The earnings report shows mixed results: strong pre-owned sales and same-store sales growth, but significant net losses due to noncash impairments. The raised revenue outlook and improving consumer rates are positives, but unclear management responses and high net leverage pose concerns. The Q&A section reveals stable margins and positive trends in trade-ins, yet lacks specifics on M&A timelines. Given these factors, the stock reaction is likely neutral, as positives are balanced by uncertainties and financial health issues.