ACV Auctions Inc (ACVA) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ACV Auctions Third Quarter 2023 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 ACV Auctions 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Tim Fox, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言者、投資者關係副總裁 Tim Fox。請繼續。

Thank you, operator. Good afternoon, and thank you for joining ACV's conference call to discuss our third quarter 2023 financial results. With me on the call today are George Chamoun, Chief Executive Officer; and Bill Zerella, Chief Financial Officer.

謝謝你，接線生。下午好，感謝您參加 ACV 的電話會議，討論我們 2023 年第三季的財務表現。今天與我一起參加電話會議的是執行長喬治‧夏蒙 (George Chamoun)；和財務長 Bill Zerella。

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 in today's press release, both of which can be found on our Investor Relations website.

在我們開始之前，請注意，今天的評論包含前瞻性陳述，包括有關未來財務指導的陳述。這些前瞻性陳述存在風險和不確定性，並涉及可能導致實際結果與此類陳述明示或暗示的結果有重大差異的因素。關於與我們業務相關的風險和不確定性的討論可以在我們向 SEC 提交的文件和今天的新聞稿中找到，這兩份文件都可以在我們的投資者關係網站上找到。

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.

在本次電話會議中，我們將討論公認會計原則和非公認會計原則財務指標。今天的收益資料中提供了 GAAP 與非 GAAP 財務指標的調整表，這些資料也可以在我們的投資者關係網站上找到。

And with that, let me turn the call over to George.

接下來，讓我把電話轉給喬治。

Thanks, Tim. Good afternoon, everyone, and thank you for joining us. ACV's momentum continued in the third quarter with revenue at the high end of guidance and adjusted EBITDA once again exceeding our guidance. Our performance reflects another quarter of strong execution by the ACV team as we gain market share and launch new innovations that expand our TAM and drive operating efficiencies.

謝謝，蒂姆。大家下午好，感謝您加入我們。 ACV 第三季持續維持成長勢頭，營收處於指引值的高端，調整後的 EBITDA 再次超過我們的指引值。我們的業績反映了 ACV 團隊又一個季度的強勁執行力，我們獲得了市場份額並推出了新的創新，擴大了我們的 TAM 並提高了營運效率。

Strong demand for ACV Transport and ACV Capital contributed to revenue growth and revenue margin expansion and a continued focus on driving profitable growth resulted in our adjusted EBITDA margin expanding 800 basis points year-over-year.

對 ACV Transport 和 ACV Capital 的強勁需求促進了營收成長和營收利潤率擴大，並且持續專注於推動獲利成長，導致我們調整後的 EBITDA 利潤率同比擴大 800 個基點。

With that, let's turn to a brief recap of Q3 on Slide 4. Third quarter revenue of $119 million increased 13% year-over-year, with growth accelerated sequentially. We sold 150,000 vehicles in the quarter, resulting in 13% year-over-year growth, reflecting further adoption of our marketplace solutions targeting dealer engagement. GMV of $2.1 billion was flat year-over-year, reflecting continued moderation of wholesale market prices. Despite this price moderation, ARPU once again increased year-over-year, reflecting the strength of ACV's core value proposition.

接下來，讓我們在投影片 4 上簡要回顧第三季。第三季營收為 1.19 億美元，年成長 13%，成長速度環比加速。本季我們售出了 15 萬輛汽車，年成長 13%，這反映出我們針對經銷商參與的市場解決方案的進一步採用。 GMV 為 21 億美元，與去年同期持平，反映批發市場價格持續放緩。儘管價格有所放緩，但 ARPU 再次同比增長，反映出 ACV 核心價值主張的實力。

On Slide 5, I will again frame the rest of today's discussion around the 3 pillars of our strategy to maximize long-term shareholder value: growth, innovation, and scale. I'll begin with growth. On Slide 7, I'll share our observations about the broader automotive market as context for factors impacting the dealer wholesale market. In Q3, new vehicle retail units declined sequentially, but increased approximately 10% year-over-year from depressed levels. Volumes continue to lag pre-pandemic levels, inventories improved which is key to supporting a sustained recovery in retail sales, trade and dealer wholesale supply. Used vehicle retail units modestly increased sequentially and year-over-year, but also remained well below historical levels as affordability issues continued to pressure consumer demand.

在投影片 5 上，我將再次圍繞我們實現長期股東價值最大化的策略的三大支柱：成長、創新和規模，建構今天剩餘的討論。我將從成長開始。在投影片 7 中，我將分享我們對更廣泛的汽車市場的觀察，作為影響經銷商批發市場的因素的背景。第三季度，新車零售量較上季下降，但較去年同期成長約10%。銷售量繼續落後於疫情前的水平，庫存有所改善，這是支持零售、貿易和經銷商批發供應持續復甦的關鍵。二手車零售量環比和同比小幅增長，但仍遠低於歷史水平，因為負擔能力問題繼續給消費者需求帶來壓力。

In terms of vehicle sourcing, our data indicates that dealers retain a higher-than-normal percentage of trade for retail inventory, creating a near-term headwind for wholesale supply. We believe the retail wholesale mix will begin to normalize as inventory levels for both new and used vehicles recover. While supply remains muted, price depreciation and conversion rates across the industry have generally been following normal seasonal patterns and have marginally improved in recent months. This is in stark contrast to industry trends in the back half of 2022, which resulted in challenging operating conditions in the wholesale market.

在車輛採購方面，我們的數據表明，經銷商保留的零售庫存貿易比例高於正常水平，這給批發供應帶來了短期阻力。我們相信，隨著新車和二手車庫存水準的恢復，零售批發組合將開始正常化。儘管供應仍然低迷，但整個行業的價格貶值和轉換率總體上遵循正常的季節性模式，並且近幾個月略有改善。這與2022年下半年的產業趨勢形成鮮明對比，導致批發市場的經營狀況充滿挑戰。

On balance, we believe that end markets are showing early signs of improvement, giving us confidence to again raise guidance for the year.

總的來說，我們認為終端市場正在顯示出改善的早期跡象，這讓我們有信心再次提高今年的指導。

Turning now to Slide 8. We estimate that the U.S. dealer wholesale market remained well below normal volumes in Q3, but grew modestly quarter-over-quarter. Relative to Q3 '22, the market only declined about 2%, which was a significant improvement from the 14% year-over-year decline in Q2. As the market begins to recover, our growth will benefit both from market expansion and for market share gains. In Q3, our 13% year-over-year unit growth and an estimated market contraction of 2% implies 15% market share growth for ACV.

現在轉向幻燈片 8。我們估計美國經銷商批發市場第三季度的交易量仍遠低於正常水平，但季度環比略有增長。相對於22年第三季度，市場僅下降了約2%，比第二季度14%的年減有了顯著改善。隨著市場開始復甦，我們的成長將受益於市場擴張和市場份額的增加。第三季度，我們的銷量年增 13%，預計市場收縮 2%，這意味著 ACV 的市佔率成長 15%。

Next, I would like to wrap up the growth section with highlights on our value-added services. First, on Slide 9. The ACV Transportation team delivered another strong quarter and continues to scale ahead of schedule. Our strong carrier network and improving cycle times resulted in attach rate in the mid-50% range again this quarter. Our technology investments and expanded carrier coverage of AI optimized pricing are driving both growth and operating efficiencies.

接下來，我想以我們的增值服務為重點來結束成長部分。首先，在投影片 9 上。ACV 運輸團隊再次實現了強勁的季度業績，並繼續提前擴大規模。我們強大的承運商網路和不斷改進的周期時間使得本季的附加率再次達到 50% 左右。我們的技術投資和人工智慧優化定價的擴大營運商覆蓋範圍正在推動成長和營運效率。

This combination yielded record revenue margins in the high teens, an increase of approximately 500 basis points year-over-year. As a reminder, our 2026 financial targets assume transport revenue margin in the high teens. While margins may fluctuate modestly over time, the fact that we achieved our target last quarter speaks to the value we're delivering to our dealer partners and to the strong execution of our transport team.

這一組合帶來了創紀錄的高雙位數收入利潤率，年增約 500 個基點。提醒一下，我們 2026 年的財務目標假設運輸收入利潤率在十幾歲左右。雖然利潤率可能會隨著時間的推移而小幅波動，但我們上季度實現目標的事實說明了我們為經銷商合作夥伴提供的價值以及我們運輸團隊的強大執行力。

Turning to Slide 10. Our ACV Capital team once again delivered strong results in Q3. Attach rates in the low double digits resulted in 40% loan volume growth year-over-year and combined, the strong ARPU expansion delivered about 80% revenue growth year-over-year. In addition to our floor plan offerings, we are investing in new ACV Capital capabilities that will help our sellers source consumer vehicles, leveraging ClearCar. We remain confident that ACV Capital will be an important long-term growth and profit drive.

轉向幻燈片 10。我們的 ACV Capital 團隊在第三季度再次取得了強勁的業績。低兩位數的附加利率導致貸款量年增 40%，而 ARPU 的強勁擴張使營收年增約 80%。除了我們的平面圖產品之外，我們還投資了新的 ACV Capital 功能，這將有助於我們的賣家利用 ClearCar 購買消費車輛。我們仍然相信 ACV Capital 將成為重要的長期成長和利潤驅動力。

Turning to the second element of our strategy, innovation. On Slide 12, I'd like to touch on the formal launch of ClearCar, ACV's consumer sourcing solution that leverages AI and real-time market data to deliver highly accurate condition-based pricing. As a reminder, consumers looking to sell their vehicle is a very large market opportunity, including 10 million transactions that historically are sold peer to peer and, therefore, do not end up in a dealership.

談到我們策略的第二個要素，創新。在投影片 12 上，我想談談 ClearCar 的正式推出，這是 ACV 的消費者採購解決方案，利用人工智慧和即時市場數據提供高度準確的基於條件的定價。提醒一下，想要出售車輛的消費者是一個非常大的市場機會，其中包括 1000 萬筆交易，這些交易歷來都是點對點出售的，因此最終不會進入經銷商。

As I discussed earlier, the below normal supply of new and used inventory in the market, especially late model used vehicles, is a challenge for our dealer partners. ACV is addressing this challenge with ClearCar, which has experienced strong early adoption of hundreds of dealer rooftops. And based on dealer feedback, consumer conversion rates are significantly higher than competitive sourcing tools. This speaks to both the power of the offering and its effectiveness in driving qualify leads.

正如我之前討論的，市場上新車和二手車庫存供應低於正常水平，尤其是新二手車，對我們的經銷商合作夥伴來說是一個挑戰。 ACV 正在透過 ClearCar 來應對這項挑戰，該公司早期已被數百家經銷商屋頂廣泛採用。根據經銷商的回饋，消費者轉換率明顯高於競爭性採購工具。這說明了該產品的力量及其在推動合格銷售線索方面的有效性。

At its core, ClearCar helps decode how vehicle condition influences vehicle value, allowing ACV dealers and commercial clients to have more transparent conversations with consumers. And consumers benefits from have a greater visibility into how their vehicle value is determined. The solution consists of ClearCar price and ClearCar capture. ClearCar price is an estimation tool that resides in the dealer's website, providing consumers with precise value estimates for their vehicle.

ClearCar 的核心是幫助解碼車輛狀況如何影響車輛價值，使 ACV 經銷商和商業客戶能夠與消費者進行更透明的對話。消費者可以更清楚地了解其車輛價值的確定方式，從而受益匪淺。該解決方案由 ClearCar 價格和 ClearCar 捕獲組成。 ClearCar 價格是位於經銷商網站上的估算工具，可為消費者提供其車輛的精確價值估算。

ClearCar Capture allows consumers to submit photos of their vehicles for further documentation of conditions through our AI imaging and self-inspection tool, which we acquired for Monk. ClearCar Capture digitally detects exterior damage during the photo capture process, enabling dealers to update their condition enhanced pricing estimates without an on-site inspection. We are very pleased with the early market momentum for this value-added solution and the opportunity to both expand our TAM and add another growth lever to our business.

ClearCar Capture 允許消費者提交車輛照片，以便透過我們為 Monk 購買的人工智慧成像和自我檢查工具進一步記錄車輛狀況。 ClearCar Capture 在照片拍攝過程中以數位方式偵測外部損壞，使經銷商能夠更新其狀況增強的定價估算，而無需進行現場檢查。我們對這項增值解決方案的早期市場勢頭以及擴大我們的 TAM 和為我們的業務增加另一個成長槓桿的機會感到非常高興。

To wrap up on growth. We are also pleased with the early stages of our commercial market strategy. We are operating in a few markets where we have the services required by these customers. And even though it's early, we're very encouraged with our progress and believe we can scale and capture the market share outlined in our 2026 financial targets.

結束成長。我們對商業市場策略的早期階段也感到滿意。我們在一些市場開展業務，為這些客戶提供所需的服務。儘管現在還為時過早，但我們對所取得的進展感到非常鼓舞，並相信我們能夠擴大規模並佔領 2026 年財務目標中概述的市場份額。

On Slide 13. We highlight examples of tech investments that expand into our operations, delivering customer success while reducing costs. As we discussed last quarter, reducing arbitration remains a key focus for both customer satisfaction and optimizing margins. One of the key drivers is inspection accuracy. Our field team is equipped with CoPilot, ArbGuard, Apex and our AI-powered imaging apps to deliver high-quality inspections.

在投影片 13 上。我們重點介紹了技術投資的範例，這些投資擴展到我們的營運中，在降低成本的同時幫助客戶取得成功。正如我們上季度討論的那樣，減少仲裁仍然是客戶滿意度和優化利潤的關鍵焦點。關鍵驅動因素之一是檢查準確性。我們的現場團隊配備了 CoPilot、ArbGuard、Apex 和人工智慧驅動的成像應用程序，以提供高品質的檢查。

CoPilot and ArbGuard leverage machine learning, predictive analytics, and sensor data to inform our VCI on vehicle-specific issues before and after conducting an inspection. Apex delivers significant transparency into vehicle operating divisions, while also increasing the inspection productivity of our VCI teammates. We continue to expand our imaging AI capability to identify specific important conditions with the presence of damage and rust. Together, these innovations have contributed to a low double-digit reduction in arbitration unit costs this year, which is a great performance in the current market.

CoPilot 和 ArbGuard 利用機器學習、預測分析和感測器數據，在檢查前後向我們的 VCI 通報車輛特定問題。 Apex 為車輛營運部門提供了顯著的透明度，同時也提高了我們的 VCI 團隊成員的檢查效率。我們繼續擴展我們的成像人工智慧能力，以識別存在損壞和生鏽的特定重要情況。這些創新共同推動了今年仲裁單位成本的兩位數下降，這在當前市場上是一個很好的表現。

Our technology investments are also driving efficiency in our model with OpEx leverage increasing by over 200 basis points in Q3. To wrap up on innovation. ACV remains committed to delivering industry-leading technology to our dealer partners and to our own operations, driving both growth and scale. We look forward to sharing more details with you next quarter.

我們的技術投資也提高了我們模型的效率，第三季營運支出槓桿增加了 200 多個基點。總結創新。 ACV 仍然致力於為我們的經銷商合作夥伴和我們自己的營運提供領先業界的技術，從而推動成長和擴大規模。我們期待下個季度與您分享更多詳細資訊。

With that, let me hand it over to Bill to take you through our financial results and how we're driving growth at scale.

接下來，讓我將其交給比爾，帶您了解我們的財務表現以及我們如何推動大規模成長。

Thanks, George, and thank you, everyone, for joining us today. We are very pleased with our Q3 financial performance with strong revenue growth and upside to adjusted EBITDA. We also continue to demonstrate the strength of our business model with meaningful revenue margin and adjusted EBITDA margin expansion versus Q3 '22.

謝謝喬治，也謝謝大家今天加入我們。我們對第三季的財務表現非常滿意，營收成長強勁，調整後 EBITDA 也有上升空間。我們也繼續展示我們業務模式的優勢，與 22 年第三季相比，營收利潤率和調整後的 EBITDA 利潤率有所擴張。

Turning to Slide 15. I'll begin with a recap of our third quarter results. Revenue of $119 million was at the high end of our guidance range and grew 13% year-over-year. Adjusted EBITDA loss of $4 million beat our guidance range and adjusted EBITDA margin improved approximately 800 basis points versus Q3 '22. This demonstrates both the inherent operating leverage in our model and continued strong OpEx management.

轉向投影片 15。我將首先回顧我們第三季的業績。營收為 1.19 億美元，處於我們指引範圍的高端，年增 13%。調整後 EBITDA 虧損 400 萬美元，超出了我們的指導範圍，調整後 EBITDA 利潤率比 22 年第三季提高了約 800 個基點。這證明了我們模型中固有的營運槓桿和持續強大的營運支出管理。

Next on Slide 16, I will cover additional revenue details. Auction and assurance revenue, which was 55% of total revenue, increased 17% year-over-year. This revenue performance reflects 13% year-over-year unit growth and auction and assurance ARPU of $439, which grew 4% year-over-year. Note that ARPU grew year-over-year despite a 10% decline in GMV per unit, reflecting our price increases from last fall and this September, and we believe we still have pricing headroom going forward.

接下來在投影片 16 上，我將介紹其他收入詳細資訊。拍賣和擔保收入佔總收入的55%，較去年同期成長17%。這項營收表現反映出單位數量年增 13%，拍賣和擔保 ARPU 為 439 美元，較去年同期成長 4%。請注意，儘管每單位 GMV 下降了 10%，但 ARPU 仍同比增長，這反映了我們去年秋天和今年 9 月的價格上漲，我們相信未來仍有定價空間。

Marketplace services revenue, which was 38% of total revenue, grew 11% year-over-year. Results were driven by strong ACV Transport performance and another record revenue quarter for ACV Capital. Our SaaS and data services products comprised 7% of total revenue and declined 6% year-over-year. The decline was primarily related to our stand-alone inspection offerings, which continue to be impacted by the weak off-lease market.

市場服務收入佔總收入的38%，較去年同期成長11%。強勁的 ACV Transport 業績和 ACV Capital 季度營收再創新高推動了業績的成長。我們的 SaaS 和數據服務產品佔總收入的 7%，年減 6%。下降主要與我們的獨立檢查服務有關，該服務繼續受到租賃市場疲軟的影響。

While MAX Digital revenue grew modestly year-over-year, recall that we continue to take a measured approach to customer acquisition while making significant improvements to the MAX Digital platform. We're confident these improvements position MAX for long-term growth.

儘管 MAX Digital 收入同比小幅增長，但請記住，我們繼續採取審慎的方法來獲取客戶，同時對 MAX Digital 平台進行重大改進。我們相信這些改進將使 MAX 實現長期成長。

Turning now to Slide 17, I will cover costs in the quarter. Q3 cost of revenue as a percentage of revenue decreased approximately 500 basis points year-over-year. The improvement was driven by both strong auction and assurance results and by ACV Transport. As George mentioned, we delivered high teens transport revenue margins in Q3, which is in line with our 2026 target.

現在轉向投影片 17，我將討論本季的成本。第三季營收成本佔營收的百分比年減約 500 個基點。這項改善是由強勁的拍賣和擔保結果以及 ACV Transport 推動的。正如 George 所提到的，我們在第三季實現了較高的青少年運輸收入利潤率，這符合我們 2026 年的目標。

We continue to focus on expense discipline as we optimize and scale our business. Non-GAAP operating expense, excluding cost of revenue, increased 9% year-over-year in Q3 versus 18% year-over-year growth the prior year. This reflects a more metered approach to growing OpEx relative to our revenue and margin growth to deliver higher operating margins as we march towards profitability.

在優化和擴展業務時，我們將繼續專注於費用紀律。第三季非 GAAP 營運費用（不含收入成本）年增 9%，上年年增 18%。這反映出相對於我們的收入和利潤成長而言，我們採取了更衡量的成長營運支出的方法，以便在我們邁向獲利的過程中提供更高的營運利潤。

Moving to Slide 18, let me frame our investment strategy and path to profitability. Our focus on spending discipline and operating efficiency is expected to result in a material decrease in OpEx growth this year, resulting in our adjusted EBITDA loss declined by over 60% year-over-year. And as you've seen reflected in our Q3 results, we have delivered margin expansion while preserving our go-to-market and technology investments to ensure ACV is in a strong position as market conditions improve.

轉到投影片 18，讓我來框架我們的投資策略和獲利之路。我們對支出紀律和營運效率的關注預計將導致今年營運支出成長大幅下降，導致我們調整後的 EBITDA 損失年減 60% 以上。正如您在我們第三季業績中所看到的那樣，我們實現了利潤率擴張，同時保留了我們的上市和技術投資，以確保 ACV 在市場狀況改善時處於有利地位。

Next, I will highlight our strong capital structure on Slide 19. We ended Q3 with $450 million in cash and equivalents and marketable securities and $105 million of debt on our revolver. Note that our cash balance includes $162 million of float in our auction business. The amount of float on our balance sheet will continue to fluctuate meaningfully based on business trends in the final 2 weeks of each quarter, which has a corresponding impact on operating cash flow. Year-to-date cash flow from operations was $9 million, a significant improvement from the $75 million outflow in the same period of 2022.

接下來，我將在投影片 19 上強調我們強大的資本結構。第三季末，我們擁有 4.5 億美元的現金、等價物和有價證券，以及 1.05 億美元的左輪手槍債務。請注意，我們的現金餘額包括拍賣業務中 1.62 億美元的浮動資金。我們的資產負債表上的浮動金額將根據每季最後兩週的業務趨勢繼續發生有意義的波動，這對經營現金流量產生相應的影響。年初至今的營運現金流為 900 萬美元，較 2022 年同期的 7,500 萬美元流出量顯著改善。

Now I'll turn to guidance on Slide 20. For the fourth quarter of 2023, we are expecting revenue in the range of $116 million to $120 million. Adjusted EBITDA is expected to be a loss in the range of $7 million to $9 million. The sequential increase in adjusted EBITDA loss in Q4 reflects targeted investments to drive continued revenue growth in 2024.

現在我將轉向幻燈片 20 的指導。2023 年第四季度，我們預計收入在 1.16 億美元至 1.2 億美元之間。調整後的 EBITDA 預計虧損在 700 萬至 900 萬美元之間。第四季調整後 EBITDA 虧損環比增加反映了推動 2024 年營收持續成長的目標投資。

For the full year 2023, we are raising our expected revenue to a range of $479 million to $483 million, representing growth of 14% to 15% year-over-year. We are also reducing our expected adjusted EBITDA loss to a range of $20 million to $22 million and remain committed to achieving adjusted EBITDA breakeven exiting this year, setting us up to deliver a full quarter profitability in Q1 '24.

對於 2023 年全年，我們將預期營收提高至 4.79 億美元至 4.83 億美元，年增 14% 至 15%。我們還將預期的調整後 EBITDA 損失減少至 2,000 萬至 2,200 萬美元，並繼續致力於在今年實現調整後 EBITDA 盈虧平衡，從而使我們能夠在 24 年第一季度實現全季度盈利。

As it relates to our guidance, we are assuming that new and used vehicle supplies remain lower than historical levels in the near term and improvement in production and inventory continue to recover. We are also assuming that conversion rates and wholesale price depreciation follow normal seasonal patterns for the balance of the year.

由於與我們的指導相關，我們假設新車和二手車供應在短期內仍低於歷史水平，並且生產和庫存的改善繼續恢復。我們也假設轉換率和批發價格貶值遵循今年剩餘時間的正常季節性模式。

Let me wrap up on Slide 21 by reviewing our 2026 financial targets. We are very pleased with our continued execution in a challenging macro environment and remain committed to achieving $1.3 billion of revenue and $325 million of adjusted EBITDA in 2026 with 25% adjusted EBITDA margins. Our targets are underpinned by a number of factors, including sustained market share gains, dealer wholesale market recovery to historical volumes, TAM expansion into adjacent markets, technology innovation to drive growth and operating efficiency, and a commitment to balancing growth and investment as our business scales.

讓我透過回顧我們的 2026 年財務目標來結束投影片 21。我們對在充滿挑戰的宏觀環境中的持續執行感到非常滿意，並繼續致力於在 2026 年實現 13 億美元的收入和 3.25 億美元的調整後 EBITDA 以及 25% 的調整後 EBITDA 利潤率。我們的目標受到多種因素的支撐，包括持續的市場份額增長、經銷商批發市場恢復到歷史水平、TAM 擴展到鄰近市場、推動增長和運營效率的技術創新，以及平衡增長和投資作為我們業務的承諾秤。

And with that, let me turn it back to George.

說到這裡，讓我把話題轉回喬治身上。

Thanks, Bill. Before we take your questions, I will summarize. We are very pleased with our strong execution in the third quarter. We are especially proud of our ACV Teammates to deliver these results. We continue to gain market share by attracting new dealer and commercial partners to our marketplace and by gaining wallet share, which positions ACV for attractive growth as market conditions improve.

謝謝，比爾。在回答大家的問題之前，我先總結一下。我們對第三季的強勁執行力感到非常滿意。我們為 ACV 隊友取得這些成果感到特別自豪。我們透過吸引新的經銷商和商業合作夥伴進入我們的市場以及獲得錢包份額來繼續獲得市場份額，這使得 ACV 隨著市場狀況的改善而實現有吸引力的成長。

We are executing on our territory penetration plans and gaining traction with our expanding suite of offerings. We're delivering on an exciting product road map to further differentiate ACV and expand our addressable market. We are on track to achieve our near-term adjusted EBITDA target and over the medium term, generate over $1 billion in revenue with attractive margins, and we believe will drive significant shareholder value. We are committed to achieving these results while building a world-class team to deliver on our goals.

我們正在執行我們的領土滲透計劃，並透過不斷擴大的產品系列來獲得吸引力。我們正在製定令人興奮的產品路線圖，以進一步區分 ACV 並擴大我們的目標市場。我們預計將實現近期調整後的 EBITDA 目標，並在中期內以有吸引力的利潤率創造超過 10 億美元的收入，我們相信這將帶來顯著的股東價值。我們致力於實現這些成果，同時建立一支世界級的團隊來實現我們的目標。

With that, I'll turn the call over to the operator to begin the Q&A.

之後，我會將電話轉給接線生以開始問答。

(Operator Instructions) And our first question comes from Chris Pierce of Needham & Company.

（操作員說明）我們的第一個問題來自 Needham & Company 的 Chris Pierce。

Can you just talk about your unit growth versus the used units we see year-over-year at the publicly traded dealer groups? I know you don't probably have that handy, but they averaged about down 5% year-over-year in their Q3, but you guys are up 13%. I think it's because of your leverage to independent dealers, but I'd love to kind of hear why you're able to grow versus them kind of shrinking? Or just kind of -- just in general, how you're able to kind of differentiate yourself?

您能否談談您的銷售成長與我們在公開交易的經銷商集團中逐年看到的二手銷售？我知道你們可能沒有那麼方便，但他們第三季的平均值年減了 5% 左右，但你們卻成長了 13%。我認為這是因為你們對獨立經銷商的影響力，但我很想聽聽為什麼你們能夠成長，而他們卻在萎縮？或者只是一般來說，你如何讓自己與眾不同？

Yes, Chris, thanks. So there's a couple of factors of why our units grew even though, to your point, the used car retail market shrunk. So one is that we did see new car sales, which is where our supplies comes from. So one is we are starting to see some of the health of the market come back, which is positive. Two, we are continually not only growing sellers, but getting more wallet share. So we're expanding our capabilities and growth within our footprint.

是的，克里斯，謝謝。因此，儘管二手車零售市場萎縮，但我們的銷售仍然成長，有幾個因素。其一是我們確實看到了新車銷售，這就是我們的供應來源。因此，我們開始看到市場的一些健康狀況有所恢復，這是積極的。第二，我們不僅不斷增加賣家數量，而且不斷獲得更多的錢包份額。因此，我們正在擴大我們的能力並在我們的足跡範圍內實現成長。

So look at the 2 main reasons why the both customer wins, customer wallet share and also the fact that new car sales is starting to come back, and new car sales coming back is helping us have trades coming in to dealerships, which then creates the wholesale opportunity. Now granted, we didn't see dealer wholesale grow year-over-year, but we are seeing the market at least incrementally get healthy, especially compared to last quarter.

因此，看看客戶獲勝的兩個主要原因，客戶錢包份額以及新車銷售開始回升的事實，而新車銷售的回升正在幫助我們向經銷商進行交易，從而創造了批發機會。現在，我們沒有看到經銷商批發量年增，但我們看到市場至少逐漸變得健康，特別是與上季相比。

Okay. Perfect. And then just talking about normal seasonal depreciation at the year-end. Can you just speak to what gives you the confidence to say that given what we saw last year where -- is it just that dealer inventories have loaded last year and they're tighter this year? Or is there something else to it?

好的。完美的。然後只是談論年底的正常季節性折舊。您能否談談是什麼讓您有信心說，考慮到我們去年所看到的情況——是否只是經銷商庫存去年已經增加，而今年卻更加緊張？或是有其他什麼原因嗎？

Yes. Chris, the normalcy we're referring to on the call was both regarding, thus far, I would say, listings and sell-through rate or conversion rate, I should say. We're seeing a sense of normalcy as it relates to both. So, so far, we're feeling good. We're both seeing the -- and actually, last but not least, I think to your point, though, is the value of used cars. We do have, in our plan, used car values going down. So it is part of the plan.

是的。克里斯，我想說的是，到目前為止，我們在電話會議上提到的常態都是關於清單和售出率或轉換率。我們看到了一種與兩者相關的常態感。所以，到目前為止，我們感覺良好。我們都看到了——實際上，最後但並非最不重要的一點是，我認為就你的觀點而言，是二手車的價值。在我們的計劃中，二手車的價值確實會下降。所以這是計劃的一部分。

We do expect moderate -- moderation in GMV happening sort of month-over-month throughout the quarter. So when you look at all the trends, listings, conversion rate and also our expectations on GMV going down, it gets us comfortable for the plan we've outlined.

我們確實預計整個季度 GMV 會逐月適度放緩。因此，當您查看所有趨勢、清單、轉換率以及我們對 GMV 下降的預期時，我們就會對我們概述的計劃感到滿意。

And our next question comes from Eric Sheridan of Goldman Sachs.

我們的下一個問題來自高盛的艾瑞克·謝裡登。

Maybe 2, if I could. First, longer-term question about pricing. When you think about your long-term plan and where you are relative to competitors today, how should we be thinking as pricing as a lever to either gain more market share versus gather more unit economics and compound more revenue growth? So that would be number one, just a refresh on pricing versus competition.

如果可以的話，也許是 2 個。首先，關於定價的長期問題。當您考慮您的長期計劃以及您目前與競爭對手的相對位置時，我們應該如何考慮將定價作為槓桿來獲得更多市場份額，而不是收集更多單位經濟效益並實現更多收入成長？所以這將是第一位的，只是定價與競爭的更新。

And then second, just in terms of the adjusted EBITDA guide for Q4. Just want to make sure that is maybe year-end one-timer type technology investments as opposed to maybe a new run rate or thought we should be taking in on incremental margins going into next year. I know it's a little early to talk about 2024, but just want to understand the context around those investments that have some of the margin reversal in Q4.

其次，就第四季度調整後的 EBITDA 指南而言。只是想確保這可能是年終一次性技術投資，而不是新的運作率，或認為我們應該在明年增加利潤。我知道現在談論 2024 年還為時過早，但只是想了解那些在第四季度出現一些利潤逆轉的投資的背景。

Yes, certainly, Eric. Thanks. This is George. I'll go first and then I'll let Bill chime in on your second question. So on your first question, we -- our long-term target at least -- I would say, at least in 2026 model is about $500 in combined buy/sell fees. We've been averaging around $450 this year. So when you look at the fact that we -- that's only about $50 more. Now assuming GMV does decline a bit from time to time, we feel very comfortable that we've got the room. So instead of just giving you the gap, there is -- the gap is larger than that $50 between us and some of our competitors.

是的，當然，埃里克。謝謝。這是喬治。我先發言，然後讓比爾回答你的第二個問題。因此，關於你的第一個問題，我們——至少是我們的長期目標——我想說，至少在 2026 年模型中，買入/賣出費用合計約為 500 美元。今年我們的平均費用約為 450 美元。所以，當你看看我們的事實時——這只多了大約 50 美元。現在假設 GMV 確實會不時下降一點，我們對擁有空間感到非常滿意。因此，我們和一些競爭對手之間的差距不僅僅是 50 美元，而是存在的。

I think the way we look at it, at least for now, we feel very good about where we've got our -- we've gotten the model between now and 2026, knowing that the buy and sell fees at the majority of traditional auctions is pretty significantly higher than that. I think definitely well over $100 in room today, and that's not where the competitors may go in the future. So that goes your first question.

我認為，至少就目前而言，我們對自己的模式感到非常滿意——從現在到 2026 年，我們已經建立了這個模型，因為我們知道大多數傳統交易的買賣費用拍賣的價格遠高於此。我認為今天的房間價格絕對超過 100 美元，而這不是競爭對手未來可能會去的地方。這就是你的第一個問題。

Bill, do you want the second one?

比爾，你想要第二個嗎？

Yes. Eric, so in terms of your second question, the short answer is there's really no change in terms of our operating model going forward. But to give you a little bit of context, so even with the Q4 guidance, we're reducing our OpEx guidance for the year by about $2 million. So if anything, we're actually in a better position in terms of heading into next year to achieve our EBITDA breakeven, if not EBITDA profitability in Q1. But there is an opportunity for us to make some targeted investments to drive growth next year, and we're taking an opportunity to bake that into our Q4 OpEx.

是的。艾瑞克，就你的第二個問題而言，簡短的回答是我們未來的營運模式實際上沒有任何變化。但為了給您一些背景信息，即使有第四季度的指導，我們仍將今年的營運支出指導減少了約 200 萬美元。因此，如果有什麼不同的話，那就是我們在明年實現 EBITDA 盈虧平衡方面實際上處於更好的位置，即使不是第一季的 EBITDA 盈利能力。但我們有機會進行一些有針對性的投資來推動明年的成長，我們正在利用這個機會將其納入我們的第四季營運支出。

So again, these are pretty targeted. We still have a lot of growth opportunities ahead of us, not just in dealer wholesale, but commercial peer to peer. And our focus is basically setting ourselves up as best we can for next year's targets while still, again, lowering our total OpEx for the year by about $2 million. So hopefully, that gives you a little bit of context, but there certainly isn't anything beyond that or anything you should adjust your models to reflect.

再說一遍，這些都是很有針對性的。我們面前仍然有很多成長機會，不僅是在經銷商批發方面，而且是在商業點對點方面。我們的重點基本上是為明年的目標盡最大努力，同時仍將今年的總營運支出降低約 200 萬美元。希望這能為您提供一些背景信息，但除此之外肯定沒有任何其他內容，或者您​​應該調整模型以反映任何內容。

And our next question comes from Nick Jones of JMP Securities.

我們的下一個問題來自 JMP 證券的尼克瓊斯。

I guess just maybe back on the normalization or time line to normalization. I think back at the Analyst Day, you said 2025, give or take, you expect kind of the industry to normalize. How are you guys monitoring what can kind of dislocate or change that time line as we see various data points come out, whether it be industry-specific or maybe more particularly kind of affordability or consumer challenges may be causing an overcorrection and supply starts to build as consumers struggle to afford auto?

我想也許只是回到正常化或正常化的時間表。我回想在分析師日，您說過 2025 年，無論怎樣，您預計該行業將實現正常化。當我們看到各種數據點出現時，你們如何監控可能會打亂或改變時間線的因素，無論是特定行業的數據點，還是更具體的負擔能力或消費者挑戰可能會導致過度修正，供應開始建立當消費者難以負擔汽車時？

So any color on kind of -- I guess, to boil it down, are there any changes in your time line to normalization from here? And then the kind of the second question is how are you thinking about consumer challenges, auto affordability playing into that?

所以，我想，歸根結底，從這裡開始正常化的時間線是否有任何變化？第二個問題是，您如何看待消費者面臨的挑戰，汽車負擔能力在其中扮演的角色？

Yes. Thanks, Nick. So the way to think about this is we have in our planning that the market returns by 2026, okay? And that's really how we've been thinking about it. And so we -- yes, it's '23, late in the year here, but we do have some time, right, for us to kind of -- for the world to keep evolving. If you look at like dealer wholesale units even over the last few years, just in '21 alone, it was over 10%, '22 is likely over 8%. This year, it might end up being under 8%. So we've seen these changes. We're pretty comfortable in the fact that we will see improvements over the next couple of years. The rate of improvement we should all see.

是的。謝謝，尼克。因此，考慮這個問題的方法是，我們計劃在 2026 年市場回歸，好嗎？這確實是我們一直在思考的問題。所以我們——是的，現在是 23 年，今年年底了，但我們確實有一些時間，對吧，讓我們——讓世界不斷發展。如果你看看過去幾年的經銷商批發單位，光在 21 年就超過 10%，22 年可能超過 8%。今年，這一比例可能最終會低於 8%。所以我們已經看到了這些變化。我們對未來幾年將看到的改進感到非常滿意。我們都應該看到改進的速度。

But let me walk you through why I feel good saying we should see improvements. So one is new car sales are getting incentives. And these new car sales incentives are important. They help drive affordability. We're starting to see incentives even for across almost all OEMs right now. That's a great bang for us, okay? So we're starting to see interest rate in things, lease incentives. So as we're -- as you think about our primary source of supply today, being franchise dealers is where the primary source of supply comes from. As they drive more new sales, we get more trades. So that's one.

但讓我向您介紹為什麼我感覺很好，我們應該看到改進。一是新車銷售正在受到激勵。這些新車銷售獎勵措施很重要。它們有助於提高負擔能力。我們現在開始看到幾乎所有原始設備製造商都受到激勵。這對我們來說真是太棒了，好嗎？因此，我們開始看到利率、租賃激勵措施。因此，當您考慮我們今天的主要供應來源時，特許經銷商是主要供應來源。隨著他們推動更多的新銷售，我們獲得了更多的交易。這就是其中之一。

Two, the other part of what you mentioned is dealers really want to be careful with on their lots. And up until recently, you've heard us say dealer wholesale contracted for 2 reasons. Sales went down -- new car sales went down and also, dealers kept a higher percentage of cars. You've heard us talk about that. I mentioned it earlier on the call. The later part of that becomes really important. As used car inventory start to add up, we believe dealers will start to wholesale a slightly higher percentage throughout the next few years and return back to normal levels. Dealers are still keeping an elevated number of these trades even today.

第二，你提到的另一部分是經銷商確實希望謹慎處理他們的批次。直到最近，您還聽到我們說經銷商批發簽約有兩個原因。銷量下降－新車銷量下降，經銷商保留汽車的比例更高。你已經聽我們談論過這個了。我之前在電話中提到過這一點。後面的部分變得非常重要。隨著二手車庫存開始增加，我們相信經銷商將在未來幾年開始批發比例略高，並恢復到正常水平。即使在今天，經銷商仍然保持大量此類交易。

So when you look at those 2 factors, we feel pretty good that over the next few years, we should see improvements. How much of an improvement, I've got until February to give you an opinion on next year, at least. So I'll use those couple of months to wait on our exact thoughts. But I'm feeling pretty good on some of the signs we're seeing. We even saw a slight quarter-over-quarter improvements in the market of dealer wholesale, although really, really small. Any type of improvement is a good thing. It feels like we're in that trough.

因此，當你考慮這兩個因素時，我們感覺很好，在接下來的幾年裡，我們應該會看到改進。至少要到二月才能給你關於明年的意見，還有多大的改進。所以我會用這幾個月的時間來等待我們的確切想法。但我對我們看到的一些跡象感覺很好。我們甚至看到經銷商批發市場的季度環比略有改善，儘管幅度非常非常小。任何類型的改進都是一件好事。感覺我們正處於低谷。

And even if interest rates stay high, consumer affordability for used cars stay challenged for next year. I think new cars, we're going to see incentives coming out. OEMs are going to want to move that inventory. That's going to be more trade. And I think franchise dealers should be careful in the cars they keep. Long-winded answer, I thought it was an important question, so I leaned in a little bit more.

即使利率維持在高位，明年消費者對二手車的承受能力仍將面臨挑戰。我認為對於新車，我們將會看到激勵措施的出台。原始設備製造商將希望轉移這些庫存。這將會帶來更多的貿易。我認為特許經銷商應該小心他們保留的汽車。囉嗦的回答，我覺得這是一個很重要的問題，所以我稍微傾斜了一點。

And our next question comes from Ron Josey of Citi.

我們的下一個問題來自花旗銀行的羅恩·喬西。

George, I want to ask about conversion rates. I think you said we're seeing a sense of normalcy here. And I'm wondering if conversion rates are getting back to, call it, the '21 levels or before? And if that's the case, maybe talk to us on what are the drivers here in the past? We talked about new auction format to 2-hour auctions, et cetera. And I have a quick follow-up.

喬治，我想問一下轉換率。我想你說過我們在這裡看到了一種正常的感覺。我想知道轉換率是否回到了 21 世紀的水平或之前的水平？如果是這樣的話，也許可以和我們談談過去的驅動因素是什麼？我們討論了新的拍賣形式、2 小時拍賣等等。我有一個快速的跟進。

Yes, certainly. There's -- we think we did a little bit better than the market on conversion rates. I would say a couple of parties out there who provide data on conversion rates. When I say -- I would say we were marginally better than the market. Being better is always a good thing. Probably 2 reasons. One is we are benefiting, to your point, from some of these innovations that we've been doing, whether it be product enhancements, time to auctions, enhancements we're making to our condition report, all those things are also helping us sort of incrementally, I would say, managed seasonality well. We always plan to go in the fourth quarter, conversion rates are going to go down a little bit. That's always the plan, and that's the case every year. But I would say we're doing a good job in Q3 represented also a good job.

是的，當然了。我們認為我們在轉換率方面比市場做得更好一些。我想說有幾個團體提供了轉換率的數據。當我說——我會說我們比市場稍好。變得更好總是一件好事。大概有2個原因。一是，就您而言，我們正在從我們一直在進行的一些創新中受益，無論是產品改進、拍賣時間、我們對狀況報告的改進，所有這些也都在幫助我們分類我想說，逐步地很好地管理了季節性。我們總是計劃在第四季度進行，轉換率會略有下降。這始終是計劃，而且每年都是如此。但我想說，我們在第三季做得很好，這也代表我們做得很好。

The second is we went out -- we went to market this year being a little bit more careful on pressing our sales team and our inspectors for listings and customers, and we pressed for a little -- a better conversion as part of the overall success story. And so think about that as being a little bit more selective. And typical, I would say, growing up, right, as you're getting bigger, as we're dealing with more and more sellers, more and more listings, you just really want to make sure being prudent if we've got certain sellers that have very low conversion, we're more careful on that.

第二個是我們走出去——我們今年進入市場時更加謹慎地向我們的銷售團隊和檢查員施壓，以了解清單和客戶，並且我們要求一點——更好的轉化，作為整體成功的一部分故事。因此，請考慮更具選擇性。我想說的是，典型的，成長，對吧，隨著你變得越來越大，隨著我們與越來越多的賣家打交道，越來越多的列表，你真的想確保謹慎行事，如果我們已經確定了對於轉換率很低的賣家，我們會更加謹慎。

So those will be the 2 reasons that we are doing well from a conversion rate perspective. Both was product intact and also from an operating policy perspective, we're definitely more careful on sellers who remain low at their conversion rate.

因此，從轉換率的角度來看，這將是我們表現良好的兩個原因。兩者的產品都完好無損，而且從營運政策的角度來看，我們對轉換率仍然較低的賣家肯定會更加謹慎。

Got it. That's very helpful on conversion rates. I just wanted to clarify maybe something you said on the call now that we're seeing the units reaccelerate growth, and I understand your point on incentives and supply. Just can you repeat or talk just a little bit more on pricing? We've seen high singles, low doubles down this year. And do you expect that to continue as supply improves?

知道了。這對轉換率非常有幫助。我只是想澄清一下您在電話會議上所說的一些話，因為我們看到這些單位重新加速增長，並且我理解您關於激勵和供應的觀點。您能重複一下或再多談談定價嗎？今年我們看到了高單打、低雙打。隨著供應的改善，您預計這種情況會持續下去嗎？

Yes. When you speak to this pricing, you're really saying the GMV, meaning what's selling on our platform, right? So yes, we're -- we have in our plan low single-digit, things like 2019, like 1-ish to 2-ish percent based on the month, depreciation rate as part of the plan. So we go into the quarter, planning for that to be the case, which is -- which we're finding prudent, right, because you -- one is expected. So, so far, I feel really good about the team's ability here to predict what we think is going to happen. And the plan we've outlined seems -- we're confident with it.

是的。當您談到這個定價時，您實際上指的是 GMV，即我們平台上銷售的產品，對吧？所以，是的，我們的計劃中有低個位數的數字，例如 2019 年，例如基於月份的 1% 到 2% 左右，折舊率是計劃的一部分。因此，我們進入本季度，為這種情況做好計劃，我們認為這是謹慎的，對的，因為你——預計會有這樣的情況。所以，到目前為止，我對團隊預測我們認為將要發生的事情的能力感到非常滿意。我們概述的計劃似乎——我們對此充滿信心。

Yes. I think -- Ron, it's Bill. So just maybe a little more context here. So last quarter, our GMV per unit was down year-on-year 10%, down quarter-on-quarter 11%, except we managed to drive year-on-year, actually a 4% increase in our ARPU. Quarter-on-quarter was down a few points, down about 3%. So one of the strategies, and we've talked about this in the past, is with the pricing power that we have, as prices due to climb, because that's what we're assuming, and that's what we've baked into our forward-looking models. We believe over time, we can offset any of that downside in terms of our buy fees.

是的。我想——榮恩，是比爾。所以這裡也許有更多的背景資訊。因此，上個季度，我們的單位 GMV 同比下降了 10%，環比下降了 11%，但我們設法推動了 ARPU 同比增長，實際上增長了 4%。環比下降幾個百分點，下降約3%。因此，我們過去討論過的策略之一是我們擁有的定價能力，因為價格會上漲，因為這是我們的假設，也是我們在遠期中所考慮的外觀模型。我們相信，隨著時間的推移，我們可以抵消購買費用方面的任何不利影響。

We've been able to do that thus far. And then maybe one more level of clarity. So if you look at, in our example, our GMV per unit, about half of that is due to a modest shift in mix to less expensive vehicles in response to consumer affordability issues. And the rest of that is just the overall market decline in prices. So you've got a few kind of dynamics driving it. But at the end of the day, we're able to -- at least so far, we've been able to protect our financial model from any of that volatility.

到目前為止我們已經能夠做到這一點。然後可能會更清晰。因此，如果你看看我們的例子中的每輛汽車的 GMV，其中大約一半是由於為了應對消費者負擔能力問題而適度轉向更便宜的車輛。剩下的只是整個市場價格的下跌。所以你有一些動力在驅動它。但最終，我們能夠——至少到目前為止，我們能夠保護我們的財務模型免受任何波動的影響。

And our next question comes from John Colantuoni of Jefferies.

我們的下一個問題來自 Jefferies 的 John Colantuoni。

Two for me. Starting with the September price increase, can you help size how it contributed to 3Q and 4Q revenue or how it will contribute to 4Q revenue? And second, turning to your 2026 revenue target. I think your outlook assumes 17% outperformance relative to the market. And that's a bit above the 15% you saw this past quarter, which was down somewhat from recent quarters despite the conversion tailwind from longer auction formats. So just talk about what drives -- helps drive the improvement in market share trends over time?

給我兩個。從 9 月的價格上漲開始，您能否幫助估算它對第三季和第四季營收的貢獻，或者它將如何對第四季的營收做出貢獻？其次，轉向 2026 年的收入目標。我認為您的前景假設表現優於市場 17%。這略高於上個季度的 15%，儘管較長的拍賣形式帶來了轉換率，但與最近幾季相比略有下降。那麼，只要談談是什麼驅動因素——隨著時間的推移，有助於推動市場佔有率趨勢的改善？

John, it's George. I'll go with your second question first, and Bill can go to your first question. So we've been -- if you look at our last 6 quarters, we've been between 16% and 17% average. So 15% is pretty consistent with that range. And keep in mind how you even do this math is -- math, where it's not perfect, right, talking about this. So number two, if you do a little homework on the competitive environment, I think you're going to see that 15% was really good.

約翰，是喬治。我先回答你的第二個問題，比爾可以回答你的第一個問題。所以，如果你看看過去 6 個季度，我們的平均值在 16% 到 17% 之間。所以 15% 與這個範圍非常一致。請記住，你甚至是如何做這個數學的——數學，它並不完美，對吧，談論這個。第二，如果你對競爭環境做一點功課，我想你會發現 15% 確實很好。

So one, I think, compared to our competitors, we really did a great job. And two, I would say -- I would call that rather consistent with the 16% to 17% for the last 16 -- or last 6 quarters. I'd go to -- so I feel great on the fact that when you look at what we've been putting up there in any given quarter, let's is generally say between 15% and 17%, I feel really good about that. So no change. Bill, do you want to go to the first question?

所以我認為，與我們的競爭對手相比，我們確實做得很好。我想說的第二點是，我認為這與過去 16 個季度或過去 6 個季度的 16% 至 17% 相當一致。我會去——所以我感覺很好，當你看看我們在任何特定季度所做的事情時，我們通常說在 15% 到 17% 之間，我對此感覺非常好。所以沒有改變。比爾，你想回答第一個問題嗎？

Yes. So John, in terms of Q3 and the price increase, it was roughly about $25 in terms of sizing. So also relatively small, similar to the price adjustments we passed through last year. And that was only for 1 month in the quarter. So roughly 1/3 of that or about $8 worth of impact on our auction ARPU. And then obviously, we will get the full quarter benefit of that in Q4. That's all other things being equal. Obviously, what ultimately impacts ARPU are other factors, including average car prices, right? So that's the biggest variable. But if you just want to isolate the price increase by itself, those would be the numbers, that would be the math.

是的。所以約翰，就第三季和價格上漲而言，尺寸方面大約約為 25 美元。所以也相對較小，類似我們去年經歷的價格調整。而這只是本季的 1 個月。因此，大約 1/3 對我們的拍賣 ARPU 產生的影響約為 8 美元。顯然，我們將在第四季獲得全部季度收益。這就是在所有其他條件都相同的情況下。顯然，最終影響 ARPU 的是其他因素，包括平均汽車價格，對嗎？所以這是最大的變數。但如果你只想將價格上漲本身孤立出來，這些就是數字，那就是數學。

And our next question comes from Bob Labick of CJS Securities.

我們的下一個問題來自 CJS 證券的 Bob Labick。

I wanted to start with the exciting discussion earlier on ClearCar and self-inspection, and maybe tell us -- expand a little bit on the uses. Is it right now just for dealers -- for consumer sourcing? Or is there an opportunity to use this self-inspection for perhaps some more remote dealerships that a VCI can't get out to efficiently and therefore, just have a dealer inspecting their own cars and loading them on the network as well? Or how is it being used now? And what are the opportunities for this self-inspection that you're pioneering?

我想從之前關於 ClearCar 和自我檢查的激動人心的討論開始，也許可以告訴我們——擴展一下用途。現在是否只針對經銷商－針對消費者採購？或者是否有機會對一些 VCI 無法有效到達的偏遠經銷商使用這種自我檢查，因此只需讓經銷商檢查自己的汽車並將其裝載到網路上？或者現在使用的怎麼樣？您開創的這種自我檢查的機會是什麼？

Yes, certainly, Bob. We -- I would say so far, what you heard us talking about is the first category you open up, which is dealer sourcing more consumer cars. We've been pressing that as a problem we want to solve, number one, because it's the biggest complaint we hear from dealers is they need more inventory, especially late model inventory, the cars that they would normally keep. And they need help, right? So they're keeping cars that they typically would wholesale primarily because they still need the right inventory. So we think by them sourcing more consumer cars, we'll actually wholesale more, right? So you're seeing us focus there.

是的，當然，鮑伯。到目前為止，我想說的是，您聽到我們談論的是您開放的第一個類別，即經銷商採購更多消費汽車。我們一直在強調，這是我們想要解決的第一個問題，因為這是我們從經銷商那裡聽到的最大的抱怨，他們需要更多的庫存，特別是後期型號的庫存，他們通常會保留的汽車。他們需要幫助，對嗎？因此，他們保留通常批發的汽車主要是因為他們仍然需要合適的庫存。所以我們認為，透過他們採購更多的消費汽車，我們實際上會批發更多的汽車，對吧？所以你看到我們集中在那裡。

And the second part of your question. Even today, dealers do self inspect some cars. It's low today, low single-digit percentage of our cars today. Dealers are inspecting and selling, first, ACV is inspecting. These new tools we're doing will make it easier. Probably not ready to talk about that until somewhere around Q2 or Q3 of next year. Somewhere in that timing, we'll probably sort of talk about that a little bit more.

你問題的第二部分。即使在今天，經銷商也會對一些汽車進行自我檢查。今天的比例很低，今天我們汽車的比例很低。經銷商在考察銷售，首先是ACV在考察。我們正在開發的這些新工具將使事情變得更加容易。可能要到明年第二季或第三季左右才準備好談論這個問題。在那個時間的某個時候，我們可能會更多地討論這個問題。

But already something we support. So if a dealer does want to inspect a car, launch it, that's already something that we support. But the category would be dealers asking if we could make that a little bit more efficient and easier for them to do. So that would be the category that you're opening up here for the call, which is a good one, but something we would be probably -- I'd be more comfortable to talk about sometime in maybe the first half of next year.

但我們已經支持了。因此，如果經銷商確實想要檢查汽車並推出它，我們就已經支援了。但這一類經銷商會詢問我們是否可以讓他們更有效率、更容易做到這一點。因此，這將是您在這裡為電話會議開放的類別，這是一個很好的類別，但我們可能會 - 我可能會更願意在明年上半年的某個時候談論。

Okay. Very fair. Please remind me to ask you how much that will increase your TAM at some point in the first half of next year. And so just for my other question then. If you could give us an update on your penetration into the large dealer groups? Obviously, that's another driver of your units and your opportunity and your growth. And just kind of where you stand now and where you want to be?

好的。很公平。請提醒我詢問您在明年上半年的某個時候您的 TAM 會增加多少。那麼我的另一個問題。您能否向我們介紹一下您對大型經銷商集團的滲透情況？顯然，這是您的單位、您的機會和您的成長的另一個驅動力。以及你現在所處的位置以及你想要達到的位置？

Yes. No, it's a great question. I don't think we've been giving any data about our growth rate there. But what I will say this is our growth rate with the major dealer groups has been materially higher when you compare that, compared to the growth rate we share with you all. The growth rate with the major dealer groups is a higher percentage. So it's going well. We continue to focus on adding more value, whether it be ACV private marketplace, whether it be products like ClearCar. One of the large dealer groups out there, one of the top 3 or 4, I would say, at least the only top 5 is using us (inaudible) private marketplace. They're using us for MAX Digital and now using us for ClearCar.

是的。不，這是一個很好的問題。我認為我們沒有提供任何有關成長率的數據。但我要說的是，與我們與大家分享的成長率相比，當您進行比較時，我們與主要經銷商集團的成長率要高得多。主要經銷商集團的成長率較高。所以進展順利。我們繼續專注於增加更多價值，無論是 ACV 私人市場，還是像 ClearCar 這樣的產品。那裡的大型經銷商集團之一，前三名或前四名之一，我想說，至少唯一的前五名正在使用我們（聽不清楚）的私人市場。他們使用我們的 MAX Digital，現在使用我們的 ClearCar。

So this is a top 5 dealer group using us literally all of our value-added services, and we're starting to have a material piece of their overall wholesale share. So feeling really good. The strategy we're doing is working, where our value-added service strategy is working, and we're able to build a relationship with several of these dealer groups.

因此，這是一家排名前 5 的經銷商集團，實際上使用了我們所有的增值服務，而且我們開始在他們的整體批發份額中佔有重要份額。所以感覺真的很好。我們正在實施的策略正在發揮作用，我們的增值服務策略正在發揮作用，並且我們能夠與其中幾個經銷商集團建立關係。

And our next question comes from Michael Graham of Canaccord.

我們的下一個問題來自 Canaccord 的 Michael Graham。

I just wanted to ask 2. The first one was on the transport attach rate in margin, which is going great. Do you have any updated thoughts on like terminally where that transport margin can get to? And I just wanted to ask, as we inch a little closer to the new year here, when you think about achieving your 2026 targets, any updated thoughts on whether over the course of like 2024, 2025 and 2026, any updated thoughts on whether you think that expansion on the margin side is expected to be linear or back-end loaded? Or just any high-level thoughts you could share would be great.

我只是想問2。第一個是關於保證金中的運輸附加費率，進展順利。您對運輸利潤最終能到達哪裡有什麼最新的想法嗎？我只是想問，隨著我們離新年越來越近，當您考慮實現 2026 年目標時，您是否有任何關於在 2024 年、2025 年和 2026 年期間是否有最新想法？您認為邊際擴張預計是線性的還是後端載入的？或者您可以分享的任何高層次想法都會很棒。

Yes, certainly, Michael. We -- obviously, we're ecstatic about how well ACV Transport has been going, both from take rate and margin. It's going really, really well. We'd really rather keep everyone's expectations about what we've been doing for a couple of reasons. One is look at the addressable market as 70%, right? So when you look at the addressable market at 70%, hitting the take rates we've been hitting is really incredible, right? Because there's always going to be a portion of your dealers who are local and who can just go and pick up the car.

是的，當然，邁克爾。顯然，我們對 ACV Transport 的進展感到欣喜若狂，無論是從利用率還是利潤率來看。一切進展得非常非常順利。基於幾個原因，我們確實寧願讓每個人對我們所做的事情抱持期望。其一是將目標市場視為 70%，對嗎？因此，當您看到 70% 的潛在市場時，我們達到的轉換率確實令人難以置信，對吧？因為總會有部分經銷商是本地人，他們可以直接去拿車。

So one is when I look at the overall take rate for transport, we'd rather not create higher expectations we've created. And even if we do, in any one quarter be a little higher than that, I'd rather you all keep the expectations where we've had it, okay? So that's one is I think it's good to keep our expectations reasonable there.

因此，當我查看運輸的整體接受率時，我們寧願不創造更高的期望。即使我們確實在任何一個季度都比這個高一點，我也希望你們都將期望保持在我們已經有的水平，好嗎？因此，我認為保持合理的期望是件好事。

On margin. Again, we're doing a really great job. I'd rather -- until we're significantly higher end units. We still -- at the end of the day, we still deliver a margin profile and transport that's blended with both mature markets and less mature. So instead of getting into a tangent here, I'd rather just say that for at least the next few years, I'd like to keep our expectations where they are. And I think that gives us the opportunity to invest in the lanes that we want to invest in and still take the revenue and margin we want in another lane.

在保證金上。再說一次，我們做得非常出色。我寧願——直到我們成為更高端的單位。歸根結底，我們仍然提供與成熟市場和不太成熟市場相結合的利潤率和運輸。因此，我不想在這裡偏離主題，而是只想說，至少在接下來的幾年裡，我希望保持我們的期望不變。我認為這讓我們有機會投資我們想要投資的航線，同時仍然在另一條航線上獲得我們想要的收入和利潤。

So that's giving you a little bit behind the scenes of why. I didn't think that post 2026 in that dialogue, at least from now to 2026, I'd rather keep the expectations where they are and then kind of go from there.

這讓您了解了一些幕後原因。我不認為 2026 年之後的對話，至少從現在到 2026 年，我寧願保持期望，然後從那裡開始。

Yes, I think I would add just one of your questions was, will the growth in EBITDA margins to be linear. The answer to that question is no, I would not expect them to be linear. Obviously, we haven't provided 2024 guidance yet. We'll do that on our next call. But I think in terms of the leverage of our model, which is very significant. And as we start to accelerate our growth due to continued share gains, market recovery over time over the next several years, penetrating commercial, continuing to expand our ARPU, there will be a lot of leverage that will flow through to the bottom line in the out years, right?

是的，我想我只想補充一下您的問題之一，即 EBITDA 利潤率的成長是否呈線性。這個問題的答案是否定的，我不希望它們是線性的。顯然，我們還沒有提供 2024 年的指導。我們將在下次通話時這樣做。但我認為就我們模型的槓桿作用而言，這是非常重要的。隨著我們開始加速成長，由於持續的份額成長、未來幾年市場的復甦、滲透商業、繼續擴大我們的 ARPU，將會有大量的槓桿作用流向利潤。過了幾年，對嗎？

So I think kind of acceleration through '25 and potentially significant acceleration through '26 as we get the benefit of that leverage. So again, we didn't, at our Analyst Day, break down what it would look like each year, obviously. But that's the overall concept and the reason why we're confident that we can execute on that path assuming we can drive the top line revenue growth that we articulated a few months ago at the Analyst Day.

因此，我認為隨著我們從這種槓桿作用中獲益，到 25 年會出現加速，到 26 年可能會出現顯著加速。因此，顯然，我們在分析師日並沒有詳細說明每年的情況。但這就是整體概念，也是我們有信心沿著這條道路執行的原因，假設我們能夠推動我們幾個月前在分析師日上闡述的營收成長。

And our next question comes from Rajat Gupta of JPMorgan Chase.

我們的下一個問題來自摩根大通的 Rajat Gupta。

Congrats on the execution in the quarter. I just had one on -- just first one on you talked about the supply challenges getting a little better. You talked about dealers moving, reducing more trades than what they're doing right now into next year. I mean, we're going to see some challenges like from the off-lease supply challenges hitting starting middle of next year from the low penetration in '21 and then after that. How do you overcome that in context of your market expectations? Or maybe another way to ask is, what is your expectation of just used car retail industry volumes improving next year that gives you comfort around the recovery in your market next year? And I have a follow-up.

恭喜本季的執行。我剛剛收到了一篇關於您的第一篇文章，談到供應挑戰有所改善。您談到經銷商會採取行動，在明年減少比現在更多的交易。我的意思是，我們將看到一些挑戰，例如從明年年中開始的租賃供應挑戰，從 21 年的低滲透率以及之後的滲透率開始。根據您的市場預期，您如何克服這個問題？或者也許另一個問法是，您對明年二手車零售業的銷售成長有何預期，這會讓您對明年市場的復甦感到放心？我有一個後續行動。

Yes. Certainly, Rajat. I mentioned some of this earlier, and not be repetitive too much. But when you think about our primary supply today coming from franchise dealers. Granted, we have new channels that we're also building that we talked about at Investor Day. But just to focus first your first question on our primary channel, I would at least today out predict new car sales should at least marginally improve, if not improve better than marginally year-over-year. That would be like sitting here predicting next year, right? Just like the rest of us trying to predict all these macro things going on.

是的。當然，拉賈特。我之前已經提到過一些，就不重複太多了。但當你想到我們今天的主要供應來自特許經銷商時。當然，我們也在建立新的管道，我們在投資者日上談到了這一點。但為了先將你的第一個問題集中在我們的主要管道上，我至少今天會預測新車銷售至少會略有改善，如果不是比去年同期略有改善的話。這就像坐在這裡預測明年一樣，對嗎？就像我們其他人試圖預測所有這些宏觀事情正在發生一樣。

We've got better -- the actual OEMs aren't having the challenges building vehicles. So most of that is behind us. We have incentives starting to come out. I would say, better expectations from OEMs. I mean, we're not hearing you all ask questions like maybe OEMs will never do incentives again. I mean, all those questions are all gone, right? We all know we're going to go back to incentives.

我們已經做得更好了——真正的原始設備製造商不再面臨製造車輛的挑戰。所以大部分都已經過去了。我們已經開始推出激勵措施。我想說的是，原始設備製造商有更好的期望。我的意思是，我們沒有聽到你們都問像原始設備製造商可能永遠不會再進行激勵措施這樣的問題。我的意思是，所有這些問題都消失了，對吧？我們都知道我們將回到激勵措施。

So you kind of go into next year, say, okay, consumers are going to be incented to buy a new car. Meanwhile, cars are aging. We have cars. Consumers are driving, at least from an age perspective, the oldest cars we've seen on record, and it's getting worse. And for the everyday consumer out there, that's not a good thing. It's getting more and more expensive to fix these cars.

所以你可以說，明年，消費者將被激勵購買新車。與此同時，汽車正在老化。我們有車。至少從年齡的角度來看，消費者駕駛的是我們有史以來見過的最古老的汽車，而且情況正在變得更糟。對日常消費者來說，這不是好事。修理這些汽車的費用越來越貴。

If any of you have friends or family, probably they've gone through this, you're probably all hearing the stories every day right now. It's challenging. When you go in there and you're getting a repair that's $1,500, $2,500 for repair. It's tough. I'd much rather get in there, do a $400 or $500 payment or a lease or something like that. You've seen most recently in the TV commercials. I noticed even yesterday, watching television, Chevy was promoting their cars that are brand-new vehicles between $25,000 and $30,000. There was a reason why they were showcasing, right, that specific commercial right now. They're trying to tell consumers. There are cars. There are new cars they can buy. It might not be the one they wanted, but there are cars.

如果你們有朋友或家人，可能他們已經經歷過這件事，你們現在可能每天都聽到這些故事。這很有挑戰性。當你去那裡維修時，維修費用為 1,500 美元，維修費用為 2,500 美元。它太硬。我更願意進入那裡，支付 400 或 500 美元的付款或租賃或類似的東西。您最近在電視廣告中看過。就在昨天，我在看電視時注意到，雪佛蘭正在推銷他們的全新汽車，售價在 25,000 美元到 30,000 美元之間。他們現在展示那個特定的廣告是有原因的，對吧。他們試圖告訴消費者。有汽車。他們可以購買新車。這可能不是他們想要的，但有車。

So when I think about next year, I think we'll see new cars come back in favor. I think we're going to have consumers that can afford and have the credit and means to buy those new cars. And I think what that's going to mean for the used cars that are being traded in, dealers are only going to keep the ones they know they're going to make money on. I think it's going to -- dealers are going to go into the year, not saying we need to keep everything like they have been in the last couple of years, because they know interest rates might stay high. They're not going to think they could -- not every single one of these used cars is going to be the champion they bought the last couple of years. It's going to be a much more realistic mindset, which I think will press these trades to end up at a dealer, an independent dealer or someone else who's got a much lower cost of labor, they can fix these things cheaper than some of the franchise dealers. And I think some of the old trends will come back again.

因此，當我考慮明年時，我認為我們會看到新車重新受到青睞。我認為我們將擁有有能力、有信用、有能力購買這些新車的消費者。我認為這對正在交易的二手車意味著什麼，經銷商只會保留他們知道會賺錢的車。我認為經銷商將進入今年，而不是說我們需要保持過去幾年的一切，因為他們知道利率可能會保持在高位。他們不會認為他們可以——並不是每一輛二手車都會成為他們過去幾年購買的冠軍。這將是一種更現實的心態，我認為這將迫使這些交易最終出現在經銷商、獨立經銷商或勞動力成本低得多的其他人那裡，他們可以比某些特許經營店更便宜地解決這些問題經銷商。我認為一些舊趨勢將會再次回歸。

So again, long-winded answer. I think, important question. But I feel good that at least sitting here right now, now how much -- whether or not next year is just marginally better than this year or materially better, I'm not ready to say. But it feels like we should at least improve year-over-year. That's at least my current professional guess.

再次，冗長的答案。我認為，重要的問題。但我感覺很好，至少現在坐在這裡，現在有多少——無論明年是否比今年稍微好一點，或者實質上更好，我還沒有準備好說。但感覺我們至少應該逐年進步。至少這是我目前的專業猜測。

Got it. That's helpful. And then maybe just a quick one on the price increases. The September price increase a little faster than we had expected. Last year it was December. Should we expect you to continue to do this at a higher frequency or was it just more of a timing shift this year and we need go back to like once a year next year? Just maybe any color on that would be helpful. And that's all I had.

知道了。這很有幫助。然後也許只是簡單介紹一下價格上漲的情況。 9月的價格上漲速度比我們預期的快一些。去年是十二月。我們是否應該期望你們繼續以更高的頻率這樣做，或者只是今年的時間變化，我們明年需要回到每年一次？也許任何顏色都會有幫助。這就是我所擁有的一切。

Yes. I mean our main goal is to hit the objectives we've shown you all in ourselves that get up to about $500 and buy and sell these between now and '26. The rate will always be determining how fast we do that. But our look at it as same goal we've been outlining $500 in '26, again, will be lower than our typical traditional competitors are today. So there's room here for us to increase fees incrementally, and we'll decide when the right time is between now and then.

是的。我的意思是，我們的主要目標是實現我們向大家展示的目標，從現在到 26 年，達到 500 美元左右並買賣這些目標。速率將始終決定我們做到這一點的速度。但我們將其視為與我們在 26 年制定的 500 美元目標相同的目標，這將低於我們今天典型的傳統競爭對手的目標。因此，我們還有逐步增加費用的空間，我們將決定從現在到那時什麼時候是合適的時間。

But as Bill told you, this last one was about 25-ish box. We'll just keep incrementally getting there until we have our pricing be competitive because today, it's really a little bit lower than it should be.

但正如比爾告訴你的那樣，最後一個大約有 25 個左右的盒子。我們將繼續逐步實現這一目標，直到我們的定價具有競爭力，因為今天，它確實比應有的價格低了一點。

And our next question comes from Daniel Imbro of Stephens Inc.

我們的下一個問題來自 Stephens Inc. 的 Daniel Imbro。

Maybe one on the volume backdrop. I'm just curious with floor plan rates this high for your dealer customers, are you seeing dealers be more disciplined about moving aged inventory off the lot? And I think some of your peers maybe have tools to help with this, but do you have specific tools to maybe help dealers not only source cars, but determine, okay, like this is how long to hold this car for and this car should be wholesaled now. How is that adoption going just as floor plan rates are 7%, 8% now, not the 1% to 3% we saw a few years ago?

也許是音量背景上的一個。我只是好奇您的經銷商客戶的平面圖費率這麼高，您是否看到經銷商在將陳舊庫存移出停車場方面更加自律？我認為你的一些同行可能有工具來幫助解決這個問題，但是你是否有特定的工具來幫助經銷商不僅採購汽車，而且確定，好吧，就像這輛車可以持有多長時間以及這輛車應該現在批發。現在的平面佈局率是 7%、8%，而不是我們幾年前看到的 1% 到 3%，這種採用情況如何？

Yes, Daniel, great question. Dealers are getting more and more disciplined. So we're seeing it definitely with the larger groups, we're seeing dealers -- you're all hearing that you're seeing disciplined return in the ecosystem. Over the last couple of years, dealers really, in a way, paused all their aging policies. And for those of you that are new to this concept that Daniel is bringing up, historically, if a car was on a dealer's lot for over 90 days, the owners of the dealership or the operators would push the dealer to them, wholesale the vehicle, and they would deem it aged. That's the category Daniel's bringing up.

是的，丹尼爾，好問題。經銷商越來越自律。因此，我們確實在更大的群體中看到了這一點，我們看到了經銷商——你們都聽說你們在生態系統中看到了嚴格的回報。在過去的幾年裡，經銷商確實在某種程度上暫停了所有老化的政策。對於那些對丹尼爾提出的這個概念不熟悉的人來說，從歷史上看，如果一輛車在經銷商的停車場上停留超過90 天，經銷商的所有者或經營者就會把經銷商推給他們，批發車輛，他們會認為它已經老化了。這就是丹尼爾提出的類別。

So those policies are starting to come back in play. Some of them have been additive, likely said, hey, we'll give you $120 for now, but we're going to push to $90 by the end of this year. And some dealer groups have gone right back at it and going right back to discipline.

因此，這些政策開始重新發揮作用。其中一些是附加的，可能會說，嘿，我們現在給你 120 美元，但我們將在今年年底前提高到 90 美元。一些經銷商團體已經重新開始並重新遵守紀律。

And your -- second part of your question. Yes, we have tools. We have a product within our MAX Digital offering to help dealers both know their sweet spot and also help dealers manage what dealers they're -- what car is they're doing well, what cars they should really just be wholeselling right now. So that intelligence is currently in our MAX offering, and we're always brainstorming how we can get some of this out to all of our dealers sort of (inaudible). But yes, part of what you're asking, we provide those services for somewhere around 1,000 rooftops out there today. So -- but yes, I think both great questions. We are starting to see the discipline come up.

還有你的問題的第二部分。是的，我們有工具。我們的 MAX Digital 產品中有一款產品可以幫助經銷商了解自己的最佳位置，還可以幫助經銷商管理自己的經銷商身份——哪些汽車做得很好，哪些汽車現在應該批發。因此，這種情報目前已包含在我們的 MAX 產品中，我們一直在集思廣益，討論如何將其中的一些資訊提供給我們所有的經銷商（聽不清楚）。但是，是的，您所問的部分內容是，我們目前為大約 1,000 個屋頂提供這些服務。所以——但是，是的，我認為這兩個問題都很好。我們開始看到紀律的出現。

Great. And then maybe just one follow-up on Rajat's question on pricing. Curious how did your competitors respond? I think over the last 18 months, I think your large peers have raised fees, but you -- each time fees have come up, how have you seen the market respond so far to your fee increases?

偉大的。然後也許只是拉賈特關於定價問題的後續行動。好奇您的競爭對手有何反應？我認為在過去 18 個月裡，我認為你們的大型同行提高了費用，但是每次費用上漲，到目前為止，您看到市場對您們的費用上漲有何反應？

Yes. As far as I can tell, we've been very fair to our end customers on our fee increases. I don't know if we're keeping up with everybody or not, honestly. If you went around and definitely looked at like the traditional physical auctions, these fees have gotten really high across the country. So we've been fair where our buyers think we're fair. We got really very little negative reaction and just as much positive reaction to the buy fee increase than we had negative.

是的。據我所知，我們在費用上漲方面對最終客戶非常公平。老實說，我不知道我們是否跟上每個人的步伐。如果你仔細觀察一下，確實像傳統的實體拍賣一樣，你會發現這些費用在全國範圍內都非常高。因此，在買家認為我們公平的地方，我們一直是公平的。我們收到的負面反應非常少，而對購買費用增加的正面反應與負面反應一樣多。

So our objective right now is not be a pig. Yes, our fees are low. We're trying to increase these incrementally over a long period of time. And just do this while it is fair to our buyers. I mean, these guys are all trying to -- and gals are trying to build a business. They're all trying -- they got their own struggles going on and yes, our fees are low. But we're trying to do it incrementally to also be fair to our buyers. And so far, the team's recommendation to me and others, the team's recommendations have been spot. The planning has been spot on.

所以我們現在的目標不是要成為一隻豬。是的，我們的費用很低。我們正在努力在很長一段時間內逐步增加這些。在對我們的買家公平的情況下這樣做。我的意思是，這些傢伙都在努力——而女孩們則在努力建立自己的事業。他們都在努力——他們自己也在掙扎，是的，我們的費用很低。但我們正在努力逐步做到這一點，以對我們的買家公平。到目前為止，團隊對我和其他人的建議，團隊的建議都是現貨。規劃已經到位。

I'm just really, really proud of how we just keep doing the market intelligence, where are we compared to the market. And you just know when you do these things if you're doing it well, because your end customers even tell you, you're really handling it as well. So I'm really proud of how the team has done this so far.

我真的非常非常自豪我們如何持續進行市場情報，我們與市場相比處於什麼位置。當你做這些事情時，你就會知道你是否做得很好，因為你的最終客戶甚至告訴你，你也確實在處理它。因此，我對團隊迄今為止所做的事情感到非常自豪。

This concludes the question-and-answer session. I would now like to turn it back to Tim Fox for closing remarks.

問答環節到此結束。現在我想請提姆福克斯發表結束語。

Thanks, Stevie. I'd like to thank everyone for joining us on the call today. Please note that we will be participating in several investor conferences in November here. You can find all the details on our IR website. We look forward to seeing you on the conference circuit, hopefully, this quarter. And again, thank you for your interest in ACV, and have a great evening.

謝謝，史蒂維。我要感謝大家今天加入我們的電話會議。請注意，我們將在這裡參加 11 月的幾場投資者會議。您可以在我們的 IR 網站上找到所有詳細資訊。我們期待在本季度的巡迴會議上見到您。再次感謝您對 ACV 的興趣，祝您度過一個愉快的夜晚。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。