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total sales of $8.1 billion dollars, up 2% compared with last year's second quarter, driven by growth in average selling prices, partially offset by lower retail and wholesale volume. In our retail business, total unit sales in the second quarter declined 6.4%, and used unit comps were down 8.3% versus the second quarter last year.
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2023 Q2
29 Sep 22
we haven't seen $2,500 in depreciation; that rivals -- in absolute dollars, that rivals back what we saw at the height of the Great Recession, that rivals what we saw at the peak of omni.
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2023 Q2
29 Sep 22
we ended last year with an appreciation about $7,500. We've only experienced about $2,500 in depreciation.
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2023 Q2
29 Sep 22
retail price, yours was down about 2% sequentially, quarter-over-quarter and wholesale was down 7%
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2023 Q2
29 Sep 22
things are softening but a lot more on the wholesale than they are on the retail side.
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2023 Q2
29 Sep 22
September, we're seeing the same softness that we saw in August
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2023 Q2
29 Sep 22
ast call, I talked a little bit about June and how we were feeling good about June because it was doing better than the first quarter. And as I said, we saw a big drop-off in July. And then that softness continued into August, where we ended up in a mid-teen decline for comps.
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2023 Q2
29 Sep 22
the macroeconomic conditions posed a challenge to the credit consumer
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2023 Q2
29 Sep 22
a $34 million increase in compensation and benefits excluding share-based compensation. Primarily driven by the annualization of the strong growth in staffing we experienced in the back half of last year as well as wage pressures
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2023 Q2
29 Sep 22
investments to advance our technology platforms, strategic and growth initiatives
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2023 Q2
29 Sep 22
A key contributor of deleverage was a 9.6% decrease in total gross margin dollars compared to last year's quarter.
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2023 Q2
29 Sep 22
SG&A front, expenses for the second quarter increased to $666 million. Up 16% from the prior year's quarter
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2023 Q2
29 Sep 22
Total used vehicle margin was down slightly, at $495 million, a decrease of 2%. Total used unit volume, of negative 6.4%, was largely offset by higher margin per unit.
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2023 Q2
29 Sep 22
The year-over-year decrease was driven by both lower volume and margin per unit.
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2023 Q2
29 Sep 22
Total gross profit was $737 million, down 9.6% from last year's second quarter. This decrease was driven primarily by wholesale vehicle margin of $141 million, which was down 26%
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2023 Q2
29 Sep 22
We bought approximately 343,000 vehicles from consumers and dealers during the second quarter.
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2023 Q2
29 Sep 22
down 8% versus last year's period, this was up approximately 50% from the second quarter of FY'21
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2023 Q2
29 Sep 22
When that happens, we wholesale those vehicles, often at lower-than-normal margins.
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2023 Q2
29 Sep 22
more of them fall out during the reconditioning process
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2023 Q2
29 Sep 22
source these vehicles from consumers
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2023 Q2
29 Sep 22