Can Leasing Save the Car Business? | Car Dealership Guy Market Update

I think for consumers, a lot of them wish we can go back to 2019. Welcome to the car dealership guy market update, a monthly discussion with automotive industry experts and dealers about where our car market is today and where it may be headed. Today, I'm speaking with Jessica Caldwell, head of insights at Edmonds and Jen Baluev, general manager of Norm Reeves, Honda Superstore, West Covina. Don't forget to click subscribe so you never miss an episode. But before we get into the show, the car dealership guy market update is brought to you by Edmonds.

我认为对于消费者来说，很多人希望我们能回到2019年。欢迎来到汽车经销商市场更新，这是一个与汽车行业专家和经销商一起讨论当前汽车市场状况和未来发展方向的月度讨论节目。今天，我将与Edmonds的Insights主管Jessica Caldwell和Norm Reeves Honda Superstore West Covina的总经理Jen Baluev进行对话。别忘了点击订阅，这样您就不会错过任何一集。但在开始节目之前，汽车经销商市场更新节目是由Edmonds赞助的。

In today's automotive landscape, car buyers invest more time than ever in researching, considering and comparing options. But for dealers, the challenge lies in pinpointing the audience ready to make a purchase. Enter Premier by Edmonds. Premier offers dealers a groundbreaking way to connect with in-market car shoppers precisely when, where and how they prefer. With over 20 million monthly visits, Edmonds.com is the go-to destination for buyers seeking market insights, expert advice and budget tools to make informed decisions. These shoppers aren't just informed, they're laser focused on the exact car they want.

在当今的汽车市场中，汽车买家比以往任何时候都更多地投入时间进行研究、考虑和比较选项。但对于经销商来说，挑战在于确定那些准备购买的受众。Edmunds推出了Premier计划，为经销商提供了一种与市场购车者精准连接的创新方式，确切地在他们喜欢何时、何地以及如何购车。Edmunds.com每月拥有超过2000万次访问量，是购车者寻求市场洞察、专家建议和预算工具以作出明智决策的首选目的地。这些购车者不仅信息丰富，而且对他们想要的准确车型有着明确的定位。

Now, it's your chance to make that connection. Through Edmonds Premier, dealers gain access to this highly coveted audience. Simply list your new and used inventory on Edmonds and watch as qualified in-market traffic flows directly to your vehicle detail pages on your website. Don't miss out on this opportunity to elevate your dealership's visibility and sales performance. You can sign up for a premiere today at edmonds.com slash CDG. And here's a special offer only for CDG listeners.

现在，这是您建立联系的机会。通过Edmonds Premier，经销商可以接触到这个备受追捧的受众群体。只需在Edmonds上列出您的新旧库存，就可以看到符合资格的市场流量直接流向您网站上的车辆详情页面。不要错过提升您经销商能见度和销售业绩的机会。您可以在edmonds.com/CDG上立即注册。这里还有一个仅供CDG听众的特别优惠。

New customers signing up through Edmonds.com slash CDG will receive an exclusive 50% off pricing for the first 90 days. Again, visit edmunds.com slash CDG or click the link in the show notes below. Jessica, a lot's been going on recently. Q1 was quite a whirlwind. We know that the market right now, there's a lot of movements on the new end-use side. But if you can just start us out with how Q1 shook out and take us a little bit of the SARS. For those that don't know, SARS fancy word for how many new vehicles are we tracking to sell in a year? Right? So if you sell one car this month, SARS would be 12. Obviously, we're talking about much bigger numbers. But I always like in the spirit of the podcast, I always like to keep things super simple. Needless to say, that is what SARS practice pretty much is.

通过Edmonds.com/CDG注册的新客户将在前90天获得独家50%的折扣价格。再次访问edmunds.com/CDG或点击下面节目说明中的链接。杰西卡，最近发生了很多事情。Q1期间非常忙碌。我们知道市场上现在在新终端使用方面有很多动态。但如果你能简要介绍一下Q1的情况并谈一谈SARS的情况，那就太好了。对于那些不知道的人，SARS是衡量我们每年要销售多少新车辆的一个术语。对吧？所以如果你这个月销售一辆车，SARS将会是12。显然，我们谈论的是更大的数字。但在播客的精神下，我总是喜欢保持事情简单明了。毋庸置疑，这就是SARS实践的基本内容。

But anyways, with that said, Jessica, take us in. No, SARS gives us a really good indication of how the year will turn out. Because if we just look at it December or March, for instance, we think, oh, this is going to be a fantastic year. But those are generally high volume months are not necessarily reflective of what we see in January. But I think if we looked at the manufacturer reports, they came out in the beginning of April. And it seemed like everyone was pretty positive. I mean, we have to probably couch that with the fact that it was an easy comp year over year, quarter over quarter, because sales were not as strong. So I think if we look at where March shaked out, it was about a 15 and a half SARS, which is pretty good.

无论如何，就说到这里，Jessica，带我们进入吧。不，SARS给我们一个很好的指示，告诉我们这一年将会发生什么。因为如果我们只看12月或3月，比如，我们会认为，哦，这将会是一个很棒的一年。但这些通常是高销量的月份，并不能真正反映我们在一月份所看到的情况。但我认为，如果我们看一下制造商报告，它们是在4月初公布的。似乎每个人都很积极。我是说，我们可能要考虑到，因为销售不是很强劲，所以同比去年同期，季度来看，今年相对来说是容易的。所以我认为如果我们看3月的数据，SARS约为15.5，这是相当不错的。

And generally speaking, pre pandemic, most months, if it was over 17 million, it would be considered a great month. If it was under, it's like, okay, well, what kind of happened? I'd say we don't really hold ourselves to those standards anymore with inventory the way it is. We would be very hard to get to those type of SARS numbers. But I think that it was a relatively decent quarter. I would say that it definitely varies by vehicle line, by manufacturer. And I know we'll get into a little bit more, but affordability is such a big issue in the industry right now. And you can really see that reflected in the sales numbers where things that are affordable, that people can get into their monthly budget. They did very well.

一般来说，在疫情爆发前，大多数月份，如果销量超过1700万，就会被认为是一个非常好的月份。如果销量低于这个数值，就会想，发生了什么事情？我会说我们已经不再按照那样的标准来衡量库存了。以当前的库存情况，想要达到那种SARS（严重急性呼吸综合征）的销售数字是非常困难的。但我认为这是一个相对不错的季度。我想说，销量确实因车型和制造商而异。我知道我们将会深入讨论一些方面，但现在行业中价格实惠是一个非常大的问题。你可以从销售数字中看到，那些价格实惠、人们能够纳入他们的月度预算的产品销量做得非常好。

Those manufacturers that sell those type of vehicles did very well. And those that don't didn't really have as good a quarter. That's helpful. So Jessica, do you think that you mentioned that we are as an industry selling fewer cars, right? I guess by historical standards, that would be viewed negatively. But do you think that those historical standards are standards of aiming to sell 17 million per year? Does that matter anymore? Or even to take that even a step further, right? Is it for the industry, for the consumer, or for one versus the other? Is it actually better to be in a situation where we're selling fewer cars and these vehicles are maybe holding their value more? And of course dealers have higher margins. I mean, what do you think about this?

那些销售这类车辆的制造商做得非常好。而那些不销售这类车辆的制造商在这个季度表现并不好。这是有帮助的。杰西卡，你认为我们作为一个行业销售的汽车数量在减少，对吧？我想从历史标准来看，这可能被视为负面的。但你认为那些历史标准是以每年销售1700万辆为目标吗？这还重要吗？甚至更进一步，对于行业、消费者还是双方而言呢？事实上，如果我们销售的汽车更少，而这些车辆可能保值更高，经销商获得更高的利润，这是否更好呢？你对此有什么看法？

Yeah, I mean, it depends where you sit. I think for dealers and for automakers, profitability margins are key. And if that's better, then of course, the situation is definitely better. I mean, where we were before pre-pandemic at three to four million vehicles sitting in an inventory every month, that was way too much. However, if you are a consumer, that is great because that means more incentives. And if we look at incentives historically, they've been a lot higher than they are. Today at this lower inventory number. So I think for consumers, a lot of them wish we could go back to 2019 type of numbers and incentives and all of that versus automakers and dealers trying to find the right group.

是的，我是说，这取决于你所处的位置。我认为对于经销商和汽车制造商来说，盈利能力是关键。如果盈利能力更好，那么当然，情况肯定会更好。我是说，在疫情前，每个月有三到四百万辆车坐在库存中，那实在太多了。然而，如果你是消费者，那就很棒，因为这意味着有更多的激励措施。如果我们看历史上的激励措施，它们比如今这较低的库存量要高得多。所以我认为对于消费者来说，很多人都希望我们能回到2019年的号码和激励措施等，与汽车制造商和经销商努力寻找正确的解决方案相反。

Because I mean, the interesting thing about the chip shortage was that we as an industry have never been in a situation where inventory was too low. The issue with inventories always been it's too high. So there really isn't necessarily that playbook of how do we recover from this? What are the best ways forward? What are the strategies that we really like implement so we don't go back to an unhealthy way of doing business where we're forced into offering a lot of incentive dollars? So I think that's what the interesting thing about now. And we don't really know necessarily how this is going to end because we don't really have that historical modeling of this is what happens when you have too many vehicles and you're trying to deal with that.

因为我是说，芯片短缺的有趣之处在于，我们作为一个行业从未处于库存过低的情况下。库存问题一直是库存过高。所以实际上并没有一个计划书来告诉我们如何恢复？未来的最佳方法是什么？我们真正喜欢实施的策略是什么，以便我们不再回到一种不健康的做生意方式，被迫提供很多激励金？所以我认为现在的有趣之处在于，我们实际上并不知道这会如何收场，因为我们并没有历史模型来告诉我们在拥有过多车辆并试图应对时会发生什么。

Jessica, how would you rate right now the overall health of the new vehicle market? I would say it's decent, but it really depends on who you are and what you're selling because right now, obviously we know consumers are stretched financially. Affordability is a major concern. We have high interest rates. So consumers are looking for something that they can trust. They know it's not going to break down. They trust the brand. It's a price that they can afford. And those vehicles, I'd say, are doing quite well. On the other side of the spectrum, you have vehicles that are a bit larger, maybe were in more favor when interest rates were low.

杰西卡，你觉得新车市场的整体健康状况如何？我会说还不错，但取决于你是谁以及你在卖什么，因为现在显然消费者在财务上感到吃紧。支付能力是一个主要关注点。我们有着高利率。所以消费者正在寻找一些他们能信任的东西。他们知道它不会出故障。他们信任这个品牌。价格也适中。这样的车型，我会说，表现的相当不错。在另一方面，你还有一些较大的车辆，可能在利率较低时更受欢迎。

People wanted to go super size their purchase decision and buy something bigger. And those vehicles we see are struggling. So the interesting thing is that there really isn't a blanket statement for the health of the industry. It really is fragmented, which is a little atypical, not completely atypical, but a little bit different than what we have seen in the past. It was kind of like, things are down. Everyone's suffering to some degree. But there are some brands that are doing quite well while there's are certainly feeling the struggle.

人们想要扩大他们的购买决策，购买更大的东西。而我们看到的那些车辆正在挣扎。所以有趣的是，对于整个行业的健康状况，实际上并没有一个简单的说法。它真的是碎片化的，这有些不太典型，不完全典型，但与过去我们所看到的有些不同。有点像是，情况不太好。每个人都在某种程度上受苦。但有一些品牌表现得相当不错，而另一些则明显感到困难。

Yeah, that's a good point. I think I haven't looked as closely as to status as many years as you have. You've been doing this for a long time. But the dispersion that we're seeing between what you just mentioned, the brands that are over-applied and brands that are under-supplied, it's really massive. And whether it's Toyota 30-day supply I think I just saw or the Stellantis and Chrysler Dodge E-Pram, that's over 200 in some cases, it's pretty mind-boggling that after a few years we've gone to this whole different type of cycle right now with day supply.

是的，这是一个很好的观点。我觉得我没有像你这样多年来那样密切关注状态。你已经做了很长时间了。但是我们看到的超供应和供应不足的品牌之间的差距确实很大。无论是丰田30天供应量我刚看到的，还是斯泰兰蒂斯和克莱斯勒道奇E-Pram，有时超过了200，令人震惊的是，经过几年后，我们现在已经转变为这种完全不同类型的周期，供应天数。

Yeah, I mean, I think it is something that is interesting too. And it's also, I think when it feels like consumers are pushed against the wall and we saw this in the recession as well, they tend to go with brands that they know and they trust and they're not likely to try something different. And the fact that someone like Toyota, everyone's had an experience in a Corolla, like we've been so many people's first car or so many people's best friends first car. And you think, okay, that is something that I could afford, put in my budget and immediately it becomes on the consideration list where someone like Jeep who may be in a bit of a different situation where they've upsized their brand a bit, upscaled their brand a bit, people may not have the same feeling in these type of economic times.

是的，我想这也是很有趣的一点。当消费者感觉被逼到绝境时，我们在经济衰退时也看到过这种情况，他们往往会选择他们熟悉和信任的品牌，而不太可能尝试新东西。像丰田这样的品牌，每个人都曾在科罗拉上有过经验，就像我们很多人的第一辆车或很多人的最好朋友的第一辆车。你会想，好吧，这是我能够承担得起的，能够纳入我的预算，立刻就成为了考虑清单上的一项。而像吉普这样的品牌可能处于一个不同的情况，他们可能略微提升了自己的品牌形象，但人们在这种经济形势下可能没有同样的感受。

And Jessica, I want to ask you about the brands that are the winners, the hottest vehicles. So before we do that, Jen, what are you seeing on the new side on your end? Right? How is the market shifting on the new side for you in store? The inventory is obviously getting better. A year ago, we had seven cars on the lot at the end of the month and sometimes zero where today as of this morning, we have 307 just to put things in perspective. 307 new Hondas on your lot. Correct. As of this morning. You know, with that said, obviously there's more incentives that the factory has applied towards certain models. Consumers have more choices. The competition's gotten a lot more fierce. But it's still pretty healthy. We had about a 30 day supply. I think it's a healthy number where consumers have plenty of choice. Dealers still making a decent margin where it works in the factory. Doesn't have to spend as much money on incentives. So that's that happy medium where I feel like, again, consumer doesn't break the bank when it's time for them to buy a car. They don't have to pay crazy addendums and $5,000 markups that some of the dealers have done doing COVID years. I feel like this is a sweet spot for Honda at least or for any manufacturer. I feel like a 30 day supply is probably the right number. All right. So Jessica, what do you see? The brands are you seeing right now as the winners or hottest vehicles? Yeah. I mean, I think Toyota is doing really well, especially with their hybrid line. I mean, you look at how fast a lot of their hybrids are selling. It looks like they just go off the truck and they're driven off by a customer that day. They're so they're so small. Also, Honda's doing really well. I'm sure a lot of dealers would love to be at Jen's store. I know where that stores and I know they do a lot of business there. Also, they have some of the other smaller Japanese brands, Mazda, Subaru. I think they really push smaller vehicles, more affordability. It seems like those brands are doing quite well. And again, the other side of the spectrum, Nissan has been in the news for struggling a bit and that certainly is the case. They're waiting for a lot of new product. They seem like they've been doing a lot of fleet, which is historically a lover that they have pulled that has not been the healthiest for them. They have said recently that they're not going to go back to their old pattern of incentives. We'll see. Obviously, the jury saw it on that one. We'll see how they get through the summer.

杰西卡，我想问问你，哪些品牌是赢家，最热门的车型。在这之前，珍，在你那边新车情况如何?市场对你来说有什么变化? 很明显，库存正在变得更好。一年前，月底我们手里有七辆车，有时候甚至没有，而今天早上我们的库存已经达到307辆，只是为了让大家明白。307辆新的本田车在你的车场里。对，就是今天早上。你知道，随着这种情况发生，工厂对某些车型的激励也更多了。消费者有更多选择。竞争更加激烈了。但仍然保持相当良好。我们约有30天的供应。我认为这是一个很好的数字，消费者有很多选择。经销商仍然有不错的利润，这对工厂也是有利的。工厂不需要在激励上花太多钱。这是一个让我感觉很满意的平衡点，再一次，当消费者购买汽车的时候，他们不会破产。他们不必支付那些疯狂的附加费和一些经销商在疫情期间所做的5000美元的涨价。我认为这对本田或者任何制造厂商来说都是一个甜蜜的点。我觉得30天的供应可能是一个合适的数字。 好了，杰西卡，你看到了什么?哪些品牌现在是赢家或者最热门的车型? 是的，我觉得丰田做得很好，尤其是他们的混合动力车系。你看看他们的混合动力车型卖得有多快。好像车刚下货车就被顾客开走了。他们真的非常畅销。此外，本田做得也很好。我相信很多经销商都希望能像珍的店一样。我知道那家店在哪里，我知道他们的生意很好。此外，还有其他一些小众日本品牌，马自达、斯巴鲁。我觉得他们真的在推广更小型、更实惠的车型。看起来这几个品牌做得相当不错。而另一方面，日产最近因为困难而成为新闻焦点，这显然是事实。他们正在等待很多新产品。他们似乎一直在做大量的车队销售，这历史上是他们不太健康的一个习惯。他们最近表示他们不会回到以前的激励模式。我们拭目以待。对此，尚未有定论。让我们看看他们如何度过这个夏天。

Can you explain that a bit deeper? Super important topic. And, you know, I was pretty when I saw it. Anyways, can you just give us a little bit of a deeper dive into what that actually means and how it's going to impact the industry with Nissan? Well, I mean, if we look at Nissan historically, you know, they've always had very big, bigger volume aspirations. I feel like they kind of want to get back to that place where they're more on an even plain field in terms of sales with Honda and Toyota, a place that they once were. And I'd say that one thing that they have historically done pre pandemic was really lean on consumer incentives, a lot of fleet sales and not necessarily the what you would call like healthy fleet sales going to like commercial or government fleets, but the retail, which would hurt essentially their residual values at the end of the day. And they've been pulling, you know, those, you know, those lovers, I would say, a lot.

你能深入解释一下吗？这是一个非常重要的话题。而且，你知道的，当我看到这个消息时我感到很惊讶。无论如何，你能更深入地解释一下这究竟意味着什么，以及它将如何影响尼桑公司的行业吗？嗯，我觉得如果我们从尼桑的历史来看，他们一直有着很高的产量期望。我觉得他们想要回到与本田和丰田在销售方面更均衡的地步，这曾经是他们所处的位置。在疫情前，他们历史上的做法就是非常依赖消费者激励措施，大量的车队销售，不一定是健康的车队销售，而是朝着零售渠道，这实际上会损害尼桑的残值。而他们一直在调整这些策略。

And they did that, you know, quite significantly, I'd say pre pandemic. And that wasn't always the healthiest. I mean, they had, you know, a lot of complaints about their stair step incentive programs that were just very hard to mitigate and get through for, you know, for a lot of years. And I think obviously with this inventory shortage, it kind of gives everyone a bit of a clean slate to start again and to incorporate better, healthier business practices for themselves as well as their dealer body. I think it's easy to fall back on old habits when market share starts to go down, especially your competitors, you know, doing so well.

在疫情爆发之前，他们确实做到了这一点，我可以说做得相当显著。但并不总是健康的。他们对他们那种楼梯式激励计划投诉很多，这些计划一直让人很难处理，很多年都没有解决。我认为显然在这种库存短缺情况下，这给了每个人一个重新开始的机会，以便采用更好、更健康的商业惯例，对他们自己以及他们的经销商团队都有好处。当市场份额开始下降时，容易回归旧习惯，尤其是在你的竞争对手表现出色的时候。

And the way you do that is usually through a lot of incentives, you know, selling more to fleet and it looks like they could be going in that direction. So they're saying kind of preempting probably the rumor mill of saying, we're not going to go down that road of very high incentives like we've, like we have in the past, we're going to try to accomplish this in a healthier way. However, that seems pretty hard in this environment. I mean, it's very hard to stand out from a product perspective because everyone's products are so good. So you know, I, it's, that's why I'm saying like maybe a few more months have got to go by before we see if Nissan is going to stick to this promise. And that really is sort of the crux of this whole recovery is that once one automaker starts offering more incentives in an effort to still share, which is common in other areas of the market to not just with Nissan for something like pickup trucks, if they decide to go in heavy with incentives, win share. And then all of a sudden, you know, their competitors feel like they have to do the same to protect their market share.

他们通常是通过很多激励措施来实现这一目标的，比如向车队销售更多产品，看起来他们可能会朝着这个方向发展。因此，他们似乎正在预先回应可能会传出的传言，即我们不会像过去那样提供非常高的激励，而是会尝试以更健康的方式实现这一目标。然而，在这种环境下，这似乎相当困难。我是说，从产品的角度来看很难脱颖而出，因为每个人的产品都非常优秀。因此，我想说也许还需要再过几个月，我们才能看到日产是否会遵守这个承诺。这实际上是整个复苏的关键所在，因为一旦一家汽车制造商开始提供更多激励措施，以争夺市场份额，这在市场的其他领域也是常见的，不仅仅是适用于像日产这样的皮卡市场，如果他们决定通过慷慨的激励措施来赢得份额，那么突然间，他们的竞争对手就会感到他们也必须采取同样的措施来保护自己的市场份额。

And it kind of sets forward this, you know, this, you know, race to the bottom, I guess you can call it of, you know, just unhealthy business practices. Yeah, well stated, you know, like I had a bunch of dealers reach out to me as Nissan was starting to kind of amp up their fleet sales and like deals were pissed. They were like, you know, we were just in a meeting. They were just in a meeting with Nissan. I don't know, like a year ago, a year and a half. And Nissan kind of made these promises that they would not go nuts on selling to fleet and, you know, basically hurting the residual values of the older vehicles and kind of back pedal that very quickly.

这在某种程度上加速了这种对竞争的激烈竞赛，我想你可以称之为不健康的商业实践。是的，说得好，你知道，当日产开始加大其车队销售规模时，我收到了很多经销商的反馈。他们很生气。他们说，你知道，我们刚和日产开过一次会，大概是一年前，一年半前。当时日产做出了承诺，表示他们不会过度销售给车队，会保护旧车辆的残值，并很快就会收回承诺。

So yeah, I mean, interesting development. Yeah. I mean, the one thing is that, okay, so the end of March is the end of the Japanese fiscal year. And we do see sometimes a typical things happen from the Japanese automakers at that time. So they can make their sales targets and their numbers. But you know, so I would say that like, let's hold our judgment right now. But the other thing that is a little troubling about Nissan is that fact that if we do think about this age of affordability, they have a lot of products that fit that bill. A lot of vehicles are quite affordable from them. So I think the question is, so, you know, what's going on? Is it their, you know, buyer base or just struggling more financially than perhaps a Toyota buyer base is, but I think that there are probably some deeper questions there as well.

所以，我是说，有趣的发展。是的。我的意思是，一件事是，好吧，三月底是日本财政年度的结束。我们确实有时会看到日本汽车制造商在那个时候采取一些典型的做法，以便达到销售目标和数字。但你知道，所以我想说现在暂且保留我们的判断。但关于日产令人有点困扰的另一件事就是，如果我们考虑到这个物美价廉的时代，他们拥有很多符合这个标准的产品。他们的很多车辆价格都相当实惠。所以我认为问题是，你知道，发生了什么？是他们的购买者群体比丰田的购买者群体更加经济困难吗？但我认为这里可能还有一些更深层次的问题。

Alright. Well, you brought up the A word, not me. So let's talk about affordability. Alright. So Jen, you mentioned to us off the call prior that the sub compact vehicle is making a comeback, a comeback in your store and with Honda, I want to know, like, one, I want you to tell us what that really means to you. But two, is this really, I mean, just strictly driven by affordability, right? Like at some points, the sub compact, if you look back two years ago, I mean, I almost thought the car was dead or that, you know, that type was dead. Everyone went bigger, fancier, and now hearing you say that was like, wow, back to reality.

好的。好吧，是你提到了“价格合适”的问题，不是我。那么让我们聊聊价格方面的问题。好的。所以Jen，你之前在电话里告诉我们，次紧凑型车正在卷土重来，你的店和本田也加入其中，我想知道，一，你能告诉我们这对你来说意味着什么。但是，这难道真的只是受到了价格合适的驱动吗？比如说，在两年前的某些时候，次紧凑型车，我几乎以为这种车已经消失了，或者说那种类型的车已经消失了。每个人都选择更大、更豪华的车型，但是听到你说这个消息时，我感觉就像回到了现实中。

So, I mean, what's what's happening here with the sub compact vehicle? Well, I think there's a couple of things in play. One, we're in Southern California, which is very unique if you were compared to the rest of the United States. It is a sub compact market car from what I can understand. That's number one. I'm going to, in California, I filled out my tank yesterday, it was 549 a gallon, right? So drive in the truck. It's a little bit pricey. And number three, you know, we just didn't have any civics.

所以，我是说，这里的小型车发生了什么事？我想有几件事正在发生。首先，我们在南加州，与美国其他地方相比非常独特。据我了解，这是一个小型市场车辆。这是第一点。在加利福尼亚，昨天我加满油，一加仑是5.49美元，对吧？开卡车要花费一些钱。第三，你知道，我们只有少数几辆本田思域。

So we didn't have any of the sub compact cars. You know, if I were to use Honda as an example, right when COVID started, it was a new model for Honda and from what I can again understand. They have over engineered their chip and they just couldn't get that fancy chip and they couldn't make it. So with gas prices, the fact that we're here in Southern California and affordability and the high interest rates, it really comes down to a budget to a consumer in the monthly payment. But that said, it's consumers almost forced to get into a civic versus a Tacoma or something else that's maybe even more practical for their lifestyle.

所以我们没有任何微型车。你知道，如果我以本田作为例子，就在COVID开始的时候，这是本田的一个新车型，从我的理解来看。他们对他们的芯片进行了过度设计，他们根本拿不到那个花哨的芯片，也无法生产。所以考虑到汽油价格，我们在南加州，消费能力和高利率，最终真的取决于消费者在每月付款上的预算。但话虽如此，消费者几乎被迫选择思域而不是塔科马或其他一些也许更适合他们生活方式的车型。

But it's, you know, if it comes down to a monthly payment. I mean, those are probably the end drivers that making that, making that shift. I mean, if I were to look at the last three months, three months of our sales, civic is definitely the winner, where it was in the case a year ago, where it was a CRV just because we didn't have any civics. And it's probably similar situation across other manufacturers. Across other manufacturers and also across, you know, types of vehicles, because Jessica, I know that you had mentioned about pickup trucks. What's happening there?

但是，你知道的，如果考虑到每月付款的话。我的意思是，那些可能是促使这种转变的最终驱动因素。我是说，如果我要看过去三个月的销售情况，思域绝对是赢家，相比一年前的CRV，当时因为我们没有任何思域。而且在其他制造商之间可能也是类似的情况。在其他制造商以及汽车类型之间可能也是相同的情况，因为Jessica，我知道你提到过皮卡车。在那方面发生了什么？

Yeah, I mean, it seemed like pickup trucks were just the hottest thing. I mean, so hot that there are even EV versions coming out on, you know, on pickup trucks. But, you know, I think going back to, you know, Jen's point about affordability and what people are looking versus what they want and what is realistic for them.

是的，我是说，看起来皮卡车似乎是最火的东西。我是说，它们如此热门，以至于甚至有电动汽车版本的皮卡车问世。但是，你知道的，我认为回到Jen提到的价格和人们关注的东西的问题，以及他们想要什么和对他们来说现实的是什么。

You know, that age of pickup trucks is kind of dying for the recreational user. I mean, of course, there's always a market fee people who really need pickup trucks. We do see that sales are, you know, are definitely not as strong. There was, you know, some issues with the 2024 F-150, which probably didn't help that along, but very compelling incentives right now on the current F-150. So, but I do think it is isolated to the larger truck, which I think is a symptom of the affordability issue. Because if we do look at these smaller trucks, more of the midsize trucks, those are doing quite well.

你知道，对于休闲用途来说，那种拾乳车的时代有点消失了。我是说，当然了，总有一些人真的需要拾乳车。我们确实看到销量并不像以前那样强劲。2024年的F-150存在一些问题，可能也对此起了作用，但目前的F-150提供非常具有吸引力的优惠。我认为这种情况主要集中在更大型的卡车上，这可能是可负担性问题的症状。因为如果我们看看这些较小的卡车，更多的中型卡车，它们的销量还不错。

So, you know, I think a lot of people jump into the truck market when times are good. And they're like, I'm just going to make that leap and, you know, take advantage of low interest rates and what I can upsell myself to. And that's just not happening as much now. I was pretty shocked to see the numbers on the Ford Maverick. Like, I did not expect to see this, you know, little truck sell so well. I actually posted about this a couple of times.

所以，你知道，我觉得很多人在好时候会投身到卡车市场。他们会想，我现在就要赶快行动，利用低利率和提高收入的机会。但现在情况已经不那么乐观了。我对福特小型卡车Maverick的销售数字感到震惊。我真的没有想到这款小卡车会卖得这么好。我其实发过几次关于这个的帖子。

But, you know, it's like shrinkflation has made its way into the cars. I mean, it's not just the Maverick. I mean, the Maverick has done well, but if we look at how quick these vehicles are turning, I mean, Tacoma, Colorado actually have sold quicker than the Maverick in March. And then also Canyon isn't too far behind. So, it really is a segment versus just, you know, one anomaly, which, you know, again, that's people doing opposite of supersizing.

但是你知道，就好像是“缩水”的现象也已经进入了汽车行业。我是说，并不仅仅是Maverick。Maverick虽然走得不错，但如果我们看看这些车辆的销售速度，我是说，Tacoma、Colorado在三月份的销量比Maverick还要快。而且，Canyon也并不落后太多。所以，这确实是一个整体市场对比，而不仅仅是一个特例，这又一次证明人们正在做着与“超大份”相反的事情。

No, totally. No, I wrote about the Maverick the other day. So, I was top of mind, but yeah, it's you're absolutely right. It's all across the board for just, you know, relatively inexpensive pickup trucks. And so, Jen, so back to just general affordability, right? I feel like we talk about this a lot just because it's been the most important thing in the market. It's been driving consumer decisions. You know, again, I've written a lot about a lot about this topic. I'm curious to know from your end, right? Just like day to day, how are you managing through this? What are you doing in store? Like, how are you quote unquote combating this as much as you can affordability?

不是的，完全同意。我前几天写了关于Maverick的文章。所以，我一直在关注，但是是的，你说得对。对于那些相对便宜的皮卡车来说，这种情况确实普遍存在。那么，简，回到一般的经济实惠上来说，对吧？我觉得我们经常讨论这个问题，因为这是市场上最重要的事情。这一直在影响消费者的决策。你知道，我已经写了很多关于这个话题的文章。我很想知道你的看法，你每天是怎么处理这个问题的？在店里你在做些什么？你是如何“应对”尽可能地提高经济实惠性的问题的？

Well, I mean, we control our controllables, right? How do we interact with the consumer? We train ourselves people to negotiate when it comes to negative equity or it comes to the price of the car and how much the payment is versus what it was in 2019 is to negotiate with empathy. We just try to more share information with them for them to understand why the payment is $650 versus 430 for a similar type of vehicle. Maybe this spread not as big, but just as an example. And really trying to train ourselves people that haven't had to deal with it really in the last three years.

嗯，我的意思是，我们要控制我们可控制的事情，对吧？我们如何与消费者互动？当涉及到负资产或汽车价格以及付款金额与2019年相比如何谈判，我们训练我们的员工用同理心去谈判。我们试图与他们分享更多信息，让他们了解为什么付款是650美元，而类似类型的车辆2019年只需要430美元。也许这个差距没有那么大，但这只是一个例子。真的要努力培训我们的员工，因为在过去的三年里他们并没有真正处理过这方面的问题。

Some of them have forgotten. Some of them have joined automotive forces after COVID. So they don't even know what the car business was like prior to COVID. So a lot of it has to do with training and educating the consumer, you know, with empathy in order for them to have a better experience when it comes to transacting on a new automobile in today's world. Yeah. And then from an actual financial product perspective, right? Are you doing more leases 84 months from now?

其中一些人已经忘记了。一些人在新冠疫情之后加入了汽车行业。因此，他们甚至不知道新冠疫情之前汽车行业是什么样子的。因此，很大一部分与培训和教育消费者有关，你知道，带着同理心，让他们在今天的世界更好地体验购买新汽车的过程。是的。从实际的金融产品角度来看，对于未来84个月内，你会更多地做汽车租赁吗？

We're definitely doing a lot more leases now, well, and it's twofold. We again, there's a little bit more incentives from the factory standpoint. There's not as many accessories on the per vehicle basis, which makes leasing a lot more affordable and more attractive to the consumer. I mean, just to put things in perspective during COVID, prior to COVID, we were at about 43 to 45 percent. It was pretty consistent leasing. And during COVID, we dropped all the way down to 15 percent and we backed in the mid 40s.

现在我们确实做了更多的租赁业务，原因有两个。首先，从工厂的角度来说，现在有更多的激励措施。其次，每辆车上的配件数量不多，这使得租赁变得更加实惠和吸引消费者。举个例子，在疫情之前，我们的租赁率约为43%到45%。而疫情期间，我们的租赁率降至15%，之后又回升到了中40%左右。

So I mean, the leasing has picked up tremendously here in the last quarter or so. Absolutely. Good thing to see is that one of the tools that we were forced to use the almost and forced by the consumer mainly contrary to anybody's belief, it wasn't on the dealer side, it's the 84 month loans. And we're basically don't see those as much anymore because leasing is more available to a consumer and makes it more attractive where we get to see the, for both the customer and for the dealer where they can get into a new vehicle every two, three, you know, every two, three years for a lower payment with more technology in the car versus sending somebody off on a seven year loan. It's just not a good situation for neither the party, factory dealer or the consumer. I was talking about used car leasing as well. You're referring to new car leasing.

所以我的意思是，最近一个季度以来，这里的租赁市场增长迅速。绝对是个好现象的是，我们被迫使用的一个工具几乎是因为消费者的需求，而不是因为经销商的需求，就是84个月的贷款。我们基本上不再看到这种情况了，因为现在租赁对消费者更加便利和吸引力，他们可以每两三年换一辆新车，付出更低的月付款，同时享受更多的汽车科技，而不是让他们签七年的贷款。对于双方（工厂经销商和消费者）来说，这并不是一个好的选择。我也提到了二手车租赁，你在谈论的是新车租赁。

And I feel like altogether, it just seems like that's where the industry is trending. Like prices have eclipsed the hurdle of where, you know, to your point, 84 month loan was sort of like a stop gap, it seems like potentially and leasing is just taking off now. So this episode is brought to you by my very own car dealership guy, industry job board. CDG jobs.com, my industry job board connecting the best talent and automotive with the best companies will remain absolutely free for CDG listeners to post and fill available roles at their companies.

我觉得总的来说，行业似乎正朝着这个方向发展。就像价格已经超越了，你知道的，84个月贷款似乎是一种临时措施，现在似乎租赁正在蓬勃发展。本期节目由我自己的汽车经销商人士、行业招聘网站CDG jobs.com赞助，我的行业招聘网站将继续为CDG听众提供绝对免费的服务，帮助他们发布并填补公司可用的职位。

This free job board is for anyone in automotive vendors, dealers, lenders, manufacturers, auto tech, everyone already over 100 companies have posted open positions, including lithium motors, recurrent credit acceptance, Vero's credit, cars commerce, shift digital plug, full path, Westlake trade pending, you get the point. The best part is that when these companies hire through CDG jobs.com, they are hiring the most informed candidates in the marketplace. So don't hesitate. You can add your open roles today by visiting CDG jobs.com or clicking the link in the show notes below that's CDG jobs.com. You mentioned negative equity. Jessica, I want to ask you about this, right? What are we seeing with negative equity in the market? We know that it's been rising, sure. But like, take us a little bit through what is actually happening right now across the board for negative equity.

这个免费的求职板面向汽车供应商、经销商、贷款机构、制造商、汽车技术人员等所有人。已经有100多家公司发布了空缺职位，包括锂动力汽车、再发信用接受、维罗信用、汽车商务、数字插件、全路径、Westlake交易待处理等。最好的部分是，当这些公司通过CDG jobs.com招聘时，他们正在雇佣市场上最了解情况的候选人。所以不要犹豫。您可以通过访问CDG jobs.com或点击下面的音频注释中的链接添加您的空缺职位。你提到了负债。杰西卡，我想问一下你，对此我们看到了什么情况，对吧？我们知道这一情况一直在上升，但是，能否给我们简要介绍一下当前在整个市场中负债情况实际上如何发展。

Well, it's like, I think it's becoming a story again, because when trade and values, as we know, we're so incredibly high, negative equity wasn't really a thing because people were just were loving it. They were getting so much for their trade in and it wasn't a concern. And now it's starting to rear its ugly head again. And we're watching it basically climb in the first quarter of this year, it was about 23% of all trade ins had, you know, had negative equity associated with that trade. It's probably not a great number, especially when we look at the amounts at six, over $6,000 on average rolling into your next loan.

嗯，就好像我觉得它又开始成为一个故事了，因为当贸易和价值，就我们所知，非常高时，负资产实际上并不是一件事，因为人们只是热爱它。他们为自己的贸易得到了很多，这并不是一个问题。现在它又开始出现了。我们看到它在今年第一季度基本上在攀升，大约23%的所有贸易都有负资产与之相关联。这可能不是一个很好的数字，尤其是当我们看到平均超过$6,000滚入您的下一笔贷款时。

That that's probably is the most disturbing trend because that's the highest it's ever been on average. So as we look towards the rest of the year, you know, will negative equity continue to climb? It certainly has been higher in terms of percentage at other points in time. I think right now it's just the amount, which is worrisome because we know how much vehicles are right now. We know that there probably were some pandemic regret purchases that people either made too quickly because there wasn't a lot of inventory or just doesn't fit their lifestyle. Now they're back into market and they paid a lot of money for their vehicle. And you know, now it's not worth as much and it kind of puts them in. I would imagine a very bad mood and probably a very uncomfortable conversation in the FNI office. But it's, you know, it's a part of the industry, I guess, you know, to say the least.

这可能是最令人不安的趋势，因为平均水平是有史以来最高的。所以当我们展望今年的其余时间时，你知道，负资产会继续上升吗？在其他时间点，它的百分比确实更高。我认为现在仅仅是数量上的情况令人担忧，因为我们知道现在车辆的价格是多少。我们知道可能有一些由于疫情后悔购买的人，要么是因为库存不足而匆忙购买，要么是因为所购车辆不符合他们的生活方式。现在他们再次进入市场，为车辆支付了很多钱。你知道，现在价值不高了，可能会让他们心情不好，并在财务办公室中进行一场令人不愉快的对话。但这是行业的一部分，我想至少可以这样说。

And Jen, what do you so I think it's important to kind of bifurcate this for a second because obviously every vehicle should have negative equity or will like it's depreciating asset. You buy that car, you drive it off the lot, it's worthless. But like you said, Jessica, like the big thing here is the just level of negative equity. Jen, like in store, what do you generally consider like a meaningful level of negative equity nowadays, you know, something inconsequential? Like, do you, where do you draw that line? Well, generally speaking, it's still at the manageable levels. I mean, there's some extreme examples where somebody on a $30,000 or $40,000 car is upside down, maybe $15,000 or $20,000, but that's a very extreme case. Generally, what we're seeing right now is I'll be about anywhere from three to $5,000, I think would be the average. And it's still manageable. It really depends on what collateral they are looking at. But it's not like I said, it's not where it's on unmanageable levels.

嗯，珍，你认为什么属于负值资产呢？我认为这个问题很重要，因为显然每辆车都会有负值资产，或者说是一种贬值的资产。你买了那辆车，开出车场后，它就一文不值了。但就像杰西卡说的，重点在于负值的程度。珍，在实际情况中，你认为现在一个有意义的负值水平是多少呢？是微不足道的吗？你觉得哪里是底线呢？一般来说，负值水平仍然保持在可管理的范围内。我是说，有些极端案例，可能有人买了一辆价值30,000或40,000美元的车，却负值15,000或20,000美元，但那是非常极端的情况。目前我们看到的情况一般来说是大约在三到五千美元左右，我认为这是平均水平。这个水平仍然是可管理的。真正取决于他们看中的抵押品。但像我说的，还没有达到无法管理的水平。

I think also it's important to point out that people that bought a car during COVID and had a trade in are not in the same position as people that bought a car during COVID and didn't have a trade in because the trade was worth a lot more, which mitigated some of that. If they apply, yeah, if they applied all that equity position during their during their purchase. So I think there's two types of buyers. Again, the ones that had the trade in, there may be not as in bed of a shape today as opposed to ones that purchased the car with zero down for 84 months, 2021. And obviously, those folks are not in the best shape compared to the rest of the month.

我认为也很重要指出，在COVID期间购买汽车并有以旧车抵换的人，与在COVID期间购买汽车但没有以旧车抵换的人情况不同，因为抵换车辆的价值更高，这缓解了一些问题。如果他们申请了，是的，如果他们在购买时应用了所有的权益。所以我认为有两种类型的买家。再次强调，有以旧车抵换的人，可能今天并不像那些零首付84个月购买2021年车辆的人那样状况良好。显然，与其他月份相比，这些人也不处于最佳状态。

I don't know if either of you saw this, but I posted a story about a dealer here on the East Coast, a subprime dealer or primarily subprime. And he's been buying a lot of used EVs. Because what he's found out is that with the used EV tax credit, he's basically buying these EVs. He's doing a deal that's like roughly like $25,000 out the door. And the government, like you can basically auto apply $4,000 of the tax credit on the spot for the client. So you come, you're out of equity, you have bad credit. I mean, whatever it may be, you pretty much have a $4,000 down payment ready for you. And so he texts me every week, he's showing me what he's buying. He's buying almost 25%, or 25% of his weekly sales are used EVs right now. And it's strictly, it's not because it's an EV, it's because it's $4,000 of down payment, which is helping your customer get approved, or it's helping mitigate the negative equity, which is pretty remarkable.

我不知道你们两个是否看到了这个，但我在这里发布了一个关于东海岸的一个经销商的故事，一个次级信贷经销商或主要是次级信贷。他一直在大量购买二手电动汽车。因为他发现，有了二手电动汽车抵税优惠，他基本上就是在购买这些电动汽车。他的交易大概是25000美元出门。政府，你基本上可以当场为客户自动申请4000美元的税收优惠。所以你来了，你是负资产，你的信用不好。总之，你基本上有4000美元的首付款。所以他每周都会给我发短信，向我展示他购买了什么。目前他购买的几乎25%或每周销售额的25%是二手电动汽车。这完全不是因为是电动汽车，而是因为有4000美元的首付款，这有助于您的客户获得批准，或有助于减轻负债，这非常了不起。

That I mean, that's interesting. Because if he is primarily a subprime dealer, I wonder if these folks that are buying EVs are necessarily well equipped to buy an EV, if they've thought about like charging, or they kind of just get swayed by the fact that, oh, this is a new car, the deal seems great. But I would imagine that some people are not necessarily thinking about how good it's going to fit into their lifestyle. That's a really good point, by the way, because you're right, like, it depends where, you know, where this person lives, right? Like, do you live in the city where there's like a charger in every block, or do you live? I mean, do you have a garage? Yeah, like, I think that's a, that's a really good point, right? Like, what are these? I mean, what are they actually doing with the EV once they buy?

我是这么想的，这很有趣。因为如果他主要是次贷经销商，我就想知道这些购买电动汽车的人是否有足够的准备来购买电动汽车，是否考虑到了充电的问题，或者他们只是被这是一辆新车、交易看起来很诱人的事实所影响。但我想有些人可能并没有考虑到它如何适应他们的生活方式。顺便说一句，这真的是一个很好的观点，因为你说得对，这取决于这个人住在哪里，对吧？你住在城市里吗？每个街区都有一个充电站，或者你住在？我的意思是，你有车库吗？是的，我认为这是一个非常重要的观点，对吧？那么，一旦他们购买了电动汽车，他们究竟打算怎么用呢？

Yeah, but I mean, there has been a lot of chat though about what a great deal of used EVs are. I mean, not from an industry standpoint, because that means the depreciation is so strong. But from the consumer standpoint, I have seen a lot. It's like, oh, wait a second, I can get a Tesla for $25,000, you know, I'll do that. And that's going to be an ongoing issue for new EVs, is really competing against the used ones at significant discount. Yeah, and so we'll dive more into EVs shortly. And Jessica, can you give us an overview on rates? You know, you always put out great data with respect to where we are from an interest rates, and how the market's trending, right? So take us there. Yeah, I mean, we pretty much look at where interest rates are from a national level every month, and you know, every month they think, okay, maybe this is the month that's going to go down, the Fed's been a bit quiet, you know, there hasn't been any price hikes.

是的，但是，讨论关于二手电动车有很多。我是说，不是从行业的角度来看，因为这意味着折旧很严重。但是从消费者的角度来看，我见过很多。就像，哦，等一下，我可以买一辆特斯拉25000美元，我会这么做。这对于新的电动车来说将是一个持续的问题，真正要和二手车进行竞争以获得重大折扣。是的，我们很快会更深入地探讨电动车。Jessica，你能给我们介绍一下利率吗？你总是发布关于利率和市场趋势的出色数据，对吧？所以让我们看看那里。 是的，我们每个月基本上都会查看全国的利率水平，并且每个月他们都认为，好吧，也许这个月会降息，联邦储备系统一直保持安静，没有任何价格上涨。

And we do definitely see some, you know, some result of automaker incentive spending in subsidizing interest rates, but they still are quite high on the new side, still over 7% on average. And then on the used side, still over 11% on average. And, you know, that's why we really talk to consumers about almost doing the calculation on the amount of interest you're going to pay, because all of a sudden 11% interest for, you know, five, six years on a $30,000, $40,000 loan, the amount of interest is pretty mind-boggling, because people tend not to think about that component, especially since we've been in an era of low interest rates for such a long period of time. And that comes as I think sometimes a shock to buyers just because the rates are quite high. But I think with automaker subsidizing on the new side, we probably will see the new interest rates start to fall on average, but the use just not a lot of relief there. The certified pre-owned programs are really making, I think, much of a dent or historically.

我们确实看到了一些汽车制造商在补贴利率方面的激励支出的结果，但新车利率仍然相当高，平均超过7%。而在二手车方面，平均利率仍然超过11%。你知道的，这就是为什么我们真的建议消费者几乎要计算一下你将要支付的利息金额，因为突然间在一笔30,000美元或40,000美元的贷款上，以11%的利率，五六年的时间内支付的利息数额是相当让人难以置信的，因为人们往往不会考虑到这个因素，特别是因为我们一直处于低利率时代已经很长一段时间了。这有时对购买者来说可能会是个震惊，因为利率相当高。但我认为随着汽车制造商在新车上的补贴，我们可能会看到新利率的平均水平开始下降，但二手车方面并没有太多缓解。认证二手车项目在历史上并没有取得太大成就。

Yeah, I've heard, I've been hearing anyone here is an economist, not on this call, meaning none of my buddies or my dealer friends are already economists, but I've been getting these murmurs like, hey, it feels like we're getting ready for like, you know, inflation 2.0. And so there is some concern out there about these rates. Jen, would you say at this point, your consumers, your customers are sort of like accustomed to the, you know, 7% new car interest rate, right? Because, you know, when this just started two years ago, roughly speaking, it was a shock. I mean, again, I going by my personal experience and I'm posting this data to the world, people were commenting into thousands, like, what is this? Like, I would not buy a car at 7%. And I bet you like 50% of those people, I ended up doing it. But needless to say, like, do you feel like at this point, like consumers are more or less accustomed already to where interest rate levels are today?

是的，我听说过，我一直听到任何人都是经济学家，不在这次电话会议上，也就是说我的朋友或经销商朋友都不是经济学家，但我一直听到这些低语，就像是，嘿，感觉我们准备迎接，你知道的，通胀2.0。因此，人们对这些利率抱有一些担忧。珍，你会说在这个时候，你的消费者，你的客户是否已经习惯了，你知道的，7%的新车利率？因为，你知道，大约两年前刚刚开始时，这是一个冲击。我的个人经验告诉我，我把这些数据发布到世界上，有成千上万的人在评论，说这是什么？我不会以7%的利率购买汽车。我敢打赌有50%的这些人最终还是这么做了。但无论如何，你觉得在这个时候，消费者已经或多或少习惯了今天的利率水平吗？

Absolutely. I mean, when the rates first shut up, I mean, it was quite an experience here on the floor and the consumers thought that we were trying to take advantage of them. And it was an interesting time. But at this point in time, unless you have that one customer that just haven't been shopping for a car, you know, in a while, and it doesn't really read the news or he's not really involved. I mean, you'll have an oddball situation from time to time.

当然。我的意思是，当利率第一次飙升的时候，我是说，地板上的情况非常有趣，消费者认为我们在试图占他们的便宜。这是一个有趣的时期。但是在目前这个时刻，除非你有那种有些客户很久没有买车了，不太看新闻或者不太关心这些的情况。我是说，偶尔会有一些特殊情况出现。

But generally speaking, I would say, yeah, consumers are aware that it's a much higher rate. Some of them still want to get into the fives and sixties at times. But generally speaking, I think that the sevens and eights are very acceptable for somebody with good credit. Now, when you say seven nates, you're referred to new cars, not used cars, is that right? Or both new cars and like a 2023 or 2024 use car. Yeah. A good we've had a quite a good success with certified rates, because Honda has some good programs on Honda True used and certified. So it allows those particular car, you know, compete in the marketplace. So if you were to certify a car, you can qualify for those submitted rates from the factory. I mean, again, we've had a pretty good luck with that.

总的来说，我会说，是的，消费者意识到利率要高得多。有些人仍然希望有时能够在五六点几的利率下购买。但总的来说，我认为对于信用良好的人来说，七八点几的利率是非常可接受的。现在，当你说七八点几的时候，你是指新车，而不是二手车，对吗？还是新车和像2023年或2024年的二手车都包括在内？是的。我们在认证利率方面取得了相当大的成功，因为本田公司对于本田真实使用和认证车辆有一些很好的计划。因此，这使得这些特定的车辆能够在市场上竞争。所以如果你对一辆车进行认证，你可以享受到工厂提供的这些特别的利率。我是说，再一次，我们在这方面运气还算不错。

So speaking of use, Jen, like, what's your use car profitability like nowadays? Give us a general overview. Well, that was a big side. That was a big side, Jen. Because, you know, my, you know, my travels in automotive universe, the one thing that I feel less constant in the use car profitability is change. It really depends on the time of the year, the time, it really depends. In the last quarter, it's been quite healthy. However, I can't say that about the last quarter of last year, you know, availability of use cars to stack position is definitely a challenge. So we had to, we had to really sharpen our tools to try to acquire use cars.

所以说到使用情况，珍，你目前二手车的盈利情况怎样？给我们一个整体的概述。哇，那可是一个大话题。那可是一个大话题，珍。因为，你知道，在汽车行业的世界里，我感到二手车盈利的一个不稳定因素就是变化。这真的取决于一年中的时间，真的取决于各种因素。在上个季度，盈利状况相当健康。然而，去年同期就不一定了，你知道，二手车的供应是一个挑战。因此，我们必须真正磨砺技能以获取二手车。

I mean, we haven't made, we haven't made any new cars in the last, you know, during COVID in the last three years, there's no use car factory that makes use cars. So there's just less of them out there in the marketplace. And when we go out and try to get them, it's definitely a challenge. So keeping a lot full of cars.

我的意思是，我们在过去三年中，也就是在COVID期间，没有生产任何新车，也没有任何二手车工厂生产二手车。因此，在市场上这类车辆数量减少了。当我们想要购买时，确实是一个挑战。因此，保持车库里有大量车辆是困难的。

When you say we've had to sharpen our tools with respect to acquisition, what have you done? How are you doing it? Well, we have to pay, we have to pay more attention to little details, whether it's the recon time, whether it's how much we pay for the car, what our look to book is, what we're offering up front for the vehicle. Again, how is our service acquisitions are working, how is our auction acquisition are performing, how is our ICOs, you know, ICO buying team performing, what are we putting into trades on the website if somebody wants to do a quick evaluation of their car, would definitely have adjusted our dials to pay up more just to get the car, you know, for trade ins, if there is a trade in, you know, pre COVID levels, for example, you know, was common for a sales person to make a deal to kick the trade.

当你说我们必须在收购方面提高我们的工具时，你做了什么？你是怎么做的？嗯，我们必须付出更多的注意细节，无论是关于勘察时间，还是关于我们为汽车支付了多少钱，我们的外观如何等等。再次，我们的服务收购工作如何，我们的拍卖收购表现如何，我们的ICO（首次公开募股）购买团队表现如何，如果有人想快速评估他们的车辆，我们肯定会调整我们的策略，支付更多以换取车辆，例如，对于置换交易，如果有置换交易，例如，COVID疫情前，一个销售人员常常会通过置换交易来达成交易。

Hey, can I make this deal? If the trade wasn't part of the deal, it's definitely not the case anymore. You know, we want to keep that car regardless, whether it's a wholesale or retail piece. There's incentive structure for our salespeople that if they have anyone, doesn't matter what kind of car it is, whether it's the one that can make it across the lane or not. There's a heavy incentive for them to bring that vehicle to the store and we'll buy it and they'll be incentivized for it. So I mean, it's not one thing, it's the aggregate of little things that make a difference.

嘿，我可以达成这笔交易吗？如果交易并不是协议的一部分，那么就绝对不会是这种情况了。你知道，无论是批发还是零售业务，我们都想保留那辆车。我们对销售人员有激励机制，如果他们找到任何车辆，无论是能否顺利通过检查，我们都会给予激励。他们有很大的动力把车辆带到店里，我们会购买，并为此给予奖励。所以我是指，不是一件事情，而是许多小事情的积累才能产生影响。

I also wonder as we think about the used car pipeline moving forward, at some point, probably at the end of this year, we're starting to feel the ramifications of the drop off and lease returns because leases fill off the cliff. So it feels like it's going to be a challenge for especially someone like Honda brand who historically has had highly seen, you said over 40% then down to the teens, it's like, that's such a good supply of used vehicles. I imagine that's a bit of a daunting outlook in the next few years. Yes, I am. We used to have anywhere from 180 to 200 lease returns per month. And we're down to, I think June of this year, June, July would be the lowest point we're going to have as low as 36 leases that are going to come back. So it's definitely a challenge. Jen, when are you projecting that? When are you projecting that? June of this year, June, July, we're going to be like in the mid 100s. I think the lowest month will be 36 when we looked at it in the beginning of this year, just when we're doing forecasting. That's exactly what we said. Wow.

我也在想，当我们考虑到二手车市场未来的走势时，可能在今年年底的某个时候，我们开始感受到由于租赁合同的大幅减少而带来的影响，因为租赁量骤然下降。所以感觉对像本田这样历史上一直供应丰富的品牌来说将会是一项挑战，你说过超过40%，然后下降到十几个百分点，那些都是二手车市场的很好资源。我想这在未来几年可能会是一个令人畏缩的前景。是的，我们过去每个月一般有180至200辆车回租，但到今年6月，我认为6月、7月我们将会迎来回租量的最低点，可能只有36辆车会回来。所以这绝对是一个挑战。詹，你预计是什么时候？你预计是什么时候？今年6月，我认为6月、7月我们将会在中百个车的范围内。我认为回租量最低的月份将会是36辆，这是我们在年初做预测时得出的结论。确实如你所说。哇。

Jessica, how is that going to play out? Are we going to see the biggest question that gets like, are use car prices going to rise again? Or are they just not going to depreciate us quickly? Yeah, I mean, it kind of depends on how we handle this and exactly where this happens. But it's not like it's a surprise. Like Jen said, it's not like there's a use car factory. We know exactly how many vehicles were sold. But we are dealing with a lot of factors is the fact that people, they bought out their lease, new car sales rates have been lower over the past few years. Leases fell off a cliff. I mean, daily rental volume wasn't very good for a long time. That has luckily come back. But all those factors are kind of feeding into this use car pipeline, which has made it very atypical. And why use car acquisition has been probably quite a rollercoaster. Of late. So yeah, I can imagine that we're going to get to the point where use car prices could change. I mean, this is going to affect near new used. So we still have the older used vehicles, which probably won't fill as much of a fact. But it's going to trickle down as always a waterfall in the use car market. Yeah, I mean, it's quite a case study. What do you think about the next couple of months? What's about to happen? It's going to be very interesting to watch. Stock up on your use vehicles.

杰西卡，这种情况会如何发展？我们会看到像这样的最大问题，二手车价格会再次上涨吗？或者它们只是不会像我们想象的那样迅速贬值？是的，我是说，这取决于我们如何处理这个问题，以及这将发生在什么地方。但这并不意味着这是一个意外。就像简说的那样，二手车不是从工厂里生产出来的。我们确切地知道有多少辆车被出售了。但我们面临很多因素，人们买断了他们的租赁车，新车销售率在过去几年下降了。租赁车销量下降得厉害。我是说，长时间内每日出租量很低，这种情况幸运地有所改观。但所有这些因素都在进入这个二手车管道中，这使得情况非常特殊。这就是为什么近期二手车采购可能非常跌宕起伏。所以，我可以想象我们会达到一个二手车价格可能会变动的地步。我是说，这将影响到近新的二手车。所以我们仍然有那些年代较久远的二手车，它们可能不会受到太大影响。但正如在二手车市场中总是会如瀑布般逐渐传导的，这肯定会带来连锁反应。是的，这是一个非常值得研究的案例。你觉得在接下来的几个月会发生什么？这将是非常有趣的观察。存货二手车吧。

What I was going to say is, Jen, I think what I like about these time periods where people are like actually care about efficiency is that people start to like, you know, really look through all the, you know, looks in crannies. And, you know, speaking with with someone just about a deal about, you know, like how much depreciation are you associating with your vehicle per day, right? So like every day that you don't transport that car to your lot, or it's waiting and reconditioning, right?

我想说的是，简，我认为我喜欢这些人们真正关心效率的时期的原因是人们开始仔细查看所有细节。你知道，就像和某人谈论一笔交易，比如你每天将车辆的折旧费用与之关联多少，对吧？所以每一天你不将那辆车运送到你的停车场，或者它正等待翻新的时候。

Like on a fully loaded basis, how much are you really, you know, how much are you really losing? Not just, you know, how much are you buying it for, but truly like, you know, like that whole time to line that you're mentioning, it's very much in vogue again, and in looking at every part of the process, right? Down from I bought that car in auction, it takes me four days to get to here. Let's get it to two days, three days, right? Like every single day matters. So yeah, I'm assuming you're referring to a holding costs.

你真的会亏损多少呢？不只是指你买进时花费了多少，而是实际上，你知道的，整个过程中你真的损失了多少？就像你提到的那样，现在非常重要的是整个时间线的管理，在审视每个流程的每个环节。比如，我在拍卖会上买进那辆车，接下来花了四天时间才到手。我们能不能缩短到两天，甚至三天？每一天都很重要。所以，我猜你是在谈论持有成本吧。

So I mean, I think a healthy number is about 30 bucks a day. Anything, anything higher than that, like if you get into the 50s and 60s, then chances are your use car operation is not very, very, very healthy, and there's room for improvement. But again, if there's no magic bullet, it's just doing the little things, right, is what's going to make a big difference. Really, what I wanted to ask you is, like, high, you're in California, so it's kind of cheating, but hybrid versus EV, right? Like what are you seeing in your store? Definitely hybrid. Hybrid has a lot of demand consumers asking for hybrid. And you're not a Toyota store, right? I want to, like, I'm reminding the audience, the listeners, like you're not a Toyota store, which is like, Toyota's kind of becomes synonymous with hybrid right now. So anywho, go ahead.

所以我的意思是，我认为每天健康的数字大约是30美元。如果超过这个数字，比如说到了50或60美元，那么你使用汽车的运营可能并不是非常健康，有改进的空间。但是再次强调，并没有什么灵丹妙药，只是做一些小事，才能取得重大的改变。实际上，我想问你的是，在加利福尼亚，这有点作弊，但是混合动力车和电动车，你观察到怎样的情况？明显是混合动力车。消费者对混合动力车需求很高。你们不是一家丰田店，对吧？我想提醒一下听众，你们不是一家丰田店，而丰田目前已经成为混合动力车的代名词。总之，继续说吧。

Hybrid consumers are willing to spend more money on the hybrid, and they feel that that's a better value. We don't necessarily see a lot of demand for EVs, maybe for the simple fact that we don't have any, but there's a lot of enthusiasts and a lot of Honda fans that are waiting for the EVs. So I think there will be that initial wave of customers that innovators and early adopters that would end up buying a prologue. But from a general standpoint, we do not see a lot of demand for an EV, other than the selected few. Which I think is also a testament to, well, obviously, Honda's EV lineup, but also, it's kind of like, I don't want to say winner takes most, but, you know, like, there's definitely preferred, there's clearly preferred brands, and, you know, we know Tesla clearly, you know, market leader, but it's not like, you know, the normal vehicle or like decision making is just different for consumers when it comes to buying an EV.

混合消费者愿意在混合车上花更多钱，他们觉得这是更有价值的选择。我们并不一定看到对电动车有很高的需求，也许只是因为我们没有太多的样车，但是有很多热心人和本田的粉丝正在等待电动车的问世。因此，我认为会有那些最初的创新者和早期采用者会购买首个车型。但从总体来看，除了少数人之外，我们并没有看到对电动车有很高的需求。我认为这也证明了不仅仅是本田的电动车系列，而且也是一种胜利者通吃的现象，就像我们知道特斯拉显然是市场领导者，但普通的车辆购买或决策行为对于消费者来说在购买电动车时是不同的。

Yeah, I think that's right, especially when we ask consumers about, are you willing to buy an EV from, you know, a different brand than what you own? It seems like people are much more open. And we even see that in some of the, you know, the trade in data that you have a lot of luxury cars, Audi's BMWs being traded in for Kia EVs. And you wouldn't necessarily see that on the internal combustion engine side. So I do think that there is this openness that exists more for EVs, especially for the early adopters. I think as we go for more of the mass market consumer, that may change a little bit, because people will tend to stick with what they know a bit more there, less willing to take the financial risk if, you know, things don't work out for them. But it's a tremendous opportunity, I think for dealers and automakers right now to kind of find that new customer, because conquesting is always extremely difficult and expensive.

是的，我认为这是正确的，特别是当我们问消费者是否愿意购买来自不同品牌的电动汽车时。人们似乎更加开放。甚至在一些交易数据中，你会发现很多奢侈品牌汽车，比如奥迪、宝马，被换成了起亚的电动汽车。在传统燃油车一侧，你可能不会看到这种情况。因此，我认为对于电动汽车的接受度更高，特别是对于早期采用者。我认为在走向更大众市场消费者时，可能会有所改变，因为人们倾向于更加固守自己熟悉的东西，不太愿意承担金融风险，如果事情不尽如人意的话。但我认为，对于经销商和汽车制造商来说，现在是一个巨大的机遇，去找到新客户，因为征服总是非常困难和昂贵的。

Jen, did you go through, um, did you go through the installation process in your store with installing chargers and all that? Yes, we're at tier one. So we were, Honda has, I believe, three different, three different tiers for the United States and California being the largest market, I think 40% of all EVs in the United States are sold in California. I might be wrong on my numbers, but I think I'm pretty close. But yes, it was a requirement went through invest quarter million dollars into the EV infrastructure last year. How much did that cost you?

詹，你有没有经历过在你的商店安装充电桩等设备的安装过程？是的，我们在一级。所以我们，本田有，我相信，在美国和加利福尼亚有三个不同的等级，加州是最大的市场，我认为美国所有电动汽车中有40％在加州出售。我可能对数字有误，但我想我还是相当接近的。但是，是有一个要求的，去年投入了二十五万美元用于电动汽车基础设施。那花费了你多少钱？

About 250,000. And how do you feel so far about that investment? We feel great. Why? That was the why. Well, I think it's too soon to rate. And again, we don't have any veto sale yet. But I mean, I think we need to have them. I mean, if we're moving into that era, you know, in 2026, Honda's going to have quite a few other models that are going to be EV. So, I mean, you just have to have the infrastructure to service them. All right, it's not just the charts, it's the lifts, it's the, you know, the forklift, it's the training of the technicians. I mean, it's not just having charge about there.

大约25万美元。到目前为止，您对这笔投资感觉如何？我们感觉很好。为什么？那就是原因。嗯，我认为现在评价还为时过早。而且，我们还没有否决销售。但是，我认为我们需要有这些。我是说，如果我们正在进入那个时代，在2026年，本田将推出相当多其他的电动车型。所以，我是说，你必须有基础设施来为它们提供服务。好了，这不仅仅是充电站，还有起重机，叉车，以及对技术人员的培训。我是说，不仅仅是那些充电桩。

Yeah. I loved the long term mindset. I loved the long term mindset. So, Yeah, I think being prepared is probably such a good tip just because if you are bringing new customers into your fold into your dealerships and giving them a great experience there probably is probably more important than just taking care of your current customers. It's like, you know, we if we can do things right and not leave you astray. Because it definitely feels like there are some retail challenges that, you know, other companies have faced from EV customers and a lot of complaints there. And maybe I was a little bit prestigious on the on the feeling feeling great. But I mean, on the serious note, again, I think it's a necessity, we have to do it and where the industries had it not having an infrastructure to be able to service EVs and sell them. I mean, honestly, it's not sustainable. Yeah. Do you think that this, you know, EV bump is actually a bump in a road? Like, are we still on a secular incline? Jen Jessica kind of posed that to either of you. I think there's quite a, it's, you know, I think my guess is good as yours. But I think there's still challenges in the entire EV experience for the consumer. Although I think manufacturers have sold the range anxiety, I think the charging experience, unless you own a home and you're there at a set time and you don't drive as many miles per day, it's a challenge for a customer.

是的。我喜爱长期思维。因此，我认为做好准备可能是一个非常好的建议，因为如果你将新客户引入你的销售网络，并在那里给他们提供出色的体验，这可能比照顾你当前的客户更重要。就像你知道的那样，如果我们能做对事情，并不让你迷失。因为肯定会感觉到一些零售方面的挑战，你知道，其他公司从电动汽车客户那里面临了很多投诉。也许我在感觉良好方面有点自负。但我是说真的，我认为这是必要的，我们必须这样做，而这个行业没有能够维修电动汽车和销售它们的基础设施。说实话，这是不可持续的。你认为这个，你知道，电动汽车潮涌实际上是一条颠簸的道路吗？像我们还处在一个长期增长的趋势中吗？简和杰西卡提出这个问题给你们两个之间的任何一个。我认为整个电动汽车体验对消费者来说仍然存在挑战。虽然我认为制造商已经解决了续航焦虑问题，但我认为充电经验，除非你拥有自己的住房，你能在固定的时间在那里，并且每天开车的里程不多，这对客户来说是一个挑战。

So if you see, for example, on your navi screen that, okay, there's six chargers and four of them are busy, but two are available. It doesn't mean that they're available. They might be out of order. So when you pull the pull up there, there might be a 30 or 40 minute wait to get into a next in line just to go charge. There is, for example, if the charger is up to 150 kilowatts per hour, which is a fast charge, and all six chargers are working at the same time, you pull in it from the same circuit, I guess I'm not an electrician, but your, your download or upload, whatever the right word is, cuts down in half to 75 kilowatts per hour. So you charge from 20 to 80 percent, goes from 30 minutes to hour and a half. And if you're working professional in the middle of the day, that needs a little bit of juice, you know, waiting for two hours to try to get some, some, some, some electricity or some of the charge, it's just not an option.

所以，举个例子，如果你在车载导航屏幕上看到，有六个充电器，其中四个正在使用，但有两个是空闲的。这并不意味着它们就是可以使用的。它们可能已经损坏了。所以当你抵达那里时，可能需要等上30到40分钟才能轮到你去充电。例如，如果充电器每小时的功率高达150千瓦，这是一种快速充电，而且所有六个充电器同时工作，那么它们将从同一电路中提取电能，我猜我不是电工，但你的下载或上传速度，无论哪个说法更正确，都会削减一半至75千瓦每小时。因此，从20%充电到80%，所需时间从30分钟增加到一个半小时。如果你是一个白领，在白天需要一点电的话，等待两个小时来获取一点充电或一些电力，这简直不是一个可行的选择。

So it really, it really encompasses a certain consumer with a certain lifestyle that would, you know, enjoy the EV experience. It's definitely not for everybody. So if we solve that, because a lot of the manufacturers, what they're doing is they're pretty, I feel like they're producing the cars, but they're not really producing the charge and network. And those cars are being dumped onto already congested networks that are out there, such as EV Go, you know, Tesla or Electrify America. And so I can tell you that just in the last 12 months, you can, you can, 12 months, there's a lot more EVs that are utilizing the same network. And it's gotten a lot easier here in the last 12 months. And it's only going to get worse unless we build more chargers and more infrastructure. It's that I would bet there would be a certain segment of the consumer. Once they have that experience, they're just going to be turned off on it unless that particular piece improves.

因此，它实际上真的涵盖了一定生活方式的消费者，这些消费者会享受到电动汽车的体验。这绝对不适合所有人。因此，如果我们解决了这个问题，因为很多制造商，他们在做的就是他们在生产车辆，但实际上他们并没有真正建设充电网络。这些车辆被推向已经拥挤的网络，比如EV Go、特斯拉或者Electrify America。所以我可以告诉你，在过去的12个月里，越来越多的电动汽车正在利用同样的网络。在过去的12个月里，这变得更加容易了。除非我们建设更多的充电桩和基础设施，否则情况只会变得更糟。我敢打赌，一旦有一部分消费者拥有了那种体验，他们很可能会对此感到失望，除非那特定的部分有所改善。

And yeah, just to tack on to what Jen is saying about just the EV experience, electrification experience, I would say everything that you have to do now. And that's another thing that we constantly see when we've talked to customers and in our surveys. And actually, it was the fifth most popular reason as to why people don't want to buy an EV is that they don't want to do with the hassle. And what they're referring to is learning all of those things that was just mentioned about where to charge, how to do it, how to plan road trips, how to, you know, rely on public infrastructure if you don't have a single family home or a place where you can charge. All of those things are tasks.

是的，我想要补充一下詹所说的有关电动汽车体验的话题，我会说现在你必须做的一切。这也是我们在与客户交谈和调查中经常看到的另一件事情。实际上，这是为什么人们不想购买电动汽车的第五大原因，他们不想应对麻烦。他们所指的是学习所有那些刚刚提到的事情，比如在哪里充电，如何充电，如何计划长途旅行，如何依赖公共基础设施，如果你没有独栋住宅或可以充电的地方。所有这些事情都是任务。

And even if you love the idea of buying an EV and even if it's exciting, you still have to accomplish all these tasks, which people don't like to do. And I don't blame them because it is definitely difficult, especially if you have any resources of, you know, or any experience in this area, even finding, you know, someone was telling me, like, Oh, I got to find electrician to install into my house. I don't even want to do that. And I think we have to help solve that piece as well and make it not seem like such a task and make it as easy and seamless as possible. But I think that that is going to be, you know, a real challenge because it is, it is a different relationship with your vehicle than you have with a gas powered vehicle. And people have to to realize that and embrace it for them to be happy with their vehicle, which is ultimately what we want. Yeah, I don't I don't think EVs are going to be 100% of our or our business. Well, tell us a governor Newsome and Joe Biden at this point.

即使你喜欢购买电动汽车的想法，即使这让人感到兴奋，你仍然需要完成所有这些任务，这些任务人们并不喜欢做。我并不责怪他们，因为这确实很困难，尤其是如果你对这个领域没有任何资源或经验，甚至找到，你知道的，有人告诉我，哦，我得找个电工来安装到我的房子里。我甚至不想做那个。我认为我们也必须帮助解决这个问题，并让它看起来不那么困难，尽可能简单顺畅。但我认为这将是一个真正的挑战，因为这是，这是一种不同于你对汽油汽车的关系。人们必须意识到并接受这一点，才能对他们的车感到满意，这最终是我们想要的。是的，我认为EV不会占据我们业务的100%。好吧，告诉我们现在加州州长纽森和乔·拜登。

You know, it's funny. I was just thinking like, I know there's some dealerships that specialize in EVs, but it feels like it feels like it would be very helpful if like one of these dealerships that specializes in EVs actually have like a concierge process, right? Because everything you just mentioned, like I would not want to deal with that. Plus, like, you know, people's time is super valuable. And so to your point, right, it's not just install a charge on my home. That's like, the, you know, that's the table stakes one, but like an actual concierge for every, every other little thing in between. So just a thought for anyone listening, maybe someone has some creative ideas.

你知道吗，挺有意思的。我在想，我知道有一些专门销售电动汽车的经销商，但感觉如果其中一个专门销售电动汽车的经销商能提供像贵宾服务一样的流程就会很有帮助，对吧？因为你刚提到的所有事情，我都不想去应对。而且，你知道，人们的时间非常宝贵。所以就像你说的那样，这不仅仅是在我家安装充电设备。那只是基础，但还需要一个为我提供其他各种服务的贵宾服务。所以，这只是给任何在听的人一个想法，也许有人有一些创意点子。

Anywho, all right, well, really great insights. Jessica, looking forward to Q2. What are you looking out for? You know, what data are you expecting to shift most? Well, I think probably the one we're looking most at is incentives to see what exactly happens in that arena if someone starts to spend a little bit more. What we have seen in Q1 is that there's been a really unusual selldown for 2023. It started off very fast. And we thought, Oh gosh, by then, by by fall of last year, all the 2023 model years would be gone. And that has not been the case. It seems like there's a lot more lingering even in the first quarter. So is that selldown complete in Q2? Are we going into the summer with some 2023s, which would be a little atypical?

总之，好的，非常棒的见解。杰西卡，期待Q2。你关注什么？你知道，你期待哪些数据会发生变化？我想我们最关注的可能是激励措施，看看在这个领域会发生什么。我们在Q1看到的情况是对2023年的库存出现了异常的清库。开始得很快。我们原以为到去年秋天，所有的2023年款车型都会卖光。但情况并非如此。似乎即使在第一季度也有很多存货。那么在Q2清库是否已完成？我们是会带着一些2023款进入夏季，这有点不寻常吗？

And that's why I think incentives will come into play to see exactly how automakers are going to shift those vehicles. And of course, I think that's what everyone will be looking at incentives and inventory as well to see exactly what happens in that arena. Yeah, inventory is a big one. Jan, what are you expecting to see in your store? I think we're in a better position than most manufacturers. You know, Honda has been very disciplined about their inventory and they're continuing to be disciplined, at least in our conversations with them, that they want to stick to about a 30 day supply.

因此我认为激励措施将起到作用，以确切地看出汽车制造商将如何转移这些车辆。当然，我认为每个人都会关注激励措施和库存，以确切地了解这个领域会发生什么。是的，库存是一个重要因素。珍，你希望在你的店里看到什么？我认为我们比大多数制造商处于更好的位置。你知道，本田一直对他们的库存很有纪律性，而且他们继续保持纪律性，至少在我们与他们的对话中，他们希望维持大约30天的供应。

So with incentives, I feel like the other strategy that Honda's been implementing is if I would take their core court, for example, they're actually going to produce less of them just so they don't have to spend money on incentive, which was almost unheard of pre in the pre-COVID years. So that's definitely a change. So but I would agree with what Jessica said. Well, great conversation. Thank you, Jessica Caldwell, head of insights at Edmunds, Jen Belluive, GM of norm reads, Honda superstore. Thanks for coming on. This was really, really insightful. Great. Thank you. Thank you, sir. All right. Hope you enjoyed that episode.

因此，我觉得本田正在实施的另一种策略是，如果我接受他们的核心产品，例如，他们实际上会减少生产数量，这样他们就不必花钱提供激励措施，而这在疫情前几乎是罕见的。所以这绝对是一个变化。但我同意Jessica说的。谢谢你们的精彩交流。感谢杰西卡·考德威尔，易趣洞察主管，詹·贝卢伊夫，本田超店总经理，感谢您的到来。这真的很有见地。非常感谢。好的，希望你们喜欢这一集。

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