Can Hyundai Challenge Toyota? | Car Dealership Guy Podcast

We left millions of dollars on the table. Can Hyundai rise up to challenge Toyota? This Florida car dealer is making big bets on the Hyundai brand and the future of the Korean automaker. Today on the car dealership Guy podcast, I'm speaking with Andrew DeFeo, managing partner of Hyundai of St. Augustine. Don't forget to click subscribe so you never miss an episode. Before we get into the show, this episode is brought to you by the AutoHauler Exchange. AutoHauler Exchange is changing how vehicle shippers and carriers can connect and work together. Now, if you need to ship a car, you can work with carriers all over the country directly. And if you transport cars, you don't have to look through brokerage boards to find good, fair jobs anymore. By eliminating the middleman, all shipments on AutoHauler Exchange come directly from the owner of the vehicle being shipped with carriers receiving real shipment opportunities at direct pricing. AutoHauler Exchange helps shippers and carriers work together easily and clearly adding transparency and making better partnerships. Get off the AutoHauler and Rollercoaster by getting on the AutoHauler Exchange. To learn more, visit autohaulerexchange.com or click the link in the show notes below.

我们放弃了数百万美元的机会。现代能否挑战丰田？这家佛罗里达汽车经销商对现代品牌和韩国汽车制造商的未来做出了重大赌注。今天，在汽车经销商Guy的播客节目中，我与圣奥古斯丁现代汽车的管理合伙人安德鲁·德菲奥进行交谈。别忘了点击订阅，这样您就不会错过任何一集。在我们开始节目之前，本集由AutoHauler Exchange赞助。AutoHauler Exchange正在改变车辆托运商和运输公司之间的联系和合作方式。现在，如果您需要运送汽车，您可以直接与全国各地的承运人合作。如果您运输汽车，您不再需要通过经纪人板块来寻找好的工作。通过消除中间商，所有在AutoHauler Exchange上的货物都直接来自被运送车辆的所有者，承运人可以按照直接价格获得真实的运输机会。AutoHauler Exchange帮助托运商和承运人轻松清晰地合作，增加透明度，建立更好的伙伴关系。让车辆托运和过山车停下来，加入AutoHauler Exchange。要了解更多信息，请访问autohaulerexchange.com或单击下方的节目说明中的链接。

Andrew DeFeo on the CDG podcast. Andrew, welcome. Yes, thank you so much for having me. It's great to see you. A huge CDG fan and really love what you and your team are doing. It's awesome. My man, good to finally have you on. We're over here in good old Philly coming off an earthquake from this morning. So it's been quite a fun morning. Yeah, I hope everything's no joke. Hopefully it was just an earthquake and nothing else. Yeah, I can only imagine all the couples yelling at the husband or the wife or whatever, like, hey, what's going on with the washing machine shaking the whole house? That's the first thing that I thought about. I'm like, what is going on? So that's been a fun morning.

安德鲁·德菲奥在CDG播客上。 安德鲁，欢迎。是的，非常感谢你邀请我。很高兴见到你。我是CDG的铁粉，真的很喜欢你和你的团队所做的事情。太棒了。老兄，很高兴终于能邀请到你。我们在费城这边刚经历了今天早上的地震。所以这个早上相当有趣。是啊，我希望一切都没事。希望只是地震，没有其他问题。是啊，我只能想象到所有的夫妻在争吵，像，嘿，洗衣机发生什么了，把整座房子都震动了？这是我想到的第一件事。我就在想到底是怎么回事？所以这个早上相当有趣。

Andrew, I'm really excited for this conversation. I think you just having dug into some of your accomplishments, what you've worked on as a dealer principle, found it fascinating your investment in actual physical property and the future of the showroom, which I think in many cases, some people will say, is there a future for the showroom? Will people be buying mostly online? You especially are extremely active in the tech space. So when I'm thinking about this at night, I'm thinking about the podcast next day, and I'm saying, okay, like hell of a juxtaposition here, because you are like arguably one of the most tech forward dealer principles I know in terms of actually, like, you know, you do venture and you do a lot of things like that in just a tech space. And you've also invested some of the most out of many dealers I know in your physical dealership. And so anyways, that's my that's my spiel to kick it off and kind of the juxtaposition or what went through my head as I was prepping for this episode. So we'll get into that. It's going to be super interesting. And it really cares what you're going to say. And before we get started, can you tell us a little bit about your background?

安德鲁，我对这次对话真的很兴奋。我觉得你刚才深入了解了一些你的成就，你作为一个车商的原则所做的工作，发现了你对实际物业的投资，以及展厅的未来，我认为在许多情况下，一些人会说，展厅还有未来吗？人们会主要在线购买吗？你在科技领域特别活跃。所以当我晚上思考这个问题时，我在想着第二天的播客，我说，好吧，这里有一个非常强烈的对比，因为你可以说是我所知道的最前卫的一位车商原则，实际上，你知道，你在科技领域做了许多事情，你也是我所认识的许多车商中投资最多的人之一在你的实体经销店。总之，这就是我开场白，以及我准备这一集时脑海中所闪现的对比或想法。所以我们将深入讨论这个问题。这将会非常有趣。而且我真的很在乎你要说什么。在我们开始之前，你能告诉我们一点关于你的背景吗？

Sure, you see, so some dealers in this business have what's called a PhD. Papa has dealership. I actually have a GHD grandpa had dealership. And so my grandfather, his family was a baker. And he back in the 40s started to just kind of jockey used cars, had enough money to buy one sell that one profits to buy two sell two. And sure enough, in the late 40s, early 50s, he was awarded a Wiley's Jeep franchise, Jersey City, New Jersey that turned into a Chrysler franchise. And the rest is history. You are I mean, your third generation. And you're doing some pretty great things, which I think is, you know, did you ever see that stat? It's like most family wealth is lost after like, I forget, was like three or four generations. Have you ever seen that? Yes. Yeah. Well aware of that. I have the generation that sure me, my brother, my cousin, should have ruined the business by now, but we're still kicking. What was it like growing up with a dad and a grandfather into business?

当然，你知道，行业里有一些经销商拥有所谓的博士学位。爸爸有一家销售店。我实际上有一家GHD（祖父）有销售店。所以我祖父，他的家族是面包师。在40年代，他开始做旧车贸易，有足够的钱买一辆车卖出去赚钱再买两辆卖出。确实，在40年代末50年代初，他获得了一家Wiley’s Jeep特许经营权，位于新泽西州泽西城，后来拓展成为一家克莱斯勒特许经销商。其余的故事就是历史。你是，我是说，你是第三代。你现在做了一些很棒的事情，我认为，你知道，你有没有看过那个统计数据？就像大多数家族财富在三代或四代后就会消失一样。你有见过吗？有的，是的。我很清楚。按照那个统计数据，我和我哥哥，以及表兄弟姊妹，应该已经毁掉了这家企业，但我们仍然在坚持。在父亲和祖父都从事企业的情况下长大是什么感觉？

Sure. So we basically had gasoline in our blood. In the state of New Jersey, there's something called blue laws where you weren't allowed to open on Sundays. So that's when we saw our father. And but during the week, they were from open to close. They grew the business pretty big in the 70s and 80s between my grandfather, father and uncle with a primary owners of Costa to about 35 dealerships across Connecticut, New Jersey, New York and luckily, Florida, we'll get into that later.

当然。所以基本上我们的血液里有汽油。在新泽西州有一种叫做蓝法的东西，周日是不允许营业的。所以那时候我们才见到我们的父亲。但是在一周的其他时间，他们一直开到关门结束。在70年代和80年代，通过我祖父、父亲和叔叔作为主要所有者，他们使得这家企业在康涅狄克州、新泽西州、纽约和幸运的佛罗里达成长到了大约35家经销商。稍后我们会深入讨论佛罗里达。

But in the in the late 80s, recession hit, they were spread a little thin. My grandfather was a very trusting individual, almost to a fault. And a couple of operators took advantage of that. And they got into some, financial concerns in the late 80s, but luckily, a private company called MCO came along that wanted to be car dealers, but didn't want to own the land, which turned out to be really good for the family long term and bought a significant portion of those dealerships. That group eventually became United Auto Group, which eventually became Penske Automotive Group.

但在80年代后期，经济衰退来袭，他们变得有点困难。我祖父是一个非常信任他人的人，几乎到了过分的程度。有几个经营者利用了这一点。他们在80年代后期遇到了一些财务问题，但幸运的是，一家名为MCO的私人公司出现了，他们想成为汽车经销商，但不想拥有土地，这对家族长远来说非常有利，并购买了这些经销商的大部分股份。该集团最终成为了联合汽车集团，最终成为了彭斯克汽车集团。

And my uncle, Sam Defeo, was president of them up until 2006. And after retirement, my father and uncle are still involved in the business. And as our I've got a lot of family members and where we retain some of the dealerships in that transaction, we've picked up some open points here and there. Haven't made too many major acquisitions, but right now the group stands at about 15 stores across Connecticut, New Jersey, Florida. And I got the easy part in the family. I'm down here in lovely Florida.

我的叔叔山姆·德菲奥是他们的总裁，直到2006年。退休后，我的父亲和叔叔仍然参与业务。因为家庭成员众多，在那次交易中，我们保留了一些经销店，并在此过程中获取了一些门店。虽然没有进行太多重大收购，但目前集团在康涅狄格州、新泽西州和佛罗里达州有大约15家门店。我在家族中得到了轻松的部分，现在我在美丽的佛罗里达州。

Give us an overview of the group today, like just sales, service, what are you doing per year, units, and how many cars are you servicing that give us an overview? Sure. So the group itself, like I said, is 15 rooftops. The primary brands that we represent are Hyundai and Kia. We have six Hyundai three Kia. We still have a Cadillac store, a Chevy store, a Subaru dealership, Volkswagen, and two Chrysler Dodge D brand stores. The way the group is set up is that the DeFeo family or the majority owners, but in each of the businesses, we have an operating partner. Sometimes that operating partner is a family member, such as myself.

今天给我们简单介绍一下整个集团，比如销售情况，服务情况，每年做多少业务，单位数量，以及我们正在维修多少辆车，给我们一个总体概述？当然。集团本身，就像我说的，有15家门店。我们代理的主要品牌是现代和起亚。我们有六家现代店，三家起亚店。我们还有一家凯迪拉克专卖店，一家雪佛兰专卖店，一家斯巴鲁经销店，一家大众经销店，以及两家克莱斯勒道奇品牌店。集团的运作方式是DeFeo家族或者其他股东占有大多数股份，但在每家企业中，我们都有一个运营合伙人。有时这个合作伙伴是家庭成员，比如我自己。

I have a brother that's in the business with me down in Florida. I still have two cousins in the business, as well as a brother-in-law, and then another cousin that operates and oversees the real estate portfolio. Before the show, as Hyundai is, I bleed Hyundai blue, so that's my main focus. I took a look last year. The six Hyundai stores retail just over 8,000 units, which represented about 1.1% of Hyundai's total national sales out of the 845 Hyundai dealers that were there. Here in Florida, the store that I'm most tied to is the one in St. Augustine. We've retailed just about 1,250 new Hyundai's, only 600 used. That's a big area of opportunity for us.

我在佛罗里达有一个和我一起做生意的兄弟。我们公司中还有两个堂兄弟，一个姐夫，以及另外一个表兄弟负责管理和监督房地产组合。在展会之前，我就像是为现代公司工作一样，我的主要关注点就是现代汽车。去年我看了一眼，我们公司的六家现代汽车店铺销售了超过8,000辆车。这占到了现代汽车全国总销量的1.1%，共有845家现代汽车经销商。在佛罗里达，我最关注的店铺是在圣奥古斯丁。我们店铺销售了大约1,250辆新现代汽车，只有600辆二手车。这是我们的一个巨大增长机会。

Now that we've moved into our new facility, our plans are much greater, long-term, probably closer. I think we've got 2,400 new and about 1,200 used in us on the footprint that we have here. Other locations, one location is similar in size, another one is about half the size of us, and then our Volkswagen stores about 80 to 100 new and used car a month down the street from us. Okay, so I want to dig into that. What do you think about, give us the background on your store, your new store. Again, I just found it fascinating that the size of this investment, which I'd like for you to break down for us, but I want to know, if you can just give us the background and why you decided to make this investment in this really nice new store and a new part of town.

现在我们已经搬入了新设施，我们的计划更加宏大、长期，可能更接近。我觉得我们在这里有2400辆新车和约1200辆二手车的需求。其他地点，一个地方和我们的规模相当，另一个地方大约是我们的一半大小，然后我们的大众汽车店每个月有80到100辆新车和二手车在我们附近的街道上销售。好的，我想深入探讨一下。请您给我们介绍一下你们店铺的背景，你们的新店。再次，我发现这项投资的规模令人着迷，我想请您为我们详细解释一下，但我想知道，如果您能简单介绍一下背景，以及为何决定在这个非常不错的新地点进行这项投资。

Sure, so Hyundai itself has been in our family since 1986. Up in Jersey City, New Jersey, we were one of the first Hyundai dealers in the United States. We've seen tremendous growth with the Hyundai brand, especially over the last decade, but there's been some ups and downs, just like any brand out there. We were, had the honor of being awarded an open point for Hyundai in Florida. We already had two Hyundai dealerships. We were awarded an open point in Florida, typically with open points. You don't get to pick where you go, you just, if you get it, you say where and thank you. So it happened to be St. Augustine, Florida, so we moved into an old Honda facility that was building a new facility across the street in 2008. Back then, Hyundai was retailing 400,000 vehicles a year, and that facility really served its purpose. I'm sure you remember back in 2008, 2009, that was the great financial crisis. So I had two old lessons in life. I started in retail with the Mitsubishi franchise. We built a sales facility for that and was able to make the Mitsubishi store work. And then I also was able to navigate through the great financial crisis. So I had a couple of really good trials by fire to make it in this business. And I would say the old location, at about 2013, 2014, we really started feeling pain points around our capacity. We were only about three and a half acres. The service department only had eight service bays. We were only able to fit two cars on the showroom. Florida is a little different. You don't need huge showrooms because it doesn't snow that much so people can still go outside and see the cars. But we were really feeling the pain points. We looked at some land around 2016, 2017, but that land would have been protestable by the Florida franchise laws by other Hyundai dealers. So we passed on that. And right before the pandemic started, the local Toyota dealership, big, big Toyota operation, very well run, had purchased 20 acres by the freeway, by the old flea market. That really wasn't a destination at all. It was just vacant land. And I called up my uncle, who is one of our operating partners. And I said, Sam, I said, the Toyota dealership is moving up to the freeway. I think it's time with the Hyundai's kind of push for their new facility design and their facility program. I think it's time for us to make the move. So we were able, if we were fortunate enough to get eight acres. And this was during the pandemic. And we can talk about the pandemic.

当然，现如今现代自1986年以来一直在我们家族中存在。在新泽西州泽西城，我们是美国最早的现代汽车经销商之一。我们看到了现代品牌的巨大增长，尤其是过去的十年里，但就像任何品牌一样，也经历了一些起伏。我们很荣幸被授予了佛罗里达州的一个现代汽车销售点。我们已经拥有两家现代汽车经销店。我们被授予了佛罗里达州的销售点，通常来说，您无法选择去哪里，如果被授予了，只能说谢谢并去开店。所以我们选择了佛罗里达州的圣奥古斯丁，我们搬进了一个在2008年对面新建厂房的旧本田设施。当时，现代汽车的年销量达到了40万辆，那个设施发挥了它的作用。我相信您还记得2008年、2009年那场大规模金融危机。我在零售业有两条宝贵的经验。我从事零售时是三菱特许经营商。我们建立了一家销售设施，能够使三菱商店运转。然后我也顺利度过了那场大规模金融危机。我经历了一些真正的试炼，才能在这个行业中立足。我想说，在大约2013年、2014年左右，我们真正开始感受到了容量方面的问题。我们只有大约三个半亩地，服务部只有八个维修车间。展厅只能容纳两辆车。佛罗里达州的情况有点不同，你不需要很大的展厅，因为那里下雪不多，人们仍然可以在外面看车。但我们真的感受到了问题。大约在2016年、2017年左右，我们看了一些土地，但根据佛罗里达州特许经销商法的规定，其他现代经销商可能会提出反对。所以我们放弃了那个机会。就在疫情爆发之前，本地的丰田经销店，一个非常大的、经营非常好的丰田经营机构，购买了距离高速公路不远的20亩地，旧跳蚤市场附近。那个地方实际上并不是一个目的地，只是空地。我打电话给我的叔叔，他是我们的一位经营合作伙伴之一。我说：山姆，我说：丰田经销商要搬到高速公路边，考虑到现代汽车提出的新设施设计和设施计划，我认为现在是我们搬迁的时候了。所以我们很幸运地获得了八亩地。而且这都是在疫情期间。我们可以谈谈这场疫情。

But in March of 2020, we didn't know if we were going to be in business. If the government was going to shut us down, and they actually did shut some of the dealerships down across the country, including some of the family stores in New Jersey and Connecticut, luckily in Florida, the great state of Florida, our governor kind of pushed through. And it turned out to be a great thing for everyone. And so we closed on the property late December 2020. And the construction, we finalized construction in September 2023. We opened in December 2023.

但是在2020年3月，我们不知道我们是否能够继续经营。如果政府要关闭我们，他们实际上关闭了全国一些经销商，包括新泽西州和康涅狄格州的一些家庭店铺，幸运的是在佛罗里达州，伟大的佛罗里达州，我们的州长有所推动。结果对每个人来说都是件好事。因此，我们在2020年12月底完成了购买该物业。建设工程于2023年9月完成。我们在2023年12月开业。

Wait, so I, but I want to understand, right? How big was this investment in terms of dollars? So total investment by the time we put the last phone on the desk and the last computer, service and everything, probably $16, $17 million. It was a sizable investment. Pre COVID, that would have been closer. We think to about $11 or $12 million. So COVID, the inflation that took place there between material and labor really pushed the price up.

等一下，所以我想要弄清楚，对吧？这个投资在美元方面有多大？到我们把最后一部手机和最后一台电脑放在桌子上，以及所有服务和一切的时候，可能约1600万到1700万美元。这是一个相当大的投资。在COVID疫情爆发之前，这个数字可能会更接近1100万或1200万美元。因此COVID疫情期间，材料和人工成本之间的通货膨胀真正推高了价格。

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这一集由我的专属汽车交易员 Guy 所赞助，他所代表的行业求职网站 CDG jobs.com 为了将最优秀的人才与汽车行业最佳公司连接在一起，将始终免费提供给CDG听众来发布和填补公司中的空缺职位。这个免费求职网站面向汽车供应商、经销商、放贷者、制造商、汽车技术等人群，已经有超过一百家公司发布了开放职位，包括 Lithium Motors、Recurrent Credit Acceptance、Vero's Credit、Cars Commerce、Shift Digital Plug、Full Path、Westlake Trade Pending等等，你懂的。最棒的部分是，当这些公司通过 CDG jobs.com 进行招聘时，他们正在雇佣市场上最了解情况的候选人。所以不要犹豫，你可以立即通过访问 CDG jobs.com 或点击下方节目注释中的链接添加您的空缺职位。就是 CDG jobs.com。

And so if I'm a dealer listening to this, considering making an investment, what was the thought process that went into making this investment into such a great new facility? I think from two angles. One, I'm curious to know from economic angle, how did you know what factors went in, payback period. I mean, whatever you can share, two, from just a practical customer experience angle, right? Believing that the future is of auto retail still involves the showroom. However, that evolves, that is still the destination. So can you dig into both of those points?

所以如果我是一个商家，正在考虑投资，听到这个消息，我会怎么考虑投资到这么一个优秀的新设施中呢？我认为从两个角度来看。第一，我很想了解从经济角度来说，是如何确定投资因素、回报周期的。我是说，你能分享的任何信息；第二，从实际客户体验的角度来看，对吧？相信未来汽车零售仍然包括展厅。无论它如何演变，那仍然是目的地。那么你可以探讨一下这两个点吗？

Sure. So from an economic perspective, we reside in St. John's County. Florida is one of the faster growing states in the country, especially during COVID. There was a pretty decent size movement from the tri-state area. Much like Texas got a lot of California residents. Florida got a lot of New York, New Jersey, Connecticut residents. And our county is one of the faster growing counties in the state of Florida. And a lot of that growth was happening in the northern part of the county versus we were kind of in the central part. We were also probably about five miles off, directly off of the freeway. So if you drive by 95 in Florida, there's a lot of auto malls. And St. Augustine really didn't have one. The exit to the north of us had a couple of dealers, including one of the largest four dealers in the country. And so we saw their success. And we said there's definitely reason for us to be by the freeway, especially when one of the larger Toyota dealerships in northern Florida is going to be there.

当然。从经济的角度来看，我们居住在圣约翰县。佛罗里达是美国增长最快的州之一，尤其是在COVID期间。来自三州地区有相当大规模的迁徙。就像德克萨斯州吸引了很多加利福尼亚居民一样，佛罗里达也吸引了许多来自纽约、新泽西和康涅狄格州的居民。我们所在的县是佛罗里达州增长最快的县之一。很多增长都发生在县的北部，而我们处于中部位置。我们离高速公路直线大约五英里。如果你开车经过佛罗里达的I-95，会看到很多汽车商城。圣奥古斯丁实际上并没有一个。我们北面的出口有几家经销商，包括全国最大的福特经销商之一。我们看到他们的成功，我们意识到在高速公路旁边是有意义的，尤其是北佛罗里达最大的丰田经销商将要入驻那里。

In hindsight, if we were the only dealership moving, I don't know if we would have done that because Hyundai is a great brand. I don't know if they're a destination brand just yet. Toyota is a destination brand. It draws just a tremendous amount of traffic. And so the fact that we're right next to it, and now there's going to be a Mazda dealership right behind us, there is safety in numbers. And we kind of all complement each other. As far as our products, there'll be a lot of cross shopping. But the population in St. John's County is growing enough that there'll be opportunities for everyone.

回想起来，如果我们是唯一一家搬迁的经销商，我不确定我们会这样做，因为现代是一个很棒的品牌。我不确定他们已经是一个目的地品牌。丰田是一个目的地品牌。它吸引了大量的客流量。所以我们就在它旁边，现在我们后面将会有一家马自达经销商，这就是人多势众。我们彼此之间都有很好的互补。就我们的产品而言，肯定会有很多交叉购物。但圣约翰县的人口正在增长，对每个人来说都会有机会。

Anything

任何事情

you can share on the actual economic side specifically, like numbers wise, right? When you made that type of investment, what was going through her head, and how did you think about payback period? Sure. So the land itself, St. John's County, still even for people to live here, it's relatively affordable. So the land itself backed when we negotiated it was in 2020 for eight acres. It was a little over 400,000 an acre. There's parts in South Florida where there's probably 10 to 20 plus million dollar an acre for land.

你可以具体分享一下实际经济方面的情况，比如数字方面的数据，对吗？当你进行这种投资时，她是如何考虑的，你又如何考虑回本周期呢？当然。圣约翰斯县的土地本身，即使是为了居住，价格相对较为实惠。当我们谈判时，2020年这块土地是8英亩，每英亩的价格略高于40万美元。在南佛罗里达，土地的价格可能是1000万至2千万美元一英亩。

So the land was relatively reasonably priced. Hyundai's facility program, the facility itself is gorgeous. But what came with that was the materials are a little bit pricier. So that definitely pushed the cost of the building up. But we're getting rave reviews from our customers. And it really improved the morale of our employees. And now we feel that we have a facility that is in line with the quality of the Hyundai vehicles that Hyundai vehicles have been definitely over the last several years or design has really upped their game. Like I said, the cost was definitely, I mean, again, I picked the worst time to open up a dealership in 2008 before the great financial crisis.

因此，土地相对价格合理。现代汽车的设施计划，设施本身非常漂亮。但随之而来的是材料有点贵。这肯定推高了建筑的成本。但我们得到了顾客们的热烈好评。这确实提高了我们员工的士气。现在我们觉得我们有了一个符合现代汽车质量水平的设施，现代汽车在过去几年中，他们的设计确实有所提高。就像我说的，成本肯定是一个问题，我是在最糟糕的时候，2008年在大金融危机之前开设了一家经销店。

And I picked the worst time to build a dealership during COVID with inflation through the roof. But as far as payback period goes, luckily profits. Again, I don't think anybody in this business would have thought in their wildest dreams the amount of profitability that was made during the business during COVID. And we were one of the only dealers in our area that didn't charge over MSRP. We can talk about why a little bit later about my philosophy towards business.

我选错了最糟糕的时机，在COVID期间建立经销商，通胀严重。但就回报期而言，利润幸运地很高。再次，我认为在这个行业没有人会想到在COVID期间经营的利润额如此之高。而且我们是我们地区少数没有高于建议零售价的经销商之一。关于我对经营理念的看法，我们可以稍后再谈。

But we still were very, very profitable. We could have been wildly more profitable if we took advantage of that supply and demand mismatch. But so profits were good. We put all of that back into the business. And we borrowed some money from our lender that we've had a long standing relationship for as far as payback period. It's probably going to be depending on how you look at it three to five years, the behind the scenes man, but three to five years, I think we're uncomfortable and saying publicly. Yeah, so look, when we when I think about that, right, three to five years, you make this big improvement in the facility.

但我们仍然非常非常有盈利。如果我们利用了供求不平衡，我们本可以赚得更多。但是利润还是不错的。我们把所有这些利润都投入到了生意中。而且我们从我们长期合作的贷款人那里借了一些钱，还款期大概会是三到五年，这取决于你如何看待这个幕后人，但三到五年，我认为我们会感到不舒服并公开说出来。是的，所以当我们考虑三到五年的时候，你会注意到我们对设施进行了大幅改善。

A couple of things come to mind. First of all, does the manufacturer give you any preferential treatment? Any other ancillary benefits now that you're getting out of this? We know that it's better for customer experience. But what else behind the scenes is benefiting you from being in a facility like this now? Sure. So Hyundai, most manufacturers at some point in their life will have a facility support program. Sometimes it's not necessarily published, but this one was a published program called the Hyundai Accelerate program where they wanted to get a upgrade their dealer body, their 840 dealers. And it was a it was a favorable program. I wouldn't say that was there's been some manufacturers where it was almost like a 50 50 partnership.

一些想法浮现在脑海中。首先，制造商是否给予您任何优惠待遇？在您退出时有任何其他附加好处吗？我们知道这对客户体验更好。但现在，在这种设施中，您还从其他方面受益吗？当然。现在现代汽车，大多数汽车制造商在某个阶段会有设施支持计划。有时候这种计划可能没有公布，但这个计划是一个公布的计划，名为现代汽车加速计划，他们想要升级他们的840家经销商。这是一个有利的计划。我不会说这是一种几乎是50-50的合作关系的制造商。

This one, depending on how many cars you retail in your new facility, it could be 20 to 30% of the facility cost coming back to you. But again, that's pre tax. So that that money is taxed. So it's closer to 15 to 25% payback. Interesting. And how do you actually get that payback from the manufacturer? So that is in monthly payments to your parts statement. Now, there is and it's for only a period of time that was set for that program has since ended to be able to participate in it. But for the dealers that did qualify for it, we have about two years left on that program, which again is motivation for us to sell more cars because we earn more to pay back for the facility.

这个取决于您在新设施中零售多少汽车，可能会有20%到30%的设施成本返还给您。但再次强调，这是税前的。所以这笔钱是要交税的。因此实际返还的可能更接近15%到25%。有趣。那您实际是如何从制造商那里得到这笔返还的呢？这是以月付款的形式显示在您的零部件账单上的。现在，这是一项只为参与者设定的一段时间的计划，该计划已经结束。但对于符合条件的经销商，我们还有大约两年的时间可以按照该计划获得回报，这再次激励我们销售更多汽车，因为我们通过支付设施费用赚更多钱。

There was additional inventory support, which was helpful. Probably would have been more helpful if we opened during COVID when inventory was really tight. But it's definitely been helpful in growing our business. Our March sales were and we're just getting started. We were up 45% in new vehicle volume. We just missed our all time record, which was set actually 12 years ago. But we'll probably get it in April or May and then never look back. Interesting. 12 years. What happened 12 years ago that you think led to our record that long ago? Sure.

有额外的库存支持，这对我们很有帮助。如果在COVID期间开业，当时库存非常紧张，这可能会更有帮助。但这肯定有助于我们的业务增长。我们三月的销售很好，而且我们才刚刚起步。我们的新车销售量增加了45%。我们只差一点就创下了我们12年前确立的历史记录。但我们可能会在四月或五月达到这个记录，然后永远不再回头。有趣。12年。你认为12年前发生了什么事导致我们创下那么久以前的记录？当然。

So during 2011 and 2012, there was a tsunami in Japan that caused significant inventory shortages for Honda, Toyota and Nissan. Hyundai also at the time had a new design called Fluidic Sculpture in their sedans with the Sonata and Elantra. This was before the SUV craze. So those two things combined really lifted Hyundai up. They really put Hyundai on the map. Hyundai was on the cover of Fortune Magazine and it was a great time. In December of 2012, we sold 144 new cars in our old facility. It's been a while since we've gotten even close to that.

在2011年和2012年期间，日本遭受了一场海啸，给本田、丰田和日产造成了重大的库存短缺。与此同时，现代汽车在轿车领域推出了名为“流体雕塑”的新设计，包括索纳塔和伊兰特拉。这是在SUV热潮之前。这两件事的结合真正推动了现代汽车的发展。他们真正将现代汽车推上了舞台。现代汽车出现在《财富》杂志的封面上，那是一个美好的时期。2012年12月，我们在旧设施销售了144辆新车。从那以后很久了，我们都没有再接近过这个数字。

Then, unfortunately for Hyundai, they were too sedan heavy when the shift to SUV happened. So while the industry was going 60, 70% SUV, Hyundai was still closer to 50, 60% sedan in their pipeline. But that's definitely been adjusted and we are now in a comfortable 70% SUV, about 25, 30% sedan. Why didn't you charge markups or why didn't you take advantage of the supply, demand and balance? So I am not in the car business. I am in the relationship business. And I don't necessarily focus on one single transaction, whether it be in my sales or service department. I want to create a relationship with somebody and then nurture that relationship over time with them, their family members, their friends, their neighbors, their social media contacts. And while in the short term, there was a lot of money left on the table.

然后，不幸的是对于现代来说，当SUV成为主流时他们的轿车产品线过重。因此，就在整个行业转向SUV约占60%，70%时，现代汽车仍然更靠近50%，60%的轿车产品线。但这种情况已经得到调整，现在我们舒适地占据70%的SUV市场，大约25%，30%为轿车。你为什么不加价或者为什么不利用供需平衡来获利？所以我不是从事汽车行业，我是在做人际关系生意。我并不单纯关注一次交易，无论是在销售部门还是服务部门。我想和客户建立关系，然后随着时间的推移培养这段关系，与他们、他们的家庭成员、朋友、邻居和社交媒体联系人保持联系。尽管短期内留下了很多钱没有赚取，但我更注重长期发展。

We had people flying in from California to buy palisades because you could go on Reddit and see people talking about, you got to go to Hyundai of St. Augustine because they're not charging over MSRP for palisades. When some dealers were charging 10, 15, $20,000 over and look, there are many different ways to run their business. And I have all the utmost respect for everyone that was doing this. But I just felt long term it was in the best interest of our business. And for my employees, that we didn't take advantage of that supply, demand, mismatch equation. So I want to take the others out of the equation here. So intentionally. I want to think of every listener to this podcast right now, and I want to think what is going through their head. So a couple of things. First of all, I am a dealer and I'm telling you, oh, well, Andrew, that customer from California, he's just using you. He's not going to be a customer for life. So why go out of your way to offer them the long end of the stick when anyways, we're not a local customer, there is no relationship there to be had. How do you respond to that?

我们有人从加利福尼亚飞过来购买帕拉塞德，因为你可以在Reddit上看到人们谈论，你必须去圣奥古斯丁的现代汽车（Hyundai of St. Augustine），因为他们不会以高于建议零售价销售帕拉塞德。当一些经销商要价高出10、15、20,000美元，看，经营业务有许多不同的方式。我对所有在做这件事情的人都表示最高的尊重。但我认为从长远来看，对我们的业务和我的员工来说，最好的是不利用供需不匹配的方程式。所以我想把其他因素排除在外。故意的。我想起此时此刻播客的每位听众，我想知道他们在想什么。所以一些事情。首先，我是一家经销商，我告诉你，哦，安德鲁，那个来自加利福尼亚的客户，他只是利用你。他不会成为终身客户。那么为什么要费力地为他们提供长期的好处，毕竟，我们不是本地客户，没有关系可言。你如何回应这个？

Sure. So a great point before the internet existed, if somebody had a good or bad experience, they would say, hey, I'm going to tell my neighbor, I'm going to tell my coworkers, well, okay, that's 10, 20, 30 people, that's great. In a matter of five minutes, somebody can tell a potential, you know, billion users, billions of users on the internet about their experience. And like I said, like the power of forms like Reddit, if you search for Hyundai of St. Augustine, you can see us multiple times in there. And you know, did it again, we left millions of dollars on the table. But how much we're talking about, how many millions, how many millions were left on a table? That's what I want to know. Let's see.

当然。在互联网出现之前，如果有人有好的或不好的体验，他们会说，嘿，我要告诉我的邻居，我要告诉我的同事，嗯，好吧，那就是10、20、30个人，那很好。在五分钟内，某人可以告诉潜在的10亿用户，互联网上的数十亿用户，关于他们的体验。就像我说的，像Reddit这样的论坛的力量，如果你搜索圣奥古斯丁的现代汽车，你可以看到我们在那里多次出现。我们又一次放弃了几百万美元。但我们究竟在谈论多少百万美元在谈论多少百万美元被搁置在一边吗？这就是我想知道的。让我们看看。

So I don't do the math because I kind of, you know, but but I would say, I would say it's it's it's in the neighborhood just for Hyundai, St. Augustine, I would say easily, $68 million. Wow. Yeah. Wow. You left $68 million on the table. Yep. Over the over the three year period. Yeah. Yeah. And I believe it. I mean, it makes total sense. How, I mean, how did Hyundai feel about it? I mean, clearly, I'm sure they're ecstatic. It's great for their brand. But did they ever say anything? I mean, did they ever, like, was there any conversation about that? Not not us specifically. I think every manufacturer came out and and suggested to the dealers, like, we'd really prefer you to not do this. This is kind of a short moment in time. And there is going to be repercussions from it in the future. We're already starting to see that now. We're trying, customers from other dealerships are trying to trade their vehicles in from all brands. And we're seeing significant negative equity that we just, you know, in some cases, we can help them out. But in other cases, it's much like if you bought a house at the top of the market, I hope you like that house because you're going to be in it for a long time.

所以我不做这种数学计算，因为我有点，你懂的，但我想说，我想说，对于Hyundai，圣奥古斯丁来说，这个数字大概在6千8百万美元左右。哇。是啊。哇。你就放弃了六千八百万美元。是的。在这三年的时间里。是的。我相信。我觉得完全有道理。那么，Hyundai是怎么想的？我想他们一定很高兴。这对他们的品牌来说是个好消息。但他们有没有表态？他们有没有说些什么？没有，至少不是直接针对我们。我觉得每个制造商都出来告诉经销商，他们宁愿你不这样做。这只是一个短暂的时刻。未来会有后果。现在我们开始看到了。顾客从其他经销商那里试图交易他们的车辆，无论品牌。我们看到了相当大的负债，有时我们可以帮助他们。但在某些情况下，这就像你在市场高点买房一样，希望你喜欢那栋房子，因为你会长时间留在那里。

I think the other thing that I can imagine dealer would think right now is, well, when the supply demand imbalance was in your favor, you didn't take advantage. But now, when the supply demand and balance is falling out of your favor, the market will force your hand. And you will take advantage by lowering your price, bring it on rebates. So how do you respond to that? Right? Because if we are thinking here, like super objectively, and it's like, if it's all about supply and demand, then MSRP is just an arbitrary, fictitious number. And at every given point in time, there is a fair market price for a vehicle, whether it's higher than this arbitrary number or lower. So a customer is not going to pay you more now, right? When the vehicle is selling for below MSRP, how do you reconcile that? That's a good question. And I think, again, it goes back to our reputation. That's what I'm here for, Andrew. That's what I'm here for. Yeah. And I think we've earned enough goodwill over the years, because, and we can talk about not just during COVID, but just not charging markups, like they call them addendums in this business, or adding on what I feel are unnecessarily adds to $500,000, $2,000 pinstripes. We've gained a lot of business because we don't do that.

我认为另一件我能想到的车商现在可能会想到的事情是，当供需失衡对您有利时，您没有利用机会。但是现在，当供需失衡不再对您有利时，市场将迫使您降低价格，提供折扣。那么您对此如何回应呢？因为如果我们以超级客观的方式思考，就好像一切都取决于供需，那么厂方建议零售价只是一个武断、虚构的数字。在任何时候，车辆都有一个公平市场价格，无论是高于这个武断数字还是低于它。那么现在客户不会再支付更多了，对吧？当车辆售价低于建议零售价时，您如何调和这一点呢？这是一个很好的问题。我认为，这又回到了我们的声誉。这就是我在这里的原因，安德鲁。这就是我在这里的原因。是的。我认为多年来我们已经赢得了足够的信誉，因为我们在这个行业不向客户收取额外费用，他们称之为附加费，或者增加我认为是不必要的东西，比如500美元、2000美元的挂条。因为我们不做这些事情，我们赢得了很多生意。

And I think customers, at the end of the day, we need to make a fair profit. And I think customers are willing to pay us a fair profit because they hear from their friends that we are so transparent and upfront in our process that we didn't take advantage of that situation, that we don't have markup stickers on our vehicles. And sometimes we've heard feedback from customers to say, I bought from you, I paid more for the vehicle because of the experience that I got from you versus the time it would have taken me to save an extra $500 from somebody else, or the other vehicle might have been able to sell me the vehicle for less, but they required me to finance with them, and then buy their family package and things like that. So I think of the long term, again, many different ways to run this business. But we run a pretty profitable business. I think I also want to make sure my employees know my team members know that I would never ask them to do something where they are not proud to go out to dinner with the logo on their shirt.

我认为客户，归根结底，我们需要获得公平的利润。我认为客户愿意支付公平的利润给我们，因为他们从朋友那里听说我们的过程是如此透明和前程无忧，我们没有在车辆上贴上标价符号，也没有利用这种情况。有时候我们听到客户的反馈说，我从你们这里购买，我为车辆付了更多的钱是因为我得到了你们的服务体验，这要比我从别人那里再省下500美元的时间更值得，或者其他人可能能以更低的价格卖给我车辆，但他们要求我和他们融资，还要购买他们的家庭套餐等等。 因此，我认为从长远来看，开展这个业务有许多不同的方式。但我们经营得相当有利可图。我也想确保我的员工知道我的团队成员知道，我绝不会要求他们做一些让他们不自豪地穿着公司标志外出吃饭的事情。

We can wear this anywhere. I mean, it was funny, I was at a you know, I don't eat it often, but I was at an ice cream shop the other day. And the person behind the thing gave me a little extra scoop because he said, I love Hyundai have said Augustine, and I said, I really appreciate that. And it turned out that he was in school to be a technician, and I said, we're looking for technicians and he applied, and I think we might be able to give him an apprentice job. And when he graduates, he might be working here. So again, that's what it means to me that we're proud to wear our logo around town. People know that we're a good billy to do business with. And it's not just the single transaction. It's a long term relationship with the brand with the Hyundai brand and really with our people. And we're trying to really get our people to understand that they are the brand. They want to do buy from that person, service with that person. It's not just about Hyundai. It's not just about Hyundai, they've seen Augustine. It's really about them, the frontline employees.

我们可以随身携带这个。我的意思是，那天我在一个冰淇淋店，这很有趣。那个人递给我多一小勺，因为他说：“我喜欢Hyundai说圣奥古斯丁，”我说：“我非常感激。”结果他正在学校学技术，我说：“我们正在招聘技术员，你可以申请。”我觉得我们可能可以给他一份实习工作。他毕业后，可能会在这里工作。所以，这对我来说意味着我们可以自豪地在城里展示我们的标志。人们知道我们是一个值得做生意的好地方。这不只是一个单一的交易，而是与Hyundai品牌和我们的员工建立长期关系。我们正努力让员工明白，他们就是品牌。人们想要从这个人那里购买、接受服务。这不仅仅关于Hyundai，也不仅仅关于Hyundai说圣奥古斯丁。事实上，它真正关乎的是那些一线员工。

So with full intellectual honesty, was it worth it in hindsight? Yes, 100%. I mean, you're a living case study. Like you are a literally a living case study. What do you think was it? Like you said, the reasons you mentioned is there anything else missing before we move on to the next topic, right? Like any kind of any takeaways now if you could go back to 2020 or. So a lot of employees in this business, you know, much let's take the stock market. There were a lot of people during COVID that thought they thought they were the next Warren Buffett or Bill Ackman. Everything they bought stocks just go up, right? Stonks.

那么，坦诚地讲，在回顾过去后，这样做值得吗？是的，百分之百值得。我的意思是，你就是一个活生生的案例研究。就像你是一个活生生的案例研究一样。你觉得呢？就像你说的，你提到的原因有没有其他遗漏的地方在我们转移到下一个话题之前呢？现在有什么收获吗，如果你能回到2020年或者。在这个行业里有很多员工，你知道，比如股市。在COVID期间，有很多人认为他们是下一个沃伦·巴菲特或比尔·阿克曼。他们认为买的股票一定会涨，对吗？涨到天上去。

Same thing of the car business. There were a lot of people. There are great people in this business. But every it was autopilot. Let's be honest that during COVID that the car business was on autopilot, a lot of money was made. Pay plans weren't changed. So you had salespeople, sales managers, general managers, dealers, making an excessive amount of money. And they had lifestyle creep, most of them. And now their pay is back to 2019 levels depending on the brand. It could even been before that. And they're saying, where was my COVID paycheck? And it's not there anymore. So now those businesses are losing that talent because those people are trying to go somewhere else to make that site to help with money.

车行业也是一样的情况。人手多了很多。这个行业有很多优秀的人。但每件事都是自动驾驶的。坦白说，在COVID期间，车行业基本是自动驾驶的状态，赚了很多钱。工资方案并没有改变。所以销售人员、销售经理、总经理、经销商都赚了很多钱。他们中的大多数都有生活方式上的提升。现在他们的工资根据品牌回到了2019年的水平，甚至更早。他们会说，我的COVID工资在哪里？现在没有了。所以现在这些企业正在失去那些人才，因为那些人正在尝试去其他地方赚钱。

And my question, my answer is, where are you going to make that type of money? I mean, okay, Toyota, Lexus made possibly. But so we didn't lose people because yes, our team made money just as we made more money as a business. But it wasn't to the excess that you saw at the other businesses. And now they're losing quality people. And we've actually even picked up a couple of them.

我的问题是，你打算去哪赚这种钱？我的意思是，好吧，丰田、雷克萨斯可能赚得到。但我们不会失去人才，因为是的，我们的团队赚钱了，就像我们的企业赚了更多钱一样。但我们并不像其他企业那样赚得过于夸张。现在他们正在失去优秀的人才。而我们甚至已经接手了一些他们。

So you mentioned other brands. I got to ask you, I mean, do you think there's a future where Hyundai challenges to Yoda? Like, do you think that's realistic? And when I say when I say challenge, I mean in market share, sure. So so so my answer right now is no, and it's not because I don't believe they can as a brand in terms of quality or brand image. I think it's because of production capacity right now. Now, over time, I know we've got the Metapplant opening up in Savannah, Georgia. That's going to be late this year that can produce about 300,000 up to long term 500,000 vehicles. I know right now it's slated for EV. But we're hoping it can produce some hybrids and some plug in hybrids. We might be able to dig into that a little deeper, dig into that a little deeper. What's happening behind the scenes here in Hyundai world, right?

你提到了其他品牌。我得问你，你认为现在有可能现代追赶丰田吗？你认为这是现实的吗？当我说追赶，我指的是市场份额。所以我的答案现在是不可能的，这并不是因为我不认为他们在质量或品牌形象方面不能做到。我认为是因为目前的生产能力。随着时间的推移，我知道我们在乔治亚州的Metapplant即将开业，预计将在今年晚些时候开始生产约30万台，长期可达到50万辆汽车。我知道现在它的主要产品是电动汽车。但我们希望它能生产一些混合动力车和插电混合动力车。我们可能能够深入了解一下，在现代世界里发生了什么事情。

Why did you just say that? Well, I, you know, I just read the headlines for any manufacturer. I mean, even just yesterday or the day before Ford announced that they're kind of scaling back their EV hopes and dreams for a three row crossover and some of their trucks, and they're focusing more on hybrids. I don't discount that EVs will play an important role in the framework of the United States. But I go back to my days at Toyota. They are one of the well, most well-run car companies, let alone companies. And they've been vocal that they think 30% is kind of the watermark in the United States.

你为什么刚才说那个？嗯，我，你知道，我只是看了一下任何制造商的头条。我是说，就在昨天或前天，福特宣布他们正在逐步缩减对三排座跨界车和一些卡车的电动车希望和梦想，而更加专注于混合动力车辆。我并不否认电动车在美国的框架中将扮演重要角色。但我回想起在丰田工作的日子。他们是最顶尖的汽车公司之一，更不用说其他公司了。他们公开表示，他们认为在美国，30%是一个关键点。

And while Hyundai is a bit more bullish on EVs, they're also spending a tremendous amount of money in hydrogen. They've got some fantastic hybrids and plug-in hybrids. So it's difficult to determine where the EV percentage is going to be in five years. If you say, well, where would it be in 50 years? Well, yeah, I mean, let's be, yeah, it's there's not going to be 60, 70%, 80% ice vehicles on the road in 50 years in any part of the world. But I don't think of my personal opinion is I don't think it's going to be all EV. I think there could be even a technology that we don't even know that exists. I mean, think of the people that were fighting DVD versus Blu-ray. Nobody knew that streaming was going to come around. And now it's made all of that obsolete.

尽管现代汽车对电动汽车抱有更乐观的态度，他们也在氢燃料领域投入了大量资金。他们拥有一些出色的混合动力车和插电混合动力车。因此，很难确定未来五年电动汽车的占比会有多大。如果你问，未来50年的情况会如何？嗯，我是说，任何地方在 50 年内都不会有60%，70%，甚至80% 的内燃机汽车在道路上行驶。但我认为，个人观点是未来也不会全部是电动汽车。我认为可能会出现一种我们甚至不知道存在的技术。想想 那些支持 DVD 和蓝光对战的人。没有人知道流媒体技术将会出现。现在流媒体技术已经使DVD和蓝光过时了。

So my concern is that we as a country, manufacturers, I really feel for manufacturers because they've got to spend tens of billions of dollars in CapEx for something where right now there's some manufacturers losing tens of thousands of dollars per EV that they sell. And at some point, the CFO is going to say, we need to stop making these. And sure enough, we're seeing that from General Motors and Ford and some other manufacturers. And then me as a dealer, I mean, part of that that our spend on our new facility was EV infrastructure. It cost me probably $500,000, $600,000 between all the chargers, additional conduit I have to have. And I'll be up front in the state of Florida.

因此，我关心的是作为一个国家，作为制造商，我真的为制造商感到难过，因为他们必须为一个需要巨额资本支出的项目花费数十亿美元。目前有一些制造商每销售一辆电动汽车就会损失数万美元。在某个时候，财务主管会说，我们需要停止生产这些车辆。果不其然，我们看到通用汽车、福特和其他一些制造商也在这样做。而对于作为经销商的我来说，我们在新设施上的支出中有一部分是用于电动汽车基础设施。我大概花费了50万到60万美元，包括所有的充电桩、附加的导管等。我将在佛罗里达州坦诚地说明这一情况。

EV sales are not robust at all. We are starting to see a little bit of uptick because the manufacturers helped out with significant incentives. I mean, we're like, when you can lease an EV for under $100 a month with a few thousand dollars down, you're going to sell. It doesn't matter what it's powered by. You're going to sell that vehicle. And that's kind of where we are right now with that. So going back to the meta plan, it is going to be a world class facility. And I hope that they have a plan B in the near term to at least build hybrids and plug-in hybrids and TVs because our consumer base in a lot of parts in the United States are really looking for the hybrid and that plug-in hybrid option.

电动汽车销量并不强劲。我们开始看到一些小幅增长，因为制造商提供了重大的激励措施。我是说，当你可以每月不到100美元租赁一辆电动汽车，只需付几千美元的首付，你就会卖掉。无论是由什么方式驱动，你都会卖出这辆车。这就是我们目前所处的地步。因此，回到Meta计划，这将是一个世界级的设施。我希望他们至少在短期内有一个B计划，至少能生产混合动力车、插电式混合动力车和电动汽车，因为我们在美国的许多地区的消费者群体都非常渴望有混合动力车和插电式混合动力车的选择。

I want to shift to your store a little bit, like talk to us about your actual store profitability. Right. You did mention you have an opportunity in used. I'm curious, I'm curious about, you know, your split between new car profitability, service profitability, how it all funnels down to the bottom line. Can you shed some light on that? Sure. So, and again, a lot of opportunity in fixed-ups too. So last year was our last kind of full year in our old facility. Our service and parts profits were about 30% of our total net profit. We have increased our service capacity about two and a half times. So I definitely see our fixed operations business probably getting closer to 40. I really hope 50% of our net. And if it's 50% of the net, it's probably when we talk about the term absorption, how much your fixed operations kind of covers your expenses closer to 70 to 80%, which is pretty good for an import. Domestics are usually, you can get some domestic franchises that sometimes are over 100% fixed absorption because the warranty work is so much more on that. Keeping in mind.

我想稍微转移一下话题，谈谈关于你们实际店铺的盈利情况。没错，你提到过二手车方面的机会。我很好奇，很好奇你们在新车盈利和服务盈利之间的分割情况，以及这如何影响到最终利润。你能详细解释一下吗？当然。而且，固定运营方面也有很多机会。去年是我们在旧设施的最后一个完整年度。我们的服务和零部件利润约占我们总净利润的30%。我们已经将服务容量增加了大约两倍半。所以我确实认为我们的固定运营业务可能会接近40%。我真的希望能达到50%的净利润。如果它是净利润的50%，那么当我们谈论固定运营能力时，你的固定运营覆盖的开销可能会接近70%到80%，对于进口车来说这是相当不错的。国产车通常是，你可以找到一些国产车特许经营权，有时固定运营能力超过100%，因为保修工作在国产车上更为重要。请记住这一点。

Just understand, your absorption today is 70 to 80%. No, it's probably closer to 60 to 70% of my expenses. And then when you go to the bottom line closer to 30%, our new car business is about, I looked at the number this morning, was about 55% of our net profit. Actually, it's close to 60% and our used car made up the remainder of that. One of the reasons why the new car was so high is there's what they call below the line support programs that you don't aren't seen on, when you see invoice to MSRP, there's some, depending on if you have good customer satisfaction, you're using all the right tools that the manufacturer wants to use. There's some support programs. But again, we really see opportunity in pre-owned and fixed.

只要明白，你今天的吸收率是70到80%。不，实际上它可能更接近于我的开销的60到70%。然后当你看到底线更接近30%时，我们的新车业务大约占了，我今早查了一下数字，大约是我们净利润的55%。实际上，它接近60%，而我们的二手车占了剩下的部分。新车业务如此高的一个原因是有一些所谓的线下支持计划，当你看到票据到建议售价时，有一些，这取决于你是否拥有良好的客户满意度，是否使用了制造商想用的所有正确工具。有一些支持计划。但再一次说明，我们真的看到了二手车和维修的机会。

But on the pre-owned side, I kind of learned the ropes on the new car side of the business. I started at Toyota. I got into Mitsubishi then Hyundai, which kind of new car franchises for us. And I like the scoreboard of the new car rankings. My uncle constantly reminds me that, you can shoot for the move there, but let's get the used car number up. And there's some really successful new car franchises that are uber successful because they have that used car game. So last year, our new to use ratio, which is kind of a metric that we look at in the industry, was close to three new to everyone used sold. I think this year, I'd like to get a close sort of two to one. But I don't think we, and how they've seen August Steve, will be at that one to one ratio. I know some dealers that are for use to one new. It's that big of a swing there. Is that driven from what you're saying? Is that driven by simply fewer used or more new? It's probably companies from both really more new. Right now, we are not acquiring vehicles at auctions. It's really just we're trying to be super focused on driving our new car volume because we did get some additional support from the manufacturer. And from that new car volume, we're going to be very competitive at what at the curb of trading that vehicle in.

但在二手车这边，我有点儿是从新车那边学习业务的基本规则。我最初在丰田工作，然后转到了三菱和现代，这对我们来说是一种新的汽车特许经营权。我喜欢新车排名榜的竞争。我的叔叔经常提醒我，你可以努力追求那边的进步，但让我们把二手车的销量提升上来。有一些非常成功的新车特许经营权，他们因为拥有良好的二手车市场而获得了极大的成功。所以去年，我们的新旧比率，这在行业中是我们关注的一个指标，接近于三比一。我想今年，我希望接近于两比一。但我不认为我们，就像你所说的奥古斯特史蒂夫，会达到一比一的比率。我知道一些经销商的二手车销售量是新车销售量的两倍。这是一个巨大的差距。你所说的是由什么驱动的呢？是由简单地更少的二手车还是更多的新车？实际上，两者都有吧，更多的是新车。现在我们不在拍卖会上购买车辆。我们真的只是试图专注于推动新车销量，因为我们确实得到了制造商的额外支持。而通过这种新车销量，我们将在让那辆车换成新车时具有非常有竞争力。

It's it's difficult for us like so in the state of Florida, the number one used vehicle is the Ford F-150 followed by the Chevy Silverado. Then you go down the line, the Honda CRV, the Civic, the Camry, the RAV4. It is very difficult for us to go to an auction and buy an F-150 or a Chevy Silverado at a competitive price versus the Ford dealer on the street that can take that vehicle in and sell it at a fair price. Now, we do great with our with our hunting vehicles that we take in on trade. And we definitely love the Hyundai certified use vehicle program. But at this stage of the game, I'm not ready to go out to the auction to try to buy other people's leftovers. And there's usually a reason why a vehicle has is that an auction in this day and age with all the the internet marketing and Google that if a vehicle didn't sell somewhere other than maybe a convertible in Colorado versus in Florida or on vice versa, a four-wheel drive suburban in Miami versus being sold, there's usually something wrong with that vehicle at the auction. But again, I'm learning car business.

在佛罗里达州，象我们这样的人，很难购买到竞争性价格的二手车，排名第一的是福特F-150，其次是雪佛兰Silverado。然后是本田CRV、思域、凯美瑞、RAV4。对我们来说，在拍卖会上买一个F-150或Silverado，竞争性价格是非常困难的，因为街上的福特经销商可以把车卖给我们，以公平的价格。现在，我们在交易中购买汽车表现不错，而且我们确实喜欢现代认证的二手车计划。但在目前，我还不准备去拍卖会上购买别人的剩下的车辆。在如今这个时代，有互联网营销和谷歌，如果一个车辆在拍卖会上没有卖掉，除非可能是在科罗拉多州卖一个敞篷车，或者在佛罗里达州卖一个四驱郊区，通常意味着在拍卖会上有问题。但再一次，我正在学习汽车业务。

So let's recap that for a second. The profit breakdown, we're talking roughly 50, 55% new, 30, 35% service fixed ops parts, and then the remainder from used. Right. Second, secondly, you mentioned that your use is primarily off lease, non auction. Are you acquiring use in any other way? Are you buying off the street? We are in the process of creating a campaign around buying off the street and in our service lane. I'm a big fan of cats. Most people are dog people. I'm a cat person. And so our mascot is my tuxedo cat. His name is Frankie, but we've created the mascot Auggie for St. Augustine. And we're just in the final stages. In about next 30 to 60 days, you're going to see a campaign around Auggie buys cars. And that's how we're going to go to market with being a cat dealership, not a car dealership to try to be a friendly place to either sell or trade your vehicle in. So we're excited about rolling that out. Alright.

让我们简要概括一下。利润分配，大约50％至55％来自新车，30％至35％来自售后服务固定部件，剩余的则来自二手车。其次，您提到您的二手车主要是来自租赁，而不是拍卖。您还以其他方式获取二手车吗？您有在街上购买二手车吗？我们正在筹备一个购买街道上和在服务车道中购买车辆的活动。我是猫奴，大多数人喜欢狗。我是一个猫奴。 我们的吉祥物是我的礼服猫。他的名字是弗兰基，但我们为圣奥古斯丁创造了吉祥物奥吉。我们正处于最后阶段。在接下来的30到60天内，您将看到一个围绕奥吉购车的活动。这就是我们将如何进入市场，成为一个猫经销商，而不是一个汽车经销商，试图成为一个友好的地方，无论是出售还是交易您的车辆。我们对推出这一计划感到兴奋。好的。

So again, going back to what I mentioned earlier in the podcast, one of the most interesting things about you is your deep involvement in tech. And by the way, now that you've told me that you lived in California and you're now I add up, you know, everything adds up, I understand how you got exposed to this world. So that makes sense. I want to ask you though, as someone that is so tech savvy and you're so involved in the ecosystem, I see you tweeting and I see you're replying to and you've told me, right? Like, it's impressive because I know a lot of this world, given my prior experience having, you know, built a startup. But what are you seeing in the market today when it comes to either breakthrough innovative kind of game changing technology that is impacting automotive retail? What are you seeing? What is on the forefront that is really kind of, you know, has captivated your attention? Anything out there?

所以，再次回到我在播客中提到的内容，你最有趣的地方之一就是你对科技的深度参与。顺便说一句，现在你告诉我你曾经住在加利福尼亚，现在你现在我已经加在一起，你知道，一切都合理了，我明白你是如何接触到这个世界的。所以这是合理的。我想问你，作为一个如此精通科技并且深度参与生态系统的人，我看到你在发推特，我看到你在回复，你也告诉过我，对此令人印象深刻，因为我了解很多这个世界，以前有过创业经验。但是当谈到影响汽车零售的突破性创新和颠覆性技术时，你在市场上看到了什么？你看到了什么？有什么让你特别关注的新事物吗？

Sure. So I think it's the, you know, we look at technology, there's a lot of shiny objects. You know, we walk the floor at any day, you know, hundreds, if not, maybe I don't know if they're up to a thousand vendors or not, but sure feels like it, that we want to look at tech that can improve the experience for both our employees and our customers. And sometimes, it comes off real shiny in the demo, but then once it's implemented, it creates more bottlenecks in the system. And we're trying to reduce as many roadblocks and bottlenecks as possible to have a seamless experience.

当然。我认为，在考虑技术时，我们会看到很多闪闪发光的物品。你知道，我们每天都在展厅里走动，可能有上百家甚至可能接近一千家的供应商，我们想要看看能够改善员工和客户体验的技术。有时，在演示时，这些技术看起来非常吸引人，但一旦实施后，却可能给系统带来更多瓶颈。我们正在努力减少尽可能多的障碍和瓶颈，以实现无缝体验。

At the end of the day, we're going to save customers money, but we're going to really save customers time because time can't be replaced, money can. So time is really everybody's most valuable resource. So anything that can save time in the process for our employees or customers is really important. Artificial intelligence, you know, that's a buzzword, but it's out there and it's that's big right now. And I think we, you know, we're looking at how can we answer the phone, especially in our service department better using artificial intelligence? Because a lot of times those calls are just, hey, I want to schedule an oil change, or I want to check out the status of my vehicle. And those can be answered by artificial intelligence pretty easily.

在一天结束时，我们将为客户节省金钱，但更重要的是我们将为客户节省时间，因为时间是无法取代的，金钱可以。因此，时间实际上是每个人最宝贵的资源。因此，任何可以节省员工或客户时间的工具都非常重要。人工智能，你知道，这是一个流行词，但它已经存在，并且现在非常重要。我认为我们应该研究如何使用人工智能更好地在我们的服务部门接听电话？因为很多时候这些电话只是询问，“嗨，我想预约更换机油”或“我想了解我的车辆状态”。这些可以很容易地通过人工智能回答。

It's going to get to the point where if somebody says, how much is that oil change going to cost for my specific vehicle, artificial intelligence will be able to do that pretty easily. Is it covered under warranty? Artificial intelligence will be able to scan the warranty. What I'm really excited about, I'm talking to a kind of a stealth mode company right now that's going to be rolling out soon that if somebody calls on a vehicle, we'll be able to provide them availability and even our best price, which is really what customers want. Do you have a vehicle and what's your best price? Well, the AI is going to be able to say, well, you'll see what zip code you live in. Will you be trading a vehicle in? And it will kind of does the name start with a T. It does. Okay, look at that. I'll circle my friend. Like a system just because of that.

很快就会有一种情况出现，如果有人问，我的特定车辆需要多少钱换油，人工智能将能够很容易地做到这一点。这是否在保修范围内？人工智能将能够扫描保修信息。我真正感到兴奋的是，我现在正在与一家处于隐蔽模式的公司交谈，他们很快就将推出一种服务，如果有人询问关于车辆，我们将能够提供可行性和最优惠的价格，而这正是客户想要的。您有车吗？你最优惠的价格是多少？嗯，人工智能将能够说，看看您住在哪个邮编区域。您会交易车辆吗？并且名称首字母是否是T？是的。好的，看这个。我会帮你圈出。就像一个系统因为这个原因。

I told you. I told you. Hey, that makes me feel a little bit better about the investment I made in them this week. So wait, that's so crazy. Because I just, I just got a text about them yet last night from another person. And I'm like, what is going on with these guys? So they're doing something right. We're not going to talk about the name just yet. But something, yeah, so good to know. I'm interested in another you made investment. All right.

我告诉过你了。我告诉过你了。嘿，这让我对我这周投资他们感到稍微好一点。等等，这太疯狂了。因为昨晚我刚收到另一个人发来的关于他们的短信。我就在想，这些家伙到底在搞什么？他们肯定做对了些什么。我们暂时还不会谈论他们的名字。但是，好了，我对你做的另一个投资很感兴趣。好的。

So, so, so I want, I want the AI to integrate with our digital retail solution. And so that can all happen over the phone. Because right now, I mean, look, I'm embarrassed. If you go to my website and go to my chat, it's managed chat. And I'm not happy with it. We're switching CRM providers. Been with one company for 15 years. And we're launching actually next week. The previous CRM company was great when we started in 2008. But they're just they their support went downhill and their research and development went downhill. And this new CRM company was actually built by a dealer group several years ago. And I really like it when technology was built by a dealer. I kind of missed the boat on that. I didn't develop any apps myself. But I'm invested in a few of them. But so we're really excited about that. And I want to bring chat in house. But eventually it will be replaced by artificial intelligence. And that doesn't mean that we're going to replace people. It's just going to mean that those people will now have more time to spend giving better face to face interactions or studying more on product knowledge.

所以，我想让人工智能与我们的数字零售解决方案整合在一起。这一切都可以通过电话完成。因为现在，我是说，我很尴尬。如果你去我的网站上，去我的聊天室，那里有管理聊天。我对此不满意。我们正在更换客户关系管理提供商。与一家公司合作了15年了。实际上我们下周就要推出。之前的CRM公司在我们2008年开始时很棒。但是后来他们的支持和研发都走下坡路了。这家新的CRM公司实际上是几年前由一家经销商集团建立的。我真的很喜欢由经销商建立的技术。我有点错过了这个机会。我自己没有开发过任何应用程序。但我投资了几个。因此我们对此非常兴奋。我想将聊天功能搬进公司。但最终它将被人工智能取代。这并不意味着我们要替换人。只是意味着那些人现在会有更多时间用于提供更好的面对面互动或者深入了解产品知识。

We're really big on trying to inspire people to improve their lives through financial planning, learn more about health and fitness, which was kind of a rabbit hole that I went down a few years ago. So it's not just about the car business. I'm going to go back to a friend of mine, Liza Borges from Carter Myers, love people more than you love cars. And I love the car business, but I'm learning to really love people more than the car business now. And I'm seeing it in the benefits in the business. Now, tell me, do you think more dealers should just be involved in investing in VC? Right? Like, do you think that is like, is this a way for dealers to own their future, own their destiny? Or do you think it's a little too far-fetched? What's your thoughts on dealerships investing in tech?

我们非常注重激励人们通过财务规划改善生活，了解更多健康和健身知识，这是我几年前迷失其中的一个领域。所以这不仅仅关于汽车业务。我将回想起我的一位朋友，来自卡特迈耶斯的莉莎·博尔赫斯，她说过，爱人比爱车更重要。虽然我热爱汽车行业，但现在我正在学会更加热爱人。在业务中，我看到了这种改变的好处。现在告诉我，你认为更多的经销商应该参与风险投资吗？你认为这是经销商拥有未来、决定命运的一种方式吗？还是你认为这有些牵强？你如何看待经销商投资科技领域呢？

Clearly, we know there's been a rise in dealership focused VC funds or dealer tech focused VC funds. We have FM Capital, we have Steve Greenfield with automotive ventures, we have auto tech ventures. There's a handful out there. But I'm curious to know what's your thoughts on dealers investing in VC in general? Sure. I mean, but, you know, caveat, it is a very risky business that most of these companies fail, but when they do succeed, you get a roadster, you know, companies come out of it like that. I've only been doing it for a few years now, but it's really helped me network with people that really weren't in my professional or personal network before. And I'm learning a lot about the future. And it's not just automotive, it's around the artificial intelligence space, it's around biotech and things that I just couldn't see in a retail business in St. Augustine, Florida.

显然，我们知道针对经销商的风险投资基金或经销商科技聚焦的风险投资基金正在增加。我们有FM Capital，还有斯蒂夫·格林菲尔德的汽车创投，还有汽车科技创投。市面上有几家这样的公司。但我很想知道你对经销商投资风险投资的想法是什么？当然。但要提醒一下，这是一个非常高风险的行业，大多数公司都会失败，但如果成功了，你会得到像路特这样的公司。我只是开始这个领域几年了，但这确实帮助我与之前不在我的职业或个人网络中的人建立联系。我对未来有了很多了解。而且这不仅仅是围绕汽车，还包括人工智能领域、生物科技等我在佛罗里达州圣奥古斯丁的零售业中无法看到的领域。

I definitely, I mean, if I can get any advice, play with money that you're willing to go to zero, because it most likely will go to zero, but there's that one or two companies that you place a small bet on that can give you outsized returns. But look at it, not just from a return perspective, but really how I can learn more about the future and how this can help my business and really just help society in general. I would have shifted to Amazon hunting. Right. Again, you are very young. A lot of things in this basket. Who, who, what? I don't know anything about what he's talking about. Oh, yeah. And we're going to have a lot to come on this topic over the next couple of months. Some special, some special guests and special episodes. You have a lot of eggs in this basket, right? Two questions to start off. Knee jerk reaction when you hear the news, assuming you knew a little bit about it beforehand, but knee jerk reaction when you hear the news. And then your thoughts today, about this opportunity and what it means for the future go.

我绝对认为，我是说，如果我能得到任何建议，那就是用你愿意输掉的钱去玩，因为很可能会输光，但也有那么一两家公司，你可以下一个小注，获得超额回报。但看待这件事情，不仅仅是从回报的角度看，更重要的是我能如何更多地了解未来以及这可以如何帮助我的企业，真正有助于改善社会。我会转移到亚马逊狩猎。对的。再次强调，你很年轻。这篮子里装了很多东西。谁，谁，什么？我不知道他在说什么。哦，是的。接下来几个月我们将会有很多关于这个话题的内容。一些特别的，一些特别的嘉宾和特别的节目。你在这篮子里放了很多鸡蛋，对吧？开始两个问题。当你听到这个消息的膝跳反应，假设你之前对此有一些了解，当你听到这个消息时的第一反应。然后，谈谈今天你对这个机会的看法，以及它对未来意味着什么。go。

So I remember the announcement very well. And that was fantastic that you got our Hyundai National Dealer Council Chairman Andy Wright within, I think, 24 hours on the pod. That was a that was an awesome episode. I often go back and listen to it a couple of times just to get particulars. My knee jerk reaction was, well, Hyundai already had a partnership with Amazon. They've had it for almost four years. It was called the Evolve showroom. And so when I had some dealers calling up, you know, really scared about this. I said, you know, your inventory has been on Amazon for the past four years. They said it was. And the, you know, and and candidly, it wasn't a successful program in my eyes just because they got some great PR out of it initially, but then it wasn't really promoted properly down the road. Now this is a completely different partnership. And it involves a from beginning to end transaction, which we're already trying to do on our websites. Now you're just being exposed to the Amazon Prime brand. And it's almost 200 million Amazon Prime customers. There's still the details really are in all public, because I think they're still working through this. And the reason why is because Amazon, they want to make this, I don't want to, not perfect when they launch it to the public, but pretty close because this is Amazon's brand name on the line. And it's not just Hyundai's brand. Eventually there will be, I am sure there will be more manufacturers on it. But I applaud Hyundai for being first to market with this. We got tremendous amount of positive publicity. And now it's just time will tell as as they roll this out across the country, how the market will take it. It's been tried in the past with brands that aren't as strong as Amazon. We could look at Truecard and Truecard had affinity programs with companies like Consumer Reports, USA, American Express. And we saw some success with that. Like American Express Truecard leads were like the Glengarry Glen Ross leads. So if you've ever seen that movie, they were very, very qualified customers that were low funnel and they were buying from somebody. They weren't filling out something for a gas card. Costco has been an affinity program that many dealers have had success with. So this is another type of affinity program, but it's also got some tech behind it to see if they can make the transaction a lot smoother for the customer and hopefully for the dealer. I think I would tell you that I did also come after we did that conversation. I did feel similar to you that it was something that was maybe misconstrued in other media. And after Andy had explained it, it seemed pretty something pretty understandable and not all the hoopla that it was made out to be or something potentially very adverse to the industry. So I would agree with you there. I still think it's interesting to see how that's going to evolve and how dealers in general are going to do more of an online transaction on the new side.

我还记得那个声明。你让我们的现代全国经销商协会主席安迪·怀特在短短24小时内登上了播客，这真是太棒了。那一集太棒了。我经常回去听几次，以获取详细信息。我第一反应是，现代已经与亚马逊合作了。他们已经合作了将近四年了。那时候叫做Evolve陈列室。所以当一些经销商给我打电话，真的对此感到害怕时，我说，你们的库存在亚马逊上已经有了四年的历史。他们说确实是这样。说实话，在我的眼中，那并不是一个成功的项目，因为他们最初确实从中获得了很好的公关效果，但后来并没有得到适当的推广。现在这是一个完全不同的合作伙伴关系。它涉及从头到尾的交易，这正是我们正在尝试在我们的网站上做的。现在你只是暴露在亚马逊Prime品牌下。它拥有近2亿的亚马逊Prime客户。因为他们仍在努力解决问题，所以具体细节并不完全公开。原因是因为亚马逊希望在向公众推出之前，使这个项目尽可能完美，因为这是亚马逊的品牌。而不仅仅是现代的品牌。最终，我相信会有更多的制造商加入。但我赞扬现代首先推出这一产品。我们得到了大量积极的宣传。现在只有时间会告诉我们，在全国推出这项服务时，市场会如何接受。过去曾尝试过类似亚马逊这样强大的品牌，例如Truecard，Truecard与Consumer Reports、美国美国运通等公司有亲和力计划。我们看到了一些成功。像美国运通Truecard的潜在客户就像是《格伦加里·格伦·罗斯》中的那些线索。所以如果你见过那部电影，你会知道他们是非常合格的客户，他们在买东西，而不是填写一个购物卡。Costco一直是许多经销商成功的亲和计划。因此，这是另一种亲和计划，但它也带有一些技术支持，以帮助使交易对顾客和经销商更加顺利。我想告诉你，我们完成那次对话之后，我也有类似的感觉，似乎其他媒体对此有所误解。在安迪解释之后，这似乎是非常可理解的，不是被吹捧的那样或者对行业可能有非常不利的影响。所以我同意你的观点。我仍然觉得很有趣看到这将如何演变，以及经销商们通常会如何在新领域进行更多的在线交易。

So I'm actually surprised Amazon is getting in on the new car side before they would just buy like when Carvana was trading at $5, they should have just bought Carvana and they would have had a tremendous use car operation along with reconditioning facilities because I think at the time Carvana had already bought a Dessa and then they could funnel those preowned customers into the parts and accessories business that's very robust on Amazon.

我其实很惊讶亚马逊会在新车领域入局，之前他们本应该像当时Carvana股价5美元时就收购Carvana，那样他们就会拥有一个庞大的二手车业务以及整备设施，因为我记得当时Carvana已经收购了Dessa，然后他们可以将那些二手车客户引导到亚马逊上非常强大的零部件和配件业务中去。

But obviously Carvana's stock is kind of skyrocketed over the last year. But I still think that there is a play for Amazon to get into the preowned vehicle business. But I don't know, maybe I'm putting my foot in my mouth because I don't know if I necessarily want them in the preowned vehicle business. I mean, does that even make sense for them with no supply chain, you know, advantage, no moat, right?

但显然Carvana的股票在过去一年里有所飙升。但我仍然认为亚马逊有可能进入二手车业务。但我不知道，也许我说错了，因为我不确定我是否真的希望他们进入二手车业务。我是说，对于他们来说，没有供应链优势，也没有护城河，这样做甚至有意义吗？

Carvana, it's not even a franchise dealer. They don't have lease returns. They don't have any proprietary source of supply. Do you think that that is, it just feels to me like it goes against Amazon's kind of ethos of really owning their supply chain, having that competitive advantage.

卡尔瓦纳，它甚至不是一个连锁经销商。他们没有租赁回报。他们没有任何专有的供应来源。你认为这样做，对我来说就像违背了亚马逊真正拥有其供应链的精神，拥有竞争优势。

While I did, while I agree with you that Carvana is a great organization and the way they operate, meaning they have the logistics network and whatnot, they don't have the supply chain advantage, even with owning an auction, right? They don't own the cars that run through that auction. So I think that's, I've always been very skeptical. And I've heard, I've heard, you know, Amazon, Carvana, even lately, I've actually heard it a couple more times from some people that pretty smart people.

虽然我同意你说Carvana是一个很棒的组织，他们运营方式很好，拥有物流网络等等，但是他们并没有供应链的优势，即使拥有一个拍卖行，对吧？他们并不拥有这些通过拍卖行出售的汽车。所以我一直持怀疑态度。我听说过，你知道的，亚马逊，Carvana，最近甚至几次听到一些相当聪明的人也这么说。

But I don't know, I just don't see it. Yeah, like you said, there's no used car factory. And so the supply chain is probably the most important part of your preowned vehicle business because you've got to, you have to own that vehicle right to be able to make a fair profit and recondition the vehicle properly for safety and cosmetically and mechanically. So you bring up a great point.

但我不知道，我就是看不出来。是的，就像你说的，没有二手车工厂。因此，供应链可能是您二手车业务中最重要的部分，因为您必须拥有那辆车才能获得公平的利润，并将车辆适当重新翻新以确保安全、外观和机械上。所以你提出了一个很重要的观点。

But I also think that it gives Amazon the ability to get people into their ecosystem for that parts and accessories business, which is, you know, probably very high margin for them. And if they ever go down the line of also having Amazon service centers, like, look, nothing is out of the question with a company like Amazon. They've gotten into almost every vertical. They've also gotten out of a lot of verticals.

但我也认为，这让亚马逊有能力吸引人们进入他们的生态系统购买零件和配件，而这对他们来说可能是非常高利润的。如果他们未来也考虑建立亚马逊服务中心，那就更不在话下了，毕竟像亚马逊这样的公司几乎没有什么是不可能的。他们已经涉足几乎每个行业，也退出了许多行业。

I'm actually one of the other reasons why I'm a tech guy is because I'm still a gamer. And Amazon went pretty heavy into the gaming space. And they've had a couple of big, big, I'm just say, flops. And they're still looking at it. But I think they're spending less and less in that space, as well as others. I know they're in the healthcare space now. They tried to get into the robot vacuum space that doesn't seem like it's going to happen. But so I maybe look, that's why I love this industry so much is that I've never been more energized over the past couple of years between, you know, EVs, new retailing models, some companies coming into the marketplace.

其实我作为一个技术人员的另一个原因是因为我仍然是一个游戏玩家。亚马逊在游戏领域投入了大量资金。他们有过一些大失败，但他们仍在关注这个领域。不过我觉得他们在这个领域的投入越来越少。我知道他们现在也在医疗领域投资。他们曾试图进入机器人吸尘器领域，但似乎不太可能成功。这也是为什么我如此热爱这个行业的原因之一，过去几年间，电动汽车、新零售模式以及一些新公司进入市场，使我感到兴奋无比。

Hey, we're going to go direct to consumer. Actually, let's go to a dealer network model. And then, of course, we've got what was the Chinese vehicle, you know, thing looming in the horizon. So with that said, before we wrap up, this has been an awesome conversation. It's always fun chatting with you, Andrew. Thank you. I want to just get your take on the future of your group. And specifically, are you looking to make more acquisitions? Are you looking to scale? Are you looking to be more inquisitive? Or are you looking at, like you said, kind of grow internally, make yourself more efficient? Where's your head out right now? What's your outlook for the industry? And where's your head out?

嘿，我们打算直接面向消费者。实际上，让我们转向经销商网络模式。当然，我们还有中国汽车市场的发展在望。说到这点，话不多说，在结束之前，这次谈话非常棒。和你聊天总是很有趣，安德鲁。谢谢你。我想听听你对于你们集团未来的看法。具体地说，你们是否打算进行更多收购？是否打算扩大规模？是否更有求知欲？或者，像你说的，进行内部增长，提高效率？你现在的想法是什么？你对行业的展望是什么？你的想法在哪里？

Sure. Well, as far as the outlook for the industry, yeah, I love it when I see public companies acquire. I love when I see big dealer groups acquiring, whether it's their own money, private equity, because really, really smart people smarter than me are investing a lot of money in a business that my family is heavily involved in, that they see that this isn't a five, 10 year horizon. We still have a couple, maybe more decades of business that, again, like, yes, it's very profitable, but we as a dealer group, we give back to the community. Like this isn't just, you know, funding, you know, my boat, I don't have one, I have no desire to have a jet or anything like that. We give back to the community and we have a great opportunity to give opportunities for our employees as they grow in our organization.

当然。嗯，就行业前景而言，当我看到上市公司进行收购时，我很喜欢。当我看到大型经销商集团进行收购时，无论是他们自己的资金还是私募股权，因为真的有比我聪明得多的人们在对我家族深度参与的企业投入大量资金，他们看到这不仅是一个五到十年的前景。我们可能还有几十年的业务，再次强调，是的，这是非常有利可图的，但作为一个经销商集团，我们回馈社区。这不仅仅是为了资助我的船，我没有一艘船，也没有任何拥有一架飞机之类的愿望。我们回馈社区，为我们的员工提供发展机会，当他们在我们的组织中成长时，我们有着很好的机会为他们提供机会。

So back to your question about acquiring, I'd say in the short term, no, because we've got a tremendous amount of opportunity in the 15 rooftops that we have now to, for operational efficiencies. But as we grow employees from within eventually, really, really good employees will want to get into the general manager role or a general sales manager or service director. And if we don't have that opportunity within our group already, they'll go elsewhere. So that's when we start to think about acquiring. But I'd say in the near term, it's really just focusing on operational efficiencies of the existing businesses we have. And fortunately, the brands, the majority, the brands are hunting Kia, which right now are really good brands to have. And I'm optimistic that they're going to be continuing to be good brands in the future based on the product pipeline and the people that are leading the company.

所以关于收购的问题，我会说短期内不会。因为我们现在已经有了15家门店，有很多运营效率方面的机会。但随着我们内部员工的增长，最终，真正优秀的员工会想要进入总经理、销售总监或服务总监的角色。如果我们集团内部没有这样的机会，他们会选择去其他地方。这时候我们就开始考虑收购。但我会说在短期内，我们只是专注于现有业务的运营效率。幸运的是，我们现在大多数的品牌是亨特和起亚，这些都是非常好的品牌。我对未来这些品牌继续保持优秀的态度充满乐观，基于产品线和领导公司的人员。

Well stated, my friend, Andrew DeFeo, managing partner of Hyundai of St. Augustine. This was really, really fun. Thanks for coming on. I really enjoyed it. Yeah, thanks for having us. Have a great day. All right.

说得很好，我的朋友安德鲁·德菲奥，圣奥古斯丁现代汽车的合伙人。这真的很有趣。谢谢你的到来。我真的很享受。是的，谢谢你的邀请。祝你今天过得愉快。好的。

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