Sonic Automotive Inc (SAH) 2025 Q1 法說會逐字稿

Good morning and welcome to the Sonic Automotive first-quarter 2025 earnings conference call. This conference call is being recorded today, Thursday, April 24, 2025.

早安，歡迎參加 Sonic Automotive 2025 年第一季財報電話會議。本次電話會議於今天（2025 年 4 月 24 日，星期四）錄製。

Presentation materials which accompany management's discussion on the conference call can be accessed at the company's website at ir.sonicautomotive.com.

管理層在電話會議上的討論的演示材料可以在公司網站 ir.sonicautomotive.com 上查閱。

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.

此時，我想提及 1995 年《私人證券和訴訟改革法案》下的安全港聲明。在電話會議期間，管理層可能會討論財務預測、資訊或相關公司產品、市場或其他方面的預期，並對未來做出陳述。

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 filings with the Securities and Exchange Commission.

此類聲明具有前瞻性，受多種風險和不確定性的影響，可能導致實際結果與聲明有重大差異。這些風險和不確定性在公司向美國證券交易委員會提交的文件中詳細說明。

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

此外，管理階層可能會討論美國證券交易委員會定義的某些非公認會計準則財務指標。請參閱公司今天稍早向美國證券交易委員會提交的 8-K 表當前報告中的非 GAAP 對帳表。

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

現在我想介紹 Sonic Automotive 董事長兼執行長 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 the Sonic Automotive first-quarter 2025 earnings call. As you said, I'm David Smith, the company's Chairman and CEO. Joining me on today's call is our President, Jeff Dyke; our CFO, Heath Byrd; and our Vice President of Investor Relations, Mr. Danny Wieland.

非常感謝，大家早安。歡迎參加 Sonic Automotive 2025 年第一季財報電話會議。正如您所說，我是公司董事長兼執行長戴維史密斯。參加今天電話會議的還有我們的總裁 Jeff Dyke；我們的財務長 Heath Byrd；以及我們的投資者關係副總裁 Danny Wieland 先生。

We would like to open the call by sincerely thanking our amazing teammates for continuing to deliver a world-class guest experience for our customers. We believe our strong relationships with our teammates, our manufacturer and lending partners, and our guests are key to our future success. And as always, I would like to thank them all for their support and loyalty to the Sonic Automotive team.

我們首先要真誠地感謝我們出色的隊友，感謝他們繼續為我們的客戶提供世界一流的賓客體驗。我們相信，與我們的隊友、製造商和貸款合作夥伴以及客人的牢固關係是我們未來成功的關鍵。像往常一樣，我要感謝他們對 Sonic Automotive 團隊的支持和忠誠。

Turning now to our first-quarter results, GAAP EPS was $2.04 per share. And excluding the effect of certain items as detailed in our press release this morning, adjusted EPS was $1.48 per share, a 9% increase year over year. First-quarter consolidated total revenues were a first-quarter record of 8% year over year, while consolidated gross profit grew 6% and consolidated adjusted EBITDA increased 7%.

現在來看看我們的第一季業績，GAAP EPS 為每股 2.04 美元。並且，排除我們今天早上的新聞稿中詳述的某些項目的影響，調整後的每股收益為 1.48 美元，同比增長 9%。第一季綜合總營收年增 8%，創第一季新高，綜合毛利成長 6%，綜合調整後 EBITDA 成長 7%。

Moving to our franchise dealership segment results. In the first quarter, we generated first-quarter record franchise revenues of $3.1 billion, up 9% year over year. This revenue growth was driven by an 11% increase in new retail volume and a 6% increase in fixed operations revenues. First-quarter results benefited from an increase in new vehicle sales in the final days of the quarter, which we expect was the result of customers buying in advance of tariffs that went into effect on April 2.

轉向我們的特許經銷商部門的業績。第一季度，我們的特許經營收入創歷史新高，達到 31 億美元，年增 9%。收入成長得益於新零售量成長 11% 和固定營運收入成長 6%。第一季業績受惠於本季最後幾天新車銷售的成長，我們預計這是客戶在 4 月 2 日生效的關稅之前購買的結果。

Our fixed operations gross profit and F&I gross profit also set first-quarter records up 7% and 9% year over year, respectively. Same-store new vehicle GPU was $3,089, down sequentially from the fourth quarter due to our luxury brand mix and in line with our guidance given on our last call.

我們的固定營運毛利和財務及投資毛利也創下了第一季的紀錄，分別年增 7% 和 9%。同店新車 GPU 為 3,089 美元，由於我們的豪華品牌組合，環比第四季度下降，並與我們上次電話會議給出的指導一致。

On the used vehicle side of the franchise business, same store used vehicle volume decreased 2% year over year, driven by lower levels of late model used vehicles and consumer affordability challenges. Same store used GPU increased sequentially to $1,555 per unit.

在特許經營業務的二手車方面，同店二手車銷量較去年同期下降 2%，原因是新款二手車數量減少以及消費者承受能力下降。同一家商店使用的 GPU 價格連續上漲至每台 1,555 美元。

Our F&I performance continues to be a strength with same store franchise, F&I GPU of $2,442 in the first quarter, up 1% sequentially and 4% year over year. The continued stability in F&I at these levels supports our view that F&I per unit will remain structurally higher than pre-pandemic levels, even in a challenging consumer affordability environment.

我們的財務和保險業績持續保持強勁，同店特許經營權第一季的財務和保險 GPU 為 2,442 美元，環比增長 1%，同比增長 4%。財務與投資在這些水準上的持續穩定支持了我們的觀點，即即使在消費者負擔能力面臨挑戰的環境下，單位財務與投資仍將在結構上保持高於疫情前的水平。

Our parts and service or fixed operations business remains strong, with a 7% increase in same store fixed operations gross profit in the first quarter. This strong growth was driven in part by higher levels of warranty repairs combined with the effects of the increase in technician headcount we achieved in 2024.

我們的零件和服務或固定營運業務依然強勁，第一季同店固定營運毛利潤成長了 7%。這一強勁成長部分得益於保固維修水準的提高以及我們在 2024 年實現的技術人員數量增加的影響。

Turning now to the EchoPark segment, first-quarter segment income was an all-time quarterly record $10.3 million and adjusted EBITDA was an all-time quarterly record of $15.8 million, up 116% year over year. For the first quarter, we reported EchoPark revenues of $560 million, flat year over year and all-time record quarterly EchoPark gross profit of $64 million, up 21% from the prior year.

現在來看看 EchoPark 部門，第一季部門營收創下季度歷史新高，達到 1,030 萬美元，調整後 EBITDA 創下季度歷史新高，達到 1,580 萬美元，年增 116%。第一季度，EchoPark 營收為 5.6 億美元，與去年同期持平，季度毛利創歷史新高，達到 6,400 萬美元，比上年同期成長 21%。

EchoPark segment retail unit sales volume for the quarter was approximately 18,800 units, up 5% year over year. On the same market basis, which excludes closed stores, EchoPark revenue was up 3%. Gross profit was up 19% and retail unit sales volume increased 7% year over year.

EchoPark 部門本季零售單位銷售量約 18,800 台，較去年同期成長 5%。在同一市場基礎上（不包括已關閉的商店），EchoPark 的收入增長了 3%。毛利較去年同期成長19%，零售單位銷售量較去年同期成長7%。

EchoPark's segment total gross profit per unit was an all-time quarterly record of $3,411 per unit, up $456 per unit year over year, rebounding from the temporary GPU pressure we faced in the fourth quarter as we indicated on our previous earnings call.

EchoPark 部門每單位總毛利創下季度新高，達到每單位 3,411 美元，較去年同期每單位增長 456 美元，正如我們在上次收益電話會議上指出的那樣，從第四季度面臨的暫時 GPU 壓力中反彈。

We continue to believe that our data-driven centralized inventory management strategy is a key differentiator for EchoPark, which should help to minimize disruptions from market volatility in the short term while maximizing EchoPark's long-term growth potential. When combined with the strategic adjustments we've made to our EchoPark business model, we believe we are well positioned to resume disciplined long-term growth for EchoPark once used vehicle market conditions sufficiently improve.

我們仍然相信，我們的數據驅動的集中庫存管理策略是 EchoPark 的關鍵差異化因素，它有助於在短期內最大限度地減少市場波動帶來的干擾，同時最大限度地發揮 EchoPark 的長期成長潛力。結合我們對 EchoPark 商業模式所做的策略調整，我們相信，一旦二手車市場狀況得到充分改善，我們就有能力恢復 EchoPark 的長期穩健成長。

Turning now to our powersports segment. We generated record first-quarter revenues of $34.4 million, first-quarter gross profit of $8.5 million, and a segment adjusted EBITDA loss of $700,000 which was in line with our expectations for a seasonally light first quarter.

現在轉向我們的動力運動部分。我們第一季的營收達到創紀錄的 3,440 萬美元，第一季毛利達到 850 萬美元，分部調整後 EBITDA 虧損為 70 萬美元，這符合我們對季節性淡季第一季的預期。

We are beginning to see the benefits of our investment in modernizing the powersports business, and we remain focused on identifying operational synergies within our current network before deploying capital to expand our powersports footprint.

我們開始看到對動力運動業務現代化的投資所帶來的好處，並且在部署資本擴大動力運動足跡之前，我們仍然專注於在現有網路中確定營運協同效應。

Finally, turning to our balance sheet, we ended the quarter with $947 million in available liquidity, including $430 million in combined cash and floor plan deposits on hand. We continue to maintain a disciplined balance sheet approach with the ability to deploy capital to grow strategically as market conditions evolve.

最後，回顧我們的資產負債表，本季末我們擁有 9.47 億美元的可用流動資金，其中包括 4.3 億美元的現金和庫存樓層平面圖存款。我們將繼續保持嚴謹的資產負債表方法，並能夠隨著市場狀況的變化部署資本，實現策略性成長。

Additionally, I'm pleased to report today that our Board of Directors approved a quarterly cash dividend of $0.35 per share, payable on July 15, 2025, to all stockholders of record on June 13, 2025.

此外，我很高興今天報告，我們的董事會批准了每股 0.35 美元的季度現金股息，將於 2025 年 7 月 15 日支付給 2025 年 6 月 13 日登記在冊的所有股東。

As you can see on page 13 in the investor presentation we released this morning, we have updated or withdrawn certain items in our previous financial guidance for 2025 in light of uncertainty around the effects that the tariffs are expected to have on the automotive industry. We are working closely with our manufacturer partners to understand the tariff impact and our manufacturer production and pricing decisions and the resulting impact that tariffs may have on vehicle affordability and consumer demand.

正如您在我們今天早上發布的投資者介紹第 13 頁所看到的，鑑於關稅對汽車行業的影響存在不確定性，我們更新或撤回了之前 2025 年財務指南中的某些項目。我們正在與製造商合作夥伴密切合作，以了解關稅的影響以及我們的製造商生產和定價決策以及關稅可能對汽車可負擔性和消費者需求的影響。

Despite these challenges, our team remains focused on near-term execution and adapting to ongoing changes in the automotive retail environment and macroeconomic backdrop while making strategic decisions to maximize long-term returns.

儘管面臨這些挑戰，我們的團隊仍專注於近期執行，並適應汽車零售環境和宏觀經濟背景的持續變化，同時做出策略決策以最大化長期回報。

Furthermore, we remain confident that we have the right strategy and the right people and the right culture to continue to grow our business and create long-term value for our stockholders.

此外，我們仍然相信，我們擁有正確的策略、合適的人才和正確的文化，可以繼續發展我們的業務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.

我們的開場白到此結束，我們期待回答您的任何問題。謝謝。

(Operator Instructions) John Murphy, Bank of America.

（操作員指示）美國銀行的約翰·墨菲。

Good morning, guys. I just wanted to ask a first question around sort of the obvious -- on tariffs, and just maybe from three specific angles, if you could comment as best you know right now. First, what kind of commentary are you getting from your factory partners?

大家早安。我只是想問一個顯而易見的問題——關於關稅，也許可以從三個特定角度來談，如果您能就目前所了解的情況做出評論。首先，您從工廠合作夥伴那裡得到了什麼樣的評價？

Second, if you think about the pull-forward in March and early April, what you're seeing outside of your stores, maybe inside of your stores on pricing of GPUs because it doesn't seem like you've been taking advantage of stuff there yet, but there's certainly stories of other folks.

其次，如果您考慮一下 3 月和 4 月初的提前銷售，您會在商店外面看到 GPU 的定價，也許在您的商店裡面也看到 GPU 的定價，因為看起來您還沒有利用那裡的東西，但肯定有其他人的故事。

And then third, what kind of impact do you think the uncertainty has around M&A activity and pricing?

第三，您認為不確定性對併購活動和定價會產生什麼樣的影響？

It's Jeff, John. From a manufacturer's perspective, this is all balls in the air right now. No one really knows. Parts are coming in from out of the country on American-made cars, and so for us, it's just steady as she goes. We had a great first quarter. We think we're going to have a great second quarter, and we believe based on conversation with the manufacturers over the next 90 days, that things will settle down.

我是傑夫，約翰。從製造商的角度來看，現在一切都還處於懸而未決的狀態。沒有人真正知道。美國製造的汽車的零件都是從國外進口的，所以對我們來說，一切都很穩定。我們的第一季表現非常出色。我們認為我們將迎來一個出色的第二季度，我們相信，根據未來 90 天與製造商的對話，情況將會穩定下來。

Is there going to be a price increase? Maybe, but we don't see it as being a 25% price increase, and we've had price increases before and we've faced a lot tougher situations than this. And the industry is Teflon from my perspective, we'll battle our way through this.

價格會漲嗎？或許吧，但我們不認為這是 25% 的價格上漲，我們以前也經歷過價格上漲，也面臨過比這更艱難的情況。從我的角度來看，這個行業就像特氟龍，我們會奮力拼搏，克服困難。

We just are not watching the news. We're putting our head down. We're going to work. We're very focused on executing our playbooks, our processes, and we think those results showed up in the first quarter and we'll see what happens in the coming months ahead, but I'm not -- and our team is not too concerned that we won't have solid resolution over the next 90 days or so and I think the manufacturers will end up participating if the tariffs come along in some sort of cost-cutting measure to help with MSRP pricing.

我們只是不看新聞。我們低下了頭。我們要去工作了。我們非常專注於執行我們的劇本和流程，我們認為這些結果在第一季就已顯現，我們將拭​​目以待未來幾個月會發生什麼，但我並不擔心——我們的團隊並不太擔心我們在未來 90 天左右無法得到可靠的解決方案，我認為如果關稅以某種削減成本的措施出現，製造商最終會參與其中，以幫助製造商制定建議零售價。

Maybe the dealers and the consumers have to participate a little bit, not sure yet, and hopefully the governments will come along and get a hold of this. But at the end of the day, it's not some massive concerns. In terms of M&A, it hasn't really made a huge difference at this point. We've got a lot of discussions going on.

也許經銷商和消費者需要稍微參與一下，目前還不確定，希望政府能參與並掌握這一點。但歸根結底，這並不是什麼大問題。就併購而言，目前還沒有帶來太大的改變。我們正在進行很多討論。

Certainly, it's come up. If anything, maybe we're buying a little bit of time just to kind of see what happens over the next 90 days before we finalize some transactions, but no big changes there from our perspective.

當然，它已經出現了。如果有的話，也許我們正在爭取一點時間，只是為了看看在接下來的 90 天內會發生什麼，然後再完成一些交易，但從我們的角度來看，這並不會發生大的變化。

And John, this is David. I think one thing to mention about pricing because I think you alluded to it, is that some dealers out there are, I think, taking advantage of the situation and taking advantage of customers and we're definitely not doing that. The highest guest satisfaction we've ever had and we want to keep it that way and so we're doing more market pricing and not gouging our customers.

約翰，這是大衛。關於定價，我想提一件事，因為我認為您提到了這一點，那就是我認為有些經銷商正在利用這種情況並利用客戶，而我們絕對不會這樣做。這是我們有史以來最高的客戶滿意度，我們希望保持這種狀態，因此我們採用更市場化的定價，而不是欺騙客戶。

I appreciate the balance for you. Maybe we just one quick second one on fixed ops. I know you guys were a little slow on headcount hiring last year. Just curious if there's any update there, and what kind of opportunity you think there is to ramp up that hiring process and [really], sales a lot higher?

我很感激你給我的平衡。也許我們只需要在固定操作上進行一次快速的第二次操作。我知道你們去年在招募員工方面有點慢。只是好奇那裡是否有任何更新，以及您認為有什麼樣的機會可以加快招聘流程並真正提高銷售額？

At the end of the day, since last March, we've hired 345 incremental technicians in the organization and that's made a huge difference for us in terms of fixed ops. So we'll continue to hire as we grow through the year. We've got capacity with open stalls and bays for those technicians that we're hiring, and it's been a huge focus for us since the end of the first quarter last year when we sort of put our stake in the ground and changed our culture and our fixed operations departments to focus on bringing in more technicians as a part of our culture and driving our growth.

總而言之，自去年 3 月以來，我們已經在組織內招募了 345 位增量技術人員，這對我們的固定操作產生了巨大的影響。因此，隨著公司全年的發展，我們將繼續招募員工。我們為正在招募的技術人員提供了開放的攤位和停車位，自去年第一季末以來，這一直是我們的重點工作，當時我們紮根於此，改變了我們的文化和固定營運部門，專注於引進更多的技術人員作為我們文化的一部分，並推動我們的成長。

And I think the results have proven that in the last four or five quarters.

我認為過去四、五個季度的結果已經證明了這一點。

And we've had a number of stores where we're opportunistically growing our service. We're building new stalls, adding stalls, so there's definitely opportunity to grow.

我們已經在多家商店中抓住機會擴大我們的服務。我們正在建造新的攤位，增加攤位，因此肯定有發展的機會。

A quick reminder on that, John, we added about a third of those headcount in the last two months of last year and so we're still really trying to get those newly hired or newer hired technicians to full productivity. So there's still some runway there. And right now with the additional warranty and recall activity we're seeing, there's a lot of volume running through the service lanes.

約翰，需要快速提醒一下，我們在去年最後兩個月增加了大約三分之一的員工，因此我們仍在努力讓這些新聘用或新聘用的技術人員充分發揮生產力。所以那裡仍然有一些跑道。現在，隨著我們看到額外的保固和召回活動，服務通道上的業務量很大。

So as we go forward and get those technicians fully productive, we'll be better to balance, better able to balance the customer pay and warranty side of the business as long as these warranty tailwinds persist.

因此，隨著我們不斷前進並讓這些技術人員充分發揮生產力，只要這些保固順風持續存在，我們就能更好地平衡，更好地平衡客戶支付和保固方面的業務。

Super helpful. Just want to follow up on that. I mean, if you think about the opportunity, a lot of it is volume or because you're in the high class, you have the high-class problem of too much demand that you might see door rates inch up a bit?

超有幫助。我只是想跟進一下這一點。我的意思是，如果你考慮機會，很多都是數量，或者因為你處於高端，你有需求過多的高端問題，你可能會看到門票價格略有上漲？

I mean, we're looking at our door rates on a quarterly basis, John, that's something that's been ongoing for forever. No, the demand of volume is there. There's just plenty of volume from a fixed perspective and we're taking advantage of that. And there are more techs to be hired, and our culture's taken over.

我的意思是，約翰，我們按季度查看我們的門票價格，這是一直持續的事情。不，數量上的需求是存在的。從固定角度來看，交易量很大，我們正在利用這一點。而且還有更多技術人員需要雇用，我們的文化已經佔據主導地位。

We're not having to push so hard to hire techs. The culture's taken over and our teams are out bringing in techs and they see the results. It's made a big difference. And again, that's been a year in the making of really changing our store level culture from a fixed operations perspective to get us to where we are, and as David and Danny said, there's a lot of upside there.

我們不必費心去招募技術人員。文化已經佔據主導地位，我們的團隊正在引進技術，他們看到了成果。這產生了很大的影響。再說一次，我們花了一年時間從固定運營的角度真正改變我們的商店層面的文化，以達到我們現在的水平，正如大衛和丹尼所說，這其中有很多好處。

Volume and price opportunity?

數量和價格機會？

Yes.

是的。

Okay.

好的。

Just one point, John, and speaking of tariff impact, services is one of those areas where we can pass that along to the consumer. So that's another opportunity we think if there are tariff issues, people are making a buy versus a repair decision that can help that and we can pass along the tariff increase to the consumer.

約翰，我只想說一點，說到關稅的影響，服務業是我們可以轉嫁給消費者的領域之一。因此，我們認為，如果存在關稅問題，人們會做出購買而不是維修的決定，這可以帶來另一個機會，我們可以將關稅增加轉嫁給消費者。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Hey, good morning, guys. This is Patrick Buckley on for Bret. Thanks for taking our questions.

嘿，大家早安。這是 Patrick Buckley 為布雷特 (Bret) 表演的。感謝您回答我們的問題。

On the used side, could you talk a bit more about what the GPU trajectory looks like from here? I guess it's Q1 above the '25 outlook, once we start modeling in contraction and what's driving that?

從使用方面來說，您能否再多談談 GPU 的發展軌跡？我猜，一旦我們開始模擬收縮，第一季的業績將高於 25 年的預期，那麼是什麼因素推動了這一趨勢？

I mean, it's just sort of an unknown right now based on what's going on with the tariffs. If nothing changes and things are steady as she goes. I mean, the margins that you saw in the first quarter should hold true on the franchise side throughout the end of the year. And EchoPark's margins are growing. We're buying a larger percentage of our cars off the street.

我的意思是，根據關稅的情況來看，目前情況還不太明朗。如果一切順利，一切順利。我的意思是，您在第一季看到的利潤率應該會在整個年底對特許經營權保持同樣的作用。EchoPark 的利潤率正在成長。我們從街上購買的汽車比例正在增加。

We've moved from 20% to 25% up to 30% to as high as 35% of the cars now on a weekly basis coming from street purchases. That's making a big difference in our front margins, and that really helped out in March of the first quarter and it's carrying over in April, and that's a change for us. So front end margins are improving there, and we expect that to continue.

我們每週從街頭購買的汽車比例已從 20% 增加到 25%，達到 30%，甚至高達 35%。這對我們的前期利潤產生了很大的影響，這在第一季的 3 月份確實起到了很大的幫助，並且這種影響一直延續到 4 月份，這對我們來說是一個變化。因此前端利潤率正在提高，我們預計這種情況將會持續下去。

Great, thank you. And then I guess, on BEVs, have you seen any changes year to date with the current administration and just a little shake up as far as mandates? And I guess, what's the current outlook there on inventory versus demand?

太好了，謝謝。然後我想，關於純電動車，您是否看到今年迄今為止現任政府有任何變化，以及在授權方面有什麼小變動？我想問一下，目前庫存與需求的前景如何？

Yes, it's dropping. We have less supply. Everything positive there. I mean, the thing is that now inventory levels are beginning to get closer to matching what consumer demand is, and that's where it should be.

是的，它正在下降。我們的供應量較少。那裡的一切都是正面的。我的意思是，現在庫存水準開始越來越接近消費者需求，這也是應該的。

The demand is lining up with --

需求與--

With the inventory levels, right? And so we're applauding that. We're having to carry less inventory that doesn't turn as fast. We think the manufacturers are coming around, and that's the new administration that's supporting that, and that's a big applause from this team.

有庫存水平，對嗎？因此我們對此表示讚賞。我們必須減少週轉速度較慢的庫存。我們認為製造商正在改變態度，新政府也支持這項做法，團隊對此表示熱烈的歡迎。

And you can see in the front-end GPUs, we had a headwind of around [350] and the full year of 2024 is down to 200 in Q1, so aligning that inventory to demand is helping reduce that headwind in BEV GPU.

您可以看到，在前端 GPU 中，我們面臨著大約 [350] 的逆風，而 2024 年全年在第一季將下降到 200，因此將庫存與需求相匹配有助於減少 BEV GPU 的逆風。

And we think you know some of our manufacturer partners are doing a great job with offering vehicles that -- where it's really speaking of customer demand, the customer gets to select their drivetrain. And that strategy is a great strategy. So if they want an electric vehicle, they can choose an electric one or if they want an ice, they can choose that. We like that strategy.

我們認為，我們的一些製造商合作夥伴在提供車輛方面做得非常出色——這真正體現了客戶的需求，客戶可以選擇自己的動力傳動系統。這個策略是一個偉大的策略。因此，如果他們想要一輛電動車，他們可以選擇電動車，或者如果他們想要一輛冰車，他們也可以選擇冰車。我們喜歡這個策略。

Jeff Lick, Stephens Inc.

傑夫·利克（Jeff Lick），史蒂芬斯公司（Stephens Inc.）

Good morning, gentlemen. Thanks for taking our question. First one is, I wonder if you could break down the warranty works of service and parts work a little bit as it relates to warranty customer pay. I know you're getting into a little bit, but just what the metrics were in terms of warranty growth and as it relates to the comp and customer pay?

先生們，早安。感謝您回答我們的問題。首先，我想知道您是否可以稍微分解一下與保固客戶付款相關的服務和零件保固工作。我知道您說得有點多了，但是保固成長方面的指標到底是什麼，以及它與公司和客戶支付的關係如何？

Yeah, about 40% warranty growth in the first quarter versus the 2% to 3% customer pay growth. That's not a mix we like at all. It's an adjustment that we're making. We need to -- a lot more focus on getting our CP customers through the lanes and pushing the warranty work out a little bit, and those are adjustments that you'll see us make in the second quarter.

是的，第一季保固成長約 40%，而客戶支付成長 2% 至 3%。這根本不是我們喜歡的組合。這是我們正在進行的調整。我們需要更加專注於讓我們的 CP 客戶順利完成流程並稍微延長保固期，這些都是我們將在第二季度做出的調整。

That's just too big of a differentiator in the mix between warranty and customer pay for our liking, and there's a lot of warranty work out there that can't be helped, but we need to adjust in terms of that mix coming through our lanes.

就我們而言，保固和客戶付款之間的差異實在太大了，而且有很多保固工作是無法避免的，但我們需要根據我們的管道進行調整。

And we think it's a great sign that our team, you may want to mention that they already highlighted and noticed that, it wasn't like that we just noticed.

我們認為這是一個很好的跡象，我們的團隊，你可能想提一下，他們已經強調並注意到了這一點，但事實並非我們剛剛注意到的那樣。

Yeah, the team towards the end of the first quarter is saying, look, this is just not the mix of revenue coming through the service drive, it's not the mix we like. We need to start making some adjustments and those adjustments are being made. And we've got the technician headcount now to handle that, and that's growing. So put all that together and we think we can pivot pretty quickly in how that mix is coming through the service drive in the second quarter.

是的，第一季末團隊表示，看，這不是透過服務驅動產生的收入組合，這不是我們喜歡的組合。我們需要開始做出一些調整，而這些調整正在進行中。現在我們已經有足夠的技術人員來處理這個問題，而且人數還在增加。因此，將所有這些放在一起，我們認為我們可以很快地調整該組合在第二季度如何透過服務驅動實現轉變。

Is there evidence, or do you have ways to track kind of the occurrence of crowding out customer pay because of the warranty? I mean, do you see yourself even inadvertently turning away customer pay jobs in lieu of -- in favor of warranty?

有沒有證據，或者你們有沒有辦法追蹤由於保固而擠佔客戶付款的情況？我的意思是，您是否會不經意地拒絕客戶付費的工作而選擇保固？

Not intentionally, but it's common sense. I mean, if you've got that much warranty coming through, it's easier work, it's higher margin, everybody's taking the licks at that. It's not the right way to run the shop. You need to load the shop differently.

這不是故意的，但這是常識。我的意思是，如果你有那麼多的保修，工作就會變得更容易，利潤就會更高，每個人都會為此付出代價。這不是經營商店的正確方法。您需要以不同的方式載入商店。

We know that there's a lot of warranty that hit us all at the same time, and service rider can take a warranty job in, technician can flip it and get another one real quick because there's another one standing in line. And so we're not doing the additional service requests and the things I think from a playbook perspective that we should do.

我們知道有很多保固是同時發生的，服務騎士可以接受保固工作，技術人員可以將其翻轉並很快獲得另一份保固工作，因為還有另一份在排隊。因此，我們不會執行額外的服務請求以及我認為從劇本角度我們應該做的事情。

We've got to slow down and execute at a higher level. It's great to have the warranty work. It certainly played a big role in our quarter from a fixed perspective, but we can do a better job in making sure that we're balancing customer pay and fix, the right customer pay and warranty the right way and loading the shop appropriately and we're making those changes.

我們必須放慢速度，以更高的水平執行。有保固真是太好了。從固定角度來看，它確實在我們的季度中發揮了重要作用，但我們可以做得更好，確保我們平衡客戶付款和修復，正確的客戶付款和保修，並適當地加載商店，我們正在進行這些改變。

Yeah, I would say it's more of rather than saying turning customers away, it's more of scheduling properly.

是的，我想說，這更多的不是拒絕顧客，而是合理安排時間。

And just a quick one on EchoPark, and this is kind of just hypothetical, if you think about a tariff scenario where let's just say the [SAR] does go down, pick your number 1 million units, 1.5 million because prices rise, and obviously that's going to come at the franchise dealers, there'll be less trade-ins where franchise dealers tend to get more of their supply through trade-ins.

關於 EchoPark 我只想簡單說一下，這只是一個假設，如果你考慮一下關稅情景，假設 [SAR] 確實下降了，那麼選擇 100 萬台或 150 萬台，因為價格上漲，顯然這將發生在特許經銷商身上，以舊換新將會減少，而特許經銷商往往會通過以舊換新獲得更多的供應。

I'm just curious. I could see either way how this could affect EchoPark. Obviously, EchoPark is the whole premise, it's a value proposition. When you think about the puts and takes of all the different dynamics in terms of less stuff going through the auction lane and whatnot, do you guys view a tariff scenario as beneficial to EchoPark, or would it be a headwind?

我只是好奇。無論如何，我都可以看到這會對 EchoPark 產生怎樣的影響。顯然，EchoPark 是整個前提，它是一個價值主張。當您考慮到透過拍賣管道的商品減少等各種不同動態的利弊時，您是否認為關稅方案對 EchoPark 有利，還是會成為一種阻力？

Well, we've seen this video before, right? I mean, we played this out in '20 and '21 and '22 with COVID. And we're prepared for it. That's why you're seeing us buy a lot more cars off the street. We think we can push that up even higher, maybe to 40% to 45% level. It's just turning knobs. We are really in shape for something like this where I would say that we were not when COVID hit.

嗯，我們之前看過這個視頻，對吧？我的意思是，我們在 2020 年、2021 年和 2022 年 COVID 疫情中都經歷過這種情況。我們已經做好準備了。這就是為什麼你會看到我們買了更多街上的汽車。我們認為我們可以將其進一步提高，也許達到 40% 到 45% 的水平。這只是轉動旋鈕而已。我們現在確實為這樣的事情做好了準備，但我想說，當新冠疫情來襲時，我們還沒有做好準備。

And so it could have been a headwind if this was 2020, but we don't look at it like that now. We're very prepared and just had an amazing first quarter with EchoPark. We look to have another one in the second quarter, April shoring up that way. So in prices at the auctions are already up over $1,000 a car from what we're seeing and buying. But margins are continuing to grow, volume solid, so I don't see it being a big problem.

如果這是 2020 年的話，這可能是一個阻力，但我們現在並不這麼認為。我們做好了充分的準備，而 EchoPark 第一季的表現非常出色。我們預計第二季和四月將再出現一次成長。因此，拍賣會上每輛車的價格已經比我們看到和購買的價格高出 1,000 多美元。但利潤率持續成長，銷量穩定，所以我認為這不是什麼大問題。

Also if you think about it, we've noticed that in -- especially in our mature markets, as you may have heard on our previous call, our EchoPark stores have the number one reputation.com scores in the industry. So we're seeing where a lot of repeat customers, their friends and family coming to EchoPark and those people as you've seen our gross is going up.

另外，如果您仔細想想，我們注意到，特別是在我們成熟的市場中，正如您可能在我們之前的電話會議上聽到的那樣，我們的 EchoPark 商店在業界擁有第一的 reputation.com 評分。因此，我們看到很多回頭客、他們的朋友和家人來到 EchoPark，正如您所見，我們的總收入正在上升。

People are identifying EchoPark and saying we want to go there and buy a car and just choosing to go there first, and we're seeing that in our numbers. So I think that our team will adapt, so prices go up.I still think that customers will pay for that amazing guest experience.

人們認識 EchoPark 並說我們想去那裡買車，並選擇先去那裡，我們從數字上看到了這一點。所以我認為我們的團隊會適應，所以價格會上漲。我仍然認為顧客會為那種令人驚嘆的客戶體驗付費。

Not just the sourcing, obviously sourcing could go up, but if your demand goes up, and your value proposition goes up, even your prices could go up, but your value proposition relative to the alternative could actually widen. That's what I was trying to get at.

不僅僅是採購，顯然採購可能會增加，但如果你的需求增加，你的價值主張增加，甚至你的價格也可能會上漲，但相對於替代品的價值主張實際上可能會擴大。這正是我想要得到的。

100%. We saw that in March and we're seeing it in April, and we're still going to be in the marketplace. Even if our price is $1,000 higher, everybody else is going to be a lot higher, including our own franchise stores. It's just the difference in the model, and we really have that dialed in.

100%。我們在三月就看到了這一點，四月也看到了這一點，而且我們仍將繼續留在市場上。即使我們的價格高出 1,000 美元，其他所有人的價格也會高得多，包括我們自己的特許經營店。這只是模型上的差異，我們確實已經解決了這個問題。

In particular around the inventory management, they supply how fast we're moving inventory through the system, 20 to 22, 23 days supply on lot. We're turning those cars in 12 days just as fast as they can go, and we don't -- the inventory is not fitting. And so it just (technical difficulty) between what we saw in '21 through '23. (technical difficulty)

特別是在庫存管理方面，他們提供我們透過系統移動庫存的速度，每批供應時間為 20 到 22、23 天。我們盡可能快地在 12 天內生產這些汽車，但我們沒有做到——庫存不夠。所以這只是我們在 21 年到 23 年所看到的（技術難度）。（技術難度）

We're a lot smarter and more nimble than we were even 24, 36 months ago. 415 cars are rooftop and in March every store profitable and the big EchoPark stores are among the most profitable that we had in our company. And so we we've got it dialed in and now the question is, can we get inventory to stabilize a little bit because once we do that, we can start opening some stores, and we're hopeful that towards the end of the year, the beginning of next year, we can start announcing, hey, we're going to bring a strategy that shows you how we're going to grow the footprint of EchoPark.

與 24 至 36 個月前相比，我們更聰明、更有彈性。屋頂上有 415 輛車，3 月每家商店都獲利，大型 EchoPark 商店是我們公司最賺錢的商店之一。所以我們已經撥通了電話，現在的問題是，我們能否讓庫存穩定一點，因為一旦我們做到這一點，我們就可以開始開設一些商店，我們希望在今年年底，明年年初，我們可以開始宣布，嘿，我們將提出一項戰略，向你們展示我們將如何擴大 EchoPark 的足跡。

And it's worth mentioning that our new EchoPark store in Houston, for example, we've gotten, speaking of things we've learned is we opened that store, and I think it went off like very efficiently, we've got a mature team in there and they did 400-plus cars like in their second month.

值得一提的是，以我們在休士頓的新 EchoPark 商店為例，說到我們開設這家商店的經驗，我認為它的運作效率很高，我們在那裡擁有一支成熟的團隊，他們在第二個月就銷售了 400 多輛汽車。

And have been profitable since day one, which is a great sign.

並且從第一天起就一直獲利，這是一個好兆頭。

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

Great. Sorry, I have just one more follow-up on EchoPark here. The first quarter is also obviously pretty strong here. It looks like you did take up your full-year guidance, but maybe it seems a bit conservative in context of how strong the first quarter was.

偉大的。抱歉，我這裡只想跟進一下 EchoPark 的情況。第一季的表現顯然也相當強勁。看起來您確實採納了全年指導意見，但考慮到第一季的強勁表現，這個指導意見可能顯得有些保守。

It looks like you feel good about the EchoPark retail GPU, the F&I, and maintained your unit guidance. I'm curious, like, why isn't the guidance higher than the range you provided based on the first quarter start -- (technical difficulty)

看起來您對 EchoPark 零售 GPU、F&I 感覺良好，並維持了您的單位指導。我很好奇，為什麼指導值沒有高於你根據第一季開始提供的範圍--（技術難度）

(technical difficulty)

（技術難度）

Sorry, there might be some issues with my line, but I'll try again.

抱歉，我的線路可能出了點問題，但我會再試一次。

We heard your question.

我們聽到了您的問題。

Oh, you did? Okay, great.

噢，你做到了？好的，太好了。

Can you hear us?

你聽得到我們說話嗎？

It broke up like in the response, but I can check the transcript. Maybe it's on my line, but I'm not sure if others have got it, but if you want to repeat the answer, that's fine, and you said one on SG&A.

它像回應中一樣破裂了，但我可以檢查成績單。也許這是我的答案，但我不確定其他人是否也明白，但如果你想重複答案，那很好，你說的是 SG&A 上的答案。

That's no problem. We said you sound like our Board of Directors yesterday in our Board meeting asking the exact same questions. And look, the tariffs are playing a role in our forecast there. We'll get a lot more, we can get more aggressive if things play out the way we think they're going to from a tariff perspective and they turn positive, but we need to be conservative there, Rajat, so we don't get out ahead of ourselves if things do get tighter from a used car pricing perspective.

沒問題。我們說你聽起來就像我們董事會昨天在董事會會議上問的完全相同的問題。而且，關稅在我們的預測中發揮作用。我們會得到更多，如果事情按照我們從關稅角度認為的方式發展並且變得積極，我們可以變得更加積極，但我們需要在那裡保持保守，拉賈特，所以如果從二手車定價角度來看事情確實變得更加緊張，我們就不會超越自己。

And so if further adjustments, as we get into announcing the second quarter if things play out the way we think from a tariff perspective.

因此，如果進一步調整，當我們進入第二季宣佈時，事情會按照我們從關稅角度思考的方式發展。

Understood. That's helpful. And then just an SG&A, one of the things I've noticed in your print and some of the peers that are reported, we did see a little more deleveraging in the first quarter than maybe at least what I had been expecting and maybe some other investors might have been expecting.

明白了。這很有幫助。然後只是銷售、一般及行政費用，這是我在您的印刷品和一些同行報告中註意到的一件事，我們確實看到第一季的去槓桿率比我預期的和其他一些投資者預期的要高一些。

Some of your peers talked about like some weather headwinds in January, February, a couple lower selling days that might have caused that. I was curious if there's anything you would want to call out on the SG&A if the leverage was in line with your expectations or was it worse or better? And also, have there been any pay plan or commission type adjustments within the workforce that's maybe driving the SG&A higher and which could be more sticky?

一些同行談到了 1 月和 2 月的一些天氣不利因素，以及幾天的銷售量較低，這些都可能是造成這種情況的原因。我很好奇，如果槓桿率符合您的預期，或者情況是變得更好還是更糟，您是否會對 SG&A 提出什麼要求？此外，員工隊伍中是否有任何薪酬計劃或佣金類型調整，可能導致銷售、一般和行政費用 (SG&A) 上升，並且可能更具黏性？

So just wanting to unpack all of this a little bit, if possible. That's all I have. Thanks.

因此，如果可能的話，我只是想稍微解開這一切。這就是我所擁有的一切。謝謝。

I could just mention that in our data from our kickoff to the year, we had a big focus on SG&A and expenses and throughout the company in our annual meeting and we think that that's taking effect as you see it in the numbers.

我只想說，從我們年初開始的數據來看，我們在年度會議上非常關注銷售、一般及行政費用和整個公司的開支，我們認為這正在產生效果，正如您在數字中看到的那樣。

Yeah, I'm just going to mention there are a few things that our first quarter one times, we had some compensation that was just for the first quarter that will be driving that up. But there's nothing that's material. There hasn't been any changes to pay plans that would have caused that. It's really just your first quarter things that we clean up in the first quarter such as payroll taxes or higher, et cetera. But nothing systematic that is going to be going through the next three quarters of the year.

是的，我只是想提一下，我們第一季有一次獲得了一些補償，這些補償是針對第一季的，這將推動這一數字上升。但沒有任何實質的東西。薪酬計劃並未發生任何可能導致這種情況的改變。我們在第一季清理的實際上只是第一季的事情，例如工資稅或更高的稅等等。但在接下來的三個季度裡，我們不會採取任何系統性措施。

Understood. That's helpful clarification. Thanks a lot and good luck.

明白了。這是很有幫助的澄清。非常感謝，祝你好運。

And maybe one final point on that, we reaffirmed our full year consolidated company SG&A target in the low 70% range. And so there's going to be some puts and takes as to what comes from the franchise and what comes from EchoPark as we go through the year, and obviously depending on how the tariff situation plays out on demand and volume is a big driver of sales compensation, the variable compensation piece.

最後也許還有一點，我們重申全年合併公司銷售、一般及行政開支目標在 70% 以下。因此，隨著我們度過這一年，特許經營權和 EchoPark 的收益之間將會出現一些博弈，顯然，關稅情況如何根據需求和銷量發揮作用是銷售補償（浮動補償部分）的重要驅動因素。

But overall, we're still in line with what we anticipated for the year through the first three months.

但總體而言，我們今年前三個月的業績仍符合我們的預期。

And I think it's interesting to point out that this quarter, EchoPark is 18% of growth, it was lower than the franchise, and that just shows you as the volume and the gross increases, you have more money that flows to the bottom line quicker because of the fixed expense structure that we have at EchoPark.

我認為值得指出的是，本季 EchoPark 的成長率為 18%，低於特許經營權，這表明隨著銷量和總收入的增加，由於 EchoPark 的固定費用結構，更多的資金會更快地流入底線。

That makes sense. Thanks again and good luck.

這很有道理。再次感謝並祝你好運。

Daniela Haigian, Morgan Stanley.

摩根士丹利的丹妮拉·海吉安。

Hi, thanks. Well, more on EchoPark and apologies if you answered this earlier. I also had some connection issues, but you mentioned anticipating an increase in used pricing, uplift to demand as a result of tariffs with newer used vehicle supply still tight, even with the mitigating factors like diversifying your sourcing and off lease incrementally improving the next year or so, do you see opportunity moving into older used vehicles to meet some affordability concerns as well?

你好，謝謝。好吧，更多關於 EchoPark 的信息，如果您之前回答過這個問題，我很抱歉。我也遇到了一些連接問題，但您提到預計二手車價格會上漲，由於關稅導致需求上升，而較新的二手車供應仍然緊張，即使有諸如多樣化採購和租賃逐步改善等緩解因素，明年左右，您是否看到轉向舊二手車以滿足一些負擔能力問題的機會？

I mean, we did that during COVID, Daniela, this is Jeff. We did it during COVID. It's a small percentage, it's 10% to 15% of the overall volume, maybe even less at times. And sure, we would flex that way if we need to. We haven't seen a need to do that yet. And remember, we reduced the number of stores that we had, so we're down to 17 EchoPark stores. We can buy enough inventory to support those stores both off the street and trades and through the auction lanes.

我的意思是，我們在 COVID 期間就這樣做了，丹妮拉，這是傑夫。我們在疫情期間做到了這一點。這個比例很小，佔總量的 10% 到 15%，有時甚至更少。當然，如果需要的話，我們會採取這樣的行動。我們目前還沒有發現這樣做的必要。請記住，我們減少了商店數量，因此 EchoPark 商店數量減少到了 17 家。我們可以購買足夠的庫存來支持這些商店，包括街邊商店、商店和拍賣行。

So I'm not too concerned about getting inventory. We'll watch pricing and adjust the mix accordingly, but if we need to, no question, we can increase the percentage of 5, 6, 7, 8, 9, 10-year-old vehicles. It just adds complexity to the business when you do that. Recount times take longer.

所以我不太擔心庫存。我們會關注價格並相應地調整組合，但如果需要，毫無疑問，我們可以增加 5、6、7、8、9、10 年車齡的車輛的比例。當你這樣做時，只會增加業務的複雜性。重新計票時間更長。

There's just a lot of complexities, and we're trying to stay away from that because complexity is not part of the EchoPark model, but it's certainly something that we have the capability of doing and we did during the COVID years.

有很多複雜性，我們試圖避免這些複雜性，因為複雜性不是 EchoPark 模型的一部分，但這肯定是我們有能力做到的事情，而且我們在 COVID 期間也做到了。

Thanks.

謝謝。

Michael Ward, Citi Research.

花旗研究部的麥可沃德 (Michael Ward)

One thing we haven't touched on is that if we get these price increases for tariffs, you get a corresponding increase in the residual values of vehicles coming off lease, particularly at the luxury end, the import luxury end.

我們還沒有談到的一件事是，如果關稅上漲，那麼租賃期滿的車輛的剩餘價值也會相應增加，尤其是豪華車，進口豪華車。

How fast do those residual values adjust?

這些殘值調整得有多快？

I mean, they will adjust quickly, Michael, but we're still dealing with the lack of lease returns from lack of sales in the --

我的意思是，他們會很快調整，邁克爾，但我們仍在處理因銷售不足而導致的租賃回報不足的問題。--

Okay, next question. Did you have any line of sight on that? When does that start to turn the other way?

好的，下一個問題。你對此有什麼看法嗎？什麼時候情況開始逆轉？

Next year, you'll start to see an adjustment, but not in this calendar year, no way.

明年，你會開始看到調整，但絕對不會在今年。

So if anything, some of those vehicles coming off lease this year, the lower supply, you'll get a pretty big increase in the residual that should help on the CPO side and offsite?

那麼，如果有什麼不同的話，今年租賃到期的一些車輛，由於供應量較低，剩餘量會大幅增加，這對 CPO 方面和場外市場有幫助嗎？

It can, yes, it can.

可以，是的，可以。

Okay, to help mitigate it. Okay. All right. And then one last thing on EchoPark, you kind of alluded to the timing of considering reopening some of the locations could be at the end of the year. If you do, it sounds like you're going to showroom traffic has picked up, you're certainly your costs are in line and some of the other things.

好的，為了幫助緩解這種情況。好的。好的。最後關於 EchoPark 的問題，您暗示考慮重新開放部分門市的時間可能是在年底。如果你這樣做了，聽起來你的展廳客流量已經回升，你的成本肯定也符合預期，還有一些其他的事情。

If necessary, can that be accelerated or you still just going to wait and see before you turn the keys back on?

如果有必要，可以加速嗎？還是你還是只是等待，然後再打開鑰匙？

Yeah, I can tell you that our team, as Jeff mentioned earlier, we've learned a lot from the pandemic and how to open stores and when to open stores, and I think you're going to see that in the future quarters that if these -- if our performance continues the way it did in this quarter, you're going to see us opening some stores and we found that we can very efficiently open them like the one in Stafford for example, which by the way was that particular location that Jeff Dyke was the General Manager at that location.

是的，我可以告訴你，正如傑夫之前提到的，我們的團隊從疫情中學到了很多東西，包括如何開店以及何時開店，我想你會在未來的幾個季度看到這一點，如果我們的表現繼續像本季度那樣，你會看到我們開設一些商店，我們發現我們可以非常有效地開設它們，例如斯塔福德的那家商店，順便說一下，那是那個總經理傑夫的。

But once we acquired that location from the time we did the opening, it was a very short period of time and it was off to the races as I mentioned earlier in the call. Within a couple of months we're selling over 400 cars out of that location. So once we get ramped up and get going again, you're going to see we we're able to do it.

但是，一旦我們獲得了那個位置，從開業到開業，時間就很短，就像我在電話中提到的那樣，我們就開始忙碌起來。幾個月內，我們就在那裡銷售了 400 多輛汽車。因此，一旦我們加緊努力並再次出發，您就會看到我們能夠做到這一點。

And this is Jeff, we've got, obviously properties, facilities that we own that are ready to go, things that we can go pull the trigger on. There needs to be some stability here. We were laughing the other day. Keep throwing it at us. We're Teflon, we can handle anything. And so this is tariffs, what the hell? Who cares?

我是傑夫，我們顯然已經擁有一些隨時可用的財產和設施，這些都是我們可以立即採取行動的事情。這裡需要一定的穩定性。前幾天我們都在笑。繼續向我們扔它。我們是特氟龍，我們可以處理任何事情。這就是關稅，到底是什麼？誰在乎？

It's honestly an important message I think for the street and our team, is to understand we've got a lot of leather on our skins. We've been through this before. We've seen a lot of curveballs thrown at us. It'd be nice to have a year to have just straight, let's go sell some cars and service some cars and have some great guest experience and build the great technologies, but we'll deal with it and we seem to always find the rose here in the garden and we'll do that again with this little gig that we're facing.

說實話，我認為這對街頭和我們的團隊來說是一個重要的訊息，就是要明白我們的皮膚上有很多皮革。我們以前也經歷過這樣的事。我們見過許多向我們拋來的難題。如果有一年的時間直接去銷售一些汽車、維修一些汽車、提供一些很棒的客戶體驗並打造偉大的技術，那就太好了，但我們會處理好這個問題，我們似乎總能在花園裡找到玫瑰，我們會再次這樣做，面對我們面臨的這個小問題。

So we'll see. It's going to be a fun year. We're going to sell a lot of cars. EchoPark's going to be great, but a few bumps in the road, so to speak.

我們拭目以待。這將會是有趣的一年。我們將要銷售很多汽車。EchoPark 將會很棒，但可以說會遇到一些困難。

Our EchoPark Chief Operating Officer, Tim Keen, is not here with us today because his daughter's getting married this weekend, but we can tell you that Tim has been on the road looking at potential locations recently that we're really excited about. So we'll have more on that in the future.

我們的 EchoPark 首席營運長 Tim Keen 今天沒有和我們在一起，因為他的女兒這個週末要結婚，但我們可以告訴你，Tim 最近一直在路上尋找潛在的地點，我們對此感到非常興奮。我們將來會對此進行更多探討。

Well, it sounds like you planned it out properly back when you made those decisions to give you the flexibility. Thank you.

嗯，聽起來你在做這些決定的時候已經計劃好了，以便給你靈活性。謝謝。

(Operator Instructions) Chris Pierce, Needham & Company.

（操作員指示）克里斯·皮爾斯 (Chris Pierce)，Needham & Company。

Hey, good morning, everyone. Can you just walk me through -- I think the question that was asked earlier on used vehicle GPU, I just want to make sure I understand the assumptions when I look at first quarter recent history, and then the guidance. Is it that because prices might go up and you still want to move units in the industry, it will take a lower GPU or is there's something I'm missing? I just want to make sure I understand the puts and takes there.

嘿，大家早安。您能否簡單介紹一下——我認為之前關於二手車 GPU 提出的問題，我只是想確保我理解當我查看第一季近期歷史時的假設，然後是指導。是因為價格可能會上漲，而你仍然想在產業中推動單位成長，所以需要更低的 GPU，還是我遺漏了什麼？我只是想確保我理解那裡的投入和產出。

Meaning GPU or margin percentage, from a franchise perspective? A dollar GPU from a franchise perspective, well, something crazy happens with the tariffs. We ought to be in the same ballpark that we're in now. I think we're at $1,500 and something that's kind of -- we've been operating for years now in the $1,500 to $1,400 to $1,600 range, somewhere in that $1,500 range we're going to be from a franchise perspective, I don't see that really changing.

從特許經營的角度來看，這意味著 GPU 或利潤百分比？從特許經營的角度來看，一美元的 GPU，嗯，關稅會發生一些瘋狂的事情。我們應該與現在處於同一水平。我認為我們的價格是 1,500 美元左右 - 我們已經在 1,500 美元到 1,400 美元到 1,600 美元的範圍內運營多年，從特許經營的角度來看，我們將在 1,500 美元的範圍內，我認為這不會有太大變化。

But I do see EchoPark's front-end margin getting better historically because of the percentage of cars that we're buying off the street and we're trading for versus the percentage of cars, the mix is changing that we're getting from the auction. That's now a 70/30 mix, the 65/35 mix. It was an 80/20 mix and just by definition, if you're buying cars off the street, you're going to have better margin.

但我確實看到 EchoPark 的前端利潤率在歷史上越來越好，因為我們從街上購買的汽車比例與我們從拍賣中獲得的汽車比例相比，組合正在改變。現在的比例是 70/30，即 65/35。這是一個 80/20 的組合，從定義上來說，如果你從街上購買汽車，你將獲得更好的利潤。

Yeah, and this is Heath. One thing to add, I think the disconnect here is one of the big issues is that you have seasonality and so as we go through the years and we do the quarters, you're going to have certain quarters that are historically lower and so you're going to end up like we said between that $1,300 and $1,500 range.

是的，這是希思。需要補充一點，我認為這裡脫節的一個大問題是季節性，所以隨著我們回顧這些年，回顧每個季度，你會發現某些季度的價格處於歷史較低水平，所以最終價格會像我們說的那樣，處於 1,300 美元到 1,500 美元之間。

Okay, and then just lastly, one on EchoPark F&I per retail vehicle. If I look at the number of this quarter and then look at the guidance, I mean, was there some -- is there seasonality based on the type of customer you see in the first quarter that takes a higher percentage of warranty or pays a higher interest rate so you can sell off the loan at a higher amount? I just want to understand because it looks like the per vehicle number comes down through the rest of the year to get to the guidance of EchoPark.

好的，最後，每輛零售車輛在 EchoPark F&I 上各有一個。如果我看一下本季的數字，然後再看一下指導，我的意思是，是否存在一些 - 根據您在第一季度看到的客戶類型，是否存在季節性，這些客戶需要更高比例的保固或支付更高的利率，以便您可以以更高的金額出售貸款？我只是想了解一下，因為看起來今年剩餘時間每輛車的數量都會下降，以達到 EchoPark 的指導。

Yeah, honestly, we're probably being conservative there. We're executing at a really high level from a warranty penetration perspective. We've done some cost work on what we're paying for warranties and managing that better. That's flowing in other products. Those are flowing to the bottom line.

是的，說實話，我們可能在這方面比較保守。從保固滲透率的角度來看，我們的執行程度非常高。我們對保固費用的支付和更好的管理做了一些成本工作。這在其他產品中也存在。這些都流向了底線。

So our F&I performance is just stronger, and I would project that it's going to continue to be stronger.

因此，我們的財務和保險業績更加強勁，而且我預計它將繼續保持強勁。

Okay, just to clarify that you're saying that you're seeing price advantages from your third-party warranty providers and that's flowing through?

好的，只是想澄清一下，您說您看到了第三方保固提供者的價格優勢，而且這種優勢正在持續下去？

We're seeing price advantages from moves that we've made with our third-party warranty providers that's flowing through the to the bottom line. Yes.

我們與第三方保固提供者合作的舉措為我們帶來了價格優勢，而這種優勢已經反映到了我們的獲利水平。是的。

Okay. Perfect. That's everything from me.

好的。完美的。這就是我要說的全部。

Again, it's also important to emphasize again that our team, our EchoPark team is delivering the number one guest experience in the industry. So there's no doubt that that's reflecting in the numbers.

再次強調，我們的團隊，我們的 EchoPark 團隊正在提供業內首屈一指的客戶體驗。因此毫無疑問這反映在數字上。

Perfect.

完美的。

Thank you. And we have reached the end of the question-and-answer session. I would like to turn the floor back to David Smith for closing remarks.

謝謝。問答環節現已結束。我想請戴維史密斯作最後發言。

Thank you, everyone. We'll speak with you next quarter. Have a great day. Thank you.

謝謝大家。我們將在下個季度與您交談。祝你有美好的一天。謝謝。

And this concludes today's conference. You may disconnect your lines, and we thank you for your participation. Have a great day.

今天的會議到此結束。您可以斷開您的線路，我們感謝您的參與。祝你有美好的一天。