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Performance was impacted by difficult year-over-year comparisons, including 2025 pull-ahead sales driven by tariff announcements and the expiration of BEV tax credits.

Management is actively optimizing the dealership portfolio, divesting low-performing locations to generate approximately $325 million to $350 million in free cash flow for reinvestment into high-growth markets like Central Florida.

The Retail Commercial Truck segment faced headwinds from a recessionary freight environment and regulatory uncertainty, leading to a decline in unit sales during the first quarter.

Service and parts achieved record Q1 results, driven by a strategic focus on customer-pay work and high bay utilization, which reached 84% in the U.S. automotive segment.

Penske Transportation Solutions (PTS) improved profitability despite lower revenue by rightsizing its fleet from 435,000 to 387,500 units, significantly reducing maintenance and interest expenses.

The Australian business is successfully diversifying into off-highway sectors, including mining and defense, with a secured order book exceeding the full-year business plan.

Management expects a significant recovery in the commercial truck market in the second half of 2026, supported by a 91% increase in Class 8 orders and a 33% growth in industry backlog.

The company anticipates a $100 million reduction in CapEx for the year by focusing on high-return locations and pushing back against excessive OEM showroom requirements.

Strategic expansion into Chinese OEM brands in the U.K. and Germany is being executed via a "walk before run" approach, utilizing existing facilities to minimize fixed costs.

The Energy Solutions business in Australia is projected to generate at least AUD 1 billion in revenue by 2030, driven by data center backup power and prime power mining contracts.

Guidance assumes continued tight supply from Toyota and Lexus, with management prioritizing these brands due to their industry-low day supply and high sales velocity.

Q1 results included a $60 million gain from a dealership sale, partially offset by $13 million in disposal charges related to portfolio optimization.

Severe winter storms in January and February resulted in an estimated $6 million negative impact on total earnings due to lost service business and snow removal costs.

The elimination of the BEV tax credit and easing emissions regulations led to a 61% decline in battery electric vehicle sales compared to the prior year period.

A change in the tax status of Penske Motor Group (PMG) following its acquisition impacted year-over-year EPS comparability by approximately $0.05.

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Management confirmed that cost savings from fleet rightsizing are sustainable, with another 3,000 to 4,000 units expected to be removed this year.

Rental utilization has improved by 500 basis points, and a recent increase in long-term lease signings bodes well for future recurring revenue.

PAG is placing Chinese brands in existing "big box" used car facilities to sweat assets without incurring significant new facility costs.

Initial margins on Chinese vehicles are approximately 2,000 pounds higher than used vehicles in the same stores, though management remains cautious about potential market saturation.

Ongoing "quality leakage" from OEMs, including major engine recalls for Toyota and BMW, continues to drive high-volume warranty work.

While OEMs prefer to avoid recalls, these events provide a steady stream of service bay activity and opportunities for customer retention.

Despite recent large acquisitions, leverage remains low at 1.8x, providing significant flexibility for future opportunistic M&A.

The company remains committed to its dividend, which currently offers the highest yield in its peer group at 3.4%.

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