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CEO Brian Choi stressed that the Waymo deal is a true partnership with shared risk and co-created value, not a simple service contract like past arrangements, and that Avis expects to expand with Waymo to future cities. Regarding financials, Choi and SVP David Calabria confirmed that gains on sale were minimal in the quarter. The full-year guidance is for a net depreciation number, but the ability to realize gains is currently limited by slower-than-planned fleet rotation due to OEM delivery delays.

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CEO Joseph Ferraro noted that while it will take more than one cycle to fully rotate the fleet, they have been aggressively de-fleeting older cars. CFO Izilda Martins stressed the importance of a holistic view, stating that while cost reduction is key, stabilizing revenue per day (RPD) remains critical, and the ultimate goal is the contribution of all metrics to the bottom-line margin.

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CEO William Nash responded that Amazon's current focus appears to be on listings and lead generation, positioning them as a facilitator similar to others CarMax already works with. He sees the potential for collaboration to complement Carmax.com traffic. He also noted that Amazon's entry reinforces the value of CarMax's established omnichannel model, which combines physical and digital assets and represents a significant competitive moat.

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President & CEO William Nash confirmed that reconditioning is a key area of focus, alongside logistics, with a goal of capturing 'a couple of hundred bucks' in savings through many small initiatives like parts utilization and capacity improvements. EVP & CFO Enrique Mayor-Mora reiterated that the Q2 advertising spend decline was purely a timing issue and that the full-year spend per unit remains on track with previous guidance.

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Executive Michael McLamb identified the primary driver as the growth in higher-margin businesses, such as marinas and superyacht services, which grew to over 30% of the business mix in the quarter. He reiterated that the low 30s percentage range is the right target for the full fiscal year. Long-term, McLamb stated the strategy is to continue acquiring higher-margin businesses, which are more stable and resilient, suggesting that margins could be a topic for future upward revision.

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CEO Bill McGill stated that the company maintains a full M&A pipeline and will look for opportunistic deals. He specified that the near-term focus will be on expanding the IGY Marinas portfolio and the superyacht business, where they see significant international opportunities, while also remaining open to dealership acquisitions in the current environment.

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CEO George Chamoun identified repo and rental vehicles as the primary sources of commercial volume at present, noting that the off-lease segment is an area they are just beginning to develop. On international expansion, he revealed that ACV is being pulled into European markets by OEM partners and is in the early stages of developing an asset-light, self-inspection-based model, with more details to come next year.

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CEO Peter Kelly acknowledged the headwind from lower off-lease maturities in 2025 but noted it could be offset by a lower rate of lease payoffs, pointing to Q3's commercial volume growth as evidence of their ability to navigate this dynamic. He expressed confidence in continued dealer volume growth. CFO Brad Lakhia added that internal models show that even a worst-case 2025 scenario does not present a significant financial headwind to the marketplace business.

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CEO Peter Kelly acknowledged the 2025 headwind from lower lease maturities but noted it could be offset by a declining rate of pre-term payoffs, pointing to Q3's commercial volume growth as a positive sign. He expressed confidence in the long-term commercial opportunity beginning in 2026. CFO Brad Lakhia added that internal models show that even a worst-case 2025 scenario does not present a significant headwind to the marketplace business's overall financial performance.

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CEO and President Mark Stewart explained that margin confidence stems from the Goodyear Forward plan, fundamental manufacturing efficiencies, and a strategic push into premium, 18-inch+ SKUs. Regarding ATD, he noted the situation validates Goodyear's TireHub strategy. Executive Vice President and CFO Christina Zamarro quantified the ATD receivable at $135 million but stated that a payment agreement for substantially all pre-petition claims means no material impact is expected.

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CEO Ernie Garcia stated the company aims for rapid growth to achieve greater scale, balancing the pace with the focus required to capture further efficiency gains. Regarding interest rates, he noted that while lower rates are helpful by making cars more affordable, it's a second-order effect and not a central driver of performance.

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Executive Jeffrey Liaw addressed accident frequency, noting it has been on a long-term decline due to safer vehicles, a trend historically offset by rising total loss frequency. He confirmed that Title Express represents a strategic forward integration, leveraging Copart's scale to provide a more efficient titling solution, which demonstrates the deep trust insurance carriers have in the company to handle critical policyholder interactions.

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