Auto1：欧盟汽车交易平台 - [商业拆解，第246集]

本集由Portrait赞助播出。

This episode is brought to you by Portrait.

这是我用来准备今天这一集以及所有商业拆解节目的AI研究系统。

It's the AI research system that I used to prepare for today's episode and for all business breakdowns episodes.

Portrait由前买方投资者打造，他们深知优秀的投资不在于从低质量渠道获取更多信息。

Portrait was built by former buy side investors, and they understand great investing isn't just about having more information from low quality sources.

而在于拥有正确组织起来的正确信息。

It's about having the right information organized the right way.

如果你常听这个节目，就会明白尽职调查包含很多方面。

And if you listen to the show, you appreciate diligence consists of many things.

比如深入研究一家公司的历史，分析竞争格局中的微妙变化，追踪围绕你投资逻辑的关键信号。

Diving into the history of a business, framing the nuance competitive dynamics, tracking key signposts around your thesis.

过去，这些工作会占用大量你本就不多的时间。

And historically, that would take up material time that you do not have.

但Portrait就像是为你的团队增添了一支分析师军团。

But Portrait is basically like adding an army of analysts to your team.

它背后是一个专为投资研究流程设计的AI系统。

It's powered by an AI system specifically designed for investment research workflows.

所以你能获得更深入的创意生成。

So you get nuanced idea generation.

Portrait会分析我们在这档节目中讨论的那些定性因素，帮你找出符合你分析框架的企业。

Portrait assesses the same types of qualitative attributes that we discuss on this show, and that can help identify businesses which fit your frameworks.

Portrait还能自动生成研究报告。

Portrait also customizes research report generation.

我用Portrait提前生成了背景资料，梳理了看空的核心论点，为今天的讨论做好了铺垫。

And I used Portrait to generate a primer and lay out bold bear cases ahead of today's episode to help frame the conversation.

第三，它有智能的策略监控功能，每天会分析成千上万个产业链数据点，提炼出关键洞察，推动业务决策。

And third, there's intelligent thesis monitoring, and that's where Portrait assesses thousands of data points across value chains each day, extracting the insights, driving the business.

这些工作过去通常要花上好几个小时。

Again, all this work would typically take hours and hours and hours.

现在，一切就在你指尖上。

It's at your fingertips now.

立即访问 portraitresearch.com 开始您的免费试用。

Visit portraitresearch.com to start your free trial today.

这里是《商业拆解》。

This is Business Breakdowns.

《商业拆解》是一档深入剖析单一企业的访谈节目，邀请投资者和经营者分享他们的洞察。

Business Breakdowns is a series of conversations with investors and operators diving deep into a single business.

每期节目，我们都会探讨企业的历史、商业模式、竞争优势，以及它成功的关键所在。

For each business, we explore its history, its business model, its competitive advantages, and what makes it tick.

我们相信，每个企业都藏着值得投资者和经营者学习的经验与秘密，而我们的任务就是把这些发现带给你。

We believe every business has lessons and secrets that investors and operators can learn from, and we are here to bring them to you.

想收听更多《商业拆解》的节目，请访问 joincolossus.com。

To find more episodes of breakdowns, check out joincolossus.com.

节目中主持人和嘉宾表达的所有观点，仅代表他们个人的意见。

All opinions expressed by hosts and podcast guests are solely their own opinions.

主持人、嘉宾及其所属机构或关联方，可能持有本节目讨论的证券头寸。

Hosts, podcast guests, their employers, or affiliates may maintain positions in the securities discussed in this podcast.

本播客内容仅作信息参考，不应作为投资决策的依据。

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

我是马特·拉塞尔，今天我们要深入剖析Auto1这家公司。

This is Matt Russell, and today we are breaking down Auto1.

表面上看，Auto1听起来很像欧洲版的Carvana。

On the surface, Auto1 will sound very much like a European Carvana.

但今天我的嘉宾穆特——Sandstone的联合创始人兼首席投资官——会详细说明Auto1究竟和美国同类公司，甚至欧洲竞争对手有哪些关键区别。

But my guest today, Moot, cofounder and CIO of Sandstone, will get into what exactly differentiates Auto1 from any of The US analogs and even its European competition.

我们会聊到欧洲二手车市场的现状、跨国运营的动态，以及这些如何为Auto1创造机会；还会探讨他们的融资模式，看看他们如何处理我们通常在Carvana身上看到的次级贷款风险，以及更多内容。

So we get into the European used car market, the cross country dynamics, and how that's an opportunity for Auto1, and how they approach financing so that subprime risk that we often associate with Carvana, what's different there at Auto1, and much, much more.

接下来，一起来深入了解Auto1这家公司。

So please enjoy this breakdown of Auto1.

哈里森，很高兴今天能邀请你来聊聊Auto1。

Harrison, I am excited to have you here to talk Auto1 today.

我相信我们的美国听众可能对这个名字不太熟悉，但我觉得它和美国投资者非常熟悉的一家公司很像。

I don't think this is going to be a name that our US listener base is too familiar with, but I think it resembles a name that our US investor base is very familiar with.

你能先做个正式的介绍，说说 Auto1 是做什么的吗？简单概述一下，我们再深入展开。

So you can give the formal introduction to what Auto1 is as a business, some brief overview to get us started, and we can dive in from there.

嗨，Matt。

Hi, Matt.

很高兴能来参加这个节目。

Great to be on the show.

我很期待能深入聊聊 Auto1 这个独特却常被低估的生意。

Looking forward to going deep on a very unique and we think underappreciated business of Auto1.

人们有时把 Auto1 称为欧洲版的 Carvana，它是欧洲最大的垂直整合型在线二手车交易平台。

So sometimes referred to as the Carvana of Europe, Auto1 is Europe's largest vertically integrated online marketplace for the buying and selling of used vehicles.

简单来说，它把想卖车的人和想买车的经销商或消费者连接起来。

At the simplest level, it connects people who wanna sell a car with dealers and consumers who are looking to buy one.

但这种说法其实远远没体现出它实际的运作方式，也完全没突出它和你熟悉的普通二手车分类平台有多不一样。

But that simplicity significantly undersells how the business actually operates and how differentiated it is from a traditional marketplace like your Auto Classified that you'd be familiar with.

它的商业模式很特别，因为它会直接从想卖车的个人手里把车买下来。

The business model is unique in that it actually buys the cars itself from those consumers who are looking to sell.

它会把这些车记入自己的资产负债表。

It takes that car onto its own balance sheet.

接着，车辆会经过它自有的物流和整备网络处理，然后卖给经销商——这一点和Carvana不同——或者直接卖回给消费者。

It then moves the car through its fully owned and operated logistics and refurbishment network, then sells that car to either dealers, which is unique from the Carvana business model, or back to consumers.

最后，它还会为最终买家提供贷款服务。

And ultimately, it also provides financing to the end buyer as well.

这种全产业链整合是理解Auto1的关键，因为它让公司对价格、效率和用户体验拥有远超普通交易平台或分类广告模式的控制力。

The vertical integration of the business is is key to understand because it gives Auto1 much tighter control over price, speed, and customer experience that a pure marketplace or classifieds model could just never match.

要了解Auto1的规模，去年他们通过平台交易了大约84万辆车，平均每天超过2300辆。

To give you a sense of the massive scale of Auto1, last year, they traded about 840,000 vehicles through the platform, which is more than 2,300 vehicles a day.

业务覆盖欧洲大陆30个国家，而且目前在欧洲，几乎没有其他公司能以如此规模运作这种模式。

They did this across 30 countries in Continental Europe, and really they're the only company operating this model at any meaningful scale in Europe.

对美国听众来说，最自然的对比对象当然是Carvana，这种类比在大方向上是成立的。

The obvious comparison particularly for US listeners is obviously Carvana, and this is directionally correct in many ways.

但我想先强调两个关键的不同点。

But there's two key differences that I'd highlight off the bat.

首先，从市场背景来看。

Firstly, it's just from a market backdrop perspective.

欧洲相比美国要分散得多，运营难度也大得多，而美国则是一个更统一、全国性的市场。

Europe as compared to The US is far more fragmented and operationally difficult than The US, which is a much more homogenous and national market.

这当然给Auto1带来了挑战，但也有不少优势，值得深入探讨。

This obviously has challenges to Auto1, but also a number of benefits which are worth diving into.

其次，Auto1并不依赖次级贷款业务获得显著利润，而你知道也好，不知道也罢，次级贷款正是Carvana的重要利润来源，同时也引发了大量关于信贷风险和敞口的争议。

And then the second is Auto1 doesn't derive any material profitability from subprime financing, which as you may or may not know is a significant profit driver for Carvana, but also the source of a lot of debate around credit risk and exposure.

最后我想强调的一点，对我们Sandstone来说非常重要，那就是Auto1至今仍由联合创始人克里斯蒂安·博德曼亲自掌管。

Probably the last thing that I'd highlight, which is very important to how we think about investments at Sandstone, is that Auto1 is still run by its co founder Christian Boerderman.

他有着非常宏大的长期规划。

He's got very ambitious long term plans.

他年纪还轻，目前仍持有公司超过10%的股份。

He's a relatively young guy and he still owns over 10% of the business.

所以，一个由创始人领导、在巨大市场中占据主导地位、且前景广阔的增长机会——这正是我们非常看好的组合。

So that combination of a founder led company, dominant position in a very large market, and a long growth opportunity ahead of it is an exciting setup for us.

你喜欢用这么委婉的方式谈论次贷争议，这点我很欣赏，而且我们也不用深究，这一开始就挺清楚的。

I like how you frame that subprime debate in very politically correct terms, and we won't have to dive too deep into that, which is good to know right off the bat.

你之前提到欧洲市场，让我特别感兴趣的是，居然有家公司能在欧洲30个市场同时运营。

Your prior point on the European market, it's very interesting to me that you have a player that is operating in 30 markets in Europe.

美国的玩家，比如Carvana和CarMax，明显只专注于美国或北美市场。

You have The US players, Carvana, CarMax, who seem US or North American based very specifically.

这说明地理因素在其中起了关键作用。

So that tells me there's something about geography which looks different.

你能再详细说说欧洲的二手车市场吗？

Can you get into a bit more about the European used car market?

当然可以。

Absolutely.

要理解Auto1为什么能成功，先得说清楚普通人卖二手车的传统体验是怎样的。

I think to understand why Auto1 works, it helps to level set and frame what the traditional consumer experience is of selling a used car.

这种体验在全球大多数市场都差不多。

This is the same across most markets globally.

如果你卖过车，就会知道，这几乎在全球各地都是一段糟糕的经历。

And if you've ever sold one, you'd know that also almost universally, it's a pretty terrible experience.

从这点出发，我们可以具体聊聊欧洲市场，以及Auto1是怎么不一样的。

I think from there, we can go into the specifics of Europe and how Auto1 is different.

在全球范围内，这都是一段糟糕的经历。

Globally, it's a terrible experience.

我觉得每个市场都是这样。

That's something that's the case in every market, I think so.

我们在渠道调研中听到的反馈非常一致，个人经历也是如此。

Very consistent feedback during our channel checks and also personal experience.

作为消费者，过去你只有两种选择来卖车。

So as a consumer, you had historically two options to sell a car.

第一种是私下交易，也就是个人对个人，通常通过在线分类广告完成，但过程非常痛苦。

The first was to sell the car privately, consumer to consumer, which was typically done through online classifieds, and that's a painful experience.

你得发布车况信息，还要跟陌生人讨价还价，安排检测和试驾，还得应付那些靠不住的买家。

You've got to list the car, you have to deal and negotiate with strangers, organize inspections and test drives, negotiate with flaky buyers.

作为卖家，你根本无法确定车子能卖多少钱，什么时候能卖出去。

And as a seller, don't really have any certainty on either price or timing of selling that vehicle.

第二个选择是把车卖给经销商做置换。

The second option you had was to trade in the car to a dealer.

这当然更省事、更快捷，但价格通常会低不少，因为经销商知道你愿意为方便而让步。

It's obviously an easier and faster experience, but that typically comes with a meaningfully worse price as the dealer knows that you'll trade off that convenience for a lower price.

所以过去消费者只能在省事和高价之间二选一，从来没法两全。

So the trade off a consumer had historically was really between convenience or price, but never both.

Auto1、Carvana 等一些公司在全球推出了一种新模式，正在改变这种消费体验，叫做消费者对企业（C2B）。

What Auto1, Carvana, a number of other players introduced globally was a third model which is disrupting this consumer experience, is known as consumer to business or C2B.

这些公司不像传统方式那样匹配个人买家，而是直接从消费者手里收购车辆，比如 Auto1 就是这样。

And so instead of trying to match the seller of a car with another individual buyer, these players, Auto1, buys the car directly from the consumer.

这一点很关键，因为作为买家，Auto1 能根据车辆信息快速给出一个接近实时的报价。

That's important because Auto1 as the buyer can give the consumer a near instant price based on the vehicle data.

整个流程很简单：送车、检测，然后消费者几乎立刻就能拿到钱。

There's a simple drop off and inspection process and then the consumer gets paid almost immediately.

从消费者的角度来看，这种方式比我们之前说的那两种选择都更快、更透明，也方便得多。

So from a consumer experience it's faster, it's more transparent and far more convenient than the two alternatives that we talked about.

而且，这种模式在全球范围内已经证明了它的效果，它正在彻底改变本地经销商和汽车分类广告平台，因为它提供了好得多的用户体验，也因此在全球范围内迅速抢占了市场份额。

And then I think in doing so, and we've seen this model play out globally, they are ultimately disrupting both the local dealerships as well as the auto classifieds by offering a vastly better consumer experience, and we've seen the business models gain market share globally as a result.

回到欧洲市场的具体情况，你知道，这个模式在美国通过Carvana已经成功了，但我们的研究和实践表明，它在欧洲可能更有优势，因为欧洲的市场结构更加分散，效率也低得多。

Back to the European market dynamics specifically, as you'd know, the model has worked in The US through Carvana, but our perspective and our work has shown that it's arguably even more compelling in Europe because the underlying market is so much more fragmented and far less efficient.

欧洲的二手车市场规模确实很大，但它不像美国那样是一个统一的市场，可以跨州自由流通。

The absolute scale of the European used car market is large but it's not the same as The US in that it's a single unified market moving from one state to another.

在欧洲，做二手车生意意味着要应对不同的语言、税收制度、注册流程、运输路线，还有高度本地化的经销商需求。

In Europe, scaling a used car business means dealing with different languages, tax regimes, registration, transport routes, as well as very localized dealer demand.

所以，这不仅是个运营上更复杂的难题，市场也更碎片化，而Auto1正是在解决这个问题。

And so it's a much more operationally complex problem and much more fragmented market, and Auto1 is ultimately solving this problem.

他们已经搭建起了一套基础设施，可以在一个国家收购车辆，再在另一个国家销售出去。

They've built the infrastructure to source vehicles in one market and then sell them in another.

数据显示，Auto1收购的车辆中，超过60%都是跨国销售的。

And the stat is that more than 60% of Auto1's vehicles that they source are then sold cross border.

你说的‘市场’，其实指的是不同的国家。

It's different country when you say market.

不同的国家。

Different country.

没错。

That's right.

所以实际上，他们可能从北欧地区收购柴油车，那里的二手车残值不高，因为大家更想买电动车。

So in effect, they might be buying a diesel vehicle from The Nordics where the resale value is relatively limited because they're looking to buy EVs.

然后他们可以把这些车运到西班牙、德国、波兰、意大利这些欧洲国家，卖给当地的经销商。

They could then be transporting and selling that to a dealer in Spain, Germany, Poland, Italy, any of these markets across Europe.

这个市场的规模也相当庞大。

The scale of the market is also huge.

每年欧洲的二手车交易量大约在三八到四千万笔左右。

So each year in Europe, there's roughly 38, 40,000,000 used car transactions.

相比之下，新车交易量只有大约一千万笔。

And this actually compares, if you look at new car transactions, to only about 10,000,000.

这些车的价格差异很明显，但整个市场的规模确实非常大。

Obviously, price differential is pretty material between these vehicles, but the absolute scale of the market is huge.

从交易总额来看，每年大约有6000亿欧元。

On a value basis, this is worth about €600,000,000,000 a year in transaction volume.

欧洲的汽车平均车龄比美国老得多。

The average car in Europe is a lot more aged than it is in The US.

差不多有13年了。

It's about 13 years old.

从消费者角度看，在大多数国家，绝大多数人一辈子买的都是二手车，而不是新车。

And from a consumer perspective, in most countries, the vast majority of consumers will actually only ever buy a used vehicle rather than a new one.

这在欧洲是相当核心的消费习惯。

So this is a key fundamental consumer experience for a lot of Europe.

另外值得注意的是，经销商非常分散，远没有美国那样集中或机构化。

Also worth highlighting is the dealer base is very fragmented with nothing close to the level of consolidation or institutionalization that you've seen in The US.

数据显示，欧洲前20大二手车经销商的市场份额加起来还不到10%，而美国则接近20%。

So the stat is the top 20 used car dealers have less than 10% market share in Europe, which compares to about 20% in The US.

如今，Auto1每年的交易量接近一百万笔。

And Auto1 today is doing just under a million in terms of transactions per year.

去年也是这个数字吗？

Is that what it was last year?

没错。

That's right.

去年大约是八十五万，今年或明年应该就能突破一百万辆。

About 850,000 and this year or next, they should cross the million car mark.

明白了。

Got it.

市场占有率大概在百分之二到三，我这数字可能有点不准。

So two to 3% market share, my math might be off on the top

不，你的计算是对的。

No, of my that's right.

算得很准。

That's good math.

目前市场份额大约是3%。

It's about 3% market share today.

所以从市场渗透率来看，还处于非常早期的阶段。

So still very early days in terms of market penetration.

跨境交易涉及这么多不同国家的注册和监管问题，光是想想就让人头疼。

The logistical dynamics of that cross border transactions dealing with all the different regulatory dynamics in terms of registrations pains me to even think about.

我想聊聊创始人的故事。

So I wanna get into the founder story here.

肯定有谁是冲着解决一个问题去的，而且不只是本地市场，是整个区域的问题。

There must be somebody associated with this who was out to solve a problem, not just in their local market, in the broader region.

能说说创始人的故事吗？公司最初在哪个国家起步的？又是怎么快速扩展到国外的？

Tell me a little bit about the founder story, where the business began country wise, and how quickly they scaled outside of that.

我对这个品牌的背景特别感兴趣。

I'd be curious to understand the history around this one.

Auto1是2012年在柏林由克里斯蒂安·布德曼和哈坎·科赫共同创立的。

Auto1 was founded in Berlin in 2012 by Christian Boerdemann and Hakan Koch.

我觉得你说得对，他们的背景确实很关键，因为他们并不是来自传统的汽车行业。

And I think you're exactly right that their background is important because they didn't come from the traditional car industry.

他们是从柏林的消费互联网生态里走出来的。

They came out of the Berlin consumer Internet ecosystem.

现任CEO克里斯蒂安曾在City Deal担任产品工作，这家公司后来被Groupon收购；哈坎则在Home24和Rocket Internet都担任过运营职务。

So Christian, who's still the CEO today, had product experience at City Deal, which was a business later acquired by Groupon, and Harkin had operating roles at both Home twenty four and Rocket Internet.

我觉得这段经历深刻影响了他们的做事方式。

So I think this background informed their approach.

他们不是像传统二手车商那样解决问题，而是以互联网运营者的视角，来看待这个庞大又高度分散的线下市场，想办法把它系统化，最终实现规模化。

They were trying to solve the problem not as used car dealers had historically, but as Internet operators looking at this very large, very fragmented offline market and figuring out how to solve this problem and and ultimately systematize it at scale.

所以他们一步步构建业务的顺序非常重要。

And so the sequencing of how they built the business over time is important.

2012年刚起步时，他们先打造了面向消费者的B端车源获取系统，通过一个品牌来实现——抱歉对德语听众重复一遍，这个品牌叫‘Wir kaufen dein Auto’，意思是‘我们买你的车’。

So when they started in 2012, they built the consumer to business sourcing engine, and this is through a brand, and apologies to the German listeners, called, which means we buy your car.

在欧洲每个市场，他们都在当地语言中使用同一个品牌名称，作为车源获取的核心品牌和渠道。

When you look across each of the markets in Europe, they own the same name in each local language across each of these markets, which is their sourcing brand and their sourcing engine.

所以2012年的时候，他们解决了第一个环节的问题：如何大规模直接从消费者手里收购车辆。

And so this was back in 2012, how they solved the first leg of the problem, which was how to acquire vehicle supply directly from consumers at scale.

一年后，也就是2013年，他们推出了Auto1.com。这个名称可能会让人混淆，因为Auto1既是他们面向商家的业务板块，也是集团的官方名称，所以我后面会交替使用这两个说法。

A year later in 2013, they launched auto1.com, and this can get confusing as we go through it, but auto1 is also the name that they give to the merchant side of the business as well as obviously the group's operating name, and so I'll use the two interchangeably.

2013年，他们推出了Auto1经销商交易平台，这为他们带来了另一端的流动性。

But in 2013, they launched Auto1, the dealer marketplace, and what this did was give them liquidity on the other side.

通过这个平台，他们能把‘我们收车’这个独特渠道积累的车源，和欧洲各地经销商的需求匹配起来。

It allowed them to match this unique supply that they were building through we buy your cars with dealer demand across Europe.

同时，这也帮助他们积累了定价和交易数据，这些正是他们商业模式的核心。

It also enabled them to build the pricing and transaction data that really sits at the core of their model.

有了这些基础，他们迅速扩展到欧洲其他地区，十二年后，业务已经覆盖了三十个国家。

This then enabled them to rapidly expand across the rest of the continent and sort of twelve years later, we're at 30 countries.

实际上，直到他们创业八年后，也就是2020年，他们才推出了Auto Hero——这是面向终端消费者的零售业务。

It was actually only much later, eight years after they started the business in 2020, that they launched Auto Hero, which is the consumer retail side of the business.

这部分业务更接近Carvana的模式。

This is the part of the business which is more analogous to Carvana.

这种先后顺序很重要。

That sequencing is important.

他们先建立了货源。

They first build the supply.

接着才打通了批发端的流动性，直到很久之后才推出面向消费者的零售业务。

They then build the wholesale liquidity and only much later launched the consumer retail portion of the business.

这让他们在投入更重资产、更耗运营的Auto Hero业务之前，先搭建好了核心的运营、交易和网络基础设施。

And so it enabled them to build the foundational operating, trading, and network infrastructure before they then invested in the more capital and operationally intensive part of the business, which was Auto Hero.

还有一些值得留意的公司里程碑。

A few other company milestones worth noting.

公司在2021年2月上市，当时的股价大约是38欧元。

The company went public in February 21 at about a €38 share price.

上市首日股价就冲到了50欧元以上。

It traded above €50 on the first day.

我们录制这段内容时，股价已经跌到20欧元左右，这说明自2021年那段狂热时期以来，整个行业的情绪已经大不相同了。

As we're recording this, the stock is closer to €20, and so I think it says a lot about how much enthusiasm has come out of the sector since that sort of bubbleicious period of 2021.

另一个关键的竞争节点发生在2024年，他们的唯一竞争对手Cazoo在筹集了超过20亿欧元后倒闭了。

The other key competitive milestone for the business was in 2024, really their only competitor called Cazoo collapsed after they'd raised more than €2,000,000,000.

我也觉得，2024年Auto1首次实现EBITDA盈利，这绝非偶然。

I also don't think it's a coincidence that in 2024, Auto1 reached its first year of EBITDA profitability.

在此之前，他们已经连续亏损了十二年，才终于迎来了第一个盈利期。

And so it's worth calling out that it was twelve years of loss making operations before they generated that first period of profitability.

这证明了这种商业模式在大规模运营下是可行的，但也凸显了达到这一步有多艰难、成本有多高。

It proved the economics can work at scale, but it also just showed how difficult and how expensive it is to get to that point.

Cazoo也做批发业务吗？

And did Cazoo also do the wholesale model?

他们也是把批发和零售分开做的吗？

Did they do a split of wholesale and consumer?

这一点和美国的玩家相比，挺有意思的。

That's an interesting difference relative to The US players.

确实如此。

It is.

说得太准了，这一点非常值得强调。

That's exactly spot on and worth calling out.

Cazoo的做法是想立刻复制Carvana的模式，直接从源头采购车辆，翻新后再卖给消费者。

What Cazoo did was try to immediately replicate or call it the Carvana model of sourcing refurbishment and sales back to consumers.

但和Auto1不同的是，他们没建立起这种经销商业务。虽然这个业务利润率低一些，以后我们再细说，但它能帮助公司积累运营数据和定价系统，正是这些让Auto1后来能够逐步扩大消费者业务。

And unlike Auto1, they hadn't built that merchant business, which although it is lower margin, and we'll come back to the detail over time, it really enables them to build the operating data and pricing engine, which has then enabled Auto1 to scale the consumer business over time.

所以如果没有这样的先后顺序，到了2022年、2023年资本市场变得紧缩时，Cazoo就根本撑不下去了。

And so without that sequencing, as capital markets became more difficult and more subdued in 2022, 2023, it just became too hard for Cazoo to continue to operate.

最后我想提一下Christian，他在2025年启动了一项新的长期激励计划。

Just the last thing that I would call out on Christian is that he had a new long term incentive plan that was implemented in 2025.

这个计划里有两个关键指标特别值得关注。

And there's two key metrics there that are worth focusing on as part of it.

一个是他的长期激励报酬，只有当股价涨到75欧元以上才会触发，相当于从现在的20欧元上涨了3.5倍。

One is his remuneration for the LTIP will kick in above a €75 share price, which is about a 3.5 x increase from today's €20 price.

另一个条件是实现7亿欧元的EBITDA。

And then the other condition is achieving €700,000,000 of EBITDA.

这两个条件都要到2030年才满足，到时候克里斯蒂安会赚得盆满钵满，他那750万个期权也会全部兑现。

Both of these conditions are by 2030, in which case Christian will do very well and his sort of 7,500,000 options will vest.

这笔价值接近四亿欧元。

That's worth close to €400,000,000.

这显然是股东们的理想结果，但也反映出克里斯蒂安对业务的雄心，以及实现目标所需的执行力。

This would obviously be a great outcome for shareholders, but I think shows the ambition that Christian has for the business and also the execution that they need to do to get there.

你刚才对交易中涉及的各方做了很清晰的概括。

You gave a pretty good snapshot of the various counterparties or stakeholders that could be within a transaction.

我们能不能具体走一遍一个交易案例？比如资金怎么流动，融资方面是怎么安排的？

Can we actually walk through a transaction example and maybe even how dollars and cents might move, anything around financing?

能不能用一个实际例子，把整个价值主张讲得更生动一点？

Just value proposition, walk through a sample transaction to really bring it to life?

我来详细讲讲这个交易流程，之后我们再回头谈数字，因为中间涉及好几个不同部分，容易混淆。

I'll walk through the transaction, and then let's come back to numbers just given there's a few different segments there which can make it difficult.

要理解Auto1，关键得弄清楚三个核心板块。

So to understand Auto1, there's really three core groups that you need to understand.

首先是卖车的消费者。

Firstly is the consumers who are selling the car.

其次是购买这些车的经销商。

Secondly are the dealers who are buying those cars.

第三是同样也在购买这些车的消费者。

And thirdly are the consumers who are also buying those cars.

先说卖车的消费者，也就是我们之前提到的业务货源渠道，比如Carvana或者We Buy Your Cars这种模式。

So starting with consumers who are selling the cars and the sourcing engine of the business, which we talked about before via Carvana in Auto or We Buy Your Cars.

作为消费者，你可能是通过广告宣传，或者看到Auto1在欧洲各地大约七百五十个线下收车点，才了解到这家公司的。

So as a consumer, you might become aware of Auto1 through marketing, brand advertising, or by seeing one of the company's roughly seven fifty drop off branches across Europe.

你可以在线上输入车辆的关键信息，上传照片，然后很快就能收到Auto1给出的报价。

As a consumer, you can go online, enter the key details of your vehicle, upload photos, and then receive an offer and price from Auto1.

这里很重要的一点是，Auto1以极快的报价速度著称——不到90秒就能出价，而这些价格几乎都是由他们过去十四年积累的AI定价系统自动生成的。

And I think what's important here is the speed Auto1 prides itself on in under ninety seconds being able to generate a price, almost all of which is AI generated from that historical pricing engine which they've developed over the last fourteen years now.

如果卖家接受报价，就可以预约到附近的门店，车辆完成最终检测，当场完成交易。

If the seller accepts that offer, they can book an appointment at a local branch, the car goes through a final inspection, and the transaction is completed on the spot.

由于Auto1是直接买家，所以整个流程能又快又简单，还很有保障。

And because Auto1 is the principal buyer, they can make that process fast, simple and certain.

这对消费者来说体验非常好。

So it's a great experience for consumers.

一旦Auto1买下了这辆车，下一步就是决定该怎么处理它。

Once Auto1 then owns that vehicle, the next step is routing or what they decide to do with it.

这时候，公司的定价和决策系统会判断这辆车最适合哪个渠道。

At that point, the company's pricing and decision engine determines the best channel for the car.

总的来说，就像我们之前说的，主要有两个渠道。

Broadly speaking, as we've talked about, there's two possible channels.

第一个是auto1.com，这是一个批发平台，把车卖给全欧洲的经销商。

The first is auto1.com, which is the wholesale marketplace where cars are sold to dealers across Europe.

第二个是零售渠道Auto Hero，部分车辆经过翻新后直接卖回给消费者。

And the second is the retail channel called Auto Hero where selected vehicles are refurbished and then sold directly back to consumers.

先说经销商渠道，这仍然是业务的核心。

Starting with the dealer channel, which is still the core of the business.

目前大约有90%的车辆还是卖给了经销商。

So about 90 of the vehicles today are still sold to dealers.

这个渠道的周转速度要快得多。

This is a much faster moving channel.

库存周转周期不到一个月，最近大概是28天，这样既能降低库存风险，又能让资金使用更高效。

Inventory turnover is less than a month, so about twenty eight days most recently, which keeps the inventory risk low and the working capital efficient.

对经销商来说，和Auto1合作的优势非常明确。

From a dealer's perspective, the value proposition of working with with Auto1 is pretty straightforward.

首先是车型选择丰富。

First is the selection.

Auto1提供全欧洲最大的库存池。

Auto1 offers the largest pan European inventory pool.

在这样一个分散的市场里，这一点特别重要。

This obviously matters a lot in a fragmented market.

比如你是意大利的经销商，客户想买奔驰，但本地很难找到，通过Auto1就能轻松解决。

If you're an Italian dealer who might have a customer base that wants Mercedes, that might be difficult for you to source locally but will be something that you can do through Auto1.

第二是价格。

Second is price.

由于Auto1在欧洲范围内采购和调配库存，通常能给经销商提供比本地渠道更优惠的价格。

Because Auto1 sources and distributes inventory across Europe, it can often offer dealers much more attractive prices than what they can get in local channels.

它实际上是在套利这些地区性和国家间的价差。

It's really arbitraging these these regional, these country price differences.

第三是便利性。

The third is convenience.

经销商可以在线完成购车。

Dealers can buy the car online effectively.

这就像一次电商体验，他们在线下单后，车辆会通过Auto1的物流网络直接送达。

It's an ecommerce experience, so they can buy the car online and have that car delivered through Auto1's logistics network.

第四点，也越来越重要的是融资服务。

And then the fourth, and this is increasingly important, is financing.

Auto1提供了整车融资方案，这消除了许多独立经销商的一大障碍。

Auto1 has integrated floor plan financing, and this removes a major friction point for a lot of independent dealers.

这项服务已经融入了他们的交易流程，所以和Auto1交易起来顺畅多了。

It's embedded within the transaction flow for them, and so it's a much more seamless experience to transact with Auto1.

在这些经销商交易中，有时候会不会只是单独卖一辆奔驰给意大利的经销商？

With those dealer transactions, is it truly one off sometimes in terms of a single Mercedes being sold into an Italian dealer?

并不是每次都一次性买好几辆车吧？

It's not always multiple cars at the same time?

没错。

That's right.

普通经销商的采购量是这样，当然，这个平均数背后差异非常大。

The average dealer and, obviously, this hides a huge distribution within the average.

如果你去问公司，他们有时会说，一个经销商每个月买一辆车。

If you speak to the company, they'll sometimes say that a dealer will purchase one car a month.

有些经销商每个月采购量超过两百辆。

Some dealerships purchase north of 200 cars a month.

但平均来看，他们每个季度合作的约三万三千家经销商，每家大约买五到六辆车。

But on average, the roughly 33,000 dealers they work with a quarter will buy about five to six cars each.

所以他们想交易多少，完全由自己决定，取决于作为经销商的具体需求。

And so it's really at their discretion how much they wanna transact and depending on the needs that they have as a as a dealer.

在零售渠道方面，Auto Hero 这块业务看起来更像 Carvana，你们美国的听众应该更熟悉这种模式。

On the retail channel, Auto Hero, and so this is the part of the business that looks a lot more like Carvana that some of your US listeners would be more familiar with.

当他们做出分发决策，Auto1 认为某辆车通过零售能获得更高利润时，就会把车送到其中一个大型标准化翻新中心。

So when they make that routing decision and Auto1 believes a car will earn better margin through retail, it sends that vehicle through one of its large industrialized refurbishment centers.

这一点很重要，尤其是当我们讨论竞争格局时，这是商业模式里的关键环节。

This is important, particularly when we come to competitive dynamics, an important step of the model.

过去，这种翻新工作都是由本地经销商各自完成的，一辆车一辆车地处理。

Historically, this refurbishment process was done in a much more fragmented car by car way by local dealers.

他们买下一辆二手车之后，

They would buy a used car.

会做一些简单的修补和翻新，但从来不是系统化、规模化地操作。

They would then do some light touch ups, do some light refurbishment, but it wasn't done in any really industrialized way.

Auto1 的做法是建立了这些大型集中式翻新中心。

What Auto1 has done is they have these large centralized facilities.

他们能以更低的成本大规模采购车辆。

They can drive better and cheaper procurement at scale.

而且他们越来越多地使用自动化检测工具，比如一种叫汽车审计技术（CAT）的科技。

And increasingly, they're using automated inspection tools like a bit of technology, which they call car audit technology or CAT.

这套系统通过声音和图像识别出大部分问题，帮助他们更准确地估算车辆翻新所需的费用。

And this picks up through audio and visual a large portion of the issues, which means that they can more accurately price how much it'll cost to refurb that vehicle.

车辆经过Auto1的翻新中心处理后，会重新整备、拍照、上线销售，并直接卖给消费者，还附带配送、金融方案和极具吸引力的退换政策，这是许多本地经销商无法提供的。

Once the vehicle goes through one of Auto1's refurbishment centers, it's reconditioned, it's photographed, it's listed online and sold directly back to the consumer, also bundled with delivery, financing and an attractive return policy that a lot of local dealers can't match.

因此，Auto Hero这一端的消费者价值主张也围绕四个方面展开。

And so the consumer value prop on the Auto Hero side is also built around four things.

首先是车型选择，简单来说，他们提供的车源比大多数本地经销商丰富得多。

So selection, pretty simply, they offer a border inventory than most local dealers can offer.

在价格方面，明码标价，透明公开，再也不用跟本地经销商讨价还价。

On price, clear and transparent pricing, there's no haggling again with your local dealer.

第三是便利性。

Third is convenience.

所以这又是一个电商式的体验。

So again, it's an e commerce style experience.

你可以在线浏览，安排送货，而且因为品牌在背后背书，买起来很放心。

You can browse online, you can arrange delivery, and you can buy with confidence because the brand is sitting behind it.

第四是金融支持。

And fourth is financing.

在消费者端，就像他们对商家做的那样，他们在销售时直接提供整合的金融服务。

So on the consumer side, as they do on the merchant, they provide integrated financing at the point of sale.

在欧洲和美国之间，有一个非常重要的区别：这并不是次级贷款的故事。

One very important distinction to understand in Europe versus The US that this isn't a subprime financing story.

在欧洲，汽车贷款总体上更偏向优质和准优质客户，这主要是因为监管更严格，利率限制更严，使得次级市场吸引力很低。

In Europe, auto lending is generally much more skewed towards prime and near prime, and that's largely because they have much stricter regulation and usury laws, which make the subprime segment much less attractive.

实际上，这个市场根本不存在。

And in reality, it really doesn't exist.

所以总结一下，这是一个非常优雅的模式。

So stepping back and summarizing that, it's an elegant model.

Auto1直接从消费者手中收购车辆。

Auto1 acquires these cars directly from consumers.

它利用数据和物流体系，将车辆调配到收益最高的渠道，再通过批发交易或利润更高的零售销售实现盈利。

It uses its data and logistics to route them into the highest channel and then monetizes through either that wholesale transaction or the higher margin retail sale.

关于零售销售，我记得你提到批发这边的库存周转周期大约是三十天。

And on the retail sale, I think for wholesale, you mentioned it's about a thirty day turnover in terms of inventory in and out.

那零售这边的情况是怎样的？

What does that look like on the retail side of things?

两者之间差距大吗？

How much of a difference is there?

在零售端，这个周期大约是120天，等下我们讲到业务的盈利模式时还会提到。

So on the retail side, and this will flow through to when we talk about the economics of the business, it's about a hundred and twenty days.

目前这个数字被人为拉高了，因为Auto1的零售业务增长非常快，他们正在提前囤积库存以应对增长，但零售端的周转周期大约是四个月，而批发端只有一个月。

Now that number is artificially inflated at the moment because the retail business for Auto1 is growing very quickly, and so they're investing in that inventory ahead of the growth curve, but it's about four months versus one month for the merchant side.

在融资方面，这些业务都是记在公司账上的吗？

On the financing side of things, is that all kept on the books?

他们是不是用自己的资本来承担这些贷款，把它们记在资产负债表上？

Do they use their own capital presumably to be tied up and holding these loans in the balance sheet?

再详细说说这个机制，我知道这些贷款的质量比美国的要高，主要是因为信用等级的差异。

Just a little bit more about the mechanics of how that works, understanding that the quality of the loans is higher than what you would see in The US based on just prime subprime differences.

我先说说消费者融资这部分，然后再回头讲，因为融资对理解整个交易流程至关重要，它贯穿了每一个环节。

I'll go first on the consumer financing portion and then step back because financing is key to understanding really that whole transaction flow because it plays a role in in every step.

在消费者融资方面，过去Auto1本质上只是为其他信贷机构提供客户线索。

On the consumer financing side, historically, Auto1 had effectively been a lead engine for other credit providers.

它提供了一种嵌入式的融资体验，但收入来源只是靠转介绍赚取佣金。

So it would provide an embedded finance experience, but it was just making a margin on the lead.

最近，公司的重点转向了全面垂直整合，直接掌控消费者端融资的全部收益。

A more recent focus for the business has been fully vertically integrating into taking effectively the full economics of that integrated financing on the consumer side.

他们越来越多地自行发放贷款，然后自己进行证券化。

It's increasingly originating the loans and then securitizing them themselves.

就在去年，他们完成了第二笔消费者资产支持证券的定价。

They recently, as of last year, priced their second consumer ABS loan.

这笔资产支持证券规模约为2.5亿欧元，市场需求非常旺盛。

This was about a €250,000,000 ABS, and there was a huge amount of demand for it.

认购倍数达到了将近3.5倍。

It was sort of three and a half times oversubscribed.

对于关注信用的听众来说，定价只比欧元银行同业拆借利率高出87个基点。

And then for the credit listeners on the call, it was priced at only 87 points over Eurobor.

这实际上是一笔非常有吸引力的信贷产品，而且定价相当紧凑。

So it's actually a very attractive piece of credit and a fairly tightly priced piece of credit.

我猜他们通过打包这些贷款出售，能确认一笔收益。

I assume they can book a gain on that sale by bundling those loans together.

把风险打包在一起，确实能带来一些净收益。

There's some type of net benefit associated with packaging the risk together.

确实如此。

There is.

我觉得更多是在成本端体现。

I think it's more on the cost side.

这对他们来说是一种成本更低的融资渠道，也能让他们在长期内保留更多的经济收益。

It's a cheaper source of funding for them and enables them to retain more of the economics over time.

我们来聊聊具体的经济差异。

Let's get into some of the economic differences.

我觉得我们之前稍微提到过一点，主要是关于利润率结构，比如商户、汽车金融这些方面。

I think we've alluded to it a little bit just in terms of the margin profile, merchant, auto hero.

不管你怎么拆解，请详细讲讲这些区别，如果能给出具体的数据就更好了。

However you wanna break that down, walk through the differences, and if you can put some numbers around it, that'd be really helpful.

我知道我们之前一直在绕开这些话题。

I know we've been dancing around these topics lot.

Auto1把业务分成两个板块，一直细分到毛利这一行。

So Auto1 reports the business in two segments down to the gross profit line.

一个是自营或Auto1零售业务，另一个是Auto Hero。

This is merchant or Auto1 or retail and Auto Hero.

这个划分很重要，因为两边的经济模型，我想大家应该也看出来了，差别非常大。

And that split is important because the economics, as you've probably already gathered, are very different.

从宏观上看，商户业务是平台里周转快、资本效率高的核心清货引擎。

At a high level, merchant is the fast turn, capital efficient clearing engine, I'll call it, of the marketplace.

Auto Hero 则是周转慢但利润率更高的零售业务。

Auto Hero is slower turning but higher margin retail business.

我们先说商户业务，因为从交易量来看，它依然是整个业务的核心。

Starting off with with merchant because it really still is the core of the business by volume.

2025年，商户业务在平台上的车辆销量占比约90%，总量接近75万辆。

In 2025, merchant accounted for about 90% of unit sales through the network, which was just under 750,000 vehicles.

作为参考，这些车辆的平均售价约为8600欧元。

To give you a sense of price, these vehicles sold for an average of about €8,600.

每辆车，Auto1能赚取大约700欧元的毛利润，也就是公司常说的每单位毛利，毛利率在11.5%到12%之间。

On each of these vehicles, Auto1 generated about €700 of gross profit per unit or GPU in the company's parlance, which is a gross margin of roughly 11.5%, 12% on each vehicle.

乍一看，这个利润率和单笔利润似乎不算高，但理解这个模式的关键，在于系统能实现的交易速度。

That may not sound like a particularly high margin or large GPU at first glance, But the key to understanding the model is the velocity that they can transact at through the system.

正如我们之前提到的，商户库存的平均周转周期大约是30天。

So as we said previously, merchant inventory turns quickly roughly thirty days on average.

所以他们每辆车赚的利润不多，但靠着大量车辆交易，每年用同样的资本循环大约12次，整体利润还是相当可观的。

So they don't earn a large profit on any one car, but they earn a modest profit on a very large number of cars with that capital recycling roughly 12 times a year through the system.

如果我们假设——这也是我们的估算——每辆车的EBITDA利润率大约是5%，并且每年库存周转12次的话，

And so if we assume, and this is our estimate, that they make roughly a 5% EBITDA margin on each vehicle and they turn that inventory about 12 times a year.

那么在扣除运营费用之前，资本回报率大约能达到60%，这可是个非常吸引人的生意模式。

The implied return on capital is about 60% before overheads, which is an attractive business to be in.

另外从商业模式来看，他们在商户业务中正越来越多地捆绑融资服务，也就是库存融资，这未来会进一步提升每辆车的利润和EBITDA，超过当前的水平。

Also worth noting out from an economics perspective on the merchant side is that they're increasingly attaching that financing to the merchant transactions, the floor plan financing, and this should live both GPU and EBITDA profitability over time above the current economics today.

至于零售业务，也就是Auto Hero板块，2025年只占总销量的10%，虽然增长更快，但全年销量大约是10万辆。

On the retail or the auto hero segment, so in 2025, that was only about 10% of unit sales growing much faster, but this was about a 100,000 vehicles.

这些车的平均售价是17,400欧元，差不多是商户端价格的两倍。

The average price for these vehicles was €17,400, which is roughly double that of the merchant side.

而每辆车的毛利润大约是2,100欧元。

And then the gross profit per unit was about €2,100.

也就是说，单位毛利是商户端的三倍。

So three x the merchant GPU.

零售端的毛利率也略高一些，大约在15%左右。

Gross margin slightly higher as well on the retail side, roughly 15%.

所以这两者之间的差异其实很好理解。

And so the difference between the two is is fairly intuitive.

在Auto Hero模式下，公司拿的是更多零售端的利润，而不是只赚批发价差，把车卖给经销商。

In Auto Hero, the company's capturing more of that retail margin rather than just the wholesale margin selling through to those dealers.

但要想拿到这部分价差，运营上的投入显然要大得多。

But in order to capture more of that spread, it's obviously a lot more operationally intense.

包括车辆翻新、拍照、质检、交付、客户服务，还有面向消费者的金融方案。

There's the refurbishment, photography, quality control, delivery, customer support, and consumer financing.

所以，想吃下这部分利润，可不是白拿的。

So there's no free lunch in in capturing that margin.

我觉得从现在开始，对消费者端来说，一个重要的新增驱动因素就是金融服务，我们之前也提到过。

I think a major incremental driver from here, on the consumer side as we touched on was the financing.

随着消费者金融渗透率提升，这不仅能推高单车毛利，更会显著提升整体盈利能力。

As the consumer financing penetration rises, that should support both a higher GPU, but particularly profitability.

管理层设定了零售业务每辆车3000欧元的毛利目标，比当前水平高出约30%。

Management has guided to a GPU target on retail of €3,000 per vehicle, which is about a 30% uplift from today's level.

所以简单来说，商家模式毛利低但周转快，而Auto Hero模式毛利高但运营更复杂。

So I would just wrap that up and say the simplest way to think about it is really that the merchant is the lower margin but higher velocity business, and Auto Hero is the higher margin but more operationally intensive one.

是的。

Yeah.

这确实很有意思，光看毛利可能会觉得一个比另一个好，但别忘了，周转慢意味着需要更多资金投入。

It is very interesting just in terms of you could look at the margins and say, oh, this looks better than the other, but it's capital intensive when you think about slower velocity.

我觉得这点很重要，你讲得非常到位。

I think that's important, and I think you're hammering it home well.

说到两个业务板块之间的协同效应，为什么不能只选一种模式？这些协同主要体现在哪里？

When you think about the synergies between the two divisions, why you wouldn't just go one route versus the other route, where do those show up the most?

我随便想想，说说我的看法。

I'm just gonna think out loud a little bit.

最明显的应该是定价机制。

It's gonna be the price discovery.

你可以拿到更多的货源。

It's gonna be you can source more.

理论上，你的采购能力和议价能力会随时间增强。

So in theory, you're buying power, buying leverage gets better over time.

但当你思考这两个业务板块如何协同时，它们相互补充最明显的地方在哪里？

But when you think about how these two segments work together, what stands out the most in terms of them complementing one another?

我的看法是，这其实关系到Auto1的竞争优势。

The way that I would answer this is that it really goes to the competitive advantage of Auto1.

就像很多优秀公司一样，护城河并不是由单一因素构成的。

And so like a lot of great companies, the moat is not just driven by one thing.

而是多种因素共同作用的结果。

It's a combination of a number.

我特别想提到的是网络效应、规模经济、他们所掌握的专有数据集，以及越来越重要的机构融资渠道。

The things that I would call out, the network effects, the scale economies, the proprietary dataset that they sit on, and then increasingly the access to institutional funding.

这两点都源于同一个核心问题：在需求端同时拥有经销商和消费者，能带来什么优势。

Both of these are driven by really that question around the benefit of having both dealers and consumers on the demand side of that network.

具体来说，Auto1本质上是一个双边市场。

Drilling into the network effects more specifically, Auto1 is fundamentally a two sided marketplace.

随着越来越多的经销商加入平台，流动性就会提升，而更好的流动性意味着更精准的定价和更快的车辆成交速度。

As more dealers join the platform, the liquidity improves, and better liquidity means better price discovering, faster clearing for each of these vehicles.

这反过来让Auto1能对消费者端的车源出更具竞争力的报价，而更优质的车源又进一步丰富了Auto1平台经销商和通过Auto Hero购车的消费者们的库存选择。

That in turn allows Auto1 to bid more competitively for that consumer supply, and then that better supply improves the inventory breadth for both dealers on the Auto1 side and then consumers buying through Auto Hero.

所以这个正向循环其实很清晰：买家越多，定价越好；定价越好，吸引更多卖家；卖家多了，平台整体买家的库存选择也就更丰富。

So the flywheel is fairly straightforward in that respect in that more buyers improves pricing, better pricing attracts more sellers, and more improves the inventory for overall buyers on the platform.

回到我们之前讨论的话题，这一点在欧洲这种高度分散的二手车市场尤其关键，因为各地的供需常常严重不匹配。

Back to the discussion that we had earlier, we'd say that's especially important in a really fragmented market like Europe where local supply and demand for used vehicles are often very mismatched.

所以Auto1不只是在单个国家层面汇集车源。

And so Auto1 isn't just aggregating inventory at a country level.

它实际上构建了一个覆盖全欧洲的二手车交易平台。

It's providing a pan European clearing mechanism or clearing house of sorts of used vehicles.

第二个护城河是规模经济。

The second moat is scale economies.

Auto1在欧洲建立了实实在在的实体基础设施。

Auto1 has built real physical infrastructure across Europe.

到2025年底，它已经拥有超过725个交车点、153个取车点、150多个物流中心，还连接了300多家物流合作伙伴。

By the end of 2025, it had more than 725 drop off locations, a 153 pickup locations, 150 plus logistics centers, and they also had a network of 300 plus logistics partners.

在零售端，他们建了12个大型Auto Hero整备中心，目前这套体系满负荷运转时每年可处理约25万辆车。

Specifically on the retail side, they've built 12 large Auto Hero refurbishment centers, and this footprint today is for about 250,000 cars annually at full utilization.

我们稍后再回过头来聊人工智能的话题。

We'll come back to the discussion around AI.

这一点很重要，因为它不只是一个线上交易平台。

It's important because it's not just a digital marketplace.

Auto1自己搭建了从货源获取、运输、检测、整备到交付的完整网络。

Auto1 has really built the sourcing, transportation, inspection, refurbishment, and delivery network itself.

有了这套规模化运营的体系，他们能加快流程、降低单辆车的成本，大幅减少整个系统的摩擦。

And having done this at scale, they can improve the speed, they can lower unit costs, and just really reduce overall friction across the system.

随着规模效应扩大，网络越做越大，小竞争者就越难在价格或服务上跟上。

As we scale economies, the larger that network gets, the harder it is for smaller competitors to match the price or service level.