ACV Auctions Inc (ACVA) 2025 Q2 法說會逐字稿

Greetings, and welcome to the ACV second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Tim Fox, Vice President of Investor Relations. Please go ahead.

您好，歡迎參加 ACV 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係副總裁 Tim Fox。請繼續。

Good afternoon, and thank you for joining ACV's conference call to discuss our second 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 2025 年第二季的財務表現。今天與我一起參加電話會議的還有執行長 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所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.

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。

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.

今天的收益資料中提供了 GAAP 與非 GAAP 財務指標的對賬，您也可以在我們的投資者關係網站上找到。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 team's execution in the second quarter, delivering revenue and adjusted EBITDA within our guidance range, despite challenging market conditions in the back half of the quarter.

謝謝，蒂姆。大家下午好，感謝大家的參與。儘管本季後半段市場環境充滿挑戰，但我們對團隊在第二季的表現非常滿意，營收和調整後的 EBITDA 仍處於我們的預期範圍內。

Record revenue and continued cost discipline resulted in adjusted EBITDA margins more than doubling year-over-year, underscoring the scale in our business model. Our results were driven by three key factors, first, solid execution in our dealer wholesale business.

創紀錄的收入和持續的成本控制導致調整後的 EBITDA 利潤率同比增長一倍以上，凸顯了我們業務模式的規模。我們的業績由三個關鍵因素推動，首先，我們的經銷商批發業務的穩健執行。

We continue to gain market share and expand our dealer partner network by delivering a highly differentiated marketplace experience. Second, we had another record quarter for ACV Transport and ACV Capital, along with strong adoption of our value-added dealer solutions. And third, we further executed on an exciting product road map for our dealer and commercial partners, expanding our TAM and growing our competitive moat.

我們透過提供高度差異化的市場體驗來繼續獲得市場份額並擴大我們的經銷商合作夥伴網路。其次，ACV Transport 和 ACV Capital 再創季度業績新高，同時我們的加值經銷商解決方案也廣泛採用了。第三，我們進一步為我們的經銷商和商業合作夥伴執行了令人興奮的產品路線圖，擴大了我們的TAM並增強了我們的競爭優勢。

As Bill will detail later, we've updated our 2025 revenue guidance to reflect ongoing cross currents in the broader macro environment and are still expecting to deliver strong top line growth of at least 20% year-over-year.

正如比爾稍後將詳細介紹的那樣，我們已更新 2025 年的收入指引，以反映更廣泛的宏觀環境中持續的逆流，並且仍然預計實現至少 20% 的強勁收入成長。

Furthermore, we have maintained the midpoint of adjusted EBITDA guidance, reflecting our commitment to deliver significant margin expansion while continuing to invest in our long-term growth objectives. We're confident to executing on this profitable growth strategy will create significant long-term shareholder value.

此外，我們維持了調整後 EBITDA 指引的中點，這反映了我們致力於大幅擴大利潤率，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顯著的長期股東價值。

With that, let's turn to a recap of our results on slide 4. Q2 revenue was $194 million and grew 21% year-over-year. We sold 210,000 vehicles, which was 13% year-over-year growth despite the sharp market deceleration throughout the quarter.

接下來，讓我們回顧一下投影片 4 上的結果。第二季營收為 1.94 億美元，年增 21%。儘管整個季度市場急劇減速，但我們仍售出了 21 萬輛汽車，年增 13%。

Next on slide 5, we will again focus our discussion around the three pillars of our strategy to maximize long-term shareholder value, growth, innovation and scale.

接下來在第 5 張投影片上，我們將再次圍繞我們的策略的三大支柱進行討論，以最大化長期股東價值、成長、創新和規模。

I'll begin with growth. On slide 7, we highlight how ACV is leveraging AI across our suite of solutions, beginning with our marketplace. We provide dealers with highly accurate condition adjusted pricing guidance, enabling them to set attractive reserve prices, which increases buyer engagement and conversion.

我先從成長說起。在第 7 張投影片上，我們重點介紹了 ACV 如何在我們的解決方案套件中利用 AI，從我們的市場開始。我們為經銷商提供高度準確的條件調整定價指導，使他們能夠設定有吸引力的底價，從而提高買家的參與度和轉換率。

Seller experience is further enhanced with flexible auction durations and scheduling, and our new in-auction tool allows sellers to set their own start price for each vehicle and remove the reserve price, which also drives buyer engagement and conversion.

靈活的拍賣時間和安排進一步增強了賣家的體驗，我們新的拍賣工具允許賣家為每輛車設定自己的起拍價並取消底價，這也推動了買家的參與和轉換。

On the demand side, the buying experience is tailored across buyer personas, and we're optimizing the bidding experience by providing AI-enabled recommendations informed by dealer preferences and current market factors.

在需求方面，購買體驗是根據買家角色量身定制的，我們根據經銷商偏好和當前市場因素提供人工智慧建議，從而優化競價體驗。

Turning to slide 8. Let's review our marketplace service offerings, beginning with ACV Transportation. The transportation team had another quarter of strong execution, setting records for both quarterly revenue and transports delivery.

翻到幻燈片 8。讓我們回顧一下我們的市場服務產品，從 ACV Transportation 開始。運輸團隊又一個季度表現強勁，創下了季度收入和運輸交付量的記錄。

AI optimized pricing continues to drive strong growth and operating efficiency. Revenue margin expanded 370 basis points year-over-year in Q2 and was in line with our midterm targets in the low 20s. Lastly, our off-platform transportation service continues to gain traction from our dealer partners. These new value-added services increased transport network densities and create additional long-term growth vectors.

人工智慧優化定價持續推動強勁成長和營運效率。第二季營收利潤率年增 370 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受到經銷商合作夥伴的青睞。這些新的增值服務增加了運輸網路密度並創造了額外的長期成長動力。

Turning to slide 9. The ACV Capital team also delivered very strong results with over 60% revenue growth in Q2. This was the third quarter in a row of accelerated growth, which supports our confidence that we continue to scale ACV Capital while managing risk.

翻到第 9 張投影片。ACV Capital 團隊也取得了非常強勁的業績，第二季營收成長超過 60%。這是連續第三個季度加速成長，這增強了我們對在管理風險的同時繼續擴大 ACV Capital 規模的信心。

The ACV Capital team is expanding its TAM by delivering new value-added offerings to our dealers, including off-platform transactions such as helping them buy vehicles from consumers, creating additional growth levers for our business.

ACV Capital 團隊正在透過向我們的經銷商提供新的增值服務來擴大其 TAM，包括幫助他們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 10 with data service highlights. Market traction for ClearCar remains strong, with over 1,600 active rooftops as of Q2. ClearCar service, which enables dealers to provide instant appraisals and offers to consumers in their service lane is particularly attractive in the current supply-constrained market.

最後，我將在第 10 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，截至第二季度，活躍屋頂數量超過 1,600 個。ClearCar 服務使經銷商能夠為其服務通道中的消費者提供即時評估和報價，這在當前供應受限的市場中尤其具有吸引力。

One proof point is our success with a top five dealer group that has deployed ClearCar service at over 150 rooftops with plans to expand nationally this year. The ACV MAX team delivered another strong quarter, reflecting the investment we've made to advance its features.

一個證明點是我們與五大經銷商集團的成功合作，該集團已在 150 多個屋頂上部署了 ClearCar 服務，並計劃今年在全國擴展。ACV MAX 團隊又取得了一個強勁的季度業績，反映了我們為改善其功能所做的投資。

Through Q2, bookings were up 50% compared to 2024, driven by a number of large competitive displacements. Our strategy to bundle data services with ACV wholesale is gaining traction, creating another exciting long-term growth lever for ACV.

到第二季度，由於大量競爭性排氣量的推動，預訂量與 2024 年相比增長了 50%。我們將數據服務與 ACV 批發捆綁在一起的策略正在獲得關注，為 ACV 創造了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. Mercedes-Benz of Bakersfield, California, which is using ACV's full suite of offerings. We posted a video on our IR website highlighting the significant value they're deriving from ACV solutions.

再次，本季度，我們很高興分享來自我們的一位經銷商合作夥伴的回饋。加州貝克斯菲爾德的梅賽德斯-奔馳正在使用 ACV 的全套產品。我們在 IR 網站上發布了一段視頻，重點介紹了他們從 ACV 解決方案中獲得的巨大價值。

Next, on slide 11. I'll address the second element of our strategy to drive long-term shareholder value, innovation.

接下來，請看投影片 11。我將討論推動長期股東價值的策略的第二個要素，即創新。

Turning to slide 12. Let's go deeper into how we leverage ACV AI across our products, services and operations. Using machine learning, we are fusing inspection and dynamic market data to provide pricing for every vehicle in real time within ACV's pricing platform.

翻到第 12 張投影片。讓我們深入了解如何在我們的產品、服務和營運中利用 ACV AI。利用機器學習，我們融合檢查和動態市場數據，在 ACV 的定價平台內即時為每輛車提供定價。

A great example is ACV Guarantee, one of the fastest-growing channels in our marketplace, accounting for over 15% of units sold exiting Q2. Our Guarantee sales accelerate better engagement, remove market risk for our sellers and deliver a 100% conversion rate.

一個很好的例子就是 ACV Guarantee，它是我們市場上成長最快的管道之一，佔第二季銷售量的 15% 以上。我們的保證銷售加速了更好的參與，消除了賣家的市場風險並實現了 100% 的轉換率。

We're confident this highly differentiated offering will be another key lever in driving market share gains while maintaining attractive unit economics. We are expanding our competitive edge with AI-driven next-generation products like Virtual Lift 2.0 and Project Viper.

我們相信，這種高度差異化的產品將成為推動市場份額成長並維持有吸引力的單位經濟效益的另一個關鍵槓桿。我們正在利用 Virtual Lift 2.0 和 Project Viper 等人工智慧驅動的下一代產品來擴大我們的競爭優勢。

On slide 13, we highlight these next-generation products in action at one of our dealer partners. We kicked off several pilots in Q2, and feedback has been very positive. Today, our dealer partners have run over 10,000 vehicles through Viper. We're leveraging this data to fine-tune our hardware and software as we expand our pilots over the next few quarters. We believe we're on track for commercial launch for both Project Viper and Virtual Lift 2.0 in 2026.

在第 13 張投影片上，我們重點介紹了我們的一家經銷商合作夥伴實際使用的這些新一代產品。我們在第二季啟動了幾項試點，回饋非常積極。如今，我們的經銷商合作夥伴已透過 Viper 營運了超過 10,000 輛汽車。我們將利用這些數據來微調我們的硬體和軟體，並在接下來的幾季擴大我們的試點範圍。我們相信，Project Viper 和 Virtual Lift 2.0 都將在 2026 年商業化發布。

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're taking pricing and guarantee capabilities on our marketplace and by our e-commerce partners directly now to our dealer partners.

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。我們的人工智慧支援平台能夠在不到一秒的時間內以可重複、有保證的價格大規模處理以舊換新。我們正在透過我們的市場和電子商務合作夥伴直接向我們的經銷商合作夥伴提供定價和擔保能力。

We currently have 5 of the top 10 dealership groups in the US, leveraging our pricing data to appraise trade-ins and acquire vehicles from consumers. Think of this as pricing as a service, which is another high-margin revenue stream to support our growth objectives, while expanding our relationship with these major dealer groups.

我們目前擁有美國十大經銷商集團中的五家，利用我們的定價數據來評估以舊換新並從消費者那裡收購車輛。將此視為一種服務定價，這是另一個高利潤收入來源，可以支持我們的成長目標，同時擴大我們與這些主要經銷商集團的關係。

Wrapping up on innovation, let's cover our commercial wholesale strategy on slide 15. With our initial commercial platform nearing completion, we are excited to announce the upcoming opening of our first greenfield marketing sector, located in Houston, Texas.

總結創新，讓我們在第 15 張投影片上介紹我們的商業批發策略。隨著我們最初的商業平台即將完工，我們很高興地宣布即將在德克薩斯州休斯頓開設我們的第一個綠地行銷部門。

Our commercial platform includes capabilities to receive assignments from AutoIMS, conduct commercial inspections, create work orders and repair estimates and receive consignor approvals. We will leverage our technology by opening up additional greenfield locations to address the large commercial TAM, providing another long-term growth lever for ACV.

我們的商業平台包括接收來自 AutoIMS 的任務、進行商業檢查、建立工作訂單和維修估算以及接收托運人批准的功能。我們將利用我們的技術，開闢更多的綠地，以解決龐大的商業 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，請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 pleased with our Q2 financial performance. Along with record revenue, 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。我們對第二季的財務表現感到滿意。除了創紀錄的收入外，我們還實現了利潤率的大幅提升和調整後 EBITDA 的成長，展現了我們商業模式的實力。

On slide 17, let's begin with a recap of our second quarter results. Revenue of $194 million grew 21% year-over-year, and was within our guidance range, despite challenging market conditions in the back half of the quarter.

在第 17 張投影片上，我們先回顧第二季的業績。儘管本季後半段市場環境嚴峻，但 1.94 億美元的營收年增 21%，仍處於我們的預期範圍內。

Adjusted EBITDA of $19 million was at the midpoint of guidance, with margin improving 520 basis points year-over-year. Finally, non-GAAP net income was also at the midpoint of guidance, with margin increasing 430 basis points year-over-year.

調整後的 EBITDA 為 1,900 萬美元，處於指導值的中點，利潤率年增 520 個基點。最後，非公認會計準則淨收入也處於指導的中間點，利潤率年增 430 個基點。

Next, on slide 18, let's review additional revenue details. Auction & Assurance revenue was 57% of total revenue and grew 20% year-over-year. This performance reflects 13% unit growth and Auction & Assurance ARPU of $523, which grew 6%.

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 57%，年增 20%。這一業績反映了 13% 的單位增長和 523 美元的拍賣與保證 ARPU，增長了 6%。

To add some context to unit growth in the quarter, we were pleased with strong listings performance that were in line with our expectations. However, weaker market conditions in the back half of the quarter resulted in lower-than-expected conversion rates resulting in an approximate 500 basis point unit growth headwind.

為了補充本季單位成長的一些背景訊息，我們對符合我們預期的強勁上市表現感到滿意。然而，本季後半段市場狀況較弱，導致轉換率低於預期，導致單位成長遭遇約 500 個基點的阻力。

Marketplace Services revenue was 39% of total revenue and grew 25% year-over-year, reflecting record revenue for ACV Transport and ACV Capital. Our SaaS and data services products comprised 4% of total revenue, with revenue approximately flat year-over-year.

市場服務收入佔總收入的 39%，年增 25%，反映了 ACV Transport 和 ACV Capital 創紀錄的收入。我們的 SaaS 和數據服務產品佔總營收的 4%，營收與去年同期基本持平。

Next, I'll review Q2 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 & Assurance results and by ACV transport.

接下來，我將在第 19 張投影片上回顧第二季的成本。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。這項改善是由拍賣與擔保績效和 ACV 運輸所推動的。

Non-GAAP operating expense, excluding cost of revenue, as a percentage of revenue, decreased 300 basis points year-over-year. These results reflect our ongoing focus on expense discipline as we optimize and scale our business.

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了 300 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 11% 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.

移至投影片 20。我將在我們推動獲利成長的同時制定我們的投資策略。到 2025 年，我們預計營運支出將成長約 11%，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 Q2 with $305 million in cash and cash equivalents and marketable securities, and $187 million of debt. Note that our cash balance includes $198 million of marketplace flow. In the figure on the right, we highlight our strong operating cash flow for the first half, 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。截至第二季末，我們擁有 3.05 億美元的現金、現金等價物和有價證券，以及 1.87 億美元的債務。請注意，我們的現金餘額包括 1.98 億美元的市場流量。在右圖中，我們重點介紹了上半年強勁的經營現金流，這反映了調整後的 EBITDA 成長和利潤率擴大。

Now turning to guidance on slide 22. Based on elevated trade retention rates observed in late Q2, we now expect that dealer wholesale volumes will be flat to down modestly year-over-year in 2025. In terms of conversion rates, we were pleased to see trends improve in July, and we currently expect normal seasonal patterns for the balance of the year. Wholesale price appreciation is also expected to follow normal seasonal patterns.

現在轉到第 22 張投影片上的指示。根據第二季末觀察到的貿易保留率上升，我們現在預計 2025 年經銷商批發量將同比持平或小幅下降。就轉換率而言，我們很高興看到 7 月的趨勢有所改善，目前我們預計今年剩餘時間的季節性模式將保持正常。預計批發價格上漲也將遵循正常的季節性模式。

As George mentioned earlier, we are trimming our 2025 revenue guidance by $5 million at the midpoint to reflect the ongoing macro cross currents. Revenue is now expected to be in the range of $765 million to $775 million, growth of 20% to 22% year-over-year. At the midpoint of revenue guidance, we continue to expect market share gains in the mid-teens, consistent with our midterm target model.

正如喬治之前提到的，我們將 2025 年的收入預期中位數下調了 500 萬美元，以反映當前的宏觀逆流。目前預計營收將在 7.65 億美元至 7.75 億美元之間，年增 20% 至 22%。在收入指導的中點，我們繼續預期市佔率將成長十幾個百分點，這與我們的中期目標模型一致。

We are maintaining the midpoint of adjusted EBITDA guidance with a range of $68 million to $72 million, reflecting growth of approximately 150% year-over-year at the midpoint. We are now expecting non-GAAP OpEx, excluding cost of revenue to grow approximately 11% year-over-year, resulting in a 200 basis point increase in incremental adjusted EBITDA margin versus our previous guidance.

我們維持調整後 EBITDA 指引的中點，即 6,800 萬美元至 7,200 萬美元的範圍，反映出中點年增約 150%。我們現在預計非 GAAP 營運支出（不包括收入成本）將年增約 11%，導致增量調整後 EBITDA 利潤率與我們先前的指引相比增加 200 個基點。

For the third quarter, we are expecting revenue in the range of $198 million to $203 million, growth of 16% to 18% year-over-year against a tough comparison in Q3 '24, which had revenue growth of 44%. Adjusted EBITDA is expected to be in the range of $18 million to $20 million, reflecting growth of approximately 70% year-over-year.

對於第三季度，我們預計營收將在 1.98 億美元至 2.03 億美元之間，年增 16% 至 18%，而 2024 年第三季的營收成長率為 44%。調整後的 EBITDA 預計在 1,800 萬美元至 2,000 萬美元之間，年增約 70%。

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

現在，讓我把話題轉回喬治身上。

Thanks, Bill. Before we take your questions, I will summarize. We are pleased with our strong execution in Q2, 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。我們對第二季的強勁表現感到滿意，尤其為取得這些成果的 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 road map 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 年實現大幅調整後的 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) Chris Pierce, Needham & Company.

（操作員指示）克里斯·皮爾斯 (Chris Pierce)，Needham & Company。

Hey, good afternoon everyone. Could you just kind of parse out from Bill's comments, the 500 bps unit growth headwind despite listings being in line with expectations. Does that mean dealers opted -- well, it does mean -- I'm assuming dealers are opted to keep these vehicles because they weren't getting the price we wanted.

嘿，大家下午好。您能否從比爾的評論中分析出，儘管上市數量符合預期，但單位增長仍面臨 500 個基點的逆風。這是否意味著經銷商選擇——嗯，這確實意味著——我假設經銷商選擇保留這些車輛，因為他們沒有得到我們想要的價格。

Is that what you mean by higher retention rates? Or is higher retention rates or something else? And this is -- there are two different things. I just want to confirm to kind of parse that a little bit?

這就是您所說的更高的保留率嗎？或者是更高的保留率或其他什麼？這是──兩件不同的事情。我只是想確認一下，稍微分析一下？

Yeah, hey Chris, yeah, two separate things. Semi-related, but let's call them two separate things. One is dealers, when you survey and you talk to dealers right now, they're keeping the higher percentage of partners, keeping more used cars.

是的，嘿克里斯，是的，兩件不同的事情。半相關，但我們稱它們為兩件獨立的事情。一是經銷商，當你調查並與經銷商交談時，你會發現他們保留了更高比例的合作夥伴，保留了更多的二手車。

They need this inventory. We're still overall as an industry, as we spoke about coming into this year, working ourselves from a several million units gap. So that broad industry challenge has been going on. The specific headwind that Bill referenced on the call regarding conversion rate was more of, I would say, short term, just a few months, our expectations on what the sell-through rate was going to be the conversion rate of the platform versus what it was. But yes, these two things aren't directly related. Bill, I don't know if you want to add anymore?

他們需要這些庫存。正如我們所談到的，作為一個產業，我們今年仍然在努力彌補數百萬台的缺口。因此，廣泛的行業挑戰一直在持續。比爾在電話會議上提到的有關轉換率的具體不利因素更多的是短期的，僅僅幾個月，我們對銷售率的預期就是平台的轉換率與實際情況的對比。但是的，這兩件事並沒有直接關係。比爾，我不知道你還想補充什麼？

Yeah. I think just to take you through the math, Chris, just want to understand what we're referencing with the 500 basis point headwind. So again, so our listings were consistent with our expectations and what we bake into our modeling.

是的。克里斯，我想只是為了讓你了解數學，只是想了解我們所說的 500 個基點逆風指的是什麼。所以，我們的清單與我們的預期以及我們在模型中融入的內容一致。

The difference in actual unit growth was attributable to lower conversion rates than we had initially anticipated and modeled through May and then especially in June. But that's the math behind the unit growth versus what our expectation was.

實際單位成長的差異歸因於轉換率低於我們最初預期，並且 5 月份和 6 月份的模型。但這就是單位成長與我們的預期之間的數學關係。

But your question of combining the two makes sense, meaning like if you're going to keep someone versus wholesaling them, some percentage of those lower conversion that they just kept the vehicle, it's not the whole story. But Chris, that is part of the story.

但是，您將兩者結合起來的問題是有意義的，這意味著如果您要保留某人而不是批發他們，那麼他們保留車輛的較低轉換率的一定比例並不是全部。但克里斯，這只是故事的一部分。

Okay. And then just lastly for me. Can you talk about any competitive dynamics or competitive changes in the marketplace you're seeing? Or should we think of this as 80%, 20% macro versus competitive or whatever kind of ratio you might want to put on that. I'd love to hear your thoughts there.

好的。最後，對我來說。您能談談您所看到的市場競爭動態或競爭變化嗎？或者我們應該將其視為 80%、20% 的宏觀與競爭，或者您可能想要放在其上的任何類型的比率。我很想聽聽你的想法。

Yeah, I think the things we saw in the quarter was pretty much in line with what the industry saw. We get data from NAAA AuctionNet, and other data and conversion rates came down in the quarter pretty consistently. I would say, for us and the competitors.

是的，我認為我們在本季看到的情況與業界看到的情況基本一致。我們從 NAAA AuctionNet 取得數據，其他數據和轉換率在本季持續下降。我想說，對於我們和競爭對手來說都是如此。

So I would say we probably all saw similar trends where you saw the pull forward, you saw a lot of activity in the beginning of the quarter. We saw few different macro headwinds all happening. And so I would say the slight dip in conversion rate made sense.

所以我想說，我們可能都看到了類似的趨勢，你看到了向前的拉動，你看到了本季初的大量活動。我們看到幾種不同的宏觀逆風同時發生。所以我認為轉換率稍微下降是有道理的。

I say that also confidently that conversion rates did come back up to start this quarter. I'll think some of that is the market. And some of that also could be the things we're doing with our no reserve sale and pushing the guarantee offering. But Chris, we did see the quarter start out stronger from a conversion rate perspective and actually see pretty healthy conversion rate. So all good right now.

我也很自信地說，本季初轉換率確實回升了。我認為其中一些是市場。其中一些也可能是我們正在採取的無底價銷售和推動擔保優惠的措施。但是克里斯，從轉換率的角度來看，我們確實看到本季開局更強勁，而且實際上看到了相當健康的轉換率。現在一切都很好。

Okay. I appreciate the detail. I'll pass it along.

好的。我很欣賞這個細節。我會傳達的。

Thank you.

謝謝。

Bob Labick, CJS Securities.

鮑勃·拉比克（Bob Labick），CJS 證券公司。

Hi. This is Will on for Bob. Can you discuss the progress on your pricing engine and the benefits to auction liquidity from being able to have guaranteed pricing?

你好。這是威爾代替鮑伯上場。您能否討論一下您的定價引擎的進度以及保證定價對拍賣流動性的好處？

Yeah, certainly. We're making a lot of great progress. Bill mentioned on the call or I mentioned -- one of us mentioned that we exited at around 15%. And when we -- when you think about that progress, it's we're really proud of the progress where we're comfortable at the end of the day, putting a number on a vehicle that's really, let's call it, give or take, within [$75] of what the vehicle sells for.

是的，當然。我們正在取得很大進展。比爾在電話中提到，或者我提到——我們中的一個人提到，我們以大約 15% 的價格退出。當我們——當你想到這一進步時，我們真的為這一進步感到自豪，最終我們感到很滿意，給一輛車定了一個價格，讓我們稱之為，大約在車輛售價的 [75 美元] 以內。

That's incredible. You're talking about a vehicle that can be $5,000, $10,000, $20,000, whatever the vehicle is. In our data set that we've trained, condition-adjusted data set we train from all the inspections we've done and also the direct integrations we have with our dealers DMS systems through our ACV MAX system.

那真是難以置信。你說的車輛價格可以是 5,000 美元、10,000 美元、20,000 美元，無論什麼價位。在我們訓練過的資料集中，我們根據所做的所有檢查以及透過我們的 ACV MAX 系統與經銷商 DMS 系統的直接整合來訓練條件調整資料集。

The combination of those two data sets gives us a tremendous competitive edge. So we think our sale, what you hear us refer to as a guarantee to the seller. It's no reserve to the buyer. We think the sale is going to grow pretty substantially over the next few years. Obviously, we're going to take our time doing it in a really smart way, but our confidence is going up. Bill, I don't know if there's any more you want to share that we could share at this point.

這兩組數據的結合為我們帶來了巨大的競爭優勢。因此，我們認為我們的銷售，即您所聽到的我們對賣方的保證。對於買家來說，這不是保留。我們認為未來幾年銷售額將會大幅成長。顯然，我們會花時間以一種非常聰明的方式來做這件事，但我們的信心正在增強。比爾，我不知道你是否還有什麼想分享的，我們現在可以分享的。

Yeah. I would just say in terms of the numbers again. So we exited the quarter at about 15% of our unit volume was no reserve, with these guaranteed sales. For the full quarter though, it worked out to about 11% of volume, which was 200 bps above Q1. So we saw an acceleration exiting the quarter and that kind of continued through so far this quarter.

是的。我只想再次從數字的角度來說。因此，我們在本季結束時，約有 15% 的單位銷售量沒有儲備，但有保證的銷售額。但就整個季度而言，其交易量約為 11%，比第一季高出 200 個基點。因此，我們看到本季末出現了加速趨勢，而這種趨勢一直持續到本季。

Thank you. And what's next after the price guarantee in terms of new tech and data products?

謝謝。那麼，在價格保證之後，新技術和數據產品方面接下來會怎麼樣呢？

Yeah, we have three of the top five dealer groups, either live or in beta using our data to help them price cars with consumers. Obviously, we have one of the largest marketplace companies in the world, Amazon using our data set as well. It's becoming a true differentiator.

是的，我們擁有五大經銷商集團中的三家，他們要么是正式經銷商，要么是測試經銷商，他們正在使用我們的數據來幫助他們為消費者定價汽車。顯然，世界上最大的市場公司之一亞馬遜也在使用我們的數據集。它正在成為一個真正的差異化因素。

It's a way when you think about aligning ourselves with the market's key focus. And dealers are here to buy cars from consumers or price them right. We're really aligns on wholesale. We will move to retail as well. We have in beta today, predicting the price of retail, which is also really incredible with our data set.

這是讓我們自己與市場焦點保持一致的一種方法。經銷商的職責是從消費者手中購買汽車或為其定價。我們在批發方面確實保持一致。我們也將進軍零售業。我們今天處於測試階段，可以預測零售價格，這對我們的資料集來說也確實令人難以置信。

And with the same data science team, we can predict not only with the cars in sell from wholesale, but we were -- within the last month, [$360] prediction within 30 days, what a vehicle is sold for, which is really incredible.

借助同一支數據科學團隊，我們不僅可以預測批發銷售的汽車，而且我們還可以預測上個月（360 美元）30 天內汽車的售價，這真是令人難以置信。

So think about this data set, it's a way for us to launch new products like No Reserve. I mean the No Reserve this guarantee it's going to be a big part of the company. But it also comes in time prior to Project Viper coming live, where we'll be able to inspect cars within a dealer service drive, start to put a number of automatically in these vehicles and in other capabilities that we'll be launching. So yeah, we're really proud of the efforts thus far.

所以想想這個資料集，這是我們推出 No Reserve 等新產品的一種方式。我的意思是，無儲備金這項保證將成為公司的重要組成部分。但它也恰逢「毒蛇計畫」上線之前，屆時我們將能夠在經銷商服務區內檢查汽車，開始在這些車輛中自動添加一些功能，以及我們將要推出的其他功能。是的，我們對迄今為止的努力感到非常自豪。

Thank you.

謝謝。

Thank you.

謝謝。

Eric Sheridan, Goldman.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the questions. Maybe two, if I could. We have gotten a number of questions about the Amazon partnership and how to think about that scaling and delivering volume to the platform. I'm not sure how much you're willing to say you're able to say about how to think about the embedded assumptions about what that looks like over the next couple of years?

非常感謝您回答這些問題。如果可以的話，也許兩個。我們收到了許多關於與亞馬遜的合作關係以及如何擴大規模並向該平台交付產品量的問題。我不確定您願意說多少關於如何看待未來幾年內發生的嵌入式假設？

And then when just putting a finer point on some of the AI solutions you talked about in the prepared remarks, how should we be thinking about the geographic expansion of those tools and sort of coverage across your market, so we can get a better sense again of sort of the travel from point A to point B and thinking about some of the contributions to growth in the coming years. Thanks so much.

然後，當您在準備好的評論中更詳細地討論一些人工智慧解決方案時，我們應該如何考慮這些工具的地理擴展和對整個市場的覆蓋範圍，以便我們能夠更好地了解從 A 點到 B 點的旅程，並思考未來幾年對成長的一些貢獻。非常感謝。

Yeah, certainly. I'll try to tackle both of those questions, Eric. So first, the contributions will come as we roll out these solutions. This year, (inaudible) initiatives like Project Viper to your point, your second part of your question, will be very small. I mean we're not baking in a lot of these new capabilities in these sales.

是的，當然。我會盡力解決這兩個問題，艾瑞克。因此，首先，隨著我們推出這些解決方案，貢獻就會隨之而來。今年，（聽不清楚）像您提到的「毒蛇計畫」這樣的計劃，也就是您問題的第二部分，規模將會非常小。我的意思是，我們並沒有在這些銷售中融入很多新功能。

What we're doing with Amazon, we can't predict what they're going to do. So you're not going to see us do a forecast. Whether it's Amazon, whether it's Project Viper, whether it's these other new initiatives, you're not seeing us bank on a lot of these things this year. Obviously, as we get closer to the end of this year, we'll think about how much we want to bake in for next year.

我們正在與亞馬遜合作，我們無法預測他們會做什麼。所以你不會看到我們做預測。無論是亞馬遜、毒蛇計劃，還是其他新舉措，今年你都不會看到我們依賴太多這些東西。顯然，隨著今年年底的臨近，我們會考慮明年要烘焙多少東西。

But right now, we're obviously spending the resources. So it's in our R&D budget. It's in our spend. But we're not expecting a material contribution this year. But I think these are incredible medium to long-term benefits that should flow through. So I don't think I can really talk much more about like direct partnerships, whether it be about the name you mentioned or others. Bill, I'm not sure if there's any out that we can share.

但現在，我們顯然正在消耗資源。所以它在我們的研發預算中。這是我們的支出。但我們並不期望今年會有實質的貢獻。但我認為這些都是令人難以置信的中長期利益，應該會實現。因此，我認為我無法真正談論更多有關直接合作夥伴關係的事情，無論是關於您提到的名稱還是其他名稱。比爾，我不確定我們是否有可以分享的資訊。

Yeah. I would just say this year, frankly, Eric, it's more it's more the case where our P&L is being burdened with the cost to kind of get these platforms scalable going forward, especially Viper. With Amazon, we've built that platform, so it's capable of processing trade-ins at scale. So the opportunity is really for growth down the road. .

是的。坦白說，艾瑞克，今年我只想說，我們的損益表更承受著使這些平台未來可擴展的成本，尤其是 Viper。我們與亞馬遜合作建立了該平台，因此它能夠大規模處理以舊換新。因此，這是一個真正有利於未來成長的機會。。

But Viper especially, we're investing in this year, and that's baked into our current modeling in terms of our OpEx spend. So really, the opportunity on Viper is really going to materialize next year in terms of revenue and kind of opportunities to sell this overall solution that kind of plays into the guarantee offerings that we have as well.

但我們今年特別對 Viper 進行了投資，這已融入我們目前的營運支出模式中。因此，Viper 的機會實際上將在明年實現，無論是收入方面，還是銷售整體解決方案的機會方面，這都與我們提供的擔保產品有關。

Great. Thank you guys.

偉大的。謝謝你們。

Thanks Eric.

謝謝埃里克。

John Colantuoni, Jefferies.

傑富瑞的約翰·科蘭圖尼。

Yeah, hey, thanks for taking the question. This is Vincent on for John at Jefferies. So after consistently delivering roughly mid-teens outperformance of industry unit volumes for the last couple of years. It looks like growth relative to the broader dealer industry, may have slowed down a bit in the quarter, but then you expect a return to mid-teens gains going forward.

是的，嘿，謝謝你回答這個問題。我是傑富瑞集團的約翰的 Vincent。因此，在過去幾年中，我們的銷量一直比行業平均水平高出約十幾倍。看起來，相對於更廣泛的經銷商行業而言，本季的成長速度可能有所放緩，但預計未來將恢復到十幾歲的增幅。

So maybe just help us think about the drivers of deceleration relative to the broader industry, whether you think they're transitory. And then just help us think a little bit about the contribution from commercial units in 2Q as well? Thanks.

因此，也許可以幫助我們思考相對於更廣泛行業而言的減速驅動因素，無論您是否認為它們是暫時的。然後，您能否幫助我們思考第二季度商業部門的貢獻？謝謝。

Yes. I'll start and then Bill can chime in. So first, when you look back at the last several years, looking at these percentages based on a quarterly basis, we don't believe shows the full picture. We still put up a lot of growth when you look at year-over-year on an absolute basis. But we're -- I think when you look at it on an annual basis, it really shows a better picture of -- and we did that last year, we did the year before.

是的。我先開始，然後比爾可以加入。首先，當你回顧過去幾年時，以季度為基礎查看這些百分比，我們認為這並不能反映出全貌。如果從絕對值來看，我們仍然實現了很大的同比增長。但是，我認為，當你從年度角度來看時，它確實展現出更好的圖景——我們去年就這樣做了，前年也這樣做了。

We plan on doing that this year, too. So I think there's -- there's no -- in our mind, no change in our ability to continue to grow share. And to your point, the numbers are getting bigger. So the numbers are bigger. So our absolute number does need to grow more, and we're not shy about that.

我們今年也計劃這樣做。所以我認為，在我們看來，我們繼續擴大市場份額的能力並沒有改變。正如您所說，這個數字正在變得越來越大。所以數字更大。因此我們的絕對數量確實需要進一步增長，我們對此並不羞於承認。

But we're pretty confident that with all the things you're hearing about here, our broader array of being able to go to market with this new product suite. We do think we've got additional growth ahead. And so really, we're not changing our perspective. Bill, any more on that before I go to (inaudible) question.

但我們非常有信心，透過您在這裡聽到的所有消息，我們能夠將這款新產品套件推向更廣泛的市場。我們確實認為我們未來還會有進一步的成長。所以實際上，我們並沒有改變我們的觀點。比爾，在我回答（聽不清楚）問題之前，您還能再談論這個問題嗎？

No, I would just say again, to put things in context. So a few things for the second half of the year. So -- so first, keep in mind that the first half of last year, the market was down. The second half of last year in Q3, growth was 4%, and then 6% in Q4. So the compares are a bit different.

不，我只是想再說一遍，把事情放在上下文中。以下是下半年的一些事。所以 — — 首先，請記住，去年上半年市場低迷。去年下半年第三季成長率為 4%，第四季成長率為 6%。因此比較起來有些不同。

But the context is we're assuming that the market for the full year ends up being flat to slightly down because of all these potential cross currents that are out there, right? And hopefully, things are better and will perform better. But right now, that's our baseline assumption.

但背景是，我們假設由於存在所有這些潛在的逆流，全年市場最終將持平或略有下降，對嗎？希望情況會好轉，業績也會更好。但目前，這是我們的基本假設。

And then that sort of gets us back to kind of the mid-teens in terms of the math, right? So just to make sure you guys understand the way the math works and what we've modeled and what's, therefore, baked into our guidance. understanding, of course, again, as I said in our prepared remarks that we're maintaining the same midpoint of adjusted EBITDA.

那麼從數學角度來說，這就讓我們回到十幾歲的程度了，對嗎？因此，只是為了確保你們理解數學的運作方式、我們所建模的內容以及因此融入我們的指導中的內容。當然，再次理解，正如我在準備好的評論中所說的那樣，我們保持調整後 EBITDA 的中點相同。

So we're actually generating higher incremental margins based on the revenue guidance that we provided for the second half and the full year. That was just some context if you want to say anything else?

因此，根據我們為下半年和全年提供的收入指導，我們實際上正在產生更高的增量利潤率。如果您還想說些什麼，那隻是一些背景資訊？

I think you covered it.

我想你已經涵蓋它了。

Any other questions?

還有其他問題嗎？

Commercial contribution --

商業貢獻--

Oh, commercial. Thanks, Tim. On commercial, we're still very -- we're early. I mean we -- our wins of the quarter is we just got our software done for our new platform. We did sell our first car. So it is -- it's something to celebrate.

哦，商業廣告。謝謝，蒂姆。在商業方面，我們還處於早期階段。我的意思是——我們本季的勝利是我們剛剛為我們的新平台完成了軟體。我們確實賣掉了我們的第一輛車。所以這是值得慶祝的事。

And that's something to go in the earnings script per se. But we sold our first car at our greenfield location at Houston, which was like a practice run. It worked, everything worked, reconditioning and everything went back and forth. We also sold our first car and our new software that didn't require a greenfield, so both trials went in place during the quarter.

這本身就是盈利腳本中的一部分。但我們在休士頓的綠地店裡賣了第一輛車，這就像是試運行。它起作用了，一切都起作用了，重新調節，一切都來來回回。我們還銷售了第一輛汽車和不需要新建的新軟體，因此這兩項試驗都在本季進行。

We're ready to go live very soon. The team is working on live dates for both Houston and the ability to start taking a vehicle that's not at one of our locations and still do the -- whether recon estimate to decide whether or not where the rig remarketing channel for it or not, I think more like an upstream commercial.

我們很快就可以上線了。該團隊正在為休斯頓制定現場日期，並開始接收不在我們任何地點的車輛，並且仍然進行偵察估計以決定是否為其鑽機重新營銷渠道，我認為更像是上游商業。

So really proud what we achieved in the quarter, it was more software than anything else, but it's always great to sell that first car -- on a new tech platform, I would call it, in the process of going live as we speak.

因此，我們非常自豪我們在本季度取得的成就，這更多的是軟體方面的成就，但在一個我稱之為新技術平台的平台上銷售第一輛汽車總是很棒的，正如我們所說的那樣，這個平台正處於上線過程中。

Got it. Thanks so much.

知道了。非常感謝。

Yeah, thank you.

是的，謝謝。

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

Great, answering the questions. George, Bill, I had a little bit of a philosophical question. You've obviously done a tremendous job, historically managing EBITDA, even though growth has fluctuated a lot, like on a quarterly basis, share has fluctuated quite a bit. You talked about some of the software development, all gaining traction.

很好，回答了問題。喬治、比爾，我有一個小小的哲學問題。顯然，您在歷史上管理 EBITDA 方面做了大量工作，儘管成長波動很大，例如按季度計算，份額波動很大。您談到了一些軟體開發，它們都正在獲得關注。

I'm curious, is this like a resource allocation decision every quarter where it looks like your sales and marketing expense came down a lot this quarter. But you made all this progress on the software side. I'm curious, is this like a more concerning decision around to take this approach?

我很好奇，這是否像每季的資源分配決策一樣，看起來本季的銷售和行銷費用下降了很多。但你們在軟體方面取得了所有這些進展。我很好奇，採取這種方法是否是一個更令人擔憂的決定？

Would you consider like investing more on like boots on the ground, sales and marketing to maybe accelerate share even if you could come up to loss of some EBITDA in the near term. Just curious like how you're thinking about this -- or is the focus (inaudible) managing like to your guidance on the dollars on EBITDA? I have a quick follow-up. Thanks.

您是否會考慮在實地、銷售和行銷方面投入更多資金，以加速市場佔有率的成長，即使短期內可能會損失一些 EBITDA？只是好奇您是如何考慮這個問題的——或者重點（聽不清楚）管理是否像您對 EBITDA 美元的指導一樣？我有一個快速的後續行動。謝謝。

Yeah. I think in a way, your summary also was a good representation of how we're thinking about. Like first and foremost, we always protect in our annual budget a pretty significant product and technology spend. So think about that like core.

是的。我認為從某種程度上來說，您的總結也很好地代表了我們的想法。首先，我們始終在年度預算中保護相當重要的產品和技術支出。所以把它想像成核心。

Because at the end of the day, obviously, we got to get through these quarter-by-quarter calls but 5 years from now, 10 years from now, we're going to talk about ACV being the global way cars are priced and sold. We're going to talk about ACV sort of like how we think about Kleenex today, right?

因為到最後，顯然我們必須完成這些逐季的電話會議，但從現在起 5 年後、10 年後，我們將討論 ACV 成為全球汽車定價和銷售的方式。我們今天要談論 ACV，就像我們今天談論 Kleenex 一樣，對嗎？

Like what's the ACV on a vehicle? What's the actual cash value? Like that's how we're going to think about the brand. We'll never get there, if we don't invest in the product intact. So look at it as we approach our budget, we never sight of sight of.

例如車輛上的 ACV 是什麼？實際現金價值是多少？這就是我們對品牌的看法。如果我們不對完整的產品進行投資，我們就永遠無法實現這一目標。因此，當我們接近預算時，我們從未見過它。

At the end of the day, we're going to -- we're building the tech stack here. That's going to create less friction in the marketplace, wherever the vehicle is, upstream the consumers drive way, add a greenfield location for a bank, wherever the vehicle is, first and foremost in the US, eventually globally.

最終，我們將在這裡建立技術堆疊。這將減少市場上的摩擦，無論車輛在哪裡，在消費者行駛路線的上游，為銀行增加一個綠地位置，無論車輛在哪裡，首先是在美國，最終是在全球範圍內。

So that part of the budget, it's -- we're spending at lease ac -- and then we kind of have, hey, if we do well, we might even spend a little more, like we have like our first order of bit from an R&D perspective.

因此，預算的這一部分是——我們至少要花費 ac——然後我們會有，嘿，如果我們做得好，我們甚至可能會花更多一點錢，就像我們從研發角度得出的第一個訂單一樣。

And the next part is inspectors. We never ever will allow our budgeting or EBITDA quarter-by-quarter effect of hiring inspectors because (inaudible) boots on the ground, it's important. Everyone here knows that. Hiring inspectors is a core part at times, you need a little bit more one location, a little less than another mutation, but the team won't hold back.

接下來是檢查員。我們永遠不會允許我們的預算或 EBITDA 逐季度受到僱用檢查員的影響，因為（聽不清楚）實地考察很重要。這裡的每個人都知道這一點。僱用檢查員有時是核心部分，在一個位置你需要多一點，在另一個位置你需要少一點，但團隊不會退縮。

Soon as we need more, we need actually right now about 30 more inspectors across the country. It was my last readout I saw. That -- those 30 inspectors we need are in the process of being hired wherever they are in that process, and it just happens. It's like the kind of -- we don't really look at it as it relates to EBITDA, like it's there. But it's its own machine.

一旦我們需要更多檢查員，實際上現在全國需要大約 30 名檢查員。這是我所看到的最後一個讀數。我們需要的 30 名檢查員正在招募過程中，無論他們身處哪個階段，這一切都是自然而然發生的。就像那種——我們並沒有真正將其視為與 EBITDA 的關係，就像它就在那裡一樣。但它是它自己的機器。

And I would say, generally, broadly sales. We have a lot of sales teams. So I don't think we need boots on the ground for sales, selling any more than we have today. We've got well over 100. I think it's where around 150-ish team mates out in the field, and we have another team of like 20 or so at our majors and strategics, and we have another team.

我想說的是，一般來說，銷售量很大。我們有很多銷售團隊。因此，我認為我們不需要派駐實地銷售人員，也不需要銷售比現在更多的產品。我們已經有超過 100 個了。我認為大約有 150 名隊友在現場，我們還有另一支由 20 人左右組成的隊伍負責我們的專業和策略，我們還有另一支隊伍。

So we've got a really healthy sized sales team that's already kind of built into the budget. So hopefully, that kind of gives you how we think about prioritization.

因此，我們擁有一支規模非常健康的銷售團隊，並且已經將其納入預算。所以希望這能讓您了解我們如何看待優先事項。

Yeah. And then I would just add, Rajat, look, we're still a relatively young company. And we're still maturing a lot internally and operationally. And we know that over time, in order to hit our financial targets, we need to continue to just optimize operationally. And that's kind of a daily and weekly process.

是的。然後我想補充一點，拉賈特，你看，我們還是一家相對年輕的公司。我們的內部和營運方面仍在不斷成熟。我們知道，隨著時間的推移，為了實現我們的財務目標，我們需要繼續優化營運。這是一個每天和每週的過程。

So we're always looking at ways that we can optimize and streamline the way we operate internally. And that's frankly probably never going to change and continuing to leverage technology, not just in terms of the products that we offer our customers, but also how we can leverage technology internally from an operational standpoint -- so what you're seeing is just the continual effort to continue to do that.

因此，我們一直在尋找優化和簡化內部營運方式的方法。坦白說，這可能永遠不會改變，我們將繼續利用技術，不僅在我們為客戶提供的產品方面，而且從營運的角度，我們如何在內部利用技術——所以你所看到的只是持續不斷的努力。

But to George's point, we're really not looking to sacrifice the investments that we need to make to drive future growth on the product and tech side. Because at the end of the day, that's really our core DNA is product and technology and how do we leverage and invest in order to drive more value for our customers and continue to drive growth.

但正如喬治所說，我們確實不想犧牲推動產品和技術未來成長所需的投資。因為歸根結底，我們的核心 DNA 是產品和技術，以及我們如何利用和投資為我們的客戶創造更多價值並繼續推動成長。

Understood. Thanks for the answer there. And just on your market outlook commentary, it looks like July was another decent month for the industry. So it does imply like a pretty material slowing in the remaining five months.

明白了。感謝您的回答。從您對市場前景的評論來看，7 月對該行業來說似乎又是一個不錯的月份。因此，這確實意味著未來五個月內經濟成長將會放緩。

Curious like is it just primarily days related to and the impact it might have on just new car sales. Is there some assumption around worsening wholesale to trade ratio? I'm just curious what's guiding that outlook or material worsening in outlook here for the remainder of the year? Thanks.

好奇的是，這是否主要與新車銷售有關，以及它可能對新車銷售的影響。是否存在批發與貿易比率惡化的假設？我只是好奇，是什麼導致了今年剩餘時間的前景或實質惡化？謝謝。

Yeah, as you know, July was strong. It was strong from retail, it was strong from wholesale. It was a really good month. We also saw in the prior quarter, what happens when there's a little bit of a pull forward right, where you got one strong month and then you kind of have a few months after that, that aren't as strong. So I'll answer saying this one.

是的，如你所知，七月表現強勁。零售業表現強勁，批發業表現強勁。這真是一個美好的月份。我們在上一季也看到，當一些提前趨勢時，會出現什麼情況，即某個月表現強勁，但之後的幾個月就沒那麼強勁了。所以我會回答這個。

We've been reading your reports and you don't seem so bullish -- in past periods, half joking. You do have a lot of data on this, and yeah, we read it all. But there's quite a few analysts out there and when you spoke -- speak to the dealers themselves, you're not hearing the most bullish back of the year and then also it's a tougher compare. When you got the tougher compare and also not as much bullishness going on, that's why we're trying to be thoughtful. Bill, do you want to add to that?

我們一直在閱讀您的報告，您似乎不那麼樂觀——在過去的時期，半開玩笑地說。您確實有很多關於這方面的數據，是的，我們都讀過了。但有相當多的分析師，當你與經銷商交談時，你不會聽到今年最樂觀的言論，而且比較起來更困難。當你面臨更嚴峻的比較，而且也沒有那麼多樂觀情緒時，這就是我們試圖深思熟慮的原因。比爾，你想補充嗎？

I think what I would add is, as you know, kind of trade retention rates are pretty key in terms of the wholesale market. And what we did see is data that support the fact that in Q2, trade retention rates increased about 300 bps year-on-year earlier in the year versus early in the year out.

我想補充的是，如你所知，貿易保留率對於批發市場來說非常關鍵。我們確實看到的數據支持這樣一個事實：第二季度的貿易保留率比年初同比增長了約 300 個基點。

So the potential trend, and we'll have to wait and see how this plays out is dealers could be keeping more traits for retail purposes in the event that consumers shift their buying preferences depending upon what happens with tariffs and how it affects new car pricing and therefore, potentially there could be more demand and potentially higher pricing for used cars.

因此，潛在的趨勢是，我們必須拭目以待，看看這種情況如何發展，如果消費者根據關稅的變化以及它如何影響新車定價而改變購買偏好，經銷商可能會保留更多的零售特徵，因此，二手車的需求可能會增加，價格也可能上漲。

So there's just a lot of puts and takes here, and we're just trying to do our best to try to handicap this and be prudent in terms of how the second half could play out. So to George's point, you've probably been studying this more than we have. And again, we've been reading a lot of your material. So you might have more perspective than we do. But that's the basis for our modeling.

所以這裡有很多的投入和產出，我們只是盡力嘗試去阻止這種情況發生，並謹慎地考慮下半年將如何發展。所以，正如喬治所說，你可能比我們對此研究得更多。再說一次，我們已經閱讀了很多您的資料。所以你可能比我們有更多的見解。但這是我們建模的基礎。

I understood. Well, fair enough. Thank, thanks for the color and good luck.

我明白了。嗯，很公平。謝謝，謝謝你的顏色，祝你好運。

Thank you.

謝謝。

Ron Josey, Citigroup.

花旗集團的 Ron Josey。

Hi George and Bill. Jamesmichael on for Ron here. Two questions, please. First, given the challenging macro, curious how dealer conversations around your value prop have evolved over the last 12 months. particularly regarding appetite for cross-sell and upsell of offerings like ACV Max?

嗨，喬治和比爾。詹姆斯邁克爾 (Jamesmichael) 代替羅恩 (Ron) 上場。請問兩個問題。首先，考慮到宏觀經濟的挑戰，我很好奇過去 12 個月中經銷商圍繞您的價值主張的對話是如何演變的，特別是關於交叉銷售和 ACV Max 等產品追加銷售的興趣？

And then second, on ClearCar specifically, with 1,600 active roofs, -- can you update us on the go-to-market and the success you're seeing in supply-constrained markets. Thank you.

其次，具體來說，ClearCar 擁有 1,600 個活躍車頂，您能否向我們介紹上市情況以及您在供應受限的市場中取得的成功。謝謝。

Yeah, certainly. We mentioned in the prepared remarks that we had one of our best bookings yet ACV Max. Granted, it's a smaller revenue stream for us. So I don't want to oversell it, but it's great to still break records. We brought on more dealers.

是的，當然。我們在準備好的演講中提到，ACV Max 是我們迄今為止最好的預訂之一。誠然，這對我們來說是一個較小的收入來源。所以我不想過度吹捧它，但打破紀錄仍然很棒。我們引進了更多的經銷商。

As we mentioned to you both ClearCar and MAX we're really not -- we're focused on selling these things at a reasonable rate to dealers, but more of our focus is on long-term differentiation on the wholesale side. So we tend to approach these products as a partnership where we're giving MAX and ClearCar for really extremely low prices at times to create that partnership.

正如我們向 ClearCar 和 MAX 提到的那樣，我們實際上並不是——我們專注於以合理的價格向經銷商銷售這些東西，但我們更關注的是批發方面的長期差異化。因此，我們傾向於將這些產品視為一種合作關係，有時我們會以極低的價格提供 MAX 和 ClearCar 來建立這種合作關係。

If we help them buy more cars from consumers, help them price it right, become their long-term wholesale partner. It's really a win-win for both us and our dealer partners. So yeah, record bookings for MAX, ClearCar making great strides. I'll dive in a little bit more.

如果我們幫助他們從消費者那裡購買更多的汽車，幫助他們合理定價，成為他們的長期批發合作夥伴。對於我們和我們的經銷商合作夥伴來說，這確實是雙贏的。是的，MAX 的預訂量創下了紀錄，ClearCar 也取得了長足的進步。我將進一步深入探討。

Probably the most recent trends have been -- the biggest success they've had are buying cars out of their service drive, which -- I think getting dealers who buy more cars from their website is still going to take us more months and more work to really help them do the right marketing, get to the consumer, kind of look at this in phases.

最近的趨勢可能是——他們取得的最大成功是透過他們的服務活動購買汽車——我認為讓經銷商從他們的網站上購買更多的汽車仍然需要我們花費更多的時間和精力來真正幫助他們進行正確的營銷，接觸消費者，分階段看待這個問題。

It's like a Phase 1, Phase 2, Phase 1, they already have consumers coming, they're there to change their oil there to rotate their tires. And we have some dealers buying three to five cars a day right out of the service drive.

這就像是第一階段、第二階段、第一階段，已經有消費者來了，他們來這裡換油換輪胎。我們有一些經銷商每天直接從服務區購買三到五輛汽車。

Now trade retention-wise, they're keeping a higher percentage of those, a lot of them. But in time, as they kind of get their inventory to be right, it will mean we will eventually get back to historical wholesale trade ratio. So, so far, so good. That's going really, really well.

現在從貿易保留的角度來看，他們保留了其中的很大一部分，而且比例更高。但隨著時間的推移，當他們的庫存恢復正常時，這意味著我們最終將回到歷史批發貿易比率。所以，到目前為止，一切都很好。一切進展非常順利。

We are about to take our guarantee offering and combine it as a feature with both ClearCar and MAX in but we are just about to launch that. So think about that's probably more like Q4, Q1, it's technically in beta right now.

我們即將推出我們的擔保服務，並將其作為 ClearCar 和 MAX 的功能結合起來，但我們即將推出這項服務。所以想想這可能更像是 Q4、Q1，從技術上來說它現在處於測試階段。

So more to come. We're helping these dealers. We're helping them put the right price in cars and it gives us a differentiator and really a longer-term partnership outlook with these dealers.

未來還會有更多。我們正在幫助這些經銷商。我們正在幫助他們為汽車設定合理的價格，這為我們帶來了差異化優勢，也讓我們與這些經銷商建立了更長期的合作關係。

Any other questions?

還有其他問題嗎？

Alex Potter, Piper Sandler.

亞歷克斯波特、派珀桑德勒。

Perfect, thanks very much guys. So I hate to beat on this revenue guidance, I think because it was a relatively minor adjustment at the end of the day. But just to put a finer point on this, primarily what you're talking about here is market-wide changes to your own expectations.

太好了，非常感謝大家。所以我不想破壞這個收入預期，我認為這是因為最終這只是一個相對較小的調整。但更準確地說，您在這裡主要談論的是整個市場對您自己的預期所發生的變化。

You've got these puts and takes with conversion rates and things like this. There's nothing fundamentally changing with regard to your own market share or competitive dynamic or anything like that. This is purely just the reassessment of the way the market is functioning. Is that correct?

您已經了解了轉換率和諸如此類的事情的利弊。對於你們自己的市場佔有率或競爭動態或諸如此類的事情來說，沒有什麼根本性的改變。這純粹是對市場運作方式的重新評估。對嗎？

Yeah, hey, Alex. Yes, it is. So -- if you remember, coming into the year, we said we were assuming that the market could be flat, which meant it could be up a little bit, it could be down a little bit. Now our assessment is, at least for the full year, the market potentially is going to be flat to down.

是的，嘿，亞歷克斯。是的。所以——如果你還記得的話，進入今年，我們說過我們假設市場可能持平，這意味著它可能會上漲一點，也可能會下跌一點。現在我們的評估是，至少就全年而言，市場可能會持平甚至下跌。

And we'll see how that actually plays out, but that's what we assumed based on just some of the trends that we were seeing, especially exiting Q2. We're -- again, there's all these crosscurrents and macro signals that are kind of pointing in different directions.

我們將觀察實際情況如何，但這只是我們根據所看到的一些趨勢（尤其是第二季的趨勢）做出的假設。我們——再次，所有這些逆流和宏觀訊號都指向不同的方向。

There's a lot of uncertainty on tariffs. I just talked earlier about how trade retention rates were up 300 bps in Q2. So we kind of plug all that in, and our conclusion was what we should probably be a little more conservative in terms of what the back end is going to look like, and therefore, the full year, while we're still able to maintain our EBITDA guidance, which is kind of meeting our commitment to investors.

關稅方面存在著許多不確定性。我剛才談到第二季貿易保留率如何上升了 300 個基點。因此，我們將所有這些都考慮進去，我們的結論是，我們應該對後端的情況更加保守一些，因此，對於全年的情況，我們仍然能夠維持我們的 EBITDA 指導，這在某種程度上滿足了我們對投資者的承諾。

So I wouldn't say that there's anything more than that. We're pretty excited about all the things that we've been doing. We talked about the guaranteed sales. We talk about Project Viper, watching our first greenfield, which as George mentioned, we're testing the software so far so good.

所以我不會說還有更多的事情。我們對我們所做的一切感到非常興奮。我們討論了保證銷售。我們談論了 Project Viper，關注著我們的第一個綠地，正如喬治提到的，我們正在測試軟體，到目前為止一切順利。

So there's a lot of reasons for us to be excited about the future. But we're just trying to level set a little bit and be a little more conservative for the second half. And that's why it's just a small trim in terms of adjusting the midpoint down revenue by $5 million.

因此，我們有很多理由對未來感到興奮。但我們只是想稍微平衡一下，對下半場採取更保守的態度。這就是為什麼這只是將中間點收入下調 500 萬美元的小幅削減。

Perfect. That's very helpful. And then maybe one other question. I think earlier, Rajat, I think, you mentioned sort of dialing up OpEx spend as a way to -- or dialing it down as a way to manage EBITDA. Pricing is another lever that you guys have historically had sort of in your back pocket.

完美的。這非常有幫助。也許還有一個問題。我認為早些時候，Rajat，我認為，您提到增加營運支出作為一種方式——或者減少營運支出作為一種方式來管理 EBITDA。定價是你們歷史上一直掌握的另一個槓桿。

What's the outlook just based on the fees that you're charging for auctions what's the outlook there? What's the recent trends and any ability to -- or intention, I guess, to take price at all in the coming several months or quarters? Thanks.

僅根據您收取的拍賣費用來看，前景如何？最近的趨勢如何？我猜，未來幾個月或幾季是否有能力或意圖提高價格？謝謝。

Yeah. Listen, we're always looking at this. On the supply side, we basically reduce the price if we get volume. That's how we handle the supply side commitments to our sellers. So I think we've been doing that since 2016. Give us more cars, we charge you less. So it's pretty simple.

是的。聽著，我們一直在關注這一點。在供應方面，如果產量夠大，我們基本上就會降低價格。這就是我們向賣家履行供應方承諾的方式。我認為我們從 2016 年就開始這樣做了。給我們更多的汽車，我們收取的費用就會更少。所以很簡單。

On the buy side, we've got an array of features. The opportunity here isn't just by fees, like you've seen us historically. It's also adding new products where buyers can get additional assurance and other capabilities, which we're starting to get a little bit of (inaudible) these newer offerings.

在買方方面，我們擁有一系列的功能。這裡的機會不僅僅是透過費用，就像您在歷史上看到的那樣。它還增加了新產品，買家可以獲得額外的保證和其他功能，我們開始獲得一些（聽不清楚）這些新產品。

So we're always dialing in here and trying to find that right balance of the right product mix and the right assurance. So we do have some more room. Our fees are still a bit lower than the traditional physical auctions. But we're always looking at it, but we don't have any timing expectations to talk about today.

因此，我們始終致力於尋找正確的產品組合和正確的保證之間的平衡。所以我們確實還有更多空間。我們的費用仍然比傳統的實體拍賣低一點。但我們一直在關注它，但我們今天沒有任何時間預期可以談論。

And that's not baked into our guidance. Now there is going to be call it, 5% or 6% increase in ARPU just based on the buy fee increase that we passed through earlier this year. But on that, we didn't assume any other fee increases per se in our modeling for (multiple speakers)

但這並沒有被納入我們的指導中。現在，僅根據我們今年稍早經歷的購買費用成長，ARPU 就會增加 5% 或 6%。但就這一點而言，我們在模型中並沒有假設任何其他費用增加（多位發言者）

On the take up of some of these Assurance products and other things that we're seeing.

關於我們所看到的一些 Assurance 產品和其他產品的採用。

Right. But that's -- yeah.

正確的。但那是——是的。

Okay. Perfect. Thank you very much, guys.

好的。完美的。非常感謝你們，夥伴們。

Thank you.

謝謝。

Naved Khan, B Riley Securities.

納維德汗 (Naved Khan)，B 萊利證券。

Okay. Thank you very much. Hey guys. Just last year, you did a couple of -- a bit more than a couple, but I think a few tuck-in acquisitions, and I'm wondering what the growth rate looks like if we strip out the ones that were acquired in the back half of last year, what the organic growth would be?

好的。非常感謝。嘿，大家好。就在去年，你們做了幾項——不只幾項，但我認為是一些小規模收購，我想知道如果我們剔除去年下半年收購的公司，成長率會是多少，有機成長率是多少？

And then just on the sort of commercial traffic and the build-out of physical, are you seeing more opportunities to acquire some locations around the country? How are you thinking about it for this year? Thank you.

那麼，就商業流量和實體店建設而言，您是否看到了在全國各地收購一些門市的更多機會？您對於今年的計畫有何看法？謝謝。

So I'll handle the first part, I don't if you want to comment on the second (inaudible). But yeah, we did an acquisition last year. It was a location that was primarily a commercial location in Indiana. And if we look at the impact on the dealer unit growth, it added about 1% to the dealer unit growth in the quarter.

所以我會處理第一部分，如果你想評論第二部分，我就不評論了（聽不清楚）。但是是的，我們去年進行了收購。該地點是印第安納州的主要商業地點。如果我們看一下對經銷商單位成長的影響，它使本季經銷商單位成長了約 1%。

So that was from that acquisition. But all the other acquisitions were prior to Q2 of last year. So that was the only one that affected organic versus inorganic growth.

這就是那次收購的結果。但所有其他收購都是在去年第二季之前進行的。因此，這是唯一影響有機成長與無機成長的因素。

And then your second question, we're always here to talk to the owners of the current options. And so we're always willing to get into an active engagement. But our focus has been a little bit more on these greenfields. We're really excited about this.

然後是您的第二個問題，我們一直在這裡與當前選項的所有者進行交談。因此，我們始終願意積極參與。但我們的關注點更多地放在這些綠地上。我們對此感到非常興奮。

Our first one going live in Houston. We'll have our second one go live early next year some time, we'll come back and tell you the location of that one. we're ready at the contracting phase for that one. So we're feeling really good about the strategy. I'm not ready to give you a ramping of that yet.

我們的第一個活動將在休士頓舉行。我們的第二個項目將於明年年初某個時候上線，我們會回來告訴您該專案的位置。我們已為該專案的簽約階段做好了準備。所以我們對這個策略感到非常滿意。我還沒準備好向你詳細介紹這一點。

So when you think about our 40 locations we said we'd like to have, we haven't yet given you how many of that will be M&A versus greenfields. But as we get a little bit more confident on the greenfield side, we'll update you all more as we see how fast we can grow these greenfield locations.

因此，當您想到我們所說的我們希望擁有的 40 個地點時，我們還沒有告訴您其中有多少是併購，有多少是新建。但隨著我們對綠地方面的信心逐漸增強，我們將向大家提供更多信息，看看這些綠地的發展速度有多快。

So we will have multiple growth lever opportunities here. In addition, we can also look at M&A in certain geos. There are some great (inaudible) out there, and we'd love for them to be part of the ACV family at the right price. So we shall see.

因此，我們將在這裡擁有多個成長槓桿機會。此外，我們也可以研究特定地區的併購。市面上有一些很棒的（聽不清楚），我們希望它們能夠以合適的價格成為 ACV 家族的一部分。我們將拭目以待。

But at the end of the day, we're going to really bank on the greenfields is our core strategy. And if we happen to have some M&A opportunities come on the way, great, but more of a focus on greenfields.

但最終，我們真正依賴的綠地是我們的核心策略。如果我們碰巧有一些併購機會，那很好，但更多的是關注綠地。

Well, just a reminder, with greenfield, so we would have some OpEx upfront but the total capital consumption obviously would be dramatically lower for those cases where we can launch a greenfield instead of acquiring an auction.

好吧，只是提醒一下，對於綠地，我們會有一些前期的營運支出，但對於我們可以啟動綠地而不是收購拍賣的情況，總資本消耗顯然會大大降低。

So as George said, we're kind of open to both but greenfield certainly potentially offer a much more efficient way to grow our business. And we'll see how the first one goes. So -- and we have, I think, we already publicly said that we have a second greenfield that we'll be launching in Q1 of next year with the location to be announced.

正如喬治所說，我們對兩者都持開放態度，但綠地投資無疑可能提供一種更有效的方式來發展我們的業務。我們將看看第一個進展如何。所以 — — 我認為，我們已經公開表示，我們有第二個綠地，將於明年第一季啟動，具體地點將另行公佈。

All good. Thank you bill. Thank you, George.

一切都好。謝謝你，比爾。謝謝你，喬治。

Thank you.

謝謝。

Josh Beck, Raymond James.

喬許貝克、雷蒙詹姆斯。

Thank you for taking the question. This is a little bit more of a go-forward look. So it's early. So I totally appreciate the caveats and the like. But it seems like for '25, the visibility has probably gone down a little bit with -- despite kind of reduction in the market growth from flat to flat to down. It sounds very conversion and retention, not really listed oriented.

感謝您回答這個問題。這更像是一種向前看的眼光。所以還早。所以我完全理解這些警告和類似的東西。但對於 25 年來說，儘管市場成長從平穩到下降，但可見度似乎有所下降。這聽起來非常注重轉換和保留，而不是真正以上市為導向。

But it also seems like things are just kind of somewhat hot and cool by the month because of the macro. So I guess when you start to think about '26, it's obviously too early for that. But what are going to be some of the key, I guess, milestones that you're looking for as we close out this year to help kind of better inform maybe what '26 can look like from a market point of view.

但由於宏觀因素，每個月的情況似乎都有些熱或冷。所以我猜當你開始考慮 26 時，顯然還為時過早。但是，我想，在我們結束今年之際，您所期待的一些關鍵里程碑是什麼，以便從市場角度更好地了解 26 年的情況。

I think at the end of the day, obviously, we all want consistency. But I think we've -- we're seeing dealers -- at the end of the day, they're buying more vehicles. They're not going to be as reliant on just trades. We're seeing a lot happen at once.

我認為，顯然，到最後我們都希望保持一致。但我認為，我們看到經銷商最終會購買更多的車輛。他們不會僅僅依賴交易。我們看到很多事情同時發生。

We're seeing the OEMs parse out all this tariff stuff and really we're seeing OEMs focus on moving products. So I think at the end of the day, what we all want to see is you want to see new cars continue to develop, kind of get through the sort of pretty significant pull forward and then drag type like situations we've seen get through that.

我們看到 OEM 正在分析所有這些關稅問題，而且我們確實看到 OEM 專注於行動產品。所以我認為，最終，我們都希望看到新車繼續發展，度過我們所見過的那種相當顯著的先拉後拖的局面。

Meanwhile, what we'll see is off-lease will start to come back in '26, used car inventory will start to come back in '26. So it does feel like '26 should be a much healthier time for us for the whole industry, not just the ACV, but the whole industry. Bill, do you want to --

同時，我們將看到租賃到期的車輛將在 26 年開始回升，二手車庫存也將在 26 年開始回升。因此，我們確實感覺 26 年對我們整個產業來說應該是一個更健康的時期，不僅僅是 ACV，而是整個產業。比爾，你想--

Yeah. I would say there's two other variables for us to think about, right? Hopefully, by the time we get into '26, all these tariffs and trade deals are behind us, which will certainly eliminate a lot of uncertainty that a lot of dealers and even consumers are dealing with. So that would certainly provide a lot of stability.

是的。我想說還有另外兩個變數要我們考慮，對嗎？希望到2026年，所有這些關稅和貿易協議都已過去，這肯定會消除許多經銷商甚至消費者所面臨的許多不確定性。因此這肯定會提供很大的穩定性。

And then hopefully, interest rates will also come down, which would improve consumer affordability, which I think would just kind of raise all boats and help us and everybody in our industry. So I think it's -- hopefully, it's a safe bet that the tariffs will be behind us by that -- I think certainly, it seems that way. That's going in the right direction at least.

然後希望利率也會下降，這將提高消費者的承受能力，我認為這將使所有人都受益，並幫助我們以及我們行業中的每個人。所以我認為——希望到那時關稅問題能夠解決——我認為肯定是這樣，看起來是這樣。至少這是朝著正確的方向發展的。

And interest rates, we'll see what the Fed does, but at least there seems to be an increased consensus out there that the Fed will start reducing rates. And what the rate will be, who knows and how often, but at least if they start reducing rates further, it will move us in the right direction.

至於利率，我們將觀察聯準會採取什麼行動，但至少似乎越來越多的人一致認為聯準會將開始降低利率。至於利率是多少、頻率如何，誰也不知道，但至少如果他們開始進一步降低利率，這將使我們朝著正確的方向發展。

Okay, that's super helpful. And then I think, Bill, maybe going back to some of your earlier comments about you being a relatively young company and there's still opportunities to unlock operational efficiency, it certainly seems like that's an area you're excited about.

好的，這非常有幫助。然後我想，比爾，也許回到你之前的一些評論，關於你們是一家相對年輕的公司，仍然有機會提高營運效率，這顯然是你感到興奮的一個領域。

Is there a -- is there a short list of a couple of initiatives that really kind of rise to the top? Is it maybe more related to the adoption of some of these newer initiatives that would help luster that in? Just any other talking points there that we should be considering?

有沒有一份——一份真正脫穎而出的幾項舉措的簡短清單？這是否與採取一些有助於實現這一目標的新措施更相關？還有其他值得我們考慮的談話要點嗎？

Yeah. I mean I can't give you anything specific. I mean it's just -- I would just say, in general, we're always looking across the company for operational efficiencies in everything that we do. So it's hard for me to call out one thing specifically.

是的。我的意思是我無法給你任何具體資訊。我的意思是——我只想說，總的來說，我們始終在公司範圍內尋求我們所做的每一件事的營運效率。所以我很難具體地說一說一件事。

We've got now 3,000 employees. We've got a pretty big company and growing. So yeah, I don't want to be specific at this point. As things kind of play out over time, and we can talk specifics, we will in the future.

我們現在有 3,000 名員工。我們的公司規模很大，而且還在持續發展中。是的，我現在不想具體說明。隨著事情逐漸展開，我們可以討論具體細節，我們將來會這樣做。

I would say no different than any other larger-scale company, we're using data to help us understand where are we efficient, where are we not? Where are opportunities to grow? As we all see AI mature, we're really starting to see how can we actually increase our customer satisfaction by getting back to customers faster, not always need a phone call or could be a text, it could be a faster way to get back. We're looking at it across the whole business.

我想說的是，與其他任何大型公司沒有什麼不同，我們使用數據來幫助我們了解哪些方面高效，哪些方面低效？哪裡有成長的機會？隨著人工智慧的成熟，我們開始真正了解如何透過更快地回覆客戶來真正提高客戶滿意度，並且並不總是需要打電話或發短信，這可能是一種更快的回覆方式。我們正在從整個業務角度審視這個問題。

We're looking at ways for dealers to be -- they want to move forward and have self-service faster, they can do it. As Bill mentioned, there's not one thing. There's not like one area of the business where we're both improving our customer satisfaction and also making ourselves more efficient. But it's more built into our DNA, built into how we're capturing our data, built into how we really look at the entire business.

我們正在尋找方法讓經銷商能夠——他們希望向前邁進並更快地實現自助服務，他們可以做到。正如比爾所提到的，沒有一件事。在業務中，我們並沒有哪個領域既能提高客戶滿意度，又能提高自身的效率。但它更多地融入了我們的 DNA、融入了我們捕捉數據的方式、融入了我們看待整個業務的方式。

Super helpful. Thank you guys.

非常有幫助。謝謝你們。

Thank you.

謝謝。

Thank you. This concludes our question-and-answer session. I would like to hand the floor back over to Tim Fox for any closing comments.

謝謝。我們的問答環節到此結束。我想將發言權交還給蒂姆·福克斯，請他發表最後評論。

Thank you, Paul. We appreciate everybody joining us this afternoon and evening of the call, and look forward to hopefully seeing you on the conference circuit this quarter. Again, thank you for your interest in ACV, and I hope everyone has a great evening. Bye now.

謝謝你，保羅。我們感謝大家今天下午和晚上參加我們的電話會議，並希望在本季的會議上見到你們。再次感謝您對 ACV 的關注，並祝大家有個愉快的夜晚。再見了。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。