OPENLANE, Inc. (OPLN) 2026 Q1 法說會逐字稿

Good morning, and welcome to the OPENLANE Inc first quarter 2026 earnings call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Bill Wright. Please go ahead, sir.

早安，歡迎參加 OPENLANE Inc 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給 Bill Wright。先生，請開始。

Thank you, operator. Good morning, everyone. Welcome to OPENLANE's first quarter 2026 earnings call. With me today are Peter Kelly, CEO of OPENLANE; and Brad Herring, EVP and CFO of OPENLANE.

謝謝，接線員。各位早安。歡迎參加 OPENLANE 2026 年第一季財報電話會議。今天與我一同出席的有 OPENLANE 執行長 Peter Kelly，以及 OPENLANE 執行副總裁兼財務長 Brad Herring。

Our remarks today include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that may cause our actual results or performance to differ materially from such statements. Factors that may cause such differences include those discussed in our press release issued today and in our SEC filings.

我們今天的發言包含《1995 年私人證券訴訟改革法》所界定的前瞻性陳述。此類前瞻性陳述涉及風險與不確定性，可能導致我們的實際結果或表現與該等陳述存在重大差異。可能造成此類差異的因素包括我們今日發布的新聞稿以及我們向美國證券交易委員會（SEC）提交的文件中所討論者。

Certain non-GAAP financial measures as defined under SEC rules will be discussed on this call. Reconciliations of GAAP to non-GAAP measures are provided in our earnings materials and available in the Investor Relations section of our website. Please note that all financial and operational metrics presented during this call are on a year-over-year basis, unless otherwise specifically noted.

本次電話會議將討論依 SEC 規則所定義的某些非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之間的調節表已載於我們的財報資料中，並可於本公司網站「投資人關係」專區取得。請注意，除非另有特別說明，本次電話會議中呈現的所有財務與營運指標皆以年對年為基礎。

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

接下來，我把電話交給 Peter。

Thank you, Bill, and thank you, everyone, for joining the call today. I'm very pleased to report on OPENLANE's strong first quarter results and to provide you with an update on our strategy and our outlook. I'll begin with a few opening remarks, and then Brad will walk you through our financial and operational performance and our increased guidance for 2026.

謝謝你，Bill，也謝謝各位今天加入本次電話會議。我很高興向各位報告 OPENLANE 強勁的第一季業績，並更新我們的策略與展望。我將先做幾點開場說明，接著 Brad 會帶各位回顧我們的財務與營運表現，以及我們上調後的 2026 年財測指引。

But before I turn to our results, I'd like to highlight that this week marks the 3-year anniversary of our rebrand to OPENLANE. As I stated at our March investor events, the rebrand was never about a new name or logo, it was about forging an entirely new company founded on a single purpose, which is to make wholesale easy so our customers can be more successful.

不過在談到業績之前，我想先強調，本週是我們更名為 OPENLANE 的第 3 週年。正如我在 3 月的投資人活動中所說，這次更名從來不只是換個名稱或標誌，而是要打造一家全新的公司，並以單一使命為根基：讓批發交易變得更容易，讓客戶能更成功。

Over the past 3 years, our investments, strategy and execution have delivered on that commitment and reinforced several key pillars of differentiation for OPENLANE, including the leading commercial off-lease solution that connects thousands of franchise dealers into our marketplace, a dealer business that is outpacing the industry and capturing meaningful market share, a high-performing finance business that is synergistic with our marketplace, an accelerating network effect of new buyers, sellers, listings and transactions and a winning culture and team that I consider to be the very best in the industry.

過去 3 年來，我們的投資、策略與執行已兌現這項承諾，並強化了 OPENLANE 幾項關鍵差異化支柱，包括：領先的商用租賃期滿（off-lease）解決方案，將數千家加盟經銷商連結至我們的市場平台；成長速度超越產業並取得可觀市占的經銷商業務；與市場平台具協同效益、表現優異的金融業務；由新買家、賣家、刊登與交易所帶動、持續加速的網路效應；以及我認為是業界最優秀的致勝文化與團隊。

The performance and outcomes OPENLANE is delivering are the direct result of the strategy we began executing 3 years ago. And I believe our first quarter results are further evidence to OPENLANE's strength and differentiation in the market. During the first quarter, we continued to build on OPENLANE's positive momentum, growing consolidated revenue by 15% and delivering adjusted EBITDA of $97 million, a 17% increase. We also generated $160 million in cash flow from operations. These results were led by strong performance in the marketplace business with both commercial and dealer customers and solid contributions from our finance business.

OPENLANE 所展現的表現與成果，直接來自我們 3 年前開始執行的策略。我相信，我們第一季的結果進一步證明 OPENLANE 在市場上的實力與差異化。第一季期間，我們持續延續 OPENLANE 的正向動能，合併營收成長 15%，並達成調整後 EBITDA 9,700 萬美元，年增 17%。我們也創造了 1.6 億美元的營運現金流。這些成果主要來自市場平台業務在商用與經銷商客戶端的強勁表現，以及金融業務的穩健貢獻。

In the Marketplace segment, we grew overall vehicles sold by 19%, increased gross merchandise value by 32% to $9.1 billion and delivered $52 million in adjusted EBITDA, representing a 39% increase. In our dealer-to-dealer business, we grew vehicles sold by 13%, with similar geographic dynamics to those experienced in Q4 of 2025.

在 Marketplace（市場平台）部門，我們整體售出車輛數成長 19%，總商品交易額（GMV）成長 32% 至 91 億美元，並實現 5,200 萬美元的調整後 EBITDA，年增 39%。在我們的經銷商對經銷商（dealer-to-dealer）業務中，售出車輛數成長 13%，其地理區域動態與 2025 年第四季所見相近。

In the United States, OPENLANE dealer-to-dealer transactions continue to accelerate with growth in the upper 20% range. This represents a significant outperformance of the industry and a meaningful gain in market share. Our go-to-market strategy in the US is working and OPENLANE's unique inventory, technology advantage and superior customer experience are expanding our dealer network and compounding our growth in transactions.

在美國，OPENLANE 的經銷商對經銷商交易持續加速，成長率落在 20% 後段。這代表我們顯著優於產業表現，並取得可觀的市占提升。我們在美國的市場進入策略正在奏效；OPENLANE 獨特的庫存、技術優勢與更佳的客戶體驗，正擴大我們的經銷商網路，並推動交易量成長的複利效應。

In Canada, we were pleased to see some improvement in the macroeconomic and automotive retail environment. And while Canadian dealer unit sales declined versus a strong prior year comp, we did see sequential improvement over Q4 of 2025.

在加拿大，我們很高興看到總體經濟與汽車零售環境有所改善。雖然加拿大經銷商的單位銷量相較於去年強勁的比較基期有所下滑，但相較 2025 年第四季，我們確實看到環比改善。

On the commercial vehicle side, the 25% increase in vehicles sold was driven in large part by the onboarding of our latest private label customer. Even excluding that step function increase, commercial vehicle sales grew by 6% during the quarter. This reinforces that the inflection of off-lease supply has officially begun, and we expect to see year-on-year growth in off-lease volumes throughout the remainder of 2026 and beyond.

在商用車方面，售出車輛數成長 25%，主要由我們最新的自有品牌（private label）客戶導入所帶動。即使排除這項階躍式（step function）的增量，商用車銷售在本季仍成長 6%。這進一步印證租賃期滿（off-lease）供給的拐點已正式開始；我們預期 2026 年剩餘期間及其後，off-lease 量能將持續呈現年對年成長。

Moving to our Finance segment. AFC also had a good quarter, growing average receivables managed, holding the loan loss rate to 1.6% and generating $45 million in adjusted EBITDA. Now we do believe the industry experienced a strong spring market driven by higher-than-normal tax refunds and constrained supply paired with high consumer demand, which led to high conversion rates and appreciating asset values. That said, there is no question that OPENLANE's digital operating model is resonating in the market, and I am highly encouraged by the output of our investments and our focused execution.

接著談我們的 Finance（金融）部門。AFC 本季同樣表現良好，受管理的平均應收款項成長，並將貸款損失率維持在 1.6%，同時創造 4,500 萬美元的調整後 EBITDA。我們確實認為，產業在春季出現強勁市況，主要受高於常態的退稅金額與供給受限、加上消費需求強勁所驅動，進而帶來較高的成交轉換率與資產價值上升。即便如此，毫無疑問 OPENLANE 的數位化營運模式正在市場上引起共鳴；我也對我們投資所帶來的產出與聚焦執行的成果感到非常鼓舞。

So now let me turn to our strategy and outlook. As I mentioned at the start of the call, our strategy is delivering results, and we remain committed to advancing our three strategic priorities. First, delivering the best marketplace, expanding our depth and breadth with more buyers and more sellers and offering the most diverse commercial and dealer inventory available. Second, delivering the best technology, innovative products and services that help our customers make informed decisions and achieve better outcomes. And third, 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. And I'll touch on each of these in a little more detail.

接下來我談談我們的策略與展望。如同我在電話會議一開始提到的，我們的策略正在帶來成果，我們也將持續致力於推進三項策略優先事項。第一，打造最好的市場平台：擴大買家與賣家數量，深化並拓展我們的覆蓋，並提供最多元的商用與經銷商車源。第二，提供最好的技術：推出創新產品與服務，協助客戶做出更明智的決策並取得更佳成果。第三，提供最好的客戶體驗：讓我們的市場平台保持快速、公平且透明，讓客戶更容易完成交易，並使 OPENLANE 成為最受偏好的市場平台。我將就這三點再多做一些說明。

First, in terms of offering the best marketplace, we continue to make significant gains and drove another quarter of double-digit increases in new buyers, sellers and unique vehicles listed, each of which were up over 20% in the United States. Customer anticipation for the off-lease recovery is also driving more franchise dealers from our private label programs into OPENLANE's open sale. During the quarter, we nearly doubled the number of commercial vehicles sold in this higher-margin channel versus the prior year.

首先，在提供最佳市場平台方面，我們持續取得顯著進展，並在本季再次推動新買家、新賣家與獨特車輛刊登數的雙位數成長；在美國，這三項指標皆成長超過 20%。客戶對 off-lease 復甦的期待，也正驅動更多加盟經銷商從我們的自有品牌計畫轉入 OPENLANE 的公開拍賣（open sale）。本季我們在此一較高毛利通路中售出的商用車數量，較去年幾乎翻倍。

And on the independent dealer side, AFC new dealer registrations also increased during the quarter, each of which also presents a new dealer opportunity for OPENLANE. At the end of Q1, approximately 54% of all AFC dealers were registered with OPENLANE.

此外，在獨立經銷商端，AFC 的新經銷商註冊數在本季也有所增加，而每一位新註冊者也都為 OPENLANE 帶來新的經銷商機會。截至第一季末，約有 54% 的 AFC 經銷商已在 OPENLANE 註冊。

From a best technology perspective, we extended our technology advantage in the first quarter with our public release of OPENLANE Intelligence. OPENLANE Intelligence unifies our human and AI-enhanced capabilities to deliver actionable insights that improve customer decision-making. We see AI as a true enabler and accelerator of our digital solutions. And during the quarter, we released several new offerings and features that leverage our AI expertise and deep data resources.

從最佳技術的角度來看，我們在第一季透過公開發布 OPENLANE Intelligence，進一步擴大了我們的技術優勢。OPENLANE Intelligence 整合我們的人力能力與 AI 強化能力，提供可採取行動的洞察，以改善客戶決策。我們將 AI 視為真正的賦能者與數位解決方案的加速器。本季我們也推出多項運用 AI 專業與深厚資料資源的新產品與功能。

In Canada, we launched our new MyLot inventory management solution. Initial interest has exceeded our expectations with hundreds of early sign-ups, and we are optimistic about the potential of this subscription-based SaaS offering. Across the US and Canada, we also released our new predictive pricing feature, the only technology in the industry that provides dealers with a forward-looking 30-day, 60-day, 90-day view into the anticipated value of every dealer vehicle offered on OPENLANE.

在加拿大，我們推出了全新的 MyLot 庫存管理解決方案。初期興趣超出我們的預期，已有數百位用戶提前註冊，我們對這項以訂閱制為基礎的 SaaS 產品之潛力感到樂觀。在美國與加拿大，我們也發布了全新的預測定價功能，這是業界唯一能為經銷商提供前瞻性的 30 天、60 天、90 天視角，預估 OPENLANE 上每一輛經銷商車輛之預期價值的技術。

And finally, in terms of providing the best customer experience, we are also leveraging our human and AI capabilities to streamline and enhance the customer experience, improve the consistency, accuracy and speed of arbitrations and to help address dealer inquiries as quickly as possible. At the end of Q1, our transactional NPS scores across all geographies sits squarely in the excellent range with our US seller NPS achieving the highest scores, indicating exceptional customer loyalty and brand satisfaction.

最後，在提供最佳客戶體驗方面，我們也正運用人力與 AI 能力來精簡並強化客戶體驗，提升仲裁處理的一致性、準確性與速度，並協助盡可能快速回應經銷商的詢問。截至第一季末，我們在所有地區的交易型 NPS 分數穩居「優秀」區間，其中美國賣方的 NPS 達到最高分，顯示出卓越的客戶忠誠度與品牌滿意度。

So as we look into the remainder of 2026, while we cannot count on an industry environment as strong as Q1, there is still a lot of opportunity for OPENLANE. We are continuing to build momentum, and I'm very optimistic about our ability to execute our strategy with precision.

因此，展望 2026 年剩餘期間，雖然我們無法指望產業環境能像第一季一樣強勁，但 OPENLANE 仍有許多機會。我們將持續累積動能，我對我們精準執行策略的能力非常樂觀。

As our 2025 go-to-market investments in dealer-to-dealer continue to ramp up towards full productivity, we remain focused on increasing market share and wallet share. As stated earlier, we expect off-lease supply to scale up throughout the year, and OPENLANE will be a primary beneficiary of this cyclical recovery.

隨著我們在 2025 年針對經銷商對經銷商（dealer-to-dealer）的上市推廣投資持續提升並邁向全面生產力，我們仍專注於提高市占率與錢包占有率。如先前所述，我們預期租賃到期（off-lease）供給將在全年逐步擴大，而 OPENLANE 將是這波循環復甦的主要受益者。

Our Canadian business is leveraging its strong market position to introduce new revenue-generating products and services. Used vehicle values significantly appreciated in Q1 and remained strong. This is a positive for the marketplace and for AFC, though any sharp decline in used vehicle values could lead to a higher risk environment for floor plan financers. And while no industry is immune to geopolitical or macroeconomic events, we have not seen a material industry impact from fuel prices, new and used vehicle affordability, chip production or any other external factors that we monitor.

我們的加拿大業務正憑藉其強勁的市場地位，推出新的創收產品與服務。二手車價值在第一季顯著上漲並維持強勢。這對市場平台與 AFC 都是正面因素，但若二手車價值出現任何急劇下滑，可能會使庫存融資（floor plan）放款方的風險環境升高。此外，雖然沒有任何產業能完全免於地緣政治或總體經濟事件的影響，但就我們所監測的燃油價格、新車與二手車可負擔性、晶片產量或其他外部因素而言，我們尚未看到對產業造成重大影響。

So just to summarize, OPENLANE remains well positioned to capture the opportunities ahead, and we're executing a strategy that is delivering results, winning customers and outpacing the industry. Because of that, I believe the key elements of our value proposition for investors remain very compelling.

總結來說，OPENLANE 仍具備良好條件把握未來機會，我們正在執行一項能帶來成果、贏得客戶並超越產業表現的策略。因此，我相信我們對投資人的價值主張之關鍵要素仍然非常具吸引力。

OPENLANE is a highly scalable digital marketplace leader focused on making wholesale easy for automotive dealers, manufacturers and commercial sellers. There is a large addressable market for our services, and OPENLANE is uniquely well positioned with commercial customers and franchise and independent dealers.

OPENLANE 是高度可擴展的數位市場平台領導者，專注於讓汽車經銷商、製造商與商業賣家更容易進行批發交易。我們的服務面向龐大的可服務市場，而 OPENLANE 在商業客戶以及特許經銷商與獨立經銷商方面具備獨特且良好的定位。

Our customer surveys and third-party research indicate we are the most preferred pure-play digital marketplace in the industry. Our technology advantage is a competitive differentiator. Our floor plan finance business, AFC, is a high-performing business that is synergistic with the marketplace. We generate significant cash flow and have a strong balance sheet. And we believe our business has the capability to deliver meaningful growth, profitability and cash generation over the next several years.

我們的客戶調查與第三方研究顯示，我們是業界最受偏好的純數位市場平台。我們的技術優勢是重要的競爭差異化因素。我們的庫存融資業務 AFC 表現優異，並與市場平台具有協同效益。我們產生可觀的現金流，且資產負債表穩健。我們也相信，未來數年我們的業務具備實現具意義的成長、獲利能力與現金創造的能力。

So with that, I will now turn the call over to Brad.

接下來，我將把電話會議交給 Brad。

Thanks, Peter. Good morning to everyone for joining us today. On behalf of our management team and all of our employees, we are very proud to report a record quarter for OPENLANE.

謝謝你，Peter。各位早安，感謝今天加入我們。我謹代表管理團隊與全體員工，很自豪地向各位報告 OPENLANE 創下歷史新高的一季。

For the quarter, we transacted more GMV, sold more vehicles, generated more revenue and produced more adjusted EBITDA than any quarter in our company's history as a digital marketplace. These results would not be possible without the tireless commitment and stellar execution of our nearly 5,000 employees that work every day to make wholesale easy for our customers.

本季，我們完成的 GMV 交易額、售出車輛數、創造的營收以及產生的調整後 EBITDA，皆為公司作為數位市場平台以來的歷史最高季度。若沒有我們近 5,000 名員工日復一日不懈投入並出色執行、為客戶讓批發交易更容易，這些成果不可能達成。

Before we dive into the financial results, I'd like to thank all of our investors and sell-side analysts that came to visit us in Fort Lauderdale for our Investor Day on March 3. During my remarks and Q&A today, I may reference selected slides we reviewed during our presentation. These slides can be found on the Investor Relations section of our website.

在深入財務結果之前，我想感謝所有投資人與賣方分析師於 3 月 3 日蒞臨佛羅里達州勞德代爾堡參加我們的投資人日。在我今天的發言與問答中，我可能會引用我們在簡報中檢視過的部分投影片。這些投影片可在我們網站的投資人關係（Investor Relations）專區找到。

Moving on to actual results. We reported total revenues of USD528 million, which represents growth of 15%. Revenue growth in the quarter was exclusively driven by the results in the Marketplace segment, which I'll dive into more shortly. Consolidated adjusted EBITDA for the quarter was USD97 million, which represents an increase of 17%. I'll talk more about our adjusted EBITDA results within the discussions about each business segment.

接著談實際結果。我們公布的總營收為 5.28 億美元，成長 15%。本季營收成長完全由 Marketplace（市場平台）部門的表現所帶動，我稍後會更深入說明。本季合併調整後 EBITDA 為 9,700 萬美元，增加 17%。我也會在各業務部門的討論中，進一步說明我們的調整後 EBITDA 表現。

Consistent with previous quarters, we will be discussing adjusted free cash flow metrics on a rolling 12-month basis due to the inherent volatility in our quarterly cash flow numbers. For the trailing 12 months, our adjusted free cash flow totaled USD259 million, representing an adjusted free cash flow conversion rate of 75%. The 75% conversion rate is slightly above our expected range of 65% to 70% and reflects the strong cash generation of both our marketplace and financing businesses.

與前幾季一致，由於我們季度現金流數字本身具有波動性，我們將以滾動 12 個月基礎來討論調整後自由現金流指標。在過去 12 個月中，我們的調整後自由現金流合計為 2.59 億美元，對應的調整後自由現金流轉換率為 75%。75% 的轉換率略高於我們預期的 65% 至 70% 區間，反映出我們市場平台與融資業務皆具備強勁的現金創造能力。

As you may have heard, on March 26, the Canadian Parliament enacted a bill repealing the digital service tax or DST. This action resulted in a USD17.3 million reduction to our marketplace cost of services. USD15.9 million of the reduction represents prior period expenses that have been removed from our current quarter adjusted EBITDA calculation, while the remaining USD1.4 million is reflected as an in-quarter expense savings.

如各位可能已聽聞，加拿大國會於 3 月 26 日通過法案，廢除數位服務稅（digital service tax，DST）。此舉使我們的市場平台服務成本減少 1,730 萬美元。其中 1,590 萬美元的減少，代表先前期間費用已自本季調整後 EBITDA 的計算中移除；其餘 140 萬美元則反映為本季內的費用節省。

Moving to the performance of our business segments, I'll start with the marketplace. In Q1, we transacted GMV totaling USD9.1 billion, which represents growth of 32%. GMV growth in the dealer category was 20%, representing a 13% increase in vehicles sold and a 6% increase in average vehicle values. In the commercial category, the GMV growth of 38% was made up of a 25% increase in vehicles sold with an 11% increase in average values.

接著看各業務部門的表現，我先從市場平台開始。第一季，我們完成的 GMV 交易總額為 91 億美元，成長 32%。經銷商類別的 GMV 成長 20%，其中售出車輛數增加 13%，平均車輛價值增加 6%。在商業類別方面，GMV 成長 38%，由售出車輛數增加 25% 與平均價值增加 11% 所構成。

Auction and related revenues were USD242 million, which reflects growth of 22%. The primary driver of this growth was in the US dealer category, where we saw a 38% increase in auction and related fees driven mostly by the strong vehicle sold performance that Peter mentioned earlier. In addition to the growth in vehicles sold, US dealer GMV growth also included a 22% increase in average vehicle values, driven by a higher mix of sales from our large dealer group customers and an overall increase in wholesale auto prices.

拍賣及相關營收為 2.42 億美元，成長 22%。此成長的主要驅動因素來自美國經銷商類別，我們的拍賣及相關費用增加 38%，主要由 Peter 先前提到的強勁售車表現所帶動。除了售出車輛數的成長外，美國經銷商 GMV 的成長也包含平均車輛價值增加 22%，其原因在於大型經銷商集團客戶的銷售占比提高，以及整體批發車價上升。

Exclusively due to the significant increase in average vehicle values, yields for the US dealer business declined approximately 60 basis points from the 680 basis point to 700 basis point baseline range that we provided in our Investor Day materials. On a per vehicle sold basis, revenue generation in US dealer improved by high single digits.

由於平均車輛價值顯著上升，美國經銷商業務的收益率（yield）相較於我們在投資人日資料中提供的 680 個基點至 700 個基點基準區間，下降約 60 個基點。以每輛售出車輛為基礎計算，美國經銷商業務的營收創造能力提升了高個位數百分比。

Complementing our performance in the US dealer business, auction and related fees in our US commercial business were up 42%. GMV in the US commercial business was up approximately 46% due largely to the successful launch of a returning private label customer as well as improvement in the lease return waterfall.

與我們在美國經銷商業務的表現相輔相成，我們美國商業業務的拍賣及相關費用成長 42%。美國商業業務的 GMV 約成長 46%，主要歸因於成功重新啟動一位回歸的自有品牌（private label）客戶，以及租賃到期回收（lease return）分流機制（waterfall）的改善。

Yields in the US commercial business remained largely consistent with the baseline that we reviewed at Investor Day. SaaS and other revenues in the quarter were USD68 million, which is up 1% due to increases in our subscription-based revenue streams.

美國商業業務的收益率大致維持在我們於投資人日所檢視的基準水準。本季SaaS及其他收入為6,800萬美元，因訂閱制收入來源增加而成長1%。

Rounding out the revenues in the Marketplace segment, our purchased vehicle sales grew 31% to $112 million. The variance was driven by the increase in US vehicles sold as well as an increase in the average vehicle values in both US and Europe. Adjusted EBITDA for the Marketplace segment was USD52 million, which results in an adjusted EBITDA margin of 12%. That represents growth of 39% in adjusted EBITDA and 160 basis points of expansion in adjusted EBITDA margin. The year-over-year expansion in adjusted EBITDA margin was driven by the structural scaling effects of our digital platform and a higher mix of revenues coming from our US commercial business that comes with an accretive variable contribution.

作為Marketplace（市集）部門收入的補充，我們的購入車輛銷售額成長31%至1.12億美元。差異主要來自美國售出車輛數增加，以及美國與歐洲的平均車輛價值上升。Marketplace部門的調整後EBITDA為5,200萬美元，對應調整後EBITDA利潤率為12%。這代表調整後EBITDA成長39%，調整後EBITDA利潤率擴張160個基點。調整後EBITDA利潤率的年增擴張，主要由我們數位平台的結構性規模化效應，以及來自美國商業業務的收入占比提高所帶動；該業務具備增厚（accretive）的變動貢獻。

In our Finance segment, the average outstanding receivables managed in the quarter was USD2.4 billion, which is up 3%. Growth here was driven by a 3% increase in the average vehicle values, offset by a 1% decrease in transaction counts. Net yield for the quarter was 13.6%, which is down 30 basis points. The decrease was primarily attributable to a decrease in transaction fee yields driven by slightly lower transaction counts and increasing loan values.

在金融（Finance）部門，本季管理的平均未償應收款為24億美元，成長3%。此處的成長主要由平均車輛價值上升3%所帶動，但被交易筆數下降1%所抵銷。本季淨收益率為13.6%，下降30個基點。下降主要歸因於交易筆數略減與貸款金額上升，導致交易手續費收益率下滑。

The Q1 provision for credit losses was 1.6%, which is consistent with our results from last quarter and 7 basis points higher than the same quarter last year. While recent performance has hovered in the mid-1% range, we continue to reiterate our targeted range of 1.5% to 2.0% for credit losses. The combination of the changes in the portfolio balance, the net yield and the loss provisions are an adjusted EBITDA for the Finance segment of USD45 million, which was down 1%.

第一季信用損失準備為1.6%，與上季結果一致，且較去年同期高7個基點。儘管近期表現徘徊在1%中段區間，我們仍重申信用損失的目標區間為1.5%至2.0%。投組餘額、淨收益率與損失準備變動綜合影響下，金融部門的調整後EBITDA為4,500萬美元，下降1%。

With respect to capital considerations, I'll refer investors to Page 75 of the Investor Day deck where we laid out our objectives for capital deployment. To summarize that message, our first and foremost priority is to fund the organic growth of our business. That will be followed by share repurchases and finally, debt repayment.

就資本配置考量而言，我會請投資人參考投資人日簡報第75頁，我們在其中闡述了資本運用的目標。總結而言，我們首要且最優先的重點是為業務的內生成長提供資金。其次是庫藏股回購，最後才是償還債務。

In addition to our investments in go-to-market, we repurchased 964,000 shares in the first quarter at an average price of USD27.20. This represents the retirement of approximately 0.7% of our fully diluted share count that includes the assumed conversion of the remaining preferred shares.

除我們在市場推廣（go-to-market）方面的投資外，我們在第一季以平均每股27.20美元回購了964,000股。這相當於在完全稀釋股數（包含假設剩餘優先股轉換）基礎上，約0.7%的股份被註銷。

As we also mentioned in our Investor Day, we are considering debt repayment options, although investors should not expect to see any material paydowns to start until later in 2026 or early 2027. From a liquidity perspective, we ended the quarter with an unrestricted cash balance of USD180 million and capacity of over USD400 million on our existing revolver facilities.

正如我們在投資人日也提到的，我們正在評估償債選項，但投資人不應預期在2026年稍晚或2027年初之前會看到任何具實質規模的償還。就流動性而言，本季末我們的非受限現金餘額為1.80億美元，且在既有循環信貸（revolver）額度下仍有超過4.00億美元的可用額度。

Moving along to our guidance. We are raising our full year expectations for adjusted EBITDA from a range of USD350 million to USD370 million to a range of USD365 million to USD385 million. The entire increase is coming from our Marketplace segment and is driven mostly by strong performances in both our US dealer and US commercial businesses. This revision also reflects the full year impact of the repeal of the Canadian DST that I mentioned earlier.

接著談我們的財測指引。我們將全年調整後EBITDA預期由3.50億至3.70億美元，上調至3.65億至3.85億美元。本次上調全部來自Marketplace部門，主要由美國經銷商與美國商業業務的強勁表現所帶動。此修訂亦反映我先前提到的加拿大DST撤銷對全年帶來的影響。

Countering the strong performance in the marketplace, we remain cautious around downstream impact of evolving and volatile macro conditions. Sustained increases in fuel prices, the impact of rising auto prices on consumer affordability and subsequent impact on our customers and the automotive supply chain challenges are all front of mind as we look into the back half of 2026. With respect to our Finance segment, we maintain our previous guided position as the volatility and macro trends are largely offsetting the decreased likelihood of any rate cuts in 2026.

在市集業務強勁表現的同時，我們對於宏觀環境演變且波動所帶來的下游影響仍保持審慎。燃油價格持續上升、車價上漲對消費者負擔能力的影響及其對我們客戶的後續影響，以及汽車供應鏈挑戰，都是我們在展望2026年下半年時的重點關注。就金融部門而言，我們維持先前的指引立場，因波動與宏觀趨勢大致抵銷了2026年降息可能性降低的影響。

To summarize, we're very pleased with our quarterly results and are proud to increase our full year 2026 projections. Our revised outlook represents strong momentum in both the dealer and commercial elements of our Marketplace segment, while at the same time reflecting on some potential challenges. We are also proud of our prudent balance between growth and risk management in our Finance segment.

總結來說，我們對本季業績非常滿意，並很自豪能上調2026年全年預測。我們修訂後的展望反映Marketplace部門中經銷商與商業兩大面向的強勁動能，同時也納入若干潛在挑戰。我們也為金融部門在成長與風險管理之間維持審慎平衡而感到自豪。

With that, I'll turn it over to the operator for questions.

接下來我把時間交給接線員進行提問。

(Operator Instructions) Bob Labick, CJS Securities.

(接線員指示) Bob Labick，CJS Securities。

Congratulations on a great start to 2026. So obviously, really strong performance on commercial volumes, and you mentioned the returning off-lease customer there. Can you tell us, was there a full impact from that customer? Meaning did you have it for the full quarter? Or do you get a little incremental benefit in Q2 as well? Just trying to figure out the kind of run rate from that and the impact kind of going forward?

恭喜2026年有個很棒的開局。很明顯商業端的量表現非常強勁，你也提到那位回歸的租賃期滿（off-lease）客戶。能否說明一下，該客戶的影響是否已完全反映？也就是說，你們是否整個季度都有該客戶？還是第二季也會有一些增量效益？我只是想了解由此帶來的運行水準（run rate）以及未來的影響。

Yes, Bob, it launched mid-January. So it's pretty much a full quarter. But I guess, if you're doing precisely, there was an extra 2 weeks that wasn't live, but it was live for 11 weeks of the 13 weeks.

是的，Bob，它在1月中旬上線。所以幾乎涵蓋整個季度。不過若要精確來看，仍有額外2週尚未上線，但在13週中有11週是上線狀態。

Okay. Great. And then kind of sticking with commercial, lots of EVs coming off lease and there's pretty significant negative equity on that side. How are they behaving in the OPENLANE auctions, EVs in general? And then similarly, how are the ICE vehicles that may still have a little bit of equity behaving? Just give us a sense as we see this divergence of off-lease coming on more EVs probably this year and more ICE next year?

好的。很好。接著仍談商業端，很多電動車（EV）租賃到期回收，而且那一端有相當顯著的負淨值（negative equity）。在OPENLANE拍賣中，EV整體表現如何？同樣地，那些可能仍有一些淨值的燃油車（ICE）表現又如何？在我們看到租賃到期回收出現分歧——今年可能更多EV、明年更多ICE——的情況下，請給我們一些概況。

Thanks, Bob. Let me tackle it. I'll start with just the commercial overall, and then I'll go into the EV piece of it, if that's okay.

謝謝，Bob。我來回答。如果可以的話，我先從整體商業端談起，接著再談EV的部分。

Right.

好。

So listen, really good quarter from commercial. As I said, 25% growth, a lot of growth in GMV as well. With a strong spring market, used vehicle values did go up about 7% by the end of the quarter relative to January 1. So GMV was strong. The new customer also had a premium vehicle portfolio that contributed to EV.

所以你看，商業端本季表現非常好。如我所說，成長25%，GMV也有很大幅度的成長。在強勁的春季市場帶動下，二手車價值到季末相較1月1日上升約7%。因此GMV表現強勁。新客戶也有較高端的車輛組合，對EV有所貢獻。

But in addition to the sort of volume increase, we also saw an improved mix relative to a year ago. So relatively fewer payoffs across the portfolio, although payoffs remain abnormally high, but they've come down a little bit in percentage terms. And corresponding to that, an increase in sort of non-grounding and open sales, which are higher revenue, higher-margin transactions for us. So we saw an improved mix through the commercial funnel. I'm talking generally here, EV and ICE combined, okay?

但除了量的增加之外，我們也看到相較去年同期的組合改善。因此整體投組中的結清（payoffs）相對更少；雖然結清仍異常偏高，但以比例來看已略有下降。相對應地，非落地（non-grounding）與公開銷售（open sales）有所增加，這些對我們而言是更高收入、更高毛利的交易。因此我們在商業端漏斗中看到組合改善。我這裡是泛指EV與ICE合併來看，好嗎？

So listen, a lot of encouraging signs there. And again, feel really good about the setup for commercial vehicles through the balance of this year and into next year and beyond.

所以你看，那裡有很多令人鼓舞的跡象。而且再說一次，我們對今年剩餘時間、延伸到明年以及更長期的商用車市場布局感到非常樂觀。

Going specifically into EVs, yes, we certainly saw an increase in EV volumes in the first quarter. The good news is they're performing very well. Conversion rate for EVs is comparable to that for ICE vehicles. It varies a little bit by portfolio, which indicates certain sellers are adopting different strategies in terms of how to remarket them. But overall, conversion rates on EVs in our marketplace is very strong.

具體談到電動車（EV），是的，我們確實在第一季看到EV的量有所增加。好消息是，它們的表現非常好。EV的成交轉換率與燃油車（ICE）相當。不同產品組合之間會有些微差異，這顯示某些賣方在再行銷方式上採取了不同策略。但整體而言，EV在我們市場上的轉換率非常強勁。

If anything, we're seeing because of the equity situation on EVs, which is more negative, as you know, we're seeing even fewer payoffs, so almost no payoffs. So those cars are flowing deeper in the funnel. So relatively higher conversion of EVs in the non-grounding and open channels, which from a margin perspective is very good for us. So we're seeing good performance with EVs.

如果說有什麼現象的話，我們看到因為EV的權益（equity）狀況較為負面（如你所知），所以我們看到更少的買斷（payoff），幾乎沒有買斷。因此這些車輛在漏斗中流得更深。所以EV在非落地（non-grounding）與開放渠道（open channels）的相對轉換率更高，從毛利角度來看這對我們非常有利。因此我們看到EV表現良好。

Obviously, in the quarter as well, we saw the stuff in the Persian Gulf and oil prices, that has probably boosted EV demand at the retail level a bit. So if anything, I would say that demand has strengthened late in March and into April as well. So good positive momentum on EVs. And I think the real question is the seller has to be prepared to sort of acknowledge what the value of the car is in the marketplace as opposed to what is the residual value that they might have written on a contract 2 years or 3 years ago. But absent that, I feel really good about it.

顯然，本季我們也看到波斯灣的事件以及油價變動，這可能在零售端稍微推升了EV需求。所以如果要說的話，我會說需求在3月下旬到4月也有所增強。因此EV呈現良好的正向動能。我認為真正的問題在於，賣方必須準備好某種程度上承認車輛在市場上的價值，而不是他們在2年前或3年前合約上所寫的殘值（residual value）。但若不考慮那點，我對此感到非常樂觀。

And as we're looking to the future, and again, I'll say this comment is more general. as commercial volumes are generally picking up, our commercial sellers are getting more and more interested in, okay, what techniques and plans can we put in place to maximize conversion and improve outcomes in the digital channel because it is such a fast channel. It's a low expense channel, but also a high price realization channel. So we're having very constructive discussions with many of our customers running pilots and various programs to drive adoption and drive conversion of the vehicles.

展望未來，而且我再說一次，這個評論比較偏一般性。隨著商用量整體回升，我們的商用賣方越來越有興趣思考：我們可以採用哪些技巧與方案，來在數位渠道中最大化轉換率並改善結果，因為那是一個非常快速的渠道。它是低費用渠道，但同時也是高價格實現（price realization）的渠道。因此我們正與許多客戶進行非常具建設性的討論，推動試點與各種計畫，以帶動採用並提升車輛轉換。

Craig Kennison, Baird.

Craig Kennison，Baird。

I wanted to go to slide 11, if I could, and just ask you, Brad, if you could just help us understand the yield dynamic in Q1, why it dropped and what the mix issues are that impacted that?

如果可以的話，我想看一下第11頁投影片，並請Brad協助我們理解第一季的收益率（yield）動態：為什麼會下降？以及有哪些組合（mix）因素影響了它？

This is Brad. I'll take that. So yes, if you look at the yield, you're talking about on the commercial side where the yield drop. So it's a mix issue. If you think about -- when we talked about at Investor Day, we talked about the different yield setup for commercial across the different geographies, and we mentioned that the US range was certainly lower than Canada and Europe.

我是Brad。我來回答。是的，如果你看收益率，你指的是商用端收益率下滑。所以這是組合問題。如果你回想——我們在投資人日談過，商用在不同地理區域的收益率結構不同，我們也提到美國的區間確實低於加拿大與歐洲。

So if you look at the mix in the commercial space, last year, first quarter, US made up about 71-ish percent of the GMV that flew through the commercial space. Q1 of this year with the ramp-up of the new customer we talked about as well as kind of the increase just from the lease returns, now that number is north of 75%, 76%. So that's a mix issue that drove that yield down from a 1.59% to 1.43%. The yields across the different categories are relatively stable. So that means it's purely mix across the geographies that's driving that.

所以如果你看商用領域的組合，去年第一季，美國約占商用渠道GMV的71%左右。今年第一季，隨著我們提到的新客戶放量，以及租賃到期回收（lease returns）的增加，這個數字現在超過75%、76%。因此這個組合因素使收益率從1.59%降到1.43%。各類別的收益率相對穩定。所以這純粹是地理區域組合在驅動該變化。

And while I have you, Brad, could you just help us understand the full year implications of the repeal of the digital service tax?

另外，Brad，能否也請你協助我們理解廢除數位服務稅（digital service tax）對全年影響是什麼？

The full year impact on an annual basis is USD5.5 million to USD6 million. It's about USD1.4 million in the first quarter is what I disclosed. That's a relatively steady run rate across the different quarters. It will kind of vary a bit with volumes. But if you use a USD5.5 million to USD6 million impact number for the full year, you'll be in line.

以年度計算，全年影響約為550萬至600萬美元。第一季約為140萬美元，這是我已揭露的數字。這在各季之間是一個相對穩定的水準。會隨著交易量略有變動。但如果你用全年550萬至600萬美元的影響數字來估算，就會一致。

And are there any offsets to that, like charges or fees you may have charged to offset that, that would also go away?

那是否有任何抵銷項，例如你們可能曾收取用來抵銷該稅負的費用或附加費，而這些也會一併取消？

No, that will just -- that will be the only impacting item.

沒有，那將——那會是唯一的影響項目。

Jeff Lick, Stephens Inc.

Jeff Lick，Stephens Inc.。

Congrats on a great quarter. Peter, I was wondering, as it relates to the US dealer-to-dealer, you said it was in the upper 20 range, which implies a little bit of a sequential improvement from Q4, which was in the 20-ish -- up 20%. The market was actually down a little more in Q1 than Q4, which kind of implies your spread to market is widening. I was wondering if you could elaborate on any of that? And then does the lease return business kind of have a halo effect like some kind of symbiotic effect, synergistic effect that's helping drive that? If you could elaborate, that would be great.

恭喜你們交出很棒的一季。Peter，我想問一下，關於美國經銷商對經銷商（dealer-to-dealer）業務，你說是在20%後段，這意味著相較第四季（約20%出頭）有些序列性改善。但市場在第一季其實比第四季下滑得更多一些，這似乎表示你們相對市場的差距正在擴大。想請你能否多談談這點？另外，租賃到期回收業務是否有某種光環效應（halo effect），像是共生效應、協同效應，能幫助推動這些表現？如果你能說明一下就太好了。

Jeff, I appreciate that. Listen, we were very pleased with the dealer performance in Q1. In aggregate, dealer volumes grew year-on-year by a higher number than in Q4, and that was driven by the US where the year-on-year growth, as I said, increased to the upper 20s. And as you point out, that was an acceleration. So we feel really good about that.

Jeff，謝謝你。聽著，我們對第一季經銷商端的表現非常滿意。整體而言，經銷商交易量的年增率高於第四季，而這主要由美國帶動；如我所說，美國的年增率提升到20%後段。而如你指出的，那是一個加速。所以我們對此感到非常樂觀。

We don't have a full industry picture yet, but we do know that dealer volumes of physical declined a little in the first quarter. So it definitely looks like OPENLANE had a strong performance in terms of market share and share gains based on those results. So we feel pleased about that. It also looks like an increased portion of the industry volumes move towards digital, largely driven by our volume increase, right, based on the data we have at least right now.

我們目前還沒有完整的產業全貌，但我們確實知道第一季實體（physical）經銷商交易量略有下滑。因此根據這些結果，OPENLANE在市占與市占提升方面看起來確實表現強勁。所以我們對此感到滿意。同時也看起來產業交易量中有更高比例轉向數位，這在很大程度上是由我們的量增所驅動，至少就我們目前掌握的數據而言。

So listen, we feel really good about that. I think it's driven in large part by the things I've talked about on many calls, our focus on the value proposition that digital offers our customers, the speed, the ease, the access to a broader network of buyers, ultimately better outcomes for sellers and for buyers, the convenience, the peace of mind, the ability to search for vehicles and purchase vehicles without leaving your dealer shipments and all those types of benefits. So we're very focused on that. Obviously, we've made go-to-market investments as well, Jeff, that continue to help drive those results.

所以你看，我們對此感到非常樂觀。我認為這在很大程度上是由我在多次電話會議中談到的因素所驅動：我們聚焦於數位為客戶帶來的價值主張——速度、便利、可觸及更廣泛的買家網絡，最終為賣方與買方帶來更好的結果、便利性、安心感，以及能在不離開經銷商據點的情況下搜尋並購買車輛，還有所有這類好處。所以我們非常專注於此。顯然，我們也進行了市場推廣（go-to-market）投資，Jeff，這些投資持續幫助推動上述成果。

To the specific question on lease, does improving commercial volumes create a halo effect? I think it probably does. I think dealers are aware that lease volumes are going up and OPENLANE is well positioned to benefit from that. And if dealers want to get access to those units, then doing business with OPENLANE would be a wise choice. So I think we're seeing franchise dealer registrations have improved. Our ability to convert dealers from private label buyers across into our open sale have improved. So I think there is some of that for sure.

針對租賃的具體問題：商用量改善是否會產生光環效應？我認為可能會。我想經銷商知道租賃量正在上升，而OPENLANE在其中具備良好受益位置。如果經銷商想取得那些車源，那麼與OPENLANE合作會是明智的選擇。因此我認為我們看到特許經銷商（franchise dealer）的註冊有所改善。我們將經銷商從私有品牌（private label）買家轉換到我們的公開拍賣（open sale）的能力也有所提升。所以我認為確實有一部分是這樣。

I think the other thing, Jeff, is there's just a network effect, right? There's a network effect in any marketplace as that you add more buyers, your marketplace becomes more valuable for every seller on the marketplace. And as you add more sellers, more inventory, it becomes more valuable to every buyer in the marketplace. So I think there's a compounding benefit that takes place over the longer term on that dimension as well, and I think we're benefiting from that.

我認為另外一點，Jeff，是這裡確實存在網路效應，對吧？任何市場都會有網路效應：當你增加更多買家，你的市場對市場上的每一位賣家都會變得更有價值。而當你增加更多賣家、更多庫存，它對市場上的每一位買家也會變得更有價值。所以我認為在更長期的維度上，這也會帶來一種複利式的效益，而我認為我們正從中受益。

So listen, very pleased with the results. I did also say in my remarks, it was a strong spring market. Tax refunds were relatively high. Inventory remained relatively scarce. So there was a lot of demand, conversion rates were up. I would not forecast an upper 20s growth rate for the full year in the US, candidly. But obviously, we're going to drive our traction in the marketplace as strongly as aggressively as we can.

所以聽著，我們對結果非常滿意。我在我的發言中也提到，春季市場很強勁。退稅相對較高。庫存仍然相對稀缺。因此需求很旺，轉換率也上升。坦白說，我不會預測美國全年會有接近20%後段（upper 20s）的成長率。但很顯然，我們會盡可能強勢且積極地推動我們在市場上的動能。

And then just a quick follow-up on commercial. Did you say in your prepared remarks, commercial was up 24.6%, call it, 25% that ex the new customer, commercial would have been up 6%, implying that the new customer was 19%?

接著就商用業務再快速追問一下。你在事先準備的發言裡是不是說，商用業務成長了24.6%，大概算25%；如果排除那位新客戶，商用業務本來會成長6%，這表示新客戶貢獻了19%？

That's -- well, yes, that's what I said. Commercial is up 25-ish, excluding the new customer, up 6%. So the new customer was a pretty significant step function. And maybe one comment on that. With this new customer, we're essentially handling all of their transactions, including all payoffs. And that's not always the case. In fact, I would say the majority of our customers, that's not the case. We do it for a number of others, but we do it for this one.

那個——是的，沒錯，我就是這麼說的。商用業務成長約25%，排除新客戶則成長6%。所以新客戶帶來了相當顯著的跳升效應。也許對此補充一句。對於這位新客戶，我們基本上處理他們所有交易，包括所有清償（payoffs）。而這並不總是如此。事實上，我會說我們大多數客戶並不是這樣。我們也替其他一些客戶這麼做，但這一位我們確實是這樣做。

So this customer, we're kind of indifferent to -- we're not indifferent from an economic standpoint because the economics are different. But from a transaction count standpoint, all those transactions get processed through our platform. So it was a pretty significant volume impact, but it had some -- as Brad alluded to, some mix impact because we got a bunch of payoffs and lower revenue transactions as part of that. But still, it's very good. And by the way, all of those transactions, whether it's a payoff or not, it brings a dealer to our platform to do a transaction. And that's always going to be a good thing because that's sort of a touch point where they then can launch into other parts of our services.

所以對這位客戶，我們某種程度上對——從經濟角度我們並非無所謂，因為經濟性不同。但從交易筆數的角度來看，所有那些交易都會透過我們的平台處理。因此它對交易量的影響相當顯著，但也帶來了一些——如Brad所提到的——組合（mix）影響，因為其中包含了大量清償以及較低收入的交易。但即便如此，仍然非常好。而且順帶一提，所有這些交易，不論是否為清償，都會把經銷商帶到我們的平台上來完成交易。這永遠是好事，因為那是一個接觸點，之後他們就能延伸使用我們服務的其他部分。

And was Q1 disproportionately high because maybe there was some bottleneck units from Q4 that flow into Q1? Or will this type of similar impact flow through for the next three quarters?

那Q1是否特別高，是因為可能有一些Q4的瓶頸單位延後流入Q1？還是接下來三個季度也會有類似的影響？

It's hard to say. I don't think there was a bottlenecking, Jeff. But every customer has different quarterly profiles of their maturities based on the lease programs that they ran 2 years, 3 years ago, the incentives that they ran 2 years, 3 years ago. So it will ebb and flow, but I don't think there was a bottlenecking. So I would expect a solid positive volume impact from this customer through the rest of this year.

很難說。我不認為有瓶頸，Jeff。但每個客戶的季度到期（maturities）曲線都不同，取決於他們在兩年前、三年前推出的租賃方案，以及兩年前、三年前提供的激勵措施。所以會有起伏，但我不認為是瓶頸造成的。因此我預期今年剩餘時間，這位客戶仍會帶來穩健的正向交易量影響。

And I would assume, given that this is a luxury customer, most -- a greater portion of luxury leases happen in Q4, so Q4 could be even bigger?

我想，既然這是一位豪華品牌客戶，多數——更高比例的豪華租賃會發生在Q4，所以Q4可能會更大？

I hadn't thought of that. It's possible. I wouldn't know. I don't know at this moment.

我之前沒想到這點。有可能。我不確定。我目前不知道。

John Babcock, Barclays.

Barclays 的 John Babcock。

I guess just to quickly follow up on that last one. So it sounds like that mix impact is going to continue through the year just because of this new customer. Is that fair to say?

我想就上一題快速追問一下。聽起來因為這位新客戶，這種組合影響會持續一整年。這樣說公平嗎？

I'd say there's a whole bunch of different things going on in the mix, and Brad touched on them. If I could kind of summarize, I'd say we're seeing -- because of the new customer, obviously, a volume impact and that customer, we're handling a lot of payoffs there. So that tends to sort of have sort of, I'll say, a somewhat negative impact on yield. Offsetting that, we're seeing cars flow deeper in the funnel, more into the non-grounding dealer and open. That has a positive impact on mix. And then we're seeing our US private label volumes increase relative to all of our other commercial volumes. So there's a lot of puts and takes in there that are driving that, John.

我會說組合裡有很多不同因素在同時發生，Brad也提到了。如果我稍微總結一下：我們看到——因為新客戶的關係，顯然有交易量影響，而且對那位客戶我們處理了大量清償。因此這往往會對收益率（yield）造成某種程度的負面影響。與此相抵，我們看到車輛在漏斗中流得更深，更多進入非落地（non-grounding）經銷商與公開（open）渠道。這對組合有正面影響。另外，我們也看到美國自有品牌（private label）交易量相對於我們其他所有商用交易量在增加。所以這裡面有很多此消彼長的因素在推動這些變化，John。

Brad, do you want to comment?

Brad，你要補充評論嗎？

Yes, John, just to add on to that. I mentioned in my comments that the yields in the US commercial were flat. But to kind of peel back Peter's comment a little bit, this new customer certainly was dilutive to that. It's a higher end, higher GMV per sale transaction at a lower yield because of that mix, a little bit more concentrated at the top of the funnel related to those payoffs that we're processing.

好的，John，我補充一下。我在評論中提到，美國商用業務的收益率是持平的。但稍微拆解Peter的說法，這位新客戶確實對收益率有稀釋（dilutive）效果。因為組合因素，它是單筆交易GMV較高的高端交易，但收益率較低；同時由於我們在處理那些清償，交易更集中在漏斗的上端。

On the other side of that, you actually saw some pretty substantial yield improvement on the non-new customers as those transactions have now flowed deeper into the waterfall. So what that netted out to was a yield that was essentially around flat from what we talked about at Investor Day, but it does have those two moving components embedded in it.

另一方面，隨著這些交易現在更深地流入瀑布（waterfall），你其實看到非新客戶的收益率有相當顯著的改善。所以最後的淨結果是，收益率基本上與我們在投資人日（Investor Day）所談的水準大致持平，但其中確實包含這兩個變動的組成因素。

Okay. That's very helpful. And now as we think about the off-lease volumes for the year, I was just kind of curious because it seems like demand is probably going to be pretty strong for those, especially with affordability challenges, and it seems like people are more willing now to take on used vehicles than pay the higher prices for new. Are there any concerns that those off-lease volumes will stay more with the grounding dealer? Or is there any reason to think that, that will happen? Or is that not necessarily a fair assumption?

了解。這非常有幫助。接著當我們思考今年的租約到期（off-lease）交易量時，我有點好奇，因為看起來這部分的需求可能會很強，尤其在可負擔性面臨挑戰的情況下，而且似乎人們現在更願意買二手車，而不是支付新車更高的價格。是否有任何疑慮是這些租約到期的量會更多留在落地經銷商（grounding dealer）那邊？或有任何理由認為會發生這種情況？還是說這不一定是個合理的假設？

It's a good question, John. I think one thing we saw in Q1 was used vehicle values went up in value. Used vehicles went up in value, right, because of the supply-demand situation you talked about. What that does is that essentially increases the equity that consumers have in their off-lease volumes. So to some extent, that could delay a little bit or could impact the sort of consumer payoff percentage, and that's something we've talked about in the past.

這是個好問題，John。我認為我們在Q1看到的一件事是二手車價值上升了。二手車價值上升，對吧，因為你提到的供需狀況。這基本上會提高消費者在其租約到期車輛上的權益（equity）。因此在某種程度上，這可能會稍微延後，或影響消費者清償比例（consumer payoff percentage），這也是我們過去談過的。

So there's a lot of sort of give and take here. But I think fundamentally, what do we know is true? Maturities coming off lease, those are going up, okay? They're going up in the second quarter and accelerating into the third and fourth.

所以這裡面有很多此消彼長的因素。但我認為從根本上，我們確定什麼是真的？租約到期量（maturities coming off lease）正在上升，好嗎？它們在第二季上升，並在第三季與第四季加速。

We have seen consumer payoffs come down a little bit. They were down a little bit Q1 versus Q1 of last year. So there's more cars flowing our way, and then those cars are flowing deeper in the funnel. But market conditions do drive those things, John. And I don't know if I can predict with precision all of the puts and takes on that. But I think fundamentally, I feel very optimistic and very positive about the setup for commercial, both for the balance of this year, but also looking further out into '27 and '28.

我們看到消費者的清償金額略有下降。今年第一季相較於去年第一季略有下滑。因此有更多車輛流向我們這邊，而這些車也在漏斗中往更深處推進。但市場狀況確實會驅動這些變化，John。我不確定我是否能精準預測其中所有的拉鋸與取捨。但我認為從根本上來看，無論是今年剩餘時間，或是再往後看至 2027、2028 年，商用端的布局我都感到非常樂觀、非常正面。

Okay. Very helpful. And then just last question, if you don't mind. I was just kind of curious, I mean, dealer volumes were quite strong in the first quarter. Are you able to provide any sort of sense or do you have any sense as to how those volumes have done so far in 2Q? It seems like 1Q was generally a pretty good quarter overall, at least for the used market. It seems like that market was pretty tight, but just curious to what you're seeing?

好的。非常有幫助。然後最後一個問題，如果你不介意。我只是有點好奇，我是說，經銷商的交易量在第一季相當強勁。你是否能提供任何概略的感覺，或你是否有任何觀察，關於到目前為止第二季的量表現如何？看起來第一季整體而言是相當不錯的一季，至少就二手市場來說。看起來那個市場相當吃緊，但只是好奇你們看到的是什麼？

Well, listen, in our industry, there's normally a spring market, we call it -- that's what we call it a spring market driven by the tax refund season. The spring market usually kind of loses a bit of steam around mid-April, and there tends to be a little bit of a fallback, but not a massive one. You could look at previous year's results to see how the quarters trend. I would say this year kind of is exhibiting sort of a similar pattern to the normal seasonal pattern, nothing abnormal. And that I'd say it's still, in my view, continues to be a pretty robust market in terms of used car demand versus supply.

嗯，聽著，在我們這個產業，通常會有春季市場，我們就是這麼稱呼它——也就是由退稅季帶動的春季市場。春季市場通常在四月中旬左右會稍微失去一些動能，接著往往會有一點回落，但不會是大幅回落。你可以看前幾年的結果來了解各季的走勢。我會說今年呈現的模式大致與正常的季節性模式相似，沒有什麼異常。而且以我看來，就二手車需求相對於供給而言，市場仍然相當強勁。

(Operator Instructions) Gary Prestopino, Barrington Research.

(接線員指示) Gary Prestopino，Barrington Research。

Peter, I just had a question. You said your open sales in commercial doubled in the quarter, which means things are flowing down the funnel. But given that we've just seen this turn in lease returns, were you surprised at that magnitude of what's coming outside of the franchise dealers buying these cars? And what does that indicate? Does that indicate that the franchise dealers have solid used vehicle inventory and more of this is going to flow down to the independent dealers?

Peter，我有個問題。你說商用端的公開銷售在本季翻倍，這表示交易正在往漏斗下游流動。但考量到我們剛看到租賃到期回收量出現轉折，你對於特許經銷商之外的買家承接這些車輛的規模感到意外嗎？這代表什麼？這是否表示特許經銷商的二手車庫存很充足，因此更多車會流向獨立經銷商？

Good question, Gary. I wasn't massively surprised by the doubling. I was expecting high growth, 50% to 100%, somewhere in that range. It's growing off a fairly small number. So there's that impact as well. But nonetheless, it was a strong year-on-year increase as we have seen for at least a few quarters in that commercial open transaction piece.

好問題，Gary。對於翻倍我並沒有非常意外。我原本預期會有很高的成長，約 50% 到 100% 之間，大概在那個區間。因為它是從相對較小的基數成長。所以也有基期效應的影響。但即便如此，正如我們在商用公開交易這一塊至少過去幾季所看到的，年對年仍是強勁的增長。

Just because they sell an open, doesn't mean they sell to an independent dealer. I want to be clear about that. Like if there's a -- let's say, for example, a Ford vehicle coming through the Ford private label, well, a Honda dealer can't buy that on the Ford private label. If a Honda dealer want to buy, they've got to wait until it gets to the open sale because they don't have access to the private label.

只是因為他們在公開場次賣出，並不代表他們是賣給獨立經銷商。我想把這點講清楚。例如，假設有一台 Ford 車輛透過 Ford 的私標（private label）渠道進來，那麼 Honda 經銷商無法在 Ford 的私標渠道上購買。如果 Honda 經銷商想買，他們必須等到車輛進入公開銷售，因為他們無法取得私標渠道的購買權限。

So even though they're selling in the open, there's still a high percentage of franchise dealers buying them in that channel. They're just buying them across brand. You have the large used car retail operations, buying them there too as well as independent dealers. So it's a mix of all three customer groups that represent the buyers there. So no, I think generally -- listen, pleased with how it's going.

所以即使是在公開渠道銷售，仍有很高比例是由特許經銷商在該渠道買走。他們只是跨品牌購買。大型二手車零售營運商也會在那裡買，獨立經銷商也會。因此買方是由這三類客群混合構成。所以不，我認為整體來說——聽著，我對進展感到滿意。

We're working with many of our commercial sellers to improve their performance and drive further conversion in the open sale channel because sellers increasingly see it as very strategic to them. It's kind of their last chance to sell the car before they start incurring significant downstream expenses for moving the vehicle, waiting a number of extra weeks before they sell the car, all that sort of stuff. So we're having very productive discussions and strategies that are helping drive that performance, and we're going to be doing more and more of that in the quarters to come.

我們正與許多商用賣方合作，提升他們的表現，並在公開銷售渠道推動更高的轉換率，因為賣方愈來愈把它視為對他們非常具策略性的渠道。這有點像是他們在開始承擔顯著的下游費用之前，最後一次賣掉車輛的機會——例如移運車輛、再多等好幾週才賣出等等這類事情。因此我們正在進行非常有成效的討論與策略規劃，這些都在幫助推動表現；而在接下來的幾個季度，我們也會做得更多、更多。

Rajat Gupta, JPMorgan.

Rajat Gupta，JPMorgan。

Just to follow a couple of clarifications after that. Could you quantify the open sales units that you're seeing in commercial? Any unit number or percentage number you could throw out for the quarter?

我想就剛才的內容再追問幾個釐清點。你能量化一下你們在商用端看到的公開銷售台數嗎？本季有沒有任何台數或百分比可以提供？

We don't comment on that number, Rajat. I would say our open sale in the US skews heavily towards dealer, but commercial is an increasing percentage over time. And if I look at our year-on-year growth in the open sale in the US, again, we said dealer grew high 20s. Commercial grew approximately double. So from that, we can determine commercial, obviously, was a bigger percentage in Q1 this year than a year ago. But we don't release that exact number.

Rajat，我們不評論那個數字。我會說我們在美國的公開銷售結構高度偏向經銷商端，但商用端的占比會隨時間增加。如果我看我們在美國公開銷售的年對年成長，再次，我們說經銷商端成長在 20% 後段。商用端大約是其兩倍。因此由此可推知，商用端在今年第一季的占比顯然比一年前更高。但我們不會公布那個精確數字。

Understood. And just on the guidance, given the strong first quarter, if you assume normal seasonality, it would imply somewhere above the upper end of the new range. I'm curious if -- and especially in light of the off-lease picking up later this year. I'm curious, is there any conservatism baked in, in the second half with regard to new car sales or anything around the macro? Is it not right to assume normal seasonality? Just making sure we're looking at this correctly. Any color would be helpful.

了解。另外關於財測指引，考量第一季表現強勁，如果假設正常季節性，似乎意味著結果會落在新區間上緣之上。我想了解的是——尤其考量今年稍晚租賃到期回收量會增加。我好奇，下半年在新車銷售或任何總體環境相關因素上，是否有納入一些保守假設？假設正常季節性是否不太正確？只是想確認我們的解讀是否正確。任何補充說明都會很有幫助。

Let me comment sort of high level, then Brad can comment on maybe specifics and then let me move. Again, listen, very pleased with Q1, a strong quarter with traction kind of across the board. But as I mentioned in our remarks, there was a strong spring market in Q1. I would say a stronger spring market this Q1 than in any of the last 2 years or 3 years for sure. And that was reflected -- that was driven, I'd say, by high tax refunds and generally inventory being somewhat constrained.

我先從較高層次評論一下，接著 Brad 可能可以補充一些細節，然後我再往下進行。再次強調，聽著，我們對第一季非常滿意，這是一個強勁的季度，各方面都有所進展。但如同我在發言中提到的，第一季有一個強勁的春季市場。我會說今年第一季的春季市場比過去兩年或三年任何一年都更強，這點是確定的。而這反映——我會說主要是由較高的退稅金額以及整體庫存相對受限所驅動。

It was reflected in used vehicle price appreciation and high conversion rates. So one judgment is how are those going to trend going forward? Is there going to be an above-average correction from that? I haven't seen it yet, right? But that possibility would exist.

這反映在二手車價格上漲以及較高的轉換率。因此其中一個判斷點是，接下來這些趨勢會如何發展？是否會出現高於平均的修正？我目前還沒看到，對吧？但確實存在這種可能性。

And then the other thing we're mindful of is just the geopolitical and macroeconomic impacts out there, high oil prices, potential impacts from those in the markets in which we operate. Again, I can't say we've seen any material impact from that yet, except that we're seeing increased interest in EVs. But we're one quarter in, three quarters left. I didn't want to get too far out in front of our skis on what the remaining quarters could be. I'd also say, particularly in US dealers, as we get into the second half of this year, we do see tougher comps on the B2B side. We're going to be lapping some bigger quarters that we had in the second half of last year. So again, I would expect some deceleration in our dealer-to-dealer growth rate in those quarters.

另外一點我們也在留意的是外部的地緣政治與總體經濟影響，高油價，以及這些因素可能對我們營運市場帶來的影響。同樣地，我不能說我們目前已看到任何實質性的影響，除了我們看到市場對電動車（EV）的興趣增加。但我們才走過一個季度，還有三個季度要走。我不想對剩餘季度可能發生的情況過度超前預判。我也會說，特別是在美國經銷商端，當我們進入今年下半年時，我們確實會在 B2B 端面臨更具挑戰性的比較基期。我們將會遇到去年下半年幾個較大季度的基期。因此同樣地，我預期在那些季度，我們的經銷商對經銷商成長率會有所放緩。

So anyway, we've kind of reflected all of those to the best of our judgment. I would say, notwithstanding any of that, I think there's a ton of opportunity out there for OPENLANE. I'm very pleased with how our customers are responding to our offering and the feedback we're getting and the growth in the customer base. So I really feel good about the strategy we're executing and the opportunities that offers not just for the next three quarters, but for the long term.

總之，我們已依據我們最佳的判斷，盡可能把所有這些因素都反映進去了。我會說，即便如此，我認為 OPENLANE 仍然有大量的機會。我對客戶對我們產品方案的反應、我們收到的回饋，以及客戶基礎的成長感到非常滿意。因此，我對我們正在執行的策略以及它所帶來的機會感到非常有信心，不僅是接下來三個季度，還包括長期。

Brad, do you want to comment?

Brad，你想補充評論嗎？

I think that's a really good summary, Peter. I think the only thing I would add, look, as the quarters play out, if things change and our view of the remaining quarters of the year changes, we'll certainly be updating that in our next quarterly discussion.

Peter，我覺得這是個非常好的總結。我想我唯一要補充的是，隨著各季度的進展，如果情況有變、我們對今年剩餘季度的看法有所改變，我們一定會在下一次的季度討論中更新。

John Healy, Northcoast Research.

John Healy，Northcoast Research。

Peter, I just wanted to ask just about the relationship between lease returns and wholesale sellout. So if we're thinking about this, I think we've all kind of penciled in a growth rate based on lease returns. But how should that lease return number impact the timing through your P&L? And let's just say, hypothetically, in a quarter, off-lease grows 25% or something like that in terms of returns. Is that going to be spread out over multiple quarters?

Peter，我想問一下租賃到期回收（lease returns）與批發售出（wholesale sellout）之間的關係。如果我們這樣思考，我想大家大致都已根據租賃到期回收推算了一個成長率。但這個租賃回收數字應該如何影響你們損益表（P&L）上的入帳時點？假設在某一季，租賃到期回收量在回收端成長 25% 或類似幅度。這會分散到多個季度嗎？

So perhaps the volume that you guys move through your platform might be elongated. I'm just trying to think about the how we should kind of think about the returns to market and dealers and then the actual flow-through to your business in terms of a processing standpoint to make sure you get the most value for your remarketing partners.

也就是說，你們透過平台處理的量可能會被拉長。我只是想釐清，我們應該如何看待回收車輛回到市場與經銷商的節奏，以及從處理流程角度實際流入你們業務的節奏，以確保你們能為再行銷合作夥伴取得最大價值。

I guess, first of all, I'll say the equation to sort of determine what volume we actually get it is very, very complex. I don't know that it really exists because there's obviously different customers in there. They have different portfolios. Sometimes a customer will execute what's called a pull ahead.

我想，首先我要說，用來判定我們實際能拿到多少量的那個「方程式」其實非常、非常複雜。我不確定它是否真的存在，因為裡面顯然有不同的客戶。他們有不同的資產組合。有時候客戶會執行所謂的「提前拉回」（pull ahead）。

I've got these leases coming off 6 months from now, but my retail market share looks a bit weaker. I'm going to try and pull these leases ahead and get those customers to buy a new in-brand vehicle now to get my market share up on the new car side. So we see that. We also see the opposite of that, lease extensions. I've got too many cars coming back. I don't want that many. I'm going to try and push some of these out and extend those leases. So there's all these things that can happen.

例如：我有一些租約會在 6 個月後到期，但我的零售市占看起來有點偏弱。我會嘗試把這些租約提前拉回，讓客戶現在就購買同品牌的新車，以提升我在新車端的市占。所以我們會看到這種情況。我們也會看到相反的情況，也就是租約延長（lease extensions）。我有太多車要回來。我不想回來那麼多。我會嘗試把其中一些往後推，延長那些租約。所以會發生各式各樣的狀況。

But I guess the net-net is, I do look at the maturity forecast in aggregate, how many leases were written 3 years ago. That's the best barometer I actually have of how many leases will be returned. And generally, John, I'd say, if anything, they tend to come back a month or two early. So leases that you expect to come in Q3 can sometimes come in a month or two or maybe three months ahead of that. And I generally assess that the consumer that's kind of said, okay, I know my lease is up, but I've made a decision on what the new car is that I want, and I just want to pull the trigger and get that done now.

但我想總結來說，我會整體去看到期預測（maturity forecast），也就是三年前簽了多少租約。這是我用來判斷會有多少租約回收的最佳指標。而一般來說，John，我會說如果有什麼偏差，通常是提早一兩個月回來。所以你預期在 Q3 回來的租約，有時可能會提早一到兩個月，甚至三個月回來。我通常的判斷是，消費者已經想好他想要哪一款新車，只是想現在就拍板把事情辦完。

So I guess, take what does all that mean? I expect -- if we look at that maturity curve, I believe off-lease volumes in the back half of this year are up around 20% to 25%. So I'm expecting that kind of volume growth in our off-lease volumes, not without the addition of a new customer, okay? So that's the kind of math I'm looking at, and it's obviously fairly robust. But I guess we'll see what happens.

所以，這一切代表什麼？如果我們看那條到期曲線，我認為今年下半年租賃到期（off-lease）量大約會成長 20% 到 25%。因此，即使不新增新客戶，我也預期我們的到期租賃量會有那樣的成長。這就是我在看的那套計算方式，顯然相當有支撐。但我想我們就看看實際會怎麼發展。

Great. That's helpful. And I just wanted to ask about the AFC business. Obviously, you guys are seeing a nice bounce in the auction business. But AFC loans kind of originated in the quarter, pretty anemic growth the last few quarters. Curious if you think that gets better? And is there a desire to really grow that business? Or are you just kind of happy keeping it about the same size that it is right now? Because I would just think with the activity and the attractiveness and the network effect in your business that you talked about on the dealer car side, I'm kind of perplexed why would it also take place on the AFC side?

很好。這很有幫助。我也想問一下 AFC 業務。顯然你們的拍賣業務出現不錯的反彈。但 AFC 在本季新承作的放款，過去幾季的成長相當疲弱。想請教你是否認為這會改善？以及你們是否有意願大幅成長這項業務？還是你們其實滿意讓它維持在目前差不多的規模？因為我會覺得，依你們在經銷商車源端所談到的活動度、吸引力與網路效應，為什麼在 AFC 端沒有同樣發生，讓我有點困惑。

Well, John, listen, I think, first of all, AFC is a great, great business. It's a category leader in the space, an industry leader in terms of its risk management and loan loss rate. Strong return on assets, return on equity and strong EBITDA and cash flow generation for our company so it really is a great business. It's also synergistic with the marketplace, and it is helping us drive some of the marketplace results that we've talked about on multiple calls and we talked about at our Investor Day. So I feel really, really pleased about AFC and the performance that it's delivering and the AFC team.

John，首先我想說，AFC 是一個非常、非常好的業務。它在這個領域是類別領導者，在風險管理與貸款損失率方面也是產業領先。資產報酬率、股東權益報酬率都很強，EBITDA 與現金流對我們公司也有很強的貢獻，所以它確實是一門很棒的生意。它也與市場平台具有協同效應，並且正在幫助我們推動我們在多次電話會議以及投資人日所談到的一些平台成果。因此，我對 AFC 以及它所交出的表現、還有 AFC 團隊都感到非常、非常滿意。

I'll also say we don't chase growth for growth's sake. We have a somewhat conservative view. We like managing within a risk band that we've talked about 1.5% to 2%. There's obviously a lot of customers you could take that are outside of that band, but we generally try to avoid that. We like to manage it more conservatively. But that said, it is growing.

我也想說，我們不會為了成長而成長。我們的觀點相對保守。我們喜歡在我們談過的 1.5% 到 2% 的風險區間內管理。顯然有很多客戶你可以承作，但會落在那個區間之外，而我們通常會避免。我們更傾向以較保守的方式管理。但即便如此，它仍在成長。

We are growing the customer base on AFC. And we're seeing something interesting start to play out now, started in the first quarter, and I think we'll see it through the balance of the year. It's not maybe yet showing up in the results. But we've been driving can we get more of these AFC dealers to register on OPENLANE? Well, so that's been successful. But now we're also seeing there's a whole bunch of independent dealers on OPENLANE that haven't registered in AFC. But they see on OPENLANE, there's an AFC floor plan that they could potentially utilize if they go register. So we're seeing that sort of cross-pollination flow back the other way.

我們正在擴大 AFC 的客戶基礎。而我們現在看到一個有趣的趨勢開始發酵，第一季就開始了，我想接下來今年剩餘時間都會持續。它可能還沒有完全反映在結果上。但我們一直在推動：能不能讓更多 AFC 的經銷商到 OPENLANE 註冊？這方面已經很成功。但現在我們也看到，OPENLANE 上有一大批獨立經銷商還沒有在 AFC 註冊。但他們在 OPENLANE 上看到有一個他們可能可以使用的 AFC 庫存融資（floor plan），如果他們去註冊的話。所以我們看到這種交叉滲透（cross-pollination）開始往另一個方向回流。

So again, I think there's growth opportunity there. It absolutely is going to be more modest. We're going to manage that business for risk, but it is a great business, and it's very synergistic in helping drive our overall results.

所以再一次，我認為那裡確實有成長機會。它絕對會是比較溫和的成長。我們會以風險為核心來管理這項業務，但它是一門很棒的生意，而且在推動我們整體成果方面具有很強的協同效應。

Brad, do you want to comment?

Brad，你想評論一下嗎？

I'll just add to that, John. We've talked about it. I think at Investor Day, we've always kind of seen AFC as really a low single-digit grower for those reasons. It's about staying in that risk band that we're very comfortable with and extracting the value that AFC provides some within the AFC vertical of a segment report, but also the value that manifests itself in the marketplace. And I think that's the part. When we think about the growth in AFC, we combine those two as opposed to just looking at the segment results of AFC independently.

John，我就補充一下。我們已經談過這件事。我認為在投資人日（Investor Day），基於那些原因，我們一直把 AFC 視為大致屬於低個位數成長的業務。重點在於維持在我們非常舒適的風險區間內，並萃取 AFC 所提供的價值：一部分體現在分部報告中 AFC 垂直業務本身，另一部分則體現在市場上所呈現的價值。我想這就是關鍵。當我們思考 AFC 的成長時，我們會把這兩者結合起來看，而不是只獨立看 AFC 的分部結果。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通（JPMorgan）。

(technical difficulty) You just mentioned on the previous question that you expect 20% growth in your off-lease plus the new customer. And it looks like the new customer was 20% of units analyzing that would be like 20%-plus. So am I reading that correctly, the 25% plus 20% for your commercial US business this year?

(技術問題) 你剛在上一個問題提到，你預期你們的到期回租（off-lease）加上新客戶會有 20% 的成長。而看起來新客戶占了 20% 的單位數，這樣分析起來會像是 20% 以上。所以我這樣理解對嗎：你們今年美國商用業務是 25% 再加 20% 以上的成長？

Rajat, I guess what I said is I think the growth in maturities is a good number to take in our underlying customer base. And I believe in the back half of this year, that is in the 20%-ish level, maybe a bit higher. So I would expect that kind of volume in our non-new customer. And then we got the new customer in addition to that.

Rajat，我想我說的是，我認為到期量（maturities）的成長，是用來衡量我們既有客戶基礎的一個不錯的數字。而我相信在今年下半年，這大概在 20% 左右，可能略高一些。所以我會預期在非新客戶部分會有那樣的量。然後我們另外還有新客戶的量加上去。

I'm not saying that new customer is going to be 20% every quarter. They have a portfolio that has its own seasonality to it, and I don't have that in front of me right now. I will say that our initial results from that new customer in volume terms exceeded our expectations. I don't know that they'll continue to exceed our expectations every single quarter, but we were surprised by the volume they had in Q1.

我不是說那個新客戶每一季都會是 20%。他們的投資組合本身有季節性，我現在手邊沒有那些資料。我可以說，我們從該新客戶初期的量（volume）來看，結果超出我們的預期。我不確定他們是否每一季都會持續超出我們的預期，但他們在第一季的量讓我們感到意外。

And also keep in mind, Rajat, that new customer was a step function in January, so that will not recur -- that element of growth will not recur to that same degree in Q1 of '27, of course.

另外也請記住，Rajat，那個新客戶是在一月以階躍式（step function）的方式導入，所以那不會重複發生——當然，那個成長要素在 2027 年第一季不會以同樣程度再出現。

For sure. And then just a quick question. We heard from some of your larger public customers that there are some luxury OEMs that have dialed up early lease terminations to manage captive finance losses. I'm curious if that is something you've observed? Has that benefited with just like incremental off-lease inventory recently? Just curious to get your thoughts there and how we should think about implications for OPENLANE?

確定。然後再一個快速問題。我們從你們一些較大的上市客戶那邊聽到，有些豪華車 OEM 為了管理自家金融（captive finance）的損失，提高了提前終止租約的力度。我想知道你們是否也觀察到這種情況？這是否最近帶來了類似額外的到期回租庫存（off-lease inventory）？想聽聽你的看法，以及我們應該如何思考對 OPENLANE 的影響？

Well, again, that's an example, as I was saying on just a question a few moments ago. Captive finance companies can put these types of programs in place from time to time. You don't really get a lot of sort of advanced warning as to when they might happen. But early terms, that's kind of a pull-ahead program.

嗯，再次強調，這就是我剛才幾分鐘前回答某個問題時所說的例子。自家金融公司有時會不定期推出這類方案。你通常不會提前得到太多關於它們何時會發生的預警。但提前終止，這有點像是「拉前」（pull-ahead）方案。

I'm not aware of that having had a specific benefit on our volumes. But that said, the new customer we launched does have a premium portfolio and those volumes are quite strong in the first quarter. So maybe there was some aspect of a pull ahead in that or an early term offer within that. It's possible, Rajat.

我不覺得那件事對我們的量有帶來特定的好處。不過話說回來，我們新上線的那位客戶確實有一個高端（premium）投資組合，而第一季的量相當強勁。所以也許其中有某種拉前因素，或在那裡面有提前終止的方案。這是有可能的，Rajat。

At this stage, that was our final question. I will now hand back to management for any closing remarks. Please go ahead.

到這裡，我們的最後一個問題已經結束。我現在把時間交回管理層做結語。請開始。

Well, thanks again, everybody, for your time this morning. We really appreciate your interest in our company and your questions here this morning. Listen, very pleased with the quarter that we had and continue to be focused on our strategy and our purpose of making wholesale easy so our customers can be more successful. I'm looking forward to reconnecting with you all in 90 days where we can talk about our second quarter results. Thank you all very much.

再次感謝各位今天早上撥冗參與。我們非常感謝大家對我們公司的關注，以及今天早上的提問。我們對本季表現非常滿意，並將持續專注於我們的策略與使命：讓批發交易更容易，讓客戶能更成功。我期待 90 天後再與各位聯繫，屆時我們可以討論第二季的業績結果。非常謝謝大家。

Thank you. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。