ACV Auctions Inc (ACVA) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to today's ACV third quarter 2024 earnings conference call. (Operator Instructions) Please note this call is being recorded. (Operator Instructions)

大家好，歡迎參加今天的 ACV 2024 年第三季財報電話會議。 （操作員說明）請注意此通話正在錄音。 （操作員說明）

It is now my pleasure to turn the conference over to Vice President of Investor relations, Tim Fox. Please go ahead.

現在我很高興將會議交給投資者關係副總裁提姆福克斯主持。請繼續。

Good afternoon, and thank you, for joining ACV's conference call to discuss our third quarter 2024 financial results. With me on the call today are George Chamoun, Chief Executive Officer; and Bill Zerella, Chief Financial Officer.

下午好，感謝您參加 ACV 的電話會議，討論我們 2024 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.

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。

A discussion of the risks and uncertainties related to our business can be found on our SEC filings, and in today's press release, both of which can be found on our Investor Relations website.

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

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。接下來，讓我把電話轉給喬治。

Thanks Tim. Good afternoon, everyone and thank you for joining us. We're very pleased with our third quarter performance. We delivered another quarter of record revenue and adjusted EBITDA both exceeding the high end of guidance. The ACV team drove strong market share gains in our core dealer wholesale business along with record performance for ACV Transport and capital.

謝謝蒂姆。大家下午好，感謝您加入我們。我們對第三季的業績非常滿意。我們的季度營收再創歷史新高，調整後的 EBITDA 均超過指導上限。 ACV 團隊在我們的核心經銷商批發業務中推動了強勁的市場份額成長，並為 ACV 運輸和資本創造了創紀錄的業績。

Our growing suite of dealer solutions continue to gain market traction, and we progress on our tech road map to address the commercial wholesale market. Based on our strong Q3 performance, we are raising full year guidance, reflecting our commitment to drive top line growth, expand margins, and deliver our first year of adjusted EBITDA profitability.

我們不斷成長的經銷商解決方案套件繼續獲得市場關注，並且我們在解決商業批發市場的技術路線圖上取得了進展。基於我們強勁的第三季業績，我們提高了全年指引，反映了我們推動營收成長、擴大利潤率和實現第一年調整後 EBITDA 獲利能力的承諾。

We're confident that executing on this profitable growth strategy will create significant long term shareholder value. With that, let's turn to a recap of third quarter results on slide 4. Revenue of $171 million grew 44% year over year.

我們相信，執行這項獲利成長策略將創造顯著的長期股東價值。接下來，讓我們回顧一下投影片 4 上的第三季業績。

We sold 198,000 vehicles, a year over year increase of 32% reflecting strong listings growth and conversion rates, as well as solid execution across our remarketing centers. GMV increased 17% year over year, driven by strong unit growth, which more than offset a 12% decline in GMV per unit.

我們售出了 198,000 輛汽車，年成長 32%，反映出強勁的上市成長和轉換率，以及我們再行銷中心的紮實執行。在單位強勁成長的推動下，GMV 年成長 17%，抵消了單位 GMV 12% 的下降。

Next on slide 5. Today's discussion will focus on the three pillars of our strategy, to maximize long term shareholder value: growth, innovation, and scale.

接下來是投影片 5。

I will begin with growth. Turn to slide 7. I'll start with observations about the automotive market as context for dealer wholesale volumes. On the retail front sales were fairly muted in Q3. New retail sales increased 1% year-over-year while used retail sales were flat.

我將從成長開始。轉到幻燈片 7。在零售方面，第三季的銷售相當低迷。新零售額較去年同期成長 1%，而二手零售額持平。

Importantly, new vehicle inventories have recovered to historical levels and OEMs are increasing incentives which should support retail sales returning to more normalized levels in the near future. In terms of used vehicles, inventories have started to recover from the 2023 historical lows, however, they remain 25% below normal exiting the quarter.

重要的是，新車庫存已恢復至歷史水平，原始設備製造商正在增加激勵措施，這應該會支持零售銷售在不久的將來恢復到更正常的水平。就二手車而言，庫存已開始從 2023 年的歷史低點恢復，但本季末庫存仍比正常水平低 25%。

Used vehicle shortages continued to be a material headwind for the dealer wholesale market, as dealers retain a higher percentage of trades for retail. However, we did see another modest uptick in the trade to wholesale mix in Q3.

二手車短缺仍然是經銷商批發市場的重大阻力，因為經銷商保留了較高比例的零售交易。然而，我們確實看到第三季貿易與批發組合再次小幅上升。

We expect the mix to normalize over the next few years as used vehicle inventory recovers. As expected, wholesale price depreciation returned to more normalized patterns in Q3. Conversion rates were strong and above historical Q3 averages driven in part by favorable market conditions and from our innovative marketplace investments, driving dealer engagement. On balance, we're encouraged to see pockets of improvements within the broader automotive market.

我們預計，隨著二手車庫存的恢復，這種組合將在未來幾年內恢復正常。正如預期的那樣，批發價格貶值在第三季恢復到更正常化的模式。轉換率強勁，高於第三季的歷史平均水平，部分原因是有利的市場條件和我們創新的市場投資，推動了經銷商的參與。總的來說，我們很高興看到更廣泛的汽車市場取得了一些改進。

Moving to slide 8. Let's cover highlights on our value added services. Beginning with ACV transportation. The transportation team delivered record revenue in Q3 with 108,000 deliveries in the quarter. AI optimized pricing achieved 95% lien coverage again last quarter. By leveraging AI, our team delivered 27% volume growth while driving operating efficiency.

前往投影片 8。從 ACV 運輸開始。運輸團隊在第三季創造了創紀錄的收入，本季交付了 108,000 輛。人工智慧優化定價上季再次實現 95% 的留置權覆蓋率。透過利用人工智慧，我們的團隊實現了 27% 的銷售成長，同時提高了營運效率。

Revenue margin of 20% was also a record expanding 170 basis points year over year and exceeding our midterm target of high-teen margins. Lastly, our off platform transportation service is gaining traction with our dealer partners.

20% 的營收利潤率也創歷史新高，年增 170 個基點，超過了我們的中期高青少年利潤率目標。最後，我們的平台外運輸服務正贏得經銷商合作夥伴的青睞。

We're in early stages but excited to deliver new value added services that create long term growth, accelerate network densities and deepen carrier relationships. Turning to slide 9, the ACV capital team began delivered solid growth while managing risk in an environment that continues to be challenging for independent dealers. As we highlighted last quarter, the capital team is piloting a new offering that provides financing for consumer source vehicles, and dealer trade ins that are sold retail or wholesale on ACV marketplace.

我們正處於早期階段，但很高興能夠提供新的增值服務，以創造長期成長、加速網路密度並加深營運商關係。轉向投影片 9，ACV 資本團隊開始實現穩健成長，同時在獨立經銷商持續面臨挑戰的環境中管理風險。正如我們在上季度所強調的那樣，資本團隊正在試點一項新產品，為消費者源車輛以及在 ACV 市場上零售或批發銷售的經銷商以舊換新提供融資。

We are uniquely positioned to bundle ClearCar with ACV capital to support dealer sourcing strategies. We look forward to updating you on this new offering in the coming quarters. Next, I'll address the second element of our strategy, to drive long term shareholder value, innovation.

我們擁有獨特的優勢，可以將 ClearCar 與 ACV 資本捆綁在一起，以支援經銷商採購策略。我們期待在未來幾季向您通報這項新產品的最新情況。接下來，我將討論我們策略的第二個要素，即推動長期股東價值和創新。

Turning to slide 11. Our investments in marketplace engagement continue to pay dividends. As I mentioned earlier, Q3 conversion rates were strong, along with favorable market conditions. Conversion rates benefited from features like advanced search, vehicle merchandizing AI enabled pricing and flexible auction formats which deliver a best in class buying experience on our marketplace.

轉向投影片 11。正如我之前提到的，第三季的轉換率很高，市場條件也很有利。轉換率受益於高級搜尋、車輛行銷人工智慧定價和靈活的拍賣格式等功能，這些功能在我們的市場上提供了一流的購買體驗。

Our commercial tech investments are progressing well, recall that our initial focus is integrating with AutoIMS and delivering marketplace enhancements to support commercial consigners. Furthermore, these key initiatives will support platform standardization across our remarketing centers.

我們的商業技術投資進展順利，請記住，我們最初的重點是與 AutoIMS 整合並提供市場增強功能以支援商業委託人。此外，這些關鍵措施將支持我們再行銷中心的平台標準化。

The new ACV MAX Suite continues to gain traction in the market including a recent win of a regional Texas dealer group and a growing pipeline of new prospects. MAX is proving to be a valuable solution to create cross sell opportunities for ACV's core wholesale offering.

新的 ACV MAX 套件繼續在市場上獲得關注，包括最近贏得德州地區經銷商集團的勝利以及不斷增加的新潛在客戶。事實證明，MAX 是一個有價值的解決方案，可為 ACV 的核心批發產品創造交叉銷售機會。

We're excited to roll out new bundled offerings that focus on both expanding the ACV Max footprint while driving additional wholesale market share. Our objective is to align the interests of our dealer partners and ACV.

我們很高興推出新的捆綁產品，這些產品專注於擴大 ACV Max 的足跡，同時推動更多的批發市場份額。我們的目標是協調經銷商合作夥伴和 ACV 的利益。

Finally, in the dealer self-infection category, demand for ACV's vehicle appraisal technology is growing across a number of use cases. Dealers are praising trade vehicles sourced through digital channels and making offers to consumers in their service drives. Across these use cases, accurate pricing is a critical success factor.

最後，在經銷商自我感染類別中，許多用例對 ACV 車輛評估技術的需求正在增加。經銷商對透過數位管道採購的貿易車輛表示讚賞，並在他們的服務活動中向消費者提供優惠。在這些用例中，準確的定價是成功的關鍵因素。

Our appraisal solutions incorporate AI imaging for damage detection and real time localized pricing that is conditioned enhanced based on millions of inspections in our data mode. It's still early days in this category, but we believe self-inspection can unlock a number of long term growth opportunities including TAM expansion.

我們的評估解決方案結合了用於損壞檢測的人工智慧成像和即時本地化定價，該定價是根據我們的數據模式中的數百萬次檢查進行調節的。這個類別仍處於早期階段，但我們相信自我檢查可以釋放許多長期成長機會，包括 TAM 擴張。

Let's turn to slide 12, to highlight one of our fastest growing consumer self-inspection solutions, ClearCar. Market traction of ClearCar remains strong and our team is targeting to have over 1,000 dealers live by year end.

讓我們轉向投影片 12，重點介紹我們發展最快的消費者自我檢測解決方案之一 ClearCar。 ClearCar 的市場吸引力仍然強勁，我們團隊的目標是到年底擁有超過 1,000 家經銷商。

ClearCar provides us with another avenue to grow wholesale wallet share and deepen our strategic partnership across the retail and wholesale operations and like ACV MAX ClearCar is also driving new customer acquisition including some of the largest dealer groups in the country.

ClearCar 為我們提供了另一條途徑來增加批發錢包份額並深化我們在零售和批發業務中的戰略合作夥伴關係，與ACV MAX 一樣，ClearCar 也在推動新客戶的獲取，其中包括該國一些最大的經銷商集團。

Our teams will be working to grow wholesale wallet share with these new dealer partners over time. Again this quarter, we're excited to share feedback from one of our dealer partners, Kearny Mesa, the number one Volkswagen dealership in San Diego which is using ClearCar and our marketplace.

隨著時間的推移，我們的團隊將努力增加與這些新經銷商合作夥伴的批發錢包份額。本季度，我們再次很高興分享我們的經銷商合作夥伴之一 Kearny Mesa 的回饋，Kearny Mesa 是聖地牙哥排名第一的大眾汽車經銷商，正在使用 ClearCar 和我們的市場。

We posted a video on our IR website featuring their team describing the significant value they are deriving from ACV Auctions. It's another great opportunity to hear directly from a dealer partner to. Wrap up on innovation. ACV is delivering industry leading technology to our dealer partners and to our own operations driving both growth and scale. We look forward to sharing more progress with you next quarter.

我們在 IR 網站上發布了一段視頻，其中他們的團隊介紹了他們從 ACV 拍賣中獲得的巨大價值。這是另一個直接聽取經銷商合作夥伴意見的絕佳機會。總結一下創新。 ACV 正在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，推動成長和擴大規模。我們期待下個季度與您分享更多進展。

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

接下來，讓我將其交給比爾，向您介紹我們的財務表現以及我們如何推動成長和規模。

Thanks George, and thank you, for joining us today. We are very pleased with our Q3 financial performance. Along with accelerated revenue growth, we delivered meaningful margin expansion and strong a city, but a growth demonstrating the strength of our business model.

謝謝喬治，也謝謝你今天加入我們。我們對第三季的財務業績感到非常滿意。隨著收入的加速成長，我們實現了有意義的利潤擴張和強大的城市，但這種成長證明了我們商業模式的實力。

On slide 14, let's begin with a recap of our third quarter results, revenue of $171 million was well above the height of our guidance range. Approximately 10% of revenue in the quarter came from acquisitions which was in line with our expectations. So the overperformance was driven by strong organic growth, adjusted EBITDA of $11 million was $3 million or 38% above the high end of our guidance range and adjusted EBITDA margin improved nearly 1,000 basis points versus Q3 '23.

在投影片 14 上，我們首先回顧第三季的業績，營收為 1.71 億美元，遠高於我們的指導範圍。本季約 10% 的營收來自收購，符合我們的預期。因此，超額業績是由強勁的有機成長推動的，調整後的EBITDA 為1100 萬美元，比我們指導範圍的上限高出300 萬美元，即38%，調整後的EBITDA 利潤率比2023 年第三季度提高了近1,000 個基點。

The upside was driven by strong high margin auction and assurance revenues and by operating leverage. Finally, non-GAAP net income was also meaningfully above the high end of guidance with margin increasing approximately 800 basis points year-over-year.

強勁的高利潤拍賣和擔保收入以及營運槓桿推動了這一上漲。最後，非 GAAP 淨利潤也明顯高於指導上限，利潤率年增約 800 個基點。

Next on slide 15, let's review additional revenue details. Auction and assurance revenue was 59% of total revenue and grew 52% year over year. This performance reflects 32% year over year unit growth, and auction and assurance ARRU of [$506] which grew 15% year-over-year.

接下來，讓我們在投影片 15 上回顧其他收入詳細資訊。拍賣和擔保收入佔總收入的59%，較去年同期成長52%。這項績效反映出單位數量年增 32%，拍賣與保證 ARRU 為 [506 美元]，較去年同期成長 15%。

Note that approximately 10% of third quarter units came from acquisitions. So we delivered strong organic unit growth underscoring our share gains in a market that grew in the low single digits. Marketplace services revenue was 37% of total revenue and grew 39% year over year. Reflecting record revenue for both ACV Transport and capital.

請注意，第三季約 10% 的單位來自收購。因此，我們實現了強勁的有機單位成長，突顯了我們在低個位數成長的市場中的份額成長。市場服務收入佔總收入的 37%，年增 39%。反映了 ACV Transport 和資本創紀錄的收入。

Our SAAS and data services products comprise 5% of total revenue with growth once again in positive territory. Next on slide 16, I'll review costs in the quarter. Q3 cost of revenue as a percentage of revenue decreased approximately 400 basis points year over year.

我們的 SAAS 和數據服務產品佔總收入的 5%，並再次實現正成長。接下來在投影片 16 上，我將檢視本季的成本。第三季營收成本佔營收的百分比年減約 400 個基點。

The improvement was driven by auction assurance results and by ACV Transport non-GAAP operating expenses excluding cost of revenue as a percentage of revenue decreased 700 basis points year over year. These results reflect our focus on expense discipline as we optimize and scale our business.

這項改善是由拍賣保證結果和 ACV Transport 非公認會計準則營運費用（不包括收入成本）推動的，佔收入的百分比比去年同期下降了 700 個基點。這些結果反映了我們在優化和擴展業務時對費用紀律的關注。

Moving to slide. 17, I'll frame our investment strategy as we drive profitable growth. Our focus on spending discipline and operating efficiency resulted in a decrease in OpEx growth in 2023, yielding a significant improvement in adjusted EBITDA. In 2024, we continue to expect OpEx growth to increase year over year as we execute on our remarketing center strategy, and commercial platform investments.

移動到幻燈片。 17、我將在推動獲利成長時制定我們的投資策略。我們對支出紀律和營運效率的關注導致 2023 年營運支出成長下降，調整後 EBITDA 顯著改善。到 2024 年，隨著我們執行再行銷中心策略和商業平台投資，我們繼續預期營運支出將年增。

Even with these investments adjusted EBITDA margin is expected to increase by approximately 800 basis points year over year. Next, I will highlight our strong capital structure on slide 18. We ended Q3 with $288 million in cash and cash equivalents and marketable securities and %115 million of debt.

即使進行這些投資，調整後的 EBITDA 利潤率預計仍將年增約 800 個基點。接下來，我將在投影片 18 中強調我們強大的資本結構。

Our Q3 cash balance includes $177 million of float in our auction business. The amount of float on our balance sheet fluctuates meaningfully based on business trends in the final two weeks of each quarter, which has a corresponding impact on operating cash flow.

我們第三季的現金餘額包括拍賣業務中 1.77 億美元的流動資金。我們的資產負債表上的浮動金額會根據每季最後兩週的業務趨勢而大幅波動，這對經營現金流量產生相應的影響。

In the figure on the right, we highlight our strong year-to-date operating cash flow of $69 million. Note that even when excluding the change in marketplace float year-to-date operating cash flow increased $34 million year over year. The significant improvement reflects our transition to positive adjusted EBITDA and strong margin expansion.

在右圖中，我們突出顯示了今年迄今 6,900 萬美元的強勁營運現金流。請注意，即使排除市場流通量的變化，年初至今的營運現金流也比去年同期增加了 3,400 萬美元。這一顯著改善反映了我們向正調整 EBITDA 的過渡以及利潤率的強勁擴張。

Now turning to guidance on slide 19. For the fourth quarter, we're expecting revenue in the range of $152 million to $156 million growth of 28% to 32% year over year. Adjusted EBITDA is expected to be in the range of $2 million to $4 million consistent with our commitment to achieving positive adjusted EBITDA each quarter going forward. Note that our fourth quarter guidance reflects the impact of the recent hurricanes in our southeastern regions.

現在轉向幻燈片 19 上的指引。調整後 EBITDA 預計在 200 萬至 400 萬美元範圍內，這符合我們未來每季實現正調整 EBITDA 的承諾。請注意，我們的第四季指引反映了近期颶風對東南地區的影響。

We estimate a negative impact of approximately $2 million in revenue and $1 million in adjusted EBITDA. For the full year, we are raising our revenue and adjusted EBITDA guidance. Revenue is now expected to be in the range of $630 million to $634 million growth of 31% to 32% year over year.

我們估計收入和調整後 EBITDA 的負面影響約為 200 萬美元和 100 萬美元。對於全年，我們正在提高收入並調整 EBITDA 指導。目前預計營收將在 6.3 億至 6.34 億美元之間，年增 31% 至 32%。

Note that, we expect acquisitions to account for approximately a high single digit percentage of full year revenue. Adjusted EBITDA is now expected to be in the range of $25 million to $27 million.

請注意，我們預計收購將佔全年收入的大約高個位數百分比。調整後的 EBITDA 目前預計在 2,500 萬美元至 2,700 萬美元之間。

As it relates to guidance, we are assuming that dealer wholesale volumes will be approximately flat year over year for 2024. We expect conversion rates and wholesale price depreciation to follow normal seasonal patterns.

由於與指導相關，我們假設 2024 年經銷商批發量將與去年同期基本持平。

We also continue to expect revenue growth to exceed non-GAAP OpEx growth excluding cost of revenue depreciation and amortization by approximately 10 percentage-points. And finally moving to slide 20, we remain committed to achieving our mid-term target model.

我們也繼續預期收入成長將超過不計收入折舊和攤銷成本的非 GAAP 營運支出增加約 10 個百分點。最後轉到幻燈片 20，我們仍然致力於實現我們的中期目標模型。

Our targets are underpinned by sustaining market share gains, penetrating adjacent markets and expanding margins through revenue mix and scale all of which we've clearly demonstrated in our performance. Our mid-term targets are primarily predicated on the dealer wholesale market, recovering to historical volumes over time.

我們的目標是透過維持市場份額成長、滲透鄰近市場以及透過收入組合和規模擴大利潤來支撐的，所有這些我們都在我們的業績中得到了明確的體現。我們的中期目標主要基於經銷商批發市場，隨著時間的推移恢復到歷史水準。

But in addition, we are expanding our TAM and consistently taking share which will drive long term growth.

但除此之外，我們正在擴大 TAM 並持續佔據份額，這將推動長期成長。

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 Q3, we are especially proud of our ACV teammates that delivered these results.

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，尤其為我們的 ACV 隊友取得了這些成果感到自豪。

We continue to gain market share by attracting new dealer and commercial partners to our marketplace. While expanding our addressable market, which positions ACV for attractive growth as market conditions improve.

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來繼續獲得市場份額。在擴大我們的潛在市場的同時，隨著市場狀況的改善，ACV 也將實現有吸引力的成長。

We are delivering on an exciting product road map to further differentiate ACV and drive operating efficiencies. We are on track to achieve our 2024 adjusted EBITDA target and deliver on our mid-term targets that 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.

我們正在製定令人興奮的產品路線圖，以進一步實現 ACV 的差異化並提高營運效率。我們預計將實現 2024 年調整後 EBITDA 目標，並實現我們相信將帶來顯著股東價值的中期目標。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員以開始問答。

(Operator Instructions)

（操作員說明）

Chris Pierce, Needham.

克里斯皮爾斯，李約瑟。

Hey, good evening guys.

嘿，大家晚上好。

Hey, Chris.

嘿，克里斯。

I had a question on the, if I look at the metrics and Bill, you sort of reiterated on the call, the $506 in auction and assurance ARPU over time, more of it seems to be coming from auction versus the assurance side on a per vehicle basis. But I just want to know the right way to think about that. If that's something intentional or if that's not something we should read into, I just want to kind of better understand that.

我有一個問題，如果我看一下指標和比爾，你在電話會議上重申了，隨著時間的推移，拍賣和保證 ARPU 為 506 美元，其中更多似乎來自拍賣，而不是保證方面。但我只是想知道思考這個問題的正確方法。如果這是故意的，或者如果這不是我們應該閱讀的內容，我只是想更好地理解這一點。

Hey, Chris. Bill. So I, I wouldn't really read anything into that again. Think of auction and insurance revenue combined, not segregated because again, the GAAP accounting can distort some of the trends.

嘿，克里斯。帳單。所以我，我不會再讀任何東西了。將拍賣和保險收入結合起來，而不是分開，因為 GAAP 會計可能會扭曲一些趨勢。

Okay, perfect. And then on the -- if we think about some of the larger players like the Carvana or other, what does your business look like as someone that has their own wholesale side of the world, wholesale runs their own wholesale auctions grows retail share, just thinking longer term here.

好的，完美。然後，如果我們考慮一些較大的參與者，例如 Carvana 或其他參與者，作為擁有自己的批發業務的人，您的業務是什麼樣子的，批發經營自己的批發拍賣，增加零售份額，只是在這裡考慮更長遠的事情。

So Chris, can you repeat that question, George. I just want to understand.

克里斯，喬治，你能重複這個問題嗎？我只是想了解一下。

Like what happen if we talk about independent dealers and consolidation within dealers, what happens if larger players like Carvana as they grow share? What happens because at that point, you have these larger players that run their own wholesale auctions. I just kind of want to think about, what's the right way to think about your business if that kind of possibility plays out?

就像如果我們談論獨立經銷商和經銷商內部整合會發生什麼一樣，如果像 Carvana 這樣的較大參與者隨著份額的增長會發生什麼？會發生什麼，因為到那時，這些較大的參與者會經營自己的批發拍賣。我只是想思考一下，如果這種可能性成為現實，思考你的業務的正確方式是什麼？

Yeah, certainly. So, yeah, I believe today Carvana has around 1% market share if I remember correctly. And when you think about the 16,500 franchise dealer rooftops in incredible locations across the country and then the 30,000 plus independent dealers across the country. All those dealers need to compete and they need solutions.

是的，當然。所以，是的，如果我沒記錯的話，我相信今天 Carvana 的市佔率約為 1%。想想全國各地令人難以置信的地點的 16,500 個特​​許經銷商屋頂，以及全國各地的 30,000 多個獨立經銷商。所有這些經銷商都需要競爭，他們需要解決方案。

They need solutions to buy cars from consumers. They need appraisal solutions. They will all need machine learning and artificial intelligence to help them drive their businesses. So look at we are building the technology that empowers all these dealers to really compete against the Carvana's and the other big box players.

他們需要從消費者那裡購買汽車的解決方案。他們需要評估解決方案。他們都需要機器學習和人工智慧來幫助他們推動業務。因此，看看我們正在建立的技術，使所有這些經銷商能夠真正與 Carvana 和其他大型經銷商競爭。

So I think that's the way to think about this, it's a really important category and our dealers have some of the most incredible real estate and incredible brands across the US. And we think they could be buying a lot more cars from consumers and selling more used cars and we're going to help them get that inventory.

所以我認為這就是思考這個問題的方式，這是一個非常重要的類別，我們的經銷商擁有全美一些最令人難以置信的房地產和令人難以置信的品牌。我們認為他們可以從消費者那裡購買更多的汽車並銷售更多的二手車，我們將幫助他們獲得庫存。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Nick Jones, Citizens JMP.

尼克瓊斯，公民 JMP。

Great. Thanks for -- hey, George. Hey, guys. Could you kind of remind us how you're thinking about this pricing broadly? I know there's some levers if depreciation picks up, you have some room to take price up. But if we kind of look at the industry and we can kind of see competitors seem to be taking price up each year, maybe a little bit ahead of inflation.

偉大的。謝謝你——嘿，喬治。嘿，夥計們。您能提醒我們一下您是如何看待這個定價的嗎？我知道如果貶值加劇，有一些槓桿，你就有一些上漲的空間。但如果我們觀察這個產業，我們就會發現競爭對手似乎每年都在漲價，也許比通膨還要早一點。

Philosophically, how do you think about tracking that? Are you at a level, that kind of makes sense for you around $500 give or take or, how should we think about how you may kind of track competitors from a pricing perspective? And then I have a follow up.

從哲學上講，您如何看待跟踪這一點？您是否處於這樣一個水平，即對您來說 500 美元左右的付出或接受是有意義的，或者，我們應該如何考慮您如何從定價角度跟踪競爭對手？然後我有一個後續行動。

Yes, certainly. So, first we've made great progress on closing the GAAP on our [bias], we were significantly under market and we did that, from without really any impact on our ability to continue to gain share. So very pleased with how we've done it a little at a time each year, we were very careful on doing the right things for our dealer partners, but really getting our pricing to more of a competitive level.

是的，當然。因此，首先，我們在關閉公認會計準則（GAAP）方面取得了巨大進展，我們的[偏見]明顯低於市場，我們做到了這一點，但對我們繼續獲得份額的能力沒有任何影響。因此，我們對每年一次做一點點的做法感到非常滿意，我們非常小心地為我們的經銷商合作夥伴做正確的事情，但真正使我們的定價達到更具競爭力的水平。

So really ecstatic with the way our team prepared to make those changes, we probably have some more, a little bit more room on that sort of headroom, but we'd rather keep you all thinking around that $500 as we set out for the midterm target, and just to remind you our sell side, our dealers on the sell side do get price discounts with volume.

我們對我們團隊準備進行這些改變的方式感到非常欣喜，我們可能在這種淨空上還有更多、更多的空間，但我們寧願讓大家在我們為中期計劃時考慮那 500 美元目標，只是提醒您我們的賣方，我們賣方的經銷商確實會根據數量獲得價格折扣。

So as we continue to grow volume, some of our sellers and that's already part of our MAX. But we'd like for you all to be thinking still in that $500 for now until we until we guide you all otherwise.

因此，隨著我們繼續增加銷量，我們的一些賣家已經成為我們 MAX 的一部分。但我們希望大家暫時仍考慮那 500 美元，直到我們向大家提供其他指導。

Got it. [$5] would be a pretty good deal. If as we think about kind of the midterm targets, could you speak to, I guess, kind of maybe some debate as to what's going to happen with interest rates, post the election. I mean, any challenges in kind of getting to a more normalized market if rates stay higher, do you think we're kind of on a path to a normalized market kind of one way or the other over the next few years? Just any thoughts on kind of the industry post-election and maybe the debate on the rate environment? Thanks.

知道了。 [$5] 會是一筆非常划算的交易。如果當我們考慮中期目標時，我想您能否就選舉後利率的變化進行一些辯論。我的意思是，如果利率保持在較高水平，進入更正常化的市場會面臨任何挑戰，您認為我們在未來幾年內是否會以某種方式走上正常化市場的道路？對選舉後的行業類型以及利率環境的辯論有什麼想法嗎？謝謝。

Yes, sure. So we're obviously what we've seen is we've seen new cars, we're starting to see incentives. We're starting to see interest rates as playing to the way new car dealers are pricing their vehicles and the more incentives on the new will help I think we will consistently between now and the end of next year.

是的，當然。因此，顯然我們已經看到了新車，我們開始看到激勵措施。我們開始認為利率會影響新車經銷商為其車輛定價的方式，而對新車的更多激勵措施將有助於我認為我們從現在到明年年底將始終如一。

See new cars have more and more incentives. So if you kind of look at that as one area that there's different folks who are thinking about next year from a new perspective, you're seeing a few different folks report that new could be off a little bit next year.

看到新車有越來越多的優惠。因此，如果您將其視為不同的人從新的角度考慮明年的一個領域，您會看到一些不同的人報告說明年的新內容可能會下降。

We think about how that relates to dealer wholesale. Really one way to think about next year is that the, some of the industry folks like NAAA and auction that think that dealer wholesale could be sort of -- I would read into what they're saying is sort of flattish.

我們思考這與經銷商批發有何關係。真正思考明年的一種方式是，一些行業人士，如 NAAA 和拍賣，認為經銷商批發可能有點——我會讀到他們所說的有點平淡。

And why do I say that is, you're still going to have a lack of used cars. So if I had to at least from now. Okay. When will we have a true a tailwind -- I think a true tail win may be going into '26 but I it feels like next year, I'm at least thinking about next year, sort of flattish from a market perspective.

我為什麼這麼說，你還是會缺乏二手車。所以如果我必須至少從現在開始。好的。我們什麼時候才會有真正的順風——我認為真正的順風可能會進入26年，但我感覺明年，我至少在考慮明年，從市場角度來看有點平淡。

But hopefully with all the other things you just mentioned, lower interest rate, other things, we could all have a little bit more enthusiasm than that more to come between now and we talk more about next year.

但希望透過你剛才提到的所有其他事情，降低利率，其他事情，我們都可以有更多的熱情，而不是現在和我們更多地談論明年之間的事情。

Thanks George.

謝謝喬治。

Bob Labick, CJS Securities.

拉比克 (Bob Labick)，CJS 證券公司。

Good afternoon. Thanks for taking the questions. Hey, great job on the quarter. Nice upside on the volume in particular.

午安.感謝您提出問題。嘿，本季做得很好。特別是在成交量方面有很大的優勢。

So if I look at it seems like and I know this is my rough math, but it seems like quarterly volume. The organic growth accelerated versus the first half. And if that is true, what are the key drivers? What's like kind of the incremental organic growth from the quarter versus an already strong first half?

因此，如果我看一下，我知道這是我的粗略數學，但它似乎是季度卷。與上半年相比，有機成長加速。如果這是真的，那麼關鍵驅動因素是什麼？與已經強勁的上半年相比，本季的增量有機成長是什麼樣的？

Hey, Bob, it's still so -- yes, so the upside was certainly driven by the organic growth of our business. Our remarketing centers were pretty much on track based on what we forecasted. And that was really driven by several factors. So number one, just continued share gains.

嘿，鮑勃，情況仍然如此——是的，所以上漲肯定是由我們業務的有機增長推動的。根據我們的預測，我們的再行銷中心基本上步入正軌。這實際上是由幾個因素驅動的。第一，股票持續上漲。

Number two, we had better than expected conversion rates for the quarter, and we had really great performance in terms of our marketplace services offering. So those combined really drove the highest organic growth that we've seen frankly in several years.

第二，我們本季的轉換率好於預期，而且我們在市場服務方面也取得了非常出色的表現。因此，這些因素結合起來確實推動了我們幾年來坦率地看到的最高有機成長。

So we're really pleased with that performance and we've seen that continue so far early into Q4. However, we're obviously baking in kind of seasonality for the rest of the quarter in our guidance.

因此，我們對這種表現非常滿意，我們已經看到這種情況一直持續到第四季度初期。然而，我們的指導顯然是在本季剩餘時間考慮季節性因素。

Right? No, it makes sense, the seasonality in Q4 versus [3] If you just look back for the every year, great and then just one other for me. Obviously, we just talked about the accelerating organic, which is great, but you also have made these acquisitions to advance in commercial.

正確的？不，這是有道理的，第四季度與 [3] 的季節性，如果你回顧每一年，那很好，然後對我來說只是另一年。顯然，我們剛剛談到了加速有機發展，這很棒，但你們也進行了這些收購以推進商業化。

What have you learned so far? I know you guys are kind of like do learn, observe, tweak it and then move on. So what have you learned so far? And how does it affect your future acquisitions into commercial or conditioning centers how should we think about 2025 and beyond?

到目前為止你學到了什麼？我知道你們喜歡學習、觀察、調整，然後繼續前進。那麼到目前為止你學到了什麼？它對您未來收購商業或空調中心有何影響？

Yeah, thanks Bob. So, we're -- so to your point first, we're learning a lot. We've got some great locations for our commercial consigners. We're, it's really enabling us to both work with the consigners, learn the technology that they like to see in place. You'll see us talk more about how we're going to implement our inspection technologies at these locations early next year, he'll talk about that more to hear us talk about how we're combining our some of our back office systems and other capabilities.

是的，謝謝鮑伯。所以，首先就你的觀點而言，我們學到了很多。我們為商業委託人提供了一些絕佳的地點。我們，這確實使我們能夠與委託人合作，學習他們喜歡的技術。你會看到我們更多地談論我們將在明年初在這些地點實施我們的檢查技術，他會更多地談論這一點，聽我們談論我們如何將我們的一些後台系統與其他能力。

And so when you really think about the technology that we're building to help these commercial designers, it's going to help them make the right decisions. So when a when a car shows up, should they be reconditioning that vehicle or not? How much should they be spending on reconditioning?

因此，當您真正考慮我們正在建立的技術來幫助這些商業設計師時，它將幫助他們做出正確的決定。那麼，當汽車出現時，他們是否應該修復該車輛？他們應該花多少錢進行翻新？

And I think we're really going to have some breakthroughs over the next year or two. Now, having said that we're still early stages, a little over 5% of our current volume right now is commercial. So I don't want to get ahead of ourselves just yet.

我認為我們真的會在未來一兩年內取得一些突破。現在，儘管我們仍處於早期階段，但我們目前銷量的 5% 多一點是商業化的。所以我現在還不想超前。

Next year will still be us investing in that product in technology required. But when I think about this in out years, commercial could become a very meaningful part of our overall volume.

明年我們仍將投資於該產品所需的技術。但當我在未來幾年考慮這一點時，廣告可能會成為我們整體銷售中非常有意義的一部分。

Okay, super. Thanks so much.

好吧，超級。非常感謝。

Rajat Gupta, JPMorgan.

拉賈古普塔，摩根大通。

Alright, great. Hey, thanks George, Bill and congrats on a good quarter here. I just wanted to ask around the framework around incremental margins. We know you're going through the commercial initiative this year, acquisitions are coming through, you have a lot of other product initiatives.

好吧，太棒了。嘿，謝謝喬治、比爾，並祝賀這裡度過了一個美好的季度。我只是想詢問增量利潤的框架。我們知道你們今年正在經歷商業計劃，收購正在進行中，你們還有很多其他產品計劃。

How long would you expect to be in this kind of incremental a range 20%, 29%, 30%. I mean once you're through the integration phase, should we expect this to inflect next year? Are there more areas that are working on the pipeline that should depress that? Just curious if you could help us understand the near jump framework around that and have a quick follow up. Thanks.

您預計這種增量在 20%、29%、30% 的範圍內會持續多久。我的意思是，一旦你完成了整合階段，我們是否應該期望這種情況會在明年發生變化？是否有更多領域正在開發中，應該會抑制這種情況？只是好奇您是否可以幫助我們了解圍繞該問題的近跳框架並進行快速跟進。謝謝。

Yeah, here we got it. Bill. Yes. So, what we talked about in the past is kind of a normalized organic target in terms of increment to EBITDA of 40%. So our guidance this year applies approximately 30% taking into account the investments that we're making as part of building out our platform to support commercial business.

是的，我們明白了。帳單。是的。因此，我們過去討論的是 EBITDA 成長 40% 的標準化有機目標。因此，考慮到我們為建立支援商業業務的平台而進行的投資，我們今年的指導大約適用 30%。

So right now that the thinking in terms of next year is we'll continue to make progress in terms of improving that incremental, even a margin. But we'll continue our planned platform expansion to support the commercial roll out similar to what we've done this year while expanding our even a margin. So we'll continue to move the ball forward. But we wouldn't expect that next year, we would get to fully hit the 40% incremental even on marginal revenue growth.

因此，現在我們對明年的想法是，我們將繼續在提高增量甚至利潤方面取得進展。但我們將繼續計劃的平台擴展，以支持商業推廣，就像我們今年所做的那樣，同時擴大我們的利潤。因此，我們將繼續推動這項進程。但我們預計明年即使邊際收入成長也能完全達到 40% 的增量。

And the only I'll add to that is, we, it's really this this sort of ramp of making sure we're showing gains in progress in our [EBITDA]. Obviously, we're going to stay committed to that, but we'll also be committed as Bill said, to execute on expanding our camp both into commercial and helping dealers source more cars from consumers, which is the self-inspection capability.

我唯一要補充的是，我們確實是這種斜坡，以確保我們在 [EBITDA] 方面取得進展。顯然，我們將繼續致力於這一點，但我們也將像比爾所說的那樣，致力於將我們的陣營擴展到商業領域，並幫助經銷商從消費者那裡採購更多的汽車，這就是自檢能力。

So we're very excited the fact that next year we believe we can do both improve year over year, what we've done from an [EBITDA] perspective, but also invest not only in the core dealer wholesale but also in expanding our town.

因此，我們非常興奮的是，明年我們相信我們可以逐年改進，從 [EBITDA] 的角度來看我們所做的事情，而且不僅投資於核心經銷商批發，還投資於擴大我們的城鎮。

Got it. That makes sense. And this is a follow up. I mean, if I heard you correctly and Bill, you mentioned that you're not expecting the same kind of market share acceleration that you saw in 3Q in the fourth quarter. Is that correct? And why would that be the case if you could just give a small color there. Thanks.

知道了。這是有道理的。這是後續行動。我的意思是，如果我沒聽錯的話，比爾，您提到您預計不會出現第四季度第三季度那樣的市場份額加速。這是正確的嗎？如果你可以在那裡添加一點顏色，為什麼會發生這種情況？謝謝。

Yeah, I don't think we said [Mark] here. I think what we said is there's typically in November and December conversion rates typically go down, that's at least what it's done almost every year. So when you look about, look at the seasonality of this business and you heard Bob mention it earlier every year, conversion rates in November and December tend to come down.

是的，我不認為我們在這裡說過[馬克]。我認為我們所說的是十一月和十二月的轉換率通常會下降，至少幾乎每年都是這樣。因此，當你觀察這項業務的季節性時，你每年都會早些時候聽到鮑勃提到它，11 月和 12 月的轉換率往往會下降。

Yeah. But also I didn't mention by the way that the other impact in the quarter, that we discussed in our prepared remarks that we're estimating the impact from the hurricanes on our southeastern regions is about $2 million in revenue and about $1million in EBITDA. So we, we take that into our guide for Q4 as well.

是的。但我也沒有提到本季的其他影響，我們在準備好的發言中討論了這一點，我們估計颶風對東南地區的影響約為 200 萬美元的收入和約 100 萬美元的收入息稅折舊及攤銷前利潤。因此，我們也將其納入第四季的指南中。

I think maybe like I meant to ask it in a different way. The 22% organic growth in the third quarter, it seems like it's 20 points, 22 points above what the market did. That's an acceleration from what you saw in 1Q, 2Q. Are you assuming that similar kind of market share?

我想也許我想以不同的方式問這個問題。第三季有機成長22%，看起來比市場高出20點、22點。與您在第一季、第二季看到的情況相比，這是一個加速。您是否假設有類似的市場佔有率？

You know, [delta] in the fourth quarter as well or is that not the case? I think that is what I was trying to get that (multiple speakers)

你知道，第四季也是如此，或者情況並非如此？我認為這就是我想要得到的（多個發言者）

It's actually a good question. I'm going to I would say our thoughts on market share was pretty much continuation to Q3. Although I will say we don't have that exact prepared answer that way. But I will say, you know, we didn't really back it in based on market share. I don't see any difference on market share between Q3 and Q4 at this point.

這實際上是一個好問題。我想說我們對市場佔有率的想法幾乎是第三季的延續。儘管我會說我們沒有那樣的確切準備答案。但我要說的是，你知道，我們並沒有真正根據市場份額來支持它。目前我認為第三季和第四季的市佔率沒有任何差異。

We need the data in front of us. We're purely looking at just the seasonality, seasonality plus a little bit of hurricane stuff. But basically, when I look at listers, when I look at listing, I don't see any difference on market share right now from Q3 to Q4.

我們需要眼前的數據。我們純粹只考慮季節性因素，季節性因素加上一點颶風因素。但基本上，當我查看上市公司時，當我查看上市時，我認為目前第三季到第四季的市佔率沒有任何差異。

Yeah, and again, I mean, we've seen a really strong start to the quarter kind of a continuation of the same kind of growth rates we saw in Q3 through October. But we're always trying to be prudent in terms of our guidance and taking into account again, the seasonality factors that that George mentioned. So we'll see how things go obviously, but that's, that was the basis for us to guide what we did.

是的，我的意思是，我們看到本季有一個非常強勁的開局，延續了第三季到 10 月的成長率。但我們始終在指導方面保持謹慎，並再次考慮喬治提到的季節性因素。所以我們會看到事情的進展顯然是這樣的，但這就是我們指導我們所做的事情的基礎。

Understood. Great. Thanks for all the color and good luck.

明白了。偉大的。感謝所有的顏色和祝你好運。

Okay, thank you.

好的，謝謝。

Michael Graham, Canaccord.

邁克爾·格雷厄姆，Canaccord。

Hey, thanks a lot. Hey, how are you? I don't think you mentioned this yet on this, on the Q&A if you did, I apologize, but just on the commercial wholesale market. You talked a little bit about your efforts there in the prepared remarks, but just was hoping to get another layer of depth around like, how that's going and you know, how quickly you think that can become a more significant part of your business.

嘿，非常感謝。嘿，你怎麼樣？我認為你還沒有在問答中提到這一點，如果你提到了，我很抱歉，但只是在商業批發市場上。您在準備好的發言中談到了您在這方面所做的努力，但只是希望能獲得另一層深度，例如事情進展如何，您知道，您認為這可以多快成為您業務中更重要的一部分。

Yes, certainly Michael. One of the things that we mentioned and I'll go -- I'll try to go a little bit deeper is, our volume in commercial today is a little over 5% of our overall business. So going well investing in some key areas. So the areas that will help us really differentiate in this commercial business will be no surprise, you all will be inspections, right?

是的，當然是麥可。我們提到的一件事——我會嘗試更深入地探討一下——我們今天的商業業務量略高於我們整體業務的 5%。因此，在一些關鍵領域的投資進展順利。因此，能夠幫助我們在這項商業業務中真正脫穎而出的領域也就不足為奇了，你們都會進行檢查，對吧？

That's an area where we've always innovated on the dealer side, bringing that to the commercial side. You'll hear us talk about that some more in Q1. So that would be one area of that I'm really pleased with the team is innovating around how we're going to really sort of enhance the way we inspect these cars at the auction, how we're leveraging AutoIMS, which is how we get the consignment, how we're then integrating with sort of the back office systems not to get in the weeds here.

這是我們一直在經銷商方面進行創新的領域，並將其帶到商業方面。您將在第一季聽到我們更多地討論這個問題。因此，這將是我非常滿意的一個領域，團隊正在圍繞如何真正增強我們在拍賣中檢查這些汽車的方式進行創新，我們如何利用 AutoIMS，這就是我們的方式拿到貨物，然後我們如何與後台辦公系統集成，以免陷入困境。

But all going well so far and we'll be making this investment throughout next year. But at the end of the day, we feel good that the experience, we're building will be differentiated, will be both great for our commercial consigners, the sellers and buyers. So I think without the sake of repeating what I said earlier, there are more to come probably in Q1 on this topic but happy with the buildout we've done so far.

但到目前為止一切進展順利，我們將在明年進行這項投資。但歸根結底，我們感到高興的是，我們正在打造的體驗將是與眾不同的，對我們的商業委託人、賣家和買家來說都是很好的。因此，我認為無需重複我之前所說的內容，第一季可能還會有更多關於此主題的內容，但對我們迄今為止所做的擴展感到滿意。

And then just last quick one related to that is, maybe a comment on the profitability of those units relative to dealer wholesale?

然後，與此相關的最後一個快速問題是，也許對這些單位相對於經銷商批發的盈利能力進行評論？

At the end of the day, if I look at this is even $1 per unit -- even the $1 per unit are basically the same slightly higher revenue per unit, slightly higher cost per unit. But if you kind of look at what matters, you basically get to the same, even $1 per unit.

歸根結底，如果我看一下，即使是每單位 1 美元，即使是每單位 1 美元，基本上也是相同的，單位收入略高，單位成本略高。但如果你看看什麼是重要的，你基本上會得到相同的結果，甚至每單位 1 美元。

Perfect. Okay. Thank you, George.

完美的。好的。謝謝你，喬治。

Thank you.

謝謝。

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Thank you very much guys. On the conversion rate which you saw did pretty well in the third quarter. I'm curious if the improvement that you saw is a function of the macro in the market or are these a result of the changes that you're making to the platform or just give us your thoughts there?

非常感謝你們。就您所看到的第三季的轉換率而言，表現相當不錯。我很好奇您所看到的改善是否是市場宏觀因素的作用，或者是您對平台所做的更改的結果，還是只是向我們提供您的想法？

Yes, great question and it was definitely both. So the market conditions helped Q3 helped us definitely there was definitely a lot of demand for used cars. So that was definitely a factor but also very proud of the technology and product enhancements. We continue at where we're gone through this, we showed you some of it in the slides here that some of the enhancements we've made on conversion.

是的，很好的問題，而且絕對是兩者兼而有之。因此，第三季的市場狀況對我們有幫助，肯定對二手車有很大的需求。所以這絕對是一個因素，但也對技術和產品的增強感到非常自豪。我們繼續我們已經完成的內容，我們在此處的幻燈片中向您展示了我們在轉換方面所做的一些增強功能。

It's constant here, our engineering team and product team are constantly making sure we're merchandizing the cars the right way. So our sellers get you really get the full amount of money for these cars. Buyers know what they're buying. We keep making a bunch of enhancements there.

這是不變的，我們的工程團隊和產品團隊不斷確保我們以正確的方式銷售汽車。因此，我們的賣家會讓您真正獲得購買這些汽車的全額資金。買家知道他們在買什麼。我們不斷在那裡進行大量改進。

We're making enhancements on how and when to sell these cars enhancements, even if the car doesn't sell the first time around how it could be sold the second time around. So we keep investing in the area of conversion and it's definitely helped. And so the simple answer is both some market benefit and also enhancement we've made from a technology perspective.

我們正在對如何以及何時銷售這些汽車增強功能進行改進，即使汽車第一次沒有賣出，第二次也可以如何銷售。因此，我們繼續在轉化領域進行投資，這肯定有所幫助。因此，簡單的答案是一些市場利益以及我們從技術角度所做的增強。

Got it. And then on transportation, the margin improvement, the revenue margin improved year on year. Was there any change in this sequential basis?

知道了。然後在運輸方面，利潤率改善，收入利潤率同比改善。這個順序基礎有什麼改變嗎？

The transport team here is just, they're making incredible strides on leveraging artificial intelligence on pricing lanes. So when you choose lane by lane, how to price the vehicle coupled with, we're just starting to do some bundling would mean there's already a car, let's say going from Long Island to Virginia. So let's get the same truck to take the same vehicle.

這裡的運輸團隊只是，他們在定價通道上利用人工智慧方面取得了令人難以置信的進步。因此，當您逐條選擇車道時，如何對車輛定價，我們剛開始進行一些捆綁，這意味著已經有一輛車了，比方說從長島到弗吉尼亞州。因此，讓我們使用同一輛卡車來乘坐同一輛車。

So bundling will, it's only a small portion of our cars today that that will also keep growing. So yeah, we're very happy with how we're leveraging technology to make sure we're giving the right price for our dealers because that price is important for our dealer partners, but also using the tech to help us make sure we're hitting our margin objectives.

因此，捆綁銷售只是我們今天汽車的一小部分，而且還會繼續成長。所以，是的，我們對如何利用技術來確保為經銷商提供合適的價格感到非常滿意，因為這個價格對我們的經銷商合作夥伴很重要，但也使用技術來幫助我們確保我們「重新實現我們的利潤目標。

Thanks guys.

謝謝你們。

Steven Mcdermott, Bank of America.

史蒂文‧麥克德莫特，美國銀行。

Hi, this is Steven Mcdermott on for Curtis Nagle. So just want to talk about kind of market share gains versus wallet share. How do you think about the mix in terms of growth there? And then I have a follow up as well? Thank you.

大家好，我是柯蒂斯·內格爾的史蒂文·麥克德莫特。所以只想談談市佔率收益與錢包份額的關係。您如何看待那裡的成長組合？然後我也有後續行動？謝謝。

Yeah. No, it's a great question and look at this as more of like a, it's a regional story, it's a local story and then there's like a national kind of overlay to the whole thing. But there there's only a few markets in the country where we have 70%, 80%-plus wallet share from a lot of dealers in one territory, right?

是的。不，這是一個很好的問題，更像是一個地區故事，一個地方故事，然後整個事情就像一個全國性的疊加。但在這個國家，只有少數市場我們能從一個地區的許多經銷商獲得 70%、80% 以上的錢包份額，對嗎？

And we have a few of those and we're happy about that, but there's many markets where we can still grow in multiple ways. There's national dealer groups that we study their wallet shirt consistently. And when I see 20% or 30% wallet share, I see a lot of great opportunity to help those dealers show them why our pricing is right.

我們擁有其中一些，我們對此感到高興，但在許多市場中，我們仍然可以透過多種方式實現成長。我們一直在研究一些全國性的經銷商團體的錢包式襯衫。當我看到 20% 或 30% 的錢包份額時，我看到了很多很好的機會來幫助這些經銷商向他們展示為什麼我們的定價是正確的。

Show them why our conversion, on our marketplace keeps getting better. So it's both we will continue to grow the business and there's some markets where we're still relatively new and we only have a few sellers and we don't have a lot of oil share yet.

向他們展示為什麼我們的市場轉換率不斷提高。因此，我們將繼續發展業務，而且在一些市場上我們相對較新，我們只有少數賣家，而且我們還沒有太多的石油份額。

So we got a lot long ways to go. And I think that's the great thing about the ACV model is we're still in the early days here. We're very happy with the overall market share. We're ecstatic with it. All the hard work the team has done, but there's a lot of headroom here for us to keep drawing.

所以我們還有很長的路要走。我認為 ACV 模型的偉大之處在於我們仍處於早期階段。我們對整體市佔率非常滿意。我們對此欣喜若狂。團隊已經完成了所有艱苦的工作，但這裡還有很大的空間讓我們繼續繪製。

Awesome. And then I know this is pretty early, but autonomous vehicles definitely dominated the discussion last quarter for some rideshare names and some OEMs. So still many years away, but just philosophically, what do AVs mean for you guys in the long term and have really put much thought behind the strategy there.

驚人的。我知道這還為時過早，但自動駕駛汽車絕對主導了上季一些共享旅遊品牌和一些原始設備製造商的討論。距離現在還有很多年，但從哲學角度來說，從長遠來看，自動駕駛汽車對你們意味著什麼，並且我們在戰略背後確實投入了很多思考。

Vs?

VS？

AVs autonomous vehicles.

AV 自動駕駛汽車。

Autonomous vehicles, I think one, the good thing about vehicles is they will become used to, they'll go from new to use. They will need to be purchased by someone else in the US or someone else overseas or somewhere else somewhere.

我認為，自動駕駛汽車的好處之一是它們會變得習慣，它們會從新的變成使用的。它們需要由美國的其他人、海外的其他人或其他地方的人購買。

So I really, I think the simple way to look at it is whoever the initial user was, whether the user was Uber or the user was, whoever that asset will then get sold. Eventually. I would look at generation one of this is look at that as just a fleet category in our world, almost like commercial and okay, those vehicles once that consigners believes they don't want to keep it on their balance sheet.

所以我真的，我認為簡單的看待它的方法是，無論初始用戶是誰，無論用戶是 Uber 還是用戶，無論該資產將出售給誰。最終。我會把第一代視為我們世界中的一個車隊類別，幾乎就像商業車輛一樣，好吧，一旦發貨人認為他們不想將其保留在資產負債表上，這些車輛就可以了。

It's a great car to go through an auction and go to the some whether it be a franchise or independent dealer that will go in recondition it to what it needs. So quick answer would be, it's probably no different than the rest of the commercial world.

這是一輛很棒的汽車，可以參加拍賣，然後去一些經銷商處，無論是特許經銷商還是獨立經銷商，他們都會將其翻新成所需的東西。快速回答是，它可能與商業世界的其他部分沒有什麼不同。

Awesome. Appreciate the answer, and a great job this quarter, thank you.

驚人的。感謝您的回答，本季的工作非常出色，謝謝。

Thanks so much.

非常感謝。

John Healy, Northcoast Research.

約翰希利，北海岸研究中心。

I wanted to ask a little bit about the commercial side of the business. When I think about that business, I think about rental, I think about repo and I think about off lease, we just wondering if you could give us some thought on like which of those buckets do you think the solution make or out of the gates. And now that you have AutoIMS and maybe we're six months in the learning and practicing and system work.

我想問一些有關業務商業方面的問題。當我想到這項業務時，我想到了租賃，我想到了回購，我想到了脫租，我們只是想知道您是否可以給我們一些想法，例如您認為該解決方案會實現或走出大門。現在您已經有了 AutoIMS，也許我們需要六個月的時間來學習、練習和系統工作。

Is there one of those buckets that you think might be kind of first to move and first to really embrace you guys, and we just love to hear your thoughts on that. Thanks.

您是否認為其中一個桶可能是第一個移動並第一個真正擁抱您的桶，我們很想聽聽您對此的想法。謝謝。

Yes, certainly great question. We're definitely making from a volume perspective. Most of the volume I mentioned on commercial today is from repo's and rental. So those two are, have been are the first areas we've been able to take some share, grow those relationships. A lot of them where we are doing business with one city and now we might be doing business in two or three cities and we'll try to keep, keep growing our relationships with each one of them.

是的，當然是個好問題。我們肯定是從數量的角度來看的。我今天在商業中提到的大部分數量都來自回購和租賃。因此，這兩個領域是我們能夠分享並發展這些關係的第一個領域。我們在許多城市與一個城市開展業務，現在我們可能在兩三個城市開展業務，我們將努力維持、不斷發展與每個城市的關係。

So wherever AV is, we could take, we can become one of their sort of a partners of choice. So definitely those are the first two off lease, we're just getting started. Hopefully I'll be able to be able to talk a little bit more about that next year so that we're in discussions, we're working on some things but not much to share just yet.

因此，無論 AV 在哪裡，我們都可以成為他們選擇的合作夥伴之一。所以這些肯定是前兩個租約到期的，我們才剛開始。希望明年我能夠更多地談論這個問題，以便我們進行討論，我們正在做一些事情，但目前還沒有太多可以分享的內容。

Got you. And then just kind of wanted to pick apart kind of a phrase you just mentioned on the last question regarding AV you talked about cars being used here or overseas. Just let me get your thoughts just about international expansion. Now that you're kind of making money here and growth is we're talking about incremental margins that are sizable. Where are you at in solution globally? Thanks.

明白你了。然後我想拆開您剛剛在關於自動駕駛汽車的最後一個問題中提到的一個短語，您談到了在國內外使用的汽車。讓我聽聽您對國際擴張的想法。現在你已經在這裡賺錢了，而成長就是我們談論的可觀的增量利潤。您在全球解決方案方面處於什麼位置？謝謝。

Yeah, I'll give you two perspectives on sort of the global front. So one, we're still early in our strategy creation. But we first and foremost, think about and I'll separate demand from sort of supply and demand. So as it relates to supply, we think about taking the model in a very sort of technology. First mentality. Think self-inspection by the consumer, self-inspection by the dealer, appraisal type solutions that then the vehicle then goes into a marketplace, and it's sold. And so the model we go globally will not necessarily be the same model we do here in the US.

是的，我將向您提供有關全球戰線的兩種觀點。因此，我們仍處於戰略制定的早期階段。但我們首先要考慮的是，我會將需求與供給和需求分開。因此，當它與供應相關時，我們考慮採用某種技術來採用該模型。第一心態。想想消費者的自我檢查、經銷商的自我檢測、評估型解決方案，然後車輛進入市場並進行銷售。因此，我們走向全球的模式不一定與我們在美國的模式相同。

And it'll be a very much asset like model. It'll be our technology helping OEMs who let's say OEMs are trying to sell a car, a new car to a consumer will be that trade and model module and then the car will go into our marketplace, or if it's a dealer, they'll go around, they'll use our artificial intelligence on their, on their lot and they'll upload the car to our marketplace. That's the direction you'll hear us start to talk about over the next year. We're still in the very early stages of that model, but great question.

這將是一個非常類似模型的資產。我們的技術將幫助原始設備製造商，假設原始設備製造商正在嘗試向消費者銷售一輛汽車，一輛新車將成為該交易和模型模組，然後汽車將進入我們的市場，或者如果是經銷商，他們會這樣做。這就是我們明年開始談論的方向。我們仍處於該模型的早期階段，但這是一個很好的問題。

Great. Thank you guys. And again, congrats.

偉大的。謝謝你們。再次恭喜。

Thank you, John.

謝謝你，約翰。

Glenn Shell, Raymond James.

格倫謝爾、雷蒙德詹姆斯。

Thanks. First on the Manheim market report showing 11% year-over-year new and used car sales growth in October. Have you seen any of those trends within your own data? I know you said that wholesale should be flattish but getting some volumes in for that trade to wholesale mix. So then off of that, where is the trade to wholesale mix now? And like a more specific number and then versus normalized levels? I know it's a bit layered and I can break that down again if you need.

謝謝。首先是 Manheim 市場報告顯示 10 月新車和二手車銷售量年增 11%。您在自己的數據中看到這些趨勢嗎？我知道你說過批發應該持平，但要為批發混合貿易獲得一些銷售。那麼除此之外，批發貿易現在在哪裡？想要一個更具體的數字，然後與標準化水平相比？我知道它有點分層，如果您需要，我可以再次分解它。

I think, one that Bill mentioned October got off to a good start, right. So, there and I'm sure one of the reasons why October got to a good start was to your point market was healthy, conversion rates were healthy, that probably that wholesale retail mix is likely healthy, although I haven't seen the recent on that specific month.

我認為，比爾提到的十月有一個好的開端，對吧。因此，我確信 10 月取得良好開局的原因之一是市場健康，轉換率健康，批發零售組合可能健康，儘管我沒有看到最近的情況在那個特定的月份。

But I would generally say the for fourth quarter started out well. The only as we mentioned when we thought about fourth quarter, we don't assume conversion rates will stay as high. We don't, some of this will say it's high over the next couple of months because it typically doesn't, right. As you start to look at the price depreciation and the seller asking for one price, the higher willing to pay another, you typically see conversion rates start to come down.

但我一般會說第四季開局良好。正如我們在考慮第四季時提到的唯一一點，我們認為轉換率不會保持那麼高。我們不知道，其中一些人會說未來幾個月它會很高，因為通常不會，對吧。當您開始關注價格貶值以及賣方要求一種價格時，支付另一種價格的意願越高，您通常會看到轉換率開始下降。

We mentioned that earlier. So I'm not sure if there's any other way to kind of back into your question just yet more than we shared. But if you want to try to ask the question another way, I'll try to answer it.

我們之前提到過。所以我不確定是否有其他方式可以比我們分享的更多地回答你的問題。但如果你想嘗試以另一種方式提出問題，我會嘗試回答。

Yeah. Well, that's super helpful. But then just on even just 3Q, do you have a more specific trade to wholesale mix number, and where is that versus normalized levels?

是的。嗯，這非常有幫助。但是，即使只是在第三季度，您是否有更具體的批發混合數字，與正常水平相比，這個數字在哪裡？

Yeah, I think we'll our trade to wholesale mix improved marginally in the quarter, we won't see trade to wholesale mix move up materially until that used car supply comes back. Just to remind you, most dealers have 25% less used cars on their lot today than they did in 2019. And I was recently out with a dealer group in Texas and the dealer principal looked at me and all his leadership team either in the room and said we have less, we have 30% less cars on our lots right now that we need.

是的，我認為我們的批發組合貿易將在本季度略有改善，在二手車供應恢復之前，我們不會看到批發組合貿易大幅上升。只是提醒您一下，今天大多數經銷商的二手車數量比2019 年減少了25%。所有的領導團隊並說我們的車量減少了，現在我們需要的車數量減少了 30%。

And looked at us like a call of action like we need to go buy more cars from consumers. And so just to kind of get you in the mentality dealership, and I'm really pleased obviously with the ACV results, but it's going to take, several more months here for the market to kind of come back from these dealers having 25% less inventory.

看著我們就像是一個行動號召，就像我們需要從消費者那裡購買更多的汽車一樣。因此，只是為了讓您進入經銷商的心態，我顯然對 ACV 結果感到非常滿意，但是市場還需要幾個月的時間才能從這些經銷商減少 25% 的情況中恢復過來存貨。

And so it will take some time, but having said that there's specific answer, we did see a marginal improvement and that it was nice to at least see a marginal improvement.

因此，這需要一些時間，但儘管有具體的答案，我們確實看到了邊際改進，而且至少看到邊際改進是很好的。

Okay, thank you.

好的，謝謝。

Yeah, sure.

是的，當然。

John Colantuoni, Jeffries.

約翰·科蘭托尼，杰弗里斯。

Thanks for taking my questions. Hi, I wanted to ask a question on market expansion. You've historically been strongest in the northeast. I'm curious if you could update us on your progress, expanding into new markets, particularly those that you rolled out a few years ago.

感謝您回答我的問題。你好，我想問一個關於市場拓展的問題。你們歷來都是東北最強的。我很好奇您能否向我們介紹您在拓展新市場的最新進展，特別是您幾年前推出的市場。

And as part of that, talk a little bit about how long it'll take to start reaching a level of density in those newer markets where you'll start getting to the levels of scale where it'll start showing through into better profitability across the company. And the second part of that right around the IPO, Canada, I think was an aspiration for you. Where do those plans stand today? If you could just update us there. Thanks.

作為其中的一部分，談談在那些新市場中開始達到一定密度水平需要多長時間，在這些市場中你將開始達到規模水平，並開始在各個領域展現出更好的盈利能力。第二部分圍繞加拿大首次公開募股，我認為這是您的願望。這些計劃如今處於什麼位置？如果你能在那裡更新我們的情況就好了。謝謝。

Yes, certainly John. So, yeah, we've -- to your point, we're very strong in the east coast. We've actually continued to gain more share in the east coast, which has been great. I say the pointing like towards Texas for a second. We're doing extremely well in Texas where, as well as an example of a market that's pretty far from Buffalo.

是的，當然是約翰。所以，是的，就您而言，我們在東海岸非常強大。事實上，我們在東海岸繼續獲得更多份額，這非常棒。我說指向德州一秒鐘。我們在德克薩斯州做得非常好，也是一個距離布法羅很遠的市場的例子。

And year over year gains, I think was some of the highest in the country for us in Texas. So I think that's all I have from a prepared preparation to give you an example at the moment and maybe more to come on this topic. But I'm very pleased where the ACV brand is increasing. We're working with more and more dealer groups.

我認為，對於我們德州來說，逐年成長是全國最高的。所以我認為這就是我目前為您提供一個範例的準備工作，也許還會有更多關於這個主題的內容。但我很高興 ACV 品牌的成長。我們正在與越來越多的經銷商團體合作。

If you're working with more dealer groups, the dealer groups are in many cities, so that kind of pulls us into some markets. Our new products are helping us break into new markets, products like ClearCar, helping dealers buy more cars from consumers. So far, so good. That was your first question. Trying to remember your second.

如果您與更多的經銷商集團合作，經銷商集團分佈在許多城市，因此這會吸引我們進入一些市場。我們的新產品正在幫助我們打入新市場，像 ClearCar 這樣的產品可以幫助經銷商從消費者那裡購買更多的汽車。到目前為止，一切都很好。這是你的第一個問題。試著記住你的第二個。

Canada. So yeah, I think when you put together these plans, I think you always assume the first international market. You're going to be the one right next to you like Canada. And that would have been my assumption or any idea. The irony is you sometimes go where you're getting pulled and we've been pulled into some markets in Europe.

加拿大。所以，是的，我認為當你把這些計劃放在一起時，我認為你總是假設第一個國際市場。你將成為像加拿大一樣就在你身邊的人。這就是我的假設或任何想法。諷刺的是，有時你會去到被拉動的地方，而我們已經被拉進了歐洲的一些市場。

So you'll probably hear us talk more about that next year, but I think very small early stages, this is where OEMs and others are pulling us in. So yes, you will start to hear that the A CV story beyond the US, it will be very small numbers for next year. It won't be zero, but it will and we start to think about 2026 and beyond.

所以你可能會聽到我們明年更多地談論這個問題，但我認為非常小的早期階段，這就是原始設備製造商和其他人吸引我們的地方。的A CV 故事，明年這個數字將會非常小。它不會為零，但它會，我們開始考慮 2026 年及以後。

Hopefully, it become more material, but we are starting to take the model. And the way the model, as I mentioned earlier, the way we're doing the model is it's a self-inspection based model.

希望它變得更加物質化，但我們開始採用這個模型。正如我之前提到的，我們建立模型的方式是基於自我檢查的模型。

So you're using artificial intelligence to have the consumer or the dealer walk around the car do the condition report and then it goes into our marketplace. So we're in early stages of this. Very pleased with the team's progress. More to come when we can report a little bit more about this topic.

因此，您可以使用人工智慧讓消費者或經銷商在汽車周圍走動，製作狀況報告，然後將其進入我們的市場。所以我們正處於早期階段。對團隊的進步非常滿意。當我們可以報告更多有關此主題的資訊時，還會有更多內容。

Thanks so much.

非常感謝。

Thank you. And it appears that we have no further questions at this time. I will now turn the program back to our presenters for any additional or closing remarks.

謝謝。目前看來我們沒有其他問題了。現在，我將把節目交還給我們的主持人，請他們發表補充或結束語。

Thanks, Madison. I'd like to thank everybody for joining us on the call today. We look forward to seeing you on the conference circuit this quarter and again. Thank you for your interest in ACV. Have a great evening.

謝謝，麥迪遜。我要感謝大家今天加入我們的電話會議。我們期待在本季度的巡迴會議上再次見到您。感謝您對蘋果醋的興趣。祝您有個美好的夜晚。

Thank you. This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.

謝謝。今天的演講到此結束。感謝您的參與。您可以隨時斷開連線。