Acquiring 60+ dealerships, Paying $200M+ for a Toyota store, How much money MAG makes | Brett Morgan
发布时间 2023-08-25 10:52:18 来源
People tell me all the time, they're you happy? You truly like what you do? What I tell people is the truth. If you're not happy in automotive, you know, we're really in the people this. And if you can't find a place where you feel like you belong and can make a difference, I think that's your problem. And if you like people, it's terrific.
人们经常问我，你快乐吗？你真的喜欢自己的工作吗？我告诉人们的都是事实。如果你在汽车行业不快乐，你知道，我们真的是以人为本的。如果你找不到一个让你感到归属并且能够产生影响的地方，我觉得那是你的问题。而且，如果你喜欢和人相处，那真是太棒了。
What's up everyone? This is Car D'Oeship Guy. You're listening to the Car D'Oeship Guy podcast, which is my effort to give you access to the most unbiased and transparent insights into the car market.
大家好，我是Car D'Oeship Guy。你正在收听Car D'Oeship Guy的播客，我努力为你提供最公正透明的汽车市场见解。
Let's get into today's episode. Brett Morgan is CEO of Morgan Auto Group, the second largest private car dealership group in the country consisting of 66 dealerships. To put it bluntly, this was one of the most interesting conversations I've had on the CDP podcast. We discussed acquiring 60 dealerships in under seven years, dealership profitability, how Brett compensates his management team, raising kids into generational wealth, paying over $200 million for a single Toyota dealership, while only drive one type of vehicle. His blunt message to the CEO of Ford, Jim Farley, the future and challenges with EVs, and truthfully, so, so much more. I recommend you listen very closely because Brett drops lots of gems.
让我们进入今天的节目。布雷特·摩根是摩根汽车集团的首席执行官，该集团是该国第二大私人汽车经销商集团，拥有66家经销商。坦率地说，这是我在CDP播客上进行过的最有趣的对话之一。我们讨论了在不到七年的时间里收购了60家经销商、经销商的盈利能力、布雷特如何补偿他的管理团队、如何将孩子培养为代际财富、支付超过2亿美元购买一家丰田经销商、只开一种类型的车辆。他对福特首席执行官吉姆·法利的直言不讳、电动汽车的未来和挑战，实话说，还有很多其他内容。我建议你仔细听，因为布雷特说了很多有价值的话。
But before we dive into the show, theft is plaguing dealerships nationwide, losing car keys as an unneeded cost, and searching for keys can lead to bottlenecks in the sales process. Keeper systems has the solution for dealers. The Keeper MX is the number one key control solution in the auto industry, handling millions of transactions per day. It features a 16-gauge steel cabinet with a built-in camera and a puck-lock for additional safety, along with many other features so that dealers can know who took a key when and why. Keeper systems has been in the auto industry for over 40 years and is at over 12,000 dealerships, offering exclusive key control for 6 out of 10 biggest automotive groups in the world. They have a wide range of products that fit the needs of franchise dealers, independent dealers, and even the smallest pre-owned lots. New customers can take advantage of my partnership with Keeper systems right now to receive an exclusive discount. All you need to do is visit Keepersystems.com, click on the car dealership guide link, and fill out the form to receive 25% off your first key machine purchase. Or if you prefer to call just mention car dealership guide to receive your discount. Keepersystems.com, keypersystems.com.
在我们开始节目之前，全国各地的经销商正受到盗窃的困扰，丢失汽车钥匙是一个不必要的成本，寻找钥匙可能会导致销售过程中的瓶颈。 Keeper Systems为经销商提供了解决方案。 Keeper MX是汽车行业中排名第一的钥匙控制解决方案，每天处理数百万笔交易。它采用16号钢柜体，内置摄像头和冰球锁等额外安全措施，以及许多其他功能，以便经销商可以知道谁在什么时候以及为什么拿走了钥匙。 Keeper Systems在汽车行业已经有40多年的历史，并且在全球超过12,000个经销商中，为全球前10大汽车集团之中的6个提供独家钥匙控制服务。他们拥有各种产品，适合特许经销商、独立经销商，甚至最小的二手车批发商的需求。新客户现在可以利用我与Keeper Systems的合作关系，获得独家折扣。您只需访问Keepersystems.com，点击车辆经销商指南链接，填写表格即可获得首次钥匙机购买折扣25％。或者，如果您愿意致电，请提到车辆经销商指南以享受折扣。Keepersystems.com，keypersystems.com。
Wasted data is a serious issue in automotive, but data is the key to driving revenues which means some dealers out there are just ignoring a goldmine that is staring them in the face. Let's face it, most dealerships are completely overrun with data silos. None of the data sources are integrated with each other, leaving the data as a jumbled mess instead of a clean set that could be turning into cash. Fullpath solves this by gathering, cleaning, and sorting your data into one platform so you can use it to speak to your customers' needs with killer AI-powered marketing campaigns. My friends over at Fullpath are breaking barriers, and I'm really excited to have them as a partner of the podcast. I believe in their product and more importantly, intermission to help dealers grow. Fullpath can help you turn your data into dollars, find them at fullpath.com.
汽车业的浪费数据是一个严重问题，但数据是提高收入的关键，这意味着一些经销商正在忽视一个正面临面的宝藏。让我们面对现实，大多数经销商都被数据孤岛淹没。所有数据来源都没有集成在一起，导致数据成为一团混乱，而不是一个可以变成现金的清晰数据集合。Fullpath通过将您的数据收集、清洗和整理到一个平台上，以便您可以使用它来满足客户需求，进行强大的人工智能推广活动。我认识的 Fullpath 的朋友正在打破障碍，他们成为了我们这个播客的合作伙伴，令我非常激动。我相信他们的产品，更重要的是，他们帮助经销商实现增长的干预措施。Fullpath可以帮助您将数据转化为收益，请访问 fullpath.com。
Rhett Morgan on the CDG podcast, Brett. How are you? A car dealership guide. It's great to see you. Great to be here with you. Just a conversation we had over in Alaska a couple of minutes, man. I wish that was part of this podcast, but we'll get to a lot of juicy stuff. I'm pumped for this.
Rhett Morgan在CDG播客中对Brett说：“你好吗？作为一名汽车经销商向导，很高兴见到你。很荣幸能和你在这里一起进行对话。实际上我们之前在阿拉斯加有过一次有趣的对话，我真希望这可以成为这个播客的一部分，但我们会涉及很多有趣的内容。我对此非常兴奋。”
Before we get started, give us your background. I thought Morgan Autogroup, this colossal behemoth for lack of a better term, was your family's first act. I came to discover doing my research as actually a second or maybe a fifth or six or whatever act. I saw Tires Plus and I had no idea that that was a creation of the Morgan family. We'd love to hear about that and your family's start in the business world.
在我们开始之前，请你介绍一下你的背景。我以为摩根汽车集团，这个庞然大物（用这个词形容是为了方便，其实没有更合适的词），是你家族的第一个创业项目。但在我进行研究后才发现，实际上它可能是你家族的第二个，或者第五个，或者第六个……我看到了Tires Plus，我毫不知情它是摩根家族创办的。我们很想听听这方面的故事，以及你家族在商业界的起步。
That's great. I would say this, it really feels like Morgan automotive from the narrative or my father's perspective, Larry Morgan. It's really his third entrepreneurial venture. His first was a family business with another family. That was Merchants' Tire and Auto Service Centers out of the Mid-Atlantic. I grew up not the son of a car dealer, but the son of somebody in the Independent Tire and Auto Service space. He helped grow that family business for the Merchants from three retail to 166. That was my childhood.
太好了。我要说的是，从叙述或我父亲拉里·摩根的角度来看，这真的让人感觉像是摩根汽车的事情。实际上，这是他的第三次创业冒险。他的第一次是与另一个家庭经营的家族企业，那就是来自中大西洋地区的Merchants'轮胎和汽车服务中心。我在独立轮胎和汽车服务领域长大，一点都不像是汽车经销商的儿子。他帮助Merchants'家族企业从三家零售店扩张到166家。那就是我的童年。
At the age of around 11, 91 or 92, the family had a shake up. There had been some marriages, some deep blood had come into the family. He was turbanate. It was a crazy memory for me as a young guy because I think my dad tells this story where I told one of my friends, his father had gotten laid off. I was like, that's okay. My dad got laid off too. My dad heard me say this and he was laughing about it at the time until this day. That was a big springboard for him to think about entrepreneurship and being in his own deal.
大约在11岁的时候，也就是1991或者1992年，家庭发生了一次大的变动。家里有人结婚，有一些近亲加入了我们的家族。他当时很迷茫。对于我这个年轻人来说，这是一个疯狂的记忆，因为我记得有一次我告诉我的一个朋友，我爸爸被解雇了。我说，“没关系，我爸爸也被解雇了。”我爸爸听到我这样说，当时笑得合不拢嘴，直到今天他还会笑。这对他来说是一个很大的跳板，让他开始考虑创业和做自己的事情。
Did you guys have any entrepreneurial genes in the family or was Morgan Auto Group and Tires Plus an outcome from building and having a growing appetite to have a bigger impact and get bigger? It's probably a better question for my father. He's always been in business, always wanted to be in business. Lives, eats, drinks, breathes, the entrepreneurial dream, the American dream, if you will. His story is common tail of some of these legendary figures that walk around the business landscape today.
你们家族里有没有任何创业基因，或者摩根汽车集团和Tires Plus是因为建设和不断增长的渴望而产生的结果？这个问题可能更适合问我的父亲。他一直都在经商，一直都想做生意。他以创业梦想、美国梦为生活、饮食、呼吸，可以说是那些在商业领域中行走的传奇人物的典型故事。
Going back to that time in 92, when he was terminated, he reconnected with an old mentor of his from Firestone, a guy named Donaldson, who had, I think, called 25, 30 retail shops out of the Clearwater, Florida area, which is kind of a part of what I call the Tri-City area here in Tampa, Tampa Bay, St. Pete Clearwater. He came down and was going to be an investor. That turned out, he borrowed the capital and bought that business when I was 12 years old.
回到上世纪90年代的那个时候，当他被解雇时，他重新联系上了他在Firestone的一个老导师，名叫唐纳森的人。我想他曾经从佛罗里达州克利尔沃特地区的25、30家零售店中致电过，这个地区是我在坦帕湾、圣彼德、克利尔沃特称之为三城市地区的一部分。他来到这里，打算成为一名投资者。结果，他借来了资金，买下了那家企业，而那个时候我才12岁。
What would you say from your perspective, and before we get deeper into your story, what keeps your father motivated at this point? From what I understand, he's still involved in the business, very involved. I'm not sure exactly his age and stage in life, but what keeps him motivated at this point? The reality is, he, I think, gets highly motivated from watching other people be able to accomplish more in their life than they ever had been able to previously or ever been able to imagine. I think for him, a large part of that drive is watching other people grow and succeed. This is certainly financially, but also in their means to be able to lead others.
从你的角度来说，你会怎么说呢？在我们深入了解你的故事之前，你的父亲在这一点上是怎样保持积极性的呢？据我了解，他仍然对业务非常投入。我不确定他的年龄和人生阶段，但是在这一点上，是什么让他保持积极性呢？事实是，我想，他对其他人能够在生活中取得比以前或者他们自己能够想象的更多成就感到非常激励。对他来说，推动他的一个很大因素是看到其他人成长和成功。当然，这涉及到财务方面，也包括他们能够带领他人的能力。
Have you guys ever discussed an exit strategy or succession? What does that look like for the family? Again, you're operating the second largest private-cardular group in the country. Correct me if I'm wrong. This isn't a mom and pop shop on the side of the street. What can you share with that? When you run something this big, how do you think about generational wealth and passing that on and keeping the likes you go? Yeah, it's funny. It's fascinating because at some point, dad's story is going to meet my story. The reality of life is there's probably some jokes in the car business that by the third generation, it's time to sell. There's reasons for that. You see, and I think even one of your past guests kind of touched on those reasons why generational businesses trade hands, even though they are tremendously cash generating incredible generational growth opportunities, why people get out of the car business.
你们讨论过退出策略或接班计划吗？对于家族来说，这会是什么样子？再次强调一下，你们正在经营全国第二大的私人汽车集团。如果我说错了，请纠正我。这可不像是在街边的小店。你能分享些什么呢？当你经营如此规模的企业时，你如何考虑传承财富并保持你前进的动力？是的，很有趣，也很有意思，因为在某一点上，父亲的故事会与我的故事相遇。生活的现实是，可能会有一些汽车行业的笑话说到第三代就是卖掉的时候了。这其中有原因的。你看，我认为即使是你以前的一位嘉宾也提到了为什么代际企业会更换所有权，尽管它们能产生巨额现金，并具有令人难以置信的代际增长机会，为什么人们要退出汽车行业。
We were very fortunate. Don Olson, that business, became Tires Plus. The Tires Plus name came through an acquisition from a Minnesota Minneapolis based company owned by a guy named Tom Gigax. Then Larry took that name and ran with it with his growing operation. He grew Donald Olson tire from 30 retail or whatever it was to 650 under the Tires Plus banner. Some of that was through acquisition. A lot of that was fresh brick and mortar builds too in growing markets. It was a little bit above, I think, a real education form that has served Morgan well.
我们非常幸运。唐纳德·奥尔森的这家企业变成了Tires Plus。Tires Plus这个品牌是通过收购明尼苏达州明尼阿波利斯一家属于汤姆·吉格斯的公司得到的。然后，拉里以他不断扩大的业务接手了这个品牌。他将唐纳德·奥尔森轮胎从30家零售店（或者类似的）发展到了650家，都以Tires Plus的名义经营。其中一部分是通过收购实现的，还有很大一部分是在发展良好的市场上新建的实体店。我认为，这种真正的教育经验对摩根非常有帮助。
By this point, how many years have been CEO of Morgan Autogroup? That transition was 2016, which is a pretty. You've been CEO for, say, seven plus years, you've acquired countless stores under yourself. The group has grown and you've done incredible. We'll get into the details shortly.
到目前为止，你已经担任摩根汽车集团的首席执行官多少年了？这个过渡是在2016年，已经有相当长的一段时间了。你已经担任CEO职务超过七年了，而且在你的领导下，公司收购了无数家门店。集团发展迅速，你取得了令人难以置信的成就。我们很快就会详细讨论这些事情。
I'm trying to really think about the psychology of you growing up under your dad's businesses and getting some involvement. Was there a period where you felt like, you had this chip on your shoulder like, oh, I'm like one of those sons in the business that kind of people think got into through my dad. Yeah, so I'll talk about that. The industry has terminology for that. It's called PhD. Papa has a dealership. I know a different term, but I don't think it's a car dealership guy appropriate.
我正试图真正思考一下你在你父亲的企业下成长以及参与其中的心理学。有没有一段时间，你感觉自己像是那些人们认为是靠父亲进入企业的儿子之一，对此你感到很不舒服？是的，关于这一点行业有个术语叫做"博士后"。我知道另一个词，但我觉得这与汽车经销商相关的词不太合适。
Well, it's funny because I never heard that term. The opportunity to get in the car business with dad out of college, I worked for Clear Channel, which is now, of course, I, I was on the programming side. Which, by the way, that blew me away that you've been in media. So I had no idea.
嗯，这很有趣，因为我从来没有听说过这个词。在大学毕业后有机会与爸爸一起进入汽车行业，我曾在Clear Channel工作，现在当然就是，我当时负责编程方面的工作。顺便说一下，听到你在媒体行业工作过，真是让我感到惊讶。我之前完全不知道。
Yeah, I just, I loved it. I've got a creative side to me. I was on the programming side. I was not on the sales side. I did three years at Clear Channel, Richard, or two and a half years. We're out some fascinating times. You know, SS Cole bombing, DC sniper 911. I mean, I was there for some really fascinating stuff. Yeah, some good stuff.
是的，我就是喜欢它。我有一个创造性的一面。我在编程方面工作，而不是销售方面。我在 Clear Channel 工作了三年，Richard，或者说两年半。我们经历了一些令人着迷的时刻。你知道的，SS Cole 袭击事件，华盛顿狙击手，911事件。我在那里亲眼目睹了一些非常引人入胜的事情。是的，有些好东西。
And then, you know, dad had sold Larry sold Piers Plus and he tried to retire. And he went and like, you know, hit golf balls for a few weeks and noticed his game wasn't improving. And he was just like, he's just not a man to sit still. And a friend of his name, Ed Lieberwitz, was on a local back then it was Sun Trust, now truest bank, Florida board with them. And Ed was, I think, you know, he had married into the Bremen family. And then I don't know if you know what Norman Bremen is, but huge heritage South Florida dealer, former owner of the Philadelphia Eagles, you know, talk about another great story and automotive.
然后，你知道的，爸爸已经把拉里和皮尔斯加上售掉了，他试图退休。他去打了几个星期的高尔夫球，发现他的球技并没有提高。他就是个不安于安静的人。他的一个朋友叫埃德·利伯维茨，在当地的太阳信托，现在是聚焦银行的佛罗里达董事会任职。我想他是嫁入布雷门家族的。我不知道你是否知道诺曼·布雷门是谁，但他是南佛罗里达地区的一位重要汽车经销商，前费城老鹰队的老板。这是另一个很棒的故事。
So anyway, Ed in his son-in-law, got him, Jason Hian, were looking to buy some car stores. They'd been involved in a few dealerships locally. Ended up buying a Honda Volkswagen store in Tampa. And you know, dad was a silent minority partner. And he talked to me, you know, hey, it's good money making opportunities and interesting business. It's got some, you know, some maybe a little bit more excitement than the traditional, you know, tire and auto service, you know, space and maybe you should come down sell cars and, you know, figure it out. I got to, you know, frankly, you know, I think I came down to Florida and put the car back on the auto train and got it back to Richmond and the new car smelling glue of the facade.
所以无论如何，艾德及他的女婿詹森·希安正在寻找购买一些汽车店的机会。他们之前已经参与了一些本地经销商的业务。最终他们购买了坐落在坦帕的本田大众店。你知道，父亲是一个无声的少数合伙人。他跟我谈过，你懂的，“这是一个好的赚钱机会和有趣的生意。比起传统的轮胎和汽车服务行业，这个行业可能会更加令人兴奋。”他说或许你应该过来卖车，搞清楚这个行业。坦率地说，我过去佛罗里达然后将车重新放在汽车火车上送回里士满，全车都有新车的气味。
I think it got to my head because in three weeks, I was like, I'm coming down to Tampa. I'm selling cars. So my college roommate could play basketball at Richmond. I recruited him and we came down a couple months later and started selling cars at the speed of the console. So that was the foray into the the dealership world. Right.
我觉得这事情上头了，因为在三个星期里，我觉得：我要过去坦帕市。我要卖车。这样我大学室友就可以在里士满打篮球了。我为他招募了。几个月后，我们过来了，并且以掌控态度的速度开始卖车。那就是我进入经销商行业的初入门。对吧。
Yeah. So going back to that chip on the shoulder, right? Like, did you have those moments people are like, oh, this guy's one to sperm lottery? Yeah, early on, I could kind of see it. See, but then I have a chip on my shoulder. Yes. It turned into maybe a problem. So yeah, it became, I'll never forget my one of my earliest mentors in this business. And this was at our next store, the second store I worked in just one day looked at me and goes, look, kid, I get it. You'll pop the floor, you know, you'll sell the tires and put them on, you know, you'll, you'll stay here until midnight at night. Like, stop, like, stop. Like, let's, let's talk about how we can work smarter. Let's talk about where you're going. And in this constant need to prove yourself is doing you a disservice.
是的。那么回到那个胸怀怨恨的问题，对吧？就像，你有没有遇到过那种人们说，哦，这家伙是靠着精子彩票来的？是的，一开始我能有点看出来。你看，但是我心里一直有怨恨的想法。是的，这可能变成了一个问题。所以是的，我永远不会忘记我在这个行业的最早的导师之一。而这位导师是在我们下一个店铺，我工作的第二个店铺，有一天他看着我说，听着，孩子，我明白你。你会在地板上跳来跳去的，你会卖轮胎并给它们换上，你会一直在这里待到半夜。但是，停下来，让我们来谈谈如何更加聪明地工作。让我们来谈谈你要去的地方。这种不断证明自己的需求对你没有好处。
Do you think as a father, do you think you would follow the same type of path that you did with your dad? And, you know, would you want your, your daughter, your, your, any future children, would you want them to get into the business to work from a young age? I think, you know, I've had to reconcile that I've had other opportunities that other people had, didn't have, even if it's working in a tire warehouse. So yeah, I think, you know, Publix isn't going to hire a 12 year old, whether I like it or not, right? They're just not. So I think I don't regret being a part of the family business, even in that, you know, in that respect going back to the age of 12. I think work ethic is important. And I think if you're an entrepreneur and you have a vehicle to expose someone to that existence, I think it's extremely healthy.
作为一个父亲，你认为你会选择跟随你父亲走相同的道路吗？而且，你知道吗，你是否希望你的女儿，以及未来的孩子们从年幼时就投身于这个行业？我认为，我必须承认我有其他人没有的机会，即使是在一个轮胎仓库工作。所以是的，我觉得，不管我是否喜欢，普布利克斯都不会雇佣一个12岁的孩子，对吗？他们简直不可能。所以我不后悔参与家族企业，即使是在12岁的时候开始。我认为职业道德很重要。而且，如果你是一个企业家，并且有机会让别人接触到这种经历，我认为这对他们的成长非常有益。
So now what I probably wouldn't do is be having conversations with a 15 year old or my daughter hypothetically someday about, yeah, this is all going to be yours someday. And, you know, it's just, it's too much, it's, it's too much pressure. You know, I love to Alan's story on your podcast about the, what the guy became like a jazz promoter after his dad sold the business. Yeah. Yeah. Like everyone, everyone secretly wants to be a rock star anyway.
现在，我可能不会与一个15岁的孩子或者将来可能是我女儿的人进行关于“这一切将来都会属于你”的对话。你知道的，这太多了，太大压力了。我很喜欢你播客中关于Alan的故事，那个人的父亲卖掉生意后成为了爵士音乐推广者。是的，每个人都内心渴望成为摇滚明星。
People tell me all the time, they're, are you happy? Do you, you know, do you truly like what you do? And what I tell people is the truth. If you're not happy in automotive, there is such a variety of, you know, we're really in the people business, but there are so many angles. And this, it's a really complex, simple business. And if you can't find a place where you feel like you belong and can make a difference, I think that's your problem. That doesn't mean I've loved every job I've ever had in this business. But I just think it's great. And I, you know, I've kind of relished a lot of the opportunities I've had in it, but it's just fascinating. And if you like people, it's terrific.
人们经常告诉我，他们会问我，你快乐吗？你真的喜欢你在做的事吗？而我告诉人们的是事实。如果你在汽车行业不快乐，那么你要知道，我们真的是与人打交道的业务，但是有很多方面。这是一个既复杂又简单的行业。如果你找不到一个让你觉得归属、能够有所作为的地方，我认为那是你的问题。这并不意味着我在这个行业的每一份工作都喜欢。但我觉得这个行业很棒。而且，我可以告诉你，我非常喜欢我在其中所面临的很多机会，这是令人着迷的。如果你喜欢与人交往，这是一个很棒的行业。
What was the journey like leading up to being, becoming CEO of the company? Tell me about that. Yeah, so my career path, automotive specific. So I don't discount, you know, the little time I spent as a, you know, writing service in an independent sire, tire and service shop, because that, that was a good experience. And I think relative to a dealership experience. So, you know, I sold cars for two, two and a half years. I met an incredible guy named Ross Bauer. He's still in our industry, but on the vendor side now, he was my general sales manager. And he kind of wrote my career plan. And I think it's a pretty common one that a lot of dealerships, at least at the time, had kind of been here too. So I started in sales, then I became a floor manager, went from floor manager to an internet director. And obviously back in, you know, whenever that was 2005, that meant something a little different than what it does today. Just because ecom has become, you know, so much more important part of our business. I rolled out of that experience into F and I financed that into use car management. So, and I think his thinking was you need that finance understanding as far as, you know, how to get deals bought, subprime, et cetera, to be able to work the desk of a use car department. And then I went to use cars.
在成为公司的首席执行官之前，你的职业之路是怎样的？告诉我一下吧。嗯，我的职业生涯与汽车行业有关。所以我不会忽视我在一家独立的轮胎和服务店里做写作服务的那段时间，因为那是一次很好的经历。我认为与在经销商的经历相比，那段经历相对重要。所以，我销售汽车了两年，然后遇到了一个了不起的人叫罗斯·鲍尔。他现在还在我们行业里，但是他已经从事供应商的工作了，他曾经是我的总销售经理。他制定了我的职业计划，我认为这是当时许多经销商普遍采用的计划。所以我从销售开始，然后成为了经理，从经理升为网络总监。当然，回顾到那时候，即使是2005年，这个职位的意义与今天的含义有些不同，因为电子商务现在已经成为我们业务中更为重要的一部分了。在那段经历之后，我从事了金融与保险，并转到了二手车管理。我认为他的观点是你需要理解金融方面的知识，包括如何获得交易、次贷等等，才能在二手车部门的工作台上工作。然后我进入了二手车部门。
And then we had acquired, I think our third and fourth store in our CFO, he was a good old Georgia boy, Russell Rass calls me one day and he goes, I can't get your daddy's attention. But this, this dealership we just bought eight months ago is drowning in inventory. And somebody, somebody don't wake up, it's gonna drown all of us. So I went up and talked to Russell. And look, there's parts of the business that, that Larry Morgan was learning what I was. It was really exciting times. I mean, 20, the 20 group experience was very formidable to us understanding the car business. And I even haven't even really gotten into how that happened. But anyway, I ended up going to Gainesville, Florida, we had bought a Pontiac Buick GMC store and a Honda store to kind of do a health check. And it was a disaster. I think we'd own the store for a year. There were cars, there were used cars every year, all there was a use, there's a used cars that were nine months old, still had a G, you know, GMAC smart auction stickers on them hadn't been reconned. You know, new car inventory out a year, you know, set being a many units out a year and a half. CIT contracts and transit, receivables issues on wholesale, contracts and transit out 90 days. It was a dumpster fire.
然后我们收购了，我想在我们的首席财务官那里，这是我们的第三家和第四家店铺，他是个好老的佐治亚男孩，罗素·拉斯有一天给我打电话，他说，我无法引起你爸爸的注意。但是，我们刚刚购买的这家汽车经销商的库存超过了承受范围。如果没有人醒悟过来，我们所有人都会被淹没。所以我去找了罗素交谈。看，有些业务是拉里·摩根和我一起学习的。那是非常激动人心的时刻。我的意思是，20组体验对我们了解汽车业务非常重要。我甚至还没有真正介绍这是如何发生的。但无论如何，最后我去了佛罗里达州盖恩斯维尔，我们购买了一家庞蒂亚克 Buick GMC 经销商和一家本田经销商进行健康检查。结果是一场灾难。我想我们已经拥有这家店铺一年了。那里有汽车，每年都有汽车，所有的二手车都有GMC智能拍卖标签，没有经过整修。新车库存已经一年了，根本卖不出去，还有货币信托贷款合同和过境的应收账款问题，已经超过了90天。简直就像个垃圾堆火灾。
And we bought, we bought this Pontiac store because it came, you know, the Honda store was really the, they had the pearl, the pearl in that deal. And we'd left the, the operator who was there previously in the Pontiac store. And we wondered when we bought it, why the previous dealer principal had his office in the messy old dilapidated Pontiac store and not the nice new Honda store down the street. Well, there was your answer. You know, he needed that oversight. The other guy was a retailer, but he wasn't a general manager. And I ended up going there for like, what I thought would be a couple weekends. And I left Gainesville three and a half years later. Wow.
我们买了这家庞蒂亚克（汽车）店，因为它实际上是买下了那家本来是本田（汽车）店的珍珠。我们在之前的波蒂亚克（汽车）店里留下了之前的管理者。当我们购买时，我们曾经想过为什么之前的车商负责人会将他的办公室设在那个凌乱破旧的波蒂亚克店里而不是街对面漂亮的新本田店。嗯，这个问题找到了答案。他需要有所监督。那个人只是一个零售商，而不是一个总经理。我本来以为我会在那里待上几个周末，结果离开盖恩斯维尔（城市名）时已经过了三年半。哇。
And that was what did you do? You took, you took over as GM at the time. I initially took over as GSM. I kind of had some influence over who the GM was and then the recession. So I'd, I'd been there for a short time and then kind of, you know, oh, wait, oh, nine was happening.
那个时候你做了什么？你接任了总经理的职务。最初我接任了高级销售经理的职务。我在决定谁担任总经理方面有一些影响力，然后就来了经济衰退。所以我在那里待了不久，然后突然间，你知道的，2009年来了。
I think any person that you speak with that has been successful in the car business and honestly any business that requires, you know, some creativity, but whatnot. But I've had a very similar experience where you sort of get thrown into situations and you have to be a chameleon. That's what I call it. You know, you kind of have to figure it out. And those are the people that are scrappy that are able to kind of multiple situations. And you know, hey, guess what, this store needs your help. And like you said, three and a half years later, you're there, you're still there. Or whatever it may be, this department that, you know, that department, it's that's the people that seem to be elevated most in this business from what I've seen. And also from my experience, that was what brought a lot of value being able to kind of put out those fires, but then build on top of that and prove yourself in a new department and just be a problem solver. And again, it gave me confidence.
我认为任何你和成功在汽车业务以及其它需要一些创造力的业务领域交谈的人都会有类似的经历。我也有类似的经验，不得不应对各种情境，必须成为一个变色龙。这就是我所说的。你知道，你必须自己弄清楚。这些人是有韧性的人，能够适应各种情况。你知道，嘿，猜猜这家店需要你的帮助。就像你说的，三年半后，你还在那里，依然留在那里。或者是这个部门需要你，你知道，就是那些人似乎在这个行业中得到了提升。根据我的经验，能够解决问题，消防员解决问题并能在新的部门证明自己是非常有价值的。这给了我信心。
You know, so ultimately, it's funny, I joke that I knew my dad loved me because when I first asked him if I could take over the store, because they were going to fire the GM and I was going to come back to Tampa. And I thought about it all night. And, you know, we were still kind of in the thick of the recession. And I called my dad the next day and said, let me have it. And I joke that I really knew my dad loved me because his answer was, let me think about it. And he really did.
你知道的，所以最终，这很有趣，我开玩笑说我知道我爸爸爱我，因为当我第一次问他是否可以接管店铺时，因为他们要解雇总经理，我打算回到坦帕。我整晚都在思考这个问题。你知道的，我们还处在经济衰退的泥潭中。第二天我给我爸打电话说，让我接管店铺。我开玩笑说，我真的知道我爸爸爱我，因为他的回答是：“让我考虑一下。”而他真的考虑了。
And I think the store had lost year to date $476,000. And we made maybe $280,290 the following year or something. What year was this? Actually, you know what, it was a $1.2 million turnaround. So this was, you know, 2010, I think. So it was a $1.2 million turnaround. So I think the store had lost something like 800, you know, called 800,000 and we made 400 the next year. And man, it was a grind, you know, we that was a Pontiac, obviously, you know, went away at that time, cash for clunkers. But that was our inexpensive new car to retail. So our, you know, our new car cost a good soul. Our cost of sale went to like 39 grand overnight between the GMC truck product and, you know, Buick on claves. And we were basically infinity dealers and, you know, heavily subprime Gainesville, Florida, it's a college town. They don't, they don't want to drive, you know, G sixes and it was just a grind. And, you know, GM was kind of trying to retool the Buick lineup to get some lower cost, you know, vehicles into that new car side.
我想那家商店在今年已经亏损了476,000美元。接下来的一年我们可能赚了280,290美元或者类似的金额。这是哪年呢？ 实际上，你知道吗，它实现了120万美元的扭亏为盈。所以，我觉得那家商店可能亏损了约80万，而我们在下一年赚了40万。嗨，那真是很艰难的过程，那时庞蒂亚克显然正在消失，因为有了现金换旧车计划。但那是我们用来零售廉价新车的方式。所以我们的销售成本一夜之间从39,000美元变成了高于此金额，因为我们有了GMC卡车产品和别克汽车。我们基本上是无穷无尽的经销商，而且加里斯维尔，佛罗里达是一个大学城。人们不想开驾驶G六的车，这真是艰难。而且，GM正试图改造别克的车型，以将一些成本较低的车辆引入新车领域。
And you can, you know, when you're selling 50 new cars a month, you know, in that market doing, you know, heavy subprime, you're not trading for a lot of vice things. So we were trying to sell two to, you know, two to one use to new. And I'd say 95% of our inventory was purchase car. And you just, you know, it lived this existence. So I don't need to tell you, you know, little margins on the used car side and cry over a deal. You know, you've got it. And you've got a Chevy dealer across the street who sells the same products, your GMC, you know, your GMC does. So it's, even for a single point market, it came with some disadvantages in that store.
你也可以知道，当你每月销售50辆新车时，在那样一个以次贷为主的市场上，你并没有交易很多高价值产品。因此，我们试图以二对一的比例销售二手车和新车。我可以说，我们95%的库存是二手车。你知道，你就是这样生活下去。所以我不需要告诉你，在二手车方面利润很薄，争取生意都会哭。你明白。而且，对面就有一家雪佛兰经销商，卖的是与你的GMC一样的产品。所以，即使对于一个单点市场来说，这家店面还是有一些不利的方面。
What year was that?
那是哪一年呢？
意思是询问对方某个事件发生在哪一年。
And then good. Yeah, it was 2010. And then I, how many stores that you have then, how many stores do you guys have then 2010?
然后好。是的，那是在2010年。然后我，你们那时候有多少家店呢？2010年的时候你们有多少家店？
To 2010, probably five or six. Got it. And today you are at 66. 66. Got it.
到2010年，可能是五六岁。明白了。而今天你已经六十六岁了。六十六岁。明白了。
What are you doing nowadays? How many cars are you selling per year, renew versus now?
你现在在做什么？你每年销售多少辆汽车，与现在相比有多少更新？
Okay. So, you know, we, I think last year we did 137,000 total. This year, I think we're trending like 165,000, something along those lines, new and used total.
好的。那么，你知道的，我觉得去年我们的总量是137,000。今年，我认为我们的趋势约为165,000，总量包括新车和二手车。
What's the revenue on that?
这个的收入是多少？
So like a trailing 12 months, I can remember it. So like at the end of Q1 was like 8.4 billion. And we're going to be knocking on the door of nine billion. Nine billion in revenue.
就像是一个滚动的12个月，我能记得它。所以就好像在第一季度结束时，大约是84亿美元。而我们将会接近90亿美元的门槛。90亿美元的收入。
And then what's the net margin on that?
然后，那个项目的净利润率是多少？
I think in terms of even out, you know, I, sure, even out. Yeah, nine and a half percent, even on margin, you know, we stack ourselves next to the publics. You know, we look at all their numbers. Yeah. We're, we're on top of most, you know, certainly right in the thick from a total net margin perspective. And we do things all differently than they do. So, so yeah, we're, we're drives that. I mean, why, why are you on top of most and like, give me the benchmarks. Go ahead. You said you do things differently. I'm curious.
我思考的是平衡的概念，你知道的，我确信要平衡。是的，即使在杠杆方面，我们的回报率也有百分之九点五，你知道的，我们把自己与公众进行比较。我们会研究他们所有的数据。是的，从总体净利润的角度来看，我们在大多数方面都处于领先地位。而且我们的做事方式与他们完全不同。所以，是的，这就是我们的驱动力。我是说，你为什么能在大多数方面都处于领先地位，可以给我一些基准数据吗？你说你们做事方式不同，我很好奇。
Well, I, I say we do, I, we're just built a little differently, right? You have that auto nation model and it was, you know, even Allen discussed it on a couple of pods ago with you, you know, which, you know, hey, you know, we've got this corporate support team or this management company support. We're going to go get a GM and he's not responsible truly for everything. So we're going to pay in less and we don't, you know, we pay, we pay top dollar at every position. Even COVID, post COVID, you know, I remember sitting, you know, on a rewards trip in Bologna, Italy with one of the executives from one of the publics and he was bragging about putting in these salary caps on his GMs. Well, they didn't make all that money. Like, you know, it's, I'm like, what does that budgeting for the next year look like? You're trying to raise the bar or get the guy to look at it, you know, a different level of achievement, but you put in, you know, you basically put a restrictor plate on them. Good bad and indifferent, we feel differently. We're going to be at the, you know, the uttermost, you know, top rankings of, you know, competition on on pay plans.
嗯，我们是这样，我们，我们的构建方式稍微不同，对吧？你有那个Auto Nation模型，你知道，甚至艾伦在几个节目中都和你讨论过，你知道的，嘿，我们有这个公司支持团队或者是管理公司的支持。我们要去找一个总经理，他不是真正对一切负责。所以我们可以减少薪水开支，你知道的，我们在每个职位上都给出最高的薪酬。即使是疫情后，你知道的，我记得坐在意大利博洛尼亚的一次旅行奖励中，和一个公开公司的高管交谈时，他正在炫耀他对总经理的薪酬设定上设立了薪酬上限。但他们并没有赚那么多钱，你知道，我就像，那么明年的预算会是什么样子呢？你试图提高标准或者让这个人看待一个不同的成就水平，但你却给他们设定了限制。不管好坏与否，我们有不同的看法。我们会在薪酬计划上保持顶尖竞争地位。
We're very decentralized. That does it mean that's the point I was just going to get at you. It sounds like you're very you run a very decentralized model, which is good and bad. You know, the great part is why we do it. We want our leaders and we have some minority partners too. We want them to feel completely empowered to the environment that they're inside of. We want them to feel like their partners, even when they're not, even when they don't have skin in the game. And we want them to feel like their hands are on all the levers that can, you know, participate in success. And we take anything that we do from a centralized management company level, we don't take lightly. Because if it adds expense in the store, that's going to lessen our ability to hold those operators accountable. You know, I mean, you walk into some even, you know, single point, small family dealerships. You just you've talked to the operator and he's going, you know, I've got these, you know, miscellaneous fees, these management fees, I'm paying for the jet. I'm paying for the, you know, the tickets of the game. I'm paying for this. I can't control my my advertised, they own their own advertising company. I'm not allowed to choose this. I'm not allowed to do that. And at the end of the day, you've basically got a desk manager running a car store sometimes. And we feel very differently. We've done a lot to protect that.
我们非常分散。这意味着我刚才要提及的。听起来你运营一个非常分散的模式，这既有好处又有坏处。我们这样做的伟大之处在于我们希望我们的领导者和一些少数合作伙伴们能够完全感到自主在他们所处的环境中。即使他们没有参与进来，即使他们没有权益。我们希望他们感到自己是合作伙伴，而且能够参与到成功中去。我们不轻易地从集中管理层面采取任何行动，因为如果它增加了店铺的费用，我们就会减少对这些经营者的责任。你知道，我是说，你走进一些小规模家庭经营的车店。你和经营者交谈时，他可能会说，我有这些杂费，这些管理费，我付私人飞机的费用，付球票的费用。我无法控制我的广告，他们自己拥有自己的广告公司。我不被允许选择这个，不被允许做那个。最终，你会发现有时候只是一个办公室经理在经营车店。而我们的做法与此完全不同。我们已经采取了很多措施来保护这一点。
Now, having said that, as business evolves, our guys have needed our support and our help. And we realized a long time ago that being a GM is more than really any one person can accomplish. So we did start to build kind of supplemental, you know, help, not just supervision. We have regional platform managers. We have what we call use car regional directors. We have what we call e-commerce directors that help facilitate the operations at the store level. We have a team of fixed operations, kind of consultants that work with our service managers and our, we've got, you know, technician recruiters. We've got two teammates that kind of facilitate the budgeting of our marketing spend in each store. And you know, and most of these folks have 12 to 15 stores each. In the case of our marketing team, I mean, they're split down the middle. They've got 33 stores a piece. It's a lot. We ask a lot of our people. We pay them very well.
现在,话虽如此,随着业务的发展,我们的员工需要我们的支持和帮助。我们很早就意识到,成为一名总经理不仅仅是一个人可以完成的事情。因此,我们开始建立了一种补充性的支持体系,不仅仅是监督。我们有区域平台经理,有我们所称之为二手车区域总监。我们还有称之为电子商务总监的人,他们帮助促进店面运营。我们还有一个团队专门为我们的服务经理和技术招聘专员提供固定运营咨询。我们有两名团队成员负责协调每家店铺的市场营销预算。而且,这些人中的大部分每人负责12到15家店铺。就我们的市场营销团队而言,他们分成两组,每组有33家店。工作任务之多,实在是太多了。我们对我们的员工要求很多,而且薪酬也是非常丰厚的。
And but it does give that. What's pay them well? What is an average GM make? Don't I don't want to go like too high, too low, just like average, you know, you 66 stores. Right. What does that look like? Well, let's do the math. So last, you know, trailing 12 months, you know, at the end of Q1, I think our net profit called 800 million dollars, right? We buy that by 66. I'm not that good. Oh, we got we got 12. Let's just say 12, roughly. Right. So yeah, you know, yeah. So in we pay our guys kind of the industry standard, and we, you know, look, there might be some allowances here and there, but you know, it's it's so 10 grand a month in salary and 10% of the net. Got it. So 12 is a roughly 12 million a store, 10% and a small salary. We have a lot of people make a lot of money. I'm sure you do.
但它确实提供了这一点。你说付给他们好的薪水是什么意思？一般的店长薪水是多少？我不想太高或太低，就平均水平吧，你知道的，你们有66家店。对的，那看起来是什么样子呢？我们来算一下吧。在过去的12个月里，在第一季度结束的时候，我们的净利润大约是8亿美元，对吧？我们用66除以它。我不是那么擅长计算。哦，我们得到了12，就近似说是12吧。对的，你知道，我们付给员工的薪水是行业标准水平，我们，你知道，可能会有一些津贴在其中，但是总体上是每月一万美元的薪水和净利润的10%。明白了。所以大约是每家店1200万美元，10%的利润加上一笔小薪水。我相信我们有很多人赚了很多钱。
One thing that comes to mind is being a decentralized model, I mean, on a much smaller scale than you, but I've tested, you know, multiple models throughout the years and just, you know, with different types of autonomy and independence versus kind of corporate support, it seems like how do you even do it, right? And what at your scale being like, how do you run a decentralized model at such a scale without, you know, having these, you know, single points of failure or other things just kind of break down.
一件让我想到的事情是分散化模式，我的意思是，在比你要小得多的尺度上，我尝试过多种模式，不同的自主性和独立性，与企业支持不同，好像你们是怎么做到的呢？在你们这样的规模下，如何运作一个分散化模式，却没有单一故障点或其他问题导致崩溃。
I mean, there's a reason people go to a decentralized model, right? It's for, you know, processes, having, you know, systems, things that are sort of ingrained and make it easier to manage and scale and have more predictability. But how do you do it? And again, I'm sure it comes down to the people, but like how it's, you know, it's all people. And again, it's, you know, we give people enough support where if they don't know the answer or they don't have that specific process or they don't, you know what I mean? It's there. There's a playbook there for our operators, but if he wants to run a different system or run a, you know, in a different manner, we don't universally, you know, support like I can think and again, maybe this is more relevant 15 years ago than today, but like an up system, you know, there's software that will, you know, rotate consumers amongst your sales floor. We've never mandated anything like that. If somebody wants to run, you know, have an internal BDC, they can have an internal BDC as long as we approve the budget and it works within our confines and the stores succeeding on, we've kind of have four pillars, right?
我的意思是，人们选择去使用分权模式有原因，对吧？这是因为，你知道的，流程、系统、一些根深蒂固的事情，使得管理和扩展更容易，并具有更高的可预见性。但是你怎么做呢？当然，我相信这最终还是要取决于人，但就像我说的，一切都是取决于人。再说一遍，我们为员工提供足够的支持，如果他们不知道答案，或者他们没有那个具体的流程，或者你知道的，都有解决办法。对于我们的运营商而言，有一本操作手册，但如果他想要运行一种不同的系统，或者以一种不同的方式运营，我们并不普遍地支持。我能想到的，也许这在15年前比如今更相关，但就像一个升级系统，你知道的，有软件可以在销售工作区之间轮换消费者。我们从未强制任何这样的东西。如果有人想要运行内部BDC，只要我们批准预算，并且符合我们的限制，而且店铺取得了成功，我们有四个支柱。
So low turnover, right? So we're, we're people, animals, we manage our turnover. You know, people don't follow rules. They follow leaders. So, you know, turnover is a direct reflection of that, that leader's ability. If the stores are, are, you know, sales efficient, if their CSI is in good standing with the manufacturer, and then lastly, if they're on budget, and you know, our budget's kind of our Bible and that's gotten really complicated in kind of the post-COVID days. But we start in late November building out templates and we have, you know, great accounting team in the peripheral and an incredible kind of what I call chief financial analyst and then a few people under our COO and then our entire executive team gets together, works with these operators and we bang out this year, it'll be 66 budgets at about two weeks. And I mean, we go from eight in the morning to eight nights. So you're looking for, yeah.
那么，员工流失率很低，对吧？所以我们，我们作为人类和动物，管理我们的员工流失率。你知道，人们不是按规则行事，而是追随领导者。所以，员工流失率直接反映了领导者的能力。如果店铺销售效率高，且与制造商的客户满意度指标良好，最后，如果他们在预算范围内，你知道，我们的预算是我们的圣经，在后COVID时代变得非常复杂。但是我们在11月底开始制定模板，我们拥有出色的会计团队和一个令人难以置信的首席财务分析师，然后在我们首席运营官认可下举行会议，与这些经营者合作完成了今年的66个预算，大约需要两周的时间。我是说，我们从早上八点工作到晚上八点。所以，你是在寻找...
And so as a GM, you're looking for, you want me to have low turnover. You want me to have a strong customer service index rating, right, for the audience. It's listening and you want to pretty much deliver a good customer service and get, you know, good ratings from the customers. And then you want it to hit
所以作为一名总经理，您希望我有低员工流动率。您希望我的客户服务指数高，对吧，是为了顾客。他们在倾听，您希望能提供良好的客户服务，并从顾客那里得到好评。然后您希望它能达到预期的效果。
budget, right? Do any of these incentivize bad behavior? For example, right? Like when I think about low turnover, is anyone throwing money at the problem, maybe exceeding budget to reduce turnover? Sure. Always. Always. For each, you know, for each action, there's an equal, not a passive reaction. My brain is right away thinking about how can the system be game? No. Well, you, and you're not wrong. And you probably think like, are you should be one of our operators?
预算，对吗？这些是否有激励不好行为的因素呢？例如，当我考虑到低员工流失率时，有人会将钱扔进这个问题解决上，可能会超出预算以减少员工流失率吗？当然会。总是这样。对于每一个行动，都会有一个相应的反应，而不是被动的反应。我脑海中立刻就会考虑到这个系统可以如何被操纵？不对。好吧，你说得对。你可能认为，你应该成为我们的操作者之一吗？
You know, it's funny, years ago, I can remember, we're just very, so we're very transparent. So every one of our operators can see every single other one of our operators financial statements. I mean, it's all right there for it. You know, if you're part of our organization, leadership, you see it all. And the same thing from a traffic management perspective. So you can, you know, you can tell me what, you know, if you're sitting in Naples, Florida, you know what our big hottest or our two big hot stores in Tampa are closing on their econ traffic and on four lead submissions, you know, all that information.
你知道吗，有趣的是，多年前，我记得，我们非常透明，每个操作员都可以看到其他操作员的财务报表。我的意思是，这就是现成的，如果你是我们组织的一员，领导层，你就会看到全部。从交通管理的角度来看也是一样的。所以你可以告诉我，在佛罗里达州的那不勒斯，你知道我们在坦帕的两家最热门店的电子商务流量和四个潜在客户提交的情况，以及其他所有信息。
And it's funny, because when we first started to kind of promote and, you know, community, you know, in the past, you could just go to the CRM and get that data for your store. But when we started kind of holding it up to the light for everyone to see, man, we had people right and left trying to game the system. And they would take in, you know, quality leads and try to reclassify them to get them out of their account to raise their clothes, right? So look, I mean, always, you're always going to get that. And you have to be really careful on what drum you're banging on. Because if it has, you know, a knee jerk reaction that can negatively affect that customer experience, you know, profitability can't be your God, or your God, you know, there or all the time.
这真是有趣，因为当我们最初开始促销并建立社区时，过去你只需要去CRM获取你店铺的数据。但是当我们开始公开展示这些数据时，我们不断遇到人们试图操纵系统的情况。他们会拿到高质量的线索，并试图重新分类它们，以把它们从他们的账户中剔除，以提高他们的成绩。所以，看吧，总是会有这样的情况发生。你必须非常小心你所关注的问题，因为如果它引发了一种过度反应，可能会对客户的体验造成负面影响。利润不能一直是你的上帝，或者说一直是你的上帝。
I love that. I mean, this is the, this is that nitty gritty of dealing, right? With people and incentivizing management. And I love the transparency. I think that's huge, especially, you know, in this business, you know, a lot of many deals, you don't operate like that. And so it's really great that you just show that, show that between the operators. And you know, you create that competition, but of course, you know, there are other side effects.
我喜欢这个。我的意思是，这就是处理事务的核心，对吧？与人们合作并激励管理。我喜欢这种透明度。我认为这非常重要，特别是在这个行业，你知道，很多交易并不像这样运作。所以，你展示了这一点，展示了运营商之间的这种关系，这真的很棒。当然，你创造了竞争，但这也会带来其他的副作用。
Tell me another thing. When we think about, you know, getting to 66 stores, what do you look for in an acquisition? I mean, you guys have grown like a weed. It's been super impressive. You've remained private. I want to talk about how you funded everything as well.
告诉我另外一件事情。当我们考虑着，你知道的，在拓展到66家店铺时，你们在收购中寻找什么？我的意思是，你们像杂草一样迅速成长，这令人印象深刻。你们一直保持着私有的身份。我也想谈谈你们是如何资助一切的。
Yeah. What do you look for in an acquisition? Like what are the kind of core pillars you're looking for? Are you looking for value add? Are you looking just to add cash flow? What is it for you?
是的。在收购中，你寻找什么？你寻找哪些核心支柱？你是在寻找增值机会吗？还是只是想增加现金流？对你来说，这是什么？
Yeah. So look, they all, they all have to stand on their own. And what I mean by that is I think if you get too formulaic, if it has to meet a particular criterion or specific formula, I think they can get you into trouble. You know, not everything that we bought, we bought because we saw tremendous upside, you know, there was low hanging fruit. Or we bought it because we just, we love the brand.
是的。所以看，它们都必须能够独立自主。我的意思是，如果变得过于公式化，如果必须符合特定的标准或具体的公式，我认为会陷入麻烦。你知道，并不是我们购买的每件东西都是因为看到了巨大的增长潜力，或者因为我们喜爱这个品牌。
I mean, there was a time, you know, luxury stores are hard to find in Florida because AutoNation was founded here. And some of the other publics have a pretty good, you know, foothold. So if you look at like a percentage of revenue of Morgan versus the public's, we're at like 19% of our current revenue, it comes from luxury participating luxury dealerships. The rest is, you know, domestic and import. But if you look at the public, I think there's only one under 40% of revenue coming from luxury. And that's Asbury and the rest are all over 40%. So for years, we were kind of conscience of, hey, whatever we could grab that makes really good sense in the luxury space, that would be, that would be nice to have further diversifies us, gets us into some new brands. Typically, the margins are a little bit better on some of the luxury product. Of course, you know, there's always a yin and yang, right? Who's been, who's Tesla been banging on? So the luxury legacy manufacturers.
我的意思是，曾经有一个时期，你知道的，在佛罗里达很难找到奢侈品店，因为AutoNation是在这里成立的。而且其他一些公开公司也都有相当好的立足点。所以，如果你看看摩根与这些公开公司的收入比例，我们目前大约有19%的收入来自参与奢侈品销售的经销商。其余的收入都来自国内和进口商品。但是，如果你看看公开公司，在其收入中只有Asbury少于40%来自奢侈品。其余都超过40%。所以多年来，我们都有意识地在奢侈品领域争取一切对我们有非常好意义的机会，这将进一步使我们多样化，让我们进入一些新品牌。通常，奢侈品产品的利润率更高一些。当然，总是有阴阳的，对吧？特斯拉一直在打击那些奢侈品传统制造商。
So I can also remember at a time where like, you know, luxury was maybe two or 4% of, you know, our total, total generated revenue. So there's times we do get maybe strategic. There's markets we'd love to have more throughput in Orlando, South Florida, you know, we've only been in South Florida for I think the past four, four years. You know, Jacksonville is a market that I think is, you know, will continue to grow. It would be a good market for us to be in. We dominate here in Tampa. We've got I think 23 retail and, you know, Tampa, Sarasota, we love Southwest Florida. We've got good throughput there. So you're really looking, you're, you're pretty much saying, hey, it's store by store basis. And, you know, you treat them all independently. You look at the opportunity. It's got a pencil too. It does have to pencil. So, you know, again, it's a, it's a, it's a sounds like the Warren Buffett mantra. No, buy, buy great businesses that are mispriced or whatever. However, he says that.
所以，我也记得以前的时候，奢侈品可能只占我们总体收入的2%或4%。有时候我们可能会进行一些战略性的选择。有些市场，我们希望能在奥兰多和南佛罗里达拥有更高的销售量，我们在南佛罗里达只有过去四年。我认为杰克逊维尔是一个有潜力继续增长的市场，对于我们来说是一个好的市场。我们在坦帕这里占据主导地位。我想我们在这里有23家零售店，而且在坦帕、萨拉索塔，还有西南佛罗里达，我们的销售量都很好。所以你真的要看，你基本上是说，它是以店为单位的。你将它们各自独立看待，看看机会。它确实要行得通。所以，你知道，再说一次，这听起来像沃伦·巴菲特的格言，买入被错估价的优秀企业，或者他怎么说的。
Yeah, or, or fundamentally, they just have different priorities. You know, a very common tale in our business is, you know, generational car dealers. And I think, you know, Allen talked about this a little bit, you know, generational car dealers that did a great job of selling new cars. They serve the factory extremely well. They were very conservative, in used cars and maybe potentially F and I. And, you know, they don't have what we have, which is, you know, interwoven into our fixed operations, which for people listening, when I say fixed operations, I mean, service parts, body shop, is, you know, that independent streak, that independent flair, you know, I think Larry told automotive news in his first interview with the back and I go five that he used to steal customers from the franchise dealers. And now he's trying to get him back. And I thought that was so funny, because it's so true, right? Why do people go to a jiffy lube or an independent sometimes because of miseducation, but it's usually over how they're treated. Yeah, they want to save money. Yeah, they want to save money. They want to save money. Oh, yeah. Why go to the franchise dealer? You can, why pay the certified pre-owned markup, where you could buy a used car from us. That's reconditioned just as well. Yeah, see, I mean, you who hasn't used that line? You kind of live that existence on the retail side.
是的，或者说，或者说从根本上讲，他们只是有不同的优先事项。你知道，在我们行业里非常常见的一种情况就是，代理授权汽车经销商的世代传承。我认为，艾伦也提到了一点，那些代理授权汽车经销商在销售新车方面做得很好，他们为工厂提供了非常好的服务。他们在二手车、金融和保险方面非常保守。而我们拥有的是我们固定运营中的一种独立个性，对于听众们来说，当我说固定运营时，指的是服务部、配件和车身修复，你知道，那种独立自由的个性，你知道，拉里在他与Automotive News的第一次采访中说过，他过去经常从特许经销商那里偷走顾客，现在他正试图把他们重新吸引回来。我觉得这太有趣了，因为这是真实的，对吧？为什么人们会去一个Jiffy Lube（一家连锁保养店）或者一个独立店呢？有时是因为误导，但通常是因为他们受到了如何被对待的影响。是的，他们想要省钱。是的，他们想要省钱。他们想要省钱。噢，是的。为什么去特许经销商呢？你可以从我们这里买一辆经过重新整备的二手车，而不必支付认证二手车的溢价。你看，这种说法谁会没用过呢？你在零售业务中经历了那种生活。
So that's a very common tale. Somebody who's just been a really good new car dealer.
这是一个非常常见的故事。有人只是一个非常出色的新车经销商。
So we look at their business, and we're thankful they have that customer base and that throughput, but we're going, hey, what if we did one to one, we could do one to one new to use? And Al Henderson, you brought it up again on the big boy. That's not for anyone listening. Al Henderson, that's the Toyota store that I tweeted about that. We're going on a group just recently purchased.
因此，我们关注他们的业务，并感谢他们拥有那样的客户群和产能，但是我们在考虑，嘿，如果我们做一个对一个的，我们可以实现一个对一个的新用户使用吗？ Al Henderson，你在大家面前提到了这个话题。这并不是给任何正在听的人听的。Al Henderson是那家我在推特上提到的丰田店。最近我们刚刚收购了这个集团。
Yeah, according to Alan, it was the largest blue sky, not multiple, largest blue sky. Again, for people listening. Enterprise, that's just a value on the goodwill of the dealership. On the revenue.
是的，根据艾伦说的，那是最大的蓝天，不是多个，是最大的蓝天。再说一遍，对于听众来说。企业，那只是对经销店的商誉价值。对于收入来说。
And it was so exciting. I'll never forget the day where we're all sitting down, executive team, and we're just kind of talking through it, and we're working through our pro formas. And we had, I think, three revisions of the pro forma, and we're all sitting here, and then it came time to, and it's funny, because sometimes, well, we don't involve the whole team in the what's the offer going to be, but this one was different. So we did.
那真是太令人兴奋了。我永远不会忘记那一天，我们所有的执行团队都坐在一起，我们正在讨论，同时我们在处理我们的财务预测。我们进行了三次财务预测修订，我们都在这里坐着，然后到了决定时刻，有趣的是，有时候我们并没有让整个团队参与到做出报价的决策中，但这次不一样。所以我们那样做了。
And it was just great, because I mean, just numbers that in my mind was struggle, really struggling. I mean, I just knew kind of what the number was going to have to be to earn that deal. But I had such content, like, who, I think at the time, I would tell people who doesn't want people within our office, who doesn't want just a big, strong asset, like Al Hendrickson Toyota.
这太棒了，因为我的意思是，对我来说，那些数字在我脑海中是一个斗争，真的很困难。我的意思是，我有点知道这笔交易需要达到的数字将是多少。但我有如此满足，像是，我认为那个时候，我会告诉人们，有谁不想要我们办公室里的人，有谁不想要像奥尔·亨德里克森丰田这样的强大资产呢。
And what I mean by that is, even though Toyota, I think they're on the bottom end of the spectrum from a day supplies perspective. But you look at the customer, what they want, they want Toyota. Toyota has been able to somehow, they've struggled a little bit getting inventory to the dealers, but it hasn't hurt the consumers want, well, and desire for their products.
我的意思是，尽管丰田在日供应的角度来看可能处于底层，但你看看顾客，他们想要的是丰田。丰田在向经销商提供库存方面确实遇到了一些困难，但这并没有影响消费者对他们产品的需求和渴望。
And you know, my second existence in the dealership world was in a Toyota store. And Southeast Toyota, again, for people listening who don't understand the nuances of the business, Southeast Toyota is the last private distribution ship in the United States of I think any, many, why does that matter? Because they're different.
而且，你知道，在我在汽车经销商界的第二个存在是在一家丰田商店。而且，东南丰田，再一次，对于不了解商业细节的听众来说，东南丰田是美国最后一个私人发货船，我认为这个情况在任何其他地方都是如此。那为什么这很重要呢？因为他们与众不同。
It's just, it's, you get a little different flavor of that typical communication with the, with the manufacturer.
这只是因为你和制造商之间的典型沟通方式稍有不同，所以你会感受到一点不同的味道罢了。
Dealer. Yeah. And does that impact the consumer in any way? Is it like, you know, more availability for inventory? I think so. I think so. Because you have a real retail mindset that doesn't always sit at that legacy manufacturer leadership level that sits, you know, down the street in Deerfield Beach. And I think that's a good thing for consumers. Because ultimately, they want to sell cars, but there's, you know, I can remember old stories, you know, Jim Moran would take a slow moving model. And he would bring it into the, you know, their, their, whatever, their regional distribution center at Jacksonville. And he'd put a stripe on it, different wheels on it, different tires on it, and, you know, added equipment and find a way to make it different and appealing.
经销商。是的。这对消费者有任何影响吗？比如，库存更多了吗？我认为是的。我认为是的。因为你有一个真正的零售思维，不总是停留在德尔菲尔德海滩上那个传统制造商的高层领导层。我认为这对消费者来说是一件好事。因为最终他们想卖车，但是，你知道，我还记得一些旧的故事，比如吉姆·莫兰会拿一款销售缓慢的车型。然后他会把它带到他们在杰克逊维尔的区域分销中心，给它加上条纹，换上不同的轮子和不同的轮胎，增加设备，找到一种使它与众不同和吸引人的方法。
I remember we used to sell these XSP edition tundras back when like Chrome was the, you know, Chrome was the thing.
我记得我们过去常常销售这些XSP版陆地巡洋舰，那时候Chrome就是，你知道的，Chrome就是玩意儿。
And the joke was these Northeastern dealers would be calling, you know, their Toyota rep going, I want an XSP tundra. It's like, well, no, that's Southeast Toyota, the only addition.
这个笑话是这些东北地区的销售商会打电话给他们的丰田代表，说我想要一辆XSP部署者。然而，实际上只有东南丰田可以提供这种配置。
So Jim Moran, who was the owner of, you know, SCT and Jim Moran and associates, you know, he was a retailer at heart and kind of cared about what this consumers, you know, wanted, he wanted to sell cars.
Jim Moran是SCT和Jim Moran与合伙人的所有者，他真心关心消费者的需求，他希望销售汽车。
And, you know, that still exists to a, to a large degree today. But, but again, so going back to H.T., you know, if I could put everyone on the ground right now, do Google 360. It's a dilapidated facility. It looks like it was built before there was an image program. And I mean, you know, I'll never forget the first day on the ground before we had bought the store. And I'm, you know, watching, you know, 60 customers in the service drive and they've got these, you know, fans above their head that really are doing nothing. They're not pushing any air, right? They're basically like the, you know, ceiling fan you'd have in your home.
而你知道，这个问题到今天在很大程度上仍然存在着。但是，回到H.T.，如果我现在能把每个人都带到实地，看一看Google 360吧。那是一个破旧的设施，看起来就像在图像程序出现之前建造的。我是说，你知道的，我永远忘不了我们购买这家店之前的第一天。当时我看着服务车道上的60个顾客，他们头顶上有这些风扇，但其实什么作用都没有。它们根本没有吹风，就像你家里的天花板风扇一样。
No, I know you guys, it's like you should be thrilled when you see that because it's opportunity. I mean, they're probably using that to sell cars, right? You're not paying for the overhead of the store. As you can see, we haven't done much with it, you know, and that's why you should buy here because I'm not, you know, I'm not passing on our building costs. It's like a contractor. It's like finding a contractor, you know, the ones with, like, the white vans, like the broken bumper. It's like, you want them to come because you know, they're not paying for the advertising that they're spending on Google everything.
不，我知道你们，当你们看到这样的时候应该感到非常兴奋，因为这是一个机会。我的意思是，他们可能是用这个来卖车，对吧？你不需要为店面的开销付费。你可以看出来，我们对这个并没有做太多的改动，这就是为什么你应该在这里购买，因为我不会传递我们的建筑成本。就像找一个承包商一样。就像是找那些有白色货车、撞了保险杠的承包商，你希望他们来因为你知道他们不会为在谷歌上的广告花费付款。
Right. And, and by the way, none of that's true. When we build a nice new clean facility, none of that's true. No, the reality is we think we can enhance the experience, you know, the throughput's great in that market there. There's a lot of upside on the service side. But, you know, we looked at that deal and, you know, they're selling whenever they were selling 700 800 900 new cars above, and they were selling 150 years. So we go, gosh, what if we could do maybe not one to one right away, but what if we could sell 500 years, you know, they've got that they've got the real estate to do it, the market's there. So, you know, one check, you know, improvement, F and I, and then on the fix side.
没错。顺便说一下，这些都不是真的。当我们建立一个漂亮、新的干净设施时，这些都不是真的。不，事实是我们认为我们可以提升体验，你知道，在那个市场上的通行效率非常好。服务方面有很大的增长空间。但是，你知道，我们看过那笔交易，他们当时每年卖出了700、800、900辆新车，而他们每年卖出了150辆二手车。所以我们想，哇，如果我们能卖出500辆二手车，也许一开始不是一对一的比例，但如果他们有那个地产资源，市场也存在。所以，你知道，一个检查，财务/保险方面的改进，然后再解决问题的一面。
So I don't want people to get hung up on it's funny. We have, we do feel calls after acquisitions, like stop driving up the market, driving up pricing. And again, Alan, you know, I joke sometimes that the day that we were closing that deal, I said, I didn't know who was more excited. The Henderson family or Alan Hagg because he knew, he knew in his heart of hearts that that was a record on the blue sky side. But, you know, that wasn't there have been deals where I winced it what we were paying on the on the blue sky side. But not this one because I know there's there's more to serve in that in that market in that store.
所以我不希望人们太过纠结于这件有趣的事。我们确实在收购后接到电话，有人要求停止推高市场价格。再说一次，艾伦，有时候我开玩笑说我们当时要完成这笔交易的那一天，我不知道是亨德森家族更激动，还是艾伦·哈格更激动，因为他心里明白，这笔交易在蓝天资产方面是创纪录的。但是，你知道的，有些交易让我在支付蓝天资产的时候感到痛心，但这笔交易不会让我有这种感觉，因为我知道在那个市场、那个店铺中还有更多的发展空间。
So actually, let me ask you this question. Don't you think that by not announcing the blue sky, multiple of the value people are going to assume the worst, and they're going to assume a higher number? Like, I don't care what people know, but you just mentioned, I know you're trying to drag it out. No, no, no, no, no, no, no, no, no, no, I just think that it's already known to be a record sale. And people are calling you asking you why you're driving off the market. Could that work against you? How? How? I mean, I, I mean, when Alan made that announcement, I saw it on social like the day of the sale, you know, I called, I would call Larry, I was sitting with Larry and I was like, did you, did you tell him he could do that? You know, because that's just not the kind of thing that, you know, somebody should have approved it. And Larry goes, yeah, I'm comfortable with that. I'm like, me too. What better, what better promotion for us as a choir? Then we broke the blue sky, you know, we broke the total amount paid for a single point, you know, single store dealership.
实际上，让我问你这个问题。你不觉得不宣布这个天价交易，人们会以为状况更糟，他们会假设数额更高吗？我不在乎人们知道多少，但你刚刚提到了，我知道你是想拖延。不，不，不，不，不，不，不，不，不，我只是认为这已经被公认为一笔创纪录的交易。人们会打电话问你为什么退出市场，这可能会对你不利吗？怎么可能？怎么可能？我是说，当艾伦发表那个声明的时候，我在社交媒体上看到了，就在交易当天，你知道，我给拉里打电话，当时就和拉里一起坐着，我问他，你告诉他可以这样做了吗？因为这不是应该经过批准的事情。然后拉里说，是的，我对此感到满意。我也是，作为我们团队，有什么比我们打破价格记录更好的宣传呢，你知道，我们打破了单店经销商支付金额总数的纪录。
You know, and look, there's other secret sauce when it comes to acquisition. I feel like that we have that the public stone. As you've noticed, the Henderson family wanted that name to stay on the dealership. I'm not so sure an auto nation or somebody else could make that agreement could make that commitment to a family like the Henderson. We don't care whose name is on the store. The Morgan name only sits on one of our dealerships. We've never cared. It's not about that. Yeah, so that's a, I think that's a thing that's helped us in acquisition. We've had the, you know, one of the top five list profitable Chrysler Dodge G brand stores in the country. It's right here. It's a Jerry, Jerry, all Jerry Ohm, Chrysler Dodge G brand Jerry, you know, my daughter picks vegetables out of Jerry's garden, twice annually, Dray, his son.
你知道的，看，关于收购还有其他秘密的因素。我觉得我们有这个公众关注的石头。就像你注意到的，亨德森家族希望那个名字留在经销商上。我不确定像汽车国家或其他人能否做出那样的协议，能为像亨德森家族这样的家庭做出承诺。我们不在意店铺上的名字是谁的。摩根这个名字只在我们的一个经销商上出现。我们从不在意这个。是的，所以我认为这是帮助我们进行收购的一个因素。我们在全国范围内有一家利润最高的克莱斯勒道奇G品牌的五家门店之一。就在这里。这是杰里，杰里，杰里欧姆，克莱斯勒道奇G品牌杰里，你知道的，我女儿每年两次从杰里的花园里采摘蔬菜，德雷，他的儿子。
Wait, but it's one of our auditors.
I think you just mentioned something very important. This is interesting because everyone is sort of, you know, zigging to the right on like, Hey, I have to build this large dealer to large business and I have to make sure it's one brand. You're saying one second, I think there's some opportunity here. I'm not going to change the brand and every market I go into. Yes, I'm going to be leaving something on a table, which is building up a consumer, a consumer focused brand that, you know, everyone knows the name of potentially in, you know, Florida or the entire country, but it also provides you with an opportunity or a competitive advantage to make these acquisitions because for that seller that wants to retain the name or that wants to have their name, say, in the market and potentially for the cut for the people in the market, I want to continue doing business with that brand because maybe it means something to them or they've been buying cars their whole life. You offer that. I think that's unique.
等一下，但是他是我们的一位审计员。我认为你刚刚提到了一些非常重要的事情。这很有意思，因为每个人都在朝着同一个方向发展，就像是，嘿，我必须建立这个大型经销商和大型企业，我必须确保它是一个品牌。你说一秒钟，我认为这里面还有一些机会。我不打算在进入每个市场时改变品牌。是的，我会放弃一些机会，即建立一个消费者专注的品牌，让大家都可能在佛罗里达或整个国家知道这个名字，但这也为你提供了一个机会或竞争优势，因为对于那些想要保留名字或想在市场上留下名字的卖家来说，也许对于市场上的人们来说，他们希望继续与这个品牌做生意，因为它对他们来说可能意味着一些东西，或者他们一辈子都在买汽车。你给予了他们这样的机会。我认为这是独特的。
Yeah, I mean, it is unique. And you know, I think for us initially, we kind of understood it also as an opportunity or a problem, right? Like in a perfect world, we'd have Morgan on everything. Everyone would understand who our stores are and how our, you know, what our network is grown to be. The reality of life is that you can't do that. So the luxury manufacturers, you know, they dictate that it's city, you know, it's brand and it's it's sitting there. So you think about BMW Tampa, BMW Sarasota, that couldn't be Morgan BMW and having three Morgan BMWs could potentially confuse it.
是的，我的意思是，这很独特。而且你知道的，起初我们也把它看作是一个机会或者一个问题，对吧？在理想的世界里，我们希望摩根能应用在所有方面。每个人都能了解我们的店铺和我们的网络发展到何种程度。但现实生活是你无法做到这一点。所以奢侈品制造商决定了这是城市、品牌的问题，而且这就是它所存在的。所以你可以考虑坦帕的宝马，萨拉索塔的宝马，不能是摩根宝马，因为拥有三家摩根宝马可能会引起混淆。
Yeah, we started kind of bringing that to the import realm. The first store that we acquired as Morgan was called Precision Toyota. And we, you know, and I remember sitting down with Larry and our team like, what are we going to call it? And I was like, Hey, from an organic service, you know, search perspective, what's better than Toyota Tampa bank? I mean, this is back in 2004. You know, paid search is still, you know, hardly a thing, right? Google hasn't been around very long. But I understood a little bit about organic search and just thought that would serve us better. Now you could argue it, you know, six different ways, I think. But the reality is, if there's a digital pivot, you can do it no matter what the stores are named. I think Lithia has shown you that with their driveway product, right? They're going to consolidate that offering under a different digital offering. It doesn't matter what the stores call the Leslie Chapel Honda or whatever, you know, whatever it is. And I tend to agree with that. And again, if it gives you, if it gives a seller a better feeling about the legacy that they spent maybe an entire generation or multiple generations, their family building, why not?
是的，我们开始将这种理念引入进口领域。我们最初收购的第一家商店是Precision Toyota。我还记得和拉里以及我们的团队坐在一起讨论该如何命名商店。我想，从有机搜索的角度来看，有什么比Toyota Tampa bank更好的呢？这是在2004年的事情了。当时付费搜索还不太普遍，谷歌也刚刚成立不久。但我对有机搜索有些了解，认为这样对我们更有利。当然，你可以从六种不同的角度争论这个问题。但实际情况是，如果有数字化转型的需要，不管商店叫什么名字，你都可以做到。我认为Lithia通过他们的driveway产品已经证明了这一点，对吧？他们将把这个产品整合到另一个数字化产品中去。商店叫什么名字并不重要，无论是Leslie Chapel Honda还是其他任何名字。我倾向于同意这种观点。而且，如果这让卖方对他们可能花了一代人或多代人的时间来打造的遗产感到更满意，为什么不呢？
How did you source? How did you source this deal? This is how Andrew's going to deal, which again, if I'm not mistaken, it was the second, it is the second largest Toyota dealer in the country, right?
你是怎么找到的？你是怎么找到这个交易的？这是安德鲁要处理的方式，如果我没记错的话，这是全国第二大的丰田代理商，对吗？
Correct. Correct. And there's been times I think they've been number one too. They would want me to say that over a long go. But how did you source it?
正确。正确。有时候我也认为他们是第一名。他们会希望我在很久以前就这么说了。但是你是怎么找到这个消息的呢？
No, yet. Well, they still, you know, that deal came with the broker. So, you know, Alan Hagg, who's a reputable broker in our space, I'd say he's one of the, you know, certainly the top two between Fred Kerrigan and Kerrigan. Yeah. And great, great guy. You know, again, kind of interesting crawling into his mindset. But when he, you know, when he sits and works with a seller and says, Hey, I've got two or three people in mind, you know, we've worked hard with our relationship with Alan. So we aren't consideration for those kinds of deals. We're well, we're well capitalized. And we feel like we are very organized at acquisition.
不，还没有。嗯，他们还是，你知道的，那笔交易是通过经纪人来完成的。所以，你知道，艾伦·哈格是我们领域的一位有信誉的经纪人，我可以说他是弗雷德·克里根和克里根之间，肯定是前两位的顶尖人物之一。是的，非常棒的人。你知道，再次进入他的思维非常有趣。但当他与卖家坐下来合作时，他会说：“嘿，我心目中有两三个人，我们与艾伦的关系一直很好，所以我们被考虑为这类交易的对象。我们资金充足，而且我们在收购方面组织有序。”
You know, again, because of Alan and the Henderson family, we were able to have boots on the ground in that store months before we closed. And when you can get close to the people in the operation and already have those relationships, it does it, it does a tremendous value for those existing staff create synergies. You're hitting the ground running. You're not, you know, making those pivots in 90 days. And they're all different.
你知道的，再次，因为有了艾伦和亨德森家族的帮助，我们在关闭之前数月就能在那家店铺进行实地考察了。当你能接近运营人员并已经建立了那些关系时，它会给现有员工创造协同效应，带来巨大的价值。你能迅速上手，而不是在90天内就要做出转变。而且每个店铺都不同。
So some of them you walk in and the owner tells you, Hey, this, you know, this is my GM, but he's not very good. No, I'm just here. You know, I should have fired him years ago. You guys need to take care of him. You need to wax him. Thanks. This case was very different. It was you need to get to know this GM. You know, he's solid, he's sharp, you're going to like him. And, you know, Scott Zuckerman and just meeting him from kind of day one, that just helped us kind of foster a look, we're not perfect. That's a big, big store.
有些店主会告诉你，嘿，这个是我的总经理，但他不太好。不，我只是在这里，你们需要照顾他。你们需要看好他。谢谢。这个情况非常不同。你们需要认识一下这个总经理。他很靠谱，很敏锐，你们会喜欢他的。我们从一开始就遇到了 Scott Zuckerman ，这帮助了我们培养出我们不完美的一面。这是家很大的商店。
We work extremely hard at acquisition, you know, two calls a week. We've got a checklist 250 deep. We've got, you know, 20, 25 Morgan associates that that service the organization around a large acquisition. And then we put, I think we put, we put too many bodies on that round. But the day we closed, we had 50 associates from other stores helping with transitions with DMS, you know, CRM, all finance systems, DocuPad, they couldn't basically turn around without having health nearby if they knew you have it. You have this entire platform and system, which allows you to, you know, do a pretty pretty seamlessly. It's incredible.
我们在收购方面非常努力，你知道，每周打两个电话。我们有一个长达250项的清单。我们有大约20到25个摩根的合作伙伴来为大型收购服务。然后，我认为我们在这个环节上安排了太多的人员。但是在我们结束交易的那一天，有50名来自其他门店的员工帮助进行过渡，例如DMS、CRM和所有财务系统，以及DocuPad，他们基本上无法脱身，因为他们知道你有这些。你们拥有整个平台和系统，可以实现非常顺畅的操作。这真是令人难以置信。
It, it all say this, you know, I think we, we did the math since 2016, where we became kind of an entirely new, different, Morgan. We've done 60% of our acquisitions have come without a broke. So on the other side of answering that question of how do you source deals, its relationships, it's being good stewards of your community, it's being having a great acquisition or reputation. We've never retrated a deal. We've had one that kind of fell apart on the closing table, not really. A week out, they, they wanted to cherry on top and we weren't willing to concede. And that's the only deal in our acquisition history that's ever fallen apart. So when you have that level of trust and reputation, you know, that's certainly something that we offer. And again, we're open minded, you know, we're not waiting at the door, like Darth Vader with 200 stormtroopers ready to come in and, you know, we say it all the time, when we first step into a store, look, we, we, we're not prepared to run this store. You guys are going to continue to run the store. We just want to make it better. And this is how we're going to do it.
它，所有都在说这个，你知道，我认为从2016年开始，我们做了计划，我们成为了一个全新、不同的摩根。我们60%的收购是没有破产的。所以回答如何寻找交易的问题，答案就是人际关系、对社区的关心和承诺以及良好的收购声誉。我们从未反悔过一笔交易。有一个交易差点在最后阶段破裂，但事实上并未破裂。事情发生在离交易截止只有一个星期的时候，他们提出额外的要求，而我们不愿妥协。那是我们收购历史上唯一一个失败的交易。所以当你拥有这种水平的信任和声誉时，你知道，这肯定是我们提供的一种优势。再次强调，我们持开放态度，我们不会像黑武士达斯·维达一样站在门口等着200个士兵进来，我们一直说，当我们第一次走进一家店时，我们没有准备好管理这家店，你们将继续管理这家店，我们只是想让它变得更好，这就是我们的做法。
You DM'd me on Twitter or now it's X. I think it was like a couple days after the sale, maybe a day after or whatever, we got announced. What was that you were just talking about a little bit about, you know, the process and kind of, you know, I asked you a couple questions, which you'd like, you can, you know, share here. But what was it like for you doing this deal as CEO, just that feeling, you know, the night before siding, like, give us that, you know, really kind of personal feeling of doing such a big deal for the store, kind of getting to the sliver, you even said to yourself, like these are numbers that you're not very used to on an acquisition basis.
你在Twitter上给我发了私信，现在是X（指目前的时间）。我记得那是在促销的几天后，可能是一天后，总之是我们宣布后不久。你刚才提到了一些关于这个过程的事情，我问了你几个问题，你可以在这里分享。但是作为首席执行官，你做这笔交易的感受是怎样的呢？就像在签署之前的那个晚上，给我们描述一下那种真实而个人化的感受，因为这个交易对于店铺来说很重要，你甚至对自己说，这些数字是你在收购方面不太习惯的。
Yeah, this was, this one was really special for a variety of reasons. And I don't, I don't know if I've ever shared this with you. But when we went to make our offer, we asked Alan if we could do it to the Hendrickson family in person. And Al Jr. and Al Sr., Al Sr., it actually either gifted or sold the store to his son Al Jr. So Al Jr. was the soul.
是的，这个真的很特别，原因有很多。我不知道是否曾经和你分享过这件事。当我们去提出收购意向时，我们问艾伦是否可以亲自向亨德里克森家族提出。而阿尔·小和阿尔·大，阿尔·大实际上要么赠送要么卖给了他的儿子阿尔·小这家店铺。所以阿尔·小成为了灵魂。
I don't think there's any problem with saying that the sole owner of the dealership at the time. And we flew to their home and on a Saturday morning, Larry and I went into the Hendrickson household and sat with Al Sr. and Al Jr. before they'd seen the numbers with the offer ready to present. But we wanted them to know who we were and a little bit about how we felt about us. Because that's a look, it doesn't matter to every seller. Some sellers, it's just, what are the numbers? I don't care what you do with my idea just for whatever reason. It's a shrewd deal. And if you've built something great, I guess you have the right to feel that way.
我认为当时经销商的唯一业主说这句话没有任何问题。我们飞到他们的家，一个星期六的早上，拉里和我进入了亨德里克森家庭，在阿尔先生和阿尔小的见到报价后，我们就坐下来。但是我们希望他们知道我们是谁，以及我们对我们的感受有一点认识。因为对每个卖家来说，这都是一个外貌问题。有些卖家只关心数字，我不在乎你对我的想法做什么，无论出于什么原因。这是一个精明的交易。如果你建立了一番伟业，我想你有权利有这种想法。
But the Hendrickson, I think that made an impression on them. Certainly our offer was fair because it was accepted. Yeah, it was surreal. It was surreal because we started with the Toyota store, having it be top two in the United States, having it be on the spot. Did they accept it on the spot?
但亨德里克森，我认为那给他们留下了印象。毫无疑问，我们的报价是公平的，因为它被接受了。是的，那真的很超现实。之所以说超现实，是因为我们首先从丰田商店开始，让它在全美排名前两位，并且当场就接受了。他们当场接受了吗？
Yeah, we worked it out with memory service me correct. I don't know. I think we, I thought we shook hands that morning. I don't, for some reason, it's all a blur now. But I thought we knew by the end of the day that they were going to sign the app and move forward. You're probably on the way back to the airport with Larry, looking at each other, shaking hands. We got it. We got it done. Look, what they built was special. It's a market we love and it's a big, it's just a, I joked it was a big dumb asset. I mean, it's, you know, I've heard people say, well, you know, shoot, give me a big volume Toyota store. I couldn't screw it up. That's not true.
是的，我们通过记忆服务来解决了这个问题，是我记得正确的。我不知道，我认为那天早上我们握手了。不知道为什么，现在一切都变得模糊不清。但我认为他们在那天结束的时候知道他们要签署应用程序并继续前进。你们可能正在回机场的路上，彼此看着对方，握手了。我们成功了。我们完成了。看，他们建造的东西很特别。这是一个我们热爱的市场，而且它是一项重大的，只是一个，我开玩笑说它是一个大而愚蠢的资产。我的意思是，你知道的，我听过有人说，哦，你知道，给我一个大的销量丰田店，我都不会把它搞砸。这是不正确的。
Look, I've seen Toyota stores lose money, you know. But at the end of the day, this is just a huge, exciting acquisition. But, yeah, so, get it. You know, look, there's always drama in the closing. I joke, if you were going to write a book about acquisitions, the most interesting chapter would be the negotiation about use car values. Because everyone turns into a used car appraiser the day they're selling their store. And they can either be a, and when you have, you know, 300, 400 vehicles to appraise, you know, that can, I've seen that go a million different ways, but it can be very, very dramatic. I mean, the other assets that you're buying, it's all in the agreement, right? But, you know, typically it's a pretty, that's the only place where it's like sort of like there's a little variance and everyone's kind of, oh, no, this car is worth more. This is less. Especially in today's, you know, dynamic too. We had, you know, we had, you know, used cars over the past three years that were increasing in value, right?
看吧，我见过丰田店亏钱，你知道的。但到了最后，这只是一个巨大而令人兴奋的收购。但是没错，你懂的。看吧，在交割的过程中总是会有一些戏剧性的事情发生。开个玩笑，如果你要写一本关于收购的书，最有趣的章节应该是关于二手车价值的谈判。因为每个人在卖掉他们的店的那天都会变成二手车评估师。而且当你要评估300、400辆车时，我见过它以无数种方式进行，但会非常戏剧化。我是说，你购买的其他资产都写在协议中，对吧？但是，通常来说，这是唯一可能存在一点差异的地方，每个人都会说，“不，这辆车价值更高。这辆价值更低。”特别是在今天这样动态的市场中。在过去的三年里，我们曾经遇到过二手车价值上涨的情况，对吧？
There's guys in the business who think that was normal of fascinating times. But no, that was it. That was a big acquisition. And again, we're, you know, we're not perfect, but we know what we have there. And we've got the guts of something really special. How do you feel about Toyota, right? Like your biggest deal, Toyota deal, how do you feel about the future of Toyota?
在行业里有一些人认为那是一段正常而迷人的时期。但不，那就是它了。那是一次重大收购。再说一遍，我们不是完美的，但我们知道我们那里有什么。我们拥有一些真正特别的东西的要素。你对丰田有什么感觉呢？比如你们最大的交易，丰田交易，你对丰田的未来有什么感觉呢？
They're clearly being very hesitant, or just reluctant to kind of go head first into EVs, like other manufacturers. What's your thoughts there?
他们显然非常犹豫不决，或者只是不愿意像其他制造商那样毫不犹豫地全力投入到电动汽车领域。你对此有什么看法？
I don't think they're wrong. There's some really bright people at Toyota. And you have to, I think you have to ask yourself when we will transition here, talk about EVs. What's the customer's appetite for electric vehicles, right? Because Tesla's done a really good job of selling hundreds and thousands of electronic vehicles in the United States and kind of meeting maybe that existing need and driving more and doing it without, you know, traditional advertising. I mean, hats off. I have, you know, Buku respect to Elon Musk and what he's built to Tesla.
我不认为他们错了。丰田公司有一些非常聪明的人。而且我认为我们必须问问自己，我们何时在这里转型，谈论电动车。对电动车的需求是什么？因为特斯拉在美国销售了数百甚至数千辆电动车，并可能满足了现有的需求，而且没有进行传统的广告宣传。我要向伊隆·马斯克及其在特斯拉上所建立的成就表示敬意。
You know, having said that, I think a lot of what is driving the legacy manufacturer towards EVs is governmental, it's policy. And at some point, my fear is we're going to outkick the consumer's appetite here. And I, you know, it's funny, a couple of, you know, a couple of years ago, I was dating a girl, I drove a Model 3, so, so with the same girl. But, you know, I'm like, you know, I've always wanted to drive a Tesla, but I don't want to be the guy at Morgan Automotive pulling up in a Model 3, but, you know, they're coming to the legacy manufacturers. And as soon as I don't feel like I'm taking gross profit out of one of my store's mouths, I'm going to drive one. So that was a, that was December of 21. I hopped in an EV and I've been in it ever said.
你知道，话虽如此，我认为推动传统制造商转向电动汽车的很大一部分原因是政府的政策。而我担心的是，总有一天我们会超出消费者的兴趣。有趣的是，几年前，我和一个女孩约会，我开着一辆Model 3，但是我一直想开一辆特斯拉，只是不想成为摩根汽车销售点那个开着Model 3的人，不过，传统制造商正在推出电动车。一旦我觉得不会损害我店铺的毛利润，我就会开一辆电动车。所以那是在2021年的12月，我试驾了一辆电动车，从此一直在使用它。
So, and I'll never not. What do you drive now?
那么，我永远不会不这么做。你现在开什么车？
So it's, it's a nice one. It's the EQS. It's the Mercedes EQS. I've been in it since December 21, not necessarily Mercedes guy. It just happened to be the one EV we had plenty. And I was it, you know, taking one from a prospective consumer. And, you know, I'll never probably, I'll, I say, yeah, I'll never not. My daily driver will be an EV from here moving forward. Wow. That's a bold statement. Why do you say that?
所以，这是一辆不错的车。它是EQS，是梅赛德斯EQS。我从12月21日开始驾驶它，我并不一定是个梅赛德斯迷。只是碰巧我们有很多这款电动车。我就是试驾其中一辆，以了解潜在消费者的需求。而且，从现在开始，我的日常代步车都将是电动车，我可能永远不会再改变。哇，这是个大胆的说法。你为什么这么说呢？
Well, okay. I think the greatest point of inflection is this. It's got nothing to do sadly with the environment. It's got nothing to do with, you know, saving money, lower maintenance, because it's a non liquid services vehicle. Nothing to do with that. It has everything to do with how it drives. When you drive an EV, you call, you know, high powered golf carts, whatever you want, and you get that instantaneous acceleration, it's tough to go back. And when I'm sitting at a stoplight, and I want to, you know, I'm merging or, you know, I'm making a left hand turn and I want to beat the car in front of me. If I'm in a BMW, you know, X6M, I might have some turbo lag when I mash down that accelerator to beat that car. I might not know what to expect. I might, you know, throw my head into the back seat. And in EV, it's instantaneous acceleration. It's accelerating.
嗯，好的。我认为最重要的转折点就在这里。遗憾的是，这与环境无关。也与省钱、维护成本降低无关，因为这是一辆非液体服务车辆。与这些都无关。它与驾驶方式密切相关。当你开电动车时，你可以称之为高功率高尔夫车，随便怎么说，你都能感受到瞬间的加速，这让人难以回头。当我停在红灯前，我想要在合并车道或者左转时超过前面的车辆。如果我开宝马X6M，当我一脚踩下油门超过那辆车时，可能会有一点涡轮滞后，不知道会发生什么。可能会把我的头撞到后座上。而在电动车中，瞬间加速就像是一触即发。正在加速中。
With that said, so you like to instant torque, right? But with that said, why, why do you think Toyota's not making a mistake by being very reluctant to go into a look at anyone can play judge and jury there? I think the question I saw it a little differently. Are they making a mistake in there? What they're saying, I think is is true. You know, I think for now hybrid hybrid until some questions are answered, right? How they're going to recycle batteries? You know, we all know that the mining of lithium decimates that micro environment environmentally. So I think maybe there's some maybe some conjecture. Hey, look, what if we waited a little while? What would be maybe a better time to go full bore into electric? So I think hybrid for a lot of reasons, both environmentally, you know, from a just appeal consumption standpoint, what's good for the consumer? I think Toyota's kind of tried the truth. A lot of things are saying. It was funny because I think you saw me, you know, post on on X recently, you know, Farley kind of for the first time at Ford, you know, retraining some of his sentiment, right? From EV to like talking about hybrid drivetrains.
话虽如此，那么你喜欢瞬时扭矩，对吧？但话虽如此，为什么你认为丰田不会因为非常不愿去审视任何人都可以担任法官和陪审团而犯错误呢？我认为我对这个问题的看法略有不同。他们这样说是正确的。你知道，我认为现在混合动力可能是个好办法，直到一些问题得到解答。他们将如何回收电池？我们都知道锂矿的开采对环境造成了重大破坏。所以我想也许他们可能有一些猜测。嘿，看，如果我们再等一段时间会怎样？什么时候去全面推行电动车可能会更好呢？所以我认为混合动力有很多原因，既从环保的角度来看，也从消费者吸引力的角度来看，这对消费者来说是好事。我认为丰田在很多方面都试图告诉真相。有趣的是，因为我想你看到我最近在X上发布的帖子，弗利（Farley）在福特公司第一次转变了他的感情，从电动汽车转向了谈论混合动力传动系统。
And it's fascinating because there's some Toyota's you can't buy unless it's a hybrid. And that's been the truth for a long time now. I just I have a lot of confidence in Toyota. I read that they've also maybe are ahead of some of the manufacturers on solid state battery technology. So it's kind of fascinating if they've got what they say they have. You know, by the time they get to the market, maybe they'll have a kind of a second mover killer on the e-b side. You know, I want to add like the way I feel about what I'm seeing with Toyota. And I could be completely wrong. But to me, it feels like they're sort of letting everyone kind of battle between each other. And they're sort of standing on the side in this like very wise strategy, eventually, where they're saying, okay, let's let people kind of battle, lose all their money, you know, make tons of mistakes. And then we'll ride the wave after the kind of the tide is out. We'll see what's the delay of the land, what the market really looks like, what consumers really desire long term. And we'll jump that now. Is that a, you know, will that be a mistake? Will they wait too long? You know, will they continue losing market share due to that as opposed to not having enough inventory? I don't know. But I think that's to me, it seems like that's sort of their playbook. Their sales are off the hook. There's no doubt about that. The man is, you know, better than it's ever been. And so they're sort of kind of, you know, standing on the side and observing.
这真让人着迷，因为有一些丰田车，除非是混合动力车型，否则你是买不到的。而且这已经是长期以来的真相了。我对丰田非常有信心。我看到他们可能在固态电池技术上领先于一些制造商。所以，如果他们真的拥有他们所宣称的东西，那就很有意思了。你知道，当他们进入市场时，也许他们将成为电动车领域的后来者杀手。我想要表达的是，根据我所见，丰田公司似乎在让其他所有人互相竞争的过程中站在一旁，采取这种非常明智的战略，最终他们要说：“好吧，让我们让人们在这场战斗中争个你死我活，你知道，犯下许多错误，浪费大量金钱。然后在那股潮水退去之后，我们将搭上浪潮，看看大局如何、市场实际上是什么样的，消费者从长远来看真正需要什么。我们将跳上这辆车。”这样做是个错误吗?他们会等得太久吗?你知道，他们会因此而继续失去市场份额，而不是因为库存不足吗?我不知道。但我认为，这似乎是他们的策略。他们的销售火爆。这是毫无疑问的。需求比以往任何时候都要好。所以他们就像是站在一旁观察的人。
Yeah, for a lot of reasons, you know, e-b level disruption, it's not Apple versus Blackberry, right? It's different. It's not an overnight transition where somebody can come in and with 18 months, take 80% market share for a variety of reasons. Most of it, because it's just cost prohibitive. You know, that's the problem right now, you know, I see in your reporting and a lot of the reporting out there. And I see it on my own lots, a lot of what the legacy manufacturers are producing. They're making incredible EVs, right? Better fit and finished than Tesla. Tech that's close to on par with what Tesla has, but they're still piling up. Why? All I can say is two things, right? Cost. You know, the cost to acquire an EV, it seems like most of the manufacturers were talking MSRP, price points, 45, 50, 53,000 up, right? That's a lot. That's a lot. That's an expensive vehicle.
是的，有很多原因，你知道的，电子商务级别的颠覆，这不是苹果对黑莓，对吧？这是不同的。这不是一个短时间的转变，在18个月内，某个人可以夺取80%的市场份额，有很多原因造成。其中大部分是因为成本限制。你知道，这是现在的问题，我在你的报道中看到了，也在很多其他报道中看到了。而且我在我自己的拍摄中也看到了，很多传统制造商生产的东西。他们制造的电动汽车非常出色，比特斯拉更好。技术几乎与特斯拉相媲美，但他们还是积压不销。为什么呢？我只能说两件事，对吧？成本。你知道，购买一辆电动汽车的成本，好像大部分制造商都在谈论建议零售价，价格从45,000到50,000美元，甚至更高。那是很多钱。那是一辆昂贵的车。
If you look at the majority of what, you know, Tesla's market share is now, it's Model Y, Model 3, right? It's on the more affordable side. So I think, you know, that's, that's one thing. The cost is it's a big thing. Yeah. And what's the second? Yeah. And then I think it's consumer appetite, consumer appetite and education. You know, people talk about, well, I've got range anxiety. I'm worried about charging, you know, the infrastructure is not there. Well, why does that matter? Why does that matter? For $600, you can put a level two charger in your garage, right? You can charge just about any EV overnight, 100% on a level two charger. If you work, live, play within 200 miles of your home, you'll never go to a public charger. Why would you? Yeah. You know, and it's in, in two, you've experienced it.
如果你看一下特斯拉的市场份额，你知道，现在主要是Model Y、Model 3，对吧？它们的价格较为实惠。所以我认为，这是一件事。成本是一个重要因素。是的。还有第二点是什么？是的。我认为是消费者的需求和教育水平。有些人担心续航焦虑，担心充电问题，认为充电基础设施不完善。但是，这到底有什么关系呢？你只需花600美元在车库安装一个二级充电器，就可以在晚上完成几乎所有电动汽车的充电，达到100%的电量。如果你的工作、居住和娱乐距离家不超过200英里，你就不需要去公共充电站。你为什么要去呢？是的。你知道的，你已经有过这样的经历了。
You don't know that. And trust me, I went on my first business trip with my daughter up through Gainesville and Jacksonville and the hotel threw me off the charger, you know, in the middle of the night, and I've got 20% and I got to get back to Tampa. And I'm going, ooh, this is, you know, this is going to be fun. And, you know, thank God, the, you know, the EV go infrastructure that it come to Jacksonville is better than what existed in Tampa because it came later. And they were 350 kilowatt chargers and I charged in 15 minutes and went home. But, and so you've lived it and it is a lifestyle change. You don't understand it. And that's going to take some time, right? And then again, there's other barrier standards related to affordability. But I see that world a little differently and I can speak very effectively on the both sides of my mouth on EVs any, any day. At least they like me to candid.
你不知道这个。相信我，我和女儿一起去了我第一次的商务旅行，路经Gainesville和Jacksonville，酒店在半夜把我从充电器上赶出去，我只剩下20%的电量，还得回到Tampa。当时我心想，哦，这会很有趣。但幸运的是，EVgo基础设施在Jacksonville比Tampa要好，因为它来得晚一些。他们有350千瓦的充电器，我充电只用了15分钟就回家了。不过，你没有经历过，你不会理解这是一种生活方式的改变。这需要一些时间，对吗？此外，还有其他与经济承受能力相关的壁垒标准。但我对这个世界的看法有所不同，我可以在任何一天对电动汽车做出有效的表达。至少他们喜欢我坦诚。
Now, in terms of your stores, right? Like, are you preparing your stores for a rise in EV sales? Are you sort of kind of waiting and seeing, you know, facility upgrades or training? What does that look like? Yeah, and it's frustrating because, you know, a lot of, you know, I think what people want to talk about is the expense of the charging infrastructure that, and it's kind of being pushed down from the OEM perspective. You know, Ford's had a, had a, you know, obviously a very robust program that got retooled because of the, you know, some pushback from the dealer body, you know, stellantis, you know, we're in the, you know, we're big players with stellantis. We've got 12 stellantis stores. So we're in the process of pushing their EV kind of infrastructure through into our dealerships currently.
现在，就你们的商店来说，对吗？比如说，你们正在为电动汽车销量的上升做准备吗？你们是否在等待和观望，进行设施升级或培训？这是什么情况？是的，这让人沮丧，因为很多人想谈谈充电基础设施的费用，但这种压力实际上是从原始设备制造商那边传过来的。福特曾经有一个非常强大的计划，但由于经销商的一些反对意见，这个计划得到了重新调整。而我们与斯泰兰蒂斯合作，他们是重要的参与者，我们有12家斯泰兰蒂斯商店。所以我们正在将他们的电动汽车基础设施整合到我们的经销商中。
Yeah, so we're getting prepared for the future. But again, it's frustrating. So, you know, here we make this commitment with stellantis. And then in the news is, you know, well, Florida's not going to get any four-bikes anymore. So, you know, the Jeep product that's got the, you know, it's, it's kind of a plug-in hybrid. They're all going to go to the, you know, the, the, the Zeb states, California and the zero emission states, and your customer can get one if they order one. So it's like, okay, well, what EV product are we going to get here in Florida to plug into these charges that we're about to invest $6 million? So, you know, there's some level of, you know, frustration anytime somebody's mandating, you know, something, you do need a certain level of charging infrastructure to service and sell vehicles. Don't get me wrong.
是的，所以我们正在为未来做准备。但是，这真令人沮丧。所以，你知道，在这里我们与斯泰兰蒂斯做出了这个承诺。然后，在新闻中我们看到，哦，佛罗里达不再会得到任何四轮电动车了。所以，你知道，那款Jeep产品就是那款插电混动车型。它们将全部送往加州和零排放州，只有顾客预订才能获得一辆。所以，好吧，那么佛罗里达这里又能得到什么电动车产品来连接这些我们即将投资600万美元的充电设备呢？所以，你知道，无论如何，当有人强制要求你做某件事时，总会有一些程度上的挫败感。不要误解我的意思，确实需要一定程度上的充电基础设施来提供服务和销售车辆。
Having said that, it's complex, right? Sometimes you're going back to the substation. Sometimes you're just going back to the transformer level, but you're asking a lot of juice, you know, out of facilities that were built in different times.
说了这些，问题就复杂了，对吧？有时你需要回到变电站，有时只需要回到变压器级别，但你对这些建在不同时期的设施有很多电力要求，你知道的。
And, you know, I heard a story the other day, I think, well, I know it was now, it was on your podcast about what the Ford dealer with the diesel generator to power as EV chargers, just so you could get forward lightnings and, and, and, and EV. And it, it just makes you cry laughing.
而且，你知道的，我前几天听到了一个故事，我想，嗯，现在我知道是真的，它在你的播客里讲过，关于福特经销商使用柴油发电机给电动车充电桩供电，这样你就可以购买福特闪电和电动车了。这个故事简直让人捧腹大笑。
I think it's very interesting to see how all this unfolds, given, you know, how supplies are ramping up, yet it seems like the, by the numbers demand and by the increasing day supply demand for EVs is dropping again, Tesla being the exception. And like you said, you know, likely almost entirely being driven to certain extent by price, Tesla's able to manufacture those or price at a certain point.
我认为看到这一切的发展非常有趣，因为你知道，供应正在上升，但似乎按照数字需求和逐日增长的供需比例来看，电动汽车的需求又在下降，特斯拉是个例外。就像你说的那样，很可能完全与价格有关，特斯拉能够以某个价格制造这些车或定价。
But anytime something doubles, you have to pay attention, right? In new EV sales, I think, have doubled three years straight. That's correct. Or pretty close to it, right? I think it was like one and a half to three or three to six or something that you. Yeah. Yeah.
但是，无论何时出现翻倍的情况，你都必须引起注意，对吧？我认为新能源汽车销量连续三年翻了一番。没错。或者说非常接近这个数字，对吗？我想是从一倍到一倍半，或者从三倍到六倍之间的某个数值。是的，没错。
So, you know, anytime something doubles at that, at that rate, you've got to pay attention. That's not going to happen forever. But how do people, you know, get comfortable with a new way of doing things? Because they watch their friends, neighbors experience it. So it's coming. It's an alternative. It's out there today. And it's, it's pretty good. You can sit around and, and try to poke as many holes as you want into it. But once they've figured out, I think the affordability perspective, then it's on us to help educate our consumers and bring them over.
所以你知道，在这种速度下，任何东西成倍增长，你都得注意了。这种情况不会永远持续下去。但是人们该如何适应新的做事方式呢？因为他们看到他们的朋友、邻居经历了这一切。所以这是即将到来的事实。这是个选择。它就在眼前。而且，效果相当不错。你可以坐下来，尽力挑剔其中的不足。但一旦他们认识到负担得起的角度，我们就有责任教育我们的消费者，带领他们过来。
Now, again, my issue is just, you know, moving in moving too hard and too fast. You're going to leave some consumers behind. And I think some of the legacy manufacturers have been criticized of maybe, of maybe following that line, Mercedes Ford, you have to, you have to be careful.
现在，我的问题再次出现了，就是在推动发展时过于困难和过于快速。这样会使一部分消费者落在后面。我认为一些传统制造商在这方面可能受到了批评，比如梅赛德斯奔驰和福特，你们必须小心谨慎。
Do you think dealership profitability has peaked? Or do you think we have more room to run? How do you think about this as you're growing your stores here, you know, you're making acquisitions?
你认为经销店的盈利能力已达到顶峰了吗？还是你认为我们还有更多发展空间？在你开设新店、进行收购时，你对此怎么看？
Well, we're, if you're asking, we're same store growth animals. So, you know, we really do focus a lot on, you know, are we growing our throughput? Are we growing our fixed operations, measuring our capacity? How can we do more? How can that particular operation do more? So Morgan's not done growing. We're never done growing.
嗯，如果你问的话，我们是同样以增长为目标的商店。所以，你知道，我们确实非常注重增长我们的产能吗？我们的固定运营是否增长？我们如何做得更多？特定的运营有哪些可以做得更多？所以摩根还没有停止增长。我们永远都不会停止增长。
Has have dealership values peaked from? Yeah, I mean, look, in people in latter 21, 22, they got lucky. They didn't win because they were good. You know, they won because, you know, supply was constrained.
汽车代理商的价值达到了巅峰吗？是的，我的意思是，在21、22年光景里的人们很幸运。他们之所以成功，并不是因为他们很优秀，而是因为供应不足。
Yeah. You know, I had a GM, I had a GM tell me earlier this year and he was right. He was, you know, we used to run around the showroom and joke, you know, dial for dollars, you know, make that the cold call engagement with our customer base and make it happen. He goes, the customer's been the one dialing for dollars the last two years and it's true, right? You have this hypersensitive environment to MSRP plus pricing, all, all predicated upon supply constraint.
是的。你知道，我以前有一个总经理，他告诉过我，他是对的。我们曾经在展厅里跑来跑去，开玩笑，进行电话销售，与我们的客户群进行冷呼叫互动，让销售成为现实。他说，过去两年里，顾客已经开始进行电话销售了，这是真的，对吗？你会发现，现在市场上非常敏感，遵循着建立在供应限制基础上的建议零售价。
Now, I do think in kind of the post COVID test the world that we live in a real world of winners and losers from a brand perspective. I may be more conscious of that recently. That's just my opinion. There's there are going to be winners and losers as a part of this, you know, this transformation, this move to E.B. There already is. There already are.
现在，在这个后COVID测试的世界中，我确实认为从品牌的角度来看，我们所生活的现实世界有赢家和输家。最近我可能更加意识到这一点。这只是我的观点。随着这个转变，这个转向电子商务，势必会有赢家和输家。实际上，已经有了一些赢家和输家存在。
You think are going to be the who do you think are going to be the biggest losers? I know the answer. I'm just trying to figure out whether I'm confident enough to just to say it right now.
你认为谁会是最大的失败者？我知道答案。我只是在努力弄清楚自己是否有足够的自信现在就说出来。
Let's say we're going to be the biggest winners. We're going to be the biggest winners. Well, I'll tell you some of the earlier winners in this has more to do with COVID than it does EVs. But Key and Hyundai have been great because they weren't as supply constrained as Toyota at Honda. And they've got really, really good product.
假设我们将成为最大的赢家。我们将成为最大的赢家。嗯，我告诉你，在这一点上，早期的赢家更多与COVID有关，而不是电动汽车。但是起亚和现代汽车非常出色，因为他们供应的限制没有丰田和本田那么严重。而且他们有非常好的产品。
You know, that tell you right, I can't think of a single vehicle in the legacy manufacturer landscape of the past five, six years that has remained as steadily hot as the key to tell you right. And I go everywhere and people want it and they're hard to get from my friends and family and we get as many as we can. And it's just a great, it's a great vehicle. They've done it.
你知道的，确切地说，过去五六年里，我想不出任何一辆车在传统制造商的市场中一直持续热销像确切地说这样。我去到任何地方，人们都想要它，但很难从我的朋友和家人那里得到，我们尽可能多地拿到它。这辆车非常棒，他们做到了。
I think it's a terrific. I've also noticed that people from like all kinds of different social classes buying that, which I think is interesting. Like, you know, I've just seen, you know, I've spoken to friends and, you know, kind of relatives and stuff, but you know, some people that are pretty wealthy buy telly rides. And then also, you know, your average kind of, you know, average person, you know, salary job, whatever. Like, I think it's very interesting how this kind of, I call it like the crossover SUV, how it's able to penetrate these different types of consumer segments.
我认为这太棒了。我也注意到不同社会阶层的人都在购买这个，我觉得很有意思。比如，我见过，你知道，我和朋友们交谈过，还有一些亲戚之类的，你知道，有些很富有的人也购买了跨界SUV。而且，你知道，一般薪水的人也购买了。我觉得这种跨界SUV能够渗透不同类型的消费群体，非常有趣。
Well, and yeah, and if you're building, is there a better compliment to give a manufactured motor vehicles than what you just did, right? It's a model that people want to see themselves in is aspirational in a sense, right? But it's also something let's face it. When there's an uncertainty in the marketplace, right? People, people tend to care less about the label on the front of their vehicle and what they're spending, right? And they'll play down into something as long as it represents a premium value. And that work premium just gets overused by all the manufacturers and it used to just drive me nuts because I was a bug dealer. I have to listen to that word every day. And I'm like, look, you're trying to play in this space between Cadillac and Chevrolet. And there's nobody in there's nobody who wants to play in that space, right? They want they want the best of the best somehow, you know, he has been able to do that. And when there is uncertainty in the marketplace, a lot of people start, I think they broaden their palate of what they'll consider from a brand perspective. And brand loyalty just seems to me that it's very volatile right now. It used to be that they weren't loyal to the dealership, but they were loyal to the brand. And I don't think that's true anymore. I don't think that's true at all. I think there's a lot of brand volatility. So it's I think we just live in fascinating time. I think you have no choice. I mean, if you need a certain car at a certain price point and you know, one manufacturer doesn't have it or it's too expensive, you're going to go elsewhere.
嗯，是的，如果你在购车，有什么更好的赞美可以给予制造汽车的呢，对吧？它是一款让人们想象自己驾驶的车型，具备一定的抱负感，对吧？但是也得面对现实。当市场不确定时，人们往往不太关心车前的标志以及他们的花费，只要它代表着优质的价值就行了。这个“优质”这个词被所有制造商过度使用，以前让我抓狂，因为我是一家销售大众品牌汽车的经销商，每天都得听这个词。我觉得你们正在尝试在凯迪拉克和雪佛兰之间的空间中发展，但其实没有人会去那个空间，是不会有人愿意去的，对吧？他们希望得到最优秀的产品，你们已经成功做到了这一点。当市场不确定时，很多人开始扩大他们对品牌的考虑范围。品牌忠诚度对我来说似乎非常不稳定。以前他们对经销店可能不忠诚，但对品牌忠诚。但我认为这已经不再成立了。我认为品牌的忠诚度非常动态。所以我认为我们现在生活在一个非常有意思的时代。我觉得你别无选择。如果你需要某种特定价位的车，但某个制造商没有，或者价格太高，你会选择别的品牌。
But do you think that Toyota's been losing market share? Now, we know that their demand is red hot. We know that there are still quote unquote supply constraints for whatever reasons, whenever it's happening there internally. Do you think that's long term going to be detrimental to Toyota? Or do you think that this is just them, whether you know, needing to work under manufacturing or realizing that the company can be just as profitable selling fewer units? How do you think about that?
你认为丰田是否一直在失去市场份额吗？我们现在知道，他们的需求非常旺盛。我们知道出于种种原因，无论是内部还是外部，他们的供应仍然存在所谓的限制。你认为这对丰田在长期内会产生不利影响吗？还是你认为他们只是需要在生产方面有所改进，或者意识到公司销售较少单位也能获得同样的利润？你对此有什么看法？
I've got a lot of confidence in Toyota. I just do, you know, they still offer products at price points that other brands don't. Certainly, if we could get more Toyotas, we'd sell more Toyotas, but the dealership, you know, the dealership body is kind of happy because it's stabilized margin, you know, from a certain perspective. So dealership profitability is still still very well. They make it a great car. You know, I think it's funny. We talked a little bit about kind of their mindset on EV. It sounds to me like in the background, whether it's hydrogen, whether it's solid state batteries and EV, they're not going to miss a step, right? They're just not. They're not going to let the world pass them by. They're just not. Not that they're too big to fail. They're just too smart not to win. And I've got they're too smart not to win. No, they're just they're too smart not to win. They're there. I think from a we used to say, you know, a lot of these manufacturers used to joke all the time, like Volkswagen, I can remember, oh, it'll be five years before Germany figures out that, you know, these window of loaders dropping these jettas or, you know, whatever the issue is, and I can remember Toyota my second year in the business, we've got our GMs going to field input meetings and that data is going back to Japan. I mean, brilliant, brilliant. They just they are so connected to the experience of what they do. I'm not worried about to it.
我对丰田有很大的信心。我就是这样认为的，你知道的，他们仍然以其他品牌不提供的价格销售产品。当然了，如果我们能得到更多的丰田车，我们就会销售更多的丰田车，但车行，你知道的，车行行业还是相当满意的，因为他们的利润保持稳定，从某种程度上来说。所以车行的盈利能力仍然非常好。他们造了一辆很棒的车。你知道吗，我觉得很有趣。我们稍微谈到了他们对电动汽车的心态。听起来，无论是氢燃料电池还是固态电池和电动汽车，他们都不会掉队，对吧？他们绝对不会让世界超过他们。他们不是太大而无法失败，他们只是太聪明了，不失必胜的机会。我觉得他们太聪明了，必胜无疑。不，他们只是太聪明了，必胜无疑。他们在这方面做得很好。我记得我们过去常常开玩笑地说，很多这些制造商就像大众汽车，我记得他们说，德国要花五年时间才能解决窗户下降的问题，或者解决捷达车的问题，或者其他问题，我记得丰田在我做生意的第二年，我们的总经理参加了业务调查会议，这些数据也回到了日本。真是太聪明了，太聪明了。他们非常关注他们所做事情的体验。我对丰田并不担心。
Do you have any Ford source? We do. We have four. What's your take? I know you mentioned Farley just a little bit. What's your take on this? Like the whole like direction, brand vision, kind of murmurs of like this intermediation or kind of these direct to consumer like what's your general thoughts on Ford?
你有Ford的任何消息来源吗？我们有。我们有四个。你的想法是什么？我知道你稍微提到了Farley。你对整个方向、品牌愿景，以及关于消除中间环节或直接向消费者销售方面的传闻有什么看法？你对福特有什么总体的想法？
I've never seen a manufacturer that unless they look unless they're just crushing it, right, unless people are just fighting, you know, hand over fist for the product. I've never seen a manufacturer create that much discontentment from a dealer body perspective and not have to come crawling back at some point.
我从来没有见过一家除非他们非常成功，否则不会看任何公司，对吧，除非人们为这个产品争先恐后。我从来没有见过一家制造商能引起如此多的经销商不满，而不得不在某个时候卑躬屈膝地回头求和。
Do you think it's a lost cause or do you think a change of leadership? No, no, no, no, and I understand a lot of what excites Farley. I think I understand, right? He's trying to, you know, limit production and delivery costs and really trying to create, you know, some efficiencies here and deliver a better experience with a consumer. His heart's in the right place.
你认为这是一个绝望的情况还是你认为需要换个领导？不，不，不，不，我理解Farley的许多激情。我想我理解了，对吧？他试图限制生产和运输成本，努力在这里创造一些效益，并给消费者带来更好的体验。他的心是对的。
I don't look, I don't sit on the the Ford dealer council, but, you know, to me, it seemed like he just could have gone about, you know, certain things differently to try to get there. And, and again, you know, I've talked to a lot of Tesla consumers, you know, that consumer experience has its pitfalls. It's not perfect. You know, I mean, people, if they're buying a new Tesla, they call me on the trade because a lot of the local Tesla stores either put an inferior number on that vehicle or they don't, they don't know what to do with the trade. That's not a great experience. They can't take care of the totality of what you're trying to accomplish.
我不是专家，也不在福特经销商委员会里，但是，在我看来，他似乎可以以不同的方式去尝试实现目标。再者，我跟很多特斯拉的消费者交流过，他们普遍认为消费者体验存在一些问题，不是完美的。比如，如果他们购买了一辆新特斯拉，他们会找我咨询交易问题，因为当地的特斯拉门店经常给出低估的价格，或者他们不知道如何处理交易。这并不是一个很好的体验。他们无法全面解决你想要完成的事情。
Yeah. Again, I can kind of see both sides of the issue, but he's, yeah, too strong, too much. And now I will kind of see maybe a little bit of walking back some of that. It definitely looks like, you know, little signals of contracting just a little bit. I think the product's good. You know, I do. My, you know, we finally were able to get a lightning from my brother-in-law. And I was, you know, I've driven one before, of course, but, I mean, I think that product's good. I think the execution on the product, and that shouldn't matter because I don't think every legacy manufacturer has built an EV that, yeah, that they're extremely proud of.
是的。再说一遍，我可以有点理解两方面的问题，但是他，是的，太强大了，太过分了。现在，我可能会看到一点点优柔寡断的迹象。它确实看起来，你知道的，有一点点收缩的信号。我认为这个产品很好。你知道的，我是这么认为的。我们终于能从我姐夫那里得到一个闪电车了。我之前当然也开过一辆，但是，我的意思是，我认为那个产品很好。我认为产品的执行很好，这是不应该重要的，因为我不认为每个传统厂商都建造了一辆他们非常自豪的电动汽车。
So before we wrap up, I mean, just on this note still with Ford, if you have a message for Jim Farley regarding what you just mentioned, what would it be? Start with what the consumer wants. Start with what a Ford customer wants. And then, and then move forward hand in hand with the dealer body on how to do a better job and take share. And I, again, I think it was the cart before the horse. I think anytime you're telling your consumer, I know what's best for you. And I don't think they were bought in on what's best for them. And there's a high look where every TV consumer wants differently than what's being done right now by Ford. I don't think the consumer is, you know, I don't, again, it's consumer appetite related to EVs. You know, I think hybrid drive trains, I think, yeah, I don't, I don't think every consumer wants to feel like an EV is being, you know, shoved down their throat. I just, I just don't.
在我们结束之前，我是说，就关于福特这一点，如果您对吉姆·法利有什么信息要传达，那会是什么呢？从消费者的需求开始。从福特的顾客需求开始。然后，与经销商共同努力改善工作并争取市场份额。我再次认为这是本末倒置。每当告诉消费者，我知道什么对您最好时，他们并未认同对他们最好的选择。而当前福特所做的与每个电视消费者所希望的有很大出入。我认为消费者对电动车的兴趣不高。我认为混合动力系统，也就是电动与传统燃油混合的方案，可能更受消费者欢迎，而不是强行灌输电动车观念。
And then again, trying to take from a retailing perspective, you know, a certain amount of that entrepreneurial spirit out of, you know, sucking that out of the dealership, they put or tried to put some real constraints. And we did some legislation here in Florida that we supported that kind of, you know, keeps that from affecting us, but really tried to bring the agency model here on the EV side. And I think that's a mistake. I think you meet that dealer that's out kicking his coverage and selling three times what he should in the market. There's a reason. He's treating his customers better. He's doing it at a fair price, right? And he understands the system to get the inventory. I don't think there's anything wrong with that. And he mess with that. Yeah. So that's where some of the dealer discontentment comes from.
然后再说，从零售的角度来看，他们试图从经销商那里提取一定程度的企业家精神，他们加入或试图加入了一些真正的限制。我们在佛罗里达州进行了一些我们支持的立法，以防止这对我们产生影响，但真的试图在电动车领域引入代理模式。我认为这是一个错误。我认为你会遇到一些销售业绩超出市场三倍的经销商。这是有原因的。他更好地对待他的客户。他以公平的价格做生意，对获取库存的系统了如指掌。我认为这样没有什么问题。却在妨碍。是的。这就是一些经销商不满的原因所在。
But I also think, you know, consumers when, you know, the leader of what they have in their driveway is just EV, EV, EV, EV, EV, EV, and trying to, you know, maybe be like an Elon Musk type type character or could be perceived that way. I think that's danger. I think that's there's some danger in that.
但我也认为，你知道的，当消费者看到停在自家车道上的车只是电动车，电动车，电动车，电动车，电动车，电动车时，并且试图成为像埃隆·马斯克这样的人物，或者可能被看作是那样的人物，我认为这是危险的。我认为这其中存在一些危险。
I want to shift topics for one second. One thing that we haven't touched on, which I think you've done very uniquely, is the way you've capitalized the company. I don't think, you know, many private car dealer groups bring in private equity. So I just found that very interesting. I would love if you could just tell us about that experience for you. I'm going to assume that was your first time ever raising capital as well when you brought private equity into the company. So could you kind of walk us through that?
我想转换一下话题。有一件我们还没有涉及到的事情，我认为你做得非常独特的是你对公司的资本化方式。我想并不多的私人汽车经销集团会引入私募股权。所以我觉得这非常有趣。如果你能告诉我们关于这次经历的一些情况，我会非常感激。我假设这也是你首次引入私募股权为公司融资。所以你是否可以向我们介绍一下这个过程？
Yeah, we, you know, we had more or less a traditional debts indication. You know, we were building that with multiple lenders. We started Bank of America, Sun Trust, very similar syndication. You're talking about earlier on in the Morgan, the Morgan of the Play Five. Yeah. From outset. From outset. Just how we, you know, who managed our debt? You were raising hand to buy dealerships and typically give us some more details like is this debt like fixed rates, floating grades. How does this work? Well, floating rates, but I mean, that's not exciting for people to hear about. No, but I just think I like that nitty gritty. So if you're typically, that's how typically you've funded these acquisitions. Yeah. Yeah.
是的，我们，你知道的，我们大致上有一个传统的债务指标。你知道的，我们与多个贷方一起建立了这个项目。我们从银行美国银行和Sun Trust开始，非常类似的担保合作。你在说摩根早期Play Five的情况。是的。从一开始就是这样。从一开始就是这样。你知道的，我们是如何管理我们的债务的？你刚刚举手要购买经销商，并通常给我们更多细节，比如这些债务是固定利率还是浮动利率。这是怎么回事？嗯，是浮动利率，但这对人们来说并不令人兴奋。不，我只是喜欢那些细枝末节的东西。所以你通常是这样资助这些收购项目的。是的。是的。
And I didn't know what a, you know, a rate swap was back then. So, you know, a lot of this wasn't necessarily in my purview. But we were, you know, you asked me earlier, I can tie two subjects together, you asked me about succession plan. Yeah. So dad and I had sat down and it really started to talk about what a succession plan works, which I think is hilarious because he's not, he's not going to retire. He never needs to retire. There was no, there's no part of the script as long as he's competent where anyone's pushing him out before he is that, he is that important to the fabric of our business. So, we kind of decided, look, maybe instead of a succession policy, we just go for it. Like we just, we just get back to really growing this business. And we had a friend of dads had called them and said, Hey, I want you to take a lunch with a guy named Eric Singer. And Eric's just a friend of mine out of Michigan. He's been in and around the industry. And he's kind of a, I don't know how to say it. He's kind of a freelance M&A guy or something. And we took this lunch and, you know, the friend of dads had been involved, had private equity involved in this business. And Eric wanted to introduce us to some friends of his at Blackstar. And that's, that's obviously a big name. And it's funny, I was looking, I looked it up last night. This was July 2nd, 2015. We had this lunch. And by the end of the year, Blackstone was doing due diligence on our business to get involved and support us with equity. And frankly, they, they just didn't have the bedside manner. They just didn't seem like art type of people, extremely intelligent folks, and great to have those relationships and kind of see a little bit under their curtain.
当时我不知道什么是利率互换，所以很多东西都不在我的视野范围内。但是你之前问我继任计划的事情，对啊。所以爸爸和我坐下来开始讨论继任计划是怎么工作的，我觉得这很滑稽，因为他不会退休。只要他还有竞争力，没有人会在他之前把他挤走，他对我们公司的发展非常重要。所以我们决定，也许不需要继任政策，我们只是继续发展这个业务。有一天爸爸的一个朋友打电话给他，说：“嘿，我想你和一个叫Eric Singer的家伙共进午餐。Eric只是我在密歇根的一个朋友，他在这个行业里活动过。他有点像自由职业的并购人员之类的。”我们就有了这次午餐，你知道，爸爸的朋友之前参与过这家公司的私募股权。Eric想要介绍我们认识他在Blackstar的一些朋友。那显然是个大名字。很有趣的是，我昨天晚上查了一下，这是2015年7月2日。我们在那天共进午餐。到了年底，Blackstone正在进行调查来投资我们的企业并给予我们支持。坦率地说，他们没有太好的沟通方式，感觉他们不是我们的类型，他们非常聪明，与这些人有好的关系并且能看到一些他们幕后的情况挺好的。
But we ended up doing business with a smaller house out of Wright, New York named Greenbrier Equity. And their traditional private equity, right? It's, it was an investment, gave us some dry powder to do some acquisitions. And, you know, and then they, you know, it's kind of five year fun life. And, you know, and it is what it is. Problem was we deploy all their capital, they gave us in like a year and a half. So it's like, okay, what do we do now?
但最终我们与位于纽约赖特的一家名为Greenbrier Equity的小型机构做了生意。他们是传统的私人股本公司，对吧？这是一笔投资，为我们提供了一些现金来进行一些收购。然后，你知道的，他们的基金寿命大约是五年。这就是实际情况。问题是我们在大约一年半的时间里使用了他们提供给我们的所有资金。所以，现在我们该怎么办呢？
Do we sit on our hands for, you know, three and a half years, you know, and just, and wait for the clock to expire? Do we, do we buy them out? And then just go back and start generating, you know, focus on our business and then just reinvest those earnings and acquisition at a later day. You know, what do, what do we do? And we did 19 acquisitions with Greenbrier. And we went out and kind of looking for somebody who could take out that investment and give us more capital to run. And that turned into kind of a unicorn in the capital space, guys named Redwood, Redwood Holdings, Redwood Capital, out of the Baltimore area, a guy by the name of Jim Davis, who was the founder of the largest staffing company in the United States, Allegia's with his cousin, Steve Biscotti, who's the owner of the Baltimore Ravens. And just need people. And it's a small house. And they're through cycle guys. They don't, they don't raise funds. They're not traditional. They're not really private equity. It's really kind of like a family equity office on steroids. And they've just brought a lot of value to our business.
我们要坐以待毙吗，你懂的，三年半的时间，只是等待时间耗尽吗？我们是买断他们吗？然后回去专注于我们的业务，然后再将收益重新投资在以后的某一天。你知道，我们该做什么？我们与Greenbrier共进行了19次收购。我们开始寻找能够买断这笔投资并为我们提供更多资本来运营的人。在巴尔的摩地区，有一个叫做Redwood Holdings、Redwood Capital的资本公司，他们成为了资本领域的独角兽，创始人是Jim Davis，他是美国最大的人才供应公司Allegis的创始人，与他的表亲Steve Biscotti一起，后者拥有巴尔的摩乌鸦队。他们只需要人才。他们是经验丰富的人。他们不筹款。他们不是传统的私募股权公司。实际上，他们像是一个高效版的家族股权办公室。他们为我们的业务带来了很多价值。
And we've done 35 acquisitions since 2019 with Redwood. We've been the second only. We've also raised capital through a bond race where the second only private auto retail group in the country to do that.
自2019年以来，我们与Redwood已经进行了35次收购。我们成为了仅次于第二名。我们还通过债券融资成功筹集了资金，成为全国仅有的第二家私人汽车零售集团这样做的公司。
How'd that work? I think at least at that time. Yeah, how'd that work? That was a real education for me. Because that's not, you know, I'm not an NBA guy. And we've reopened that, that bond twice. You know, so I think, you know, whatever the first bite of the apple might have been 700 billion and 300 billion that another two hundred or whatever it was. It's been, it's, you know, we've driven a lot of capital to that, through that bond offering.
那个是如何运作的？至少在那个时候。是的，那个是如何运作的？对我来说那是一次真正的教育。因为你知道的，我不是一个NBA的人。而且我们已经两次重新打开了那个联盟。你知道，所以我觉得，不管第一次的尝试可能是7000亿和3000亿，还有另外两百亿还是多少。我们已经通过那个债券发行吸引了大量资本。
But the Redwood guys are, you know, they're great in hot salt. As long as we run a good business, they're not, you know, they're not in playing, you know, armchair quarterback as far as operations. We talked to them all the time. And they were familiar with our space. They're also involved in the RV space. So they, they've got some understanding kind of the franchise retail world. And it's just been a great fit.
但是红木团队，你知道的，他们在热销方面做得很好。只要我们经营得好，他们并不以操作为目标，他们不是坐在起居室里对我们进行评论。我们经常与他们交流。他们对我们的领域也很熟悉。他们也参与了房车业务。因此，他们对特许零售业界有一定的了解。这是一个非常契合的合作。
And yeah, private equity, when we got involved with Greenbrier, it was very, I think Jordan capital was running around with, with Rick Ford in the Midwest, acquiring some things. So you'd go to any DA, you know, Allen would be having a symposium with, you know, any private equity is part of our business. And it took a while, I think, for the legacy manufacturers to get comfortable with private equity having any kind of equity hold on private dealership businesses.
是的，私募股权，当我们参与格林布莱尔时，我记得乔丹资本正在中西部地区与里克·福特一起进行一些收购活动。所以你会去找任何地方代理商，你知道，艾伦会举行一个研讨会，那里会有任何私募股权是我们业务的一部分。我认为，遗留制造商花了一段时间来适应私募股权对私人经销商业务的任何股权控制。
But really? Yeah, I actually, I mean, I think that like, given there's so many publics, I wouldn't think that that's like a thing. Yeah, I mean, I think, you know, the reality is they had some concerns. And I, and again, when you say private equity, I think you have to be careful because again, I wouldn't put the Redwood guys under that umbrella. But it was, it was quite an education. So to think that it seems like, I may be oversimplifying, but it seems like it feels like a bit more family office capital.
但是真的吗？是的，实际上，我是说，我认为，鉴于有很多公众，我不认为那是一个事情。是的，我是说，我认为，你知道，事实是他们有一些担忧。并且，当你说到私募股权时，我认为你必须小心，因为我不会把Redwood的人们归为其中一类。但这真的是一次很有教育意义的经历。所以，我认为这似乎更多是家族办公室的资本，我可能过于简化了，但感觉更像是家族办公室的资本。
Yeah, it is. And, you know, we, and we, but it turned us into a, you know, that lunch meeting, I was joking with Eric Singer last night, you know, that lunch meeting turned us into a completely different animal. And we restructured our executive team. And, you know, I became CEO, you know, Tom Lohr, our, our COO. I'm trying to think when he came, it would have been maybe a year after he came to the fold as our COO. Yeah, we had to do a lot of kind of preparation for the kind of growth that we, that we saw coming. And then we've been, you know, moving at a clip of about, you know, whatever it is, eight to 10 stores a year.
是的，没错。你知道的，我们，我们，但是这使我们变成了一个完全不同的生物，你知道的，那个午餐会让我们变成了完全不同的动物。然后我们重新组建了我们的执行团队。你知道的，我成了CEO，Tom Lohr成了我们的COO。我在想他是什么时候来的，可能是他来到我们公司后的一年。是的，我们必须做很多准备来应对我们预见到的增长。然后我们以每年八到十家店的速度前进。
How was your, how has your role changed throughout all this, right? Like, how is your day? How have your, you know, kind of focus and just general duties? How has that changed for you? Yeah, great, great question. You know, when you're, when you're doing 10 acquisitions, you know, annually, those become very time consuming. So you'll, I almost see like there are sometimes or periods of time where I have, you know, maybe two or three jobs. And then you throw in maybe a week where we're doing bond marketing, right? So it, you know, my life's gotten very fascinating in the sense that there's still the traditional operational role, right? Where we're talking about results, we're measuring, we're managing, we're communicating, you know, what's desired. And we're also trying to, you know, yeah, we're taking the temperature of what's going on in the market. And then we're also, you know, acquiring that's it. That's a, you know, a very time consuming thing from negotiating a deal, negotiating the specifics of a deal, and then kind of articulating how you're, how you're going to take that on. And we have an incredible, we've got two legal guys here, our general counsels, incredible, as far as, you know, handling all the manufacturer approval stuff.
你好，你在整个过程中的角色有何变化呢？比如，你一天过得如何？你的注意重点和一般职责有何变化呢？对，很好的问题。你知道，当你每年要做十个并购交易时，会很费时间。所以有时候我会感觉好像有两三份工作在同时进行。再加上还有一周要做债券营销。所以，我的生活变得非常有趣，因为现在除了传统的运营角色外，我们还在讨论结果、进行测量、管理和沟通目标，并且试图了解市场的动态。此外，我们还在进行兼并收购，这是一项非常耗时的任务，包括谈判交易、商议交易的具体细节，以及表达如何进行接手。我们这里有两位律师，他们的处理制造商批准事宜方面非常出色。
But yeah, our, you know, my life has changed considerably since that 2016 date, because it used to just be about, you know, acquired a store a year and how are you going to make our same stores better. So now it's, you know, it's a little bit more diverse. And we've got, and we've got more stores to pay attention to. So we've had to drive, I think, some efficiencies and think differently about how we do things, because, you know, time is the one asset you can't produce more of, no matter how much you'd like. And we just, we've got an incredible team. We say it every day. It's all people. It's all people. We've got three, we've got three laws that Morgan on a group.
是的，你懂的，自从2016年那个时候，我们的生活发生了很大的变化，因为过去我们只是每年收购一家店铺，思考如何让我们已经拥有的店铺变得更好。所以现在，你知道，我们的事务更加多元化了。我们还有更多的店铺需要关注。所以我们必须提高效率，并以不同的方式思考我们的做事方式，因为无论你想要多少，时间都是一种无法再生的资源。我们有一个了不起的团队。我们每天都这样说。这全靠人。全靠人。我们有三个法则，摩根都遵循。
Okay. One is that you, you know, you can't let a good person leave the company, right? If somebody's trying to leave, they've got talent, we want to hear about it, we want to talk about it. Number two is, you know, you can't go to bed at night knowing that you have a customer that's upset, hasn't been handled. And number three is it's all people, you know, so we have, we have great people and that's allowed us to facilitate this level.
好的。首先，你知道的，不能让一个好人离开公司，对吧？如果有人试图离开，他们有才能，我们希望得知，我们想讨论这个问题。第二，你不能在晚上上床睡觉时知道有个客户不满意，还没有解决。第三，这一切都是关于人，你知道的，所以我们有很棒的人才，这使得我们能够实现这个水平。
Tell me more about the people, right? Like first of all, I think those are good, just great core tenants. And it's so simple yet. So powerful, right? Like don't go to sleep if a customer is upset, right? Like I remember, you know, many nights of being on the phone with, you know, someone at 10 p.m. because just freaks you out. Like why? I don't want to get, you know, that one person, I'll tell other, you know, people about a so bad experience or whatever. But tell me about like, how do you find, you know, your best people? What is that process been like for you?
告诉我更多有关这些人的情况，对吧？首先，我认为这些都是很好的核心原则，非常了不起。而且它们是如此简单却又有力，对吧？比如，当顾客心情不好时，不要去睡觉，对吧？我记得有很多晚上，我都在和别人通电话，可能是晚上十点，因为这真的让人抓狂。为什么呢？我不想让那个人有一个非常糟糕的经历，然后告诉其他人，你懂的。但告诉我一下，你是如何找到最好的人才的？你的招聘过程是什么样的？
You know, and it's a mix. You know, now when I look around, we have executive team members that we brought from the outside, you know, we have a tremendous, you know, new HR kind of chief of people that came from one of the public companies. You know, we've got our head of financial services, kind of the guy who runs our F and ideal, you know, he came from a large private cap group. Our CFO was a receptionist in this business when she was 17 years old. She was a single mom at the age of 18. And we hired her as our first new hire controller in our first dealership, Toyota Tampa Bay. So she's gone from, you know, running a store that netted, you know, on a good month, a $100,000 to, you know, being the CFO of a nearly $9 billion revenue business, which is incredible.
你知道的，这是一种混合。你知道的，现在当我四处看看，我们拥有了一些从外部引进的执行团队成员，你知道的，我们有一位非常了不起的人力资源总监，她来自一家上市公司。你知道的，我们有一个金融服务部总监，负责管理我们的理财和理想团队，他来自一个大型私募股权集团。我们的首席财务官在17岁时曾是这家企业的前台接待员，18岁时成为了一位单身母亲。我们在我们的第一家店铺，Toyota Tampa Bay，招聘她作为首位新员工控制器。所以她从每个月净利润可达10万美元的店铺经营者，晋升为一个近90亿美元营收的企业的首席财务官，这太不可思议了。
What's that? I mean, what's that like that process seems, you know, crazy for someone like, you know, just coming back or to CFO? Like, what has that process been like for her? And she's had to change the way she lives. I mean, you know, she's had to hire people to do things that she enjoys doing. I would say her ability to grow has a large, a large amount to do with the fact that she's not really a traditional typical CFO. She understands every nook and cranny of the car business, you know, and it probably you have to ask her, but it probably hasn't always been easy.
那是什么？我的意思是，那个过程看起来有点疯狂，对于像她这样刚回来或者转任首席财务官的人来说，你懂的。那个过程对她来说是什么样的？她不得不改变自己的生活方式。我的意思是，你知道的，她不得不雇人做她喜欢的事情。我会说，她能够成长的能力与她并不是一个传统的典型首席财务官有很大关系。她了解汽车业务的每一个细节，你懂的，可能你得问问她，但那可能并不总是容易的。
Yeah, this wasn't, you know, when we hired her to commandeer, you know, at the single point toy at a store, you know, this wasn't in the offering, right? Hey, you're gonna, you know, you're gonna oversee, you know, hundreds of millions and, you know, bond raise this that it's, I think, been a good education for our COO. Tom Moore came through an acquisition, our third acquisition. He was an operator. He actually left us for a period of time. Ran his own store. He used to run a platform of stores. And, you know, over time, it was clear that whatever we gave Tom, he didn't lose anything. And it was, you know, strange. Sometimes people can go from a single, you know, point environment where they're a micro manager and you put him into a larger and they just don't know how to build the same levers that they did when they had a smaller focus of responsibility. And Tom's been someone who's been able to kind of grow with us.
是的，当我们雇佣她来指挥在商店中负责单个玩具的时候，并没有考虑到这一点，对吧？嘿，你会，你会监督数亿美元的筹款，这对我们的首席运营官来说是一次很好的教育机会。汤姆·摩尔是我们第三次收购中的一个。他曾是一名操作员，在一段时间内离开了我们，经营自己的商店。他过去经营过一系列店铺。随着时间的推移，很明显，无论我们给汤姆什么，他都不会失去任何东西。这有点奇怪。有时候，人们从一个微管理的单一环境转到一个更大的环境时，他们就不知道如何建立相同的杠杆，就像当他们只负责更小的责任时那样。汤姆是一个能够与我们一起成长的人。
Now we have an incredible team. And again, it's a mix of people that have come from the outside, Josh Luter, who's the head of our fixed operations. He was our first service director, Toyota Tampa.
现在我们拥有一支非常棒的团队。而且，这是由来自外部的人员组成的混合团队。其中包括乔什·卢特，他是我们固定运营的负责人。他曾是我们第一位服务总监，也是丰田坦帕的一员。
You know, what I'm seeing and what I think about this business is that, especially if we're on the independent side, you know, non franchise, it seems like while there may be very minimal or no barriers to entry to becoming a dealer, the real barrier to entry is the people because it's, like you said, especially you're running a very decentralized business. These people are not compensated, you know, when they're compensated because of their good looks, right? It's because they're bringing value at the end of the day.
你知道，我对这个行业的看法是，特别是在我们是独立的、非特许经营的一方面，似乎成为一名经销商的门槛非常低，甚至没有门槛，但真正的进入门槛却是人，因为就像你所说的，尤其是在经营一个非常分散的业务时，这些人得到报酬不是因为他们的外貌好看，而是因为他们在一天结束时给企业带来了价值。
And so it seems like everything you're saying, it's very, very non traditional, which is, you know, I guess it's every business, but it's neat to hear it from you because, you know, you've sort of been in the game for so long that you've picked up these gems along the way. And so you've assembled these team of superstars that you just can't do overnight, right? Like, it's not like you just came out of nowhere. And within 12 months, you know, you've assembled a team. I mean, it takes time.
所以看起来你说的一切都非常非传统，这是每个企业都会遇到的，但是从你这里听到这些真的很不错，因为你已经在游戏中这么久了，一路上你已经掌握了一些珍贵的经验。所以你组建了这些超级明星的团队，这不是一夜之间可以做到的，对吧？不是像你突然冒出来，然后在12个月内组建了一个团队。我是说，这需要时间。
And I think it's, it's incredible. We, we spend six hours a week just interviewing folks, even when we don't have positions available, just making relationships, how to understand the talent set. Yeah, work.
我认为这太不可思议了。我们每周要花六个小时来面试人，即使我们没有职位可供招聘，只是为了建立关系，了解人才的能力。是的，工作。
Look, if we hire somebody from the outside to run a Morgan store, we're going to miss three times three X more with with somebody from the outside than somebody we grow internally. But I promise you back in 16, when we went from acquiring one store to acquiring six or eight a year, we had to start leaning in from the outside because we out kicked our coverage on our bench. Now we look, we've got a talent bench where so it's, you know, it's like spinning plates, right? We're developing our talent internally, but we're also kind of, you know, consistently opening up those lives communication and making relationships with really great people in our business that that frankly, frankly, we think we have a differentiated, we have something to offer them to the others don't. So we work really hard on our people. It's very time consuming and it's, but it's everything.
听着，如果我们雇佣外部人来管理摩根商店，那么相比我们内部培养的人，我们会错过三倍的机会。但是我向你保证，在2016年，当我们每年从一个店铺扩展到六个或八个店铺时，我们不得不开始从外部寻找人才，因为我们在人才储备方面超出了预期。现在我们看，我们有了一个才华悉数的储备，就像旋转盘一样。我们内部培养人才，同时也在与我们业务中真正优秀的人建立交流，并与他们建立关系，我们相信我们在某种程度上有特色，有一些其他公司所没有的东西可以提供给他们。所以我们在人才方面非常努力。虽然非常耗时间，但却是关键。
What do you think about independent stores? You know, I know you guys had independent stores. I think you divested. I mean, is that a space that you mentioned used cars all time, right? But will you get back into sole independent stores? I don't know. I don't think so. Now granted, you know, one of those two experiences was a bad location and we were like the fourth to fail there. So I don't know if we had some delusions of grandeur or what.
你对独立店有什么看法？你知道，我知道你们以前有独立店。我想你们已经撤资了。我的意思是，你们以前有提到过二手车的销售吧？但你们会再次进入独立店的领域吗？我不知道。我觉得不会。当然，其中一次经历是因为位置选择不当，我们是第四家失败的店铺。所以我不知道我们是否有些不切实际的幻想。
You know, that's, that's hard because I feel like, you know, the typical retail landscape calls you a successor failure based on a 30 day period of business. And I feel like in the independent, like, you know, right now our used car business is not great. It's just, it's, you know, we're running more percent margins. It's, you know, it's, it can only get better, but it's been a really tough to navigate. And I think you'll see, you know, the quarterly earnings reports, a lot of publics probably haven't had a unique experience from what we've had. But the independent space, man, it's hard. So I would say first and foremost, you really need to look at how you judge your success on a longer period of time. I'm not saying a monthly financial statements worthless. I'm just saying, you know, when you're carrying 200 used cars and the books dropped a percent to half. And, you know, you had your best manager was on a vacation into Heaney for two weeks. And you've got your record, you know, I mean, look at, I mean, look at Carvana, you're in the commodity business. They were ramping up at maybe the worst possible time ever, right, running right into COVID. And I mean, you're, you're kind of a commodity straight. And you don't have that offset. You can, you can have some offset, but you don't have that offset that the traditional, you know, manufactured dealerships at, you know, I think if there's one thing I could tell your listeners, it's that if you look at our revenue, 17% of our revenue is accounted from fixed operations and F&I, right? So service parts, body shop, F&I, only 17% of the dollars we generate comes from those worlds. It's 60% of our gross profit contribution.
你知道的，这很难，因为我觉得，你知道的，典型的零售行业在业务30天内将你称为成功或失败。而在独立的领域，我们的二手车业务并不好。我们的利润率越来越低，它只能变得更好，但是导航起来真的很艰难。我认为，你会发现，许多上市公司可能没有经历过我们所经历的独特经历。但是，独立领域真的很困难。所以，我首先要说的是，你真的需要考虑如何在更长的时间段内评估自己的成功。我不是说每月的财务报表毫无价值。我只是说，当你有200辆二手车，但是销售额下降了一半时。你最好的经理度假两周时间。你还有你的销售纪录，你看看，你知道Carvana，你处于商品业务。他们选择在可能是最糟糕的时机进行扩张，直接面对COVID疫情。而你是一个纯粹的商品买卖。你没有传统制造商经销商的抵销因素。我认为，如果有一件事我可以告诉你的听众，那就是，如果你看看我们的收入，我们的17％收入来自固定运营和F＆I（金融与保险）部门。也就是服务部分、零配件、车身维修和金融保险，但它却占据了我们60％的毛利润贡献。
60% of your profit contribution is from fixed operations, yet on a top line and F&I. Yeah. But from a top line, it's only 17%.
你盈利贡献的60%是来自固定运营，而在整体收入以及金融与保险方面，仅占17%。
Yeah. So the bottom line here, and I think it's the right way to look at it is that, you know, margins are just much better on service on F&I. And margins are much worse on use car, you know, to use car sales themselves, parts and stuff like that.
是的。所以这里的底线是，我认为这是正确的看法，即客户服务和金融保险服务的利润率要高得多。而二手车销售本身、零部件等的利润率要低得多。
It's your insurance policy. You know, we say that all the time. And because our founder and, our co-founder and chairman spent his past life understanding the value of that non-worancy customer, we tend to do that better than most. And that's, that's a huge part of our insurance policy.
这是你的保险政策。你知道，我们经常这样说。因为我们的创始人、联合创始人兼董事长在过去的经历中深知非担保客户的价值，所以我们相对其他公司更善于处理这一点。这是我们保险政策的重要组成部分。
There's a lot of things you can't control that factor into new and used car sales, right? dealership values, consumer sentiment, interest rates, right? And in those things can confound you in a very quick matter of time. If they affect your consumers, they affect you.
有很多事情你无法控制，它们会影响新车和二手车销售，对吧？汽车经销商的价值、消费者情绪和利率都是如此，对吧？而这些因素可以在很短的时间内使你困惑不已。如果它们影响了你的消费者，就会影响到你。
And what, you know, what's wild to me is when I got into this business, you know, average cost to sale and use car was benchmarked at 15 grand. And it was 18 grand. And it was 22 grand. You know, I just told you what our use car margins are. But I think our average, you know, cost of our excuse to average retail transaction price and use cars, like $33,000 last quarter. It's incredible how it's risen.
而且你知道的，对我来说最让人吃惊的是，当我进入这个行业的时候，二手车的平均销售成本被标定为15,000美元。然后变成了18,000美元。再后来是22,000美元。你知道，我刚刚告诉过你我们的二手车利润率。但我认为我们平均的二手车成本，也就是上季度的平均零售交易价格，达到了33,000美元。这种涨幅实在是让人难以置信。
And it's pinching up, you know, the consumers, it's pinching the consumer. And it's coming down just tiny. I think it's down like 4% year over year or something like that, maybe even less. Yeah. But we're still so, you know, we so underproduced last couple of years. It's, you know, it's hard to, it's hard to imagine it coming down meaningfully, like, you know, double, double digits or an accelerated timeframe. So agree. And you think that would be good for dealers, but it's still, it's still a challenge.
而且它正在捏住，你知道的，消费者，它在捏住消费者。而且它只下降了一点点。我认为去年下降了大约4%或者更少。是的。但我们在过去几年里生产得太少了。你知道的，很难想象它会有明显下降，比如双位数或加速的时间框架。所以赞同。你可能会认为这对经销商来说是好事，但这仍然是一个挑战。
My friend, I think we covered, I think we covered a lot. And this was amazing. And I really appreciate you sharing everything and also just getting a chance and opportunity to document your story. I think I'm not sure how much you've told that story. You know, it's just getting into the business growing from tires plus to the dealership business. But just, you know, really incredible journey you guys have been on. And you know, really happy that you came on.
朋友啊，我觉得我们谈论的内容很多，这真是太棒了。我非常感激你分享一切，也很高兴有机会记录你的故事。我不确定你是否已经讲了很多次这个故事，从轮胎加盟店发展到经销商业务的历程。但是你们经历的旅程真的很不可思议。我很高兴你能来参加。
And I want to ask, you know, where can people learn more about you and Morgan Arbery? I'm pretty visible. I'm, you know, I'm on Instagram, I'm on Twitter. Excuse me, ex. Brett AM, Brett AM. So Brett Ashley Morgan Brett AM TPA, which is Tampa. Morganautogroup.com. Yeah, there's, you know, I'm around. And I love, I love engaging, you know, with, with industry folks and consumers alike. So, you know, reach out. There it is.
我想问一下，你知道人们可以在哪里了解更多关于你和摩根·阿伯里吗？我相当有公开度。我在Instagram上，也在Twitter上。对不起，是Brett AM，Brett AM。所以是Brett Ashley Morgan Brett AM TPA，也是坦帕。还有Morganautogroup.com。是的，你知道，我经常在场。我喜欢和业界人士和消费者一起互动。所以，你知道，可以联系我。就是这样。
Really enjoying it. Brett, thanks for coming on my brother. All right. Take care. Thank you. Barque. All right. Hope you enjoyed that episode. Please give the podcast a rating. Consider subscribing to the show and check the show notes for links to what we talked about. Thanks for tuning in. I'll see you guys next time.
真的很喜欢。布雷特，谢谢你来参加我的节目。好的，保重。谢谢你。拜拜。好的，希望你喜欢这一期。请给这个播客评分。考虑订阅节目，并请在节目注释中查看我们谈论的链接。感谢你的收听。我们下次见。