Openlane Inc (KAR) 2025 Q1 法說會逐字稿

Good day, and welcome to the OpenLanes first-quarter 2025 earnings call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 OpenLanes 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Jared Harnish. Please go ahead.

現在我想將會議交給 Jared Harnish。請繼續。

Thank you, operator. Good afternoon, everyone. Welcome to OpenLane’s first quarter 2025 earnings call. With me today are Peter Kelly, CEO of OpenLane; and Ryan Miller, OpenLane’s Vice President of Finance for the Marketplace business. Our remarks today include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝您，接線生。大家下午好。歡迎參加 OpenLane 2025 年第一季財報電話會議。今天與我一起的還有 OpenLane 執行長 Peter Kelly 和 OpenLane 市場業務財務副總裁 Ryan Miller。我們今天的言論包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性聲明。

Such forward looking statements involve risks and other uncertainties that may cause actual results or performance to differ materially from such statements. Factors that could cause such differences include those discussed in our press release issued today and in our SEC filings. Certain non-GAAP financial measures as defined under the SEC rules will be discussed on this call. Reconciliations of GAAP to non-GAAP measures are provided in our earnings material and available in the Investor Relations section of our website.

此類前瞻性陳述涉及風險和其他不確定性，可能導致實際結果或績效與此類陳述有重大差異。可能導致此類差異的因素包括我們今天發布的新聞稿和美國證券交易委員會文件中討論的因素。本次電話會議將討論美國證券交易委員會 (SEC) 規則定義的某些非公認會計準則財務指標。我們的收益資料中提供了 GAAP 與非 GAAP 指標的對帳表，您也可以在我們網站的投資者關係部分查閱。

With that, I’ll turn the call over to Peter.

說完這些，我會把電話轉給彼得。

Thank you, Jared, and good afternoon, everyone. I’m pleased to be here today to share OpenLane’s strong results from the first quarter. I’ll start with a few highlights, but spend the majority of my time discussing our strategy and our perspectives on the overall market environment including tariffs.

謝謝你，賈里德，大家下午好。我很高興今天能在這裡分享 OpenLane 第一季的強勁業績。我將首先介紹一些亮點，但大部分時間將用於討論我們的策略以及我們對包括關稅在內的整體市場環境的看法。

But first, I hope you saw our recent announcement naming Brad Herring as our new Executive Vice President and Chief Financial Officer. I look forward to welcoming Brad to our team later this month.

但首先，我希望您看到我們最近宣布任命布拉德赫林 (Brad Herring) 為我們的新執行副總裁兼財務長。我期待本月晚些時候歡迎布拉德加入我們的團隊。

Today, the financial portion of our call will be led by Ryan Miller, OpenLane’s Vice President of Finance for the Marketplace business. Turning to the quarter, OpenLane delivered a very strong start to 2025, building on our positive momentum and delivering record performance in many areas, particularly within the Marketplace business.

今天，我們電話會議的財務部分將由 OpenLane 市場業務財務副總裁 Ryan Miller 主持。展望本季度，OpenLane 在 2025 年取得了非常強勁的開局，憑藉我們積極的勢頭，在許多領域，尤其是在市場業務領域，取得了創紀錄的業績。

It’s clear that the OpenLane brand is becoming more differentiated and valued in the eyes of our expanding customer base. And the strong scalability characteristics of our asset light digital operating model are increasingly apparent in our financial results.

顯然，在我們不斷擴大的客戶群眼中，OpenLane 品牌正變得更加差異化和更有價值。我們的輕資產數位化營運模式的強大可擴展性特徵在我們的財務表現中越來越明顯。

During the first quarter, we grew consolidated revenue by 7% and delivered $83 million in adjusted EBITDA, both achieved against the prior year that included contributions from the automotive keys business that we divested during the fourth quarter of last year. Also generated $123 million in cash flow from operations.

在第一季度，我們的綜合收入成長了 7%，調整後 EBITDA 達到 8,300 萬美元，這兩項數據均與去年同期持平，其中包括我們去年第四季度剝離的汽車鑰匙業務的貢獻。也產生了1.23億美元的營運現金流。

In the marketplace segment, while commercial vehicle volumes were down as expected, we increased our dealer to dealer volumes by 15% year-over-year, the second straight quarter of double-digit growth. This resulted in solid growth in auction fee revenue and adjusted EBITDA.

在市場領域，雖然商用車銷量如預期下降，但我們的經銷商間銷量較去年同期成長 15%，連續第二季實現兩位數成長。這導致拍賣費收入和調整後 EBITDA 穩定成長。

Our finance segment also had a great quarter, growing total transaction units, holding the loan loss rate to 1.5%, which is the lowest since Q4 of 2022 and increasing adjusted EBITDA by 15% over the prior year. So in summary, Openlane is advancing our strategy with focus and with precision and producing positive consistent results.

我們的金融部門本季也表現出色，總交易單位成長，貸款損失率控制在 1.5%，這是自 2022 年第四季以來的最低水平，調整後的 EBITDA 較上年增長了 15%。總而言之，Openlane 正在專注、精準地推進我們的策略，並取得積極一致的成果。

And despite the current noise in the market, I remain confident in Openlane’s positioning for long term growth and our ability to deliver sustained shareholder value. As a signal of that confidence, the OpenLane Board of Directors has replaced our prior $100 million share repurchase authorization with a new larger $250 million authorization that will extend through the end of 2026.

儘管目前市場存在噪音，但我仍然對 Openlane 的長期成長定位以及我們為股東提供持續價值的能力充滿信心。作為這種信心的表現，OpenLane 董事會已將我們先前的 1 億美元股票回購授權替換為新的 2.5 億美元授權，該授權將延長至 2026 年底。

With that, let me turn to our strategy and how we are positioning Openlane for the future. As a reminder, our strategy for growth is anchored in our purpose, which is to make wholesale easy so our customers can be more successful. And we’re making wholesale easy by focusing on three enabling priorities.

接下來，讓我來談談我們的策略以及我們如何定位 Openlane 的未來。提醒一下，我們的成長策略以我們的目標為基礎，那就是讓批發變得簡單，以便我們的客戶能夠取得更大的成功。我們透過專注於三個優先重點來簡化批發業務。

First, by delivering the best marketplace, expanding to more buyers and more sellers and offering the most diverse commercial and dealer inventory available. Second, by delivering the best technology, innovative products and services that help our customers make informed decisions and achieve better outcomes. And third, by delivering the best customer experience, keeping our marketplace fast, fair and transparent, making it easy for customers to transact and making OpenLane the most preferred marketplace.

首先，透過提供最佳的市場，擴展到更多的買家和賣家，並提供最多樣化的商業和經銷商庫存。第二，透過提供最好的技術、創新產品和服務，幫助我們的客戶做出明智的決策並取得更好的結果。第三，透過提供最佳的客戶體驗，保持我們的市場快速、公平和透明，讓客戶輕鬆交易，並使 OpenLane 成為最受歡迎的市場。

So let’s start with more detail on the marketplace. While overall volumes were slightly down, this was entirely attributed to the decline in commercial off lease volume that we’ve discussed during previous calls. The Q1 decline in off lease volume was in line with our expectations and we still anticipate those volumes to recover beginning in 2026.

那麼就讓我們從市場細節開始吧。雖然整體交易量略有下降，但這完全歸因於我們在之前的電話會議中討論過的商業租賃量下降。第一季租賃期滿交易量的下降符合我們的預期，我們仍然預期租賃期滿交易量將從 2026 年開始恢復。

I won’t repeat all of my commentary from prior calls other than to reinforce that Openlane remains a clear market leader in the commercial off lease space, representing the majority of OEM and financial institution programs across North America. When the commercial volumes return in 2026 and beyond, Openlane is best positioned to capture that opportunity given our long standing customer relationships, our deep system integrations and the tailwinds generated from continued migration from physical digital channels.

我不會重複我之前電話會議中的所有評論，只是想強調 Openlane 仍然是商業租賃領域的明顯市場領導者，代表了北美大多數 OEM 和金融機構專案。當商業交易量在 2026 年及以後恢復時，憑藉我們長期的客戶關係、深度的系統整合以及從實體數位管道持續遷移所產生的順風，Openlane 最有能力抓住這一機會。

And with new lease originations up for the eighth straight quarter in Q1, this will be another positive tailwind for OpenLane’s longer term growth opportunity. In dealer to dealer, I was very encouraged by our strong results, which were broad based and included volume growth contributions from the United States, Canada and Europe.

隨著第一季新租賃發起量連續第八個季度上升，這將為 OpenLane 的長期成長機會帶來另一個積極的推動力。在經銷商對經銷商方面，我們強勁的業績令我感到非常鼓舞，這些業績基礎廣泛，包括來自美國、加拿大和歐洲的銷售成長貢獻。

This growth was primarily driven by solid gains in new buyer and new seller participation in the marketplace. The investments we’ve made over the last several years to promote the OpenLane brand attract new buyers and sellers, increase our share and bring a differentiated offering to the market are clearly delivering results. This was particularly true in the US Marketplace where we had the best dealer to dealer quarter since the divestiture of the US Physical auction business.

這一成長主要得益於市場上新買家和新賣家參與度的穩定提升。過去幾年來，我們為推廣 OpenLane 品牌、吸引新的買家和賣家、增加我們的份額以及為市場帶來差異化產品而進行的投資顯然取得了成效。在美國市場尤其如此，自從剝離美國實體拍賣業務以來，我們迎來了最好的經銷商對經銷商季度。

We beat all previous daily, weekly, monthly and quarterly sales records, recorded the highest number of unique visitors to openlane.com and achieved double digit growth in dealer inspections and listings, total new dealer registrations and total active buyers and sellers. We also drove double digit sales growth from several of the top major public dealer groups, a testament to our focus and success growing wallet share with the country’s largest franchise dealers. We did see some increased dealer volumes and demand in late March carrying into early Q2 after the tariffs were announced.

我們打破了之前所有的每日、每週、每月和每季銷售記錄，創下了 openlane.com 獨立訪客數量的最高紀錄，並在經銷商檢查和上市數量、新經銷商註冊總數以及活躍買家和賣家總數方面實現了兩位數的增長。我們還推動了幾家頂級主要公共經銷商集團的銷售額實現兩位數增長，這證明了我們專注於增加全國最大特許經銷商的錢包份額並取得成功。在關稅宣布後，我們確實看到 3 月底經銷商銷售和需求增加，並持續到第二季​​初。

And I’ll speak more to that in a few minutes. But I want to stress that Openlane’s strong first quarter performance was defined well before those announcements and included monthly year over year dealer growth throughout the entire quarter.

幾分鐘後我會進一步談論這個問題。但我想強調的是，Openlane 第一季的強勁表現早在這些公告發布之前就已確定，並且包括整個季度經銷商的月度同比增長。

And based on our analysis of industry data for dealer to dealer, we outperformed the physical auction industry during this heightened period as well as for the full quarter. In fact, our year-over-year dealer volumes grew at nearly double the rate of the broader industry and we gained market share. I think this is very compelling evidence that OpenLane’s advantages in terms of speed, ease and better outcomes are resonating with customers and gaining traction across our markets.

根據我們對經銷商之間的行業數據的分析，我們在這一高峰期以及整個季度的表現都優於實體拍賣行業。事實上，我們的經銷商數量年增率幾乎是整個產業成長率的兩倍，而且我們的市佔率也增加了。我認為這是一個非常有說服力的證據，證明 OpenLane 在速度、簡單性和更好的結果方面的優勢引起了客戶的共鳴，並在我們的市場上獲得了關注。

Also, our data indicates that in Q1, approximately 30% of the US dealer to dealer market was digital with 70% still physical, meaning there is potential for significant share gains as more and more of this volume moves to digital where OpenLane is a leader.

此外，我們的數據表明，在第一季度，美國經銷商對經銷商市場約有 30% 是數位化的，70% 仍然是實體的，這意味著隨著越來越多的交易量轉向數位化，OpenLane 具有顯著的市佔率成長潛力。

So from a marketplace perspective, the TAM and thereby OpenLane’s opportunity remains very large. We are driving the secular shift from physical to digital in dealer to dealer and we are well prepared for the commercial off lease return in 2026 and beyond.

因此，從市場角度來看，TAM 以及 OpenLane 的機會仍然很大。我們正在推動經銷商從實體到數位化的長期轉變，並且我們為 2026 年及以後的商業租賃回報做好了充分的準備。

Ultimately, the scale and diversity of inventory of buyers and sellers will power the future of our marketplace and serve as a core differentiator for Openlane. Another core differentiator is our technology, where we focused on making the buying and selling experience faster, smarter, easier and more transparent for our customers. We are self funding our innovation agenda and our platform consolidation efforts have enabled a rapid acceleration of new products, features and functionality across all of Openlane.

最終，買家和賣家庫存的規模和多樣性將推動我們市場的未來，並成為 Openlane 的核心差異化因素。另一個核心差異化因素是我們的技術，我們專注於為客戶提供更快、更聰明、更輕鬆、更透明的購買和銷售體驗。我們自行資助我們的創新計劃，我們的平台整合工作使得整個 Openlane 的新產品、新特性和新功能得以快速發展。

On the last call, I spoke to the launch of our one app in the US and I’m pleased to say it is achieving all of its intended goals. We are already enrolling crossover private label franchise buyers into an open marketplace, through a process that formerly took five to eight days, but can now be completed in just minutes.

在上次電話會議上，我談到了我們一款應用程式在美國的推出，我很高興地說它正在實現所有預期目標。我們已經將跨界自有品牌特許經營買家納入開放市場，這個過程以前需要五到八天，但現在只需幾分鐘即可完成。

At the same time, our independent buyer base is increasingly purchasing commercial vehicles that flow from the private label sites directly into the open marketplace. We are also very active on the innovation front in Canada. Our Canadian OpenLane Pro subscription programs are gaining momentum as we enhance them with additional data insights and new exclusive Pro only features.

同時，我們的獨立買家群體正在越來越多地購買從自有品牌網站直接流入公開市場的商用車輛。我們在加拿大的創新方面也非常活躍。隨著我們透過額外的數據洞察和新的 Pro 獨有功能來增強我們的加拿大 OpenLane Pro 訂閱計劃，該計劃正在獲得發展動力。

These programs increase the stickiness of our marketplace with customers and also expand our revenue streams. And just last week, we launched our tariff filter technology that allows Canadian dealers to quickly and easily search, filter and bid on tariff exempt automobiles.

這些計劃增加了我們的市場與客戶的黏性，也擴大了我們的收入來源。就在上週，我們推出了關稅過濾技術，讓加拿大經銷商能夠快速輕鬆地搜尋、篩選和競標免稅汽車。

And then finally, all of these things combined are helping us deliver an improved customer experience. As I’ve said before, OpenLane is a digital marketplace in a relationship business and the relationships that our customers have with our people and our products are critical to our long term success. And I was very pleased to see that in Q1, all OpenLane transactional NPS scores improved compared to one year ago and now sits squarely in the grace to excellent range across all geographies.

最後，所有這些因素結合起來幫助我們提供更好的客戶體驗。正如我之前所說，OpenLane 是一個關係型業務的數位市場，我們的客戶與我們的員工和產品之間的關係對於我們的長期成功至關重要。我很高興地看到，在第一季度，所有 OpenLane 交易 NPS 分數與一年前相比都有所提高，現在在所有地區都處於優秀範圍內。

Based on these results and on the positive feedback we’re getting from dealers, we are continuing to invest in our sales, marketing, call center, logistics, arbitrations and title teams to keep making wholesale easy for our customers.

基於這些結果以及我們從經銷商獲得的正面回饋，我們將繼續投資於我們的銷售、行銷、呼叫中心、物流、仲裁和產權團隊，以便為我們的客戶提供便利的批發服務。

I’d also like to spend a few moments on AFC, where we posted another very solid quarter, growing total loan transaction volumes, reducing SG&A costs, controlling the loan loss raise and contributing double digit year-on-year growth in adjusted EBITDA.

我還想花一點時間談談 AFC，我們在本季度又取得了非常穩健的業績，貸款交易總額有所增長，銷售、一般及行政費用有所降低，貸款損失有所控制，調整後 EBITDA 也實現了兩位數的同比增長。

AFC is a high performing business with a leading market position. It is a broad loyal customer base, a healthy mix of both fee and interest revenue and best in class risk management program. And it continues to deliver superior performance on core specialty finance metrics of net interest margin, return on assets and return on equity.

亞足聯是一家業績出色、市場領先且充滿活力的企業。它擁有廣泛的忠實客戶群、費用和利息收入的健康組合以及一流的風險管理計劃。並且它在淨利差、資產回報率和股本回報率等核心專業財務指標上繼續表現優異。

But one of AFC’s greatest contributions to OpenLane is its synergistic connection with the marketplace, strategies we’ve been advancing over the past several quarters. AFC’s local presence and trusted reputation with dealers makes it an easy introduction point into the OpenLane marketplace and well positioned to cross pollinate dealer registrations.

但 AFC 對 OpenLane 最大的貢獻之一是它與市場的協同作用，這是我們過去幾季一直在推進的策略。AFC 的本地業務和在經銷商中享有的良好聲譽使其成為進入 OpenLane 市場的便捷入口，並且能夠很好地促進經銷商註冊。

Additionally, every time an independent dealer pays off an AFC loan, we have an opportunity to offer them another vehicle for their inventory via the OpenLane marketplace. So we continue to integrate these two business units and our expanding customer bases to help further accelerate our growth.

此外，每當獨立經銷商償還 AFC 貸款時，我們都有機會透過 OpenLane 市場為他們的庫存提供另一輛車。因此，我們繼續整合這兩個業務部門和不斷擴大的客戶群，以進一步加速我們的成長。

So in summary, our Q1 results build on OpenLane’s consistent pattern of growth and financial performance. They set new records for our overall performance and clearly demonstrate the strong scalability characteristics of our asset light digital model. We are executing well on our strategy and investing in solutions that delight our customers and make wholesale easy. All of this fuels my optimism for our long term growth in volume, market share and profitability.

總而言之，我們的第一季業績建立在 OpenLane 持續的成長模式和財務表現之上。它們為我們的整體業績創造了新的紀錄，並清楚地展示了我們輕資產數位化模式強大的可擴展性特徵。我們正在順利執行我們的策略，並投資於讓客戶滿意並使批發變得簡單的解決方案。所有這些都讓我對我們的銷售、市場份額和盈利能力的長期成長充滿信心。

I’d now like to discuss tariffs and their potential impact on the automotive wholesale market. I won’t detail the tariffs specifically as they have been covered extensively in the press. And I’m not going to speculate too much on the what ifs given the many outstanding questions and unknowns. But I am confident in OpenLane’s ability to navigate this uncertainty.

現在我想討論一下關稅及其對汽車批發市場的潛在影響。由於媒體已廣泛報道，因此我不會具體詳細說明關稅。鑑於還有許多懸而未決的問題和未知數，我不會對這些假設進行過多的猜測。但我對 OpenLane 應對這種不確定性的能力充滿信心。

And at this point, there is nothing we have heard or analyzed that causes us to adjust our 2025 guidance. We were pleased with last week’s announcement regarding some degree of tariff relief for automotive manufacturers. We’re also mindful that these or other new tariffs could be announced, increased, decreased, paused or rescinded at any time.

目前，我們還沒有聽到或分析出任何需要我們調整 2025 年指導方針的消息。我們很高興看到上周宣布的對汽車製造商一定程度的關稅減免。我們也注意到，這些或其他新關稅可能隨時被宣布、增加、減少、暫停或取消。

So we continue to operate under the assumption that some tariffs will remain in effect and we’re actively planning for multiple scenarios to ensure that we are prepared for a range of possible outcomes. Overall, we view the potential impacts of tariffs as a mix of both positives and negatives. On the near term positive side, if demand stays high and prices increase, this could benefit OpenLane through higher volumes and fees in the marketplace and more revenue and interest with lower loan losses at AFC.

因此，我們繼續在某些關稅仍然有效的假設下開展業務，並且我們正在積極規劃多種情況，以確保我們為一系列可能的結果做好準備。整體而言，我們認為關稅的潛在影響既有正面的一面，也有負面的一面。從短期來看，如果需求保持高位且價格上漲，OpenLane 將從中受益，因為市場上的交易量和費用會增加，AFC 的收入和利息也會增加，同時貸款損失也會減少。

However, if North American new car supply is meaningfully disrupted, the longer term impact on vehicles traded in, new lease originations and the volatility of used vehicle values could create headwinds for the entire industry. To be clear, these are things that could happen, but for the most part they have not yet happened.

然而，如果北美新車供應嚴重中斷，對以舊換新車輛、新租賃發起和二手車價值波動的長期影響可能會對整個產業造成阻力。需要明確的是，這些事情可能會發生，但大多數情況下還沒有發生。

So we are monitoring all of this very closely and in close communication with our customers to understand their approach and to stay true to our purpose of making our customers more successful. For OpenLane, we are operating with discipline and there are many compelling factors that position us well to continue advancing our strategy for growth, a strategy that is clearly resonating with our customers. First, we are more asset light than we were in 2020 without the cost overhang of US Physical auctions and with very little debt.

因此，我們正在密切關注這一切，並與我們的客戶保持密切溝通，以了解他們的方法，並堅持我們的目標，即幫助我們的客戶取得更大的成功。對於 OpenLane，我們正在嚴格遵守紀律，並且有許多令人信服的因素使我們能夠繼續推進我們的成長策略，而這項策略顯然引起了客戶的共鳴。首先，與 2020 年相比，我們的資產更輕量化，沒有美國實體拍賣的成本過高，而且債務也很少。

Our platform consolidation work has made us more agile and we can quickly respond to changing environments and deploy new solutions for our customers more effectively. Our technology is a competitive differentiator and we will continue to invest in innovation. We are generating very strong cash flows from operations. We have a strong management team with a proven ability to adapt and lead change while keeping our plan, our strategy and our company moving forward.

我們的平台整合工作使我們更加靈活，能夠快速回應不斷變化的環境並更有效地為客戶部署新的解決方案。我們的技術是我們競爭的優勢，我們將繼續投資於創新。我們的營運產生了非常強勁的現金流。我們擁有一支強大的管理團隊，他們具有適應和領導變革的能力，同時保持我們的計劃、策略和公司向前發展。

So once again, we are mindful of the increased uncertainty that exists compared to 90 days ago. I will need to see what ultimately remains in place. But considering all of these factors and what we know today, we are maintaining our 2025 adjusted EBITDA guidance of $290 million to $310 million. Further details for these guidance metrics are available in our earnings release published earlier today.

因此，我們再次意識到，與 90 天前相比，不確定性增加。我需要看看最終還剩下什麼。但考慮到所有這些因素以及我們今天所了解的情況，我們維持 2025 年調整後 EBITDA 指引，即 2.9 億美元至 3.1 億美元。有關這些指導指標的更多詳細信息，請參閱我們今天早些時候發布的收益報告。

Looking ahead, I remain very confident that OpenLane will be able to adapt, react and succeed in this environment. That confidence and my confidence in OpenLane’s ability to invest in growth, execute our strategy and deliver shareholder value is shared by our management team, by our employees and also by our Board of Directors. And again, the Board has authorized a $250 million share repurchase authorization that will extend through the end of 2026 as a signal of that confidence.

展望未來，我仍然非常有信心 OpenLane 能夠適應、應對並在這種環境中取得成功。我們的管理團隊、員工和董事會也都對 OpenLane 投資成長、執行策略和實現股東價值的能力抱持信心。再次，董事會已批准 2.5 億美元的股票回購授權，該授權將延長至 2026 年底，以表明這種信心。

So with that, I’ll turn things over to Ryan Miller before we go to Q&A. Ryan?

因此，在我們進入問答環節之前，我將把問題交給 Mr. Miller。瑞安？

Thank you, Peter, and good afternoon, everyone. I appreciate you joining the call today and the opportunity to speak with all of you. Openlane delivered another strong quarter by executing on the fundamentals of our business, focusing on our customers and advancing our strategy for growth. Our results reflect the output of strategic investments we’ve made in both people and technology and clearly evidence the underlying strength of our asset light digital business model.

謝謝你，彼得，大家下午好。感謝您今天的參加電話會議並有機會與大家交談。Openlane 透過執行我們的業務基本原則、專注於我們的客戶和推進我們的成長策略，又取得了一個強勁的季度。我們的業績反映了我們在人才和技術方面所做的策略投資的成果，並清楚地證明了我們輕資產數位業務模式的潛在優勢。

Before I begin, my comments will be on a first quarter year-over-year basis unless I state otherwise. Before comparability purposes, please recall that prior year results include the automotive keys business, which was divested out in Q4 of 2024. As previously disclosed, this business represented 2% to 3% of prior year revenue and adjusted EBITDA.

在我開始之前，除非我另有說明，否則我的評論將基於第一季的同比數據。在進行比較之前，請記住，前一年業績包括汽車鑰匙業務，該業務於 2024 年第四季度被剝離。如前所述，該業務佔上年收入和調整後 EBITDA 的 2% 至 3%。

Consequently, our reported year-over-year growth rates understate the underlying performance of our continuing operations. Moving to consolidated results, revenue was $460 million up 7%, the fourth consecutive quarter of year-over-year top line growth reflecting the continued momentum across both the Openlane Marketplace and AFC Finance segments.

因此，我們報告的年成長率低估了我們持續經營的基本表現。綜合業績來看，營收為 4.6 億美元，成長 7%，這是連續第四個季度實現同比成長，反映了 Openlane Marketplace 和 AFC Finance 部門的持續成長動能。

Total cost of services was $242 million up 13%, primarily due to increased marketplace dealer volumes and mix shift. Consolidated SG&A for the quarter was $107 million essentially flat year-over-year. This reflects the successful execution of enterprise cost savings initiatives and includes the incremental technology and go to market investments made throughout 2024 and into 2025. We are very pleased to see that our revenue growth is outpacing our SG&A growth.

服務總成本為 2.42 億美元，成長 13%，主要由於市場經銷商數量增加和產品組合轉變。本季合併銷售、一般及行政費用為 1.07 億美元，與去年同期基本持平。這反映了企業成本節約計畫的成功執行，並包括 2024 年至 2025 年期間的增量技術和市場投資。我們非常高興地看到我們的收入成長超過了銷售、一般及行政費用的成長。

And we continue leaning on our culture of cost discipline to create the financial headroom for further investments in technology, innovation and growth. Together, these factors combined drove consolidated adjusted EBITDA to $83 million, an 11% increase over the prior year. This improvement reflects the operating leverage and scalability characteristics inherent in our digital business, our expanding customer base and the differentiated products and services Openlane offers for its customers.

我們將繼續依靠成本控製文化來創造財務空間，為進一步投資技術、創新和成長。這些因素共同推動合併調整後 EBITDA 達到 8,300 萬美元，比前一年增長 11%。這項改進反映了我們的數位業務固有的經營槓桿和可擴展性特徵、不斷擴大的客戶群以及 Openlane 為其客戶提供的差異化產品和服務。

Turning to the marketplace segment, total volumes were down 2%, driven entirely by a 14% decrease in commercial volumes. That decline was largely offset by double-digit growth in the dealer volumes, which increased 15% during the quarter. As Peter mentioned earlier, the commercial decline was directly in line with our expectations and we remain well positioned to capture the opportunity of increased off lease return volumes in 2026 and beyond.

轉向市場領域，總交易量下降了 2%，完全是由於商業交易量下降了 14%。這一下降在很大程度上被經銷商銷量的兩位數成長所抵消，本季經銷商銷量成長了 15%。正如彼得之前提到的，商業下滑與我們的預期完全一致，我們仍然處於有利地位，可以抓住 2026 年及以後租賃回報量增加的機會。

On the dealer side, our growth was fueled by the go to market investments we have discussed on previous calls, namely additional sales and customer support roles as well as expanded marketing capabilities. I also want to point out that our volume growth included positive contributions from the United States, Canada and Europe.

在經銷商方面，我們的成長得益於我們在先前的電話會議中討論過的市場投資，即額外的銷售和客戶支援角色以及擴大的行銷能力。我還想指出，我們的銷售成長包括來自美國、加拿大和歐洲的積極貢獻。

This volume growth drove a marketplace revenue increase of 10% to $351 million. Auction fee revenue increased by 14% driven by sales mix and auction fee price increases. Gross profit was up 7% due to strategic pricing actions, product mix and productivity initiatives. The marketplace SG&A increased by 2% driven by incremental go to market investments in the first quarter. All of this led to a marketplace adjusted EBITDA of $37 million, 6% increase. Excluding the divested automotive key business, marketplace adjusted EBITDA would have increased 12%.

這筆交易量成長推動市場營收成長 10%，達到 3.51 億美元。受銷售組合和拍賣費價格上漲的推動，拍賣費收入增加了 14%。由於策略定價措施、產品組合和生產力舉措，毛利增加了 7%。受第一季市場投資增加的推動，市場銷售、一般及行政費用 (SG&A) 增加了 2%。所有這些使得市場調整後的 EBITDA 達到 3,700 萬美元，成長 6%。不計剝離的汽車關鍵業務，市場調整後的 EBITDA 將成長 12%。

As Peter stated, we are very pleased with the ongoing strength and continued growth in our marketplace business. Our dealer business is highly differentiated offering a better, faster, higher value solution at a lower cost. And this has helped drive an expansion in our franchise and independent buyer and seller base.

正如彼得所說，我們對市場業務的持續實力和持續成長感到非常高興。我們的經銷商業務高度差異化，以更低的成本提供更好、更快、更高價值的解決方案。這有助於推動我們的特許經營和獨立買家和賣家群體的擴張。

And this combined with the diversity of our inventory, our deep pipeline of innovation and our leading marketplace technology positions us well for continued profitable growth.

再加上我們庫存的多樣性、深厚的創新管道和領先的市場技術，我們可望持續實現獲利成長。

Turning to our finance segment, floor plan origination volumes were stable year-over-year, while floor plan curtailments increased 6% and total loan transactions increased by 2%. The resulting finance segment revenues were down 2% primarily due to lower interest rates in the first quarter.

談到我們的金融部門，樓面計畫發放量較去年同期保持穩定，而樓面計畫縮減量增加了 6%，總貸款交易量增加了 2%。由此導致的金融部門收入下降了 2%，主要原因是第一季利率下降。

Net finance margin was $81 million reflecting an annualized yield of 13.9%, up 10 basis points. And we were pleased with the success and completion of several strategic cost initiatives, which helped decrease SG&A by 10%.

淨財務保證金為 8,100 萬美元，年化收益率為 13.9%，上漲 10 個基點。我們對幾項策略成本計劃的成功和完成感到高興，這些計劃幫助降低了 10% 的銷售、一般和行政費用。

From a risk management perspective, we are very pleased with the first quarter provision for credit losses of 1.5%, reflecting our industry leading proprietary risk management capability. We continue to target a long term loss rate of 1.5% to 2% and we expect the second quarter to be consistent with that target.

從風險管理角度來看，我們對第一季1.5%的信貸損失準備金感到非常滿意，這反映了我們業界領先的專有風險管理能力。我們繼續將長期損失率設定為 1.5% 至 2%，並預計第二季將與該目標保持一致。

All of the factors I discussed led to a very strong quarter for the finance business, which contributed $46 million in adjusted EBITDA, an impressive 15% increase over the prior year. Looking ahead, AFC remains a robust high performing business and a key strategic asset to Openlane. It provides dealer liquidity in our marketplace and enhances customer loyalty.

我討論的所有因素都使得金融業務本季表現非常強勁，其調整後 EBITDA 達到 4,600 萬美元，比上年增長了 15%。展望未來，AFC 仍然是一家表現強勁的高績效企業，也是 Openlane 的關鍵策略資產。它為我們的市場提供了經銷商流動性並提高了客戶忠誠度。

It generates superior results in terms of net interest margin, return on assets and return on equity. And we are advancing multiple strategies to further connect and engage with our marketplace customers through IFC.

其淨利差、資產報酬率、股本報酬率均取得優異成績。我們正在推動多項策略，透過 IFC 進一步與我們的市場客戶建立聯繫並進行互動。

Moving on to the balance sheet and capital allocation, strong cash generation is an important and differentiating attribute of the Openlane business and this was evident again in Q1. In the quarter, we generated approximately $123 million of cash flow from operations and our consolidated net leverage is near zero. This level of cash generation demonstrates the powerful combination of our marketplace and floor plan business segments.

談到資產負債表和資本配置，強勁的現金產生能力是 Openlane 業務的重要且與眾不同的特徵，這一點在第一季再次體現。本季度，我們從營運活動中產生了約 1.23 億美元的現金流，我們的合併淨槓桿率接近零。這種現金產生水準反映了我們的市場和平面圖業務部門的強大組合。

Overall, the core of our capital allocation framework remains the same. We continue to prioritize funding of organic investments, while ensuring flexibility for both high return complementary strategic opportunities and shareholder returns.

整體而言，我們的資本配置架構的核心保持不變。我們繼續優先考慮有機投資的資金，同時確保高回報互補策略機會和股東回報的靈活性。

Our CapEx investments are funded through cash generated by the business and are expected to be in line with prior year. As mentioned on prior calls, we remain on track to repay the $210 million of senior notes due in June of this year utilizing cash flow from operations and available liquidity.

我們的資本支出投資由業務產生的現金提供資金，預計與前一年持平。正如先前的電話會議中所提到的，我們仍將利用經營現金流和可用流動資金償還今年 6 月到期的 2.1 億美元優先票據。

In addition, as Peter mentioned, the Board has approved a new $250 million share repurchase program through 2026, replacing the $100 million program expiring later this year. Our philosophy on share repurchases will remain principal and opportunistic.

此外，正如彼得所提到的，董事會已經批准了一項新的 2.5 億美元股票回購計劃，該計劃將持續到 2026 年，以取代今年稍後到期的 1 億美元計劃。我們對股票回購的理念仍將是原則性的。

Summarize the many high points of the first quarter results, dealer volumes grew by 15% in the quarter, the second straight quarter of double digit growth.

總結第一季業績的諸多亮點，本季經銷商銷量成長了 15%，這是連續第二季實現兩位數成長。

Consolidated adjusted EBITDA grew 11% with strong contributions from both our marketplace and finance segments. AFC continues to be a major contributor to our overall financial performance and is an enabling connector for the marketplace business.

合併調整後 EBITDA 成長 11%，這得益於我們的市場和金融部門的強勁貢獻。AFC 繼續成為我們整體財務表現的主要貢獻者，並且是市場業務的推動者。

Openlane continued its consistent track record of strong cash generation during the quarter delivering $123 million of cash flow from operations. We believe our strong performance in the first quarter reinforces the soundness of our strategy, the value we deliver to our customers and the strong scalability characteristics of our digital operating model.

Openlane 在本季持續維持強勁的現金產生記錄，營運現金流達到 1.23 億美元。我們相信，第一季的強勁表現鞏固了我們策略的合理性、我們為客戶提供的價值以及我們數位化營運模式的強大可擴展性。

As the dealer industry increasingly trends towards digital and as the off lease volumes return in 2026 and beyond, Openlane is well positioned to continue delivering growth and shareholder value.

隨著經銷商產業日益趨向數位化，以及 2026 年及以後租賃量回升，Openlane 已準備好繼續實現成長和股東價值。

With that, I will turn the call over to the operator for questions.

說完這些，我將把電話轉給接線生來回答問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, thank you. A question just on the current dynamic with respect to tariffs and the used environment. Have you seen any pull forward in activity at auction or among your dealer partners as a result of customers trying to get ahead of price increases?

嘿，謝謝你。我只想問一下有關關稅和使用環境的當前動態。您是否看到過由於客戶試圖搶在價格上漲之前而導致拍賣會或經銷商合作夥伴的活動提前？

Yes. Thank you, Craig for that question. I guess the key thing I’d want to leave you with that question is that the strong performance in Q1 was well in place and locked in place well ahead of any pull ahead. We did see increased activity at the retail level. It’s been reported in the press.

是的。謝謝 Craig 提出這個問題。我想問您的關鍵問題是，第一季的強勁表現已經到位，並且遠遠領先於任何成長。我們確實看到零售層面的活動增加。媒體已經報導了此事。

I would say starting like the March 20, something like that the last 10 days of the quarter and extending into April. So that is true and that was an added benefit. But I would say, Craig, that was incremental to the broader story. The broader story is this was a very strong quarter, where we grew our dealer business 15 organically year-on-year, growing the seller base, the buyer base, the vehicles listed, the vehicles sold all by double digit volumes, setting new records, etcetera. So very strong performance in D2D.

我想說從 3 月 20 日開始，大概是本季的最後 10 天，一直延續到 4 月。這是事實，而且這是一個額外的好處。但我想說，克雷格，這對更廣泛的故事來說只是一個增量。總體而言，這是一個非常強勁的季度，我們的經銷商業務同比增長了 15%，賣家基礎、買家基礎、上市車輛、銷售車輛數量均實現了兩位數的增長，創下了新紀錄等等。因此 D2D 性能非常強勁。

I think a strong performance in commercial as well, although volumes were down that was well telegraphed and well communicated for the past number of earnings calls. That’s a known fact. So those volumes were very much in line. And then a strong performance on the finance business. So three strong pillars to this business, all I think performed well in Q1.

我認為商業領域的表現同樣強勁，儘管交易量有所下降，但這一點在過去的幾次收益電話會議上已經得到了充分的傳達和溝通。這是眾所周知的事實。因此，這些交易量非常一致。金融業務表現強勁。因此，我認為該業務的三大支柱在第一季都表現良好。

I’d say the pull ahead that’s been reported was a slight added benefit late in the day, but very much incremental to the overall story of the quarter.

我想說，報告的領先只是當天晚些時候的一點額外好處，但對本季的整體情況有很大的幫助。

Thanks. And with respect to that dealer volume growth, I think 15%, To what extent do you attribute that to better awareness of OpenLane? I think you’ve been under the OpenLane brand as a unified brand for about two years now and I’m curious whether you start to feel some traction there?

謝謝。關於經銷商數量成長，我認為是 15%，您在多大程度上將其歸因於 OpenLane 知名度的提高？我認為你們已經使用 OpenLane 品牌作為統一品牌大約兩年了，我很好奇你們是否開始感受到一些吸引力？

Yes. Thanks, Craig. Listen, I think you’re hitting on an important point. I think it’s multifaceted, but I think that’s one key point. I think the combination of the platforms, one brand, simplifies the equation for the customer, consolidating the marketplace with commercial and dealer inventory creates a unique mix of inventory on this marketplace that no other operator has of high value compelling vehicles for a broad universe of buyers.

是的。謝謝，克雷格。聽著，我認為你說到了重點。我認為它是多方面的，但我認為這是一個關鍵點。我認為，多個平台和一個品牌的結合簡化了客戶的方程式，將市場與商業和經銷商庫存整合在一起，在這個市場上創造了一種獨特的庫存組合，這是其他運營商所沒有的，可以為廣大買家提供高價值、有吸引力的車輛。

So I think that’s part of it. As you know, we also made investments, in the middle of last year, where we sort of increased our go to market investments, particularly in the US, and we’re seeing those payoffs. So I guess when I look at that dealer business, again, 15% organic growth in dealer volumes, That’s our second consecutive quarter back to back, where we’ve had double digit growth or basically the same growth level.

所以我認為這是其中的一部分。如您所知，我們在去年年中也進行了投資，增加了市場進入投資，特別是在美國，並且我們看到了回報。因此，我想，當我再次審視經銷商業務時，經銷商數量有機增長了 15%，這是我們連續第二個季度實現兩位數增長或基本上保持相同的增長水平。

We believe we’re gaining share, okay. We believe we’re outperforming other parts of the industry. We’re growing with major dealers, some of the biggest dealers choosing OpenLane. So that’s great to see. And again, I think if we look at this big picture overall, this digital dealer to dealer market is still, I would say 30% or less of the overall dealer market.

我們相信我們的市場份額正在增加，好的。我們相信我們的表現優於行業的其他部分。我們與主要經銷商一起成長，其中一些最大的經銷商選擇了 OpenLane。看到這一點真是太好了。而且，我認為如果我們從整體上看，這個數位經銷商對經銷商市場仍然只佔整個經銷商市場的 30% 或更少。

So 70% of dealer volume is still physical, although the digital section is taking a little bit more share every year that goes by and obviously we’re benefiting from that. So I think we’re one of the drivers of that as well. So listen, we’re pleased with the results. We’re pleased with the strategy. We’re pleased with the execution.

因此，70% 的經銷商業務仍為實體業務，儘管數位業務的份額逐年增加，但顯然我們從中受益。所以我認為我們也是其中的推動者之一。聽著，我們對結果很滿意。我們對這個策略很滿意。我們對執行效果非常滿意。

We’re going to keep executing, hopefully at the same high level and keep trying to drive that secular shift. And as customers become more and more aware of what we offer, I think the more they like it.

我們將繼續執行，希望保持同樣的高水平，並繼續努力推動這種長期轉變。隨著客戶越來越了解我們提供的產品，我想他們會越來越喜歡它。

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

Hey, great. Thanks for taking the question. I just had one first one on Canada. Can you give us a sense of what percentage of vehicles transacted on your platform in Canada or just the industry overall, how many of those vehicles or what percentage typically then get exported to the US?

嘿，太棒了。感謝您回答這個問題。我剛剛在加拿大獲得了第一名。您能否告訴我們，在加拿大或整個產業中，您的平台上交易的汽車佔比是多少，其中有多少或多大比例的汽車通常會出口到美國？

And just how do you think you navigate the impact to the industry from that in this new tariff regime? That was my first question. Just have a quick follow-up on AFC.

您認為該如何因應新關稅制度對產業帶來的影響？這是我的第一個問題。只需快速跟進一下 AFC 的情況。

Great. Thanks, Rajat. I’ll attempt to answer that here. It’s a good question. Obviously, Canada is an important market for us. We don’t disclose US versus Canada volumes, but Canada is an important market for us. We’re the market leader up there in commercial and in dealer. It’s an important part of our business.

偉大的。謝謝，拉賈特。我將嘗試在這裡回答這個問題。這是個好問題。顯然，加拿大對我們來說是一個重要的市場。我們沒有揭露美國和加拿大的銷售對比，但加拿大對我們來說是一個重要的市場。我們是商業和經銷商市場的領導者。這是我們業務的重要組成部分。

And performance in Canada, was strong in Q1 as well. As I said, we were strong in all our geographies in Q1. So in Canada, I would say a meaningful percentage, but it’s certainly less than 20% and in most periods it’s less than 15% of the volume we sell, we believe is purchased by exporters who then import those used vehicles into the US. So to put a wide range on it, Rajat, 10% to 20% in most quarters.

加拿大第一季的表現同樣強勁。正如我所說，我們在第一季在所有地區都表現強勁。因此，在加拿大，我想說這是一個有意義的百分比，但肯定低於 20%，而且在大多數時期，低於我們銷售量的 15%，我們相信這些二手車是由出口商購買的，然後出口商將這些二手車進口到美國。因此，Rajat 給出一個大致的範圍，大多數季度的漲幅在 10% 到 20% 之間。

And sometimes the activity drives up and it drops below that, but that’s kind of typical. But we’ve analyzed this quite carefully. So a few things are interesting to me. One is, if we look at new car retail sales in Canada, about half of those are built in the US, okay?

有時活動量會上升，有時又下降，但這很典型。但我們已經對此進行了非常仔細的分析。有幾件事對我來說很有趣。一是，如果我們看看加拿大的新車零售量，其中大約一半是在美國製造的，好嗎？

And if we look at the majority, and I’m talking about the significant majority of vehicles that have been exported from Canada into the US, there are vehicles that are originally built in the US. And you can tell that by the VIN. So they’re not subject to these tariffs.

如果我們看一下大多數車輛，我指的是從加拿大出口到美國的絕大多數車輛，其中有些最初是在美國製造的。您可以透過 VIN 來判斷。所以他們不受這些關稅的約束。

So we’ve had pretty active open discussions with some of our big customers who operate in this business. There volumes are strong. They continue to be strong. I mentioned in my remarks, we’ve built a tariff filter. That’s to enable buyers in our Canadian market to quickly see it and say what vehicles are not subject to tariffs.

因此，我們與一些從事該業務的大客戶進行了非常積極和公開的討論。那裡的交易量很大。他們繼續保持強大。我在我的演講中提到，我們已經建立了一個關稅過濾器。這是為了使我們加拿大市場的買家能夠快速看到並知道哪些車輛不受關稅限制。

So I guess that’s kind of a long way of saying, Rajat, it’s something we’re paying attention to, but it looks like, the majority of vehicles that are currently being exported are not and will be not subject to tariffs. And this business at least today continues at its sort of normal robust pace.

所以我想，拉賈特，我想說的是，這是我們正在關注的事情，但看起來，目前出口的大多數車輛都不會被徵收關稅。至少今天，這項業務仍保持著正常強勁的勢頭。

Understood. That’s helpful color. And just a second question was on AFC. I was surprised to see the sharp drop in provisioning there. Just curious what happened. Is this like a new level going forward? Was there any one time stuff that influenced that, because a pretty strong number there. So any thoughts on the cadence outlook there, would be helpful.

明白了。這是很有幫助的顏色。第二個問題是關於亞足聯的。我很驚訝地看到那裡的供應量急劇下降。只是好奇發生了什麼事。這是否就像是前進的一個新水平？是否有任何一次性的事情對此產生了影響，因為那裡的數字相當大。因此，任何有關節奏前景的想法都會有所幫助。

Yes. Thanks, Rajat. Listen, AFC had a very good quarter. I was very pleased with the results volume growth, strong revenue performance albeit, a slight decline in revenue really driven by where interest rates are at relative two a year ago, and then very strong risk management that delivered the overall result. I guess, Rajat, if you look at the risk management stats over the last, I don’t know, four quarters, they have been steadily improving.

是的。謝謝，拉賈特。聽著，亞足聯本季表現非常好。我對業績成長、營收表現強勁感到非常滿意，儘管收入略有下降，主要是因為兩年前的利率水平較低，但強大的風險管理帶來了整體業績。我想，拉賈特，如果你看一下過去四個季度的風險管理統計數據，你會發現它們一直在穩步改善。

So I think Q1 was just another data point along that curve. Although the improvement relative to Q4 was quite strong. So we were pleased with that. When I put it down to listen, I think AFC has the industry leading risk management kind of approach, I believe in the industry.

所以我認為 Q1 只是該曲線上的另一個數據點。儘管與第四季度相比改善相當強勁。所以我們對此感到很高興。當我放下它去聽的時候，我認為亞足聯擁有行業領先的風險管理方法，我相信這個行業。

And also I’d say generally in an environment when used vehicle prices are not depreciating or are appreciating that typically reduces the risk at AFC a little bit, because vehicles are holding their value and that diminishes risk.

而且我想說，一般來說，當二手車價格沒有貶值或升值時，AFC 的風險通常會稍微降低，因為車輛的價值得以維持，從而降低了風險。

So listen, I feel really good about the performance there. I guess, what do we see going forward? We’re in the 1.5% to 2% range. That’s the range we typically target the business to be in. So I don’t really expect it to be below that range for any sort of significant period of time. We were targeted being in that range for 2025 overall, and likely for the coming few quarters.

所以聽著，我對那裡的表現感覺非常好。我想，我們會看到什麼進展呢？我們處於 1.5% 到 2% 的範圍內。這是我們通常所期望的業務範圍。因此我並不真的期望它會在任何相當長的一段時間內低於這個範圍。我們的目標是在 2025 年總體上達到這一範圍，並且很可能在未來幾個季度內也達到這一範圍。

Ryan, is there anything you want to add to that or?

Ryan，您還有什麼要補充的嗎？

No, I think that’s correct.

不，我認為這是正確的。

Yes. Okay. So I think we feel good about the 1.5% to 2% range, Rajat.

是的。好的。因此我認為我們對 1.5% 到 2% 的範圍感到滿意，Rajat。

Bob Labick, CJS Securities.

拉比克（Bob Labick），CJS 證券公司。

Hi, this is Will on for Bob. Can you add some color to the key measures you’re taking to gain share independent industry volumes? Are you continuing to add to the sales force or is that on pause with tariffs?

大家好，我是威爾，代表鮑伯。您能否詳細說明一下為獲得獨立產業份額而採取的關鍵措施？您會繼續擴充銷售隊伍，還是會因為關稅而暫停擴充？

Well, thank you Will for that. Listen again, pleased with the outcomes we’re seeing. And I think the investments we made in the middle of last year were a contributing factor to that. I don’t think they were the only factor. I think there’s other factors as well, but the combination has been very positive.

好吧，謝謝你，威爾。再聽一遍，對我們所看到的結果感到滿意。我認為我們去年年中所做的投資是造成這現象的因素。我認為它們不是唯一的因素。我認為還有其他因素，但這些因素結合起來產生了非常積極的效果。

Obviously, we’re a very data driven company. So when we make investments, we track how those investments are performing. So we’ve got more robust. We’ve got another ninety days of data against these new investments at this point. \

顯然，我們是一家非常依賴數據的公司。因此，當我們進行投資時，我們會追蹤這些投資的表現。因此我們變得更加強大。目前，我們已獲得針對這些新投資的另外 90 天的數據。\

Listen, I feel really good about what we’ve seen. I would argue that those investments are not even yet fully up to speed in terms of what they’re ultimately capable of, but they’re clearly well along that journey at this point.

聽著，我對我們所看到的一切感到非常高興。我認為，就其最終能力而言，這些投資甚至還沒有完全達到預期速度，但目前它們顯然已經取得了巨大進展。

And in terms of making further investments, listen, that’s something we’re looking at. The dealer to dealer business is one, in my view, one of three important pillars to the overall profitability story at OpenLane. We’ve got a dealer to dealer business where there’s an opportunity to move an industry that’s heavily physical into a more digital direction where we’re a market leader.

至於進一步投資，聽著，這是我們正在考慮的事情。在我看來，經銷商對經銷商業務是 OpenLane 整體獲利能力的三大重要支柱之一。我們擁有經銷商對經銷商的業務，這讓我們有機會將一個嚴重依賴實體的產業轉向更數位化的方向，而我們是該市場的領導者。

So we’re investing in that, and showing I think very good outcomes there. So I think we will continue to make appropriate investments and I’m not going to be held back by tariffs to be honest with you. We’ll be prudent. We’ll look at the right what is the right investment for the environment we’re in. But then in addition to that, we’ve got the commercial business.

因此，我們正在對此進行投資，並且我認為我們已經取得了非常好的結果。所以我認為我們將繼續進行適當的投資，老實說，我不會受到關稅的阻礙。我們會謹慎行事。我們將研究什麼才是適合我們所處環境的正確投資。但除此之外，我們還有商業業務。

Again, 2025 is a low point. We’re confident volumes will increase in 2026 and 2027. That has been and will be a great business for this company. We’re a market leader there. And then we’ve got the finance business, which again just had an excellent quarter and has excellent prospects as well.

再一次，2025 年是一個低點。我們相信 2026 年和 2027 年產量將會增加。這對我們公司來說曾經是、將來也將是一筆偉大的業務。我們是那裡的市場領導者。然後我們有金融業務，該業務剛剛度過了一個出色的季度，並且前景也十分光明。

So listen, I think if you look across the board here at this company, I think we’re making the right investments. I think we’re executing well. I think we’re measuring those investments and the outcomes and we’ll continue to do that across all these three parts of our business.

所以聽著，我認為如果你全面審視這家公司，我們會發現我們正在進行正確的投資。我認為我們執行得很好。我認為我們正在衡量這些投資和成果，並且我們將繼續在我們業務的這三個部分中這樣做。

Thank you. And then just one more. Can you add some color to the key learnings from the single platform off lease and dealer car auctions on Openlane?

謝謝。然後再來一個。您能否詳細說明從 Openlane 單一平台租賃和經銷商汽車拍賣中獲得的關鍵經驗？

Yes, Will. Very good question. Some of that I think is anecdotal and some of it is sort of maybe a little harder to measure. But to the extent we do try to measure it, what can we observe? Well, since we did the combination, we’ve seen accelerated growth on our D2D.

是的，威爾。非常好的問題。我認為其中一些是軼事，而另一些可能有點難以衡量。但只要我們嘗試去測量，我們能觀察到什麼呢？嗯，自從我們進行了合併以來，我們看到 D2D 的成長加速。

Now there’s some other investments we made alongside, so it’s hard to sort of separate which for which. We’ve seen our eNPS scores go up. I feel really good about that sorry, not eNPS, NPS, customer NPS scores go up. I feel really good about that because that’s a way of measuring, are we performing against our purpose statement? Are we making wholesale easy?

現在我們也進行了一些其他投資，因此很難區分哪些是其他的。我們看到我們的 eNPS 分數上升了。我對此感覺很好，很抱歉，不是 eNPS，而是 NPS，客戶 NPS 分數上升了。我對此感到非常高興，因為這是一種衡量方式，我們是否按照我們的宗旨行事？我們是否讓批發變得簡單？

Are we making our customers more successful? And our customers are telling us, yes, you are. So I think that’s very positive. And then things like brand awareness, do customers recognize the brand? Have they heard about Openlane?

我們是否讓我們的客戶更成功？我們的客戶告訴我們，是的，您是的。所以我認為這是非常積極的。然後是品牌知名度，顧客是否認可該品牌？他們聽過 Openlane 嗎？

Are we getting that sort of referral customer who’s coming to us? And we’re seeing increased evidence of all of that. And frankly, talked about these NPS surveys. I’m increasingly seeing commentary in those surveys of dealers telling us, Openlane is my preferred marketplace.

我們是否獲得了這類主動向我們推薦的客戶？我們看到越來越多的證據證明這一點。坦白說，談論這些 NPS 調查。我越來越常看到經銷商在這些調查中的評論告訴我們，Openlane 是我首選的市場。

The way you guys do it is easy. It’s the best way. I like it. I want to buy more cars here. And that’s very gratifying to me and obviously our team sees those types of feedback as well. So I think listen, the platform consolidation is an important contributing factor.

你們做事的方式很簡單。這是最好的方法。我喜歡它。我想在這裡購買更多汽車。這讓我非常欣慰，顯然我們的團隊也看到了這些回饋。所以我認為，平台整合是重要的促成因素。

I love the brand we have. I love the simplicity of the brand. It has unified our team. I think we’re all passionate about what we do here at this company and we’re excited for the future of OpenLane.

我喜歡我們擁有的品牌。我喜歡這個品牌的簡潔性。它使我們的團隊團結起來。我認為我們都對在公司所做的事情充滿熱情，並且對 OpenLane 的未來感到興奮。

Jeff Licht, Stephens.

傑夫·利希特、史蒂芬斯。

Good afternoon, guys. Thanks very much for taking my question and congrats on a great quarter. I just wanted to hoping we could drill down a little bit on the auction fees per vehicle sold. There was strong increase there. I know you’ve got some pricing that was in Canada and you’re also the low cost provider. So if could just talk a little bit about the pricing environment and what’s driving the fee per unit, that’d be helpful.

大家下午好。非常感謝您回答我的問題，並祝賀您本季取得了出色的成績。我只是希望我們能夠深入了解每輛售出車輛的拍賣費用。那裡出現了強勁增長。我知道你們在加拿大有一些定價，而且你們也是低成本供應商。因此，如果可以稍微談談定價環境以及推動每單位費用的因素，那將會很有幫助。

I just wanted to hoping we company uld drill down a little bit on the auction ee per, vehicle sold. There was, strong increase there. I know you've got some pricing that was in Canada, and, you're also the low cost provider. So if you just talk about the pricing environment and what's driving the fee per unit, that'd be helpful.

我只是希望我們公司能夠對拍賣會上出售的每輛汽車進行更深入的了解。那裡有強勁的成長。我知道你們在加拿大有一些定價，而且你們也是低成本供應商。因此，如果您只談論定價環境以及推動每單位費用的因素，那將會很有幫助。

Thanks, Jeff. Hey, I appreciate those comments and I’ll try to answer your question here. You mentioned OpenLane is a low cost provider. Here’s the way I like to think about it. I think OpenLane is a high quality provider. We provide excellent outcomes for customers and we do that at a reasonable price.

謝謝，傑夫。嘿，我很感謝這些評論，我會盡力在這裡回答你的問題。您提到 OpenLane 是一家低成本供應商。這是我喜歡思考的方式。我認為 OpenLane 是一家高品質的供應商。我們為客戶提供卓越的成果，且價格合理。

So I think we’re sort of very much on the sort of cost quality frontier in terms of offering a superior excellent sort of technology digitally driven out service and outcome at a very reasonable price. That’s kind of how I think about it. And I do think big picture, we have pricing opportunity in this business, but I also think we’re focused on growing our volumes and growing our share. And I think we saw evidence of all of that in Q1.

因此，我認為我們在以非常合理的價格提供卓越的數位化技術服務和成果方面處於成本品質前沿。我就是這麼想的。我確實認為，從大局來看，我們在這個行業有定價機會，但我還認為我們專注於增加銷售量和增加份額。我認為我們在第一季就看到了所有這些的證據。

So to get into the specifics, listen, we did see I think 14% growth in auction fee revenue. So maybe that’s where pricing has shown up the most. I feel good about that. There was a pricing increase in Canada. Jeff, we did a relatively modest one.

那麼具體來說，我們確實看到拍賣費收入增加了 14%。所以也許這就是定價最明顯的地方。我對此感覺很好。加拿大的價格上漲了。傑夫，我們做的相對溫和。

We did it at the beginning of the quarter. I think that is delivering all of its intended outcomes. So we didn’t see any erosion or loss from that. So that’s been effective. But also, what I’m really happy to see in Canada is our NPS scores went up, right?

我們在本季初就這麼做了。我認為這已經達到了所有預期的結果。因此，我們沒有看到任何侵蝕或損失。所以這是有效的。但同時，我很高興看到加拿大的 NPS 分數上升了，對嗎？

So the increase in pricing wasn’t a negative in any of the sort of customer perception or the relationship we have with our customers. So, we did that in Canada. I guess what I’d say overall Jeff is, I like how we’re positioned from a price perspective. Dealers recognize that our fees are very reasonable in an environment where not all of their providers would have the same reasonable fees, let’s say.

因此，價格上漲不會對客戶的看法或我們與客戶的關係產生負面影響。所以我們在加拿大做到了這一點。我想說的是，傑夫，總的來說，我喜歡我們從價格角度的定位。經銷商意識到，在並非所有供應商都收取同樣合理的費用的環境下，我們的費用是非常合理的。

And I think we’re well positioned there. Pricing, I would say is a lever of future growth, but it’s not going to be the most important lever. The other levers would be obviously volume, I think is the important one, volume and share, pricing and then cost management and the scalability of the platform, obviously I think the digital platform has that in space as well.

我認為我們在這方面處於有利地位。我想說，定價是未來成長的槓桿，但它不會成為最重要的槓桿。其他槓桿顯然是數量，我認為這是重要的，數量和份額，定價，然後是成本管理和平台的可擴展性，顯然我認為數位平台在空間上也具有這些功能。

Well, I certainly didn’t mean to imply by saying you’re the low cost provider that you were the low quality provider. I was just more implying that’s a gap there that maybe you could close a little bit in terms of pricing if you wanted.

好吧，我當然不是說你是低成本供應商，就暗示你是低品質供應商。我只是暗示那裡存在著差距，如果你願意的話，也許你可以在定價方面稍微縮小一點。

And just follow-up on the service revenue, I’m assuming that that’s perhaps a little more tied to the commercial units because that was down or any color you could add there?

關於服務收入的後續情況，我假設這可能與商業單位的聯繫更緊密一些，因為商業單位的收入下降了，或者您可以添加什麼顏色嗎？

Yes, Jeff. And I appreciate that comment as well, by the way. And I didn’t mean to imply that you did that. I was just trying to clarify how I see it. So the biggest driver of the service volume decline service revenue decline was the divestiture of the keys business, okay?

是的，傑夫。順便說一句，我也很欣賞這個評論。我並不是有意暗示你這麼做。我只是想澄清我的看法。因此，服務量下降、服務收入下降的最大驅動因素是關鍵業務的剝離，好嗎？

So the keys business was 2% to 3% of revenue and 2% to 3% of EBITDA last year, but all of that is reported within the marketplace segment. So if you think of it as how much a component of Marketplace revenue and Marketplace EBITDA was at last year, it obviously was a higher percentage. We haven’t disclosed the specifics, but, that was the biggest single driver.

因此，關鍵業務去年佔收入的 2% 到 3%，佔 EBITDA 的 2% 到 3%，但所有這些都是在市場部門內報告的。因此，如果您將其視為去年市場收入和市場 EBITDA 的組成部分，那麼顯然其百分比更高。我們尚未透露具體細節，但這是最大的單一驅動因素。

The second item you mentioned the item you mentioned would probably be the number two item, which was as commercial volumes went down, that meant there were fewer off lease vehicles inspected and there were fewer off lease vehicles delivered and those are drivers of service revenue as well. Now that was offset by increased volume of dealer vehicles inspected and dealer vehicles delivered. So the keys business was item number one, the item you mentioned was item number two.

您提到的第二件事可能是第二大件事，那就是隨著商業量的下降，這意味著檢查的租賃期滿車輛更少，交付的租賃期滿車輛更少，而這些也是服務收入的驅動因素。現在，這一數字已被經銷商車輛檢查量和經銷商車輛交付量的增加所抵消。因此，鑰匙業務是第一項，您提到的項目是第二項。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Hey, good evening guys. Hi, Bret. On the discussion of pricing, I think you mentioned auction fee revenues were up 14% and gross profit you said was up 7% and I think in the prepared remarks you mentioned pricing investment attached to that delta and you had a price increase in Canada. Was there a price movement in US Market that sort of was pricing the driver of the share gain in any way or is pricing becoming more competitive at all?

嘿，大家晚上好。你好，布雷特。關於定價的討論，我認為您提到拍賣費收入增長了 14%，毛利增長了 7%，而且我認為在準備好的評論中您提到了與該增量相關的定價投資，並且您在加拿大的價格有所上漲。美國市場是否存在價格變動，這種價格變動是否以某種方式推動了股價上漲，或者價格變得更具競爭力？

Yes. Thanks, Brett. We didn’t make any change in our pricing in the US market in the quarter, but we did increase our pricing in the US Market in, I think the fourth quarter, certainly the latter part of last year. I think it was the fourth quarter. Yes, it was the fourth quarter. So that pricing increase in Q4 would have flowed into Q1 and been a year over year boost to the auction revenue growth.

是的。謝謝，布雷特。我們在本季沒有對美國市場的定價做出任何調整，但我們確實在第四季度，也就是去年下半年提高了美國市場的定價。我認為是第四季。是的，是第四季。因此，第四季的價格上漲將延續到第一季度，並推動拍賣收入年增。

And so if I was to look at the US D2D market in Q1, volume grew, so we had healthy volume growth. Revenue per unit also grew, right? Now, we also had some incremental investments against that, the investments we made in sort of Q2, Q3 of last year, which were offset by some other efficiencies in other parts of the business. So that was kind of the equation around that.

因此，如果我看一下第一季的美國 D2D 市場，就會發現交易量有所成長，因此我們的交易量成長是健康的。每單位收入也成長了，對嗎？現在，我們也進行了一些增量投資，即我們在去年第二季、第三季進行的投資，但這些投資被業務其他部分的一些效率所抵消。這就是圍繞這一問題的等式。

But, listen, I think healthy volume growth, we believe we’re gaining growing volume organically, growing our share, growing our dealer not only the volume, but also maybe more important to me is number of active sellers, number of active buyers and then obviously improving the ENPS and the customer experience as well, was important.

但是，聽著，我認為健康的銷量增長，我們相信我們正在有機地獲得銷量增長，增加我們的份額，增加我們的經銷商，不僅是銷量，而且對我來說更重要的是活躍賣家的數量，活躍買家的數量，然後顯然改善 ENPS 和客戶體驗也很重要。

Okay. And then I guess a big picture question that sort of relates to the tariffs and maybe you can flash back to 2022 when we had another external driver of used car values. But if new car ASPs go up and used becomes sought after commodity, do dealers put fewer cars to consignment or does that increase the churn of used vehicles as everybody is competing for this for inventory?

好的。然後我想一個與關稅有關的大問題，也許你可以回顧一下 2022 年，當時我們有另一個二手車價值的外部驅動因素。但是，如果新車平均售價上漲，二手車成為搶手貨，經銷商是否會減少寄售車輛的數量，還是說由於大家都在爭奪庫存，這會增加二手車的流失率？

Yes. It’s a good question Brett. And I don’t think we’re looking at a 2022 like situation. I think all these situations are different, but there are some things to be thoughtful about when it comes to what we’re looking at. To me, a key question is how much inventory, particularly new car inventory do dealers have on their lot relative to demand?

是的。布雷特，這是個好問題。我認為我們不會面臨像 2022 年的情況。我認為所有這些情況都是不同的，但是當談到我們所考慮的事情時，有些事情是值得深思的。對我來說，一個關鍵問題是，相對於需求量，經銷商的庫存量，特別是新車庫存量是多少？

If dealers’ lots are relatively full, then when they get trade ins associated with selling a new retail car, they’re likely to wholesale a decent percentage of those traders, right? If their new car lot is relatively empty, then they’re going to look at all those empty spaces and say, man, I need to start beefing up my used car business, right?

如果經銷商的庫存比較充足，那麼當他們進行與銷售新零售車相關的以舊換新時，他們可能會批發相當一部分經銷商的庫存，對嗎？如果他們的新車停車場相對空曠，那麼他們會看到所有這些空置空間並說，夥計，我需要開始加強我的二手車業務，對嗎？

So, I think we’ve got to sort of look at that. We did see because of the sort of pull ahead in retail that we saw in the last 10 days of March and the first two weeks of April, I do believe inventory at dealers’ lots declined a little bit, but I think it was sort of relatively modest from like I think I saw a 55 day supply down to 51 or something like that and don’t quote me on those numbers, but I think it’s of that order.

所以，我認為我們必須考慮這一點。我們確實看到，由於 3 月最後 10 天和 4 月前兩週零售業的拉動，我相信經銷商庫存有所下降，但我認為下降幅度相對較小，從 55 天的供應量下降到 51 天左右，雖然這些數字不是我本人說的，但我認為是差不多的。

But that’s one thing I would look at is how what is the total volume of new car sales, how relatively full are dealers’ lots and that will tend to drive how many vehicles they commit to the wholesale channel.

但我要關注的一件事是新車銷售總量是多少，經銷商的庫存相對充足程度如何，這將決定他們向批發通路投放多少輛汽車。

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

我們的問答環節到此結束。我想將會議交還給彼得凱利 (Peter Kelly) 來做結束語。

Well, thank you, Nick, and thank you to everybody on the call for being with us here today and for your interest in our company. Again, as I look ahead, I think Openlane is very well positioned to navigate the current environment, advance our strategy for growth and deliver sustained shareholder value.

好吧，謝謝你，尼克，也感謝今天參加電話會議的每個人以及你們對我們公司的關注。再次，展望未來，我認為 Openlane 完全有能力應對當前環境、推進我們的成長策略並為股東帶來持續的價值。

As we look at the Q1 results, think it’s clear that our marketplace and finance business are executing very well, generating very strong cash flows and, we’ve got this company in a situation we’ve got very little debt at this point.

當我們回顧第一季的業績時，我們可以清楚地看到，我們的市場和金融業務表現非常良好，產生了非常強勁的現金流，而且，目前我們公司的債務很少。

As a product of all we know about the industry and our performance, we are maintaining our 2025 guidance And we’re also we spoke to the new share repurchase authorization, the upsizing of that to $250 million. I look forward to updating you all on OpenLane’s strategy, innovation and performance again on our next quarter’s call in about 90 days from now.

根據我們對行業和自身業績的了解，我們維持 2025 年的指導方針，並且我們還談到了新的股票回購授權，將其規模提高至 2.5 億美元。我期待在大約 90 天後的下一季電話會議上再次向大家通報 OpenLane 的策略、創新和業績。

Thank you all. Have a great evening.

謝謝大家。祝您有個愉快的夜晚。

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。現在您可以斷開連接