ABG - Earnings call transcript Q1 2018 | Asbury Automotive Group, Inc.

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Operator

Good day and welcome to the Asbury Automotive Group Q1 2018 Earnings Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Matt Pettoni. Please go ahead, sir.

Matt Pettoni

morning, good and operator everyone. Thanks, Automotive Welcome call. quarter earnings first to Asbury XXXX Group’s Today’s be and later recorded call being is will today. available replay for earlier The results posted Asbury’s detailing our this issued on asburyauto.com. press is morning at first website and release was quarter David are Vice Executive President Senior our President of and Senior Vice Operations; and Chief today Officer; us and Hartman, Officer. John with Hult, Participating our Financial our President Chief Sean Goodman, will our of for remarks, we available the follow-up open any up I have. conclusion will questions, call questions and the be might for later At you

I discussion begin, to today we contain must the likely Before remind you the is during that forward-looking statements. call

differ those, forward-looking the by from Forward-looking statements to those and subject statements. than historical may in uncertainties, which statements other materially are nature. All are suggested significant statements results are actual

see regarding cause We risks for certain differ, and release filed Form XX-Q, including our today. forward-looking the issued results Form to any statements. to our reports earnings December time update any on time, the our ended of responsibility with information to that expressly filings XX-K actual XXXX, earlier For may year the quarterly disclaim from SEC subsequently please

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

to As Hult. the such comparable David to pleasure reconciliations the It call applicable GAAP website. CEO, rules, most over our David? measures of required hand by non-GAAP we my provide is directly SEC to any financial measures on our

David Hult

Welcome everyone. morning, Good first XXXX call. Matt. our Thanks, quarter earnings to

start a The first quarter to XXXX. solid marks

driven continued management. and parts operating perspective, expense last service, EPS by During was this an adjusted $X.XX, year’s disciplined we EPS. of XX% a success PVR, and From growth F&I enhanced over record achieved in quarter, our increase

our to continuing be and the acquisitions of used of omni-channel our cars, in overall and for existing XXXX deploy strategic capabilities, the parts we shareholders. while that F&I, capital capital to that focus plan or highest aspects Our expense service, return, can business, control, intelligently specifically, notably returning towards remainder on the investments business to management, the is

of Honda Indiana stock $XXX million generate $XX repurchased revenue. a approximately our we in we the quarter, annual in acquired and common million This market, which a should dealership

acquisitions In we market, these on growth this $XXX addition, like performing in market revenue. thoughts should The acquired I Atlanta a close our combined which to million two in in second a to confidence approximately of the which represents expectations, that share similar generate in plan Chevrolet in is to quarter, the to annual the would Honda with acquisitions. our dealer and our to an Chevrolet stores. consumer Chevrolet situations. currently Indiana as market, store are our dealership the year. price location store The a concentration, we the last underperforming return line two Honda The based store, potential. opportunity acquired different store and shareholders. demographics gives represents assessment after us market pending lead in well-run the acquisitions our that We on view that are good second These for at operation we should Indiana attractive acquire

successfully applying we stores by management our that existing confident recognition, and omni-channel capabilities, are turn We can brand expertise, around. these

over Given execution our additional the now risk. the I turnaround expect higher generate discuss to the hand performance. Sean? compensate return we financial situation, a to call will Sean for to to

Sean Goodman

everyone. morning, good and David, you, Thank

new not quarter. We’re cash of to approximately ASC XXX impact by revenue that and flows. recognition accounting Note our impact million. $X.X and standard service, adopted performance was The quarter, recognition new accounting pleased reduce and standard million revenue ASC $X.X approximately by operating reduce has gross with net F&I. first profit It on for revenue XXX. the this our we impacted parts This in the

X.X% the XX.X%. ASC year. to year. on basis quarter, to XX In last Adjusted increased percent basis prior per of points than We of XX.X% gross increased record X%. normalize last than compared our of by XX% to to This gross per points of XX% for a as XX basis of income increased to was profit margin XXX quarter. was results share. year XX settlements. is pretax excluded $XXX,XXX not net And improved adjusted impact first points by SG&A the $X.XX earnings adjusted XXXX, by a to lower lower the $XX.X Gross Operating of QX Overall, have equivalent by share $X.XX. million. gain this earnings margin profit legal

was As quarter a the the rate XXXX. Act, XXXX, effective quarter Jobs result of first from our tax recently and down of in first Cuts of for Tax XX.X% passed the XX%

quarter Turning to XX the was expenses. of XX.X%, over last a for basis profit of an improvement percentage points gross SG&A year. as

expenses of our and offset SG&A costs investments omni-channel reflect efficiency control, Our the redirection certain a by continued digital plus on capabilities in cost technology initiatives. focus towards

This terms experience. We customer we to of in enhanced productivity in an are capabilities. beginning improved in to $XX and invest excess investments of of benefits the expect year, see million these omni-channel

the While generate is statement favorable return. on very impact our expect has SG&A will a current on through nevertheless the which a an to it run immediate we real line, year earnings. income investment investment This for investment

the is a a net non-real expenditures, moments. leverage $XX revenue gross From million ratio $XX. John times respect our we $XXX estate. of we X.X managing to we decrease approximately in million the acquisitions, accounting a $XX we revenue of our case end $X in the on cash, ASC case parts stock, million million With few with some talk decrease by $XXX,XXX. year resulted the At of line, repurchasing resulted standard million of more XX%. $X.X and to in revenue offset a X.X on liquidity about that However, a and real in with million. XXX. approximately and $XX a our things $XXX,XXX, have profit issued and revenue is the doing accounts, quarter, used in $XXX with estate unencumbered we new will and $XX ended so capital of A will times. of are revenue reduction of million In $X plan for million recognition line capital floor the gross the lines on little QX, in about adoption available more expenses, ratio new in recognition previously the total SG&A the information PVR profit In in standard, offset the in overall guidance exciting and F&I, stood of which our F&I XX% of leverage of vehicle a to in service, our common standard around also million estate of perspective, recognition quarter purchasing decrease this at total related deployed, available our million at revolving value credit $XXX equivalent available on real spent that

Xth, the On XXXX. experienced hailstorm April our quarter second significant Looking of at located towards Texas. store we Honda a Irving, in

John? the our over While assessing the now we is to million are estimate quarter. approximately walk John process in initial through the operating damage, would like call a I to in inventory. adversely $X second of detail. of our fully hand impact associated cost the This in damaged us more still performance to will with

John Hartman

performance pertain to first remarks Thank the you, to store our XXXX. My quarter same Sean. will compared of

Looking at vehicles. new

X%, the prior SAAR from down was were sales unit while new year. Our flat

points and prior luxury last than we midline overall to resulting last the in lower margin the declines points margins domestic experienced margin basis year, in new than segments imports, X.X%, and XX in XX our increased quarter an basis car the compared for year. While of lower

days Our from total Despite by supply vehicle our lower X prior million. reduced year quarter new days XX was to sales, inventory we days. $XXX unit

Turning to vehicles. used

Our was but XX than points XX X% used the basis points last year. quarter, vehicle from and margin our gross of unit sales X.X% prior basis increased up profit lower

all implemented We are car an XXXX see vehicle XXXX. first to This since of unit enterprise in QX the saw we was software the time of our sales we the stores. used increase used QX in beginning at benefits

supply. is of vehicle $XXX million at inventory a XX-day used Our

Turning to F&I.

profit to $XX to continues gross increased F&I Total $X,XXX. strong profit deliver vehicle by team by X% Our results. per and gross increased

remarks, in was profit adoption affected the new accounting mentioned revenue per recognition adversely gross Sean As of standard. the the his vehicle by

by and with you increase profit to service X% X% the some Turning pay. new This achieved a a to and and The take service details our strategy. our adversely and reconditioning warranty. revenue more impacted standard. to an X%. was parts omni-channel decline work moment parts improved Again, parts customer to in were and in results service. on our give adoption the gross We increase by service accounting I want within parts despite revenue of X%, by caused used grew sales vehicle recognition

future the presence We be model. are our and in investing mobile to in auto retail web well-positioned

include the following. developments Some

we Company manage next to in supports team them we of team building enhanced planning are XX% XX% a digital stores, the our rates a efficiency. sales certified experiencing within months. brand centralized conversion traffic. in First, our support to coupled and increase The the participating program entire are currently Stores are with for XX all

and customers online, tool delivery. Second, enables driveway online to sales vehicles financing instant our purchase receive PUSHSTART, get approvals

This growth PUSHSTART. vehicles sold through now further quarter, started X% and we saw a upto our of

service our appointments we were in online the the sales. grow prior markets, initial And XX% traffic omni-channel and digital up Fourth, to test we’ve our continued quarter, we significantly capabilities scheduling And Third, sales. increased applied for parts in year. to online the have from parts tool. our

in performance. who turn and initiatives these over now our that express and take been class industry-leading maintain we’d SG&A proud of the best In investing the to all to to teammates like able I’ll to about field our Operator? center conclusion, in excited questions. support we’ve your extremely in operator are produce appreciation future. management the the We our to in and continued call while our

Operator

Now, an Nelson Instructions] Please ahead. Stephens. [Operator of question you. opening Thank take from go we’ll Rick

Rick Nelson

within about the segment. I’d or it it’s are specific on that cars. the like, the pressures brands driving concentrated new looks used like that across in ask is It Is to you and that erosion? import brands both TPU import

John Hartman

the available midline XX% got margins imports, in in their The our extended -- programs the money, certainly that which about change in segment. we got And quarterly. affected specifically manufacturers we’ve that -- about of

our we a Specifically, our saw significant And volume certainly the when Nissan affected margin. from XX% of in decline margins. both and imports, comes midline that stores, volume

Rick Nelson

the Toyota Are import and Honda like other brands the pressures segment… within in

John Hartman

it was just No, Nissan. on

Rick Nelson

that challenge about now if quarter, volumes you? you systems yet saw that you margin And were then, better issue had behind cars, used Curious there. this systems much the erosion think quarter, last the is we

John Hartman

I think, with gotten better company, we’ve tool. a the as

reflected the market results pricing. in the A certainly transparency as quarter, lot as This far of that. used car

our cost of focusing there. making really we’re acquisition and we’re So, competitive on sure

Rick Nelson

this The now seem Atlanta. heating acquisition be in acquisition Indiana, with really to environment, up things

you’re and that could be out you there, the If that seeing speak the would multiples to pipeline helpful.

David Hult

it finish up back am the go Rick. Absolutely, the acquisition margins and and piece. with I’ll going I on to touch then

on touched John brands lows. all As the they cyclical have and and highs are with Nissan,

we’re As field. and a in through company, doing job we have managing the a it, people great great

call, opportunity the last certainly see in happy the we teammates certainly a the our we of a the adapting makes correct stores. quarter, While our to the Nissan, field our outperformed And have those happy above excited in our to are we’re we it by with year-over-year that software. where no year-over-year brands maximized guidance with new one we’re markets but do in directionally that It’s actually competitors used the backwards the difficult. just at. And actually down and and pretty we we’re within gave business volume with Nissan car in. From that really cycles have lot from was we yet, means but perspective,

at On and year, We strict and a acquisition. better. don’t see to this always believe each thoughtful bigger we’re about deals, lot the lucky very really acquisition is how been but look we’ve we disciplined necessarily standpoint, getting of

to how the that So, great when we be acquisition, return in really a wise to make we for going we look really create capital and at want an our sure shareholders. deploy it’s

whole. anticipate our and disciplined, year. seeing more a that a a sure slow acquisition very it’s think be traditional, making as you’ll continue. for last us So, more Asbury activity, I to than significantly very lot see We good But,

Rick Nelson

The up, in acquisition how you sum that opportunities? do terms balance sheet, of

Sean Goodman

Sean. I sure your not Sorry. am I following It’s question. Hi. Rick, am

Rick Nelson

net acquisitions? Your much and to do how debt you targets further think capacity EBITDA to make you versus have

Sean Goodman

acquisition our And Well, times. associated range less little prepared in our Rick, X ratio to a that get than is X.X I X.X acquisitions, times, we the with is remarks, well. leverage as which bit obviously stated target EBITDA with of currently as

So, do we significant acquisitions. think value-enhancing have we capacity to

Operator

go We question will Bret our Jordan take Jefferies. next from of ahead. Please

Bret Jordan

it some quarter? of a or When pressures I quarter of moderate? the or the maybe programs, were you I part trajectory the higher later about the the standpoint OE think incentive of beginning about the in of did quarter, guess -- guess, the from margin what

David Hult

is margin. John like David. in, can this in would ended say, both jump we’re And luxury, And in volume Yes. we we I there. and in up where

So, by our the is Domestic, performance that quarter. a the it’s so The well brand product was -- it’s happy pace mentioned, have ‘XX see well. ground. we unit situation secret you the numbers But, on our already of we a there where it quarterly were we’re that the as can with of with domestic lot whole kind brand of don’t went with a This stores, lot ‘XX target. account. no into a

your impact when and that a your that you impact. it’s and to miss margin. a material on going material had objective number it And target, So, to quarterly tied PVRs is have

Bret Jordan

online, doing in the what the actually to of guess, the pay, that relative a do you’re Is gain? guess And a the to discussion this selling and that, market? within plus how P&F out? sales, that buy store, is pickup I to that underlying part how big business? on customer that And on you the that five, you I or is online of something side stuff compares is feel share is DIY shipping customers And that then,

John Hartman

we’re customer growth. a we focusing technician headcount. increasing do in pay, that And see really we the material On our difference the on

of really have make to that’s we the as serve the sure So, headcount focus the to operation business.

doing -- sales shipping online, it picking test parts in up in people parts the we’re market, is and be as far can still we’re it stores. are As go, a

Bret Jordan

pay are demand? that we to the you is line general growth, do And does of that market customer with underlying just a sort that’s how feel the gain X%, that relative that and in think or -- share

David Hult

higher. pressure acquire more that if that and out you, technicians, technicians. there’s we’re number And had to just more I’ll we’re confident be feeling on tell the there. technicians; We more we would have

Operator

from James Consumer Edge. take go Please next We’ll ahead. question our Albertine of

James Albertine

function perhaps A just your coming of alluded was headcount and lot clarification the it’s or that side. or question, the customer increased accelerating for you’ve the some the share pay. that gains to there’s or -- of given more you supply a off identified online technicians, a -- that to need on pressure asked, turnover, what or have -- Is you lease

is or assessing? you’re that is of it the just that one it is So, turnover opportunity

Sean Goodman

material Sure. We all experienced difference turnover. But year-over-year, in turnover. there’s no

years have have we the are hire to without right days, technicians the cannot profit gross had them. and of incrementally We to start, some in hardest our Technicians and add for days day empty empty acquire people as these now. they we fill books. And them

James Albertine

you are there’s trends, the lot of of out your seem anything massively legacy my vehicles vehicles know digging remarks, new that When does the may, some than but sort Tiguan assessment the Volkswagen level And I into the and or you very I demand question, it some the when a segment and kind else. outselling of in If few more portfolios. this you by segment vehicles vehicles, are alluded of of of in kind of to an legacy newer looking high Atlas there. in of prepared

is on another could of side. sustainability attractive there newness a SAAR as or alternatively, last in you sort vehicles? words, in I innings there’s retail, a of do we’re see anything you could this Do more just demand, though on function the the of of or of of nature the later am of be there as as of it? or in So, some some of if where terms you sort asses this kind incentives at see indication wondering legacy market feel even you the out And part either very

of So just later get on sustainability your trying to versus view kind innings?

David Hult

and it. as I’ll in vehicle product the the tooth out them. enough don’t other refreshed of hot anything clearly the being me now and then you lot better missed models not great of sell have do long In answering doing best know let segments, decades there’s and as high problem. making And with this, a all I far situation. everyone they’re the at in like there, push is Please can a margins else, is if the within more I of well vehicles

our good read, high. with market You to still what very from this bit and quarter a can the what are back have job and not in put holds were pretty XXXXs the at SAAR, high. I like which little and February the came of you bumpy a but going know see production, and it tight still where don’t incentives back means, bumps around sale. like perspective bit. by I any the done the some tailwind incentives future a March keeping Manufacturers cutting is but it’s little feel that, a January everyone early lot on it’s almost back

going So, I you as that go you’re to think forward. have of some

I be a well, to downturn I see or being was think, we’re are months and going choppy be where are like year. see to pretty months just don’t some other a But, beginning strong I at. it’s throughout it while bumpy coming. like significant going the that

Operator

next Please take of Murphy We’ll Bank from America. our John go question ahead. of

John Murphy

just of like takers customers/ what that’s sounds funneling and you’re and because delivery, that delivery curious, of your on that vehicle sort on online and curious, gave question there. omni-channel first you sales digital and just of driveway parts I a pretty appointments of through is a these am being us online for scheduled efforts X% through channel. a service pickup offering much How your presence kind service, program sold and your parts new sort attractive Just really are the there, of you’ve

John Hartman

as total the same for into comes the the scheduled Currently as dollars We and is consumer order third as payer are when store. a the find customer about the satisfaction are good appointments online. of our

John Murphy

mentioned of I -- just in And or think up XX% though convenience replacing much quarter. in do a much how it of read mean, that how that? in-store is you were on is the XX% visits of or incremental you I have sort

John Hartman

a bit of both. it’s think little I

when anything, like stores call online, as into think, experience customer. coming much more be I tends the we phone the traffic not it’s same ticket airline, thing where for to alleviates good. book airline the an you as convenient in also the It

customer it’s think I satisfaction just really the and So, convenience.

David Hult

that. I’ll more you bit color give John, little a on

guided we’ve what’s on and come and bill their The to needed the other consumer they and we whether the car dealership. make or with what’s and pay sending more it of texts it’s for via email, your our online that is and cars having that before for in we’re pieces transact pictures going going. videos to car, text can the the direction that’s customers The more online the efficient

when the that increase online. is that so, of a is some traffic business you incremental off year-over-year, traditional And lifted that of it of business pushing and hear doing but lot way phone coming XX%

John Murphy

a to just then, follow-up An that.

we tax? a flow issue. talking parts XX%, cap you stalls be or I and you what before technicians could think flow install understand know out are capacity, incremental maybe unit about run even in it’s mean, call, about could I but up on know kind the As tough mean flat of service an do am creating XX% XX%, being your But, not [ph] of equipped? to I you’re trying service XX%, I take. you days, you’re think you into incremental where some I just stalls that

David Hult

because our had every is but little govern on frustrating XX%. filled excess in be business this key didn’t bay up end this that and is level services differentiator actually our a industry. in we very bring brick-and-mortar, we the we of is we and -- quite obviously $X of honestly, barometer we of invest if So, the And in amount in would

So, upset to flood the we business can’t customers. have and afford

John Murphy

looking So, really parts be if basis had growth to organic you service? store tax, at and same on solid we could some a in

David Hult

it. about question No

John Murphy

underperformers. the dealerships. market the you Obviously, you’re with And there, huge then pretty so crowded understand the just stores, two very on It’s well. Atlanta

what those kind folks just attracted of can disclose shy curious and market. the away brands kind I’m some So, you you what’s are that to the two if from that? really opportunity stores, and of what

David Hult

Toyota the really happen street store in It’s one to operates United very a most and and across Toyota competitive a does store States. a the brands. store market Chevrolet that markets very of from Atlanta well. We Chevrolet store two that the the and the tough store, solid is next Honda to competitive have

We’re lucky.

great We and have stores have we great returns. in generate a name brand solid people good and the leadership that really

We’re for of that and brand confident stores place. nice have be based the us. These these the and very strong we on would turnarounds locations team in

John Murphy

March And for stuff lastly, funky calendar we April about as closing, with going just on real April there the April was -- then, reporting, month the the there the Xnd. think sales closing on some month

closing was for just your close on sales what a month, those or of you Just to sort days Xnd close there how curious, technical April or I the guys weekend on was do end as -- think reporting, you to based of March the that the at April extra the did sorry were extra actually and March April sort of you benefit going am -- actually? big trying you and understand on

David Hult

our From on we the XXst. perspective, down it shut books

way talking about. in and of the carry you’re weekend sales report those OEMs, Some cover to the vehicles, April the they do

wise, So, the from standpoint, our the sales month XXst. into reporting went sales ended those books OEM an standpoint, March. on From

John Murphy

saw from benefit have? quarter SAAR your the those extra So, extra aggregate days, no may but

David Hult

Correct.

Operator

go our Chris take Bottiglieri next question We’ll from Research. Wolfe ahead. Please of

Jake Moser

Chris. for Hey, on is guys. Jake This Moser

obviously you bit variable control think your wages a this impressive. So, or has leave pay pressure? SG&A your very How industry? model have inflation the taken measures inflated do you we wage to been other in offset about Does from

John Hartman

people productive in dealership your Jake, people. most dealerships, and the both service sales, parts of are

flows compensation generated. up and with gross the down their profit So,

see The in very light immaterial would staffs say. amount you are support and don’t incremental that So, stores I lift. within

impact. it’s an not So, really

Jake Moser

of you SG&A much those… vehicle then just follow-up. a Could how of breaks give and like each sales, And how out of and parts the sort related us an and of mix service, estimate between on

Sean Goodman

and you We we’re look that on provide SG&A. overall We We’ll SG&A expenses. at of that efficiency our sales in vehicles, cetera, our parts various expenses. our orientated productivity measure that things view productivity level and effectively the business personnel, the of rather closely. manage advisors, that’s service look SG&A tell how and numbers. like And the data detail efficiency we [indiscernible] very SG&A and at et way our very of don’t we We we really

Operator

take We’ll of Sinkevicius Please from ahead. question next our Morgan Armintas go Stanley.

Armintas Sinkevicius

of A the something or I bit on it [indiscernible] of car question, and gross And wanted macro is experiencing some used just peers one could of for dealer prices. your quarter profits this specific, be. that’s to what contributing see you’re if factors if

David Hult

our We did for before, very I feel margins based used, of some pressure it’s to market. priced our with price. a market in transparent We kind alluded vehicles

So, when And of our online the right and on margin looking, price. to determines focus by the acquisition we and the you’re trying really market the the to price. maintain inventory you’re cost kind at acquiring

Armintas Sinkevicius

on capabilities pricing how And able of to history that there your in lot about you Is instance look a with CarMax acquisitions? happen? you process price at any feel what where for they have could do -- I being the think guess, vehicles. improvement We

sort there. Just think could lesson pick curious that if there’s you up you any of

David Hult

that to a try on us the coming are new really already vehicle. to focus to consumers We purchase

percentage we’re of trade every come For in vehicles. XXX a to that door, trying good those the customers

Armintas Sinkevicius

after thoughts macro was benefit to there just what your a a year. quarter. bit car forward soft prices And used And like then, are what on there on was it the basis? storms from for normalizing view a a looked standpoint, your rest curious just but be here, the the this of on and seems it is It go

David Hult

Houston you’re only storms, the you really store referring assuming that is Texas really affected for and And specifically hurricanes. one When to us. I’m say which

it for wasn’t of So, guidance around X% margin We material. gave the year.

but big actually level, quarter. impact lease the we’re mean in it a happy get again coming the versus at the had with year, macro last To quite last lift it’s up incremental higher ‘XX This cars off where ‘XX market. year, I So, to of came year. not we was

has but we used the -- and continue see else, customers year relationships in we’ll one with pressure the dealership car showrooms acquisition. and anyone have our throughout departments think service I it’s So, about model have on car we’ll there. pricing, our the the the CarMax or And all our benefit to to ability acquire to over

up We’re acquire for cars way like or you at not margin And the as in them person. we you happy either that in you either side. internal have gross on only them that, is really that more we’re the and internal we past, profit way in which else quarter because anybody very other online when about than the puts on an the at look And pay talked X% auction, the pressure we’re buy with gross. did,

us and if of approach the volume So, get can on holistic for fair pretty a that model parts again a frontend, profit going. and good F&I, we then that’s in a the fair profit and service

Operator

question go of Whiston We’ll next take ahead. David Please our Morningstar. from

David Whiston

really deal. once? stores earlier that capacity do to the do You have a the include guys you talked to Would XX say lever large on let’s up over a at deal, call about doing

Sean Goodman

be lower the as you generate gave other take our there our to a areas, of capacity example as return, the to opportunities. to that’s those large have in allows such advantage ways as can opportunities And opportunities do. to and our ratio end well. capital for And to be, right acquisition high Having Should invest there an can at of that that return, be certainly we’ll a the something we’d that should flexible us the shareholders, at advantage that opportunistic. deploy and there’s extent capital of enhance being we in our leverage take the capacity potential return of to

David Whiston

really understand that in heavily story And dealer particular, of Nissan, little on been I function discount a having better. a Is is space pressure problem OEM in It’s programs, and import there. every a am consistent function a that trying pretty one the quarter? just it across of to brand, you’re a just [indiscernible] or

John Hartman

We incentive manufacturer. pressure specifically which miss about feel retail a quarter lot think sales. their I did an of one had significant did talking for mean I we and that with with some we margin money we’re out on issue

David Hult

stress could incentive we I but the missed But, the money our enough, actually competition. outpaced we market volume target, we because missed

we didn’t with actually while our than the So, do fared went competitors well, better we we missed marketplace. volume back money, within the and

David Whiston

Thank it. you. Got

David Hult

discussion. appreciate day. you. concludes participation. This today’s Have great We your a Thank

Operator

that for and conference conclude today’s will you participation. Ladies Thank gentlemen, call. your

may disconnect. You now

Asbury Automotive (ABG) 24 Apr 182018 Q1 Earnings call transcript