TrueCar Inc (TRUE) 2025 Q2 法說會逐字稿

Good day, and welcome to TrueCar's second-quarter 2025 financial results conference call. Please note, this event is being recorded.

大家好，歡迎參加 TrueCar 2025 年第二季財務業績電話會議。請注意，此事件正在被記錄。

I would now like to turn the conference over to Jantoon Reigersman, President and Chief Executive Officer of TrueCar. Please go ahead.

現在，我想將會議交給 TrueCar 總裁兼執行長 Jantoon Reigersman。請繼續。

Thank you, operator. Hello, everyone, and welcome to TrueCar's second-quarter 2025 earnings conference call. Joining me today is Oliver Foley, our Chief Financial Officer. I hope you've all had the opportunity to read our most recent stockholder letter, which was released yesterday after market close and is available on our Investor Relations website at ir.truecar.com.

謝謝您，接線生。大家好，歡迎參加 TrueCar 2025 年第二季財報電話會議。今天與我一起出席的是我們的財務長 Oliver Foley。我希望大家都有機會閱讀我們最新的股東信，該信於昨天收盤後發布，可在我們的投資者關係網站 ir.truecar.com 上查閱。

Before we get started, I need to read our usual Safe Harbor. I want to remind you that we will be making forward-looking statements on this call, including statements regarding our ability to operationalize certain aspects of the TrueCar+ platform and our expectations with respect to future adjusted EBITDA profitability and free cash flow.

在我們開始之前，我需要閱讀我們通常的安全港。我想提醒您，我們將在本次電話會議上做出前瞻性陳述，包括有關我們實施 TrueCar+ 平台某些方面的能力以及我們對未來調整後 EBITDA 盈利能力和自由現金流的預期的陳述。

Forward-looking statements can be identified by the use of words such as believe, expect, plan, target, anticipate, become, seek, will, intend, confident, and similar expressions and are not and should not be relied on as guarantees of future performance or results. Actual results could differ materially from those contemplated by our forward-looking statements.

前瞻性陳述可以透過相信、期望、計劃、目標、預期、成為、尋求、將要、打算、自信等詞語和類似表達來識別，並且不是且不應被視為對未來業績或結果的保證。實際結果可能與我們的前瞻性陳述所預期的結果有重大差異。

We caution you to review the Risk Factors section of our annual report on Form 10-K, our quarterly reports on Form 10-Q, and our other reports and filings with the Securities and Exchange Commission for a discussion of the factors that could cause our results to differ materially. The forward-looking statements we make on this call are based on information available to us as of today's date, and we disclaim any obligation to update any forward-looking statements, except as required by law.

我們提醒您查看我們 10-K 表年度報告、10-Q 表季度報告以及我們向美國證券交易委員會提交的其他報告和文件的「風險因素」部分，以了解可能導致我們的結果出現重大差異的因素。我們在本次電話會議上做出的前瞻性陳述是基於截至今天我們掌握的信息，除非法律要求，否則我們不承擔更新任何前瞻性陳述的義務。

In addition, we will also discuss certain GAAP and non-GAAP financial measures. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measures are set forth in the Investor Relations section of our website at ir.truecar.com. The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the results prepared in accordance with GAAP.

此外，我們還將討論某些 GAAP 和非 GAAP 財務指標。所有非公認會計準則 (Non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 指標的調節表均載於我們網站 ir.truecar.com 的「投資者關係」部分。非公認會計準則 (Non-GAAP) 財務指標並非旨在單獨考慮或取代根據公認會計準則 (GAAP) 編制的績效。

Let us begin. I'm pleased to report the following operational highlights from the second quarter of 2025. Total revenue of $47 million grew by $5.2 million, up 12.4% year over year and marking our highest quarterly revenue since Q3 2021. Our net loss decreased to negative $7.6 million from negative $13.5 million in the same period last year. Adjusted EBITDA came in at negative $1.2 million. OEM revenue of $3.6 million grew by $0.6 million or 19.7% year over year.

讓我們開始吧。我很高興地報告 2025 年第二季的營運亮點。總營收為 4,700 萬美元，比去年同期成長 520 萬美元，成長 12.4%，創下 2021 年第三季以來的最高季度營收。我們的淨虧損從去年同期的負 1,350 萬美元減少至負 760 萬美元。調整後的 EBITDA 為負 120 萬美元。OEM 營收為 360 萬美元，年增 60 萬美元，即 19.7%。

New unit sales volume grew 6.2% year over year as compared to the industry's 2.8% growth in new vehicle retail sales. Prospect close rate during the quarter reached the highest level since Q2 2021, and our restructured performance marketing campaigns yielded at nearly 30% year-over-year improvement in our average cost per sale for non-affinity partner units.

新車銷量較去年同期成長 6.2%，而產業新車零售僅成長 2.8%。本季的潛在客戶成交率達到了 2021 年第二季度以來的最高水平，我們重組的績效行銷活動使非親和合作夥伴單位的平均每次銷售成本同比提高了近 30%。

As we articulated in our last stockholder letter, our approach to navigating the evolving tariff landscape involves a relentless focus on the factors we can control and a resource allocation strategy that prioritizes initiatives likely to yield positive results regardless of the prevailing market environment.

正如我們在上一封致股東的信中所闡述的那樣，我們應對不斷變化的關稅格局的方法是堅持不懈地關注我們能夠控制的因素，並製定資源配置策略，無論當前的市場環境如何，優先考慮可能產生積極成果的舉措。

In the second quarter, this meant deferring certain sales and marketing investments and focusing on increased speed of product development to accelerate key product enhancements designed to strengthen our competitive advantage and deliver greater value to dealers and consumers through the TrueCar platform. This shift has yielded exciting outcomes as evidenced by the number of core product initiatives that we released as new features during the last 90 days and the continued progress we have made towards our goal of commercializing TrueCar+ by year-end.

在第二季度，這意味著推遲某些銷售和行銷投資，並專注於提高產品開發速度，以加速關鍵產品的增強，旨在增強我們的競爭優勢並透過 TrueCar 平台為經銷商和消費者提供更大的價值。這一轉變取得了令人興奮的成果，這體現在我們在過去 90 天內發布的許多核心產品計劃的新功能以及我們在實現年底前實現 TrueCar+ 商業化的目標方面取得的持續進展。

First, our core product enhancements. As we noted last quarter, dealers measure the value of the third-party lead platform, primarily by the rate at which those leads turn into sales. That understanding has continued to guide our product roadmap in the second quarter, leading to a number of enhancements to both the dealer and consumer experience that are designed to improve lead quality, engagement, and eventually close rates.

首先，我們的核心產品增強。正如我們上個季度所指出的，經銷商衡量第三方銷售平台的價值主要依據這些銷售線索轉換為銷售的速度。這種理解繼續指導著我們第二季度的產品路線圖，從而對經銷商和消費者體驗進行了一系列改進，旨在提高潛在客戶的品質、參與度和最終的成交率。

Among the most significant advancements was the launch of Actionable Insights, a new feature available in the dealer portal that provides personalized data-driven recommendations to help dealers optimize performance on the TrueCar platform. By analyzing a broad set of dealer-specific and market-level data, this new feature surfaces opportunities for improvements as well as relevant context and recommended actions, enabling our certified dealers to make faster, more effective decisions.

其中最重要的進步是推出“可操作洞察”，這是經銷商入口網站中的一項新功能，可提供個人化的數據驅動建議，幫助經銷商優化 TrueCar 平台上的效能。透過分析大量特定於經銷商和市場層級的數據，此新功能可以發現改進的機會以及相關背景和建議的行動，使我們的認證經銷商能夠做出更快、更有效的決策。

Whether it's flagging a dealer's aged inventory that is priced above market or recommending price adjustments that will yield a better price rating for particular listings, Actionable Insights enables dealers to extract greater value from our platform. Complementing this feature is our newly launched motivated buyer badging, which leverages a proprietary machine-learning model to identify and highlight the highest intent shoppers based on more than 20 behavioral signals. These high-value leads are now automatically flagged in dealer portal and the dealer's customer relationship management system, enabling faster and more targeted follow up.

無論是標記經銷商的售價高於市場的陳舊庫存，或是建議進行價格調整以便為特定商品提供更好的價格評級，Actionable Insights 都能讓經銷商從我們的平台中獲得更大的價值。作為此功能的補充，我們新推出了積極買家徽章，它利用專有的機器學習模型，根據 20 多個行為信號來識別和突出顯示意圖最高的購物者。這些高價值線索現在會自動在經銷商入口網站和經銷商的客戶關係管理系統中標記，從而實現更快、更有針對性的追蹤。

On the consumer side, we also launched a broad set of updates aiming at making the TrueCar experience more intuitive, transparent, and trustworthy. Most notably, we recently completed a full redesign of our search results page, the SRP, introducing a modernized filter interface with smart toggles, curated popular filters, and improved mobile usability. These changes aim to help consumers more easily find the vehicles to best meet their needs, which in turn leads to improved engagement metrics and increased lead volume for our dealers.

在消費者方面，我們還推出了一系列更新，旨在使 TrueCar 體驗更加直觀、透明和值得信賴。最值得注意的是，我們最近完成了搜尋結果頁面 SRP 的全面重新設計，引入了具有智慧切換的現代化過濾器介面、精選的熱門過濾器以及改進的行動可用性。這些變化旨在幫助消費者更輕鬆地找到最能滿足他們需求的車輛，從而提高參與度指標並增加我們經銷商的銷售量。

Similarly, we also completed a major redesign of our vehicle detail page, the VDP, to highlight the most relevant content and deliver most pertinent information to assist consumers in their decision-making process. With a cleaner layout, collapsible sections, and clearer organization of key vehicle details such as specs, features, and warranty information, consumers can now evaluate listings with greater confidence and more complete information, helping them match with the right dealer and, we believe, improve close rates as a result.

同樣，我們還對車輛詳情頁面 VDP 進行了重大重新設計，以突出顯示最相關的內容並提供最相關的信息，以協助消費者做出決策。透過更簡潔的佈局、可折疊的部分以及更清晰的關鍵車輛細節（例如規格、功能和保固資訊）的組織，消費者現在可以更有信心地評估清單並獲得更完整的信息，從而幫助他們與合適的經銷商匹配，並且我們相信，最終可以提高成交率。

Finally, for shoppers that convert into leads, we have significantly strengthened the post-prospect experience through a redesigned post-prospect e-mail that provides consumers with a clean receipt-style breakdown of the out-the-door price, including applicable discounts, taxes, and fees. Combined with prominent calls to action such as scheduled test drive or save offer, these e-mails are designed to drive higher levels of engagement between prospects and dealers, thus driving more showroom visits and closed sales for our dealer partners.

最後，對於轉換為潛在客戶的購物者，我們透過重新設計的售後電子郵件大大增強了售後體驗，該電子郵件為消費者提供了清晰的收據式出門價格明細，包括適用的折扣、稅費和費用。這些電子郵件結合了預定試駕或優惠活動等突出的行動號召，旨在提高潛在客戶和經銷商之間的互動水平，從而為我們的經銷商合作夥伴帶來更多的展廳訪問量和成交量。

Now turning to our TC+ advancements, while the enhancements to our core product experience are already driving stronger outcomes for both dealers and consumers, we are equally encouraged by the progress we've made towards commercializing TC+, our end-to-end digital retailing experience. As we shared last quarter, a critical milestone for TC+ is completing integrations with key DMS providers, which enables the automation of deal documentation and replaces the time-consuming desking workflows currently performed by the dealer.

現在談談我們的 TC+ 進步，雖然我們核心產品體驗的增強已經為經銷商和消費者帶來了更強勁的成果，但我們在將 TC+（我們的端到端數位零售體驗）商業化方面取得的進展同樣令我們感到鼓舞。正如我們上個季度所分享的，TC+ 的一個重要里程碑是完成與主要 DMS 提供者的集成，這實現了交易文件的自動化，並取代了經銷商目前執行的耗時的辦公桌工作流程。

We are pleased to report that the engineering work related to the integration of CDK's DMS with TC+ is now complete and in testing. This streamlines the dealer experience and drives operational efficiency in a way that only a fully integrated end-to-end platform can deliver. Moreover, we also released a major revamp of the TC+ consumer checkout flow. This redesign introduces a more focused role for the VDP centered solely on helping the consumer select their vehicle while migrating all transactional steps into a newly reimagined checkout center.

我們很高興地報告，CDK 的 DMS 與 TC+ 整合相關的工程工作現已完成並處於測試階段。這簡化了經銷商體驗並提高了營運效率，而這只有完全整合的端到端平台才能實現。此外，我們也發布了 TC+ 消費者結帳流程的重大改進。此次重新設計使 VDP 發揮了更集中的作用，主要幫助消費者選擇車輛，同時將所有交易步驟遷移到新設計的結帳中心。

This guided checkout experience walks consumers step-by-step through the purchasing process, strengthening consumers' trust by providing greater visibility and transparency at every stage of the transaction. The revamped flow also incorporates new features such as dynamic itemized deal receipt that updates as the deal progresses and dedicated pages for a range of available financing and insurance, so-called F&I, products such as gap coverage, and extended warranty offerings. And for consumers who prefer to complete their purchase in store, our new continue at dealership option created a seamless online-to-offline handle.

這種引導式結帳體驗將引導消費者逐步完成購買流程，透過在交易的每個階段提供更高的可視性和透明度來增強消費者的信任。改進後的流程還包含新功能，例如隨著交易進度而更新的動態逐項交易收據，以及一系列可用融資和保險（所謂的 F&I）、差額保險等產品以及延長保固服務的專用頁面。對於喜歡在商店完成購買的消費者，我們新推出的「在經銷商處繼續購買」選項實現了無縫的線上到線下處理。

These changes are already producing encouraging results. Since the new TC+ experience went live, we have observed 115% increase in add-to-cart rate, a 40% lift in daily credit application submissions, and a 2x improvement in F&I attachment rates, all key indicators of a superior consumer experience. As we continue refining the experience and expanding dealer adoption, we believe these improvements will play a critical role in helping TrueCar capture a greater share of online car buyers and future differentiate ourselves in the digital retail space.

這些變化已經產生了令人鼓舞的成果。自從全新 TC+ 體驗上線以來，我們發現購物車添加率增加了 115%，每日信用申請提交量增加了 40%，F&I 附件率提高了 2 倍，所有這些都是卓越消費者體驗的關鍵指標。隨著我們不斷完善體驗並擴大經銷商的採用，我們相信這些改進將在幫助 TrueCar 贏得更多線上購車者以及未來在數位零售領域脫穎而出方面發揮關鍵作用。

Looking forward for TC+, the team remains intently focused on a number of key priorities that will keep us on path to commercializing TC+ by year-end. Completing the back-end DMS integration work and closely monitoring the automation of all deal documentation is critically important and will allow us to begin measuring the significant sales efficiencies that TC+ seeks to provide our dealers.

展望 TC+，團隊仍將專注於一些關鍵優先事項，以確保我們在年底前實現 TC+ 商業化。完成後端 DMS 整合工作並密切監控所有交易文件的自動化至關重要，這將使我們能夠開始衡量 TC+ 尋求為我們的經銷商提供的顯著銷售效率。

In addition, we are working to expand and streamline our integrations with financing partners to improve credit approval rates and help consumers get the most competitive financing offers. This includes a universal or windless prequalification experience that allows consumers on TC+ to exclusively shop for vehicles that are prequalified -- that they are prequalified for and expanding the credit application to include co-applicants, thus minimizing the number of rejection, projected credit applications, and continuing to improve conversion rates at a critical step in the buying process.

此外，我們正在努力擴大和簡化與融資合作夥伴的整合，以提高信貸審批率並幫助消費者獲得最具競爭力的融資方案。這包括通用或無風預審資格體驗，允許 TC+ 上的消費者專門購買經過預審資格的車輛 - 他們已獲得預審資格，並擴大信貸申請範圍以包括共同申請人，從而最大限度地減少拒絕次數、預計信貸申請，並繼續提高購買過程關鍵步驟的轉換率。

In addition, we are continuing to build more seamless integrated off-ramps to consumers to finish the transaction at the dealership. This is an important component of the TC+ experience because we recognize that many consumers prefer to complete a substantial portion of the transaction online before completing the purchase in-store. Moreover, according to Cox Automotive Digitization of automotive retail study published in June 2025, time savings and efficiency was the primary motivation of surveyed buyers who completed a portion of the purchase online before finalizing at the dealership.

此外，我們正在繼續為消費者建立更無縫的整合出口通道，以便他們在經銷店完成交易。這是 TC+ 體驗的重要組成部分，因為我們認識到許多消費者更喜歡在店內完成購買之前在線上完成大部分交易。此外，根據考克斯汽車 2025 年 6 月發布的汽車零售數位化研究，節省時間和提高效率是接受調查的買家的主要動機，他們在經銷商處完成最終購買之前先在網上完成了部分購買。

Nevertheless, 97% of survey dealers reported that consumers repeated steps already completed online when they arrived at the dealership, thus highlighting a critical gap among existing digital retail solutions that fail to seamlessly connect to the online and in-store consumer experience. By leveraging our direct DMS integrations, TC+ seeks to drive efficiencies for both consumers and dealers across our -- across every step of the buying process, regardless of whether the consumer finishes their deal online or in store.

然而，97% 的受訪經銷商表示，消費者在到達經銷店時會重複已在線上完成的步驟，這凸顯了現有數位零售解決方案的一個關鍵差距，即無法無縫連接線上和店內消費者體驗。透過利用我們的直接 DMS 集成，TC+ 致力於提高消費者和經銷商在購買過程的每個步驟中的效率，無論消費者是在網上還是在店內完成交易。

And now looking forward for the company as a whole, despite the macroeconomic uncertainty that persists, our long-term growth ambitions have not wavered. And our optimism around the future of TrueCar continues to grow as we make significant progress towards our goal of commercializing TC+ by year-end. It has been our long-standing belief that a modern marketplace that offers dealers and consumers the ability to seamlessly buy and sell vehicles entirely online will play a critical role in the future of automotive retail, and the recent progress we've made in bringing TC+ to market has strengthened our conviction.

現在展望整個公司，儘管宏觀經濟的不確定性仍然存在，但我們的長期成長目標並未動搖。隨著我們在年底前實現 TC+ 商業化的目標上取得重大進展，我們對 TrueCar 未來的樂觀情緒持續增長。我們始終堅信，一個能夠讓經銷商和消費者完全在線無縫買賣汽車的現代化市場將在未來汽車零售業中發揮關鍵作用，而我們在將 TC+ 推向市場方面取得的最新進展更加堅定了我們的信念。

Moreover, we see momentum gaining for the shift in car buying as evidenced by the June 2025 JPMorgan Chase Auto annual dealership survey that cites 71% of survey dealers viewing the shift to online vehicle sales as permanent, up from 53% in December 2024 and 30% of dealers anticipating a significant increase in online vehicle sales penetration, up from 24% in December 2024.

此外，我們看到汽車購買轉變的勢頭正在增強，這從 2025 年 6 月摩根大通汽車年度經銷商調查中可以看出。該調查顯示，71% 的經銷商認為向線上汽車銷售的轉變是永久性的，高於 2024 年 12 月的 53%，30% 的經銷商預計線上汽車銷售滲透率將大幅提高，高於 2024 年 12 月的 24%。

Beyond TC+ and the opportunity it represents, we are excited by our expectation that the recent enhancement to our core product offering will begin to yield results in the second half of 2025 and beyond, including through expansion of our dealer network and growth in unit sales as we work to bring new OEM incentives into our platform and deepen our partnerships with key affinity partners to help consumers find exclusive offers on their next vehicle purchase.

除了 TC+ 及其代表的機會之外，我們也對近期核心產品的增強充滿期待，預計在 2025 年下半年及以後將開始產生效果，包括透過擴大經銷商網絡和增加單位銷量，同時我們努力將新的 OEM 激勵措施引入我們的平台，並深化與主要親和力合作夥伴的合作關係，以幫助消費者在下次購買汽車時找到獨家優惠。

And finally, despite the unpredictability of the current market environment, we believe that the steps we've taken to eliminate costs and maximize our financial flexibility position us to navigate a range of revenue growth scenarios and deliver adjusted EBITDA profitability and positive free cash flow over the second half of 2025.

最後，儘管當前市場環境難以預測，但我們相信，我們為消除成本和最大限度提高財務靈活性所採取的措施使我們能夠應對一系列收入增長情景，並在 2025 年下半年實現調整後的 EBITDA 盈利能力和正的自由現金流。

Now operator, let's open the call for questions from our analysts.

接線員，現在讓我們開始回答分析師的問題。

(Operator Instructions) Tom White, D.A. Davidson.

（操作員指示）湯姆懷特，D.A.戴維森。

Hey, thanks for taking the question. This is Wyatt on for Tom. Could you maybe provide an update on how TrueCar is looking to grow just some additional details around your used vehicle initiatives and how you think about that opportunity in light of auto tariffs?

嘿，謝謝你回答這個問題。這是懷亞特代替湯姆。您能否提供有關 TrueCar 如何發展二手車計劃的更多細節，以及您如何從汽車關稅的角度看待這一機會？

Yes, absolutely, Wyatt. Thanks for the question. So I think there are a couple of things. So for us, what's one of the things that's really important for a marketplace is that you make sure that the people can find the right car, whether that's new or used. And if people become more interested in used, then there's a natural shift towards that, and we need to just make sure we enable that from an experienced perspective.

是的，絕對是，懷亞特。謝謝你的提問。所以我認為有幾件事。因此，對我們來說，市場真正重要的事情之一是確保人們能夠找到合適的汽車，無論是新車還是二手車。如果人們對二手貨越來越感興趣，那麼就會自然而然地轉向二手貨，我們只需要確保從經驗豐富的角度實現這一點。

It's hard to determine what the exact impacts are going to be long term by the tariffs. And so we are prepared by effectively enabling the consumers to find the cars that they are looking for and best suits their needs because people will keep looking for cars and keep acquiring cars at the end of the day.

很難確定關稅究竟會產生什麼樣的長期影響。因此，我們做好準備，有效地幫助消費者找到他們想要的、最適合他們需求的汽車，因為人們最終會繼續尋找汽車並繼續購買汽車。

I think one of the pieces that I'll let Oliver talk a little bit more about is really engaging on the more of the wholesale side of the business, and that's something we've been looking into to help the dealers source more used vehicles is one answer to the question on the pickup of demand of used vehicles. But at the end of the day, do remember that, yes, tariffs are obviously affecting the new vehicle side, but so are the interest rates.

我想讓奧利佛多談一點的一點是真正參與到業務的批發方面，這也是我們一直在研究的，以幫助經銷商採購更多的二手車，這是對二手車需求回升問題的一個答案。但最終，請記住，是的，關稅顯然會影響新車方面，但利率也是如此。

And so if you assume a decrease in interest rates over time, you can imagine that there will also be probably a renewed emphasis on the new side as well given that the people that are buying on the new side are often leasing or financing these deals. So maybe, Oliver, you want to give a little highlight on the wholesale side and what we've been doing there as part of the used initiative?

因此，如果你假設利率隨著時間的推移而下降，你可以想像，鑑於購買新房的人通常會透過租賃或融資進行這些交易，因此人們可能也會重新關注新房。那麼，奧利弗，也許你想稍微強調一下批發方面以及我們作為二手計劃的一部分在那裡做了什麼？

Yes, definitely. So I mean, let me just start by saying that our long-term view on our growth levers remains unchanged, right? It's really going to be driven by growing our dealer network, expanding our OEM partnerships, bringing more incentive programs onto the platform, and then ultimately beginning to commercialize and scale TrueCar+.

是的，當然。所以我的意思是，首先我要說的是，我們對成長槓桿的長期看法保持不變，對嗎？這實際上將透過擴大我們的經銷商網路、擴大我們的 OEM 合作夥伴關係、將更多的激勵計劃引入平台，並最終開始商業化和擴展 TrueCar+ 來推動。

So long term, those initiatives remain sort of at the core of our growth strategy. In the near term, where our growth comes from will certainly be those elements that I just mentioned, but we've certainly seen a shift towards in terms of what dealers are prioritizing right now. We've seen a shift towards vehicle-sourcing initiatives. I think there is a recognition that in a world where new vehicle supply is constrained, it's critically important for franchise dealers, in particular, to have sufficient used supply.

因此，從長遠來看，這些舉措仍然是我們成長策略的核心。短期內，我們的成長肯定來自我剛才提到的那些因素，但我們確實看到經銷商目前優先考慮的因素發生了轉變。我們已經看到了向車輛採購措施的轉變。我認為人們已經認識到，在新車供應受限的世界中，擁有充足的二手車供應對於特許經銷商來說至關重要。

And so being able to build up that used supply by sourcing vehicles directly from consumers and reducing their reliance on traditional sort of brick-and-mortar auction platforms, that's something that we've seen shift pretty quickly over the last four or five months. And so the way that we support dealers with that is through our two products, which is Sell Your Car and the TrueCar Wholesale Exchange, both of which allow dealers to source vehicles wholesale directly from consumers that come to TrueCar.

因此，透過直接從消費者那裡採購車輛並減少對傳統實體拍賣平台的依賴來建立二手車供應，這是我們在過去四到五個月中看到相當迅速的轉變。因此，我們透過兩款產品為經銷商提供支持，即“Sell Your Car”和“TrueCar Wholesale Exchange”，這兩款產品都允許經銷商直接從訪問 TrueCar 的消費者那裡批發採購汽車。

So it is just a way for us to, I think, augment our value proposition for dealers and allow them to lean into sourcing vehicles directly from consumers given the environment today. But long term, our ambition is not to grow the wholesale side of the business in a vacuum, but rather grow in conjunction with sort of our core marketplace business. And we just view it as being a sort of additional value prop for dealers that can keep them on the platform for longer and really help them in a different way.

因此，我認為這只是我們為經銷商增強價值主張的一種方式，並允許他們在當今環境下直接從消費者那裡購買汽車。但從長遠來看，我們的目標不是在真空中發展批發業務，而是與我們的核心市場業務一起發展。我們只是將其視為經銷商的額外價值主張，可以讓他們更長時間地留在平台上，並以不同的方式真正幫助他們。

Got it. That's really helpful color. Thanks, both of you. Just a follow up, could you give an update on your capital allocation priorities and some color as to whether you plan to ramp up your buyback again?

知道了。這顏色確實很有幫助。謝謝你們兩位。只是一個後續問題，您能否更新一下您的資本配置優先事項，並說明您是否計劃再次加強回購力度？

Yes. I'll just say, I think we demonstrated last year that we're certainly open to repurchasing shares. And I think we're constantly evaluating that as part of our capital allocation strategy. We do believe that maintaining a sufficient cash balance in the near term is good for investors. It certainly provides a healthy amount of downside protection.

是的。我只想說，我認為我們去年已經表明我們確實願意回購股票。我認為我們會不斷評估這一點，將其作為資本配置策略的一部分。我們確實相信，短期內保持充足的現金餘額對投資者有利。它確實提供了相當程度的下行保護。

But as we think about -- as we bring TrueCar+ to market as we hit our goal of being free cash flow breakeven over the second half of the year, it certainly does place a focus on repurchasing shares. And so I can't say that exactly when we'll be in market repurchasing shares. But I think as we demonstrated last year, we are certainly open to it, and we'll continue to evaluate it.

但是，當我們考慮將 TrueCar+ 推向市場時，我們實現了下半年自由現金流收支平衡的目標，它確實把重點放在了回購股票上。因此我無法確切地說出我們何時會在市場上回購股票。但我認為，正如我們去年所表現的那樣，我們當然對此持開放態度，我們將繼續評估它。

Got it. Thank you.

知道了。謝謝。

Naved Khan, B. Riley Securities.

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

Great. Hi. Thanks for taking our questions. This is Ryan Powell on for Naved. So we wanted to ask on the decline of franchise dealers. I think we saw 44 turnover in the quarter. Just wondering about trends to expect from here? And then secondly, on the highest prospect close rate since second-quarter '21, what factors are contributing to this? Is this a function of higher lead quality? Curious about your thoughts. Thanks.

偉大的。你好。感謝您回答我們的問題。我是 Ryan Powell，為 Naved 報道。因此，我們想詢問特許經銷商衰落的原因。我認為本季我們的營業額為 44 人。只是想知道這裡預期的趨勢是什麼？其次，自 2021 年第二季以來，潛在客戶成交率最高，這是由哪些因素造成的？這是由於更高的潛在客戶品質所致嗎？好奇你的想法。謝謝。

Absolutely. It's a good question. So I think they are somewhat intertwined. So the dealer declines are not necessarily something that I'm too worried about in general. As I mentioned before, you have often obviously a standard distribution and often a long tail around these things. One of the things that we've been very focused on in the past quarter has been effectively what type of dealers we take on the network and what types of dealers are coming off.

絕對地。這是個好問題。所以我認為它們在某種程度上是相互交織的。因此，整體而言，經銷商的下滑並不一定是我過度擔心的事情。正如我之前提到的，你通常會有一個明顯的標準分佈，而這些事物通常會有一個長尾。在過去的一個季度中，我們一直非常關注的事情之一就是我們在網路上接納哪些類型的經銷商，以及哪些類型的經銷商正在退出。

And we give them what we call a dealer network scoring, and we have an algorithm that is behind that. And so effectively, what we do is in our sales efforts, we're really focusing on the type of dealers that have a huge positive impact on our effectively broader network, and it obviously is directly correlated to what the people are kind of looking for and where we potentially have gaps.

我們為他們提供所謂的經銷商網路評分，並且我們有一個背後的演算法。因此，我們在銷售工作中所做的有效工作是，我們真正關注的是那些對我們更廣泛的網路產生巨大積極影響的經銷商類型，這顯然與人們所尋找的東西以及我們可能存在的差距直接相關。

And so it's a combination of that together with the consumers and what the interest of the consumers are that then you effectively become, for lack of a better word, better in making sure that the consumer finds the vehicles at the dealers that they're looking for and that you can actually have the right inventory on as well as for the dealers that you find and provide the right consumers to convert.

因此，這是將上述因素與消費者以及消費者的興趣相結合，然後您就可以有效地（找不到更好的詞來表達）更好地確保消費者在他們正在尋找的經銷商處找到車輛，並且您可以真正擁有正確的庫存以及為您找到的經銷商提供合適的消費者進行轉換。

And so net-net, it's really become a focus on becoming more efficient, both across the dealer side and making sure we have the right dealers on, which is why you see a little bit of the shaking of the tree of some of these things. And so whether it's a little bit plus or a little bit minus really doesn't matter. Overall, we obviously have a huge coverage in the country, but we still feel we have certain gaps vis-a-vis that networking score. And so that's something we're very focused on.

因此，總體而言，我們的重點實際上是提高效率，不僅在經銷商方面，還要確保我們擁有合適的經銷商，這就是為什麼你會看到其中一些事情有點搖晃。因此，無論是稍微加一點還是稍微減一點，都無所謂。總體而言，我們顯然在全國範圍內擁有巨大的覆蓋範圍，但我們仍然覺得與網路得分相比還存在一定的差距。這是我們非常關注的事情。

And obviously, on the other side, we've also become much more efficient in our marketing approach and approaching and engaging with the prospects that are high converting. And so the combination of these factors obviously create the prospect rate we're talking about. And I would argue, on the networking side, that's really about becoming more and more efficient on having the right network in place.

顯然，另一方面，我們的行銷方式也變得更有效率，能夠更好地接觸和吸引高轉換率的潛在客戶。因此，這些因素的結合顯然產生了我們所談論的預期率。我認為，從網路方面來說，這實際上意味著建立合適的網路將變得越來越有效率。

Got it. That makes sense. Thank you. And then also curious on dealer engagement with new actionable insights and motivated buyer features since the launch.

知道了。這很有道理。謝謝。並且自產品推出以來，我們也對經銷商參與度、新的可行見解和積極的買家功能感到好奇。

Yes, it's a good question. So this is -- and it's actually a great question because it's like the classic case of like -- it's an education process, right, at the end of the day. So that's really on us. Two things that we always mention is that we are -- one of the values we provide to dealers is training and insights. And so this applies to both. So this gives insights. But in order to extract the insights and know the insights, you effectively need to have training in order to be able to do that.

是的，這是個好問題。所以這是——這實際上是一個很好的問題，因為它就像一個經典的案例——歸根結底，這是一個教育過程。所以這確實取決於我們。我們經常提到的兩件事是——我們為經銷商提供的價值之一是培訓和見解。所以兩者都適用。因此這給了一些見解。但是為了提取見解並了解見解，您需要接受有效的培訓才能做到這一點。

Some dealers are more naturally proficient and understanding in these things than others are. And so this will be something that will start growing over time and obviously make sure that the various dealers are engaging on it appropriately. We've seen really positive results. So it's a little bit hard to say because you kind of need to like train your network on it and see that.

有些經銷商天生就比其他經銷商更精通和理解這些事情。因此，這將是一個隨著時間的推移而開始發展的事情，顯然要確保各個經銷商都能適當地參與其中。我們已經看到了非常正面的成果。所以這有點難說，因為你需要訓練你的人脈並看到這一點。

But overarching, yes, it skews very much whether the dealers are a little bit more digitally savvy or not as it stands right now. But that's also -- that really depends on our training and obviously fits well with the 12-month service cycle that we've laid out in some quarters ago to you guys, where, obviously, we touch every dealer, every quarter, and so sit with them and engage with them. And so this is a really important part of that.

但總體而言，是的，就目前情況而言，這很大程度上決定了經銷商是否更精通數位化。但這也確實取決於我們的培訓，而且顯然與我們在幾個季度前向你們制定的 12 個月服務週期非常吻合，在這個週期中，我們每個季度都會與每家經銷商聯繫，與他們坐在一起並進行互動。所以這是其中非常重要的一環。

Got it. Thank you.

知道了。謝謝。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey, kind of a two-part question. Good morning. If I look at things on a sequential basis, you saw momentum in dealer revenue. But going back to the last question, is it -- dealer count matters less, but it's units and units per dealer and the modest uptick in units drove that momentum? Or did you take some pricing action, or it's about having the right dealers and more units on the system? I just kind of want to understand the momentum in that business and how to think about it going forward?

嘿，這個問題分為兩個部分。早安.如果我按順序來看，你會看到經銷商收入的成長動能。但回到最後一個問題，經銷商數量不太重要，但每個經銷商的單位數量以及單位數量的適度增長推動了這一勢頭嗎？或者您採取了一些定價行動，或者是否在系統上擁有合適的經銷商和更多的單位？我只是想了解該業務的發展勢頭以及如何考慮其未來發展？

And then the second part is you drove this momentum by pulling back on internal investments. So I'm just kind of curious the right way to think about the internal investments you had messaged prior and maybe the level of spend going forward given the growth you're showing while pulling back on that spend.

第二部分是您透過撤回內部投資來推動這一勢頭。所以我只是有點好奇，如何正確看待您之前提到的內部投資，以及考慮到您在削減支出的同時所顯示的增長，未來的支出水平。

Yes, I'll give you a short-version answer and Oliver can take the next piece, which is -- Chris, it's going to be an unsatisfactory answer to you, which is it's a little bit all of the above at the same time, right? So you can -- you're working on both sides of the equation. You're working a more efficient network while you're also really starting to hone in and be more efficient on the top end.

是的，我會給你一個簡短的答案，然後奧利佛可以回答下一個問題，那就是——克里斯，這將是一個讓你無法滿意的答案，因為它同時兼具以上所有特點，對嗎？所以你可以——你在等式的兩邊都進行運算。您正在經營一個更有效率的網絡，同時您也真正開始磨練並在高端領域提高效率。

That includes also trying to figure out ways to really utilize our own data sets better and more precisely; reengage better, more precisely; reengage more personalized -- all these types of things. And so it's really about utilizing all the information we already have internally and be a little bit less dependent on just the classic standard performance marketing and really focus on again.

這也包括嘗試找出更好、更精確地利用我們自己的資料集的方法；更好、更精確地重新參與；重新參與更個人化——所有這些類型的事情。因此，這實際上是利用我們內部已有的所有訊息，減少對傳統標準績效行銷的依賴，並真正再次集中精力。

We actually know a lot about these consumers, and we know a lot about our inventory, and we know a lot about the behaviors that are happening and what can we do to really improve around that. So it's a little bit of both. It's not necessarily that one is prioritized over the other, but it's -- we're just happen to be tackling it at the same time. And then as we then become and find these greater efficiencies, then actually push behind it and push harder as we feel we're ready for that.

我們實際上非常了解這些消費者，我們非常了解我們的庫存，我們非常了解正在發生的行為以及我們可以做些什麼來真正改善這些行為。所以兩者都有一點。這並不意味著其中一個問題比另一個問題更優先，只是我們恰好同時在處理它。然後，當我們發現這些更高的效率時，我們就會真正地推動它，並且更加努力地推動它，因為我們覺得我們已經準備好了。

I do think, though, that if you think of the network itself, that's really about basically making sure we add the right dealers to the platform; and then really think about if there's somebody who wants to churn who is really value additive, obviously focus on retention. And if there's somebody who wants to churn who might be less additive to the network, maybe focus our efforts on the ones that really are effectively net positive. And so there's a little bit of a reshift that has happened as we realign that sales team and service team, but it happens at the same time. So there's not necessarily a particular prioritization amongst the two.

不過，我確實認為，如果你考慮網路本身，那實際上基本上就是確保我們將合適的經銷商添加到平台上；然後認真考慮是否有人想要流失，而這些人真的能增加價值，顯然要注重保留。如果有人想流失，但對網路的貢獻較小，那麼我們或許應該把精力集中在那些真正能產生淨正面影響的事情上。因此，當我們重新調整銷售團隊和服務團隊時，會發生一些轉變，但這是同時發生的。因此，兩者之間並不一定存在特定的優先順序。

And so Chris, I'll just add a little bit, which is when you think about dealer revenue, there -- you can really split it into two. One component is the auto buying program, right? So it's what we're getting paid to drive prospects and unit sales for our dealers. And so we want our unit growth to move in sync with the core auto buying program revenue that we earn from dealers. Separately, you've got the ancillary dealer revenue, which is really made up of the vehicle sourcing products such as Sell Your Car and the Wholesale Exchange and TrueCar Marketing Solutions.

因此，克里斯，我只想補充一點，當你考慮經銷商收入時，你可以將其分成兩部分。其中一個組成部分是自動購買程序，對嗎？因此，我們獲得報酬是為了推動經銷商的前景和單位銷售。因此，我們希望我們的單位成長與我們從經銷商獲得的核心汽車購買計畫收入同步成長。另外，您還有輔助經銷商收入，這實際上是由汽車採購產品（例如“Sell Your Car”和“Wholesale Exchange”以及“TrueCar Marketing Solutions”）構成的。

And so those revenue that's earned from those parts of dealer revenue really aren't unit sales growth, right? They're actually -- there's different KPIs that we measure for those. And so as we talked about, we did see a significant lift in number of dealers who are subscribing to our Sell Your Car product. And TrueCar Marketing Solutions was pretty nascent this time last year. And so there's been growth from that part of the business as well.

那麼從經銷商收入中賺取的收入其實並不是單位銷售額的成長，對嗎？它們實際上——我們用不同的 KPI 來衡量它們。正如我們所談到的，我們確實看到訂購我們的「出售您的汽車」產品的經銷商數量顯著增加。去年這個時候，TrueCar 行銷解決方案還處於起步階段。因此該部分業務也實現了成長。

But looking forward, we certainly want that core auto buying program component of dealer revenue to grow and expand, and that's going to be through adding more of the right dealers to the network, right? And those right dealers that are truly accretive to our network, right, where they've got the right supply that matches our demand, they'll have a higher revenue per dealer. And so that's really, in our view, a much more effective way to grow the dealer network over time.

但展望未來，我們當然希望經銷商收入的核心汽車購買計劃部分能夠成長和擴大，而這將透過在網路中添加更多合適的經銷商來實現，對嗎？那些真正能增加我們網路的經銷商，如果他們擁有符合我們需求的正確供應，那麼他們每個經銷商的收入就會更高。因此，我們認為，這確實是一種隨著時間的推移擴大經銷商網路的更有效的方法。

And then as it relates to the investments that we've made, and you alluded to us pulling back on investments. Well, I would say that, yes, I think we've pulled back on certain investments around our field sales and service team and instead really sort of prioritize our energy on the investments into the dealer experience and consumer experience that are going to lift overall efficiencies in the platform, specifically close rate, right?

然後，由於這與我們所做的投資有關，您暗示我們撤回了投資。嗯，我想說，是的，我認為我們已經減少了對現場銷售和服務團隊的某些投資，而是將精力優先放在對經銷商體驗和消費者體驗的投資上，這將提高平台的整體效率，特別是成交率，對嗎？

So as we see close rates continue to go up, we can drive more unit sales with fewer marketing investments, right? And therefore, you can think about we can spend the same amount of marketing, drive significantly more unit sales and grow the dealer network in conjunction. And so it really was, to an extent, stepping back, really focusing on what are the things that are going to drive improvements in the consumer and dealer experience that lift close rates. And then that just gives us a lot more leverage to grow unit sales and the dealer network over the next several quarters.

因此，隨著成交率持續上升，我們可以用更少的行銷投資來推動更多的單位銷售，對嗎？因此，你可以想像，我們可以投入相同的行銷資金，大幅提高單位銷售額，同時擴大經銷商網路。因此，從某種程度上來說，這實際上是退一步，真正關注哪些因素能夠推動消費者和經銷商體驗的改善，從而提高成交率。這為我們提供了更大的槓桿，可以在未來幾季增加單位銷售和經銷商網路。

Got it. And then just lastly for me. I know in the past couple of years, we've talked about increasing OEM incentive revenues. And I know why dealers -- OEMs wouldn't feel the need to incentivize for the tariff pull forward.

知道了。最後，對我來說。我知道在過去的幾年裡，我們一直在談論增加 OEM 激勵收入。我知道為什麼經銷商——原始設備製造商不會覺得有必要為提前徵收關稅提供誘因。

But if we talk about -- we're talking about prices going higher and where incentives are as a percentage of transaction price now, I'm just kind of curious why you're less bullish on OEM incentive revenue. Is it just lower supply? Is it directly correlated to lower revenues, lower OEM incentive revenues? Or it's -- like what's the correlation there? Because I'm thinking it's going to be harder for OEMs to sell higher-priced cars, but it seems like you guys are coming at it from a different perspective.

但是如果我們談論 - 我們談論的是價格上漲以及激勵措施佔交易價格的百分比，我只是有點好奇為什麼您對 OEM 激勵收入不太樂觀。只是供應量較低嗎？這是否與較低的收入、較低的 OEM 激勵收入直接相關？或者──那裡面的關聯是什麼？因為我認為原始設備製造商銷售高價汽車將會更加困難，但看起來你們是從不同的角度來看這個問題的。

Yes. I don't -- I actually think the OEM revenue line is a huge opportunity for us and has always been and remains to be. I do think that in a higher tariff world, I think OEMs are trying to figure out how to adapt and adapt across their own, effectively, capital structure, for lack of a better word. And we're helping them adapt. So we're obviously engaging with them directly and see what we can do.

是的。我不這麼認為——我實際上認為 OEM 收入線對我們來說是一個巨大的機會，而且一直如此，並且將繼續如此。我確實認為，在關稅更高的世界中，我認為 OEM 正在試圖弄清楚如何適應並有效地適應自己的資本結構，因為缺乏更好的詞彙。我們正在幫助他們適應。因此，我們顯然會直接與他們接觸，看看我們能做些什麼。

But I agree with you, and I think there is a huge opportunity. And I think there is a big opportunity to keep people excited about new cars. And the OEM incentive business is one that is very unique to us, and I think we've proven to be very good at. So we remain very bullish on that. And I think as we've proven also in this quarter, we've performed well there.

但我同意你的觀點，我認為這是一個巨大的機會。我認為這對讓人們對新車保持興趣有很大幫助。OEM 激勵業務是我們非常獨特的業務，我認為我們已經證明自己非常擅長這項業務。因此我們對此仍然非常樂觀。我認為，正如我們在本季所證明的那樣，我們在那裡表現得很好。

Okay, thanks for everything.

好的，謝謝你的一切。

(Operator Instructions) Rajat Gupta, JPMorgan.

（操作員指示） Rajat Gupta，摩根大通。

Thank you for taking the question. Just wanted to -- I don't know if you addressed this earlier. I am just hopping around different earnings calls. Any color you can provide us on the second-half outlook as it relates to just the non-dealer product side of things, just the franchise independent revenue cadence, customer count versus just average revenue per dealer? Any kind of framework you could provide us you might have visibility into in the second half? And I have a quick follow up. (multiple speakers)

感謝您回答這個問題。只是想——我不知道您是否之前解決過這個問題。我只是在參加不同的收益電話會議。您能否為我們提供關於下半年前景的任何信息，包括非經銷商產品方面、特許經營獨立收入節奏、客戶數量以及每家經銷商的平均收入？您能為我們提供任何一種在下半年可能有用的框架嗎？我有一個快速的跟進。（多位發言者）

Go ahead, Oliver.

繼續吧，奧利佛。

Go ahead, Jantoon.

繼續吧，Jantoon。

I mean, I was going to give Rajat a very dissatisfactory answer, which is, look, I think the part that we control for is obviously the cost structure of the business and where we do our capital allocations. I think the revenue side is a little bit trickier. When it comes to the baseline, I think we know that very well. I think, obviously, it's still an evolving world. And I think every day, right, is different and more news. And so we're a little bit reluctant to really give any framework around it.

我的意思是，我本來要給拉賈特一個非常不滿意的答案，那就是，看，我認為我們控制的部分顯然是業務的成本結構以及我們進行資本配置的地方。我認為收入方面有點棘手。說到基線，我想我們非常清楚。我認為，顯然這仍然是一個不斷發展的世界。我認為每天都會有不同的消息，而且會有更多的新聞。因此，我們不太願意真正給出任何框架。

It's the reason also why I think we were purposeful in the last sentence where we said, there might be different trajectories of lines vis-a-vis the revenue, depending a little bit of the external circumstances. But we're ready for that as a business because we're -- we've set ourselves up really well.

這也是為什麼我認為我們在最後一句話中是有目的性的，我們說，相對於收入，可能會有不同的軌跡，這取決於一點外部環境。但作為一家企業，我們已經做好了準備，因為我們已經做好了充分的準備。

I think more broadly, though, I mean, uncertainty drives a benefit for us in the way that dealers need us, right? As Chris alluded to before, I think OEMs need us. And so I think we're very positive and excited about what the future brings. It's just really hard to predict exactly what the trajectory of that line is. Sorry, Oliver, I cut you off.

不過，我認為從更廣泛的角度來看，不確定性會為我們帶來好處，因為經銷商需要我們，對嗎？正如克里斯之前提到的，我認為 OEM 需要我們。因此我認為我們對未來充滿信心和期待。很難準確預測這條線的軌跡。抱歉，奧利佛，我打斷了你。

Yes. No, I'll just elaborate and say that dealer count is important to us, right? We want to maintain a strong network. We want to have as many active dealers on the platform as possible. But as we have talked about, there's a difference between the dealer that's truly accretive to the network, right? They're filling a supply-demand imbalance that exists. And then the dealers are non-accretive to the network, right, where they're just providing more supply when there may not be sufficient demand.

是的。不，我只是想詳細說明一下經銷商數量對我們很重要，對嗎？我們希望維持一個強大的網絡。我們希望平台上有盡可能多的活躍經銷商。但正如我們所討論的，真正對網路有貢獻的經銷商之間是有區別的，對嗎？他們正在填補現有的供需不平衡現象。然後，經銷商就不會對網路產生增值作用，他們只是在需求不足的情況下提供更多的供應。

And so to an extent, they can cannibalize other dealers on the network. We've been really intentional about really focusing on how do we get more of those dealers that are truly accretive to the network on the platform. And when certain dealers churn, if we feel like they're -- they provide redundant supply, we should be okay with that. I think, over time, that translates into a much healthier network where dealers are getting a greater share of unit sales. And I think that, over time, leads to lower churn as a result.

因此，在某種程度上，他們可以蠶食網路上的其他經銷商。我們一直致力於真正關注如何在平台上獲得更多真正對網路有益的經銷商。當某些經銷商流失時，如果我們覺得他們提供了多餘的供應，我們應該接受這一點。我認為，隨著時間的推移，這將轉化為一個更健康的網絡，經銷商將獲得更大的單位銷售份額。我認為，隨著時間的推移，這將導致客戶流失率降低。

Also, when you think about our franchise dealer network, it's comprised of nearly all of the large dealer groups across the country. And so we also see a tremendous amount of opportunity outside of growing dealer count, but really just saying, all right, how can we serve these strategic partners in a much deeper way? How can we support them beyond just sending them more new car or used car leads, but really expand the way we serve them to include some of our vehicle sourcing products, to include our TrueCar Marketing Solutions products as well and then really deepen the partnerships with them and drive a greater share of wallet?

此外，當您想到我們的特許經銷商網路時，它幾乎涵蓋了全國所有的大型經銷商集團。因此，除了增加經銷商數量之外，我們還看到了巨大的機會，但實際上，我們如何更深入地為這些策略夥伴提供服務？我們如何為他們提供支持，而不僅僅是向他們發送更多的新車或二手車線索，而是真正擴展我們為他們服務的方式，包括我們的一些汽車採購產品，也包括我們的 TrueCar 營銷解決方案產品，然後真正深化與他們的合作夥伴關係並推動更大的錢包份額？

So all that to say, dealer count is certainly an important metric. And over time, we want that to expand. In the near term, we want to make sure that it's the healthiest dealer network possible that has the best supply-demand balance. And we're really investing in growing the partnerships that we have with some of our larger strategic dealer partners.

總而言之，經銷商數量無疑是一個重要指標。隨著時間的推移，我們希望這一規模能夠擴大。在短期內，我們希望確保它是最健康的經銷商網絡，擁有最佳的供需平衡。我們確實在投資發展與一些較大的策略經銷商合作夥伴之間的合作關係。

Got it. Thanks for the detailed color. And just I had a broader question zooming out on just agentic AI. Obviously, that continues to evolve with tools that can autonomously search, compare, even transact on behalf of consumers. How do you see this affecting TrueCar's marketplace model? Are there plans to integrate or partner with such agents just to stay central in the car-buying journey? Any thoughts on that would be helpful. Thank you.

知道了。謝謝你詳細的顏色。我有一個更廣泛的問題，僅針對代理人工智慧。顯然，隨著能夠代表消費者自主搜尋、比較甚至交易的工具的出現，這一領域仍在不斷發展。您認為這會對 TrueCar 的市場模式產生什麼影響？是否有計劃整合或與此類代理商合作，以在購車過程中保持中心地位？對此的任何想法都會有所幫助。謝謝。

Yes. Well, first of all, I mean, I think it's a very relevant question. It's obviously something we think a lot about and we work on tremendously. First of all, obviously, the focus is on really making sure that our data is not a swamp, but a clear lake that we can utilize and structure and obviously deploy a lot of tools against.

是的。嗯，首先，我認為這是一個非常相關的問題。顯然，這是我們深思熟慮並付出巨大努力的事情。首先，顯然，重點是確保我們的數據不是沼澤，而是清澈的湖泊，我們可以利用和建造它，顯然還可以部署很多工具。

And I do think we have very unique data sets that are very unique to us. And so I think there's a lot of opportunity there, and we've done a lot of work to make sure that these are all very usable and now have started working on getting products out there for both consumers and dealers effectively utilizing that, right? So that's number one.

我確實認為我們擁有非常獨特的數據集。所以我認為這裡有很多機會，我們已經做了很多工作來確保這些都非常實用，現在已經開始致力於向消費者和經銷商提供產品，有效地利用這些產品，對嗎？這是第一點。

Then more broadly, on your question vis-a-vis how people are going to, in the future, buy cars, I think it's really important to remember that we have a very big affinity network, which I think is a very important component of trust and how people actually engage with car buying. And so emphasizing and working deeper and deeper with affinity partners will be a very important tool for us going forward.

那麼更廣泛地說，關於你關於人們未來如何購買汽車的問題，我認為務必記住我們有一個非常大的親和網絡，我認為這是信任的一個非常重要的組成部分，也是人們實際購買汽車的方式。因此，強調與親密夥伴的合作並進行更深入的合作將是我們未來發展的非常重要的工具。

And then enabling them to really get into a world where you possibly even get closer integration with the affinity partners where you can start buying and checking out cars much more easily is a topic that is obviously something that we discuss a lot internally. But overarching, it's something that, obviously, we think about a lot. It's also one of the reasons why we've kind of been rethinking about the marketing and the way we've been talking about generating more efficiency on the marketing side to make sure you're not too dependent on certain external platforms but really start integrating with the right ones where the actual consumer sits and flows towards.

然後讓他們真正進入一個世界，在那裡你甚至可以與親密合作夥伴更緊密地融合，你可以更輕鬆地開始購買和檢查汽車，這顯然是我們內部經常討論的話題。但總體而言，這顯然是我們經常思考的事情。這也是我們一直在重新思考行銷以及我們一直在談論如何提高行銷效率的原因之一，以確保您不會過度依賴某些外部平台，而是真正開始與實際消費者所在和流向的正確平台整合。

So yes, long story short, there are multiple aspects where this is touching us. There are multiple aspects where we are engaging. I think the affinity network will be an important component of that. But also the way we're designing the flows is something where we would obviously like to become the predominant platform where people are effectively buying or selling a car online, whether that's new, certified preowned, or used. And I think we have the inventory for it, the infrastructure for it, and that's really a matter of now getting and engaging on the front end and engaging with the right partners to get a foothold on that side.

是的，長話短說，這件事在許多方面影響著我們。我們正在參與多個方面。我認為親和網絡將是其中一個重要的組成部分。但我們設計流程的方式顯然是希望成為人們在線上有效購買或銷售汽車的主要平台，無論是新車、認證二手車或二手車。我認為我們擁有相應的庫存和基礎設施，現在真正的問題是參與前端並與合適的合作夥伴合作以在該領域站穩腳跟。

Got it. That's great color. Thanks for taking the question and good luck.

知道了。顏色真棒。感謝您回答這個問題並祝您好運。

(Operator Instructions) Thank you. This concludes the question-and-answer session. And the conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Thank you.

（操作員指示）謝謝。問答環節到此結束。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。謝謝。