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- **Record Revenue Growth**: Q3 2025 revenues hit $5.8 billion, driven by U.S. F&I ($2,500 PRU) and UK after-sales expansion (8% customer pay growth). 
- **Strategic UK Restructuring**: $123.9M impairment from JLR exit, 700 job cuts, and 4 dealership closures to improve efficiency. 
- **After-Sales Excellence**: U.S. after-sales revenue and gross profit records; UK after-sales revenue up 5% despite 24% used vehicle GPU decline. 
- **Share Buybacks**: Repurchased 186,000 shares (5% reduction) and maintains $165M buyback authorization. 
- **Challenges**: UK new vehicle volumes down 4%, U.S. used vehicle GPUs down 3%, and JLR cyber attack cost £3M.

**【CEO Summary Section】**
- **Record Revenues**: Q3 2025 revenues reached $5.8 billion, driven by record results in parts/service, used vehicles, and F&I. U.S. new vehicle PRU gross profit was solid, while UK faced challenges but showed growth in after-sales and F&I.
- **UK Strategic Adjustments**: Exited JLR brand in the UK, leading to a $123.9 million impairment charge. Implemented cost-saving measures, including 700 headcount reductions and 4 dealership closures. After-sales in the UK expanded with walk-in customer access, reducing wait times from 2 weeks to a few days.
- **U.S. Strengths**: Used vehicle sales nearly set a record, F&I PRU hit $2,500, and after-sales revenue and gross profit reached all-time highs. Customer pay revenue grew 8%, warranty up 16%.
- **Capital Allocation**: Acquired Mercedes-Benz of Buckhead and repurchased 186,000 shares, reducing outstanding shares by ~5% since January.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted net income of $135 million, adjusted EPS of $10.45. U.S. SG&A as % of gross profit improved to 65.8%, below pre-COVID levels. UK SG&A increased due to inflation and integration costs, with plans to save $8 million in 2026.
- **Regional Performance**: U.S. saw broad-based growth, while UK new vehicle volumes declined 4% but used vehicle revenues rose 5%. After-sales and F&I in the UK grew in both revenue and gross profit.
- **Liquidity**: $1 billion liquidity, with $352 million free cash flow. Repurchased $60.9 million in shares post-quarter, leaving $165.4 million in buyback authorization.

**【Q&A Highlights】**
- **U.S. Luxury Market**: No clear trend of softening, with Lexus and BMW performing well. Audi faced challenges, but Q4 will indicate if luxury demand shifts.
- **JLR Exit**: Real estate will be repurposed for other brands or sold. Decision driven by insurability issues and focus on higher-return opportunities.
- **Used Vehicle Dynamics**: Competitive market, but disciplined sourcing maintained GPU stability. U.S. used vehicle GPUs declined 3% Y/Y, UK down 24%.
- **UK Market Outlook**: SAR expected to stabilize at ~2 million units. Focus on after-sales and F&I growth, with luxury portfolio resilience.
- **Consumer Credit**: Strong lender appetite, no impact from subprime concerns. Finance penetration up 4% in the UK, 77% in the U.S.

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