Sonic Automotive Inc (SAH) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Sonic Automotive first quarter 2026 earnings conference call. This conference call is being recorded today, Thursday, April 30, 2026. Presentation materials which accompany management's discussion on the conference call can be accessed at the company's website at ir.sonicautomotive.com.

早安，歡迎參加 Sonic Automotive 2026 年第一季財報電話會議。本次電話會議於今日（2026 年 4 月 30 日，星期四）錄音。隨同管理層於電話會議中討論之簡報資料，可至公司網站 ir.sonicautomotive.com 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. Such statements are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from these statements made. These risks and uncertainties are detailed in the company's filings with the Securities and Exchange Commission.

此刻，我想請各位注意《1995 年私人證券訴訟改革法案》下的安全港聲明。在本次電話會議中，管理層可能會討論財務預測、資訊或對公司產品或市場的預期，或以其他方式就未來發表聲明。此類聲明屬前瞻性陳述，並受多項風險與不確定性影響，可能導致實際結果與所作陳述存在重大差異。相關風險與不確定性已詳載於公司向美國證券交易委員會提交的文件中。

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，管理層可能會討論美國證券交易委員會所定義的某些非 GAAP 財務衡量指標。請參閱公司今日稍早向美國證券交易委員會提交之 Form 8-K 當期報告中的非 GAAP 調節表。

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

接下來，我想介紹 Sonic Automotive 董事長兼執行長 David Smith 先生。Smith 先生，您可以開始會議。

Thank you very much, and good morning, everyone. Welcome to the Sonic Automotive first quarter 2026 earnings call. 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; and our Vice President of Investor Relations, Mr. Danny Weiland.

非常感謝，各位早安。歡迎參加 Sonic Automotive 2026 年第一季財報電話會議。我是公司董事長兼執行長 David Smith。今天與我一同參與電話會議的還有：總裁 Jeff Dyke 先生；財務長 Heath Byrd 先生；EchoPark 營運長 Tim Keen 先生；以及投資人關係副總裁 Danny Weiland 先生。

I would like to open the call by thanking our amazing teammates for continuing to deliver a world-class guest experience for our customers. It's because of our outstanding teammates that Sonic Automotive was just recognized as one of America's most trustworthy companies by Newsweek. We believe our strong relationships with our teammates, guests, and manufacturer and lending partners are key to our future success. And as always, I would like to thank them all for their continued support and loyalty to the Sonic Automotive team.

我想以感謝我們優秀的團隊成員作為開場，感謝大家持續為客戶提供世界級的賓客體驗。正因為我們傑出的團隊成員，Sonic Automotive 近期才剛被《Newsweek》評選為美國最值得信賴的公司之一。我們相信，與團隊成員、賓客，以及製造商與放款合作夥伴之間的穩固關係，是我們未來成功的關鍵。一如既往，我也要感謝大家持續的支持，以及對 Sonic Automotive 團隊的忠誠。

Earlier this morning, Sonic Automotive reported first quarter financial results, including record first quarter total revenues of $3.7 billion, up 1% from the previous year and record first quarter total gross profit of $598.8 million, up 6% year over year. First quarter reported GAAP EPS was $1.79 per share. Excluding the effect of certain items, as detailed in our press release this morning, adjusted EPS for the first quarter was $1.62 per share, a 9% increase year over year.

今天稍早，Sonic Automotive 公布第一季財務結果，包括第一季總營收創新高達 37 億美元，較去年成長 1%；第一季總毛利亦創新高達 5.988 億美元，年增 6%。第一季依 GAAP 計算之每股盈餘（EPS）為每股 1.79 美元。排除若干項目之影響（詳見今日上午新聞稿），第一季調整後 EPS 為每股 1.62 美元，年增 9%。

Moving now to our first quarter Franchised Dealership segment results. We generated reported revenues of $3.1 billion, flat year over year, and same-store revenues of $2.9 billion, down 4% year over year. This same-store decrease was largely driven by a 10% decrease in new vehicle retail volume, offset partially by a 3% increase in used vehicle retail volume year over year. It should be noted that first quarter new and used vehicle volume faced tough year-over-year comparisons due to the pull-forward consumer demand for vehicles in the prior year ahead of the US auto import tariffs announced in March 2025.

接著說明第一季特許經銷商（Franchised Dealership）事業部門的表現。我們的申報營收為 31 億美元，與去年同期持平；同店營收為 29 億美元，年減 4%。同店下滑主要由新車零售銷量年減 10% 所致，但部分被二手車零售銷量年增 3% 所抵銷。需注意的是，由於 2025 年 3 月宣布美國汽車進口關稅前一年出現消費者提前購車需求，導致本季新車與二手車銷量面臨較高的年對年比較基期。

Reported franchise total gross profit for the first quarter was up 5% and was flat year over year on a same-store basis. Our fixed operations gross profit and F&I gross profit set quarterly records, up 10% and 7% year over year, respectively, on a reported basis. These two high-margin business lines continue to increase their share of our total gross profit pool, once again contributing over 75% of total gross profit for the first quarter, mitigating the potential headwinds to new vehicle volume and margin to our overall profitability while also leveraging our SG&A expenses more efficiently than incremental vehicle-related gross profit.

第一季特許業務的申報總毛利年增 5%，同店基礎則與去年同期持平。我們的固定營運（fixed operations）毛利與 F&I（融資與保險）毛利均創單季新高，申報口徑分別年增 10% 與 7%。這兩條高毛利業務線持續提升其在我們總毛利池中的占比，本季再次貢獻超過第一季總毛利的 75%，在新車銷量與毛利可能面臨逆風的情況下支撐整體獲利，同時也比新增的車輛相關毛利更有效率地槓桿運用我們的 SG&A（銷售、一般及行政）費用。

Same-stored new vehicle GPU was $3,002 per unit, down 4% year over year. On a reported basis, new vehicle GPU was $3,144 per unit, up 2% year over year.

同店新車單位毛利（GPU）為每台 3,002 美元，年減 4%。以申報口徑計，新車 GPU 為每台 3,144 美元，年增 2%。

On the used vehicle side of the franchise business, same-store used GPU decreased 4% year over year to $1,533 per unit, but increased 11% sequentially due to typical seasonality in the used car business. Our F&I performance continues to be a strength with first quarter record reported franchise F&I GPU of $2,670 per unit, up 9% year over year and up 2% sequentially.

在特許業務的二手車方面，同店二手車 GPU 年減 4% 至每台 1,533 美元，但受二手車業務典型季節性影響，較前一季成長 11%。我們的 F&I 表現仍是強項，第一季特許業務申報 F&I GPU 創新高達每台 2,670 美元，年增 9%，較前一季成長 2%。

Turning now to EchoPark. Adjusted segment income was an all-time record $12.6 million, up 25% year over year. And adjusted EBITDA was an all-time record $18.6 million, up 18% year over year.

接著談 EchoPark。調整後部門收益（adjusted segment income）創歷史新高達 1,260 萬美元，年增 25%。調整後 EBITDA 亦創歷史新高達 1,860 萬美元，年增 18%。

For the first quarter, we reported EchoPark revenues of $581 million, up 4% year over year and all-time record gross profit of $68 million, up 6% year over year. EchoPark segment retail unit sales volume for the quarter increased 3% year over year, and EchoPark segment total GPU was a first quarter record $3,502 per unit, up 3% per unit year over year and up 2% sequentially from the fourth quarter.

第一季 EchoPark 申報營收為 5.81 億美元，年增 4%；毛利創歷史新高達 6,800 萬美元，年增 6%。本季 EchoPark 部門零售銷售台數年增 3%，部門總 GPU 創第一季新高達每台 3,502 美元，單位年增 3%，並較第四季成長 2%。

With momentum on our side, we believe we are well positioned to resume a disciplined cadence of EchoPark store openings beginning in late 2026 while also initiating targeted investment in brand marketing as a key component of our long-term growth strategy. We expect to begin funding these brand marketing efforts this year, potentially increasing advertising expenses by $10 million to $20 million, with the majority of that investment occurring in the second half.

在動能站在我們這一邊的情況下，我們相信自 2026 年底起可望恢復以審慎節奏推進 EchoPark 門市開設，同時啟動對品牌行銷的精準投資，作為我們長期成長策略的關鍵組成。我們預期今年開始為這些品牌行銷投入資金，廣告費用可能增加 1,000 萬至 2,000 萬美元，其中大部分投資將發生在下半年。

Turning now to our Powersports segment. We generated first quarter record revenues of $41 million, up 19% year over year, first quarter record gross profit of $10 million, up 19% year over year.

接著談我們的 Powersports（動力運動）事業部門。第一季營收創新高達 4,100 萬美元，年增 19%；第一季毛利亦創新高達 1,000 萬美元，年增 19%。

First quarter combined new and used retail volume was up 25% year over year, and we are beginning to see the benefits of our investment in modernizing the Powersports business and the future growth opportunities it may provide.

第一季新車與二手車合計零售銷量年增 25%，我們也開始看到投資於 Powersports 業務現代化所帶來的效益，以及其可能提供的未來成長機會。

We also welcome our new team members from Space Coast Harley-Davidson, Treasure Coast Harley-Davidson, Falcon's Fury Harley-Davidson, Raging Bull Harley-Davidson, and San Diego Harley-Davidson. The acquisition of these five dealerships provides us coverage in key riding states of California, Florida, Georgia, and North Carolina. This acquisition further reaffirms our commitment to strategic growth within the Powersports segment and diversifies our geographic footprint and seasonality.

我們也歡迎來自 Space Coast Harley-Davidson、Treasure Coast Harley-Davidson、Falcon's Fury Harley-Davidson、Raging Bull Harley-Davidson，以及 San Diego Harley-Davidson 的新團隊成員加入。收購這五家經銷據點，使我們在加州、佛州、喬治亞州與北卡羅來納州等關鍵騎乘州取得布局覆蓋。此次收購進一步重申我們對 Powersports 事業部門策略性成長的承諾，並使我們的地理版圖與季節性更加多元化。

Finally, turning to our balance sheet. We ended the quarter with $770 million in available liquidity, including $381 million in combined cash and floor plan deposits on hand. Our focus on maintaining a strong balance sheet and liquidity position allows us to strategically deploy capital in a variety of ways to deliver value to our shareholders.

最後，談到我們的資產負債表。本季末我們的可用流動性為7.70億美元，其中包括3.81億美元的合併現金及庫存融資（floor plan）保證金存款。我們專注於維持強健的資產負債表與流動性部位，使我們能以多種方式策略性地部署資本，為股東創造價值。

During the first quarter, we repurchased approximately 2.1 million shares of our common stock for approximately $136 million, representing a 6% decrease in outstanding share count from December 31, 2025. In addition, I'm pleased to report today that our Board of Directors approved an additional $500 million share repurchase authorization and an 8% increase to the quarterly cash dividend to $0.41 per share payable on July 15, 2026, to all stockholders of record on June 15, 2026.

第一季期間，我們以約1.36億美元回購約210萬股普通股，較2025年12月31日的流通在外股數減少6%。此外，我很高興今天報告，我們董事會已核准額外5.00億美元的股票回購授權，並將季度現金股利提高8%至每股0.41美元，將於2026年7月15日支付給截至2026年6月15日登記在冊的所有股東。

We continue to work closely with our manufacturer partners to understand the potential impact of tariffs on vehicle production, pricing and volume forecasts, vehicle affordability, and consumer demand going forward. The full-year 2026 outlook and guidance on page 13 of our investor presentation considers these uncertainties and represents our current expectations for 2026 financial results. As always, our team remains focused on executing our strategy and adapting to ongoing changes in the automotive retail environment while making strategic decisions to maximize long-term returns.

我們持續與製造商合作夥伴密切合作，以了解關稅對未來車輛生產、定價與銷量預測、車輛可負擔性以及消費者需求的潛在影響。我們投資人簡報第13頁所列的2026年全年展望與指引已考量這些不確定性，並代表我們目前對2026年財務結果的預期。一如既往，我們團隊仍專注於執行策略，並在汽車零售環境持續變化下調整應對，同時做出策略性決策以最大化長期報酬。

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

以上為我們的開場致詞，接下來我們期待回答各位可能有的問題。謝謝。

(Operator instructions) Jeff Lick, Stevens, Inc.

（接線員指示）Jeff Lick，Stevens, Inc.

I was curious if you wanted to just talk a little bit about EchoPark. It appears that you're having some success there, and now you're talking about the optimism about opening some new stores. I'm curious, is there anything about this particular environment where, obviously, supply is pretty tight?

我想請教你是否願意稍微談談EchoPark。看起來你們在那邊取得了一些成果，現在也提到對開設一些新門市感到樂觀。我好奇的是，在這個特定環境下，顯然供給相當吃緊，有沒有什麼因素——

It seems like used demand might be a little higher than new demand. Anything about this environment that plays into EchoPark's business model? And then what is it that gives you confidence to open new stores?

似乎二手車需求可能比新車需求更高。這樣的環境有什麼地方與EchoPark的商業模式相契合嗎？另外，是什麼讓你們有信心開設新門市？

This is Jeff Dyke. On a same-store basis, new car prices were over $60,000 in the first quarter. That's an all-time high for the first quarter. Our total store was over $61,000. So with the appreciation or the increase in new car pricing, it's making affordability a big, big issue, and that is going to give -- put win in the sale for pre-owned, so it gives us a lot of confidence.

我是Jeff Dyke。以同店基礎來看，第一季新車價格超過6萬美元。這是第一季的歷史新高。我們全店平均超過6.1萬美元。因此，隨著新車價格上漲或提高，可負擔性成為非常、非常大的議題，而這將——為二手車銷售帶來順風，因此讓我們非常有信心。

We also are buying a lot more cars as a percentage of our overall business off the street, both on the franchise side and EchoPark. I believe we approached in the 40% range in the first quarter.

此外，無論是在特許經銷端或EchoPark，我們從街端（非拍賣）收購的車輛占整體業務的比重也高出許多。我相信第一季我們接近40%左右。

And so that makes a big difference. The margins are better. We're selling more cars. We have access to inventory. We're growing. We're executing at a high level, and so it gives us a lot of confidence as we move into Q2 to see the same kind of growth or even better for EchoPark on a year-over-year basis.

因此這帶來很大的差異。毛利更好。我們賣出更多車。我們能取得庫存。我們在成長。我們以高水準在執行，所以在進入第二季時，讓我們很有信心看到EchoPark同店年增能維持同樣的成長，甚至更好。

And we're seeing it on the franchise side, too. Maybe as a percentage growth, not quite to the extent, but in Q2, but the business is real strong. And it's being driven by just amazingly high new car pricing in the marketplace.

我們在特許經銷端也看到了同樣情況。也許以成長百分比來看沒有那麼高——在第二季——但業務非常強勁。而這主要是由市場上驚人偏高的新車定價所驅動。

And this is Heath. Let me add one point. I think it's really important to understand the value of us getting the non-auction sourcing, and the team has done a great job. Keep in mind, when we started, we were 90% auction and 10% other sources, and now, as Jeff mentioned, we're 40%. And those vehicles make $1,200, give or take, more in GPU than the auction vehicles.

我是Heath。我補充一點。我認為非常重要的是要理解我們取得非拍賣來源（non-auction sourcing）的價值，而團隊做得非常出色。請記住，剛開始時我們90%來自拍賣、10%來自其他來源，而現在如Jeff所說，我們已到40%。而這些車輛的單車毛利（GPU）比拍賣車高出約1,200美元上下。

So that's been a big driver. The team has found ways to source vehicles in multiple ways rather than the auction. That's a big, big part of it.

所以這一直是很大的驅動因素。團隊找到了多種方式來取得車源，而不是依賴拍賣。這是其中非常、非常重要的一部分。

And can you talk a little bit about -- I know you've somewhat integrated or tried to use your franchise dealerships as a strategic asset for EchoPark, and it's notable that you did a positive same-store sales and franchise for used as well. Could you maybe just talk about kind of the symbiotic relationship between those two and how you're using that source for the entire enterprise?

你能否再談談——我知道你們在某種程度上已整合，或嘗試把特許經銷店作為EchoPark的策略性資產來運用；而且值得注意的是，你們在二手車方面也實現了同店銷售與特許經銷端的正成長。你能否談談兩者之間那種互利共生的關係，以及你們如何把這個來源運用到整個企業？

Yeah, it's Jeff. We've never done that before. We started here in the first quarter, really the later end of the first quarter. And so it's not that many cars yet, a few hundred overall, but it's going to grow. And we're buying nearly new cars out of the franchise side of the business, which obviously is helping the franchise, so it helps the franchise side of the business, bringing those cars into EchoPark. The margins are decent. Back-end margins are great. And we're selling the heck out of them, in particular, on the East Coast. They've been really, really strong. The Atlanta market has been really strong in this arena.

好的，我是Jeff。我們以前從未這麼做過。我們是在第一季開始的，實際上是第一季較後段才開始。因此目前車量還不多，總共幾百台，但會成長。我們從特許經銷端的業務收購幾乎全新的車，這顯然也在幫助特許經銷端，因此把這些車導入EchoPark也有助於特許經銷端的業務。毛利還不錯。後端毛利非常好。而且我們賣得非常好，特別是在美東地區。表現一直非常、非常強勁。亞特蘭大市場在這方面也非常強。

And we'll continue to explore and do that with more brands. We've been really focused on Toyota and Honda, but we'll do that with more brands as we get better at this. It's very new for us. And again, just a few hundred units would be included in those numbers that you're looking at for the quarter.

我們也會持續探索，並把這做法擴展到更多品牌。我們一直很專注在Toyota和Honda，但隨著我們在這方面愈來愈熟練，會擴展到更多品牌。這對我們來說非常新。再說一次，你在本季看到的那些數字中，納入的也只是幾百台而已。

John Babcock, Barclays.

John Babcock，Barclays。

First question, I was wondering if you're able to quantify the impact of weather. And apologies if I missed, but whether it's an impact on overall dollars or if there's some way to estimate the impact on volumes, any color there would be useful.

第一個問題，我想知道你們是否能量化天氣的影響。如果我漏聽了也先致歉，但不論是對整體金額的影響，或是否有方法估算對銷量的影響，任何補充說明都會很有幫助。

Thank you. This is David Smith. And honestly, I'm not being a smartass, but we really do not allow weather reports in our business, in our meetings, and we just push through. And so we really don't focus on that at all.

謝謝。我是David Smith。老實說，我不是在耍嘴皮子，但我們的業務與會議裡真的不允許討論天氣報告，我們就是直接推進、把事情做完。所以我們其實完全不把那個當作重點。

Okay. Totally understand. Next question, I was wondering, are you guys seeing OEMs pull forward lease maturities? And if so, is that benefiting EchoPark at this point?

好的。完全理解。下一個問題，我想請教，你們是否看到OEM把租賃到期日提前？如果是的話，這是否在目前對EchoPark有幫助？

100%, they're doing that, in particular around BEV, and we're seeing that on the East Coast or the West Coast, and we're selling those vehicles. It's helping both the franchise side and somewhat at EchoPark. We're keeping most of those on the franchise side of the business. But definitely, the pull-aheads are helping in BMW, Mercedes.

100%，他們確實在做，特別是在 BEV 方面；我們在東岸或西岸都看得到，而且我們也在銷售那些車輛。這對特許經銷端有幫助，在 EchoPark 也有一定程度的助益。我們把其中大多數留在特許經銷業務端。但毫無疑問，提前回收（pull-aheads）對 BMW、Mercedes 都有幫助。

BMW has done a particular really good job with it. And we expect that to continue as we move forward, in particular around BEV because there's so many more BEV lease returns coming back here over the next six, between now and the end of the year, as those leases mature.

BMW 在這方面做得特別好。而且我們預期，隨著我們往前推進，這種情況會持續，尤其是在 BEV 方面，因為在接下來六個月、從現在到年底，會有更多 BEV 租賃到期回收（lease returns）陸續回來，隨著那些租約到期。

So is it primarily happening with the luxury brands?

所以這主要是發生在豪華品牌上嗎？

Yes.

是的。

And then just last question, I was wondering if you might be able to provide some color on where you plan to open EchoPark stores, whether it's in the same region as your existing stores or if you're planning to expand into other areas.

然後最後一個問題，我想請教你是否能多提供一些細節，關於你們計畫在哪裡開設 EchoPark 門市，是在與現有門市相同的區域，還是打算擴展到其他地區。

Our early expansion is primarily in Florida and Texas.

我們早期的擴張主要在佛羅里達州和德州。

Chris Pierce, Needham & Company.

Chris Pierce，Needham & Company。

Just one on EchoPark. I know you're guiding to high-single-digit unit gains. I just was curious, I mean, you guys performed better on front-end GPU, kind of talked how you performed better last year on vendor leverage, seeing healthy aspects leverage. But I guess I just want to understand, what would be the real driver of unit growth?

我有一個關於 EchoPark 的問題。我知道你們指引是單位數高段（high-single-digit）的銷量增長。我只是好奇，我的意思是，你們在前端 GPU（每台毛利）表現更好，也談到去年在供應商議價能力（vendor leverage）方面表現更好，看到健康的費用槓桿。但我想我只是想了解，推動單位銷量增長的真正驅動因素會是什麼？

And again, I'm not trying to poo-poo high-single-digit unit growth in a flat market. I just want to -- and I'm also not trying to compare you to a 40% unit growth, but I'm just kind of curious what would be a real driver of the double-digit unit gains?

再說一次，我不是要貶低在持平市場中達成單位數高段的銷量增長。我只是想要——我也不是要把你們拿去跟 40% 的銷量增長相比，但我只是有點好奇，能真正驅動兩位數銷量增長的因素會是什麼？

That sounds like what you're doing. Yeah, 40% is -- it certainly was an impressive number. Now, look, at the end of the day, we're executing our playbook and our process. We sold well over 30 units per sales associate in the month of March, for example, and we're executing, we think, at a high level.

聽起來你說的就是你們正在做的事。是的，40%——那確實是一個令人印象深刻的數字。不過你看，歸根結底，我們是在執行我們的作戰手冊和流程。例如在 3 月份，我們每位銷售顧問賣出了遠超過 30 台車，我們認為我們的執行水準很高。

Those gains will continue through this year. That's what's given us the confidence to open more stores as we move to the end of the year and then on into '27. And we're very comfortable with where we are, proud of our team for the growth that they have, and we look forward to that growth continuing.

這些增長會在今年持續。這也是讓我們有信心在接近年底時開更多門市，並延伸到 2027 年的原因。我們對目前的狀況非常有信心，也為團隊所取得的成長感到自豪，並期待這樣的成長能持續下去。

And this is Heath. I'll add, one of the things that would drive the unit growth is awareness. That is precisely why we're investing in the brand starting this year.

我是 Heath。我補充一下，能推動單位銷量增長的一個因素是品牌知名度。這也正是為什麼我們從今年開始投資品牌。

Yeah. And Jeff noted, before you mentioned Atlanta, we've had all-time record sales in Atlanta, and we think that a big part of that is because the market is much more aware of the EchoPark brand.

是的。而且 Jeff 先前在你提到亞特蘭大之前也指出，我們在亞特蘭大創下史上最高銷售紀錄，我們認為其中很大一部分原因是市場對 EchoPark 品牌的認知度高得多。

And one final point on that, this is Danny, is on the earlier point on non-auction sourcing improvements. We were up about 15% in terms of our sales in the first quarter year over year that were non-auction source. As Heath added, it's about a $1,200 better GPU on those vehicles, but it also gives us upside to grow that volume without being dependent or at risk of pricing on the wholesale auction front.

最後再補充一點，我是 Danny，回到先前提到的非拍賣來源（non-auction sourcing）改善。我們第一季來自非拍賣來源的銷售量年增約 15%。如 Heath 補充的，這些車輛的 GPU 大約高出 1,200 美元，同時也讓我們在不依賴、或不暴露於批發拍賣端定價風險的情況下，有上行空間去擴大該量能。

Our wholesale action volume was actually down year over year in the first quarter, and some of that was strategic, given the 7% wholesale auction increases we saw in Q1, take advantage of it in the late fourth quarter. But when pricing gets too high, we really push on this non-auction sourcing path, and that will only benefit from further investment in brand awareness and sourcing from customers as we go forward.

我們第一季的批發拍賣量其實年減，而其中一部分是策略性的，因為我們在 Q1 看到批發拍賣價格上漲 7%，所以在第四季末期加以利用。但當價格變得太高時，我們就會更用力推動這條非拍賣來源的採購路徑；而隨著我們往前走，進一步投資品牌知名度、並從客戶端進行採購，這只會帶來更多好處。

Can you -- could you please drill down on Atlanta a little bit, like how should we think of Atlanta in terms of cohort, age of store versus Denver, marketing spend in Atlanta versus other regions and sort of just kind of give us some sort of like support beams as to what you're doing there that's driving the growth you talked about?

你能——可以請你更深入談談亞特蘭大嗎？例如我們該如何從同批（cohort）、門市年齡（相較於丹佛）、亞特蘭大的行銷支出相較於其他地區等角度來看待亞特蘭大？也就是請給我們一些支撐架構，說明你們在那裡做了什麼，正在驅動你剛才提到的成長？

Yeah, this is David. One of the things we did, you may have seen is that we got the naming rights for Atlanta Motor Speedway, which is now EchoPark Speedway. We've seen in the numbers, that's been a major impact on customer awareness of the brand. And we found -- since 2014, when we opened our first stores in Denver, that people know about the EchoPark brand, and they search for us, and once they experience it and their friends experience it, it's why we have the number one guest experience in the industry is rated by reputation.com. That really pays off. So we've been really focused on that.

是的，我是 David。我們做的一件事，你可能有看到，我們取得了 Atlanta Motor Speedway 的冠名權，現在它叫做 EchoPark Speedway。從數據上我們看到，這對客戶對品牌的認知度帶來了重大影響。而且我們發現——自 2014 年我們在丹佛開出第一批門市以來，人們知道 EchoPark 這個品牌，他們會搜尋我們；一旦他們體驗過、他們的朋友也體驗過，這就是為什麼我們在 reputation.com 的評比中擁有業界第一的顧客體驗。這真的會帶來回報。所以我們一直非常專注在這一點上。

And as we said, we're going to start growing now, but we wanted to make sure we can maintain that world-class guest experience and the kind of volume that like Jeff mentioned in March. Our teammates were able to deliver those. We had some teammates who sold 50 or 60 cars and just the month of March and maintain that high level guest experience. That's something that we're thinking of the future and how that's going to benefit the brand in the future.

而且如我們所說，我們現在要開始成長，但我們想先確保能維持世界級的顧客體驗，以及像 Jeff 提到 3 月那樣的量能。我們的同仁能夠交付那些成果。我們有些同仁在 3 月單月就賣出 50 或 60 台車，同時仍維持高水準的顧客體驗。這是我們在思考未來，以及這將如何在未來讓品牌受益的一件事。

Yeah. The awareness in the Atlanta market has more than doubled since the sponsorship, and that really gave us the leg to say, okay, we need to really make some investments here from a marketing perspective, from a brand awareness. We just weren't ready until this year. And we really spent a lot of time getting our house in order, buying more cars off the street, executing at a high level.

是的。自從贊助之後，亞特蘭大市場的品牌知名度已經翻倍以上，這也真正給了我們底氣說，好，我們需要在這裡從行銷、品牌知名度的角度做一些投資。只是直到今年我們才準備好。而且我們花了很多時間把內部整頓好，從街端向客戶收車（buying more cars off the street），以高水準執行。

You've seen we've put quarters back-to-back to back-to-back together if you're following EchoPark closely in the growth. And that growth is going to accelerate. And in particular, as we start opening stores, it will have the hockey stick acceleration.

如果你密切關注 EchoPark 的成長，你會看到我們已經連續好幾季一季接一季地交出成績。而且那個成長將會加速。尤其是當我們開始開設門市時，會出現曲棍球棒式的加速。

And we're very excited about that opportunity, but we're going to be very prudent and focused. We've done this before, and this time, we're going to make sure that we get this absolutely right. And so we're real excited about getting some stores open towards the end of the year.

我們對這個機會非常興奮，但我們會非常審慎且保持專注。我們以前做過這件事，而這一次，我們會確保把它做到完全正確。所以我們非常期待在年底前後開出一些門市。

And I just wanted to highlight one more thing on this is that both Jeff and David mentioned, the fact that we have sales associates that are selling 30-plus vehicles when I would say probably the average -- yeah, 30-plus on the average per month per associate.

我還想再強調一點：正如 Jeff 和 David 都提到的，我們的銷售顧問能賣出 30 台以上的車；我想大概平均——是的，平均每位顧問每月 30 台以上。

That efficiency, the process that we have, that's one of the reasons that you see for this quarter, EchoPark SG&A as percent of gross was lower than 70%. And our semi-fixed expense structure there, coupled with the processes that allow that kind of efficiency, it's just going to get better. And you'll see, as we've said from the beginning, that EchoPark has the ability to delever or to leverage that SG&A because of the way it's set up. It's very unique to have associates averaging that number of vehicles per month.

那種效率、我們所擁有的流程，是你們看到本季 EchoPark 的 SG&A 佔毛利比重低於 70% 的原因之一。而我們在那裡的半固定費用結構，加上能帶來這種效率的流程，只會持續改善。而且你們會看到，正如我們從一開始就說的，EchoPark 具備讓 SG&A 去槓桿或加槓桿的能力，因為它的設計方式就是如此。員工平均每月能處理那樣數量的車輛，是非常獨特的。

And Chris, one more point on the Atlanta market specifically, I guess, as maybe operational points supporting the brand awareness and the gains we've made there, our unit volume in the first quarter in Atlanta was up about 25% year over year, and our total GPU was up $225 a car. So we're seeing more traffic. We're monetizing those incremental vehicles at a better rate.

Chris，另外再補充一點，特別針對亞特蘭大市場，我想作為支持品牌知名度以及我們在那裡取得成長的營運面佐證：我們第一季在亞特蘭大的單位銷量年增約 25%，而我們的總 GPU（單車毛利）每台車增加了 225 美元。所以我們看到更多的來客量。我們也以更好的比率將這些新增車輛變現。

Some of that non-auction sourcing mix we talked about obviously benefits us there, but we really think that's kind of an incremental proof point in the early stages on brand awareness and reaching consumers and letting them know who EchoPark is, what our guest experience is will only help continue to benefit those growing markets, but also our more mature markets in Houston and Dallas and Denver as we go forward.

我們談到的那部分非拍賣來源採購組合，顯然在那裡對我們有利；但我們確實認為，這在品牌知名度的早期階段是一個額外的佐證：觸及消費者、讓他們知道 EchoPark 是誰、我們的顧客體驗是什麼，只會持續讓那些成長中的市場受益，同時也會在我們往前推進時，讓休士頓、達拉斯與丹佛等較成熟市場受益。

And this is David. One last thing is that you'll see as we move forward and as we open new stores, new EchoPark stores that are cost basis in those stores is going to be less than we have spent historically, which is going to make it far easier to become profitable a lot faster in those locations.

我是 David。最後再補充一點：你們會看到，隨著我們往前走、以及我們開設新門市、新的 EchoPark 門市，這些門市的成本基礎會低於我們過去歷史上的投入，這將使得那些據點更容易、更快達到獲利。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

Pretty good execution, congrats on that. I had a question on parts and service. I acknowledge that you don't like to talk about weather. So irrespective, the growth is pretty strong despite some of tough warranty comps.

執行得相當不錯，恭喜。我有一個關於零件與售後服務（parts and service）的問題。我知道你們不喜歡談天氣因素。所以先不論這點，在一些艱難的保固比較基期之下，成長仍然相當強勁。

I'm curious how we should think about growth there. I know you're sticking to like your framework, but maybe if you could unpack that for us a little bit, what's really helping that business, any change in processes, hiring cadence? How should we just think about growth there for the rest of the year?

我想了解我們應該如何看待那部分的成長。我知道你們會堅持你們的框架，但如果可以的話，能否再幫我們拆解一下：究竟是什麼在支撐那個業務？流程上是否有任何改變、招募節奏如何？我們應該如何看待今年剩餘時間那部分的成長？

This is Jeff. I mean, look, we told you this two years ago. We were on a mission to hire technicians with plus 400 technicians, I think, since we started that mission. We continue to hire techs. We're executing at a really high level in our playbooks. We have a value service program that we're very focused on to drive more customers into our service drive, which then allows us to upsell off of those value services that we brought into the service drive.

我是 Jeff。我的意思是，我們兩年前就跟你們說過。我們的使命是招募技師；自從啟動那個使命以來，我想我們已經新增了超過 400 位技師。我們持續在招募技師。我們在既定作戰手冊（playbooks）的執行上維持非常高的水準。我們有一個非常聚焦的價值型保養服務方案（value service program），用來把更多客戶導入我們的服務通道，進而讓我們能在這些價值型服務的基礎上做加購／升級銷售（upsell）。

The used business is growing, so that helps internals. Just overall, we're executing at a very high level. And mid-single-digits is a good number, maybe up a little bit above that. And it's across the board, it's not one market or another. It's not one brand or another. We've got some warranty challenges in comparison to last year.

二手車業務在成長，所以也帶動內部維修（internals）。整體而言，我們的執行水準非常高。而中個位數成長是個不錯的數字，可能還會略高一些。而且是全面性的，不是某一個市場或另一個市場。也不是某一個品牌或另一個品牌。相較去年，我們在保固方面的比較確實有些挑戰。

I think we had with our Honda brand, we're off about $1 million in gross there, but we'll drive more CPU. Obviously, we're not in control of warranty, but we'll drive more customer gross into those brands, into that brand. And it's a bright future for fixed operations at Sonic Automotive. It's going to get better as we go on this year. It's going to get better and stronger into '27, '28, and towards the end of the decade.

我想以我們的 Honda 品牌來說，那部分毛利大約少了 100 萬美元，但我們會提升每位客戶單位（CPU）。顯然保固不是我們能控制的，但我們會在那些品牌、在那個品牌上，帶動更多客戶毛利。Sonic Automotive 的固定營運（fixed operations）前景非常光明。今年接下來會持續變得更好。到 2027、2028 年，以及本十年末期，會變得更好、更強。

There's a lot of business out there for us to get. Remember, customers buy new cars, but half of them don't go to a dealership, not just Sonic, anybody, because the industry is priced high and processes were crazy and reputation, I think. We've cleaned all that up. Our service CSI scores are fantastic, and that's all playing into the results that we're seeing, and they're just going to get stronger as we move forward.

外面有很多業務是我們可以爭取的。記住，客戶買新車，但其中有一半不會回到經銷商（不只是 Sonic，任何人都一樣），因為產業定價偏高、流程又很混亂，還有我認為是口碑／聲譽的因素。我們已經把那些都整理改善了。我們的服務 CSI（顧客滿意度指標）分數非常出色，這些都反映在我們看到的成果上，而且隨著我們往前走只會更強。

And one additional opportunity there is it's very ripe for AI. Our AI team is just going in now, and we're starting to look at the processes that fixed. Obviously a very high margin part of our business, but we think we can be more efficient with the technology. So I think there's opportunity in that area as well.

另外一個機會是，這一塊非常適合導入 AI。我們的 AI 團隊現在正開始投入，並且開始檢視固定營運的流程。這顯然是我們業務中毛利率非常高的一部分，但我們認為透過科技可以更有效率。所以我認為那個領域也有機會。

We just broke $90 million in gross in a single month in the first quarter. That was an all-time record for us for a single month, and that's going to continue to get bigger. We've got short-term goals of being over $100 million a month in fixed operations gross. And we're hopeful to see a month this year do that, and then ongoing will be above that.

我們在第一季單月毛利剛突破 9,000 萬美元。那是我們單月的歷史新高紀錄，而且這個數字會持續變大。我們短期目標是在固定營運單月毛利超過 1 億美元。我們希望今年能看到某個月份達成，之後也會持續高於那個水準。

So there's just huge growth there and great opportunity for us as we started to look at the business differently, more of a high volume, high traffic count business than we have in the past. And there's just too much opportunity and too many guests out there in our AOIs to take advantage of that. So that's what we're focused on.

所以那裡有非常巨大的成長與很好的機會，因為我們開始用不同的方式看待這個業務：相較於過去，更像是一個高量、高來客數的業務。而在我們的 AOI（營運影響範圍）內，有太多機會、也有太多顧客可以讓我們去把握。所以這就是我們的重點。

And just a couple of other points there, as you might have seen in the release, we grew customer pay at a 5% rate on the same-store basis, and warranty was at a 7% rate. So that was even an uptick in growth rate versus the fourth quarter warranty was only 2% up year over year in the fourth quarter. So continuing to see benefits there.

另外再補充幾點，如你們可能在新聞稿中看到的，我們同店基礎下的客戶自費（customer pay）以 5% 的速度成長，而保固（warranty）為 7%。因此相較第四季，成長率還有所提升；第四季保固年增只有 2%。所以我們持續看到那方面的效益。

As long as that warranty tailwind persists, but really focused on customer pay, and we've got 40 basis points of margin expansion out of it. But on an all-in basis, customer pay has grown at 9%, warranty is up to 15%, including the acquisition. So we've got some year-over-year upside in terms of the comparisons as we get into the back half and lap those JLR acquisitions from last year.

只要那股保固順風持續存在，但我們真正聚焦的是客戶自費，而且我們從中帶來了 40 個基點的毛利率擴張。不過以整體口徑來看，客戶自費成長了 9%，保固成長到 15%，其中包含併購的影響。因此，當我們進入下半年、並且與去年那些 JLR 併購案完成一年的比較（lap）之後，在年對年的比較上我們會有一些上行空間。

Right, right. That's very clear and helpful. I wanted to just ask another question around just pricing dynamics, I mean, like maybe like a two-fold question. One is, you have this one big nationwide competitor of yours that is undergoing a pretty relatively graphed price cut. I'm curious if you're feeling it, are you seeing it, have you reacted to it? Any thoughts on that would be helpful.

對，對。這非常清楚也很有幫助。我還想再問一個關於定價動態的問題，可能是兩個部分。第一，你們有一個全國性的大型競爭對手正在進行相當明顯的降價。我想了解你們是否感受到、是否觀察到、以及是否已經做出反應？任何看法都會很有幫助。

And then second question, Carvana yesterday talked about some risk in the second quarter from just narrowing wholesale retail spreads. I know that you have like much lower day supply, and you're increasing consumer sourcing, too, but I'm curious if that is something to keep in mind as far as your business goes.

然後第二個問題，Carvana 昨天談到第二季可能存在一些風險，主要來自批發與零售價差收窄。我知道你們的庫存天數供給更低，而且也在提高消費者端的車源取得，但我想了解，這是否是你們業務上需要留意的事情。

As far as the pricing goes, we haven't felt that, and it's isolated to VINs and marketplaces, and that hasn't tripped any wires over here at all. So we're not feeling that.

就定價而言，我們沒有感受到那種情況，而且那是局限在 VINs 和一些交易市場上，這邊完全沒有觸發任何警訊。所以我們沒有感受到。

On the spread, yeah, I mean, it's pretty normal seasonality. Obviously, prices went up in the first quarter. We were buying cars early in the first quarter when wholesale prices were down. As we go into the second quarter, we're seeing that shrink, the gap between the two. It's not going as rapid as last year, but it is closing. So that is real.

至於價差，是的，我的意思是，這是相當正常的季節性。顯然第一季價格上漲。我們在第一季初批發價格較低時就買進了車輛。進入第二季，我們看到兩者之間的差距在縮小。縮小的速度沒有去年那麼快，但確實在收斂。所以這是真實存在的。

But we still expect nice growth with EchoPark in the second quarter. And we're going to continue to expand better growth than we had in the first quarter. Maybe the margins are hanging in there better, both on the franchise side and EchoPark side in April, better than they normally do from a pre-owned perspective, which is very good and that's great to see.

但我們仍預期 EchoPark 在第二季會有不錯的成長。而且我們會持續擴張，成長會優於第一季。也許從二手車角度來看，4 月不論是特許經銷端或 EchoPark 端，毛利都比通常更能撐住，這非常好，也很高興看到。

We'll see how supplies hold up as we move in, they always tighten. And we're always trying to shrink our day supply, so at this time of the year, after the big first quarter and tax season, so we'll see how things go, but the pre-owned business should be nice and solid as we move throughout the rest of the year.

我們會看看供給在接下來的進程中能否維持，供給總是會趨緊。而我們也一直在努力降低庫存天數，所以在每年這個時點，經歷了強勁的第一季與報稅季之後，我們會看看情況如何，但二手車業務在今年剩餘時間應該會保持良好且穩健。

And again, to that, our actual performance in the first quarter, our average selling price at EchoPark was down about 2% sequentially from the fourth quarter, but wholesale pricing was up 7% as we went through the first quarter, but our GPU expanded, our vehicle-related GPU only expanded about $200 sequentially.

再補充一次，第一季我們的實際表現是，EchoPark 的平均售價較第四季環比下降約 2%，但在第一季期間批發價格上漲了 7%；不過我們的 GPU 擴大了，而我們的車輛相關 GPU 環比只擴大了約 200 美元。

So we were seeing narrowing retail pricing on a mix basis anyway, increases in wholesale pricing, but still saw an expansion in GPU, again, because of the way we buy, because of that non-auction sourcing mix, and that should only give us more insulation against those movements as well, as Tim said, recognizing the normal seasonality of used car pricing movements in January, February, March and then on the downswing in April, May, June post-tax refund season.

所以我們本來就看到在組合因素下零售定價收窄、批發定價上升，但 GPU 仍然擴張；再次強調，這是因為我們的採購方式、因為非拍賣來源的採購組合，這也應該讓我們對這些波動有更好的緩衝；正如 Tim 所說，也要認知到二手車價格在 1、2、3 月的正常季節性上行，以及在退稅季過後的 4、5、6 月走弱的趨勢。

Got it. That's helpful. Maybe just last one on balance sheet. Very surprised by like the big buyback here in the first quarter. Curious like how should you think about leverage here? You obviously increased the authorization. So maybe like another way to ask is like, is the ramp-up and buyback just a signal that you're not really worried about like the macro or the cycle here and you just feel like with the growth in parts and services, the trend in EchoPark?

了解。這很有幫助。最後一個關於資產負債表的問題。我對第一季這麼大規模的回購感到非常意外。想請教應該如何看待你們的槓桿？你們顯然也提高了授權額度。所以換個方式問：這次加速回購是否代表你們其實不太擔心總體環境或景氣循環，並且覺得在零件與服務的成長、以及 EchoPark 的趨勢帶動下——

There's just like more good things to come from an EBITDA perspective, and you feel comfortable buying back this heavily right now. I was just a little surprised, given some of the choppiness we hear about in the macro.

從 EBITDA 的角度還會有更多好消息，因此你們現在就能很放心地大幅回購。只是考量到我們聽到總體環境有些波動，我有點意外。

Yeah. This is David. Yes, I mean, we obviously, we would not have bought back the shares if we didn't feel confident in our business. And as always, we want our investors to know that we're going to be looking at all our different options of where we place our capital and look for the best return.

是的。我是 David。是的，我的意思是，如果我們對業務沒有信心，我們顯然不會回購股票。而且一如既往，我們希望投資人知道，我們會檢視所有不同的資本配置選項，並尋求最佳報酬。

But I think the key to what you were saying there is and what you're asking is what are we going to do going forward and we're going to look at various opportunities like the Powersports acquisition that we just made, that was a great opportunity and offered great ROI opportunity. And we're going to continue with that, whether it's -- with whatever we choose, whether it's share repurchases or debt reduction or acquisitions, it just depends on what we see in the market. Heath?

但我認為你剛才提到、以及你在問的關鍵是：接下來我們要怎麼做？我們會評估各種機會，例如我們剛完成的 Powersports 收購，那是很好的機會，也提供了很好的 ROI 機會。我們會持續這樣做——無論我們選擇的是什麼，不管是股票回購、減債或併購，都取決於我們在市場上看到什麼。Heath？

Yeah, I'll just say, we feel like we have a very strong balance sheet at a little over two turns for our leverage ratio, and that gives us and a lot of liquidity. That gives us the ability to actually invest in multiple areas. As you've just seen, we were able to purchase five JLR stores last year, five Powersports dealerships this year, at the same time, buy back 2 million shares, increase the dividend by 8%, investing in our business as it relates to AI, buying real estate, enhancing the facilities, and finally, we're still in great shape to expand EchoPark.

是的，我補充一下，我們認為我們的資產負債表非常強健，槓桿比率略高於 2 倍，且流動性充裕。這讓我們有能力在多個領域進行投資。如你所見，我們去年能收購 5 家 JLR 門店、今年收購 5 家 Powersports 經銷據點，同時回購 200 萬股、把股利提高 8%、投資與 AI 相關的業務、購置不動產、改善設施；最後，我們仍然具備很好的條件去擴張 EchoPark。

And so I think the balance sheet is allowing us to do that. We're completely comfortable where we are in the leverage ratio, and we've got it all cooked in and understand the impact, and we're very comfortable that we've done a lot of dry powder to invest in all of these areas.

所以我認為資產負債表讓我們能做到這些。我們對目前的槓桿比率位置完全感到安心，我們已把所有因素都納入並理解其影響；而且我們非常有信心，我們還有大量「乾火藥」可以投資在所有這些領域。

And Rajit, I think if you look at the quarters, the last six or seven quarters that we've strung together, we're showing the execution, the discipline in this company like we've never shown before. And so that gives us a real high level of confidence. It doesn't matter if there's COVID or tariffs or weather or whatever else is going to come -- Godzilla is going to come out of the whatever and blow up our cars. We're overcoming all of that.

Rajit，我想如果你看看我們連續串起來的最近六到七個季度，我們展現了前所未有的執行力與紀律。這讓我們非常有信心。不管是 COVID、關稅、天氣或其他任何將要發生的事——就算哥吉拉從不知道哪裡跑出來把我們的車都炸了——我們都能克服。

And I think that's just a big testament to our team. The tenure that we have on this team is amazing. We had our Board meeting yesterday, and we were going through our tenure in this company. It's just incredible, and very, very confident. So we look forward to the great remainder of the year and a very bright future for Sonic.

我認為這充分證明了我們團隊的實力。我們團隊在公司的任職年資令人驚嘆。我們昨天開董事會，回顧了大家在公司的任職年資。真的非常不可思議，也讓我們非常、非常有信心。所以我們期待今年剩餘時間的優異表現，以及 Sonic 非常光明的未來。

Bret Jordan, Jefferies.

Bret Jordan，Jefferies。

This is Patrick Buckley on for Brett. Thanks for taking our questions. As you think about the longer-term outlook on franchise new GPUs, how are you thinking about the new floor there? Some viewers have recently suggested a landing spot towards the upper end of their previous targets. Have your thoughts changed at all?

我是代替 Brett 的 Patrick Buckley。謝謝你們回答我們的問題。當你們思考特許經銷新車 GPU 的長期展望時，你們如何看待新的底部水準？最近有些觀察者建議，落點可能會接近他們先前目標區間的上緣。你們的看法有任何改變嗎？

I mean, we didn't change guidance there. We're seeing a little bit of shrinkage on front-end margin in April for new, but it's going the other way for pre-owned. I think we're fine in the range that we gave you guys for the year.

我的意思是，我們沒有在那方面改變指引。我們看到 4 月新車的前端毛利有些收縮，但二手車則是往相反方向發展。我認為我們仍然會落在今年給各位的區間內。

Mix moves around a little bit. If you're selling more domestic than normal or more Honda than normal, we get a little a drop in our front-end margin, but our F&I numbers are so good at our franchise stores. Our F&I numbers in the first quarter were up $230 a vehicle, which is just fantastic, and we expect that to continue to grow as we move throughout the year. So the total all-in margin, I think we're going to be just fine. And it may move around a little bit due to mix.

產品組合會有些微變動。如果你賣的國產車比平常多，或 Honda 比平常多，我們的前端毛利會小幅下滑，但我們在特許經銷店的 F&I 表現非常好。我們第一季的 F&I 每台車增加了 230 美元，這非常出色，我們預期隨著今年推進還會持續成長。所以整體的全包毛利，我認為我們會沒問題。而且它可能會因為產品組合而有些波動。

Mercedes sells more or less or BMW more or less and then Honda comes in or Ford comes in, the margins are a little different, but our F&I numbers are so strong that it balances it all out. And I think we'll be fine with our guidance that we gave you for 2026.

Mercedes 賣多一點或少一點、BMW 賣多一點或少一點，然後 Honda 進來或 Ford 進來，毛利會有些不同，但我們的 F&I 數字非常強，所以能把一切都平衡掉。而且我認為，我們對你們提供的 2026 年指引會沒問題。

Got it. And then on BMW, we've heard some talks of delayed new product timing there. Has there been any notable disruptions or impact due to that delayed product change this year?

了解。接著談 BMW，我們聽到一些關於新產品時程延後的說法。今年因為這次產品改款延後，有沒有任何明顯的干擾或影響？

No, they've been doing a fantastic job. They communicate well, and they've done an amazing job managing through this as all of our manufacturer partners have. And there have been no issues.

沒有，他們做得非常出色。他們溝通良好，而且在這件事的管理上做得很棒，就像我們所有的製造商夥伴一樣。而且沒有任何問題。

I mean, we need to watch affordability and entry-level models into some of the luxury brands. That's an important topic to study and watch, but you start getting past -- there's two quarters in a row now, we're past $60,000 mark. We'll see. I don't see that changing in the second quarter.

我的意思是，我們需要關注可負擔性，以及一些豪華品牌的入門車型。這是值得研究與觀察的重要議題，但你看——現在已經連續兩個季度，我們都超過 60,000 美元的門檻。我們再看看。我不認為第二季會有變化。

Third quarter, they're going to pass on the tariff expenses to the consumer. Prices are going up. It helps the used car business. We'll see how much elasticity is in the new car pricing. I mean, something is going to have to happen if volume really slows off because day supply will start growing. And then you will have a margin compression issue. I just don't see that happening this quarter or next, maybe a little bit due to change in mix for us. But overall, I think it will be nice and steady as she goes.

第三季，他們會把關稅成本轉嫁給消費者。價格會上漲。這對二手車業務有利。我們會看看新車定價的需求彈性有多大。我的意思是，如果銷量真的明顯放緩，就必須發生一些事情，因為庫存天數會開始增加。然後你就會面臨毛利被壓縮的問題。我只是看不到這一季或下一季會發生這種情況，對我們而言可能會因為組合變動而有一點點。但整體來看，我認為會相當平穩、按部就班。

(Operator instructions) Alex Perry, Bank of America.

(接線員指示) 美國銀行 Alex Perry。

Congrats on the execution. I just wanted to ask about if you've seen sort of any impact from the war or any sort of change in new used vehicle sales trends as we moved into April. And could you maybe help us on like the cadence of the monthly comps in the quarter on the new side? Thanks.

恭喜執行得很到位。我想問一下，你們是否看到戰爭帶來任何影響，或是我們進入四月後，新車/二手車銷售趨勢有任何變化？另外，你們能否協助說明一下本季新車端每月同店比較（comps）的節奏？謝謝。

I would say -- Alex, this is David. That it's been really pleasantly surprising that the resilience of the consumer and that they've just continued to our demand, and you've seen in our numbers, they're continuing to do business with us. And despite the uncertainty, I think that it's really been fantastic to see, and I think that hopefully soon this major conflict will be over, and I think we'll go into the summer months with some great results. But then, JD?

我會說——Alex，我是 David。令人相當驚喜的是，消費者的韌性很強，他們的需求持續存在；你也從我們的數字看到，他們持續跟我們做生意。儘管存在不確定性，能看到這點真的很棒；我也希望這場重大衝突能盡快結束，我想我們在夏季月份會有不錯的成果。不過，接著 JD？

Yeah, I mean, if anything, BEV units from a pre-owned perspective, we're selling a lot more of those. The pull-aheads are helping. And we're getting a -- that's the big wind in our sales right now because otherwise, we'd have some overhang, I think, with that. And in particular, I think the luxury stores are doing a great job with that. BMW, Mercedes, they're doing a really good job.

對，我的意思是，如果說有什麼的話，從二手車角度來看，BEV（純電動車）單位我們賣得多了很多。提前拉貨（pull-aheads）正在提供幫助。而我們現在銷售上的一大助力就是這個，因為不然我覺得我們可能會有一些壓力（overhang）。尤其是豪華品牌門店在這方面做得很好。BMW、Mercedes，他們做得非常好。

But other than that, no. I mean, the business has been good cadence-wise, January was amazing. I mean, it was just an unreal January. If you want to talk about weather, maybe that slowed us down a little bit at the end of January, but I mean, it just a Fantastic January and a really good February. We started comping against the tariff pull aheads in March, and you did that all of March really in the first two weeks or so of April, 10 days of April. And then the comps will get a lot easier as we move into May and June. So we'll see some flip around in our year-over-year numbers will start sort of heading into the positive direction.

除此之外，沒有。就節奏而言，業務表現一直不錯，一月非常驚人。我的意思是，那是一個不可思議的一月。如果要談天氣，或許一月底天氣讓我們稍微慢了一點，但總之，一月非常棒，二月也非常好。三月我們開始與關稅提前拉貨（tariff pull aheads）的基期做同店比較，整個三月都是如此，基本上也延續到四月前兩週左右、四月前 10 天。接著進入五月和六月，同店比較會容易很多。所以我們會看到年對年數字出現一些翻轉，開始朝正向發展。

And I'll just throw out the comparison of March and the first two weeks of April, it's not a fair comparison, compared against '24 and '23, and we look fantastic on a year-over-year basis. And so that's how that looks, and that's kind of behind us now. You're going to get a little bump when we get to the September timeframe, and we bounce against the BEV kind of pull ahead from that timeframe, but it ought to be smooth sailing other than that for the rest of the year.

我再補充一下，把三月和四月前兩週拿來比較，對照 2024 年和 2023 年其實不算公平；而我們用年對年來看表現非常亮眼。所以大概就是這樣，而那段影響現在也差不多過去了。等到九月左右，你會看到一點小幅拉升，因為我們會對上當時 BEV 的提前拉貨基期，但除此之外，今年剩下的時間應該會一路順風。

That's really helpful context. And then I guess my next question, you mentioned in the deck consolidation opportunity in Powersports. Is that a place where you'll continue to add doors there? What are you seeing there that gets you excited? Do you expect it to be sort of on the Harley side in the motorcycle space or more sort of traditional Powersports? Would love to hear just sort of how you're thinking about that segment.

這些背景非常有幫助。接著我想問下一題，你在簡報中提到 Powersports 的整併機會。那會是你們會持續增加據點（doors）的地方嗎？你們在那裡看到什麼讓你們感到興奮？你們預期會比較偏向機車領域的 Harley 端，還是更偏傳統的 Powersports？很想聽聽你們對這個分部的思考。

Thanks for the question. This is David. We've been really, really pleased. A big shout out to our Powersports team. They've just done an outstanding job. And as I mentioned, modernizing the Powersports industry, at least the ones that we have, we see some great opportunities and the prices, the acquisition opportunities are coming at us. It's very interesting.

謝謝你的問題。我是 David。我們一直非常、非常滿意。要特別稱讚我們的 Powersports 團隊。他們做得非常出色。如我提到的，至少就我們所擁有的那些據點而言，我們正在推動 Powersports 產業的現代化；我們看到一些很好的機會，而且收購價格、收購機會正不斷出現在我們面前。這非常有意思。

We like our diversified portfolio, so we're not going to be concentrated solely on Harley-Davidson. But this recent acquisition was just really just outstanding and fantastic locations where, as I mentioned, you have a lot of sunny days in those markets to offset some of our -- the snowy weather in our big South Dakota Sturgis stores.

我們喜歡多元化的投資組合，所以不會只集中在 Harley-Davidson。但這次近期的收購真的非常出色，地點也非常棒；如我提到的，這些市場有很多晴天，可以抵消我們——我們在南達科他州 Sturgis 大型門店那邊的下雪天氣。

But we do see fantastic opportunities. You look at the growth that's generated in motorcycle sales, new and used, is really -- it's crazy. It's like we're -- it's like we're making the same amount of profit on selling an item that's maybe a third of the price of a vehicle. And so there's some great opportunities there.

但我們確實看到非常棒的機會。你看看機車銷售（新車與二手）所帶來的成長，真的——很誇張。感覺就像——我們賣一個可能只有汽車三分之一價格的商品，卻能賺到差不多同樣的利潤。所以那裡有一些很好的機會。

JD?

JD？

Yeah. I would tell you, just to give you a little more detail on what David was talking about. I mean, our new GPU for the first quarter franchise was $3,144, and our GPU for Powersports was $2,891, damn near the same number. Our used GPU, which we've really grown the heck out of our used business on Powersports, that's something that industry lacks, was $1,938 a copy versus $1,539 a copy. We're making more gross selling used than we are selling used on the franchise side.

是的。我想跟你說，補充一些 David 剛才提到的細節。我的意思是，我們第一季特許經營的新車 GPU 是 3,144 美元，而我們動力運動（Powersports）的 GPU 是 2,891 美元，幾乎是同一個數字。我們的二手 GPU——我們在 Powersports 的二手業務真的成長非常快，這是這個產業所欠缺的——是每台 1,938 美元，相較之下特許經營端每台是 1,539 美元。我們賣二手在 Powersports 的毛利，比在特許經營端賣二手還要高。

So very exciting opportunity for us to grow that part of the business. And we're opportunistically buying, just being very careful and cautious. And as we told you from day one, growing the business and putting in our playbooks, our technology, taking care of our guests, taking care of our teammates, and we just get better and stronger with all-time record quarter. We see that backing up to the next all-time record quarter and the next one.

所以對我們來說，這是個非常令人振奮的機會，可以把這塊業務做大。我們也在伺機收購，但會非常小心、非常謹慎。而且正如我們從第一天就告訴各位的，我們要擴大業務、導入我們的作戰手冊與技術、照顧好客戶、照顧好團隊夥伴；我們在創下歷史紀錄的季度後變得更好、更強。我們看到這會延續到下一個再創歷史紀錄的季度、再下一個也是如此。

It's a fun business with great margin percentage. And our team loves going in and buying them. And who we are acquiring love it. So we're having a great time. And as David said, we've got a fantastic leadership team running that business, totally separate from EchoPark and our franchise business. We'll see what happens in the coming quarters. There's a lot of opportunity in this segment.

這是一門很有趣、毛利率很高的生意。我們的團隊也很喜歡進場去收購這些店。而我們收購的對象也很喜歡。所以我們做得很開心。而且如 David 所說，我們有一個非常出色的領導團隊在經營這項業務，完全獨立於 EchoPark 與我們的特許經營業務。接下來幾季會如何發展，我們拭目以待。這個細分領域有很多機會。

That's really helpful. Could I ask one follow-up on that? The used grosses in the differential versus the vehicle side is pretty interesting. Why do you think the grosses are so high in the Powersports side on a relatively lower ASP? Is it just the fractionation of the market?

這真的很有幫助。我可以就此再追問一個問題嗎？二手的毛利與車輛端相比的差異很有意思。為什麼在 Powersports 端、在相對較低的 ASP（平均售價）下，毛利會這麼高？是因為市場高度分散嗎？

It is. That's part of it. But think about it, customers don't know what to do with that product. When they buy a new Powersports, they buy something or whatever, they've always taken their old one and put a sign on in the front yard and said for sale. They don't know that we want to buy that from them. And so we're giving them a great deal of buying that.

是的。這是其中一部分原因。但你想想看，客戶其實不知道該怎麼處理那種產品。他們買了新的 Powersports（動力運動車）或其他產品後，過去一直都是把舊的那台牽到前院掛個牌子寫「出售」。他們不知道我們願意跟他們買。所以我們提供他們一個很好的方案來收購。

They're expensive. You buy a brand-new four-door Polaris now, it's $55,000. We can trade for them and sell them for in the upper teens or lower 20s, make great margin like you see and provide the consumer with something they've never gotten in this industry.

那些東西很貴。你現在買一台全新的四門 Polaris，要 55,000 美元。我們可以用以舊換新收進來，再用一萬多美元到兩萬出頭的價格賣出去，像你看到的那樣賺到很好的毛利，同時也為消費者提供了他們在這個產業從未得到過的東西。

So there's a huge -- I mean, it's just industry that just did not sell pre-owned, and we're growing pre-owned at 40% and 50% clips a quarter, and that's going to continue into the future. They just didn't focus on it, and that's something that is core to our success at Sonic Automotive, and we're bringing that to this industry, and it's making a big difference.

所以這裡有很大的——我的意思是，這個產業過去根本不賣二手，而我們二手每季以 40%、50% 的速度成長，未來也會持續。他們就是沒有把重點放在這上面；但這正是我們在 Sonic Automotive 成功的核心之一，我們把這套帶進這個產業，帶來了很大的改變。

And that's one of the things that validated our entry into this is over the last three quarters, we've grown 35%, 40%. And this quarter, 56% used vehicle volume year over year, even in an off-quarter like the first quarter seasonally. New volume was up 16%. Both new and used gross per unit grew 7% or 8%. So we're growing not just the base but the efficiency of those products just as we get into prime selling season here starting in April, May.

而這也是驗證我們切入這個領域的一件事：過去三個季度，我們成長了 35%、40%。而本季二手車銷量年增 56%，即使第一季在季節性上是淡季。新車銷量成長 16%。新車與二手的單位毛利都成長了 7% 或 8%。所以我們不只是擴大規模，也提升了這些產品的效率；而且我們正要進入 4、5 月開始的主要銷售旺季。

They also had very, very little discipline around inventory management. And as you guys know, that's something that we're known for in our day supply and how we manage inventory. We don't get surprises there. If we do, they're fixed in two weeks.

他們在庫存管理方面也幾乎沒有什麼紀律可言。各位也知道，日供（day supply）以及我們如何管理庫存，是我們的強項。我們不會在這方面被突襲。就算有，也會在兩週內修正。

And there was none -- there's just absolutely none of that in the Powersports business. So we've cleaned all that up from a parts, from a used, from a new perspective, and we're turning inventory like we should. And that's going to expand margin when you do that.

而在 Powersports 業務裡，完全——就是完全沒有這些做法。所以我們從零件、二手、新車等角度把這些都整理好了，庫存周轉也回到應有的水準。而當你做到這點時，毛利就會擴大。

Thank you. There are no further questions at this time. I would like to hand the floor back over to David Smith for any closing comments.

謝謝。目前沒有其他問題。我想把時間交還給 David Smith，請他做結語。

Great. Thank you very much. Thank you, everyone. We'll talk to you next quarter.

很好。非常感謝。謝謝各位。我們下個季度再談。

This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。再次感謝您的參與。