Sonic Automotive Inc (SAH) 2022 Q3 法說會逐字稿

Good morning, and welcome to the Sonic Automotive Third Quarter 2022 Earnings Conference Call. This conference call is being recorded today, Thursday, October 27, 2022. Presentation materials which accompany management's discussion on the conference call can be accessed at the company's website at ir.sonicautomotive.com.

早上好，歡迎來到 Sonic Automotive 2022 年第三季度收益電話會議。本次電話會議將於今天（2022 年 10 月 27 日，星期四）進行錄製。可在公司網站 ir.sonicautomotive.com 上訪問管理層在電話會議上討論的演示材料。

At this time, I would like to refer to the safe harbor statement under the Private Securities and Litigation Reform Act of 1995. During this conference call, management may discuss financial projections, information or expectations about the company's products or market or otherwise make statements about the future. Such statements are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties are detailed in the company's findings in the Securities and Exchange Commission.

此時，我想參考 1995 年《私人證券和訴訟改革法案》下的安全港聲明。在本次電話會議期間，管理層可能會討論有關公司產品或市場的財務預測、信息或預期，或以其他方式發表關於未來。此類陳述具有前瞻性，並受許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與所作陳述存在重大差異。這些風險和不確定性在公司在美國證券交易委員會的調查結果中有詳細說明。

In addition, management may discuss certain non-GAAP financial measures as defined in the Securities and Exchange Commission. Please refer to the non-GAAP reconciliation labels and the company's current record on Form 8-K filed with the Securities and Exchange Commission earlier today.

此外，管理層可能會討論美國證券交易委員會定義的某些非 GAAP 財務指標。請參閱非 GAAP 調節標籤和公司在今天早些時候向美國證券交易委員會提交的 8-K 表格中的當前記錄。

I would now like to introduce Mr. David Smith, Chairman and Chief Executive Officer of Sonic Automotive. Mr. Smith, you may begin your conference.

我現在想介紹一下 Sonic Automotive 董事長兼首席執行官 David Smith 先生。史密斯先生，您可以開始您的會議了。

Thank you very much, and good morning, everyone. Welcome to Sonic Automotive's Third Quarter 2022 Earnings Call.

非常感謝，大家早上好。歡迎來到 Sonic Automotive 的 2022 年第三季度財報電話會議。

As she said, I'm David Smith, the company's Chairman and CEO. Joining me on today's call is our President, Mr. Jeff Dyke; our CFO, Mr. Heath Byrd; our EchoPark Chief Operating Officer, Mr. Tim Keen, our Chief Digital Retail Officer, Mr. Steve Whittman, and our Vice President of Investor Relations, Mr. Danny Wieland.

正如她所說，我是公司董事長兼首席執行官大衛·史密斯。和我一起參加今天電話會議的是我們的總裁 Jeff Dyke 先生；我們的首席財務官 Heath Byrd 先生；我們的 EchoPark 首席運營官 Tim Keen 先生、我們的首席數字零售官 Steve Whittman 先生和我們的投資者關係副總裁 Danny Wieland 先生。

I'd like to begin by sincerely thanking all of our amazing teammates, customers, manufacturers, vendor partners who're helping Sonic Automotive achieve another period of record-breaking financial performance, including record third quarter revenues, gross profit, net income and earnings per share.

首先，我要真誠地感謝我們所有出色的隊友、客戶、製造商、供應商合作夥伴，是他們幫助 Sonic Automotive 實現了又一個創紀錄的財務業績，包括創紀錄的第三季度收入、毛利、淨收入和盈利每股。

Highlights from our quarterly results include record third quarter revenues of $3.4 billion, which is up 12% year-over-year. Sonic also posted record third quarter gross profit of $581 million, up 23% year-over-year. This drove us to achieve record third quarter net income of $87 million or $2.23 per diluted share.

我們季度業績的亮點包括創紀錄的第三季度收入 34 億美元，同比增長 12%。 Sonic 還公佈了創紀錄的第三季度毛利潤 5.81 億美元，同比增長 23%。這促使我們實現了創紀錄的第三季度淨收入 8700 萬美元或每股攤薄收益 2.23 美元。

During the third quarter, we continued to see strong new vehicle pricing, consistent consumer demand for new vehicles and sustained growth in our parts and service business. While we experienced lower new vehicle sales volume on a year-over-year basis due to ongoing supply chain constraints and limited vehicle inventory, we also continued to see strong new vehicle GPU and a sustained preorder bank.

在第三季度，我們繼續看到強勁的新車定價、消費者對新車的持續需求以及我們的零部件和服務業務的持續增長。雖然由於持續的供應鏈限制和車輛庫存有限，我們的新車銷量同比下降，但我們也繼續看到強勁的新車 GPU 和持續的預購銀行。

Our used vehicle volume was consistent with industry trends year-over-year reflecting ongoing affordability concerns as a result of near record high used car prices and a rising interest rate environment.

我們的二手車銷量與去年同期的行業趨勢一致，反映出由於二手車價格接近創紀錄高位和利率上升環境而導致的持續負擔能力問題。

I'm happy to say that since quarter end, though, we have continued to see stability in our overall business despite macroeconomic headwinds and concerns around rising interest rates, heightened inflation and ongoing global supply chain constraints.

不過，我很高興地說，自本季度末以來，儘管宏觀經濟逆風以及對利率上升、通貨膨脹加劇和全球供應鏈持續受限的擔憂，我們的整體業務仍保持穩定。

Our financial results reported earlier today demonstrate the fundamental strength of our diversified automotive model as well as our team's unwavering commitment to creating long-term value for our guests, manufacturer partners and stockholders.

我們今天早些時候公佈的財務業績證明了我們多元化汽車模式的基本優勢，以及我們團隊為我們的客人、製造商合作夥伴和股東創造長期價值的堅定承諾。

While we remain optimistic about our long-term prospects and growth trajectory, we realized that we are not operating in a vacuum. As I mentioned on our last earnings call, this is not the first time Sonic has had to navigate through adverse economic cycles. Our team is well aware of the current challenges we are all facing and is monitoring our operations daily to adjust for any near-term obstacles related to the overall industry and economic environment while maintaining a long-term strategic view for our business. As such, we remain adamant in maintaining our strong balance sheet position, which we consider to be essential in today's world.

雖然我們對我們的長期前景和增長軌跡保持樂觀，但我們意識到我們並不是在真空中運作。正如我在上次財報電話會議上提到的那樣，這並不是 Sonic 第一次不得不度過不利的經濟周期。我們的團隊非常清楚我們目前面臨的挑戰，每天都在監控我們的運營，以針對與整體行業和經濟環境相關的任何近期障礙進行調整，同時保持對我們業務的長期戰略眼光。因此，我們仍然堅定地維持我們強大的資產負債表狀況，我們認為這在當今世界至關重要。

Our team remains very focused on maintaining high levels of profitability, generating strong cash flows and proactively managing our cost structure. To this end, we are continuing to take a strategic measured approach to our expansion plans, both with our franchise dealerships as well as with EchoPark as we balance our commitment to long-term growth with our current priority to maintain a strong liquidity position in light of uncertain macroeconomic outlook.

我們的團隊仍然非常專注於保持高水平的盈利能力，產生強勁的現金流並積極管理我們的成本結構。為此，我們將繼續對我們的特許經銷店和 EchoPark 的擴張計劃採取戰略性的衡量方法，因為我們平衡了我們對長期增長的承諾與我們當前的優先事項，即在光線充足的情況下保持強勁的流動性狀況不確定的宏觀經濟前景。

Turning now to our franchise dealership segment results. Third quarter 2022 revenues were $2.8 billion, up 18% from the prior year period. Segment income was $146 million, up 1% year-over-year and segment adjusted EBITDA was $198 million, up 10% from the prior year.

現在轉向我們的特許經銷商部門業績。 2022 年第三季度的收入為 28 億美元，比去年同期增長 18%。部門收入為 1.46 億美元，同比增長 1%，部門調整後的 EBITDA 為 1.98 億美元，比上年增長 10%。

On a same-store basis, franchise dealership revenues were up 3% from the prior year, while gross profit was up 5%. Parts and service gross profit increased by 10% year-over-year, with same-store customer pay gross profit up 12% and same-store warranty gross profit up 7%.

在同店基礎上，特許經銷商收入比上一年增長 3%，而毛利潤增長 5%。零件和服務毛利同比增長 10%，同店客戶支付毛利增長 12%，同店保修毛利增長 7%。

Same-store F&I gross profit was down 5% on lower unit sales volume despite an all-time record quarterly franchise dealership segment F&I gross profit per retail unit of $2,473 which was up 7% from prior year.

同店 F&I 毛利潤因單位銷量下降而下降 5%，儘管季度特許經營經銷商部門 F&I 毛利潤為每零售單位 2,473 美元，比去年同期增長 7%，創下歷史新高。

Despite persistent new vehicle demand, sales volumes during the quarter continued to be impacted by ongoing vehicle production constraints. Same-store retail new vehicle unit to sales volume was down 6%, even as same-store retail vehicle gross profit per unit was up 28% year-over-year to $6,571. Same-store retail used vehicle unit sales volume was down 12% while same-store retail used vehicle gross profit per unit was lower by 9% year-over-year to $1,669. As of September 30, our franchise dealership segment had approximately 18 days supply of new vehicle inventory, unchanged from the second quarter.

儘管新車需求持續存在，但本季度的銷量繼續受到持續的汽車生產限制的影響。同店零售新車單位銷量下降 6%，儘管同店零售汽車每單位毛利潤同比增長 28% 至 6,571 美元。同店零售二手車單位銷量下降 12%，而同店零售二手車單位毛利同比下降 9% 至 1,669 美元。截至 9 月 30 日，我們的特許經銷商部門有大約 18 天的新車庫存供應，與第二季度持平。

Production continues to improve slowly, while demand for new vehicles remained strong, which continues to drive strong new vehicle GPU. Our franchise dealership segment had approximately 31 days supply of used vehicle inventory, again, unchanged from the second quarter. Given ongoing new vehicle inventory constraints, recent declines in wholesale market pricing and our current macroeconomic outlook, we continue to be disciplined in managing our used vehicle inventory volume and pricing.

生產繼續緩慢改善，而對新車的需求依然強勁，這繼續推動強勁的新車 GPU。我們的特許經銷商部門有大約 31 天的二手車庫存供應，同樣與第二季度持平。鑑於持續的新車庫存限制、近期批發市場定價的下降以及我們當前的宏觀經濟前景，我們繼續嚴格管理二手車庫存量和定價。

Now let's turn to EchoPark. For the third quarter of 2022, we reported revenues of $608 million, down 8% from the prior year. Despite this, we reported record third quarter EchoPark gross profit of $49 million, up 88% year-over-year.

現在讓我們轉向 EchoPark。 2022 年第三季度，我們報告的收入為 6.08 億美元，比上年下降 8%。儘管如此，我們報告第三季度 EchoPark 毛利潤達到創紀錄的 4900 萬美元，同比增長 88%。

EchoPark retail sales volume for the quarter was 15,422 units down 27% from the prior year as we continue to focus on executing our strategic adjustments to include 5-plus-year-old vehicles in EchoPark inventory.

本季度 EchoPark 零售銷量為 15,422 輛，比上年同期下降 27%，因為我們繼續專注於執行我們的戰略調整，將 5 年以上車齡的車輛納入 EchoPark 庫存。

Digging a little deeper here, 5-plus-year-old vehicles represented 19% of EchoPark retail used vehicle unit sales volume in the third quarter, which was up from 9% in the second quarter of 2022, and our non-auction sourcing mix grew from 25% in the second quarter to 32% of sales in the third quarter.

在這裡更深入地挖掘，5 年以上車齡的車輛佔第三季度 EchoPark 零售二手車單位銷量的 19%，高於 2022 年第二季度的 9%，而且我們的非拍賣採購組合從第二季度的 25% 增長到第三季度的 32%。

As we expected from the third quarter, we reported EchoPark segment loss of $29.9 million compared to $34.9 million in the second quarter and $32.9 million in the prior year quarter. EchoPark reported an adjusted EBITDA loss of $21.4 million in the third quarter, an improvement from a loss of $27.9 million in the second quarter and a loss of $28.5 million in the year ago period. This sequential improvement from the second quarter demonstrates the benefits of strategic shifts in inventory mix and sourcing that I mentioned earlier.

正如我們對第三季度的預期，我們報告 EchoPark 部門虧損 2990 萬美元，而第二季度為 3490 萬美元，去年同期為 3290 萬美元。 EchoPark 報告第三季度調整後的 EBITDA 虧損為 2140 萬美元，比第二季度的虧損 2790 萬美元和去年同期的虧損 2850 萬美元有所改善。從第二季度開始的這種連續改善證明了我之前提到的庫存組合和採購戰略轉變的好處。

At the end of September, our EchoPark segment had approximately 57 days supply of used vehicles. For EchoPark branded locations though, the days supply was just 40 days, excluding new locations opened during the third quarter, positioning us well as we head into the fourth quarter.

9 月底，我們的 EchoPark 部門有大約 57 天的二手車供應。不過，對於 EchoPark 品牌地點，供應天數僅為 40 天，不包括第三季度開設的新地點，這為我們進入第四季度做好了準備。

During the third quarter, we continued to strategically expand EchoPark's distribution network, including a new vehicle or a new delivery center opening in Tulsa, Oklahoma, and retail hub opening near Sacramento, California. Including our new location openings during the quarter, the EchoPark brand now reaches over 50% of U.S. population on its way to 90% of U.S. population by 2025.

在第三季度，我們繼續戰略性地擴展 EchoPark 的分銷網絡，包括在俄克拉荷馬州塔爾薩開設新車或新交付中心，以及在加利福尼亞州薩克拉門托附近開設零售中心。包括我們在本季度開設的新地點在內，EchoPark 品牌現在覆蓋了超過 50% 的美國人口，到 2025 年將達到 90% 的美國人口。

In addition to growing geographically, we have also continued to expand EchoPark's digital footprint with the continued success of our new e-commerce platform, which was successfully rolled out this past June to 100% of our nationwide traffic at echopark.com. For the third quarter, omnichannel sales through our new e-commerce platform, accounting for 31% of EchoPark's retail unit sales volume, compared to 19% in the second quarter. Further 7% of EchoPark volume during the quarter was sold end-to-end online as guests continued to utilize our enhanced omnichannel purchase experience with out-of-market buyers representing 60% of our e-commerce sales.

除了在地域上的增長，我們還繼續擴大 EchoPark 的數字足跡，我們的新電子商務平台繼續取得成功，該平台於今年 6 月成功推出，覆蓋了我們在 echopark.com 的全國流量的 100%。第三季度，通過我們新電子商務平台的全渠道銷售額佔 EchoPark 零售單位銷售額的 31%，而第二季度為 19%。本季度還有 7% 的 EchoPark 銷量是通過端到端在線銷售的，因為客人繼續利用我們增強的全渠道購買體驗，場外買家占我們電子商務銷售額的 60%。

We continue to monitor EchoPark's performance and remain confident in the segment's long-term growth prospects once the used vehicle market returns to normalized conditions in due course. In the interim, we continue to take steps to adjust our structure at EchoPark to better align with the current environment and target a return to breakeven EBITDA in the second quarter of 2023. We are already seeing the benefits of expanding our inventory offering to include 5-plus-year-old vehicles, enabling us to reach additional customer segments, improve consumer affordability and to source more vehicles from non-auction sources, which will improve profitability. We began to see the benefits of these actions this past quarter and expect to see further improvement in EchoPark losses during the remainder of the year.

我們將繼續關注 EchoPark 的表現，一旦二手車市場在適當時候恢復正常，我們對該部門的長期增長前景充滿信心。在此期間，我們繼續採取措施調整 EchoPark 的結構，以更好地適應當前環境，並以在 2023 年第二季度實現盈虧平衡的 EBITDA 為目標。我們已經看到將庫存產品擴大到包括 5 - 多年前的車輛，使我們能夠接觸到更多的客戶群，提高消費者的承受能力，並從非拍賣來源採購更多車輛，這將提高盈利能力。我們在上個季度開始看到這些行動的好處，並預計在今年剩餘時間裡 EchoPark 的損失會進一步改善。

We are still in the early stages of these initiatives. Once we have further visibility on future used vehicle market conditions and the effects of the strategic adjustments we have made at EchoPark, we will provide an updated EchoPark model and guidance.

我們仍處於這些舉措的早期階段。一旦我們進一步了解未來的二手車市場狀況以及我們在 EchoPark 所做的戰略調整的影響，我們將提供更新的 EchoPark 模型和指南。

As an update on our share repurchase activity, during the third quarter, we bought back approximately 3.1 million shares of the company's stock for approximately $151.5 million. Year-to-date, we repurchased 5.2 million shares, representing 13% of shares outstanding as of the end of 2021 for approximately $245 million. As previously reported, in July, Sonic's Board of Directors increased the company's share repurchase authorization by $500 million. Taking this into account with our recent repurchase activity, this results in a total of $481 million in remaining share repurchase authorization, representing over 25% of Sonic's current market cap.

作為我們股票回購活動的最新消息，在第三季度，我們以約 1.515 億美元的價格回購了約 310 萬股公司股票。年初至今，我們以約 2.45 億美元回購了 520 萬股股票，佔截至 2021 年底已發行股票的 13%。據此前報導，7月，索尼克董事會將公司股票回購授權增加了5億美元。考慮到我們最近的回購活動，剩餘的股票回購授權總額為 4.81 億美元，佔 Sonic 當前市值的 25% 以上。

Now turning to our balance sheet. We ended the second quarter with $488 million in available liquidity, including $171 million in cash and floor planned deposits on hand. The decrease in liquidity from the end of 2021 was driven primarily by the share repurchase activity I just mentioned. Additionally, I'm pleased to report today that our Board of Directors has approved to increase our quarterly cash dividend to $0.28 per share, payable on January 13, 2023, to all stockholders of record on December 15, 2022. Our strong sales performance, cash flow generation and balanced capital allocation strategy continues to allow Sonic to return capital to shareholders through its quarterly dividend and share repurchases.

現在轉向我們的資產負債表。我們在第二季度結束時擁有 4.88 億美元的可用流動資金，其中包括 1.71 億美元的現金和手頭計劃存款。 2021 年底流動性的減少主要是由我剛才提到的股票回購活動推動的。此外，我今天很高興地報告，我們的董事會已批准將我們的季度現金股息增加到每股 0.28 美元，將於 2023 年 1 月 13 日支付給所有在 2022 年 12 月 15 日登記在冊的股東。我們強勁的銷售業績，現金流的產生和平衡的資本分配策略繼續讓 Sonic 通過季度股息和股票回購向股東返還資本。

In summary, our third quarter results reflect another quarter of record financial performance in spite of growing macroeconomic concerns. Looking forward, we will continue to advance our strategic growth plans for both our Sonic franchise dealerships and our EchoPark business, taking the necessary steps in the short term to maintain our strong balance sheet so we can continue to reach our longer-term goals while still benefiting from the strength of our diversified business model. We remain confident in reaching these goals and look forward to delivering further revenue growth, increased profitability and generating long-term value for our stockholders.

總而言之，儘管對宏觀經濟的擔憂日益加劇，但我們第三季度的業績反映了又一個季度創紀錄的財務業績。展望未來，我們將繼續推進我們的 Sonic 特許經銷店和 EchoPark 業務的戰略增長計劃，在短期內採取必要措施來維持我們強勁的資產負債表，以便我們能夠繼續實現我們的長期目標，同時仍然受益於我們多元化業務模式的優勢。我們仍然有信心實現這些目標，並期待實現進一步的收入增長、提高盈利能力並為我們的股東創造長期價值。

This concludes our opening remarks, and we look forward to answering any questions you may have. Thank you very much.

我們的開場白到此結束，我們期待著回答您可能提出的任何問題。非常感謝你。

(Operator Instructions) Our first question comes from John Murphy with Bank of America Merrill Lynch.

（操作員說明）我們的第一個問題來自美國銀行美林的約翰墨菲。

I just had a first question on inventory restocking and grosses. And because you guys have a much heavier luxury and import mix than most dealer groups, I'm just curious what, you're hearing there. And it kind of sounds like domestics might be catching up a little bit faster than luxury import brands, but maybe not. I'm just trying to understand what you think is going to happen there and when we get back to normal and what that normal means?

我只是有一個關於庫存補貨和毛利的第一個問題。而且因為你們比大多數經銷商集團擁有更重的奢侈品和進口組合，所以我很好奇，你們在那裡聽到了什麼。聽起來國內品牌的追趕速度可能比奢侈品進口品牌快一點，但也許不會。我只是想了解您認為那裡會發生什麼以及我們何時恢復正常以及正常意味著什麼？

John, it's Jeff Dyke. Yes, the import brands, in particular, and Honda in particular, obviously, the day supplies are really low, 3, 4, 5 days. And we expect that to continue for the foreseeable future. The high line brands are getting better, Mercedes, BMW, our stay supply in total is growing there, not as quickly as we'd like, but certainly, it's growing. I think it's going to continue to get better as we move through the first and second quarter. I think the manufacturers are doing a great job there busting their bucks, getting inventory to us, but they still have supply chain issues, chips are still a problem. And that's going to weigh on the industry for the foreseeable future. But days supply as we look into next year, if we're sitting at 18 days today, they supply next year, we're hopeful that 25 days, I don't think it gets to 30 days, but keep our fingers crossed because that's going to drive and will continue to drive pre-owned pricing down, and that's a big piece of the puzzle for us from an EchoPark perspective.

約翰，我是傑夫·戴克。是的，特別是進口品牌，尤其是本田，很明顯，3、4、5 天的供應量確實很低。我們預計在可預見的未來這種情況會持續下去。高端品牌越來越好，梅賽德斯、寶馬，我們在那裡的總供應量在增長，雖然沒有我們想要的那麼快，但肯定在增長。我認為隨著我們度過第一季度和第二季度，情況會繼續好轉。我認為製造商在賺錢方面做得很好，向我們提供庫存，但他們仍然存在供應鏈問題，芯片仍然是個問題。在可預見的未來，這將給該行業帶來壓力。但是我們展望明年的天數供應，如果我們今天坐在 18 天，他們明年供應，我們希望 25 天，我認為不會達到 30 天，但請保持祈禱，因為這將推動並將繼續推動二手價格下降，從 EchoPark 的角度來看，這對我們來說是一個很大的難題。

And Jeff, what do you think that means for grosses? I mean, is that -- I mean, it's still -- I mean, 18 to 25 days is still pretty damn tight relative to the history. Does that mean grosses are still reasonably strong? Or are they faded just a bit?

傑夫，你認為這對票房意味著什麼？我的意思是，那是——我的意思是，它仍然——我的意思是，相對於歷史，18 到 25 天仍然非常緊迫。這是否意味著總收入仍然相當強勁？或者它們只是褪色了一點？

Yes. We're seeing just a little compression in this quarter, but not a lot. I mean, I think the grosses certainly from a pre-COVID perspective are going to be really high. If we were running $2,200, $2,300 a copy then, we're well north of $6,000 now. Maybe a return to norm is in the $4,500 to $5,000 range, but I don't see that's certainly not going to happen this quarter. I don't see it happening in the first and second quarter of next year. Grossers are continue to remain high from a front-end perspective.

是的。我們在本季度看到了一點壓縮，但不是很多。我的意思是，我認為從 COVID 之前的角度來看，票房肯定會非常高。如果當時我們每本售價 2,200 美元、2,300 美元，那麼我們現在已經超過 6,000 美元了。也許回歸常態在 4,500 美元到 5,000 美元的範圍內，但我認為本季度肯定不會發生這種情況。我認為明年第一季度和第二季度不會發生這種情況。從前端的角度來看，總收入繼續保持高位。

And you guys made mention of measured approach to growth. Yet when I think you just -- you kind of cited the EchoPark expansion by 2025, it didn't sound like there was much, throttling back at all there. I'm just curious, particularly around EchoPark, how you think about this macro backdrop of what's going on in the used car market where it's -- it seems like it's going to be shrinking in supply for a number of years to come because we just sold some few new vehicles that it might be challenging to grow in absolute terms, and you're really going to have to go after market share pretty heavily there.

你們提到了衡量增長的方法。然而，當我認為你只是 - 你有點引用 EchoPark 到 2025 年的擴張時，聽起來並沒有太多，那裡根本沒有節流。我只是很好奇，尤其是在 EchoPark 周圍，你如何看待二手車市場正在發生的宏觀背景——它似乎會在未來幾年內減少供應，因為我們只是銷售了一些新車，要實現絕對增長可能具有挑戰性，而且你真的必須大力爭取那裡的市場份額。

Just curious how you think about maybe tapping the brakes a little bit on EchoPark growth or maybe not, and this might be a great opportunity to go after some competitors that might be flailing and not have the capital resources that you do?

只是好奇你是如何考慮在 EchoPark 的增長上踩剎車的，或者不踩剎車，這可能是一個很好的機會來追趕一些可能正在掙扎並且沒有你所擁有的資本資源的競爭對手？

Yes. No, this is David Smith. As it relates to EchoPark and our future expansion, we're going to -- I know some of our teammates here will jump in on this as well. But we're going to have a very disciplined approach to that. We're going to get back on track and we're seeing, as we mentioned, some huge progress in some of our EchoPark stores, that Tim Keen and the team have been working on and Jeff Dyke, but we're going to see that to fruition before we start rolling out a bunch of other additional locations.

是的。不，這是大衛·史密斯。由於它與 EchoPark 和我們未來的擴張有關，我們將——我知道我們這裡的一些隊友也會參與其中。但我們將對此採取非常有紀律的方法。我們將重回正軌，正如我們所提到的，我們正在看到我們的一些 EchoPark 商店取得了一些巨大的進步，Tim Keen 和團隊以及 Jeff Dyke 一直在努力，但我們將會看到在我們開始推出一系列其他額外地點之前，先實現這一點。

Yes. So we opened Tulsa and Sacramento in the third quarter, great expansion for us. We're now over 50% of the market. We don't see a problem getting to 90% of the market by the end of '25, but we're not going to open any stores for the remainder of the fourth quarter, first quarter, second quarter, but we're at an average retail -- we're at an average wholesale price right now, down from $31,500 to just below $26,000 that we're buying in the auction lanes.

是的。所以我們在第三季度開設了塔爾薩和薩克拉門托，這對我們來說是一個巨大的擴張。我們現在佔據了超過 50% 的市場份額。我們認為到 25 年底達到 90% 的市場份額沒有問題，但我們不會在第四季度、第一季度、第二季度的剩餘時間開設任何商店，但我們在平均零售價——我們現在的平均批發價從 31,500 美元降至略低於我們在拍賣行購買的 26,000 美元。

We expect that to continue to drop, John. That's going to -- the rental car companies are out of the auction lanes. Some other competitors are struggling. So we have access to inventory. And as prices drop EchoPark, this is a great time for us because the recession happens, it doesn't happen, but things are slowing down, and that's when EchoPark really thrives. So these prices are going to drop.

約翰，我們預計會繼續下降。那就是——租車公司退出了拍賣通道。其他一些競爭對手正在苦苦掙扎。所以我們可以訪問庫存。隨著 EchoPark 價格下跌，這對我們來說是個好時機，因為經濟衰退發生了，它沒有發生，但事情正在放緩，而這正是 EchoPark 真正蓬勃發展的時候。所以這些價格將會下降。

I think that by the middle of next year, we'll be buying in the auction lanes maybe in the $23,000 to $24,000 range. And that's where the average monthly payment gets back down to where it was pre-COVID somewhere in that $450 range. Last quarter, we -- our average customer paid $630 with warranties and everything wrapped in. It's still too close to the new car payment.

我認為到明年年中，我們將在拍賣通道上以 23,000 美元至 24,000 美元的價格購買。這就是平均每月付款回到 450 美元範圍內某個地方的 COVID 之前的地方。上個季度，我們 - 我們的普通客戶支付了 630 美元的保修費和所有包裹。這仍然太接近新車付款了。

So we'll tap the brakes here for a couple of quarters, get back to really focusing on the EBIT situation at EchoPark. And what's going to create the positive EBITDA is just that average price and the monthly payment for the consumer to continue to drop. We're really excited. We had an EchoPark senior management team the other day. The team has bumped up. We see the volume coming back. Our big store in Thornton in the month of September made right at $900,000 profit. I don't think there's another single point used car store in the country that was doing that. We sold 700 cars out of that store. We'll do over 800 cars in October.

因此，我們將在這裡踩剎車幾個季度，回到真正關注 EchoPark 的息稅前利潤情況。而要創造積極的 EBITDA 的只是平均價格和消費者每月支付的費用繼續下降。我們真的很興奮。前幾天我們有一個 EchoPark 高級管理團隊。隊伍漲了。我們看到音量回來了。我們在 Thornton 的大商店在 9 月份獲得了 900,000 美元的利潤。我認為該國沒有另一家單點二手車商店這樣做。我們從那家商店賣出了 700 輛汽車。我們將在 10 月份生產 800 多輛汽車。

So the business for EchoPark is coming back. And we always said that it would. We were right on track with where we said we'd be. We'll see an improvement in EBITDA from the third quarter and the fourth quarter. We're already seeing that in October. So we feel like really exciting times as we move forward, but we're cautiously optimistic we're going to manage our capital properly and we'll tap the brakes here for a couple of quarters, not open any stores. And let's see what happens in the back half of next year, which will also include our thoughts on spinning our branding -- starting our branding campaign and really driving EchoPark.

因此，EchoPark 的業務正在恢復。我們總是說會的。我們正朝著我們所說的方向前進。我們將看到第三季度和第四季度的 EBITDA 有所改善。我們已經在 10 月份看到了這一點。因此，在我們前進的過程中，我們感到非常激動人心，但我們謹慎樂觀地認為，我們將妥善管理我們的資本，我們將在這裡踩剎車幾個季度，而不是開設任何商店。讓我們看看明年下半年會發生什麼，其中還將包括我們對品牌推廣的想法——開始我們的品牌推廣活動並真正推動 EchoPark。

We really never advertised EchoPark. It's sort of a price-driven company. And so we've got that on our plate, too. But we're going to be smart, late, and we'll see what happens with the pricing in the wholesale market. I would expect that the 1- to 4-year-old category comes back stronger in the next couple of quarters. We probably will sell less plus-5-year-old cars as a percentage, but it's certainly helping the bottom line.

我們真的從來沒有為 EchoPark 做過廣告。這是一家價格驅動的公司。所以我們也把它放在盤子裡了。但我們會變得聰明，遲到，我們將看看批發市場的定價會發生什麼。我預計 1 至 4 歲兒童類別在接下來的幾個季度會回歸強勢。我們可能會減少銷售超過 5 年車齡的汽車的百分比，但這肯定有助於提高利潤。

Something Jeff mentioned -- this is David. Something that Jeff mentioned there is advertising. And our word-of-mouth advertising really couldn't be better. It's something we're really proud of is that our guest experience is really an industry-leading 5-star guest experience at EchoPark that we don't want to sacrifice that as we get back to growth. We've got some stores that are -- we've got some of our experienced guys as we call them, some of our sales people are selling north of 50 cars and delivering on that guest experience. And so we want to make sure that we have the proper training and hiring processes as we continue to roll these stores on.

Jeff 提到了一些事情——這是 David。傑夫提到的是廣告。我們的口碑廣告真的再好不過了。我們真正引以為豪的是，我們的客戶體驗確實是 EchoPark 行業領先的 5 星級客戶體驗，我們不想在恢復增長時犧牲這一點。我們有一些商店 - 我們有一些我們稱之為經驗豐富的人，我們的一些銷售人員正在銷售超過 50 輛汽車並提供這種客戶體驗。因此，我們希望確保我們在繼續開設這些商店時擁有適當的培訓和招聘流程。

Yes, John, another good point is prior to COVID, our average experienced guide sold 25 cars a month. And we're now at about 23. And some of our stores are just being overrun, averaging 30 to 35 cars a month. So we're starting to hire experienced guys again. The business is coming back, and it's a lot of fun for us. Obviously, been a tough year from an EBIT perspective. But we've had measured growth this year. We'll be smart about that over the next couple of quarters, and we're excited about where we stand with EchoPark, especially in comparison to a lot of the competitive set that's sitting out there with real heavy days supply and struggling in an environment like this.

是的，約翰，另一個好處是在 COVID 之前，我們經驗豐富的導遊平均每月售出 25 輛汽車。我們現在大約是 23 歲。我們的一些商店已經人滿為患，平均每月有 30 到 35 輛汽車。所以我們又開始招聘有經驗的人了。生意又回來了，這對我們來說很有趣。顯然，從息稅前利潤的角度來看，這是艱難的一年。但我們今年已經取得了可觀的增長。在接下來的幾個季度裡，我們會對此保持警惕，我們對 EchoPark 所處的位置感到興奮，尤其是與許多競爭激烈的競爭對手相比，後者的供應量非常大，而且在環境中苦苦掙扎像這樣。

Yes, tough when you have 99 physical lots that you can't use. But anyway, I appreciate it -- not for you guys and your competitors.

是的，當您有 99 個您不能使用的物理批次時，這很艱難。但無論如何，我很感激——不是為了你們和你們的競爭對手。

Yes, we get it. We're watching it real close...

是的，我們明白了。我們正在密切關注它...

Thank you for clarifying this.

感謝您澄清這一點。

Yes, yes. Definitely not you. Somebody else there. I'll leave it there.

是的是的。絕對不是你。那裡還有其他人。我會把它留在那裡。

Our next question comes from Joe Enderlin with Stephens.

我們的下一個問題來自 Joe Enderlin 和 Stephens。

So on capital allocation, share repurchase came in ahead of our expectations. Just wondering if you think we can expect some continued elevated buyback. Or how are you thinking about priority here versus the M&A environment given you're tapping the brakes on EchoPark growth?

所以在資本配置上，股份回購提前到了我們的預期。只是想知道您是否認為我們可以期待一些持續的高回購。或者，鑑於您正在為 EchoPark 的增長踩剎車，您如何考慮這裡的優先級與併購環境？

Yes, this is Heath Byrd. As David mentioned in his opening comments, we always look at capital allocation. It's a balanced approach. I think we did show that one of the big buckets is returning capital to shareholders, increased the dividend by 12%. And of course, as you mentioned, the share repurchases over $5 million for the year. And as we look at share repurchase, we always look at when it's undervalued, and we still believe it's undervalued. And so we look at it from an opportunistic standpoint, balance with the other priorities. There's not a regular scheduled cadence that will come from us on the share repurchase. It's more opportunistically as we compare to the other opportunities.

是的，這是希斯·伯德。正如大衛在開場白中提到的，我們總是關注資本配置。這是一種平衡的方法。我認為我們確實表明，其中一項重要舉措是向股東返還資本，將股息提高 12%。當然，正如您提到的，該股票今年回購了超過 500 萬美元。當我們看股票回購時，我們總是看它何時被低估，我們仍然認為它被低估了。因此，我們從機會主義的角度來看待它，與其他優先事項保持平衡。在股票回購方面，我們不會定期安排節奏。與其他機會相比，它更具機會主義色彩。

And the EchoPark expansion, as Jeff and Dave had mentioned, it is slowing a little bit, and it will be correlated with the market. So you won't have as much capital spend in the next quarter and the first 2 quarters of next year. So that's going to free up opportunities for other buckets.

正如 Jeff 和 Dave 提到的，EchoPark 的擴張正在放緩一點，這將與市場相關。所以你在下個季度和明年的前兩個季度不會有那麼多的資本支出。因此，這將為其他存儲桶釋放機會。

And lastly, M&A. M&A is one of the things that is so hard to predict because the opportunities come along sporadically. And -- but we're in a great position to take advantage of those when they do come up. And so it's really like the share repurchase. There's no cadence that we could actually predict on that as well. It's just when they come up, we use it. And then -- so those are the big buckets and priorities. And of course, all of that, we weigh against our liquidity and leverage. We are very comfortable where we are in both of those categories. And so we hope to stay and plan to stay at the same levels. And so that's really our balanced approach.

最後，併購。併購是很難預測的事情之一，因為機會是零星出現的。而且 - 但我們處於有利地位，可以在它們出現時利用它們。所以這真的很像股票回購。我們實際上也無法預測節奏。只是當它們出現時，我們才使用它。然後 - 所以這些是大桶和優先事項。當然，所有這些，我們都會權衡我們的流動性和槓桿作用。我們在這兩個類別中都感到非常自在。因此，我們希望保持併計劃保持在同一水平。所以這真的是我們平衡的方法。

Yes. This is David Smith. It's interesting some of our peers have been saying this as well. But the prices franchise dealerships while still high, historically, we have seen some signs that those prices are coming down. So it will be interesting to see especially going forward into '23 what prices we're going to see and what opportunities that could come across our desks, but they've got to be extremely attractive in order to allocate capital towards acquisitions.

是的。這是大衛·史密斯。有趣的是，我們的一些同行也一直在這麼說。但是特許經銷商的價格雖然仍然很高，但從歷史上看，我們已經看到一些跡象表明這些價格正在下降。因此，特別是看到 23 年我們將看到什麼價格以及我們的辦公桌上可能會出現什麼機會將會很有趣，但它們必須非常有吸引力才能將資本分配給收購。

(Operator Instructions) Our next question comes from Rajat Gupta with JPMorgan.

（操作員說明）我們的下一個問題來自摩根大通的 Rajat Gupta。

Great. Just wanted to follow up on the EchoPark comment from the $21 million EBITDA loss to the breakeven and by the second quarter -- I think, Jeff, you mentioned like volumes was a big driver, right. But could you clearly help us bridge that gap in a bit more detail as to how we get from $21 million to flattish? Is it just primarily volume and leverage on that? Or do you expect GPUs continuing to move higher? Any further SG&A actions that are driving that? Maybe if you could help us bridge that in more detail would be helpful.

偉大的。只是想跟進 EchoPark 的評論，從 2100 萬美元的 EBITDA 虧損到盈虧平衡，到第二季度——我認為，傑夫，你提到過銷量是一個很大的推動力，對吧。但是你能否更詳細地幫助我們彌合這一差距，說明我們如何從 2100 萬美元變為持平？它主要是數量和槓桿嗎？還是您希望 GPU 繼續走高？任何進一步的 SG&A 行動正在推動這一點？也許如果你能幫助我們彌合更詳細的信息會有所幫助。

Yes. Thanks for the question. The expenses from an SG&A perspective are pretty fixed at EchoPark. That's why we hit big volumes. You see the kind of profit we got out of Thornton.

是的。謝謝你的問題。從 SG&A 的角度來看，EchoPark 的費用相當固定。這就是我們大批量生產的原因。您會看到我們從 Thornton 那裡獲得的利潤。

If you look back, you look at August, we were a little below 4,000 cars. You look at September, a little above 4,000 cars. If you look at October, will be a little above 5,000 cars. We expect that to continue to grow. We're going to do better in November or better in December. And it is a volume piece. Our big stores need to be at that 400 level in order to break even. And then once they crawl past that, the dollars (inaudible) quickly. And again, that's what you see happened at Thornton.

如果你回顧過去，看看八月份，我們的汽車銷量略低於 4,000 輛。你看看 9 月份，略高於 4,000 輛汽車。如果你看看 10 月份，將略高於 5,000 輛汽車。我們預計它會繼續增長。我們將在 11 月或 12 月做得更好。這是一個體積塊。我們的大型商店需要達到 400 家的水平才能實現收支平衡。然後一旦他們爬過那個，美元（聽不清）很快。再一次，這就是你在 Thornton 看到的情況。

We believe that the prices on the wholesale market for a 1- to 4-year car is going to continue to drop. Like I said earlier, the rental car companies are coming out of the lanes. Some of our competitors are having a lot of problems. So inventory is there for us. And if for some reason the wholesale prices stopped dropping, we would have to take some different strategical moves in order to get to positive EBITDA, but we just don't foresee that. We've been saying this all year. We've been predicting this is what's going to happen, and it's happening just exactly as we've laid out.

我們認為 1 至 4 年車的批發市場價格將繼續下降。就像我之前說的，租車公司正在走出車道。我們的一些競爭對手有很多問題。所以我們有庫存。如果出於某種原因批發價格停止下降，我們將不得不採取一些不同的戰略舉措以實現正 EBITDA，但我們只是沒有預見到這一點。我們一整年都在說這個。我們一直在預測這就是將要發生的事情，而且它正在發生，正如我們所計劃的那樣。

And we think as we move into the first quarter, we'll see continued drop. I think by the end of this year, Rajat, we're going to see $24,000 price point at the wholesale line, which is great for us. That gets us below that $500 monthly payment. And we think that that will maybe flatten out a little bit and then continue to drop a little more as we move to the latter half of last year.

我們認為，隨著我們進入第一季度，我們會看到持續下降。我認為到今年年底，Rajat，我們將在批發線上看到 24,000 美元的價格點，這對我們來說非常好。這使我們低於每月支付 500 美元。我們認為，隨著我們進入去年下半年，這可能會趨於平緩，然後繼續下降。

We get to the 7,000, 8,000 car mark, we're breaking even at EchoPark based on our expense today. But pre-COVID, our store set today, we'd be in the 12,000 to 15,000 car month range. Right now based on the volumes that we had, we expect to go back there. And as those prices keep dropping, that's what's going to happen. So that's the bridge. That's how we walk to the positive EBIT.

我們達到了 7,000、8,000 輛汽車的目標，根據我們今天的費用，我們在 EchoPark 收支平衡。但是在 COVID 之前，我們今天的商店設置，我們將在 12,000 到 15,000 輛汽車月的範圍內。現在，根據我們擁有的數量，我們希望回到那裡。隨著這些價格不斷下降，這就是將要發生的事情。這就是橋樑。這就是我們走向積極的息稅前利潤的方式。

And we think right now, whether it's in the first part of the second quarter, the latter half of the second quarter or even the first part of the third, based on how we see things moving right now in the auction lanes, that's when we'll return to positive EBIT. And we're really excited about it. It's a great opportunity. We've worked very hard on this model. We're very confident in the model. And you see a lot of other models flailing around. And it's just a strict inventory management guidelines. Sometimes we might miss out on a little volume. But at the end of the day, our growth is there, we're going to get back to positive EBIT. That's going to happen in the calendar year '23. And we think the latter half of the second quarter, first part of the third quarter is when that's going to happen.

我們現在認為，無論是在第二季度的第一部分、第二季度的下半部分，甚至是第三部分的第一部分，根據我們對拍賣通道中目前情況的看法，那是我們的時間將恢復正息稅前利潤。我們對此感到非常興奮。這是一個很好的機會。我們在這個模型上付出了很多努力。我們對模型非常有信心。你會看到很多其他模型在四處亂竄。這只是一個嚴格的庫存管理準則。有時我們可能會錯過一小部分。但歸根結底，我們的增長就在那裡，我們將恢復正息稅前利潤。這將在 23 年日曆年發生。我們認為第二季度的後半部分，第三季度的前半部分將會發生。

Yes -- and this is David. Just to remind -- something just to remind investors is that prior to COVID, some of our EchoPark stores were some of our most profitable dealerships across the board, including all of our franchise stores. So it's something to remember this. So we -- Jeff knows what he's talking about there when he says a return to profitability.

是的——這是大衛。提醒一下——提醒投資者的是，在 COVID 之前，我們的一些 EchoPark 商店是我們最賺錢的經銷商，包括我們所有的特許經營店。所以要記住這一點。所以我們 - 傑夫知道他說恢復盈利時他在說什麼。

It's common.

這很常見。

Got it. Got it. That's helpful color. Maybe going back to the franchise business, and you've taken a lot of like productivity actions over the last couple of years. What kind of scenario are you planning for into next year in terms of growth in the franchise business, maybe the car environment, the used car backdrop. And in that context, if there is a recession in the U.S. and the GPUs do normalize sooner than expected, both in new and used cars, where do you see SG&A to grow stepping down for the franchise dealers, for the company? So firstly, you didn't see that macro backdrop playing out? And if not, like what's -- how should we think about you guide growth around SG&A to growth next year?

知道了。知道了。這是有用的顏色。也許回到特許經營業務，在過去的幾年裡你採取了很多類似的生產力行動。就特許經營業務的增長而言，你計劃明年是什麼樣的場景，也許是汽車環境，二手車背景。在這種情況下，如果美國出現經濟衰退並且 GPU 確實比預期更早正常化，無論是新車還是二手車，您認為 SG&A 會在哪些方面為特許經銷商和公司下台？所以首先，你沒有看到宏觀背景正在發揮作用嗎？如果沒有，就像什麼一樣——我們應該如何看待你將圍繞 SG&A 的增長引導到明年的增長？

Yes. So we're building our '23 budgets now. We're in the budget season. From a front-end perspective, on new car, I think margins -- maybe the back half of next year, we get to $4,500 somewhere in that ballpark, certainly not in the first half. I mean it's going to be $6,000, $ 5,500, $5,300, somewhere in there. We're going to have more new car volume next year just because the supply is going to be bigger. I think our used car business will be real solid, just real strict inventory management.

是的。所以我們現在正在製定我們的 23 年預算。我們正處於預算季節。從前端的角度來看，在新車上，我認為利潤率——也許是明年下半年，我們在那個球場的某個地方達到 4,500 美元，當然不是在上半年。我的意思是它會是 6,000 美元、5,500 美元、5,300 美元，在某個地方。明年我們將有更多的新車銷量，因為供應量會更大。我認為我們的二手車業務將非常穩固，只是真正嚴格的庫存管理。

Our growth will be there. It will be solid. Maybe on a PUR basis, we step back a little bit in F&I, but not a lot. I mean, if it's $25 a car or something of that nature, but the overall gross rev is going to grow just because the volume will grow. And then our fixed operations business is on fire. We're growing that each quarter. We had a record quarter, all-time quarter last quarter, and that's going to continue to be good.

我們的成長將在那裡。它會很結實。也許在 PUR 的基礎上，我們在 F&I 方面稍微退後一步，但不會太多。我的意思是，如果它是 25 美元一輛車或類似性質的東西，但總的總收入將會增長，因為銷量會增長。然後我們的固定運營業務火上澆油。我們每個季度都在增長。我們有一個創紀錄的季度，上個季度的歷史季度，這將繼續保持良好狀態。

So as I'm looking at next year, from a growth perspective, it looks a lot like this year to us in total gross dollars. I think that maybe we're up a little bit, I think, in our latest budget, we had maybe $12 million more in gross in our budget than we did this year based on how we think this year will end. But it's going to look a lot like this year from a gross perspective. And then Heath's got some comments on SG&A.

因此，當我展望明年時，從增長的角度來看，從總美元來看，今年對我們來說很像。我認為，根據我們對今年結束的看法，在我們最新的預算中，我們的預算總額可能比今年多 1200 萬美元。但從粗略的角度來看，今年會很像。然後 Heath 對 SG&A 提出了一些意見。

Yes. I mean I agree with Jeff, the total gross dollars are going to look very similar, nothing materially that we can see that the change especially to the downside. It's just going to come from different areas (inaudible) is going to pick up. We're seeing warranty for the first time in years picking up as well. And so I agree with them on the growth side.

是的。我的意思是我同意 Jeff 的觀點，總美元看起來非常相似，沒有什麼實質性的我們可以看到變化特別是向下。它只是來自不同的區域（聽不清）將會開始。我們也看到了多年來的第一次保修。所以我同意他們在增長方面的看法。

On the SG&A, we'll be maintaining the same kind of expense reductions that we achieved from the pandemic. We also have automations and online activity that will help an overall spend and improve efficiencies. But we are going to have some investments in technology and other areas for the future that is going to add to that spend. And so you could probably see a slight uptick in percent of gross in SG&A. Nothing that significant, but I do believe that we're going to have some things we're doing for the future that could impact that and make it go up just a little bit. (inaudible)

在 SG&A 方面，我們將保持與大流行病相同的費用削減。我們還有自動化和在線活動，這將有助於整體支出和提高效率。但我們將在未來的技術和其他領域進行一些投資，這將增加支出。因此，您可能會看到 SG&A 佔總收入的百分比略有上升。沒什麼大不了的，但我確實相信我們將為未來做一些事情，這些事情可能會影響它並讓它上升一點點。 （聽不清）

And the total gross dollar comments flat next year, the gross profit dollars just for the franchise business is what you're referring to or the overall company?

明年的總美元評論持平，您指的是特許經營業務的毛利潤美元還是整個公司？

Yes, yes, just the franchise business. I'm sorry, I thought that's what your question was on EchoPark's gross will be significant.

是的，是的，只是特許經營業務。抱歉，我認為這就是您關於 EchoPark 毛利率的問題將很重要。

Yes, yes. The reason I ask that is because if you take that into account maybe in the comments on SG&A. And if EchoPark does the better than gross commodity, better than breakeven for the full year, and that should mean you should comfortably grow earnings per share next year, right. Is that what you're suggesting?

是的是的。我之所以這麼問，是因為如果您考慮到這一點，可能會在 SG&A 的評論中考慮到這一點。如果 EchoPark 的表現好於商品總值，好於全年盈虧平衡，那應該意味著你明年應該輕鬆增長每股收益，對吧。那是你的建議嗎？

You're on it. That's how we see it.

你在上面。我們就是這樣看的。

Thank you. As there are no more questions in queue, I will pass the conference back over to CEO, David Smith, for any additional or closing remarks.

謝謝你。由於隊列中沒有更多問題，我會將會議轉回給首席執行官大衛史密斯，以徵求任何補充或結束語。

Great. Thank you very much, and thank you, everyone, for joining us on the call today. Have a great day. Thank you.

偉大的。非常感謝，也感謝大家今天加入我們的電話會議。祝你有美好的一天。謝謝你。

This concludes today's Sonic Automotive Third Quarter 2022 Earnings Conference Call. Thank you for your participation. You may now disconnect your lines.

今天的 Sonic Automotive 2022 年第三季度收益電話會議到此結束。感謝您的參與。您現在可以斷開線路。