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  "documentTitle": "Ford | Investor Conference Presentation Deck | 60 slides",
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  "authorName": "Ford",
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  "presentationDate": "2023-08-01 00:00:00",
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      "text": "Auction Values (Per Unit)*\n$23,685 Q2 2020, $32,905 Q2 2021, $34,620 Q2 2022, $31,675 Q3 2022, $30,000 Q4 2022, $30,950 Q1 2023, $31,830 Q2 2023",
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      "text": "EBT ($M)\n$543 Q2 2020, $1,623 Q2 2021, $903 Q2 2022, $589 Q3 2022, $191 Q4 2022, $303 Q1 2023, $381 Q2 2023",
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      "text": "U.S. Retail Loss-to-Receivables (\"LTR\") Ratio (%)\n0.15% Q2 2020, (0.07)% Q2 2021, 0.05% Q2 2022, 0.18% Q3 2022, 0.25% Q4 2022, 0.35% Q1 2023, 0.21% Q2 2023",
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      "text": "Q2 EBT YoY ($M)**\n$903 Q2 2022, $47 Vol. / Mix, $(196) Fin Margin, $(96) Credit Loss, $(112) Lease Residual, $(156) Other, $390 Subtotal, $(9) Special Items, $381 Q2 2023",
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      "kind": "list",
      "text": "+ EBT down $0.5B, in line with expectations, driven by lower financing margin, credit losses and lease residuals\n+ Lower financing margin due to higher borrowing costs\n+ Credit losses remain below historical average but are normalizing\n+ Auction values remain strong, but expect industry decline as supply of new vehicles improves",
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      "text": "** Includes special items: $(36)M SA Exit in Q2 2022 and $(9)M investment impairments in Q2 2023",
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      "text": "* U.S. 36-month off-lease auction values at Q2 2023 mix",
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      "kind": "subtitle",
      "text": "Best-in-class finance company",
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