The Auction Visionary: Selling 1.3 Million Cars a Year

My mission here is to make whole tail easy. And that's the opportunity is to really reinvent the industry and fundamentally shift the way people operate. And in many cases, that answer boils on to give me customers. Yes, it's not a question of if it's a question of when, because this is all data that exists. A big thank you to our sponsors for making today's episode possible. Lot links, card dealership, guy news, and open lane. And now let's get into the show.

我的任务是简化整个流程，进而有机会彻底重塑行业，根本上改变人们的运作方式。很多情况下，这意味着给我带来客户。是的，这不是一个“是否”的问题，而是“何时”出现的问题，因为这些数据已经存在了。非常感谢我们的赞助商，让今天的节目成为可能：Lot Links、汽车经销商新闻和Open Lane。现在让我们进入正题。

Shave.on the CDG podcast. Shave, welcome. Thank you for having me, O.C. Happy to be here. Good, good to have you on. You guys have opened lane. You've been through some crazy changes here in the last couple of years. So I'm excited to dig into a little bit of your story and what you're up to. Yeah. No, I'm, and I'm excited to be here. And listen to your podcast. Super exciting. And following you closely on LinkedIn as well. I, I'm not going to lie if I tell you, not going to lie if I tell you, you're my first source of the truth and what's going on in the industry, especially for somebody who's new to the industry. So I appreciate the work you're doing for me personally. All right.

在 CDG 播客上剃须。剃须，欢迎你。谢谢你邀请我，O.C. 很高兴来到这里。很好，很高兴你能来。你们已经开辟了新的道路，过去几年经历了一些疯狂的变化。所以我很期待深入了解你的故事以及你现在在做什么。是啊，我也很高兴来到这里，并且听你的播客，真的很激动。我也在 LinkedIn 上密切关注你。不瞒你说，如果我告诉你你是我获取行业真相和动态的第一来源，特别是对于一个新进入行业的人来说，我不会撒谎。所以，我个人非常感谢你所做的工作。好的。

Well, I like you already then. All right. Well, I mean, it's a good start, right? So tell me, tell me a little bit about as a startup guy myself, formerly. I looked through a background. So you've had, you know, a bit, a bunch of different experiences that brought you up to this point in your career. Give us a little bit of, you know, background on yourself. What brought you to automotive? I was thinking about, I was thinking about this myself, you know, and I probably would have answered this question differently. You're so back. But, you know, one thing when since I've joined openly and that I've heard consistently from everyone, and I've, I've been out in the field talking to like dealers, you know, almost every week. And the one thing that keeps getting mentioned is that this is a relationship business, right?

好吧，我已经喜欢上你了。好吧，嗯，我是说，这才是一个好的开始，对吧？那么告诉我，告诉我一些关于你的事情，作为一个曾经的创业者，我浏览了一下你的背景资料。你经历了各种不同的工作，这些经验把你带到了你目前的职业阶段。给我们一点关于你自己的背景信息。是什么让你进入了汽车行业？我自己也在想这个问题，你知道，以前我可能会有不同的回答。但是，自从我加入了这个行业，我一直听到大家一致的看法。我每周都在外面和经销商交谈，有一件事总是被提到，那就是这是一个人际关系的行业，对吗？

And so in some respects, I would say I would start there to say what brought me to open in his relationships. I knew some of the people who are in the leadership roles, I actually work with them in prior experiences. And they kind of knew me very well, knew some of the work I had done in the past. I've spent a lot of time in innovation and transformation role. You know, I am driven by customer problem solving. And I've worked on kind of the, in roles where you have to think outside of the box, think horizontally and vertically. And so they kind of reached out to me in this particular role. And they said, hey, we'll have to bring some outside thinking to challenge the status quo. And that was exciting.

所以，从某种程度上来说，我会说我从那时开始，考虑是什么让我在他的人际关系中变得坦诚。我认识一些在领导岗位上的人，实际上我在之前的工作经历中与他们合作过。他们非常了解我，知道我过去做过的一些工作。我在创新和变革方面花了很多时间。我被解决客户问题所驱动，并且我曾担任需要跳出固有思维、纵向和横向思考的角色。所以他们在这个特殊的角色上找到了我，并说：“嘿，我们需要引入一些外部思维来挑战现状。”这让我感到很兴奋。

I will say I have in the past, dabbled in automotive. You said you're a startup guy. I worked in a startup. Sadly, I failed. I didn't succeed. But I spent two years trying to do a startup in the automotive space, specifically in commuter ride sharing, actually, of all things back in 2015. Now I'm aging myself. I loved it. I love that time. I love the industry. I love the people. I love the opportunity. It's just, there's just so much. It's right for a change, right for disruption, right for opportunity. And so when you factor in the relationships, you factor in the industry. And it's about people. I just love the people I met at Open Lane and I love.

我可以说，过去我曾涉足过汽车行业。你说你是做初创公司的，我也曾在一家初创公司工作。不幸的是，我失败了，没有成功。但我花了两年时间尝试在汽车领域做一个初创公司，具体来说是通勤拼车项目，实际上是在2015年。现在说起来我都有点暴露年龄了。我很喜欢那段时间，喜欢这个行业，喜欢那些人，喜欢那种机会。这个领域有太多变化的可能性，有太多颠覆和机遇。当你考虑到人际关系和这个行业，它的核心其实是人。我特别喜欢在Open Lane认识的那些人，我真的很喜欢。

And so I was like, Hey, I want to get in back into the space. You know, I noticed that about your, I noticed how about your experience, how you have been in these like transformation roles, which, you know, is a fully loaded term, but here's my question for you, right? So you get into automotive, right? You get into automotive retail. What was the most antiquated thing that you noticed or saw? And I asked you that as an outsider, quote unquote, right?

所以我当时就说，嘿，我想重新进入这个领域。你知道吗，我注意到你在这些变革角色中的经历，这个词确实有很多含义，但是我有个问题想问你，对吧？你进入了汽车行业，对吧？你进入了汽车零售业。你注意到或看到的最陈旧的东西是什么？我是以一个“局外人”的身份问你这个问题的。

You came into the industry, right? Us or anyone that's in the business that's been in here for a decade, two decades, whatever, like we see it every day, right? There's certain things sometimes. I'm like, wow, I, you know, someone mentioned to me, I'm like, wait, I didn't even know that didn't even realize you're right. This is like, this could be done so much better. So what was or what still is potentially like one of the most antiquated parts of the business in your mind?

你刚进入这个行业，对吧？我们这些已经在这个行业工作了十几年、二十年甚至更长时间的人，每天都会看到一些事情。有时候我会惊讶地发现，别人提到的某些事我竟然不知道，甚至没有意识到这个事情确实可以做得更好。所以在你看来，过去或者现在这个行业中最陈旧、最落后的部分是什么？

Okay, this is going to be an interesting one. Um, the one thing that comes to my mind, number one, and first and foremost is really mindset. And it's going to be an odd one to say. Um, I talked about like, you know, I talked about the industry and I talked about how everybody sold me. It's a relationship business, which by the way, I believe, and I fundamentally, whether it's this industry or any other industry, I do believe relationships are critical. And, and it is critical to our longterm success. And you can talk about AI and technology, all you want, but relationships are always going to be important. And that's an a key driver of, uh, customer problem solving.

好的，这是个有趣的话题。嗯，我脑海里首先想到的，也是最重要的，实际上是心态。说出来可能有点奇怪。嗯，我之前谈过这个行业，我说过大家都告诉我是一个关系型的行业，顺便说一下，我也相信这一点。而且无论是这个行业还是其他任何行业，我真的相信关系非常重要。而且关系对我们的长期成功至关重要。你可以讨论人工智能和技术，但关系始终都会重要。这也是解决客户问题的关键驱动力。

What I mean by mindset is one of the things that I've had to, uh, that I've been challenged with often is people have told me, well, it's different in the automotive industry. You know, that's not exactly how we work. Right. In this industry, that doesn't really apply. And, and the more I thought about it and the more I talk about it, the problem sound eerily similar to many of the problems I've, I've worked in pretty much any other industry and I've spanned appliances, services, beauty startups. You know, I've done a lot of things. And ultimately when you start getting down to the core customer problems, like listening and, and hearing your customers, interestingly enough, the problem sound eerily similar. So probably my, the biggest paradigm shift that I feel is one of a almost like a mindset and a cultural shift to say, to ask ourselves, whenever you're dealing with a problem in this industry is to say, not get bogged down by how it's been done, but ask yourself, take your own experiences and ask yourself, what do I love? What do I expect in my, in the world today? And why not? So it's, it's the just imagine the fall of philosophy. And you as a startup probably understand that. That's the thing. That's the mindset shift is the one that I am trying to get across more than you want. If I had to paint in point one, if that makes any sense.

我所说的心态是这样的：经常有人对我说，汽车行业是不同的，他们的工作方式并不一样。在这个行业中，那些方法并不适用。但是，随着我思考的深入和交流的增加，我发现这些问题听起来跟我在其他行业遇到的问题几乎没有区别。我在家电、服务、美容和初创企业等多个领域工作过。当你深入研究客户的核心问题，比如倾听和理解客户需求时，会发现它们的问题其实非常相似。所以，对我来说，最大的思维转变在于一种心态和文化上的变化。我们在面对这个行业的问题时，不要被旧有的工作方式困住，而是要问自己：结合自己的经验，问问自己在当今世界中喜欢什么、期待什么，以及为什么不这样做。这种想象和创新的理念，你作为一个初创企业可能已经很理解了。这就是我所要传达的心态转变，希望这对你有意义。

No, I think I, you actually surprised me with your response, because I thought you were going to go to like a hard example, meaning like, you know, the way this is being purchased or that is being sold and you went to a very codicle, like soft example on the more like emotion, emotional intelligence side. And so you surprised me in a good way, which I think it's a good point you make, right? Like when when we're doing certain things in certain ways, it's, it's, it's easy to get caught up in like, Hey, this is how it's been being done. Or this is how it's being done in automotive. But yeah, I mean, I think having that ability to kind of think a layer deeper and really pressure test how we're, whether it's the way we buy and sell cars whole sale or that we finance cars, whatever it may be, I think you're coming at it from a good angle.

不，我觉得其实你让我很惊讶，因为我以为你会举一个比较难的例子，比如说东西是怎么被购买的或者怎么被出售的，但你却用了一个很软性的例子，涉及到情商方面。所以你很好地让我感到惊喜，我认为你提出了一个很好的观点。对吧，当我们在以某种方式做某些事情时，很容易陷入“这是一直以来的做法”或者“这是在汽车行业的做法”这种思维模式。但是，我认为有能力深入思考一层，真正检验我们买卖汽车、批发汽车或融资的方式，不管是哪一种情况，我觉得你是从一个很好的角度出发的。

So let's fast forward a little bit there, right? Where are we at today with wholesale? Where are we going? If you think about wholesaling, right? Ultimately, like I said, you're in the business of retailing. That's the data exists. All the data exists. What you're retailing, how much you're selling, what's the opportunity? You know, how much could you sell it for? What, what the marketplace is bearing? All the data exists. So the opportunity to optimize to say, when should I want to actually need to wholesale a car? And let's be clear, when you say need to wholesale a car, it's saying finding the right buyer, right by the right place, right? And I'm and, you know, making sure I'm optimizing my time. All that data exists. The ability to actually preempt that and to be able to tell somebody and say, Hey, you know what? It looks like you have XYZ in your inventory. You need to get rid of it and then finding the rights buyer and connecting you and doing that fast speed is critical.

那我们快进一点，好吗？看看我们现在的批发业务状况，以及未来的方向。考虑到批发业务，实际上你在从事零售业务。所有的数据都存在。你在零售什么，卖了多少，有什么机会，你能卖多少钱，市场的供需关系如何，所有的数据都存在。所以有机会去优化，去决定什么时候需要批发一辆车。要说明的是，当你说需要批发一辆车时，意味着找到合适的买家，在合适的地方，对吧？同时，还要确保我在优化时间使用。所有这些数据都存在。能够预见这些情况，告诉有人说，嘿，你知道吗？看来你库存里有某某东西，你需要处理掉它，然后找到合适的买家，快速连接起来，这一点非常关键。

It's not that the doesn't, it's not happening today. The process is long. It can be as long as I've heard talking to dealers, I was actually with a dealer on the West Coast this week and they were saying it can be 20 to 30 days long. So going from the 20 to 30 days down to like one to two days, that's the opportunity and time is money. So as I think about the future of wholesale, that's where we're going to have to get, we're going to have to get to a place where we're saving people. Incredible amounts of time and increasing their productivity. Mm hmm. I want to ask you a bit more about the actual, just the tactical wholesaling experience and what you've experienced and the dealers you're working with.

不是说不行，只是今天不行。这个过程很长。根据我与经销商的交流，有时甚至可以长达20到30天。我这周在西海岸和一个经销商会面，他们说这个过程可能需要20到30天。将20到30天缩短到1到2天，就是我们的机会，因为时间就是金钱。所以，当我思考批发的未来时，我们必须达到一个能为人们节省大量时间并提高生产力的境地。嗯嗯。我想问你更多关于实际操作批发的体验，以及你和经销商合作的经历。

But tell me just to table set real quick, just give us like a 30 second overview of your business model today for anyone that's either not familiar with what open lane does or has never purchased a car through open lane. Just to give us like a little overview of what open lane does today, all the different types of divisions you have.

但是，请你简单说一下，就只是为了快速了解一下。给我们一个大约30秒的概述，说明一下你们目前的商业模式，特别是给那些不熟悉Open Lane的人或者从未通过Open Lane购买过汽车的人。请简单介绍一下Open Lane目前的业务内容，以及你们的各个部门。

So like I said, open lane has been around for over 25 years. In fact, we started off, we used to actually be in the physical auction business ourselves, but we have now committed to fully digital. So what do we do? We enable, we, we to talk about making wholesale easy. And so we manage the entire wholesale journey all the way from, you know, we, and by the way, we have different parts of our businesses that manages different pieces.

就像我之前说的，Open Lane已经存在超过25年了。实际上，一开始我们自己也参与了实体拍卖业务，但是现在我们已经完全转型为数字化模式。那么我们是做什么的呢？我们致力于让批发业务变得简单。我们管理整个批发流程，从头到尾。顺便说一句，我们的业务分为不同部分，每个部分负责不同的环节。

So all the way from identifying, helping a retailer, identifying cars that they want to wholesale to helping them then actually inspect those cars, making so you have really high quality inspection condition reports, right? That's critical to build trust. We do that. Then we take those cars and we place them on our online digital marketplace. We connect buyers and sellers together, right? So we, we enable them to find each other. We enabled them to shop their way.

从一开始帮助零售商识别他们想要批发的车辆，到帮助他们对这些车辆进行检查，我们确保生成高质量的检查报告。这对于建立信任至关重要。我们就是这样做的。接下来，我们将这些车辆放置在我们的在线数字市场上，连接买家和卖家。我们使他们能够相互找到，并按照他们的方式进行购物。

So one, this is a really important point. We don't have a one size shoe fits all wholesaling solution. We run time dachshunds, right? Similar to what a physical auction is, like a two hour auction, we run those on specific days. So if you're looking for a specific day, we do that. We have a marketplace solution, which means cars are there 24 seven. I can shop whenever 12 o'clock in the night. I want to engage in bio car. We can enable that.

所以，首先，这是一个非常重要的点。我们并没有一个放之四海而皆准的批发解决方案。我们进行限时拍卖，这和实体拍卖类似，比如一个两小时的拍卖会，我们会在特定的日子举办。如果你需要特定的一天，我们也有安排。另外，我们还有一个市场解决方案，意思是车子24小时都在那儿。我可以在夜里12点随时选购。如果我想买车，我们可以实现这个需求。

And we have something called absolute sale, which is essentially almost like a guaranteed auction format, which runs daily and it runs from a 90s cent of four Easton and essentially allows its sellers saying, hey, I'm committed to selling the car. So buyers don't waste their time and they can engage in and buy cars. So we, we enable these different formats of solutions for people to buy cars. We also, from a wholesaling journey after you've chosen to buy the car, right?

我们还有一种叫做绝对销售的方式，基本上就像一种几乎有保证的拍卖形式，每天都会进行，从90美分到四美元不等。这种方式让卖家承诺出售他们的汽车，这样买家就不会浪费时间，可以直接参与并购买汽车。我们为人们提供了这种不同的购买汽车的解决方案。除此之外，在批发购车过程中，在你选择买车之后，我们也有相应的服务。

We also enable both logistics as well. So you can, we can, we can actually manage the transportation of the car. We also enable manage arbitration, right? So if you have a problem with the car, we, we manage that from our site. And as part of the arbitration, we also do, we have something called buyback guarantee and in certain cars and certain situations, we'll also, we'll take the car back. No questions us. It's like a free return, if you will. So if it doesn't work for you, we manage that piece as well.

我们还提供物流服务。所以，如果您需要，我们可以负责汽车的运输。我们也处理仲裁问题。如果您对汽车有任何问题，我们会负责解决。另外，作为仲裁的一部分，我们还有一项“回购保证”，在特定的汽车和情况下，我们可以无条件退车，就像“免费退货”一样。如果您不满意，我们也会处理好这个问题。

So we manage that entire cycle of, of, of wholesale, the entire life cycle. And one other point I would make out is we have both dealer cars as well as off lease cars. We also have repo business. So we have repo cars as well. So, so we have every kind of inventory available to purchase on open lane.com.

我们管理整个批发业务的生命周期。还有一点我要强调的是，我们有经销商的车辆，也有租赁到期的车辆。另外，我们还有回收业务的车辆。所以，我们在 open lane.com 上有各种类型的库存车辆可供购买。

So tell me why go all digital? Like what's your thesis there on just the future and I guess president of wholesale. I would simply put it down to focus. Right. Like I think a very important thing is, and I learned this a long time ago, you'll see in other businesses I've, I've done as well is one of the hardest jobs in a company is prioritization. Right. And the, and the more you diversify and do different things, the less you are good at one thing.

那么，告诉我为什么要全面数字化？就未来而言，以及我想了解批发业务的现状，你的观点是什么？我会简单地归结为“重点”。对吧。我认为非常重要的一点是——这是我很久以前学到的，你在我做过的其他业务中也会看到——在公司里最难的工作之一就是确定优先级。对吧。你越是分散精力做不同的事情，就越难在某一件事上做到最好。

I would say that we see the value in digital. We understand that it is, it is a very efficient way of solving dealer problems. If we bifurcated our focus, you'll see, I think we would be, we would be, we would be split. And we used to, we used to do that. We used to decide on how we want to manage different things. We want to double down on our core competency. We see ourselves as a technology company, a data company.

我想说，我们看到了数字化的价值。我们明白，这是一种非常高效的解决经销商问题的方式。如果我们把注意力分散开，你会看到，我认为我们会被分裂。过去我们曾这么做过，决定如何管理不同的事情。但现在我们要专注于我们的核心竞争力。我们把自己看作是一家科技公司，一家数据公司。

Right. So we'd say we're a data and technology company. First, that enables a solution that can, that for dealers to make their lives easier. This episode is brought to you by lot links dealers. When you look onto your lab, do you see risk every day? Almost half of the dealers inventories at risk of aging. That's an average of a $1,500 hit on your gross profit per vehicle, but savvy dealers can avoid risk and get that money back.

好的。所以我们会说我们是一家数据和技术公司。首先，我们提供了一种可以为经销商提供便利的解决方案。本期节目由Lot Links赞助。经销商们，当你查看库存时，每天都能看到风险吗？几乎一半的库存面临老化风险，平均每辆车会损失约1500美元的毛利润，但聪明的经销商可以避免风险并把这些钱赚回来。

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So tell me a little bit about the trends, right? What are you seeing as the trends in the wholesale marketplace economy right now? Like shifting and talking tech, behavior, transport, where are we at right now? What's changing? It's fascinating because it's rapidly changing. To begin with, I would just start off by saying you'll see is like easy as everything, right? We need everything. It comes to me as like every conversation I have is about the easy button. I'm talking to dealers. Again, I was with a dealer a couple of weeks ago and that was actually the words they used. They're like, we need the easy button. We just I don't want to spend time thinking about this problem. I just want to take in care of. And in many cases, that answer boils on to give me customer service. Give me somebody just to talk to and just they take care of the problem for me. Our job from a technology perspective is to say, how can you do that in a more efficient way? Take away the administrative task for me so that I can focus on customer relationship management, right? That's that's kind of the biggest quartet trend. As I think about that from a lifecycle, you'll see here's how I think about it. I kind of break it down into the sub components.

那么，告诉我一些关于趋势的事情吧，对吧？你现在在批发市场经济中看到的趋势是什么？比如技术的变迁、行为的改变、运输方面，我们现在处于什么状态？有什么正在发生变化？这很有趣，因为变化非常迅速。首先，我要说的是，一切都在变得更简单，对吧？我们需要一切都变得简单。我每次交谈时，都会听到“简单按钮”这个词。我和经销商交流，几周前和一个经销商交谈时，他们就说需要“简单按钮”。他们说，我不想花时间思考这个问题，我只想让别人帮我解决。在许多情况下，答案就是提供客户服务。找个人来处理问题就行。我们从技术角度的任务是，如何更有效地实现这一点？去除行政任务，这样我就可以专注于客户关系管理。这是目前最大的趋势之一。当我思考这一点时，我会把它分解成几个子部分来考虑。

I would say number one, I would say is inspections, right? Condition report, it all starts in from a trend perspective. All starts, it starts there is do I, what is the car actually? What is the car actually worth? What condition is it? You know, and that is that's the big unknown, right? Like that's sometimes that's the piece that you spend. It's also something that dealers complain a lot about because it's extremely subjective. And it's really tough to operationalize and scale. I mean, I get people talking about condition reports all the time. Yeah. It is probably the thing that as I've gotten into this industry is probably the space that has a lot of time is spent on. And I like what you just said, you'll see about subjective. It is. That's what I keep hearing. And ultimately you can build a perfect mouse trap. But ultimately it's being executed by a person. And if that person is not fully trained or doesn't do a good job, it doesn't matter what you do. Right. So, so I mean, that is a huge space. I would say the trends I'm seeing continuing as you think, you know, I've talked about technology trends in other places, for example, artificial intelligence. This is where I think I see a huge trend and a focus here is how do you take that subjectivity out? Because at the end of the day, the, the condition of a car is somewhat binary. Like it's not a question. Like the reality is you should be able to, it's like, it's pretty binary. You get like zeros and ones. You can do, you know, the body condition, you know, the mechanical condition. You should be able to get it. If you have the right data, you can translate that. It's about getting that right data and then translating the data.

我会说，第一点是检查，对吧？状况报告，一切都从趋势角度开始。所有的开始都源于这样一个问题：这辆车到底值多少钱？它的状况如何？这就是大问题，有时候你可能花费大量时间来处理这个。有些经销商会抱怨，因为这个过程非常主观，并且很难操作和扩大规模。我经常听到人们谈论状况报告。进入这个行业后我发现，这是一个花费大量时间的领域。你刚才说的关于主观性的观点我很赞同。这也是我常听到的说法。最终，你可以建立一个完美的捕鼠器，但如果执行的人没有经过充分训练或工作不尽如人意，不管你做什么都没有用。所以这是一个巨大的领域。趋势也在继续，就像我在其他地方谈到的技术趋势，例如人工智能。我认为这里的一个大趋势和重点是如何消除这种主观性。因为归根结底，汽车的状况是相对二值的。换句话说，情况应该是明确的。你能判断车身状况、机械状况。如果你有正确的数据，你可以翻译这些数据。关键在于获取正确的数据并将其翻译出来。

So I would say that the first big trend, I would say is using more data, you're getting collecting data. I see a future of saying, how do we get more data? And some of this, by the way, data actually even exists through like, through different devices that exist, we have, there's more and more data existing about a car right now. So using that data to essentially get to a place where you can get the inspections, the right inspection for the right car with full transparency is probably the first area. And I, I think that's one of the areas you'll see we are also investing. And in fact, we just launched something called Visual Boost AI, which was really what it is. Is it looks at a car and it does a, we, we take pictures of it, you know, the regular picture you take of a car. And it actually looks at the looks of those pictures and finds it draws polygons around damages. So it actually, it's, it finds all the damages that are on the car. And then we, we actually have it checked by the inspector. So, so that's like a first for you. So I think that's going to be a huge space.

所以，我想说，第一个大趋势是使用更多的数据，收集数据。我认为未来的发展方向是，我们如何获取更多的数据。顺便说一下，很多数据其实已经通过各种现有设备存在了，比如现在关于汽车的数据越来越多。利用这些数据来实现对每辆车的透明检查，提供适当的检查服务，这可能是第一个重要领域。我认为这是我们也在投资的一个领域。事实上，我们刚刚推出了一项名为Visual Boost AI的技术，它的功能实际上是这样的：我们给汽车拍照，就是普通的汽车照片，然后该技术会分析这些照片，在损坏处绘制多边形，从而找到汽车上的所有损坏部位。然后这些损坏会由检查员进行核实。所以，这是一个全新的尝试。我认为这个领域将会有巨大的发展空间。

Before you go on to the second thing, right, just to build on top of that. So what is that going to mean for our industry? Or like I said, dealers have historically complained a ton about condition reports. I've dealt with this myself firsthand. Do you see a world here that we're approaching where condition reports will be accurate to the point where, you know, as dealers really ultimately, the result is you have more confidence in your purchase. You're likely willing to pay more money because you know what you're getting. You're taking less risk, right? It's everything's done more, you know, faster, right? Like, is that, is that going to be reality? How far are we away from that? The answer to that is yes, 100% yes. It's not a question of if it's a question of when. Because this is all data that exists. It's just about finding the most efficient way of collecting the data. And as we are already showing, proving with this visual, visual boost AI, it drives a better outcome.

在你继续第二个话题之前，我们先在这个基础上讨论一下。那么，这对我们的行业意味着什么呢？就像我之前说的，二手车经销商历来对车况报告抱怨连连。我自己也亲身体验过这个问题。你觉得我们正在走向一个车况报告非常准确的未来吗？在这个未来中，经销商会对购买更有信心，愿意支付更多的钱，因为他们清楚自己买到的是什么，承担的风险更小，一切都更快、更高效。这会成为现实吗？我们离这个目标还有多远？ 答案是肯定的，百分之百肯定。这不是“是否”的问题，而是“何时”的问题。因为这些数据已经存在，只是需要找到最有效的方法来收集数据。正如我们已经展示和证明的，这个视觉增强AI能带来更好的结果。

Let me give you a stat, right? We launch visual boost AI. And since the time we've launched it, it's only days till it's only been out there for about six months. In the time we've launched it, there was a concern. By the way, when we launched it, there were some sellers who are like concerned about it. They're saying, you know what, it's going to actually get, it's going to not sell my cars. It's not, it's not going to, you know, people are going to get scared. And as a result, they're going to because they're going to see more damages. And you know what we found? And we, we wanted to test it. We are a test and loan culture. So we tested it. We piloted it. And then we've launched it now. And the consistent data we found is buyers using the visual boost AI feature. They tend to be, we almost see a three X increase in view to bid ratio.

让我给你们提供一个数据，好吗？我们推出了视觉增强AI功能。自从我们推出以来，到现在只有六个月左右。在发布时，有一些卖家担心这个功能。他们认为，这个功能会让我的车卖不出去。人们会因为看到更多的损坏而感到害怕。你知道我们发现了什么吗？我们想要测试一下。我们是一个注重测试和学习的文化。所以我们进行了测试，试点运行，然后现在正式推出了。我们发现的数据很一致，使用视觉增强AI功能的买家，他们的浏览到出价比例几乎增加了三倍。

We need to say, I look at it and it increases my confidence for all the reasons, because now I know what I'm seeing and that actually increases the ability and the willingness for me to actually replace a bid. OK, so just, just to recap that. So you're talking about dealers using your app or making purchases. They're using this one piece of software on your app. And that's translating to three X higher view to bid ratio. Correct. Correct. Is it because it increases that confidence, right? It increases the willingness to believe. So what? And so actually what we're finding is it's a, it's a positive benefit. So this goes to your point of firstly, when you ask the question of how will it transform the industry, the first question is, does it solve a problem? And is it ultimately, does it create value for me as a seller? And does it create value for me as a buyer? Right. So you're the two sides to marketplace. The simple answer that we're seeing, it creates value as a buyer. Right. Because I get more confidence, it creates value as a seller, because I'm actually getting more activity on those cars.

我们需要说，我看了这个软件后，出于所有这些理由，它增强了我的信心，因为现在我知道我在看什么，这实际上增加了我重新出价的能力和意愿。好的，所以简单回顾一下。你在说的是经销商在使用你的应用程序或进行购买时，他们使用了你应用中的这个软件，而这导致了三倍更高的查看与出价比率，对吗？对。这是因为它增加了信心，对吗？它增加了相信的意愿。所以我们发现这是一个积极的效益。回到你的问题，首先问它将如何改变行业，第一个问题是，它解决了问题吗？最终，它是否为我作为卖家创造了价值？它是否为我作为买家创造了价值？对。市场有买卖双方。我们看到的简单答案是，它为买家创造了价值。因为我获得了更多的信心，同时它也为卖家创造了价值，因为我在这些车上的活动增加了。

So you're, you're, you're creating the flywheel starts operating better. So I think it's not a question of if it's just a question of when and we just have to prioritize and continue building out more data around these condition reports. Mm hmm. Yeah. And I do want to ask you about what are the best dealers doing on your platform? Like I'm curious how they're transacting. But before we get to that, I want you to finish your thought on the trends. Right. So you mentioned the first trend of yours leveraging AI in, in for inspections, right? Making them more seamless. Any other trends, any, any other major shifts happening behavior? I think the, the, the second shift is this marketplace ship of what was a shift off, you know, when I'm actually doing wholesale, it's shop my way or shop your way. I would like to say, right? And, you know, this is, this is a very simple idea. One of the interesting things we've found and we've had different formats and you've obviously done different acquisitions and worked.

所以，你，你，你在创造飞轮效应，使其更有效地运转。所以我认为这不是是否的问题，而是时间的问题。我们只需要优先考虑并继续围绕这些状况报告构建更多数据。嗯哼。是的，我确实想问一下在你们平台上最好的经销商在做什么。我很想知道他们是怎么交易的。但在我们聊到这个之前，我想让你先完成你关于趋势的想法。对的，你提到了第一个趋势是利用 AI 进行检查，使流程更加顺畅。还有其他趋势或行为上的重大变化吗？我认为，第二个变化是市场模式的转变，这是从批发转向个性化购物的变化，我喜欢这么说。而且，你知道，这是一个非常简单的想法。我们发现了一些有趣的事情，我们有不同的格式，而且你显然也做了不同的收购并进行了相应工作。

One of the interesting things is there's no, there's not a one I am here to use. My, I'm going to be a little geek out on you and use my Lord Ring analogy of one ring to rule them all. Right. There isn't a one ring to rule them all solution when it comes to, to marketplaces. Right. It's, it's really what we found from our data is different consumers like shopping and in different ways. If you talk to some of our dealers who participate in our auction format, our two hour auction formats, right, they'll tell you like, it's the best thing ever. They're like, I can't believe I can, I can't, I know that it's, it's on a certain day. I know it's for a certain time. I know the outcome I prepare for it. I manage it. And that's the way I want to show. That's the way I want to sell or a buyer saying that's the way I want to buy. Right.

有趣的是，没有一个万能的解决方案可以适用于所有人。我想用《指环王》中的“一枚戒指统治天下”来做个比喻，对吧？在市场上，并没有一种万能的解决办法。我们的数据表明，不同的消费者喜欢用不同的方式购物。如果你跟那些参与我们两小时拍卖的经销商聊一下，他们会告诉你，这是最棒的事。他们会说：“我真不敢相信，在特定的日子、固定的时间，我就能知道拍卖结果。我可以为此做准备和管理，这是我想要的销售和购买方式。”

And then there are others who are saying that's crazy. That's like a time, I can't manage my time like that. Like, you know what, if I, I'll, I'll do what I need to do. And maybe at eight o'clock in the evening on a Friday, because that's when I have the time to do it and you have to need, meet that need. So a big trend out here is I think, and this is one of the things that really another reason why digital is so important. You see is why, because it enables you to quickly iterate and develop experiences based on customer needs. So I think that we are, we're not, I don't think there is one size fit solution. I think we're going to want to see that explode.

还有些人说这简直是疯了。他们觉得这样的时间安排不合理，比如说，他们会想，如果我需要做什么事情，也许会在周五晚上的八点钟，因为那时我有时间做这件事，你要满足这个需求。所以这里有一个大趋势，我认为这是数字化如此重要的另一个原因。你看，数字化让你可以根据客户需求快速迭代和开发体验。所以我认为，我们不会有一个一刀切的解决方案，我认为我们会看到这种灵活性的需求爆发。

When I was, you know, putting up our first reconditioning center, right? Cause we were used car operation. So, you know, we were all about streamlining that. I mean, it took, it took a long time, probably like a year and a half, two years, you know, zoning, all these things. But then now, I mean, what I'm doing today, it's crazy. Right. Like we come up with an idea. It's shipped within 24 hours. So it's super permissionless permissionless, which is a, which is pretty nice when it comes to your point, like iterating on customer feedback. So anyways, that's a sidebar though. You're, you're about to mention the third trend.

当我在建立我们的第一个再制造中心时，你知道吧？因为我们是二手车业务，所以我们非常注重简化流程。这个过程，真的花了很长时间，可能一年半，两年左右，你知道，还有各种规划之类的事情。不过现在，今天我在做的事情，简直是疯狂。我们提出一个想法，可以在24小时内实现，没有任何障碍。这种无门槛的方式，在听取客户反馈并进行迭代时非常有用。不过这是题外话了，你正要提到第三个趋势。

I would say the third thing that I've seen, and this one is really as I've launched the industry, it's become very apparent, especially with franchise dealer groups, right? You have, you have, you have a corporate entity and then you have individual rooftops. And one of the things that has been interesting is this dichotomy or this, this battle between centralized decision making and the benefits of, you know, and the efficiencies that bring out and decentralization, giving the rooftops, the autonomy to make that decisions because they understand market conditions best.

我想说的是，我看到的第三个现象，尤其是在我进入这个行业之后变得非常明显，特别是在特许经营经销商集团中。你有一个企业实体，然后你有各个独立的门店。有趣的一点是，这种中央决策和分散化之间的对立或斗争。中央决策带来了许多好处和效率，而分散化则赋予了各个门店自主决定的权力，因为他们最了解当地的市场状况。

Right. And I do think a big trend I'm seeing is trying to bridge that gap. Like does it really need to be an or decision or can it be an and decision? So how do you build solutions that enable a certain amount of command and control, right? Where, where, from a corporate perspective, you have view and you can advise and you can, you can assist and you can direct, but at the same time, enable the individual stores to also have the autonomy and to, to exercise their judgment because they know the customer is the best. They're closest to the customer.

好的。我确实觉得现在有一个很大的趋势，就是试图弥合这个差距。就像我们真的必须做“或”的选择吗，还是可以做“和”的选择？所以，如何构建解决方案，既能实现一定程度的命令和控制，从公司的角度来看，你可以提供视角、建议、协助和指导，但同时也让各个门店有自由裁量权并发挥他们的判断，因为他们最了解客户。他们是离客户最近的人。

So I think there is a huge trend around figuring that piece out that I think we're on the cuspop. So that enterprise innovation space is another big area or end trend. I think that's very interesting. Tell me, tell me a little bit about given, given the positionary and, you know, having access to all this data and transactions. What are you seeing right now from an economic perspective, like just talking to me a little bit about pricing trends in the market, where are we at in the cycle? Right. Give us some kind of insight behind the scenes. What's happening? You know, it's super interesting. Again, as fairly new to an industry, it's like, wow. Where do I begin? It's like, so let me talk about the two things. Like I said, open lane.

所以，我认为目前有一个巨大的趋势，那就是弄清楚这一点，我觉得我们正处在一个关键节点。因此，企业创新领域也是另一个重要的领域或终极趋势。我认为这非常有趣。告诉我，考虑到你们的位置和你接触到的所有数据和交易，能否告诉我一些当前的经济视角，比如谈谈市场上的定价趋势，我们现在在周期中的位置是怎样的？给我们一些幕后的见解。发生了什么事情？这真的非常有趣。作为一个相对新加入这个行业的人，我觉得非常惊讶，不知从何说起。所以，让我谈谈两件事。就像我说的，开放通道。

One of the things about open lane is we have, you know, we do 1.3 million cars. We sell 1.3 million cars and it's about a 50 50 split between commercial and dealer cars, like little known fact, we manage over 70% of the off-lease portfolio that exists in the, in the industry, which gives us incredible insights into actually what's not just what's going on right now, but what's likely to happen. Cause we actually know those cars that are maturing and what's likely going to happen. Right. So we have the dealer information and we have the commercial information.

关于Open Lane，有一件事我们要说清楚，我们每年销售130万辆汽车，这些汽车大约一半是商用车，一半是经销商车。鲜为人知的是，我们管理着业内超过70%的租赁到期车辆。这使得我们不仅对当前的市场动态了如指掌，还能预测未来的趋势。因为我们知道那些将要到期的车辆，以及它们的处理方式。因此，我们同时掌握经销商和商业车的相关信息。

And one of the things on the off-lease side of it, you'll see that's really interesting is we, you get to, they come on the digital assets. So there's actually exclusive on our sites first before it actually flows down into any other, any, any other auction. Right. So we get that access to the data for us. So let's talk about it from both those lenses. Here's what I would say is what we're seeing. What's interesting though, and this is looking at our own data, the gap between seller expectations, right? What the seller expects from a pricing perspective. And we know that because we know what the seller sets as they resolve and how far they go down versus what the buyers are willing to pay, which really boils down to what buyers are bidding. And then what do they end up buying? That gap is actually increasing.

在租赁期结束这一方面，你会发现一个非常有趣的现象，数字资产会首先在我们的网站上发布，拥有独家发布权，然后才会流入其他拍卖市场。所以我们首先能够获得这些数据。让我们从两个角度来讨论这个问题。我想说的是，从我们的数据来看，卖方期望的价格与买方愿意支付的价格之间的差距正在扩大。我们知道卖方的期望，因为我们了解他们设置的底价和最终接受的价格，而买方出价的情况实际上反映了他们愿意支付的金额。这种差距实际上正在增加。

So pricing is coming down, but I would say, so buyers are expecting to pay less and less. Sellers are still holding on to inventory. So from a macro trend, some of this, of course, there's been supply constraints and there still are in certain cases. But I think that's going to continue to change. What's driving that? Like, is that being driven by a more new car supply that's driving down prices? Or, I mean, something that's been on my mind a lot, right? And I was like, have the CDK outages impacted this as well? And to what extent? Like, what's your hypothesis here? You know, I definitely a lot of different macroeconomics. You talk about noise right now, you'll see, like trying to unpack what the drivers are is really, really hard because it feels a little bit like a perfect storm. You've got interest rates are high. You've got new car. You're right. New car supply is increasing in certain cases. And the amount of promotions in those cars also increasing, right?

所以价格正在下跌，但我觉得买家期望支付的价格越来越低。卖家依然保留库存。从宏观趋势来看，部分原因是供应限制，这种情况在某些情况下依然存在。但我认为这种情况会持续改变。是什么推动了这一变化？是因为新车供应增加导致价格下跌吗？还有一些令我困惑的问题，比如CDK的中断是否也对此产生了影响？影响有多大？我想了解你的假设。这真的是一个复杂的宏观经济问题。我们现在讨论的背景因素复杂繁多，很难弄清楚具体的驱动因素。感觉这像是一个完美风暴。利率目前非常高，新车供应在某些情况下确实在增加，同时这些新车的促销活动也在增加，对吗？

So, we're seeing that activity starting to return. So that's definitely a factor. There's probably a lot of people who made purchases over the last few months, expecting certain things and bought at a high level. And now they're hoping that they're underwater and they're hoping to sell those cars at a higher price. So there's hope is, I would say, certainly one of the hypothesis is that people are hoping that things come back because it has been so tumultuous. It has, we've seen these spikes and changes over time.

所以，我们看到活动开始恢复了。这绝对是一个因素。可能有很多人在过去几个月里进行了购买，他们有一定的期望，并且是在价格高的时候买的。现在他们希望自己买的东西不会亏本，并希望能以更高的价格卖掉那些车。因此，我会说，人们希望市场回升肯定是一个假设，因为最近的市场一直非常动荡。我们已经看到过这些波动和变化。

I think you asked about CDK. Let me just start up by saying, certainly we're not experts on the whole CDK side. What we have heard though, consistently from dealers is that that that the issue, they see it as a blip and eventually that volume is going to come back. So it's not gone. It's not like that has disappeared. I would agree with that. Yeah. I mean, it hasn't been like months, right? It's been going to cap up at about a little bit over two weeks. So, you know, that's, I think it's not, I'm no economist here, but just, you know, if you look at auction trends, it doesn't seem like, you know, it's enough to be really disruptive to the, to the wholesale market.

我想你问的是关于CDK的问题。首先，我要说的是，我们并不是CDK方面的专家。不过，我们听到的一个一致反馈是，经销商认为这个问题只是暂时的现象，他们认为交易量最终会恢复。所以，这并不是一个永久的问题。我同意这个观点。毕竟，这还没有持续几个月，对吧？大约只持续了两个多星期。所以，我觉得，虽然我不是经济学家，但从拍卖趋势来看，这段时间的影响似乎不足以真正对批发市场造成重大干扰。

And I think it's worth mentioning that, you know, we're, it's obviously as good of news as could possibly be that CDK was able to get their hands wrapped around this relatively quickly. And that, you know, I mean, we're talking about hundreds of thousands of dealership employees and millions of total employees, right, between adjacent companies that were impacted. So massive, massive disruption that, you know, really no one could have predicted. So pretty crazy, but it's good to hear you say that, you know, that values haven't been disrupted, you know, so severely just yet. Because that's a promising sign, right? At least it signals some stability. So that's obviously a good thing.

我觉得有必要提到一点，就是很显然，这确实是一个尽可能好的消息——CDK能够相对快速地应对这个问题。你知道，我们谈论的是成千上万家经销商员工和数百万相关公司的总员工，受影响的范围非常大，所以这确实是一个巨大的干扰，谁也无法预料到。虽然情况相当疯狂，但很高兴听到你说，价值还没有受到严重破坏。这是一个积极的迹象，对吗？至少它表明了一些稳定性。这显然是件好事。

Yeah, absolutely. Um, the other piece I just wanted to kind of add in. So I know I talked about, you talked about pricing and I know I'm kind of going around a little bit is the other piece of data we have is awfully data, right, which is kind of interesting for us. So we actually try to track what is called, obviously the equity gap, which is the difference between residual values and market values, right? And that's a real lead indicator. This is a kind of interesting chart. It's a fun one to watch for me as I've come into this industry is like, you know, back in 2019 pre COVID, typically your market values, why they're at residual or slightly lower, in fact, you know, through COVID, that fundamentally shifted, right? Where at one point in early 22, 22, there was almost a $20,000 gap where the market values were significantly higher than residual. That's been dropping, right? That has been dropping over time, especially in the last year. I would say in the last three months, what's interesting as we watch it. It's stabilized a little bit so that gap has dropped, but it's stabilized a little bit. It doesn't dropping anymore. So it'll be interesting.

是的，完全同意。嗯，我只是想再补充一点。虽然我之前讲到了定价方面的内容，但我知道我有点东拉西扯，还有一部分数据我们有的是非常有意思的数据。这些是我们所谓的“股权差距”数据，也就是残值和市场价值之间的差异。这是一个重要的前瞻性指标。这个表格对我来说很有趣，尤其是我刚进入该行业时，比如在2019年疫情之前，市场价值通常和残值相当或略低一些。然而，通过疫情，这种情况发生了根本性的变化。在2022年初，市场价值比残值高了将近2万美元。这种差距在逐渐缩小，特别是在过去的一年里。我要说的是，在过去的三个月里，我们观察到这一现象变得更加稳定了。虽然差距在缩小，但不会再继续缩小了。这会是一个有趣的现象。

Now, some of that on the on the off-lease portfolio, of course, we're also getting to a place where, you know, COVID impact on lease volumes also being impacted. So there are a lot of moving pieces on that, but that's likely going to also have an impact on on pricing going forward is the amount of off-lease inventory that's available as well.

当然，现在我们的租赁到期资产组合受到多个因素的影响。 首先，新冠疫情对租赁数量产生了一定影响，情况在不断变化。但可以预见的是，未来租赁到期的库存量也会对定价产生影响。

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That's CDG.News. And check us out. We're all yours for your feedback. Tell us what you need. Give us your honest thoughts. We're here to deliver real value. But don't wait at to CDG.News now or click the link in the show. All right, shiv, great insights today. So before we close up, I mean, how does openly in 10x from here? What's the what's the grandmaster plan? Man, I like the I like the 10x number. I'm almost afraid to answer this. Peter's going to hold me to it. Well, let's, yeah, let's look.

这是CDG.News。请查看我们的网站。我们非常欢迎您的反馈，告诉我们您的需求，分享您的真实想法。我们在这里为您提供真正的价值。不要再等待了，现在就访问CDG.News，或点击节目中的链接。 好的，Shiv，今天的见解非常棒。那么在结束之前，我想知道，从这里开始，Openly要如何实现10倍增长？有什么宏伟的计划吗？ 哈哈，我喜欢这个10倍增长的数字。我几乎有点害怕回答这个问题，Peter会拿这个数目来衡量我。但让我们来看一看。

I would say we need to. If there's anything we've learned is you need to be courtier principles, courtier strategy and double down on it, right? We are very, very clear. We want to make wholesale easy. OK, that's our goal. To do that, I would say there are really five tenets that we got to really deliver on five. OK. Number one is enable customers to shop your way. Right. We have three formats. We're going to continue to in until iterate, learn from those formats, learn from customers and enable them to sell their way to buy their way when they want, how they want in the right way. We just launched absolute sale. We're seeing huge benefits. I want to one of the benefits outside it. I told you, I think I mentioned it's it's almost 40% of our business. One of the important things on that is it's driving almost incremental. Five hundred dollars in value retention for dealers. That's real money. Right. So that's why it matters. And for buyers, it's saving them time. We're going to continue enabling shop your way and enabling formats and improving our formats.

我认为我们需要这样做。如果我们学到了什么，那就是我们需要坚持礼宾原则和礼宾策略，并加倍努力，对吧？我们的目标非常明确——我们想让批发变得简单。为了实现这一目标，我认为我们必须真正落实五个基本原则。第一，使顾客能够以他们喜欢的方式购物。我们有三种模式，并将继续在这些模式中迭代，从顾客中学习，让他们能够以自己想要的方式、时间和合适的方式购买。我们刚刚推出了一种全新的销售模式，效果非常显著。这已经占到了我们业务的40%左右。其重要性在于，为经销商保留了几乎额外的500美元的价值，这是真金白银。因此，这非常重要。对于买家来说，这也为他们节省了时间。我们会继续使“按您方式购物”更加方便，并改进我们的模式。

Number two, scale. Right. An effective marketplace needs all the buyers, all the sellers, all the inventory in one place. That's that's the model. That's a marketplace model. We're well on our way. I think I mentioned we have 1.3 million cars. We have dealer cars and commercial cars. The commercial cars are largely exclusive to us. You can only buy them on open lane. We're going to continue to grow that. We have different businesses. We're bringing unifying all these businesses and with that way, unifying our dealers. We have over 50,000 dealers that are shopping at over 200,000 units of inventory that we list on a monthly basis. And that scale is important because that means that my time is well spent. When I come to open lane.com, I know the inventories that I know the buyers that I know the sellers are there. And that's important. Talk about saving time, making it easy. Everybody needs to be there.

第二，规模。对，一个有效的市场需要所有的买家、所有的卖家、所有的库存都聚集在一个地方。这就是模式。是一个市场模式。我们已经在这个方向上走了很远。我想我提到过，我们有130万辆车，包括经销商的车和商用车。商用车主要是我们独家提供的，只能在 openlane 上购买。我们会继续扩大这个规模。我们有不同的业务，通过整合这些业务，统一我们的经销商。我们有超过50,000名经销商，在每个月列出的超过200,000个库存单位中进行购物。而这种规模很重要，因为这意味着我的时间得到了有效利用。当我来到 openlane.com，我知道库存、买家和卖家都在这里。这很重要。可以节省时间，让事情变得简单。大家都需要在这里。

Number three, speed. It's critical. Time is man, man. Like one thing I've learned is dealers don't not have the time. I watched the dealer the other day and they talked about, hey, in this environment, they were cutting 10% of their stuff and the use. Com manager was not wearing three hats. They're buying, they're selling, they're, they're helping out with other administrative work. We have to get them to a point where things are fast. So, open lane is dedicated to that. And we look, we track everything. So for example, even an inspection, like we measure it not in, not just in minutes, we measure in minutes and seconds. So we've got it down to a point where we try to get our inspection is like about 12 minutes. I want to say 58 seconds. I mean, I'm quoting that number. That's how precise we want to be. We want to drop that down. What that means is when we go and inspect within that timeframe, that car is available to buy and sell on the marketplace and we have to buy on the marketplace, right?

第三点，速度。这非常关键。时间就是金钱。我学到的一件事是，经销商没有多余的时间。我前几天观察了一位经销商，他们谈到在当前环境下，他们削减了10%的人员，那个二手车经理身兼数职，既在买车、卖车，又在处理其他行政工作。我们必须让事情变得更快。因此，Open Lane致力于这一点，我们跟踪一切。例如，即使是检查，我们不仅用分钟来衡量，还用秒来衡量。我们已经将检查时间缩短到大约12分钟58秒左右。这么精确的时间就是我们追求的目标。我们希望将这个时间进一步缩短。这意味着，当我们在这个时间范围内完成检查后，那辆车就在市场上可买可卖了，而且我们必须在市场上进行买卖，对吧？

You've done the inspection and so there on the marketplace, but it's not just that. We got to make the process of buying foster. So today it takes about a day to for a car to sell on our on our on our marketplace. We want to make it faster. We want to be able to find the right buyer, right seller and sell it. The time for the car to be picked up from a lot, right? Because your lots are full. You want to be retailing. You don't want the wholesale car. Once you've sold a car, you want it gone, right? And that can range right now from anywhere from like a day to as many as three to four days, depending on where the location is. We got to bring that down. If I sell the car, it needs to be off my lot. And then as a buyer, it may, I need to be able to get that far.

你已经做了检查，市场上的情况也是如此，但不仅仅是这些。我们必须加速购买流程。现在在我们的市场上卖一辆车大约需要一天时间，但我们希望更快。我们希望能够找到合适的买家和卖家，并迅速完成交易。车辆从停车场被提走的时间也很重要，因为你的停车场可能已经满了。你希望进行零售而不是批发销售。一旦卖掉一辆车，你希望它立即被提走，而现在这可能需要一到三四天的时间，取决于地点。我们需要缩短这个时间。如果我卖了一辆车，它需要马上离开我的停车场。作为买家，我也需要能够迅速完成这一过程。

So that entire wholesale transaction that that time we need to be on the forefront of saving time, we're already on an average based on anecdotal evidence and our history, we're about two to five X faster than physical auctions in a whole wholesale time. That's real money. That's that's that's depreciation. So we need to continue to invest in speed, which takes me to I talked about depreciation, lower cost, right? So talked about it. We are committed to digital, which means we're asset light, which means that money we're saving, we're investing in technology and lower fees, right? Number one.

所以，在整个批发交易过程中，我们需要站在节省时间的前沿。根据经验和历史数据来看，我们平均比实体拍卖快大约两到五倍。这是真金白银，这就是贬值的部分。因此，我们需要继续在速度上进行投资，这就引出了贬值和成本降低的话题。我们致力于数字化，这意味着轻资产运营，从而把节省下来的资金投入到技术和降低费用上。

Number two, we are going to arbitrations. We have some of the lowest arbitration rates in the industry. How are you achieving that? I honestly believe because we are investing in condition reports. We believe that honestly, believe that when somebody buys, we try to transparency is critical. You know what you're buying. You know the seller you're buying from. And that's important because that enables you to build trust, which means when I get what I want, I believe in that. And so I don't need to go and arbitrate. So it's we are saving and that's real money, right? That's that's money that you're saving.

第二点，我们正在进入仲裁程序。我们的仲裁率是行业中最低的之一。你们是如何做到的呢？我真心相信，这要归功于我们对状况报告的投入。我们认为，坦诚是关键。当有人购买时，我们努力做到信息透明。你知道自己在买什么，也知道卖家是谁。这很重要，因为这样可以建立信任，意味着当我得到我想要的东西时，我相信它的真实性。所以我不需要进行仲裁。这实实在在为我们节省了成本，这就是你节省下来的真金白银。

And then the other piece around cost is also dealer productivity, right? If you think about it from a dealer perspective and I again, I was talking to dealer, I was at about a month or so ago and they mentioned something. They said, you know, I love digital, roll wholesaling because in the old days, I had my guy go to an auction at 11 in the morning and then he's gone for the full day. Like he's pretty much done. Now it's like, hey, I know the auctions there. Two hours, I'm done. I know about the outcomes. I get all the data. I get all the reports. I'm done, which means they're doing other things. That's real cost. So people cost is also in sense. So we need to continue to reduce costs, right? High are ultimately we need to be driving higher retention values and everything our innovation to be able to if we find the right bio and the right, there's, I learned a long time and there's no such thing as a bad product. It's just a bad price. And if you find the right buy and the right seller, you can drive higher retention. And let's just define that. You said our pool, which I'm just going to guess you're saying average revenue per unit. It's just a guess. That's average revenue per unit. That's right. All right. So for anyone wondering average already per unit, I've had a fair share of acronyms through my career. So I can put two and two together by now. Yeah. That's when you know, that's when you know you'll see that I've been in the industry now long enough when I'm starting to throw acronyms out. You see this is just like us when I tell you, like there's certain things. I'm like, wow, like I didn't even think about that. But I'm like, wait, our pool. So I like it.

然后，有关成本的另一个方面是经销商的生产力。对吧？如果从经销商的角度来看这件事，我最近大约一个月前和一个经销商聊过，他们提到了一些事情。他们说，他们喜欢数字化批发，因为在过去，他们的人早上十一点去参加拍卖，然后整天都不在了。他一天基本上就这么过去了。现在，他们可以在网上拍卖，两小时就搞定，一切的结果、数据和报告都能得到。他们很快就结束了，这意味着他们可以去做别的事情。这是真正的成本。所以，人力成本也有影响。因此，我们需要继续降低成本，没错？最终我们需要提高留存价值，通过我们的创新实现这个目标。如果我们找到合适的买家和卖家，可以推动更高的留存。让我来解释一下，您刚说我们的"旅游单位收入"（我猜是指每个单位的平均收入）。没错，就是每个单位的平均收入。对了，对于任何好奇的人来说，就是每个单位的平均收入。我职业生涯中见过不少缩写，所以现在我可以自己拆解这些术语了。这就是你看，我已经在这个行业待了足够久，开始谈论这些缩写了。我明白了，确实有时候听到某些术语会让我豁然开朗。

Yeah. And then finally I would end by saying transparency. I've already mentioned it's transparent. We're going to continue investing in transparency. All right. We want to make it. We want to make we want to make this as transparent and clean a process as possible. I want we want buyers to be able to trust the products they're selling sellers to be able to trust, trust is everything. And ultimately, if we do these things that I just talked about again, shop your way, right? Multiple formats, scale, speed, cost in our pool, lower cost, higher our pool and transparency. If we do these five things, we start making wholesale easy.

好的。那么最后，我想强调一下透明度。我之前已经提到它是透明的，我们会继续在透明度上进行投资。我们希望尽可能让这个过程透明和清晰。我们希望买家能够信任他们购买的产品，卖家也能够信任，信任是一切的基础。归根结底，如果我们能做到我刚才提到的几点：自由购物、多种形式、规模、速度、成本、更低的成本、更高的回报以及透明度，如果我们能做到这五点，我们就能让批发变得更简单。

And if we make wholesale easy, we enable our dealers to spend less time on administrative tasks and more time on building relationships. If we do that, that creates what I call a product moat, which means that creates a solution. And when you have a product moat, that's when you 10x your business. Well, put my friend, Shiv. Thanks for joining me on the podcast. It's great to have you on. Thank you. Thanks a lot. You'll see this was a pleasure. I appreciate you having me. All right. Hope you enjoyed that episode. Please give the podcast a rating. Consider subscribing to the show and check the show notes for links to what we talked about. Thanks for tuning in. I'll see you guys next time.

如果我们让批发变得简单，我们的经销商就可以减少在行政任务上的时间，更多地投入到建立关系上。这样做，我称之为产品护城河的作用，也就是说，这创造了一种解决方案。当你拥有产品护城河时，你的业务就可以实现十倍增长。说得好，我的朋友Shiv。感谢你加入我的播客节目。很高兴你能来。谢谢你。非常感谢。这次交流非常愉快。感谢你邀请我。好，希望你喜欢这一集。请给播客打个评分，考虑订阅节目，并查看节目说明中的链接，了解我们讨论的内容。感谢你的收听。下次见。