Cars.com Inc (CARS) 2025 Q2 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Cars.com second-quarter 2025 earnings call. (Operator Instructions) This call is being recorded on Thursday, August 7, 2025. I would now like to turn the conference over to Katherine Chen, Vice President of Investor Relations. Please go ahead.

女士們、先生們，早安，歡迎參加 Cars.com 2025 年第二季財報電話會議。（操作員指示）此通話於 2025 年 8 月 7 日星期四錄製。現在，我想將會議交給投資者關係副總裁 Katherine Chen。請繼續。

Good morning everyone, and thank you for joining us for the Cars.com Inc., second-quarter 2025 conference call. With me this morning are Alex Vetter, CEO; and Sonia Jain, CFO. Alex will start by discussing the business highlights from our second quarter. Then Sonia will discuss our financial results in greater detail along with our outlook. We'll finish the call with Q&A.

大家早安，感謝您參加 Cars.com Inc. 2025 年第二季電話會議。今天早上和我一起的有執行長 Alex Vetter 和財務長 Sonia Jain。亞歷克斯將首先討論我們第二季的業務亮點。然後，索妮亞將更詳細地討論我們的財務表現以及我們的展望。我們將以問答形式結束通話。

Before I turn the call over to Alex, I'd like to draw your attention to our forward-looking statements and the description and definition of non-GAAP financial measures, which can be found in our presentation. We'll be discussing certain non-GAAP financial measures today, including adjusted EBITDA, adjusted EBITDA margin, adjusted operating expenses, adjusted net income, and free cash flow.

在我將電話轉給 Alex 之前，我想提請您注意我們的前瞻性聲明以及非 GAAP 財務指標的描述和定義，這些可以在我們的簡報中找到。今天我們將討論某些非 GAAP 財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的營運費用、調整後的淨收入和自由現金流。

Reconciliations of these non- GAAP measures to the most directly comparable GAAP measures can be found in the financial tables included with our press release and in the appendix of our presentation. Any forward-looking statements are subject to risks and uncertainties. For more information, please refer to the risk factors included in our SEC filings, including those in our most recently filed 10-K, which is available on the IR section of our website. We assume no obligation to update any forward-looking statements.

這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳可以在我們的新聞稿和簡報的附錄中找到。任何前瞻性陳述都存在風險和不確定性。欲了解更多信息，請參閱我們向美國證券交易委員會 (SEC) 提交的文件中包含的風險因素，包括我們最近提交的 10-K 文件中的風險因素，該文件可在我們網站的 IR 部分找到。我們不承擔更新任何前瞻性陳述的義務。

Now, I'll turn the call over to Alex.

現在，我將把電話轉給亞歷克斯。

Thank you, Katherine. Our second-quarter performance reflected broad-based improvements across the business and strong execution on 2025 growth initiatives. Revenue of $179 million was steady year over year, reflecting 5% year over year growth in OEM and national revenue that partially offset temporary softness in dealer revenue. That said, I'm pleased to report that we grew dealer count both year over year and quarter over quarter, signaling a strong recovery and that our new go-to-market changes are working.

謝謝你，凱瑟琳。我們第二季的業績反映了整個業務的廣泛改善以及 2025 年成長計畫的強勁執行。1.79 億美元的營收與去年同期相比保持穩定，反映出 OEM 和全國營收年增 5%，部分抵銷了經銷商收入的暫時疲軟。話雖如此，我很高興地報告，我們的經銷商數量同比增長、環比增長，這表明我們的復甦勢頭強勁，而且我們新的行銷變革正在發揮作用。

We deliver these positive outcomes while realizing cost efficiencies that drove adjusted EBITDA margin of 28.5% at the high end of our outlook, keeping us on track to grow profitably for the year. We also continue to pace ahead of our 2025 share buyback commitment, repurchasing $23 million of shares in Q2.

我們在取得這些積極成果的同時，也實現了成本效率，推動調整後的 EBITDA 利潤率達到 28.5%，達到我們預期的高端，使我們有望在今年實現盈利增長。我們也繼續履行 2025 年股票回購承諾，在第二季回購了價值 2,300 萬美元的股票。

Building on our healthy progress in the second quarter, our platform is poised for a re-acceleration in revenue growth and incremental profitability in the second half of the year. First, our new commercial leadership rapidly increased sales velocity to drive volume growth. Dealer count of 19,412 customers was up over 160 dealers, the best sequential organic growth we've delivered in over three years, lifting product adoption across the board.

在第二季度取得健康進展的基礎上，我們的平台預計將在下半年再次加速收入成長和獲利成長。首先，我們新的商業領導層迅速提高了銷售速度，推動了銷售成長。經銷商數量增加 160 多家，達到 19,412 名客戶，這是我們三年多來實現的最佳連續有機成長，全面提升了產品採用率。

Second, we launched enhanced marketplace repackaging in June, bundling in more immediate features to maximize cars commerce platform advantages. Website repackaging is also advancing with multiple OEM agreements successfully completed year-to-date and more to come.

其次，我們在 6 月推出了增強型市場重新包裝，捆綁了更多即時功能，以最大限度地發揮汽車商務平台的優勢。網站重新包裝也在推進，今年迄今已成功完成多項 OEM 協議，未來也將完成更多協議。

Third, our product innovation cycle has been gaining speed. We unveiled new consumer AI features in the spring and early summer that are ramping quickly, contributing to differentiation and driving our marketplace flywheel.

第三，我們的產品創新周期不斷加快。我們在春季和初夏推出了新的消費者人工智慧功能，這些功能正在迅速發展，有助於實現差異化並推動我們的市場飛輪。

And we're excited about continuous AI innovation and new enhancements we'll be launching for our customers later this year. It's also important to note that OEM growth should remain a tailwind in the coming quarters. OEM and national revenue grew 5% year over year in Q2, a positive result despite the uncertainty around tariffs that persisted in the quarter.

我們對今年稍後將為客戶推出的持續人工智慧創新和新增強功能感到非常興奮。值得注意的是，未來幾季 OEM 成長仍將保持順風態勢。第二季度，原始設備製造商和國家收入年增 5%，儘管本季關稅問題仍存在不確定性，但仍取得了積極成果。

Nearly half of our OEM partners increased their spending on our platform, but investment levels were variable throughout the quarter. Since OEMs can either immediately invest more or pull back in response to dynamic industry trends, we expect short lead times to continue this year. However, we're capturing upside and scattered dollars as the trade situation appears to be stabilizing, and we anticipate an upward trajectory in OEM media for the remainder of the year.

近一半的 OEM 合作夥伴增加了在我們平台上的支出，但整個季度的投資水準有所不同。由於 OEM 可以根據動態的行業趨勢立即增加投資或撤資，我們預計今年的交貨時間將繼續較短。然而，隨著貿易情勢趨於穩定，我們正在捕捉上行和零散的美元，我們預計今年剩餘時間內 OEM 媒體將呈現上升趨勢。

With all of our growth drivers firmly in motion, we anticipate low single digit year-over-year growth in the second half of 2025 and acceleration heading into 2026. Now let's turn to a discussion of our Q2 execution and the tailwinds that are contributing to our growth outlook.

隨著所有成長動力的強勁運轉，我們預計 2025 年下半年年成長將達到低個位數，而 2026 年將加速成長。現在讓我們來討論一下第二季的執行情況以及有助於我們成長前景的順風因素。

Strong Cars.com marketplace performance persisted from Q1 into Q2, and we're excited for future growth in the second half of this year. Traffic hit a new second quarter record of 162 million, up 2% year over year. Average monthly unique visitors totaled 26.6 million and was up year over year in each month of the quarter.

Cars.com 市場表現強勁，從第一季持續到第二季​​度，我們對今年下半年的未來成長充滿期待。第二季流量創下1.62億的新紀錄，較去年同期成長2%。每月平均獨立訪客總數為 2,660 萬，本季每個月都比去年同期有所成長。

Like other automotive players, we experienced a tariff motivated surge of consumer demand. Which we capitalized on to improve overall lead delivery. Our recently upgraded lead intelligence, which provides dealers with individualized consumer insights such as shopper history, listing views, and estimated budgets, has enhanced lead quality. Over 50% of our marketplace subscribers use this feature at least once in the first six weeks of launch.

與其他汽車企業一樣，我們也經歷了關稅引發的消費需求激增。我們利用這一點來改善整體的領先交付。我們最近升級的潛在客戶情報為經銷商提供了個人化的消費者洞察，例如購物者歷史記錄、清單視圖和預算估算，從而提高了潛在客戶的品質。在推出後的前六週內，超過 50% 的市場訂閱者至少使用過一次此功能。

We're now working on additional analytics and CRM integrations to make this feature even more powerful and directly linked to retail outcomes. Turning to the consumer experience, 73% of Cars.com shoppers are undecided on make, model, or dealer selection when they begin their journey, and we see AI as a critical tool to drive lead volume and quality.

我們現在正致力於額外的分析和 CRM 集成，以使此功能更加強大並直接與零售結果掛鉤。談到消費者體驗，73% 的 Cars.com 購物者在開始購物時對品牌、型號或經銷商的選擇猶豫不決，我們認為 AI 是提高銷售線索數量和品質的關鍵工具。

Consumers browsing Cars.com are benefiting from a major update in the form of our new AI powered search capabilities. In May we began augmenting standard keyword searches with natural language recognition, converting conversational queries like new SUVs under 35,000 into tailored shopping results.

瀏覽 Cars.com 的消費者將受益於我們全新 AI 驅動的搜尋功能的重大更新。五月份，我們開始利用自然語言識別技術增強標準關鍵字搜索，將諸如“35,000 美元以下的新款 SUV”之類的對話查詢轉換為定制的購物結果。

It's still early days, but lead submission rates from visitors using AI search are already 2 times higher than regular search and account for nearly 20% of internet leads submitted. The feature is prominent at the top of our home page, and we encourage everyone to try it out for a more enhanced car buying experience.

雖然現在還處於早期階段，但使用 AI 搜尋的訪客的潛在客戶提交率已經比常規搜尋高出 2 倍，佔網路潛在客戶提交率的近 20%。該功能在我們的主頁頂部很顯眼，我們鼓勵每個人都嘗試一下，以獲得更好的購車體驗。

We have immediate plans to integrate editorial content into the search experience for the personalized results and comparisons and enable completion of lead submissions and trade in value requests using AI. We're committed to developing and implementing ways to leverage AI to drive performance and open up new growth vectors.

我們立即計劃將編輯內容整合到搜尋體驗中，以獲得個人化的結果和比較，並使用人工智慧完成潛在客戶提交和價值交易請求。我們致力於開發和實施利用人工智慧來推動績效並開闢新的成長方向的方法。

Our editorial dominance supported our marketplace performance with timely content ahead of the busy summer car buying season. The annual Cars.com American made index, or AMI, attracted 71% more visitors compared to a year ago to mark its most successful campaign in over five years. You may have seen our editor in chief on Good Morning America last week discussing our proprietary car seat safety research and reaching millions of viewers on a national scale.

在繁忙的夏季購車季節到來之前，我們憑藉編輯優勢及時提供內容，從而支持了我們的市場表現。Cars.com 年度美國製造指數 (AMI) 吸引的訪客數量較去年同期增加了 71%，這是該指數五年來最成功的一次活動。您可能已經看到我們的主編上週在《早安美國》節目中討論了我們專有的汽車座椅安全研究，並在全國範圍內吸引了數百萬觀眾。

Unique and relevant research and shopping resources found only on Cars.com clearly remain integral to the car buying journey. Our extensive content library complements the rising use of AI agents who rely on our expertise and heavily reference our content and brand, not to mention we have a multi-decade advantage in building our automotive authority and consumer trust, with AMI being a great example as it celebrates its 20th anniversary this year.

僅在 Cars.com 上才能找到的獨特且相關的研究和購物資源顯然仍然是購車之旅不可或缺的一部分。我們豐富的內容庫補充了日益增長的人工智慧代理的使用，他們依賴我們的專業知識並大量參考我們的內容和品牌，更不用說我們在建立汽車權威和消費者信任方面擁有數十年的優勢，AMI 就是一個很好的例子，今年它慶祝成立 20 週年。

We remain confident in maintaining our position as the number one most recognized consumer automotive marketplace. We're pleased that this consumer momentum is being matched with dealer success. Total dealer count rose to 19,412 dealers in Q2, up 162 customers quarter over quarter, and our best organic performance since the start of 2022.

我們仍然有信心保持我們作為最受認可的消費汽車市場第一的地位。我們很高興看到消費者的這種成長動能與經銷商的成功相符。第二季經銷商總數增至 19,412 家，較上季增加 162 家客戶，創下 2022 年初以來的最佳有機業績。

Notably, marketplace accounted for more than half of that sequential growth, in addition to the strong gains posted by website and appraisal solutions. Our continued organizational and go-to-market changes are helping us move more nimbly and close more sales opportunities.

值得注意的是，除了網站和評估解決方案的強勁成長外，市場還佔了連續成長的一半以上。我們持續的組織和市場變革正在幫助我們更靈活地行動並獲得更多的銷售機會。

The sales pipeline is strengthening, and we're excited to see continued improvements in the next few quarters. And based on our growing network of dealer partners, cross-selling and repackaging, which Sonia will discuss shortly, we also expect ARPD expansion in the second half of the year.

銷售管道正在加強，我們很高興看到未來幾季繼續改善。基於我們不斷成長的經銷商合作夥伴網路、交叉銷售和重新包裝（索尼婭稍後將討論），我們也預計 ARPD 將在今年下半年擴張。

Turning to our solution suite, our focus on cross-selling the cars commerce platform yielded strong product adoption in the second quarter. AccuTrade and DealerClub continue to garner strong customer interest and usage as dealer competition intensifies for sourcing used vehicle inventory. AccuTrade grew its subscriber base to 1,070 dealers in Q2, and today I'm excited to share that we signed an enterprise level deal with one of the largest independent dealer groups in the country.

談到我們的解決方案套件，我們專注於交叉銷售汽車商務平台，在第二季度獲得了強勁的產品採用率。隨著經銷商在二手車庫存採購方面的競爭日益激烈，AccuTrade 和 DealerClub 繼續吸引客戶的強烈興趣和使用。AccuTrade 在第二季將其用戶群擴大到 1,070 家經銷商，今天我很高興地告訴大家，我們與全國最大的獨立經銷商集團之一簽署了企業級協議。

During a rigorous pilot program, AccuTrade's valuation software outperformed this partner's legacy provider in speed and accuracy, leading to a significant win and further expanding AccuTrade's existing penetration at the dealer group's 150 stores. More broadly, AccuTrade appraisal activity reached 925,000 appraisals in Q2, up 14% quarter over quarter, and the second consecutive quarter of double digit growth. Dealers also continue to acquire roughly 20 cars on average per month via AccuTrade.

在嚴格的試點計畫中，AccuTrade 的估值軟體在速度和準確性方面超越了該合作夥伴的傳統供應商，從而獲得了重大勝利，並進一步擴大了 AccuTrade 在經銷商集團 150 家門市的現有滲透率。更廣泛地說，AccuTrade 評估活動在第二季度達到了 925,000 次評估，環比增長 14%，連續第二個季度實現兩位數增長。經銷商還透過 AccuTrade 平均每月繼續收購約 20 輛汽車。

We're confident in the solutions transformative value for the industry, particularly as the largest dealer groups increasingly focus on acquiring vehicles from consumers in recognition of the superior profitability being unlocked by technology-driven dealerships.

我們對該解決方案對行業的變革價值充滿信心，特別是當最大的經銷商集團越來越注重從消費者手中收購汽車，以認識到技術驅動的經銷商所能釋放的卓越盈利能力時。

Our ability to disrupt legacy auctions and enable retailers to operate more independently remains central to our strategy, but we aim to disrupt traditional online auctions too. DealerClub, after completing its first full quarter as a cars commerce solution, grew transaction volume 50% sequentially. As a reminder, DealerClub offers a new channel for dealer to dealer trading with its transparent reputation-based format.

我們顛覆傳統拍賣模式並使零售商能夠更獨立地運作的能力仍然是我們策略的核心，但我們的目標也是顛覆傳統的線上拍賣。DealerClub 作為汽車商務解決方案，在完成第一個完整季度後，交易量較上季成長了 50%。提醒一下，DealerClub 以其透明的基於信譽的格式為經銷商之間的交易提供了新的管道。

DealerClub also enhances the advantages of our platform as we develop data-driven intelligent inventory management solutions that help dealers maximize the profit potential of each vehicle through either retail or wholesale channels.

DealerClub 也增強了我們平台的優勢，因為我們開發了數據驅動的智慧庫存管理解決方案，幫助經銷商透過零售或批發管道最大限度地提高每輛車的利潤潛力。

DealerClub product development has moved extremely fast. In April, we turned on the ability for dealers to push AccuTrade appraisals into DealerClub auctions. In May, we launched a Cars.com to DealerClub direct integration, fully closing the loop between retail, wholesale and appraisal technologies to complete a comprehensive used car solution.

DealerClub 產品開發進度非常快。4 月份，我們開放了經銷商將 AccuTrade 評估推送到 DealerClub 拍賣的功能。五月，我們推出了 Cars.com 與 DealerClub 的直接整合，全面閉合零售、批發和評估技術之間的循環，以完成全面的二手車解決方案。

In practice, aging retail units are now automatically surfaced to dealers and can be seamlessly transitioned to wholesale. We're the first marketplace to offer this level of analytics to empower wholesale optionality for customers, and we expect a strong positive response from dealers as they learn more about these capabilities. It's very early, but we're encouraged with our initial momentum.

實際上，老化的零售單位現在會自動浮現給經銷商，並且可以無縫過渡到批發。我們是第一個提供這種等級分析的市場，旨在為客戶提供批發選擇權，我們預計經銷商在了解這些功能後會做出強烈的正面回應。雖然現在還為時過早，但我們對最初的勢頭感到鼓舞。

Finally, switching gears to dealer Inspire and D2C media, we grew to nearly 7,800 websites in Q2. Over the past two years, we've continuously invested in upgrading and modernizing the infrastructure that powers these sites. Recent developments now allow us to complete site deployment and complex updates in a matter of minutes, keeping pace with the dynamic nature of real-time dealership operations.

最後，轉向經銷商 Inspire 和 D2C 媒體，我們在第二季度發展到近 7,800 個網站。在過去的兩年裡，我們不斷投資升級和現代化這些站點的基礎設施。最近的發展使我們能夠在幾分鐘內完成網站部署和複雜的更新，以跟上即時經銷商營運的動態特性。

Our innovation reinforces our ability to negotiate and repackage website agreements for which we have a strong pipeline for the remainder of 2025. With a strong exit rate in June, momentum and key performance indicators, and industry tailwinds that favor our platform strategy and used car products, we feel well positioned for revenue growth in the second half of the year, and beyond.

我們的創新增強了我們談判和重新包裝網站協議的能力，我們在 2025 年剩餘時間內擁有強大的管道。由於 6 月的退出率強勁、勢頭強勁、關鍵績效指標良好，以及行業順風有利於我們的平台策略和二手車產品，我們感覺自己已經為今年下半年及以後的收入增長做好了準備。

And now I'll turn the call over to Sonia to discuss our second quarter of financial results. Sonia?

現在我將把電話轉給索尼婭，討論我們第二季的財務表現。索尼婭？

Thank you, Alex. Second-quarter revenue was steady year over year, with underlying operational discipline producing adjusted EBITDA and adjusted EBITDA margin at the high end of expectations. Importantly, momentum in marketplace and solutions products underpins our confidence in returning to top line growth. We are also raising our full-year share repurchase target to $70 million to $90 million consistent with our commitment to return value to shareholders.

謝謝你，亞歷克斯。第二季營收與去年同期相比保持穩定，在基本營運紀律的推動下，調整後的 EBITDA 和調整後的 EBITDA 利潤率達到預期的高點。重要的是，市場和解決方案產品的勢頭增強了我們恢復營收成長的信心。我們還將全年股票回購目標提高至 7,000 萬至 9,000 萬美元，以履行我們向股東回報的承諾。

With multiple levers improving across the business, we have line of sight to deliver stronger financial and operating results heading into the rest of 2025. As we communicated at the start of the year, 2025 was always expected to be a tale of two halves, with the first half focused on laying the groundwork for growth initiatives and the second half focused on realizing the resulting benefits in the form of revenue growth.

隨著整個業務中多個槓桿的改善，我們預計在 2025 年剩餘時間內實現更強勁的財務和營運表現。正如我們在年初所傳達的那樣，2025 年一直被預期為兩個半場的故事，上半年專注於為增長計劃奠定基礎，下半年專注於以收入增長的形式實現由此帶來的收益。

Here at the halfway point, and despite macro and tariff distractions, we have successfully achieved our first-half operating objectives and expect further gains to accrete as these initiatives mature. Second-quarter revenue was $178.7 million flat year over year and quarter over quarter, and generally in line with our expectations.

目前，儘管面臨宏觀和關稅方面的干擾，我們仍成功實現了上半年的營運目標，並預計隨著這些措施的成熟，​​我們將取得進一步的收益。第二季營收為 1.787 億美元，與去年同期和上一季持平，基本上符合我們的預期。

We executed on our growth initiative to drive positive sales velocity and volume growth, albeit balanced against a slightly lower ARPD due to mix, which resulted in dealer revenue being down 1% year over year. Solutions was again a strong contributor, with websites and AccuTrade each adding around 50 new customers sequentially in Q2.

我們執行了成長計劃，推動了銷售速度和銷售的積極成長，儘管由於產品組合原因，ARPD 略有下降，導致經銷商收入較去年同期下降 1%。解決方案再次發揮了強勁作用，網站和 AccuTrade 在第二季度分別連續增加了約 50 個新客戶。

AccuTrade's penetration is now at nearly 1,100 customers. This includes 80 new and existing stores from the recently signed enterprise deal that Alex spoke to earlier. Another roughly 70 stores will be onboarded throughout the rest of 2025.

AccuTrade 的滲透率目前已接近 1,100 名客戶。其中包括 Alex 之前談到的最近簽署的企業協議中的 80 家新店和現有店。2025 年剩餘時間內，還將有約 70 家商店加入。

Offsetting solutions growth, marketplace and media continued to rebound from a slower start to the year, and customer hesitancy to commit discretionary advertising dollars. Nevertheless, total marketplace customers have grown sequentially in every month since January, now including July, and notably, marketplace was our biggest net contributor to sequential dealer account improvement in the quarter.

抵消解決方案成長的影響，市場和媒體繼續從年初的緩慢成長和客戶不願投入可自由支配的廣告費用中反彈。儘管如此，自 1 月以來，包括 7 月在內，市場客戶總數每個月都連續成長，值得注意的是，市場是我們本季經銷商帳戶連續成長的最大淨貢獻者。

Overall, we're pleased with the broad-based positive unit growth that we've delivered in Q2, particularly for our key focus area of marketplace. Our repackaging efforts are already underway and will deliver higher value to our customers, improving retention while supporting ARPD expansion on top of this larger installed base.

總體而言，我們對第二季度實現的廣泛正單位成長感到滿意，特別是在我們重點關注的市場領域。我們的重新包裝工作已在進行中，並將為我們的客戶提供更高的價值，提高保留率，同時支援在更大的安裝基礎上進行 ARPD 擴展。

Rounding off the revenue discussion, OEM and national revenue was up 5% year over year, inclusive of early quarter shifts in advertising investments. While Q2 OEM revenue typically trends up month over month, we saw fluctuations beyond normal seasonality this year.

總結收入討論，OEM 和全國收入年增 5%，其中包括本季初廣告投資的變化。雖然第二季 OEM 收入通常呈現逐月上升趨勢，但今年我們看到的波動超出了正常的季節性。

For example, sell-through rates declined nearly 3% year over year on certain display products at the start of the quarter, whereas we would have expected a stronger run rate in the normal course of business. OEMs continue to prioritize marketing and advertising flexibility, and we are staying close to our partners to capitalize opportunistically on scattered dollars where possible.

例如，本季初某些展示產品的銷售率年減了近 3%，而我們原本預計在正常業務過程中銷售率會更高。OEM 繼續優先考慮行銷和廣告靈活性，我們與合作夥伴保持密切聯繫，盡可能利用分散的資金。

Incrementals were robust in Q2, even on shorter lead times, which is a healthy sign that should be amplified as more trade resolutions are reached. We are confident that our OEM Book of Business will remain a revenue tailwind based on our strong marketplace traffic and scaled consumer audience.

即使交貨時間較短，第二季的增量仍然強勁，這是一個健康的訊號，隨著更多貿易決議的達成，這一訊號應該會放大。我們相信，憑藉強大的市場流量和規模龐大的消費者群體，我們的 OEM 業務簿將繼續成為收入的順風。

Now on to operating expenses. Second quarter expenses were $163 million compared to $169 million a year ago, down 3% year over year, as DealerClub costs that were absent in the prior year period were fully offset by cost controls around headcount and lease-related expenses, as well as shifts in marketing investments. Adjusted operating expenses were $153 million down 2% from $156 million a year ago, primarily due to the aforementioned items.

現在談談營運費用。第二季的支出為 1.63 億美元，而去年同期的支出為 1.69 億美元，年減 3%，這是因為去年同期沒有的 DealerClub 成本完全被圍繞員工人數和租賃相關費用的成本控制以及行銷投資的轉變所抵消。調整後的營運費用為 1.53 億美元，較去年同期的 1.56 億美元下降 2%，主要由於上述項目。

Product and technology expenditures increased $1.1 million on a reported basis and $1.6 million on an adjusted basis due to the DealerClub-related investments that were absent in the prior year period. Marketing and sales costs decreased around $2.5 million year over year on both a reported and adjusted basis, largely due to shifts in marketing investments, as our teams leveraged tariff-driven consumer demand to produce record traffic and audience metrics.

由於去年同期沒有進行 DealerClub 相關投資，產品和技術支出在報告基礎上增加了 110 萬美元，在調整基礎上增加了 160 萬美元。行銷和銷售成本在報告和調整後均同比下降約 250 萬美元，這主要是由於行銷投資的轉變，因為我們的團隊利用關稅驅動的消費者需求來創造創紀錄的流量和受眾指標。

General and administrative expense was down $1.3 million year over year on a reported basis, and roughly flat on an adjusted basis. The majority of the reported decrease was attributable to the lease amendment completed in Q4 2024.

以報告計算，一般及行政開支較去年同期下降 130 萬美元，按調整後計算基本持平。報告的下降大部分歸因於 2024 年第四季完成的租賃修訂。

Net income for the second quarter was $7 million or $0.11 per diluted share compared to net income of $11 million or $0.17 per diluted share a year ago. The difference in net income is primarily due to changes in the fair value of contingent consideration for prior acquisitions that were included in the prior year period.

第二季淨收入為 700 萬美元，即每股攤薄收益 0.11 美元，而去年同期淨收入為 1,100 萬美元，即每股攤薄收益 0.17 美元。淨收入的差異主要是由於去年同期包含的先前收購的或有對價的公允價值變動所致。

Adjusted net income for the second quarter was $26 million or $0.41 per diluted share compared to $0.38 per diluted share a year ago, reflecting our focus on reducing share count. Adjusted EBITDA of $51 million in the second quarter was up slightly year over year. An adjusted EBITDA margin of 28.5% in the second quarter was at the high end of our outlook range due to prudent cost management across the organization.

第二季調整後淨收入為 2,600 萬美元，即每股攤薄收益 0.41 美元，而去年同期每股攤薄收益為 0.38 美元，這反映出我們專注於減少股份數量。第二季調整後的 EBITDA 為 5,100 萬美元，較去年同期略有成長。由於整個組織採取了審慎的成本管理措施，第二季調整後的 EBITDA 利潤率為 28.5%，處於我們預期範圍的高端。

Turning to key metrics, we're pleased with dealer customer growth, and we believe the commercial and other changes we made earlier this year will support further sustainable growth across all of our major product lines. ARPD in the second quarter was $2,435 down around $40 both year over year and sequentially, largely due to mix.

談到關鍵指標，我們對經銷商客戶的成長感到滿意，我們相信今年稍早做出的商業和其他變化將支持我們所有主要產品線的進一步可持續成長。第二季的 ARPD 為 2,435 美元，年比和季比均下降約 40 美元，主要是由於產品組合原因。

And as previously mentioned, ARPD can be nonlinear, particularly in periods of relatively strong dealer-customer growth. That said, we have proven our ability to steadily grow customer wallet share over time through efforts like repackaging, which is a key growth initiative that we are committed to delivering in 2025.

如同前面所提到的，ARPD 可能是非線性的，特別是在經銷商-客戶成長相對強勁的時期。話雖如此，我們已經證明，透過重新包裝等努力，我們有能力隨著時間的推移穩步增加客戶錢包份額，這是我們致力於在 2025 年實現的一項關鍵增長舉措。

In late Q2, new marketplace premium and premium plus packages were launched on a rolling basis, putting us on track to begin recognizing these pricing benefits beginning in Q3. These packages are designed to help dealers take advantage of the car's commerce platform through additional vehicle merchandizing and media features.

在第二季末，我們滾動推出了新的市場高級套餐和高級升級套餐，這使我們能夠從第三季開始認識到這些定價優勢。這些套件旨在幫助經銷商透過額外的車輛行銷和媒體功能充分利用汽車的商業平台。

Website repackaging is also progressing better than planned. We completed another negotiation in June and are optimistic that additional deals can be closed by the Q4 time frame.

網站重新包裝的進展也比計劃的要好。我們在六月完成了另一項談判，並樂觀地認為可以在第四季前完成更多交易。

While cross-selling is expected to provide less of a stair step improvement to ARPD this year, it remains an important long-term growth driver for our platform. An ancillary benefit of our marketplace repackaging is that by bundling additional media features, we are efficiently surfacing our full suite of products to more customers with less friction. We are also focused on deepening integration across the platform to drive more cross-selling opportunities.

雖然預計今年交叉銷售對 ARPD 的提升作用不會那麼大，但它仍然是我們平台重要的長期成長動力。我們的市場重新包裝的一個附帶好處是，透過捆綁額外的媒體功能，我們可以更有效地向更多客戶展示我們的全套產品，減少摩擦。我們也致力於深化整個平台的整合，以推動更多的交叉銷售機會。

Now switching to cash flow and the balance sheet, net cash provided by operating activities totaled $56 million for the first half of the year compared to $69 million a year ago. The year-over-year variance is largely attributable to the anticipated increase in earnout payments associated with the D2C acquisition. Free cash flow was $42 million year-to-date, down year over year, primarily reflecting the aforementioned items.

現在轉向現金流和資產負債表，今年上半年營運活動提供的淨現金總額為 5,600 萬美元，而去年同期為 6,900 萬美元。與去年同期相比的差異主要歸因於與 D2C 收購相關的獲利支付預期增加。今年迄今的自由現金流為 4,200 萬美元，較去年同期下降，主要反映了上述項目。

Share buybacks totaled 3.7 million shares for $45 million year-to-date, representing close to 107% free cash flow over this period. In light of the repurchases to date, our expectations for growth and to reaffirm our strong commitment to return capital to shareholders, we are raising our full-year repurchase target to $70 million to $90 million compared to the previous range of $60 million to $70 million.

今年迄今為止，股票回購總額已達 370 萬股，回購金額達 4,500 萬美元，相當於該期間自由現金流的近 107%。鑑於迄今為止的回購情況、我們對成長的預期以及為了重申我們向股東返還資本的堅定承諾，我們將全年回購目標從先前的 6,000 萬至 7,000 萬美元提高至 7,000 萬至 9,000 萬美元。

That outstanding was $460 million as of June 30, 2025, equivalent to a total net leverage ratio of 2.1 times and comfortably at the low end of our target range of 2 to 2.5 times. Total liquidity was $318 million as of June 30, 2025, giving a substantial capacity to thoughtfully allocate capital and pursue long-term value creation.

截至 2025 年 6 月 30 日，未償還債務為 4.6 億美元，相當於總淨槓桿率為 2.1 倍，處於我們 2 至 2.5 倍目標範圍的低端。截至 2025 年 6 月 30 日，總流動資金為 3.18 億美元，具有充分的能力來周全地分配資本並追求長期價值創造。

Finally, let's conclude with our outlook for the remainder of 2025. For the second half of 2025, we anticipate low single digit revenue growth year over year. This is consistent with our original view that growth would be that half-weighted as mid-year growth initiatives are launched and then compounded in later quarters.

最後，讓我們總結一下 2025 年剩餘時間的展望。對於 2025 年下半年，我們預計營收將年比維持低個位數成長。這與我們最初的觀點一致，即隨著年中成長計畫的推出，成長將佔一半權重，並在隨後的幾個季度中複合成長。

These initiatives include our new marketplace premium plus package, additional website repackaging, and improved sales velocity, as well as continued product integration of DealerClub. This outlook is based on the assumption that macroeconomic conditions stay relatively stable from today's baseline.

這些措施包括我們的新市場高級套餐、額外的網站重新包裝、提高的銷售速度以及 DealerClub 的持續產品整合。這項展望基於這樣的假設：宏觀經濟狀況從目前基線來看保持相對穩定。

Candidly, there still remains uncertainty on second half new vehicle production and pricing forecasts, which affects discretionary media spending by our customers. This means advertising revenue can shift into quarter to account for changes in inventory, model launches, new incentives, and other activities that typically warrant promotion to consumers.

坦白說，下半年新車產量和定價預測仍然存在不確定性，這影響了客戶的可自由支配的媒體支出。這意味著廣告收入可以轉移到季度，以考慮庫存變化、車型發布、新激勵措施和其他通常需要向消費者推廣的活動。

However, should there be more consistency in the operating environment, that could also lead to more favorability and upside for our media offerings. We are also reaffirming adjusted EBITDA margin outlook for fiscal 2025, between 29% to 31%, reflecting ongoing cost discipline, high contribution margin from growth initiatives, and overall revenue growth. We feel well positioned to deliver continued improvement in operating metrics, which will drive both top and bottom line growth and create long-term value for shareholders.

然而，如果營運環境更加一致，那麼我們的媒體產品也將獲得更大的優勢和上升空間。我們也重申 2025 財年的調整後 EBITDA 利潤率前景，介於 29% 至 31% 之間，這反映了持續的成本控制、成長計畫帶來的高貢獻利潤率以及整體營收成長。我們認為自己有能力持續改善營運指標，這將推動營收和利潤的成長，並為股東創造長期價值。

And with that, I'd like to open the call for Q&A. Operator?

現在，我想開始問答環節。操作員？

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

A lot of commentary on the call, looks like a lot of, momentum in the business. I wanted to clarify a few comments on just the outlook. I think Sonia, you mentioned that, saw an acceleration through the quarter, I think you specifically mentioned in June saw an acceleration in the business, and then you expect further activation in the second half.

關於這次通話有很多評論，看起來有很多業務發展勢頭。我想澄清一些有關前景的評論。我認為索尼婭，正如您所提到的，看到了本季度業務的加速，我想您特別提到了 6 月份業務的加速，然後您預計下半年業務將進一步活躍。

I'm curious if you could, quantify a bit, what that means, how was June versus April, and then even the second half, I mean, should we, does it mean that fourth quarter is an acceleration? From the third quarter, and I think that Alex mentioned that you expect further acceleration in 2026, so any more quantification across those comments would be helpful and have a couple quick follow-ups. Thanks.

我很好奇，您是否可以稍微量化一下，這意味著什麼，六月與四月相比如何，甚至與下半年相比如何，我的意思是，這是否意味著第四季度正在加速？從第三季開始，我認為 Alex 提到您預計 2026 年將進一步加速，因此對這些評論進行更多的量化將會有所幫助，並且會進行一些快速的跟進。謝謝。

Yeah, I mean, I think in a subscription business like ours, you take some time to bring in dealers and then see the full revenue benefit accumulate over the course of the quarter and then to the full year. So I would expect to see acceleration from Q2 to Q3 to Q4 as part of a steady sort of addition to our subscriber base that drives revenue.

是的，我的意思是，我認為在像我們這樣的訂閱業務中，您需要花一些時間來引入經銷商，然後才能看到全部收入收益在整個季度乃至全年內累積。因此，我預計從第二季到第三季再到第四季度，我們的用戶群將穩定增加，從而推動營收成長。

And I think acceleration is driven by two things for us. One is obviously the unit growth. We were excited to see broad-based growth and adoption of products across the business in Q2, and that will then in Q3 and Q4 have our repackaging efforts layered on top of that larger dealer customer base.

我認為加速對我們來說是由兩件事推動的。一個顯然​​是單位增長。我們很高興看到第二季整個業務的廣泛成長和產品採用，並將在第三季和第四季在更大的經銷商客戶群的基礎上進行重新包裝工作。

Got it. And in terms of the, average revenue per dealer, so it's safe to assume that third quarter will be better than the second quarter, and is that a sequential comment or, is that a year your comment? I think you refer to on the call.

知道了。就每家經銷商的平均收入而言，可以肯定地說，第三季度的表現將好於第二季度，這是您對連續性的評論，還是您對全年的評論？我想您指的是通話中。

Generally, I was making the comment as a sequential comment, as repackaging kicks in, we would expect to see growth from Q2 to Q3 into Q4.

總的來說，我的評論是連續性的，隨著重新包裝的開始，我們預計從第二季到第三季再到第四季都會成長。

Got it. And just a broader question zooming out a bit, as it relates to Agentic AI, obviously that continues to evolve with tools that can autonomously search, compare, like even transact on behalf of users. I mean, how are you viewing the impact to your marketplace model, just the broader marketplace industry?

知道了。這是一個更廣泛的問題，因為它與 Agentic AI 有關，顯然它會不斷發展，提供可以自主搜尋、比較甚至代表用戶進行交易的工具。我的意思是，您如何看待它對您的市場模式以及更廣泛的市場行業的影響？

I mean, how are you thinking about the opportunity to integrate or enable these agents with within your platform versus, maybe the risk of disintermediation as these agents potentially bypass, some of these interfaces. I'm curious, which phase of the journey are you in, how are you navigating this? Like how are you using this as an opportunity, any more color would be helpful. Thanks.

我的意思是，您如何看待在您的平台內整合或啟用這些代理的機會，以及由於這些代理可能會繞過某些介面而產生的去中介化風險。我很好奇，您處於旅程的哪個階段，您是如何度過這階段的？例如你如何利用這個機會，更多的顏色都會有幫助。謝謝。

Sure, Roger. Well, we're really pleased with the product innovation that we had on the agentic side in the quarter. Our homepage search queries are generating twice the engagement, twice the leads, and producing a much stickier user experience, and we're going to continue to build on that capability and then even be able to deploy some of that tech to our dealer website customers as well. So we're getting a lot of leverage out of the advancements in our product set.

當然，羅傑。嗯，我們對本季代理商的產品創新感到非常滿意。我們的主頁搜尋查詢產生了兩倍的參與度、兩倍的潛在客戶，並產生了更加黏性的用戶體驗，我們將繼續建立這項功能，甚至能夠將其中一些技術部署到我們的經銷商網站客戶。因此，我們從產品系列的進步中獲得了許多優勢。

I also would point that while the majority of our traffic comes to us directly because of the strength of our brand, both app and people typing directly our brand Into their browsers, we have a much lower dependency on what I'll call technical SEO.

我還想指出，雖然我們的流量大部分直接來自於我們品牌的實力，包括應用程式和直接在瀏覽器中輸入我們品牌的用戶，但我們對我所說的技術 SEO 的依賴程度要低得多。

Our competitors rely on technical SEO at a far greater level than we do because we source the majority of our traffic directly due to the strength to the brand, so it's both an opportunity and from a threat standpoint it's relatively minimal.

我們的競爭對手對技術搜尋引擎優化的依賴程度遠高於我們，因為我們的大部分流量直接來自品牌實力，所以這既是一個機會，從威脅的角度來看，它相對較小。

I think the other opportunity, as we noted on the call, the strength of our editorial content we're layering that into as many of the AI engines that we can, which is rendering our brand recognition and serving as a real halo for our authority.

我認為另一個機會是，正如我們在電話會議上提到的那樣，我們將編輯內容的優勢融入到盡可能多的人工智慧引擎中，這將提高我們的品牌知名度，並為我們的權威帶來真正的光環。

As auto is a multi-touch omnichannel experience, so it doesn't have the same disruptive threat of, say, variable or arbitrage models because consumers are seeking out multiple destinations. And so we generally think our content advantage serves as a strength and a halo to get incremental brand exposure through these engines which consumers will come to us directly to sync out more information.

由於汽車是一種多點觸控全通路體驗，因此它不會像變數或套利模型那樣具有破壞性威脅，因為消費者正在尋找多個目的地。因此，我們總體上認為，我們的內容優勢是一種力量和光環，可以透過這些引擎獲得增量品牌曝光，消費者會直接來找我們同步更多資訊。

Understood, understood. Great, thanks for all the color and I'll get back in queue.

明白了，明白了。太好了，謝謝你的留言，我會重新排隊的。

Tom White, D.A. Davidson.

湯姆懷特、D.A.戴維森。

Great, thanks. Good morning. Two, if I could. First one is just kind of on the drivers of dealer revenue growth. So you added the dealers in the quarter, which was nice to see, obviously, but I guess, so I'm trying to understand what's happening with ARPD. It was down a bit sequentially and then also down 2% year over year.

太好了，謝謝。早安.如果可以的話，兩個。第一個是關於經銷商收入成長的驅動因素。所以你在本季增加了經銷商，這顯然是件好事，但我想，所以我想了解 ARPD 發生了什麼事。與上一季相比略有下降，與去年同期相比也下降了 2%。

I think Sony you mentioned it was mixed, but can you just elaborate on mix of what exactly is it just sort of size of some of the recent dealer ads, is it product mix, I just, given that you guys are selling in some additional products into those dealers, just trying to understand why ARPD hasn't been a little bit more buoyant. And then, I have a follow up on AccuTrade?

我認為索尼你提到它是混合的，但你能詳細說明一下混合情況嗎？它到底是什麼？它只是最近一些經銷商廣告的規模，是產品組合嗎？我只是，考慮到你們正在向那些經銷商銷售一些額外的產品，只是想了解為什麼 ARPD 沒有更活躍一些。然後，我對 AccuTrade 有什麼後續消息嗎？

Sure. Thanks for the question, Tom. I think you actually get on the answer in your question. I mean, look, I think we're seeing some small fluctuations in ARPD. It's about a $40 delta, primarily due to two things, I would say customer mix and product mix, and then a little bit is.

當然。謝謝你的提問，湯姆。我認為你實際上已經從你的問題中找到了答案。我的意思是，看，我認為我們看到了 ARPD 的一些小波動。大約有 40 美元的差額，主要是由於兩件事，我想說的是客戶組合和產品組合，然後還有一點點。

And then on the customer mix side, franchise dealers continue to comprise about two-thirds of our customer base, but I would say we're adding indies at probably a faster clip. And so they do tend to have a slightly lower ARPD, which will bring the blended average down. That's not a bad thing.

在客戶結構方面，特許經銷商仍然占我們客戶群的三分之二左右，但我想說，我們增加獨立經銷商的速度可能更快。因此他們的 ARPD 確實會略低一些，從而拉低混合平均值。這並不是一件壞事。

I mean, we think a healthy marketplace requires a good mix of both types of dealers, but mechanically it impacts ARPD. The second thing I would say is we have a growing base of what I'll call like solutions first customers, which means they're coming to us as website customers, only at least initially and then we cross sell them into other products and that again mechanically speaking can be -- can create a little bit of initial drag on ARPD.

我的意思是，我們認為健康的市場需要兩種類型的經銷商的良好組合，但從機制上講，它會影響 ARPD。我想說的第二件事是，我們擁有一個不斷增長的「解決方案優先」客戶群，這意味著他們至少在最初只是作為網站客戶來到我們這裡，然後我們將他們交叉銷售到其他產品中，從機械角度來說，這可能會對 ARPD 產生一些初始拖累。

And then within media we have seen -- while we've seen some growth in terms of unit adoption of the products, we definitely did see a little bit of tempering in spend, so not a complete pullback, but people were a little bit more cautious in the quarter, which also impacted our ARPD. Ultimately I see revenue as moving with both dealer account and ARPD, but they won't always move linearly together and some of the periods where we have more net dealer additions, those dealers typically come to us by buying like one product initially and then we build up their ARPD over time. So I think that's also manifesting a little bit in the numbers as well. But bottom line is it's a little bit customer mix, a little bit product mix as you kind of suggested.

然後在媒體領域，我們看到——雖然我們看到產品單位採用率有所增長，但我們確實看到支出有所減少，所以不是完全回落，但人們在本季度更加謹慎，這也影響了我們的 ARPD。最終，我認為收入會隨著經銷商帳戶和 ARPD 而變化，但它們並不總是線性變化，在我們擁有更多淨經銷商增加的某些時期，這些經銷商通常最初通過購買一種產品來找我們，然後我們會隨著時間的推移建立他們的 ARPD。所以我認為這在數字上也體現了一點。但底線是，正如您所說，它有點像客戶組合，有點像產品組合。

Okay. And then just to clarify, I think you mentioned the impact of media. Is, isn't there some media that's excluded from ARPD? Can you just remind me what sort of media services or advertising is included and not included in that number?

好的。然後澄清一下，我認為您提到了媒體的影響。是不是有一些媒體被排除在 ARPD 之外？您能否提醒我一下，這個數字包括和不包括哪些媒體服務或廣告？

Yeah, I think I would say probably the biggest piece of media products that are not included in ARPD would be the digital advertising suite that was part of the dealer inspire (multiple speakers) C2C has a similar business up in Canada as well, and so that is not included in our ARPD.

是的，我想說，ARPD 中未包含的最大媒體產品可能是經銷商激勵（多重揚聲器）的一部分的數位廣告套件，C2C 在加拿大也有類似的業務，因此這不包括在我們的 ARPD 中。

Okay. That's helpful, thanks. And then just, lastly on AccuTrades', I think appraisal is up 14%. Alex, I think you mentioned that dealers are requiring 20 vehicles on average per month. I guess, what like -- what if this thing works well and it really gets integrated into kind of the day to day operations of the dealerships and the service lane, like what percentage of, the -- their total, the average dealer kind of total used vehicle intake, do you think this product might realistically account for? I'm just curious like how to think about that. I want 20 vehicles on average per month sounds good, but what could it get to sort of for the average dealer. Thanks.

好的。這很有幫助，謝謝。最後，關於 AccuTrades，我認為估價上漲了 14%。亞歷克斯，我想你提到經銷商平均每月需要 20 輛汽車。我想，如果這個產品運作良好，並真正融入經銷商和服務通道的日常運作中，您認為該產品實際上能佔經銷商二手車總攝取量的多少百分比？我只是好奇該如何思考這個問題。我希望平均每月銷售 20 輛汽車，這聽起來不錯，但對於普通經銷商來說，這能達到什麼程度？謝謝。

Tom, I read the earnings transcript of three of the big publicly traded companies that recently reported, and interestingly, all three of them had wildly different percentages of their total volume. I think one was 20%, one was like two-thirds, and so this is evolutionary for the industry.

湯姆，我閱讀了最近公佈的三家大型上市公司的獲利報告，有趣的是，這三家公司的整體交易量百分比差異很大。我認為一個是 20%，一個是三分之二，所以這對產業來說是革命性的。

I think what's driving it obviously are -- obviously one of the larger publicly traded digital dealerships is sourcing the majority of their inventory directly from consumers and finding that inventory turns at a faster clip and so it's adding to their profitability per unit.

我認為推動這一趨勢的因素顯然是——顯然，一家規模較大的上市數位經銷商的大部分庫存都是直接從消費者那裡採購的，他們發現庫存週轉速度更快，因此增加了每單位的盈利能力。

And so you know we just held a conference in Chicago with about 70 dealer operators and this was the number one theme on their mind. Was how do they source more used cars directly. So hard to predict in terms of where that percentage will normalize out, but without a doubt, it's a very durable proof point because dealers are looking to bypass auction fees and source more cars directly.

你知道，我們剛剛在芝加哥與大約 70 名經銷商舉行了一次會議，這是他們最關心的主題。他們如何直接購買更多二手車？因此很難預測該百分比將在何處趨於正常，但毫無疑問，這是一個非常持久的證明點，因為經銷商希望繞過拍賣費用並直接購買更多汽車。

Okay. Thank you very much. I appreciate it.

好的。非常感謝。我很感激。

Thank you.

謝謝。

Naved Khan, B. Riley Securities.

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

Thank you very much. Maybe just on AccuTrade, maybe give us some color on the retention of the customers you've had. Has that been improving? Is it at a level that you would like it to be, or is there a scope of improving it further?

非常感謝。也許只是在 AccuTrade 上，也許可以告訴我們一些關於您現有客戶的保留情況。情況有改善嗎？它是否達到了您所希望的水平，或者有進一步改進的空間嗎？

And then, secondarily in terms of just the marketplace repackaging effort, is it going to roll out all in Q3 or through the course of the next six months to a year? How should we think about the timing and yeah, is there a risk that as you go through the exercise some dealers might churn out, or is that not necessarily the case? How should we be thinking about it? Thank you.

其次，就市場重新包裝工作而言，它會在第三季或未來六個月到一年內全面推出嗎？我們該如何考慮時機？是的，是否有這樣的風險：在進行這項操作時，有些經銷商可能會大量流失，還是不一定？我們該如何思考這個問題？謝謝。

Sure, I'll start on the AccuTrade theme, and then turn it to Sonia for the marketplace repackaging. First of all, look, we're pleased with the growth in AccuTrade and certainly, as Tom just asked, like from a macro picture we know we're on the winning side of history here in terms of how dealers are going to start to source cars differently. and improve their overall customer experience and sourcing strategies.

當然，我將從 AccuTrade 主題開始，然後將其轉向 Sonia 進行市場重新包裝。首先，我們對 AccuTrade 的成長感到滿意，當然，正如湯姆剛才問到的，從宏觀角度來看，我們知道就經銷商如何開始以不同的方式採購汽車以及改善他們的整體客戶體驗和採購策略而言，我們處於歷史的勝利者一方。

Where we do have churn on AccuTrade is when the product is tied to the individual as opposed to a store -- store-wide mandate. And so as dealership personnel moves from store to store, we'll see churn from one dealership, but then that personnel will want to re-sign up for AccuTrade at another store.

當產品與個人而非商店（全店授權）綁定時，AccuTrade 確實會出現客戶流失。因此，當經銷商人員從一家商店轉移到另一家商店時，我們會看到一家經銷商的人員流失，但隨後這些人員會希望在另一家商店重新註冊 AccuTrade。

So it's frustrating. That so much of our success is tied to individuals as oppo opposed to top down mandates. I was really pleased and as I shared on the call to get an enterprise deal with one of the larger dealer groups in the country who from a top down standpoint is standardizing AccuTrade across all their stores because they've tested it in 30 dealerships and found that their profit per unit was higher and their overall customer experience was showing much stronger satisfaction for the stores using AccuTrade. And so increasingly I hope that more top-down decision making will happen across the industry where they will institutionalize AccuTrade and will move beyond it being more of a personal passion.

所以這很令人沮喪。我們的成功很大程度上取決於個人，而不是自上而下的命令。我真的很高興，正如我在電話中分享的那樣，我與國內最大的經銷商集團之一達成了一項企業交易，該集團從上而下的角度在其所有商店中標準化 AccuTrade，因為他們已經在 30 家經銷店對其進行了測試，發現他們的每單位利潤更高，他們的整體客戶體驗表明使用 AccuTrade 的商店的滿意度更高。因此，我越來越希望整個行業能夠進行更多自上而下的決策，將 AccuTrade 制度化，而不僅僅將其視為一種個人熱情。

But overall we're very pleased with the trends that we're seeing. I'll also note that DealerClub is an important part of this ingredient where dealers will be able to buy all the cars they can from customers, and now we're giving them wholesale optionality where they can unload a car into a wholesale market so that they are inclined to buy more cars and trade them out either retail or wholesale. So, do you want to comment on the marketplace question?

但總體而言，我們對所看到的趨勢感到非常滿意。我還要指出的是，DealerClub 是這個要素的重要組成部分，經銷商可以從客戶那裡購買所有他們可以購買的汽車，現在我們為他們提供批發選擇權，他們可以將汽車卸載到批發市場，這樣他們就傾向於購買更多的汽車並以零售或批發的方式進行交易。那麼，您想對市場問題發表評論嗎？

Yeah, sure. So on repackaging, I would say we're rolling it out over the course of the next two quarters. This repackaged -- this is truly, I would say a repackaging effort. The last time we did this, which you recall back in 2023.

是的，當然。因此，關於重新包裝，我想說我們將在接下來的兩個季度內推出它。這個重新包裝——我想說這確實是一個重新包裝的努力。你們還記得，我們​​上次這樣做是在 2023 年。

It was as much or more of a pricing action as it was a repackaging effort. This is really about creating a new top tier premium plus package and giving dealers more added value, more access to our platform, simplifying kind of the cross-selling go-to-market motion. So we certainly model out a variety of scenarios which are then factored into our numbers, but this is much more of an opt in to more value and yes, it will also help us grow our ARPD.

這既是一種定價行為，也是一種重新包裝的努力。這實際上是為了創建一個新的頂級增值套餐，為經銷商提供更多附加價值，更多地訪問我們的平台，簡化交叉銷售的行銷活動。因此，我們當然會模擬出各種各樣的場景，然後將其計入我們的數字中，但這更多的是一種選擇，可以帶來更多的價值，是的，它也將幫助我們提高 ARPD。

Awesome. Thank you.

驚人的。謝謝。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Thanks so much for the question. I guess maybe just to start on the guidance, I was wondering if you could help us a little bit because I think there's some unique factors we need to think about if I look. Historically, in the back half of the year you've got a pretty even split of revenue 50/50 between third quarter and fourth quarter, but it sounds like you're saying ARPD goes quarter over quarter, third quarter to fourth quarter, which would imply.

非常感謝您的提問。我想也許只是為了開始指導，我想知道您是否可以提供一點幫助，因為我認為如果我看一下，我們需要考慮一些獨特的因素。從歷史上看，在下半年，第三季度和第四季度的收入分配相當均衡，各佔一半，但聽起來您說的是 ARPD 是逐季增長，第三季度與第四季度之間增長，這意味著什麼？

Maybe a little bit stronger fourth quarter, but then I think on a year-over-year basis you also have a few points of an easy comp issue from the SDK in the third quarter. So when we sort of meld that all together, is there any color you can provide so sort of how you're thinking about the cadence for the rest of the year?

第四季可能會稍微強勁一些，但我認為與去年同期相比，第三季 SDK 也有一些容易比較的點。因此，當我們將所有這些融合在一起時，您能否提供一些信息，您如何考慮今年剩餘時間的節奏？

Yeah, so I think as we kind of mentioned earlier, I think with particularly with repackaging and net unit ads and given that the bulk of the business is a subscription-based business. As the repackaging efforts start seasoning, we won't see the full quarter benefit of that in Q3.

是的，所以我認為正如我們之前提到的，我認為特別是重新包裝和淨單位廣告，並考慮到大部分業務是基於訂閱的業務。隨著重新包裝工作開始成熟，我們不會在第三季看到其全部季度效益。

You really start seeing the revenue like fully accumulate in Q4, and potentially into the exit rate and into next year as well. Same with the net additions is the net additions really accumulate in the quarter after they occur, which is why we're talking about kind of the sequential acceleration. And because of, as you point out, the way the second half last year was shaped, it will also result in higher year-over-year growth in Q4 versus Q3.

您確實開始看到收入在第四季度完全積累，並且可能進入退出率並進入明年。與淨增加值相同的是，淨增加值實際上是在發生後的季度內累積的，這就是我們談論連續加速的原因。正如您所指出的，由於去年下半年的情況，第四季的年成長率也將高於第三季。

Okay, thank you. And when you talk about OEM growth as a tailwind. I just wanted if we could sort of maybe double click on that like, are you talking again sequentially or from sort of first half levels or on a year-over-year basis or is that really more into '26?

好的，謝謝。當您談到 OEM 增長是順風時。我只是想知道我們是否可以雙擊該圖標，您是按順序再說一遍，還是從上半年的水平或同比基礎上說，還是更多地關注 26 年？

We're pleased with how we were able to grow OEM and national revenue in Q2, despite a little bit more of the challenging backdrop. I think, obviously visibility isn't as high, I think, as we would like it to be, but we see OEM still making moves. We had a strong incremental sales in Q2, and that gives us like a fairly positive view on how OEM and national can help us deliver towards our revenue goals in both Q3 and Q4.

儘管面臨一些挑戰，但我們對第二季度 OEM 和國家收入的成長感到滿意。我認為，顯然知名度並不像我們所希望的那樣高，但我們看到 OEM 仍在採取行動。我們在第二季實現了強勁的銷售增量，這讓我們對 OEM 和國內市場如何幫助我們實現第三季和第四季的營收目標抱持相當正面的看法。

So I wouldn't say it's just a 2026 thing. Certainly as visibility increases, we think that makes it a little bit more straightforward to go out and win those dollars, but that's also why we're staying close to all of our OEM partners because we know the scattered dollars will be there.

所以我不會說這只是 2026 年的事。當然，隨著知名度的提高，我們認為這會讓出去贏得這些錢變得更加直接，但這也是我們與所有 OEM 合作夥伴保持密切聯繫的原因，因為我們知道零散的錢會在那裡。

Okay. And then just finally, Alex, I guess I'd be remiss if I didn't sort of ask your sort of opinions on some of the recent Amazon news with them getting more into used and CPO, and, I know they've already tried or have some efforts on the new side.

好的。最後，亞歷克斯，如果我不問你對最近亞馬遜的一些新聞的看法，那我就太失職了，他們越來越重視二手貨和 CPO，而且我知道他們已經在新的方面嘗試或做出了一些努力。

It seems like they're getting more into the new side. Just want to get your view on sort of how you see that competitive threat if it is one. And if you're able to sort of share maybe any feedback you've had from your dealer customers about their initiatives?

看起來他們越來越傾向於新的方面。只是想聽聽您對競爭威脅的看法（如果存在的話）。您是否可以分享經銷商客戶對其舉措的回饋？

Hey, Joe, thanks for the question. I think as you know from your coverage, this is a very specialized category that has a lot of nuance within the market, and I'll certainly say there's room for many players in this category. I look at all the horizontal players as potential threats, but this is a very specialized vertical industry with multiple layers between OEMs, Steelers, and obviously consumers all playing an important part. What I love about our business is that we've built a very durable, strong business that's vertically integrated deeply into the market. So we're built to withstand, threats from any one trend or player.

嘿，喬，謝謝你的提問。我想正如您在報告中了解到的那樣，這是一個非常專業的類別，市場中存在著許多細微差別，我肯定會說，這個類別中有很多參與者的空間。我將所有橫向參與者視為潛在威脅，但這是一個非常專業的垂直產業，原始設備製造商 (OEM)、鋼人隊 (Steelers) 和消費者之間的多個層面都發揮著重要作用。我對我們的業務的熱愛在於，我們已經建立了一個非常持久、強大的業務，並且深度垂直整合到市場中。因此，我們的目標是抵禦來自任何單一趨勢或參與者的威脅。

And I have talked to a lot of the dealers on the dealer council, and the feedback thus far has been there's a lot of effort but not a lot of traction. And so, personally I'd love to be a reseller of Amazon's solutions to the industry and ship dollars away from Google, right?

我已經與經銷商委員會的許多經銷商進行了交談，到目前為止的反饋是，他們付出了很多努力，但收效甚微。所以，就我個人而言，我很樂意成為亞馬遜解決方案的行業經銷商，並從谷歌手中奪走利潤，對嗎？

Like we've got the distribution already built and if Amazon's serious about wanting to sell advertising into the automotive industry, I think we're an established platform that could provide a lot of scale and help on that just like we've helped dealers with Google My Business or buying traffic on Facebook using our first party data. So it's early, we're watching it closely, but I know the business is very fortified for the long term.

就像我們已經建立了分銷管道，如果亞馬遜真的想向汽車行業銷售廣告，我認為我們是一個成熟的平台，可以提供很大的規模和幫助，就像我們幫助經銷商使用 Google My Business 或使用我們的第一方資料在 Facebook 上購買流量一樣。所以現在還為時過早，我們正在密切關注，但我知道這項業務的長期前景非常穩固。

Appreciate it. Thanks.

非常感謝。謝謝。

Gary Prestopino, Barrington Research.

巴林頓研究公司的加里‧普雷斯托皮諾 (Gary Prestopino)

Hi, good morning all. Alex, I just wanted to talk about something you have in the DealerClub, narrative on the deck of the direct Cars.com, the DealerClub integration for surfacing age marketplace inventory. I mean are does that automatically notify a dealer in terms of, when their inventory ages to a certain amount of days that hey maybe you should put this thing out in the wholesale channel rather than holding on to it?

大家早安。亞歷克斯，我只是想談談您在 DealerClub 中擁有的一些東西，關於直接 Cars.com 平台的敘述，以及 DealerClub 集成以浮現時代市場庫存。我的意思是，當經銷商的庫存老化到一定天數時，系統是否會自動通知經銷商，也許你應該把這個東西放到批發渠道，而不是一直持有它？

Yes, I mean, the integration on the product side, I'm certainly very pleased about how quickly our teams have not only embraced DealerClub, but that how fast the DealerClub team has moved to build deep product integrations and certainly we started with AccuTrade, but now leveraging the insights from our Cars.com marketplace, every dealer's inventory is now pre-populated in DealerClub.

是的，我的意思是，在產品方面的整合，我當然非常高興我們的團隊不僅如此迅速地接受了 DealerClub，而且 DealerClub 團隊如此迅速地構建了深度產品整合，當然我們從 AccuTrade 開始，但現在利用來自 Cars.com 市場的洞察力，每個經銷商的庫存現在都已預先填充到 DealerClub 中。

So when they enroll with DealerClub, they can immediately see their inventory sorted by age, with aging units being obviously the most attractive with one click launch to wholesale capability. So this saves dealerships a ton of time.

因此，當他們註冊 DealerClub 時，他們可以立即看到按年限排序的庫存，其中老化的庫存顯然最具吸引力，只需單擊即可啟動批發功能。因此這為經銷商節省了大量時間。

It provides them an immediate point of egress. It's obviously a free addition to their marketplace subscription, and that we only charge fees on the buy side. So, it's an absolutely tremendous addition to our platform.

它為他們提供了一個直接的出口。這顯然是他們市場訂閱的免費附加功能，我們只向買方收取費用。所以，這對我們的平台來說絕對是一個巨大的補充。

The user data is up double digits quarter over quarter, and transactions have been growing at 50% quarter over quarter, so it's relatively small, it's early stage, but the market receptivity that we're getting here is tremendous, and as Gary, the play here is disruptive in that we want to build this D2D trading platform without the heavy inspector costs, right.

用戶數據環比增長了兩位數，交易量環比增長了 50%，所以它相對較小，還處於早期階段，但我們在這裡獲得的市場接受度是巨大的，正如 Gary 所說，這裡的做法具有顛覆性，因為我們想要構建這個 D2D 交易平台，而不需要承擔高昂的檢查員成本，對吧。

We don't want to staff a team of inspectors and because of the reputational nature of this platform, we also are seeing that we're able to bypass the arbitration risk that a lot of the traditional online auctions are incurring, and so it's a very asset-like strategy.

我們不想配備一支檢查員團隊，而且由於這個平台的聲譽性質，我們也看到我們能夠繞過許多傳統線上拍賣所產生的仲裁風險，所以這是一個非常類似資產的策略。

It enables technology to power dealers to do trading amongst themselves and disrupt the $10 billion auction industry that's largely be built on a fee structure where we think we can enable dealers to operate more independently and trade more as a collective and pass that savings back to the dealer community. So, again, very early stage, I hope DealerClub will contribute much more meaningful to revenue in 2026, but we're very pleased with the initial entry into the market.

它使技術能夠為經銷商提供動力，使他們能夠相互進行交易，並顛覆價值 100 億美元的拍賣行業，該行業主要建立在收費結構上，我們認為我們可以讓經銷商更加獨立地運營，以集體的形式進行更多交易，並將節省下來的資金回饋給經銷商社區。因此，再次強調，在非常早期的階段，我希望 DealerClub 能夠在 2026 年為收入做出更有意義的貢獻，但我們對首次進入市場感到非常高興。

Okay. Can you share anything on AccuTrade as far as the appraisals? What percentage of those appraisals are being converted at the dealer level?

好的。能分享有關 AccuTrade 的評估資訊嗎？這些評估中有多少比例是在經銷商層級轉換的？

Well, we know dealers from data we can see are acquiring about 20 cars per dealership that are using the software, reliably, and that's obviously you think about the auction fees on that alone, just buying one car would pay for the AccuTrade subscription.

嗯，我們從數據中得知，每個經銷商大約購買 20 輛使用該軟體的汽車，這顯然需要您考慮拍賣費用，僅購買一輛汽車就可以支付 AccuTrade 的訂閱費用。

So we have no doubt to the profitability. We also know the number one feedback we're getting from dealerships is saving them from hidden repair costs that that aren't captured with more physical inspections and so dealers are citing that the savings that they're generating from that overpaying for inventory is the other big ROI. So those are the two primary drivers that we're seeing dealers appreciate about our approach here.

因此我們對盈利能力毫不懷疑。我們也知道，我們從經銷商那裡得到的第一反饋是節省了他們透過更多的實體檢查無法發現的隱藏維修成本，因此經銷商表示，他們從庫存多付的費用中節省下來的錢是另一項巨大的投資回報。因此，我們看到經銷商對我們的做法表示讚賞，這是兩個主要驅動因素。

As to the specific number that you're asking for, I'll have to get back to you to give you a more accurate number. But generally we know the feedback on the product has been tremendous. We are piloting more solutions around AccuTrade to add capabilities such as an IMS, and we hope to have more news on that shortly.

至於您要求的具體數字，我必須回覆您以提供更準確的數字。但整體來說，我們知道該產品的回饋非常好。我們正在圍繞 AccuTrade 試行更多解決方案，以添加 IMS 等功能，我們希望很快能有更多相關消息。

Okay. And then just real quickly coming out of the quarter, I would assume the dealer market is still, rather cautious. You had some pre-buying in the quarter to try and be tariffs, but, anything that you could address there in terms of, what their collective outlook may be going forward, that would be helpful?

好的。然後，很快就走出這個季度，我認為經銷商市場仍然相當謹慎。您在本季度進行了一些預購，試圖徵收關稅，但是，您可以就他們的未來總體前景如何提出任何建議，這會有所幫助嗎？

I think sentiment's improving, Gary. This isn't the first cycle where the system gets shocked by larger macro news. We see dealers pull back. And then they see the durability of the consumer and return to being competitive and spending, and we're certainly thrilled with the dealer growth in Q2 at over 160 dealers.

我認為情緒正在改善，蓋瑞。這並不是系統第一次因重大宏觀新聞而受到衝擊。我們看到經銷商撤退。然後他們看到了消費者的持久性並恢復了競爭力和消費，我們對第二季度經銷商數量超過 160 家感到非常高興。

We know that'll translate to dealer growth in Q3, and I'll just note that we also saw a strong dealer growth in July, so that that dealer sentiment clearly is showing a willingness to get back in the game and compete. And I definitely on our market, travels and time with dealers, we're seeing a much more aggressive focus on, okay, the world isn't falling apart. How do I compete more for volume, and that serves us extremely well because we obviously are reaching consumers at the last mile and dealers need to be there.

我們知道這將轉化為第三季經銷商的成長，我想指出的是，我們在 7 月也看到了經銷商的強勁成長，因此經銷商情緒明顯顯示出重返市場並參與競爭的意願。我確實在我們的市場、旅行和與經銷商相處的時間裡看到了更積極的關注，好吧，世界並沒有崩潰。我如何在銷售上更具競爭力，這對我們非常有利，因為我們顯然是在最後一英里接觸消費者，而經銷商需要在那裡。

Okay. Thank you.

好的。謝謝。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Good morning. Thanks for taking my questions here. We just like to understand a little bit better, the increased sales velocity comment. I know you have a new head of -- a new person heading that effort up and just wanted to understand a little bit better what exactly did you mean by that?

早安.感謝您在這裡回答我的問題。我們只是想更了解銷售速度提高的評論。我知道您有一位新負責人——一位新人來領導這項工作，我只是想更了解您這到底是什麼意思？

And how are you changing the go-to-market there and then kind of a related question, but I think, I just want to confirm you said you expect your account to be up sequentially, kind of both quarters for the remainder of the year.

那麼您如何改變那裡的市場進入方式，這是一個相關的問題，但我認為，我只是想確認您是否說過您預計您的帳戶將在今年剩餘時間內連續兩個季度增長。

Just want to confirm that and I know that historically Q4 has a bit of seasonal weakness, so I just want to confirm you expect to be able to add dealers in the fourth quarter even with that seasonality. Did I understand that right? Thanks.

我只是想確認這一點，我知道從歷史上看，第四季度有一些季節性疲軟，所以我只是想確認即使有這種季節性，您是否預計能夠在第四季度增加經銷商。我理解得對嗎？謝謝。

Sure, well, I'll point out that our go-to-market changes are more than just, one person or team, although we certainly obviously have made changes at the leadership level, but we've also fortified her team with several staff that have come and brought new insights and energy that we're thrilled with the way that they've enhanced our go to market.

當然，好吧，我要指出的是，我們的行銷變革不僅僅是一個人或一個團隊，儘管我們顯然在領導層面做出了改變，但我們也透過幾名員工加強了她的團隊，他們帶來了新的見解和活力，我們對他們增強我們行銷的方式感到非常興奮。

We're also doing a lot much more on the data and targeting front, which is helping facilitate cross selling. I'm really pleased with how quickly this team has adopted DealerClub as part of their go-to-market motion, and I, waited on that.

我們還在數據和定位方面做了大量工作，這有助於促進交叉銷售。我很高興看到這個團隊如此迅速地採用 DealerClub 作為其行銷舉措的一部分，而我一直在等待這一點。

And so the team is driving much more integration of our collective solutions into the dealer community and getting the cross-sell started at a faster rate. So there's several things that we're excited about in the improved go to market motion.

因此，團隊正在推動我們的集體解決方案更多地融入經銷商社區，並以更快的速度開始交叉銷售。因此，我們對改進的市場行動中的幾件事感到興奮。

And then yes, certainly Q4 always has sort of seasonal softness. I think this is a little bit different because dealers we know pulled back earlier in the year due to the tariff challenges and certainly the dealerships that are reporting record profits are the ones that are relying far more aggressively on technology forward solutions, and I think that awareness is driving behavior across the industry that gives me confidence that this won't be a seasonal issue, that dealers are having to figure out how do I sustain my profitability per unit and overall, and it isn't by adding headcount, it's about using technology driven solutions and being more efficient in the way they operate, and so that that's beyond any one seasonal trend. So yes, we think we can continue to grow dealer account throughout the second half.

是的，第四季確實總是存在某種季節性的疲軟。我認為這有點不同，因為我們知道經銷商在今年早些時候由於關稅挑戰而撤退了，當然，報告創紀錄利潤的經銷商是那些更加積極地依賴技術前沿解決方案的經銷商，我認為這種意識正在推動整個行業的行為，這讓我有信心這不會是一個季節性問題，經銷商必須弄清楚如何維持每單位和整體的盈利能力，而這不是通過增加員工人數，而是使用季節性的解決方案。所以是的，我們認為我們可以在下半年繼續增加經銷商帳戶。

Great. If I could sneak one more in. Just wondering if you're seeing any difference in behavior by nameplate. So for instance, the one maybe BMW and Toyota are seeing a little bit more pressure, saying they're going to have to raise prices maybe more than some other name plates. Are you seeing any differentiation among the dealerships based on sort of their tariff exposure and how they're behaving?

偉大的。如果我能再偷偷溜進去一個。只是想知道您是否看到銘牌上的行為有任何差異。舉例來說，BMW和豐田可能面臨更大的壓力，他們表示，他們可能必須比其他一些品牌提高價格。您是否看到經銷商之間根據其關稅風險和行為方式有任何差異？

Not at the dealership level as much. Most of the dealerships are shifting more aggressively to used cars, more broadly just to insulate their business from the macro tariff noise and issues, but we are seeing differences in OEM behavior.

在經銷商層級則不然。大多數經銷商正在更積極地轉向二手車，更廣泛地說只是為了使他們的業務免受宏觀關稅噪音和問題的影響，但我們看到原始設備製造商的行為有所不同。

I think, obviously, just by looking at our website you can see that Hyundai's been stepping up a lot more aggressively with us over the past quarter, and you're seeing that translate to greater sales. Nissan as well currently I believe is highly prominent throughout the experience, and importantly we're seeing a shift in OEM's.

我認為，顯然，只要瀏覽我們的網站，您就會發現現代汽車在過去一個季度與我們進行了更積極的合作，而這也轉化為更大的銷售。我相信日產目前在整個體驗中也非常突出，重要的是我們看到了 OEM 的轉變。

Wanting to get better at measuring Tier 3 outcomes, as Marvin, this has been one of the disconnects that we've seen as cars commerce is that OEM marketing initiatives are trying to drive traffic to Tier 1 and dealers are trying to get consumers to convert to Tier 3.

想要更好地衡量 Tier 3 的結果，正如 Marvin 所說，這是我們在汽車貿易中看到的脫節之一，即 OEM 行銷計劃試圖將流量推向 Tier 1，而經銷商則試圖讓消費者轉向 Tier 3。

With our platform we're working with OEMs to show them that Tier 1 investments are most successful when they drive Tier 3 sales outcomes, and the fact that we're getting great conversations started with OEMs and some tests going where we can measure not only what activities does their investment generate on our marketplace, but we can measure their dealer network websites as well to validate that these strategies are driving dealer sales.

透過我們的平台，我們正在與原始設備製造商 (OEM) 合作，向他們展示當一級投資能夠推動三級銷售成果時，它們會取得最大成功。事實上，我們正​​在與 OEM 展開良好的對話，並進行一些測試，我們不僅可以衡量他們的投資在我們的市場上產生了哪些活動，而且我們還可以衡量他們的經銷商網站，以驗證這些策略是否能夠推動經銷商的銷售。

And so I told you that would be a multi-year journey to get OEMs to value us on Tier 3 outcomes. I still think we're early innings there, but the fact that the data is showing such strong response from certain OEMs that are leaning into it, I think is a great example of what's to come.

所以我告訴過你，這將是一個多年的過程，讓 OEM 重視我們的 Tier 3 結果。我仍然認為我們處於早期階段，但事實是數據顯示某些傾向於此的原始設備製造商對此反應如此強烈，我認為這是未來發展的一個很好的例子。

Okay. That's perfect. Thanks so much, Alex.

好的。那很完美。非常感謝，亞歷克斯。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for attending. You may now disconnect your lines.

謝謝各位，女士們、先生們。今天的會議到此結束。謝謝您的出席。現在您可以斷開線路了。