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    Thomas Wendler • Stephens Inc.

    Thomas Wendler's questions to Valvoline Inc (VVV) leadership

    Thomas Wendler's questions to Valvoline Inc (VVV) leadership • Q3 2025

    Question

    Thomas Wendler of Stephens Inc. asked how the company plans to utilize the $115 million remaining from its Term Loan B after accounting for the Breeze acquisition. He also inquired about the current premium mix for oil changes.

    Answer

    CFO J. Kevin Willis stated the current plan for the remaining funds is to pay down the company's drawn revolver, which increases financial optionality. CEO Lori Flees reported that the premium oil mix is around 80%, which includes both blended synthetic and full synthetic products. She noted the mix is driven by customers shifting from conventional oil and upgrading to full synthetic when they purchase newer vehicles.

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    Thomas Wendler's questions to Group 1 Automotive Inc (GPI) leadership

    Thomas Wendler's questions to Group 1 Automotive Inc (GPI) leadership • Q1 2025

    Question

    Thomas Wendler asked about U.K. market dynamics, questioning whether the sales decline for luxury brands like Mercedes, Audi, and BMW in the broader market indicated a pullback from luxury buyers compared to midline brands.

    Answer

    CEO Daryl Kenningham suggested that Audi's performance was more related to its product cycle rather than a market trend. He noted that Group 1 was pleased with its own Mercedes and BMW business performance in the U.K. during the quarter and did not see enough evidence to make a general statement about a shift away from luxury.

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    Thomas Wendler's questions to Penske Automotive Group Inc (PAG) leadership

    Thomas Wendler's questions to Penske Automotive Group Inc (PAG) leadership • Q4 2024

    Question

    Thomas Wendler asked about the potential for pre-buying to impact 2025 commercial truck demand ahead of 2027 emissions changes and sought clarity on the outlook for SG&A expenses.

    Answer

    Rich Shearing of North American Operations stated a 2025 pre-buy is unlikely due to regulatory uncertainty and the prolonged freight recession. Regarding SG&A, CFO Shelley Hulgrave and Chair Roger Penske credited cost controls and a focus on high-margin fixed operations for recent improvements. They guided for SG&A as a percentage of gross profit to remain in the low 70s, likely around 70-71% for 2025.

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