ACV Auctions Inc. (NASDAQ:ACVA) Q2 2023 Earnings Call Transcript

George Chamoun: So first, Gary, I know we don’t give all this granularity out because it gets confusing. But yes, list things are starting to come up. That’s a sign of willingness to trade. So that’s a positive sign for us. So yes, we are starting to see more willingness. And as the dealer lot start to fill up. Keep in mind, most of these dealers’ lots are still 20% to 30%, Tim. Is that right, right lower than they were in ’19. You’re still seeing, Gary, 20% to 30% of a dealer’s lots have a lot of empty spots for vehicles. So new car supply was like step 1, used cars supply is almost like step 2, that will take a little bit — but even while step one is starting to happen, we’re starting to see a little bit of that willingness early signs, but early in that recovery.

But yes, some early signs that are positive show dealers’ willingness to wholesale, so that year-over-year — hopefully, by next year, I can say year-over-year, dealers will have wholesale for vehicles year-over-year. Obviously, I’ve been saying the opposite up until this point.

Operator: That concludes today’s question-and-answer session. I’d like to turn the call back to Tim Fox for closing remarks. .

Tim Fox: Great. Thanks, Liz. I’d like to thank everybody for joining us on the call today. Please note that we’re going to be participating at Canaccord’s Annual Golf Conference this Wednesday in Boston. So we look forward to hopefully seeing you there or at another conference over the quarter. Once again, thank you for your interest in ACV, and have a great evening. .

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.