對新車型年份的過渡。今年的季節性因素與美國電動車稅收抵免政策的到期有關，這推動了本季純電動車銷售滲透率的提高，占我們總銷售額的 10% 以上。這一比例高於前幾個季度的 6% 至 7%。第三季我們在美國銷售的純電動車平均折扣為 7100 美元。我們估計，本季純電動車銷量佔比的提高，導致每輛新車的總毛利減少了約 100 美元。

The US retail automotive business was strong during Q3 as same-store new units delivered increased 9% and revenue increased $300 million or nearly 10%. The strong US performance was offset by two areas: the first, the UK retail, automotive and retail commercial trucking businesses.

第三季美國零售汽車業務表現強勁，同店新車交屋量成長 9%，營收成長 3 億美元，成長接近 10%。美國市場的強勁表現被兩個領域的疲軟所抵消：首先是英國的零售、汽車和零售商用卡車業務。

In the UK, a cyber incident at Land Rover impacted the delivery of new vehicles during the September registration period as well as an interruption to our service and parts business. We estimate the impact reduced the total new gross per unit by approximately $61. Gross for new unit retail in Q3 was $4,726. If we add back the impact of a higher mix of BEV units during the quarter and the impact of Land Rover gross per new unit, we have been approximately $150 per unit higher.

在英國，路虎公司遭遇網路安全事件，導致9月新車註冊期間的交付受到影響，同時也中斷了我們的服務和零件業務。我們估計，這一影響使每單位新增毛利減少了約 61 美元。第三季新單位零售總額為 4,726 美元。如果將本季電動車佔比提高的影響以及路虎每輛新車毛利的影響加回去，那麼每輛車的成本大約增加了 150 美元。

In addition to the cyber incidents, higher cost for government-mandated social programs in the UK drove higher SG&A costs, better impact of these two events drove a reduction in EBT of approximately $5 million during the quarter. Also, the challenging freight backdrop continues to impact commercial truck sales and service and parts. As a result, PTG same-store unit sales declined 19% during Q3 and EBT declined $15 million.

除了網路安全事件外，英國政府強制實施的社會計畫成本增加也推高了銷售、一般及行政費用，這兩件事的良好影響使得本季度 EBT 減少了約 500 萬美元。此外，充滿挑戰的貨運環境持續影響商用卡車的銷售、服務和零件。因此，PTG 第三季同店銷售額下降了 19%，EBT 下降了 1,500 萬美元。

In summary, we estimate the impact -- EBT during the third quarter was approximately $23 million or $0.25 per share. Outlining at JLR cyber incident, $4 million; our social programs, $2 million to $3 million; premier truck freight and tariff impacts, $15 million; and we had a higher bad debt expense at PTS of approximately $2 million. Our teams have taken action to reduce the impact from these macro events through various initiatives, including head count reduction, driving efficiencies, which should benefit future periods.

總而言之，我們估計其影響——第三季 EBT 約為 2,300 萬美元，即每股 0.25 美元。概述 JLR 網路事件損失 400 萬美元；我們的社會項目損失 200 萬至 300 萬美元；高級卡車貨運和關稅影響損失 1500 萬美元；此外，PTS 的壞帳支出增加了約 200 萬美元。我們的團隊已採取各種措施來減少這些宏觀事件的影響，包括減少人員編制、提高效率，這將有利於未來的發展。

Let me now turn it over to Rich Shearing to discuss our North American operations.

現在我把發言權交給 Rich Shearing，讓他來談談我們在北美的業務。

Thank you, Roger, and good afternoon, everyone. As Roger indicated, our US automotive retail business was strong during the third quarter. Same-store new and used unit sales increased 5% with new increasing 9% and used increasing 1%. During the quarter, 26% of new units sold were an MSRP compared to 32% in the third quarter last year.

謝謝你，羅傑，大家午安。正如羅傑所指出的，我們在美國的汽車零售業務在第三季表現強勁。同店新舊商品銷售量均成長 5%，其中新商品銷售成長 9%，二手商品銷售成長 1%。本季售出的新車中，26%為廠商建議零售價，而去年第三季這一比例為32%。

Used vehicle sales continue to be constrained by fewer lease returns. We expect the lower level of lease return maturities to bottom this year and begin improving in 2026. We further expect franchise dealers, in particular, to benefit from these increasing lease returns for used vehicle sourcing.

二手車銷售持續受到租賃車輛返還數量減少的限制。我們預計租賃回報到期日的較低水準將在今年觸底，並在 2026 年開始改善。我們進一步預計，特許經銷商尤其會從二手車租賃收益的不斷增長中受益。

Our US same-store service and parts revenue increased 6% and related gross profit increased 8%. Same-store gross margin also increased 120 basis points. Customer pay gross was up 5% and warranty was up 15%. On average, in the US, we estimate our automotive technicians generate approximately $30,000 of gross profit per month. Our automotive technician count is up 2% when compared to the end of September last year.

我們的美國同店服務和零件收入成長了 6%，相關毛利成長了 8%。同店毛利率也增加了120個基點。客戶付款總額增加了 5%，保固額增加了 15%。在美國，我們估計我們的汽車技師平均每月創造約 30,000 美元的毛利。與去年9月底相比，我們的汽車技師人數增加了2%。

While automotive service and parts revenue and gross profit is at a record level, we continue to focus on driving higher utilization of our base and increasing fixed cost absorption. And in Q3, our US fixed cost absorption increased 380 basis points.

儘管汽車服務和零件的收入和毛利都達到了創紀錄的水平，但我們仍將繼續專注於提高現有基礎的利用率和增加固定成本的吸收。第三季度，我們在美國固定成本吸收率提高了 380 個基點。

Turning to Premier Truck Group. We operate 45 locations and remain one of the largest commercial truck retailers for Daimler Trucks North America. As Roger indicated, EBT declined $15 million when compared to Q3 last year as the prolonged recessionary freight environment impacted orders, new and used unit sales, and fixed operations. Tariffs pulled some orders previously scheduled for delivery in Q3 up to the second quarter, while other customers remain on the sidelines due to Section 232 tariffs and ultimate resolution of the EPA 2027 emissions regulations.

轉向Premier Truck Group。我們擁有 45 個營業地點，仍然是戴姆勒卡車北美公司最大的商用卡車零售商之一。正如羅傑所指出的，由於持續的經濟衰退貨運環境影響了訂單、新舊車輛銷售以及固定運營，與去年第三季度相比，EBT 下降了 1500 萬美元。關稅導致一些原定於第三季交付的訂單提前至第二季交付，而其他客戶則因第 232 條款關稅和 EPA 2027 年排放法規的最終解決而繼續觀望。

As a result, the Class 8 market saw a 30% decline in orders, a 22% decline in retail sales during Q3. At the same time, industry backlog dropped 24% to approximately 88,000 units or four months of replacement demand. During Q3, Premier Truck Group was in line with the industry as new and used unit sales declined 19%.

因此，第三季 8 級市場訂單量下降了 30%，零售額下降了 22%。同時，產業積壓訂單下降了 24%，約 88,000 台，相當於四個月的更換需求。第三季度，Premier Truck Group 與業界整體情況一致，新車和二手車銷售量下降了 19%。

Service and parts revenue declined 3% as lower freight volumes caused customers to defer repairs and maintenance to future periods. Premier Truck Group remains one of the core pillars to the Penske Automotive Group diversification story, and we continue to adjust our cost structure to a level of business and are well positioned for inevitable rebound.

由於貨運量下降，客戶將維修和保養推遲到未來時期，服務和零件收入下降了 3%。Premier Truck Group 仍然是 Penske Automotive Group 多元化發展故事的核心支柱之一，我們將繼續調整成本結構以適應業務水平，並為不可避免的反彈做好充分準備。

Turning to Penske Transportation Solutions. The freight environment also impacts the full service lease, rental, and logistics operations of PTS. During Q3, operating revenue declined 3% to $2.7 billion. Full service revenue, contract maintenance, and logistics revenue was flat, while rental revenue declined 14%. In Q3, PTS sold 10,600 units and ended the quarter with 405,000 units, down from 414,000 units at the end of June.

轉向彭斯克運輸解決方案。貨運環境也會影響 PTS 的全方位租賃、出租和物流營運。第三季營業收入下降 3% 至 27 億美元。全方位服務收入、合約維護和物流收入持平，而租賃收入下降了 14%。第三季度，PTS 售出 10,600 台，季末累計銷售量為 405,000 台，低於 6 月底的 414,000 台。

During the quarter, PTS incurred an increase in bad debt expense on its rental business of approximately $7.5 million from higher write-offs related to the freight environment. That increase impacted the PAG equity income by approximately [2.2%] during the quarter. Despite these challenges, equity earnings from PTS were $58 million, only down $2 million from the $60 million we reported in Q3 last year as PTS has been aggressive in rightsizing its fleet, reducing expenses, and preparing for the rebound in the freight environment.

本季度，由於與貨運環境相關的壞帳核銷增加，PTS 租賃業務的壞帳支出增加了約 750 萬美元。此成長對本季 PAG 權益收入的影響約為 [2.2%]。儘管面臨這些挑戰，PTS 的股權收益仍達到 5,800 萬美元，僅比去年第三季報告的 6,000 萬美元減少了 200 萬美元，因為 PTS 積極調整其車隊規模、減少支出並為貨運環境的反彈做好準備。

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

現在我想把電話交給蘭德爾·西摩，讓他來討論我們的國際業務。

Thanks, Rich, and good afternoon, everyone. During Q3, international revenue was $2.9 billion. In the UK, the macro operating environment remains challenging as inflation, interest rates, higher taxes, consumer affordability, and the government push towards electrification impacts the overall market.

謝謝你，里奇，大家下午好。第三季國際營收為29億美元。在英國，宏觀經營環境依然充滿挑戰，通貨膨脹、利率、更高的稅收、消費者的購買力以及政府推動電氣化的舉措都對整體市場產生了影響。

During Q3, the number of same-store units we delivered declined by 7% as the zero emission mandates, the cybersecurity incident JLR, and the previously discussed disposed or closed dealerships impacted our new unit sales. In fact, our unit volume at JLR was down approximately 700 units in Q3 2025 when compared to the same period last year. Despite the challenging operating environment, the loss of JLR units during Q3, new vehicle gross has only declined $163 per unit.

第三季度，由於零排放強制令、捷豹路虎網路安全事件以及之前討論過的已處置或已關閉的經銷商對我們的新車銷售造成了影響，我們同店交付的車輛數量下降了 7%。事實上，與去年同期相比，捷豹路虎2025年第三季的銷售量下降了約700輛。儘管經營環境充滿挑戰，捷豹路虎第三季銷量下滑，新車毛利每輛僅下降 163 美元。

Turning to used cars. Our same-store used units declined 8% as we closed or sold four locations and realigned the UK CarShop used only dealerships to Sytner Select last year. We have now reached the one-year anniversary of making the change to Sytner Select. As a result of this change and better management of used cars, total used gross profit in the UK increased 19%, contributing to the overall increase in used vehicle gross per unit.

轉而購買二手車。去年，由於我們關閉或出售了四家門市，並將英國 CarShop 二手車經銷店重新調整為 Sytner Select，我們的同店二手車銷量下降了 8%。現在距離我們改用 Sytner Select 系統已經整整一年了。由於這項變更以及對二手車更好的管理，英國二手車總毛利增加了 19%，從而促進了二手車單價毛利的整體成長。

Service and parts same-store revenue was flat during Q3, while gross profit increased 4% including a 270-basis-point increase on gross margin. We also have operations in Italy, Germany, and Japan and these businesses generated an increase in revenue of 23% during Q3 and an EBT increase of 54%. As we look to future opportunities in the UK and Europe, we opened our first Chinese brand locations. We will have eight dealerships co-located in our Sytner Select locations as we look to drive further efficiencies to augment the investments at those sites.

第三季度，服務和零件同店營收持平，而毛利成長了 4%，其中毛利率成長了 270 個基點。我們在義大利、德國和日本也有業務，這些業務在第三季實現了 23% 的收入成長和 54% 的 EBT 成長。展望未來在英國和歐洲的發展機遇，我們開設了首批中國品牌門市。我們將把八家經銷商設在我們的 Sytner Select 地點，以進一步提高效率，從而增加這些地點的投資。

Turning to Australia. We operate three Porsche dealerships in Melbourne and distribute heavy-duty trucks and power systems through a network of more than 20 dealers across Australia. The Porsche dealerships are fully integrated and performing well. We have sold 1,700 vehicles year-to-date. And during Q3, the used to new ratio grew to 1.4:1 and fixed operation -- fixed absorption increased 250 basis points. We utilize our existing scale of the Commercial Vehicle and Power Systems business in Australia to leverage costs while executing our One ecosystem strategy, which provides for a superior customer experience.

轉向澳大利亞。我們在墨爾本經營三家保時捷經銷商，並透過遍布澳洲的 20 多家經銷商網路分銷重型卡車和動力系統。保時捷經銷店已全面整合，營運良好。今年迄今為止，我們已售出1700輛汽車。第三季度，新舊比率成長至 1.4:1，固定營運 - 固定吸收量成長 250 個基點。我們利用在澳洲商用車和動力系統業務的現有規模來降低成本，同時執行我們的一體化生態系統策略，從而提供卓越的客戶體驗。

For the Australian Commercial Vehicle and Power Systems business, we are diversified with revenue and gross profit split approximately 50-50 between on- and off-highway markets. We are really pleased with the growth we see in Australia. In fact, the recent announcement of rare earth minerals deal between Australia and the US should help drive further growth in the off-highway mining segment.

對於澳洲商用車和動力系統業務，我們實現了多元化經營，公路和非公路市場的收入和毛利大約各佔 50%。我們對在澳洲取得的成長感到非常滿意。事實上，澳洲和美國最近宣布的稀土礦產交易應該有助於推動非公路採礦領域的進一步成長。

The Defense and Energy Solutions segments provide us with additional opportunities. In Defense, we have in-service support contracts on a variety of application ranging from inventory fighting vehicles, frigates, destroyers, and armed personnel carriers.

國防和能源解決方案業務板塊為我們提供了更多機會。在國防領域，我們擁有各種應用領域的在役支援合同，包括庫存戰鬥車輛、護衛艦、驅逐艦和武裝人員運輸艦。

In Energy Solutions, we believe we are at the forefront of a rapidly growing segment that provide power solutions for data centers to support the future growth of artificial intelligence. Data centers require a robust infrastructure with reliable power at the core of its operation. The engines and support we provide will be critical as this segment evolves. We see the potential for our Energy Solutions business in Australia to generate at least $1 billion in revenue by 2030.

在能源解決方案領域，我們相信我們處於快速成長的細分市場的前沿，為資料中心提供電力解決方案，以支援人工智慧的未來發展。資料中心需要強大的基礎設施，而可靠的電力供應是其運作的核心。隨著這一領域的不斷發展，我們提供的引擎和支援將至關重要。我們認為，到 2030 年，我們在澳洲的能源解決方案業務有潛力創造至少 10 億美元的收入。

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

現在我想把電話交給雪莉·赫爾格雷夫，讓她來回顧我們的現金流、資產負債表和資本配置。

Thank you, Randall. Good afternoon, everyone. We remain committed to our diversification strategy, a best-in-class balance sheet, and a disciplined approach to capital allocation while implementing efficiencies and lowering costs across our businesses.

謝謝你，蘭德爾。大家下午好。我們將持續致力於多角化策略、打造一流的資產負債表，並採取嚴謹的資本配置方法，同時在各項業務中提高效率、降低成本。

Our SG&A to growth was 72.7% during Q3. The third quarter typically has a higher SG&A due to seasonality. However, Q3 SG&A to growth was also impacted by the higher social program costs in the UK, the cyber incident and Land Rover and the lower business volume at Premier Truck Group. We believe these items contributed 120 basis points to SG&A to growth during Q3. Excluding these items, SG&A to growth increased by 30 basis points when compared to Q3 last year.

第三季度，我們的銷售、管理及行政費用佔總收入的72.7%。由於季節性因素，第三季的銷售、管理及行政費用通常較高。然而，第三季銷售、一般及行政費用成長也受到英國社會項目成本上升、路虎網路安全事件以及Premier Truck Group業務量下降的影響。我們認為這些項目在第三季為銷售、一般及行政費用成長貢獻了 120 個基點。剔除這些項目後，銷售、一般及行政費用佔比成長比去年第三季成長了30個基點。

For the nine months ended September 30, 2025, we generated $852 million in cash flow from operations and adjusted EBITDA was $1.1 billion. Our free cash flow, which is cash flow from operations after deducting capital expenditures was $625 million. On a trailing 12-month basis, adjusted EBITDA was over $1.5 billion, representing an increase of 3.2% compared to the same time last year. EBITDA for Q3 was $357 million.

截至 2025 年 9 月 30 日的九個月內，我們從營運活動中產生了 8.52 億美元的現金流，調整後的 EBITDA 為 11 億美元。我們的自由現金流（即扣除資本支出後的營業活動現金流）為 6.25 億美元。過去 12 個月，調整後的 EBITDA 超過 15 億美元，比去年同期成長 3.2%。第三季 EBITDA 為 3.57 億美元。

During the third quarter, we repaid $550 million of senior subordinated notes at their scheduled maturity, further reducing our non-vehicle set. At the end of September, our non-vehicle long-term debt was $1.57 billion, which is down $281 million since the end of December last year. We have $5.6 billion total debt, of which $4 billion is floor plan and the remaining $1.6 billion is related to our 2029 senior subnotes, credit agreements, and mortgages. 15% of the non-vehicle long-term debt is at fixed rate. We estimate a 25 basis point change in interest rates would impact interest expense by approximately $12 million.

第三季度，我們按期償還了 5.5 億美元的高級次級票據，進一步減少了我們的非車輛資產組合。截至 9 月底，我們的非車輛長期債務為 15.7 億美元，比去年 12 月底減少了 2.81 億美元。我們總債務為56億美元，其中40億美元為融資計畫債務，剩餘的16億美元與2029年到期的優先次級票據、信貸協議和抵押貸款有關。非車輛長期債務的15%為固定利率債務。我們估計利率變動 25 個基點將使利息支出增加約 1,200 萬美元。

Debt to total capitalization improved to 21.5% from 26.2% at the end of December last year and leverage declined to 1.0 times. Through September 30, we paid $253 million in dividends and invested $227 million in capital expenditures. We increased our dividend by 4.5% to $1.38 per share in October, representing the 20th consecutive quarterly increase.

債務與總資本比率從去年 12 月底的 26.2% 改善至 21.5%，槓桿率下降至 1.0 倍。截至9月30日，我們支付了2.53億美元的股息，並投資了2.27億美元用於資本支出。10 月份，我們將股息提高了 4.5%，達到每股 1.38 美元，這是連續第 20 個季度提高股息。

On a forward basis, our current dividend yield is approximately 3.2% with a payout ratio of 36.5% over the last 12 months. Year-to-date through October 24, we repurchased 1,086,560 shares of stock for $145 million, representing approximately 1.6% of our outstanding shares. We have $262 million remaining under the existing securities repurchase authorization.

以預期計算，我們目前的股息殖利率約為 3.2%，過去 12 個月的股利率為 36.5%。截至 10 月 24 日，我們今年已回購 1,086,560 股股票，耗資 1.45 億美元，約占我們已發行股份的 1.6%。根據現有的證券回購授權，我們還有 2.62 億美元剩餘。

Over the last four-plus years, we have returned over $2.5 billion to shareholders through dividends and share repurchases. As part of our strategic capital allocation, during the third quarter, we acquired the iconic Ferrari dealership in Modena, Italy and have nine Ferrari dealerships worldwide. This dealership is strategic to both Penske and Ferrari and will enhance our relationship at the home of the Ferrari brand.

在過去的四年多時間裡，我們透過分紅和股票回購向股東返還了超過 25 億美元。作為我們策略資本配置的一部分，在第三季度，我們收購了位於義大利摩德納的標誌性法拉利經銷店，目前我們在全球擁有九家法拉利經銷店。這家經銷店對彭斯克和法拉利都具有戰略意義，並將加強我們與法拉利品牌家鄉的關係。

We have an acquisition pipeline of over $1.5 billion of revenue we expect to close during Q4 and expect to meet our acquired revenue target for the year. Total inventory was $4.7 billion, down $145 million from the end of June and up $65 million from the end of December 2024. Retail automotive inventory is down $9 million, while commercial vehicle inventory is up $74 million.

我們目前有超過 15 億美元的收購項目，預計將在第四季度完成，並有望實現我們今年的收購收入目標。總庫存為 47 億美元，比 6 月底減少了 1.45 億美元，比 2024 年 12 月底增加了 6,500 萬美元。零售汽車庫存下降了900萬美元，而商用車庫存增加了7,400萬美元。

New and used inventory remains in good shape. New vehicle inventory is at a 51 day supply, including 54 days for premium and 34 days for volume foreign. Our BEV inventory is at 12 days in the US at the end of September. Used vehicle inventory is at a 43 days supply. At the end of September, we had $80 million of cash and liquidity of $1.8 billion.

新舊庫存商品狀況良好。新車庫存相當於 51 天的供應量，其中高階車型庫存量相當於 54 天的供應量，而進口車型庫存量相當於 34 天的供應量。截至9月底，我們在美國市場的純電動車庫存量為12天。二手車庫存可滿足 43 天的需求。截至9月底，我們擁有8,000萬美元現金和18億美元的流動資金。

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

此時，我將把電話轉回給羅傑，請他作最後總結發言。

Thanks, Shelley. As I mentioned earlier, I continue to be pleased with our performance and remain confident in our diversified model and its ability to flex with market conditions. Thanks for joining the call today. We'll now open it up for your questions.

謝謝你，雪莉。正如我之前提到的，我對我們的業績仍然感到滿意，並且對我們多元化的商業模式及其適應市場變化的能力充滿信心。感謝您今天參加電話會議。現在我們開放提問環節。

(Operator Instructions) Michael Ward, Citigroup.

（操作員說明）邁克爾沃德，花旗集團。

Randall, I wanted to clarify something. You went over kind of quickly. You mentioned eight locations with Chinese brands, and then you tied in Sytner Select together with it. What were you talking about there? And can you identify the brands you're kind of working with now with the Chinese-based manufacturers?

蘭德爾，我想澄清一件事。你走得有點快。你提到了八個有中國品牌進駐的地點，然後你又把 Sytner Select 和它們連結起來。你剛才在說什麼？您能否透露一下目前正在與哪些中國製造商合作的品牌？

Yes, sure. So as we made the transition from CarShop to Sytner Select last year, we reduced the number of these big-box retail stores down to eight. And -- so these are high-quality locations. The strategy there was to have less inventory, I'd say, better inventory through better source and increase our gross profit. And for the numbers we just went over, we were successful with that and happy and proud of the team with what they've executed over there.

當然可以。因此，去年我們從 CarShop 過渡到 Sytner Select 時，我們將這些大型零售店的數量減少到八家。所以這些都是優質地點。當時的策略是減少庫存，透過更好的貨源提供更好的庫存，從而提高毛利。至於我們剛才提到的那些數字，我們取得了成功，我對團隊在那裡的表現感到高興和自豪。

But we had the opportunity to take on some Chinese brands. So Cherry, we've taken on in three locations. We launched that in October. And then Geely, we're in the process of launching right now. So we'll be running in November at five other locations.

但我們有機會與一些中國品牌合作。所以，Cherry，我們已經在三個地方接手了。我們在十月推出了這項服務。還有吉利，我們目前正在籌備上市。所以我們將在11月在其他五個地點舉辦活動。

So look, these are existing locations no capital expenditures to speak of. We've got fixed operations there. So it's a really good opportunity. And then just while we're on the Chinese topic, two other locations in Germany. So in Aachen, we're going to take on BYD again at an existing location facility we already have. And then MG in Heinsberg, Germany, same thing with the location that we already have.

你看，這些都是現有地點，不需要任何資本支出。我們在那裡有固定的營運場所。所以這是一個非常好的機會。既然我們談到了中國，那就再說說德國的另外兩個地方吧。所以在亞琛，我們將再次在我們現有的場地設施中與比亞迪展開合作。然後是德國海因斯貝格的 MG，地點和我們現有的地點一樣。

I think, Mike, also, when you think about these big box stores, these are built first-class originally for CarShop, and we've obviously changed the brand name, the Sytner Select, but we're getting about 400 people coming through the store, am I right, Randall?

麥克，我覺得，當你想到這些大型連鎖商店時，它們最初都是為 CarShop 建造的一流商店，我們顯然已經更改了品牌名稱，現在叫 Sytner Select，但我們商店每天大約有 400 人進出，我說得對嗎，蘭德爾？

Per week. Yes.

每週。是的。

Per week. So this isn't like opening up a new branch or a new dealership with no service and no sales. This gives us a chance really to do with the Chinese brands, and it's minimal, very minimal impact from the standpoint of capital expenditure.

每週。所以這不像開設一家沒有服務也沒有銷售的新分店或新經銷店。這給了我們一個真正與中國品牌合作的機會，而且從資本支出的角度來看，影響微乎其微。

Okay. So you're doing with the Chinese brands out of Sytner Select location?

好的。所以你們打算如何處理Sytner Select門市的中國品牌？

Correct. Maybe that's the easy way to put it, correct.

正確的。或許這樣說比較簡單，對吧。

Okay. Rich, you talked a little bit about on the truck side. In the Big Beautiful Bill, there was the tax structure for depreciation. Is that or will that have any impact on 4Q demand? Or is that more of a '26 type story?

好的。Rich，你剛才稍微談到了卡車方面的情況。在《宏偉法案》中，包含了折舊的稅收結構。這是否會對第四季的需求產生任何影響？或者，這更像是 1926 年的故事？

No, I think it will have impact. In fact, the production schedule for DTNA is closed for Q4. So they filled their production schedule. And we saw, I wouldn't say significant activity as a result of the Big Beautiful Bill. I think that was a piece of it, but I also think DTNA extended the aluminum and steel tariff pricing through the end of the year and customers who are waiting or don't want to wait to understand what the impact of Section 232 tariffs are decided to lock in that pricing from the steel and aluminum tariffs and place orders in the fourth quarter this year, if they're looking for business early next year. So I'd say it was a combination of those two things, Mike.

不，我認為這會產生影響。事實上，DTNA 第四季的生產計劃已經結束。於是，他們的生產計畫就全部安排滿了。我們看到，我不會說《大而美法案》帶來了顯著的成效。我認為這是其中一部分原因，但我也認為 DTNA 將鋁和鋼的關稅定價延長至年底，而那些正在等待或不想等待了解 232 條款關稅影響的客戶決定鎖定鋼鋁關稅價格，並在今年第四季度下訂單，如果他們希望在明年初開展業務的話。所以我覺得是這兩件事共同作用的結果，麥克。

So we should expect a little uptick relative to Q3 and Q4.

因此，我們應該預期相對於第三季和第四季會略有成長。

I think it's going to be consistent. If I look at what we've delivered on a year-to-date basis, just over 2026 -- sorry, 12,700 units. You look at what our backlog is for the fourth quarter, it's going to be in line with those quarterly numbers. Of course, they've got to deliver them to us, and we've got to get them retail to our customers, but I think it will be in line with what we've seen from the first three quarters.

我認為結果會保持一致。如果按年至今來看，我們交付的貨物數量略高於 2026 件——抱歉，是 12,700 件。你看看我們第四季的積壓訂單，它將與這些季度數字保持一致。當然，他們必須把貨送到我們這裡，我們再把貨零售給我們的客戶，但我認為這將與我們前三個季度看到的情況一致。

And Shelly, that's still -- from a cash standpoint, that's still a positive rate depreciation intent?

雪莉，從現金流的角度來看，這仍然是一種正的折舊意圖嗎？

Definitely, Mike. So it will ultimately depend on how many trucks PCS decides to buy, but I think we're still comfortably in that [$125 million to $150 million] range, especially as you look out at each of the next three years.

當然，麥克。所以最終取決於 PCS 決定購買多少輛卡車，但我認為我們仍然穩穩地保持在 1.25 億美元到 1.5 億美元的範圍內，尤其是展望未來三年。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

Just wanted to follow-up on PTG, I appreciate the call out on the headwinds in the quarter. But it doesn't look like -- I mean, those headwinds are going away anytime soon. I'm curious what kind of visibility you have on the cadence there and bottoming out. I'm assuming once that business comes back, it's going to delever pretty well. But I'm curious like what kind of visibility do you have on the recovery there? And I have a follow-up.

我只是想跟進一下關於PTG的事情，感謝您指出本季面臨的不利因素。但看起來——我的意思是，這些不利因素不會很快消失。我很好奇你對那裡的踏頻和觸底情況有什麼了解。我估計一旦這項業務恢復正常，它的去槓桿化程度就會相當不錯。但我很好奇，您對那裡的復甦情況了解多少？我還有一個後續問題。

Yes. Sure, Rajat. Rich, again here. I think if you look at freight rates, I think they have bottomed out. They just haven't improved. So they've been fairly consistent in the last six, nine months. The issue we've got at the moment is the capacity, meaning there's too many trucks and trailers for the goods that need to be moved. And I think as I look into next year, just returning from the American Trucking Association Conference, there were some discussions there that we're encouraging to me.

是的。當然可以，拉賈特。Rich 又來了。我認為，從貨運價格來看，它們已經觸底了。他們的情況根本沒有好轉。所以他們在過去六到九個月表現得相當穩定。我們目前面臨的問題是運力不足，也就是說，需要運輸的貨物數量超過了卡車和拖車的數量。展望明年，我剛從美國卡車運輸協會會議回來，會上有一些討論令我感到鼓舞。

So there's two executive orders written this year, one in April and one in September. And they're both under the responsibility of the Department of Transportation and FMCSA to enforce related to nondomiciled CDL holders and non-English-speaking CDL holders. These two groups of CDL holders is estimated between 500,000 and 600,000 or about 6% of the total CDL driver population.

所以今年一共頒布了兩份行政命令，一份在四月，一份在九月。交通部和聯邦汽車運輸安全管理局負責對非居民商業駕駛執照持有者和非英語商業駕駛執照持有者進行執法。這兩類持有 CDL 駕照的人數估計在 50 萬到 60 萬之間，約佔 CDL 駕駛總數的 6%。

And so as enforcement and kind of reconciliation occurs with these CDL drivers, we think that's going to take some capacity out of the marketplace. What we're also hearing is that it's not a one-for-one removal because we think that a number of these CDL holders are operating illegally around electronic logging devices. So if you take out one of them, it's like taking 1.5 drivers out of the market. So I think those two things are going to be beneficial for capacity tightening and freight rates as we go forward.

因此，隨著對這些 CDL 司機的執法和某種形式的調解，我們認為這將減少市場上的一些運力。我們還了解到，這不是一對一的移除，因為我們認為其中一些持有商業駕駛執照的人在電子記錄設備附近非法操作車輛。所以，如果淘汰其中一個，就等於從市場上減少了 1.5 個駕駛者。所以我認為這兩件事將有利於運力緊張和貨運價格的上漲。

The other thing I would add is, obviously, we're anticipating some news today on interest rates. The housing market is a significant driver of freight as well. We're about 1 million units below the 2006 peak of housing starts at the moment. And if we get lower interest rates, that could drive some activity in the housing, whether it's relocations, people becoming more mobile, certainly refinancing. And I think those things will be beneficial as well.

另外，很顯然，我們預計今天會有關於利率的消息公佈。房地產市場也是貨運量的重要驅動因素。目前，我們的房屋開工量比 2006 年的峰值低了約 100 萬套。如果利率降低，可能會刺激房屋市場的一些活動，無論是搬遷、人們流動性增強，還是再融資。我認為這些也會有益處。

And as we look here in October, our fixed operations, we're still 122% fixed coverage. We are seeing that customers are only repairing what they have to repair. We are seeing our collision business is a bright spot. That is up year over year, but certainly, parts that are consumed as trucks go up and down the road is reduced and service activity is reduced as well from an RO count perspective.

截至 10 月份，我們的固定業務覆蓋率仍達到 122%。我們發現，顧客只修理那些必須修理的東西。我們發現碰撞事故維修業務是一大亮點。雖然同比有所上升，但可以肯定的是，卡車在路上行駛時消耗的零件減少了，從維修訂單數量的角度來看，服務活動也減少了。

Got it. Got it. That's clear. And thanks for all the detail there. Maybe just to follow up on just the US parts and service business. If I heard you correctly, you said the UK was up 4%, which would mean the US business is probably up like high single digit, double digit on growth.

知道了。知道了。這一點很清楚。感謝您提供的所有細節。或許只是為了跟進美國零件和服務業務。如果我沒聽錯的話，你說英國成長了 4%，這意味著美國業務的成長可能達到了接近兩位數甚至更高的水平。

I mean, it's a pretty solid number considering you do not have the easy compares from -- because you didn't have CDK issues last year. I'm curious, is there anything you would point out that's driving that kind of double-digit growth? Is that sustainable? Anything that you're doing company-specific that might be supporting that.

我的意思是，考慮到你沒有去年的 CDK 問題，沒有容易比較的數據，這已經是一個相當不錯的數字了。我很好奇，您認為是什麼因素推動了這種兩位數的成長？這種做法可持續嗎？任何你為公司所做的、可能支持這一點的事情。

Yes. Sure, Rajat. Rich here again. You look at our business, same-store performance, customer pay was up 3.5%. Warranty was up over 14% and collision is up 7.5%. And so I think each aspect of the fixed ops continues to perform well. And I think it's a combination of a couple of things.

是的。當然可以，拉賈特。Rich又來了。看看我們的業務，同店業績，顧客支付額成長了 3.5%。保固保險保費上漲超過 14%，碰撞險保費上漲 7.5%。因此，我認為固定營運的各個方面都繼續表現良好。我認為這是多種因素共同作用的結果。

First of all, you look at the age of the car park, it continues to increase almost 13 years now. The average age of the vehicle we're servicing is 6.25 ages or years of age. And then average mileage is approaching 70,000 miles as well. So I think that's going to continue as even the SAAR this year is forecasted to be below historical norms. And so we're going to continue to see that increase.

首先，看看停車場的年齡，它已經持續增長了近 13 年。我們正在維修的車輛的平均車齡為 6.25 年。而且平均里程也接近 7 萬英里。所以我認為這種情況還會持續下去，因為預計今年的 SAAR 也將低於歷史平均值。因此，我們將繼續看到這種增長。

You look at what we're doing on the service lane and what we're doing with technician videos, all of these things are driving efficiencies. We're using AI in our service scheduling and reception answering. And these are driving efficiencies, which we see manifested in our effective labor rate, which is up 4% or almost $7 per hour, which comes to discounting and a focus there as well. So I think all those things combined are paying dividends. Obviously, the OEMs try to mitigate recalls, but we continue to see new recalls on a monthly basis from each of the OEMs. And so we'll see that warranty work, I think, continue.

看看我們在維修通道上所做的工作，以及我們在技術人員視訊方面所做的工作，所有這些都在提高效率。我們在服務調度和前台接聽方面都使用了人工智慧。這些都提高了效率，這一點在我們的有效勞動力成本中得到了體現，該成本上升了 4%，即每小時近 7 美元，這也涉及到折扣和我們關注的重點。所以我認為所有這些因素加在一起都產生了回報。顯然，汽車製造商都在努力減少召回，但我們仍然看到每個汽車製造商每月都會發布新的召回公告。因此，我認為我們會看到保固工作繼續進行。

I think the focus also on body shop, we were up significantly both in the US and internationally; and we're making investments. And our return, Rajat, return on sales on the body shop somewhere between 10% and 12%.

我認為重點也放在車身修理廠，我們在美國和國際市場都取得了顯著成長；而且我們正在進行投資。Rajat，我們的回報，也就是車身修理店的銷售回報率，介於 10% 到 12% 之間。

Got it. Got it. If I can join just one quick one. You mentioned like the data center like opportunity in Australia going very well. I'm curious like if there's any parallels there for you to tap into that opportunity in the US at all, either through PTL or just building that business, given how much build-out is happening here? I know the scale levels are very different, but any thoughts on that would be helpful.

知道了。知道了。如果我能參加一次就好了。你提到澳洲的資料中心發展勢頭非常好。我很好奇，鑑於這裡正在發生的大規模建設，你是否可以透過 PTL 或直接建立自己的業務，在美國抓住這個機會？我知道這兩個等級差異很大，但任何想法都會很有幫助。

Yeah, Rajat, it's Randall. So this has been the fastest-growing part of our business in Australia. We've got about 60% market share when you talk about 1,250 [KBI] and higher. But one benefit we have in Australia and New Zealand is we're the exclusive importer for that MTU product. The challenge in the US -- and look, we've looked at opportunities in the US and continue to, but it's much more fragmented where you have numerous distributors in North America. Contrasting that where we're the sole distributor in Australia.

是的，Rajat，我是Randall。因此，這已成為我們在澳洲業務成長最快的部分。當談到 1,250 [KBI] 及以上的銷售量時，我們擁有約 60% 的市佔率。但我們在澳洲和紐西蘭的一個優勢是，我們是MTU產品的獨家進口商。美國的挑戰在於——而且，我們已經考察過美國的機遇，並且會繼續考察，但是美國的市場更加分散，北美有很多分銷商。與此形成鮮明對比的是，我們是澳洲的獨家經銷商。

And then MTU, who is the provider manufacturer of the engine, they go direct to some of the bigger players, data center players in North America, whereas everything in Australia is through us. So it's a little bit hard to copy and paste it, but we're -- have a great relationship with them and evaluate opportunities as they come.

然後，作為發動機供應商製造商的 MTU，直接向北美的一些大型數據中心企業供貨，而澳洲的所有產品都透過我們銷售。所以很難直接複製貼上，但是我們與他們保持良好的關係，並且會根據機會的變化進行評估。

(Operator Instructions) Jeff Lick, Stephens.

（操作說明）傑夫·利克，史蒂芬斯。

Question for Rich. Rich, I was wondering, there's been some -- a lot of comments amongst the other dealers that have reported already about where things are in luxury in October and just kind of going into the all-important kind of December remember season. I was just curious if you can just talk about where you see things playing out there? And then also, if you can maybe address the GPU was down about $300 on a year-over-year basis, where you see GPU trends heading?

問里奇一個問題。Rich，我一直在想，其他經銷商已經就十月份奢侈品市場的狀況以及即將到來的至關重要的十二月銷售旺季發表了一些評論。我只是好奇你能不能談談你對目前情況的看法？另外，您能否談談GPU價格年減約300美元的情況，您認為GPU的發展趨勢會如何？

Yeah. So Jeff, if you look at the Q3, start there first. Our premium luxury was up almost 9%. So we felt good about our mix and performed well in the quarter. As you look to where we're at right now, it's certainly a brand-by-brand situation.

是的。所以傑夫，如果你要看第三季度，就先從那裡開始。我們的高端奢侈品價格上漲了近 9%。因此，我們對自身的產品組合感到滿意，並且本季業績表現良好。就目前的情況來看，這無疑是因品牌而異的。

And of course, we've talked on the call here about Jack Land Rover. If you look at where we're at when the production cyber incident occurred, we had about a 74-day supply. As I sit here today, we're down to a 39-day supply we expect to get visibility to their wholesale and what we'll receive in the fourth quarter on November 8 when their production software system comes back online. So in the interim, obviously, with the demand still being high for that product. It enables us to hold price and that should be good for our grosses. So that's kind of the story on JLR.

當然，我們在電話會議中也談到了傑克·路虎。如果回顧一下生產網路安全事件發生時我們的庫存情況，我們當時大約有 74 天的庫存量。就目前而言，我們的庫存只夠39天的供應量，我們預計在11月8日他們的生產軟體系統恢復上線後，就能了解他們的批發情況以及我們將在第四季度收到的貨物量。因此，在此期間，顯然，對該產品的需求仍然很高。這使我們能夠維持價格穩定，這對我們的毛利應該是有好處的。這就是捷豹路虎的故事大概就是這樣。

You look at Lexus, they've been one of the hotter luxury brands this year. Certainly, the launch of the GX and the TX, those models are taking a younger demographic that they really haven't played with in the past. And I think they're competing neck and neck with BMW for the highest volume luxury car this year. So I would expect BMW and Lexus to be pretty aggressive in the fourth quarter incentive wise to try and knock down that trophy.

看看雷克薩斯，它可是今年最熱門的豪華品牌之一。當然，GX 和 TX 的推出，吸引的是他們過去從未真正涉足過的年輕消費族群。我認為他們今年在豪華車銷量方面與寶馬展開了激烈的競爭。因此，我預期寶馬和雷克薩斯在第四季會在激勵措施方面採取非常積極的策略，以爭取拿下這個獎項。

You look at BMW, I think the challenge we have in the fourth quarter this year with BMW is the comps to last year. If you recall, last year and really into the first part of this year, they had a significant recall that impacted almost their entire model range with the integrated brake system, stop sale, and fix. And it was about this time last year where all those BMWs came off stop sale. And so the fourth quarter was a heavy delivery schedule for BMW last year. So that's kind of some color on what I'd say from a premium luxury standpoint for the fourth quarter.

以BMW為例，我認為今年第四季寶馬面臨的挑戰是與去年同期相比的業績下滑。如果你還記得的話，去年以及今年年初，他們進行了一次大規模召回，幾乎影響了他們所有車型系列的整合式煞車系統，停止銷售並進行了維修。大約就在去年這個時候，所有那些寶馬車都停止了銷售。因此，去年第四季是BMW汽車的交付高峰期。以上就是我對第四季高端奢侈品市場的一些看法。

Going to your second question. On grosses, I think Roger talked about in his commentary, a couple of things I'd say when you look sequentially or compared to Q1, you got to add back the impact from the higher BEV sales in Q3. We think that was about $100 in gross. And then the JLR impact with the deferred deliveries about $60.

接下來回答你的第二個問題。關於總收入，我認為羅傑在他的評論中談到了幾點，我想說的是，當你按季度或與第一季度進行比較時，你必須把第三季度更高的純電動車銷量的影響加回去。我們估計總金額大約是100美元。然後，由於交貨延遲，捷豹路虎受到的影響約為 60 美元。

So you add that $160 back, we're just under $5,000 all-in which is comparable to Q1. And the reason I'm not putting Q2 in there is because that's when we had a little bit of that tariff bump as people rushed out to get cars when we fully didn't understand what that impact is going to be and what the OEMs are going to pass along.

所以加上這 160 美元，總金額就略低於 5000 美元，與第一季的情況相當。我沒有把第二季的數據放進去的原因是，當時我們遇到了關稅上漲，因為人們爭相購買汽車，而我們當時並不完全了解關稅上漲的影響以及汽車製造商會將哪些成本轉嫁給消費者。

Jeff, let me add a little bit here. When you think about BMW going into the fourth quarter, BMW probably in the premium side is the most successful selling EVs. So we're seeing this drop. If you look at October, month to date, we've sold 128 total in the total US versus 4,000 in Q3 -- for the Q3, right?

傑夫，我再補充一點。展望BMW進入第四季度，寶馬在高端市場可能是電動車銷售最成功的品牌。所以我們看到了這種下降趨勢。如果看 10 月至今，我們在美國總共只賣出了 128 件，而第三季（Q3）的銷量是 4,000 件——對吧？

So when you look at that, there's going to be a pivot here because BMW, they're pulling back, obviously, production. Now they're still supporting it to a certain extent. They're going to have to fill that back with ICE units, and I think that's going to be conversion. We see the California where we had sometimes 20% of our business was going to be EVs.

所以，從這個角度來看，情況將會轉變，因為BMW顯然正在縮減產量。現在他們仍然在一定程度上支持它。他們必須用內燃機機組重新填滿那個空間，我認為這將是一種改造。我們看到，在加州，我們曾經 20% 的業務都將是電動車。

We're going to see that have a little bit of dynamic, I think, in Q4. I'm sure will smooth out as we go into the new product line and more of the hybrid units available for sale. So our days supply today, if you can believe it is only 10 days. We were talking about 100 days in the past. So they've taken the money out, it certainly has impacted the business.

我認為，在第四季度，我們將會看到一些動態變化。我相信隨著新產品線的推出和更多混合動力車型上市銷售，情況會逐漸好轉。所以，我們今天的庫存量，你敢相信嗎？只有10天了。我們說的是100天前的事。所以他們把錢拿出來了，這肯定對公司業務造成了影響。

I appreciate that color. And just kind of a quick one for Shelley. Shelley, on the net kind of $150 million tax benefit you're receiving from the accelerated depreciation on the One Big Beautiful Bill never get tired of saying that. Where will that show up? And when will that show up in the P&L?

我喜歡這個顏色。還有，給雪莉簡單提一個問題。雪萊，關於你從「一項偉大的法案」的加速折舊中獲得的 1.5 億美元的淨稅收優惠，我永遠不會厭倦說這句話。它會在哪裡顯示？那什麼時候會在損益表中體現呢？

I don't really get to talking about it either, Jeff. So it's cash flow. It's -- we are able to defer taxes -- cash taxes paid. So you will ultimately see that at the top of the cash flow statement under cash flow from operations. When we add back the change in deferred income taxes, it will be a positive, whereas last year was -- it was a negative or at least it will swing by that amount. So you'll see that in cash flow from operations, and we certainly look to utilize that in our capital allocation. It does not impact income for our tax rate, though, Jeff.

傑夫，我也不太有機會談論這件事。所以關鍵在於現金流。我們可以延期繳稅－現金繳稅。因此，您最終會在現金流量表頂部的「經營活動現金流量」項目下看到這一點。當我們把遞延所得稅的變化加回去時，結果將是正數，而去年是負數，或至少會波動這麼大。所以你會在經營活動現金流中看到這一點，我們當然也會在資本配置中加以利用。傑夫，但這不會影響我們的所得稅稅率。

And does that start hitting now? Or is that kind of a -- part of it was retroactive, correct?

現在就開始起作用了嗎？或者說，其中一部分是追溯性的，對嗎？

Yeah. It was retroactive purchases made starting January 19 of this year. We would -- we've certainly seen it as we've made quarterly tax estimates. But as it was an effective to July 4, it didn't really have much of a cash impact the second half of the year.

是的。這是追溯至今年1月19日進行的採購。我們當然會——我們在進行季度稅務估算時已經看到了這一點。但由於該措施的生效日期是7月4日，因此對下半年的現金流量並沒有產生太大影響。

David Whiston, Morningstar.

David Whiston，晨星公司。

So on retail used, the GPU was up over 12% to a little over $2,100. So I'm just curious how much of that 12% is sitting there versus other variables?

因此，在零售二手市場，GPU 的價格上漲了 12% 以上，略高於 2,100 美元。所以我很好奇，這12%有多少是其他因素造成的，又有多少是其他變數造成的？

Could you repeat that, David? It was a little hard to hear you.

大衛，你能再說一次嗎？我有點聽不清楚你說話。

How much of Sytner versus the US unused growth impact?

Sytner 對美國未利用的成長影響有多大？

It basically was all -- this is Tony. It basically was all coming out of Sytner. It's coming all out of Sytner and the change that we had with respect to the Sytner Select locations and moving to a lower amount of inventory, but better quality used cars.

基本上就是——這就是托尼。基本上這一切都出自Sytner之手。這一切都源自於 Sytner，以及我們對 Sytner Select 門市的調整，我們轉向了庫存量更少但品質更好的二手車。

Yeah. The GPU, David, was up 37%, up GBP600 per unit, which obviously, when you melt that in with the US, everything else, it is exactly what we wanted to see happen. I would say that part of the Sytner Select has worked out well then when you add on the ability to see the margins at least initially, that we're seeing somewhere in GBP3,000 to GBP3,500 on the Chinese brands. It will be interesting to see how that plays out over time when they add more dealers to see the competition would drive that down.

是的。David，GPU價格上漲了37%，每台上漲了600英鎊，顯然，當你把這和美國市場以及其他所有因素結合起來考慮時，這正是我們想要看到的。我認為 Sytner Select 的一部分效果不錯，因為它至少在初期就能看到利潤率，我們看到中國品牌的利潤率在 3000 英鎊到 3500 英鎊之間。隨著時間的推移，當他們增加更多經銷商時，競爭是否會降低價格，這將很有趣地看看情況會如何發展。

But obviously, our big issue on used in the US is acquisition. And I think Rich has talked about it before, that we're going to start seeing considerably more lease returns as we look at Q4 and Q1 next year. And remember that probably what today, Shelly 55% of our new vehicles and premium are leased. So -- and those are three- and four-year leases, which are perfect for us.

但很顯然，我們在美國面臨的最大問題是採購。我認為Rich之前也談過，隨著我們展望第四季度和明年第一季度，我們將開始看到更多的租賃回報。請記住，目前我們新車和高階車型中，可能有 55% 都是租賃的。所以——這些都是三年或四年的租約，這對我們來說非常理想。

As we bring those back in and then on top of that, now with the supply will be available, we'll be able to turn our loaner cars quicker. And you think about Crevier out in California has 300 loaners. We turn it 3 times. That's thousand used cars that come internally, and we get all the new car programs for those.

隨著這些車輛的恢復，再加上現在供應充足，我們將能夠更快地週轉我們的代步車。想想看，加州的克雷維爾有 300 輛代步車。我們把它轉3圈。那是一千輛內部進貨的二手車，我們為這些二手車提供所有新的購車方案。

So those are levers that we're pulling here as we go forward. But it's a big focus, even our CarShop business. If I look at the month of September and October, we're a little off in volume because we just can't buy the right cars and just to buy them and try to -- we're just not a 8-, 9-, 10-year old car supplier. We want to be in the sweet spot. And I would say when you look at that, that's probably in the three to six years.

所以，這些就是我們接下來要採取的措施。但這是我們工作的重點，甚至包括我們的汽車維修業務。如果我看一下九月和十月的數據，我們的銷售有點不理想，因為我們買不到合適的車，而且我們也不是那種有 8 年、9 年、10 年歷史的汽車供應商。我們想找到最佳位置。我認為，從這個角度來看，這大概需要三到六年。

I have one more comment on that. From the UK standpoint, certainly, the Sytner Select strategy has worked. But our franchise used car gross profit is up about the same as select. So I think it's more of a I'll use the word institutional change that we've done with our team over there.

我還有一點要補充。從英國的角度來看，Sytner Select 策略無疑是成功的。但我們特許經營的二手車毛利潤與精選車型的毛利大致相同。所以我認為，這更像是我們團隊在那邊所做的製度性變革。

It really boils down to -- if you look at our total used inventory right now, less than 1% over 90 days old. So it's an age factor. It's better sourcing. So buying cars better. And then it's just discipline. I mean, it is intense focus on units and then agility of pricing, quickness of reconditioning. So it's really a big -- I'd say a big, big effort for sure and disciplined by the team in the UK.

歸根結底，如果你看看我們目前的二手庫存總量，你會發現超過 90 天的商品不到 1%。所以這是年齡因素造成的。貨源更好。所以買車比較划算。然後就是自律了。我的意思是，重點在於提高銷量，靈活調整價格，快速翻新。所以這真的是一項巨大的努力——我敢說這絕對是一項非常非常大的努力，而且英國隊也展現了強烈的紀律。

Reducing aging has been a big part of that as well. So we didn't have to discount as much.

延緩老化也是其中一個重要的組成部分。所以我們不需要打折那麼多。

And there are no further questions at this time. I will now turn the call back over to Mr. Roger Penske for some final closing remarks.

目前沒有其他問題了。現在我將把電話轉回給羅傑·彭斯克先生，請他作最後的總結發言。

Yeah. Thanks, everyone, for joining us for Q3. We look forward to the remainder of the year, and we'll see you on the next call. All the best. Thank you.

是的。感謝大家參加第三季會議。我們期待今年剩下的時光，下次電話會議再見。一切順利。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

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了。