ACV Auctions Inc (ACVA) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the ACV Third Quarter 2022 Earnings Call. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎來到 ACV 2022 年第三季度財報電話會議。 （操作員說明）

I would now like to turn the call over to your host, Tim Fox, you may begin.

我現在想把電話轉給你的主持人蒂姆·福克斯，你可以開始了。

Thank you, operator. Good afternoon, and thank you for joining ACV's conference call to discuss our third quarter 2022 financial results. With me on the call today are George Chamoun, Chief Executive Officer; and Bill Zerella, Chief Financial Officer. Before we get started, please note that today's comments include forward-looking statements, including statements regarding future financial guidance. These forward-looking statements are subject to risks and uncertainties and involve factors that could cause actual results to differ materially from those expressed or implied by such statements. A discussion of the risks and uncertainties related to our business can be found in our SEC filings and today's press release, both of which can be found on our Investor Relations website. During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's earnings materials, which can also be found on our Investor Relations website. And with that, let me turn the call over to George.

謝謝你，運營商。下午好，感謝您參加 ACV 的電話會議，討論我們 2022 年第三季度的財務業績。今天和我一起打電話的是首席執行官 George Chamoun；和首席財務官 Bill Zerella。在我們開始之前，請注意今天的評論包括前瞻性陳述，包括關於未來財務指導的陳述。這些前瞻性陳述受風險和不確定因素的影響，並且涉及可能導致實際結果與此類陳述明示或暗示的結果存在重大差異的因素。與我們業務相關的風險和不確定性的討論可以在我們的 SEC 文件和今天的新聞稿中找到，兩者都可以在我們的投資者關係網站上找到。在這次電話會議中，我們將討論 GAAP 和非 GAAP 財務措施。今天的收益材料中提供了 GAAP 與非 GAAP 財務指標的對賬，也可以在我們的投資者關係網站上找到。就這樣，讓我把電話轉給喬治。

Thanks, Tim. Good afternoon, everyone, and thank you for joining us. We are very pleased with our third quarter performance, with revenue in line with guidance and EBITDA exceeding guidance on Slide 4. Our market momentum continued in the third quarter with revenue of $105 million, a year-over-year growth of 15% versus strong results in Q3 '21. Despite a modest year-over-year decline in units, GMV grew to $2.1 billion due to an increase in ARPU, which was driven by a strong vehicle mix and also wholesale price inflation. Overall, we are very pleased with our execution in Q3 and our progress and key strategic initiatives.

謝謝，蒂姆。大家下午好，感謝您加入我們。我們對第三季度的業績感到非常滿意，收入符合幻燈片 4 的指導，EBITDA 超過指導。我們的市場勢頭在第三季度繼續保持，收入為 1.05 億美元，同比增長 15% 而強勁21 年第三季度的結果。儘管單位數量同比略有下降，但由於 ARPU 的增加，GMV 增長至 21 億美元，這是由強大的車輛組合和批發價格通脹推動的。總的來說，我們對我們在第三季度的執行以及我們的進展和關鍵戰略舉措感到非常滿意。

We delivered strong results despite an automotive market facing continued supply constraints, weakening retail demand, and vehicle price appreciation. Because market conditions are expected to remain challenging in Q4, we have assumed that wholesale volumes and conversion rates will be compressed through the balance of the year. Our guidance reflects this more cautious view of current market conditions while also reflecting a balance between investing in growth and maintaining a clear path to profitability. 

儘管汽車市場面臨持續的供應限制、零售需求疲軟和汽車價格上漲，但我們仍取得了強勁的業績。由於預計第 4 季度市場狀況仍將充滿挑戰，我們假設批發量和轉換率將在今年餘下時間壓縮。我們的指引反映了對當前市場狀況的這種更為謹慎的看法，同時也反映了投資增長與保持清晰的盈利路徑之間的平衡。

Turning to Slide 5. To frame the rest of our discussion today, we will focus on the 3 pillars of our strategy to drive long-term shareholder value, growth, innovation, and scale. I'll begin with growth. Moving to Slide 7. I'll begin with a brief overview of the dealer wholesale market and the important role retail automotive plays as a wholesale supply source. U.S. retail vehicle market is composed of 16,500 franchise dealers and 38,000 independent dealers. And together, they historically sold over 45 million new and used vehicles annually. These retail consumer transactions are typically accompanied by a trade that, in turn, is sold into the wholesale market. Dealers also rely on the wholesale market to dispose of aged vehicle inventory that has not sold retail after a few months. Together, trade and age units produced an estimated 11 million dealer wholesale units a year.

轉到幻燈片 5。為了構建我們今天的其餘討論，我們將重點關注我們戰略的三大支柱，以推動長期股東價值、增長、創新和規模。我將從成長開始。轉到幻燈片 7。我將首先簡要概述經銷商批發市場以及零售汽車作為批發供應來源所扮演的重要角色。美國零售汽車市場由 16,500 家特許經銷商和 38,000 家獨立經銷商組成。從歷史上看，他們每年共售出超過 4500 萬輛新車和二手車。這些零售消費者交易通常伴隨著交易，而交易又被出售到批發市場。經銷商還依靠批發市場來處理幾個月後仍未零售的舊車庫存。據估計，貿易和年齡單位每年生產 1100 萬個經銷商批發單位。

With this market structure as context, let's turn to Slide 8 to further illustrate the supply side trends in our market. The U.S. retail market continues to remain under pressure due to OEM supply challenges and more recently, consumer affordability issues stemming from increased borrowing costs. There are some early signs that automotive supply chains are improving, which bodes well for wholesale supply volumes longer term. But for now, cautious consumer behavior is clearly pricing new and used retail sellers. Now turning to Slide 9. Let's look at the demand picture in the wholesale market. 

以這種市場結構為背景，讓我們轉到幻燈片 8 進一步說明我們市場的供應方趨勢。由於 OEM 供應挑戰以及最近借貸成本增加導致的消費者負擔能力問題，美國零售市場繼續承受壓力。有一些早期跡象表明汽車供應鏈正在改善，這對長期批發供應量來說是個好兆頭。但就目前而言，謹慎的消費者行為顯然正在為新舊零售賣家定價。現在轉到幻燈片 9。讓我們看一下批發市場的需求情況。

The trials illustrate a renormalization of vehicle prices that is also reflecting softening consumer demand. After reaching historically high levels in 2021, wholesale prices declined during the first quarter this year, recovered modestly in early Q2 but have been decelerating consistently since that time. Wholesale price appreciation, especially when incurred quickly, typically leads to conversion rate compression across the auction industry as dealers become more price sensitive in the wholesale market. You can see this illustrated in the chart on the right, which shows industry conversion rates declining for the past 5 months. Next, on Slide 10. We provided additional insights of our business that underpins our confidence in ACV's long-term growth opportunities. The chart left shows quarterly listings in our marketplace, which is a measure of dealer penetration and marketplace adoption. 

這些試驗說明了汽車價格的重新正常化，這也反映了消費者需求的疲軟。在 2021 年達到歷史高位後，批發價格在今年第一季度有所下降，在第二季度初溫和回升，但此後一直在持續減速。批發價格上漲，尤其是在快速上漲的情況下，通常會導致整個拍賣行業的轉化率壓縮，因為經銷商對批發市場的價格更加敏感。您可以在右側的圖表中看到這一點，該圖表顯示過去 5 個月行業轉化率下降。接下來，在幻燈片 10 上。我們提供了對我們業務的更多見解，這些見解鞏固了我們對 ACV 長期增長機會的信心。左圖顯示了我們市場上的季度清單，這是衡量經銷商滲透率和市場採用率的指標。

After moderating in the second half of 2021 is OEM supply issues mounted, listing volumes turned positive at the beginning of 2022 and grew 19% year-over-year Q3. Through Q3, listings have increased 24% year-over-year, reflecting our strong execution on dealer penetration and wallet share expansion. In fact, franchise penetration reached approximately 33% across the U.S., an increase of 500 basis points since Q4 '21. Of course, in many cases, our wallet share is limited today as we are in the early days of working with many new dealers. However, this expanding network builds a robust foundation for growth once wholesale volumes recover, and we continue to gain eater. The figure on the right is an updated view of the quarterly variance in ACV's conversion rates.

OEM 供應問題在 2021 年下半年有所緩和後，上市量在 2022 年初轉為正值，第三季度同比增長 19%。截至第三季度，掛牌量同比增長 24%，反映出我們在經銷商滲透和錢包份額擴張方面的強大執行力。事實上，特許經營在美國的滲透率達到約 33%，自 21 年第四季度以來增加了 500 個基點。當然，在很多情況下，我們今天的錢包份額是有限的，因為我們還處於與許多新經銷商合作的早期階段。然而，一旦批發量恢復，這個不斷擴大的網絡為增長奠定了堅實的基礎，我們將繼續獲得更多的食客。右圖是 ACV 轉換率季度變化的更新視圖。

As we highlighted over the past few quarters, pre-pandemic conversion rates in our marketplace were in a tight range, then increased significantly to supply, demand, and wholesale pricing factors that drove very strong conversion rates. Beginning earlier this year, as vehicle prices and consumer demand moderated, cautious buying behavior in the wholesale market resulted in conversion rates returning to normal historical levels. This trend continued in Q2, with conversion rates ticking down quarter-over-quarter, then declined further in Q3, correlating with the Black Book data shown on the prior slide. 

正如我們在過去幾個季度強調的那樣，我們市場的大流行前轉化率處於狹窄範圍內，然後由於供應、需求和批發定價因素顯著增加，這些因素推動了非常強勁的轉化率。從今年年初開始，隨著汽車價格和消費者需求的放緩，批發市場謹慎的購買行為導致轉換率恢復到正常的歷史水平。這一趨勢在第二季度繼續，轉換率環比下降，然後在第三季度進一步下降，與上一張幻燈片中顯示的黑皮書數據相關。

We are confident that conversion rates will recover as the macro environment normalizes, which will serve to be a growth tailwind given our strong listing performance. Furthermore, we are currently in place with new pricing tools and a marketplace format aimed at increasing conversion rates. However, based on the latest market trends, we believe it's prudent to assume conversion rates will remain below the lower end of historical ranges for Q4. Turning to Slide 9. You can see that conversion had a material impact on unit volume -- more specifically, the year-over-year change in conversion rate was a greater than 30,000 unit headwind and negatively impacted unit growth by around 20 percentage points. Despite the modest year-over-year unit decline, GMV grew 6% to $2.1 billion, with growth driven by strong ARPU.

我們相信，隨著宏觀環境的正常化，轉換率將會恢復，鑑於我們強勁的上市表現，這將成為增長的動力。此外，我們目前正在使用新的定價工具和旨在提高轉化率的市場格式。然而，根據最新的市場趨勢，我們認為謹慎的做法是假設第四季度的轉化率將保持在歷史範圍的下限以下。轉到幻燈片 9。您可以看到轉換對單位數量產生了實質性影響——更具體地說，轉換率的同比變化是超過 30,000 單位的不利因素，並對單位增長產生了約 20 個百分點的負面影響。儘管出貨量同比略有下降，但 GMV 增長了 6% 至 21 億美元，增長受到強勁的 ARPU 的推動。

Turning now to Slide 12. Based on our internal analysis, we estimate that the U.S. dealer wholesale market continues to remain well below normalized lines and contracted 21% year-over-year in Q3. Despite the macro backdrop, we are executing on key growth initiatives within our control, including gaining market share and attracting new dealers to our marketplace. Given our 5% year-over-year unit decline in Q3 and an estimated market contraction of 21%. This implies that ACV grew its market share by approximately 16% year-over-year. 

現在轉到幻燈片 12。根據我們的內部分析，我們估計美國經銷商批發市場繼續遠低於正常水平，並且在第三季度同比收縮 21%。儘管存在宏觀背景，但我們正在執行我們控制範圍內的關鍵增長計劃，包括獲得市場份額和吸引新經銷商進入我們的市場。鑑於我們在第三季度銷量同比下降 5%，預計市場收縮 21%。這意味著 ACV 的市場份額同比增長了約 16%。

Next, we'd like to wrap up the growth section with highlights and our value-added services. Our investments in the technology and resources to scale ACV transportation and ACV Capital are driving strong top-line growth while also improving customer experience and creating efficiencies, both for our partners and ACV. On Slide 13, you can see that ACV transportation continues to deliver strong results and is truly scaling into a great business. Our growing carrier partner and fast cycle times resulted in attach rates once again exceeding 50% in Q3, with newer technologies, such as our carrier app, gaining wider adoption. In Q3, over 60% of our transports were automatically dispatched, an increase of 20 percentage points from Q1. The investments we are making in transport technologies are attracting new carriers to our marketplace and driving operating efficiencies.

接下來，我們想用亮點和我們的增值服務來結束增長部分。我們在擴大 ACV 運輸和 ACV Capital 規模的技術和資源方面的投資正在推動強勁的收入增長，同時也為我們的合作夥伴和 ACV 改善客戶體驗並提高效率。在幻燈片 13 上，您可以看到 ACV 運輸繼續取得強勁業績，並真正擴展成為一項偉大的業務。我們不斷壯大的運營商合作夥伴和快速的周期時間使附加率在第三季度再次超過 50%，我們的運營商應用程序等新技術獲得了更廣泛的採用。第三季度，我們超過60%的運輸是自動調度的，比第一季度提高了20個百分點。我們在運輸技術方面的投資正在吸引新的承運人進入我們的市場並提高運營效率。

In fact, our transport business hit another key milestone in Q3 with revenue margins in the low double digits, an increase from the mid-single digits in Q2. As a reminder, our 2026 financial targets assume a transport revenue margin of 15%. So our rapid progress this year is clearly putting us on a path to achieving this target. Turning now to Slide 14. Our ACV capital team continues to deliver strong results in the market. Capital attach rates doubled year-over-year in Q3, resulting in over 75% loan volume growth. Our tech investments within our capital business are also paying dividends. ACV's capital portal launched in Q1, and adoption has been strong, with 75% of Active ACV Capital dealers now leveraging this post-auction financing solution.

事實上，我們的運輸業務在第三季度達到了另一個重要的里程碑，收入利潤率處於低兩位數，高於第二季度的中個位數。提醒一下，我們 2026 年的財務目標假設運輸收入利潤率為 15%。因此，我們今年的快速進展顯然使我們走上了實現這一目標的道路。現在轉到幻燈片 14。我們的 ACV 資本團隊繼續在市場上取得強勁業績。第三季度資本附加率同比翻了一番，導致貸款量增長超過 75%。我們在資本業務中的技術投資也帶來了回報。 ACV 的資本門戶網站於第一季度推出，採用率很高，75% 的 Active ACV Capital 經銷商現在都在利用這種拍賣後融資解決方案。

Lastly, we have continued to ramp up our investments in ACV capital sales capacity to drive adoption and dealer engagement to ensure the value-added service is an important growth and profit driver going forward. Turning to the second element of our strategy to drive long-term shareholder value, innovation.

最後，我們繼續加大對 ACV 資本銷售能力的投資，以推動採用和經銷商參與，以確保增值服務成為未來重要的增長和利潤驅動力。轉向我們推動長期股東價值戰略的第二個要素，即創新。

Turning now to Slide 16. I would like to highlight a few examples of product innovation that will drive growth by enhancing the dealer buying experience on our marketplace and enabling ACV to engage with a broader range of large dealer groups. Let me begin with our advanced fire solution, SAM. This solution enhances the buyer experience through intelligent notifications and optional auto-bidding cables. SAM creates persistent demand in our marketplace, leading to better price realization for our sellers and ultimately, to higher conversion. We are still early, but with over 1,400 dealers leveraging SAM on our marketplace today, we believe it can be a big growth driver, and we expand use cases and capabilities.

現在轉到幻燈片 16。我想強調一些產品創新的例子，這些產品創新將通過增強經銷商在我們市場上的購買體驗並使 ACV 能夠與更廣泛的大型經銷商群體互動來推動增長。讓我從我們先進的消防解決方案 SAM 開始。該解決方案通過智能通知和可選的自動出價電纜增強了買家體驗。 SAM 在我們的市場中創造持續的需求，從而為我們的賣家帶來更好的價格實現，並最終帶來更高的轉化率。我們還處於早期階段，但今天有超過 1,400 家經銷商在我們的市場上使用 SAM，我們相信它可以成為一個巨大的增長動力，並且我們擴展了用例和功能。

Next, we're also enhancing our marketplace experience by testing a host of new formats, including varying auction duration, start pricing, and vehicle-specific merchandise. Our testing is showing promising conversion results and could increase higher cellular success on our marketplace. Lastly, our private marketplace solution continues to gain market traction with some of the largest dealer groups in the country. This solution enables dealership groups to easily auction inventory within their network to maximize group profit. 

接下來，我們還將通過測試一系列新格式來增強我們的市場體驗，包括不同的拍賣持續時間、起始定價和車輛特定商品。我們的測試顯示出有希望的轉換結果，並且可以增加我們市場上更高的蜂窩成功率。最後，我們的私人市場解決方案繼續在該國一些最大的經銷商集團中獲得市場吸引力。該解決方案使經銷商集團能夠輕鬆拍賣其網絡內的庫存，以最大限度地提高集團利潤。

It's fully customizable to match each group's specific needs and seamlessly integrate with our open marketplace when a vehicle is not purchased in the private marketplace. On Slide 17, I'll wrap up the innovation section with examples of how we are scaling our operations while innovating to drive customer success and reduce costs with a focus on our market-leading data and inspection capabilities. First, our Apex launch has been going great, with adoption going across our nationwide inspection team. Recall that APEX is our next-gen data collection tool, with upgraded audio capture capabilities and sensor detection for vibration, displacement, and ultrasonics. The more comprehensive data set delivered by APEX drives significantly higher transparency in the vehicle operating condition while also increasing the inspection productivity of our teammates.

它是完全可定制的，可以滿足每個群體的特定需求，並且當車輛不是在私人市場上購買時，它可以與我們的開放市場無縫集成。在幻燈片 17 上，我將舉例說明我們如何在擴展業務的同時通過創新推動客戶成功並降低成本，重點放在我們市場領先的數據和檢查能力上，以此來結束創新部分。首先，我們的 Apex 發布進展順利，我們的全國檢查團隊都採用了 Apex。回想一下，APEX 是我們的下一代數據收集工具，具有升級的音頻捕獲功能和振動、位移和超聲波傳感器檢測。 APEX 提供的更全面的數據集顯著提高了車輛運行狀況的透明度，同時也提高了我們團隊成員的檢查效率。

Next, we are excited to leverage our vital data powered by AI. Starting on the left, we have developed a catalyst converter detection app. As you may be aware, there has been a huge spike in catalysts converted to gas due to a higher content of valuable precious metals. There are also very expensive devices to replace. So it's a critical element of our inspection process to ensure dealers can accurately derive vehicle apps. Our model can actually detect the presence or lack of a catalyst converter with 97% accuracy. And on the right, perhaps a bit less flashy, but still an important element of air conditioning is rust. 

接下來，我們很高興能夠利用由 AI 提供支持的重要數據。從左邊開始，我們開發了一個催化轉化器檢測應用程序。您可能知道，由於有價值的貴金屬含量較高，轉化為氣體的催化劑數量激增。還有非常昂貴的設備需要更換。因此，確保經銷商能夠準確推出車輛應用程序是我們檢查流程的關鍵要素。我們的模型實際上可以以 97% 的準確度檢測是否存在催化轉化器。而在右邊，也許不那麼浮華，但空調的一個重要元素仍然是生鏽。

Manual inspections can easily mistake surface rust for a deeper structural or penetrating rust, which materially changes the equation and the vehicle value. Our app uses AI technology to automatically detect rust classification and quantify the amount and the under care, which again raises the bar and ACV's inspection transparency while reducing arbitration risks. Next, I'd like to introduce our newest innovation that we have in beta, a pre-inspection data capability we have dubbed internally copilot. Copilot is a proprietary technology that leverages machine learning, predictive analytics, field team insights, and customer feedback, to inform our BCI on common vehicle-specific issues before conducting an infection.

人工檢查很容易將表面鏽蝕誤認為是更深的結構鏽蝕或滲透性鏽蝕，這會極大地改變方程式和車輛價值。我們的應用程序使用人工智能技術自動檢測鏽蝕分類並量化數量和護理，這再次提高了標準和 ACV 的檢查透明度，同時降低了仲裁風險。接下來，我想介紹我們在測試版中擁有的最新創新，這是一種我們在內部稱為副駕駛的預檢查數據功能。 Copilot 是一項專有技術，它利用機器學習、預測分析、現場團隊洞察力和客戶反饋，在進行感染之前將常見的車輛特定問題告知我們的 BCI。

We are equipping our infection team with valuable acknowledge gained through millions of vehicle data points and inspections, and it be delivered in an easy-to-consume format specific to the vehicle they are standing in front of, all before they start the impact. So to wrap up on innovation, I think it's clear that our team is delivering highly differentiated technology solutions to the market and to our own operations that expand our competitive moat and help drive profitable long-term growth. With that, let me hand it over to Bill to take you through our financial results and how we're driving growth at scale.

我們正在為我們的感染團隊提供通過數百萬車輛數據點和檢查獲得的寶貴認可，並在他們開始影響之前以一種易於使用的格式提供給他們站在前面的車輛。因此，為了總結創新，我認為很明顯，我們的團隊正在向市場和我們自己的運營提供高度差異化的技術解決方案，以擴大我們的競爭優勢並幫助推動盈利的長期增長。有了這個，讓我把它交給比爾來帶你了解我們的財務業績以及我們如何推動規模增長。

Thanks, George, and thank you, everyone, for joining us today. We are pleased with our Q3 financial performance. We delivered revenue in line with our guidance with upside to adjusted EBITDA despite the challenging macro factors George outlined earlier on the call. We also demonstrated the strength of our business model with revenue margin and adjusted EBITDA margin expansion versus Q3 '21. Turning to Slide 19, I'll begin with a review of our third-quarter results. Revenue of $105 million was at the midpoint of guidance, representing year-over-year growth of 15% versus strong results in Q3 '21. Adjusted EBITDA loss of $12 million or 11% of revenue beat our guidance range, and EBITDA margin improved approximately 200 basis points versus Q3 '21. Turning to Slide 20. I will cover some additional detail on revenue.

謝謝喬治，也謝謝大家今天加入我們。我們對第三季度的財務業績感到滿意。儘管喬治早些時候在電話會議上概述了具有挑戰性的宏觀因素，但我們的收入符合我們的指導，調整後的 EBITDA 仍有上行空間。與 21 年第三季度相比，我們還通過收入利潤率和調整後的 EBITDA 利潤率擴張展示了我們的商業模式的實力。轉到幻燈片 19，我將首先回顧我們的第三季度業績。 1.05 億美元的收入處於指導的中點，與 21 年第三季度的強勁業績相比，同比增長 15%。調整後的 EBITDA 虧損 1200 萬美元或收入的 11% 超出了我們的指導範圍，EBITDA 利潤率比 21 年第三季度提高了約 200 個基點。轉到幻燈片 20。我將介紹一些關於收入的額外細節。

Total revenue of $105 million represented a 25% CAGR since Q3 '20. Auction and insurance revenue, which was 53% of total revenue, grew 7% year-over-year versus solid results in Q3 '21. Year-over-year growth in auction and Assurance ARPU of 13% was driven by higher GMV due to the strong mix of vehicles sold on our platform and the bus increase we instituted last December. 

自 20 年第三季度以來，總收入為 1.05 億美元，複合年增長率為 25%。拍賣和保險收入佔總收入的 53%，同比增長 7%，而 2021 年第三季度業績穩健。拍賣和保證 ARPU 同比增長 13%，這是由於我們平台上銷售的車輛組合強勁以及我們去年 12 月增加了公交車，導致 GMV 增加。

Marketplace Services revenue, which was 38% of total revenue, grew 26% year-over-year, reflecting strong adoption of our ACV transportation and capital offerings. Our SaaS and data services products comprised 8% of total revenue and grew 20% year-over-year, driven primarily from growth in our MAX Digital business and the adoption of data-enabled inspection services. Now turning to Slide 21, I will review costs in the quarter. Q3 cost of revenue as a percentage of revenue decreased approximately 400 basis points versus Q3 '21. The improvement was driven primarily by our Transport business, which delivered a low double-digit revenue margin in the quarter. To reinforce George's earlier point about the scale we're delivering in transport, our 2026 targets assume a 15% revenue margin for this business.

市場服務收入佔總收入的 38%，同比增長 26%，反映出我們對 ACV 運輸和資本產品的大力採用。我們的 SaaS 和數據服務產品佔總收入的 8%，同比增長 20%，這主要得益於 MAX Digital 業務的增長和數據支持檢查服務的採用。現在轉到幻燈片 21，我將審查本季度的成本。第三季度收入成本佔收入的百分比與 21 年第三季度相比下降了約 400 個基點。這一改善主要是由我們的運輸業務推動的，該業務在本季度實現了兩位數的低收入利潤率。為了強化 George 先前關於我們在運輸領域交付的規模的觀點，我們的 2026 年目標假設該業務的收入利潤率為 15%。

By having achieved low double-digit margins this soon is a strong indicator of the long-term profitability of this business. Also, a reminder, our transport revenues require on a gross basis, so margin improvement has an outsized impact on our overall blended margins. Turning now to operating costs. The key takeaway here is that after significantly ramping OpEx in 2021 to support market expansion and technology initiatives, we have continued to invest this year but at a much lower rate of growth. This is a testament to the ACV team, who has done a great job identifying ways to optimize how we operate while still delivering superior customer service to our dealer partners. 

很快就實現了兩位數的低利潤率，這是該業務長期盈利能力的有力指標。另外，提醒一下，我們的運輸收入需要按毛額計算，因此利潤率的提高對我們的整體混合利潤率產生了巨大影響。現在轉向運營成本。這裡的關鍵要點是，在 2021 年大幅提高運營支出以支持市場擴張和技術計劃之後，我們今年繼續投資，但增長率要低得多。這證明了 ACV 團隊，他們在確定優化我們運營方式的方法方面做得很好，同時仍然為我們的經銷商合作夥伴提供卓越的客戶服務。

Moving to Slide 22, let me put a finer point on our investment strategy and path to profitability. Given ACB's leading market position and large addressable market opportunity, we continue to support both our growth and technology investments. At the same time, we have remained focused on investing prudently to ensure a clear path to profitability. As you can see, our focus this year on spending discipline and operational efficiency is expected to yield a material full-year decrease in OpEx growth. We're doing this while also preserving our key go-to-market and technology investments to ensure ACV is in an even stronger position when market conditions improve. As it relates to our EBITDA breakeven objective, we believe that despite the ongoing market and macro headwinds facing ACV, there are additional levers in our business to help us achieve this objective.

轉到幻燈片 22，讓我更詳細地介紹我們的投資策略和盈利途徑。鑑於 ACB 的領先市場地位和巨大的潛在市場機會，我們將繼續支持我們的增長和技術投資。與此同時，我們一直專注於審慎投資，以確保一條清晰的盈利之路。如您所見，我們今年對支出紀律和運營效率的關注預計將使全年運營支出增長出現實質性下降。我們這樣做的同時還保留了我們關鍵的上市和技術投資，以確保 ACV 在市場條件改善時處於更有利的地位。由於它與我們的 EBITDA 盈虧平衡目標相關，我們認為儘管 ACV 面臨持續的市場和宏觀逆風，但我們的業務中還有其他槓桿可以幫助我們實現這一目標。

Next, I will highlight our strong capital structure on Slide 23. We ended Q3 with $502 million in cash and equivalents and marketable securities and $71 million of long-term debt to finance our rapidly growing ACV capital business. Note that our Q3 cash balance includes $138 million of float in our auction business. As we discussed previously, the amount of float on our balance sheet can fluctuate meaningfully based on business trends in the final 2 leases of each quarter, and it has a corresponding impact on operating cash flow. 

接下來，我將在幻燈片 23 上強調我們強大的資本結構。我們以 5.02 億美元的現金和等價物以及有價證券和 7100 萬美元的長期債務結束了第三季度，為我們快速增長的 ACV 資本業務提供資金。請注意，我們第三季度的現金餘額包括我們拍賣業務中的 1.38 億美元浮動資金。正如我們之前所討論的，我們資產負債表上的浮動金額可能會根據每個季度最後 2 項租賃的業務趨勢而顯著波動，並對經營現金流產生相應的影響。

In Q3, cash flow used in operations improved materially to just $3 million, with a sequential increase in flow contributing $13 million in positive cash flow. Based on our current outlook for the balance of 2022, we continue to expect cash used in operations to decline in the second half of '22 relative to the first half of the year. Now I'll turn to guidance on Slide 24. For the fourth quarter of 2022, we are expecting revenue in the range of $97 million to $100 million. Adjusted EBITDA is expected to be a loss in the range of $15 million to $17 million. For the full year 2022, revenue is now expected to be a range of $421 million to $424 million. This range represents growth of 17% to 18% year-over-year and is modestly below our previous guidance to reflect our more cautious view of the macroeconomic factors impacting wholesale volumes and conversion rates in our market.

在第三季度，用於運營的現金流大幅改善至僅 300 萬美元，流量連續增加貢獻了 1300 萬美元的正現金流。根據我們目前對 2022 年餘額的展望，我們繼續預計 22 年下半年運營中使用的現金相對於上半年將下降。現在我將轉向幻燈片 24 的指導。對於 2022 年第四季度，我們預計收入在 9700 萬至 1 億美元之間。調整後的 EBITDA 預計將虧損 1500 萬至 1700 萬美元。對於 2022 年全年，收入現在預計在 4.21 億美元至 4.24 億美元之間。這一範圍代表同比增長 17% 至 18%，略低於我們之前的指導，以反映我們對影響市場批發量和轉化率的宏觀經濟因素更為謹慎的看法。

Despite this lower revenue outlook, our adjusted EBITDA loss is expected to increase just $2 million at the midpoint of revised guidance, adjusted EBITDA is now expected to be a loss in the range of $59 million to $61 million or approximately 14% of revenue. As it relates to our 2022 guidance, in addition to the macro factors impacting wholesale volumes, we are assuming that conversion rates remain at or below the lower end of our historical range, with current market conditions persisting through the balance of the year. Finally, we expect non-GAAP operating expenses to grow approximately 24% year-over-year. Let me wrap up on Slide 25 by reviewing our 2026 financial targets. 

儘管收入前景較低，但我們調整後的 EBITDA 虧損預計在修訂後的指引中點僅增加 200 萬美元，調整後的 EBITDA 現在預計虧損在 5900 萬至 6100 萬美元之間，約佔收入的 14%。由於它與我們的 2022 年指導相關，除了影響批發量的宏觀因素外，我們假設轉換率保持在或低於我們歷史範圍的下限，當前的市場狀況將持續到今年餘下的時間。最後，我們預計非 GAAP 運營費用將同比增長約 24%。讓我通過回顧我們的 2026 年財務目標來結束幻燈片 25。

We are very pleased with our execution which was proven to be a very challenging macro environment, and we remain confident in our ability to achieve $1.3 billion of revenue and $325 million of EBITDA in 2026. Our confidence is reinforced by a number of factors, including strong dealer penetration and wallet share gains across our territories resulting in sustained market share gains. Our broad technology platform, enabling durable long-term growth and operating efficiency, consistent improvement in revenue margins and a commitment to balancing growth and investments as our business scales. And with that, let me turn it back to George.

我們對我們的執行感到非常滿意，這被證明是一個非常具有挑戰性的宏觀環境，我們仍然相信我們有能力在 2026 年實現 13 億美元的收入和 3.25 億美元的 EBITDA。我們的信心得到了許多因素的加強，包括強大的經銷商滲透率和錢包份額在我們地區的增長導致持續的市場份額增長。我們廣泛的技術平台，可實現持久的長期增長和運營效率，不斷提高收入利潤率，並致力於隨著業務規模的擴大而平衡增長和投資。然後，讓我把它轉回給喬治。

Thanks, Bill. Before we take your questions, let me summarize. We are very pleased with our strong execution during these challenging times in our industry. And we are especially proud of our ACV team that has delivered these results. We continue to gain market share by attracting new dealers to our marketplace and by gaining wallet share within our existing customer base, which positions ACV for strong growth when market conditions improve. We are executing on our territory penetration plan and our suite of marketplace offerings are gaining traction. We are innovative in delivering an exciting product roadmap to further differentiate ACV and expand our addressable market. We are on track to generate over $1 billion in revenue with attractive margins through a proven business model that we believe will drive significant shareholder value. We will remain committed to continue to build a world-class team to deliver on our goals. With that, I'll turn the call over to the operator to begin the Q&A.

謝謝，比爾。在我們回答您的問題之前，讓我總結一下。在我們行業充滿挑戰的時期，我們對我們強大的執行力感到非常滿意。我們為交付這些成果的 ACV 團隊感到特別自豪。我們通過吸引新的經銷商進入我們的市場並在我們現有的客戶群中獲得錢包份額來繼續獲得市場份額，這使 ACV 在市場條件改善時實現強勁增長。我們正在執行我們的領土滲透計劃，我們的市場產品套件正在獲得牽引力。我們在提供令人興奮的產品路線圖方面具有創新性，以進一步區分 ACV 並擴大我們的目標市場。我們有望通過行之有效的商業模式產生超過 10 億美元的收入和誘人的利潤率，我們相信這將推動重要的股東價值。我們將繼續致力於繼續打造一支世界一流的團隊，以實現我們的目標。有了這個，我會把電話轉給接線員開始問答。

(Operator Instructions) Our first question comes from Vincent Cardell of Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Vincent Cardell。

This is [Vincent] on for John Colantuoni at Jefferies. Do you think you can talk about what you're seeing in terms of any developments in Q4 or so far to headwinds to wholesale conversion rates? And then maybe you could get us -- help us get a sense of sort of where headwinds are hitting the hardest? How are headwinds impacting customer engagement and retention versus kind of the impact that you're seeing to the sales teams as they try to enroll new dealers?

這是 Jefferies 的 John Colantuoni 的 [Vincent]。您是否認為您可以談談您在第四季度或迄今為止對批發轉化率的逆風的任何發展方面所看到的情況？然後也許你可以讓我們 - 幫助我們了解逆風最嚴重的地方？逆風如何影響客戶參與度和保留率，以及您在銷售團隊嘗試招募新經銷商時看到的影響類型？

Vincent, it's George. I'll start, and then if Bill wants to chime in. So Vincent, if you look at the Black Book data that recently came out, what it really informs is that what we really have seen is conversion rates have continued to decline, and then this sort of started to level out a little bit. I think in the last 24 hours, it showed it went down minimally. And we're not going to speak much to Q4 beyond by saying like our conversion data in Black Books is mirrored pretty consistently. So high-level thought is we could be as we could have solved the trough sort of how we're thinking about it, and we're sort of leveled out on conversion. And then the second part of your question there is, even though we've continued to gain dealers, when you look at our market expansion, I really -- I'll answer a question in a couple of ways. So one, we now have 1/3 of franchise dealers across the country starting to use ACV, some more so than others. Some we have limited wallet share. So we have a lot of wallet share. So what does that say? That's because dealers are looking for ways to wholesale their vehicles differently.

文森特，是喬治。我會開始，然後如果 Bill 想插話。所以文森特，如果你看看最近發布的黑皮書數據，它真正告訴我們的是我們真正看到的是轉換率持續下降，而且然後這種情況開始趨於平穩。我認為在過去的 24 小時內，它的下降幅度很小。而且我們不會說我們在 Black Books 中的轉換數據非常一致地反映了第四季度。所以高層次的想法是我們可以像我們可以解決我們的思考方式那樣解決問題，並且我們在轉換方面已經趨於平穩。然後你問題的第二部分是，即使我們繼續獲得經銷商，當你看看我們的市場擴張時，我真的 - 我會以幾種方式回答問題。所以第一，我們現在有全國 1/3 的特許經銷商開始使用 ACV，其中一些比其他的更多。有些我們的錢包份額有限。所以我們有很多錢包份額。那說明什麼呢？這是因為經銷商正在尋找以不同方式批發汽車的方法。

At the same time, we are starting to see listings per liter. If you look at it from 100% of their wallet share, listers across the industry, listings have started to decline. And that's mainly related to the macro environment where dealers are selling less cars, a combination of used plus new. So even though we've gained listers and even though we've gained listings this year by over 24%, we are starting to see the number of wholesale cars available per lister decline. So those are something like the macro things going on, but you're seeing, compared to the others in the industry, we bode well, and we've done a great job of taking share and gaining more relationships and also starting to take more wallet share. Philip, anything else you want to add?

與此同時，我們開始看到每升的清單。如果你從他們 100% 的錢包份額來看，整個行業的列表已經開始下降。這主要與經銷商銷售較少汽車的宏觀環境有關，這是二手車和新車的結合。因此，即使我們增加了掛牌者，儘管我們今年的掛牌量增加了 24% 以上，但我們開始看到每個掛牌者的批發汽車數量在下降。所以這些都是宏觀上正在發生的事情，但你看到的是，與業內其他公司相比，我們預示著好兆頭，我們在分享和獲得更多關係方面做得很好，也開始採取更多錢包份額。菲利普，你還有什麼要補充的嗎？

Yes. So what I would just add, then just based on what George took you through in terms of the context of our guidance, we are assuming essentially that conversion rates are basically flat with Q3 and, again, remain at this, call it, depressed level versus our historical conversion rates. But we have assumed that listings liftings per liter, as we call it, does decline based on this macro environment that we're all kind of dealing with today. So that's kind of the underpinning for our guidance for Q4, essentially.

是的。所以我只想補充一點，然後根據喬治在我們的指導背景下帶你經歷的事情，我們基本上假設轉化率與第三季度基本持平，並且再次保持在這個水平，稱之為低迷水平與我們的歷史轉化率相比。但我們假設，正如我們所說的那樣，根據我們今天都在處理的這種宏觀環境，每升的清單提升量確實會下降。所以這基本上是我們第四季度指導的基礎。

Our next question comes from Chris Pierce.

我們的下一個問題來自 Chris Pierce。

Just had a question on as vehicle prices depreciate higher arbitration. I'm just kind of curious what you guys are seeing, what safeguards do you have in place? And is that something more of a -- we should think of as a growing pain, and you guys are somewhat past it with the caveat that you always have to be vigilant around it?

剛剛有一個關於汽車價格貶值更高仲裁的問題。我只是有點好奇你們看到了什麼，你們有什麼保障措施？這是否更像是一種——我們應該將其視為一種成長的痛苦，而你們在某種程度上已經過去了，但要警告說你們必須始終對此保持警惕？

Yes. Chris, I'll start on this. Thanks for the question. Great question. You've probably seen throughout the industry that there tends -- you have a risk for higher arbitration as price decline. With us, quarter-over-quarter, we actually improved in a market where the prices were going down, when you look at the investments we've made in technology and our inspection platform, we look at the discipline in our operations. When you look at the way we're operating the business, we actually improved. And in a tough market, that's not easy.

是的。克里斯，我要開始了。謝謝你的問題。很好的問題。您可能已經在整個行業中看到這種趨勢——隨著價格下跌，您面臨更高仲裁的風險。與我們一起，季度環比，我們實際上在價格下跌的市場中有所改善，當您查看我們在技術和檢查平台上所做的投資時，我們會查看我們運營中的紀律。當您審視我們經營業務的方式時，我們實際上有所改進。在艱難的市場中，這並不容易。

So Chris, when you really think about, we've really invested very significantly in this inspection technology. We've invested in a national inspection team, they are all employees of ours who are working hard out there, who are doing all the right things. We're not relying on any third parties. When you look at the internal processes we have to make sure we have good actors, not bad actors on the platform. We've got tremendous discipline here at. We still have room to grow. We got still improvements that we can sort of improve throughout the next year. And we have not achieved all of our goals and objectives. But maybe Bill can sort of chime in a little bit more on this.

因此，克里斯，當你真正想到時，我們真的在這項檢測技術上投入了大量資金。我們投資了一個國家督察組，他們都是我們的員工，他們在外面努力工作，他們在做正確的事情。我們不依賴任何第三方。當你查看內部流程時，我們必須確保我們在平台上有好的演員，而不是壞的演員。我們這裡紀律嚴明。我們還有成長的空間。我們仍然有改進，我們可以在明年進行改進。我們還沒有實現我們所有的目標。但也許 Bill 可以就此多說幾句。

Yes. What you -- Chris, what you'll see in the supplemental data is that we actually took our -- what's in our P&L is basically our assurance cost of revenue, which is effectively arbitration costs down quarter-on-quarter from $14.6 million to $12.2 million. And if you look at it on a per-unit base, we were down almost 10% on a per-unit basis. So actually, we've made some great strides in terms of driving those costs down despite what's a pretty challenging environment today. So you'll see some of that in the math in terms of the data.

是的。你 - 克里斯，你會在補充數據中看到的是，我們實際上採用了 - 我們的損益表中基本上是我們的收入保證成本，這實際上是仲裁成本從 1460 萬美元環比下降到1220 萬美元。如果你以單位為基礎來看，我們的單位數量下降了近 10%。因此，實際上，儘管當今的環境極具挑戰性，但我們在降低這些成本方面取得了很大進展。所以你會在數據方面的數學中看到其中的一些。

And then just one more, if I could. Bill, you mentioned the buy fee increase last December. If I look at, let's say, KAR's 2019 brick-and-mortar auction fees, you guys are still 10% to 12% below there. Is that something that -- I know you're not going to commit to annual price increases, but I'm just curious how you think about the evolution of pricing on the platform as you kind of grow the platform?

然後再來一個，如果可以的話。比爾，你提到了去年 12 月購買費用的增加。如果我看一下，比方說，KAR 2019 年的實體拍賣費用，你們仍然比那裡低 10% 到 12%。那是什麼——我知道你不會承諾每年漲價，但我很好奇你如何看待平台發展過程中平台定價的演變？

Yes, it's a good question. And you're right, we do have some headroom there. And in fact, we did pass a smaller increase in our buy fees this quarter which, again, tends to mitigate any downside we have on ARPU to declining prices for vehicles. So we've got some headroom there, and we'll see how we -- what we decide going forward in terms of whether we continue to march that upward over time. I mean, we're also all subjects, not just us, but all our competitors are subject to inflationary costs, right? So we've been able to pass some of this through pretty successfully, and it helps us, again, mitigate any downside on ARPU for us going forward.

是的，這是個好問題。你是對的，我們確實有一些動態餘量。事實上，本季度我們確實通過了較小的購買費用增長，這再次傾向於減輕我們對 ARPU 的任何負面影響，以降低車輛價格。所以我們在那裡有一些淨空，我們將看看我們如何決定我們是否會隨著時間的推移繼續向上推進。我的意思是，我們也是所有主體，不僅是我們，而且我們所有的競爭對手都受到通貨膨脹成本的影響，對嗎？所以我們已經能夠非常成功地通過其中的一些，它再次幫助我們減輕了 ARPU 對我們前進的任何不利影響。

Yes. And Chris, I'll just add a little more on that. So our philosophy is don't be a pick. We do have opportunity to increase and with both small price increases we made over the last 14 months. we had very limited commentary from the dealer community, comments like surprised I didn't increase it more. Comments like that's still extremely fair. So to your point, we still have -- we still are charging fees, lower than markets where -- and we'll be smart about this for the next few years. We should earn the market value for what we're doing in time, but we'll be smart about it, and we'll do it carefully. And we'll do it in a manner where dealers actually also feel like we're being fair to the whole thing. So Chris, so far, so good as we've increased ARPU within a market where GMV was actually challenged.

是的。克里斯，我再補充一點。所以我們的理念是不要挑剔。我們確實有機會提高價格，而且我們在過去 14 個月中都進行了小幅提價。我們從經銷商社區得到的評論非常有限，評論很驚訝我沒有增加更多。這樣的評論還是很公平的。因此，就您的觀點而言，我們仍然有——我們仍在收取費用，低於市場的費用——我們將在未來幾年對此保持明智。我們應該及時為我們所做的事情賺取市場價值，但我們會對此保持聰明，我們會謹慎行事。我們將以經銷商實際上也覺得我們對整個事情公平的方式來做這件事。所以克里斯，到目前為止，我們已經在 GMV 實際上受到挑戰的市場中增加了 ARPU。

Our next question comes from Naved Khan with Truist.

我們的下一個問題來自 Naved Khan 和 Truist。

So 2 questions from me. Maybe just on the -- just to kind of piggyback on your response there about price increase that you did. Just to clarify that that happened in Q4? Or did you also benefit from it in Q3? Just trying to figure out the timing. And then second, really, just on the innovations that you kind of highlighted, when can we expect to see the benefit in terms of maybe higher efficiency in the field in the inspection process as you start to use these?

所以我有 2 個問題。也許只是 - 只是為了在你那裡對你所做的價格上漲的回應中有所作為。只是為了澄清這發生在第四季度？還是您在Q3也從中受益？只是想弄清楚時間。其次，真的，就您強調的創新而言，當您開始使用這些創新時，我們什麼時候可以期望在現場檢查過程中看到更高效率的好處？

Okay. This is Bill. So I'll take the first question, and then I'll pass it to George. Yes. So that buy fee increase actually was earlier this quarter. So it was literally just a few weeks ago. So we'll get the benefit for most of the quarter, but not all of it. Meaning the...Yes, sorry, it didn't impact Q3.

好的。這是比爾。所以我會回答第一個問題，然後我會把它傳遞給喬治。是的。因此，購買費用的增加實際上是在本季度早些時候。所以實際上就在幾週前。因此，我們將在本季度的大部分時間裡受益，但不是全部。意思是......是的，對不起，它沒有影響第三季度。

And your second question, I believe you're asking about sort of the efficiencies and gaining scale with our inspection team. Is that really what your question is around?

你的第二個問題，我相信你是在詢問我們的檢查團隊的效率和擴大規模。這真的是你的問題嗎？

Yes. And even maybe leveraging some of the innovations here you highlighted, whether it's or other things that you can do to kind of make the process more efficient, faster, maybe.

是的。甚至可能利用你在這裡強調的一些創新，無論是它還是你可以做的其他事情，使這個過程更高效、更快，也許。

Yes. Thanks for clarifying. So we're still investing. So I'll give you a couple of different categories. APEX, and then there'll be yet an adjacent thing we'll be working on, where there's some other data in the vehicle where we get hit a little bit more manual today. Think about each part of the inspection. Any part right now could take us, let's say, 4 to 7 minutes per sort of application or device or utilization. So in the aggregate, we might be spending between 20 and 40 minutes per inspection with an objective of eventually getting it down to where each and every vehicle is taking you under 20 minutes.

是的。感謝您的澄清。所以我們還在投資。所以我會給你幾個不同的類別。 APEX，然後還有一個我們將要做的相鄰的事情，在車輛中還有一些其他數據，我們今天會受到更多的手動操作。考慮檢查的每個部分。現在任何部分都可能需要我們，比方說，每種應用程序或設備或使用 4 到 7 分鐘。因此，總的來說，我們每次檢查可能會花費 20 到 40 分鐘，目的是最終將其減少到每輛車花費您不到 20 分鐘的時間。

And these investments we're making are so early. So we won't see like massive benefit in Q4 or even Q1. But when I think about between now and the end of next year, the investments in APEX, the investments in us curating the type of inspection that we should do on a low-priced vehicle versus a fairly high-priced vehicle. The inspection we should do is based on that vehicle type. So this new investment is a new product that we internally called copilot for right now allows us to say based on this Nissan, which has the following issues, go look at the following things. So still early.

我們正在進行的這些投資還為時過早。因此，我們不會在第四季度甚至第一季度看到巨大的收益。但是，當我想到從現在到明年年底，對 APEX 的投資，對我們策劃我們應該對低價車輛和相當高價車輛進行的檢查類型的投資。我們應該做的檢查是基於該車型。所以這項新投資是我們內部稱為副駕駛的新產品，現在允許我們說基於這輛日產，它有以下問題，去看看以下事情。所以還早。

Some of this, we've just built. We're really excited about it. But we've got objectives internally that we're going to hit next year. And you can see the discipline we have here at ACV. We say we're going to do something. We're going to go do it. And we've built this tech to help us get more and more efficient on the time it takes to infect the vehicles. But at the same time, you probably see by doing some studies on the industry, you don't want to then get kill you in arbitration. So you need to be efficient, but you also need to get the data you need or else the car is going to come back, and it's going to hurt you. And you don't want any surprises. So we're -- that combination of efficiency, but getting the data we need, we think we're years ahead of anybody else in the marketplace.

其中一些，我們剛剛建立。我們真的很興奮。但我們有內部目標，我們將在明年實現。您可以在 ACV 看到我們的紀律。我們說我們要做點什麼。我們打算去做。我們已經建立了這項技術來幫助我們在感染車輛所需的時間上越來越高效。但與此同時，通過對該行業進行一些研究，您可能會發現，您不想在仲裁中被處死。所以你需要有效率，但你也需要獲得你需要的數據，否則汽車會回來，它會傷害你。你不想要任何驚喜。所以我們 - 效率的結合，但獲得我們需要的數據，我們認為我們比市場上的其他任何人都領先多年。

Our next question comes from Rajat Gupta with JPMorgan.

我們的下一個問題來自摩根大通的 Rajat Gupta。

Maybe this is like a twin question maybe, but trying to understand like how you're managing your cost structure, your OpEx in the context of what you're seeing in terms of conversion rates and listing. You've obviously given the fourth quarter guidance. But I'm curious like how are you planning for 2023? Are you planning -- are you viewing the fourth quarter as a trough for the business. expecting 2020 to be a recovery year? And in that context, like how do you plan to manage your expense structure? I mean, are you -- is your OpEx at a level enough that you can just grow into that into whatever the volume outlook is for 2023? Or do you think you might need to make more cuts? So just tying both like just budgeting maybe for 2023, if you could just help clarify that? And then I have a follow-up.

也許這就像一個雙胞胎問題，但試圖理解你如何管理你的成本結構，你的 OpEx 在你所看到的轉化率和列表方面。你顯然已經給出了第四季度的指導。但我很好奇你對 2023 年有什麼計劃？您是否計劃 - 您是否將第四季度視為業務的低谷？期待 2020 年成為複甦之年？在這種情況下，您打算如何管理您的費用結構？我的意思是，你 - 你的運營支出水平是否足以讓你可以成長為 2023 年的任何數量前景？或者你認為你可能需要做更多的削減？因此，將兩者捆綁在一起，就像為 2023 年做預算一樣，如果你能幫忙澄清一下？然後我有一個後續行動。

It's Bill. Yes. So look, obviously, on our last call, we talked about the fact that we're exiting this year at a $40 million lower OpEx run rate than what we guided to when we entered into the year. That said, to answer your question more specifically, there are other opportunities for us to continue to optimize the business going into next year. And that's really across the company, but I'll just give you a few examples just to give you a flavor for this. So if you look at arbitration costs and our inspection costs together, right, this year, that's about $130 million, roughly evenly split between the 2, okay? Arbitration costs, we answered that question earlier in terms of driving those costs down from Q2 to Q3. So there's already great strides that we're making in terms of reducing the frequency and the size of arbitration claims. But really going forward, there's the ability to continue to leverage a lot of the technology that George highlighted in his prepared remarks. 

是比爾。是的。因此，很明顯，在我們上次電話會議上，我們談到了這樣一個事實，即我們今年的運營支出運行率比我們進入今年時的指導低 4000 萬美元。也就是說，為了更具體地回答你的問題，我們還有其他機會繼續優化明年的業務。這確實是整個公司的事，但我只是舉幾個例子，讓你對此有所了解。所以如果你把仲裁費用和我們的檢查費用放在一起看，對吧，今年大約是 1.3 億美元，大致平分給兩者，好嗎？仲裁成本，我們早些時候在將這些成本從第二季度降至第三季度時回答了這個問題。因此，我們在減少仲裁索賠的頻率和規模方面已經取得了長足的進步。但真正向前看，有能力繼續利用喬治在他準備好的發言中強調的許多技術。

So there's a lot more room for improvement. And I would argue in the context again of the environment that we're doing in with is particularly impressive when you consider this backdrop in terms of us being able to drive those costs down where you're seeing those costs going up in a lot of other cases. So that's number one. Number 2, on the inspection front, obviously, we've got a big team out there on the inspection side. And we've been pretty focused on making sure we manage that as well as possible going forward, and we've made some adjustments to our cost structure in the last quarter. But even if you look at our current team out there, we're still averaging across the country, 6 inspections per day versus our best territories that roughly double that. So what that tells you is that we've got less mature territories that are still far below our average. And really, that gives us a lot more capacity to grow our units with really a relatively small increase in cost, right? 

所以還有很大的改進空間。我會再次論證，當你考慮到我們能夠降低這些成本的背景時，我們正在做的環境特別令人印象深刻，而你看到這些成本在很多方面都在上升其他情況。所以這是第一。第二，在檢查方面，顯然，我們在檢查方面有一支龐大的團隊。我們一直非常專注於確保我們能夠盡可能地管理好這一點，並且我們在上個季度對我們的成本結構進行了一些調整。但即使你看看我們目前的團隊，我們仍然在全國平均每天進行 6 次檢查，而我們最好的地區大約是這個數字的兩倍。所以這告訴你的是，我們有一些不太成熟的地區，但仍遠低於我們的平均水平。真的，這給了我們更多的能力來增加我們的單位，而成本增加相對較小，對吧？

That's just an opportunity as it exists today without us pretty much-changing anything. And you can bet that we're going to continue to look at ways that we can continue to optimize that side of our cost structure. Another area just as one more example, it was offshoring. And we've already started establishing a beachhead offshore in terms of lower-cost engineering. But we're in the process of really leaning in even more going into next year and expanding that and basically bringing on lower cost capacity to augment our existing team. So those are just a few examples, and there's a myriad array of other areas that we can optimize. So I would tell you that we're continuing to focus on everything we can in terms of optimizing going forward, and that will put us in a better position to deal with any other market turbulence as we look to hit our target of exiting next year at EBITDA breakeven. So I don't know, George, if you want to add any more color to that.

這只是一個機會，因為它今天存在，而我們幾乎沒有改變任何東西。你可以打賭，我們將繼續研究我們可以繼續優化成本結構這一方面的方法。另一個領域就是另一個例子，它是離岸外包。我們已經開始在低成本工程方面建立離岸灘頭陣地。但我們正在真正傾向於進入明年並擴大它並基本上帶來更低成本的能力來增強我們現有的團隊。所以這些只是幾個例子，還有無數其他我們可以優化的領域。所以我想告訴你，我們將繼續專注於優化未來的一切，這將使我們能夠更好地應對任何其他市場動盪，因為我們希望實現明年退出的目標在 EBITDA 收支平衡。所以我不知道，喬治，你是否想為此添加更多顏色。

I could go further into how we're thinking about 2023, or you could have a follow-up question, up to you.

我可以進一步探討我們對 2023 年的看法，或者您可以提出後續問題，由您決定。

Yes, maybe like any comments on like the fourth quarter trough and 2023 would be helpful.

是的，也許像第四季度低谷和 2023 年這樣的任何評論都會有所幫助。

So the way we think about 2023 is we really put it into 2 buckets. One is what are the external factors we can't control. And that sort of OEM production of units, consumer borrowing, used car values, what's happening in the market. Those are the things that we can't control. And then we think, okay, what can we control? And what you're going to see us really lean in on between now and we come back and deliver our annual plan is, one, let's talk about market share. Even when you look at today, we're gaining the right to go out and work with more dealers, a third of the dealers out there are starting to work with ACV. But today, we're only 7%. We only have 7% share.

所以我們對 2023 年的看法是我們真的把它分為兩個桶。一是我們無法控制的外部因素是什麼。還有那種 OEM 生產單位、消費者藉貸、二手車價值，以及市場上正在發生的事情。這些都是我們無法控制的。然後我們想，好吧，我們能控制什麼？從現在到我們回來交付我們的年度計劃，你會看到我們真正依靠的是，一個，讓我們談談市場份額。即使你看今天，我們也獲得了與更多經銷商合作的權利，三分之一的經銷商開始與 ACV 合作。但今天，我們只有 7%。我們只有7%的份額。

So when you look at first and foremost, we've done a fantastic job bringing on more dealers, fantastic jobs starting to earn more wallet share. We're going to hold ourselves accountable to taking even more next year. And that's sort of first and foremost, both for -- when I think about mature territories, that means more wallet share. And I think on new territories, it means we really accelerating the dealer penetration while also increasing wallet share for those that are dabbling with us. When you think about -- in addition to taking share, we also think it's about adding more value, which you've seen us consistently do. I mean, we've been delivering more products adding more value, products like private marketplace and others. 

因此，當您首先看時，我們在吸引更多經銷商方面做得非常出色，出色的工作開始贏得更多的錢包份額。明年我們將承擔更多責任。這是首要的，也是最重要的——當我想到成熟的地區時，這意味著更多的錢包份額。我認為在新的領域，這意味著我們真正加快了經銷商的滲透，同時也增加了那些涉足我們的人的錢包份額。當你想到 - 除了分享，我們還認為這是關於增加更多價值，你已經看到我們一直在這樣做。我的意思是，我們一直在提供更多的產品來增加更多的價值，比如私人市場和其他產品。

Dealers are starting to work with ACV because of these value acts in a market that's contracting and challenging. Our value-add approach is helping us win. You're seeing us focus on scale, quarter after quarter, right? When you think about how we've focused on scale, whether it be our inspection technology that we talked about, as Bill mentioned, growing into the size of our inspection team and other elements of scale. Last but not least, I would say you haven't heard us talk much about consumer or commercial over the last year. But we've been building away. We've been building products. We've acquired a few. We're starting to work with some rental tire companies. We've got some other elements of commercial that we'll talk about in the coming sort of quarters as we start to get a little more traction. But we think 23 will both go to market with an asset-light consumer offering that helps dealers acquire cars, not us taking risk on these vehicles.

經銷商開始與 ACV 合作，因為這些價值行為在收縮和充滿挑戰的市場中發揮了作用。我們的增值方法正在幫助我們取勝。您看到我們每個季度都專注於規模，對嗎？當您考慮我們如何專注於規模時，無論是我們談論的檢測技術，正如比爾提到的，成長為我們檢測團隊的規模和規模的其他要素。最後但同樣重要的是，我想說的是，在過去的一年裡，你沒有聽到我們談論太多關於消費者或商業的話題。但我們一直在建設。我們一直在構建產品。我們已經收購了一些。我們開始與一些輪胎租賃公司合作。我們還有一些其他的商業元素，我們將在接下來的幾個季度中討論，因為我們開始獲得更多的關注。但我們認為 23 將通過輕資產消費產品進入市場，幫助經銷商購買汽車，而不是我們在這些車輛上承擔風險。

And second, we'll be expanding our commercial offering because we're already starting to get some traction with the rental car companies, and this is rentals all companies, selling cars, by the way, not in -- this is -- we're starting to see what repo companies need, and we're actually going after their needs and making sure we have a full service. So Rajat, we're feeling good about next year. You're really seeing that we feel good. We're going into this. We're being disciplined in our approach, but we're still feeling good. Billy, anything you want to add to that?

其次，我們將擴大我們的商業產品，因為我們已經開始吸引汽車租賃公司，這是所有公司的租賃，順便說一句，賣車，而不是——這是——我們我們開始了解回購公司的需求，我們實際上正在滿足他們的需求並確保我們提供全面的服務。所以 Rajat，我們對明年感覺很好。你真的看到我們感覺很好。我們正在討論這個。我們在我們的方法中受到紀律處分，但我們仍然感覺良好。比利，你想補充什麼嗎？

Yes. I would -- just a couple more items, Rajat. So I talked about the cost side of the equation. So in terms of the revenue and margin side, things that we're thinking about and feeling good about going into next year. So the 5 increases that we just passed on will further kind of mitigate any downside that we have on ARPU. So we're not necessarily entirely insulated from a reduction in used car prices, but we're certainly going to mitigate part of that as it would affect our ARPU. And secondly, so we're going into next year with a much better margin profile in our transport business. We came into this year with it being essentially breakeven. We're going to go into next year with low double-digit margins. And again, since it's on a gross revenue basis, that can be relatively material to our margin profile. So I just wanted to throw that in as well, just to give you a little more context for all sides of the P&L.

是的。我會-- 再多幾件，Rajat。所以我談到了等式的成本方面。因此，就收入和利潤方面而言，我們正在考慮明年的事情並感覺良好。因此，我們剛剛傳遞的 5 次增長將進一步減輕我們在 ARPU 方面的任何不利影響。因此，我們不一定完全不受二手車價格下降的影響，但我們肯定會減輕一部分，因為它會影響我們的 ARPU。其次，我們將以更好的運輸業務利潤率進入明年。今年我們基本上實現了收支平衡。我們將以兩位數的低利潤率進入明年。再一次，由於它是基於總收入，這對我們的利潤率狀況可能相對重要。所以我也想把它也放進去，只是為了給你更多關於損益表各方面的背景信息。

I got it. But are you like viewing fourth quarter as a trough for the industry? I don't know, like George, was that kind of implied in your answer for now?

我知道了。但您是否喜歡將第四季度視為該行業的低谷？我不知道，像 George 一樣，您現在的回答是否暗示了這一點？

None of us know what next year is going to bring us. What I'm telling you, Rajat is how we're going to hold ourselves accountable. I mean, the market might get worse. None of us know right now, right? Trying to -- there is predictions on politics for the last couple of days that didn't happen, right? It's really -- think about more... We're going to hold ourselves accountable to growth. And that's really more like a mind share because you know what, the market might get worse, who knows? We are seeing new car production, by the way, start to come back. That's one little positive. And we're starting to see, by the way, some programs come back. So it's not like what some of the dealer groups out there, like when I think about what some of the great franchise dealer groups out there to go next year, they're not predicting it going down, that's positive. They predict -- some of them are predicting a couple of points higher in volume.

我們都不知道明年會發生什麼。我要告訴你的是，拉賈特是我們如何追究自己的責任。我的意思是，市場可能會變得更糟。我們現在都不知道，對吧？試圖 - 過去幾天沒有發生關於政治的預測，對吧？真的——多想想……我們要對增長負責。這更像是思想分享，因為你知道嗎，市場可能會變得更糟，誰知道呢？順便說一句，我們看到新車生產開始恢復。這有點積極。順便說一下，我們開始看到一些程序又回來了。所以這不像那裡的一些經銷商團體，就像當我想到明年一些偉大的特許經銷商團體會去哪裡時，他們並沒有預測它會下降，這是積極的。他們預測 - 他們中的一些人預測數量會增加幾個點。

So some of our largest customers are predicting higher volume units next year. That's positive. I think new car dealers do have a slight advantage over used next year as it relates to selling cars only they'll come with programs like 0% interest, 1.9% financing. We even saw in the last 24 hours, a couple of the manufacturers come out with a rebate. I mean, we haven't seen that in almost 2 years. So all of that implies I think next year could be a better year. But whether it is or not, we're going to hold ourselves accountable for taking more shares.

因此，我們一些最大的客戶預測明年的銷量會更高。這是積極的。我認為新車經銷商確實比明年的舊車經銷商略有優勢，因為它與銷售汽車有關，只有他們會提供 0% 的利息、1.9% 的融資等計劃。我們甚至在過去 24 小時內看到，一些製造商拿出了折扣。我的意思是，我們已經將近 2 年沒有看到這種情況了。所以所有這一切都意味著我認為明年可能是更好的一年。但無論是否如此，我們都會對持有更多股份負責。

Our next question comes from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

I do want to follow up on that last answer because there was a lot in there. If you think about what's in your control, which was one part of the bucket, you said, what do you see as the critical pieces of execution that you're holding yourself to that you think would be most determinative in terms of a year from now, we're sitting here, and you gained dealer share as a result of those efforts 12 months on versus where you sit today, and you've already gotten a fair bit of dealer share. But to put a little bit more sort of elements of what pieces of execution you're the most focused on that you think would yield that share 12, 18 months from now?

我確實想跟進最後一個答案，因為那裡有很多。如果你想一想什麼在你的控制之下，那是桶的一部分，你說，你認為你堅持的關鍵執行部分是什麼，你認為從一年開始最具決定性現在，我們坐在這裡，經過 12 個月的努力，與今天相比，您獲得了經銷商份額，並且您已經獲得了相當多的經銷商份額。但是，對於您最關注的執行部分，您認為從現在起 12 個月或 18 個月後會產生更多的執行要素？

And then in terms of the externalities, I totally get the volatility of the environment and the unknown variables. When you look at those variables, though, which now of those variabilities do you think is the most important to unlock elements of the supply-demand dynamic that you would be -- that would be most advantageous to you? Is it the OEM supply? Is it the consumer demand piece tied to interest rates? Which externality do you think would result in the biggest unlock over the next 12 months?

然後就外部性而言，我完全了解環境的波動性和未知變量。但是，當您查看這些變量時，您認為現在這些變量中的哪些對於釋放您將成為的供需動態元素最重要——這對您最有利？是OEM供應嗎？它是與利率掛鉤的消費者需求部分嗎？您認為哪種外部性會在未來 12 個月內帶來最大的釋放？

Yes. Certainly, Eric. Thanks for the question. So when I think about our execution and as we start to prepare for next year, one is dealers are going to be looking for more and more guidance, right? What is the value of this asset? And we -- what we're delivering is a series of enhancements. One is price expectations. 2 is, when should they be launching the car? 3, the duration of that car should be launched for 20 minutes, should be launched for 2 hours. Fourth, should they sell within their group first, meeting within a large dealer group, should they even do an auction yet? Should they first try to keep it? So think, Eric, us delivering on us becoming at the end of the day, the intelligence platform for the dealer.

是的。當然，埃里克。謝謝你的問題。因此，當我考慮我們的執行以及我們開始為明年做準備時，一個是經銷商將尋求越來越多的指導，對嗎？該資產的價值是多少？我們 - 我們正在提供的是一系列增強功能。一是價格預期。 2 是，他們應該什麼時候啟動汽車？ 3、那輛車的時長應該是發動20分鐘，應該是發動2小時。第四，他們是否應該先在他們的集團內銷售，在一個大經銷商集團內開會，他們是否應該進行拍賣？他們應該首先嘗試保留它嗎？所以想想，埃里克，我們最終會成為經銷商的情報平台。

And we've got -- we're way ahead of the competition. And we -- whereas up until I would say recently, it's been ACVs , I would just say the sort of random 20-minute auction. And now we're adding -- we spent the money to have several hundred engineers. We've been building away. Hopefully, all of you can appreciate the amount of products you're seeing us deploy quarter after quarter. And we're going to expect some results from all this, and I'm already sensing it from the testing and the opportunities. 

我們已經——我們在競爭中遙遙領先。而我們——直到我最近才說，它一直是 ACV，我只想說那種隨機的 20 分鐘拍賣。現在我們正在添加 - 我們花了錢擁有數百名工程師。我們一直在建設。希望你們所有人都能欣賞到我們每個季度部署的產品數量。我們期待從這一切中得到一些結果，我已經從測試和機會中感受到了這一點。

I'll give you one example. 2 dealer groups in the U.S. now dealer franchise dealer groups are some of the largest buyers on ACV. That happened right after we launched ACV private marketplace. So not only were they starting to sell cars, but they became some of our largest buyers to think one product -- so bucket number one, Eric, is execution on our product delivery, getting into the hands of our dealers because that offer more value by offering more value, you get more share. That's bucket #1. #2 is being extremely disciplined on our approach on whether it's revenue per unit, whether it's arbitration and goodwill, good actors, bad actors, you never chase you. You build a good business. You've seen us do that. I'm not just coming out of these calls when we as units. I mean, the units are important, but we're going to grow revenue. We're going to grow margin. We're going to hit our path to profitability. 

我給你舉一個例子。美國的 2 個經銷商團體現在經銷商特許經營經銷商團體是 ACV 上最大的買家之一。這發生在我們推出 ACV 私有市場之後。因此，他們不僅開始銷售汽車，而且還成為我們考慮一種產品的最大買家中的一員——因此，第一桶，埃里克，正在執行我們的產品交付，交到我們的經銷商手中，因為這提供了更多的價值通過提供更多價值，您可以獲得更多份額。那是桶#1。 #2 在我們的方法上非常嚴格，不管是每單位收入，還是仲裁和商譽，好演員，壞演員，你永遠不會追你。您建立了良好的業務。你已經看到我們這樣做了。當我們作為單位時，我不只是從這些電話中走出來。我的意思是，單位很重要，但我們會增加收入。我們將增加利潤率。我們將踏上盈利之路。

And we're not here just to mention ex-unity union. So while we're going out there and gaining a product advantage and building a large relationship, we'll be doing -- we'll be executing while delivering this with more discipline, more and more disciplined, which we've already acted on have done a great job, look at our quarter-over-quarter improvements. And then 3, when I think about the broader capability here of not only offering more value by products, like I mentioned before, but transportation, you're seeing adoption of retransportin. You're seeing products like ACV capital. You're seeing us enhance our overall offering, products like SAM, allowing them to buy more. Eric, we're setting ourselves up in an extremely differentiated way. So when I think about 2023, and I see everything from the products that have gone live or the suffering we're testing right now. It's just increasing -- it's just further increasing my confidence that we're investing our resources well. And we're seeing some of the results of that. 

我們在這裡不僅僅是為了提及前統一工會。因此，當我們走出去並獲得產品優勢並建立廣泛的關係時，我們將做 - 我們將執行，同時以更多的紀律，越來越有紀律的方式交付它，我們已經採取了行動做得很好，看看我們的季度環比改進。然後 3，當我考慮這裡更廣泛的能力時，不僅像我之前提到的那樣通過產品提供更多價值，而且還提供運輸，你會看到再運輸的採用。你會看到像 ACV 資本這樣的產品。你看到我們增強了我們的整體產品，如 SAM 等產品，讓他們購買更多。埃里克，我們正在以一種極其差異化的方式建立自己。因此，當我想到 2023 年時，我看到了從已經上線的產品或我們現在正在測試的痛苦中的一切。它只是在增加——它只是進一步增強了我對我們正在很好地投資資源的信心。我們正在看到其中的一些結果。

The second part of your question was like what of the uncontrollable pieces, OEMs, consumer sort of used car values, like what do I think is the most important? Really, at the end of the day, the number of cars being traded into a dealer is whether it's being sold as a new car or a used car, it's the number of trades coming in, meaning the number of transactions coming in. That is the biggest component of the dealer wholesale market. So sort of think that the first element of our TAM is the dealer wholesale market. And as the benefit of new cars being produced and the benefit of starting to see some promotions by the OEMs, like we've been starting to see over the last few weeks, here is we will start to see franchise dealers with the advantages of selling cars that will lead to trades. And so I think that bodes well for us. We've got great relationships.

你問題的第二部分是不可控制的部分、原始設備製造商、消費者對二手車價值的看法，比如我認為最重要的是什麼？真的，在一天結束時，交易給經銷商的汽車數量是作為新車還是二手車出售的，它是進入的交易數量，意味著進入的交易數量。那是經銷商批發市場的最大組成部分。因此，可以認為我們 TAM 的第一個元素是經銷商批發市場。由於生產新車的好處和原始設備製造商開始看到一些促銷活動的好處，就像我們在過去幾週開始看到的那樣，我們將開始看到特許經銷商具有銷售優勢將導致交易的汽車。所以我認為這對我們來說是個好兆頭。我們有很好的關係。

We're already walking into the third. In the monocot, independent dealers are almost always going to figure out a way to win. -- they're always going to always free out way. They're going to readjust based on what they're paying for these used cars. If prices come down, they're going to be more and more disciplined. These are like some of the best entrepreneurs in this country are independent used car dealers. So think about that top of the funnel. The supply comes from the trades. I think the OEM production will start to come back. I think our franchise dealers should do well next year. I think that could really bode well for us.

我們已經走進了第三個。在單子葉植物中，獨立經銷商幾乎總是想方設法取勝。 - 他們總是會總是自由的方式。他們將根據他們為這些二手車支付的費用進行重新調整。如果價格下降，他們會越來越自律。這些就像這個國家一些最好的企業家是獨立的二手車經銷商一樣。所以想想漏斗的頂部。供應來自貿易。我認為 OEM 生產將開始回歸。我認為我們的特許經銷商明年應該做得很好。我認為這對我們來說真的是個好兆頭。

Our next question comes from Daniel Imbro with Stephens.

我們的下一個問題來自 Daniel Imbro 和 Stephens。

We've had a lot of discussion of kind of the high level. So just a couple of kind of clarifies the financials. You talked about this internal kind of dealer offering a few times, George. Obviously, that's growing with the franchise groups. How is the profitability of that channel? Is that grow next year? Is that going to be a drag to revenue per unit or the big group gets better pricing? And then any kind of help on scaling like what percentage of volume is it this year? Where do you expect that to go next year as you grow that business?

我們進行了很多高級別的討論。所以只是一些澄清財務狀況。喬治，你曾多次談到過這種內部經銷商產品。顯然，這與特許經營集團一起增長。該渠道的盈利能力如何？明年會增長嗎？這會拖累每單位收入還是大集團獲得更好的定價？然後在擴展方面有什麼幫助，比如今年的體積百分比是多少？隨著業務的發展，您預計明年會走向何方？

So Daniel, to think about it, it's not a drag. It's more like a wash. But more importantly, I'll give you like the goals, objectives of a dealer I was talking to this morning, okay? Their objective would be of the trades coming in and of the aged inventory. They can keep 15% of those cars. So they would have wholesaled inside their group. That would be like very successful. So that specific group wholesale 100,000 cars between trades and aged vehicles, they can keep 15%. So think Daniel, most of the cars end up an open auction anyway. Their goals and objectives are reasonable. Like these dealer groups are smart. They don't want to actually keep in retail a car that's got material issues. It doesn't fit within the -- it's going to hurt their brand. Just about all of them are very reasonable.

所以丹尼爾，想想看，這不是拖累。它更像是一種洗滌。但更重要的是，我會告訴你目標，今天早上我與之交談的經銷商的目標，好嗎？他們的目標是進入的交易和陳舊的庫存。他們可以保留這些汽車的 15%。所以他們會在他們的集團內部批發。那將是非常成功的。特定集團批發100,000輛汽車和舊車，他們可以保留15%。所以想想丹尼爾，無論如何，大多數汽車最終都會公開拍賣。他們的目的和目標是合理的。像這些經銷商群體很聰明。他們不想實際保留一輛存在材料問題的汽車。它不適合——這會損害他們的品牌。幾乎所有這些都是非常合理的。

So Dan, think about it as lots of cars inspected, we got a nominal fee, then we actually -- it works well into the way we already kind of charge them a small fee, and then we go out, and we then get our other fees for, let's say, wholesale in the vehicle. So when you actually look at it from the front to us inspecting to them, they actually go to the open marketplace, it actually does not hinder our unit econ. -- but I think to look at it simply as their goals and objectives are reasonable. And since their gold injectors are reasonable, that's when a partnership works out.

所以丹，考慮一下，因為檢查了很多汽車，我們得到了象徵性的費用，然後我們實際上 - 它很好地融入了我們已經向他們收取少量費用的方式，然後我們出去了，然後我們得到了我們的比方說，車輛批發的其他費用。因此，當您從正面看我們向他們檢查時，他們實際上去了公開市場，這實際上並不妨礙我們的單位經濟。 -- 但我認為簡單地看待它，因為他們的目標和目標是合理的。由於他們的黃金注入器是合理的，這就是合作夥伴關係成功的時候。

And then just you mentioned, Bill, in your comments, the transportation margin took a big step higher, kind of low double digits this quarter for mid-singles last quarter. Where can that go longer-term kind of what drove the improvement? Was it the decline in fuel prices? Was it just the scale of the business? And then could that keep take higher on transport? Or is this kind of where it should be?

然後你剛剛提到，Bill，在你的評論中，運輸利潤率邁出了一大步，上個季度的中等單價本季度有點低兩位數。從長遠來看，推動改進的因素在哪裡？是燃油價格下跌嗎？僅僅是業務規模嗎？那麼這會不會讓運輸成本更高？或者這是它應該在的地方？

Yes, thanks for that question. So first, what drove the improvement? So number one, and this is something we kind of pivoted a few quarters ago, we started moving from just focusing on increasing the attach rate because we hit our targets at that point in time, several quarters ago, to really focus on maximizing spread. So it was kind of just a conscious change in our orientation for the team in terms of what they need to focus on. But if we look at what some of the other drivers are, through technology and data intelligence, we basically deployed these capabilities to do auto dispatch, which was 70% of our transactions now last quarter. So that's a huge percentage of our transactions that just happen automatically. We're matching loads also, which is requiring less human intervention, including improvements in how we price through different lanes. So that's number 2.

是的，謝謝你提出這個問題。那麼首先，是什麼推動了改進？所以第一，這是我們幾個季度前的一個重點，我們開始從僅僅關注提高附加率，因為我們在幾個季度前的那個時間點達到了我們的目標，真正專注於最大化傳播。因此，就他們需要關注的內容而言，這只是我們對團隊定位的有意識改變。但如果我們看看其他一些驅動因素是什麼，通過技術和數據智能，我們基本上部署了這些功能來進行自動調度，這是上個季度我們交易的 70%。所以我們的交易中有很大一部分是自動發生的。我們也在匹配負載，這需要更少的人為乾預，包括改進我們通過不同車道定價的方式。所以這是第二個。

And then number 3, we're also optimizing deliveries through better carrier management. So these kind of collectively are allowing us to drive those margins up a lot faster than we actually expected. The target transport margins are 15% by 2026. So we're kind of well ahead of schedule. Right now, we're pretty happy to be in the low double digits. We think that's certainly very sustainable as we go into next year. Whether we can continue to improve that next year, we'll see. But we're already within striking distance so far, long-term targets. So we're pretty happy. And again, that's been a nice tailwind to our overall margins for the business.

第三，我們還通過更好的承運人管理來優化交付。因此，這些共同使我們能夠比我們實際預期的更快地提高這些利潤率。到 2026 年，目標運輸利潤率為 15%。所以我們有點提前了。現在，我們很高興能保持兩位數的低位。我們認為，隨著我們進入明年，這肯定是非常可持續的。明年我們是否可以繼續改進，我們拭目以待。但到目前為止，我們已經距離長期目標不遠了。所以我們很高興。再一次，這對我們的整體業務利潤率來說是一個很好的順風。

Ladies and gentlemen, this does conclude the Q&A portion of today's conference. I'd like to turn the call back over to Chamoun for any closing remarks.

女士們，先生們，今天會議的問答部分到此結束。我想將電話轉回 Chamoun 以聽取任何結束語。

Thanks, and I'd like to thank everybody for joining us on the call today. Please note that we'll be on the road at several investor conferences this quarter. You can find all the details on our Investor Relations website. So we do look forward to seeing you on the road, hopefully. And thank you again for your interest in ACV, and have a great evening.

謝謝，我要感謝大家今天加入我們的電話會議。請注意，本季度我們將參加幾次投資者會議。您可以在我們的投資者關係網站上找到所有詳細信息。所以我們期待在路上見到你，希望如此。再次感謝您對 ACV 的關注，祝您度過一個愉快的夜晚。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接並度過美好的一天。