Carvana Co (CVNA) 2021 Q1 法說會逐字稿

Good afternoon, and welcome to the Carvana First Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mike Levin, Vice President, Investor Relations. Please go ahead.

下午好，歡迎來到 Carvana 2021 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給投資者關係副總裁 Mike Levin。請繼續。

Thank you, Gary. Good afternoon, ladies and gentlemen, and thank you for joining us on Carvana's First Quarter 2021 Earnings Conference Call. Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website at investors.carvana.com. The first quarter shareholder letter is also posted on the IR website. Joining me on the call today are Ernie Garcia, Chief Executive Officer; and Mark Jenkins, Chief Financial Officer.

謝謝你，加里。女士們先生們，下午好，感謝您加入我們參加 Carvana 2021 年第一季度收益電話會議。請注意，此次電話會議將同時在公司網站 investors.carvana.com 的投資者關係部分進行網絡直播。第一季度的股東信函也發佈在 IR 網站上。今天和我一起參加電話會議的是首席執行官 Ernie Garcia；和首席財務官 Mark Jenkins。

Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of the federal securities laws, including, but not limited to, Carvana's market opportunities and future financial results that involve risks and uncertainties that may cause actual results to differ materially from those discussed here. A detailed discussion of the material factors that cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Carvana's most recent Form 10-K and Form 10-Q.

在我們開始之前，我想提醒您，以下討論包含聯邦證券法含義內的前瞻性陳述，包括但不限於 Carvana 的市場機會和未來財務結果，這些風險和不確定性可能會導致實際結果與此處討論的結果大不相同。有關導致實際結果與前瞻性陳述不同的重大因素的詳細討論，請參閱 Carvana 最新的 10-K 表格和 10-Q 表格的風險因素部分。

The forward-looking statements and risks in this conference call are based on current expectations as of today, and Carvana assumes no obligation to update or revise them, whether as a result of new developments or otherwise. Unless otherwise noted on today's call, all comparisons are on a year-over-year basis.

本次電話會議中的前瞻性陳述和風險基於截至今天的當前預期，Carvana 不承擔更新或修改它們的義務，無論是由於新的發展還是其他原因。除非在今天的電話會議上另有說明，否則所有比較均基於同比。

Our commentary today will include non-GAAP financial measures. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our shareholder letter issued today, a copy of which can be found on our Investor Relations website.

我們今天的評論將包括非 GAAP 財務指標。我們今天發布的股東信中可以找到我們報告結果的 GAAP 和非 GAAP 指標之間的對賬，其副本可以在我們的投資者關係網站上找到。

And now with that said, I'd like to turn the call over to Ernie Garcia. Ernie?

現在話雖如此，我想把電話轉給厄尼加西亞。厄尼？

Thanks, Mike, and thank you all for joining the call. The first quarter was another great quarter across the board. In our shareholder letters, we always lay out our financial priorities of rapidly scaling the business, of growing GPU and of demonstrating operating leverage. In the first quarter, we made tremendous progress across each of these priorities. We grew units and revenue by 76% and 104%, respectively. We grew GPU by over $1,000 year-over-year and almost $300 quarter-over-quarter. And we levered EBITDA margin by over 10% year-over-year and 2.5% quarter-over-quarter.

謝謝，邁克，感謝大家加入電話會議。第一季度是另一個全面的好季度。在我們的股東信中，我們總是列出快速擴展業務、增加 GPU 和展示運營槓桿的財務優先事項。在第一季度，我們在每個優先事項上都取得了巨大進展。我們的銷量和收入分別增長了 76% 和 104%。我們的 GPU 同比增長超過 1,000 美元，環比增長近 300 美元。我們的 EBITDA 利潤率同比增長超過 10%，環比增長 2.5%。

Even more impressively, these results were achieved despite meaningful operational constraints across the business and the significant investments we've been making to alleviate them. In the first quarter, our average weekly production was up 26% versus the fourth quarter. As a result of the relatively low inventory levels we are carrying throughout the quarter, unit volumes closely tracked production up 28% sequentially. Importantly, the investments we have made in ramping up our ops capacity in general and our inspection center capacity in particular are starting to pay off. As a result of ongoing focus, weekly production levels have been up closer to 50% above the fourth quarter more recently, which positions us well to begin growing inventory and increasing selection for our customers again for the first time since the pandemic struck over a year ago.

更令人印象深刻的是，儘管整個企業存在重大的運營限制，並且我們為緩解這些限制進行了大量投資，但仍取得了這些成果。第一季度，我們的平均每週產量比第四季度增長了 26%。由於我們整個季度的庫存水平相對較低，單位銷量緊隨產量環比增長 28%。重要的是，我們在提高我們的總體運營能力，特別是我們的檢查中心能力方面所做的投資開始產生回報。由於持續關注，最近每週的生產水平比第四季度提高了近 50%，這使我們能夠很好地開始增加庫存並再次為我們的客戶增加選擇，這是自大流行病爆發一年多以來的第一次前。

Getting to this point is a result of a lot of careful planning and hard work across our real estate, inspection center, logistics, market ops and advocate teams who all put in tremendous efforts to catch up to demand and to fight off the pandemic-driven ops constraints of the last year. Great job, and thank you to those teams.

達到這一點是我們房地產、檢驗中心、物流、市場運營和倡導團隊進行大量周密計劃和辛勤工作的結果，他們都付出了巨大努力來滿足需求並抗擊大流行病驅動的疫情去年的操作限制。幹得好，感謝這些團隊。

These efforts and the ongoing execution of our plan have positioned us well for a great 2021 and 2022, and the foundation is continuing to be laid to enable us to continue scaling rapidly in the years beyond. Eight years ago, we had a dream to change the way people buy cars, and we've made a lot of progress. When we look back at what got us here, it's just the list of simple ideas that are easy to say and very hard to actually put into action. It all started by imagining a new way to buy a car that was better for our customers in every important way. The excitement of that dream enabled us to attract incredible people who made our dream their own. From there, it has just been ambition, hard work, perseverance and constant learning. And with a critical mass of enthusiastic, customer-focused, ambitious people, we've built a self-reinforcing culture.

這些努力和我們計劃的持續執行使我們為 2021 年和 2022 年做好了準備，並且正在繼續奠定基礎，使我們能夠在未來幾年繼續快速擴展。八年前，我們夢想改變人們購買汽車的方式，我們已經取得了很大進展。當我們回顧是什麼讓我們來到這裡時，它只是一系列簡單的想法，這些想法說起來容易，但很難真正付諸行動。這一切都始於想像一種新的購買汽車的方式，這種方式在各個重要方面對我們的客戶都更好。那個夢想的興奮使我們能夠吸引令人難以置信的人，他們讓我們的夢想成為他們自己的夢想。從那時起，就是雄心壯志、努力工作、堅持不懈和不斷學習。憑藉大量熱情、以客戶為中心、雄心勃勃的員工，我們建立了一種自我強化的文化。

Those simple ideas have taken us a long way. In 2013, our first year, we had $4 million of revenue. Today, we're over 1,000x larger. Looking forward, we're just as excited as we were then. We're delivering to customers the best experiences available in buying or selling a car. The quality of the unit economics that emerge from the investments we have made over time are showing up in our results. The scalability of our model is apparent, and our business gets better as it gets bigger.

這些簡單的想法讓我們走了很長一段路。 2013 年，也就是我們的第一年，我們的收入達到了 400 萬美元。今天，我們的規模擴大了 1,000 多倍。展望未來，我們和那時一樣興奮。我們正在為客戶提供最佳的汽車買賣體驗。隨著時間的推移，我們所做的投資所產生的單位經濟質量正在我們的結果中體現出來。我們模型的可擴展性是顯而易見的，我們的業務隨著規模的擴大而變得更好。

And we're still dreaming. The ambition that underlies our dreams burns as brightly today as it did at the beginning. And with every step we take, we can see further down the field. While we're extremely proud of what we've built and the team that got us here, we're nowhere near where we ultimately want to be in either scale or scope. We're still at the beginning.

而我們還在做夢。我們夢想背後的雄心壯志在今天和當初一樣熊熊燃燒。隨著我們邁出的每一步，我們都能看到更遠的領域。雖然我們為我們所構建的東西和讓我們來到這裡的團隊感到非常自豪，但我們離我們最終想要達到的規模或範圍還差得很遠。我們還處於起步階段。

To get from where we are to where we want to be, we'll maintain our customer focus. We'll keep surrounding ourselves with exceptional people. We'll remain ambitious. We will stay disciplined in prioritizing our efforts. We'll keep working a little harder than those around us and we'll have fun along the way. In short, we'll traverse the path in front of us the same way we have traversed the path behind us. We know what to do. We just have to keep doing it. Mark?

為了從我們所處的位置到達我們想要的位置，我們將保持以客戶為中心。我們將繼續與優秀的人在一起。我們將保持雄心壯志。我們將在優先考慮我們的努力時保持紀律。我們會比周圍的人更加努力地工作，並且一路上會很開心。簡而言之，我們將以與穿越身後路徑相同的方式穿越我們面前的路徑。我們知道該怎麼做。我們只需要繼續這樣做。標記？

Thank you, Ernie, and thank you all for joining us today. Q1 was a strong quarter for Carvana across all key financial metrics, and our financial results demonstrate significant progress toward our long-term goals.

謝謝你，厄尼，感謝大家今天加入我們。第一季度是 Carvana 所有關鍵財務指標的強勁季度，我們的財務業績表明我們在實現長期目標方面取得了重大進展。

Retail units sold in Q1 totaled 92,457, an increase of 76%. Total revenue was $2.245 billion, an increase of 104%. Revenue growth outpaced retail unit growth due to higher retail average selling prices and wholesale and other revenue. We expect revenue growth to outpace retail unit growth again in Q2, and then we expect revenue growth to be similar to retail unit growth in the back half of the year.

第一季度售出的零售單位總數為 92,457，增長 76%。總收入為 22.45 億美元，增長 104%。由於較高的零售平均售價以及批發和其他收入，收入增長超過零售單位增長。我們預計第二季度收入增長將再次超過零售單位增長，然後我們預計下半年收入增長將與零售單位增長相似。

Total GPU was $3,656 in Q1, an increase of $1,016 year-over-year and $277 sequentially. Since Q1 2020 was impacted by the onset of COVID-19 in March, I will focus my commentary on sequential changes.

第一季度 GPU 總額為 3,656 美元，同比增長 1,016 美元，環比增長 277 美元。由於 2020 年第一季度受到 3 月份 COVID-19 疫情的影響，我將重點關注連續變化。

Retail GPU declined slightly to $1,211 from $1,265 in Q4, reflecting a continuation of approximately $200 per unit of transitory costs, primarily driven by rapidly ramping our reconditioning capacity in the midst of COVID-19. We do not expect the majority of these transitory costs to impact Q2. Wholesale GPU increased to $227 from $108 in Q4, primarily driven by strong industry-wide wholesale prices in the latter part of Q1.

零售 GPU 從第四季度的 1,265 美元小幅下降至 1,211 美元，反映出每單位臨時成本繼續保持約 200 美元，這主要是由於我們在 COVID-19 期間迅速提高了修復能力。我們預計這些暫時性成本中的大部分不會影響第二季度。 GPU 批發價從第 4 季度的 108 美元增至 227 美元，這主要是受到第 1 季度後期強勁的全行業批發價格的推動。

Other GPU increased to $2,218 from $2,006 in Q4, primarily driven by completing 2 public securitizations for the first time in Q1, paired with an increase in ancillary product attachment rates that offset a onetime benefit in Q4. EBITDA margin was negative 1.3% in Q1, a 2.6 percentage point improvement from negative 3.9% in Q4, driven by both GPU gains and SG&A leverage. We ended the quarter with more than $2 billion in total liquidity resources, giving us significant flexibility to execute our plan.

其他 GPU 從第四季度的 2,006 美元增加到 2,218 美元，這主要是由於第一季度首次完成了 2 項公共證券化，同時輔助產品附加率的增加抵消了第四季度的一次性收益。第一季度的 EBITDA 利潤率為負 1.3%，比第四季度的負 3.9% 提高了 2.6 個百分點，這主要受 GPU 收益和 SG&A 槓桿的推動。我們在本季度結束時擁有超過 20 億美元的總流動性資源，這使我們能夠非常靈活地執行我們的計劃。

We had another strong quarter of buying cars from customers in Q1, buying approximately as many cars from customers as we sold to them and achieving a customer source ratio over 60%. Our success over the last 2 years has made the strength of our offering of buying cars from customers clear, and we no longer expect to provide detailed statistics on buying cars from customers each quarter. So far in Q2, we are seeing outstanding performance. And in April, we set a new company record for cars bought from customers both on an absolute basis and relative to retail units sold. We are as excited as ever about the opportunities ahead.

我們在第一季度從客戶那裡購買汽車的情況又是一個強勁的季度，從客戶那裡購買的汽車數量與我們出售給他們的汽車數量大致相同，並且客戶來源比率超過 60%。我們在過去 2 年的成功讓我們在客戶購買汽車方面的實力變得清晰，我們不再期望每個季度提供客戶購買汽車的詳細統計數據。到目前為止，在第二季度，我們看到了出色的表現。 4 月份，我們創下了從客戶那裡購買的汽車的絕對數量和相對於零售單位銷量的新記錄。我們對未來的機遇一如既往地感到興奮。

We continue to focus on scaling our production capacity to meet demand. In Q1, we opened our 12th IRC near Birmingham, Alabama, bringing our total annual production capacity to approximately 680,000 units at full utilization. We remain on track to open 1 additional IRC in Q2 and 8 in 2022, bringing our total capacity at full utilization to over 1.25 million units by the end of 2022.

我們繼續專注於擴大我們的生產能力以滿足需求。第一季度，我們在阿拉巴馬州伯明翰附近開設了第 12 家 IRC，使我們的年總產能達到約 680,000 台，並得到充分利用。我們仍有望在第二季度和 2022 年再開設 1 個 IRC，到 2022 年底使我們的總產能達到 125 萬個以上。

So far in Q1, we have opened 22 new markets, bringing our total to 288 and increasing our population coverage to more than 77% of the U.S. population. In May, we also launched our first 5 markets in the Pacific Northwest, adding the last major region to our nationwide footprint. After Q2, we expect our path to 95% population coverage to primarily consist of opening smaller fill-in markets.

到目前為止，在第一季度，我們已經開設了 22 個新市場，使我們的總數達到 288 個，並將我們的人口覆蓋率提高到美國人口的 77% 以上。 5 月，我們還在太平洋西北地區推出了前 5 個市場，將最後一個主要區域添加到我們的全國足跡中。在第二季度之後，我們預計我們實現 95% 人口覆蓋率的途徑主要包括開放較小的填充市場。

In our Q4 2020 shareholder letter, we outlined our expectations for the year 2021, including accelerated retail units sold growth, revenue growth in line with retail unit growth, total GPU in the mid-3,000s and a small EBITDA margin loss while investing for growth and continuing our progress on demonstrating leverage. We remain on track to meet or exceed these expectations, and we continue to be excited about 2021 as a significant step toward our long-term goals.

在我們的 2020 年第四季度股東信中，我們概述了我們對 2021 年的預期，包括加速零售單位銷售增長、收入增長與零售單位增長一致、GPU 總量在 3,000 年代中期以及投資增長時的小幅 EBITDA 利潤率損失並繼續我們在展示影響力方面取得進展。我們仍然有望達到或超過這些預期，我們對 2021 年繼續感到興奮，因為這是朝著我們的長期目標邁出的重要一步。

Thanks for your attention. We will now take questions.

感謝您的關注。我們現在開始提問。

(Operator Instructions) Our first question comes from Sharon Zackfia with William Blair.

（操作員說明）我們的第一個問題來自 Sharon Zackfia 和 William Blair。

I guess congratulations on a great first quarter. And I'm trying to kind of think about your improvements that you've been making in productivity and how we should think about that for the rest of the year. And I think, Ernie, you mentioned that soon you'll have available inventory ahead of the year-ago period. I guess I'm wondering, when will you be back to kind of prepandemic levels? What's your line of sight on that?

我想祝賀第一季度表現出色。我正在嘗試思考你們在生產力方面所做的改進，以及我們應該如何在今年餘下的時間裡考慮這一點。我認為，厄尼，你提到過很快你就會比去年同期有可用的庫存。我想我在想，你什麼時候會回到大流行前的水平？你對此有何看法？

And then I know you mentioned the $200 in transitory costs on GPU. Obviously, the year-over-year contraction was a little bit more than that on the car itself. What else was pressuring that? Are you finding that it's more competitive to get inventory? You're having to pay a little bit more than would be ideal? Just any thoughts there would be great.

然後我知道你提到了 GPU 的 200 美元臨時成本。顯然，同比收縮比汽車本身的收縮要大一點。還有什麼壓力呢？您是否發現獲取庫存更具競爭力？您必須支付比理想情況多一點的錢嗎？任何想法都會很棒。

Sure. So let's start with production. I think, as you know, basically since the second quarter of last year, we've been pretty constrained in production given the pullback that we made then and then all the demand that we've seen and just trying to catch up. So I think in the first quarter, we kept pace. Basically, our sales grew sequentially at effectively the same rate as our production grew and so I think that, that kind of suggests that those constraints were still in place. But then post the end of the first quarter, we've made a lot of progress, and we've continued to see our production growing. So we now expect to be able to grow inventory.

當然。那麼讓我們從生產開始吧。我認為，正如你所知，基本上自去年第二季度以來，我們的生產一直受到相當大的限制，因為我們當時進行了回調，然後是我們看到的所有需求，並試圖趕上。所以我認為在第一季度，我們跟上了步伐。基本上，我們的銷售額連續增長與我們的產量增長實際上相同，所以我認為，這表明這些限制仍然存在。但是在第一季度末之後，我們取得了很大進展，我們的產量繼續增長。所以我們現在希望能夠增加庫存。

Basically, what we're saying there is we've kind of gotten to a place where we expect production to be a little bit more than sales. And we don't want to kind of specify exactly the rates which we expect inventory to grow, but that's a mile marker to kind of now be in a place we expect to grow inventory, and we're pretty excited about that. Obviously, growing inventory helps with conversion across the site and so that's an important milestone that we've hit, but we're not going to quantify it from there. We'll keep working hard, trying to grow that as quickly as we can. As we grow into the production capacity, we expect to be around $1.25 million by the end of 2022. And then, Mark, do you want to hit #2?

基本上，我們所說的是我們已經達到了我們期望產量略高於銷量的地步。我們不想具體說明我們預計庫存增長的速度，但這是一個里程碑，現在我們預計庫存會增長，我們對此感到非常興奮。顯然，不斷增加的庫存有助於整個網站的轉化，因此這是我們達到的一個重要里程碑，但我們不會從那裡對其進行量化。我們將繼續努力，努力盡快發展壯大。隨著我們產能的增長，我們預計到 2022 年底將達到 125 萬美元左右。然後，馬克，你想成為第二名嗎？

Sure. Yes, then I'll hit the question on retail GPU. So Q1 retail GPU was largely in line with our expectations when taking into account the transitory costs that we talked about in Q4. I think when you look on a year-over-year basis, in addition to those transitory costs, last year, we talked some about the impact of some of the early phases of iteration on buying cars from customers that positively impacted GPU last Q1. So I think there's some base effect from those early phases of iteration that's impacting the year-over-year comparison. I think when we look at where we're headed from here, we did call out that we expect the majority of those transitory costs that impacted Q4 and Q1 this year to be gone by Q2. And so that's a tailwind to retail GPU as we move towards 2Q, other things being equal. Obviously, overall, we feel really good about our progress there, had a solid quarter in light of those transitory costs and expect to step up in Q2.

當然。是的，那麼我將針對零售 GPU 提出問題。因此，考慮到我們在第四季度談到的暫時性成本，第一季度零售 GPU 在很大程度上符合我們的預期。我認為，當你逐年查看時，除了那些暫時性成本之外，去年，我們還討論了迭代的一些早期階段對從客戶那裡購買汽車的影響，這些影響對去年第一季度的 GPU 產生了積極影響。所以我認為迭代的早期階段有一些基礎效應會影響同比比較。我認為，當我們審視我們的發展方向時，我們確實指出，我們預計影響今年第四季度和第一季度的大部分臨時成本將在第二季度消失。因此，當我們邁向第二季度時，這是零售 GPU 的順風，其他條件相同。顯然，總的來說，我們對我們在那裡取得的進展感到非常滿意，鑑於這些暫時性成本，我們有一個穩定的季度，並希望在第二季度加強。

Our next question is from Zach Fadem with Wells Fargo.

我們的下一個問題來自富國銀行的 Zach Fadem。

Now that you've entered the Pacific Northwest and now have reconditioning centers all over the country, can you talk about the opportunity to start listing your inventory regionally versus nationwide? And to what extent this could unlock a higher level of GPU or operating efficiencies across the business?

既然您已經進入太平洋西北地區並且現在在全國各地都有修復中心，您能談談開始在區域和全國范圍內列出您的庫存的機會嗎？這能在多大程度上解鎖更高水平的 GPU 或整個企業的運營效率？

Sure. So obviously, we're excited about launching the Pacific Northwest. That was kind of the last region in our footprint that we weren't yet in. So I think opening that up is exciting because it basically means from here to roughly our 95% population coverage goal, in the long run, we basically have markets to fill in. So that's very exciting.

當然。很明顯，我們很高興推出太平洋西北地區。那是我們足跡中最後一個我們還沒有進入的區域。所以我認為開放它是令人興奮的，因為它基本上意味著從這裡到大約 95% 的人口覆蓋目標，從長遠來看，我們基本上有市場填寫。這非常令人興奮。

Also, as we grow demand in general in the existing markets and in new markets, that just puts us in a position where we can economically carry a larger and larger inventory. And so that's great news for conversion across the country. As inventory gets larger and larger, you certainly have some duplication of inventory that is optimal, where you want to take some of that duplicative inventory and put it in different places around the country that are closer to customers to minimize delivery times, which is also an input into to conversion.

此外，隨著我們在現有市場和新市場的總體需求增長，這只會讓我們處於可以經濟地攜帶越來越大的庫存的位置。所以這對全國的皈依來說是個好消息。隨著庫存變得越來越大，你肯定會有一些最佳的重複庫存，你想把一些重複的庫存放在全國各地更接近客戶的不同地方，以盡量減少交貨時間，這也是轉換的輸入。

So there is some of what you're talking about that kind of automatically happens with scale, where shipping distances should drop and conversion rates should go up. We have all kinds of tests all the time where we're getting a good handle on how inventory size impacts conversion, how delivery times impact conversion and kind of what the right thing is to do internally. But I don't think that we're going to give more concrete guidance on the precise expectations that we have around those different numbers.

因此，您所說的某些事情會隨著規模自動發生，運輸距離應該下降，轉化率應該上升。我們一直在進行各種測試，以便很好地了解庫存大小如何影響轉化率、交貨時間如何影響轉化率以及內部正確的做法。但我認為我們不會就我們對這些不同數字的精確期望提供更具體的指導。

Got it. And then on production, you've got one more IRC to go this year. But could you about the glide path for adding more production lines in your existing facilities? And how should we think about the full unlock of the 680,000 capacity as we move through the year?

知道了。然後在生產方面，您今年還有一個 IRC。但是你能談談在現有設施中增加更多生產線的滑行路徑嗎？以及我們應該如何考慮680,000容量的全面解鎖，我們將在這一年中進行？

Sure. So I think a way to look at that is to look at our past. We provided in our shareholder letter in Q4 2020, you can kind of see our production capacity -- our facility production capacity in each of our previous years. And then you can get a sense of how long it took for us to unlock that facility capacity with actual production by just looking at kind of sales rates in the future periods. So that will at least give you a sense of how quickly we can unlock that.

當然。所以我認為看待這個問題的一種方法是審視我們的過去。我們在 2020 年第四季度的股東信中提供，您可以看到我們的生產能力——我們前幾年的設施生產能力。然後你可以通過查看未來時期的某種銷售率，了解我們用實際生產解鎖該設施產能需要多長時間。因此，這至少會讓您了解我們可以多快解鎖它。

Something we've been working on internally is being able to unlock that production capacity more quickly. We've spoken before about there are many different operational parts of the business, and all those different parts of the business have different lag times associated with how quickly you can alleviate constraints if you find yourself constrained. And definitely, production is the area with the longest lead times. It's the hardest to kind of grow capacity very quickly there. We've seen that over the last year. So we definitely put a lot of focus on catching up and on making ourselves even more flexible. And so you can see the results of that progress in kind of our sales growth over the last several quarters and in the fact that we're now expecting to grow inventory. So that's been a huge focal point. It's something that we think we are continuing to get better at.

我們一直在內部努力的事情是能夠更快地釋放生產能力。我們之前已經談到業務有許多不同的運營部分，所有這些不同的業務部分都有不同的滯後時間，這與您發現自己受到約束時可以多快地緩解約束有關。毫無疑問，生產是交貨時間最長的領域。那裡的產能快速增長是最難的。我們在去年看到了這一點。因此，我們肯定會非常重視追趕和讓自己變得更加靈活。因此，您可以看到我們在過去幾個季度的銷售增長方面取得的進展以及我們現在預計會增加庫存這一事實。所以這是一個巨大的焦點。這是我們認為我們正在繼續變得更好的事情。

Our next question is from Nick Jones with Citi.

我們的下一個問題來自花旗的尼克瓊斯。

I guess what are the puts and takes in investing into production capacity if maybe chip shortage lasts longer than expected? And I mean can you be in a situation where you have too much capacity? I guess how fluid is that situation? And then the second question I have is some of your legacy competitors -- or brick-and-mortar competitors are hanging out pretty large targets now. Ernie, how do you feel the competition has changed really, if at all, due to COVID? Or are people noticing what Carvana's been doing all these years?

我想如果芯片短缺持續的時間可能比預期的長，投資產能的投入和投入是多少？我的意思是，您會遇到能力過剩的情況嗎？我想這種情況有多流暢？然後我的第二個問題是你的一些傳統競爭對手 - 或者實體競爭對手現在正在掛出相當大的目標。厄尼，你覺得競爭真的因為 COVID 發生了變化嗎？還是人們注意到 Carvana 這些年來一直在做什麼？

Sure. So I think, first, the used market is fairly different than the new market. It's not totally independent. It's impacted in many ways. But the used market, all those cars are already on the road today. There's around 270 million cars on the road. And basically, these transactions are just customers trading with one another. So it's not fundamentally impacted by underlying production levels in the way that the new market is.

當然。所以我認為，首先，二手市場與新市場截然不同。它不是完全獨立的。它在很多方面受到影響。但在二手市場，所有這些車今天都已經上路了。道路上大約有 2.7 億輛汽車。基本上，這些交易只是客戶之間的交易。因此，它並沒有像新市場那樣受到基礎生產水平的根本影響。

The new market is impacting the used market to a degree today because the kind of decrease in available supply and new then kind of flows over in excess demand to late model used and that kind of flows down through all the other used kind of year levels as well. So there are some impacts there, but wouldn't expect them to be super pronounced. I don't think that's like a first order driver of what's going to happen to the used market over the next 6 months or a year.

新市場今天在一定程度上影響著二手市場，因為可用供應的減少和新的需求過剩流向使用的後期模型，並且這種流向所有其他使用的年份水平出色地。所以那裡有一些影響，但不會期望它們非常明顯。我認為這不像是未來 6 個月或一年內二手市場將要發生的事情的首要驅動因素。

Even more importantly than that, I think production capacity is an investment in kind of our long-term future. When we open these facilities and we unlock that capacity by hiring and training the people in those inspection centers, that means that we have the capacity to kind of build those cars over and over again that powers our growth to 2 million cars and beyond and to becoming the largest, most profitable automotive retailer. So those are big investments in our future that are kind of being made with a much longer lens than the current chip shortages that we're seeing today.

更重要的是，我認為產能是對我們長遠未來的一種投資。當我們開放這些設施並通過僱用和培訓這些檢查中心的人員來釋放這種能力時，這意味著我們有能力一次又一次地製造這些汽車，從而推動我們增長到 200 萬輛甚至更多汽車，並成為最大、最賺錢的汽車零售商。因此，與我們今天看到的當前芯片短缺相比，這些都是對我們未來的重大投資。

And then as it relates to competitors, I mean, I think there was probably no reasonable expectation of our path from kind of where we started to where we wanted to be, but there wouldn't be competition along the way. I think we've been fortunate enough to have a fair amount of success. And with success, there's always competition. So we expect the competition. I think we should continue to expect competition. We should probably expect competition to continue to show up as we continue to have more success in the future.

然後因為它與競爭對手有關，我的意思是，我認為我們可能沒有合理的期望從我們開始的地方到我們想要的地方，但一路上不會有競爭。我認為我們很幸運能夠取得相當大的成功。有了成功，總會有競爭。所以我們期待競爭。我認為我們應該繼續期待競爭。隨著我們在未來繼續取得更大的成功，我們可能應該期待競爭會繼續出現。

That said, I do think if you kind of step back and evaluate the competitive environment, this market, the used car market, does have a lot of really nice properties. First of all, it's a 40 million unit market. And so the largest player has on the order of 2% market share. We're now the second largest player in just 8 years, but it's highly, highly fragmented. And so even some of these big goals that are being put out by others in the industry, they still are very, very small compared to the market itself.

也就是說，我確實認為，如果你退一步評估競爭環境，這個市場，二手車市場，確實有很多非常好的特性。首先，這是一個4000萬台的市場。因此，最大的參與者擁有大約 2% 的市場份額。我們現在是短短 8 年內的第二大玩家，但它高度、高度分散。因此，即使是業內其他人提出的一些大目標，與市場本身相比，它們仍然非常非常小。

And then by some measures, the market may be considered fairly competitive in the sense that there's tens of thousands of players in it. But those tens of thousands of players that work hard are providing customers with a very similar experience to one another. And when you start to look at kind of differentiated experiences, there's very, very few players that really have the capacity to make the investments in time, energy and money that are necessary to build an e-commerce platform, and we're way, way ahead there. So we're really excited about our position. We think that the market that we operate in has really nice competitive dynamics, all else constant.

然後通過一些措施，市場可能被認為是相當有競爭力的，因為其中有數以萬計的玩家。但那些努力工作的數万名玩家正在為客戶提供彼此非常相似的體驗。當你開始關注差異化體驗時，很少有玩家真正有能力投入時間、精力和金錢來構建電子商務平台，而我們的方式是，遙遙領先。所以我們對我們的職位感到非常興奮。我們認為我們經營的市場具有非常好的競爭動態，其他一切都是不變的。

And then we also think that the most important thing that we can do is stay focused on our customers and on ourselves. It gets really easy for 2 competitors to look at each other and kind of chase each other in circles. And we instead want to make sure that we're focusing on our customers, that we're building out the solutions that they really need and then that we're focusing on ourselves. The last year has taught us that when you see a lot of demand that you're trying to grow really rapidly, that comes accompanied with a bunch of operational challenges that aren't trivial to solve. And so we need to stay really focused on ourselves and our execution. And we think if we do that, we're going to achieve our goals.

然後我們還認為，我們能做的最重要的事情就是專注於我們的客戶和我們自己。兩個競爭對手真的很容易互相看著對方，然後繞著圈子互相追逐。相反，我們希望確保我們專注於我們的客戶，我們正在構建他們真正需要的解決方案，然後我們專注於我們自己。去年告訴我們，當您看到大量需求並試圖快速增長時，隨之而來的是一系列難以解決的運營挑戰。因此，我們需要真正專注於我們自己和我們的執行。我們認為，如果我們這樣做，我們就會實現我們的目標。

The next question is from Chris Bottiglieri with Exane BNP Paribas.

下一個問題來自 Exane BNP Paribas 的 Chris Bottiglieri。

I just wanted to focus around retail GPU. Some of the movements in used car pricing, I thought, might have been a tailwind in Q1 versus a headwind in Q4. Was that the case? Did you not see that? And then b, if it wasn't -- if used car pricing was more favorable this quarter, were there any other headwinds that we should be thinking about as we model retail GPU that you incurred this quarter?

我只想關注零售 GPU。我認為，二手車定價的一些變動可能是第一季度的順風，而不是第四季度的逆風。是這樣嗎？你沒看到嗎？然後 b，如果不是 - 如果本季度二手車定價更有利，那麼在我們為本季度的零售 GPU 建模時，我們是否應該考慮其他任何不利因素？

Sure. So I think there are always many dynamics that are going into retail GPU. I think this quarter, we certainly started to see appreciation -- rapid appreciation in the wholesale market that's appearing to some degree in the retail market. That really came on more toward the end of the quarter. So I think I'm not sure that, that was a particularly large effect on our Q1 number. So I think the main effects on Q1 were the ones I called out, namely these transitory costs on the order of $200, roughly the same as what we experienced in Q4. That was probably the biggest unusual impact on retail GPU in Q1. And as I mentioned, we expect the majority of those transitory costs to have disappeared by Q2. And so we think the removal of those transitory impacts will be a tailwind, other things equal, as we move toward Q2.

當然。所以我認為零售 GPU 總是有很多動態。我認為本季度，我們肯定開始看到升值——零售市場在某種程度上出現的批發市場的快速升值。這確實在本季度末出現得更多。所以我想我不確定，這對我們的第一季度數字影響特別大。所以我認為對第一季度的主要影響是我提到的那些，即這些暫時性成本大約為 200 美元，與我們在第四季度所經歷的大致相同。這可能是第一季度對零售 GPU 的最大不尋常影響。正如我所提到的，我們預計這些暫時性成本中的大部分將在第二季度消失。因此，我們認為，在我們邁向第二季度時，消除這些暫時性影響將是順風，其他條件相同。

The next question is from Rajat Gupta with JPMorgan.

下一個問題來自摩根大通的 Rajat Gupta。

I just had a question on -- just a follow-up to one of the previous questions. As you open up more IRC and the production capacity is increasing and like, thus, the inventory selection increases, how does like the advertising leverage start to look once that happens? Like do we start to see a meaningful pickup in the leverage? Or just how should we think about that as that capacity ramps up? And I have a quick follow-up.

我剛剛有一個問題——只是對先前問題之一的跟進。隨著你打開更多的 IRC，生產能力也在增加，因此，庫存選擇增加，一旦發生這種情況，廣告槓桿會如何開始？比如我們是否開始看到槓桿率出現有意義的回升？或者隨著容量的增加，我們應該如何考慮？我有一個快速的跟進。

Sure. So I think there's probably a lot of ways to think about that. So certainly, as we grow inventory, all else constant, we would expect conversion rates to go up. As we kind of decrease delivery time, we'd expect conversion rates to go up. The relationship from conversion rates to customer acquisition cost is very clear. As conversion rates go up, you would expect to see leverage in customer acquisition cost. So I think that those relationships would be as expected.

當然。所以我認為可能有很多方法可以考慮這個問題。所以當然，隨著我們增加庫存，其他一切不變，我們預計轉化率會上升。隨著我們減少交貨時間，我們預計轉化率會上升。轉化率與獲客成本之間的關係非常明確。隨著轉化率的上升，您會期望看到客戶獲取成本的槓桿作用。所以我認為這些關係會如預期的那樣。

I also think if you take a look at kind of the cohort data that we provided over the last several Q4s, you can kind of take a look at what our customer acquisition cost looks like in some of our older cohorts. I think our oldest cohort last Q4 was approaching on the order of $500, give or take, versus a company level of around $1,100, I think, in Q1. So I think we've kind of demonstrated what we can do with customer acquisition cost in those older markets. Obviously, in those older markets, we expect it to continue to go down over time as we grow inventory and decrease delivery times and further build the brand. So hopefully that gives you a sense of where we think that can go.

我還認為，如果您看一下我們在過去幾個第四季度提供的同類群組數據，您可以看看我們的一些較舊群組的客戶獲取成本是什麼樣的。我認為我們最老的隊列在去年第四季度接近 500 美元左右，我認為第一季度的公司水平約為 1,100 美元。所以我認為我們已經證明了我們可以在那些較老的市場中用客戶獲取成本做些什麼。顯然，在那些較老的市場中，我們預計隨著我們增加庫存、減少交貨時間並進一步打造品牌，它會隨著時間的推移繼續下降。所以希望這能讓你了解我們認為可以去哪裡。

And then between here and there, I think it's just a function of how many markets we open, what we decide to do with our marketing budget, how quickly we can grow our inventory, how quickly we can decrease our delivery times, how well we execute. And in general, we still feel like we're very early in brand building. We measure that in lots of different ways. But virtually, any measure of customer awareness is still at low levels relative to where we want to be. And so we're not being shy about continuing to invest in our brand, and we'll do that as long as we think that that's a smart thing to do.

然後在這里和那里之間，我認為這只是我們打開了多少市場的函數，我們決定如何處理我們的營銷預算，我們可以多快地增加庫存，我們可以多快地減少交貨時間，我們有多好執行。總的來說，我們仍然覺得我們在品牌建設方面還處於早期階段。我們以多種不同的方式衡量這一點。但實際上，相對於我們想要達到的水平，任何衡量客戶意識的指標仍然處於較低水平。因此，我們並不羞於繼續投資於我們的品牌，只要我們認為這是明智之舉，我們就會這樣做。

Got it. That's helpful. And just on the finance GPU. I know it wasn't broken out separately this quarter. But like just based on like my math, it points to somewhere around like $1,600, $1,700 or so. Firstly, like is that close or accurate?

知道了。這很有幫助。就在金融 GPU 上。我知道本季度沒有單獨細分。但是就像我的數學一樣，它指向大約 1,600 美元、1,700 美元左右的某個地方。首先，那是接近還是準確？

And then just looking at versus the targets at the Analyst Day like 2.5 years back. Obviously, rates are much lower. But what other factors have driven this uptake? Is this kind of like a sustainable level that you would expect in the near term or maybe even higher? Just curious as to how to think about that and like what a more normalized finance GPU number should look like going forward.

然後看看 2.5 年前分析師日的目標。顯然，利率要低得多。但是還有哪些其他因素推動了這種吸收？這是您在短期內或什至更高的預期可持續水平嗎？只是想知道如何考慮這個問題，以及更規範化的金融 GPU 數量應該是什麼樣子。

Sure. So first of all, we didn't provide that breakout so we're -- we don't intend to provide it here. I think that you at least understand our rationale there. Going back in time to our Analyst Day that you referenced, at that time, we were selling on the order of 1/4 as many cars as we're selling today. Our GPU is on the order of half, maybe even less than what it is today. And I think our EBITDA margin is probably 10 or 15 points worse. And so at that time, we were trying to provide pretty detailed walks for our investors so they could understand how those buildups would occur over time. I think as we've matured and as we've seen a lot of progress in many of those different line items, and I think the market in general has a much better understanding of how those things progress, we're just kind of simplifying our reporting and kind of aligning more closely with industry standard. And so we don't intend to kind of break it out at that level of detail going forward.

當然。所以首先，我們沒有提供那個突破，所以我們 - 我們不打算在這裡提供它。我認為您至少了解我們的基本原理。回到您提到的我們的分析師日，當時我們銷售的汽車數量是今天銷售數量的 1/4。我們的 GPU 大約只有一半，甚至可能比現在還少。而且我認為我們的 EBITDA 利潤率可能差 10 或 15 個百分點。所以在那個時候，我們試圖為我們的投資者提供非常詳細的步行，以便他們能夠了解這些積累將如何隨著時間的推移而發生。我認為隨著我們的成熟，我們已經看到許多不同的項目取得了很大進展，而且我認為整個市場對這些事情的進展有了更好的理解，我們只是在簡化我們的報告和某種程度上更符合行業標準。因此，我們不打算在未來的那個細節級別上將其分解。

That said, I think it's not hard to infer the general area that it's in, as you pointed to. And that general area is very exciting, and it's very strong compared to what we initially outlined at that Analyst Day in 2018. So I think there's a couple of reasons for that. Some of them are fundamental and sustainable. I think we've really -- we have done a pretty good job with that business, and we made a lot of fundamental progress in terms of the way that we're able to assess credit risk and price credit risk and the way that we're able to monetize our finance platform. So I think there's a lot of things that we've done there that we're proud of, and we think that there's probably some additional fundamental value that we can unlock.

也就是說，正如您所指出的，我認為不難推斷出它所在的一般區域。這個總體領域非常令人興奮，與我們最初在 2018 年分析師日概述的內容相比，它非常強大。所以我認為這有幾個原因。其中一些是基本的和可持續的。我認為我們真的 - 我們在該業務上做得很好，並且在我們能夠評估信用風險和定價信用風險的方式以及我們的方式方面取得了很多根本性進展能夠通過我們的金融平台獲利。所以我認為我們在那裡做了很多我們引以為豪的事情，我們認為我們可能可以釋放一些額外的基本價值。

I think we're also in something of a unique environment. Early in the pandemic, we tightened credit pretty dramatically. We've held credit tighter than probably would be the norm, all else constant. We've generally over kind of the last several quarters been in a very low interest rate environment. So that's helpful. So there's a couple of things that aren't necessarily persistent across time, but we still think that there's progress we made there. And then in the rest of other, we think that there's progress to be made in our other existing items, and we think that there's progress to be made by adding additional items as well over time. So we think that that's one of several success stories relative to our long-term model that we put out in 2018, and we think that gives us a lot of flexibility going forward.

我認為我們也處於一個獨特的環境中。在大流行初期，我們大幅收緊了信貸。在其他一切不變的情況下，我們對信貸的收緊程度可能超過了正常水平。在過去的幾個季度中，我們通常處於非常低的利率環境中。所以這很有幫助。所以有一些事情不一定會隨著時間的推移而持續存在，但我們仍然認為我們在那裡取得了進展。然後在其他方面，我們認為我們的其他現有項目有待取得進展，並且我們認為隨著時間的推移添加其他項目也有進展。因此，我們認為這是與我們在 2018 年推出的長期模型相關的幾個成功案例之一，我們認為這給了我們很大的靈活性。

The next question is from Colin Sebastian with Baird.

下一個問題來自 Colin Sebastian 和 Baird。

I have a couple of questions. I guess, first off, I was hoping you could update us on the attach rates of other products and services and how much room there might be to grow those. And then secondly, there have been some questions around Google's testing of auto listing ads and curious if that's something that you might find attractive to participate in or if you think that might change the competitive landscape at all.

我有一些問題。我想，首先，我希望你能向我們更新其他產品和服務的附加率以及可能有多少增長空間。其次，關於谷歌對自動列表廣告的測試存在一些問題，並且好奇這是否是你可能會覺得有吸引力參與的東西，或者你是否認為這可能會改變競爭格局。

Sure. So I apologize, I think I'm going to give you kind of boring answers to those questions. So we don't plan to kind of break out our attach rates for our other products and services. We definitely do believe that there is room to continue to improve there. We've made a lot of improvement over the last several years, but we think there's clearly room to go from here and so we'll work to do that.

當然。所以我很抱歉，我想我會給你一些無聊的答案來回答這些問題。所以我們不打算突破我們其他產品和服務的附加率。我們絕對相信那裡還有繼續改進的空間。在過去的幾年裡，我們取得了很大的進步，但我們認為從現在開始還有明顯的改進空間，因此我們將努力做到這一點。

As far as Google testing their different ad products, we obviously use Google as one of our many customer acquisition channels. We use them in search marketing and then we use them in several other ways as well. So I think we'll view that as a marketing channel. We'll evaluate it like we evaluate all of our other marketing channels. And to the extent it gives us a high-quality return, then we would expect to utilize that as well.

至於谷歌測試他們不同的廣告產品，我們顯然使用谷歌作為我們眾多客戶獲取渠道之一。我們在搜索營銷中使用它們，然後我們也在其他幾種方式中使用它們。所以我認為我們會將其視為一種營銷渠道。我們會像評估所有其他營銷渠道一樣對其進行評估。如果它給我們帶來了高質量的回報，那麼我們也希望利用它。

The next question is from Michael Montani with Evercore ISI.

下一個問題來自 Evercore ISI 的 Michael Montani。

So the first one I had was just around when you're able to self-source a unit, is there a sense that you can provide of the kind of tailwind that, that gives to GPU versus when you have to go to auction? I guess I was thinking potentially 10% benefit over $1,000, but just wondering if you could give any clarity there, and then -- and a follow-up.

所以我遇到的第一個問題是當你能夠自行採購一個單元時，是否有一種感覺，你可以提供那種順風，它給 GPU 而不是你必須去拍賣的時候？我想我在想超過 1,000 美元可能會帶來 10% 的收益，但只是想知道您是否可以在那裡給出任何說明，然後 - 以及後續行動。

Sure. So I -- go ahead, Mark.

當然。所以我——繼續，馬克。

Yes, sure. Yes, I can take that one. So I think it varies quarter to quarter, but a reasonable way to think about the benefit of sourcing from customers is to look at it in the context of our wholesale GPU. So basically, what wholesale GPU captures is the difference between our acquisition cost of a car from a customer and the wholesale market trading price of that car. And so that's a good way to think about the cost benefit of customer sourcing.

是的，當然。是的，我可以拿那個。所以我認為它每個季度都有所不同，但考慮從客戶採購的好處的一種合理方法是在我們的批發 GPU 的背景下看待它。所以基本上，批發 GPU 捕獲的是我們從客戶那裡購買汽車的成本與該汽車的批發市場交易價格之間的差額。因此，這是考慮客戶採購成本效益的好方法。

And so that just gives you a sense -- and to give you a sense of that, it varies quarter to quarter. This quarter, we were around $800 or so on wholesale GPU. And so I think that's -- it does vary quarter to quarter, but that's a reasonable way to sort of keep track of the relative cost benefit of customer sourcing.

所以這只是給你一種感覺——為了讓你有一種感覺，它每個季度都有所不同。本季度，我們的 GPU 批發價約為 800 美元。所以我認為那是 - 它確實每個季度都不同，但這是一種合理的方式來跟踪客戶採購的相對成本效益。

Okay. That makes sense. And then just a follow-up question I had was any incremental color you can share this year and then next year with the 8 IRCs on how to think about the CapEx outlook. What's kind of a normal number? And then specifically, how does this year or next year look?

好的。這就說得通了。然後我的一個後續問題是今年和明年你可以與 8 個 IRC 分享關於如何考慮資本支出前景的任何增量顏色。什麼是正常數字？然後具體來說，今年或明年會怎樣？

Yes, sure. So a rough way to think about the capital investment related to one of these 67,000 unit IRCs is on the order of $50 million per IRC, maybe a little bit more than that, but on that order of magnitude. And then, of course, the way we think about that from a financing perspective is we've historically sale-leasebacked our IRCs. We think that there's lots of very efficient ways and a great market for financing those IRC investments so that they're not actually net outlays for the business, but they're financed outlays. And so that's to give you a rough order of magnitude of how much they cost. And I think we feel really good about the desirability of those assets from a financing perspective.

是的，當然。因此，粗略地考慮與這 67,000 個單位 IRC 中的一個相關的資本投資大約是每個 IRC 5000 萬美元，可能比這多一點，但在這個數量級上。然後，當然，我們從融資的角度考慮這個問題的方式是，我們歷來以售後租賃方式支持我們的 IRC。我們認為有很多非常有效的方法和一個巨大的市場來為這些 IRC 投資提供資金，因此它們實際上不是業務的淨支出，而是融資支出。所以這就是給你一個粗略的數量級它們的成本。而且我認為，從融資的角度來看，我們對這些資產的吸引力感到非常滿意。

The next question is from Nat Schindler with Bank of America.

下一個問題來自美國銀行的 Nat Schindler。

And I think the GPU question has been done to death, so I thought I'd try something a little different. Could you walk through maybe on what you saw probably more on a weekly or daily basis prior to stimulus checks going out and then after them going out and how much impact that had on the quarter? Secondly, on a related note, with the tax filing date pushed out to May 15, does that have any impact on the seasonality that is usually more Q1 weighted as people get their tax returns? Finally -- well, let's just stop there. I'm not going to add more.

而且我認為 GPU 問題已經解決了，所以我想我會嘗試一些不同的東西。在刺激檢查開始之前和之後，你是否可以在每週或每天看到更多的東西，然後在他們出去之後，以及這對本季度產生了多大影響？其次，與此相關的是，隨著納稅申報日期推遲到 5 月 15 日，這是否對人們獲得納稅申報表時通常在第一季度加權的季節性有任何影響？最後——好吧，讓我們就此打住。我不打算添加更多。

Sure. So nice multi-part question there. Let's try to break it down. So I think let me try to combine basically the first 2 concepts. I think both tax refunds and stimulus basically take the form of government depositing relatively large checks in the bank accounts of many, many people at once. And so I think that didn't look materially different than it's looked in years past. Generally, what happens is people start to get notifications through email or whatever else that kind of money has hit their account. You'll see kind of the evening before, we'll see a lot of traffic and activity happening on the site. And then the next day, you'll start to see demand show up. I think that, that was undoubtedly material this year.

當然。那裡有很好的多部分問題。讓我們試著分解一下。所以我想讓我嘗試基本上結合前兩個概念。我認為退稅和刺激措施基本上都採取政府將相對大額支票存入許多人的銀行賬戶的形式。所以我認為這看起來與過去幾年並沒有本質上的不同。一般來說，人們開始通過電子郵件或任何其他方式收到通知，這種錢已經打到他們的賬戶上了。你會在前一天晚上看到，我們會看到網站上發生了大量的流量和活動。然後第二天，您將開始看到需求出現。我認為，這無疑是今年的重要內容。

As it relates to us, I think a key statistic to keep in mind is we did grow sales sequentially 28%. We also grew production sequentially 26%. We undoubtedly saw increased demand kind of on the day after stimulus was dropped. But then the form that, that takes that just further compressed your inventory, therefore, reducing conversion rates for everyone afterwards. And so I think if we had to try to imagine kind of what would have happened to our sales absent stimulus, I think, first of all, that's very hard to do. But just directionally, we clearly would have been less kind of on the days and weeks immediately after stimulus. And our expectations would have been more in the weeks -- kind of a couple of weeks after the stimulus drop.

就我們而言，我認為要記住的一個關鍵統計數據是我們的銷售額確實連續增長了 28%。我們的產量也環比增長了 26%。毫無疑問，我們在刺激措施取消後的第二天就看到了需求的增加。但是，這種形式只會進一步壓縮您的庫存，因此降低了之後每個人的轉化率。所以我認為，如果我們不得不嘗試想像在沒有刺激的情況下我們的銷售會發生什麼，我認為，首先，這是很難做到的。但就方向而言，我們顯然不會在刺激措施後的幾天和幾週內表現得那麼好。我們的預期在幾週內會更高——大約在刺激措施下降後的幾週內。

So I don't know how big the impact was, but I think it was smaller for us this year than it would have been in previous years because in previous years, we're carrying enough inventory heading into that kind of an event to be able to handle that big onslaught of demand and then still have sufficient inventory for our customers afterwards. So I do think it was a little bit different. And then the tax returns being pushed out a little bit, I do think that, that had an impact. But I think that impact is largely behind us. The vast majority of that impact is behind us. So I don't think that's too meaningful for the future.

所以我不知道影響有多大，但我認為今年對我們來說比往年要小，因為在往年，我們有足夠的庫存進入那種活動能夠處理如此巨大的需求衝擊，然後仍然有足夠的庫存供我們的客戶使用。所以我確實認為它有點不同。然後納稅申報表被推遲了一點，我認為這產生了影響。但我認為這種影響在很大程度上已經過去了。絕大多數影響已經過去。所以我認為這對未來沒有太大意義。

So you don't expect the normal Q1 tax refund, call it, seasonality is going to be drawn out into Q2? It was pretty much still all taken up in Q1 despite being pushed out a week -- a month?

所以你不指望正常的 Q1 退稅，稱它，季節性會被拉到 Q2 嗎？儘管被推遲了一周 - 一個月，但在第一季度幾乎仍然全部被佔用？

So the tax filing date was pushed out a month from what I believe is April 15 to May 15, but the date at which most customers get money in their accounts has historically been sometime in February. If you go back maybe 10 years, it was even kind of late January. But it's been slowly kind of moving out and more recently has been the end of February. That, this year, might have been a week later than normal and then probably had kind of a normal spread from there in terms of when you see the demand impact. But that didn't move as much as just the filing date itself moved. And the filing date itself is far less powerful than the day that the tax refunds are kind of released to the masses.

因此，納稅申報日期從我認為的 4 月 15 日推遲到 5 月 15 日一個月，但大多數客戶從他們的賬戶中取款的日期歷來是在 2 月的某個時候。如果你回到 10 年前，那甚至是一月下旬。但它一直在緩慢地搬出，最近是二月底。那，今年，可能比正常情況晚了一周，然後就您看到需求影響的時間而言，可能從那裡開始出現了一種正常的價差。但這並沒有像提交日期本身那樣移動那麼多。申請日期本身的影響力遠不及向大眾發放退稅的那一天。

The next question is from Naved Khan with Truist Securities.

下一個問題來自 Truist Securities 的 Naved Khan。

Maybe on a related note. So since the noise from the stimulus and the tax seems to be behind us, maybe -- can you maybe give us some sense of how the April trends are looking like for you? And how should we think about the shape of the quarter? And then I have a follow-up.

也許在相關說明上。因此，由於刺激和稅收的噪音似乎已經過去了，也許——你能告訴我們 4 月份的趨勢對你來說是什麼樣子嗎？我們應該如何考慮季度的形狀？然後我有一個後續行動。

Sure. So we want to stay away, I think, from giving too much detailed kind of intra-period color, but we provided an outlook in the shareholder letter and I think that, that captures our expectations. Demand has been very strong for really the last year for our offering. And we've continually been carrying a lower inventory than we wish that we were carrying. We're excited now to kind of be at a place where we believe that we'll be able to start growing inventory, which we think is helpful, all else constant. So I would say things continue to look great from our perspective. There's nothing notable to call out that would go in any other direction, and kind of those expectations are what we have in our outlook.

當然。因此，我認為，我們希望避免提供過多詳細的期間內顏色，但我們在股東信中提供了展望，我認為這符合我們的期望。去年我們的產品需求非常強勁。而且我們的庫存一直低於我們希望的水平。我們現在很高興能來到一個我們相信我們將能夠開始增加庫存的地方，我們認為這是有幫助的，其他一切都是不變的。所以我想說，從我們的角度來看，事情繼續看起來很棒。沒有什麼值得注意的是會朝著任何其他方向發展，而這些期望就是我們對前景的看法。

Okay. And then maybe -- so you guys mentioned the opportunity for more ancillary products. Is there a near-term potential for you to introduce a new product on the platform? Or is that still ways away?

好的。然後也許 - 所以你們提到了更多輔助產品的機會。您近期是否有可能在該平台上推出新產品？或者還有很長的路要走？

So I think across the entire business, there's many, many different things that we can focus on. Obviously, we have a very complicated business from vehicle acquisition, transporting it to the inspection centers, running the inspection centers, merchandising it for customers, pricing for customers, building the finance business, running our warranty product. There's so much that we can work on. So we have -- across the business, we have on the order of 70 different product teams that are working on all these various road maps at different points in time, and we do our best to prioritize all those different projects as intelligently as we can. Generally speaking, we won't kind of comment on what that underlying prioritization looks like, but there's no doubt that there's opportunity in the future to add additional products and that, that could be potentially exciting.

所以我認為在整個業務中，我們可以關注很多很多不同的事情。顯然，我們的業務非常複雜，從車輛採購、將其運輸到檢測中心、運行檢測中心、為客戶推銷、為客戶定價、建立金融業務、運行我們的保修產品。我們可以做的事情太多了。所以我們 - 在整個業務中，我們有大約 70 個不同的產品團隊在不同的時間點處理所有這些不同的路線圖，我們盡最大努力盡可能智能地確定所有這些不同項目的優先級.一般來說，我們不會對潛在的優先順序進行評論，但毫無疑問，未來有機會添加額外的產品，這可能會令人興奮。

The next question is from Ron Josey with JMP Securities.

下一個問題來自 JMP Securities 的 Ron Josey。

I wanted to ask 2 questions, please. I think just a follow-up on an earlier question on the expansion in the Pacific Northwest. Can you just help, Ernie, talk about the distribution and the time to deliver and how you can flex your just -- your supply chain into those 5 new markets in that overall region which is new?

我想問2個問題。我認為這只是對先前關於太平洋西北地區擴張的問題的跟進。 Ernie，你能不能幫忙談談分銷和交付時間，以及如何將你的供應鏈調整到整個地區的這 5 個新市場？

And then the second question is just on brand awareness. And with 95% population coverage now in sight, and I think still pretty low brand awareness, as we've talked about, $100 million in marketing spend in the quarter is pretty interesting. Just wanted to get your sense on how we should think about marketing spend going forward, how you all are putting those dollars to work around brand awareness, educational spend and performance.

然後第二個問題只是關於品牌知名度。現在人口覆蓋率已達到 95%，而且我認為品牌知名度仍然很低，正如我們所討論的那樣，本季度 1 億美元的營銷支出非常有趣。只是想了解一下我們應該如何考慮未來的營銷支出，以及你們如何將這些資金用於品牌知名度、教育支出和績效方面。

Sure. So the Pacific Northwest is obviously something that we've been looking at for a long time, but it's a relatively isolated population center way up in the Northwest. And so it took us a long time to get to a place where we thought it was sensible to kind of add that to our logistics network. Over the last month or 2, we've added that. And we also added the Salt Lake City area in Utah, which kind of gives us a midpoint that allows us to connect up there. We can also connect through California. So we thought it was a natural time. Obviously, our long-term aspirations are to get to approximately 95% population coverage and to be a national brand and so that was something that we needed to do at some point. We've been holding off as we've been so constrained in inventory.

當然。所以太平洋西北地區顯然是我們關注了很長時間的地方，但它是西北地區相對孤立的人口中心。因此，我們花了很長時間才找到一個我們認為將其添加到我們的物流網絡中是明智的地方。在過去一兩個月中，我們添加了它。我們還添加了猶他州的鹽湖城地區，這給了我們一個中點，讓我們可以連接到那裡。我們也可以通過加利福尼亞連接。所以我們認為這是一個自然的時間。顯然，我們的長期目標是達到大約 95% 的人口覆蓋率並成為一個民族品牌，因此這是我們在某個時候需要做的事情。我們一直在推遲，因為我們的庫存非常有限。

But given our expectation we're going to grow inventory and our visibility into where we're headed over the next couple of years as well as our knowledge of our historical lag times and ramping up volumes in new markets, we thought now was a good time. So we went ahead and pulled the trigger on that, and we're excited to kind of fill out the rest of our regional footprint.

但考慮到我們將增加庫存的預期，以及我們對未來幾年的發展方向的了解，以及我們對歷史滯後時間和新市場銷量增加的了解，我們認為現在是一個很好的時機時間。所以我們繼續前進並扣動扳機，我們很高興能夠填補我們剩餘的區域足跡。

On brand awareness, I do think that we remain very low in brand awareness. We -- our dollar spend is starting to approach pretty sizable numbers that are meaningful compared to the marketing budgets of lots of companies. But we have to also keep in mind that kind of our accumulated dollar spend is still very low compared to a lot of more mature companies that have been around for a long time. And so we do think that it's still early. We're spending a lot in brand. We definitely spend a lot in kind of education. I think for a customer to buy a car from Carvana, they have to first know that you exist. They have to next understand what you do and kind of how it's different from buying a car in a traditional way. And so we have a lot of different value props that we have to educate them about.

關於品牌知名度，我確實認為我們的品牌知名度仍然很低。我們——我們的美元支出開始接近相當可觀的數字，與許多公司的營銷預算相比，這些數字是有意義的。但我們也必須記住，與許多已經存在很長時間的更成熟的公司相比，我們累積的美元支出仍然非常低。所以我們確實認為現在還為時過早。我們在品牌上花了很多錢。我們肯定在教育方面花了很多錢。我認為客戶要從 Carvana 購買汽車，他們必須首先知道您的存在。接下來，他們必須了解您的工作以及這與以傳統方式購買汽車有何不同。因此，我們有很多不同的價值支柱，我們必須對他們進行教育。

And then they have to trust that you're real and your return policy is real and that they can kind of trust the quality of the car that comes their way. And all those things just take time to build up in consumer minds. So we're testing a lot. We're learning a lot as we go. I think we're very excited about the position that we're in with customer acquisition costs given the knowledge that we've accumulated over time by just looking at how we've levered our older cohorts. So we're confident that we know how to lever customer acquisition pretty significantly, but we also believe that we're very early in brand building. And so as long as we find different channels that we think are hitting a different audience and educating them in a different way, like I said before, we're not going to be shy about spending that money and building our brand. We think that's a good investment in the long term.

然後他們必須相信你是真實的，你的退貨政策是真實的，他們可以信任他們所用汽車的質量。所有這些都需要時間才能在消費者心目中建立起來。所以我們正在測試很多。我們邊走邊學。我認為我們對我們在客戶獲取成本方面所處的位置感到非常興奮，因為我們只是通過觀察我們如何利用我們的老群體而隨著時間的推移積累的知識。因此，我們相信我們知道如何非常有效地利用客戶獲取，但我們也相信我們在品牌建設方面還處於早期階段。因此，只要我們找到我們認為可以吸引不同受眾並以不同方式教育他們的不同渠道，就像我之前說的那樣，我們就不會羞於花這筆錢來打造我們的品牌。我們認為從長遠來看，這是一項很好的投資。

The next question is from Alex Potter with Piper Sandler.

下一個問題來自 Alex Potter 和 Piper Sandler。

I had a question about certified preowned. I was just wondering if you have a strategy for trying to break in there. Or is that a segment that you consider more or less off-limits? Anything you'd be willing to share on that front would be interesting.

我對經過認證的二手車有疑問。我只是想知道你是否有嘗試闖入那裡的策略。還是您認為該細分市場或多或少是禁區？您願意在這方面分享的任何內容都會很有趣。

Sure. So I think there's maybe a couple of ways to approach that problem. So first of all, every car that we sell is certified. It's Carvana certified. And our certification process was patterned off of some of the luxury manufacturers' certification processes. And so the cars that we deliver to customers are of that kind of -- that quality. The specific brand certified preowned is generally reserved for the combination of kind of franchise dealers and oftentimes kind of the branded OEM warranty that gets associated with that sale, although that's not always necessarily a condition of the brand of certified preowned. So I think that we do believe that we're breaking into that market by building a brand of delivering very high-quality cars and by building a logistics network and infrastructure of reconditioning centers that are able to certify cars to that same quality. So that's our goal. But the particular brand is generally protected by -- or for franchise dealers.

當然。所以我認為可能有幾種方法可以解決這個問題。因此，首先，我們出售的每輛汽車都經過認證。它已通過 Carvana 認證。我們的認證流程模仿了一些奢侈品製造商的認證流程。因此，我們交付給客戶的汽車具有那種質量。特定品牌認證的二手車通常保留給特許經銷商的組合，通常是與該銷售相關的品牌 OEM 保修，儘管這不一定是認證二手車品牌的條件。因此，我認為我們確實相信，我們正在通過建立一個提供高質量汽車的品牌，以及通過建立一個物流網絡和能夠對汽車進行相同質量認證的翻新中心基礎設施來打入這個市場。這就是我們的目標。但特定品牌通常受特許經銷商保護，或受特許經銷商保護。

Okay. Understood. And then last question, customer source ratio, still really strong. I can appreciate that you won't be disclosing that going forward. I guess maybe just qualitatively, you're still running well ahead of what you thought you could do several years ago, which has been great. I'm sure it's a tailwind for GPU. Are you starting to get convinced now that you can actually keep running indefinitely at these higher customer sourcing rates?

好的。明白了。然後是最後一個問題，客戶來源比例，仍然非常強大。我很感激您以後不會透露這一點。我想也許只是定性而言，您仍然比幾年前認為自己可以做的事情跑得好，這很棒。我確信這是 GPU 的順風。您現在是否開始相信您實際上可以在這些更高的客戶採購率下無限期地運行？

Sure. Well, so at a very high level, the market for selling cars is around 40 million possible units. Generally speaking, a customer who's getting a car is also getting rid of another car and so the market for us buying cars is kind of theoretically at least very similar in size. And if you look at Q1's sales of 92,000 and the number of cars bought from customers in a similar ballpark, you're basically looking at something like 1% of the market. So I think that we're very, very small compared to both of those markets.

當然。那麼，在非常高的水平上，汽車銷售市場大約有 4000 萬輛。一般來說，買車的客戶同時也在換掉另一輛車，因此我們買車的市場在理論上至少在規模上非常相似。而且，如果您查看第一季度 92,000 輛的銷量以及從類似範圍內的客戶那裡購買的汽車數量，您基本上只能看到大約 1% 的市場份額。所以我認為與這兩個市場相比，我們非常非常小。

I do think they are connected in certain ways through brand, particularly our brand, and the speed at which we can build our brand and generate awareness across all customers that we both buy and sell cars. But they're also fairly disconnected in the sense that only a subset of those transactions happen simultaneously when a customer is simultaneously buying a car and trading another car. A lot of them are kind of separated in time, where a customer will buy a car then maybe sell a car later, sell a car and then buy a car later.

我確實認為它們通過品牌以某種方式聯繫在一起，尤其是我們的品牌，以及我們建立品牌並在所有客戶中產生我們既買賣汽車的意識的速度。但從某種意義上說，它們也相當不連貫，因為當客戶同時購買汽車和交易另一輛汽車時，這些交易中只有一部分是同時發生的。他們中的很多人在時間上是分開的，客戶會先買車，然後可能會賣車，然後賣車，然後再買車。

So I think they can grow independently. We've undoubtedly seen a tremendous, tremendous amount of progress in that business over the last couple of years, and we're extremely excited about it. And I think now basically, the retail business and the business of buying cars for customers are going to race each other to the unseeable finish line somewhere out in the great blue yonder.

所以我認為他們可以獨立成長。毫無疑問，在過去的幾年中，我們已經看到該業務取得了巨大的進步，我們對此感到非常興奮。而且我認為現在基本上，零售業務和為客戶購買汽車的業務將相互競爭，到達遠處蔚藍某處看不見的終點線。

The next question is from Seth Basham with Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Seth Basham。

My question's back on the topic of finance GPU. It seems like you hit a high watermark there with this quarter's results. And I'm trying to understand if you think that is a high watermark for 2021 and where you think that can go longer term.

我的問題又回到了金融 GPU 的話題上。本季度的結果似乎達到了高水位線。我想了解您是否認為這是 2021 年的高水位線以及您認為可以長期使用的地方。

Sure. So we -- yes. I think for other GPU in general, we have definitely hit kind of our highest level ever. As described earlier, I do think that there are fundamental gains that we can continue to make in every line item of other GPU, and there are other opportunities for different products that we can add over time. So I think that that's exciting. I also do think that it's hard to size the kind of beneficial impacts that exist in this environment where, one, we're doing something that we have control over but is likely leading to slightly higher other GPU, which is running with tighter credit; and then, two, we benefited from very low interest rates. So those are likely to unwind. I think the balance of those things is hard to precisely predict.

當然。所以我們——是的。我認為對於一般的其他 GPU，我們肯定達到了我們有史以來的最高水平。如前所述，我確實認為我們可以在其他 GPU 的每個項目中繼續取得根本性收益，並且我們可以隨著時間的推移添加不同產品的其他機會。所以我認為這很令人興奮。我也確實認為，很難衡量這種環境中存在的有益影響，其一，我們正在做我們可以控制的事情，但可能會導致其他 GPU 略高一些，而這些 GPU 的運行信用更嚴格；其次，我們受益於極低的利率。所以這些可能會放鬆。我認為這些事情的平衡很難準確預測。

But we're clearly in great shape versus the long-term model that we outlined a couple of years ago. And I think it's too early, and we're in too unique of an environment to update that model. So we think, in general, that's probably roughly the right way to continue to think about it. And obviously, we've done very well against that model over the last several quarters.

但與我們幾年前概述的長期模型相比，我們顯然處於良好狀態。而且我認為現在還為時過早，而且我們所處的環境太獨特了，無法更新該模型。所以我們認為，總的來說，這可能是繼續思考它的大致正確方法。顯然，在過去的幾個季度中，我們針對該模型做得非常好。

Got it. All right. Helpful. And my follow-up question is just around reconditioning. Have you been using third-party reconditioning for things other than specialized services? And do you plan to do that in the future?

知道了。好的。有幫助。我的後續問題是關於修復的。您是否一直在為專業服務以外的事情使用第三方修復？你打算在未來這樣做嗎？

Sure. So I think in the past, we've talked about -- we have run various tests to try to see what are the various ways that we can ramp up our production capacity across the business. That has included utilizing some third-party recon. We are continuing to utilize some third-party recon today. It remains a significant minority of the cars we produce overall, and that's our expectation for the future as well. But it is something that we are utilizing and continuing to test today.

當然。所以我認為在過去，我們已經討論過——我們已經進行了各種測試，試圖看看我們可以通過哪些不同的方式來提高整個企業的生產能力。這包括利用一些第三方偵察。我們今天繼續使用一些第三方偵察。它仍然是我們生產的汽車中的一小部分，這也是我們對未來的期望。但這是我們今天正在利用並繼續測試的東西。

The next question comes from John Colantuoni with Jefferies.

下一個問題來自 Jefferies 的 John Colantuoni。

Can you talk about the tight inventory environment in the wholesale market and some of the measures Carvana has implemented to unlock new channels for inventory acquisition and if you're expecting those measures to have any notable impacts on the near-term vehicle GPU outside of what's going on with wholesale prices?

你能談談批發市場緊張的庫存環境以及 Carvana 為開闢新的庫存獲取渠道而採取的一些措施嗎？繼續批發價？

Sure. So I can take that one. So I mean, I think our #1 channel for sourcing inventory has now become sourcing cars directly from customers, which has several advantages that we've talked about historically. I think we're certainly going to continue to focus on that. That's a business that we want to build and continue to grow over the long term. And so I think that's our #1 area of focus and would be the -- sort of the first answer to that question.

當然。所以我可以接受那個。所以我的意思是，我認為我們採購庫存的第一渠道現在已經變成直接從客戶那裡採購汽車，這具有我們過去討論過的幾個優勢。我認為我們肯定會繼續關注這一點。這是我們想要建立並長期持續增長的業務。因此，我認為這是我們關注的第一大領域，並且將是該問題的第一個答案。

I think in terms of the wholesale market dynamics, we're still certainly buying cars out on the wholesale market. I think we're buying cars. We're making money on those cars when we retail them. I think we feel very comfortable in the current environment. And our -- from a sourcing perspective, our main area of focus is going to be continue to grow the business of buying cars from customers.

我認為就批發市場動態而言，我們肯定仍在批發市場上購買汽車。我想我們是在買車。當我們零售它們時，我們在這些汽車上賺錢。我認為我們在當前環境中感到非常自在。而我們——從採購的角度來看，我們的主要關注領域將是繼續發展從客戶那裡購買汽車的業務。

And our final question comes from Edward Yruma with KeyBanc.

我們的最後一個問題來自 KeyBanc 的 Edward Yruma。

Just 2 quick ones for me. I guess first on interest rates, have you seen any significant movement in the interest rate you're offering to consumers? Has there been an impact?

對我來說只有 2 個快速的。我想首先是關於利率，您是否看到您向消費者提供的利率有任何重大變化？有影響嗎？

And then a broader question. One of your competitors, I guess, as they've scaled, has had kind of customer service and closed difficulties. Obviously, your numbers have been phenomenal. But how would you score kind of your customer service levels, particularly as you continue to ramp your business?

然後是一個更廣泛的問題。我猜你的一個競爭對手，隨著他們規模的擴大，已經有了某種客戶服務和關閉困難。顯然，你的數字非常驚人。但是，您如何評價您的客戶服務水平，尤其是在您繼續擴大業務的情況下？

Sure. So I think on interest rates, they've come down obviously since prepandemic pretty dramatically, and then it kind of bounced around a little bit from there. There's been some upward movement over the last quarter or so, but nothing material. And so I don't think that there's -- the story there is that they're low. I don't think that recent movements are super material.

當然。因此，我認為在利率方面，自大流行前以來利率明顯大幅下降，然後從那里略有反彈。上個季度左右出現了一些上升趨勢，但沒有什麼實質性的。所以我不認為有 - 那裡的故事是他們很低。我不認為最近的走勢是超物質的。

In terms of customer service levels, our focus from day 1 has been to build a business from the ground up that delivers great customer experiences and to build all the things that are required to really enable those great experiences to be differentiated in a fundamental way, and that's always been our focus. And I think when we look at kind of all of our scores for what customer experience looks like, there's a lot of different things that drive that. I think first and foremost is the way that we've designed the business and the way that we've designed the customer experience. And then I think from there, you've got your technology and your processes and the quality of those and kind of how good an experience those are capable of delivering.

在客戶服務水平方面，從第一天開始，我們的重點就是從頭開始建立一個提供卓越客戶體驗的業務，並構建真正使這些卓越體驗從根本上脫穎而出所需的所有東西，這一直是我們的重點。而且我認為，當我們查看所有關於客戶體驗的分數時，有很多不同的因素推動了這一點。我認為首要的是我們設計業務的方式以及我們設計客戶體驗的方式。然後我認為從那裡，你已經擁有了你的技術和你的流程以及它們的質量以及它們能夠提供的體驗有多好。

I think very importantly, the next layer is your cultural layer. How much do all the people that talk to your customers -- that takes your customers' cars, that deliver the car to the customers, how much do they care about the customers and care about what we're doing together and empathize with the exciting moments that the customer is having when they are getting a car which is the second largest purchase they make in their life? And I think that we would like to think that we've done a pretty good job building a culture there that really cares about delivering great customer experiences.

我認為非常重要的是，下一層是您的文化層。所有與您的客戶交談的人 - 拿走客戶的汽車，將汽車交付給客戶，他們有多少關心客戶，關心我們一起做的事情，並對令人興奮的事情產生共鳴客戶在購買汽車時所經歷的時刻，這是他們一生中進行的第二大購買活動？而且我認為我們願意認為我們在建立一種真正關心提供卓越客戶體驗的文化方面做得非常好。

And I think the last layer is, do you have sufficient capacity across your operations groups to deliver to customers great experiences? And I think over time, we've been constrained many, many times in our 8-year life. Obviously, throughout the pandemic, you've heard of various constraints. If we go back to 2019, we have logistics and market ops constraints. Prior to that, we had constraints in the call center and in different places. So we've had constraints across the business at various points in time. Those constraints generally do lead, all else constant, to our measures of customer experience going down a little bit. Now when they go down, they've traditionally gone down by relatively small amounts, and they remain at levels that are far above industry standard.

我認為最後一層是，您的運營團隊是否有足夠的能力為客戶提供出色的體驗？而且我認為隨著時間的推移，我們在 8 年的生活中受到了很多很多次的限制。顯然，在整個大流行期間，您聽說過各種限制。如果我們回到 2019 年，我們將面臨物流和市場運營方面的限制。在此之前，我們在呼叫中心和不同地方都有限制。所以我們在不同的時間點對整個業務都有限制。在其他條件不變的情況下，這些限制通常確實會導致我們的客戶體驗指標略有下降。現在，當它們下降時，它們傳統上下降的幅度相對較小，並且仍處於遠高於行業標準的水平。

And then importantly, when we continue to kind of staff up and get our feet underneath us and alleviate those constraints, we see them go right back to where they were, which means that we're in a great place in the kind of foundational elements that matter the most, which is business design, technology processes and culture. And so really, we're really happy about the way that we've been able to manage customer experience, which is our primary goal through all of this growth that has driven us to be a 1,000x larger company today than we were in the first year that we launched in 2013. But undoubtedly, there are impacts from very high levels of growth, and those impacts are the directions that you would expect. But I think we've done a good job managing them historically.

然後重要的是，當我們繼續讓員工站起來並站穩腳跟並減輕這些限制時，我們看到他們回到原來的位置，這意味著我們在基本要素方面處於一個很好的位置最重要的是業務設計、技術流程和文化。所以真的，我們對我們能夠管理客戶體驗的方式感到非常高興，這是我們所有這些增長的主要目標，這促使我們今天成為一家比過去大 1,000 倍的公司我們在 2013 年推出的第一年。但毫無疑問，非常高的增長水平會產生影響，而這些影響正是您所期望的方向。但我認為我們在歷史上對它們的管理做得很好。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議轉回管理層聽取任何閉幕詞。

Perfect. Thanks, everyone, for joining the call. And to the entire Carvana team, thank you. Great quarter. Great job. To all the operations teams, this has been a long slog. You've done an incredible job coming in every day and delivering great customer experiences, and we really appreciate it. I hope that you hear the sincerity of that appreciation, doesn't just sound like something that we say every call.

完美的。謝謝大家加入電話會議。感謝整個 Carvana 團隊，謝謝你們。偉大的季度。做得好。對於所有運營團隊來說，這是一個漫長的過程。您每天都在提供出色的客戶體驗，做得非常出色，我們真的很感激。我希望您能聽到真誠的感謝，而不僅僅是我們每次通話時都會說的話。

To the inspection center team, in particular, this has been an absolute battle. Great job to all of you. I know that you've taken the last couple of calls and pinned those up on your locker for inspiration. Clearly, it did inspire. You guys have done a great job. We really appreciate it. Please keep going. We've still got a lot of ground to cover, but thanks to all. Have a good one.

特別是對於檢測中心團隊來說，這絕對是一場戰鬥。對你們所有人來說都很棒。我知道你接了最後幾個電話並將它們釘在你的儲物櫃上以尋求靈感。顯然，它確實激發了靈感。你們做得很好。我們真的很感激。請繼續。我們還有很多工作要做，但感謝所有人。祝你有個好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。