Bill Zerella: Yes. Look, it’s a continuation of share gains. And we quantify that it’s leveraging some of our pricing power over time. It’s the market recovering by 2026. Those are the biggest drivers. If you go back and look at the chart that we put together breaking out the different revenue components. .
Operator: Our next question comes from the line of Daniel Imbro with Stephens.
Daniel Imbro: Daniel from Stephens. Maybe one longer-term question and then one follow-up. I want to start. When we think about market share, you’ve talked about some of the services and inspections you offer, but liquidity is still a really important long-term share. I guess — are you still adding buyers to the platform? I think the comment earlier with sellers are relatively consistent, but how would you judge your liquidity at auction or seller returns versus your large omnichannel competitors out there?
George Chamoun: We’re executing, I would say, as planned. We’ve got with — on the buyer side, we’ve got pretty significant effort on our — bringing in new buyers, not to get into the weeds. So yes, we had think two months — a month ago or two months ago, a little internal record, I think, we haven’t seen in many, many months, which is like the most amount of new buyers signed up in one month. We’re all clapping here. And as we’re pretty psyched about it. . So new buyers are coming on board, even though there was a little record broken internally, I would say consistent, right? Consistent new buyer acquisition retention has been, I would say, consistent. So really no change. We’re bringing on sellers and buyers. There are some parts of the country where we don’t have enough supply to really get the demand, which is no different than what I’ve been telling many of you all for the last — those that have known me for six, seven years or those last couple of years, right?
You can bring more demand up in certain regions as you get more supply. There’s a little bit of matchmaking in that regard. So I would — I guess I would use the word consistent. We’ve been consistently adding on sellers and buyers. .
Daniel Imbro: Great. That’s helpful. And then Bill, maybe quick clarifiers to John’s question earlier, industry conversion rates have picked up the last three, four weeks. Is that what’s baking into the guidance? And I didn’t see any comment on kind of your previous expectation to exit this year at a positive EBITDA run rate. Could you just discuss those two pieces of the outlook .
Bill Zerella: Yes. So we are assuming conversion rates to moderate in the second half because — and that’s just based on seasonality, Daniel. So I would say nothing out of the ordinary there. We did have another good quarter in Q2 in terms of conversion rates, it was down from Q1, but Q1 was well above historical norms. So I would say our conversion rates are doing pretty well. And what we talked about previously is that we expect the year to have conversion rates that are consistent with kind of historical norms pre-COVID, which is the mid-50s, right? So that’s all baked in. And there are a number of things that we’re doing. We talked about the 2-hour auctions and things of that sort to try to continue to drive conversion rates up from where they are. And we’re pretty happy so far with the results we’re seeing. Yes, I believe in my prepared remarks, I reiterated that we are — we continue to reiterate our commitment to exit this year at EBITDA breakeven .
Daniel Imbro: Great. And sorry to cut you off towards — was there something else you can add? .
