ACV Auctions Inc (ACVA) 2025 Q3 法說會逐字稿

Greetings and welcome to the ACV third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位來賓，歡迎參加ACV 2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Tim Fox, Vice President of Investor Relations. Thank you. You may begin.

現在，我榮幸地向大家介紹主持人，投資人關係副總裁提姆福克斯。謝謝。你可以開始了。

Good afternoon, and thank you for joining ACV's conference call to discuss our third 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，感謝各位參加 ACV 的電話會議，討論我們 2025 年第三季的財務表現。今天和我一起參加電話會議的有執行長喬治·查蒙和財務長比爾·澤雷拉。

Before we get started, please note that today's comments include forward-looking statements, including statements regarding future financial guidance. These forward-looking statements are subject to risks and uncertainties and involve factors that could cause actual results to differ materially from those expressed or implied by such statements. A discussion of the risks and uncertainties related to our business can be found in our SEC filings and in today's press release, both of which can be found on our Investor Relations website.

在開始之前，請注意，今天的評論包含前瞻性陳述，包括有關未來財務指引的陳述。這些前瞻性陳述存在風險和不確定性，並涉及可能導致實際結果與此類陳述所表達或暗示的結果有重大差異的因素。有關我們業務風險和不確定性的討論，請參閱我們提交給美國證券交易委員會的文件和今天的新聞稿，這兩份文件都可以在我們的投資者關係網站上找到。

During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's earnings materials, which can also be found on our Investor Relations website. And with that, let me turn the call over to George.

在本次電話會議中，我們將討論GAAP和非GAAP財務指標。現今的獲利資料中提供了 GAAP 與非 GAAP 財務指標的調整表，您也可以在我們的投資者關係網站上找到這些資料。那麼，現在讓我把電話交給喬治。

Thanks, Tim. Good afternoon, everyone, and thank you for joining us today. We are pleased with our team delivering record revenue despite challenging market conditions during the quarter. Our performance was driven by solid execution in our dealer wholesale business as we continue to gain market share, expand our dealer partner network, and leverage our value-added dealer solutions. And again, this quarter, ACV Transport and Capital delivered record revenue performance.

謝謝你，提姆。各位下午好，感謝各位今天參加我們的節目。儘管本季市場環境充滿挑戰，但我們的團隊仍然實現了創紀錄的營收，我們對此感到非常滿意。我們的業績得益於經銷商批發業務的穩健執行，我們不斷擴大市場份額，拓展經銷商合作夥伴網絡，並充分利用我們的加值經銷商解決方案。本季度，ACV運輸和資本業務再次創下營收紀錄。

We also executed on our product road map to further differentiate ACV's marketplace experience, support our commercial wholesale strategy, and expand our TAM. As Bill will detail later, we have updated our 2025 guidance to reflect continuing crosscurrents in the broader macro environment, while still expecting to deliver strong top line growth of 19% year-over-year.

我們也執行了產品路線圖，以進一步區分 ACV 的市場體驗，支持我們的商業批發策略，並擴大我們的目標市場規模。正如比爾稍後將詳細介紹的那樣，我們已更新了 2025 年的業績指引，以反映宏觀環境持續存在的複雜變化，同時仍預計實現 19% 的強勁營收將年成長。

Furthermore, we expect to deliver strong adjusted EBITDA growth of over 100% 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.

此外，我們預計調整後 EBITDA 將實現超過 100% 的強勁成長，同時我們將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. Q3 revenue was $200 million and grew 16% year-over-year, against a tough comparison in Q3 2024 with 44% growth. We sold 218,000 vehicles, which was 10% year-over-year growth despite the sustained market deceleration during the quarter.

接下來，讓我們回顧一下第 4 張投影片上的結果。第三季營收為 2 億美元，年成長 16%，但與 2024 年第三季 44% 的成長率相比，這是一個嚴峻的挑戰。儘管本季市場持續放緩，但我們仍售出了 218,000 輛汽車，年增 10%。

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. I will begin with growth. On slide 7, we highlight how ACV is leveraging AI across our suite of solutions to attract new buyers and sellers, increase penetration and wallet share, and gain traction with large dealer groups.

接下來，在第 5 張投影片中，我們將再次圍繞我們實現長期股東價值最大化的策略三大支柱展開討論：成長、創新和規模。我將從成長開始談起。在第 7 張投影片中，我們重點介紹了 ACV 如何利用人工智慧來吸引新的買家和賣家，提高市場滲透率和錢包份額，並獲得大型經銷商集團的支持。

Let's begin with our marketplace. For sellers, we provide highly accurate, condition-adjusted pricing guidance, enabling them to set better informed reserve prices, increasing buyer engagement. Flexible auction durations and scheduling allow dealers to customize their marketplace experience.

讓我們先從我們的市場開始。對於賣家，我們提供高度準確的、根據商品狀況調整後的定價指導，使他們能夠設定更明智的底價，從而提高買家的參與度。靈活的拍賣時間和時間安排允許經銷商客製化他們的市場體驗。

Given the challenging market conditions, with vehicle price depreciation above normal seasonal patterns, dealers are increasingly leaning into ACV's technology. The buying experience on ACV is tailored across buyer personas, and we optimize the bidding experience by providing AI-enabled recommendations informed by dealer preferences and current market factors.

鑑於當前充滿挑戰的市場環境，車輛價格貶值幅度超過正常的季節性規律，經銷商越來越傾向採用 ACV 的技術。ACV 的購買體驗是根據買家角色量身定制，我們透過提供基於經銷商偏好和當前市場因素的 AI 賦能建議來優化競價體驗。

Our differentiated marketplace experience is showing up in the numbers. In Q3, we achieved new quarterly milestones with over 10,000 sellers and 14,000 buyers transacting in our marketplace. Our franchise rooftop penetration also achieved a new milestone, reaching 35% in the quarter. And our major account team delivered impressive results with rooftop penetration within the segment increasing 300 basis points year-over-year.

我們差異化的市場體驗正在數據中反映出來。第三季度，我們實現了新的季度里程碑，超過 10,000 名賣家和 14,000 名買家在我們的市場上進行交易。我們的特許經營店屋頂滲透率也達到了一個新的里程碑，本季達到 35%。我們的大客戶團隊取得了令人矚目的成績，該細分市場的屋頂滲透率比去年同期成長了 300 個基點。

Lastly, from a geographic perspective, we delivered solid growth in our more established regions, where ACV has built significant market share. We also delivered accelerating growth in several emerging regions, like in Southern California and the Midwest, where unit growth exceeded 20% in Q3. While we are very pleased with this performance, there are certain emerging regions where we are enhancing our field engagement model to accelerate growth. These efforts will continue in 2026, and we are confident in the medium-term growth outlook for these emerging regions.

最後，從地理角度來看，我們在較成熟的地區實現了穩健成長，ACV 在這些地區已建立了相當大的市場份額。我們在南加州和中西部等幾個新興地區也實現了加速成長，第三季銷售量成長超過 20%。雖然我們對這項業績非常滿意，但在某些新興地區，我們正在加強現場參與模式，以加速成長。這些努力將在 2026 年繼續，我們對這些新興地區的中期成長前景充滿信心。

Next on slide 8 I'll provide some highlights on our data services. Market traction for ClearCar remains strong. Dealers are leveraging ClearCar service to generate consumer appraisals and offers in their service lanes, creating a valuable sourcing channel in the current supply-constrained environment. While this is great for our dealer partners, ClearCar is also becoming an effective lever to increase wholesale wallet share and attract new dealers to our marketplace. Dealers that recently launched ClearCar increased their wholesale volume by over 30% after going live. And 50% of recent ClearCar customers also became new sellers on our marketplace.

接下來，在第 8 張投影片中，我將重點放在我們的數據服務。ClearCar的市場需求依然強勁。經銷商正在利用 ClearCar 服務在其服務通道中產生消費者評估和報價，在當前供應受限的環境中創造了一個有價值的採購管道。雖然這對我們的經銷商合作夥伴來說是件好事，但 ClearCar 也正在成為提高批發市場份額和吸引新經銷商加入我們市場的有效槓桿。最近推出 ClearCar 服務的經銷商在上線後批發量增加了 30% 以上。最近，50%的ClearCar客戶也成為了我們平台上的新賣家。

ACV MAX is gaining further traction in the industry with dealers now using AI to accurately price retail and wholesale inventory. And we're seeing the same cross-sell dynamic when bundling ACV MAX with wholesale. A recent cohort of new ACV MAX dealers increased their wholesale vehicle sales on our marketplace by an average of 40% within one quarter of launching MAX. We're excited to see that our strategy to offer a broader set of solutions is creating another long-term growth lever for ACV.

ACV MAX 在業界獲得了更大的發展，經銷商現在使用人工智慧來準確地為零售和批發庫存定價。當 ACV MAX 與批發捆綁銷售時，我們也看到了相同的交叉銷售動態。最近一批新的 ACV MAX 經銷商在推出 MAX 後的一個季度內，在我們市場上的批發車輛銷售量平均成長了 40%。我們很高興地看到，我們提供更廣泛的解決方案的策略正在為 ACV 創造另一個長期成長動力。

Turning to slide 9. Let's review our marketplace service offerings, beginning with ACV Transportation. The Transportation team had strong execution in Q3, again, setting records for both quarterly revenue and transports delivered. AI-optimized pricing continues to drive strong growth and operating efficiency. Revenue margin expanded 200 basis points year-over-year in Q3 and was in line with our medium-term target in the low 20s. And our off-platform transportation service continues to gain traction from our dealer partners, creating additional long-term growth opportunities.

翻到第9張投影片。讓我們回顧一下我們的市場服務產品，首先是 ACV 運輸。第三季度，運輸團隊再次表現出色，季度營收和運輸量均創下紀錄。人工智慧優化定價持續推動強勁成長和營運效率提升。第三季營收利潤率年增 200 個基點，符合我們 20% 左右的中期目標。我們的非平台運輸服務持續受到經銷商合作夥伴的歡迎，創造了更多長期成長機會。

Lastly, I'll wrap up the growth section on slide 10 with ACV Capital highlights. ACV Capital team delivered strong revenue performance with 70% growth in Q3, which was the fourth quarter in a row of accelerated growth. In terms of managing risk and in light of the bankruptcy of a former customer, Tricolor, we conducted a review of our loan portfolio. Based on our review and current macro factors, we're lowering our exposure to higher-risk customer segments and reducing our Q4 ACV Capital revenue forecast. Overall, we are confident that ACV Capital will remain an important value-added service for our dealers and long-term growth opportunity.

最後，我將在第 10 張投影片上以 ACV Capital 的亮點總結成長部分。ACV Capital 團隊第三季營收成長 70%，實現了強勁成長，這也是連續第四個季度加速成長。為了管理風險，並考慮到前客戶 Tricolor 的破產，我們對貸款組合進行了審查。根據我們的評估和目前的宏觀因素，我們將降低對高風險客戶群的曝險，並下調第四季度 ACV Capital 收入預測。總而言之，我們相信 ACV Capital 將繼續為我們的經銷商提供重要的增值服務，並帶來長期的成長機會。

Next on slide 11 I will address the second element of our strategy to drive long-term shareholder value, innovation. Turning to slide 12. Let's go deeper into how we're leveraging ACV AI to drive growth and deliver value to our dealer and commercial partners. Using machine learning, we've used inspection and dynamic market data to provide real-time pricing for every vehicle within ACV's pricing platform.

接下來，在第 11 張投影片中，我將討論我們推動股東長期價值策略的第二個要素—創新。翻到第12張投影片。讓我們深入了解我們如何利用 ACV AI 來推動成長，並為我們的經銷商和商業夥伴創造價值。我們利用機器學習技術，結合偵測數據和動態市場數據，為 ACV 定價平台中的每輛車提供即時定價。

Last quarter, we highlighted how we're leveraging our pricing platform to offer ACV Guarantee to sellers and deliver a no-reserve auction format to buyers. This offering is the fastest-growing channel in our marketplace. We were pleased to see ACV Guarantee increase from 11% units sold in Q2 to 18% in Q3.

上個季度，我們重點介紹了我們如何利用定價平台向賣家提供 ACV 保證，並向買家提供無底價拍賣形式。這項服務是我們市場中成長最快的管道。我們很高興看到，ACV 保證率從第二季的 11% 銷售單位提高到第三季的 18%。

As a reminder, our Guarantee sale is a win-win-win for buyers, sellers and ACV. This offering accelerates bidder engagement, increases buyer satisfaction, and delivers 100% conversion rate while removing seller market risk. We're confident this highly differentiated offering will be another key driver of continued market share gains.

再次提醒，我們的擔保銷售對買家、賣家和ACV來說都是三贏的。這項服務可以加快競標者的參與度，提高買家的滿意度，達到 100% 的轉換率，同時消除賣家的市場風險。我們相信，這種高度差異化的產品將成為我們持續擴大市場份額的另一個關鍵驅動因素。

On slide 13, we highlight how we're expanding our competitive edge with AI-driven next-generation products like Project Viper and Virtual Lift 2.0. Since launching our first few pilots in Q2, we added new dealers and our own remarketing centers to the pilot program. To date, over 60,000 vehicles have been inspected by Viper and Virtual Lift, and our team is leveraging this data to fine-tune the product.

在第 13 張投影片中，我們重點介紹如何透過 Project Viper 和 Virtual Lift 2.0 等人工智慧驅動的下一代產品來擴大我們的競爭優勢。自第二季推出首批試點計畫以來，我們已將新的經銷商和我們自己的再行銷中心納入試點計畫。迄今為止，Viper 和 Virtual Lift 已對超過 60,000 輛汽車進行了檢查，我們的團隊正在利用這些數據來微調產品。

We are receiving tremendous feedback from dealer and commercial partners as our imaging and AI models are maturing and identifying key inspection data. We are looking forward to the commercial launch of Project Viper and Virtual Lift 2.0 in 2026.

隨著我們的影像和人工智慧模型日趨成熟，能夠識別關鍵的檢測數據，我們從經銷商和商業夥伴那裡獲得了巨大的回饋。我們期待 Viper 專案和 Virtual Lift 2.0 在 2026 年正式商業發布。

Wrapping up on innovation, let's turn to our commercial wholesale strategy on slide 14. Our first greenfield remarketing center in Houston successfully completed its soft launch and volumes are beginning to ramp. Our team has deployed a range of capabilities developed over the past year, including vehicle assignments from AutoIMS, commercial inspection applications, work order and repair estimates, and integration with ACV's wholesale marketplace. We believe this new digital model and end-to-end experience will transform commercial vehicle remarketing. We also look forward to launching additional greenfield locations to expand our footprint.

最後，讓我們來看看第 14 頁投影片中的商業批發策略，以此來總結創新。我們在休士頓的第一個新建二手車行銷中心已成功完成試運營，銷售量正在逐步提升。我們的團隊部署了過去一年中開發的一系列功能，包括來自 AutoIMS 的車輛分配、商業檢查應用程式、工單和維修估價，以及與 ACV 批發市場的整合。我們相信，這種全新的數位化模式和端到端的體驗將徹底改變商用車再行銷產業。我們也期待開設更多新店，以擴大我們的商業版圖。

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

接下來，我將把發言權交給比爾，讓他為大家介紹我們的財務表現以及我們如何實現規模化成長。

Thanks, George, and thank you for joining us today. We are pleased with our Q3 financial performance. Along with record revenue, we continue to deliver strong adjusted EBITDA margin expansion and growth, demonstrating the strength of our business model.

謝謝你，喬治，也謝謝你今天加入我們。我們對第三季的財務業績感到滿意。除了創紀錄的收入外，我們還持續實現強勁的調整後 EBITDA 利潤率擴張和成長，證明了我們商業模式的實力。

On slide 16, let's begin with a recap of our third quarter results. Revenue of $200 million grew 16% year-over-year and was at the midpoint of our guidance range, despite market headwinds in the last two months of the quarter. Adjusted EBITDA of $19 million was at the midpoint of guidance, with margins improving 280 basis points year-over-year. Note that adjusted EBITDA benefited from a $7.6 million class action lawsuit settlement against a data services vendor. However, this benefit was almost entirely offset by approximately $7 million in ACV Capital reserves.

在第 16 張投影片中，讓我們先回顧一下第三季的業績。儘管本季最後兩個月市場面臨不利因素，但營收仍達到 2 億美元，年增 16%，處於我們預期範圍的中點。調整後 EBITDA 為 1,900 萬美元，處於預期範圍的中點，利潤率較去年同期提高了 280 個基點。請注意，調整後的 EBITDA 受益於針對數據服務供應商的 760 萬美元集體訴訟和解金。然而，這項收益幾乎完全被約 700 萬美元的 ACV Capital 儲備金所抵消。

As George discussed earlier, during our quarterly review of capital loss reserves, we factored in current macro conditions and exposure to higher-risk customer segments, which yielded a higher level of reserves booked in Q3. Adjusted EBITDA also excludes $18.7 million of operating expenses related to the Tricolor bankruptcy.

正如喬治之前討論的那樣，在我們季度審查資本損失準備金時，我們考慮了當前的宏觀經濟狀況和對高風險客戶群體的敞口，這導致第三季度提提了更高水平的準備金。調整後的 EBITDA 還不包括與 Tricolor 破產相關的 1,870 萬美元營運費用。

Finally, non-GAAP net income of $11 million was also at the midpoint of guidance. Non-GAAP net income includes the net impact from the legal settlement and ACV Capital reserves and excludes the $18.7 million bankruptcy-related reserves.

最後，非GAAP淨利潤為1,100萬美元，也處於預期值的中點。非GAAP淨收入包括法律和解及ACV Capital儲備的淨影響，但不包括1,870萬美元的破產相關儲備。

Next on slide 17, let's review additional revenue details. Auction and assurance revenue was 56% of total revenue and grew 10% year-over-year against a very tough comparison of 52% growth in Q3 '24. This performance reflects 10% unit growth and Auction & Assurance ARPU of $508, which grew modestly year-over-year but declined 3% quarter-over-quarter. The sequential decline resulted from targeted volume pricing and ACV Guarantee promotions we implemented to support our seller acquisition strategies.

接下來，在第 17 張投影片上，我們來查看更多收入詳情。拍賣和擔保收入佔總收入的 56%，年增 10%，而 2024 年第三季的成長率高達 52%。這一業績反映了 10% 的單位增長，以及拍賣和擔保業務的 ARPU 為 508 美元，雖然同比增長幅度不大，但環比下降了 3%。銷售量連續下滑是由於我們為支持賣家拓展策略而實施的定向批量定價和年度合約價值保證促銷活動所致。

We were pleased to see the promotional activity deliver early returns, with unit growth accelerating in September to 13%, reflecting 16% market share gains. Note that we're expecting Auction & Assurance ARPU to increase sequentially in Q4. Marketplace Services revenue was 40% of total revenue and grew 28% year-over-year, reflecting record revenue for ACV Transport and ACV Capital.

我們很高興看到促銷活動取得了初步成效，9 月銷量成長加速至 13%，市佔率成長了 16%。請注意，我們預計第四季度拍賣和保障業務的平均每用戶收入 (ARPU) 將環比成長。市場服務收入佔總營收的 40%，年增 28%，反映出 ACV Transport 和 ACV Capital 的營收創歷史新高。

Lastly, our SaaS & Data Services products comprised 4% of total revenue and grew 2% year-over-year.

最後，我們的 SaaS 和數據服務產品佔總營收的 4%，年成長 2%。

Next I'll review Q3 costs on slide 18. Non-GAAP cost of revenue as a percentage of revenue decreased approximately 100 basis points year-over-year. Note that cost of revenue benefited from a $7.6 million credit related to the class action lawsuit settlement. Excluding the credit, cost of revenue as a percentage of revenue would have increased approximately 300 basis points. The increased cost of revenue was primarily driven by increased arbitration costs within a specific cohort of customers.

接下來，我將在第 18 頁投影片上回顧第三季的成本。非GAAP收入成本佔收入的百分比年減約100個基點。請注意，營業成本受益於與集體訴訟和解相關的 760 萬美元抵免。如果不計入信貸，收入成本佔收入的百分比將增加約 300 個基點。收入成本增加主要是由於特定客戶群的仲裁成本增加所致。

Given the pressure dealers are facing in the current market environment, we expect arbitration costs to remain elevated in Q4, but are taking steps to mitigate the impact and expect trends to normalize in 2026. Non-GAAP operating expense, excluding cost of revenue as a percentage of revenue, decreased approximately 100 basis points year-over-year. Note that Q3 non-GAAP operating expenses included the increase in ACV Capital reserves resulting from our loan portfolio review.

鑑於當前市場環境下交易商面臨的壓力，我們預計第四季度仲裁成本將保持高位，但我們正在採取措施減輕其影響，並預計到 2026 年趨勢將趨於正常化。非GAAP營運費用（不包括收入成本佔收入的百分比）較去年同期下降約100個基點。請注意，第三季非GAAP營運費用包括因貸款組合審查而導致的ACV資本儲備增加。

Moving to slide 19, I'll frame our investment strategy as we drive profitable growth. In 2025, we expect OpEx growth of approximately 12% to support our remarketing center strategy and commercial platform investments. Even with these growth investments, adjusted EBITDA margin is expected to increase by approximately 400 basis points year-over-year.

接下來請看第 19 張投影片，我將闡述我們在實現獲利成長方面的投資策略。到 2025 年，我們預計營運支出將成長約 12%，以支持我們的再行銷中心策略和商業平台投資。即使進行了這些成長投資，調整後的 EBITDA 利潤率預計仍將年增約 400 個基點。

Next, I will highlight our strong capital structure on slide 20. We ended Q3 with $316 million in cash and cash equivalents and marketable securities and $220 million of debt. Note that our cash balance includes $200 million of marketplace float. In the figure on the right, we highlight our strong year-to-date operating cash flow, which reflects adjusted EBITDA growth and margin expansion.

接下來，我將在第 20 頁重點介紹我們強大的資本結構。第三季末，我們持有現金及現金等價物及有價證券 3.16 億美元，負債 2.2 億美元。請注意，我們的現金餘額包括 2 億美元的市場流通股。右圖突顯了我們強勁的年初至今經營現金流，這反映了調整後的 EBITDA 成長和利潤率擴張。

Now turning to guidance on slide 21. Following two months of year-over-year declines in the dealer wholesale market in August and September, market conditions continued to weaken in October. Dealer wholesale price depreciation has been tracking above normal seasonal patterns, which has pressured industry conversion rates. As such, we're expecting the dealer wholesale market to decline in the mid-single digits in Q4, which is more than previously anticipated.

現在來看第 21 頁的指導說明。繼 8 月和 9 月經銷商批發市場同比連續兩個月下滑之後，10 月市場狀況持續走弱。經銷商批發價格的貶值一直高於正常的季節性規律，這給行業轉換率帶來了壓力。因此，我們預計第四季度經銷商批發市場將出現中等個位數的下滑，這比之前預期的要多。

Our updated guidance factors in this more challenging market environment and a $2 million reduction in projected ACV Capital revenue, reflecting a more cautious approach in Q4 as we prepare to further scale in 2026. We are now expecting fourth quarter revenue in the range of $180 million to $184 million, growth of 13% to 15%. Fourth quarter adjusted EBITDA is now expected to be in the range of $5 million to $7 million, reflecting the impact of the market conditions on dealer wholesale volumes plus higher expected arbitration costs discussed earlier.

我們更新後的業績指引考慮到了更具挑戰性的市場環境以及預計 ACV Capital 收入減少 200 萬美元，這反映出我們在第四季度採取了更為謹慎的態度，為 2026 年進一步擴大規模做準備。我們現在預計第四季營收將在 1.8 億美元至 1.84 億美元之間，成長 13% 至 15%。第四季調整後 EBITDA 預計在 500 萬美元至 700 萬美元之間，反映了市場狀況對經銷商批發量的影響，以及先前討論過的預期仲裁成本增加。

Based on the revised Q4 outlook, 2025 revenue is now expected to be $756 million to $760 million, growth of 19% year-over-year. Adjusted EBITDA is now expected to be $56 million to $58 million, growth of approximately 100% year-over-year. We are expecting non-GAAP OpEx, excluding cost of revenue, to grow approximately 12% year-over-year, resulting in a 24% incremental adjusted EBITDA margin at the midpoint of guidance.

根據修訂後的第四季展望，2025 年營收預計為 7.56 億美元至 7.6 億美元，年增 19%。調整後 EBITDA 預計為 5,600 萬美元至 5,800 萬美元，年增約 100%。我們預計，不包括收入成本的非GAAP營運支出將年增約12%，這將使調整後EBITDA利潤率在預期中位數增加24%。

Before handing it back to George, I would like to share some initial planning assumptions for 2026. First, based on an uncertain backdrop for automotive retail and elevated trade retention rates, we believe it's prudent to assume that the dealer wholesale market is flat in 2026. Second, as George discussed earlier, we are enhancing our field engagement model in certain emerging regions and rolling out a host of new innovations next year, which will be key factors in re-accelerating market share gains over time. And third, we expect to balance margin expansion while investing for growth.

在把它交還給喬治之前，我想分享一些關於 2026 年的初步規劃假設。首先，鑑於汽車零售業前景不明朗以及經銷商留存率較高，我們認為謹慎起見，可以假設 2026 年經銷商批發市場將保持穩定。其次，正如喬治之前討論的那樣，我們正在加強在某些新興地區的現場參與模式，並將在明年推出一系列新的創新，這將是隨著時間的推移重新加速市場份額增長的關鍵因素。第三，我們希望在擴大利潤率的同時，也能投資成長。

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

那麼，現在讓我把話題轉回給喬治。

Thanks, Bill. Before we take your questions, I will summarize. We are pleased with our record revenue performance in Q3 and accelerated market share gains, all while navigating through challenging market conditions. We are quickly overcoming these market challenges by continuing to enhance our technology and operating models, ultimately making us even more resilient.

謝謝你，比爾。在回答大家的問題之前，我先做個總結。我們對第三季創紀錄的營收表現和市佔率的加速成長感到滿意，這一切都是在充滿挑戰的市場環境下實現的。我們正透過不斷改進技術和營運模式，迅速克服這些市場挑戰，最終使我們更具韌性。

We continue to attract new dealer and commercial partners to our marketplace and expand our addressable market, which positions ACV for attractive growth as market conditions improve. 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 strong adjusted EBITDA growth 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.

我們不斷吸引新的經銷商和商業夥伴進入我們的市場，並擴大我們的目標市場，這使得 ACV 在市場條件改善的情況下能夠實現可觀的成長。我們正在推進由 ACV AI 驅動的令人興奮的產品路線圖，以進一步提升 ACV 的差異化優勢並提高營運效率。我們專注於實現強勁的調整後 EBITDA 成長，並達成其中期目標，我們相信這將為股東創造顯著價值。我們致力於取得這些成果，同時打造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.

接下來，我將把電話轉交給接線生開始問答環節。

(Operator Instructions) Chris Pierce, Needham & Company.

（操作說明）克里斯·皮爾斯，尼德姆公司。

Is it fair to ask, do you guys think it's possible the wholesale market -- the dealer wholesale market has changed structurally and dealers are just going to hold on to trade-ins at a much higher rate? Or I just want to think about because it's been a choppy couple of years. Just how you guys think about this going forward? And then I just had one on competitive landscape as well.

問一下，你們覺得批發市場－經銷商批發市場的結構是否發生了變化，經銷商是否會以更高的比例囤積舊車？或者我只是想思考一下，因為過去幾年過得不太順利。你們對未來有什麼打算？然後我剛剛也做了一個關於競爭格局的分析。

Chris, I don't think we should assume that there's a long-term structural change. I think the dealer wholesale market is still -- should recover. I think when you look at all the factors, off-lease really hasn't come back in a significant way, where we haven't seen interest rates come down, you haven't seen all the macro factors play in. So I think at the end of the day, it'd be way too early to say with all the macro events that the dealer market has structurally changed.

克里斯，我認為我們不應該假定有長期的結構性變化。我認為經銷商批發市場仍然——應該會復甦。我認為，綜合所有因素來看，在利率沒有下降、所有宏觀因素都沒有發揮作用的情況下，租賃到期後的房地產市場並沒有真正顯著復甦。所以我覺得歸根結底，考慮到所有宏觀事件，現在就斷言經銷商市場已經發生了結構性變化還為時過早。

So we've got this choppiness right now. And against this backdrop, and maybe a [truer] number two competitor emerging, have competitive dynamics changed on the ground when you go to market to talk to dealers? Are dealers thinking they need to have a second source more? I'm just curious if you're hearing anything different from dealers that you were hearing maybe 18 months ago.

所以我們現在就遇到了這種波動。在這種背景下，或許出現了一個（更名副其實的）第二大競爭對手，當你去市場與經銷商交談時，實際的競爭格局是否發生了變化？經銷商是否認為他們需要第二個貨源？我只是好奇，你現在從經銷商那裡聽到的消息和大約 18 個月前聽到的消息有什麼不同。

Chris, we'll be very specific. Quarter-over-quarter, we grew by 8,000 units. If you look at 8,000 units quarter-over-quarter, I believe that was significantly more than any other competitor that had US growth. So that will be, I think, fact number one. So that shows pretty significant quarter-over-quarter growth.

克里斯，我們會非常具體地說明。與上一季相比，我們成長了8000台。如果以季度環比來看，8000 台的銷量，我認為這遠遠超過了其他任何在美國實現增長的競爭對手。所以，我認為這是第一個事實。這顯示出相當顯著的季度環比增長。

In addition, when you look at it, we went from -- our share gains became double digits again in Q3 for the whole quarter. And then last but not least, in September, according to AuctionNet, with the market being down 3%, we would, therefore, have had 16%, therefore, mid-teens growth.

此外，從數據上看，我們的市佔率在第三季再次實現了兩位數的成長。最後，根據 AuctionNet 的數據，9 月市場下跌了 3%，因此，我們本應實現 16% 的成長，也就是 15% 的成長。

So the way I look at it is, yes, the market is softer, and with the market ending 3% down -- dealer wholesale market being down, obviously made the quarter challenging and the start of this quarter more challenging. But when you look at the fact that we've always had competitors from day one, and we grew 8,000 units quarter-over-quarter and had end of the month -- end of the quarter right around those mid-teens objectives for that month, Chris, I would say we've always had competitors, we still have competitors, and we believe we have the best solution.

所以我的看法是，是的，市場疲軟了，市場最終下跌了 3%——經銷商批發市場下跌，顯然使本季充滿挑戰，也讓本季初更具挑戰性。但考慮到我們從一開始就有競爭對手，而且我們每個季度都增長了 8000 台，月底——季度末也正好達到了當月十幾台的目標，克里斯，我想說我們一直都有競爭對手，現在仍然有競爭對手，但我們相信我們擁有最好的解決方案。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

Just have a couple. Could you unpack a little bit on the third quarter auction ARPU moderation from second quarter? I appreciate your market share comments. I'm curious that if there were any price actions that were being taken to maintain that? Is that a change in strategy? I know you talked about putting more boots on the ground. So curious if you could talk about that a little bit. And I have a quick follow-up.

就吃幾個吧。能否詳細解釋一下第三季拍賣ARPU值較第二季下降的情況？感謝您對市場佔有率的評論。我很好奇當時是否採取了任何價格策略來維持這種局面？這是戰略上的改變嗎？我知道你說過要增加地面部隊的部署。我很想知道您是否可以稍微談談這方面。我還有一個後續問題。

Yes, I'll start and then Bill can chime in, Rajat. We, I think, mentioned in the call that we have targeted regional pricing campaigns where we are being a bit more aggressive. Think about that more on the supply side. So where we're still new and we're still emerging, we are attacking the market and it is helping us win share. I think. Bill, also mentioned in the call that we expect Q4 for ARPU. How did you --

好的，我先開始，然後比爾可以再補充，拉賈特。我想我們在電話會議中提到過，我們已經針對特定區域進行了定價活動，在這些區域我們採取了更積極的策略。多從供給面考慮一下。所以，在我們仍處於起步階段、仍在成長的同時，我們正在積極開拓市場，這幫助我們贏得了市場份額。我認為。Bill也在電話會議中提到，我們預計第四季ARPU將達到目標。你是怎麼做到的？--

Yes. So what I mentioned on the call was that we expect Q4 ARPU to actually go back up. So it went down 3% in Q3, but that's more just a result of some of the activities in that quarter.

是的。我在電話會議上提到的是，我們預計第四季每用戶平均收入（ARPU）將回升。所以第三季下降了 3%，但這更多是該季度某些活動的結果。

So at the end of the day, Rajat, we're going to go out and win share. We are using pricing, especially where ACV has low volume in certain regions, we are being a bit more aggressive. So I think that that's definitely one part of your question. And the other part is I'm still very confident in our midterm model we've given you guys for pricing. So look at those as -- when you look at our midterm model and where we've been hovering, and I think I feel very confident in ARPU for Q4, but we will use pricing in certain regions to gain more share.

所以，拉賈特，歸根結底，我們還是要出去贏得市場份額。我們正在運用定價策略，尤其是在某些地區 ACV 銷售較低的情況下，我們會採取更積極的策略。所以我認為這肯定是你問題的一部分。另一方面，我對我們之前給出的中期定價模型仍然非常有信心。所以，看看我們的中期模型以及我們一直徘徊的位置，我對第四季度的 ARPU 非常有信心，但我們會利用某些地區的定價來獲得更多市場份額。

And you briefly touched upon the 2026 wholesale market outlook. I'm curious if there's any more color you want to maybe provide some soft guidance. Should investors still expect the same kind of share trajectory? Or should we expect some acceleration given you're putting more boots on the ground? Maybe if you could give us some sense of market share expectations going forward? And also what incremental margins is reasonable to assume at this point as you attack more share?

您也簡要提及了 2026 年批發市場前景。我很好奇你是否還需要其他顏色來提供一些柔和的指導。投資人是否仍應預期股價會呈現同樣的走勢？或者，鑑於你們增加了地面人員投入，我們是否應該期待速度有所加快？您能否為我們介紹一下未來市場佔有率的預期？此外，在努力擴大市場佔有率的過程中，此時合理的增量利潤率是多少？

Yes. So again, I'll start and Bill will chime in. As you mentioned, I think assuming flat helps us all, so that -- basically just to be very open, we don't have analysts assuming right now dealer wholesale goes up next year. I just think we'd rather just put it out there. Let's not assume that. There's too many macro factors going on. I think better for all of us just assume flat. None of us really know. But if we just assume that, I think that would be prudent for all of us as we start to think about next year.

是的。那麼，我先開始，比爾再插話。正如您所提到的，我認為假設持平對我們所有人都有好處，這樣——坦白說，我們現在沒有分析師假設經銷商批發價格明年會上漲。我覺得我們最好還是把它公開出來。我們不要妄下斷言。宏觀層面的因素太多了。我認為對我們所有人來說，最好還是假設地球是平的。我們誰也不知道。但如果我們就此作假設，我認為這對我們所有人來說都是明智之舉，因為我們可以開始考慮明年的事情了。

Two, I would look at share gains and how we've operated. In most of our months and quarters, we've been hovering right around the double digits. You've seen us range -- granted last quarter, we were high single digits. This past quarter, we were double digits. We ended the quarter in that mid-teens. So when you look at that range of our execution, just to be fair, I would say our range has been on execution has been -- in that lower double-digit range has probably been our true execution.

第二，我會關注市場佔有率的成長以及我們的營運方式。大多數月份和季度，我們的數字都徘徊在兩位數左右。你們已經看到我們的業績波動——當然，上個季度我們的業績波動幅度在個位數以上。上個季度，我們的成長率達到了兩位數。本季結束時，我們的業績在十幾個百分點左右。所以，公平地說，當我們審視我們的執行範圍時，我認為我們的執行範圍——較低的兩位數範圍可能才是我們真正的執行情況。

Our objective is to get back to mid-teens, but I would say we need to go out there and prove that. And that would be a way to maybe restate what Bill said. Maybe just -- I think I basically said the same thing he said a few minutes ago. But it's a way to think about we need to more consistently hit that mid-teens, which we haven't yet proved we can do each and every month.

我們的目標是回到十幾場勝利的水平，但我認為我們需要走出去證明這一點。這或許可以算是重述比爾所說的話的一種方式。或許只是──我想我剛才說的話和他幾分鐘前說的差不多。但這是一種思考方式，我們需要更穩定地達到十幾分的水平，而我們還沒有證明我們每個月都能做到這一點。

But having said all that, I'm really proud that if you look at the quarter-over-quarter, we grew more than anyone else last quarter. So I would separate those two things of how we grew last quarter was better than anyone else in the market.

但即便如此，我仍然感到非常自豪，因為如果你看一下上個季度的環比數據，我們上個季度的成長幅度超過了其他任何公司。所以我會把這兩件事分開來看：我們上個季度的成長情況比市場上任何其他公司都好。

And in terms of just the incremental -- sorry, go ahead.

就增量而言——抱歉，請繼續。

No, I was going to say just -- Rajat, one other thing I would just add, again, Q3 of this year was our biggest quarter of the year. And if you remember, historically, at least prior to last year, typically, our growth in unit volume would follow seasonal patterns. The first half would be relatively strong and then Q3 would be a bit weaker and then Q4 would be the weakest quarter.

不，我本來想說的是——拉賈特，我還要補充一點，今年第三季是我們全年業績最好的一個季度。如果你還記得的話，從歷史數據來看，至少在去年之前，我們的銷售成長通常會遵循季節性法則。上半年表現相對較好，第三季會稍弱一些，第四季則是最弱的第一季。

So last year, for the first time since we went public, our Q3 volume and revenue was actually the highest it was the entire year. And the same thing occurred this year. So the growth rate might have been a bit different since we came off of a very, very strong quarter last year. But again, we had record revenue in Q3 and record volume for the full year, bigger than Q1 or Q2. So I guess that's the other context to just give you in terms of our Q3 performance.

所以去年，自從我們上市以來，我們的第三季銷售和收入首次達到了全年最高水準。今年也發生了同樣的事情。因此，由於去年同期業績非常強勁，今年的成長率可能略有不同。但是，我們第三季的營收再次創下紀錄，全年銷售也創下紀錄，超過了第一季和第二季。所以，我想這就是我想就我們第三季業績提供的另一個背景資訊。

I just wanted to follow up on leverage. Given some pricing actions or the low double-digit share, should we assume lower than 30% for now as reasonable before you get back to the 40s on incremental margins? Just curious if that has been a bit of a change in the operations as well.

我只是想進一步了解槓桿作用。考慮到一些定價策略或較低的兩位數市場份額，在增量利潤率回升至 40% 之前，我們是否應該假設目前低於 30% 的市佔率是合理的？只是好奇營運方面是否也發生了一些變化。

Yes. I don't think we're ready to comment on that at this point, Rajat. we're in the middle of obviously putting our planning together for next year. You can assume some marginal improvement. But beyond that, there's nothing else for me to comment on at this point until we have our plans finalized.

是的。拉賈特，我覺得我們現在還不方便對此發表評論。我們目前正忙著制定明年的計畫。你可以假設會有一些微小的改進。但除此之外，在我們的計劃最終確定之前，我暫時沒有什麼可以評論的。

Bob Lubick, CJS Securities.

Bob Lubick，CJS Securities。

I wanted to ask a question about ARPU is where I'm going to get to. Hopefully, I can make this make sense. Recent JD Power's analysis showed the spread between retail prices and wholesale prices has widened from $9,000 to $15,000 over the last five years. And this seems to confirm earlier points you guys were saying that dealers are keeping more cars and better cars and retailing those versus wholesaling them. That's part of the problem now because there's no off-lease to have, et cetera, et cetera.

我想問一個關於ARPU的問題，這就是我接下來要說的。希望我能解釋清楚。JD Power 最近的分析顯示，在過去五年裡，零售價格和批發價格之間的差距已經從 9,000 美元擴大到 15,000 美元。這似乎證實了你們之前所說的觀點，即經銷商正在囤積更多更好的汽車，並將它們零售而不是批發。現在的問題之一就是沒有租約到期之類的事情發生。

So the question is, what does this mean for your ARPU going forward if retailers -- I'm sorry, if dealers are going to keep the highest value cars and wholesale lower ones, how should we think about this trend? And when does it start to reverse itself?

所以問題是，如果零售商——抱歉，如果經銷商要保留價值最高的汽車，而批發價值較低的汽車，這對您未來的每個用戶平均收入 (ARPU) 意味著什麼？我們該如何看待這種趨勢？它何時開始逆轉？

Yes. Bob, I think it's a great question. Difficult one to answer because you're predicting obviously, macro with everything else. I think the simple thing to do is just to look at a revenue range, an ARPU range that you're hearing us be comfortable with a certain ARPU range. And you saw our execution in Q2, Q3 a bit later. We're trying to give you guys a little bit of an indication on Q4. But I think for right now, just to keep everyone's expectations in line, I would just not have ARPU going up materially next year or at all.

是的。鮑勃，我覺得這是一個很好的問題。這個問題很難回答，因為你顯然是在預測宏觀經濟層面上的所有因素。我認為最簡單的做法就是查看收入範圍，也就是我們對某個 ARPU 範圍感到滿意的 ARPU 範圍。你們在第二季度看到了我們的執行情況，第三季稍晚。我們想給大家稍微透露一下第四季的狀況。但我認為，就目前而言，為了讓大家的期望值維持在合理範圍內，我認為明年的 ARPU 不會有實質的成長，甚至根本不會成長。

Because to your point, with all these factors going on, I would rather just put it out there that keep ARPU in this moderate area for now. There will be one quarter or two that it might bump up. And you may see a little bit of that. But I think we'll go into next year, and I think better to keep the expectations of ARPU in a reasonable area for analysts, never want to think about the year.

正如你所說，考慮到所有這些因素，我寧願暫時將 ARPU 維持在這個適中的水平。可能有一兩個季度會略有上漲。你或許會看到一些這樣的情況。但我認為我們會進入明年，我認為最好讓分析師對 ARPU 的預期保持在合理的範圍內，永遠不要考慮今年的情況。

And then to your point, in a more medium-term outlook, there probably is some ARPU that maybe in the next one to three years, whenever that happens, Bob, to your point, we could start to see ARPU bump up even more. And I just don't want to be wrong at this point, right, and put too much out there. So I just think let's take this correction and say, I think you're right, there will be a correction, and it would mean we'd have a higher ARPU. I just don't want to think -- I don't want to guess it's going to happen next year. If it happens, it takes a little bit longer.

至於你提到的，從中長期來看，未來一到三年內，無論何時發生，鮑勃，正如你所說，我們可能會看到 ARPU 進一步上升。我現在只是不想犯錯，對吧，也不想透露太多資訊。所以我覺得，我們不妨接受這次調整，我認為你是對的，會有一次調整，這意味著我們的每位用戶平均收入（ARPU）會更高。我就是不想去想——我不想去猜測明年會發生什麼事。如果發生這種情況，需要的時間會稍微長一些。

No, absolutely fair. I think you just need deals to start wholesaling better as well, and therefore, off-lease to come back so that they have other things to sell, et cetera. Okay. Great. And then you talked about lower conversion rate for the industry in Q4 based on the accelerated depreciation of values. But at the same time, you guys are increasing your guaranteed pricing. I think you said it was 18% during the quarter, and that's higher conversion, obviously. So looking into next year, how should we think about conversion at auction with those little factors?

不，絕對公平。我認為你只需要達成交易就能更好地開展批發業務，因此，租賃到期後，他們就可以回來出售其他商品等等。好的。偉大的。然後您談到，由於價值加速貶值，第四季度行業轉換率下降。但同時，你們卻提高了保底價格。我想你說過本季轉換率是 18%，這顯然是更高的轉換率。展望明年，我們該如何考慮這些小因素對拍賣成交率的影響？

I think conversion rates, my biggest goal for next year is it's just not as crazy. We've seen some ups and downs this year, even within a quarter, that's pretty significant. And when you think about this year with everything from tariffs and everything else going on, we've really had a challenging year for dealers to absorb the value of a car. And then what is that value, what is that depreciation, all these factors, it's been a very difficult year for dealers.

我認為轉換率，我明年的最大目標就是讓它不要那麼瘋狂。今年我們已經看到了一些起伏，甚至在一個季度內也有相當大的波動，這相當顯著。考慮到今年各種關稅和其他因素，經銷商要消化汽車貶值帶來的損失，今年確實是充滿挑戰的一年。那麼，這個價值是多少呢？折舊是多少？所有這些因素，對經銷商來說，今年是非常艱難的一年。

I hear sentiment from dealers saying some of this will normalize. I mean, that's what I'm hearing. I believe that's what many of you and others are hearing, which the normal -- having the value of these vehicles normalize would mean that we'd see the bid and the ask between sellers and buyers also start to normalize, and we won't have this up and down on conversion rates that we've seen.

我從經銷商那裡聽到一種說法，認為其中一些情況會逐漸正常化。我的意思是，我聽到的就是這個。我相信你們和其他人聽到的都是這樣，那就是，如果這些車輛的價值恢復正常，那麼買賣雙方之間的出價和要價也會開始恢復正常，我們就不會再看到像現在這樣波動不定的成交率了。

So I think next year, conversion rates would -- we'd see a bit more consistency in conversion rates across the industry. Obviously, it all depends upon all the macro factors. But I think some of the stuff starts to work itself out. I don't know, Bill, if you have any more on that topic. But it's a hard one, Bob, as you know, for us to predict next year as it relates to conversion rates. But I think you and others have also heard dealers saying things should start to normalize as some of these other factors start to take place.

所以我認為明年，轉換率會——我們會看到整個產業的轉換率更加穩定一些。顯然，這一切都取決於所有宏觀因素。但我認為有些問題會逐漸解決。比爾，我不知道你是否還有關於這個主題的其他資訊。但鮑勃，你也知道，要預測明年的轉換率，這很難。但我認為你和其他人也聽過一些經銷商說，隨著其他一些因素的出現，情況應該會開始恢復正常。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

I wanted to ask about ACV Capital and just the return to normalization of lending. Can you guys just help us understand the guardrails outside of macro of what you guys need to do to be able to return that business? And then again, going just back to top of funnel demand. Can you guys talk about cohorts, and is there anything you're seeing within the cohorts as we think about just the change in dynamic of macro and what you guys are seeing? Or is this just widespread?

我想諮詢一下 ACV Capital 以及貸款業務恢復正常化的情況。你們能否幫我們了解一下，除了宏觀層面之外，你們需要採取哪些措施才能恢復業務？然後，我們又回到了漏斗頂端的需求。你們能談談群體狀況嗎？考慮到宏觀經濟動態的變化，你們在這些群體中觀察到了什麼？還是這只是普遍現象？

This is Bill. So I'll start with ACV Capital, and then I'll turn it over to George. So maybe first, a little bit of context in terms of ACV Capital. So as part of our planning, we have historically planned an historical loss rate that's slightly higher than some of the bigger players out there.

這是比爾。所以我先從 ACV Capital 開始，然後交給喬治。首先，或許應該先介紹一下 ACV Capital 的一些背景資訊。因此，作為我們規劃的一部分，我們一直將歷史虧損率設定得略高於一些規模更大的公司。

Typically, we model a 3% loss rate based on the fact that we're in a high-growth phase for the business, and we're certainly not as mature as some of the bigger players out there. So that's what's been baked into our financial models for ACV Capital historically. So despite what occurred in Q3, and I'll get into that in a minute, our view of that loss ratio hasn't changed in terms of our modeling going forward into next year.

通常情況下，我們會根據公司處於高速成長階段這一事實，將虧損率設定為 3%，因為我們肯定不如一些規模更大的公司成熟。所以，這就是 ACV Capital 歷史上一直沿用的財務模型。所以，儘管第三季發生了一些事情（我稍後會詳細說明），但就我們明年的建模而言，我們對損失率的看法並沒有改變。

That said, as I mentioned on the call, as a result of this large bankruptcy that occurred in which we've reserved basically over $18 million for that bankruptcy, not sure what the ultimate outcome will be in terms of recovery, we did do a very thorough portfolio review. And as a result, we've looked at our internal controls, our processes, and we're in the process of making a number of improvements going forward so that we can scale with comfort next year in terms of the confidence that we're going to stay within our planned target in terms of those loss ratios. But as a result of that, there were certain higher risk credits that we had outstanding that we concluded it was prudent to book some reserves in Q3, which is what flowed through the quarter, and that was approximately $7 million.

也就是說，正如我在電話會議上提到的，由於發生了這起大規模破產事件，我們為此預留了超過 1800 萬美元，雖然不確定最終的恢復結果如何，但我們確實進行了一次非常徹底的投資組合審查。因此，我們已經審視了內部控制和流程，並且正在著手進行一系列改進，以便明年我們能夠更有信心地擴大規模，確保我們在損失率方面能夠保持在計劃目標之內。但正因如此，我們有一些風險較高的信貸尚未償還，我們認為在第三季度提列一些準備金是審慎的做法，這些準備金貫穿了整個季度，金額約為 700 萬美元。

In terms of the go-forward plan, there's still a lot of upside opportunity for us. This is very synergistic, obviously, with our auction business. So it's very strategic. And you can expect this business to continue to grow next year at a good clip, albeit maybe at somewhat of a slower rate than we experienced this year. And we are taking our ACV Capital revenue down a couple of million for Q4, as I mentioned, just to ensure that before we start to scale next year, we've got the right processes and controls in place. So hopefully, that gives you a little bit of color in terms of ACV Capital.

就未來發展計畫而言，我們仍然有很多上升空間。顯然，這與我們的拍賣業務非常契合。所以這是非常具有戰略意義的。預計明年這項業務將繼續保持良好的成長勢頭，儘管增速可能會比今年稍慢一些。正如我之前提到的，我們將第四季度的 ACV Capital 收入減少數百萬美元，以確保在明年開始擴大規模之前，我們已經建立了正確的流程和控制措施。希望這能讓您對 ACV Capital 有更深入的了解。

And maybe just two more things on that. Even with that bit of caution, we're still going to be executing on attach rates in the high teens. So look at this as it's still very strong execution, even with having this mitigated risk and being a bit more careful. The midterm model assumed 25% attach rates. So when you just -- the way I look at this is, listen, you learn on moments this, you sometimes just add some more controls. You take moments this.

關於這一點，或許還有兩點要補充。即使採取了這種謹慎措施，我們仍然能夠實現十幾個百分點的附加率。所以，即使風險降低，也需要更加謹慎，但這仍然是一個非常強有力的執行。中期模型假設附加率為 25%。所以，我的看法是，聽著，你在某些時刻會學到這一點，有時你只需要添加一些更多的控制。你花點時間做這件事。

Obviously, there's other major banks in the world that had the same common customer. This will make us even a better company in the midterm. And you really become, I think, a more durable company in moments that when you have a situation this like this Tricolor. But I would say, I have the same confidence in getting back to the 25% attach rate goals in the midterm model. This is a small period of time. We have a lot of demand for ACV Capital. We've got a great product. You saw us execute really well up until that moment. And I would say one step backwards, I think we'll then take three steps forward. So that was all on your first question.

顯然，世界上還有其他一些大型銀行擁有相同的共同客戶。這將使我們在中期成為一家更優秀的公司。我認為，在像 Tricolor 這樣的情況下，你真的會成為一家更持久的公司。但我認為，我對中期模型中恢復到 25% 的附加率目標同樣充滿信心。這只是很短的一段時間。我們對ACV Capital的需求量很大。我們的產品很棒。你們也看到了，在那之前我們執行得非常出色。我認為，退一步，我們就能前進三步。以上就是你第一個問題的全部內容。

Your second question, I believe, was about other cohorts and other things going on the business. Can you repeat that one, just to make sure because it was so long ago, it took us a while -- such a long time to answer your question that I remember your first one, but I want to make sure -- your second one, but I want to make sure I got it right.

我認為你的第二個問題是關於其他團隊以及公司正在發生的其他事情。你能再說一次嗎？為了確保萬無一失，因為時間太久了，我們花了很長時間才回答你的問題——我還記得你的第一個問題，但我想確認一下——你的第二個問題，但我想確保我理解正確。

It was a great first answer. So let me try the second one again. If I think about macro just overlaying in terms of results, is there anything you want to call out in terms of specific cohorts or geographies that may help us better understand what's going on across the industry?

這是一個很好的初步答案。那我再試第二個吧。如果我從宏觀角度考慮結果，您是否想特別指出一些特定群體或地區的情況，以幫助我們更好地了解整個行業正在發生的事情？

Yes, I'll try to give a little color on this. We mentioned on the call that two of the regions that we were probably known to be weaker in had 20%-plus growth year-over-year, and we were really excited about that. If you look at our largest regions from a cohort perspective, most of our large regions are still growing. And there's only one, and the one that -- it still grew. It grew, but it didn't grow as much. It was one where we've got nearly 40% market share.

是的，我會盡量增添一些色彩。我們在電話會議上提到，我們可能比較薄弱的兩個地區同比增長了 20% 以上，我們對此感到非常興奮。從群體角度來看，我們最大的幾個地區大多仍在成長。而且只有一個，而這個──它還在生長。它確實長大了，但長得沒那麼快。我們在這款產品中佔據了近 40% 的市場。

And so when you look at overall the cohorts, I still -- the reason why I remain confident in the midterm model is because in the regions where we don't yet have the brand and support of being the dominant player in that region, we're emerging. And in the areas -- in most of the areas where we have very significant market share, and that's significant against physical and digital, all in, we're still growing in the majority of those regions even with big numbers. So long-winded way of saying, I think not a lot has changed. But we did mention on the call, there's a few reasons where we need to step it up and grow even more, and we're on it.

因此，從整體上看，我仍然——我對中期模型仍然充滿信心的原因是，在那些我們還沒有成為該地區主導者的品牌和支持的地區，我們正在崛起。而且在大多數我們擁有非常顯著市場份額的地區——無論與實體店還是數位店相比，我們的市佔率都非常顯著——總而言之，即使數字很大，我們在大多數地區仍然保持成長。長話短說，我覺得變化不大。但我們在電話會議上確實提到，有幾個原因導致我們需要加倍努力，取得更大的發展，我們正在努力。

Naved Khan, B. Riley Securities.

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

Maybe just touching on commercial. How should we be thinking about the volume through the AutoIMS relationship ramping exiting this year and into next year? What trajectory should we assume there as we not only just map out Q4, but also look at 2026. And then, George, you spoke about being opportunistically with respect to discounting in certain markets where the penetration is low. What do you see from your competitors in terms of price promotions? Do you see any price increases occur in recent quarters? Or are we in an environment where pricing is not necessarily going to be a lever for any of the players, including yourself?

或許只是稍微牽涉一下商業方面。我們應該如何看待透過與 AutoIMS 的合作關係，在今年結束並進入明年之際，銷售成長的情況？我們不只要規劃第四季度，還要展望 2026 年，那麼我們該假設怎樣的發展軌跡呢？然後，喬治，你談到了在某些滲透率較低的市場中，要抓住機會進行折扣促銷。您認為競爭對手在價格促銷上有哪些舉措？您認為最近幾季價格有上漲嗎？或者，我們是否處於這樣一種環境中：定價對於包括您在內的任何參與者來說，都不一定是可以發揮作用的槓桿？

I'll go to the second one first. I think pricing between the hundreds of physical auctions and a few digital, there's a lot of different pricing things going on. To your point, some people continue to increase fees and some are using fees primarily on the supply side to get the attention. But generally speaking, buy fees typically go up every year with most of the competitors, which is the majority of the ARPU.

我先去第二個。我認為，數百場實體拍賣和少數幾場數位拍賣之間的定價機制有很多不同之處。你說得對，有些人不斷提高收費，有些人則主要透過提高供應方的收費來引起關注。但總的來說，大多數競爭對手的購買費用通常每年都在上漲，而購買費用佔 ARPU 的大部分。

And your first question on commercial, we're going to be hovering somewhere in the mid-to-higher single digits, I think somewhere 6%, 7% of our volume in commercial for 2025, somewhere in that range for commercial. So I'm very proud of what we're doing. But as I've said in many other calls that we are -- we're really laying out the foundation right now for many years to come.

關於您提出的第一個商業問題，我認為到 2025 年，我們的商業業務量將徘徊在個位數的中高水平，大概在 6% 到 7% 之間，商業業務量應該在這個範圍內。所以我為我們正在做的事情感到非常自豪。但正如我在其他許多電話會議中所說，我們現在正在為未來幾年奠定基礎。

I'll just remind you of the three things we're doing there. One is the upstream digital like you said, with AutoIMS upstream digital. That's one. Two is the greenfields, like Houston being our first. And then we'll have a second greenfield that we launch sometime early next year. And then third is once our software is hardened and we're ready to go, we'll take it back to the 10 legacy locations that we acquired. So that will take us some time.

我只想提醒你我們在那裡做的三件事。一個是像你所說的上游數位訊號，即 AutoIMS 上游數位訊號。這是其中之一。第二點是全新的領域，就像休士頓是我們的第一個專案一樣。然後，我們將在明年年初啟動第二個新建專案。第三步，一旦我們的軟體完善完畢，準備就緒，我們將把它帶回我們收購的 10 個舊址。所以這會花費我們一些時間。

So look at it as if you're -- right now, our total commercial is in that 6% to 7%-ish range of our total volume. And even if that increased pretty materially for next year, it won't be a big number. I just want to be fair to that. It will help. It all helps. And it will grow. But dealer wholesale will remain next year being a far significant piece of our overall volume. But then commercial, when you think about going into out years, into '27 and beyond, it starts to really add up.

所以你可以這麼理解——目前，我們的商業總額佔總銷售量的 6% 到 7% 左右。即使明年這個數字大幅成長，也不會很大。我只是想公平對待這件事。這會有幫助。這些都很有幫助。而且它還會發展壯大。但明年經銷商批發業務仍將是我們總業務量中非常重要的一環。但是，從商業角度來看，當你考慮到未來幾年，例如 2027 年及以後，這筆費用就會變得非常可觀。

So hopefully, that gives you a lot of color, because we're really not yet talking about next year. Obviously, a lot of these questions are about next year, but trying to give you enough color. But we're going through that planning cycle right now to nail down our objectives. But maybe that gives you a little bit of color based on the base.

希望這能帶給你很多靈感，因為我們現在還沒有真正討論明年的事情。顯然，很多問題都與明年有關，但我盡量提供足夠的資訊。但我們現在正處於規劃階段，以確定我們的目標。但或許這能讓你根據底色獲得一些色彩上的啟發。

[Glenn Shell], Raymond James.

[格倫·謝爾]，雷蒙德·詹姆斯。

Just following up with what Naved said on commercial wholesale. Will we see that broken out so we can parse out dealer wholesale versus commercial wholesale? And then I just got a quick follow-up after that.

我只是想補充Naved關於商業批發的說法。我們能否看到細分數據，以便區分經銷商批發和商業批發？然後，我很快就收到了後續訊息。

At this time, we don't know yet. We really didn't come into today's call with that answer, I would say, ready to go, but appreciate the question. But I would say we're not sure yet.

目前我們還不知道。可以說，我們今天開會時並沒有準備好這個問題的答案，但感謝你的提問。但我認為我們目前還不能確定。

And then on Project Viper, is that still on track for a first half of '26 launch? Or is that more just generally '26? And then what have you been seeing from initial demand contribute to performance next year?

那麼關於 Viper 項目，它是否仍按計劃在 2026 年上半年發布？或者更確切地說，是指「26」這個概念？那麼，您認為從最初的市場需求來看，哪些因素會對明年的業績產生影響？

Yes. Project Viper is getting incredible feedback from dealers. Our goal -- and we need to still go out and hit this goal, I just speak to be open, but our goal is to start taking orders by an [NADA]. That's when we start actually taking orders by dealers, which will be in February and start shipping units in that middle of the year. Those are the internal goals.

是的。Viper專案獲得了經銷商們極佳的回饋。我們的目標——我們仍然需要努力實現這個目標，我只是想坦誠地說，我們的目標是開始接受訂單。[NADA]。屆時我們將正式開始接受經銷商的訂單，時間大約在二月份，並在年中開始出貨。這些是內部目標。

So I don't have any reason why we're not going to hit those goals of starting to take orders by NADA. I think next year will be primarily launching to enough dealer groups, get the feedback, and you then start scaling it the following year. But I would say so far, so good, getting great feedback, plan to go live, and we'll go from there.

所以，我沒有任何理由認為我們無法實現開始接受 NADA 訂單的目標。我認為明年主要會先向足夠多的經銷商集團推出產品，收集回饋意見，然後再從第二年開始擴大規模。但我想說，目前為止一切順利，收到了很好的回饋，計劃上線，然後我們再根據情況發展。

Jeff Lick, Stephens Inc.

Jeff Lick，Stephens 公司

George, I was wondering if you could talk about you guys obviously have a pretty robust and novel set of services and features, ClearCar, ACV MAX, Data Services, obviously, Viper I guess up and coming. If you just look at the places that you're winning that are disproportionately doing better than the average, could you talk about just where you're really getting traction, and the dealer just looks at you to say, hey, look, this is a great partnership and where you clearly have an advantage and you're winning?

喬治，我想請你談談你們顯然擁有一套非常強大且新穎的服務和功能，例如 ClearCar、ACV MAX、數據服務，當然還有 Viper，我想 Viper 也是新興產品。如果你只關注那些你明顯優於平均水平的盈利領域，你能否談談你在哪些領域真正取得了進展，讓經銷商看著你說：“嘿，你看，這是一個很棒的合作關係，你顯然有優勢，而且你正在獲勝？”

Yes, certainly. I'll try to give you a little bit of color without mentioning the dealers' names just to get a little closer to this. But yes, we mentioned on the call that dealers that have recently launched ClearCar and MAX, where we've won a higher proportion of the wholesale volume than our average across the board. And if you get to the why, you're now a strategic partner to that dealership group.

當然可以。為了更貼近事實，我會盡量在不提及經銷商名稱的情況下，給你一些細節資訊。是的，我們在電話會議上提到，最近推出 ClearCar 和 MAX 的經銷商，我們在批發銷售中所佔的比例高於我們整體的平均水平。如果你弄清楚了其中的原因，那麼你就是該經銷商集團的策略夥伴。

And if they're using us for ClearCar and/or MAX, ACV MAX, and soon, hopefully, Viper, then they're using us to price their inventory. We're predicting the retail price, we're predicting the wholesale price, we're helping them make better decisions. And so we were the one to predict the trade value before they even bought the car. So you're not going to sit here and make the wrong decision on having wholesale values that are too high because you actually bought the car right way upfront during the trade.

如果他們使用我們的 ClearCar 和/或 MAX、ACV MAX，以及不久的將來（希望如此）Viper 服務，那麼他們就是在使用我們的服務來為他們的庫存定價。我們預測零售價，我們預測批發價，我們幫助他們做出更好的決策。因此，在我們甚至在他們購買汽車之前就預測了這輛車的交易價值。所以你不會坐在這裡，因為在交易過程中你實際上已經提前買下了這輛車，而導致批發價格過高，從而做出錯誤的決定。

So when you think about what AI can do for this entire industry is take all these manual decisions that a lot of these dealers are working hard. These are people across the country who just don't have the right tools today, who got prices going down. And here we are, we're predicting the retail price of what the car is going to sell for in the next 30 days within a few hundred bucks.

所以，想想人工智慧能為整個產業帶來什麼，那就是取代許多經銷商正在努力完成的所有這些人工決策。全國各地都有一些人，目前缺乏合適的工具，導致物價下降。現在，我們預測這輛車在未來 30 天內的零售價格，誤差在幾百美元以內。

We're predicting the wholesale price on average within $100. That's really significant because now as you're sourcing and you're deciding what reconditioning you need to do, it's a big deal. So some of the data we mentioned during the call about dealers now selling more wholesale with ACV, they happen to have ClearCar and happen to have MAX. It's partially because they're actually making better decisions. And by the way, they're retailing more cars and typically having better margin versus our competitor or SaaS equivalent companies that we compete against. Hopefully, that gives you what you're looking for.

我們預測批發價格平均誤差在 100 美元以內。這非常重要，因為現在當你尋找貨源並決定需要進行哪些翻新時，這可是一件大事。因此，我們在電話會議中提到的一些數據表明，經銷商現在更多地使用 ACV 進行批發銷售，而他們恰好擁有 ClearCar 和 MAX。部分原因是他們確實做出了更好的決策。順便說一句，他們的汽車零售量更大，與我們的競爭對手或我們所競爭的 SaaS 同類公司相比，他們的利潤率通常更高。希望這能滿足你的需求。

And then a quick follow-up for either you or Bill. As it relates to what you guys referred to as targeted volume pricing on the supply side or for the seller, I was just curious because usually that's a pretty low price to begin with. How does that work in terms of -- we're probably talking you're saving $50, $75. Is it short-lived in terms of, hey, okay, I'll give you this. It would seem you're going to eventually have to provide a little more for them than just pricing. Are the dealers really motivated by $50, $75?

然後，我們會快速跟進，詢問您或比爾的情況。關於你們所說的供應方或賣方的定向批量定價，我只是好奇，因為通常這種定價一開始就相當低。具體來說，大概可以省下 50 美元、75 美元吧。這種說法是短暫的嗎？例如，好吧，我同意。看來你最終需要為他們提供的不僅僅是價格。經銷商真的只對 50 美元、75 美元感興趣嗎？

First of all, I agree with your question. $50 or $75 or $100 shouldn't matter. We're a better solution. And we're helping them sell the car for more money. But when you do give one of these sell-side promotions, you're getting their attention, you're getting them to try it, you're getting them into the family. And some of these guys have been using these legacy auctions for a very long time. So look at it as you're just trying to get their attention. And then what you do is you start to say, hey, this is good for so long, x period of time or y amount of volume. So you do start to set some parameters about it. And none of those parameters make me worry about our midterm model.

首先，我同意你的問題。 50美元、75美元還是100美元其實不重要。我們提供更佳的解決方案。我們正在幫助他們以更高的價格出售這輛車。但是，當你進行這些銷售方促銷活動時，你就能吸引他們的注意力，讓他們嘗試，讓他們加入你的品牌大家庭。而且其中一些已經使用這些傳統拍賣方式很久了。所以，你可以把它看作是試圖引起他們的注意。然後你會開始說，嘿，這在這麼長的時間內（x 時間段）或達到 y 的體積時是好的。所以你開始設定一些相關的參數。這些因素都不足以讓我對我們的中期模型感到擔憂。

Gary Prestopino, Barrington Research.

Gary Prestopino，巴林頓研究公司。

Last quarter, there was a big delta between listings and cars sold. Did you still see pretty good listings, but the conversion rate was just so much lower than expectations?

上個季度，掛牌車輛數量與實際售出車輛數量之間存在較大差距。您是否仍然看到一些相當不錯的房源，但轉換率卻遠低於預期？

Yes, Gary. We continue to drive listings, which is listings obviously represents the opportunity to get in front of that car and sell it. But yes, so we've continued to see listings grow.

是的，加里。我們持續推動車輛資訊發布，這顯然意味著有機會接觸到這輛車並將其售出。是的，我們看到房源數量持續成長。

And then just a question. Bill had mentioned there was an increase in arbitration expense. With all the technology that you've put on your inspections, what is actually causing that to happen? Is it just that you're getting a car that might be a little bit lower quality?

然後我還有一個問題。比爾曾提到仲裁費用增加。你們在檢測中應用了這麼多技術，究竟是什麼原因導致了這種情況的發生？是不是因為你買到的車品質可能稍微差一些？

So Gary, most of the customers that we inspect their car and then we go out and we look at the arbitration results, the far majority of the customers, we hit our target arbitration and goodwill. There are subsets of customers where it's become elevated. And what we've been doing is over the last couple of months is we're enhancing some of our dealer management tools to identify faster on what is going wrong with this one seller and/or buyer, what should we be doing differently, where it could be training or other best practices, and we're starting to build privileges and other aspects to our dealer management model.

所以 Gary，我們檢查了大多數客戶的車輛，然後我們出去查看仲裁結果，絕大多數客戶，我們都達到了仲裁和商譽的目標。在某些客戶群中，這種現像已經變得特別突出。在過去的幾個月裡，我們一直在改進一些經銷商管理工具，以便更快地識別出某個賣家和/或買家出了什麼問題，我們應該做出哪些改變，哪些方面需要培訓或其他最佳實踐，並且我們正在開始建立經銷商管理模型的權限和其他方面。

So it's really into the details of -- look at it as the far majority of the time, you really -- you don't have an issue, but you've got to get into those times where things become elevated, and we're diving in it. Again, when I look at this from a going into early next year, I think even by Q1, we're probably fine. I think just you go in there and you mitigate and you really learn through some of these things that crept in, and then we'll -- our dealer management and internal training when these things go wrong will be even better on top of that.

所以，關鍵在於細節——從絕大多數時候來看，你真的——你不會遇到問題，但你必須經歷那些事情升級的時候，而我們正在深入其中。再說一遍，從明年年初的角度來看，我認為即使到第一季，我們可能也沒問題。我認為，只要你進去，採取措施減輕損失，真正從這些悄悄出現的問題中吸取教訓，然後，當這些問題出現時，我們的經銷商管理和內部培訓就會做得更好。

Thank you. And we have reached the end of the question-and-answer session. I would to turn the floor back to Tim Fox for closing remarks.

謝謝。問答環節到此結束。我謹將發言權交還給提姆·福克斯，請他作總結發言。

Great. Thank you, operator. And I'd to thank everybody for joining us on the call today. We look forward to seeing you on the conference circuit this quarter. We'll be at a couple of conferences in November and in December. And finally, thank you for your interest in ACV, and have a great evening.

偉大的。謝謝接線生。我還要感謝今天參加我們電話會議的各位。我們期待在本季度的會議巡迴活動中見到您。我們將在11月和12月參加幾個會議。最後，感謝您對蘋果醋的關注，並祝您度過一個美好的夜晚。

Thank you.

謝謝。

And this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

今天的會議到此結束，您可以斷開線路了。感謝您的參與。