We were encouraged to hear that conversion rates increased y/y, despite wholesale price depreciation being in line with normal seasonal patterns. Further, ACVA's new products continue to gain traction, with ACV Transportation achieving record revenue and gross margin in the quarter, driven by a +27% increase in transports, and ACV Capital growing ~20% y/y. Management also noted that Clear Car is targeting 1,000 dealers live by year end, and is seeing positive momentum to date. In our view, ACVA is well-positioned for durable growth and continued market share gains going forward, and we see upside to estimates, particularly as growth segments (i.e., Commercial, Transportation, and ACV Capital) continue to expand.