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Actions that we took during the quarter include further reducing SG&A, selling a higher mix of older lower priced vehicles, slowing buys in light of the steep market depreciation, maintaining used saleable inventory units while driving down total inventory dollars more than 25% year-over-year.
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2023 Q3
22 Dec 22
Wholesale performance
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2023 Q3
22 Dec 22
Vehicle affordability remain challenging due to macro factors stemming from broad inflation, climbing interest rates, and continued low consumer confidence.
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2023 Q3
22 Dec 22
This is incremental to approximately $2,500 of depreciation experienced during the second quarter.
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2023 Q3
22 Dec 22
The year-over-year decreases were driven by lower volume across used and wholesale and lower wholesale margin per unit.
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2023 Q3
22 Dec 22
We bought approximately 238,000 vehicles from consumers and dealers during the third quarter down 40% versus last year's period.
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2023 Q3
22 Dec 22
last year prices appreciated approximately $2,500 during the quarter, which was a margin tailwind
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2023 Q3
22 Dec 22
gross profit per unit was $966, down from a third quarter record of $1,131 a year ago
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2023 Q3
22 Dec 22
unit sales were down 36.7% versus the third quarter last year, driven by rapidly changing market conditions, which included about $2,000 of depreciation
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2023 Q3
22 Dec 22
Third quarter retail gross profit per used units was $2,237, which is consistent with last year's third quarter.
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2023 Q3
22 Dec 22
Through expansive price elasticity testing, we determined that holding margins during the quarter was the right profitability play.
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2023 Q3
22 Dec 22
External title data indicates that we gained market share on a year-to-date basis through October, though we've seen some recent loss of share.
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2023 Q3
22 Dec 22
we did much more expansive pricing elasticity testing and through those tests, we're confident that even though we would have sold more cars if we had lowered the prices we actually would have made -- we made less money.
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2023 Q3
22 Dec 22
Year-to-date, like you said, we've still got -- we still have gains in share. We did see declines most recently in September and October
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2023 Q3
22 Dec 22
December is actually running about where the quarter -- the third quarter ran on average.
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2023 Q3
22 Dec 22
We continue to see even more softness in October and November.
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2023 Q3
22 Dec 22
latter part of September, we talked about sales being down in the mid-teens, it actually got a little softer by the end of September. And it continued.
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2023 Q3
22 Dec 22
our diversified business model delivered total sales of $6.5 billion down 24% compared with last year's third quarter driven by lower retail and wholesale volume. In our retail business, total unit sales in the third quarter declined 20.8% and used unit comps were down 22.4% versus the third quarter last year, when we achieved a 15.8% used unit comp.
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2023 Q3
22 Dec 22
I expect ASPs to continue to fall
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2023 Q3
22 Dec 22
sales declined sharply in the second quarter versus our expectations, starting in July
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2023 Q2
29 Sep 22