- Earnings call transcript Q3 2022

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Operator

Good morning, ladies and gentlemen. Welcome to Group 1 Automotive's 2022 Third Quarter Financial Results Conference Call. Please be advised that this call is being recorded. I'd now like to turn the call over to Mr. Pete DeLongchamps, Group 1's Senior Vice President of Manufacturer Relations, Financial Services and Public Affairs. Mr. ahead, go Please DeLongchamps.

Pete DeLongchamps

the and been earnings everyone, morning release presentation for related related Anthony, to will today's this to on and welcome Group call. slide call to reconciliations include The we purposes that results good you, we and refer have morning, comparison to a adjusted posted Thank issued website. this X's

information and make mentioned the statements management I'd pursuant begin, statements provisions remarks Reform brief Private Harbor we Except call, some for the of that Safe like measures. during Securities to Litigation historical of of conference made use of Act forward-looking Automotive Before non-GAAP Group are financial statements are the the about by to X forward-looking XXXX.

global unknown the increased due shortages, may the and adverse risks Commission. used are periods impacts the limited services. production levels uncertainties, and Forward-looking the associated Those due in virus, resulting Exchange markets as forecasted well future health in and related not pricing, described developments company's other both COVID-XX risks and in the vehicles, company's supply and differ results to include, volume, statements component the new cause to materially from reduced risks to, the to manufacturing and for customer Securities with and conditions and demand to demand on results. prices with as related of risks known public which actual Those are and economy but involve inventory filings

be defined SEC may on measures, discussed this as financial non-GAAP call. certain under addition, In rules,

to Daryl Earl and over Vice call and hand our comparable any with the McHenry, Financial Daniel such rules, Chief its Operating the SEC to provides on GAAP Senior Officer; non-GAAP directly me the the today Chief measures Officer. measures President financial Participating call on Officer; by of reconciliations Earl. website. most required now Kenningham, President I'll Chief Executive applicable and As company Hesterberg,

Earl Hesterberg

million operations. morning, previous an adjusted Group per good that the equates net continuing from report for and prior increase our to everyone. quarter I'm per pleased $XXX share, and share the share the all-time for per result. XX% you, over ties best of quarter, to adjusted This diluted generated of X Thank Pete, quarterly year $XX earnings to of earnings income

margins Our results after-tax of million to items in record sale weak resulted our than which from the that the real due new same-store our non-core contributions strong able growth continued adjusted recent dealership estate largely significant our in franchise exclude quarter. Aftersales more totaling acquisitions business, the of were UK $X offset from vehicle during results continued gains, and were region. to double-digit supply, from profitability These primarily

faced the required price used One market to action our double-digits. US in This of sales to team price in we restock increase the by in challenges levels. quarter in at could decline existing vehicle which industry latest action us a a enabled slightly sell-through rapidly levels. declined This our was we so the market quick inventory,

quarter to from vehicle $X,XXX the a unit roughly declined quarter. used roughly the second our However, $X,XXX in sequentially margins third in

approximately demand Consumer vehicle vehicle this of steady is and in changes the enables us remains very stocking new XX to constrained. of market react ongoing still used Our to level nature. days UK quickly supply availability

of XX,XXX six-month pace. Our our XXXX which backlog with June a remains represents on units, is nearly based at new than consistent order end more vehicle and bank the sales

times are business our luxury uncertainty. reminder, a resilient those and during economic UK of more As brands, is predominantly mix consumers

total vehicle once demand drive lockdowns, growth state in continued Market XXXX. US UK strength built continue very strong that pent-up due environment. to in seeing We company friendly believe reasonable the to continue vehicle near-term advantage for collectively company well the the population be sales, after our both geographic of positive several cost pandemic the growth, will a used We our net sales, outperformed Brexit longer-term believe is tailwind trends years new past over a taxes, and to business due and demographic both We're a and exposure demand and Texas. same-store sales Texas for into of and to profitability. help also vehicle our living, low strict again shareholders.

basis, after same-store profit key be over gross sales from consolidated Finally, profit a comps local our even company-wide growth impressive XX% double-digit a growth given more last We consolidated the results. performance currency delivered to which driver. is on tough continues year's

outsized performance, in I'll and efforts some US to the Daryl now Kenningham. provide To color recruiting segment. continue on to growth our call turn Our initiatives this after quarter drive sales second over

Daryl Kenningham

morning, and everyone. you, Earl, good Thank

September and import of brands remain stock. XX, vehicle Inventory new supply, we units As increase US from brands X,XXX in slight XX-day That June. mainly a had represents a constrained. our increases in domestic very

be As X% business a very tight retail a sales new Lexus, at which an industry the to used a fewer our in Despite supply. combined ago, reminder, in was quarter and versus XX% increased of sales XX%. X-day year continues that car same-store is US our Toyota down

the Our XX,XXX from vehicles during continued through individuals efforts quarter, organic acquired including AcceleRide. sourcing successfully

to auctions. drives, dealer, numerous channels closed available including returns, a us, the franchise to a As service lease used our OEM over distinct on have organic also the due only advantage our we operators sourcing

we the our vehicle pricing Although with used maintained challenging supply a environment, preserved used a of quarter inventory. discipline XX-day

rebase Earl current inventories to quickly As this market allowed at mentioned, prices. our us

same-store was sales mid-teen double-digit ago. after performance comps year gross generating growth growth, US once profit from a facing despite again, Our outstanding

headcount by the our For versus of our technician recruiting same-store efforts, XXXX. increased and third quarter XX% retention technician we

growth XXXX, to aftersales over strong and our We a same-store collision compared business year to generated ago, into continuing their XXXX foresee the revenue and pay XXXX. be increased revenues of XX% XX%. customer our a business course very a strength Following

up Our retail improved retail nearly $XXX the board. was We're in seeing penetrations product F&I unit the quarter. business per trend across

vehicle used normalization despite the of to maintain margins. continue We cost discipline,

profit yes the first and X in the over quarter of point XX% XXXX a adjusted of from of quarter over half SG&A that was Acceleride gross third continued roughly customers an down quarter retail all-time Our on We XXXX. lastly, percentage the say record third vote an percentage our an to all-time our vehicles And to of sales, XX% sold first also the in of increase record. pre-pandemic happy I'm as in XX.X%, second US through quarter, XXXX Acceleride.

to Just month and Acceleride in as integration our looking important used of full credit We're Acceleride some with in our also is of DMS, our customers their way that XX% CRM in forward the of software. transaction September.

dealerships months the rollout We full and a continue ahead. it to in in expect several test

faster for Daniel? our customers. transparent this over call a turn Our transactions early I'll sheet and more results are now to very McHenry, our expect provide and Daniel positive, and review. provide we balance liquidity to will the CFO,

Daniel McHenry

and morning, Thank good you, everyone. Darryl,

million. As cash accounts, million plan $XXX of liquidity cash to had bringing and hand on invested $XX XX, we offset of another total $XXX September our floor in million

have We backing also first float. had after was capital flow our million flow spent XXXX, our repurchases at have price months operating share a months, we borrow we to CapEx. generated of of $XXX we acquisition of and dividends. deployed and acquisitions, year-to-date, an immediate cash shares This adjusted $XX and $XXX the This repurchased million million. of total on nearly XX% share Through million available of line, combination last the million bringing out liquidity $XXX.X average of nine million free X.X over to $XXX of million, $XXX repurchasing XX available through $XXX cash

allocation. over in Our is of revenues the to share over count today commitment activity billion capital acquisition significant of as repurchase $X.X months million. our XX This the $XX.X approximately illustrates in accretive addition to last

leverage as defined syndicated rent-adjusted at facility X.X of the was credit end our ratio Our times US by September.

capital balance to continue will meaningful Our and strong sheet balanced allow deployment.

interest $X.X conjunction Non-floor $X.X $X.X our million higher holdings the interest million was Prime to floor the quarterly interest plan inventory year, interest increased to Finally, from year, million of the the an in due raised expense of primarily and vehicle rates. to acquisition. with plan related from prior expense, prior by debt due both increase

rate of has fixed a reminder, majority interest As the through debt our swaps. been

billion XXX and point overnight rate As our benchmark debt debt referenced floorplan in floorplan is is in mortgage in and our annual for EPS XX% was or basis to the other fixed. secured the of instruments. XX, impact funding only rates $X.XX the which Therefore, SOFR every September $X.X go-forward increase of

information detail regarding additional For to the the website. to additional I release the the attached financial news investor as our well as of will turn schedules to call condition, on Earl. please refer our back over now posted presentation

Earl Hesterberg

US our external have expected dealerships revenues. capital US our to UK. end and and our continued our million Shreveport we Albuquerque high-quality remains of add on market purchase in businesses actions and generate focus that markets existing the In allocation are six with These you, scale annual of dealerships $XXX South the growth the Growing the in in Thank to UK priority. the top Daniel. Austin, XXXX,

over now Question-and-Answer have to and the sheet balance the remarks. XX% This year. flexible prepared call to operator concludes cash position Session outstanding turn question-and-answer last repurchased to Operator? support we a further continue our the in to the session. capital approach, of share include shares the will which our However, repurchases I'll likely over our begin allocation generation flow will addition leverage

Operator

you. Thank

now first will with We begin Imbro Our from Instructions] question-and-answer the Stephens. will session. come Daniel [Operator question

go You now may ahead.

Daniel Imbro

inventory questions. new sort My side the good morning, was taking Obviously, Hi, days Yes. of the is very steady. for my business. guys. Thanks first of question

talked environment out step then how here how I seasonality maybe think say book demand your You you're on pre-sold compared about think quarter. the that about months light anything forward US? a now book but should thinking inventory today? GPUs ago, this in playing the of of but seasonality like fourth to new seeing few that is in about here. What And much of side, we order if look typically, that order a in I'd the the does up normal, in is about

Daryl Kenningham

about question. fourth then Daryl. Daniel, to -- US little going UK bit, we'll inventories that, will US, really with start of I especially is this and the up The will. the brands. believe side are the Earl in that OEMs first. optimistic are materialize, side end take some I speak with will I the the of to of see quarter the a certain In that that I'm

us. We're chain under supply fourth the in a we're quarter the the those the last way and seeing of smoother that still X.X are vehicles, million in of industry behind tracking of SAAR Some impact or will and years so, a XX flow US. positive that retail -- and unit lot over issues the

So we the pre-solds plenty US, even where of they in second there's they the look were our are with at quarter. in about demand. still When

vehicle And order quarter. feel had three retailing there. plenty mentioned units the a the we like script, UK, units. the last just no which demand we're there's little in or new we somewhere bank, as to over so, material change And two in of we still And X,XXX per -- is our plenty XX,XXX around in quarters,

people can you are is we're a And from that electric backlog. supports technology. the itself, plug-in drive, call brands And in US, the UK to going a what electric with and who or they the to battery hybrid either in for really and purchases, seeing over battery although plug-in we vehicles. a it's models, big new tax. that's or that their we the market, these further be represent it's that these the as see fuel stimulates that UK pays new wave vehicle advantageous it's company who fleet new vehicles. hybrid, luxury of there's of vehicles, market the healthy user more And battery the time, more alternative UK a known would scheme that but because of really continuation or drive them the in particularly So the supports market. buy of And dynamic chooser the electric either hybrid cars tax And vehicles for pay plug-in company vehicle part individuals

it continues seeing So our refill we're to that, as order bank.

Daniel Imbro

would mention did is Daryl, the sound seasonality GPUs, going production But, I to you seasonality say, like, improve. improve. obviously, regular did things like miss And, it,

sets maybe volume? the GPU just comment new a on fourth bit assume in given that guys down you would So quarter,

Daryl Kenningham

that me. our they for hard in It's things predicted support is, a every the I and business. believe relationship GPUs lot do see draw we this a guess. day Hey. with But we of hate will I haven't correctly captives, and I to know of

Daniel Imbro

my follow-up sense. on to want AcceleRide. for makes And ask question, That I

jump, it penetration that consumer the you curious, it What the continue more might usage to business? what it scale do it mean Just the profile online you thought learned of see does Is and Specifically you of be? for the trying does long-term as SG&A see jump? understand, about less? we to this more saving than as cost and opportunities? you have Is long-term

Daryl Kenningham

our staffed a that what our changes see we schedule for and well, over and open. hire I maybe business, definitely set driven believe, importantly, and we've teams, there's more the we're -- In today's that appointments sets. type to for And selling think, world, is we’re – AcceleRide. the skill time, cover a retail hours customers people I -- that of the through you Well, stores, are staffing staff as we model the for

model yes, so, moving And improvements we've that continue AcceleRide are believe has I But, we're as we I see big since we'll to a holding, forward. way hold And that seen even on staff. a the that seeing start productivity change and the staffing increase. us will to different they

evolve. switch, but do believe will I an light it overnight. I think, it's that a not It's not

Daniel McHenry

Daniel, its here. Daniel

one said. what addition that think there's say would Daryl I to I thing in

it DMS having us the place well. roll integration credit our and once all further stores. synergies I throughout out give and AcceleRide, in And as that will we think will us one our also CRM software of help I think

Operator

with Michael will from question Our Ward Benchmark. go next

You may now ahead. go

Michael Ward

everyone. Thanks. morning, Good

of is a outpacing be that technician just I actually lot and rest sounds saying of the count your to It think F&I of seem I two increasing. the the you're market your getting that areas like today, business service? retention. you're think are And

and that's it Somehow, means you've they seem on the that forward? of be to years the several some over talk you connected. what building Can going things last all done about

Daryl Kenningham

Mike, -- do us. speak service. to to we Pete firmly F&I. be this believe be to Service, we business to Daryl. is to speak when available have I'll have with customers will philosophically want our

as try limit than our as to available different open our much have our slots as we as many That's possible So schedules some and as appointment to shops. in try competitors. be possible. not of We

all. don't Some of to like will at that our competitors do limit slot. appointments We

programs thing Second is several technicians. we retention place for in have

well. them pay technicians based with market all the do of that's one the we and don't our people or lot have work ensure our and most recruiting And are to things we cars, our very above more more -- Some programs. important can mental that four We know of work at day that a is that's efficiency strategically is. about that stores. of into our in doesn't in sales if to few drive scheduling reason over forward. years focus and to will and last process on emphasis we've shops high come week then And human successful using be But where after provide in with volume, our what and offering that a a the technology is as we drive level… you seen your customers to our moving It's try can capacity

Daniel McHenry

so our rates with not the $XXX a pleased product with process same-store, whatsoever. we're how continues it improve And Mike, we $XX improvement, have we and that on the on to The any be we're and the our F&I, for very pleased fact with increased penetration we increased. very lending have seen -- headwinds quarter continue processes. as to

moving the bullish F&I business. we're on So forward

Michael Ward

revenue? to As different see they mean, are -- you can on call in? to how or it's quick these they are system, center? service GPI you your able make they fast I in And whether acquisitions, as pretty integrate brought fast improvement the how AcceleRide come a

Daryl Kenningham

try all Mike, technology, AccelRide phone to we as everything Daryl. possible We quickly on on do. systems, as our our of integrate them

huge a to as the to store. month we to generally, or But on if has DMS might that. bit little out take, in we on If DMS Sometimes to that's pace them has change because just the say, we do get a two possible. a try a change, change quickly that depending as

Operator

will John Murphy question Bank come next from with Our America. of

go ahead. now may You

John Murphy

Good morning guys.

Just going Is as Earl. call, question CEO, you're last you, a be this conference first for to the believe? I doing

Earl Hesterberg

doing. final It's the and be one it one. last XXth Yes, Yes demand, by will I'm John. popular my

John Murphy

very run more. run, lot you've for great we’re great the and a but in a had Group congratulations long, industry, and at a expecting Well, Darryl X

doesn't too. you, to I hope count congratulations against my here. question So that count

Earl Hesterberg

I've That was easiest had, the John. question ever

John Murphy

I we can can base? week on great after the congratulations service ultimately how you go you think think as about On where and Daryl, really. sales, But question. It's been and where do now go? at think you Mike's Yeah. mean, do and are Well, four-day that utilization, follow-up about know a you run. helpful. work the been where capacity to you that very in I has mean you where you're

Daryl Kenningham

we of XX where XX was of stores, John, have I And weeks have New at and XX or service one England, in we couple other Well, we technicians. have stores a stores base ago.

technicians. service and base XX have We XX

feel do, than mean invest won't store, taste. we have may need And so stall have and especially be can ratio that at see brick-and-mortar we to doesn't that every acquisitions count, able we to physical we like capacity. in we that we is while some Where the feel definitely for especially for we like it and we more not under sales, tend technicians more acquisitions in we service after do see our built have are

of there's the we think there. more UK, And tell I would we you UK. feel would say will in I invest upside. And upside we so But also in have like I a the lot that

Earl Hesterberg

in and if that he’s shops concepts the the This have which our toured future, in some Yeah. of service the big can will the we and than is sophistication the lot there, really of at sales. such more implement sales and of a in for and me brands the general I able level us we we lot US same in aware a we've and after we with the yet Daryl of the Earl. fully one as these been BMW are not Rover growth to implement support is business is after do opportunities of, US think, UK are Land in Mercedes in Audi UK

John Murphy

Okay. you a components or might of that your that's just That's to might might a give F&I incredibly XX, rates going F&I because the the Can of PVR. on rising pricing and follow-up and be that that I helpful. us PVR. breakdown of compress concern lot PVR F&I down one there's come XX And compress think

XX. XX, what of I the are mean So that components major

or So that risk what we there? the can understand be may opportunity ultimately

Pete DeLongchamps

is origination The rest comes of one-third comes it loans. Sure, of from product of John. Pete. the This financing business About from sales.

it's long that a -- and So for been like time.

So But we're very rest, happy to additional to is got the the product I room the think equilibrium. the key from that increases with one-third come still rate penetration, we keep run. some and

Operator

question with JPMorgan. come next will Rajat from Gupta Our

You may now go ahead.

Rajat Gupta

Great. there's economy really taking address Maybe just around the of to a the for lot question. what and uncertainty there. Thanks

I power to reason to how or And year. are variables Curious You've key should follow-up. we scenario true those how -- Thanks. get us and would And assumptions? to demand about be into that dealers earnings private heard you're of if from into maybe a any recessionary in underlying take mixed think commentary for the turn quarter, year maybe feeling have what on purposes, a trends. bound health able next a of does you sense XXXX give is as into the trends And go fourth a and a doomsday demand about the planning public consumer underlying the well. company? the Are on the of general out

Earl Hesterberg

broad luxury this which first on there's this consumers This under can't basis, in a I'll when But that. take are inflation of pressure Earl. both at at of who look the the bit continue to we a deny is level that price, we in amount even pretty at to kind you of shot people $XX,XXX big the this is type with economic near monthly years business, three and some a just operate vehicles we are is not with the necessarily income markets UK US expensive vehicles. of in are turmoil. higher of which have with building brand in, that our dominates majority part the is when that generally But OEMs business. though or people, business But and of vehicles our where were above ago. significant wherewithal average our are they somewhere dealing are buy vehicles space, the sales backlog two payments And

higher the in. a is, In affordability captive are We're we major And be is addition, very cars a That's used or business. say, tend younger. market, partners in powerful. we're our financing these the the franchise used of credit three which end most business again, sell years the of vehicle a the Daryl companies car let's to old mentioned, as of of And matter. generally at

to why reactive be supply. of do, this But model a have only able level out is that's very legs a and can that's had surprised of So, occur And which pace business react. the to the us. and we the clearly, some used the responsive seen has we is demand something We've those that of year. that's we in as in normalization has XX-day us both the of of US of supply cushion that's to advantages curve. one vehicle combination normalization and we're and and some nothing give the normalization because our this going prices between to we to system, And there mentioned flush going in and UK vehicles the

prepared been to And prepared to will it. business our enough for be continue have continue react. for it. is flexible or We We'll

So, or have about year like don't we anything any that. big trepidation next

new as going and strong aftersales near sales such term. vehicle businesses core in remain are to the Our

Daniel McHenry

the business a contracted some will business And is that business. recession, be here. digits add Daniel there I Should There's our look I us say. of XXXX. by would sell and of kind recession core 'XX far our And our of than other stay. was It parts it's any has The a service to back that think less contracted. service that good element to in mid-single and parts Earl if to business. things what is, the Rajat, you number of

either with buybacks, will XX we've that well continued billion the continued company share over revenues EPS to in $X the capital as as allocation, grow months. that, our help as towards by our our growing company through nearly well As last

combination will I of weather help recession. that think a us any So

Daniel McHenry

And US. me units the straight ago third we In UK, market operate in, of and more or that X.X if the Both of years one year industry make point, UK this million of sales. million This let the did X.X just is five might. these I markets the is a units. four

we're recession those we've XX.X. kind XX.X, would level normally level So are an at, The U.S., in years. expect, that just three running average sales straight That's under you sales. X what, below operated Historically, what of those are recession units even million economy.

we already vehicle have operating sales. new So been at recession-level

Rajat Gupta

echo Got follow-up also ask before question. both Darryl going Earl John's I comments I to just it. and the wanted forward. congratulate and Maybe

You just the to you gross integrations productivity back-end a about? mentioned is when to that sustaining XXX points GPUs app. had reduction mentioned would you other in happening So structural basis still the there think earlier SG&A the past, framework that and -- to around versus on pre-pandemic good credit normal. SG&A, of are revert Is DMS

higher some And talked your degree a of also reduction. peers of permanent about have

on to normalized to I more number GPUs – well go get of as for should what be curious what growth So normal? level level SG&A latest growth back of on was your SG&A thoughts that do when a

Daniel McHenry

Daniel. It's Sure, Rajat.

where at a were there whole, were look you If company pre-pandemic we about. as XXXX, a at as we XX%

[indiscernible] of as as in to or the at don't back and somewhere see our X%. sitting it's kind our modeling moment, In the the between early Clearly, X% we today, of to going disaster margins terms XX%. any of ever subject it about are We our move, be we will XXs. recession -- with SG&A where

Operator

Guggenheim. question will Faghri [Operator Instructions] come from Our with next Ali

now may You ahead. go

Ali Faghri

question. taking Hi, for everyone. Thanks my

new And seeing I GPU GPU in or that, remained guess, car late Curious new expectation to your more as in part compression on September normalize mid normalize XXXX. if your and likely your strong are guess, last you will of talked GPU then, quarter. by I maybe GPUs But what's signs your one October? reported So about thoughts when of the any on differs. to week your meaningful and new of view competitors fully that

Daryl Kenningham

this Ali, Daryl. is

seeing compression. a we're -- little some know, You

don't if Our results OEMs -- in believe OEMs the will show more I I -- And have supply that normalize? results well, on are them, are from high It's production and works their general as know. for the model of at based discipline it as on think When I that. earnings quarter-to-quarter. that think well. very the levels so very kind good these I

the of channels And we than are today rather they're stuffed higher so reasonable, than days Even like a hopefully, distribution second in still the us. did six days being something behind the we see or that quarter, days where brands supply in little the very XX seven. or

us customers terrific. a And little helps more So that's and little we've need a choice that gives satisfy a quicker than been to. able

month what I don't this works know. to And I the can't or it they'll drive continue and way. be. quarter we're be believe I with what it might try that. that, might pleased do So model forecast to

Earl Hesterberg

Yeah.

had had part Let me XX,XXX of least you, at new mentioned see Automotive can business. some for a Group We times several add do if US told Daryl color I X,XXX. vehicles X in you been on than year the pre-COVID the is now. for have today think what less we've have a we I quoting inventory. that And more yeah, And we vehicles

X,XXX. have We

We have X,XXX, XX,XXX. not

had more we we XX have XX,XXX. had the – than moment dealerships We at

So a gives frame maybe reference. you that of

biggest Toyota XX% General our of Lexus and dealerships. of spoke of our I company with the and Manager one a Now ago, Toyota week is

the on new many X,XXX X. week Toyota this asked had how the the last person ground was I number times. all dealership they pre-COVID at ground Now the Toyotas and had on

and company. supply that's – Toyota X-day mentioned And think I so of have and of Daryl a we our XX%

So are normalize pre-COVID than quickly more not but there will inventory the are level. that anywhere yes, in some ballpark of others, brands we

Ali Faghri

may. if really And I That's helpful follow-up, a color.

it for side, expectation F&I vehicle the On unit think structural But quarter, challenges talk the clearly is maybe maybe purchase about what's unit per normalize improvement used F&I start as seeing any caused so consumers in versus and car cyclical? in per versus headwinds can new products? sounds to affordability real put much like third you aren't XXXX the of inevitably F&I strong how remained to and yet. maybe XXXX into insurance I way, your ATPs fewer another you

Peter DeLongchamps

First, happen. on these to about the think When these I'm technology. with not you and if is cars what on going cars ATPs normalized sure of the customers price want really

going an F&I, of history we're look think headwinds that over with the think do So increase our with it's there. I is And structural. I this don't last been performance XX the you years. And think to see solid I very at

we're you I the we earlier, you that I said feel at comfortable business can – levels these as and them. as and bullish today on So look we're that think have with model, F&I

Ali Faghri

for Thanks retirement the congrats best and questions. my of And Great. Earl, luck. on taking

Earl Hesterberg

Thank so much. you

Operator

concludes session. remarks. the question-and-answer our over back conference closing of to any like to Earl for turn I'd This End Q&A

Earl Hesterberg

us everybody quarter The to joining will look call our forward in on to earnings thanks for updating team fourth you today. So February.

Operator

now has presentation. conference The today's for concluded. Thank you attending

disconnect. You may now

Group 1 Automotive (GPI) 26 Oct 222022 Q3 Earnings call transcript