the to the business additional June, recognized company, achieve urgently the economics quickly, of When the capital in unit I Oded. of burn course the positive profitability. cash I rate reduce results, importance you, and improve raise subsequently changing Thank joined and to the need specifically of
in any changes, understand Before way. major the to our making wanted I though, challenges
found. I Here's what
overly and procedures processes hindering productivity, complicated, efficiency, our our company's customer our were relationships, the and profitability. First, our
market geographic lacked share by It our thin strategy. a focus neglecting company cutting Second, was size targeting has and localization own its the wide for in too opportunities itself a backyard.
to strategy market industry over has making shifting Third, through factors, company distraction it to hard creating changes in among achieve adjust and to priorities. gone last results capital months several the the and XX
see car by monthly high continue resulting a still industry we perspective, that customers payments our at decades and overall impacted used prices and higher lastly, interest levels, macro are haven't and in rates And affordability. historically from to lower seen that in we
we and creating and trends, dealerships challenges fixed other and customer While have we the can used of the on simplifying challenges can them macro selling experience. and address fundamentals cannot identified a on seen change the localized have focusing procedures, these focus I and we cars, by what processes at industry control. before
doing changes. at we making have with Shift renewed And determination urgency. the thing are same We and started already a sense of
In our restructuring new know organizational ownership improving and streamline to who then, in other drive areas to penetration. to stores our our three are; operational and reduces place customers structure of And cost have unit more through shifts The best our improvements. designed F&I, inventory one, sales the we experience July, optimize since continue teams through to and announced our three, increase reduce operations and and And we will SG&A. identify two, in-market priorities, initiatives to a drive cost in customer structure. efficiencies we put GPU expand strategic conversion, which the
strategic I Let's highlight will each priority, the opportunities go and and through initiatives.
to attach, reconditioning compensation First, and changes, increasing F&I the several and improve as The to rate customers, offer. process. for have attach through expand we customers the products adding efficiencies To expand improving of process benefits establishing educate we better our F&I. GPU GPU sales we new the platform more lending serve a are two new will largest including F&I our the to updating our improving operational structure, Shift opportunities made F&I a and to by
With time resulting car costs. optimize materially at workflow implementing best a respect the it improve by can in each believe practices recondition reconditioning, the and productivity location, to to lower we takes improved I to
the mileage for For retail, lower example, times. we processing we our have acquire will already reduced for which maximum naturally cars
experience. strategic At omni-channel priority technology-forward the Shift, customer experience we increase a Our to optimize have we to leading second believe is conversion.
restructuring, teams in are with sales our who hands further locations by in our earlier, mentioned we experience the more the closest and to I of inventory. our refining responsibility our the customers are As putting
to listening are customers. We our
improve in Shift In response we to removed service customer transparency, have to fee. feedback the effort an and
We team to management and penetration. our satisfaction lead localized tools experiences And strategic create additional is process drive driving empowering and and have solution-based loyalty. also priority the with sales in-market third customer are our to training reworked through unit and
addition partners. management In lead our process, our higher lead strategy, our ROI have reworking to prioritizing also adjusted we marketing generation
leads these changes rather in to higher local We quantity market expect share than efficiency. marketing and quality market drive and to result
see, a based the initiatives can and to fundamentals customers. all of strategic are the priorities experience you on As our selling buying our driving and providing great three cars
and moving quickly decisively to We results. generate are
provide on update to review I have like I'd process. the on with Now of Directors joined, Since of I a Board the closely quick our strategic alternatives. worked
As need raise is will ongoing to they and as Oded are updates process to we from the recognize said, results updated our capital The initiatives. see provide strategic available. and we priorities
success for We to all this are the stakeholders. dedicated and company success the will of create value its
like business that I the joined immense has There's would reiterate and performance profitability. of reason an changed. Shift not the reach opportunity I the to to improve
we economics place procedures and processes team subsequently profitability. strategy, for execute, to and great right achieve unit can our in positive the company-wide With
do to engaged a of take been to our would and and in our has extremely order team. I win team change to improve I moment results. talented supportive Everyone wants like to thank This will review strategic the Because believe so. your evening. of our we for alternatives, on be Thanks have taking right to ongoing of time we a track not and good are questions.
