Carvana Co (CVNA) 2025 Q3 法說會逐字稿

Good day and welcome to Carvana's third quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Meg Kehan with Investor Relations. Please go ahead.

大家好，歡迎參加 Carvana 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資者關係部門的梅格·基漢。請繼續。

Thank you. Good afternoon, ladies and gentlemen, and thank you for joining us on Carvana's third quarter 2025 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 third quarter shareholder letter is also posted on the IR website. Additionally, we posted a set of supplemental financial tables for Q3, which can be found on the events and presentations page of our IR website.

謝謝。女士們、先生們，下午好，感謝各位參加 Carvana 2025 年第三季財報電話會議。請注意，本次電話會議將同時在公司官網投資者關係頁面（investors.carvana.com）進行網路直播。第三季股東信也已發佈在投資人關係網站。此外，我們還發布了第三季的補充財務表格，可以在我們投資者關係網站的活動和演示頁面上找到。

Joining me on the call today are Ernie Garcia, Chief Executive Officer, and Mark Jenkins, Chief Financial Officer. 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-Ks and Forms 10-Q.

今天與我一起參加電話會議的有執行長厄尼·加西亞和財務長馬克·詹金斯。在開始之前，我想提醒各位，以下討論包含聯邦證券法意義上的前瞻性陳述，包括但不限於 Carvana 的市場機會和未來財務業績，這些陳述涉及風險和不確定性，可能導致實際結果與此處討論的結果存在重大差異。有關導致實際結果與前瞻性陳述存在差異的實質因素的詳細討論，請參閱 Carvana 最新 10-K 表格和 10-Q 表格中的「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. Our commentary today will include non-GAAP financial metrics. Unless otherwise specified, all references to GPU and SG&A will be to non-GAAP metrics, and all references to EBITDA will be to adjusted EBITDA. 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 IR website. And with that said, I'd like to turn the call over to Ernie Garcia. Ernie?

本次電話會議中的前瞻性陳述和風險均基於截至今日的當前預期，Carvana 不承擔因新發展或其他原因而更新或修改這些陳述或風險的義務。我們今天的評論將包括非GAAP財務指標。除非另有規定，且所有提及的GPU和SG&A均指非GAAP指標，所有提及的EBITDA均指調整後的EBITDA。有關我們已公佈業績的 GAAP 指標與非 GAAP 指標的調整情況，請參閱我們今天發布的股東信，該信的副本可在我們的投資者關係網站上找到。接下來，我想把電話交給厄尼·加西亞。厄尼？

Thanks, Meg. Thanks, everyone, for joining the call. The third quarter was another incredible quarter for Carvana. We remain the most profitable and fastest-growing automotive retailer. These data points are exciting in isolation. Achieving them simultaneously is rare and points to an exceptional future. Achieving them by the margins we have been recently, profit margins more than two times the industry average and growth over 40% when other public retailers are approximately flat, points to something that is structurally different. Something that is capable of achieving our ambitious mission of changing the way people buy and sell cars.

謝謝你，梅格。感謝各位參加此通話。對於Carvana來說，第三季又是一個令人難以置信的季度。我們仍然是獲利能力最強、成長速度最快的汽車零售商。單就這些數據點而言，它們令人興奮。同時實現這兩項目標實屬罕見，預示著一個非凡的未來。我們最近的成就，利潤率是行業平均水平的兩倍多，增長率超過 40%，而其他上市零售商的增長基本持平，這表明我們在結構上有所不同。能夠實現我們改變人們買賣汽車方式這一宏偉目標的事物。

That is exactly what we believe we are capable of, exactly what we are focused on making happen, exactly what the data is telling us we are marching toward every quarter. Q3 was another large step on the path to achieving our current goal of selling 3,000,000 cars at a 13.5% adjusted EBITDA margin in the next five to ten years. We're getting better as we get bigger. Aided by the feedback inherent in our business, the benefits of scale, and our continued pursuit of fundamental gains as well as the addition of foundational capabilities. The feedback flywheel is spinning.

這正是我們相信自己能夠做到的，而這正是我們努力實現的，這正是數據告訴我們每季都在朝著目標前進的。第三季是朝著實現我們當前目標——在未來五到十年內銷售 300 萬輛汽車，調整後 EBITDA 利潤率為 13.5%——邁出的又一大步。我們越壯大，技術就越好。得益於我們業務中固有的回饋、規模優勢、我們對根本性進步的持續追求以及基礎能力的提升。反饋飛輪正在旋轉。

The data that powers our decision-making throughout the business is growing exponentially and allowing us to iteratively improve the models powering every decision across the business. Our sales growth allows us to keep growing inventory economically, constantly broadening customer selection. Year over year, our inventory turn time is approximately flat, yet our customers have nearly 50% more cars to choose from. And the benefits of scale are also allowing us to make investments that magnify these advantages. Over the last eighteen months, we've added reconditioning capacity to 15 ADESA locations, allowing us to position inventory closer to our customers, reducing customer delivery time by a day in the last five quarters.

支撐我們整個業務決策的數據呈指數級增長，使我們能夠不斷迭代改進支撐整個業務中每一個決策的模型。銷售成長使我們能夠以經濟的方式不斷增加庫存，從而不斷擴大客戶的選擇範圍。與往年相比，我們的庫存週轉時間基本上保持不變，但我們的客戶可選擇的車輛數量增加了近 50%。規模經濟也使我們能夠進行投資，從而放大這些優勢。在過去的十八個月裡，我們為 15 個 ADESA 地點增加了翻新能力，使我們能夠將庫存放置在更靠近客戶的地方，在過去的五個季度裡，客戶的交貨時間縮短了一天。

We've developed our digital auction capability, ADESA Clear, delivering a best-in-class digital auction experience to our wholesale customers, allowing us to add wholesale capabilities to 12 of our inspection centers and counting. Having the strongest retail and wholesale channels to sell vehicles makes us a systematically better buyer of all cars from our customers and our partners. We've also been working on making dramatic improvements to delivery capability that will show up over time. We are currently using Phoenix as a test market to optimize our finance verifications, registration processes, vehicle staging, delivery scheduling systems, and staffing models for speed.

我們開發了數位拍賣功能 ADESA Clear，為我們的批發客戶提供一流的數位拍賣體驗，使我們能夠在 12 個檢驗中心增加批發功能，而且這個數字還在增加。擁有最強大的零售和批發管道來銷售車輛，使我們成為從客戶和合作夥伴那裡購買所有車輛的更優質買家。我們一直在努力大幅提升交付能力，這些改進將在一段時間內顯現出來。我們目前正在以鳳凰城為測試市場，以優化我們的財務驗證、註冊流程、車輛準備、交付調度系統和人員配備模式，從而提高速度。

As a result, 40% of customers in Phoenix are now getting same or next-day delivery compared to 10% that get same or next-day delivery nationwide. On any given day, customers in Phoenix have about 2,500 cars available to be delivered that same day. That's worth pausing on, taking time to think through the implications. Thousands of vehicles can be purchased in minutes and delivered in hours is a highly desirable and extremely difficult to replicate capability. Like all good things, this will take some time to optimize the rollout across the country, but it is coming.

因此，鳳凰城 40% 的顧客現在可以享受當日或隔天送達服務，而全國只有 10% 的顧客可以享受當日或隔天送達服務。在任何一天，鳳凰城的客戶大約有 2500 輛汽車可供當天交付。這一點值得我們停下來思考，花點時間仔細考慮其中的含義。幾分鐘內即可購買數千輛汽車，幾小時內即可交付，這是一項非常理想且極難複製的能力。就像所有美好的事物一樣，這項服務需要一些時間來優化其在全國範圍內的推廣，但它終將到來。

Another set of statistics that demonstrate meaningful progress is that today more than 30% of retail customers now complete the entire process without any interaction with the customer advocate until their delivery or pickup appointment. For customers selling their car to us, this number is more than 60%. To make this possible, our business must be vertically integrated, data must be well organized and immediately accessible, decisions have to be deterministic and automated, workflows have to be concretely defined inside of systems, and all that has to be wrapped in intuitive interfaces to make customers feel confident. It's hard. Our team is doing a great job, has detailed plans to keep making it better, and is nowhere near satisfied.

另一組統計數據也顯示取得了實質進展，如今超過 30% 的零售客戶在送貨或提貨預約之前，無需與客戶服務代表進行任何互動即可完成整個流程。對於將汽車賣給我們的客戶來說，這個數字超過 60%。為了實現這一點，我們的業務必須垂直整合，數據必須組織良好且可立即訪問，決策必須是確定性的和自動化的，工作流程必須在系統內部具體定義，所有這些都必須通過直觀的界面來包裝，以使客戶感到放心。這很難。我們的團隊做得非常出色，並制定了詳細的改進計劃，但我們遠遠沒有達到滿意的程度。

Looking forward, we continue to see opportunities for fundamental gains in every line item. Opportunities that will make our customer experiences simpler and more fun, will make our costs lower. Our plan is to unlock these opportunities with the same discipline that has driven our success so far. Something that has always been true in the past remains true today and that we suspect will be true for a long time is that prioritizing our opportunities is the hardest part of making significant progress quickly. With constantly evolving technology, constantly evolving customer preferences and expectations, and an ambitious group of thoughtful people, new opportunities emerge faster than we are able to take advantage of the ones we previously saw.

展望未來，我們仍然看到每個專案都有實現根本性成長的機會。能夠讓客戶體驗更簡單、更有趣的機會，將降低我們的成本。我們的計劃是運用迄今為止推動我們取得成功的同樣嚴謹的態度來把握這些機會。過去一直如此、現在依然如此，我們認為在很長一段時間內也會如此的一點是：要快速取得重大進展，最困難的部分在於如何優先考慮我們的機會。隨著科技的不斷發展、客戶的偏好和期望的不斷變化，以及一群雄心勃勃、富有遠見的人的湧現，新的機會出現的速度比我們能夠抓住以前發現的機會的速度要快得多。

With AI, this is more true today than it has ever been. The future is bright, selling 3,000,000 cars per year with a 13.5% adjusted EBITDA margin in five to ten years is very achievable. There's a lot left to do, and there's an excited team ready to do it. We will continue to aggressively pursue rapid progress, and we aren't tired. The march continues. Mark?

人工智慧的出現，使得這一點在今天比以往任何時候都更加真實。未來一片光明，在五到十年內實現年銷量 300 萬輛、調整後 EBITDA 利潤率達到 13.5% 的目標完全可以實現。還有很多工作要做，而且有一支充滿熱情、準備好迎接挑戰的團隊。我們將繼續積極追求快速發展，我們永不疲​​倦。遊行仍在繼續。標記？

Thank you, Ernie, and thank you all for joining us today. The third quarter was another very strong quarter for Carvana. That was driven by our team's continued focus on identifying further fundamental gains and operating efficiencies and developing foundational capabilities while also pursuing growth. We set new records for retail units sold, revenue, adjusted EBITDA, and GAAP operating income. And for the first time, our annual revenue run rate exceeded $20 billion, a significant milestone pointing toward the long-term scale of our business. Moving to our third quarter results. Unless otherwise noted, all comparisons will be on a year-over-year basis. Retail units sold totaled 150,941 in Q3, an increase of 44% and a new company record.

謝謝你，厄尼，也謝謝今天所有到場的各位。Carvana 第三季業績依然非常強勁。這是由於我們的團隊持續專注於尋找進一步的基本收益和營運效率，並發展基礎能力，同時追求成長。我們在零售銷售、收入、調整後 EBITDA 和 GAAP 營業收入方面均創下新紀錄。我們的年度收入運行率首次超過 200 億美元，這是一個重要的里程碑，標誌著我們業務的長期規模。接下來是第三季業績報告。除非另有說明，所有比較均以同比為基礎。第三季零售銷售總計 150,941 件，成長 44%，創公司新紀錄。

Revenue was $5.647 billion, an increase of 55% and also a new company record. Revenue growth exceeded retail units sold growth primarily due to higher average selling prices and traditional gross revenue treatment for certain vehicles acquired from a large retail marketplace partner. Consistent with past quarters, our growth in the third quarter was driven by our three long-term drivers of growth: a continuously improving customer offering, increasing understanding, awareness, and trust, and increasing inventory selection and other benefits of scale. Our strong profitability results in Q3 were again driven by our team's focus on driving fundamental gains and operating efficiencies as well as leveraging our overhead expenses.

營收達 56.47 億美元，成長 55%，創公司新紀錄。營收成長超過零售銷售成長，主要原因是平均售價較高，以及從大型零售市場合作夥伴處購買的某些車輛採用傳統的毛收入處理方式。與過去幾季一致，我們第三季的成長是由我們的三個長期成長驅動因素推動的：不斷改進的客戶服務、不斷提高的理解、意識和信任，以及不斷增加的庫存選擇和其他規模效益。第三季強勁的獲利業績再次得益於我們團隊專注於推動基本面成長和營運效率提升，以及有效利用管理費用。

Non-GAAP retail GPU decreased by $77, primarily driven by higher retail depreciation rates. Non-GAAP wholesale GPU decreased by $168, primarily driven by higher wholesale depreciation rates and retail units sold growth outpacing ADESA marketplace growth. Non-GAAP other GPU increased by $63. This change was primarily driven by improvements in cost of funds and higher finance and BSC attach rates, partially offset by higher than normalized loan sales relative to originations in Q3 2024. Looking ahead to Q4, we expect sequential changes in retail GPU, wholesale GPU, and other GPU in a similar range to last year, with the latter primarily reflecting sharing fundamental gains with customers through lower interest rates.

非GAAP零售GPU下降77美元，主因是零售折舊率上升。非GAAP批發GPU減少了168美元，主要原因是批發折舊率較高，以及零售銷售成長超過了ADESA市場成長。非GAAP其他GPU增加63美元。這項變更主要受資金成本改善以及融資和BSC附加率提高的推動，但部分被2024年第三季高於正常水準的貸款銷售額（相對於貸款發放量）所抵銷。展望第四季度，我們預計零售 GPU、批發 GPU 和其他 GPU 的環比變化將與去年同期類似，其中後者主要反映了透過降低利率與客戶分享基本收益。

In October, we expanded on several existing loan sale partnerships with agreements for the sale of up to $14 billion of future loan principal. First, we upsized and extended our Ally agreement for up to $6 billion of loan purchases through October 2027, an increase from $4 billion through April 2026. Second, we entered into a new loan purchase agreement with a loan sale partner for up to $4 billion of loan purchases through October 2027. Third, we entered into an additional loan purchase agreement with another loan sale partner for up to $4 billion of loan purchases through December 2027.

10 月份，我們擴大了幾個現有的貸款出售合作關係，達成協議出售高達 140 億美元的未來貸款本金。首先，我們擴大並延長了與 Ally 的協議，將貸款購買額度提高至 60 億美元，有效期至 2027 年 10 月，而先前的協議額度為 40 億美元，有效期至 2026 年 4 月。其次，我們與貸款銷售合作夥伴簽訂了一項新的貸款購買協議，該協議允許我們在 2027 年 10 月之前購買高達 40 億美元的貸款。第三，我們與另一個貸款銷售合作夥伴簽訂了額外的貸款購買協議，在 2027 年 12 月之前購買高達 40 億美元的貸款。

The latter two agreements formalize existing relationships and establish defined expectations for sale volume sales procedures throughout the agreement period, highlighting the significant fundamental strength of our vertically integrated finance platform. Q3 was another strong quarter for demonstrating the power of our model to leverage SG&A expenses. Our 44% growth in retail units sold led to a $319 reduction in non-GAAP SG&A expense per retail unit sold. The Carvana operation portion of SG&A expense decreased by $96 per retail unit sold, primarily driven by our operational efficiency initiatives. We continue to expect Carvana operations expense per retail unit sold to decrease over time as we deliver fundamental gains and operating efficiency.

後兩項協議正式確立了現有關係，並在整個協議期內對銷售量銷售程序制定了明確的預期，突顯了我們垂直整合金融平台的重大根本優勢。第三季再次強勁地證明了我們的模式在利用銷售、一般及行政費用方面的強大作用。零售銷售成長 44%，導致每售出一件零售商品的非 GAAP 銷售、一般及行政費用減少了 319 美元。Carvana 營運部分的銷售、一般及行政費用每售出一輛零售單位減少了 96 美元，主要得益於我們的營運效率提升措施。我們預計，隨著基本面的改善和營運效率的提高，Carvana 每售出一輛零售車的營運費用將逐漸降低。

The overhead portion of SG&A decreased by $314 per retail unit sold, driven by continued leverage of our overhead expenses with greater retail units sold. Advertising expense increased by $139 per retail unit sold as we continue to take advantage of opportunities to invest in building awareness, understanding, and trust of our customer offering. We expect advertising expense in Q4 to be similar to or slightly higher than Q3. We continue to see opportunities for significant SG&A expense leverage over time and as we scale, driven by both continued improvements in operational expenses as well as leverage in the fixed components of our cost structure. Net income was $263 million in Q3, an increase of $115 million.

由於零售單位銷售增加，我們持續利用槓桿效應降低管理費用，因此每售出一個零售單位，銷售、一般及行政費用中的間接費用減少了 314 美元。隨著我們繼續抓住機會投資，提高客戶對我們產品的認知度、理解度和信任度，每售出一件零售產品，廣告支出增加了 139 美元。我們預計第四季的廣告支出將與第三季持平或略高。隨著時間的推移和規模的擴大，我們持續看到在營運費用持續改善以及成本結構中固定部分槓桿作用下，大幅降低銷售、一般及行政費用的機會。第三季淨收入為 2.63 億美元，比上季增加了 1.15 億美元。

Net income margin was 4.7%, an increase from 4%. GAAP operating income was $552 million, an increase of $215 million and a new company record. GAAP operating margin was 9.8%, an increase from 9.2%. Adjusted EBITDA was $637 million, an increase of $208 million and a new company record. Adjusted EBITDA margin was 11.3%, a decrease from 11.7%. As previously discussed, our adjusted EBITDA is very high quality compared to many rapidly growing companies due to our relatively low non-cash expenses, which we'll continue to leverage with scale. We converted approximately 87% of adjusted EBITDA into GAAP operating income, an increase from 79% last year.

淨利率為 4.7%，高於先前的 4%。以美國通用會計準則計算，公司營業收入為 5.52 億美元，比前一年增加 2.15 億美元，創下公司新紀錄。GAAP 營業利益率為 9.8%，高於先前的 9.2%。調整後 EBITDA 為 6.37 億美元，增加了 2.08 億美元，創下公司新紀錄。調整後 EBITDA 利潤率為 11.3%，低於先前的 11.7%。如前所述，由於我們的非現金支出相對較低，與許多快速成長的公司相比，我們調整後的 EBITDA 品質非常高，我們將繼續利用規模優勢來提高這一指標。我們將約 87% 的調整後 EBITDA 轉化為 GAAP 營業收入，比去年的 79% 有所成長。

As previously noted, we currently carry many expenses that support retail unit sales capacity of over 1,000,000 units and expect our GAAP operating income to grow faster than adjusted EBITDA over time. In the third quarter, we took additional steps to further strengthen our balance sheet with a continued goal to drive toward investment-grade credit ratios. In Q3, we retired the remaining $559 million of our 2028 senior secured notes, primarily through proceeds from $539 million of equity issuance through our ATM program. Following quarter-end, we also retired $98 million of 2025 senior unsecured notes due October 2025, bringing our total quantum of corporate debt retired in 2024 and 2025 to $1.2 billion.

如前所述，我們目前承擔著許多支援零售單位銷售能力超過 100 萬單位的費用，並預計隨著時間的推移，我們的 GAAP 營業收入成長速度將超過調整後 EBITDA。第三季度，我們採取了更多措施來進一步加強資產負債表，繼續朝著投資等級信用比率的目標邁進。第三季度，我們償還了剩餘的 5.59 億美元 2028 年到期的優先擔保票據，主要透過我們的 ATM 計畫發行 5.39 億美元的股權所得款項。季度末之後，我們還償還了 9,800 萬美元 2025 年 10 月到期的優先無擔保票據，使我們在 2024 年和 2025 年償還的公司債務總額達到 12 億美元。

With more than $2.1 billion of cash on the balance sheet, our net debt to trailing twelve-month adjusted EBITDA ratio is now down to just 1.5 times, our strongest financial position ever. Our results through Q3 position us well for a strong finish to 2025. Looking toward the fourth quarter, we expect the following as long as the environment remains stable: retail units sold above 150,000 and adjusted EBITDA at or above the high end of our previously communicated range of $2 billion to $2.2 billion for the full year 2025. In conclusion, Q3 marked another outstanding quarter for Carvana.

公司資產負債表上擁有超過 21 億美元的現金，淨負債與過去 12 個月調整後 EBITDA 的比率目前已降至 1.5 倍，這是我們有史以來最強勁的財務狀況。第三季的業績使我們有信心在 2025 年取得強勁的收官。展望第四季度，只要環境保持穩定，我們預計：零售銷售將超過 15 萬件，調整後的 EBITDA 將達到或超過我們先前公佈的 20 億美元至 22 億美元全年範圍的高端。總之，第三季對Carvana來說又是個出色的季度。

We remain very excited about progressing toward our long-term phase of driving profitable growth, pursuing our goals of becoming the largest and most profitable auto retailer and buying and selling millions of cars. Thank you for your attention. We'll now take questions.

我們仍然對朝著長期獲利成長階段邁進感到非常興奮，我們將努力實現成為規模最大、獲利能力最強的汽車零售商的目標，並買賣數百萬輛汽車。感謝您的關注。現在開始回答問題。

(Operator Instructions)

（操作說明）

Sharon Zackfia, William Blair

莎倫‧扎克菲亞，威廉‧布萊爾

Hi, good afternoon. The topic is kind of subprime loans, and I know we can see a lot of your subprime loan performance and your prime loan performance through various different vehicles. But can you talk about the health of the portfolio, whether you foresee needing to take incremental reserves there at all? And then separately, the timing of the formalization of these new third-party agreements, kind of what brought on that timing? Thank you.

您好，下午好。這個主題有點像是次級貸款，我知道我們可以透過各種不同的管道看到你們的次級貸款表現和優質貸款表現。但您能否談談該投資組合的健康狀況，您是否預見到需要為此增加儲備金？此外，這些新的第三方協議正式生效的時間安排，究竟是什麼原因促成了這項時間安排？謝謝。

Sure. I can take that one. So the very simple answer on loan performance is our 2024 and 2025 loan originations are performing extremely well, both in an absolute sense and relative to industry comparables. I think some of the chatter out there about loan performance more broadly, we think has a lot to do with the 2022 and 2023 industry-wide cohorts, which did underperform initial expectations. I think most of the industry, ourselves included, tightened credit in late 2023. We certainly did, and we've maintained that tightness here through where we are today in 2025. As a result, our loans are performing strongly. I think the best evidence of that is twofold.

當然。我可以接受這個。因此，關於貸款表現的簡單答案是，我們 2024 年和 2025 年的貸款發放情況非常好，無論從絕對值還是相對於行業同類產品來看都是如此。我認為，外界對貸款表現的普遍看法，很大程度上與 2022 年和 2023 年的行業整體表現低於預期有關。我認為包括我們自己在內的大多數行業在 2023 年底都收緊了信貸。我們確實做到了，而且直到今天，也就是 2025 年，我們都保持了這種緊密的聯繫。因此，我們的貸款表現強勁。我認為最好的證據有兩點。

One, just the stability and strength in our other GPU. And then secondly, the outside validation of having Ally upsize from $4 billion to $6 billion based on the performance trends that they're seeing. And additionally, the addition of these two new purchase agreements, I think, are great validation of the strength that we're seeing, given all the fundamental gains that we've made in the program over time. So I'll start there. In terms of the specific timing of these agreements, I think it's really just a continuation and a maturation. These two large agreements are with existing partners. We've been selling loans to over the preceding periods. Those previous loan sales have been more on a one-off basis.

第一，就是我們另一款GPU的穩定性與效能。其次，外部也證實了 Ally 根據其所看到的業績趨勢，將公司規模從 40 億美元擴大到 60 億美元。此外，我認為這兩項新的採購協議的加入，很好地驗證了我們所看到的實力，也印證了我們專案多年來取得的所有根本性進展。那我就從這裡開始吧。就這些協議的具體時間而言，我認為這實際上只是延續和成熟的過程。這兩項大型協議都是與現有合作夥伴簽署的。在前幾個時期，我們一直在向他們出售貸款。之前的貸款出售大多是一次性的。

And so what these agreements do is effectively formalize the sales procedures and set volume expectations with those partners to essentially make more programmatic the more one-off sales that we've already been doing. And so really, I think the main point there is, it's a maturation and a continuation of something we've already been doing, but now just in a more structured and formal way.

因此，這些協議實際上使銷售流程正式化，並與合作夥伴設定了數量預期，從而使我們一直以來進行的零散銷售更多地轉向程序化銷售。所以，我認為關鍵在於，這是我們一直在做的事情的成熟和延續，只不過現在以一種更有結構化和正式的方式進行。

Okay, great. Thank you.

好的，太好了。謝謝。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Great. Thanks for taking my question. I hopped on just about five minutes ago, so I apologize if I missed this. But the operating expense per unit, I noticed ticked up sequentially, although it was down year over year. And I just wanted to understand, is that the better way to measure that metric? Can you just kind of talk about your future opportunities to continue to kind of like drive down your operations cost per unit? That'd be great. Thank you.

偉大的。謝謝您回答我的問題。我大概五分鐘前才上線，所以如果我錯過了這則訊息，請見諒。但我注意到，儘管年減，但單位營運費用較上季卻有所上升。我只是想了解一下，這是衡量該指標的更好方法嗎？您能否談談未來有哪些機會可以繼續降低單位營運成本？那太好了。謝謝。

Sure. Yes. So I think it's useful to maybe break total operating expenses up into a few different categories. I think we let me break them into operations expense, overhead expense, and advertising expense. I think we start with advertising expense. We are starting to invest in the multiple levers of our three-part growth driving plan, which includes continued improvements in product offering, building understanding, awareness, and trust, and growing selection and driving other benefits of scale. Advertising hits the second of those. And so we have been investing in advertising as part of that longer-term three-pillar growth plan.

當然。是的。所以我認為將總營運費用細分為幾個不同的類別可能很有用。我認為我們可以將它們分為營運費用、管理費用和廣告費用。我認為我們應該先從廣告費用說起。我們開始投資於我們三部分成長驅動計畫的多個槓桿，其中包括不斷改進產品供應、建立理解、意識和信任、增加選擇以及推動規模的其他好處。廣告迎合了第二個因素。因此，我們將廣告投入作為我們長期三大支柱成長計畫的一部分。

I think looking at overhead expenses, I do think we saw nice leverage year over year and some leverage quarter over quarter there. Within overhead, I think that's grown much, much more slowly than retail units. I think in recent periods, there's been some lumpy expenses there that we think are more transitory in nature. That's caused it to be a little bit higher than it otherwise would be. But overall, we're seeing very strong performance there with nice leverage on a year-over-year basis. And then to an extent on a sequential basis.

我認為從管理費用來看，我們確實看到了同比和環比的良好槓桿作用。我認為，營運成本的成長速度遠低於零售額的成長速度。我認為最近一段時間，這方面出現了一些大額支出，我們認為這些支出本質上是暫時的。這導致它比原本應該有的價格略高一些。但總體而言，我們看到該領域表現非常強勁，年成長率良好。然後在某種程度上，按順序進行。

Last on operations expense, I think another place we've seen very strong gains on a year-over-year basis that can bump around quarter to quarter just depending on the presence of one-time items or other non-recurring expenses. So it stepped up a little bit sequentially. But overall there, the trend is down, and we expect to drive that down further over time as we continue to drive fundamental gains in operating efficiency.

最後說說營運費用，我認為另一個方面是，我們看到同比增幅非常強勁，但季度之間可能會有波動，這取決於是否存在一次性項目或其他非經常性支出。所以它是逐步升級的。但總體而言，這一趨勢是下降的，我們預計隨著我們不斷提高營運效率，這一趨勢會隨著時間的推移而進一步下降。

Great. And if I could maybe sneak in one more. Just skimming the real-time transcript here. So I believe you said retail GPU will be similar to last year. And now just kind of wondering what sort of underpinning those dynamics. So are your recon and logistics efficiencies sort of being offset by the macro environment and what's going on with depreciation rates or kind of maybe double click on what's kind of behind the year-over-year flat flattish retail GPU guidance?

偉大的。如果我能再偷偷加一個就好了。我只是粗略地瀏覽了一下實時文字記錄。所以我相信你說過零售GPU的價格會和去年差不多。現在我只是有點好奇，這些動態背後的驅動力是什麼。那麼，你們的對接和物流效率是否被宏觀環境和折舊率所抵銷？或者，你們是否應該深入探討一下導致零售GPU業績較去年同期持平的原因？

Sure. So I think let me first just hit Q4 seasonality. I think most listeners have a good sense of industry seasonality in Q4. But typically, it involves higher depreciation rates both in the retail and wholesale markets. And then it's typically industry-wide the lower period for demand. Whereas other quarters have more strong depreciation rates in both retail and wholesale and stronger seasonal demand. As it relates to retail GPU, I think what we called out is, we are seeing for Q4 sort of sequential change off of Q3 that is in a similar range to what we saw last year driven by seasonality.

當然。所以我想先讓我們談談第四季的季節性因素。我認為大多數聽眾對第四季度的行業季節性都有很好的認識。但通常情況下，零售和批發市場的折舊率都會更高。然後，通常整個產業都會進入需求低迷期。而其他季度的零售和批發折舊率都更高，季節性需求也更強勁。就零售 GPU 而言，我認為我們指出的是，第四季度與第三季相比出現了某種環比變化，這與去年受季節性因素驅動的情況類似。

I think that looking at year-over-year trends, I would say that the number one thing I would say was we feel like we've seen is I think Q2 was a bit of a strong depreciation quarter in the retail market. We attribute that to some effects from the late March auto tariff announcements. I think on the contrary, Q3 was a bit of a softer depreciation quarter on a year-over-year basis. I think we would attribute that almost an offset to the Q2 strength. So I think some of those depreciation dynamics would be the I guess the one thing I would call out and also the thing that I mentioned in my prepared about Q3. Retail GPU.

我認為，從年比趨勢來看，最主要的一點是，我們感覺到第二季零售市場出現了較大的貶值。我們認為這是由於3月下旬汽車關稅公告的一些影響所造成的。我認為恰恰相反，第三季的折舊情況比去年同期有所放緩。我認為我們可以將此歸因於第二季的強勁表現，幾乎可以抵消部分成長。所以我認為，折舊動態方面的一些因素，我想重點指出一點，這也是我在第三季的準備工作中提到的一點。零售型GPU。

Okay, perfect. Thank you so much, Mark.

好的，完美。非常感謝你，馬克。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

Thanks for taking the question. Just on the fourth quarter, like unit commentary, should we expect, I mean, it looks like the guidance would imply a little more normal industry seasonality type numbers, at least the low end of the guidance? I'm curious, Ed, is that a change in terms of how we should think about the seasonal behavior of the business from here? I know in most years in your history, you've always grown units sequentially from Q4 to Q4. We're a little bit surprised by the guidance this time.

感謝您回答這個問題。就第四季度而言，就像對單位業績的評論一樣，我們是否應該預期，我的意思是，看起來業績指引暗示著至少在指引的下限範圍內，業績數字會更接近正常的行業季節性波動？艾德，我很好奇，這是否意味著我們應該如何看待企業季節性行為的問題？我知道在你們的歷史上，大多數年份的第四季到第四季度，你們的銷售量都是逐年成長的。這次的指導意見讓我們有點意外。

So curious if that is a change in how we should be thinking about seasonality or is it just more being conservative around the macro backdrop, anything you're seeing out there, of consumer backdrop standpoint? Thanks. And I have a follow-up.

所以，我很好奇這是否意味著我們應該如何看待季節性問題，或者只是從宏觀背景（例如消費者背景）的角度來看，我們應該更加保守？謝謝。我還有一個後續問題。

Sure. I'll jump in on this one. I think it's largely more of the same. I think, when you look at the last several years, Q3 to Q4 for us or for other retailers, there's a decent amount of variability in the shape that you see Q3 to Q4. And so I think we're taking that into account and we're guiding, I think we continue to see extremely strong growth. You saw it this quarter. We expect that heading into Q4 and into next year. I think we're on a great path, everything remains the same.

當然。我也來參與一下。我覺得大體上還是老樣子。我認為，如果你回顧過去幾年，無論是我們還是其他零售商，第三季到第四季的業績都會出現相當大的波動。所以我認為我們已經考慮到了這一點，我們正在進行引導，我認為我們將繼續看到非常強勁的成長。本季你已經看到了。我們預計這種情況會持續到第四季以及明年。我認為我們走在正確的道路上，一切都保持不變。

Understood. Okay. And then just on the other GPU within that, you know, just ancillary product penetration, looks like you're starting to chip away at that. Could you maybe size for us what the penetration levels are today in that business or how much was it up year over year? And curious like how we should think about benchmarking I mean, you look at some of the franchise leaders out there, they make roughly $1,500 a unit or higher at a 45% penetration. I'm curious, is that is that kind of a benchmark in terms of the long-term opportunity there? Are we thinking about this differently? Any thoughts there would be helpful. Thanks.

明白了。好的。然後，就另一個 GPU 而言，你知道，只是輔助產品的滲透率，看起來你正在逐步蠶食這部分市場。您能否估算一下目前該行業的滲透率是多少，或者與去年相比增長了多少？我很好奇我們應該如何看待基準測試，我的意思是，看看一些特許經營領域的領導者，他們在45%的市場滲透率下，每家門市的利潤大約是1500美元或更高。我很好奇，這是否可以作為衡量該地區長期發展機會的一個基準？我們對此有不同的看法嗎？任何想法都將不勝感激。謝謝。

Sure. I think there's a number of parts to that. I think as a general matter, I think other GPU is an area with a couple of line items underneath it. And like everywhere else in the business, it's an area where we believe that our gains to be had. And I think we've been working on those for a while. I think we've got plans to continue to work on those, and we think there's certainly opportunity there. Just to generalize a bit, I think that's true in every GPU line item. And every expense line item. We continue to feel like we've got extremely exciting opportunities and the hardest part is just prioritizing those.

當然。我認為這其中包含很多面向。總的來說，我認為其他 GPU 領域下面還有幾個子類別。就像公司其他領域一樣，我們認為在這個領域也能獲得利益。我認為我們已經為此努力了一段時間。我認為我們有計劃繼續推進這些工作，而且我們認為這方面肯定存在機會。概括來說，我認為這適用於所有GPU產品線。以及每一筆費用明細。我們一直覺得我們有很多令人興奮的機會，而最困難的部分就是如何確定這些機會的優先順序。

I think thinking about any part of our business, I think relative to the kind of mature pre-existing automotive retail industry, I think is a reasonable starting point. I think at a general matter, we've always sought to outperform the benchmark that you would see if you compared us to outside industry. But I think in ancillary products, I think something we want to make sure that we do is we deliver very simple high-quality value-added products to our customers. And so I think that's a guiding principle that we'll make sure that we continue to adhere to. But there's definitely additional opportunity and we definitely plan to go unlock it.

我認為，從我們業務的任何部分出發，相對於已經成熟的汽車零售業而言，都是一個合理的出發點。我認為總的來說，我們一直力求超越產業外部的基準。但我認為在輔助產品方面，我們希望確保為客戶提供非常簡單、高品質、高附加價值的產品。所以我認為，這是我們將繼續堅持的指導原則。但肯定還有其他機會，我們一定會去發掘這些機會。

Okay, great. Thank you, and good luck.

好的，太好了。謝謝，祝你好運。

Thank you.

謝謝。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

Hi, good afternoon. So a couple of questions. Hey, how are you? Good. My first question, look, we obviously the results you put up here on the used car side very, very strong. The question I want to ask, I mean, there's been other data points within the space that have suggested weaker, choppier used car demand. So is there anything you're seeing that's below the reported results that suggests a more difficult demand environment? I guess maybe the answer to that is, is there something changing here to allow Carvana to capture even greater share in the most recent quarter?

您好，下午好。我有幾個問題。嘿，你怎麼樣？好的。我的第一個問題是，很明顯，你們在二手車方面取得的成績非常非常出色。我想問的問題是，該領域內的其他數據點表明，二手車需求疲軟且波動較大。那麼，您是否觀察到任何低於官方公佈結果的情況，顯示需求環境更加嚴峻？我想答案或許在於，這裡是否發生了什麼變化，使得 Carvana 在最近一個季度獲得了更大的市場份額？

I think as a general matter, I think things continue to look pretty similar at a high level as I think how we characterize things. I mean, we're always paying attention. I think we get a good read on what things look like, obviously, looking at retail sales and also, as discussed earlier, at loan performance across the loan book. And I think as a general matter, things feel relatively stable. I think we're always paying close attention.

我認為總的來說，從宏觀層面來看，事情的發展仍然相當相似，這與我們對事物的描述方式類似。我的意思是，我們一直都在關注。我認為，透過觀察零售銷售情況，以及之前討論過的整個貸款組合的貸款表現，我們可以很好地了解情況。總的來說，我認為情況相對穩定。我認為我們一直都在密切關注。

And I think as you alluded to, I think while we don't see signs of macro weakness today, I think that we're very well positioned if we don't I guess when that does come to pass at some point there will be cycles. And I think where we are from a financial performance perspective relative to the industry and then where we are from a cash perspective and a balance sheet perspective, and where we are from a consumer offering perspective and a business scalability perspective, I think the sum of all that is very good. And so I think, as a general matter, like I said, things look good.

正如你所暗示的那樣，雖然我們今天沒有看到宏觀經濟疲軟的跡象，但我認為，如果我們沒有看到，我們已經做好了非常充分的準備。我想，當這種情況在某個時候發生時，將會出現週期性波動。我認為，從財務績效角度來看，我們相對於產業而言處於非常有利的地位；從現金流量和資產負債表角度來看，我們處於非常有利的地位；從消費者產品供應和業務可擴展性角度來看，我們處於非常有利的地位。所以我覺得，總的來說，就像我剛才說的，情況看起來不錯。

The most important ways that we measure ourselves is how are we performing relative to the industry, in customer experience, in growth, and in economics. If we're always progressing in those areas, we're going to be on a really good path because this is obviously a very mature industry. We know what scales of the industry are and we know what the economics of the industry are. So I think that's the single most important thing, but nothing notable to call out.

我們衡量自身最重要的方式是：相對於產業而言，我們在客戶體驗、成長和經濟效益方面表現如何。如果我們不斷在這些領域取得進步，我們就會走上一條非常好的道路，因為這顯然是一個非常成熟的產業。我們了解產業的規模，也了解產業的經濟狀況。所以我認為這是最重要的一點，但也沒有什麼特別值得一提的。

That's very helpful. And then my question, I guess, longer-term in nature, but you mentioned in your script, just AI and to the extent to which AI is helping to enhance that consumer offering. Maybe we could talk a little bit further about that. I mean, as a consumer of Carvana now, where is AI helping my experience? How far along are you in this process now? Integrating that technology?

那很有幫助。那麼我的問題，我想，從長遠角度來看，正如你在腳本中提到的，人工智慧以及人工智慧在多大程度上幫助增強了消費者的體驗。或許我們可以就此再深入探討一下。我的意思是，身為 Carvana 的用戶，人工智慧在哪些方面提升了我的體驗？你目前在這個過程中進行到什麼程度了？整合這項技術？

I think we're pretty far along. I'm not I think, unfortunately, every company in the world knows they're supposed to talk about their AI and every investor in the world knows that every company knows they're supposed to talk about their AI strategy. So what we try to do is we try to put in some anecdotes that hopefully clear, that demonstrate real capabilities. So I think there's two chats that we put in there. That I think are super interesting and point to what we're capable of doing.

我認為我們已經取得了相當大的進展。我認為，不幸的是，世界上每家公司都知道他們應該談論自己的人工智慧，而世界上每一位投資者也都知道每家公司都知道他們應該談論自己的人工智慧策略。因此，我們嘗試加入一些軼事，希望能夠清楚地展現真正的能力。所以我覺得我們放了兩張聊天記錄進去。我覺得這些都非常有趣，也展現了我們所能做到的事。

One that we put in our shareholder letter kind of it just shows the customer asking about a car and when it can be delivered and they ask for a specific color and they ask for a specific payment. And for that to be for this agent to be able to answer that question, it needs to be able to interact with our finance service, with our scheduling service, with our search service. It needs to be able to do a lot of things. And then it also, interestingly, in line, we drop an image of the car that is clickable and pulls them into the VDP.

我們在股東信中舉了一個例子，客戶詢問汽車的交貨時間，並要求特定的顏色和付款方式。為了讓該代理商能夠回答這個問題，它需要能夠與我們的財務服務、安排服務和搜尋服務進行互動。它需要具備多種功能。有趣的是，我們還在頁面中插入了一張汽車圖片，點擊後即可將其拉入車輛詳情頁面 (VDP)。

It has to be able to have a designed dynamically rendered response to the customer that is sort of like a very early iteration of a dynamic UI. Which I think is really interesting. So there's at least kind of four key capabilities there. And those capabilities exist not to serve our AI processes and capabilities. They exist to serve our entire business. The entire business is built to be automated and self-service and simple for the customer. It's just traditionally been in more of a standard UI structure that is click and scroll.

它必須能夠對客戶做出動態渲染的回應，這有點像是動態使用者介面的早期版本。我覺得這很有趣。所以至少有四項關鍵能力。這些能力的存在並不是為了服務我們的人工智慧流程和能力。它們的存在是為了服務我們整個業務。整個業務流程都以自動化、自助服務和簡化客戶操作為目標。傳統上，它的使用者介面結構更偏向點擊和滾動這種標準結構。

But I think as all these teams build these services and they embed all of the business logic into our systems, and then they make those systems and all that data readily accessible. It makes it very straightforward for us to build these very complex tools. I think we showed another one that's on the right of the page in the shareholder letter, that is also very interesting and is interacting with very different data. And that shows a customer that is uploading their insurance document to kind of have that taken care of prior to taking delivery of their car. To do that, we have to know state-by-state rules.

但我認為，隨著所有這些團隊建立這些服務，並將所有業務邏輯嵌入到我們的系統中，然後他們使這些系統和所有資料都易於存取。這使得我們能夠非常輕鬆地建立這些非常複雜的工具。我認為我們在股東信的頁面右側還展示了另一個例子，它也很有趣，並且涉及非常不同的數據。這說明客戶正在上傳保險文件，以便在取車前處理保險事宜。為此，我們必須了解各州的具體規定。

We have to be able to absorb the able to scrape down that document, convert that to data, apply that against business rules. Figure out where we're in compliance and where we're not and then articulate to the customer what they need to do. And all that has to happen in an automated way. There's a number of systems that are required to do that. So I think those two chats, chat is one possible interface, but they sort of reveal the brain behind the chat. And I think across the business, there's very interesting things happening everywhere. We're generally a very technology-forward company with a lot of ambitious, curious, excited people.

我們必須能夠理解並抓取該文檔，將其轉換為數據，並將其應用於業務規則。弄清楚我們在哪些方面符合規定，在哪些方面不符合規定，然後向客戶明確說明他們需要做什麼。所有這些都必須以自動化的方式進行。要實現這一點，需要用到許多系統。所以我覺得這兩個聊天，聊天是一種可能的介面，但它們某種程度上揭示了聊天背後的邏輯。我認為整個公司到處都在發生非常有趣的事情。我們是一家科技非常先進的公司，擁有許多雄心勃勃、求知欲強、充滿熱情的人。

And I think as a result, we tend to adopt technologies very quickly. I think another very different, but extremely fun anecdote that is pretty recent from inside of Carvana is, our team calls these ambient agents. I don't know if that language is an industry term or if it's just what they call them, but I think it's descriptive. We now have some agents that basically have triggers, so they don't require a human to pose a query. They just have triggers that can be data-informed.

因此，我認為我們往往很快就會接受新技術。我認為另一個非常不同但又非常有趣的軼事，也是最近在 Carvana 內部發生的，那就是，我們的團隊稱這些為環境代理人。我不知道這種說法是行業術語還是他們通常的稱呼，但我認為它很貼切。我們現在有一些代理程序，它們基本上帶有觸發器，因此不需要人來提出查詢。它們只是有一些可以根據數據進行調整的觸發器。

A can run into a bug on a website and it can automatically that then knows to go investigate that bug, try to figure out what's going on and then inform us what might be wrong. We recently had a version of that was triggered by one of the triggers that we set and no human kicked it off. It went and identified a bug. It suggested a solution. It wrote code. It sent it over to a person and then that person approved the code and the code was deployed. That's really like that's basically sci-fi from the perspective of two years ago. I think that's also indicative of what's going on inside the company.

A 可能會遇到網站上的 bug，它可以自動知道去調查該 bug，嘗試弄清楚發生了什麼，然後告知我們可能出了什麼問題。我們最近遇到過一個類似的問題，是由我們設定的某個觸發器觸發的，而不是人為觸發的。它找到了一個漏洞。它提出了一種解決方案。它編寫了程式碼。它將程式碼發送給了某個人，然後那個人批准了程式碼，程式碼就被部署了。從兩年前的角度來看，這簡直就像科幻小說一樣。我認為這也能反映出公司內部正在發生的事情。

So I think we are structured to benefit from this. And I think that we've got a lot of very high-quality people that are working very hard to make sure that we take full advantage of it. And I think that we're well on our way.

所以我認為我們的組織架構有利於從中受益。我認為我們有很多高素質的人才，他們非常努力地工作，以確保我們充分利用這一優勢。我認為我們正朝著目標穩步前進。

That's very helpful. Congratulations and thank you.

那很有幫助。恭喜並感謝。

John Colantuoni, Jefferies.

John Colantuoni，傑富瑞集團。

Great. Thanks for taking my question. I just wanted to start with the EV tax credits. Given your mix of EVs is greater than the industry average, can you give us some perspective on how you see the elimination of the federal tax credits impacting demand for used cars in that space? And how you're making any necessary adjustments to minimize the impact on Carvana's growth trends? And I have a follow-up.

偉大的。謝謝您回答我的問題。我只想先談談電動車稅收抵免政策。鑑於貴公司電動車的佔比高於行業平均水平，您能否談談您認為取消聯邦稅收抵免會對二手車市場需求產生怎樣的影響？你們將如何做出必要的調整，以盡量減少對 Carvana 成長趨勢的影響？我還有一個後續問題。

Sure. I think, as a general matter, the expiration of those credits clearly mattered and clearly shift customer selection. I think the evidence so far is pretty clear that it's just a shift in preference of vehicles, not a change in aggregate demand, at least not one that is that noticeable. So I think our system is well positioned to handle that. We've got our system is, for lack of a better description, sort of listening all the time to what our customers are interacting with and what it is that they want. And then we're making sure that we replace the cars that they want based on the actions that they're taking.

當然。我認為，總的來說，這些積分的到期顯然會產生影響，並明顯改變顧客的選擇。我認為目前的證據很清楚地表明，這只是人們對車輛偏好的轉變，而不是總需求的變化，至少不是那麼明顯的變化。所以我認為我們的系統完全有能力應付這種情況。我們的系統，如果非要用一個詞來形容的話，就是時刻傾聽客戶正在與什麼互動以及他們想要什麼。然後，我們會根據他們的行動，確保更換他們想要的車輛。

And so we kind of have a system that pretty naturally adapts. And I think that what you'd expect we have seen, we've seen a reduction in EV purchases as a result of the expiration of that credit. And I think the system is adapted in a way that in the numbers is basically not something that you really see or needs to be called out. And then I think as a general matter, I think we continue to be believers in EVs. I think all these new technologies go through their positive moments and their tougher moments. And I think it is true that EVs are a very high-quality fundamental technology that's early in their curve.

因此，我們擁有一個能夠自然適應環境的系統。我認為，正如你所預料的那樣，由於該項補貼到期，電動車的購買量有所下降。我認為該系統經過調整，從數字上看，基本上不會有任何問題，也不需要特別指出。而且我認為，總的來說，我們仍然看好電動車。我認為所有這些新技術都會經歷積極的時期和艱難的時期。我認為電動車確實是一項非常高品質的基礎技術，目前仍處於發展初期。

And we expect over time that they will make a comeback and we'll be well positioned for it when they do.

我們預計隨著時間的推移，他們會捲土重來，而當他們捲土重來時，我們將做好充分的準備。

Okay, great. And, you announced a sort of a second franchise dealership acquisition last month. Can you talk about the results from your first foray into physical dealerships that made you acquire a second? I'd be curious if your findings suggest that this could be an area of investment for you in the coming years?

好的，太好了。而且，你上個月還宣布了第二次特許經營權收購計畫。您能否談談您第一次涉足實體經銷領域的成果，以及是什麼促使您進行第二次收購？我很想知道，您的研究結果是否表明，這可能是您未來幾年可以投資的領域？

Thanks. Yes, thank you. I appreciate the question. I think it remains early. It'd be a bit to comment. So we're going to kind of stick focusing on the core business and stay tuned for the future.

謝謝。是的，謝謝。感謝您的提問。我認為現在還為時過早。很難對此發表評論。所以我們會繼續專注於核心業務，並對未來保持專注。

Okay, thanks. Appreciate it.

好的，謝謝。謝謝。

Chris Bottiglieri, BNP Paribas.

克里斯‧波蒂列裡 (Chris Bottiglieri)，法國巴黎銀行。

Hey, thanks for taking the question. First, was hoping to delve into the same-day delivery test, which sounds pretty exciting. The logistics per unit went up for the first time in ten quarters, which tells me people are using it significantly. But can you just frame and obviously it's going to pay for itself, there's a sales lift. But can you frame for us how performance in Phoenix is doing versus a control market? That hasn't seen this type of increase or whatever you can tell us to because it sounds like this might be an area you're going to invest in 2026.

嘿，謝謝你回答這個問題。首先，我原本希望深入研究當日送達測試，這聽起來非常令人興奮。單位物流成本十個季度以來首次上漲，這說明人們對它的使用量很大。但只要裱框起來，顯然就能回本，還能提升銷售量。您能否為我們介紹鳳凰城的表現與對照市場相比如何？那個領域還沒有出現過這種成長，或者你能告訴我們什麼嗎？因為聽起來這可能是你們打算在 2026 年投資的領域。

Sure. Well, I think, first of all, clearly is a very clear relation with speed and conversion, just like every other e-commerce business. I think that's something that we've seen across the business across time and it's something that we continue to see in the business today. So I think that's that is a reason to focus on this and build this capability out. I think from a bigger picture perspective, we also just think it's tremendously differentiating and very exciting and kind of strategically important to be able to do something that other companies just simply can't do.

當然。嗯，我認為，首先，速度和轉換率之間顯然存在著非常明確的關係，就像其他所有電子商務企業一樣。我認為這是我們在公司各個業務領域一直以來都看到的現象，也是我們今天在公司業務中仍然看到的現象。所以我認為，這就是我們應該專注於並發展這項能力的原因。從更宏觀的角度來看，我們認為能夠做其他公司根本做不到的事情，是非常有差異化、非常令人興奮且具有策略意義的。

And so in my prepared remarks, I had my dramatic pause where I asked you to contemplate what it means to be able to buy thousands of cars in minutes and have them delivered in hours. But I really do think it's useful to think about what that means and what that looks like as it feeds back over time and we get more and more inventory pools closer to more and more customers and those inventory pools get larger and larger and customers have more selection and we automate more and more of our processes and the speed and ease gets simpler.

因此，在我準備好的發言稿中，我特意停頓了一下，請大家思考一下，能夠在幾分鐘內購買數千輛汽車，並在幾小時內交付，這意味著什麼。但我真的認為，思考這意味著什麼，以及隨著時間的推移，它會如何反饋，會是什麼樣子，我們會有更多的庫存池靠近更多的客戶，這些庫存池會越來越大，客戶的選擇也會越來越多，我們會越來越多地自動化我們的流程，速度和便捷性也會變得更簡單。

We think that we're building a machine that is qualitatively different and structurally different than any other machine that's out there. And so there's certainly we would expect for there to be conversion tailwinds as we continue to work on this in Phoenix. And then once we feel like we're in a really good spot, start to roll it out to more locations. But more importantly, we think it just continues to separate us as a completely different business and a completely different offering to consumers that will enable us to have completely different kinds of results over a very long period of time.

我們認為，我們正在製造的機器在品質和結構上都與市面上任何其他機器截然不同。因此，隨著我們在鳳凰城繼續推進這項工作，我們當然可以預期會有轉換率上升的有利因素。然後，一旦我們感覺一切都進展順利，就開始將其推廣到更多地方。但更重要的是，我們認為這將繼續使我們成為一家完全不同的企業，並為消費者提供完全不同的產品和服務，這將使我們能夠在很長一段時間內取得完全不同的成果。

Got you. Makes sense. And then wanted to parse the other GPU commentary out a little bit more. So it sounds like attach rate was up. Probably benefited from rate cuts because you perfectly hedge. There was another Fed rate cut in Q4, so that should be another tailwind, I mean, mitigates lapping that. But it sounds like you're going to reinvest that into the consumer proposition just offer lower rates to consumer. Just wanted to, a, confirm that and b, how do you think of that beyond when there's no more rate cuts and you kind of lap this into '26?

抓到你了。有道理。然後我想再仔細分析其他關於 GPU 的評論。聽起來附加率上升了。可能因為你進行了完美的對沖，所以從降息中獲益了。聯準會在第四季再次降息，這應該會帶來另一個利好因素，我的意思是，可以緩解降息帶來的影響。但聽起來你們打算把這筆錢重新投入消費者權益保護中，為消費者提供更低的利率。我只是想確認一下，a）這一點，b）當不再降息，並將這種情況延續到 2026 年時，您是如何看待這個問題的？

Do you feel like the rates go back up or how you think about the value prop to consumer on financing? Once the rates start going down?

您認為利率會回升嗎？或者您如何看待融資對消費者的價值主張？利率一旦開始下降呢？

Sure. Yes. So I mean, I think we talked about some of the drivers of strength in other GPU. I think strong loan performance, strong performance on loan sale monetization and cost of funds. There's some positive trends we're seeing in finance attach. I do think those are driven by lower rates. We're also seeing some positive trends in ancillary product attachment rates as well. I think our viewpoint and you'll notice we had a record in other GPU this quarter. It's our highest level ever. That's really driven by these fundamental gains that I was just pointing to. I think in Q4, our plan is to pass these fundamental gains back on to customers.

當然。是的。所以我的意思是，我認為我們討論過其他 GPU 的一些效能驅動因素。我認為強勁的貸款表現、強勁的貸款出售變現表現和資金成本是關鍵因素。我們看到金融領域出現了一些正面的趨勢。我認為這主要是由於利率下降造成的。我們也看到輔助產品附加率方面也出現了一些正面的趨勢。我認為我們的觀點是，你會注意到我們本季在其他GPU方面也創下了紀錄。這是我們有史以來的最高水平。這確實是由我剛才提到的這些基本面提升所驅動的。我認為在第四季度，我們的計劃是將這些根本性的優勢回饋給客戶。

So other GPU in Q4, we think we'll end up looking something much more like Q4 2024 rather than Q3 2025. And I think that's something we feel really great about. We really have driven meaningful fundamental gains in the finance and ancillary products platform and that gives us an opportunity to pass some of those gains on to customers, for example, in the form of lower interest rates.

所以，我們認為第四季推出的其他 GPU 最終可能會在 2024 年第四季推出，而不是 2025 年第三季。我覺得我們對此感到非常自豪。我們在金融和輔助產品平台方面確實取得了實質的進步，這使我們有機會將部分進步傳遞給客戶，例如以更低的利率形式。

Got you. Okay. Thank you.

抓到你了。好的。謝謝。

Daniela Marina Haigian, Morgan Stanley.

丹妮拉·瑪麗娜·海吉安，摩根士丹利。

Hi, thanks for taking the question. So first clearly, Carvana has built a strong digitally enabled mousetrap in this dealer business. But how do you think about from new entrants such as Amazon that also have warehouse and logistics capabilities? How does that feed into your I guess, return on ad spend? And then also on that same line is what is the biggest gating factor in your near-term growth curve?

您好，感謝您回答這個問題。首先很明顯，Carvana 已經在這個經銷商業務領域打造了一個強大的數位化捕鼠器。但是，對於像亞馬遜這樣也擁有倉儲和物流能力的新進入者，您有何看法？這如何影響你的廣告支出報酬率？那麼，同樣地，您近期成長曲線中最大的限制因素是什麼？

I think as a general matter, we try to think about making sure that we're delivering the best customer experience as we possibly can. And try to make sure that we're paying close attention to every line item in the business and doing all the hard work that is necessary at the detailed level to constantly make sure everything gets better. And we try to focus less on any given competitor. I think that served us very well over time and brought us to this place where depending on what profit metric you're looking at, we're two to 2.5 times as profitable as the average automotive the other average automotive retailers.

我認為總的來說，我們會努力確保盡可能提供最佳的客戶體驗。並且要努力確保我們密切關注業務中的每一個細節，並在細節層面上做好所有必要的艱苦工作，以不斷確保一切都變得更好。我們盡量減少對任何特定競爭對手的關注。我認為隨著時間的推移，這對我們非常有益，並使我們達到了現在的水平，根據你查看的利潤指標，我們的利潤是其他普通汽車零售商的 2 到 2.5 倍。

And I think that to me that's, I think probably like the most important single way to look at this. I think there's a question about what new entrants can look like over time, how many there will be and what scale they will come at and what approach they will take. And those are all fair questions that we can all speculate on. But I think there are also facts that today 98.5% of used cars and 99% of cars in some total are sold by traditional retailers that have the economics that we discussed earlier that are materially different than ours. And aren't super well positioned to build a machine that looks like ours.

我覺得這或許是看待這個問題最重要的單一觀點。我認為，隨著時間的推移，新進入者會是什麼樣子，會有多少新進入者，他們的規模會有多大，以及他們會採取什麼方法，這些問題都值得探討。這些都是值得我們探討的合理問題。但我認為，如今 98.5% 的二手車和 99% 的汽車都是由傳統零售商售出的，而這些零售商的經濟模式正如我們之前討論的那樣，與我們的經濟模式有著實質性的不同。而且他們也沒有特別好的機會製造出一台和我們一樣的機器。

And so I think to the extent that we just stay focused on ensuring that we've got a scalable business that's delivering great customer experiences with different economics, I think anything that is likely to come is unlikely to be powerful enough to change that 98.5% or 99% of the industry that looks the way it looks today. And so that's where I think continually at least from my perspective my personal favorite metrics are how are we doing in a growth perspective relative to the industry, how are we doing in customer experience versus the industry and how we're doing in economics versus the industry.

因此，我認為，只要我們繼續專注於確保我們擁有一個可擴展的業務，能夠以不同的經濟模式提供卓越的客戶體驗，那麼未來可能發生的任何事情都不太可能強大到足以改變目前98.5%或99%的行業現狀。因此，我認為，至少從我個人的角度來看，我最喜歡的指標是：我們在成長方面相對於產業做得如何，我們在客戶體驗方面相對於產業做得如何，以及我們在經濟方面相對於產業做得如何。

Because I just think that when you have a capital-intensive business, that requires lots of work and lots of scale to deliver good customer experiences, you're competing against the industry and it's unlikely the entirety of the industry can move very fast in light of all that capital investment that's necessary. You see all the things that we're having to do to move at the speed that we're moving. And I think what I would say is the simplest reduction of kind of what is the constraint, it's basically just the sum of effort across this large complex business where you're moving things and you're organizing people and it's a lot to do.

因為我認為，當你經營資本密集型企業時，需要投入大量精力和很大的規模才能提供良好的客戶體驗，你就是在與整個行業競爭，考慮到所有必要的資本投資，整個行業不太可能快速發展。你看，為了以現在的速度前進，我們不得不做這麼多事情。我認為最簡單的解釋是，限制基本上就是在這個龐大而複雜的業務中，你需要投入大量精力來推動各項事務，組織人員，而這需要做很多工作。

And I think that gates the speed at which you can run. And that's why we're doing all this work to make sure that we stay way in front of ourselves. Not certainly not what you asked about, but relevant I think in this conversation. We talked a lot about what we're doing with ADESA and ADESA Clear and our inspection centers, and we kind of put this new concept in the shareholder letter about having retail capabilities, wholesale capabilities or retail wholesale capabilities at all these different centers across the country. That's the kind of work that you can see in that graph.

我認為這限制了你的跑步速度。正因如此，我們才做了這麼多工作，以確保我們始終遙遙領先。雖然這可能不是你問的那個問題，但我認為它與我們今天的主題有關。我們詳細討論了我們正在與 ADESA 和 ADESA Clear 以及我們的檢測中心開展的工作，並且我們在股東信中提出了一個新概念，即在全國各地的不同中心擁有零售能力、批發能力或零售批發能力。從圖中可以看出，這就是這類工作。

That's us doing work as fast as we can that is very complicated to be able to unlock those capabilities over time. And I think it's positioning us well for a broad future and it's indicative of the kind of work that's necessary to scale a business like this.

這意味著我們要以最快的速度完成那些非常複雜的工作，而這些能力需要時間才能逐步解鎖。我認為這讓我們為更廣闊的未來做好了充分的準備，也顯示了像這樣的企業要擴大規模需要做哪些工作。

Great. Thanks, Ernie. And I guess on that piece of your moat of what you've built out on this business, you also have a very low capital intensity in building this out. I think a lot of your fixed costs are already embedded. So as you think about making progress towards that 3,000,000 unit target in five to ten years, what do plans look like to expand production capacity beyond that 3,000,000 and what the capital requirements to get there?

偉大的。謝謝你，厄尼。而且我認為，在你為這項業務所構築的這部分護城河中，你的資本密集度也非常低。我認為你們很多固定成本已經包含在內了。因此，當您考慮在五到十年內實現 300 萬台的目標時，將產能擴大到 300 萬台以上的計畫是什麼樣的？要實現這目標需要多少資金？

I think our eyes are as big as anyone out there. I think the opportunity in front of us is very, very large. And I think there's no doubt that the goal that we're chasing today that is time-bound is our current goal and we expect to have other goals beyond that. I think it's premature to talk too much about those other goals because I think that we've got several years here of hard work to ensure that we get to the 3,000,000 and the 13.5. But I think there's no question that there's opportunity beyond that.

我認為我們的眼睛和任何人的眼睛一樣大。我認為我們面前的機會非常非常大。毫無疑問，我們今天所追求的、有時限的目標就是我們目前的目標，但我們預期未來還會有其他目標。我認為現在談論其他目標還為時過早，因為我們還有幾年的時間努力工作，以確保實現300萬和1350萬的目標。但毫無疑問，除此之外還有發展的機會。

And I think that you can probably look at our past and how we've attacked problems in the past to get a sense of what that future could look like. But I think it's early for us to be given specific guidance and expectations on that today.

我認為，回顧我們的過去以及我們過去是如何解決問題的，或許可以讓我們大致了解未來會是什麼樣子。但我認為現在就對此給出具體指導和期望還為時過早。

Thank you.

謝謝。

Jeffrey Francis Lick, Stephens.

Jeffrey Francis Lick，史蒂芬斯。

Good evening. Congrats on a great quarter, guys. It was a great pause, by the way, Ernie. So I appreciate it. Was Meg's idea. So please give her credit.

晚安.恭喜各位，這個季度業績很棒！順便說一句，厄尼，那真是個絕妙的停頓。所以我很感激。這是梅格的主意。所以請給她應有的肯定。

Absolutely. Absolutely.

絕對地。絕對地。

In terms of the sourcing environment, was just curious if you could comment on any evolution of that. I know your relationships or how you're doing business with some of the commercial rental providers has changed a little bit. And then also just as you grow into sourcing 600,000, 700,000, 800,000, 900,000 units, buying from people's driveway, just any evolution there would be helpful, just a color on that.

關於採購環境方面，我只是好奇您能否就這方面的最新進展發表一下看法。我知道你與一些商業租賃供應商的關係或業務往來方式發生了一些變化。然後，當你的採購量增長到 60 萬、70 萬、80 萬、90 萬台時，甚至從人們的車道上購買，任何形式的演變都會有所幫助，只需對此加以說明即可。

Sure. Well, I think there's I think the most important fundamental there is what we alluded to a bit a moment ago. It's just making sure that the business is structured to be a structurally better buyer of cars so that we can be a better partner to partners out there and we can give very exciting bids to our customers. And I think if we divide the types of cars in the world into wholesale and retail with retail being defined as a car that we're well positioned to retail, it's very obvious that we are deeply structurally advantaged in buying cars that we are well positioned to retail.

當然。嗯，我認為最重要的基本要素就是我們剛才稍微提到的那一點。這樣做是為了確保公司在結構上能夠更好地採購汽車，從而更好地與合作夥伴攜手，並為客戶提供極具吸引力的報價。我認為，如果我們把世界上的汽車類型分為批發和零售，零售的定義是我們有能力零售的汽車，那麼很明顯，我們在購買我們有能力零售的汽車方面具有巨大的結構性優勢。

I think as one of the many benefits of partnering up with ADESA is that it put us in a spot. We're also structurally advantaged to be able to buy cars that are wholesale. And then I think when we do the further work to unlock both wholesale and retail capabilities at the same locations, I think we become a better buyer again because not only are we well positioned to dispose of both types of cars, we're also well positioned to reduce the expenses that are traditionally inherent in the system that take the form of time and extra shipments and cost. And so I think we are doing the work today to unlock those capabilities.

我認為與 ADESA 合作的眾多好處之一是，它讓我們處於一個有利的位置。我們在結構上也具有優勢，能夠以批發價購買汽車。然後我認為，當我們進一步努力在同一地點解鎖批發和零售能力時，我們將再次成為更好的買家，因為我們不僅能夠很好地處理這兩種類型的汽車，而且還能夠很好地減少傳統系統中固有的費用，例如時間、額外的運輸和成本。所以我認為我們今天所做的工作是為了釋放這些能力。

In that graph, we've got 74 sites. We now have 41 that we label as wholesale only. That's the original 56 ADESA sites minus the 15 where we've added reconditioning capabilities. And so those 15 now represent both wholesale capable and retail capable sites. We have six sites that are just retail. Those are the eight inspection centers that we had prior minus the 12 where we've added ADESA Clear, which is a digital auction capability. And then we've got 27 that are both, which is the sum of the 12 inspection centers that have ADESA Clear plus the 15 integration sites. Where we've added reconditioning capabilities to ADESA.

此圖中共有 74 個站點。我們現在有 41 種產品，我們將其標記為僅供批發。這是最初的 56 個 ADESA 站點減去我們增加了翻新能力的 15 個站點。因此，這 15 個站點現在既具備批發能力，也具備零售能力。我們有六個專門用於零售的門市。那是我們之前擁有的八個檢驗中心，減去我們新增了 ADESA Clear（一種數位拍賣功能）的 12 個檢驗中心。然後我們還有 27 個同時具備這兩種條件，這是 12 個擁有 ADESA Clear 認證的檢查中心加上 15 個整合站點的總和。我們在 ADESA 中增加了翻新能力。

So we now have 27 sites where we're well positioned to handle any type of car. Very efficiently, not just because we have a great wholesale decision channel and a great retail decision channel, but also because we can do both more efficiently. So to me, that's the structural thing that we're doing. And I think the more progress we make there, the better position we're going to be. And then, I think we continue to make progress with our partners. And I think there will probably be more to talk about there over time, but as long as we position the business very well, I think we continue to be in a great spot to take advantage of that.

所以我們現在有 27 個站點，地理位置優越，能夠處理任何類型的汽車。效率非常高，不僅因為我們擁有優秀的批發決策管道和優秀的零售決策管道，還因為我們能夠更有效率地完成這兩件事。所以對我來說，這就是我們正在進行的結構性調整。我認為我們在這方面取得的進展越多，我們的處境就會越好。然後，我認為我們與合作夥伴將繼續取得進展。我認為隨著時間的推移，這方面可能會有更多值得討論的話題，但只要我們把業務定位得當，我認為我們就能繼續處於有利地位，從中獲益。

And when you get to the retailing of 2 million to 3 million cars, do you think the proportion of where you source will change much or will it be pretty much the same?

當零售汽車數量達到 200 萬至 300 萬輛時，你認為採購來源地的比例會發生很大變化，還是基本上保持不變？

I think we'll see over time. I think it's early to call our shot there. I mean, I think at like the simplest, most fundamental level, most of the used car market is customers swapping cars with each other. And then they just do it through many different mechanisms. That's not strictly true because you do have off-rental cars and then you do have cars that flow out of fleets. I think you can call kind of off-lease cars, something sort of in between because it is a customer car that makes it to another customer. But generally speaking, cars are just moving through some elaborate mechanism from one customer to another.

我想隨著時間的推移，我們會看到的。我覺得現在就斷言我們能成功還太早。我的意思是，我認為從最簡單、最基本的層面來說，二手車市場的大部分內容就是顧客之間互相交換車輛。然後他們透過多種不同的機制來實現這一點。這並不完全正確，因為既有非租賃車輛，也有從車隊退役的車輛。我認為你可以把這種租賃到期車輛稱為介於兩者之間的車輛，因為它是客戶的車輛，然後又交付給另一位客戶。但總的來說，汽車只是透過某種複雜的機制從一個客戶轉移到另一個客戶。

So we think having the business of buying cars from customers is centrally important. I think there's many forms that can take over time. And then we think having a business of being able to buy cars very efficiently from business disposers of cars from fleets is also centrally important. And the machine is being constructed in a way where we feel like we're an advantaged buyer regardless of where cars are coming from. And then I think if you look at buying cars from customers, that is a slightly different offering than selling cars to customers. But now for probably five or six years, those two brands have grown pretty much in lockstep.

因此，我們認為從客戶手中購買汽車的業務至關重要。我認為隨著時間的推移，它可以呈現多種形式。而且我們認為，能夠非常有效率地從企業車隊的車輛處置者那裡購買汽車的業務也至關重要。而且，這台機器的設計方式讓我們感覺無論汽車產自哪裡，我們都是具有優勢的買家。然後我認為，如果你看看從客戶那裡購買汽車，這與向客戶銷售汽車略有不同。但近五、六年來，這兩個品牌的發展幾乎是齊頭並進的。

Whether you're looking at the percentage of cars that we're retailing that were sourced from customers or if you're looking at our wholesale to retail ratio, they bounce around a little bit, but generally speaking, they've been pretty consistent. And I think that just speaks to the fundamental that largely this market is customer swapping with each other. And so there's a similar sized market to buy cars as there is to sell cars. And B, the fact that those two businesses are growing at about the same rate as we continue to grow our brand, in a way that benefits both sides of the business. So like I said, I think we're well positioned either way.

無論是從我們零售的汽車中來自客戶的百分比，還是從我們的批發零售比率來看，這些數據都會有些波動，但總的來說，它們一直相當穩定。我認為這正好說明了市場的根本在於客戶之間的相互交換。因此，汽車買賣市場規模大致相當。其次，這兩個業務的成長速度與我們品牌持續成長的速度大致相同，這對業務的雙方都有好處。所以就像我說的，我認為無論哪種情況，我們都處於有利地位。

I think it's early to call our shot. We'll hope to succeed in both areas.

我覺得現在下結論還太早。我們希望在這兩個方面都能取得成功。

Great. Thanks very much and good luck on the rest of the quarter.

偉大的。非常感謝，祝您本季剩餘的工作一切順利。

Thank you.

謝謝。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

Thanks for taking so much of the question. Ernie, you talked about scale in the beginning of prepared remarks. And then you mentioned automation multiple times. We've gone through this call. Can we just step back and can you just talk about what are the biggest opportunities that you have to increase automation as you do gain scale? Like what are the key variable costs that you guys can really drive down that still remains in the model? Thanks so much.

感謝您認真回答了這麼多問題。厄尼，你在準備好的演講稿開頭談到了規模問題。然後你多次提到了自動化。我們已經討論過這個話題了。我們能否先退一步，請您談談隨著規模擴大，您在提高自動化程度方面面臨的最大機會是什麼？例如，你們認為模型中哪些關鍵變動成本可以真正降低？非常感謝。

Sure. Well, I'll again to the anecdote because I just think that they communicate very well. So what I would say is if we look back to that chat that we demonstrated in the or that we showed in the shareholder letter that shows like an insurance document and the customer interacting with that. I think that gives you a sense of the kind of thing that can be done. It's basically just expanding automation at greater depths so that the entirety of the process can happen in an instantaneous way where very clear instructions are given to the customer. They know exactly what to do. And they're able to complete a task with no latency.

當然。嗯，我再說一次這個軼事，因為我覺得他們溝通得非常好。所以我想說的是，如果我們回顧一下我們在股東信中展示的聊天記錄，它就像一份保險文件，以及客戶與該文件的互動。我認為這能讓你感受到可以做什麼樣的事情。基本上就是將自動化程度提高到更高水平，以便整個流程能夠瞬間完成，並向客戶提供非常清晰的指示。他們非常清楚該怎麼做。而且它們能夠零延遲地完成任務。

I think that's been part of a progression over years as we've kind of built those capabilities. We first have to learn all the rules across different states, we have to make sure that those are written down and codified. We have to figure out what our particular rules are going to be for our business. We then have to go and find a way to get data to get uploaded into our site and initially that data is manually looked at and checked against business rules and the customers approve. And then you add the ability to scrape the data off of the document that's passed to us. And then the tools are built to make that simpler.

我認為這是我們多年來逐步建立這些能力的過程的一部分。我們首先必須了解各州的所有規則，必須確保這些規則被記錄下來並編纂成法典。我們必須弄清楚我們公司的具體規則是什麼。然後我們必須想辦法將資料上傳到我們的網站，最初這些資料需要人工審核，並根據業務規則進行檢查，然後由客戶批准。然後，你也可以加入從傳遞給我們的文件中抓取資料的功能。然後，人們開發了相應的工具來簡化這個過程。

And then you scrape the data and you automate the checking of that data against that business logic. And so to me, it's just that constantly deepening level of detail of automation that is very valuable. And I think that's certainly valuable to reducing costs. I think what we at least tend to think is the maybe even more exciting thing is just being able to differentiate the offering. Just making sure that customers can know exactly what to do and shop with extreme confidence and get offers that are amazing. Going back to being able to sit there in minutes look at thousands of cars can be delivered in hours.

然後，你抓取數據，並自動根據業務邏輯檢查這些數據。所以對我來說，自動化細節的不斷深入才是真正有價值的。我認為這對於降低成本肯定是有價值的。我認為我們至少傾向於認為，更令人興奮的事情或許在於能夠使產品和服務脫穎而出。確保顧客能夠清楚知道該怎麼做，並充滿信心地購物，還能獲得超值的優惠。回到過去，只需幾分鐘就能坐在那裡看到成千上萬輛汽車在幾個小時內就能交付。

That's that requires that's a very different kind of offering that we think is very strategic valuable, but requires a lot of things happening in the background. So I think every part of the business, finance verifications, registration, customer care, every part of the business, continual gains in reconditioning and things that we're doing there. Things in logistics across the business. I think there's opportunities to make every single workflow simpler and more automated and more repeatable and more scalable. And I think we've just been continually doing that work over and over. And hopefully you feel like you see it showing up in the results.

這意味著我們需要一種非常不同的產品/服務，我們認為這種產品/服務非常有戰略價值，但這需要很多幕後工作。所以我認為業務的各個方面，財務核實、註冊、客戶服務，業務的各個方面，以及我們在翻新和相關工作中不斷取得的進步。業務中物流相關的各項事宜。我認為我們有機會讓每個工作流程都變得更簡單、更自動化、更可重複、更具可擴展性。我認為我們一直在不斷地重複這項工作。希望您能從結果中看到這一點。

If I can sneak in one more quick one. How do you think about the guardrails of expanding same-day delivery? Or how do you guys think about making sure that rollout is smooth? And what are the that you guys are involving to make sure you guys are containing what may be the cost of that? Thanks so much.

如果我能再擠出一點時間的話。您認為擴大當日送達服務需要哪些限制？或者，你們打算如何確保推廣過程順利進行？你們採取了哪些措施來確保控制可能產生的成本？非常感謝。

Sure. Well, I think like anything in the real world, I think, you know, first thing you have to do is you have to kind of aim for something that's hard and then you start to see what are all the constraints in the system that are causing you to be limited in what you're able to achieve and then you have to go attack the biggest constraint and then move on to whatever the next constraint is that emerges. And I think that's why we're working really hard in Phoenix right now to attack those constraints one at a time. And I think we've seen a lot of progress there.

當然。嗯，我覺得就像現實世界中的任何事情一樣，首先你必須要設定一個有難度的目標，然後你才會開始了解系統中有哪些限制因素導致你無法取得成就，然後你必須先克服最大的限制因素，然後再去應對下一個出現的限制因素。我認為這就是為什麼我們現在在鳳凰城努力工作，逐一解決這些限制的原因。我認為我們在這方面已經取得了很大進展。

Phoenix looked like other markets in the country just several months ago. And now we've got 40% of customers getting same or next-day delivery compared to approximately 10% in the rest of the country. So we've obviously made rapid progress there. I think we will continue to try to progress in Phoenix. And then undoubtedly, the next step is going to be to roll that out to other inventory pools that are near large population centers. And we'll prioritize that intelligently. And then I think that's another place where you can kind of see the entire playbook.

幾個月前，鳳凰城看起來和其他城市沒什麼兩樣。現在，我們有 40% 的客戶享受了當天或隔天送達的服務，而全國其他地區的比例約為 10%。顯然，我們在這方面取得了快速進展。我認為我們會繼續努力，爭取在鳳凰城取得進展。毫無疑問，下一步將是將這種模式推廣到人口密集區附近的其他庫存池。我們會合理安排優先順序。我認為，在那裡你也能看到整本戰術手冊。

And then as we add more integration sites with ADESA, so we've got retail capabilities in more spots, then we can have inventory pools in more spots that are closer to customers and we can roll out that same-day delivery capability in more spots. So I think it's going to be a multifaceted, multi-step approach over the next several years. But I think step one is proving out that we can do it at meaningful scale. I think that box is checked. Step two is making sure that we really nail it in Phoenix. And then step three will be to continue to roll it out from there.

然後，隨著我們與 ADESA 增加更多整合站點，我們在更多地方擁有零售能力，那麼我們就可以在更靠近客戶的地方建立庫存池，並在更多地方推出當日送達服務。所以我認為，未來幾年將會採取多面向、多步驟的方法。但我認為第一步是證明我們可以大規模地做到這一點。我認為那個複選框已經勾選了。第二步是確保我們在鳳凰城取得圓滿成功。第三步就是在此基礎上繼續推廣。

Thank you. Thank you.

謝謝。謝謝。

Michael McGovern, Bank of America.

麥可·麥戈文，美國銀行。

Hey, guys. Thanks for taking my question. There's a lot of talk out there about the K-shaped economy where you have lower income cohorts of consumers seeing relatively more pressure relative to higher income. Curious if there's anything that you've been able to see on that front demand trends between the two, especially since your unit guidance implies some deceleration. Is there any notable deceleration from lower income cohorts specifically?

嘿，夥計們。謝謝您回答我的問題。現在很多人都在談論 K 型經濟，即低收入消費者群體相對於高收入群體面臨更大的消費壓力。我很想知道您是否觀察到這兩者之間的需求趨勢有任何變化，特別是考慮到您的單位產量預期有所放緩。低收入族群中是否有明顯的成長放緩？

I really don't think we have anything interesting to say there and apologies. I think there's no question that there's a lot of storylines out there that point in that direction. And I think in our data, we can look at sales data, we can look at credit performance data and we can kind of try to cut it in many different ways. I just don't think that there's interesting super validating data points that we can point to for that story. I think what we see tends to look a lot more consistent than that particular story, but we'll obviously continue to pay attention and we'll follow the data where it goes.

我覺得我們在這方面沒什麼有趣的話題好說，對此我深感抱歉。我認為毫無疑問，有很多故事情節都指向這個方向。我認為，從我們的數據中，我們可以查看銷售數據，我們可以查看信貸表現數據，我們可以嘗試從許多不同的角度進行分析。我認為並沒有太多有說服力的數據點可以用來佐證這個故事。我認為我們看到的情況往往比那個具體的故事要一致得多，但我們顯然會繼續關注，並根據數據做出判斷。

Got it. And then in Phoenix specifically with same or next-day delivery, I'm curious, can you discuss kind of what you expect for GPU or EBITDA per unit or anything that you could give us kind of what that investment if you will looks like to deliver the cars more quickly? Or is it pretty seamless since you have that infrastructure there built out already?

知道了。特別是對於鳳凰城的當日或隔天送達服務，我很好奇，您能否談談您對每輛車的GPU或EBITDA的預期，或者您能否告訴我們，為了更快地交付汽車，這項投資的大致情況？或者說，由於你們那裡的基礎設施已經搭建完畢，所以整個過程非常順暢？

Yes. I would say it's really more the latter. I think that the same-day delivery is really more about a technology investment, at this stage and a process investment, making sure that it's a complex transaction. And in order to have same-day delivery, you need to nail every single aspect of a complex transaction accurately and in a short period of time. And so that's a technology-focused investment. It's also it requires strong processes from the operators that are executing that. But that's really like the main investment. There's some incremental investment in staffing just to make sure that you have the capacity available to execute. Same-day delivery and so you have a little more slack capacity there.

是的。我認為更接近後者。我認為，現階段當日送達實際上更多的是一項技術投資和流程投資，確保這是一筆複雜的交易。為了實現當日送達，你需要準確、快速地處理複雜交易的每一個環節。所以這是一項以技術為重點的投資。這也要求執行這些操作的業者制定強而有力的流程。但這才是真正的主要投資。為了確保有足夠的執行能力，我們會在人員配置方面進行一些增量投資。當天即可送達，因此您在這方面有更大的緩衝空間。

But that's not a very large dollar amount in the grand scheme of things. The way that we're executing same-day delivery today it's really more about a focus, a technology and process investment more so than a cost investment.

但從整體來看，這並不是一筆很大的數目。我們目前執行當日送達的方式，更多的是一種專注，一種技術和流程方面的投入，而不是成本方面的投入。

Helpful, thank you.

很有幫助，謝謝。

Thank you.

謝謝。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Yes, hi. Thanks for fitting me in here. Joined a minute late, but I did want to ask if you discussed at all the advertising expense, sounded like that might be expected to go up. And I just wanted to see if that quarter over quarter or on a per unit basis, any color that you could provide on that one? And then I had a quick follow-up.

是的，你好。謝謝你抽空讓我來這裡。我遲到了一分鐘，但我確實想問一下你們是否討論過廣告費用，聽起來這部分費用可能會上漲。我只是想了解一下，從季度環比或單位價格來看，您能否提供一些數據？然後我又快速地跟進了一次。

Sure. I can take that one. The outlook that we gave for advertising expenses on a dollar basis for it to be similar in Q4 to this Q3, maybe slightly higher, but similar to slightly higher. And again, where that comes from is really just continuing to invest in building our brand, building awareness, understanding, and trust of our brand is one of the three key pillars of our long-term growth strategy.

當然。我可以接受這個。我們先前預測，第四季廣告支出（以美元計）將與第三季類似，可能會略高一些，但總體上與第三季相似或略高一些。再說一遍，這一切的根源在於我們持續投資於品牌建設，提高品牌知名度、理解度和信任度，這是我們長期成長策略的三大支柱之一。

Okay. And then just on the wholesale GPU, were you signaling that could step down quarter over quarter by about 25% to 30% the way it did last year? And if that's the case, was just thinking there could be opportunities for improvements given some of the enhancements you've made in terms of processes. So want to make sure I had that right or if there's anything else to dig into from a depreciation perspective, etcetera to know?

好的。那麼，就批發GPU而言，您是否暗示其銷量可能會像去年一樣，每個季度下降約25%至30%？如果真是這樣的話，我只是在想，鑑於你們在流程方面所做的一些改進，或許還有進步的空間。所以我想確認一下我的理解是否正確，或者從折舊等方面是否還有其他需要深入研究的地方？

I didn't so I think we really think of sequential changes on a per unit basis what we called out. And so I do think that their seasonality in a multiple of the GPU line items. I think in wholesale, that takes the form of higher wholesale depreciation rates in Q4, lower auction volumes in Q4 than other times of the year. And so we do typically see a seasonal pattern there. And we called out something seasonal something similar to last year sequentially on a per unit basis.

我沒有，所以我認為我們確實在考慮我們所說的按單位順序進行的變更。所以我認為它們的季節性在GPU產品線中佔了很大比例。我認為在批發領域，這表現為第四季度批發折舊率較高，第四季度拍賣量低於一年中的其他時間。因此，我們通常會看到季節性模式。我們按單位數量，按季度推出了一些季節性產品，與去年類似。

Okay, thank you.

好的，謝謝。

Christopher Alan Pierce, Needham.

克里斯多福·艾倫·皮爾斯，尼德姆。

Hey, thanks. Can I just ask one big picture question? The 3,000,000 unit goal I guess, is that strictly around what determines when you could hit it earlier or later? Is that about adding recon scale personnel? Or is it about did you consider end markets or credit cycles or anything? I'd just love to know kind of big picture how you came up with it, what drives it and what could pull it forward or push it back?

嘿，謝謝。我可以問一個比較宏觀的問題嗎？我猜想，300萬台的目標，是否完全取決於何時能夠提前或延後達到這個目標？是指增加偵察規模人員嗎？或者，你想問你是否考慮過終端市場、信用週期或其他因素？我只是想了解你是如何想到這個主意的，是什麼驅動了它，以及什麼因素會推動它前進或阻礙它？

Sure. I've not I would say at a high level, the timelines we provided there were five to ten years, which correspond to 2030 to 2035. And I think the fast end of that is approximately 40% compounded growth and the slow end of that is approximately 20% compounded growth. I think as a general matter, we view that as largely driven by our ability to continue to execute. Is probably the biggest determinant of that. There's a lot of work that to be done across the entire business to make sure that we're buying cars, reconditioning cars, delivering cars to customers, long leg and last mile, handling customer questions, and just scaling the entirety of the business.

當然。我沒有，我想說，從宏觀層面來看，我們提供的時間表是五到十年，相當於 2030 年至 2035 年。我認為，快速成長的複合年增長率約為 40%，慢速成長的複合年增長率約為 20%。我認為總的來說，我們認為這主要取決於我們持續執行的能力。這或許是決定性因素。整個業務中有很多工作要做，以確保我們能夠購買汽車、翻新汽車、向客戶交付汽車、長途運輸和最後一公里配送、處理客戶問題，以及擴大整個業務的規模。

So I think there's a lot of work in there, and I think our execution is the primary drive that we think will dictate when we achieve that goal.

所以我認為這裡面還有很多工作要做，而且我認為我們的執行力是決定何時實現這一目標的主要動力。

Okay. Thank you. Thank you.

好的。謝謝。謝謝。

That's all the time we have for questions. I would like to turn the conference back over to Ernie Garcia for any closing remarks. Please go ahead.

我們提問時間到此為止。我謹將會議交還給厄尼·加西亞，請他作總結發言。請繼續。

Great. Well, thanks, everyone, for joining the call. Carvana team, another awesome quarter. Thank you guys so much. You really have a lot to be proud of. I hope you are proud. I hope the high fives fly and then let's come back tomorrow and keep it going. We have a lot more work to do. So thanks to all of you.

偉大的。謝謝大家參加這次電話會議。Carvana團隊，又一個精彩的季度！非常感謝大家。你真的有很多值得驕傲的地方。我希望你為此感到自豪。我希望大家擊掌慶祝，然後我們明天再來繼續。我們還有很多工作要做。所以，謝謝大家。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。