ACV Auctions Inc (ACVA) 2025 Q1 法說會逐字稿

Good day, and welcome to the ACV Q1 2025 earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

大家好，歡迎參加 ACV 2025 年第一季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

I'd now like to turn the conference over to Tim Fox of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係部的提姆福克斯。請繼續。

Good afternoon and thank you for joining ACV's conference call to discuss our first-quarter 2025 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的 2025 年第一季財務業績。今天與我一起參加電話會議的還有執行長 George Chamoun；以及財務長 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括前瞻性陳述，包括有關未來財務指導的陳述。這些前瞻性陳述受風險和不確定性的影響，並涉及可能導致實際結果與此類陳述表達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 in our SEC filings and in today's press release, both of which can be found on our Investor Relations website. During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's earnings materials, which can also be found on our Investor Relations website.

有關我們業務的風險和不確定性的討論可以在我們的美國證券交易委員會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。在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。今天的收益資料中提供了 GAAP 與非 GAAP 財務指標的對帳表，您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.

現在，讓我把電話轉給喬治。

Thanks, Tim. Good afternoon, everyone, and thank you for joining us. We are very pleased with our first-quarter performance, which again demonstrated strong execution by the ACV team. We delivered record revenue with strong margin expansion, resulting in adjusted EBITDA exceeding the high end of guidance.

謝謝，蒂姆。大家下午好，感謝大家的參與。我們對第一季的業績非常滿意，這再次證明了 ACV 團隊的強大執行力。我們實現了創紀錄的收入，利潤率也強勁增長，調整後的 EBITDA 超過了預期的高端。

Our results were driven by three key factors. First, strong execution in our dealer wholesale business. We continue to gain market share and expand our dealer partner network with our highly differentiated marketplace experience. Second, we had a record performance in ACV Transport and Capital, with strong adoption of our value-added dealer solutions. And third, we continue to execute on an exciting product roadmap for our dealer and commercial partners, expanding our TAM and growing our competitive moat.

我們的結果受三個關鍵因素影響。首先，我們的經銷商批發業務執行力強勁。我們憑藉高度差異化的市場經驗不斷獲得市場份額並擴大我們的經銷商合作夥伴網絡。其次，我們在 ACV Transport 和 Capital 方面取得了創紀錄的業績，我們的加值經銷商解決方案得到了廣泛採用。第三，我們繼續為我們的經銷商和商業合作夥伴執行令人興奮的產品路線圖，擴大我們的TAM並增強我們的競爭優勢。

While there are evolving cross currents in the broader macro environment, ACV remains focused on delivering strong top-line growth and meaningful increased adjusted EBITDA while continuing to invest in our long-term growth objectives. 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 our results on slide 4.

儘管宏觀環境不斷出現逆流，ACV 仍專注於實現強勁的營收成長和有意義的調整後 EBITDA 成長，同時繼續投資於我們的長期成長目標。我們相信，執行這項獲利成長策略將創造巨大的長期股東價值。接下來，讓我們回顧一下投影片 4 上的結果。

Q1 revenue was $183 million and grew 25% year-over-year. We sold 208,000 vehicles, which was 19% year-over-year growth despite very soft market conditions in February. Unit growth was driven by continued market share gains and solid execution at our remarketing centers and a dealer wholesale market that grew in the low single digits.

第一季營收為 1.83 億美元，年增 25%。儘管 2 月市場狀況非常疲軟，但我們仍售出了 208,000 輛汽車，年增 19%。單位成長的動力來自於市場份額的持續成長、再行銷中心的穩健執行以及經銷商批發市場的低個位數成長。

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. I'll begin with growth. Turning to slide 7. I'll frame our growth discussion around ACV's core product offerings: wholesale marketplace, marketplace services, and data services.

接下來是投影片 5。今天的討論將集中在我們最大化長期股東價值的策略的三大支柱上：成長、創新和規模。我先從成長說起。翻到幻燈片 7。我將圍繞 ACV 的核心產品展開我們的成長討論：批發市場、市場服務和數據服務。

Let's begin with our wholesale marketplace on slide 8. At our March Analyst Day, we highlighted how ACV is leveraging AI across our entire suite of solutions. On our marketplace, AI is enabling us to provide our dealer partners highly accurate wholesale and retail pricing guidance. This guidance is based on condition enhanced pricing, enabled by industry leading inspection capabilities that is highly differentiated in the market. We are enhancing the seller experience by offering flexible auction durations and auction scheduling.

讓我們從第 8 張投影片上的批發市場開始。在三月的分析師日上，我們重點介紹了 ACV 如何在我們的整個解決方案套件中利用人工智慧。在我們的市場上，人工智慧使我們能夠為經銷商合作夥伴提供高度準確的批發和零售定價指引。該指導基於條件增強定價，由市場上高度差異化的行業領先檢查能力實現。我們透過提供彈性的拍賣時間和拍賣安排來增強賣家體驗。

We also launched our first seller in auction tool, allowing sellers to remove reserve prices mid auction, driving buyer engagement and conversion. On the demand side, the buying experience is now tailored across buying personas, from smaller independent dealers to large volume franchise dealers. We've improved discoverability and search refinement through advanced saved searches and notifications. And we're taking friction out of the buying experience by making AI enabled recommendations informed by dealer preferences and current market factors.

我們也推出了第一個拍賣工具中的賣家，讓賣家在拍賣中途取消底價，從而提高買家的參與度和轉換率。在需求方面，購買體驗現在可以根據不同的購買角色進行客製化，從小型獨立經銷商到大型特許經銷商。我們透過高級保存的搜尋和通知提高了可發現性和搜尋細化。我們根據經銷商偏好和當前市場因素提供人工智慧推薦，從而消除購買體驗中的摩擦。

Turning to slide 9. Let's review our marketplace service offerings beginning with ACV Transportation. The Transportation team continued its strong execution in Q1, setting records for both quarterly revenue and transports delivered. AI optimized pricing is driving both strong growth and operating efficiency.

翻到第 9 張投影片。讓我們從 ACV Transportation 開始回顧一下我們的市場服務產品。運輸團隊在第一季持續保持強勁表現，創下了季度收入和運輸交付量的新高。人工智慧優化定價正在推動強勁成長和營運效率。

Revenue margin expanded 460 basis points year-over-year in Q1 and was in line with our midterm targets in the low 20s. Lastly, our off-platform transportation service continues to gain early traction from our dealer partners. These new value-added services accelerate our transport network densities and create additional long-term growth vectors.

第一季的營收利潤率年增 460 個基點，與我們 20% 出頭的中期目標一致。最後，我們的非平台運輸服務持續獲得經銷商合作夥伴的早期青睞。這些新的增值服務加速了我們的運輸網路密度並創造了額外的長期成長動力。

Turning to slide 10. The ACV Capital team also delivered strong results with over 30% revenue growth in Q1. This was the second quarter in a row of accelerated growth, which supports our confidence that we can continue to accelerate ACV Capital growth while managing risk. The ACV Capital team is expanding its TAM by delivering new value-added offerings to our dealers, including off-platform transactions such as buying vehicles from consumers, creating additional growth levers for our business.

翻到第 10 張投影片。ACV Capital 團隊也取得了強勁的業績，第一季營收成長超過 30%。這是連續第二個季度加速成長，這增強了我們的信心，我們可以在管理風險的同時繼續加速 ACV Capital 的成長。ACV Capital 團隊正在透過向我們的經銷商提供新的增值產品來擴大其 TAM，包括從消費者那裡購買車輛等非平台交易，為我們的業務創造額外的成長槓桿。

Lastly, I'll wrap up the growth section on slide 11 with data service highlights. Market traction for ClearCar remains strong with over 200 rooftops launched in Q1. We're also seeing growing interest in ClearCar service. This offering enables our dealer partners to acquire vehicles from consumers by leveraging their service lanes for instant appraisals and offers. The ACV Max team delivered very strong results in Q1, reflecting the investments made in a host of new features and platform scalability.

最後，我將在第 11 張投影片上以數據服務亮點來總結成長部分。ClearCar 的市場吸引力仍然強勁，第一季推出了 200 多個車頂充電樁。我們也看到人們對 ClearCar 服務的興趣日益濃厚。此項服務使我們的經銷商合作夥伴能夠利用他們的服務通道進行即時評估和報價，從而從消費者那裡獲得車輛。ACV Max 團隊在第一季取得了非常強勁的業績，反映了對一系列新功能和平台可擴展性的投資。

Bookings were at the highest level in five quarters, driven by a number of large dealer groups that would like ACV to displace the incumbent IMS providers. Our strategy to begin bundling data services with ACV wholesale is starting to pay dividends. And we believe this new strategy is another exciting long-term growth lever for ACV.

預訂量達到了五個季度以來的最高水平，這得益於許多大型經銷商集團希望 ACV 取代現有的 IMS 提供者。我們將資料服務與 ACV 批發捆綁在一起的策略開始產生效益。我們相信這項新策略是 ACV 另一個令人興奮的長期成長槓桿。

Again, this quarter, we're excited to share feedback from one of our dealer partners, the [Neil Hope Company], a dealership group based in Sacramento, which is using ACV's full suite of offerings. We posted a video on our IR website featuring their team describing the significant value they're deriving from ACV solutions. It's another great opportunity to hear directly from a dealer park.

再次，本季度，我們很高興分享我們的經銷商合作夥伴之一 [Neil Hope Company] 的反饋，該經銷商集團位於薩克拉門托，正在使用 ACV 的全套產品。我們在 IR 網站上發布了一段視頻，其中他們的團隊描述了他們從 ACV 解決方案中獲得的巨大價值。這是另一個直接從經銷商聽取意見的絕佳機會。

Next, on slide 12, I'll address the second element of our strategy to drive long-term shareholder value, innovation. Turning to slide 13. I'll go a bit deeper in how we're leveraging ACV AI across our products, services, and operations. As we discussed at our Analyst Day, technologies like machine learning and large language models are advancing at a rapid pace, and ACV is uniquely positioned to transform how decisions are made in automotive.

接下來，在第 12 張投影片上，我將討論推動長期股東價值的策略的第二個要素，即創新。翻到第 13 張投影片。我將更深入地介紹我們如何在我們的產品、服務和營運中利用 ACV AI。正如我們在分析師日所討論的那樣，機器學習和大型語言模型等技術正在快速發展，而 ACV 具有獨特的優勢，可以改變汽車領域的決策方式。

It all starts with consistent data capture, which is underpinned by our VCIs in the field creating a large moat of curated data. We're now also putting our hardware, diagnostic tools, and damage detection algorithms into the hands of our customers. And with ClearCars AI guided image capture, we're putting self-inspection into the hands of dealer customers. Using machine learning, we're taking data fusion and processing to the next level, providing pricing for every vehicle in real time within ACV's pricing platform.

一切都始於一致的數據捕獲，這由我們現場的 VCI 支撐，從而創建了大量精選數據。我們現在也將我們的硬體、診斷工具和損壞偵測演算法交到客戶手中。借助 ClearCars AI 引導影像捕捉，我們將自我檢查交到經銷商客戶手中。利用機器學習，我們將資料融合和處理提升到一個新的水平，在 ACV 的定價平台內即時為每輛車提供定價。

We are consolidating data into structured, AI powered guidance to provide context driven dealer decisions. Take, for example, ACV Guarantees, which is one of the fastest growing channels in our marketplace. Guaranteed vehicles are launched in a no reserve auction format, which typically generates a 5-fold increase in bidder engagement. Guarantees also remove market risk and pass the upside to our sellers with 100% conversion rate.

我們正在將數據整合成結構化的、由人工智慧驅動的指導，以提供由情境驅動的經銷商決策。以 ACV Guarantees 為例，它是我們市場上成長最快的管道之一。保證車輛以無底價拍賣形式推出，通常可使競標者參與度提高 5 倍。擔保還消除了市場風險，並將收益以 100% 的轉換率傳遞給我們的賣家。

Finally, with Virtual Lift 2.0 and Project Viper, we are expanding our competitive edge in AI-driven products by putting the powerful combination of ACV's hardware and software technology into the operational workflow of every vehicle. Stay tuned for more details in coming quarters as we ramp our dealer pilots through 2025.

最後，借助 Virtual Lift 2.0 和 Project Viper，我們將 ACV 強大的硬體和軟體技術組合融入每輛車的營運工作流程中，從而擴大我們在人工智慧驅動產品方面的競爭優勢。我們將在 2025 年之前加大經銷商試點力度，敬請關注未來幾季的更多詳細資訊。

On slide 14, we highlight another growth lever powered by ACV AI. Our AI-backed platform is capable of processing trade ins at scale with repeatable, guaranteed pricing in under a second. We are taking the guaranteed capabilities from our marketplace and extending that same power for e-commerce partners and piloting these capabilities with OEMs looking for a scalable upstream trading platform.

在投影片 14 上，我們重點介紹了另一個由 ACV AI 驅動的成長槓桿。我們的人工智慧平台能夠在不到一秒的時間內大規模處理交易，並提供可重複、有保證的定價。我們正在從我們的市場中獲取保證的功能，並將相同的功能擴展到電子商務合作夥伴，並與尋求可擴展上游交易平台的 OEM 一起試行這些功能。

Wrapping up on innovation. I will touch on our commercial investments. It all starts with integrations that feed into our digital first marketplace. We have established an extensible ingestion architecture that enables us to work with a host of service providers in a standardized way. The next major capability is damage estimation at the panel and part level, which is powered by observations from our inspection platform.

總結創新。我將談談我們的商業投資。一切都始於融入我們的數位優先市場的整合。我們已經建立了一個可擴展的攝取架構，使我們能夠以標準化的方式與眾多服務提供者合作。下一個主要功能是面板和部件層級的損壞評估，這由我們的檢查平台的觀察提供支援。

This gives us a robust tool that can be used for recon estimates, which is a critical part of the commercial workflow. Finally, we are in the later stages of our commercial platform development, and we are slated to power our first greenfield remarketing center in the second half of 2025. The commercial platform will include capabilities from inspection to work order creation, repair estimation, consignor approval, reporting, and more. We're excited to begin leveraging these technologies to address the large commercial TAM, providing another long-term growth lever for ACV.

這為我們提供了一個可用於偵察估算的強大工具，這是商業工作流程的關鍵部分。最後，我們正處於商業平台開發的後期階段，計劃在 2025 年下半年為我們的第一個綠地再行銷中心提供支援。此商業平台將包括從檢查到工作訂單建立、維修估算、托運人批准、報告等功能。我們很高興開始利用這些技術來解決大型商業 TAM，為 ACV 提供另一個長期成長槓桿。

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，讓我將主題交給比爾，讓他向您介紹我們的財務表現以及我們如何推動規模成長。

Thanks, George, and thank you for joining us today. We are very pleased with our Q1 financial performance. Along with strong revenue growth, we delivered meaningful margin expansion and adjusted EBITDA growth, demonstrating the strength of our business model.

謝謝，喬治，謝謝您今天加入我們。我們對第一季的財務表現非常滿意。隨著營收的強勁成長，我們的利潤率和調整後 EBITDA 也實現了顯著成長，彰顯了我們商業模式的實力。

On slide 17, let's begin with a recap of our first quarter results. Revenue of $183 million grew 25% year-over-year and was at the midpoint of our guidance despite very soft market conditions in February. Note that organic revenue growth was approximately 20% year-over-year. Adjusted EBITDA of $14 million exceeded the high end of guidance, with margin improving 500 basis points year-over-year. The upside was driven primarily by continued OpEx discipline. Finally, non-GAAP net income was also above the high end of guidance, with margin increasing approximately 300 basis points year-over-year.

在第 17 張投影片上，我們先回顧一下第一季的業績。1.83 億美元的營收年增 25%，儘管 2 月市場狀況非常疲軟，但仍處於我們預期的中間值。請注意，有機收入成長率約為 20%。調整後的 EBITDA 為 1,400 萬美元，超出預期上限，利潤率年增 500 個基點。上漲主要得益於持續的營運支出紀律。最後，非公認會計準則淨收入也高於預期上限，利潤率年增約 300 個基點。

Next on slide 18, let's review additional revenue details. Auction and assurance revenue was 58% of total revenue and grew 28% year-over-year. This performance reflects 19% unit growth and auction and assurance ARPU of $500 which grew 8%. Note that units grew approximately in the mid-teens organically.

接下來在第 18 張投影片上，我們來回顧額外的收入細節。拍賣和保證收入佔總收入的58%，較去年同期成長28%。這一業績反映了單位增長 19%，拍賣和保證 ARPU 為 500 美元，增長了 8%。請注意，單位數量有機增長了大約百分之十幾。

Marketplace services revenue was 37% of total revenue and grew 24% year-over-year, reflecting record revenue for ACV transport and ACV capital. Our SaaS and data services products comprised 5% of total revenue with growth of 5% year-over-year.

市場服務收入佔總收入的 37%，年增 24%，反映了 ACV 運輸和 ACV 資本創紀錄的收入。我們的 SaaS 和數據服務產品佔總營收的 5%，年增 5%。

Next, I'll review Q1 costs on slide 19. Non-GAAP cost of revenue as a percentage of revenue decreased approximately 200 basis points year-over-year. The improvement was driven by auction and insurance results and by ACV transport. Non-GAAP operating expense, excluding cost of revenue as a percentage of revenue, decreased 400 basis points year over year. These results reflect our ongoing focus on expense discipline as we optimize and scale our business.

接下來，我將在第 19 張投影片上回顧第一季的成本。非公認會計準則收入成本佔收入的百分比年減約 200 個基點。這一改善是由拍賣和保險業績以及 ACV 運輸推動的。非公認會計準則營業費用（不包括收入成本佔收入的百分比）年減 400 個基點。這些結果反映了我們在優化和擴展業務的過程中對費用紀律的持續關注。

Moving to slide 20, I'll frame our investment strategy as we drive profitable growth. In 2025, we expect OpEx growth of approximately 18% to support our remarketing center strategy and commercial platform investments. Even with these growth investments, adjusted EBITDA margin is expected to increase by approximately 500 basis points year-over-year.

轉到第 20 張投影片，我將製定我們推動獲利成長的投資策略。2025 年，我們預計營運支出將成長約 18%，以支持我們的再行銷中心策略和商業平台投資。即使有這些成長投資，調整後的 EBITDA 利潤率預計仍將年增約 500 個基點。

Next, I will highlight our strong capital structure on slide 21. We ended Q1 with $342 million in cash and cash equivalents and marketable securities and $167 million of debt. Note that our cash flow and balance includes $211 million of marketplace float. In the figure on the right, we highlight our strong operating cash flow, which reflects adjusted EBITDA growth and margin expansion.

接下來，我將在第 21 張投影片上重點介紹我們強大的資本結構。截至第一季末，我們的現金、現金等價物和有價證券為 3.42 億美元，債務為 1.67 億美元。請注意，我們的現金流量和餘額包括 2.11 億美元的市場浮動資金。在右圖中，我們強調了我們強勁的經營現金流，這反映了調整後的 EBITDA 成長和利潤率擴張。

Now turning to guidance on slide 22. For the second quarter, we are expecting revenue in the range of $193 million to $198 million growth of 20% to 23% year-over-year. Adjusted EBITDA is expected to be in the range of $18 million to $20 million reflecting growth of approximately 170% year-over-year.

現在轉到第 22 張投影片上的指示。對於第二季度，我們預計營收將在 1.93 億美元至 1.98 億美元之間，年增 20% 至 23%。調整後的 EBITDA 預計在 1,800 萬美元至 2,000 萬美元之間，年增約 170%。

We are reiterating our full-year guidance, including revenue in the range of $765 million to $785 million, growth of 20% to 23% year-over-year. Adjusted EBITDA is expected to be in the range of $65 million to $75 million, reflecting growth of approximately 150% year-over-year at the midpoint of guidance.

我們重申全年預期，包括營收在 7.65 億美元至 7.85 億美元之間，年增 20% 至 23%。調整後的 EBITDA 預計在 6,500 萬美元至 7,500 萬美元之間，反映出指導中點年增約 150%。

Our guidance continues to assume that dealer wholesale volumes will be approximately flat year-over-year for 2025. We expect conversion rates and wholesale price depreciation to follow normal seasonal patterns. We also continue to expect revenue growth to exceed non GAAP OpEx growth, excluding cost of revenue and depreciation and amortization by approximately 500 basis points.

我們的指引繼續假設 2025 年經銷商批發量將與去年同期基本持平。我們預計轉換率和批發價格貶值將遵循正常的季節性模式。我們也繼續預期營收成長將超過非 GAAP 營運支出成長（不包括收入成本和折舊和攤提）約 500 個基點。

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

現在，讓我把話題轉回喬治。

Thanks, Bill. Before we take your questions, I will summarize. We are very pleased with our strong execution in Q1 and especially proud of our ACV teammates that delivered these results. 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.

謝謝，比爾。在回答你們的問題之前，我先做個總結。我們對第一季的強勁表現感到非常滿意，尤其對取得這些成果的 ACV 隊友感到自豪。我們透過吸引新的經銷商和商業夥伴進入我們的市場來繼續獲得市場份額，同時擴大我們的潛在市場，這使得 ACV 在市場條件改善時實現可觀的成長。

We are delivering on an exciting product roadmap powered by ACV AI to further differentiate ACV and drive operating efficiencies. We are focused on achieving substantial adjusted EBITDA growth in 2025 and delivering on our midterm 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.

我們正在製定由 ACV AI 提供支援的令人興奮的產品路線圖，以進一步區分 ACV 並提高營運效率。我們致力於在 2025 年實現大幅調整後 EBITDA 成長，並實現我們認為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.

說完這些，我將把電話轉給接線生開始問答。

(Operator Instructions) Rajat Gupta, JPMorgan.

（操作員指示） Rajat Gupta，摩根大通。

Great. Thanks for taking the question. You had raised fees in early March. And during some past conversations, it seems like there was no real pushback from customers. But as wholesale prices have increased just due to pre-buy ahead of tariffs, are you seeing any signs of customer pushback or perhaps needing to incentivize more with ancillary services? Any color on that would be helpful. And I have a quick follow-up. Thanks.

偉大的。感謝您回答這個問題。你們在三月初就提高了費用。在過去的一些對話中，似乎並沒有來自客戶的真正反對。但是，由於批發價格僅僅因為提前購買而上漲，您是否看到客戶反抗的跡象，或者可能需要透過輔助服務來提供更多激勵措施？任何顏色都會有幫助。我有一個快速的後續行動。謝謝。

Yeah. Hey, Rajat. We've been very fair in our pricing, as you know, with our dealer partners. And we've always historically have balanced both our price increases and the interest of our customers. We do make these price increases. They're very small, very incremental. And so to your point, it sounds like you've done some homework on this. We got very little pushback.

是的。嘿，拉賈特。如您所知，我們與經銷商合作夥伴的定價非常公平。從歷史上看，我們一直在價格上漲和客戶利益之間取得平衡。我們確實提高了價格。它們非常小，而且增量非常大。所以就你的觀點而言，聽起來你已經在這方面做了一些功課。我們幾乎沒有遇到任何阻力。

So our goals and objectives as it relates to pricing is we really lean in and we've got, I would say, a great business model, great value-added proposition really at the right price for our dealer partners.

因此，我們在定價方面的目標和目的是真正傾向於此，我想說，我們有一個偉大的商業模式，偉大的增值主張，而且價格對我們的經銷商合作夥伴來說確實合適。

So I would say for your first question, really no pushback on our value proposition to our pricing. And then as it relates to the other macro things going on, I don't think any of that I've heard. I don't think I've heard comments from any of my teammates about any of the macro elements, whether it be tariffs, whether it be any of this stuff resulting us having any pressure on pricing. So I think at the end of the day, we deliver a great service to our dealer partners, and our pricing is fair.

所以對於你的第一個問題，我想說，我們的價值主張和定價確實沒有任何阻力。至於其他正在發生的宏觀事件，我想我沒有聽說過這些。我認為我沒有聽到任何隊友對任何宏觀因素發表評論，無論是關稅，還是任何導致我們面臨定價壓力的因素。所以我認為最終我們為我們的經銷商合作夥伴提供了優質的服務，而且我們的定價也是公平的。

Understood. That's helpful color. And then maybe could you outline different growth avenues that ACV, or maybe just a broader wholesale industry might experience under a tariff backdrop? Obviously, there's uncertainty around manufacture pricing, production, if supply does get hurt meaningfully. Obviously, we're coming off a depressed base already.

明白了。這是很有幫助的顏色。然後，您能否概述一下 ACV 或更廣泛的批發行業在關稅背景下可能經歷的不同成長途徑？顯然，如果供應確實受到嚴重損害，製造定價、生產就會存在不確定性。顯然，我們已經走出了低迷的境地。

Back in '21, '22, obviously, ACV was a much younger company, but you have a lot more solutions right now. Could you help just detail for us, investors, what kind of levers you could pull as a company with your portfolio today, if the industry were to take a step back in the next couple of years before starting to grow again? Thanks.

早在 21、22 年，ACV 顯然還是一家年輕得多的公司，但現在有更多的解決方案。您能否為我們投資者詳細說明一下，如果該行業在未來幾年內出現衰退，然後才開始再次成長，那麼作為一家公司，您可以利用您目前的投資組合採取哪些措施？謝謝。

Yeah, certainly, Rajat. So first and foremost, as you noted, we continue to grow. We're still in a really significant growth mode. We still continue to take share. And also, to your point, we're growing in a broader way. Our value-added solutions like ClearCar, like ACV Max, and other upcoming solutions are helping us differentiate broader than just our initial value proposition of ACV Auctions.

是的，當然，拉賈特。因此，首先，正如您所說，我們正在持續發展。我們仍然處於真正顯著的成長模式。我們仍繼續佔據份額。而且，正如您所說，我們正在以更廣泛的方式成長。我們的增值解決方案（例如 ClearCar、ACV Max 和其他即將推出的解決方案）正在幫助我們實現比 ACV Auctions 的初始價值主張更廣泛的差異化。

That coupled with other value-added services like ACV Transport and ACV Capital are helping us have really tremendous demand on the ACV platform. So when you look at it both from a supply and the demand, we've got a great product mix. We continue to take share. And we look at our results of Q1, we are really in line with our own expectations. Obviously, delivering better on the EBITDA side.

再加上 ACV Transport 和 ACV Capital 等其他加值服務，幫助我們在 ACV 平台上獲得了龐大的需求。因此，當你從供給和需求的角度來看時，我們擁有出色的產品組合。我們繼續佔有份額。我們來看看第一季的業績，確實符合我們自己的預期。顯然，EBITDA 方面表現較好。

And so when you look at with all these puts and takes from a macro perspective of what's happened at least so far with tariffs and so far with a lack of generally used car supply that you've hearing us talk about for a while. You've noted this in some of your own research that used car supply, late model used car supply will likely be a trough year. All of that was in our expectations. So we gave you all an expectation to show like a flattish wholesale year.

因此，當您從宏觀角度看待所有這些利弊時，至少到目前為止，關稅以及二手車供應普遍短缺的情況，您已經聽到我們談論了一段時間。您在自己的一些研究中指出，二手車供應、後期型號的二手車供應可能會進入低谷期。這一切都在我們的預料之中。因此，我們向大家預測今年的批發業務將較為穩定。

We knew there was going to be some ups; we knew there was going be some downs. I feel really good about where we're at because we are able to just continue to execute. I think we had the right expectations for the year.

我們知道將會有一些順利；我們知道將會有一些低潮。我對我們目前的狀況感到非常滿意，因為我們能夠繼續執行。我認為我們對今年的期望是正確的。

Got it. Great. Thanks for the color and good luck.

知道了。偉大的。謝謝你的顏色，祝你好運。

Thank you.

謝謝。

Bob Labick, CJS Securities.

拉比克（Bob Labick），CJS 證券公司。

Thank you, Bob.

謝謝你，鮑伯。

Sure. Yes. So a quick question and then a quick follow-up. And it's more kind of timely. Have dealers' needs or has their focus shifted any with the onset of the tariffs? Are they acting differently? Are they asking you for different things? What's been the feedback as you're talking to your dealer customers?

當然。是的。所以這是一個簡單的問題，然後是一個快速的後續問題。而且它更加及時。隨著關稅的實施，經銷商的需求或關注點是否改變了？他們的行為有什麼不同嗎？他們向你詢問不同的事情嗎？當您與經銷商客戶交談時，您得到了什麼回饋？

Yes. If I take a step back, I will say it's less related to the tariff situation as it is generally our franchise dealers wanting more and more inventory. So we're seeing tremendous interest in our new products. Products like ClearCar, like our updated AC Max, our other tools that are coming soon.

是的。如果我退一步來說，我會說這與關稅情況關係不大，因為我們的特許經銷商通常想要越來越多的庫存。因此，我們看到人們對我們的新產品產生了濃厚的興趣。像 ClearCar 這樣的產品，像是我們更新的 AC Max 這樣的產品，以及我們即將推出的其他工具。

We've seen the interest continues to rise that they need to buy more cars. They need additional used cars. Just really across the board, most of our franchise dealers don't have enough used cars on their lot today. Especially later model, low mileage cars, it's truly still a gap. So I've seen more and more of a focus. I've seen more and more of a willingness to change.

我們看到人們對購買更多汽車的興趣不斷上升。他們需要更多的二手車。總體而言，我們大多數特許經銷商的二手車庫存都不夠。尤其是後期車型、低里程的車，確實還是有差距的。所以我看到了越來越多的關注。我看到了越來越多的人願意改變。

I'm hearing dealers say AI more often. Hey, how can we leverage AI to do things more seamlessly? I'm seeing some really some openness. We work with some large dealer groups. I'm seeing them actually really up their game. Obviously, I don't say names here, but I'm thinking of a couple in particular right now that I'm really watching them get more and more efficient, put more and more offers on consumer cars.

我聽到經銷商越來越多地談論 AI。嘿，我們如何利用人工智慧來更無縫地完成任務？我確實看到了一些開放性。我們與一些大型經銷商集團合作。我看到他們確實提高了自己的水平。顯然，我在這裡不會說出名字，但我現在特別想到了幾個，我確實看到他們變得越來越高效，為消費者汽車提供越來越多的優惠。

I'm seeing the service drive increase, still low. I think the industry can still there's a lot more opportunity out there for franchise dealers ahead. I think it's a great category. I think they could buy a lot more cars. So I'm seeing a little bit of momentum and the adoption of new tools and the willingness to adopt new processes, which will ultimately help them buy more cars.

我看到服務驅動力在增加，但仍然很低。我認為該行業未來仍為特許經銷商提供更多機會。我認為這是一個很棒的類別。我認為他們可以購買更多的汽車。因此，我看到了一些動力和新工具的採用以及採用新流程的意願，這最終將幫助他們購買更多的汽車。

The more they buy, the more they'll retail and the more they will wholesale. So we're early on that mission, as you know, Bob. But I would say great traction thus far. And I love the conversations we're having with our dealer partners.

他們購買的越多，零售的越多，批發的也越多。所以，正如你所知，鮑勃，我們剛剛開始執行這個任務。但我想說，到目前為止，進展非常順利。我喜歡與我們的經銷商合作夥伴進行的對話。

Okay, that's great. And you just named ClearCar and then the updated ACV Max. And my follow-up was going to be about inventory. Obviously, dealers have been wanting it. They're embracing your tools, those two that you just named.

好的，太好了。您剛剛提到了 ClearCar，然後是更新的 ACV Max。我的後續工作是關於庫存。顯然，經銷商一直想要它。他們正在擁抱你的工具，就是你剛才提到的那兩個。

You also mentioned in the prepared remarks the price guarantee tool and Viper briefly. Can you give us a sense of kind of penetration and potential impact on the model of those other two that you only briefly mentioned before, the price guarantee tool, where are you in penetration and rollout? And Viper, what's it take for that to get used out in the field?

您還在準備好的評論中簡要提到了價格保證工具和Viper。您能否向我們介紹您先前簡要提到的另外兩個模型（價格保證工具）的滲透情況和潛在影響，您在滲透和推廣方面處於什麼位置？那麼 Viper 需要在什麼條件下才能投入使用呢？

Yeah, certainly, Bob. So our guarantee offering is growing. The team's doing a great job of introducing why this is such a special product. It's got two significant points of interest. On the supply side, it allows our sellers to have access to a marketplace where we are averaging 10 bidders per car. It's just incredible.

是的，當然，鮑伯。因此，我們提供的擔保正在不斷增加。團隊出色地介紹了為什麼這是一個如此特別的產品。它有兩個重要的興趣點。在供應方面，它使我們的賣家能夠進入一個平均每輛車有 10 個競標者的市場。這真是令人難以置信。

So from a supply perspective, it's not just a guarantee. It's access to its exclusive lane. Think about it almost like a private club or like you're getting access to something that's really special. There's nowhere else, no other marketplace where you're going to average 10 bidders a car.

因此從供應角度來看，這不僅僅是一種保證。這是通往其專用車道的通道。可以把它想像成一個私人俱樂部，或者你可以接觸到一些非常特別的東西。在其他任何地方、其他任何市場，每輛車平均都會有 10 個競標者。

So we've created this vibrant marketplace. So from the supply side, yes, there's a guarantee, but they get the upside. And the far majority of time, there's upside. And then on the demand side, it's just as important. When you're watching these auctions, you know somebody's going to win.

因此我們創造了這個充滿活力的市場。所以從供應方面來看，是的，有保證，但他們獲得了好處。而絕大多數時候，都有好處。而在需求方面，這也同樣重要。當你觀看這些拍賣時，你知道有人會贏。

And so from a buyer's perspective, there's zero waste of time. So if you're willing to step up and pay for the car, you're going to win. So we're seeing great interest. We still have a lot of growth ahead of us. We're still in the early days. But it's fun that we're sniffing on the near double digits of around the double digits, I should say, of our overall marketplace. So we're really happy with where we are with that offering.

因此從買家的角度來看，這並不浪費時間。因此，如果您願意出錢購買汽車，您就會獲勝。因此我們看到了極大的興趣。我們還有很長的路要走。我們仍處於早期階段。但有趣的是，我們應該說，我們的整體市場正以接近兩位數的速度成長。因此，我們對該產品的現狀感到非常滿意。

And our pricing tools like ACV Max and where these other tools are coming in place, the products that we've released recently in beta are getting tremendous interest. The interest is because we're not only predicting the wholesale value, we're also predicting a retail price of the car within the next 30 days of what it's going to sell for. And as far as I know, I don't think anyone else is close to us being able to do this.

我們的定價工具（如 ACV Max）以及其他即將到位的工具以及我們最近發布的測試版產品引起了極大的興趣。我們之所以感興趣是因為我們不僅預測批發價，還預測未來 30 天內汽車的零售價。據我所知，我認為沒有人能夠像我們一樣做到這一點。

So now the car comes to the service drive of a dealer. And we're going run it through our system. The consumer might be there just to change their oil or rotate their tires. And the dealer is going to be able to know, here's the wholesale value and here's the retail price. They have to figure out what their recon is going to be. Of course, we're working on that next.

因此現在汽車來到經銷商進行維修。我們將透過我們的系統運行它。消費者可能只是去那裡更換機油或輪胎。經銷商將能夠知道，這是批發價，這是零售價。他們必須弄清楚他們的偵察任務是什麼。當然，我們接下來正在努力解決這個問題。

But anyways, so there's a retail price, there's a wholesale price, and we're making these predictions. Our predictions are within just -- I think I said on Analyst Day, we're within a few hundred bucks. We're even doing better than that. So we are just doing an incredible job of helping these dealers predict the value. Obviously, that's one of the most exciting things about AI, is you can leverage this curated data.

但無論如何，有一個零售價，有一個批發價，我們正在做出這些預測。我們的預測是在——我記得我在分析師日說過，我們的預測是在幾百美元的範圍內。我們甚至做得更好。因此，我們在幫助這些經銷商預測價值方面做了出色的工作。顯然，這是人工智慧最令人興奮的事情之一，你可以利用這些精選數據。

You can leverage these large language models to do things we really couldn't have done 12 months ago. And so it's really an exciting time. And we're really getting incredible feedback. And obviously, I can't name names on this, but we're in early days of both rolling some of these dealers out. And we've signed up some I would call it regional groups that I'm happy with. And the teams doing a great job.

您可以利用這些大型語言模型來做我們 12 個月前無法做到的事情。這真是一個令人興奮的時刻。我們確實收到了令人難以置信的回饋。顯然，我不能透露具體的名字，但我們正處於推出部分經銷商的早期階段。我們已經與一些我稱之為地區團體的組織簽約，我對此感到滿意。團隊表現出色。

And then Viper. I forgot about Viper. How can I forget about Viper? So Tim's in the room to remind me. I know I forgot.

然後是 Viper。我忘了 Viper 了。我怎麼能忘記 Viper 呢？所以蒂姆在房間裡提醒我。我知道我忘了。

So not that you would have a favorite child. It's never a good thing to have a favorite child, especially my kids are listening right now. So the Viper, I've never ever in my entire career have had a product where I've had this much demand. So it's exciting and a little bit nerve wracking right now because we're going to have to we've got a lot to do here, but we are getting tremendous demand for Viper.

所以你不會有最喜歡的孩子。有寵愛的孩子從來都不是一件好事，尤其是我的孩子現在正在聽我說話。在我的整個職業生涯中，我從來沒有推出過對 Viper 有如此大需求的產品。所以現在很令人興奮，但也有點緊張，因為我們有很多事情要做，但我們對 Viper 的需求很大。

And as I mentioned on Analyst Day, our team mentioned this summer is our beta. So we're going just with a few dozen dealers this summer. It's early stages. I never want to oversell where we're at.

正如我在分析師日提到的，我們的團隊提到今年夏天是我們的測試版。因此今年夏天我們只與幾十家經銷商合作。目前還處於早期階段。我從來不想誇大我們的現狀。

We're hoping to come out of beta before Q4 is our objective right now. So we'll go through the summer; we'll learn. And hopefully, we'll start getting into production by early next year. Hopefully, earlier, we'll see. But we're so far so good. The team is in line with what I said last.

我們現在的目標是希望在第四季之前完成測試。所以我們將度過這個夏天；我們會學習的。希望我們能在明年年初開始投入生產。希望我們能早點看到結果。但目前為止我們一切順利。團隊符合我上次說的。

And I would say, if anything, the line is growing. We've got dealers literally getting in line right now asking for what unit number they're going to get a project Viper. So yes, it's tremendous excitement. But having said that, we're very early. And we've to get through our beta, and then actually manufacture these and get going. But thanks for asking.

我想說的是，這條線路正在不斷延伸。現在已經有經銷商在排隊詢問他們將以哪個編號購買 Viper 專案車。是的，這確實令人興奮不已。但話雖如此，我們還為時過早。我們必須完成測試，然後才能真正生產並開始生產。但感謝您的詢問。

Super. No, that all sounds terrific. Thank you very much.

極好的。不，這一切聽起來都很棒。非常感謝。

Thank you, Bob.

謝謝你，鮑伯。

Naved Khan, B. Riley Securities.

納韋德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Thanks a lot. Two questions from me, one on ACV Capital growing revenue more than 30%. Curious what kind of a cash rate you're seeing here? And in terms of just expanding this offering, how do you plan to manage the risk as you make these capital commitments to partners?

多謝。我有兩個問題，一個是關於 ACV Capital 收入成長超過 30%。好奇您在這裡看到的現金利率是什麼樣的？就擴大該產品範圍而言，您在向合作夥伴做出資本承諾時規劃如何管理風險？

And the second question I have is just around the, you know, maybe on commercial side, is it possible given the prospects for price increases on vehicles due to tariffs? We could see a downdraft in wholesale listings from fleet owners where they might be wanting to get more miles out of their existing vehicles. Thanks.

我的第二個問題是，也許在商業方面，考慮到關稅導致汽車價格上漲的前景，這是否可能？我們可以看到車隊所有者的批發清單出現下降趨勢，他們可能希望現有車輛能夠行駛更多里程。謝謝。

Hey, Naved, it's Bill. I'll handle the first question, and then I'll toss it over to George. So first on ACV Capital, so a few things to consider. Obviously, one of the many ways that we minimize risk is our VCIs across the country, call it roughly 800 VCIs, visit dealer lots every month and can validate where the car is since we get paid the sooner of the maturity of the loan or when the car is sold to a consumer. So that's number one.

嘿，納維德，我是比爾。我會處理第一個問題，然後將其交給喬治。首先關於 ACV Capital，有幾件事需要考慮。顯然，我們降低風險的眾多方法之一就是在全國範圍內設立 VCI，大約有 800 個 VCI，每個月都會訪問經銷商，並且可以驗證汽車的位置，因為我們會在貸款到期或汽車出售給消費者時盡快收到付款。這是第一點。

Number two, over the last year or so, we've significantly improved our risk management capabilities internally. And in fact, if we look at Q1, we grew revenue actually 33% year on year. Our bad debt expense actually was down 50% year on year. So we dramatically reduced our bad debt expense while really driving really strong growth.

第二，在過去一年左右的時間裡，我們內部的風險管理能力得到了顯著提升。事實上，如果我們看第一季度，我們的收入實際上同比增長了 33%。我們的壞帳支出實際上比去年同期下降了 50%。因此，我們在大幅降低壞帳支出的同時，真正實現了強勁成長。

So that's the model that we have in place. And now with some of the other enhancements we've made to that business in terms of implementing a loan management system, and some of the new capabilities we have in terms of new offerings we can offer to our customers on the financing front, we kind of see this as a really nice growth engine that will accelerate through this year and beyond. So it's a great business model. I think the team is doing a phenomenal job. And obviously, as you know, it's very accretive to our EBITDA margins.

這就是我們現有的模型。現在，我們在實施貸款管理系統方面對該業務進行了一些其他改進，並且在融資方面我們可以為客戶提供一些新產品，我們將其視為一個非常好的成長引擎，將在今年及以後加速發展。所以這是一個很棒的商業模式。我認為該團隊做得非常出色。顯然，正如您所知，這對我們的 EBITDA 利潤率有很大的增值作用。

Yeah, I mean, could you -- it's George. Could you go back and ask repeat your question regarding commercial and pricing just again just so I make sure I answer it appropriately?

是的，我的意思是，你能──我是喬治。您能否回去再問一次有關商業和定價的問題，以便我確保我能正確回答？

Yeah. So people kind of expect that tariffs would cause pricing to go up on average on new vehicles. And is it possible therefore that fleet owners who generally participate in the commercial wholesale may look to basically own their vehicles for longer just getting more miles out of their existing cars versus buying new? So that could, affect volumes. And curious to know how you're thinking about those kind of shifts.

是的。因此人們預計關稅會導致新車平均價格上漲。那麼，是否有可能，通常參與商業批發的車隊所有者可能希望擁有自己的車輛更長時間，而不是購買新車，而只是讓現有車輛行駛更多里程？因此這可能會影響銷量。我很好奇想知道您是如何看待這些轉變的。

Yeah. Thanks for repeating that. That's helpful. Yeah. So if you frame where we get our supply from today -- as you and our other investors here all know, we're really early stage on commercial. We're very early stage on off lease. We're early stages on -- most of our supply still today comes from dealer.

是的。謝謝你重複這句話。這很有幫助。是的。因此，如果您了解我們今天的供應來源——正如您和我們的其他投資者所知，我們確實處於商業化的早期階段。我們正處於租賃解除的早期階段。我們正處於早期階段——今天我們的大部分供應仍然來自經銷商。

So when you think about your question as it relates to this year, while our supply mainly comes from dealers, it would be really about SAR, new car sales, trade ins, and used car sales, and how many of those customers, to your point, will go back to the dealership and yet buy another car. So those cars would not have necessarily been leases that would have been brought to ACV anyways. When you look at the ecosystem, they would have first went to that local dealer.

因此，當您考慮與今年相關的問題時，雖然我們的供應主要來自經銷商，但實際上涉及 SAR、新車銷售、以舊換新和二手車銷售，以及有多少客戶（正如您所說）會回到經銷商處再購買另一輛車。因此，這些汽車不一定是租賃的，也不會被帶到 ACV。當你觀察生態系統時，他們會先去當地的經銷商。

If they buy it, they typically retail it. And if they don't buy it, then it would go through the captives private marketplace, et cetera. So if there is pressure on that category, that specific category you're alluding to, which is off lease and consumers coming in a little bit slower, it could potentially impact new and used. But I think specifically with us, it would impact how our supply is coming in a little bit less so than probably others in the marketplace.

如果他們購買它，他們通常會將其零售。如果他們不買，那麼它就會透過專屬私人市場等來銷售。因此，如果該類別（即您所指的特定類別，即租賃期結束且消費者進入速度稍慢的類別）面臨壓力，則可能會對新車和二手車產生影響。但我認為，具體到我們而言，它對我們的供應的影響可能比市場上的其他人要小一些。

If we had more exposure off lease, which I wish we did, it'll come in time as we get bigger. But as of right now, we're still early on that segment. I would say more broadly on tariffs, if that's also where you're kind of going with it, look at it as long as new cars and used cars are being sold, then we will still have trades. I think what we saw generally speaking in Q1 was new car volume was up, which was nice, and used car volume was not up as much. And we could see the inverse in one of the quarters this year.

如果我們有更多的租賃曝光機會（我希望我們能做到），隨著我們規模的擴大，這種機會也會隨之而來。但截至目前，我們仍處於該領域的早期階段。我想更廣泛地談論關稅，如果這也是你所考慮的問題，那麼只要新車和二手車還在銷售，那麼我們就仍然會有交易。我認為我們在第一季總體上看到的是新車銷量上升，這是好事，而二手車銷量上升幅度並不大。我們可能會在今年某個季度看到相反的情況。

We could see where new car year over year compares look harder but used car sales will be up higher. So look at why we feel pretty good about the year is whether we see new cars up a little bit or used cars up a little bit, we might see the inverse of the other. And that kind of, from our perspective, keeps us pretty level, think down the middle. So we're feeling pretty good about the year.

我們可以看到，新車銷量較去年同期下降，但二手車銷量將會上升。因此，看看我們為什麼對今年感覺很好，是因為無論我們看到新車價格略有上漲還是二手車價格略有上漲，我們可能會看到相反的情況。從我們的角度來看，這種方式可以讓我們保持平衡，保持中立的思考。所以我們對今年的業績感覺非常良好。

Great. And then maybe, Bill, just on the going back to the capital question and thanks for your answer. But how should we be thinking about the attach rate for capital? Has that also gone up? Or are there other factors driving this growth?

偉大的。那麼，比爾，也許我們只是回到資本問題上，謝謝你的回答。但是我們該如何考慮資本的附加率呢？那也漲了嗎？或者還有其他因素推動了這種成長？

I'm sorry, the question was? I missed the last part.

抱歉，問題是？我錯過了最後一部分。

Attach rate on capital.

資本附加率。

Attach rate, yeah. No, the attach rate actually continued to rise. It's well into the double digits now. So keep in mind, our target is based on our midterm model is 25% attach rates. And we're expecting to make a lot of progress this year in terms of moving closer to that target. So really good progress.

附著率，是的。不，附加率實際上還在繼續上升。現在已經達到兩位數了。所以請記住，我們的目標是基於我們的中期模型，即 25% 的附加率。我們預計今年將在實現這一目標方面取得很大進展。所以確實取得了很好的進展。

Yeah. And just to also follow-up to that, not only is the tax rate solid on the auctions platform, but the team, we're in the early stages of off platform, which includes helping dealers buy cars from consumers. So we feel good about this midterm growth rate, and we're doing a really solid job about achieving our midterm objectives.

是的。並且為了跟進這一點，不僅拍賣平台上的稅率很穩定，而且我們的團隊還處於平台外的早期階段，其中包括幫助經銷商從消費者那裡購買汽車。因此，我們對這個中期成長率感到滿意，而且我們在實現中期目標方面做得非常紮實。

We feel good because both will get this, as Bill mentioned, continue attach rate on our marketplace. And we're in the very early stages of the off platform and helping dealers buy more. So yeah, we feel generally good about our -- the team's done a great job thus far, and we feel good about our medium-term goals that we've articulated.

我們感覺很好，因為正如比爾所提到的那樣，雙方都會得到這種結果，繼續在我們的市場上保持附加率。我們正處於平台外業務的早期階段，致力於幫助經銷商購買更多產品。是的，我們總體上感覺很好——到目前為止，團隊做得非常出色，我們對我們闡明的中期目標感到滿意。

Fantastic. Thank you, guys.

極好的。謝謝你們。

Thank you.

謝謝。

Chris Peirce, Needham & Company.

克里斯·皮爾斯（Chris Peirce），Needham & Company。

Sorry if these are repeats, but I missed a little of the call. Just two questions. Can you just kind of talk about competitive dynamics in the market? We've seen CarMax and Carvana with ADESA Clear sort of upgrade their buyer facing tech to play a little catch up. And then we've seen physical option M&A as well. Like, is anything shifting underneath the surface in terms of the market because of what you guys are doing? Are the markets moving? I just love to see if there's any feedback you're getting from dealers on options that are out there that are maybe better than they were say a year ago.

抱歉，如果這些是重複的，但我錯過了一點通話內容。僅兩個問題。能簡單談談市場競爭動態嗎？我們已經看到 CarMax 和 Carvana 與 ADESA Clear 合作升級了面向買家的技術，以便稍微迎頭趕上。然後我們也看到了實物選擇權併購。例如，由於你們所做的事情，市場表面是否發生了一些根本性的變化？市場有動靜嗎？我只是想知道您是否從經銷商那裡得到了有關現有選擇的反饋，這些選擇可能比一年前更好。

Yeah, Chris, I would say no significant changes. Since you've gotten those, we've always had hundreds of competitors, regional competitors, national competitors. So there's been competition since day one of the business. And we continue to execute, we continue to take share.

是的，克里斯，我認為沒有重大變化。自從你得到這些以來，我們一直有數百名競爭對手，地區競爭對手，國家競爭對手。因此從業務開展的第一天起就存在競爭。我們會繼續執行，繼續佔有份額。

The couple of the companies you mentioned are also on the dealer wholesale space, but they're also retailers. And from our perspective, dealers should be very careful about wholesaling vehicles with them. And so we're out there spreading the word of, hey, if you're a dealer, we're a neutral partner. And I think, listen, we should continue to win share. To your point, they've done well.

您提到的幾家公司也從事經銷商批發業務，但他們也是零售商。從我們的角度來看，經銷商在與他們批發車輛時應該非常謹慎。因此，我們四處宣傳，嘿，如果你是經銷商，我們就是中立的合作夥伴。我認為，聽著，我們應該繼續贏得份額。就你的觀點而言，他們做得很好。

But I think we're positioned to do better in the medium to long term. For all the reasons you've heard earlier in this call, we're not there just to help them with wholesale. We're here to help them buy more cars from consumers that actually competes against those other guys you mentioned. We're helping them do better pricing.

但我認為從中長期來看我們能夠做得更好。出於您在本次電話會議中聽到的所有原因，我們不僅僅是為了幫助他們進行批發。我們來這裡是為了幫助他們從消費者那裡購買更多的汽車，實際上與您提到的其他人競爭。我們正在幫助他們制定更好的定價。

So look at it as our role is a truly a long-term partner. I think when you do your homework about us, you're going to hear more and more dealer groups say that, which is we're really proud of. I think some of the parties you mentioned are, I would say, near-term wholesale vendors. And that's really the positioning we're trying to be in the market.

因此，我們的角色是真正的長期合作夥伴。我想，當你對我們做些了解時，你會聽到越來越多的經銷商團體這麼說，這是我們真正感到自豪的。我認為您提到的某些方是近期的批發供應商。這確實是我們在市場上努力追求的定位。

Okay. And then just lastly, can you talk about data and data and volatility in the end market with prices going up, whether it's tariffs driving demand? But Manheim's out today and they're talking about April, and that data probably already has an element of staleness to it. Like, what are the smartest dealers doing, and how are they leveraging the real time data that you guys are able to provide them, whether it's out of the service lane, or putting a bid on a car, when to cut bait at retail and move to wholesale? What are the best dealers doing now? And how are they leveraging data? And how is that an ACV advantage?

好的。最後，您能否談談數據以及終端市場價格上漲所帶來的波動，是否是關稅推動了需求？但曼海姆今天出去談論的是四月的數據，而這些數據可能已經有些過時了。例如，最聰明的經銷商在做什麼，他們如何利用你們能夠提供給他們的即時數據，無論是在服務車道之外，還是對汽車進行競價，何時放棄零售並轉向批發？最好的經銷商現在在做什麼？他們如何利用數據？這怎麼能算是 ACV 優勢呢？

Yeah, it's a great question. So I'll illustrate some examples. I came back from a major dealer group last week, I think it was, yes, last week. And I really got to sit with their management team and how they're using our tools. It was really fascinating. I'll give you some examples.

是的，這是一個很好的問題。所以我將舉一些例子來說明。我上週剛從一個大型經銷商集團回來，我想是的，就是上週。我確實與他們的管理團隊坐在一起，了解他們如何使用我們的工具。這真是令人著迷。我給你舉幾個例子。

So one, to your point, there's actually a percentage of cars they're buying from the service drive. I won't say what the percentage here is, but it's actually a real number. Like, okay, we're starting to buy some cars from the service drive. It's starting to show up as a supply source, which really, really proud about that.

所以，首先，正如你所說，他們實際上有一定比例的汽車是透過服務驅動購買的。我不會說這裡的百分比是多少，但這實際上是一個真實的數字。例如，好吧，我們開始從服務車道購買一些汽車。它開始作為一個供應源出現，這真的非常令人自豪。

Number two, how their pricing more and more automation are pricing. Historically, this is an industry where they always went to this sort of traditional competitors inventory management appraisal tool. Every single car, they had to sit there and look at and click all these boxes and blah, blah, blah, blah. Now you're just more and more -- we're leveraging AI to help them do some of this. So you're seeing streamline, which means you're putting more offers.

第二，他們的定價方式越來越自動化。從歷史上看，這個行業總是採用這種傳統的競爭對手庫存管理評估工具。每輛車，他們都必須坐在那裡，查看並點擊所有這些框框等等。現在，我們正在越來越多地利用人工智慧來幫助他們完成這些工作。因此，您看到的是精簡，這意味著您提供了更多的優惠。

Now predicting the retail price also helps you predict should you retail or wholesale the car and gives you an expectation of how much room you have for reconditioning. Now we don't give them that number yet. We just show them this is you're going to sell it for. They know what they could buy it for. And they kind of figure out, at least for now, how much they want to put for recon.

現在預測零售價還可以幫助您預測是否應該零售或批發汽車，並讓您預期有多少修復空間。現在我們還沒有給他們這個號碼。我們只是向他們展示你要賣的價格。他們知道可以用什麼錢來購買它。至少目前，他們已經弄清楚了他們想要在偵察方面投入多少資金。

But even what we already have today, in our current version of our tools, none of this is possible in sort of the legacy tools that are out there. So think, okay, you could buy more cars, you could predict the retail price. Then when you think about -- even though we're in a market where there's really some solid demand for a new, I think good demand for use, it depends on the price of these used cars.

但即使我們今天已經擁有了當前版本的工具，在現有的傳統工具中，這些都是不可能的。所以想想，好吧，你可以買更多的汽車，你可以預測零售價。然後當你考慮——即使我們處於一個對新車確實有穩定需求的市場，我認為對二手車的需求也很好，但這取決於這些二手車的價格。

So if a car is sitting there for two weeks or four weeks or six weeks, we're starting to give updates for every single VIN what they should do. The update could be, raise the price by $243 because we're seeing a lot of demand. Or the update could be, we recommend you reduce the price by $350. So I think it's not just when they're buying the cars. It's this ongoing constant learning that's going on.

因此，如果一輛車在那裡停了兩週、四周或六週，我們就會開始對每一個 VIN 進行更新，告訴它們應該做什麼。更新可能是將價格提高 243 美元，因為我們看到大量需求。或者更新可能是，我們建議您將價格降低 350 美元。所以我認為這不僅發生在他們購買汽車的時候。這就是正在進行的持續不斷的學習。

And we're feeding -- it's not just coming from our pricing engine. It's coming from what's going on from their CRM. It's coming from how much interest is on the car, or what's happening generally on the internet. So the team is doing a great job of seeing what's happening from a national market perspective, in addition to what's going on at their store and their group.

我們正在提供的資訊不僅僅來自我們的定價引擎。它來自於他們的 CRM 中發生的事情。它取決於人們對汽車的興趣程度，或網路上普遍發生的事情。因此，除了了解商店和集團內部的情況外，團隊還能夠從全國市場的角度很好地了解正在發生的事情。

So hopefully, that's what you're looking for. But that's what the great groups are doing. And I think you'll see it in their numbers. Some of our dealer partners had a great quarter, I believe, and I'm happy to help.

所以希望這就是你所尋找的。但這正是偉大的團體正在做的事。我想你會從他們的數字中看到這一點。我相信，我們的一些經銷商合作夥伴度過了一個美好的季度，我很樂意提供協助。

Okay. And then just lastly for me, I know the end market can be sort of opaque sometimes. So on your first bullet around guidance where the dealer wholesale market is expected to be approximately flat year over year, apologies if you gave this on the main call, but what has the dealer wholesale market done year to date in terms of up, down year to date?

好的。最後，對我來說，我知道終端市場有時會有點不透明。因此，關於您關於經銷商批發市場預計同比基本持平的指導意見的第一點，如果您在主要電話會議上提到了這一點，我很抱歉，但就今年迄今為止而言，經銷商批發市場的表現如何？是上漲還是下跌？

Yeah, I think, right now, Chris, it up low single digits. I think the why would be was new was up, used was not up as much. So one report has used retail down a little bit, it was one report. And one report was from one of the leading providers of data in the category, and one had used retail up a tiny, tiny bit.

是的，我認為，克里斯，現在，它上升了個位數。我認為原因是新產品的價格上漲了，而二手產品的漲幅沒有那麼大。因此，有一份報告稱零售額略有下降，這是一份報告。其中一份報告來自該類別的領先數據提供商，其中一份報告僅使用了極少量的零售數據。

So all in all, I would say retail was solid for Q1. And also, the compares were a little bit easier. So we had a better compare. When you look at the back half of the year, it's going to be a little bit tougher of a compare because new started to go up throughout the year. And also, wholesale started to go up a little bit throughout the year.

總而言之，我認為第一季零售業表現穩健。而且，比較起來也比較容易一些。所以我們可以進行更好的比較。當你回顧下半年時，比較起來會更加困難一些，因為全年新產品開始上漲。此外，批發量全年也開始略有上漲。

So Chris, all in all, again, we said flattish, inventing our own word because our reason for inventing, I think, Bill Herrick should get a trademark or patent or whatever on this. Because the whole intention of flattish is you're going to see it up a little bit, you're going to see it down a little bit. We were trying to, in a way, get everyone to not be so scientific.

所以克里斯，總而言之，我們再次說了“flattish”，發明了我們自己的詞，因為我們發明的原因是，我認為比爾·赫里克應該為此獲得商標或專利或其他什麼。因為趨於平緩的整個意圖是你會看到它稍微上升一點，你會看到它稍微下降一點。在某種程度上，我們試著讓每個人不要那麼科學。

So I'd say so far so good. It's what we expected. I feel good about the rest of the year.

所以我想說到目前為止一切都很好。這正是我們所期望的。我對今年剩餘的時間感覺很好。

Okay, perfect. That's all for me. Thanks for your time.

好的，完美。對我來說就這些了。感謝您的時間。

Thank you.

謝謝。

Stephen McDermott, Bank of America.

美國銀行的史蒂芬‧麥克德莫特。

Hi, thank you for taking the question. This one is more of a model related, and I have a follow-up. But as we approach kind of tougher compares in 2Q and for the rest of the year for pricing, how should we think about that dynamic and I guess price increases from here? Thank you.

您好，感謝您回答這個問題。這個更多地與模型有關，我有一個後續行動。但是，隨著我們在第二季以及今年剩餘時間內面臨更嚴峻的定價比較，我們應該如何看待這種動態，我猜價格會從現在開始上漲？謝謝。

So I think I just commented a minute ago that from a market perspective, the tougher compare would be on the fact that new was up a little bit, used was up a little bit last year, wholesale was up a little bit. And so the expectations of a flattish wholesale would be a little bit more on that about market, not about us. On pricing, I don't think I really -- I think at the end of the day, we're within our expectations. I think Bill in the call mentioned where we were with ARPU.

所以我想我剛才評論說，從市場角度來看，更難比較的是去年新產品略有上漲，二手產品略有上漲，批發產品略有上漲。因此，批發業務平穩的預期更取決於市場，而不是我們。關於定價，我不認為我真的——我認為最終，我們還在預期之內。我認為比爾在電話中提到了我們的 ARPU 水平。

Yeah, so our auction and insurance ARPU was $513 for the quarter in Q1. And that reflected up by fee increase at the very beginning of March. So we'll see some improvement in ARPU, all the things being equal through the rest of the year. Although our guidance does assume that GMV per unit dips a little bit in the second half, which would be more seasonal in nature. So we bake that in as well.

是的，我們第一季的拍賣和保險 ARPU 為 513 美元。這反映在三月初的費用上漲。因此，如果今年剩餘時間所有條件保持不變，我們將看到 ARPU 有所改善。儘管我們的指導確實假設每單位 GMV 在下半年會略有下降，但這在本質上更具季節性。所以我們也把它烤進去。

Is that helpful?

這樣有幫助嗎？

No, that was helpful. And in terms of the ARPU and the pricing, that was definitely helpful. Thank you.

不，這很有幫助。就 ARPU 和定價而言，這絕對是有幫助的。謝謝。

And then on the call, you kept talking about how strong demand is, but unit pricing did decelerate quite a bit on stable comps from 27% to 2019. So I was just wondering, is there perhaps any other dynamic? I know you touched on competitors a little bit earlier for a question, but are you seeing anything more underlying? Or is it -- just take wherever you want.

然後在電話會議上，您一直在談論需求有多強勁，但單位價格在穩定的同銷量基礎上確實從 27% 下降到 2019 年的相當高水平。所以我只是想知道，是否還有其他動態？我知道您之前在提問中提到了競爭對手，但您是否看到了更根本的東西？或者是——隨心所欲地去。

Yeah, I mean, listen, we're a bigger company, we continue to grow. I think most investors would say these are very healthy growth numbers on big numbers. So no, I think there's really no comment there only because we were within our expectations. We delivered. And we did all that while exceeding our EBITDA number, which means we didn't give away the farm.

是的，我的意思是，聽著，我們是一家更大的公司，我們還在不斷發展。我認為大多數投資者會說這些都是非常健康的成長數字。所以不，我認為那裡真的沒有什麼可評論的，只是因為我們在我們的預期之內。我們做到了。我們在完成所有這些的同時也超出了我們的 EBITDA 數字，這意味著我們沒有放棄農場。

It's really easy to show a bunch of unit numbers if you give them all for free. We're not going to do that. So I think if anything, strong execution, continuing to take share. I think what we're trying to -- our brand, whether you want us to think about this as a golf analogy, I just want you guys to keep thinking like right down the middle. I'm not trying to win the longest drive competition on every single hole here.

如果免費提供所有單位編號，那麼顯示一堆單位編號真的很容易。我們不會這麼做。所以我認為，如果有的話，強而有力的執行力，將繼續佔據市場份額。我認為，我們正在嘗試的是——我們的品牌，無論你是否希望我們將其視為高爾夫類比，我只是希望你們能夠保持中間的思考。我並不是想在這兒的每個洞上都贏得最遠距離開球比賽的冠軍。

We are just -- you're going to see us be right down the middle, keep executing, keep delivering. So we're really proud of the team. I don't really have to answer that, but I'm really proud of the results.

我們只是——你會看到我們正處於中間，繼續執行，繼續交付。所以我們真的為這個團隊感到驕傲。我其實不需要回答這個問題，但我真的對結果感到自豪。

Yeah, I mean, I would just add, look, our revenue growth rate, it was just over 25% for the quarter. And we're just under 22% last year, Q1. So all in all, I would say we feel pretty good. And again, as George mentioned, we had a really nice speed on EBITDA, which is continued financial discipline in terms of running the business.

是的，我的意思是，我只想補充一下，我們本季的營收成長率剛好超過 25%。去年第一季度，這一比例略低於 22%。總而言之，我想說我們感覺很好。正如喬治所提到的那樣，我們的 EBITDA 成長速度非常快，這意味著我們在經營業務方面持續保持財務紀律。

So the last thing I'll mention is our operating cash flow actually in Q1 was equivalent to our operating cash flow for all of last year. And obviously, cash is a pretty important element of our financial model as well. So we feel really good about the results.

我要提到的最後一件事是，我們第一季的經營現金流其實相當於去年全年的經營現金流。顯然，現金也是我們財務模型中非常重要的元素。所以我們對結果感到非常滿意。

Awesome. Thank you. I'm looking at the free cash flow, and it's ramping quite nicely. So thank you.

驚人的。謝謝。我正在查看自由現金流，它正在順利成長。所以謝謝你。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's Q&A. I will now hand over to Tim Fox for closing remarks.

女士們、先生們，今天的問答環節到此結束。現在我將把時間交給提姆福克斯作結束語。

Great. Thank you. I'd like to thank everybody for joining the call today. We look forward to seeing you on what's going to be a pretty busy conference circuit this quarter. Again, thank you for your interest in ACV, and I hope you all have a great evening.

偉大的。謝謝。我要感謝大家今天參加電話會議。我們期待在本季相當繁忙的會議巡迴中見到您。再次感謝您對 ACV 的關注，並祝大家有個愉快的夜晚。

Thank you. Ladies and gentlemen, that concludes this evening's event. Thank you for attending, and you may now disconnect your lines.

謝謝。女士們、先生們，今晚的活動到此結束。感謝您的參與，現在您可以斷開線路了。