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CEO Steve Menneto stated the outlook assumes 'more of the same,' with a focus on gaining share in a market expected to be down mid-to-upper single digits. CFO Bruce Beckman confirmed the guidance anticipates a scenario similar to fiscal 2025, which includes further channel destocking, potentially at a slightly higher rate due to a soft Q4. Beckman also noted that the dealer network changes are considered 'fairly immaterial' to overall stocking plans.

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CEO Steven Menneto responded that retail trends are meeting expectations, with a noticeable return of repeat cash buyers, while new buyers still constitute a small portion of sales. CFO Bruce Beckman added that the percentage of sales to first-time buyers has remained stable since the COVID-19 period, which the company views as a positive indicator.

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CEO Steven Menneto explained that Florida, which accounts for over 50% of the company's saltwater business, is experiencing a market decline steeper than the national average. He stated that replacement demand is expected to be gradual and prolonged, not a sharp rebound, due to significant delays consumers face in rebuilding essential infrastructure like docks and homes before considering a new boat purchase.

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CEO Steven Menneto identified operations as a core strength and stated his focus is on enhancing the commercial side of the business to drive demand. He acknowledged that while dealer partnerships are crucial in both industries, marine channel dynamics are different, and his goal is to be an OEM partner that dealers want to work with.

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CEO Steve Menneto noted similarities but highlighted the higher price points and slower velocity in marine, emphasizing the focus on matching inventory to retail. An executive, likely CFO Bruce Beckman, explained that the guidance assumes a mid-single-digit down market and a ~15% reduction in dealer inventories. The projected sales growth is possible because fiscal 2024 wholesale shipments were significantly below retail levels due to a major destocking effort, creating an easy comparison.

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Chairman, President & CEO José Boisjoli explained that BRP is well-positioned as its products meet USMCA rules, with two-thirds of content sourced from North America. He expressed confidence in the company's ability to adapt to new regulations if given adequate lead time. To mitigate the current $90 million gross tariff impact, Boisjoli highlighted strategies like optimizing sourcing by moving supplier production between countries and bringing some assembly processes in-house.

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CFO Sebastien Martel detailed that the $60-$70 million gross tariff impact would be closer to $100 million on a full-year basis, with about half stemming from the P&A business. Mitigation efforts include supplier negotiations, operational efficiencies, and future pricing actions. CEO Jose Boisjoli stated he is most proud of BRP's transformation from a company with two profitable product lines to a diversified global leader with seven profitable lines.

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CEO Jose Boisjoli estimated that competitors' high noncurrent inventory could normalize by early Q2, while CFO Sebastien Martel confirmed BRP expects market share challenges in H1. Regarding the $200 million in savings, Martel stated that in the current soft environment, the priority is protecting profitability and cash flow rather than passing savings on as price reductions, though they will remain flexible to stay competitive.

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CEO Jose Boisjoli explained that the cautious outlook is based on Q2 retail trends, which are projected to continue through the second half of the year. He stated BRP will not lead aggressive promotions to protect long-term profitability. He also noted that dealers appreciate BRP's partnership approach, and the commitment for new electric motorcycles is intentionally low to avoid building inventory, a strategy that has been well-received.

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CEO Brad Nelson explained that the market is leaning towards premium products, which benefits MasterCraft, but consumer sentiment remains cautious. On affordability, he noted that FY25 pricing was held flat or even lowered on entry-level models, and for FY26, the company will manage costs and use targeted discounts as needed. Nelson also highlighted successful dealer network expansions in key markets like Dallas, Houston, Southern Utah, and Coeur D'Alene.

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CFO Timothy Oxley stated that while the company has a good handle on supplier tariff exposure, the full impact for fiscal 2026 is still evolving, with a modest impact expected in Q4. CEO Bradley Nelson attributed dealer network growth to filling geographic white space and increasing density in key markets like Texas and Utah. Mr. Oxley added that the company is pleased with the health of its dealer network, having avoided significant failures by using various support tools and close monitoring.

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CFO Timothy Oxley stated that the company has analyzed its supply chain for tariff exposure, including indirect 'parts of parts' costs, but the full fiscal '26 impact is still evolving. CEO Bradley Nelson attributed dealer network growth to successfully targeting geographic white space and increasing density in key markets like Texas and Utah. Oxley affirmed the dealer network is healthy, highlighting that they have avoided significant dealer failures by using various support tools and monitoring them closely.

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CEO Bradley Nelson stated that the immediate focus is on execution, simplifying the business, and returning capital while maintaining a 'fortress balance sheet.' He emphasized that all investments are tracked for ROI, but flexibility is key in the current variable market. Regarding distribution, Nelson highlighted opportunities in expanding geographic coverage, both domestically and internationally, by adding more dealer rooftops and aligning new products with demographic growth areas, particularly during the down cycle.

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Executive Timothy Oxley confirmed that promotions were a contributing factor to clearing aged inventory. CEO Bradley Nelson added that the new model year '25 products were also well-received. Nelson clarified the 500-unit inventory reduction was a significant sequential decrease for Q1. Regarding Balise, he noted that as a new premium brand, there will be a stocking opportunity as new dealers are signed, though volumes will be modest. Oxley confirmed that retail sales were indeed up year-over-year for all boat brands during the quarter.

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CEO Mike Dennison stated there are no 'easy comps' and that growth is earned through execution, though he conceded powersports could be an easier comp if interest rates fall. For Marucci, he highlighted several growth vectors: strong international performance with Japan up ~140-150% YoY, product diversification into shoes and Lizard Skin, and the significant, largely untapped market opportunity in fast-pitch and slow-pitch softball.

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CFO Dennis Schemm provided a detailed outlook, stating that SSG margins will start soft due to investments but recover in the second half with volume. AAG will see a similar progression as cost savings and product releases ramp up. PVG margins are expected to grow sequentially from Q1 and then pick up more as their cost initiatives flow through the P&L.

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CFO Dennis Schemm stated that the upfitting opportunity is 'far greater' than the 15,000-16,000 units per year previously discussed, with growth contingent on chassis availability and an expanding dealer network. He confirmed '100%' that offering a tiered 'good, better, best' product lineup at various price points is a key strategy to both increase sales per dealer and attract new dealers to the network.

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CEO Jim Kessler explained that the uninsured motorist trend has not had a dramatic impact on their total loss business, as it affects repairable claims more. On the CC&T side, he expressed long-term optimism about factors like bonus depreciation but noted that the timing of when mega projects drive asset disposals remains uncertain.

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CEO Jim Kessler identified potential catalysts as interest rate cuts, clarity on tariffs, and the start of 'mega projects.' He stated that while waiting for these triggers, the company focuses on adding value through its suite of services. Kessler also noted that while they handle government surplus, there hasn't been an abnormal uptick in activity from federal efficiency programs yet.

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CEO Jim Kessler and executive Sameer Rathod acknowledged the milder winter's impact but emphasized that the primary driver for lower auto volumes was the previously disclosed customer loss. CFO Eric Guerin stated that the company currently has no share buyback authorization and the focus for the year remains on paying down its Term Loan A.

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CEO Jim Kessler detailed that the acquisition fills a geographic gap in Alabama and provides synergies through RB Global's scale, technology, financial services, and multiple marketplace platforms. He also noted J.M. Wood's strength in the municipal sector is an area for nationwide expansion. Kessler confirmed that this type of tuck-in acquisition is a model for future deals, stating there are ample opportunities in both U.S. and international markets.

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CEO Peter Kelly stated he has a high level of confidence that commercial volumes will begin increasing year-over-year from Q2 2026 onwards, driven by rising off-lease maturities and declining consumer buyout rates, especially for EVs. For cross-pollination, Kelly detailed several initiatives, including a vehicle recommendation carousel on the AFC app for dealers paying off loans, a streamlined registration process for AFC dealers to join OpenLane, and aligning internal sales incentives to foster collaboration between the two business units.

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CEO Peter Kelly clarified that the strong Q1 performance was established well before any late-quarter tariff impacts, which he described as incremental. He attributed the robust 15% dealer volume growth to a multi-faceted strategy, including the unified OPENLANE brand, a unique inventory mix from platform consolidation, and successful go-to-market investments made in mid-2024. He emphasized that OPENLANE is gaining market share and that the large physical auction market presents a significant ongoing opportunity for digital conversion.

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Peter Kelly, CEO, clarified that OPENLANE's strong Q1 performance was established well before any tariff-related pull-ahead, which he described as a minor, incremental benefit late in the quarter. He attributed the robust 15% dealer volume growth to a multifaceted strategy, including the unified OPENLANE brand, a unique inventory mix from platform consolidation, and successful go-to-market investments made in the previous year.

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The cash flow item was confirmed as the sale of the key business. The commercial 'win back' is an incremental share gain from a client that left four years ago, with volumes expected in 2026. The platform integration involves making commercial inventory available on the open marketplace and creating a 'one app' for dealers to access both open and private label auctions seamlessly.

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The path for dealers is varied, but many start as buyers (often on a private label site) before being introduced to the selling solutions. Regarding AFC, executives declined to comment on valuation but stated the upcoming investor day is designed to provide enhanced disclosures to help the market better appreciate the business's financial performance and strategic value.

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CEO Peter Kelly explained that the path for dealers is varied, but many first experience OPENLANE as a buyer on a private label site before being introduced to the full suite of selling solutions. Regarding AFC, both Kelly and CFO Brad Lakhia stated that the business has become a larger and more critical part of OPENLANE. They believe that providing enhanced disclosures and performance metrics at the upcoming investor day will help the market better appreciate AFC's financial strength and strategic value.

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CEO Peter Kelly explained that the path is varied, but many dealers begin as buyers, often on a private label site, before the sales team introduces them to the selling solution. Regarding AFC, both Kelly and CFO Brad Lakhia stated the goal of the investor update is to provide enhanced disclosures and metrics to help the market better understand and appreciate the business's financial performance and strategic value, especially as it has become a larger part of the consolidated company.

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EVP & CFO Lillian Etzkorn noted the single-axle mix improved from 24% last quarter to around 20.5% in Q2, though it remains above historical teen levels. President and CEO Jason Lippert added that the long-term strategy is for first-time buyers of these smaller units to trade up. He explained that while there is no specific data tracking pandemic-era buyers, the growth in OEM content since 2021 naturally fuels future aftermarket repair and replacement demand.

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Executive Lillian Etzkorn stated that LCI does not break out raw material dollar costs and confirmed the baseline for the margin target is the 5.8% operating income from 2024. She clarified that while some adjacent markets are soft, a 5% organic growth in RV OEM sales should lead to 'flattish' overall organic revenue in Q2. CEO Jason Lippert noted the de minimis loophole closure has a minimal impact on their business.

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VP of Finance and Treasurer Lillian Etzkorn did not have the specific tariff tax figure available. CEO Jason Lippert expressed confidence that LCI is better positioned than competitors due to its multi-year de-risking from China. He explained that returning to double-digit EBITDA margins hinges on the RV market normalizing to a 400,000-425,000 wholesale unit level, continued maturation of diversified businesses, and ongoing cost structure improvements.

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President - RV, Jeffrey Rodino, attributed RV shipment swings to the timing of model year changeovers and extended holiday shutdowns, noting underlying production remains disciplined. CEO Andy Nemeth confirmed strong collaborative energy among brands is driving new product solutions. Nemeth also characterized the tax legislation as a tailwind that does not alter their disciplined capital allocation strategy.

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CEO Andy L. Nemeth confirmed that the company has contemplated the potential tariffs. He explained that through a combination of alternative sourcing and partnerships with suppliers to mitigate costs, they do not feel the need to build any negative impact into their current financial guidance.

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CFO Andrew Roeder confirmed the math for the ~8% operating margin was correct. He and CEO Andy L. Nemeth provided guidance for 2025 interest expense around $78-$80 million and a diluted share count of approximately 23 million. Nemeth added that their optimism assumes a couple more interest rate reductions are needed to drive a consumer inflection.

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CFO Jack Ezzell and CEO Austin Singleton explained that while tariff uncertainty impacted consumer confidence during the quarter, July showed positive signs. They clarified that the robust pre-owned sales growth is not a trade-down effect but a result of more customers trading-in and upgrading to larger, premium boats, driven by better new boat availability. The company's strategic focus on the pre-owned market, including outright purchases, also contributed to the strong performance.

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CFO Jack Ezzell explained that while tariff uncertainty impacted the quarter, subsequent clarity and moderate manufacturer price increases have been positive. CEO Austin Singleton added that the premium customer remains resilient, as shown by July's performance. Regarding the 18% growth in pre-owned sales, Singleton attributed it not to a trade-down effect, but to higher trade-in volumes as new boat availability improves. He clarified that these are typically trade-ups to larger boats, creating a healthy 'trickle-down' effect in the used market.

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CFO Jack Ezzell and CEO Austin Singleton explained that while tariff uncertainty created noise during the quarter, subsequent clarity has been positive, with July showing encouraging results. Singleton clarified that the strong pre-owned sales growth is not a trade-down effect but a result of higher trade-in volumes as new boat availability improves, a trend supported by the company's aggressive purchasing strategy. He further noted that trade-ins typically involve customers upgrading to larger, premium boats, which creates a healthy trickle-down effect in the pre-owned market.

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CFO Jack Ezzell and CEO Austin Singleton explained that while tariff confusion was high during the quarter, subsequent clarity has been positive, with July showing encouraging trends, especially among resilient premium customers. Regarding pre-owned sales, CEO Austin Singleton, President/COO Anthony Aisquith, and CFO Jack Ezzell clarified that the growth is driven by a higher volume of trade-ins as customers upgrade, not a trade-down effect. They attributed this to better new boat availability, the company's aggressive purchasing strategy, and a strategic focus on the pre-owned segment.

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CEO Philip Singleton offered a detailed perspective, suggesting that unlike the '08-'09 crisis, the current environment of higher carrying costs and consolidated supplier bases is closing the cost gap between premium and value brands. He predicts this will pressure lower-tier brands, potentially leading to consolidation or financial struggles over the next 3 to 10 years, reinforcing OneWater's strategy to focus on premium brands. Executive Jack Ezzell added that the company will still have over 50 brands after the rationalization is complete.

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CEO Austin Singleton described the Fort Lauderdale show as a "breath of fresh air" with a palpable positive shift in customer sentiment. President and COO Anthony Aisquith added that there were fewer negative conversations about interest rates. Singleton confirmed that the customer base is becoming more affluent and less rate-sensitive, which he views as a positive long-term trend for the industry.

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CFO & President - Commercial, Jonathan Root, explained that the 1.75x multiple is a derivative of the equity investment proceeds from KKR and PIMCO relative to the post-transaction book value of HDFS. He noted that more detailed disclosures would be available in upcoming SEC filings.

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CFO & President - Commercial Jonathan Root explained that the 1.75x multiple is derived from the premium paid by KKR and PIMCO for their equity investment relative to the post-transaction book value of HDFS. He noted that more detailed disclosures would be provided in future SEC filings.

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CFO & President - Commercial, Jonathan Root, explained that the 1.75x multiple is derived from the premium KKR and PIMCO paid for their equity investment relative to the post-transaction book value of HDFS. He noted that more detailed disclosures would be provided in future SEC filings.

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Jonathan Root, CFO and President of Commercial, explained that the evaluation is driven by a desire to get a market-based valuation for HDFS to highlight its value for shareholders. He clarified that the company does not envision selling the entire business but sees it as good governance to periodically review its strategic assets and unlock value, especially after news of the evaluation was leaked.

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CFO and President of Commercial Jonathan Root confirmed the primary driver is to provide a market-based view on HDFS's value. He emphasized that the company still envisions participating in the business and is not planning to jettison it entirely, viewing the evaluation as good governance and a response to leaked news.

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CEO Jochen Zeitz acknowledged that dealer profitability is a primary concern in a tough discretionary market. He highlighted the positive reception at the recent annual dealer forum, where the company presented its 2025 support plan, including a new product lineup and significant core marketing investments. Zeitz emphasized the strength of the single-brand network and the company's commitment to ensuring it remains the most profitable in the powersports industry.

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CEO Jochen Zeitz acknowledged that dealer profitability is a primary concern in a challenging discretionary market. He highlighted a recent dealer forum where the company presented its 2025 support plan, including new products and co-marketing investments, which he stated was received very positively. Zeitz emphasized the company's commitment to ensuring its single-brand network remains the most profitable in the industry.

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CEO Jochen Zeitz acknowledged that dealer profitability is a primary concern amid a tough discretionary market. He highlighted a recent dealer forum where Harley-Davidson presented its 2025 support plan, which includes a new product lineup and significant marketing investments, stating that dealers responded very positively to the future plans.

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CEO Michael Speetzen and CFO Robert Mack explained that Polaris is mitigating trade risks by increasing sourcing in the U.S. and Mexico and designing new products with higher USMCA content. Speetzen confirmed the new Ranger 500, made in Mexico, has a higher margin than the model it replaces and is positioned to compete effectively against tariff-impacted imports from Asia.

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CEO Mike Speetzen acknowledged mixed success with policymakers on tariffs, stating the company focuses on controlling its supply chain. CFO Bob Mack affirmed the commitment to the dividend, citing confidence in 2025 free cash flow generation, the short-term nature of the earnings pressure, and the dividend's importance to investors, drawing a parallel to their decision to maintain it during the COVID-19 pandemic.

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CEO Mike Speetzen explained that Polaris now incorporates the dollar value of inventory and interest rates into its RFM profiles, aiming for DSO levels well below pre-pandemic norms to mitigate dealer costs. He acknowledged the 'delicate balance' with dealers needing to clear other brands' aged inventory but expressed confidence that Polaris's partnership approach, communication, and new products would make it the 'OEM of choice' and be rewarded with market share in the long term.

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CEO David Foulkes reiterated long-term expectations for Navico Group to achieve low to mid-teens operating margins and mid-to-high single-digit top-line growth, citing progress in product innovation and business restructuring. CFO Ryan Gwillim addressed the 2026 tariff outlook, stating that while uncertain, he expects the impact to be of a similar magnitude to 2025, considering various offsetting factors like duty drawbacks and ongoing onshoring efforts. Foulkes added that Brunswick's domestic footprint provides a competitive advantage in a persistent tariff environment.

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David Foulkes (executive) confirmed that Brunswick is actively reducing the number of models in its entry-level segment, which is most affected by economic pressures, noting fiberglass value is currently weaker than aluminum. While not making brand-level strategic decisions yet, he said the company is studying options with long-term cost benefits, while being careful to protect Mercury's engine share.

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CEO David Foulkes explained that the savings stem from multiple initiatives. Key drivers include the full-year run-rate impact of 2024 staff reductions, a shift to more efficient production levels after underproducing in late 2024, re-optimized production lines, and negotiated cost reductions from suppliers.

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CEO David Foulkes explained that their monthly surveys show stable purchase intent among core and value boaters but noted an increase among higher household income consumers. He believes latent demand is building, currently held back by economic uncertainty. He highlighted that recent interest rate movements have already lowered boat financing costs, which could positively influence future demand.

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President & CEO Justin Jude explained that while the timing for a recovery in repaired vehicles is uncertain, it is a cyclical trend that will eventually normalize as insurance rates stabilize and used car values rise. He stressed that LKQ is outperforming the market by gaining share in self-pay repairs. Senior VP & CFO Rick Galloway provided the specific metric, stating that APU is now close to 39%, driven by the strong value proposition of alternative parts.

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CEO Justin Jude confirmed the SKU rationalization has not negatively impacted revenue, as the delisted low-volume items are being offset by private label or other brands. He attributed European revenue softness to macroeconomic conditions rather than the program. CFO Rick Galloway added that private label penetration is currently in the 21-22% range, with a long-term goal of reaching approximately 30% by 2030.

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President and CEO Justin Jude explained that the company is taking a cautious, multi-year approach to avoid revenue loss, and none has been observed so far. He noted that while they are reducing stock numbers, they are increasing application coverage and private label offerings to compete on price. Jude stated that while they expect improved terms and cost of goods, these benefits have not yet been quantified.

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CEO Justin Jude explained the pressure was a mix of factors, including customer and sales rep attrition at FinishMaster during the Uni-Select acquisition's 'quiet period' and the loss of a large MSO account. He emphasized that LKQ's value proposition is superior service and availability, as it can leverage its existing parts delivery network to add paint to daily shipments, a cost structure and service level that is difficult for competitors to match.

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CEO Michael Happe expressed strong support for restoring floor plan interest deductibility for towable dealers, calling it incredibly important. He noted that the consumer auto loan interest deduction is still in flux but would be welcome news if it makes RV purchases more affordable, though its scope and impact remain uncertain.

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President and CEO Michael Happe outlined that Steve Speich's focus will be on manufacturing excellence, strategic sourcing, quality, and continuous improvement, with immediate involvement in tariff mitigation. CFO Bryan Hughes added that while Speich's initiatives are longer-term, the primary near-term margin pressures have been volume deleverage and the product mix shift toward more affordable units.

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CEO Michael Happe stated that the vast majority of dealers are managing well, with minimal financial impact to Winnebago in Q1. CFO Bryan Hughes added that because the company's brands are in high demand, it is relatively easy to reallocate inventory from a struggling dealer to a healthy one, muting any financial impact. Hughes also confirmed they have not seen an elevated need to move inventory.

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President and CEO Michael Happe outlined the strategic goal for the Winnebago-branded towables business to grow its market share from ~1.5% to a 3-5% range long-term. He stated Chris West is tasked with stabilizing the Motorhome business's performance before building profitable share, contributing to the company's overall 13% North American RV market share goal.

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President & CEO Bill Nash attributed the slight dip in digitally supported sales to seasonality, emphasizing that the more relevant trend is the increasing use of digital tools within omni-channel transactions. He also noted that AI is critical, shifting focus from just SEO to 'Generative Engine Optimization' (GEO) for marketing.

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CEO William Nash stated that the company will provide its market share update on its usual annual cadence at year-end, as there have been no major, disruptive price swings. He added that the management team feels great about the current sales momentum and the company's ability to gain market share going forward.

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President & CEO William Nash expressed more excitement about the 2-point increase in omni-channel sales (to 57%), which represents the majority of customers, stating the company is agnostic to the specific path a customer chooses. EVP & CFO Enrique Mayor-Mora confirmed that the omni-selling model is now more efficient on key metrics (cost per retail unit, per total unit, and per gross margin dollar) than before its implementation, and these efficiencies should accelerate with sales growth.

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Executive Jeffrey Liaw stated that Purple Wave remains a strong strategic fit, despite market inertia from tariff and infrastructure spending uncertainty. Regarding tariffs on auto parts, Liaw explained they create uncertainty but ultimately make the repair path less attractive for insurers, which is a marginal net positive for Copart's total-loss business model, similar to but more favorable than the 2021 semiconductor crisis.

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Executive Jeffrey Liaw stated the Purple Wave investment is sound both on its own merits and as a strategic fit, with its current flat performance attributed to broader market uncertainty in the heavy equipment sector. Regarding tariffs, he detailed how increased parts costs make vehicle repairs less attractive, which likely benefits total loss volumes, drawing a more favorable comparison for Copart than the past semiconductor shortage.

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Executive Leah Stearns outlined a two-pronged expansion strategy for Purple Wave: densifying its sales force in existing territories and hiring seasoned professionals in new high-volume markets. Executive Jeffrey Liaw added that since Purple Wave is a virtual auction, expansion is people-oriented rather than capital-intensive. Regarding growth, Stearns noted that the sales force doubling was recent and there is a natural ramp-up period for new hires, stating that the company is pleased with the new cohort's performance and expects further growth.

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Executive Jeffrey Liaw confirmed Title Express saves insurers time and money and is a key part of Copart's value proposition. Executive Leah Stearns clarified the expense, stating it was part of a $16 million nonrecurring charge in yard operations related to prior-period property taxes and vendor invoices. Liaw added that Purple Wave's growth is driven by both geographic expansion and increased penetration in existing territories.

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The company's primary OEM partners in Mexico, Canada, and Japan present limited direct risk from China tariffs on finished goods. For now, OEMs are absorbing the tariff costs, and there is no significant impact being passed on. There is no evidence of consumers pulling demand forward; in fact, new unit sales are down significantly, and the shift to used vehicles is not attributed to tariff concerns.

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The executive expressed confidence in their own new inventory levels but noted parts inventory is still a bit high. They anticipate that promotional factors will persist in the industry, with the situation being dynamic and also influenced by potential tariffs and OEM actions.

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CEO Marcus Lemonis stated the company expects to end 2025 with positive new unit growth and aims to increase its combined new and used market share from 11.2% to a record 12%. Executive Matt Wagner detailed the used platform's advantage, centered on the Good Sam RV Valuator, which leverages decades of data to provide real-time asset values and generates over 2,000 valuation requests daily. Lemonis stressed that despite the opportunity, they remain prudent, focusing on improving turns and margins to drive profitability.

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EVP and CFO Brad Lakhia confirmed the cash flow item was from the sale of the automotive key business. CEO Peter Kelly added that a large OEM client that left four years ago has been won back, with volumes expected to start in 2026. He also explained that the new 'one app' platform seamlessly integrates private label and open marketplace inventory, which has boosted franchise dealer engagement.

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