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- **Strategic Acquisitions Paying Off**: Chambers Group driving operational efficiency with 7% parts/service growth.
- **EV Growth Momentum**: Luxury EVs offsetting lower PVRs, with Q3 gross profit $803M.
- **Share Buybacks Accelerating**: $50M repurchased in Q3, prioritizing debt reduction and portfolio optimization.
- **TCA Outlook Revised**: EPS accretion delayed to 2031 due to SAAR headwinds, but long-term growth via acquisitions and EV expansion.

**【CEO Opening Remarks】**
- Acquired Chambers Group, driving operational improvements and integration progress.
- Emphasized cost control and avoiding expense leakage, with same-store SG&A as 63.6% of gross profit.
- Highlighted parts and service growth (7% YoY) and customer pay segment expansion (8%).
- Announced $50 million share buyback in Q3, with focus on deleveraging and portfolio optimization.

**【CFO Financial Commentary】**
- Q3 revenue: $4.8 billion, gross profit: $803 million, adjusted EBITDA: $261 million.
- Adjusted EPS: $7.17, excluding $0.23 noncash deferral impact.
- Free cash flow: $50 million higher year-to-date, with $686 million liquidity.
- Capital allocation priorities: debt reduction, share buybacks, and strategic acquisitions.

**【Q&A Highlights】**
- Chambers acquisition: Accretive to new vehicle gross profits, with same-store PVR up 7% YoY.
- TCA outlook: Revised EPS accretion to $0.81 in 2029 due to lower SAAR assumptions (15.5-16 million vs. prior 17 million).
- EV strategy: Focused on luxury EVs, with PVRs offsetting lower gross margins.
- Share buybacks: $50 million in Q3, with opportunistic repurchases based on share price and portfolio needs.
- Tekion rollout: 19 stores completed, aiming for full migration by end-2026, with SG&A savings from legacy DMS cost reductions.

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