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    Glenn Chin • Seaport Research Partners

    Glenn Chin's questions to Group 1 Automotive Inc (GPI) leadership

    Glenn Chin's questions to Group 1 Automotive Inc (GPI) leadership • Q4 2024

    Question

    Glenn Chin asked for clarification on the after-sales technician hiring targets for 2025. He also questioned if the 67-day supply of used inventory in the U.K. was a concern that needed to be reduced.

    Answer

    CEO Daryl Kenningham clarified that the company's expectation is to continue hiring technicians at the same rate as 2024, where they added about 300 in the U.S. CFO Daniel McHenry explained that the 67-day U.K. used inventory figure is artificially high due to seasonally weak December sales and is not a concern heading into the stronger January sales month.

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    Glenn Chin's questions to Group 1 Automotive Inc (GPI) leadership • Q3 2024

    Question

    Glenn Chin asked about operational differences at the acquired Inchcape stores, specifically regarding aftersales revenue, F&I, and floorplan expense, and whether any inherent barriers exist to aligning them with Group 1's model.

    Answer

    CEO Daryl Kenningham stated there are no structural barriers to alignment and sees significant opportunity, particularly in aftersales, where Group 1's philosophy differs from Inchcape's. CFO Daniel McHenry added that they will realign Inchcape's floorplan management to match Group 1's approach and are already negotiating a new, more favorable floorplan credit line.

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    Glenn Chin's questions to Gentherm Inc (THRM) leadership

    Glenn Chin's questions to Gentherm Inc (THRM) leadership • Q3 2024

    Question

    Glenn Chin sought details on the General Motors ComfortScale award, including trim levels and penetration rates, its launch timing, the launch schedule for new Chinese OEM awards, and a clarification on guidance figures.

    Answer

    Phillip Eyler, President and CEO, declined to provide specific trim or take-rate details for the GM award, but explained that ComfortScale integrates components for different trim levels into single, modular units, which could encourage higher penetration. He stated the GM program launches in calendar year 2026 and that at least one of the new Chinese OEM awards would likely launch in 2025. He also restated the updated guidance of $1.45B-$1.47B in revenue and an adjusted EBITDA margin near the midpoint of 12.5%-13.5%.

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