Penske Automotive Group Inc (PAG) 2026 Q1 法說會逐字稿

Good afternoon. Welcome to the Penske Automotive Group first quarter 2026 earnings conference call. Today's call is being recorded and will be available for replay approximately one hour after completion through May 6, 2026, on the company's website under the Investors tab at www.penskeautomotive.com.

下午好。歡迎參加 Penske Automotive Group 2026 年第一季財報電話會議。今天的電話會議將被錄音，並將於會議結束後約一小時提供重播，重播將持續至 2026 年 5 月 6 日，您可至公司網站 www.penskeautomotive.com 的 Investors 分頁下收聽。

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

我現在介紹公司投資人關係與企業發展執行副總裁 Anthony Pordon。先生，請開始。

Thank you, Krista. Good afternoon, everyone, and thank you for joining us today. A press release detailing Penske Automotive Group's first quarter 2026 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，Krista。各位下午好，感謝各位今天加入我們。今早我們已發布新聞稿，詳述 Penske Automotive Group 2026 年第一季財務結果，並已張貼於我們網站，同時也提供簡報以協助各位理解公司業績。一如往常，如各位有任何後續問題，我可透過電子郵件或電話提供協助。

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

今天與我一同參與電話會議的有：我們的董事長兼執行長 Roger Penske；執行副總裁暨財務長 Shelley Hulgrave；北美營運的 Rich Shearing；國際營運的 Randall Seymore，以及副總裁暨公司財務控管長 Tony Facione。

We may make forward-looking statements on today's call about our earnings potential, outlook, and other future events, and we also may discuss certain non-GAAP financial measures such as EBITDA and adjusted EBITDA. We've also prominently presented and reconciled any non-GAAP measures to the most directly comparable GAAP measures in this morning's press release and investor presentation, again, both of which are available on our website.

我們可能在今天的電話會議中就我們的獲利潛力、展望及其他未來事件作出前瞻性陳述；我們也可能討論某些非 GAAP 財務衡量指標，例如 EBITDA 與調整後 EBITDA。我們已在今早的新聞稿與投資人簡報中，將任何非 GAAP 指標以醒目方式呈現，並與最直接可比的 GAAP 指標進行調節；上述資料皆可於我們網站取得。

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.

由於今早新聞稿中「前瞻性陳述」所列之風險與不確定性，我們未來的結果可能與預期不同。我也請各位參閱我們向 SEC 提交的文件，包括 Form 10-K 以及先前提交的 Form 10-Q，以取得更多討論與可能導致未來結果與預期出現重大差異的因素。

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

此刻，我將電話會議交給 Roger Penske。

Thank you, Tony. Good afternoon, everyone, and thank you for joining us today. We're pleased to report a solid and productive first quarter. During the first quarter, PAG delivered over 123,000 new and used vehicles and nearly 3,600 new and used commercial trucks and that generated approximately $7.9 billion in revenue. We earned $324 million in earnings before taxes and $235 million in net income and generated earnings per share of $3.56.

謝謝你，Tony。各位下午好，感謝各位今天加入我們。我們很高興報告第一季表現穩健且富有成效。第一季期間，PAG 交付超過 123,000 輛新車與二手車，以及近 3,600 輛新舊商用卡車，帶來約 79 億美元營收。我們稅前盈餘為 3.24 億美元，淨利為 2.35 億美元，每股盈餘為 3.56 美元。

The first quarter results include a $60 million gain on the sale of a dealership partially offset by $13 million in certain disposals and other charges as we continue to optimize our dealership portfolio. Excluding these items, adjusted earnings before taxes, was $276 million. Net income was $201 million and earnings per share was $3.05. This was a difficult comparison for the prior year period and challenging market conditions impacted year-over-year performance.

第一季結果包含出售一家經銷據點所帶來的 6,000 萬美元收益，但部分被 1,300 萬美元的特定處分與其他費用所抵銷，因我們持續優化經銷據點組合。排除上述項目後，調整後稅前盈餘為 2.76 億美元；淨利為 2.01 億美元，每股盈餘為 3.05 美元。由於去年同期基期較高，加上市場環境具挑戰性，影響了年對年表現。

We also continue to grow our footprint. In February, we acquired two high-performing and strategic Lexus dealerships in Orlando metropolitan area of Central Florida, one of the fastest-growing regions in the US. These acquisitions complement the two Lexus and two Toyota dealerships we acquired in November 2025.

我們也持續擴大版圖。2 月，我們在美國成長最快的地區之一——佛羅里達中部奧蘭多都會區——收購了兩家表現優異且具策略性的 Lexus 經銷據點。這些收購與我們於 2025 年 11 月收購的兩家 Lexus 與兩家 Toyota 經銷據點相互補強。

Combined, these six dealerships are expected to generate $2 billion in estimated annualized revenue. We also repurchased 170,000 shares of common stock for $26 million. We increased the dividend to $1.40, which yields approximately 3.4%, the highest yield in our peer group.

合計而言，這六家經銷據點預期可帶來約 20 億美元的年化估計營收。我們也以 2,600 萬美元回購 170,000 股普通股。我們將股利提高至 1.40 美元，殖利率約 3.4%，為同業中最高。

Looking at the details for the quarter. Same-store retail automotive new units declined 5% and used increased 1%. Units retail were impacted by weather-related challenges and a difficult comparison to March 2025 when tariffs caused pull-ahead sales and lower BEV sales in the US associated with the elimination of the BEV tax credit.

就本季細項而言，同店零售汽車新車銷量下滑 5%，二手車增加 1%。零售台數受到天候相關挑戰影響，且與 2025 年 3 月的比較基期較為不利；當時因關稅導致提前購車，以及美國因取消 BEV 稅額抵免而使 BEV 銷量較低。

Gross profit per unit, new unit retail was $4,783, up $94 sequentially. Gross profit per used unit was $2,076, up $306 sequentially. Our service and parts revenue and gross profit was a Q1 record. Same-store revenue increased 4.6% and related gross profit increased 5.7%. Service and parts gross margin was up 60 basis points. In the Retail Commercial Truck segment, Q1 unit sales declined 953 units driven by reduced order intake during Q3 and Q4 2025, following the implementation of tariffs and weakness in the freight market.

每輛毛利方面，新車零售每輛毛利為 4,783 美元，較前一季增加 94 美元；二手車每輛毛利為 2,076 美元，較前一季增加 306 美元。我們的維修與零件營收與毛利創下第一季紀錄。同店營收增加 4.6%，相關毛利增加 5.7%；維修與零件毛利率上升 60 個基點。在零售商用卡車部門，第一季銷量減少 953 輛，主因為 2025 年第三季與第四季在關稅實施後訂單承接減少，以及貨運市場疲弱。

However, we are encouraged today with the trends we are seeing across the commercial truck market. In recent months, we've seen an increase in new truck orders and expect the timing of these deliveries to take place in the second half of 2026.

然而，我們對目前在商用卡車市場看到的趨勢感到鼓舞。近幾個月，我們看到新卡車訂單增加，並預期這些交車時點將落在 2026 年下半年。

PTS equity income increased 24%. Growth in the full-service leasing revenue, improved fleet utilization, lower operating and interest expenses resulting from continued fleet reductions, including maintenance, and our depreciation were partially offset by continued challenges in the rental and lower gain on sale of trucks.

PTS 權益法收益增加 24%。全方位租賃（full-service leasing）營收成長、車隊使用率提升、因持續縮減車隊而帶來的營運與利息費用下降（包含維修），以及折舊下降，部分被租賃業務持續面臨挑戰與售車收益下降所抵銷。

At this time, I'll turn the call over to Rich Shearing.

此刻，我將電話會議交給 Rich Shearing。

Thank you, Roger, and good afternoon, everyone. In US retail automotive, same-store new and used unit sales were affected by two major winter storms, Liberation Day tariff announcement and pull forward of retail sales in March of last year and lower BEV sales from easing emissions regulations and the elimination of the BEV tax credit at the end of September 2025.

謝謝你，Roger。各位下午好。在美國零售汽車業務方面，同店新車與二手車銷量受到兩場重大冬季風暴、「解放日」關稅公告、去年 3 月零售銷售提前，以及因排放法規放寬與 2025 年 9 月底取消 BEV 稅額抵免而導致的 BEV 銷量下降等因素影響。

During the quarter, 25% of new units sold were at MSRP compared to 29% in Q1 last year. Same-store service and parts revenue increased 3.2% and gross profit increased 3.4%. Customer pay was up 4%, warranty was up 5%, and collision repair declined 4%. Our US automotive technician count is up 3% when compared to the end of March of last year, and our bay utilization is 84%.

本季新車銷售中，有 25% 以 MSRP（建議零售價）成交，去年第一季為 29%。同店維修與零件營收增加 3.2%，毛利增加 3.4%。客戶自費（customer pay）增加 4%，保固（warranty）增加 5%，而碰撞修復（collision repair）下滑 4%。與去年 3 月底相比，我們美國汽車技師人數增加 3%，工位使用率（bay utilization）為 84%。

Turning to Premier Truck Group. During Q1, Premier Truck retail 3,583 new and used trucks, generated $695 million in revenue and $128 million in gross profit. On a sequential basis compared to Q4 2025, new unit gross increased $111 and used unit gross increased $4,624. New unit sales were down 26% and were in line with the overall North American Class 8 market.

接著談 Premier Truck Group。第一季期間，Premier Truck 零售 3,583 輛新舊卡車，創造 6.95 億美元營收與 1.28 億美元毛利。與 2025 年第四季相比（按季），新車單位毛利增加 111 美元，二手車單位毛利增加 4,624 美元。新車銷量下滑 26%，與整體北美 Class 8 市場走勢一致。

The recessionary freight environment and market uncertainty associated with tariffs and the status of emissions regulations impacted new truck orders during the last half of 2025. However, as Roger mentioned, in recent months, we have seen an increase in new truck orders. In fact, Class 8 orders increased 91% and the industry backlog grew 33% to 175,000 units in the first quarter when compared to March of last year. We expect this increase in order activity to result in higher new unit sales in the second half of this year.

2025 年下半年，景氣衰退式的貨運環境，以及與關稅與排放法規狀態相關的市場不確定性，影響了新卡車訂單。然而，如 Roger 所提，近幾個月我們看到新卡車訂單增加。事實上，與去年 3 月相比，第一季 Class 8 訂單增加 91%，產業積壓訂單（backlog）增加 33% 至 175,000 輛。我們預期這波訂單活動增加，將在今年下半年帶動新車銷量提升。

Service and parts revenue increased 5%, as average daily activity continues to grow and service backlog is beginning to increase. Service and parts gross profit, represented 73% of segment gross profit during Q1.

維修與零件營收增加 5%，因平均每日作業量持續成長，且維修待辦量（service backlog）開始增加。第一季維修與零件毛利占該部門毛利的 73%。

Turning to Penske Transportation Solutions. We are also encouraged by the stronger financial performance of Penske Transportation Solutions. During Q1, operating revenue declined 4% to $2.5 billion. Lease revenue increased 2%, rental revenue declined 17% and logistics revenue declined 3%. PTS sold 9,319 units in Q1, ending the quarter with a fleet size of 387,500 units compared to 435,000 at the end of December 2024.

接著談 Penske Transportation Solutions。我們也對 Penske Transportation Solutions 較強勁的財務表現感到鼓舞。第一季營運營收下滑 4% 至 25 億美元。租賃營收增加 2%，租車營收下滑 17%，物流營收下滑 3%。PTS 第一季出售 9,319 輛車，季末車隊規模為 387,500 輛，相較於 2024 年 12 月底的 435,000 輛。

Gain on sale declined by $26 million in Q1 '26 compared to Q1 2025. As PTS continues to rightsize its fleet, higher fleet utilization, lower operating costs for maintenance, depreciation, and interest expense contributed to an increase in earnings. Overall, our equity income from PTS increased 24% to $41 million.

2026 年第一季的出售收益（gain on sale）較 2025 年第一季減少 2,600 萬美元。隨著 PTS 持續調整至適當的車隊規模（rightsize），更高的車隊使用率，以及維修、折舊與利息費用等較低的營運成本，共同促使盈餘增加。整體而言，我們來自 PTS 的權益法收益增加 24% 至 4,100 萬美元。

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

我現在想把電話交給 Randall Seymore，請他說明我們的國際業務營運情況。

Thanks, Rich. Good afternoon, everyone. During Q1, international revenue was $3.3 billion, which is up 6%. International new units were up 2% and used increased 3%. Same-store service and parts revenue increased 7% as our strategies to increase customer pay drove a 10% increase, which was more than offset the 3% decline in warranty.

謝謝你，Rich。各位下午好。第一季國際營收為 33 億美元，年增 6%。國際新車交付量年增 2%，二手車年增 3%。同店服務與零件營收年增 7%，我們提升客戶自費（customer pay）的策略帶動 10% 的成長，足以抵銷保固（warranty）收入下滑 3% 的影響。

In the UK market, Q1 automotive registrations increased 6% to 615,000 driven by private and retail demand and an increase in Chinese OEM sales. While we were encouraged by Q1, the UK automotive environment remains challenging as inflation, higher taxes, consumer affordability, and the government mandate towards electrification impacts the overall market.

在英國市場，第一季汽車登記量成長 6% 至 61.5 萬輛，主要由私人與零售需求帶動，以及中國 OEM 銷售增加所致。雖然第一季表現令人鼓舞，但英國汽車市場環境仍具挑戰，通膨、較高稅負、消費者負擔能力，以及政府推動電動化的政策要求，都在影響整體市場。

During Q1, our UK same-store new units delivered were flat from lower sales of several German luxury brands and the elimination of the Motability programs for these luxury brands. Same-store used units increased 3% and gross profit per unit increased $500 sequentially when compared to Q4 2025.

第一季，我們英國同店新車交付量與去年持平，原因是數個德國豪華品牌銷售下滑，以及這些豪華品牌的 Motability 計畫被取消。同店二手車銷量成長 3%，每單位毛利較 2025 年第四季環比增加 500 美元。

Turning to Australia. Our EBT increased 15% compared to Q1 last year. In automotive, our three Porsche dealerships in Melbourne continue to gain market traction through implementing our Porsche One ecosystem process. This process has driven higher customer satisfaction with all three dealerships in the top 5, including the top position nationally.

接著談澳洲。我們的稅前盈餘（EBT）較去年第一季成長 15%。在汽車業務方面，我們位於墨爾本的三家保時捷經銷據點，透過導入 Porsche One 生態系流程，持續提升市場滲透。該流程帶動更高的客戶滿意度，三家據點皆名列前五，其中一家更位居全國第一。

Although we had a decline in new unit sales associated with the transition of the Macan to an all-electric vehicle, we had a strong mix of higher-end vehicles and our focus on pre-owned and aftersales continues to drive the business.

儘管因 Macan 轉型為純電車而使新車銷量下滑，我們在高階車款的產品組合表現強勁，且我們對認證中古車與售後服務的聚焦，持續推動業務成長。

In the Australian Commercial Vehicle and Power System business, we are diversified with revenue and gross profit split approximately two-thirds off-highway and one-third on-highway. The off-highway business continues to grow. The current order book has exceeded our full year business plan with strength seen in energy solutions, mining, and defense sectors.

在澳洲商用車與動力系統業務方面，我們的營收與毛利結構多元，約三分之二來自非公路（off-highway），三分之一來自公路（on-highway）。非公路業務持續成長。目前在手訂單已超越我們全年營運計畫，能源解決方案、礦業與國防領域的需求尤為強勁。

We have over AUD600 million in secured orders so far for 2026. The engines and support we provide will be critical as this segment evolves. We continue to see the potential for our Energy Solutions business to generate at least AUD1 billion in revenue by 2030. Over the last several years, our focus has been to increase units in operation to grow the recurring service, parts and remanufacturing aspects of our business, and this focus is starting to pay off.

截至目前，我們已取得 2026 年超過 6 億澳幣的確定訂單。我們提供的引擎與支援服務，將在此業務區塊演進過程中扮演關鍵角色。我們仍看好能源解決方案業務在 2030 年前至少可創造 10 億澳幣營收的潛力。過去幾年，我們的重點是提升在役設備數量，以擴大可重複性的服務、零件與再製造（remanufacturing）業務，而這項聚焦正開始帶來成果。

One of the major mining customers operates 125-megawatt power station with 20 Bergen Engines that we installed four years ago. As part of the major maintenance interval, we have begun to remanufacture 300 cylinder heads, which will generate approximately 15,000 hours of work for our business.

我們的一家主要礦業客戶營運一座 125 兆瓦的電站，使用的是我們四年前安裝的 20 具 Bergen Engines。作為重大保養週期的一部分，我們已開始再製造 300 個汽缸蓋，預計可為我們的業務帶來約 15,000 小時的工作量。

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

我現在想把電話交給 Shelley Hulgrave，請她回顧我們的現金流、資產負債表以及資本配置。

Thank you, Randall. Good afternoon, everyone. We remain committed to a strong balance sheet and a flexible and disciplined approach to capital allocation, while driving our diversification strategy, implementing efficiencies, and striving to lower costs.

謝謝你，Randall。各位下午好。我們仍致力於維持強健的資產負債表，並以彈性且有紀律的方式進行資本配置，同時推動多元化策略、落實效率提升，並努力降低成本。

SG&A expenses increased by 1.5%, which is lower than the rate of inflation, while gross profit declined 1.7%. SG&A as a percentage of gross profit for Q1 2026 was 74.3%. Adjusted SG&A to gross profit was 73.3%. Q1 SG&A to growth was impacted by employee benefit costs of $4 million, payroll taxes and other UK social programs up $3.5 million, rent and real estate taxes up $7 million and lower automotive units and the impact from lower sales of new and used commercial vehicles at Premier Truck Group.

SG&A（銷售、一般及行政）費用增加 1.5%，低於通膨增幅，而毛利下滑 1.7%。2026 年第一季 SG&A 占毛利比重為 74.3%；調整後 SG&A 占毛利為 73.3%。第一季 SG&A 相對毛利的表現受到以下因素影響：員工福利成本增加 400 萬美元、薪資稅及其他英國社會計畫增加 350 萬美元、租金與不動產稅增加 700 萬美元，以及汽車交付量下降，並且 Premier Truck Group 新舊商用車銷售下滑所帶來的影響。

During Q1, we generated $215 million in cash flow from operations and EBITDA of $397 million. During Q1 2026, we invested $63 million in capital expenditures. This is down from $85 million in Q1 2025. We completed acquisitions of two Lexus dealerships, representing $450 million in estimated annualized revenue. We increased the cash dividend to $1.40 per share, representing the 21st consecutive quarterly increase.

第一季，我們創造了 2.15 億美元的營運現金流，EBITDA 為 3.97 億美元。2026 年第一季，我們投入 6,300 萬美元資本支出，低於 2025 年第一季的 8,500 萬美元。我們完成收購兩家 Lexus 經銷據點，估計年化營收合計約 4.5 億美元。我們將現金股利提高至每股 1.40 美元，為連續第 21 季調升。

On a forward basis, our current dividend yield is approximately 3.4% with a payout ratio of 39% over the last 12 months. And we repurchased 170,000 shares of common stock for $26 million. As of March 31, 2026, $221 million remained available for repurchases under our securities repurchase program.

以前瞻基礎來看，我們目前的股利殖利率約為 3.4%，過去 12 個月的配息率為 39%。我們並以 2,600 萬美元回購 17 萬股普通股。截至 2026 年 3 月 31 日，我們在證券回購計畫下仍有 2.21 億美元可用於回購。

Since the beginning of 2023, we have returned approximately $1.6 billion to shareholders through dividends and share repurchases. At the end of March, non-vehicle long-term debt was $2.6 billion and leverage was only 1.8x, despite completing several large acquisitions over the last six months. Floor plan was $4.1 billion, and we had $425 million in vehicle equity.

自 2023 年初以來，我們透過股利與股票回購已向股東回饋約 16 億美元。3 月底，非車輛相關長期負債為 26 億美元，槓桿倍數僅 1.8 倍，儘管過去六個月我們完成了數筆大型收購。車輛融資（floor plan）為 41 億美元，我們擁有 4.25 億美元的車輛權益（vehicle equity）。

For the quarter, total interest expense increased $2 million. Floor plan interest decreased $4 million due to our cash management and lower interest rates, while other interest expense increased $6 million, primarily from higher borrowings for acquisitions. We estimate a 25-basis point change in interest rates would impact interest expense by approximately $15 million.

本季總利息費用增加 200 萬美元。由於我們的現金管理與利率下降，車輛融資利息費用減少 400 萬美元；其他利息費用增加 600 萬美元，主要來自收購所需借款增加。我們估計利率每變動 25 個基點，將使利息費用約變動 1,500 萬美元。

Our effective tax rate was 27.4% in Q1 2026. The prior year results have been recast for the acquisition of Penske Motor Group using common control as disclosed last quarter. As a reminder, PMG was a partnership prior to our acquisition and was not subject to income tax.

2026 年第一季我們的有效稅率為 27.4%。如同上季所揭露，前一年度結果已因以共同控制（common control）方式收購 Penske Motor Group 而重新表達。提醒各位，PMG 在我們收購前為合夥企業，並不需繳納所得稅。

Q1 2025 does not reflect federal, or state income taxes had PMG been included in our taxable group. Therefore, period-over-period comparisons of net income and earnings per share may not be directly comparable due to the change in tax status of PMG. The impact to the effective tax rate would have been approximately 100 basis points and the impact to earnings per share would have been $0.05.

因此，2025 年第一季並未反映若將 PMG 納入我們課稅集團時應適用的聯邦或州所得稅。故由於 PMG 稅務身分改變，跨期比較的淨利與每股盈餘可能無法直接對比。對有效稅率的影響約為 100 個基點，對每股盈餘的影響約為 0.05 美元。

Total inventory was $4.9 billion, up $77 million from December 2025. New vehicle inventory is at a 44-day supply, including 46 days for premium and 29 days for volume foreign. Used vehicle inventory is at a 39-day supply with the US at 33 days and the UK at 42 days. At the end of March, we had $84 million in cash and liquidity of $1.2 billion.

總存貨為 49 億美元，較 2025 年 12 月增加 7,700 萬美元。新車存貨為 44 天供應量，其中豪華車為 46 天、主流進口車為 29 天。二手車存貨為 39 天供應量，美國為 33 天、英國為 42 天。3 月底，我們現金為 8,400 萬美元，流動性為 12 億美元。

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

此時，我將把電話交回給 Roger，請他做一些最後的補充。

Thank you, Shelley. As mentioned, we added two Lexus dealerships to PAG during the first quarter. And today, I'd like to welcome our new teams at Lexus Orlando and Lexus Winter Park to our organization. As I said earlier, we had a solid first quarter, and I continue to remain optimistic about our business. New and used retail automotive gross remained strong and service and parts continue to grow.

謝謝你，Shelley。如前所述，我們在第一季將兩家 Lexus 經銷據點納入 PAG。今天，我也想歡迎 Lexus Orlando 與 Lexus Winter Park 的新團隊加入我們。如我先前所說，我們第一季表現穩健，我對業務前景仍保持樂觀。新車與二手車零售汽車毛利仍然強勁，服務與零件業務也持續成長。

Our diversification remains our key strength of our business model. The recovery in the commercial truck market is underway. We expect to increase new truck orders to benefit the second half of the year and our retail truck dealerships and PTS investment should benefit.

多元化仍是我們商業模式的關鍵優勢。商用卡車市場的復甦正在進行中。我們預期將增加新卡車訂單，以帶動下半年表現，我們的零售卡車經銷據點與 PTS 投資也應可受惠。

Again, today, thanks for joining our call. We'll take questions.

再次感謝各位今天參與我們的電話會議。我們現在開始提問。

(Operator Instructions)

（接線員指示）

Michael Ward, Citigroup.

Michael Ward，花旗集團。

I hope you all are doing well. Weather had a significant impact on the industry in January and February in the US. Can you quantify at all how much you were affected? And were you able to get any of that back?

希望各位都一切順利。1 月與 2 月的天氣對美國產業造成了顯著影響。你們能否量化一下你們受到多大影響？以及是否有把其中一部分追回來？

Mike, this is Rich here. Good question. I mean, as I mentioned in my prepared remarks, two significant storms, both one in January, one in February impacted. The first storm in January, I think, was almost 2,400 miles its length. And so it impacted our businesses from Texas all the way to the Northeast. And so we had either delayed openings, multiple day closures as we had to deal with the cleanup.

Mike，我是 Rich。問得很好。正如我在事先準備的發言中提到的，兩場重大風暴——一場在 1 月、一場在 2 月——都造成影響。1 月的第一場風暴，我記得其長度接近 2,400 英里，因此從德州一路到東北部都影響到我們的業務。我們因此出現延後開店、以及多日停業的情況，因為必須進行清理作業。

So February wasn't as bad, but did impact pretty significantly the Northeast. Now the good news is, obviously, the competitors around us in those markets also suffered the same challenges. So we don't think consumers were running to their dealerships to buy cars, while we were struggling. But certainly, from a fixed gross standpoint, there was lost business there because that time, you just can't get back. So we had the added expense of the snow removal.

所以二月沒有那麼糟，但確實對東北地區造成了相當顯著的影響。好消息是，很明顯，我們在那些市場周邊的競爭對手也遭遇了同樣的挑戰。所以我們不認為消費者是在我們苦撐的同時，跑去他們的經銷商買車。但當然，從固定毛利的角度來看，那段時間確實流失了業務，因為那段時間你就是不可能再追回來。因此我們也增加了除雪的額外費用。

And then we attribute the fixed gross loss to about $4 million to $5 million. And then in total, overall, about a $6 million impact to our earnings in Q1 as it related to the weather.

然後我們將固定毛利的損失歸因於約 400 萬到 500 萬美元。整體而言，就天氣相關因素來看，第一季對我們獲利的影響約為 600 萬美元。

Okay. So you called out -- I don't know if you're calling out or just the cost on the SG&A side of about $15 million. It sounds like some of those will be recurring, I guess, the rent and the health in the UK. Are those one-time in nature? Are they not recurring? What were you kind of alluding to with that?

好的。所以你提到——我不確定你是在特別點出，還是只是說 SG&A 端大約 1,500 萬美元的成本。聽起來其中有些可能會是經常性項目，我猜像是租金以及英國的健康（福利）部分。那些是一次性的嗎？還是並非經常性？你當時想表達的是什麼？

Mike, yes, a little bit of both. Certainly, rent increases we see year-over-year, health benefit plans, we certainly hope those costs go down, but that doesn't seem to be the trend. I wanted to highlight the fact that the UK social programs, this is the last quarter before we anniversary those. So it's a bit uncomparable compared to Q1 of 2025. But like I said, we'll see that anniversary here in Q2.

Mike，是的，兩者都有。租金上調我們確實每年都會看到；健康福利計畫，我們當然希望成本能下降，但看起來趨勢並非如此。我想強調的是英國的社會計畫，這是我們在與之形成周年比較之前的最後一個季度。因此相較於 2025 年第一季會比較不具可比性。但如我所說，我們會在第二季迎來那個周年點。

Okay. And that's about 30 bps to 40 bps, right?

好的。那大約是 30 個基點到 40 個基點，對吧？

Yes. We estimate without those that our SG&A to growth would be in that 71% to 72% range that we had talked about. So still comfortable in that low 70s range.

是的。我們估計如果沒有那些因素，我們的 SG&A 對毛利的比率會落在我們之前談到的 71% 到 72% 區間。所以我們仍然對低 70% 的區間感到安心。

Okay. And just lastly, it looks like you've been doing some portfolio rebalancing if -- usually, you don't see much movement in the retail automotive revenue mix, but you see a couple of good changes year-over-year. And I'm just wondering if that's a trend we can look to more. And are those going to be your focus brands continue to focus on the luxury, the volume form, that's the strategy, correct?

好的。最後一點，看起來你們一直在做一些投資組合再平衡——通常零售汽車營收組合不太會有太多變動，但你會看到年對年有幾個不錯的變化。我想知道這是否會成為我們可以更期待的趨勢？而且你們會持續聚焦的品牌是哪些——繼續專注於豪華品牌、量販品牌，這就是策略，對嗎？

Well, let me say this that we actually sat with our Board probably 18 months ago to determine what was going to be our strategy on brands, locations, not only domestically but internationally. And we felt that we would look at our low performers. And then we looked at what were the expectations of the manufacturers from a CapEx perspective and then what could we grow that business.

嗯，我這麼說吧：其實大約 18 個月前，我們就和董事會坐下來，決定我們在品牌與據點上的策略，不僅在國內，也包括國際。我們認為應該檢視表現較弱的項目。接著我們也看了製造商在資本支出（CapEx）方面的期待，以及我們能如何把那個業務做大。

And we determined there were probably a number of locations that we would need to sell in order to get a return that we would want on top of that, because of our commitment to go forward with Penske Motor Group, we had to commit to sell two Lexus stores, one in Warwick and one in Madison, Wisconsin, which we completed. Obviously, that gave us the opportunity to buy the Orlando stores and the PMG stores.

我們判斷可能有若干據點需要出售，才能在此基礎上取得我們想要的報酬率；同時，由於我們承諾要與 Penske Motor Group 繼續往前走，我們必須承諾出售兩家 Lexus 店，一家在 Warwick，另一家在威斯康辛州的 Madison，而我們已經完成了。很顯然，這也讓我們有機會收購奧蘭多的店以及 PMG 的店。

Along with that, we took out a number of other smaller locations, some larger, some in the UK, and that generate about $300 million -- I'd say, $25 million to $350 million worth of free cash flow back on these stores, which we sold, which obviously, we use some of that money to pay -- to buy these other key stores that we're going forward with. So we'll continue to prune the portfolio.

此外，我們也處分了若干其他較小的據點，有些較大、有些在英國；這些被出售的店為我們帶回了大約 3 億美元——我會說大概 2.5 億到 3.5 億美元的自由現金流。很明顯，我們用其中一部分資金去支付——去收購我們接下來要推進的其他關鍵店點。所以我們會持續修剪投資組合。

We're still in the acquisition business. I think we made the decision in the UK to reduce our number of Sytner Select stores from 14 to 6, which is paying off. We're taking those locations and adding the Chinese brands in the same showroom. So overall, I think the strategy has worked, and we've kept our leverage, as Shelley said, from around 1.5 to 1.8. Am I right?

我們仍然在做併購。我想我們在英國做了決定，把 Sytner Select 店的數量從 14 家降到 6 家，這正在見效。我們把那些據點拿來在同一個展間加入中國品牌。整體而言，我認為這個策略奏效了，而且如 Shelley 所說，我們把槓桿維持在大約 1.5 到 1.8。對嗎？

That's right.

沒錯。

So I think it's been a good move, and we'll continue. And I think I see our peers doing the same thing because today, the cost of doing business is so high and some of these smaller locations, with all the controls you need and the high cost of the best people, we just can't see the numbers give us the returns we want. So all of us are obviously looking for locations, at least we are, where we can add on in key markets.

所以我認為這是個不錯的動作，我們會繼續。我也看到同業在做同樣的事，因為現在做生意的成本太高了，而一些較小的據點，考量你需要的各種管控，以及最優秀人才的高成本，我們就是看不到那些數字能帶來我們想要的報酬。因此我們大家顯然都在找據點——至少我們是——在關鍵市場可以擴增規模的地方。

So Mike, this is Tony. Just page 9 of our earnings presentation is a key chart in the deck that lays out what exactly it is -- our total revenue mix is, right? And you can see there, in particular, premium 72% volume non-US is 22%. And then when you look at the Toyota Lexus number, it has jumped up to 18% of our overall business from an automotive standpoint. So very, very key with the acquisitions and the OEM presence that we have.

所以 Mike，我是 Tony。就我們的財報簡報第 9 頁而言，那是簡報中一張關鍵圖表，清楚列出我們的總營收組合，對吧？你可以看到，尤其是高端（premium）占 72%，非美國的量販（volume non-US）占 22%。然後再看 Toyota/Lexus 的數字，從汽車業務角度來看，它已經跳升到我們整體業務的 18%。所以就我們的併購以及我們擁有的 OEM 佈局而言，這非常、非常關鍵。

Yes. Proactive plan looks like you're just pulling it off.

是的。主動式的計畫看起來你們正在把它落實到位。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

I just wanted to follow up on PTL, pretty nice earnings growth in the quarter despite the lower gain on sale. Obviously, a lot of those improvements are coming from just lower maintenance, debt, fleet costs, et cetera. I'm curious how we should think about the trajectory of PTL earnings for the remainder of the year? Any kind of guardrails you can give us for the full year?

我想追問一下 PTL。儘管出售收益較低，本季獲利成長相當不錯。很明顯，許多改善來自較低的維修、債務、車隊成本等等。我想了解，我們應該如何看待今年剩餘期間 PTL 獲利的走勢？你們能否給我們一些全年指引的範圍或護欄？

I think number one, we've come from roughly 430,000 units de-fleeted 387,000 at the end of the quarter. So that's obviously reduced a significant interest costs and our depreciation has been impacted positively with that. But the good news is that our fleet utilization on the rental side, which were before we were down to 71%, has now moved up to 76%.

我想第一點，我們已經從大約 43 萬台的車隊規模，去車隊到本季末的 38.7 萬台。所以這顯然大幅降低了利息成本，而折舊也因此受到正面影響。但好消息是，我們在租賃端的車隊使用率，之前曾降到 71%，現在已提升到 76%。

And I think we've seen that the operating side of our business has been excellent during the quarter and really in Q4 also, because our gain on sale obviously has been down $26 million in the quarter. So we were able to pick that back up to utilization through lease revenue in some of our logistics businesses, which provided an overall pick up in our profit -- their profit from $120 million to $142 million.

而且我認為，本季以及第四季，我們業務的營運面表現都非常出色，因為我們的出售收益本季明顯下降了 2,600 萬美元。因此我們能透過使用率提升、租賃收入回升，以及部分物流業務來補回來，讓我們的利潤——他們的利潤——從 1.2 億美元提升到 1.42 億美元。

We've got lower operating expenses, obviously, as I mentioned maintenance, depreciation, et cetera. So it's operations. I think you think about interest, depreciation, gain on sale is down, but still higher than it was a year ago, but we're seeing rental utilization up about 500 basis points.

我們的營運費用也更低，正如我提到的維修、折舊等等。所以重點在營運。我想你可以這樣看：利息、折舊、出售收益下降，但仍高於一年前；同時我們看到租賃使用率上升了大約 500 個基點。

Got it. So I mean it looks like a lot of these trends are sustainable like from -- at least from like a cost and earnings perspective for the remainder of the year on a year-over-year basis?

了解。所以我的意思是，從成本與獲利的角度來看，這些趨勢看起來在今年剩餘期間、以年對年來說，很多都是可持續的，對嗎？

Rajat, could you repeat that, please?

Rajat，你可以再重複一次嗎？

I was trying to say that a lot of these trends seem sustainable through the remainder of the year, at least on the cost side when I look at the year-over-year trend?

我想說的是，至少從成本端來看，當我看年對年的趨勢時，很多這些趨勢似乎可以在今年剩餘期間持續？

You're talking about PTS?

你是在談 PTS 嗎？

Yes.

是的。

Okay. Look, certainly, we are continuing. We probably have another 3,000- or 4,000 units that we will take out easily during this year from a fleet perspective, we'll continue to grow it also. We're seeing with the revenue coming back on rental, we can take some of our off-lease equipment and replace that at that point. So I think the older trucks are out now, which we're providing much higher maintenance. So we're seeing that maintenance and tire maintenance much, much better. And I think that the customer acceptance, this is a key one for you.

好的。你看，當然，我們會持續推進。從車隊角度來看，今年我們大概還會很容易再減少 3,000 到 4,000 台，同時我們也會繼續成長。隨著租賃端營收回升，我們可以把部分到期退租（off-lease）的設備在那個時點進行汰換。我想較老的卡車現在已經退出了，因為它們帶來更高的維修成本。所以我們看到維修與輪胎維修狀況好很多、很多。而且我認為客戶接受度——這對你來說是個關鍵點。

We're starting to see people signing up for long-term leases. I say there was a pause over the last 90- to 120 days with emissions, with costs, et cetera. And we weren't getting the traction in the month of -- or the quarter, Q1, we saw our lease signings going up, which bodes well for us for the future because these leases are three-, four-, five years of economic escalators.

我們開始看到有人簽訂長期租賃。我會說在過去 90 到 120 天，因排放、成本等因素出現了一段停滯。而在那一個月——或那一季，Q1——我們看到租賃簽約量上升，這對我們未來是個好兆頭，因為這些租約包含為期三年、四年、五年的經濟性遞增條款。

Got it. And just a follow-up on the parts and service business, more on the international side. Pretty strong numbers overall. But it looks like if you look at it excluding the FX benefit, growth was probably flat to slightly up. I'm curious if sort of -- if that's correct. And what kind of initiatives are in place to maybe accelerate that growth going forward?

了解。再追問一下零件與維修業務，偏國際端。整體數字相當強勁。但看起來如果排除匯率（FX）帶來的利多，成長可能是持平到小幅上升。我想確認一下這樣的理解是否正確？另外，未來有什麼措施可以加速這部分的成長？

Rajat, it's Randall. We could take the FX out, that's correct. In the UK, we were slightly up. But as an example, Italy, we were up 11%; Germany, up 20%, and it's really on the back of customer pay focus because warranty is actually down. And remember, internationally, we don't get the markup on parts like we do here in the US.

Rajat，我是 Randall。我們可以把匯率因素拿掉，你的判斷是對的。在英國我們是小幅成長。但舉例來說，義大利成長 11%；德國成長 20%。這主要是因為我們聚焦在客戶自費（customer pay），因為保固其實是下滑的。而且要記得，在國際市場，我們不像在美國這邊一樣能在零件上取得加價（markup）。

So you only get 10% margin, we're on warranty on the parts, whereas customer pay it's the same. So it's the mix and the focus on customer pay that's driving it with the higher margin business.

所以在保固零件上你只能拿到 10% 的毛利，而客戶自費則是一樣的。因此是組合（mix）以及對客戶自費的聚焦，帶動了較高毛利業務的成長。

Got it. What portion of international in the UK versus non-UK in your numbers there?

了解。你們的國際業務中，英國相較於非英國的占比大概是多少？

Italy was up 11%. Germany was up 20%.

義大利成長 11%。德國成長 20%。

I mean like just mix of services, just mix of your business in terms of contribution in UK and non-UK?

我的意思是像服務的組合——也就是你們業務貢獻中，英國與非英國的占比組合？

Rajat, I'll get that back to you off-line after the call.

Rajat，我會在會後私下再回覆你。

Understood. Okay. Great.

了解。好，謝謝。

Jeff Lick, Stephens.

Jeff Lick，Stephens。

A question for Rich. Rich, we get into this part of the year, kind of April through the rest of the year, lapping against last year. Last year at this time, luxury started to lag the broader auto sector with the exception of April, and I mean, of August and September with the EVs.

有個問題想問 Rich。Rich，每年到了這個時點，大概從四月到年底，會開始跟去年同期做比較。去年這個時候，除了四月之外，豪華車開始落後於整體汽車產業——我的意思是，除了八月和九月因為電動車（EV）之外。

Just kind of curious how you're seeing things now as the year plays out because you guys are a bit unique in that you have easier compares. Just kind of curious how you're thinking about the rest of the year on the new luxury, and then maybe also talk about as we lap the EVs compare, what -- anything to think about there?

想請教你現在怎麼看今年接下來的走勢，因為你們有點特別，基期比較容易。想了解你對今年剩餘時間新車豪華市場的看法；另外，當我們進入與電動車基期比較時，有沒有什麼需要留意的？

Yes. So I'll touch on the last comment you made relative to EVs. So if you look Q1 this year versus Q1 of 2025, our EV sales were down 61% this year compared to last year. And certainly, in our West Coast in California, there's still a certain level of demand for the BEVs. And so the consumer out there, we haven't completely replaced that with hybrids or ICE.

好的。我先回應你最後提到的電動車。若看今年 Q1 相較於 2025 年 Q1，我們今年的電動車銷量比去年下降了 61%。當然，在我們西岸、加州那邊，對純電（BEV）仍有一定程度的需求。因此當地消費者端，我們還沒有完全用油電混合（hybrid）或燃油車（ICE）取代那部分需求。

So that was a tough compare year-over-year. We thought that the Iran conflict would drive some near-term or short-term demand in BEVs that we just haven't seen materialize. So that escalation in fuel prices hasn't overcome the consumers' concerns about battery electric vehicles, either from a range or infrastructure charging perspective. And so I don't see really a material change occurring in BEVs the balance of this year. I think it's kind of stabilized post the tax credit going away in that 4% to 5% of the overall retail sales market.

所以年對年比較是個艱難的基期。我們原本以為伊朗衝突會在短期內帶動一些 BEV 需求，但目前並沒有看到實際發生。因此，燃油價格上升並未能抵消消費者對電池電動車的疑慮，不論是續航里程或充電基礎設施的角度。就今年剩餘時間而言，我不認為 BEV 會出現實質性的變化。我認為在稅收抵免取消後，市場已大致穩定在整體零售銷售市場約 4% 到 5% 的水準。

So then coming back to the luxuries, you mentioned or someone did earlier, the tough compares. Certainly, in March, we were at 17.6 million SAAR. April was at 17 million. And so we've got some tough comps year-over-year.

再回到豪華車，你提到——或有人先前提到——艱難的比較基期。確實，三月我們的 SAAR 是 1,760 萬；四月是 1,700 萬。因此年對年有一些艱難的比較。

You look at the premium luxury market, certainly, the sales are a little bit down in those brands. If I look at Audi in Q1 was down about 30% overall as they're launching some new models that need to come into the marketplace. BMW about 15%. Porsche with the Macan going away, we knew that this year, next year until they relaunch, that model will be a little more challenging. So we're down about 18% with them and Mercedes, about the same as BMW, down about 15% overall.

看高端豪華（premium luxury）市場，這些品牌的銷量確實有些下滑。以 Audi 來看，Q1 整體下滑約 30%，因為他們正在推出一些需要進入市場的新車款。BMW 約下滑 15%。Porsche 因為 Macan 停售，我們早就知道今年、明年在重新推出之前，該車型會比較具挑戰，因此我們約下滑 18%；Mercedes 大致與 BMW 相同，整體下滑約 15%。

The good news that I would say is that the OEMs have now adjusted to the -- what the tariff impact is going to be on their business. Certainly, I think they were holding back money on incentives and programs, certainly in the latter half of last year.

我會說好消息是，OEM 現在已經調整並因應關稅對其業務的影響。我認為他們在去年下半年確實在獎勵金與方案上有所保留。

I'd say they're back in the market. I wouldn't say the incentives are great, but they're good. And the products they're producing are still very desirable. We attend these annual dealer meetings and every single one of them has a bevy of new products that are going to be launching in the market this year that I think are going to be highly desirable. So I think from a model mix and brand mix, with our 72% premium luxury, we're still in a good position there.

我會說他們現在又回到市場上了。我不會說獎勵金非常好，但算是不錯。而且他們生產的產品仍然非常有吸引力。我們參加這些年度經銷商會議，每一家都展示了一系列今年將在市場推出的新產品，我認為會非常受歡迎。因此就車型組合與品牌組合而言，我們 72% 的業務是高端豪華，我們仍處於良好位置。

And anything to call out with service and parts with respect to warranty that you're lapping stop sales, especially on the luxury side?

那在維修與零件方面，關於保固，你們在比較基期上是否受到停售（stop sales）的影響，尤其是在豪華車端？

So our fixed gross overall was up about 3.5%. We talked about the impact from the storms. An encouraging nugget in there is our customer pay ROs. We talked about that in the last couple of calls. We've been really focused on that segment, too.

我們的固定業務毛利（fixed gross）整體約成長 3.5%。我們也談到風暴帶來的影響。其中一個令人鼓舞的點是我們的客戶自費維修工單（customer pay ROs）。我們在過去幾次電話會議中提過，我們也一直非常聚焦在這個區塊。

And -- the recalls, they continue to happen. So if you look at Toyota, they increased the Tundra recall on engines to the '23 and '24 model year units. BMW has got a starter recall that was recently announced. And then Audi on their 3-liter engine has piston replacements, which is about 30-hour job. And then we're doing a proactive software campaign, too on the Q5 product. So look, I know the OEMs would prefer not to have these recalls, but they continue to have quality leakage into the marketplace.

另外——召回仍在持續發生。以 Toyota 來看，他們把 Tundra 的引擎召回擴大到 2023 與 2024 年式。BMW 最近宣布了起動馬達召回。Audi 的 3.0 升引擎需要更換活塞，這大約是 30 小時的工時。然後我們也在 Q5 產品上進行主動式軟體活動（proactive software campaign）。所以你看，我知道 OEM 會希望不要有這些召回，但他們的品質問題仍持續流入市場。

Excellent. Best of luck in Q2.

很好。祝你們 Q2 順利。

John Babcock, Barclays.

John Babcock，Barclays。

Just a quick one on the truck market. I know you're expecting an increase in truck orders, particularly in the second half. Just curious on the sustainability. I mean I'm sure there's probably a portion of the truck demand that's probably driven by expectations for higher prices with some of the regulatory changes. So I'm just kind of curious if you think this is something that you think is long-term sustainable truck demand? Or is this something that you think is temporarily driven by some of the short-term factors like regulations.

關於卡車市場我有個簡短問題。我知道你們預期卡車訂單會增加，特別是在下半年。我想問的是這種需求的可持續性。我想卡車需求中可能有一部分是因為一些法規變動導致市場預期價格會上漲所驅動。所以我想了解，你認為這是長期可持續的卡車需求嗎？還是你認為這只是受到法規等短期因素暫時推動？

I certainly think there is some short-term influence on the truck orders. It's similar to what we saw with lack of truck orders in Q3, Q4 last year, John. I think once there was some finality on what the EPA '27 guidelines are going to look like, and customers could understand what the rule set was going to be. That's what drove the order intake here in the first part of this year, as Roger quoted, up 91% on Class 8.

我確實認為卡車訂單受到一些短期因素影響。這跟我們去年 Q3、Q4 看到卡車訂單不足的情況類似，John。我認為一旦 EPA 2027 年指引（'27 guidelines）看起來會是什麼樣子有了定案，客戶能理解規則架構會是什麼，這就推動了今年前段的接單量；如 Roger 引述，Class 8 的訂單量成長 91%。

I also think we had a near-term bump in particular for Premier Truck Group with tariff announcements in February. And so there was a grace period that was granted to customers that if they placed orders by the end of -- or sorry, by the beginning of March, they could avoid that tariff price increase, which was between $1,000 and $1,500 depending on heavy-duty or medium duty.

我也認為，特別是對 Premier Truck Group 而言，二月的關稅公告帶來了短期的拉抬。因此給了客戶一段寬限期：如果他們在——或抱歉，是在三月初之前下單，就可以避免那次關稅帶來的漲價；依重型或中型車不同，漲幅約在 1,000 到 1,500 美元之間。

And then there's some things structurally that I think have been going on that we've talked about for the last 18 months with the administration, right? The Department of Transportation and FMCSA have really been cracking down on illegal carriers and non-domiciled CDL holders, and that has had an effect of tightening capacity.

然後我認為在結構面上，過去 18 個月我們一直和政府部門討論的一些事情也在發生，對吧？交通部（Department of Transportation）和 FMCSA 一直在嚴格取締非法承運商以及非本土（non-domiciled）的 CDL 持有人，這已經產生了收緊運力的效果。

You see that in the spot rates up 30% to 40% year-over-year, and that's driving higher utilization of, say, the legal operators on the road. And we're seeing that manifest itself in our parts and service revenue up just over 4% in that business. And that's the first time in six quarters that we've seen a growth in our fixed gross profit there.

你可以從即期運價（spot rates）年增 30% 到 40% 看出來，而這也推動了例如道路上合法營運商更高的使用率。我們也看到這反映在零件與服務營收上，該業務營收成長略高於 4%。而這是六個季度以來，我們首次在那裡看到固定毛利（fixed gross profit）出現成長。

And then when you look at the freight rates increasing, we're seeing that drive near-term used truck demand as well. So our volume sales are trending upward there and our gross profit, as you see in the quarter, was up almost $4,000. So -- and I think if you look -- if you follow any of the publics, J.B. Hunt, Covenant Transport that have reported, they would reiterate that they feel that the changes are structural and not temporary in nature.

再來，當你看到運價上升時，我們也看到這帶動了短期二手卡車需求。因此我們那邊的銷售量正在走升，而如你在本季所見，我們的毛利增加了將近 4,000 美元。所以——我想如果你去看——如果你追蹤任何已公開的公司，像是 J.B. Hunt、Covenant Transport 這些已經公布的公司，他們也會重申，他們認為這些變化是結構性的，而非暫時性的。

And just on the M&A side of things, you've increased exposure to Texas -- Toyota and Lexus recently. But on a go-forward basis, should we think about expanding brands? Are there certain geographies you want to tack on to? Also, how are you balancing that with leverage? And what's your comfort level in terms of leverage right now?

另外在併購（M&A）方面，你們最近提高了對德州——Toyota 與 Lexus 的曝險。但往後來看，我們是否應該把焦點放在擴充品牌？有沒有特定地理區域想要再加上去？另外，你們如何在這之間與槓桿水準做平衡？以及你們目前對槓桿的舒適區間大概在哪裡？

Well, I think our leverage gives us all sorts of opportunity, point number one. Point number two, we're sitting with 70-plus percent premium luxury and 21% or 22% volume foreign. And we're focusing, obviously, on the mix of our business in those particular areas, probably more critically and looking for opportunities.

我想我們的槓桿讓我們有各式各樣的機會，這是第一點。第二點，我們目前有 70% 以上是高端豪華（premium luxury），以及 21% 或 22% 的外國量販（volume foreign）。而我們顯然會把重點放在這些領域的業務組合上，更關鍵的是更嚴謹地檢視並尋找機會。

I think our goal, obviously, is to maintain, as Shelley said, our dividend, our buyback and our CapEx. We think by eliminating some of the stores that we have, have allowed us to reduce our CapEx, hopefully by $100 million this year, and that's going to give us the opportunity to continue to focus.

我認為我們的目標很明確，就是如 Shelley 所說，維持股利、庫藏股回購以及資本支出（CapEx）。我們認為透過淘汰（eliminating）一些門店，讓我們得以降低 CapEx，希望今年能減少 1 億美元，這也將給我們機會持續聚焦。

I would say, internationally, we've also done some pruning of our businesses there. I think at the end of the day, we're focusing on investments in Australia, in the defense area, in the power system and power generation. So the good thing is we have such diversification.

我會說，在國際方面，我們也對那邊的業務做了一些修剪（pruning）。我想歸根結底，我們把重點放在澳洲的投資，包含國防領域、電力系統與發電。因此好的一點是，我們的業務非常多元化。

And then obviously, the returns that we're getting from Premier Truck Group, they're a Freightliner business, they're market share leaders, and we'd be looking for other locations in the US and Canada to represent them as those have been turned out to be quite good.

然後很明顯地，我們從 Premier Truck Group 所獲得的報酬——他們是 Freightliner 的業務、也是市占領導者——我們會尋找美國與加拿大其他地點來代表他們，因為這些據點的表現證明相當不錯。

And I think what's key is we'll look right now, like the stores we did in Orlando, the right brand, certainly the right location and profitability. So I think we have the luxury of not being in a hurry. When you put $2 billion of revenue on, now what we've got to continue to integrate those into our company, which I think we're doing well, and we'll again look for ones with the brand.

我認為關鍵在於，我們現在會像我們在奧蘭多做的那些門店一樣來看：對的品牌、當然也要在對的地點，以及獲利能力。所以我想我們有不必急於一時的優勢。當你新增了 20 億美元的營收之後，接下來我們必須持續把這些業務整合進公司，我認為我們做得不錯；而我們也會再去找具備這些品牌條件的標的。

Look at Toyota and Lexus right now, the lowest day supply of the industry. Are we talking under 20 days when you think about it, some of the Lexus stores under 10, and they continue to keep the product tight. And that to me is going to be critical, and they're saying that's where they're going to operate in the future.

看看 Toyota 和 Lexus 現在，業界最低的庫存天數（day supply）。你仔細想想，我們談的是低於 20 天，有些 Lexus 門店甚至低於 10 天，而且他們持續把供給維持得很緊。對我來說這會很關鍵，而他們也表示未來會以這樣的方式營運。

And we're getting some of that already also when you look at Land Rover, you look at Porsche, our business is down, not because we're down, it's because of supply of the vehicles we want, and that's being impacted by tariffs, et cetera. So we're going to be cautious here. And there will be people that are confused out there that own these businesses, some of the smaller operators. And if they're contiguous to our circles, we're going to pounce all over those if we can. That's a long answer, I'm sorry.

而且當你看 Land Rover、看 Porsche，我們的業務下滑，不是因為我們表現不好，而是因為我們想要的車款供給不足，而這又受到關稅等因素影響。所以我們會在這裡保持謹慎。外面會有一些擁有這些業務的人感到困惑，尤其是一些較小的經營者。如果他們的據點與我們的版圖相鄰，我們會盡可能把握機會全力出手。這回答有點長，抱歉。

Yes. No thanks. That's perfect. Appreciate it.

是的。不會，謝謝。這很完美。感謝。

Mike Albanese, StoneX.

Mike Albanese，StoneX。

Could you guys just comment on what you saw in Q1 regarding Chinese models and taking share in international markets? And then is there a house view on how you think about the implications to premium luxury? And I mean, do you think about leaning into building exposure with these models or just kind of continue to take it slow and monitor?

你們能否評論一下第一季（Q1）你們看到中國車型在國際市場搶占市占的情況？另外，公司內部對其對高端豪華（premium luxury）的影響，有沒有一個整體觀點？我的意思是，你們會考慮加大這些車型的曝險、還是會繼續放慢腳步觀察？

Let's let Randall is the expert on -- in fact just came back from the auto show in China. So he's most currently we have on the phone. But not to get what we're doing, what we're seeing in the UK and Europe.

我們讓 Randall 來回答，他是這方面的專家——他其實剛從中國的車展回來。所以他是我們電話上最新鮮的一手資訊。不過先談談我們在英國與歐洲看到的情況、以及我們在做什麼。

Yes, Mike. So obviously, the Chinese brands are gaining share in Europe. In fact, the markets that we're in UK, Italy and Germany, they've more than doubled. In fact, if you look at Australia last year, the Chinese brands were 15%. And year-to-date this year through the first quarter, they're up to 23%.

好的，Mike。很明顯地，中國品牌正在歐洲提升市占。事實上，在我們所在的英國、義大利與德國市場，他們的市占已經翻倍以上。再看澳洲，去年中國品牌占比是 15%。而今年截至第一季的年初至今（YTD），已經上升到 23%。

So we are -- we've put our toe in the water in the UK and in Germany starting really effectively the beginning of the year. We started late last year, but this is our first full quarter. We've got 11 locations between the UK and Germany right now, four different brands.

所以我們——我們在英國與德國算是先試水溫，真正有效地從今年年初開始。去年年底我們就開始了，但這是我們第一個完整季度。目前我們在英國與德國合計有 11 個據點，涵蓋四個不同品牌。

And I would say, first of all, our strategy has been to put these brands into existing facilities. So in the UK, we have our Sytner Select, which is our big box used car retail. So we're able to put the brand there with a, call it, a minimal CI spend and we're in business. So we don't have additional fixed expense. We can sweat the asset a little bit more.

我會說，首先，我們的策略是把這些品牌放進既有的設施裡。因此在英國，我們有 Sytner Select，也就是我們的大型（big box）二手車零售據點。這讓我們能以最低限度的 CI（資本投入/形象投資）支出把品牌放進去，然後就能開始營運。所以我們不會增加額外的固定費用，也能把資產再多榨取一些效益。

But frankly, first blush so far has been positive. We're going to take a walk before run approach. In these big box used car retail, we get about 400 guests per week. So these Chinese OEMs are eager to partner with us more. So that's one of the reasons I went to the auto show is really to understand the difference between these brands.

但坦白說，目前初步（first blush）的結果是正面的。我們會採取先走再跑的方式。在這些大型二手車零售據點，我們每週大約有 400 位來客（guests）。因此這些中國 OEM 很希望與我們更深入合作。這也是我去車展的原因之一，主要是想了解這些品牌之間的差異。

You can't just throw an umbrella, say, Chinese brands, just like any Western brands that each of them have their pros and cons. So look, we're going to expand where it makes sense, but we're going to be, let's say, eyes wide open, cautious as we do it.

你不能只是用一把傘把它們都稱作「中國品牌」，就像任何西方品牌一樣，每一家都有各自的優缺點。所以你看，我們會在合理的地方擴張，但我們也會保持——可以說——睜大眼睛、謹慎推進。

Great. And then probably just a follow-up to that. It probably matters brand by brand, as you alluded to. But could you just comment on what you're seeing in terms of unit profitability on these vehicles?

很好。那接著可能再追問一下。正如你提到的，可能要看品牌而定。但你能否談談你們在這些車款的單車獲利（unit profitability）方面看到的情況？

Yes. It's -- look, it differs slightly, I would say, in the UK, Geely and Chery have both been good to deal with. One concern, like with any brand, got to make sure they don't over inventory that they're not going to over dealer the market because then it's just a race to the bottom. And the other challenge you think about, you open a brand-new store stand-alone, you don't have any fixed operations. So instead of running at 75% fixed absorption at zero, right, at the beginning.

可以。它——你看，會有些差異。我會說在英國，Geely 和 Chery 都是很好的合作對象。一個顧慮是，跟任何品牌一樣，必須確保他們不會把庫存塞得過多，也不會在市場上過度開設經銷商（over dealer），因為那樣就會變成一路殺價的惡性競爭。另一個挑戰是，你如果開一家全新的獨立門店（stand-alone），你沒有任何固定營運（fixed operations）。所以一開始固定吸收率（fixed absorption）不是在 75%，而是從 0 開始，對吧。

Now over time, that will increase, but that's to get a return on that investment. So -- and then in Germany, we have BYD and MG, and we just started those. So I would say it's too early to tell.

當然，隨著時間推移，這會提高，但那是為了讓那筆投資產生回報。所以——然後在德國，我們有 BYD 和 MG，而我們才剛開始。我會說現在還太早下結論。

I'd say when you look at the margins in the big boxes, we're probably getting a couple of thousand pounds more on the Chinese brands than we are with our used vehicles we're selling in the same store. So right now, it could be Christmas. We don't know what's going to happen as we go forward.

我會說，當你看大型展間的毛利時，我們在中國品牌上的毛利，可能比在同一家店裡銷售的二手車多出幾千英鎊。所以就目前而言，可能像是聖誕節一樣。我們不知道接下來會發生什麼事。

But look at the product is good. We're not seeing any consumer pushback. The mix has been about 50% retail, 50% fleet. Obviously, they're going to put some in fleet to seed the market and get some volume up and open awareness in the marketplace. But I think their approach has been sensible overall. Again, as a dealer, you just caution not to -- that they don't saturate the market.

但你看，產品是好的。我們沒有看到任何消費者反彈。組合大約是 50% 零售、50% 車隊。很明顯，他們會先放一些到車隊端來播種市場、把量做起來並在市場上打開知名度。但我認為他們整體的做法是合理的。再說一次，作為經銷商，你只是提醒——不要讓他們把市場灌得太滿。

Okay. And then just my last question on this front. Is there anything we should be thinking about in terms of implications on aftersales with these brands? I mean, is it the same process getting them in the service lanes and the same general RO that you would get on premium luxury or -- yes, go ahead.

好的。那我在這個主題上的最後一個問題。就這些品牌而言，在售後方面有沒有什麼我們應該思考的影響？我的意思是，把車導入維修通道的流程是否相同，以及你會拿到的整體 RO 是否跟高端豪華品牌一樣——或是——對，請繼續。

Look, it's a good question more from the standpoint of, hey, are they prepared and hence, are we prepared that we've got all the right safety stock from a part standpoint that when the customer does come in that we can handle them efficiently? So that's one big message I have with these OEMs as I met with them, and they seem to understand that we haven't had any challenges yet.

你看，這是個好問題，更多是從這個角度：嘿，他們是否已經準備好，因此我們是否也準備好——就零件面而言，我們是否備妥了正確的安全庫存，讓客戶進廠時我們能有效率地處理？所以這是我跟這些 OEM 會面時傳達的一個重要訊息，而他們似乎也理解；到目前為止我們還沒有遇到任何挑戰。

But it's been so minimal, Mike, relative to the number of customers we've had come in. I can't say dollar per repair order. But one thing is these cars a 7-year warranty on it. So we think the customer is going to be stickier rather than having a three- or four-year warranty, they'll keep coming back.

但相較於進來的客戶數量，Mike，這些案例非常少。我沒辦法說每張維修工單的金額。不過有一點是，這些車有 7 年保固。所以我們認為客戶會更黏著；相較於三年或四年保固，他們會持續回來。

We don't know what the used car buyers are going to be like -- that's -- and then also the captive finance companies, which lead the brands around the world that have the best captive finance are the ones that we see are best for us. So right now, they're using banks and other things in order to support it, and they will buy down the rate to be competitive in the market. So those are all things.

我們不知道二手車買家會是什麼樣子——那是——另外還有自有金融公司（captive finance companies）；在全球範圍內，那些擁有最佳自有金融的品牌，通常也是我們看來對我們最有利的品牌。所以目前他們是透過銀行等方式來支援，並且會補貼利率以在市場上具備競爭力。這些都是需要考量的事情。

And we don't have units in operation. That's why Rand will decide if we were going to do it, we're going to put it in places where we already have revenue, and we have a parts and service that just have different cargoes on the list on the morning versus (multiple speakers)

而且我們沒有在運行中的單位。這也是為什麼 Rand 會決定，如果我們要做，我們會把它放在我們已經有營收的地方，而且我們有零件與服務部門，只是早上清單上的不同貨品而已，相較於（多位講者）

Those select locations where we have full fixed operations in each of them. So it's -- again, we're just -- we're utilizing our assets better.

那些我們在每個據點都具備完整固定業務（fixed operations）的精選地點。所以——再說一次，我們只是——更好地運用我們的資產。

We're trying in a different market. What's going on in Germany versus what's happened in the UK. You might talk a little bit about Australia.

我們在不同市場嘗試。德國正在發生的事情，對比英國發生的事情。你也許可以談談澳洲。

Yes, from a Chinese standpoint?

是指從中國品牌的角度嗎？

Yes.

是的。

Well, look, we don't have any Chinese brands there now. But like I said, it was up to 23%. And that's one market where the -- Australia is pinched a little bit more with lack of fuel. They've only got two refineries there, so they're dependent on imports.

嗯，你看，我們現在在那裡沒有任何中國品牌。但如我所說，已經到 23%。而那是一個市場——澳洲因燃料短缺而受到的擠壓更大一些。他們只有兩座煉油廠，所以依賴進口。

So their fuel price went up more than most countries. And they've seen significant increase in BEV sales along with the Chinese sales. So think about it, they went from 15% to 23% in just one quarter, and those customers now are getting a taste of the quality of those brands. So it's a disruptor for sure.

所以他們的燃油價格上漲幅度比多數國家更大。他們也看到 BEV 銷售以及中國品牌銷售都大幅增加。想想看，他們在短短一個季度就從 15% 升到 23%，而這些客戶現在正在體驗那些品牌的品質。所以這確實是一個顛覆者。

Daniela Haigian, Morgan Stanley.

Daniela Haigian，摩根士丹利。

So switching gears a little bit to a more thematic question. The trend of energy and autos converging on a global scale is getting a lot of interest from investors. Could you speak a little bit about your Australia, New Zealand segment and any opportunity there?

那我稍微換個話題，問一個更偏主題性的問題。能源與汽車在全球尺度上融合的趨勢，正引起投資人很大的興趣。你能否談談你們的澳洲、紐西蘭事業部，以及那裡的任何機會？

Well, thanks, Daniela. It's Randall again. So first of all, I'd say the energy business is vital across the world, but particularly in Australia, the data center business is exploding. And we have a 75% market share in data center backup power for the power range of 1,250 kilowatt and higher, which the majority of them are. So that's just our business pipeline there is extremely strong.

好的，謝謝你，Daniela。我是 Randall。首先我會說，能源業務在全球都至關重要，但在澳洲尤其如此，資料中心業務正在爆發式成長。而在 1,250 千瓦及以上功率範圍（其中大多數都是）之資料中心備援電力方面，我們有 75% 的市占率。所以我們在那邊的業務管線非常強勁。

We're very tight with numerous customers. And that's good news. The bad news with that is you sell the engine and it sits there, right? You go you do maintenance on it once a month, but it doesn't run. So you don't have that after-sales annuity. So where we're focused is to continue to grow our prime power strategy and units in operation.

我們與許多客戶的關係非常緊密。這是好消息。壞消息是，你賣出引擎後它就放在那裡，對吧？你每個月做一次保養，但它不運轉。所以你沒有那種售後的年金式收入。因此我們的重點是持續推進主電力（prime power）策略與在運行中的單位數成長。

So as an example, four years ago, we built a power station with our Bergen Engines in the Northwest of Australia, which for our biggest mining customer, 175-megawatt stations, 15 engines, 20 cylinders per engine. These are massive engines, 18 liters per cylinder, these are. And these run 7,000 to 8,000 hours a year. And so we're in the cycle right now after they got this commissioned, where the 16,000-hour maintenance interval, you have to take the heads off and remanufacture.

舉例來說，四年前，我們用 Bergen Engines 在澳洲西北部為我們最大的礦業客戶建了一座電站：175 兆瓦電站、15 台引擎、每台引擎 20 缸。這些都是巨型引擎，每缸 18 公升。它們每年運轉 7,000 到 8,000 小時。因此在完成投運後，我們現在正處於一個週期：到了 16,000 小時的保養間隔，你必須把汽缸蓋拆下來並進行再製造（remanufacture）。

We have all that capability and expertise to remanufacture these heads in country as part of Penske Australia. So after those 15 engines or 300-cylinder heads, that's about 15,000 hours' worth of work. So our strategy is to do more, get more units in operation that are prime power, and we've got that whole vertical strategy and approach and solution for those customers in the market. So it's a key strategy without a doubt for us.

我們具備所有能力與專業，可以在國內以 Penske Australia 的一部分來再製造這些汽缸蓋。所以這 15 台引擎、也就是 300 個汽缸蓋，約等於 15,000 小時的工作量。因此我們的策略是做得更多，讓更多主電力的單位投入運行；我們也有完整的垂直整合策略、方法與解決方案，提供給市場上的這些客戶。所以毫無疑問，這對我們是關鍵策略。

Alex Perry, Bank of America.

Alex Perry，美國銀行。

Congrats on the strong quarter. I wanted to ask about the outlook in the UK sort of ex the Chinese brands sort of the core outlook in the UK. And then just one piece on the Chinese brands. Are you expecting to -- I know you said earlier you're going to take a measured approach there, but will you continue to add doors there? So just wanted to get your thoughts on the UK sort of outside of what's going on with the Chinese brands.

恭喜這一季表現強勁。我想問一下英國的展望——先不談中國品牌，英國核心業務的展望如何？另外再問一點關於中國品牌：你們是否預期——我知道你先前說會採取審慎的方式，但你們會繼續增加據點（doors）嗎？所以想聽聽你對英國、也就是不包含中國品牌因素的看法。

Yes. I think we're going to be measured is the right word, but it was interesting, again, meeting with all these OEMs and understanding the strengths and what some of their strategies are and how that aligns with our strategies, I think we'll continue to evaluate two things. Number one, which brands make sense -- most sense to continue to partner with. And number two, where we have available facility infrastructure, again, with the strategy of saying we already have it, let's put it there.

是的。我認為「審慎」這個詞用得很對。不過很有意思的是，再次與所有這些 OEM 會面，了解他們的優勢、一些策略，以及這如何與我們的策略一致，我想我們會持續評估兩件事。第一，哪些品牌最值得繼續合作。第二，我們在哪些地方有可用的設施基礎建設；同樣是以「我們既然已經有了，就把它放在那裡」的策略來思考。

And because, again, with the lack of units in operation, you don't have that after sales. So the cost to get in is minimal. And then look, we're going to, as usual, be good partners with these brands and want to grow and help them understand the market better.

而且因為——再說一次——在缺乏在運行中的單位時，你就沒有那個售後收入。所以進入的成本很低。然後你看，我們會一如既往地成為這些品牌的好夥伴，並希望成長，也幫助他們更了解市場。

But they're going to limit us based on overbearing.

但他們會因為過度擴張而限制我們。

Yes.

是的。

And we start to see what the discounting is because we don't want to handle vehicle (inaudible)

而且我們開始看到折扣情況，因為我們不想處理車輛（聽不清）

Correct.

沒錯。

Yes. That makes a lot of sense. And then just on inventory levels across the network more broadly. Can you just talk about how you feel about inventory levels? It sounds like there are certain brands Toyota and Lexus, where you're light, any where you think you're over inventoried? And then in the brands that you're light, how much do you think that, that's sort of restricting the sales velocity and any line of sight into those improving?

是的。這很合理。那再問一下整個網路更廣泛的庫存水位。你能談談你對庫存水位的感受嗎？聽起來有些品牌像 Toyota 和 Lexus，你們的庫存偏低；有沒有哪裡你覺得庫存偏高？另外在庫存偏低的品牌上，你認為這在多大程度上限制了銷售速度？以及你是否看得到這些狀況改善的能見度？

Alex, it's Rich here. So I'll speak to the US and then Randall can cover internationally. Just as the top side from an overall perspective, on new, we ended the quarter at 43 days and on used 33 days. And the new compared to 52 days a year ago. So we're down from a days supply standpoint, 9 days.

Alex，我是 Rich。我先談美國部分，然後 Randall 會說明國際市場。從整體角度來看，新車方面我們本季結束時為 43 天，二手車為 33 天；而新車相較於一年前的 52 天，因此以庫存天數來看，我們下降了 9 天。

You've got to look at both the days supply and the model mix within the inventory that you have by brand. And so even though we would say that Toyota, Lexus is great from a days supply standpoint, we would prefer to have maybe more RAV4s in that inventory and less Tundra as an example. So you've got to look at it from both perspectives. But certainly, they are the healthiest in maintaining that supply versus demand balance.

你必須同時看庫存天數，以及按品牌來看你手上庫存中的車型組合。因此，即使我們會說 Toyota、Lexus 在庫存天數方面表現很好，但舉例來說，我們可能更希望庫存裡有更多 RAV4、少一些 Tundra。所以要從兩個角度一起看。不過可以確定的是，他們在維持供需平衡方面是最健康的。

We talked last year, we felt Honda maybe overproduced a little bit and our days supply crept up there. They had a plant closure earlier this year that has got them back more in line. And then we still got to balance the BEV mix in there. We've seen that come back up after the tax credit went away at the end of September, and we had that sell-through. We were down to 12 days' supply on BEV.

我們去年談過，我們覺得 Honda 可能有點過度生產，導致我們的庫存天數在那裡逐步上升。他們今年稍早有工廠停工，讓情況回到更一致的水準。接著我們仍需要平衡 BEV 的組合。在 9 月底稅收抵免取消後，我們看到 BEV 又回升，並且完成了那波銷售消化；當時 BEV 的庫存天數降到 12 天。

We're up to 78 days' supply now. And so that's higher than our -- certainly our overall new car average is and certainly higher than we would want it to be. And then I think from a used perspective, we would prefer to have more used right now. There is demand in the used car market, but we've been disciplined again on our sourcing of used cars. We could go out and buy more used cars, but it would have the counter effect of lowering our grosses on the other side of the ledger.

現在我們上升到 78 天庫存。因此這高於——當然高於我們整體新車平均，也高於我們希望的水準。至於二手車，我們目前其實希望能有更多二手車庫存。二手車市場有需求，但我們在二手車採購上仍保持紀律。我們可以出去買更多二手車，但那會產生反效果，會壓低我們在損益表另一端的毛利。

So we've stayed within our wheelhouse of zero- to four-year-old used cars, not going up market in the 8-plus year range for used cars. So that's a little bit of color on the US. So Randall?

所以我們仍維持在我們擅長的範圍：車齡 0 到 4 年的二手車，不會往上移到 8 年以上的二手車區間。以上是美國市場的一些補充。Randall？

Yes. Look, it's very similar in the UK, our new car supply is 40 days. And to give you an idea, the lowest day supply is Land Rover at 35 days and the highest is Audi at 45 days. So the band is pretty small with all the brands in between. And then our used car supply is 42 days, similar to the US is difficult now.

是的。整體來看，英國的情況非常相似，我們的新車供應為 40 天。給你一個概念，最低的庫存天數是 Land Rover 的 35 天，最高是 Audi 的 45 天。所以各品牌之間的區間很小，其他品牌都落在其中。然後我們的二手車供應是 42 天，跟美國一樣，現在確實比較困難。

But I would say our team in the UK has done a fantastic job with acquisition of used and proper appraisals. The available gross we have in our used cars right now is as best it's been in months. So anyway, we feel we're in very good shape.

但我想說，我們英國團隊在二手車收購與正確估價方面做得非常出色。我們目前二手車可取得的毛利，是數月以來最好的水準。總之，我們覺得狀態非常好。

That's incredibly helpful. Best of luck, going forward.

這非常有幫助。祝接下來一切順利。

David Whiston, Morningstar.

Morningstar 的 David Whiston。

On the service bay utilization, you talked about it being, I think, 84%. So I was just curious what prevents that from being -- not being 100%? Is it purely labor shortages or other variables?

關於維修工位使用率，你提到大概是 84%。我想了解的是，什麼因素讓它無法——無法達到 100%？純粹是人力短缺，還是有其他變數？

Yes. It's a combination of techs because that is a measure of tech ratio to bays. And so our tech count is up 3%. Our guys will tell you, you don't want and we're probably never going to have 100% bay utilization because in order to achieve that, you need that -- to Randall's comments earlier, have every part you need at the time you need it. And invariably, that's never the case.

是的。這是技師人數的組合因素，因為那個指標衡量的是技師與工位的比例。我們的技師人數增加了 3%。我們的人會告訴你，你不想、而且我們可能永遠也不會達到 100% 的工位使用率，因為要做到那樣——呼應 Randall 先前的評論——你必須在需要的時候就有所有需要的零件。但事實上，這幾乎不可能永遠都做到。

And so you're in process of having a car torn down, waiting on a part that's tying up a bay or you -- in the case of battery electric vehicles, you've got a flat bay and you need a bay next to it to reinstall the battery. So we feel pretty good at 84%. We probably can tick that up a few percentage points more, but with the flexibility we need for the type of work we do, growing north of 90% would be a challenge.

因此你會遇到車輛正在拆解流程中、等待某個零件，導致占用一個工位；或者——以純電動車為例——你有一個平坦工位，且需要旁邊再有一個工位來重新安裝電池。我們對 84% 感到相當不錯。我們可能還能再提高幾個百分點，但就我們所做工作的類型所需的彈性而言，要成長到 90% 以上會是個挑戰。

I think, Rich, also these bigger jobs where we're taking engines out of Tundra's and things like that, you almost need a second bay next year operating bay in order to be able to do the work. So it's flexible. But we are -- to put it in perspective, we're adding -- we're going to 100 bays at Longo, Toyota in California. We're building a new full dealership with 100 bays in Hutto, Texas outside of Austin. And we're adding another 30 bays to Central Florida, Toyota will get us to almost 100.

我想，Rich，另外像這些更大型的工作，例如我們把 Tundra 的引擎拆出來之類的，你幾乎需要第二個工位、下一個可運作的工位，才能完成作業。所以需要彈性。不過我們——為了讓你有個概念——我們在加州的 Longo Toyota 會擴增到 100 個工位。我們正在德州 Hutto（奧斯汀郊外）興建一間全新的完整經銷據點，配備 100 個工位。我們也在中佛羅里達再增加 30 個工位，Toyota 那邊將接近 100 個工位。

So our commitment, because of the units in operation with this brand, make this a real opportunity. You talk about where growth will be. And depending on its warranty -- look, we like the warranty work, but the customer comes back because he's got a car that's not in for warranty every day. So I think that's key, and that's where Toyota, in many cases, leads the market. And there's no question that our biggest push when we talk about investment, some of the showroom CapEx that's required because in many cases, that means we got to tear up our building.

因此我們的投入，是因為這個品牌的在用車輛數量，讓這成為一個真正的機會。你談到成長會在哪裡——而且取決於保固——我們確實喜歡保固維修，但客戶回來並不是因為他每天都有保固問題的車要修。所以我認為這點很關鍵，而 Toyota 在很多情況下領先市場。毫無疑問，當我們談投資時，我們最大的推動之一是某些展間資本支出（CapEx）的要求，因為很多時候那代表我們得把建築拆掉重做。

We just did this in San Diego at Lexus, and we spent almost a year, new furniture, et cetera, et cetera. I think it's done great. But we have to go further than that. This is some of the questions that we have today, what is the store making? What's the expectation of the OEM?

我們剛在聖地牙哥的 Lexus 做了這件事，花了將近一年時間，換新家具等等。我覺得效果很好。但我們必須走得更遠。這也是我們今天面臨的一些問題：這家店到底賺多少？OEM 的期待是什麼？

And we're pushing back to them in a good way, trying to explain to them, we need to spend more in parts and service. Let's make the showroom smaller, let's put more cars outside and work on more inside. I know it's opposite of what the thinking is. But we have Bill Brown Ford, number 1 Ford dealer in the country, we could put three cars in the showroom, and they sold 600 cars this month. And what are we doing?

我們也以正向的方式向他們反映，試著向他們解釋：我們需要在零件與維修上投入更多。把展間做小一點，把更多車放到戶外，並在室內做更多維修。我知道這跟一般思維相反。但我們有 Bill Brown Ford——全美第 1 的 Ford 經銷商——他們展間裡放三台車也行，這個月就賣了 600 台車。那我們在做什麼？

We're expanding the service. So there is no question in the back end. And that's why we like Rich's business in premium truck. What are you 120%, 130% fixed coverage?

我們在擴充維修。因此後端（售後）毫無疑問是關鍵。這也是為什麼我們喜歡 Rich 在高端卡車的業務。你的固定費用覆蓋率是多少？120%、130%？

That's Premier Truck, yes, we're 127%.

Premier Truck，是的，我們是 127%。

127%. So how many trucks you have in the showroom?

127%。那你們展間裡有多少台卡車？

Zero.

零。

Get (multiple speakers) David.

（多位講者）David。

Thank you. That does conclude our question-and-answer session. And I would now like to turn the conference back over to Mr. Penske for closing comments.

謝謝。問答環節到此結束。接下來我想把電話會議交回給 Penske 先生作結語。

Thanks for joining us. We'll see you next quarter. Thank you.

感謝各位參與。我們下季再見。謝謝。

Ladies and gentlemen, that does conclude today's call. Thank you all for joining, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與，現在可以掛線。