The 4 Billion Dollar Dealer | Daryl Kenningham
发布时间 2023-12-19 10:00:13 来源
摘要
In this episode, I'm speaking with Daryl Kenningham, CEO at Group 1 Automotive This episode is brought to you by: Cars ...
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中英文字稿 
When I think about the value of the dealer network, I think mostly about service. You sell a car once, right? And then for years, you have to maintain that relationship through a service department. And so I think if there's OEMs that wanna try to go around dealers on the sale, they need to really and disintermediate dealers. They have to really think about how are we gonna satisfy that customer service needs long term.
当我思考经销商网络的价值时，我主要考虑的是服务。销售一辆车只是一次性的事情，然后在接下来的几年中，你必须通过维修部门来维系这种关系。所以我认为，如果OEM想绕过经销商进行销售，他们需要真正地和经销商切割联系。他们必须深入思考如何长期满足客户的售后服务需求。
What's up everyone? This is Car dealership guy. You're listening to the Car dealership guy podcast, which is my effort to give you access to the most unbiased and transparent insights into the car market.
大家好，我是车行销售人员。现在正收听的是车行销售人员的播客，这是我的努力，旨在为您提供最客观透明的汽车市场见解。
Let's get into today's episode. Darryl Cunningham is the CEO of Groupon Automotive, a publicly traded dealer group with 205 locations and more than $16 billion in annual revenue. In this conversation we discussed, that was obsessive focus on dealership parts and service, dealership incentives and what drives decisions, making record profits while balancing economic concerns, his favorite auto franchises right now and much more.
让我们进入今天的节目。达瑞尔·坎宁安是Groupon Automotive的首席执行官，这是一家在证券交易所上市的经销商集团，拥有205个分店和每年超过160亿美元的收入。在这次对话中，我们讨论了对经销商零部件和服务的过度关注，经销商激励措施及其决策驱动因素，同时在平衡经济考虑的情况下创造创纪录的利润，他目前最喜欢的汽车经销权以及其他许多话题。
Big shout out to Alan Hague, founder of dealership buy, sell advisory firm Hague Advisors for making this introduction.
非常感谢Hague Advisors的创始人Alan Hague为我们介绍。Hague Advisors是一家专门提供买卖咨询的经销商公司。
I have no words to describe this episode other than say it was a hell of a conversation and I absolutely love it.
我对这一集没有言语可以形容，除了说这是一场“超级棒”的对话，我绝对喜欢它。
But before we get into the show, this episode is brought to you by Cars Commerce. The platform is simplified everything about buying and selling cars, including the quote unquote follow up.
在我们进入节目之前，这一集由Cars Commerce赞助。这个平台简化了买卖汽车的所有流程，包括所谓的跟进流程。
Let me explain. Dealers, fast and effective follow up is crucial for converting leads in customers. But here's the problem. 40% of shoppers report that they are not getting timely or helpful responses from dealerships. This is a huge problem because your own team could be leading four out of every 10 sales opportunities on the table.
让我解释一下。对经销商来说，快速有效的跟进对于将潜在客户转化为顾客至关重要。但问题在于，有40%的购物者表示他们无法及时或得到有用的经销商回复。这是一个巨大的问题，因为你的团队可能在每10个销售机会中错失了四个。
Cars Commerce makes it simple to measure and improve your follow up performance. A Cars.com experience report tracks the percentage of leads your teams are responding to and how customers rate those responses. While dealer inspires retailing technology enables your team to quickly text follow ups with personalized financing options to make the most out of every opportunity. To learn more about how you can measure and improve your team's follow up performance, go to carscomers.ink slash experience or click the link in the show notes below.
Cars Commerce使得衡量和改善您的跟进绩效变得简单。Cars.com的体验报告跟踪您的团队回应的潜在客户百分比以及客户对这些回应的评价。与此同时，经销商启发式零售技术使您的团队能够迅速通过个性化的融资选项进行跟进，以充分利用每一个机会。要了解更多有关如何衡量和改善您团队的跟进绩效的信息，请访问carscomers.ink slash experience，或点击下方节目注释中的链接。
This episode is also brought to you by dealer image pro. It's a fact a car with no photos gets no clicks. And let's face a car with bad photos sends the wrong message about your dealers. If you're tired of waiting around for your photo vendor or trying to figure it out yourself, it's time to try photo assistant by dealer image pro.
本集节目由Dealer Image Pro赞助。事实证明，没有照片的汽车无法吸引点击率。而且，面对糟糕的照片，会给人们传递错误的关于经销商的信息。如果你已经厌倦了等待照片供应商或者自己摸索解决方案，那么现在是时候尝试Dealer Image Pro的照片助手了。
Photo assistant is the all in one solution for your photo, video 360 and window sticker needs. With smart guides for consistency, unlimited coaching, live editing and quality control, photo assistant improves your photos and increases speed to market. Picture this, a streamlined merchandising process providing high quality online content seven days a week.
照片助手是满足您照片、视频360度和橱窗贴需求的全能解决方案。通过智能指南确保一致性、无限辅导、实时编辑和质量控制，照片助手改进您的照片并提高市场速度。想象一下，每周七天提供高质量的在线内容的简化的商品化流程。
Say goodbye to the days of waiting around and hello to a faster, more efficient way to showcase your inventory. Solve your merchandising problems for good. Head over to makemyphotosgreatagain.com to learn more. That's makemyphotosgreatagain.com and the cherry on top mentioned this ad and you'll save $300 off startup calls. That's makemyphotosgreatagain.com.
告别等待的日子，迎接更快、更高效的展示库存的方式。解决您的商品展示问题。立即访问makemyphotosgreatagain.com了解更多信息。这是makemyphotosgreatagain.com，而且只要提到此广告，您将能节省300美元的启动费用。这就是makemyphotosgreatagain.com。
I've been with Group One, as you mentioned, CVG 13 years. I was on the OEM side my entire time before that and Group One was founded by three dealers that decided they wanted to roll up and go public and then grew from there. It was Texas and Oklahoma based at the time and then grew around the country buying different platforms in those early years. And then I joined in 2011. And my first job here was managing the stores and on the East Coast for Group One. We had about 50 dealerships from Boston to Georgia and North Florida that I was responsible for.
我一直在Group One工作，就像你提到的一样，已经13年了。在此之前，我一直在OEM方面工作，而Group One是由三个经销商创立的，他们决定要合并并上市，然后从那时起不断发展壮大。当时，它以得克萨斯州和俄克拉荷马州为基地，并在早期几年内不断扩大业务范围，收购了不同的平台。然后我在2011年加入了该公司。我在这里的第一份工作是负责Group One在东海岸的门店管理工作。我负责的区域从波士顿一直延伸到佐治亚州和佛罗里达北部，共有大约50家经销店。
So I went from the OEM side and that was my first real retail job. And I had spent over 20 years in the OEM side and all of it was dealer facing, contacting dealers, calling on dealers, supporting dealers and managing a network. And then I went over to the retail side and what you realize going from the OEM side to the retail side is they're as vastly different as you can imagine. And I thought I knew how dealerships worked. I thought I knew, you know, it would be an easy lift, but honestly it was the toughest job I've ever had. And those first, especially the first three years, working through that, learning everything you need to know because when you're in an OEM, you don't have as much exposure to things like use cars, to things like F and I, certainly not as much depth in parts of services I needed at the time.
所以我从OEM方面开始，那是我第一份真正的零售工作。我在OEM行业已经度过20多年了，我一直面对经销商，与他们联系、拜访他们、支持他们和管理网络。然后我转到了零售方面，你会意识到从OEM方面到零售方面的转变有多么大。我本以为我知道经销商的运作方式，我以为这会是一个轻松的过程，但说实话，这是我有过的最艰难的工作。尤其是最初的三年，通过这个过程，学习你需要知道的一切，因为当你在OEM行业时，你没有像二手车这样的东西，也没有像财务保险这样的经验，当时我需要的服务方面也没有那么多深度。
So, you know, given our business, it's a 5% margin business. And I talk about that a lot. You have to have every single department in the dealership working. And you can't afford just to care about new cars. And honestly, if you do, it's gonna be a short trip.
所以，你知道的，考虑到我们的业务，这是一个5%的利润业务。我经常谈论这个。你必须让汽车经销店的每个部门都工作起来。你不能只关心新车。而且说实话，如果你这样做，路程会很短暂。
So that's how I got started and got into group one. And then I took over the western side of the US about six, seven years ago. And then I started to get some corporate responsibilities added to that. And I took over our Brazilian business when we owned that and managed that for a couple of years, right in the COVID actually. And then we sold that business a couple of years ago. And I became the COO a couple of years ago. And then when Errol Hesterberg retired last year, I was fortunate enough to be selected to be the CEO. So that's my career at Group 1 for the 13 years I've been.
那就是我是如何开始并进入第一集团的。然后大约六七年前，我接手了美国西部的业务。然后我开始承担一些公司的责任。在我们拥有巴西业务的时候，我接手并管理了几年，正好是在COVID疫情期间。然后几年前我们出售了那个业务。我几年前成为了首席运营官。去年，当Errol Hesterberg退休时，我很幸运地被选为CEO。这就是我在第一集团工作的13年中的职业生涯。
For anyone on the OEM side, that's essentially listening to this, you know, the vehicle manufacturers, for anyone not familiar with industry lingo, you mentioned it was very different. Like what was the starkest differences for you going from OEM to the dealership side?
对于OEM方面的任何人来说，这基本上是在倾听汽车制造商的声音，对于不熟悉行业术语的人来说，你提到这是非常不同的。那么，你从OEM转向经销商方面最明显的差异是什么？
I think I probably didn't have an appreciation for how hard the teams in retail work. And, you know, managing customer expectations, managing, you know, the day-to-day environment of a retail store is very difficult and extremely dynamic. And the variables that you have to react to are endless. And some of them are controllable, some of them are uncontrollable. And it is the competitiveness of it was significantly higher than I really expected. And in a different dimension, to be honest with you, I just, it's just a very difficult job. And almost any position. And so I think that's why it's so important that you have to realize that you're only going to be as successful as your teams in the store feel like they can be successful. And our job to a great degree is to try to help them be successful.
我觉得我可能没有充分认识到零售团队工作有多么辛苦。而且，你知道的，管理顾客期望，管理日常零售店环境非常困难，而且极其动态。你需要应对的变量是无穷无尽的，其中有些是可控的，有些是不可控的。竞争的程度比我预想的要高得多。老实说，在不同的维度上，这个工作真的非常困难，几乎任何职位都是如此。因此，我认为很重要的是你必须意识到你的成功与否取决于店内团队是否感觉自己可以成功。我们的工作在很大程度上就是要帮助他们成功。
Yeah, I always like to say it's, we're in an execution business. To say no 80% gross margin, this isn't software. No. So it's what you save is what you earn. No, that's right. And it's great when you're on the OEM side, sometimes you live in a world of power points and presentations and things like that. But when you're in a retail environment, you've got to take that stuff and be able to execute it with real customers and real co-workers and real partners and vendors and providers. And you've got to be able to execute that stuff. And it's a totally different challenge. And it's much more difficult to execute, I think, than at least I understood on the OEM side. And I considered myself to be a fairly successful, you know, on the manufacturer side. But it's a different, different, totally different environment.
是的，我总是喜欢说我们是一个执行业务。我们没有80％的毛利率，这不是软件。不对。所以你节省的就是你赚到的。对，没错。当你处在OEM方面时，有时你会生活在幻灯片和演示文稿等东西的世界里。但当你处在零售环境中，你必须将那些东西带给真正的客户、真正的同事、真正的合作伙伴和供应商。你必须能够执行这些东西。这是完全不同的挑战，我认为比我在OEM方面所理解的要更困难。尽管我认为自己在制造商方面相当成功。但这是一个完全不同的环境。
On the topic of difficult and difficult execution, you have stores in the UK, you just mentioned you had stores in Brazil. Why venture so far and wide, you know, what was the driving force behind that? And then I guess on another token, why did you decide to divest from the Brazil operations?
关于困难和难以执行的问题，您在英国设有商店，您刚刚提到您在巴西也有商店。为什么要冒险涉足如此遥远和广阔的市场，您知道驱动力是什么？另外，为什么您决定从巴西业务中剥离出来？
Well, the growth, you know, our company wants to grow. And a lot of the things that we are good at in the US, we could apply in other countries. What are those things? Well, and just the management of dealerships and the management of capital and the application of capital allocation. The models are similar enough where you can do that. It gives you another avenue to grow it. And so we went to the UK first in 2014, just about to hit 10 years there. And very small, three BMW dealerships. And then grew from there. We now have 55 dealerships in the UK. And then in Brazil, we entered that market again as another growth lever for Group One. And we had a fabulous partner. The dealer group that we bought, actually, the principal is still on our board and he's a terrific contributor. And we still have a wonderful relationship, obviously. But we went into Brazil and actually our, we achieved all of our assumptions in terms of our pro forma revenues and gross profits.
嗯，增长，你知道，我们公司想要增长。而我们在美国擅长的许多事情，我们可以在其他国家应用。那些事情是什么？好吧，就是经销商管理、资本管理和资本配置的应用。这些模式足够相似，可以通过它们来扩大业务。所以我们在2014年首先进入了英国市场，现在已经快10年了。起初只有三家宝马经销商店，然后扩大了规模。现在我们在英国拥有55家经销商店。然后在巴西，我们再次进入了这个市场，作为我们集团的另一个增长杠杆。我们有一个很棒的合作伙伴。我们收购的经销商集团的负责人实际上仍然在我们的董事会上，他是一个出色的贡献者。我们与他们仍然保持着非常好的合作关系。在巴西，我们实际上实现了我们假设的所有预计收入和毛利的目标。
But the exchange rate worked against us for the entire time we were there. When we went in, the exchange rate was two and a half A.I. to the dollar or two A.I. to the dollar and we left. It was five A.I. to the dollar. So effectively you have to work two and a half times as hard to generate the same dollar. And so while Brazil was never as big a drain on our businesses, I think the investment community thought it was, we didn't see a path to where we could make it a meaningful part of Group One. It was still only three or four percent of the company. So we thought our, you know, applying our capital and our people to other efforts is probably a smarter use. So we exited a couple of years ago.
然而，整个时间我们在那里的时候，汇率一直对我们不利。当我们进入该国时，汇率是两个半 A.I. 兑一美元，或者两个 A.I. 兑一美元，而当我们离开时，汇率变成了五个 A.I. 兑一美元。因此，要达到相同的美元金额，你需要付出两倍半的努力。尽管巴西从未给我们的业务造成过太大的负担，但我认为投资界对此持有这种观点，我们没有看到能够使其成为 Group One 公司中的一个重要组成部分的机会。它仍然只占了公司的三到四个百分点。因此，我们认为将我们的资本和人力资源投入到其他项目可能是更明智的选择。因此，我们在几年前退出了这个市场。
With respect to Brazil, UK specifically, do open points still exist? Could you just start up a dealership still at your scale? Or I mean, these are clearly all acquisitions, everything you're referring to here. The markets, the opportunities into those markets, is that something that you would have ever considered or strictly acquisitions?
关于巴西，英国特定地区，是否仍然存在开放点？你是否仍然可以以你的规模开设一家经销商店？或者我的意思是，这些显然都是收购，你在这里提到的一切。市场，进入这些市场的机会，这是否是你曾经考虑过的事情，还是仅仅只是收购？
Let's go for something that's proven, something that's already operating. Well, in Brazil and the UK, you generally have a market area that you're assigned and then you will agree with the OEM, where the dealerships should go in that market area. And so there are times when you might move a showroom or move a service outlet or open a dealership in your market area. And you do that in concert with the OEM.
让我们选择一些经过验证、已经运营的项目吧。在巴西和英国，通常会分配一个市场区域给你，然后你会与原始设备制造商（OEM）商定在该市场区域内的经销商位置。因此，有时候你可能需要移动展厅或服务中心，或在你的市场区域内开设一个经销店。在这些决策中，你会与OEM协商一致。
In the US, you're awarded a point at a specific address. And so while we love open points, most of the OEMs are not awarding open points these days. As a matter of fact, I think some of them are looking at how they can reduce their dealer count. You're seeing that with some of them buying out dealers and you're seeing some of that. I met with an OEM yesterday. Their store count has dropped about 40% in the last 10 years. And that's what they wanted to know. Can you tell us what you met with us? No. No. Are they at the best? No. But they're much healthier brand today. What they realized I think has got us the value and the power of this network. And for them to be successful, we've got to get the throughput to a point that they can be successful. Again, we're at a 5% margin business. If you're over dealer, that's not a recipe for success.
在美国，你会在一个特定的地址被授予一分。虽然我们喜欢开放的分数，但大多数原始设备制造商现在不再授予开放的分数。事实上，我认为他们中的一些人正在考虑如何减少经销商数量。你可以看到他们一些公司正在买断经销商，你也可以看到其中一些情况。我昨天见过一个原始设备制造商。他们的店铺数量在过去10年里减少了约40%。他们想知道的就是这个。你可以告诉我们你见过我们吗？不。不。他们是最好的吗？不。但他们的品牌今天更加健康。我认为他们意识到了这个网络的价值和力量。为了他们的成功，我们必须使吞吐量达到一个他们可以成功的点。再说一遍，我们是一个5%的利润率业务。如果你是一个超级经销商，这不是成功的秘诀。
You know, you want your network, you want your dealers to invest in facilities. You want them to invest and be an aggressive in the marketplace. You don't invest in the best people. They can possibly hire. You want them to invest in the community. And if they're constantly fighting with other dealers of the same brand and it's just eroding both of your profits, that those are dollars that you can't invest in places that can help grow that brand. And so this OEM was, I think, smart enough to realize that. And they judiciously worked on that over a period of years. And I think today their network is much healthier and their brand is much healthier. They combine that with some great products. It's not all the network, obviously. Their products are significantly better today. And I think the great OEMs, they realize there's power in their networks and they realize there's power in great partnerships and investment that your dealers are willing to make. And that was just one example.
你知道的，你希望你的网络，你希望你的经销商投资设施。你希望他们在市场上投资并且积极进取。你不会投资于最好的人才，他们可能能够雇佣的人才。你希望他们投资社区。如果他们不断与同一品牌的其他经销商争斗，这只会侵蚀你们两者的利润，那么这些资金就无法用于帮助推动品牌增长的地方。因此，这个原始设备制造商聪明地意识到了这一点。他们在数年的时间里谨慎地处理了这个问题。我认为今天他们的网络更加健康，品牌更加健康。他们结合了一些优秀的产品。显然，并不全是网络的功劳。他们的产品在今天显著提高。我认为优秀的原始设备制造商意识到他们的网络的力量，他们意识到伙伴关系和经销商愿意做的投资的力量。这只是一个例子。
Do you think this is consensus among OEMs? Again, just your hunch. You're clearly not in the minds of every OEM. But or do you think that there's some OEMs there that are sort of taking the opposite approach trying to grow their dealer network? No, I think there's, I think there's, I don't think all the OEMs have the same appreciation for their dealer network. I think there's some that have a place high value on their dealer networks. And I think you can go look at the NADAD dealer attitudes survey and the ones in the top third are the ones that are probably the ones of the best relationships through good times and bad. I mean, dealers get it. Things are gonna get tough and you gotta do some things sometimes that are hard decisions. But with your OEM partners right there with you to help you do that.
你认为这是所有原设备制造商的共识吗？再说一遍，这只是你的直觉。显然你无法了解所有原设备制造商的心态。或者你认为有一些原设备制造商正采取相反的方法，努力扩大他们的经销商网络？不，我认为，并不是所有的原设备制造商都对他们的经销商网络给予同样的重视。我认为有些原设备制造商对他们的经销商网络非常重视。你可以看看NADAD经销商态度调查，排在前三分之一的那些可能是在困难时期保持良好关系的原设备制造商。商家明白，面临困境时需要做出一些艰难的决定。但有原设备制造商与他们同在，帮助他们做出这些决定。
And I don't think principally as dealers, we cannot expect, you know, state laws to save us or politicians to save us and think that makes us competitive against the Teslas of the world or against OEMs or something like that. At the end of the day, dealers have to do be great partners to their OEMs and they've gotta be great with their customers. They've gotta be, they've gotta provide their customers high value service and they've gotta be a place of choice that customers would want to do business. We can't expect and sit around and wait for, you know, legislation that's gonna protect us from the evils in the world. We've gotta remember, we gotta be competitive. We've gotta fill a customer need. We've gotta be able to do it better than anybody else. So I'm, and I think there's OEMs that realize that, wanna help support the network in doing that and they put their efforts that way. And I think those are the ones that generally are the most successful.
我不认为作为经销商，我们不能期望州法律或政客拯救我们，然后指望这样能与特斯拉或其他原始设备制造商竞争。归根结底，经销商必须成为原始设备制造商的优秀合作伙伴，并且在处理客户方面表现出色。他们必须为客户提供高价值的服务，并且成为客户希望购买的首选之地。我们不能指望坐在那里等待立法来保护我们免受世界上的邪恶。我们必须记住，我们必须具有竞争力。我们必须满足客户的需求，并且要比其他人做得更好。所以我认为有些原始设备制造商意识到了这一点，并愿意帮助支持我们的网络，并把他们的努力放在这个方向上。我认为这些公司通常是最成功的。
What does that mean to you though? When you say great partner, great customer service, what does that actually mean to you? And do you feel like all this kind of anti-dealer sentiment, pro-direct to consumer, do you feel like that's allowed minority or do you feel like that's, you know, a growing majority, like within, with the consumer base? How do you think about that? If I understand your question correctly, I think more OEMs are, that number of OEMs is growing. I think they see the value in their network. I think they're trying to be more selective about who they have in their network. And I believe their standards are higher, but I think if you're able to meet those standards, it can be a great partnership. And they won't have programs as an example that are corrosive, that promote competition between dealerships, that have these sort of programs that, you know, drive you to the lowest possible denominator on whether it's pricing or anything else that you're trying to do, because often that makes it an impossible environment for our teams to be successful.
那对你来说意味着什么呢？当你说伙伴优秀、客户服务优秀时，那实际上对你来说意味着什么？你觉得反对经销商、支持直销的言论，是属于少数派还是越来越多数派，是指消费者群体内的情况？你是怎么看待这个问题的？如果我正确理解了你的问题，我认为越来越多的原始设备制造商（OEM）正积极发展。我认为他们看到了建立合作网络的价值。他们试图对他们的网络进行更严格的筛选。我相信他们的标准更高，但是我认为如果你能满足这些标准，这将是一个很好的合作伙伴关系。他们不会推行有破坏性的计划，不会在经销商之间制造竞争，不会有这些计划让你在定价或其他方面达到最低限度，因为这通常会让我们的团队无法成功。
If a salesperson comes to a desk, the desk, and today, you know, we can sell this car at $20,000, and then tomorrow we have to sell it at $24,000, because of some, you know, crazy incentive program that just because the calendar flipped over one day, you know, how does that salesperson make that a long-term career? I mean, how does a sales, a desk manager be credible with this sales team in that kind of environment? How do we stay credible with our customers in that kind of an environment when you do these artificial things that generally are corrosive? And so I don't, I understand being competitive and the need to have aggressive incentives and things like that in the marketplace, but sometimes I think what you end up with is your dealers just fighting each other, and you drive a real negative environment in the dealerships which reflects poorly on the brand.
如果一个销售员来到一个办公桌前，今天他说我们可以以2万美元的价格销售这辆车，然后明天我们就必须以2.4万美元的价格销售，原因是因为某些疯狂的激励计划，仅仅因为日历翻过了一天。你知道的，销售人员如何在这种情况下将其变成长期的职业呢？我是说，在这种环境下，销售部门的经理如何在销售团队中树立可信度？在这样的环境下，我们如何在与客户打交道时保持可信度，当你做这些人为的事情时，通常会产生腐蚀性？我理解在市场上存在竞争和需要有激励措施等等的需求，但有时候我觉得结果就是你的经销商们只是互相争斗，并且在经销商店里制造了一种负面环境，这对品牌形象产生了不好的影响。
Explain to us though, when you say cars being sold for $20,000, the next day you have to sell for $24,000, because of an incentive was launched, what does that, how does it mechanically, how does that actually work? Well, if there's a program that's ending at the end of the month that has some giant stair step in it based on hitting some volume, you know, but. So some volume target for the dealer? Yeah, I'm not opposed to aggressive volume targets, but when you make the price dynamics, so artificially crazy, you know, that today this bottle of water is $20,000 and tomorrow, it's $24,000 because the incentive numbers changed or because the program changed and you're starting over the next morning just because the calendar flipped. It's not because there was any change in the marketplace or anything else. Now, thankfully today we don't have a lot of that because supply is still on a historical basis. You know, relatively low. And you know, but you saw some crazy stuff like that leading up to COVID. And I just think it's a great chance for a lot of the OEMs to reset and try not to go back down that road. And some of them will be able to, some of them all depends on their discipline on production.
请向我们解释一下，当你说汽车售价为20,000美元，第二天你却不得不以24,000美元出售，因为有一个激励计划推出了，这是怎么回事，它在技术上是如何运作的？嗯，如果有一个计划在月底结束，根据达到一定销量就会有巨额奖励，你知道，但是一些经销商有销量目标吗？是的，我不反对有积极的销量目标，但当你把价格搞得如此人为的疯狂，你知道，今天这瓶水是20,000美元，明天就是24,000美元，因为激励计划的数字改变了或者因为计划改变了，而你从第二天早上重新开始仅仅因为日期翻了牌子。这并不是因为市场或其他任何因素发生了变化。现在，幸运的是，今天我们没有太多这样的情况，因为供应相对来说还是相对低的。你知道，在COVID之前，你看到一些疯狂的事情。我只是认为这是很好的一个机会让很多汽车制造商进行重置，试图不再走这条路。他们中的一些人将能够做到，这完全取决于他们对生产的纪律。
Any favorite brands or opportunities nowadays that you're looking at? Well, I think if you were to go look at, you know, we have 50 BMW dealerships around the world and you know, terrific brand, great partners, Mercedes-Benz, a great partner for us. Audi's a fabulous partner here and in the UK. Toyota's a terrific partner, Subaru's a terrific partner, Honda's a terrific partner, Mazda's a great partner. We don't have much Mazda, but they're terrific partners as well. So, you know, there's a bunch of them that are really good and I'm leaving somehow. That's not an exclusive list. But those are brands that, you know, if you were to look at the Group 1 portfolio, you'd see a lot of those brands in our portfolio. And, you know, we love growing with those kind of brands. And, you know, so I'm not trying to be exclusive, but those are some really good ones.
最近你有什么喜欢的品牌或机会吗？嗯，我认为如果你去看一下，我们在世界各地有50家宝马经销商，并且是一个非常出色的品牌，拥有出色的合作伙伴，梅赛德斯-奔驰也是我们的一个伟大合作伙伴。奥迪在这里和英国也是一个很棒的合作伙伴。丰田是一个极好的合作伙伴，斯巴鲁也是一个极好的合作伙伴，本田也是一个极好的合作伙伴，马自达也是一个很好的合作伙伴。我们没有太多的马自达，但他们也是一个非常好的合作伙伴。所以，你知道，有很多品牌是非常好的，我只是举了一些例子，这并不是一个完整的列表。但这些品牌是你如果看一下Group 1的投资组合，你会看到我们有很多这些品牌。我们喜欢与这些品牌一起成长。所以，我并不是要排除其他品牌，但这些是一些非常好的品牌。
Do you have any worries about manufacturers side stepping, the franchise laws, you know, anything like that? And if so, are you doing anything about it? How do you think about that?
你是否担心制造商会绕过特许经营法律，或者有其他类似的情况？如果是的话，你是否采取了任何措施来应对？你对此有何看法？
When I think about the value of the dealer network, I think mostly about service. You sell a car once, right? And then for years, you have to maintain that relationship through a service department. And so I think if there's OEMs that want to try to go around dealers on the sale, they need to really and just intermediate dealers. They have to really think about how are we going to satisfy that customer service needs long term? And how are we going to manage through that? And I think that's the real value in the future that dealers provide is, you know, we're all fighting to make as much profit as you can. Obviously, that's, you know, it's free enterprise. But at the end of the day, you know, people still buy their, we still buy our cars for the same price as the dealer down the street does from the OEM. And what we're selling is the same thing. And our ability to differentiate in service is a significant opportunity, I think.
当我考虑到经销商网络的价值时，我主要考虑到服务。你卖出一辆车，对吧？然后在接下来的几年里，你必须通过售后服务来维持与客户的关系。因此，我认为如果有原始设备制造商想绕过经销商进行销售，他们需要真正作为中间人与经销商合作。他们必须真正考虑如何长期满足客户服务需求？以及我们将如何应对这一点？我认为这就是经销商在未来提供的真正价值，我们都在努力争取尽可能多的利润。显然，这是自由企业。但归根结底，人们仍然以与街边经销商一样的价格购买他们的车辆。而我们所销售的东西也是一样的。我认为，我们在服务方面的差异化能力是一个重要的机会。
I think the OEM, how are you differentiating there? Our service model is we want to be available for customers when and whenever and however they want. And so we as an example, we keep our schedules wide open in our service departments. We don't limit our schedules. We treat Monday through Saturday as full days, regular days in the industry. Typically Saturday is like oil change day or half day. We don't treat it that way at all. We also invest immediately every time we do an acquisition we see under investment in parts of service. And at Group 1, we call parts of service after sales. And so whether it's equipment that's broken or there's, a shop is not fully equipped, the staffing, the training, we, almost every single time we do an acquisition, we see under investment.
我认为这里OEM（原始设备制造商），你们是如何区分的呢？我们的服务模式是希望随时都能满足客户的需求，无论以何种方式。例如，我们的服务部门的日程安排非常宽松，不限制排班。我们将周一到周六视为行业中的常规工作日，通过开放全天的服务时间来满足客户需求。通常周六只是换油日或半天休息日，但我们完全不这样对待。我们还会立即投资，在每次收购时发现服务的某些方面存在投资不足的情况。在Group 1，我们将服务的部分称为售后服务。因此，无论是设备出现故障，还是店铺设备不完善、人员配备不足、培训不足，几乎每次收购我们都会发现存在投资不足的情况。
And, you know, when you think about our industry and you think about most dealers came up through the variable side of the business and that's where they're most comfortable and that's what made them successful. And I think as a result, it's left kind of an opportunity in fixed operations and parts of service. And so we invest heavily. We put lots of focus on technician recruitment, retention, trying to grow that. We try to invest in the technology that it takes to be successful. And we want to be, you know, in the world today, there's not enough technicians and there won't be for years and years in the future. And so you must invest in your team and the shops and you must give them the best opportunity to be successful. And in our minds, that's great work schedules, a great pay, their shops are properly equipped and they have the best opportunity to drive volume that they can. So we invest heavily to do that. And so for us, and it's perpetual, it never ends. I mean, we are continually trying to challenge ourselves. How do we reach more customers through after sales? How do we drive more productivity through our shops? How do we invest more in our shops?
而且，你知道，当你考虑到我们的行业，以及大多数经销商是通过可变业务进入的，这是他们最舒适的地方，也是他们成功的原因。因此，我认为这在固定运营和服务部分留下了一个机会。因此，我们投入了大量的资金。我们非常注重技术人员的招聘和留任，努力扩大这一领域。我们努力投资所需的技术，以便取得成功。我们希望在现今世界上，技术人员还不够，未来几年也不会有足够的技术人员。因此，您必须投资于您的团队和修理店，并为他们提供最好的成功机会。在我们看来，这包括良好的工作时间安排、高薪水，以及适当装备的修理店，使他们有最好的机会增加销售量。因此，我们大量投资以实现这一目标。对我们来说，这是一个不断进行的过程，永远不会结束。我的意思是，我们一直在挑战自己。如何通过售后服务触达更多客户？如何在修理店提高生产力？如何增加对修理店的投资？
Generally, we will over-build shops and when we're doing new dealerships, you know, we spend a lot of money building new dealerships. We have over 50 projects in process right now. And I can tell you the vast majority of those involve more after sales capacity. And you not just have to add the capacity in the building, you've got to staff it. That's the hardest part is staffing.
一般来说，我们会过度建设商店，并且在新的经销商店铺上花费大量金钱。我们现在有超过50个正在进行中的项目。而且我可以告诉你，绝大部分都涉及增加售后服务能力。不仅需要在建筑物中增加容量，还需要配备员工。员工配备是最困难的部分。
So, well, when you say you're over-building, right? Are you anticipating just growing surveys, maybe people keeping their cars even longer into the future? Right? Like where is that demand going to come from? Ultimately.
那么，当你说你们正在过度建设的时候，是吧？你们是预期未来调查会增长，也许人们会更长时间地保留他们的汽车吗？对吗？那么需求将最终来自何方？
Well, I think there's so much demand that's untapped today. It's just unbelievable. You know, we think we're pretty good at retention and we still only retain about two thirds of our customers over the life of the vehicle. So there's a third of our customer base that's out there getting their car service somewhere else. And then when you look at the amount of work that's declined, you know, we do an inspection like a lot of dealers do. We do an inspection on every car that comes into our dealerships. And when you look at the amount of work that's declined every month, it's millions and millions and millions and millions of dollars that, you know, we're not able to capture that is coming through our lanes already. And then when you look at what's, I'm just sorry, quick question. What's the reasoning for that? Is that driven by price or do you have any more specific data?
嗯，我认为现在有很多需求还没有开发出来，这简直难以置信。你知道，我们认为我们在保留客户方面做得相当不错，但在整个车辆使用寿命期间，我们只能保留约三分之二的客户。因此，我们三分之一的客户群体在其他地方维修汽车。然后，当你看到每个月辞退的工作量时，你会发现我们像许多经销商一样对每辆进店车辆进行检查，而被拒绝的工作量是数以百万计的，我们无法捕捉到已经通过我们车间流转的这部分价值。另外，我有一个简短问题，这是什么原因导致这种情况？是价格驱动的，还是你们有其他更具体的数据？
Well, I think some of it is, you know, certainly could be price. You know, they're already in the store spending money on something and, you know, maybe they want to put something off and, you know, we've got to give a credible presentation. They've got to see us as somebody who's, you know, not just trying to jam something on them that, you know, we want to see them in the next two or three and four service intervals that they have as well. So, you know, I think some of it is that people have to make financial decisions all the time and trade offs. So I think what's critical for us is that we keep communicating with them about whatever those opportunities are on the next service and the service after that and the service after that. And we do that intelligently and we do that, you know, on their terms. And so we try to do that.
嗯，我认为其中一部分是，你知道的，肯定有可能是价格的问题。你知道，他们已经在商店花钱买东西，也许他们想推迟购买某些东西，你知道，我们必须做出可信的演示。他们需要把我们看作是一个不仅仅是试图把某些东西强加给他们的人，你知道，我们还想看到他们在接下来的两三次或四次服务间隔中继续光顾我们。所以，我认为其中有些是因为人们经常需要做出财务决策和权衡。所以，对于我们来说，关键是要继续与他们沟通，告诉他们接下来的服务以及其后的服务中的任何机会。我们要聪明地做到这一点，并在他们的条件下进行。因此，我们努力去做到这一点。
We still have a lot of opportunity. But, and then, you know, you talk about after sales opportunity in the future, you know, the age of the connected car is here and our ability to anticipate service needs is here. And our ability to reach out to customers before they know they need services here. And how do you leverage that? How do you maximize those opportunities in the future? And so when I look at our after sales business, I just even with EVs, no matter how successful or unsuccessful they are, I see nothing but opportunity. And some of it's because there's under investment in that sector. Some of it is because I just see so much more that's out there.
我们仍然有很多机会。然而，你知道，在未来谈论售后服务的机会时，你知道，联网汽车的时代已经到来，我们能够预测服务需求的能力也已经存在。我们能够在顾客意识到他们需要服务之前与他们联系的能力也已经存在。那么你如何利用这些机会？如何最大化未来的机会？因此，当我看着我们的售后服务业务时，即使是在电动车方面，无论它们成功与否，我只看到了机会。这部分是因为在这个领域的投资不足，还有一部分是因为我看到了还有很多其他机会。
And so our company, it's the, our after sales group. We have more people in our parts of service team than we do any other team. And it corporately and in the field and needless to say in the shop, in the stores, but we invest heavily in after sales. We're just big believers in it. We feel like that's where a lot of our value comes as a deal. Digging in a bit more specifically, is there anything special in the software or hardware side that you're investing in that you say maybe is not so common right now in the industry? Any specific areas you're looking into?
我们公司是售后服务团队，我们在售后服务方面的人员比其他团队都多。不仅企业层面上，在实地和店铺里也一样，我们都对售后服务进行了大量投入。我们坚信这是我们的价值所在。具体来说，在软件或硬件方面，您是否投资了一些当前行业中不常见的特殊领域？您是否在研究任何具体的领域？
Well, we're using some AI to try to reach customers at service intervals that make sense to them. And so we've used that in the third quarter. We generated about 10,000, a little less than 10,000 service appointments out of that activity. We're continuing to try that. We have a customer data platform that we've invested in that gives us access to first party data that we can use to try to understand what customer needs are. Not only at their, the vehicle level, but also at their household level. And in many of our markets, we have a number of dealerships in Houston. We have 18 dealerships in Boston. We have 29 dealerships in Oklahoma City. We have 10 dealerships. So, we're able to satisfy the needs of households and families across a number of brands. We wanna be able to do that for them. So those are things that we're thinking about. And as we get into, how can we fill more of those customer needs and meet the needs of customers on their terms, that's what we try to do. And that's what we're investing.
嗯，我们正在使用一些人工智能技术，尝试在对顾客有意义的服务间隔内与他们联系。所以我们在第三季度使用了这项技术。通过这个活动，我们生成了大约10,000个服务预约。我们正在继续尝试。我们投资了一个客户数据平台，可以让我们访问第一方数据，以便了解顾客的需求。我们不仅可以了解到他们的车辆层面上的需求，还可以了解到他们的家庭层面上的需求。在我们的许多市场上，例如休斯顿我们有18家经销商，波士顿有29家经销商，俄克拉荷马市有10家经销商。所以我们能够满足许多品牌的家庭和家庭成员的需求。我们想要做到这一点。所以这些都是我们正在考虑的事情。当我们考虑如何满足更多顾客需求，并根据他们的条件满足顾客的需求时，我们尝试着做到这一点。这也是我们正在投资的方向。
So shifting from AI to Flintstones. We have some stores in urban environments. What's your philosophy on pickup and delivery for service?
所以，我们要从人工智能转向弗林特斯通计划。我们在城市环境中有一些商店。你对接送服务有什么理念呢？
Look, I'm dealing with this right now. My wife has had to take this car to get frickin' serviced at the dealer for like three weeks and it's still not done. And so we're working on it. But what's your philosophy on pickup and delivery? Pick up and delivery I think is a healthy thing. I think it's always, it's hard to execute. And it's hard to execute because, which customers do you do it for? Which ones don't you do it for? How do you say no to certain customers, yes to other customers? You know, and if you say yes to every customer, then how do you manage that and control that? Because, you know, am I gonna go pick up cars that are 50 miles away just for an oil change? And, you know, how do you possibly staff that, manage that? So those are all things that we are playing with, toying with that. Generally, I think pickup and delivery is a good thing. It's a customer convenience. I mean, I would pay extra for it to be, you know, to be frank like, and I'm sure many consumers that, you know, value their time or at a certain level would gladly pay extra to have their car picked up and delivered. I think you're right. And I think, you know, today's customer time, to many of them, time is more valuable to them than money. And so I think that's an opportunity for us.
听着，我现在正在处理这件事。我妻子不得不将这辆车带到经销商那里维修已经三个星期了，但还没有修好。所以我们正在着手解决。但是你们对于接送服务的理念是什么呢？我认为接送服务是一件有益的事情。我认为这很难实施。很难实施是因为，我们为哪些客户提供接送服务？不为哪些客户提供？如何拒绝某些客户，却对其他客户说“是”？你知道的，如果对每个客户都说“是”，那么如何管理和控制呢？因为，你知道的，我需要去50英里外接车只是为了换机油吗？而且，你如何安排人手，管理这些？因此，这些都是我们正在思考、玩弄的问题。总体而言，我认为接送服务是件好事。这是为了客户的方便。坦率地说，我愿意额外付费以便有人送取我的车，我相信许多重视时间的消费者也会乐意为此付出额外的费用。你说得对。我认为，对于现在的客户来说，时间对他们来说比金钱更宝贵。因此，我认为这是一个机会。
So I don't, you didn't ask this, but one place I don't see at least today is opportunity and mobile service.
所以，你没有问这个，但是我今天至少没有看到的一个地方是机会和移动服务。
Interesting. AutoNation had that big acquisition. No, they did. And here's why. I don't debate that it can extend your brand and extend your reach. And maybe reach customers you wouldn't have otherwise gotten. But when I think about the industry, and I think about the shortage of technicians that we have, if you wanna try to impact as many customers as possible, the best place to do that, and the best way to do that is to put a tech in your shop with the right equipment, the right tools, the productivity they need, the parts that they need, you know, they can touch far more customers in a shop, in a stall in a shop than they can in a van on the road.
有趣。AutoNation进行了一次大型收购。不，他们确实进行了，以下是原因。我不否认通过收购可以扩展品牌影响力和触及更多客户的想法。也许可以触及到你原本无法接触到的客户。但是当我思考这个行业时，我们可能会面临技术人员短缺的问题。如果你想要影响尽可能多的客户，最好的方法就是在你的店铺里安排一名技术人员，提供他们所需的设备、工具、所需的工作效率和零部件。你知道，他们在店铺里的一个工位上可以接触到更多的客户，远胜于在外出的货车上。
And then there's just by its nature, there are going to be certain repairs they cannot do out when they're on the road. And those cars are gonna end up in your shop anyway. So we're not investing in mobile service on our own. There's some brands that want us to be in the mobile service business, and we're supporting that based on their brand promise. But honestly, that's not something that we see. We see more opportunity, more ability to impact more customers by investing in our own dealerships, and doing things like, you mentioned pickup and delivery. I mean, to me, that makes a lot of sense. Yeah, I think putting my consumer hat on, I think I would opt for that. That would be definitely my first choice, to just have the vehicle pickup dropped off of the dealership for service at a shop.
然后基于其本质，有些维修是他们在路上无法完成的。这些车最终会进入你的店铺。所以我们不会自己投资移动服务。有一些品牌希望我们在移动服务业务中发展，我们会根据他们的品牌承诺提供支持。但老实说，这不是我们所看到的。通过投资我们自己的经销商店铺，我们看到更多机会和影响更多客户的能力，比如你提到的车辆取送服务。对我来说，这是非常有意义的。是的，作为一个消费者，我认为我会选择这种服务。将车辆送到经销商店铺进行维修绝对是我首选的方式。
I think there's also an element of just peace of mind. You know, I don't know if I want someone in my driveway getting too deep into that car. Look, a detail is one thing, that's simple, and I'm much less worried about that. But yeah, I think getting mechanical, I would definitely opt in for having that car to deal with shipping, but picked up and delivered, that would be huge value out for me.
我认为还有一种心灵上的平安感。你知道的，我不确定是否希望有人在我的车道里过于深入那辆车。看，一个清洁细节仅仅是一件小事，那很简单，我对此并不担心。但是，对于维修保养，我肯定会选择那辆车的运输，但需要上门提取和送达，这对我来说是巨大的价值。
Tell me more about just expansion, and what do you look for in new acquisitions, sort of like, what is your formula for finding value? It's clear to me that, you mentioned several times, fixed stops being under invested in, that's, I'm gonna go with a big one, but if you can expand on that, or just give us some other things that you're looking for.
告诉我更多关于扩张的事情，并且你在寻找新收购时追求的是什么，就像是，你寻找价值的公式是什么？很明显，你已经多次提到，重点是那些被低估的区域，我认为这是一个重要方面，但如果你能进一步阐述一下，或者提供一些其他你寻找的东西，那就更好了。
You know, we're in a 5% margin business, and in the future, I think more than ever, I think scale matters, and I think your ability to leverage your operations matters a lot in the future. So we look for larger revenue rooftop stores, great brands, if we can buy a cluster of stores, we always have better results. When we have a cluster of stores, we can service customers better, we can grow our talent better, you can give people more opportunities across brands. To grow their careers when we have clusters, and we can leverage some of our costs better when we have clusters. So we like clusters. Now, you'll look at the Group 1 map, and you'll see, hey, you have a store in Pensacola, Florida, that's kind of on its own. You know, that doesn't really fit your cluster strategy. Well, no, it doesn't necessarily, but we have some great stores, there's some great locations, there's no reason not to have them. If we could build around that store in Pensacola, gosh, we'd love to do that. You know, and we'd love to be able to do that. So those are what we look for, higher revenue rooftop, underinvestment, after sales, and ability to grow in clusters. And then, you know, the right brands are important. We want to be great partners to the OEMs, and then we want them to see us as great partners to them too. We've got to deliver, you know, at the end of the day, we've got to perform, and we've got to deliver on the metrics that are important to the OEMs, which usually comes down to market share and customer service, honestly. At the end of the day, we kind of got to get on those two things.
你知道，我们处于5%的利润率业务中，而且在未来，我认为规模比以往任何时候都更重要，我认为你能够发挥你的业务优势在未来非常重要。所以，我们寻找更大收入的楼顶店，优秀的品牌，如果我们能够购买一批店铺，结果通常更好。当我们有一批店铺时，我们可以更好地为客户服务，我们可以更好地培养人才，你可以给人们更多跨品牌的机会来发展他们的职业生涯。当我们有一批店铺时，我们可以更好地利用一些成本。所以我们喜欢集群。现在，你看一下一组地图，你会看到，在佛罗里达州彭萨科拉有一家店，它是孤立的。你知道，它并不符合你们的集群战略。嗯，并不完全符合，但我们有一些很好的店铺，一些很好的地点，没有理由不要它们。如果我们能够围绕彭萨科拉的那家店扩建，我们将非常乐意这样做。这就是我们寻找的东西，更高收入的楼顶，投资不足，售后服务以及在集群中的成长能力。然后，你知道，正确的品牌也很重要。我们希望成为原始设备制造商的优秀合作伙伴，同时也希望他们把我们视为他们的优秀合作伙伴。最终，我们必须交付，我们必须达到原始设备制造商重视的指标，通常是市场份额和客户服务。最终，我们必须专注于这两个方面。
I'm not going to ask you to name names, but are there specific franchises that you're staying away from? Right now, you know, you're deliberately like, I am, we're not going to buy X, Y, and Z brand for whatever reason. Do you have that right now going on? Yeah, not many, but there's a few. Yeah, now sometimes, if you're looking at a group of stores, you know, one or two of those brands might be in there, but there's others that if there's too many of those brands in that group of stores will stay away from the acquisition. And we have.
我不会要求你透露具体的公司名称，但是你是否正在避免某些特定的连锁店？现在，你明确表示，出于某种原因，我们不打算购买X、Y、Z品牌。你现在有这样的情况吗？是的，不是很多，但有一些。是的，有时候，如果你看着一组店铺，其中可能有一两个这样的品牌，但如果这组店铺中有太多这样的品牌，我们会避免收购。而我们也确实这样做了。
How do you think about, you know, I'm putting my marketing hat on now. You make an acquisition, it's not a luxury store where, you know, BMW, have Pensacola or whatever. It's going to be a local name versus you rebranding it. Like some of the larger groups do where they put their name on it of their brand. So how do you think about that distinction of rebranding a store to fit your unified brand versus, you know, the model you've taken, which is, you know, retain, retain a local name, what's your thoughts?
你怎么看，你知道，现在我要把我的营销帽子戴上。你收购一个店铺，它不是奢侈品店，就像宝马在彭萨科拉开设的那种。这将是一个当地品牌与你重新打造品牌的对比。就像一些大集团所做的那样，他们会在店铺上放上自己的品牌名称。那么你对重新塑造店铺以适应统一品牌的做法有什么看法，相对于你采取的保留当地名称的模式呢？你有什么想法？
We've thought a lot about that. We don't have a national brand. Well, that's a good start. No, it's a great question. And it's a great question. We don't have a national name in the United States. In our dealerships in the UK, we have 55 stores in the UK. They are all called Group One, all of them. And that change just happened last year. Now, most of those stores are clustered around London. And so it's, you know, we're a dealer group, basically in one Metro in England. And so there's some leverage in us having those stores all called the same. Before we rebranded them, we had about 15 different names. So just from an awareness perspective, we didn't get any advantage. And so now that they're called Group One, at least we have some advertising scale in that local market. I believe generally the new card business is local. It's not national. I don't think the OEMs will allow it to be national or dealers to be national. You know, we're evaluated based on how we do locally. How do you service customers locally? How much market share do you drive locally? If I were to rebrand, if we were to rebrand all of our stores with a vision that we want to be a national network and we will ship cars everywhere, what that starts to look like is a different business model to me. What, you know, again, we're in a 5% margin business. It takes new cars, F&I, use cars, parts, service, collision to work. And when you ship cars, new cars all over the place to try to satisfy the, meet the vision that we're a national brand, you lose five of six or at least four of six of those revenue streams. And you can't service those customers, retain those customers. So to me, our business is about being driving scale on a local basis. And so that's how we try to drive it. And that goes for branding. And that goes for just the way we operate. But we've looked at the branding a number of times and we'll continue to look at it. You know, ultimately at the end of the day, customers, you will do business with the dealership closest to them. And if you can fulfill their needs, well, you'll own that customer no matter what the name of your dealership is.
我们对此问题考虑了很多。我们没有一个全国性品牌。嗯，这是一个好的开始。不，这是一个很好的问题。而且是一个很好的问题。在美国，我们没有一个全国性的名称。在英国的经销商中，我们有55家店铺。它们全部都叫做Group One。这个改变发生在去年。现在，大多数店铺都集中在伦敦周围。所以，我们基本上是一个在英格兰某个地区的经销商集团。所以，我们所有店铺都叫做同一个名字有一些优势。在重新品牌化之前，我们有大约15个不同的名字。所以从意识的角度来看，我们没有获得任何优势。因此，现在它们被称为Group One，至少在这个地方市场上我们有一定的广告规模。我认为新车业务基本上是局部的，而不是全国性的。我不认为原始设备制造商会允许它成为全国性的，也不会允许经销商成为全国性的。你知道，我们是根据我们在当地的表现来评估的。你如何为当地客户提供服务？你在当地驱动了多少市场份额？如果我们要重新品牌，如果我们要给所有店铺命名一个我们想成为国家网络并将车辆运送到任何地方的愿景，对我来说，这将看起来是一个不同的商业模式。你知道，我们是在一个5%的利润率业务中。这需要新车、F&I、二手车、零部件、服务和碰撞修理一起运作。当你将新车运送到各个地方，试图满足我们是一个全国性品牌的愿景时，你失去了六分之五或至少六分之四的这些收入来源。而且你无法为这些客户提供服务，也无法留住这些客户。所以对我来说，我们的业务是关于在当地推动规模。这就是我们努力驱动的方式。对于品牌营销，对于我们的运营方式都是如此。但我们已经多次考虑过品牌，而且我们将继续考虑。你知道，归根到底，顾客会与离他们最近的经销商进行交易。如果你能满足他们的需求，无论你的经销商叫什么名字，你都会拥有那个顾客。
So your branding is decentralized. How do your processes work, your systems? By the way, this was asked by several people. You know, we posted on LinkedIn on X, several people asked about how you actually operate. Are your processes, your systems, is that decentralized as well?
你们的品牌运营是分散的。你们的工作流程和系统是如何运作的呢？顺便说一下，有几个人问过这个问题。你知道，我们在X上发布了消息，有几个人询问你们实际的运营方式。你们的工作流程和系统也是分散的吗？
We try to centralize the things that don't impact customers, if that makes sense. So when you look at our DMS, we have the same DMS across the US. When you- What DMS is that? CDK. And- Oh, they're a partner of the podcast. Shout out, CDK. Yeah, yeah, they've been a longtime partner, a group one. And so a lot of our technology, we want to, you know, scale that because it's so expensive and can get, it's easier to manage that way. And then, so, you know, our accounting system is the same across the country. You know, we have the same legal team, we have the same IT infrastructure, everything else. You know, there's a thousand decisions that have to get made inside a dealership every day. And whether it's about hiring somebody or appraising a used car, or, you know, some goodwill decision and service that a service manager has to make. And we can't control those decisions from Houston, Texas, honestly. We have to hire and pay people in those markets to be able to do those. And we have to be able to make judgment calls on all of those kind of strategic decisions that impact customers every single day. And so we try to let our stores do that. You know, we want support in place to help them make good decisions and to try to develop them and grow their skills in those areas. But honestly, we don't try to make every decision for a store, because we know we possibly can't do that.
我们试图集中那些不会对顾客产生影响的事情，如果这样说的话。所以当你看我们的DMS（经销商管理系统）时，我们在全美国使用的是同一个DMS。当你-那是什么DMS？CDK。噢，他们是我们播客的合作伙伴。大声喊出来，CDK。是的，是的，他们一直是我们的长期合作伙伴，是集团一家。因此，我们希望能够扩展我们的技术，因为这样更容易管理，也更昂贵。然后，你知道的，我们的会计系统在全国范围内都是一样的。我们有同样的法律团队，有同样的IT基础设施，其他的一切也是一样的。你知道的，每天在经销商内部都要做出一千个决策。无论是雇佣某人还是估价一辆二手车，或者是一些服务经理必须做出的善意决策。老实说，我们无法从休斯顿，德克萨斯州控制这些决策。我们必须在当地雇佣和支付人员来完成这些任务。我们必须能够就所有影响顾客的战略决策做出判断。所以我们试图让我们的门店自己来决策。你知道的，我们希望有一套支持系统帮助他们做出正确的决策，并在这些领域帮助他们发展和提升技能。但老实说，我们并不试图为每个门店做出每个决策，因为我们知道我们可能做不到。
You're hired competence, smart operators, and let them make those decisions on a local basis. Yeah, our turnover in our GMs is 8.8%. And we're proud of it. How does that compare? It's low. And we're proud of that. We don't, we want, we want general managers that are leaders and run their businesses. And, you know, we pay them like, you know, like the rest of the marketplace gets paid. We can't expect just because we're group one or we're a big consolidator that somehow we can afford to pay people less and have them do the same job. I mean, we compete for talent with everybody else in our industry. The public's only own 8% of the volume in the industry.
您受聘的原因是您具备能力和智慧运营人才，能够在本地层面做出决策。是的，我们的总经理流失率只有8.8%。我们为此感到自豪。这个数字很低，我们以此为荣。我们不希望我们的总经理只是一位员工，而是领导者，能够管理好自己的业务。我们会根据市场行情来支付薪酬，不能期望因为我们是Group One或者是大型整合公司，就能支付较低的薪酬，让他们背负同样的职责。我们在人才市场上与其他公司竞争。公众只占有该行业8%的份额。
So it's not like we've cornered the market on anything. And so we can't dictate compensation anymore than we can anything else in the marketplace. So we have to be competitive with our pay. We have to be competitive with wages and with schedules and everything else. So if you were to go look at our pay plans for our teams, you would see they're remarkably similar to what the private capital pays or some of the anybody we compete with out there.
所以并不是说我们在任何领域都独占市场。因此，我们不能像在市场上其他方面一样决定补偿。所以我们必须在薪资、工资表和其他方面与竞争对手保持竞争力。如果你看一下我们团队的薪资计划，你会发现它们与私募资本或我们与任何其他竞争对手的相似程度令人惊讶。
You mentioned that you believe that there's power in being bigger. So I think my biggest, my biggest question is, how do you reconcile that with the idea of remaining decentralized brand and being a local community branded dealership? Are you referring mostly just to the embedded operating leverage economies of scale with being a big dealer group? But when it comes to marketing, strictly staying local, is that how you think about it?
你提到你相信变大是有力量的。所以我认为我最大的问题是，你如何将这一点与保持分散品牌和成为本地社区品牌的理念相结合？你是不是只是指与成为一个大经销商集团相关的内在运营杠杆规模经济？但当涉及到营销时，你是不是专注于保持本地化？
Yeah, I mean, there's still, the corporate office, we've got about 140 people here. If we were to go add 15 dealerships tomorrow, we wouldn't grow a corporate office headcount by 10%. I mean, it might grow a little bit here or there, but you can scale some of your fixed costs over a larger revenue base. And we don't want revenue just for the sake of revenue. We don't believe that, if we did, we would be a lot bigger than we are today, revenue ones. We want the right revenue in the right places. It's intentional growth and something that, we try to play the long game in every single thing we do. We want to integrate these stores well. We're partners in the community as soon as we buy a dealership there and we try to keep that in mind every time.
是的，我的意思是，我们还有总部，这里大约有140人。如果明天我们要增加15家经销店，我们不会将总部员工人数增加10％。我是说，可能会有一些小幅增长，但你可以将一些固定成本按照更大的收入基数进行规模化。我们不仅仅是为了收入而追求收入。我们不相信，如果我们只是为了收入而追求收入，我们的规模会比今天大得多。我们想在合适的地方获得合适的收入。这是有意识的增长，而且是我们在每件事情上都努力策略长期发展。我们希望将这些店铺融合得很好。一旦我们收购了一家经销店，我们就成为了社区的合作伙伴，并且我们每次都会牢记这一点。
Look, you're clearly at a massive scale on a relative basis with the industry, but if you're a single point dealer, right, you're one dealership, you're listening to this podcast right now, maybe you have two. Do you believe that there's operating leverage and economies of scale if you go from one to three or one to four or do you think that it's more, this is more of a game where you go big, like one to 20 or you stay at one? Do you have a philosophy on that?
你看，相对于整个行业，你显然是一个非常庞大的规模，但如果你只是一个单点经销商，对吗？你只有一个经销店，现在在听这个播客，也许你有两个。你认为从一个扩展到三个或四个经销店会带来操作杠杆效应和规模经济吗？还是你认为这更像是一个一下子搞大，从一个扩展到二十个的游戏？你对此有什么理念吗？
I think going from one to two to three to four, you'll get some. Cause on one hand, I think you go one to three, you're starting to add that corporate overhead, the drag, you're not really getting the leverage. And so to me, it feels like it's a, you're either going big or you're going to stay small and you got to pick and choose, but if you stay small, you're also in certain, you know, to a certain extent, disadvantaged, you know, adopting new technologies, improving processes, you know, blah, blah, blah.
我认为从一到两到三到四，你会得到一些好处。因为一方面，我认为当你从一到三时，你开始增加了企业方面的开销和拖累，却没有真正获得杠杆效应。所以对我来说，要么大起来，要么保持小规模并做选择，但如果保持小规模，你在某种程度上也会受到不利条件的制约，无法采用新技术，改进流程，等等。
Yeah, I know, I think so. I mean, I don't know if there's a magic rooftop number or revenue number or sales number or something, but yeah, I think there's not much difference between one and three or four or five. Then I think probably you get to 10, you're probably starting to get some scale on your corporate staffs, on your technology, on your investments, maybe facility, things like that. So those are, those are, and I think in the future that, you know, you look at, look at the investments that dealers are asked to make these days. Whether it's just in the physical facility, yeah, facilities are just, you know, unbelievably expensive to build. Cyber security risk is huge.
是的，我知道，我也这么认为。我的意思是，我不知道是否存在一个神奇的屋顶数或收入数或销售数之类的数字，但是我认为1、3、4或者5之间几乎没有太大的区别。当然，如果达到10的话，可能在企业员工、技术、投资以及设施等方面就会开始有一些规模了。那些是，我认为在将来，你看一下，看一下现今经销商被要求进行投资的情况。无论是在实体设施方面，是的，设施的建设成本真是令人难以置信的昂贵。网络安全风险也很大。
Every dealer in the country is at risk for a cyber attack or ransomware attack. Some dealers in the country have had them. Some in other countries have had them. And, you know, your investment there is big. The investment in your people, you know, people are less loyal these days. So, you know, they wanna, they don't necessarily look at going one place and that's my career. They tend to hop around more. Well, that can add cost to you as a business owner. And so, you know, how do you address those? So, there's a lot of things that dealers have to look at as costs that are coming at them, investments that are coming at them, that they're gonna have to make. And then I think they have to really consider in our 5% margin business, how am I gonna be able to digest that and leverage that moving forward? And there's a lot of really great dealers. I mean, honestly, some awesome. And I learned something from them every day. So, but those are the things. If I were sitting here back to your question and I had one or two stores and I'm thinking about what does the future look like, those are the things I'm thinking about.
全国每个经销商都面临网络攻击或勒索软件攻击的风险。这个国家的一些经销商已经受到过这些攻击。其他国家的一些经销商也受到过。而且，你知道，你在那里的投资很大。你投资在员工身上，你知道，现在的人们不再忠诚。他们想要的不一定是呆在一个地方，这是我的职业。他们倾向于更频繁地跳槽。好吧，这会给你作为业主增加成本。所以，你知道，你如何解决这些问题？所以，经销商必须考虑到很多成本问题，这些成本将到来，他们将不得不做出投资。然后我觉得他们必须真正考虑我们5%的利润率业务中，我如何能够消化并利用这一切的发展？有很多非常优秀的经销商。说实话，有些很棒。我每天都从他们身上学到东西。但这就是问题所在。如果我坐在这里回到你的问题，我有一两家店铺，我在思考未来的样子，这就是我在考虑的事情。
You mentioned job turnover right now, right? A talent retention. So, I think another thought that goes to my mind is, as we're still kind of in this hangover period from 0% interest rates and just, you know, the money sloshing everywhere over the last couple of years. Are you seeing your, your just overall turnover with your staff rising now? If so, how are you combating that? Where are you on that scale? I expected it to rise. It's actually dropping a little bit, to be honest with you. Why is that? Well, you know, I wish I could say it was, you know, because we're smart and good looking, but it's, I'd like to think it's because we're investing in our team. We do engagement surveys with our team. We take them, you know, critically serious and what our work, we have a lot of opportunities for our employees to give us feedback. We think we're responsive. We try to be responsive. We make enhancements with benefits and insurance and savings plans and stock purchase plans. And we're continually evaluating and changing that. Just, just launch some changes here this week as a matter of fact. And so, you know, I'd like to think it's all of those things, but it's something we watch really, really closely. We wanna make sure that we never lose touch with that and what's important. Because honestly, again, this is a local business. We're only as good as how we can execute locally.
你现在提到了员工换岗，对吧？这是一个人才留任的问题。那么，我想到的另一个思考是，由于我们仍然处于利率为0％的懊恼期，并且过去几年资金到处流动，你是否发现你的员工总体换岗率正在上升？如果是的话，你是如何应对的？你在这个问题上的位置如何？我预计它会上升，但实际上有点下降，说实话。为什么会这样？嗯，你知道，我希望我能说是因为我们聪明又帅气，但事实上，我认为这是因为我们正在投资于我们的团队。我们与团队进行了参与度调查。我们非常认真地对待这些调查，以及对我们工作的反馈。我们为员工提供了很多反馈的机会。我们认为我们是积极回应的。我们在福利、保险、储蓄计划和股票购买计划方面做了改进，并且我们不断评估和变革这些计划。事实上，就在本周我们刚刚推出了一些改变。因此，我想这些都是原因，但这是我们非常密切关注的问题。我们希望确保我们永远不会失去对于重点和重要性的了解。因为说实话，这是一家本地生意。我们的表现如何决定了我们的好坏。
And so, if it doesn't matter if we have all the, all the brilliant people in our Houston corporate office thinking up all these great things, honestly, our teams in the stores aren't willing to or can't execute it or we've designed it in such a way that it's impossible. It doesn't matter. So, the value has to be driven from the outside in, not from the inside out.
因此，即使我们在休斯顿的总部拥有所有聪明的人在思考出所有这些伟大的事情，但如果我们的门店团队不愿意或不能执行，或者我们设计的方式使其不可能执行，那一切都毫无意义。所以，价值必须从外部到内部驱动，而不是从内部到外部。
I wanna shift gears to just macro and Stal look for the industry. You know, let's just start first. What's your take on, you know, the pricing pressure on cars, sort of us getting back to, you know, normalized depreciation schedule, you know, the impact of interest rates. How do you think about the overall outlook for car sales, the overall, you know, the overall car market?
我想只聚焦宏观和行业的稳定性。你知道，我们先从头开始。你对于汽车定价方面的压力有何看法，比如我们回到了正常的折旧计划，利率的影响怎样。你如何看待整体的汽车销售前景，整个汽车市场的情况？
Yeah, I don't think it's a secret, you know, affordability is a concern. And, you know, you're seeing it with the evaluations and use cars with some of the public data that's available these days. And it's definitely an issue out there. Interest rates, you know, inject cost into your business and in a lot of ways. And when you combine that with rising inventories, that puts pressure on businesses. And so, I think as that continues, that puts more pressure on dealers and on consumers ultimately. And so, you know, affordability is certainly something to pay attention to. And that's not just in the new and used car business. That's in parts of service.
是的，我觉得这不是个秘密，你知道，购买力是一个问题。并且，你可以从现在可以获得的一些公共数据中看到这一点，特别是二手车的估值和使用情况。这绝对是一个存在的问题。利率会给你的业务带来成本，而且在很多方面都是如此。当你把这个问题与库存上升结合起来，就给企业带来了压力。所以，我认为随着局势的进一步发展，这将给经销商和最终消费者带来更多的压力。所以，购买力肯定是值得关注的。而且这不仅仅适用于新车和二手车业务，也适用于零部件和服务的某些方面。
One of the things we try to focus on is not just, you know, how much is our gross profit growing in service, but, you know, is our repair order count growing relative to our average repair order, either gross profit or effective labor rate. And we don't ever wanna grow, you know, just grow because our pricing is going up or because we're able to retain more gross because the environment happens to be favorable. We wanna grow the number of customers coming through our service drives. So it's equally as important to fixed operations as it is in sales. So that's what I see. And I see there's pressure there. And I think it'll get to me.
我们试图关注的其中一件事情不仅仅是我们的服务的毛利润增长多少，而是我们的维修订单数量相对于我们的平均维修订单增长了多少，无论是毛利润还是有效劳动率。我们绝不希望只是因为我们的定价上涨或者因为我们能够保留更多的毛利而增长，或者因为环境有利。我们希望增加通过我们的服务站的顾客数量。这对于售后服务和销售同样重要。这就是我看到的。我感觉到那里有压力，我觉得它会影响到我。
Yeah, what do you think is putting more pressure right now on affordability? Do you think it's inventories, supply shortage or interest rates?
是的，你认为现在对于购房能力造成更大压力的主要因素是什么？你认为是库存、供应短缺还是利率？
I think interest rates are certainly having impact and affordability on the issues that's creating for customers.
我认为利率对客户造成的影响和可负担性的问题是肯定存在的。
Yeah, I think the supply side, I believe most of the brands will be more disciplined in the long run with their supply. Where do you're saying the new vehicle supply?
是的，我认为供应方面，我相信大多数品牌在供应方面将更加谨慎。你在说新车的供应情况吗？
I believe so, yeah. There's a couple of them out there that have gone a little crazy. And I don't have to tell you who they are. You can look at the industry reports. But they star with an S and end with an S and then they don't have a telantis? Yeah. And it's, you know, some of those inventory levels are just, you know, sort of bewildering. And, but I do believe you saw even, you know, General Motors this summer, they closed a pickup plant for two months and for two weeks to try to just moderate their supply and the dealerships. And honestly, if we'd gone back four years ago, said, gosh, we got a 35 day supply of Silverados. We feel like we were starving when we were out. Well, today you get a 35 day supply of Silverados and, you know, General Motors is closing their plant for two weeks to try to, try to moderate. So, so they've seen the value of not stuffing the channel. And I think, you know, you're seeing discipline, more discipline for more OEMs on that. And I think ultimately that's a good thing.
我相信是这样的，是的。有几家公司有些变得有些不稳定。我不用告诉你是哪些公司，你可以查看行业报告。但它们以S开头，以S结尾，然后没有类似"Sellantis"的名字。是的。你知道，其中一些库存水平令人困惑。但我确实相信你在今年夏天看到了，即便是像通用汽车这样的公司，他们也关闭了一个装配车间两个月，并且还关闭了两周的时间，只是为了适度控制供应和经销商。老实说，如果我们回到四年前的话，说：“天啊，我们有35天的Silverado供应量。当我们没货时，我们感觉像是挨饿。”如今，你拥有35天的Silverado供应量，通用汽车依然关闭他们的装配车间两周，试图控制供应。所以，他们已经意识到了不要填满销售渠道的价值。我认为，越来越多的原始设备制造商对此持有自律态度，而且我认为，从根本上讲，这是一件好事。
And I think that one of the learnings through all of the supply chain issues the last couple of years was, you know, we can work with customers to deliver their cars, you know, how they want to and equip how they want to and in a timeframe that works for them without having, you know, all this pressure in the system because of a 90 day supply of cars sitting on dealer lots. And that is extra cost. And that's just a ton of extra complexity in the dealer network and in the channel that's unnecessary and absolutely, you know, just extremely wasteful.
我认为过去几年在供应链问题中的一个经验教训是，我们可以与客户合作，按照他们的要求交付车辆，并根据他们的意愿提供配备，同时在适合他们的时间范围内进行交付，而不必因为经销商仓库里有90天的车辆供应压力而出现这些问题。这是额外的成本，也是经销商网络和渠道中不必要的、极其浪费的复杂性。
What vehicles are you seeing right now? Like specifically, anything that is surprising to you that's still very low supply, right? In light of overall rising supply across the industry, what are you seeing there?
你现在看到了什么车辆？特别是那些令你惊讶的仍然供应非常稀缺的车辆吗？考虑到整个行业供应的增长，你对那方面有何看法？
Well, on the new car side, you know, certainly, you know, the $20,000 car is rare. I mean, it's hard to find Toyota Corollas and Nissan Centres still low day supply those kind of lower price vehicles. Just right before I got on the air with you, I had a call from somebody looking for a Chevy Tahoe and we have a big Chevy store here in Houston. We have one Chevy Tahoe in stock today. And so even though there's inventory drive- I've been seeing that full size SUV is just unbelievable demands, tail to the set.
嗯，关于新车而言，你知道，当然，你知道，价值2万美元的车很少见。我的意思是，很难找到丰田卡罗拉和尼桑塞纳这样低价车型的现货。就在我跟你的通话之前，有人给我打电话，想要买一辆雪佛兰Tahoe，我们在休斯顿有一家大型雪佛兰商店。今天我们库存中只有一辆雪佛兰Tahoe。所以尽管有库存需求驱动-我一直看到全尺寸SUV的需求简直难以置信，供不应求。
Yeah, no, just terrific. And you look at things like the Lexus TX, which is being launched now. It's super hot. The Toyota Sequoia is still super hot. And so even with these affordability issues that we just talked about, you know, there's still segments where it's not, it's we're not able to get enough inventory and enough balance. But so there's still, you know, some brands, some models that are still, you know, super tight, for sure.
是的，没有，真是太棒了。你看看像雷克萨斯TX这样的车型，现在正在推出。它非常火爆。丰田 Sequoia 依然非常热门。所以即使我们刚刚讨论过的价格可负担性问题，你知道，仍然存在一些市场领域无法获得足够的库存和平衡。但是仍然存在一些品牌、车型仍然非常紧俏的情况，毫无疑问。
What about, what about on the flip side? I mean, is there anything you're seeing that's cooling very quickly, faster than you would may have expected? You know, hard for me to say, I mean, you know, EVs is certainly something everyone's wrestling with. No secret there, you know, it's, it's, you see, you see a lot of the OEMs dialing back, their production plans, and you see the inventory levels of EVs are higher than, than ice vehicles. So yeah, that, that, that's probably the segment that you've seen cool the fastest, or at least not meet expectations, like, like people thought it would.
那另一方面呢？我的意思是，你是否看到有什么东西在迅速冷却，比你原本预期的更快？我很难说，你知道，电动汽车肯定是每个人都在努力解决的问题。毫无疑问，你看到许多原始设备制造商削减生产计划，电动汽车的库存水平也高于内燃机车辆。所以，是的，可以说电动汽车这个细分市场冷却得最快，或者至少没有达到人们最初的预期。
Yeah, I mean, look, I don't have access to your data, but what I think is that anecdotally, at least, from what I'm hearing that the full-size SUVs, right, these vehicles are, you know, they're desired by people that have money, and they may not necessarily need financing, right? It's just, you know, for them, they need the car. And so affordability, you know, maybe is less of a factor when you're making that type of purchase. Yeah, you're right. Yeah, for sure. Yeah.
是的，我的意思是，看，我没有访问你的数据，但我认为根据我听到的一些事例，至少就我的体验来说，全尺寸SUV，对于那些有钱人来说是非常受欢迎的车型，他们可能并不需要融资，对他们而言，只是需要这辆车。所以当你做这种购买时，支付能力可能并不是一个很大的因素。是的，你说得对。当然。
All right, well, you posted a record, record profits last quarter, $4.6 billion. I believe that's up 10% year over year. Dealership stocks have done pretty well in the last four years, I think, to say the least. You think you can keep this train going? I mean, how are you thinking about the next three to five years? We're thinking about growth. We wanna grow the company. We wanna continue acquisitions that fit our ideal model. We wanna be great partners to our OEMs. You know, that's how we think about it. And we think there's still so much potential out there. I mean, we've taken our used car game up quite a bit in the last couple of years, three years, but there's still more opportunity there. Parts of service, we feel like that's really our strength as a company as parts of service.
好的，首先，上一季度您发布了创纪录的利润，达到了46亿美元。我相信这比去年同期增长了10%。过去四年，经销商股票表现得相当出色，可以这么说。您认为能够继续保持这股势头吗？我指的是你对未来三到五年的看法如何？我们正考虑增长。我们希望发展公司。我们想继续收购符合我们理想模型的公司。我们希望成为我们的原始设备制造商的伟大合作伙伴。您知道，这就是我们的思考方式。我们认为还有很多潜力可挖。我是说，在过去的几年里，我们的二手车销售已经大幅提升，但在这方面仍有更多机会。而部件和服务，我们觉得这是我们公司的真正优势。
But, you know, even today with all the growth we've had, we've had 10 straight quarters of double-digit customer pay growth, 10 straight quarters. And. Customer pay, you're referring to service. Service customer pay work, right? Yes, versus warranty work. Yeah. So that's when customers choose to come in and do business with this in service. So, you know, we've seen terrific growth there. And even with all that growth, we still see as much or more potential in the future on that as we have in the last two and a half years. And so, I don't. We see good things ahead. We see chances to invest for the long term.
但是，你知道，即使是在今天，我们所取得的所有增长，我们也已经连续10个季度实现了两位数的客户付费增长，连续10个季度。而且，当谈到客户付费工作时，你指的是服务方面的工作，对吗？是的，与保修工作相比。是的。所以，那就是客户选择来和我们做服务业务。所以，我们在那方面看到了可观的增长。即使有了这么多的增长，我们仍然看到未来在这方面的潜力和过去两年半以来的潜力一样大甚至更大。所以，我不知道。我们看到未来有好的前景。我们看到有投资长期的机会。
And I think as OEMs look at the future, I think they're really looking hard at which dealers they grow with. And that's true in the UK and in the US, in our two markets. What we're seeing is those kinds of conversations are happening more frequently with OEMs. And so, I believe they'll. Like I said a little earlier, I think they'll be more selective about who they do business with and who they want representing them. We always want to be one of the ones that's on that list.
我认为，随着原始设备制造商(OEMs)展望未来，他们正在认真考虑与哪些经销商共同发展。这在英国和美国的两个市场都是如此。我们正在注意到这些谈话正在越来越频繁地进行。所以，我相信他们会更加谨慎地选择与谁开展业务，以及他们希望有谁来代表他们。我们始终希望成为这个名单上的一个。
Very well said. Darryl Cunningham. Thanks so much for coming on. For anyone that's listening, that one's to learn more about Group 1, yourself, where can they go to find out more? Well, you know, Group1onomotive.com is a great place.
非常说得好，Darryl Cunningham。非常感谢你的到来。对于任何想要了解更多有关Group 1和你自己的人来说，他们可以去哪里找到更多信息呢？嗯，你知道，Group1onomotive.com是一个很好的选择。
I want to thank you, CDG. It was terrific. I read your. I read X every day and follow you. And some of our analysts, you know, that we meet with, I met with one this morning, they quote you often. And you're a great source of insight to the industry. And I just want to encourage you, keep going and keep doing it because a lot of people. I love that. Really, really put a lot of stock in what you say because I think you have a lot of high credibility. So, congratulations to you. I appreciate it.
我想感谢你，CDG。你的工作真的很棒。我每天都阅读你的X，并且一直关注着你的动态。我们团队的分析师中，有些人经常引用你的话。你对这个行业提供了很多深入的见解，是我们的一大信息来源。我只想鼓励你，继续努力下去，因为很多人，包括我在内，非常看重你的观点。所以，祝贺你！我非常感激。
And just keep swingin'.
继续坚持下去，保持不断努力。
I think it's true.
我认为这是真的。
That means a lot.
那意味着很多。
And it's definitely bigger than me at this point.
在目前这个阶段，它绝对比我更大了。
You know, there's plenty of really reputable dealers in my network that share information, you know, bring me inside.
你知道的，我的人脉中有很多信誉很好的经销商，他们可以分享信息，你知道的，让我了解内情。
So, I definitely couldn't hear this alone.
所以，我绝对不能独自听到这个。
But it's pretty cool.
但这真的很酷。
I got to say, just, you know, when you get access to these things really early on and just, you know, different insights anecdote.
我得说，你知道的，当你很早就接触到这些东西时，就会有不同的见解和趣闻轶事。
So, it's definitely, it's fun to share that with the world.
所以，确定的是，与世界分享这一点绝对是有趣的。
So, that'll thanks so much for coming on.
那么，非常感谢你的到来。
This was a really incredible conversation.
这是一次非常令人难以置信的对话。
I really enjoyed it.
我非常喜欢它。
And we hopefully will do it again soon.
我们希望不久之后能再次做到这件事。
Great.
太好了。
Thanks so much.
非常感谢。
Take care.
照顾好自己。
All right.
好的。
Hope you enjoyed that episode.
希望你喜欢这一集。
Please give the podcast a rating.
请为这个播客评个分。
Consider subscribing to the show and check the show notes for links to what we talked about.
考虑订阅节目并检查节目注释中有关我们讨论的链接。
Thanks for tuning in.
感谢收听。
I'll see you guys next time.
下次见，大家。