Financial Data and Key Metrics Changes - The company generated approximately $300 million in revenue and adjusted EBITDA of $17.2 million in Q2 2025, with adjusted EBITDA up by $1 million compared to the same quarter last year despite an 11% decline in revenue [11] - Total adjusted SG&A expenses were $64.9 million, representing 77.4% of gross profit, down from $70.8 million and 78.8% of gross profit in the same quarter last year, indicating an 8.3% reduction [11] Business Line Data and Key Metrics Changes - The power sports group sold 17,117 total major units, down 3.3% year-over-year, with new unit sales down 11.5% and pre-owned unit sales up 10.2% [12] - Revenue from parts, services, and accessories was $52.4 million, a 7.9% decline, while gross profit was $24.9 million, down 5% [13] - Financing and insurance teams generated $27.2 million in gross profit, reflecting an 8.4% decline compared to the previous year [13] Market Data and Key Metrics Changes - Revenue from the powersports dealership group was $298.6 million, down 7.2% year-over-year, while gross profit was $83.7 million, down 3.6% [14] - Wholesale Express revenue was $1.3 million, a significant decline of 91.4% compared to the same quarter last year, with gross profit decreasing by 93.5% to $200,000 [15] Company Strategy and Development Direction - The company is rebranding to Ride Now Group Inc., with a focus on simplifying operations and aligning corporate and store functions to enhance customer service [8] - A term loan amendment extended maturity by 13 months to September 30, 2027, providing necessary runway for business improvement initiatives [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current pricing environment, indicating that the industry appears to have bottomed out and is beginning to show signs of recovery [21][22] - The company is focused on rebuilding the Wholesale Express sales force and exploring new B2C opportunities, indicating a strategic shift in operations [25][26] Other Important Information - The company ended the quarter with $59.8 million in total cash and $185.1 million in non-vehicle net debt, with total available liquidity of $185.7 million [15] - Cash flow from operating activities was $4 million for the first half of 2025, a significant decrease from $29 million in the same period of 2024 [15] Q&A Session Summary Question: Current pricing environment for new and pre-owned vehicles - Management noted that the industry seems to have stabilized, with signs of an upward trajectory in pricing for both new and pre-owned vehicles [21][22] Question: Update on Wholesale Express and rebuilding the sales force - Management indicated a reset approach, focusing on relationship-driven business and exploring new B2C opportunities, while acknowledging challenges in finding the right brokers [25][26]