AutoNation, Inc.

Hello, everyone. Thank you for joining us, and welcome to AutoNation, Inc.'s second quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Derek Fiebig, VP of Investor Relations. Derek, please go ahead.

Thanks, Kenneth, and good morning, everyone. Welcome to AutoNation's second quarter 2026 conference call. Leading our call today will be Mike Manley, our Chief Executive Officer, and Tom Szlosek, our Chief Financial Officer. Following their remarks, we'll open the call to questions. Before beginning, I'd like to remind you that certain statements and information on this call, including any statements regarding our anticipated financial results and objectives, constitute forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause our actual results or performance to differ materially from such forward-looking statements. Additional discussions of factors that could cause our actual results to differ materially are contained in our press release issued today and in our filings with SEC. Certain non-GAAP financial measures as defined under SEC rules will be discussed on this call. Reconciliations are provided in our materials and on our website located at investor.autonation.com. With that, I'll turn the call over to Mike.

Yes, thank you, Derek. Good morning, everybody. Thank you for joining us today. So as usual, we're going to provide a detailed discussion of our second quarter results, after which we'll take your calls on Q&A. Now, once we finish the Q&A session, I'm going to share with you some thoughts on our performance over time and our expectations going forward. So please don't disconnect after the Q&A. Now, slide three is a quick summary of our main messages. We think the industry and consumers are in good shape. The June SAR is the highest June in four years. Consumer sentiment is improving every month. Our banking partners are reporting a 20% increase in applications and originations, and their delinquencies continue to improve. After sales was once again solid. In our workshops, internal pay was moderately down, broadly in line, with our unit volumes. However, customer pay, which for us is a more relevant indication of after sales performance in our market, was up delivering. Excuse me, Derek.