Auto Lending Expert: How Capital One Became #1 in Auto Loans - Sanjiv Yajnik

Most of America cannot walk into a dealership and say, hey, I like that car. I think I'll take that car. How can I get financing? Technology may help, but if technology costs too much, you are a block. There is a few that every single car, new car coming into the market tomorrow is either EV or a hybrid. How many years will it take to replace the entire fleet of cars in the United States? It will take 15 to 20 years. A big thank you to our sponsors for making today's episode possible, lot links, open lane and capital one. And now let's get into the show. Sanji Vyajanek on the CDG podcast. Sanji, welcome. Hey, thank you, Yossi. Good to see you. Good to have you here finally. I have to start with with your background. And specifically, I saw you had a brief stint at Good Old Circuit City. For those listening here, this was back in the day, but we got to start there for those listening. And if you've been in the car business, you likely know that that's really where car Mac started. And so, you know, always doing it's always one of my favorite parts is doing the research on the gas prior to the episode and kind of putting two into together. And like where my brain goes, I'm like, you were really built for auto. I mean, you started at Circuit City. Obviously, there was no car Macs yet. And then today you are one of the dominant forces in automotive lending. So funny how the world works, but take us back. I mean, what got you to where you're at today?

翻译如下： 大多数美国人不能走进一家汽车经销商店然后说：“嘿，我喜欢那辆车，我想买这辆车。我怎样才能获得融资？”技术可能会有所帮助，但如果技术成本太高，那就是个障碍。有一点确定的是，明天市场上的每一辆新车都是电动车或混合动力车。那么需要多少年才能在美国替换掉所有的车辆呢？这将需要15到20年。非常感谢我们的赞助商让今天的节目成为可能，感谢Lot Links、Open Lane和Capital One。现在让我们进入正题。这里是CDG播客的Sanji Vyajanek。Sanji，欢迎你。嘿，谢谢你，Yossi。很高兴见到你。终于请到你了，我得从你的背景开始谈起。我特别注意到你曾短暂在Good Old Circuit City工作。对于在场的听众，那是很久以前的事情了，但我们今天要从那里谈起。如果你从事过汽车行业，你可能知道CarMax就是从那里起家的。所以，做节目前对嘉宾的研究一直是我最喜欢的环节之一，把细节拼凑在一起。我的脑海里闪过一个念头，你真的生来就是为汽车行业服务的。我是说你从Circuit City开始，显然那时还没有CarMax，但今天你已经成为汽车贷款领域的主导力量之一。世界真有趣，但带我们回顾一下，究竟是什么让你走到今天这个位置的？

Sure. And I'm going to go back and I'm going to touch on the Circuit City thing. There's an interesting kind of a story there. But I was born and brought up in India. And I always joke with people that when I was a young boy growing up in Calcutta, I always knew that I was going to join Capital One. Everyone listening to this is saying, B.S. He did not know he's going to turn capital on. Well, everyone didn't exist. To be clear, Capital One did not exist when I was there because Capital One is a very young company. And I'll come back to that. So that, basically, the reason I joke about that is because I studied engineering to build ships and operate ships. So my background is engineering to build ships. Nothing to do with financial services, nothing to do with banking, nothing to do with auto. So in case the joke didn't land for you, like it did for me, right?

当然可以。我会回到 Circuit City 的事情上来谈谈。这里有一个很有趣的故事。但我是出生并在印度长大的。我总是跟别人开玩笑说，当我还是个在加尔各答长大的小男孩时，我就知道自己会加入 Capital One。大家听到这句话都会说，胡扯，他不可能知道他会加入 Capital One。事实上，当时 Capital One 还不存在。明确地说，当时 Capital One 是一家非常年轻的公司。稍后我会回到这个话题。因此，我开这个玩笑的原因是，我学习的是造船和运营船舶的工程专业。所以我的背景是造船工程，跟金融服务、银行业务、汽车行业毫无关系。所以，如果你没觉得这个玩笑好笑，那也没关系，因为毕竟我自己是觉得好笑的。

You were actually in a completely other unrelated industry and you should not be in this industry today. Well, before I started working in my shipbuilding and ship operating arena as an engineer, I actually had never stepped out of India. So I was pretty much a Calcutta boy. I didn't know what the world looked like. I was very curious. My first job took me to Kobe, Japan, where we were building a ship and then it took off from there and used to do electronics, heavy engineering, the whole line yard, still with chargers, big, big, big engines, the main engines and all of the purifies and things like that. And I rose to become the youngest chief engineer in mobile oil, surprisingly, to my great surprise. But along the way, I married my childhood sweetheart and had a young daughter and decided once I looked at my daughter, I knew that I couldn't keep leaving and going overseas and working all over the place.

你其实是从一个完全无关的行业转过来的，本不应该在今天这个行业工作。在我开始从事造船和船舶操作领域的工程师工作之前，我实际上从未离开过印度。所以我基本上就是个加尔各答的孩子，对外面的世界一无所知，但非常好奇。我的第一份工作把我带到了日本神户，在那里我们造了一艘船，从那时开始，我从事电子、重型工程之类的工作，涉及充电器、大型发动机、主发动机以及各种净化设备等等。令人惊讶的是，我很快成为了摩托油公司最年轻的总工程师，但在这个过程中，我和儿时的恋人结了婚，并有了一个小女儿。当我看到女儿时，我知道自己不能再继续离家，频繁出国工作了。

So we emigrated to Canada and just in grief, went to Canada, didn't have any friends, no relatives, four suitcases. We were not paid that well. You know, basically coming from India. So we didn't have very much at all. We couldn't afford pretty much anything. But went back to Bisco, came out, joined Pepsi for a few years and then was recruited away by Circuit City. And I was in Circuit City for two years. And in those two years, we created comics. So I was there at the ground floor with the CEO. We were talking about you were doing this strategy. You have automotive in your blood. In fact, in fact, Marco Nino, so when it was, it was brand new, the whole idea was that we would make, you know, a business that looked like Circuit City, but but only in the auto industry, which was very fragmented. By the way, I don't know whether you know, but Marco Nino, who then went off to deal a track also came from Circuit City. So Marco Nino and myself and another person who was in strategy used to get together. And Marco Nino, just amazing, amazing guy.

因此，我们移民到了加拿大。当时心情很沉重，去了加拿大，没有朋友，没有亲戚，只带了四个行李箱。我们的收入也不高。你知道嘛，基本上是从印度来的，所以我们几乎一无所有，什么都买不起。 后来我回到Bisco工作，然后加入了百事公司做了几年，之后被Circuit City 招聘过去。我在Circuit City工作了两年，在那两年里，我们创建了漫画业务。我和CEO一起从零开始，讨论策略。你知道，你有汽车行业的经验。事实上，Marco Nino，当时一切都是新的，我们的构想是创建一个类似Circuit City的业务，但只专注于汽车行业，这个行业非常分散。顺便说一下，不知道你是否知道，Marco Nino后来去了DealerTrack也来自Circuit City。所以，Marco Nino、我和另一位负责策略的人经常在一起。Marco Nino真是个了不起的人。

So I had a little bit of an interest in that business, but I was just there for two years. And then I joined Capital One pretty much when the company started. So the company was launched in 1995. And I have just finished my 26th year at Capital One. So I was there when it was an incredibly small company. In fact, we didn't call ourselves a bank. We didn't even call ourselves a financial services company. We called ourselves a analytical marketing technology-based company that also did credit cards and a few other things. And so that's my my background. Now, I'll just come to auto really quickly in Capital One.

所以，我对那家公司有一点兴趣，但我在那里只待了两年。然后，我在Capital One公司刚成立时就加入了。当时公司在1995年成立，而我刚刚在Capital One度过了第26个年头。所以，我在公司还是非常小的时候就已经在那里了。实际上，当时我们并不称自己为银行，甚至不称自己为金融服务公司。我们称自己是一家基于分析、营销和技术的公司，同时也做信用卡和其他一些业务。这就是我的背景。现在，我会快速讲一下在Capital One的汽车业务。

I'll just tell you one quick story before you do that. So Marco Nino, I don't even know if you remembers me. But when I was starting my prior company, I was connected to him through a mutual friend at who worked at Manheim, actually. His name was Matt Matrap. And he connected me with Mark. And I got on a call with Mark one day. And I was and I was telling him about the idea, forget a car. And he was super kind. I didn't, you know, I was just like this kid that just wanted to have, you know, another startup, whatever. I asked him, I remember, I remember he taught me this is the funny one. Like, I didn't even know what the term fragmented meant. He was like, Oh, we were talking about the industry. Because I was talking about, like, I want to build this new entrant. He's like, the industry is, you know, really fragmented. And as he's talking, I'm Googling. I'm like, well, just fragmented even mean, like in the sense of, you know, economics. And so really funny stuff. This was probably like, I don't know, 2017, maybe. But anyways, that's my Marco Neil story. So I'll kick it back to you.

在你开始之前，让我先讲一个小故事。这个故事和Marco Nino有关，我甚至不知道他是否还记得我。那是在我创办上一家公司时，通过共同的一个朋友介绍认识他的，那位朋友是在Manheim工作的，名字叫Matt Matrap。他把我介绍给了Mark。有一天我打电话给Mark，向他讲述了我关于汽车租赁的想法。他非常和善，那时我不过是个想要再创立一家初创公司的年轻人。我还记得他教了我一个有趣的词，那时我甚至不知道“fragmented”是什么意思。我们在谈论这个行业，我想要建立一个新的竞争者，他告诉我这个行业非常“分散”。当时我一边听他讲，一边在谷歌上搜索“fragmented”在经济学上的意思，真的很好笑。这大概是2017年的事情。但无论如何，这就是我和Marco Nino的故事。现在把话题交给你。

Well, you know, this, this, when we were together, it was 96 to 98. And that's when we were creating the first Sarmax, it was like Richmond, Virginia. And so we had a great time. And I still have kept up with him over the years and he's just a great guy. And we go back a long way. But coming to Capital One, never been in financial services before. My first job was running credit risk management. And our founders put me in charge of that. Now, what I found to my surprise and delight that in financial services and the way in which we run it in Capital One, it's all about math and analytics and technology and things that I was very familiar with. So many of the things I've done previously actually fascinated really well into this field. I then launched a new business in Capital One. I started up a business. It was a small business, small business services. So if you see the credit card, small business getting a spark card and the ads that that run on TV, that's my business. We started from scratch with just a couple of people. I then ran Capital One, Canada, and then went off to run Capital One Europe. And then finally came back. At that point, I was in London, UK, but I finally came back to the US, to Dallas, to take over an evening business at that point, which was the auto business. And oh, by the way, the year happens to be 2008. And the industry is melting down. And so I'm going to tell you the story.

好吧，你知道的，那时候我们在一起，时间是从1996年到1998年。那时我们正在创建第一个Sarmax，地点就像在弗吉尼亚州的里士满。我们度过了一段美好的时光，这些年来我一直和他保持联系，他是个很棒的人。我们有长久的交情。来到Capital One（第一资本）时，我从未涉足过金融服务领域。我的第一份工作是管理信用风险，而公司的创始人让我负责这个工作。让我惊喜的是，在Capital One，我们的金融服务全都是关于数学、分析和技术，而这些正是我非常熟悉的领域。所以我之前做的很多事情实际上在这个领域都很有用。 后来我在Capital One推出了一个新业务，是一个小型企业服务。如果你看到小企业使用的信用卡Spark卡和电视上的广告，那都是我负责的业务。我们从零开始，当时只有几个人。我之后管理了Capital One在加拿大的业务，然后去负责Capital One欧洲的业务，最后又回到了美国。在那时我在英国伦敦，但最终回到了美国，在达拉斯接手了一个新的业务，当时是汽车金融业务。顺便说一句，那一年是2008年，而整个行业正在崩溃，所以我要告诉你这个故事。

So I come into the business and it's a very, very small business in Capital One. And I start meeting up with dealers. And the industry is completely, this is the great recession. No one is lending dealers are in trouble. And so the first thing I've entered as dealers, what do you think about Capital One? I mean, with the nascent product that we had. And they said, we don't like it. You've got a black box. You're just pure analytics. You don't really deal with the shows. And so I collected a group of dealers some of, and I love the dealerships. I love the dealers. I was meeting up with people. I thought they were the best entrepreneurs and the best business people I'd met, you know, ever. They understand business and they have to compete every day. So we got together in a room and I said, look, let's create an auto finance business together. And I will stick by you as we go through this really bad, bad period, because everyone was running for the hills. And so the program that we created, the diamond dealer program, was actually created, conjoined with a whole bunch of relationships that were in trouble. And you eat till today, you can talk to some of those dealerships. Some of those folks have become really close to me. But we saw our way through the Great Recession together. And the program that we built was actually built by dealers. I'd ask working together to create something that is purely focused blue chip for the industry. That was going to be that no doubt.

于是我进入了资本一号的业务，这时公司还非常非常小。我开始与经销商见面，而整个行业正处于经济大衰退时期。没有人愿意贷款，经销商们也陷入困境。我首先问经销商们对资本一号的看法，基于我们当时的初期产品。他们表示不喜欢，说我们只是纯粹依靠分析，没有真正与他们对接。 于是我召集了一些经销商，我非常喜欢这些经销商们，也非常尊敬他们。我认为他们是我所见过的最优秀的企业家和商业人士，他们懂得竞争和经营。我们聚在一间房里，我说：“让我们一起创建一个汽车金融业务吧。我会在这个艰难的时期支持你们，因为所有人都在逃避风险。” 于是我们创建了“钻石经销商计划”，这个项目是与陷入困境的经销商关系一起开发的。直到今天，你还能和一些经销商谈起此事，其中一些人已经成为我的密友。我们一起度过了经济大衰退，而我们建设的项目实际上是由经销商们一起合作完成的，真正面向行业的顶级项目。毫无疑问，这是一次成功的合作。

Alright. So it's a pretty fully loaded question here, but I'll try to simplify this, right? Like you've been, like you said, this was really the concept for the auto finance business was in OA today. You know, we're like, what, like 16, 17 years later, say roughly 16 years later. And you are the number one originator of auto loans in the United States. Try to give us a little playbook here, right? Like, how did you scale up to that? Why did I as a small dealer in Philadelphia grow my business, you know, catapult really just two, three X my business when I was able to, you know, partner up with a lender like yourself? But on the other hand, you know, much bigger dealers than me that work with, you know, Capital One and do a lot of business, like, how did you find that product market fit? What was that opportunity? Right? Great. You're working with these dealers, you're providing some lending, but 2009 passed. You know, we went to better times interest rates went down, more opportunity to market. What was the core strategy for you to grow lending within the auto business?

好的，这是一个非常全面的问题，但我会尽量简化一下，就像你说的，从2008年开始构思这家汽车金融公司。现在是大约16年之后，你们已经成为美国最大的汽车贷款发起机构了。能不能给我们分享一下成功的秘诀？比如，我在费城作为一个小经销商，为什么在与贵公司合作之后，业务翻了一两倍？相比之下，那些与Capital One合作的、比我大很多的经销商，虽然业务量很大，但没能取得同样的成果。你们是如何找到这种产品市场匹配点的？那时的机会是什么？你们与这些经销商合作，提供了一些贷款服务，但2009年之后经济好转，利率下降，市场机会增多。你们在汽车金融业务中发展的核心策略是什么？

This, this may come as a surprise to you, you'll say, but till today, no one on my team has a volume target. All I can tell you is, my entire focus has been, how do I help dealerships? And when I go around the country, I tell dealerships this very directly, do not do anything when you're working with us that is going to hurt your dealership. I am not in the business of hard sell. My job is to figure out what dealers need, and then how do I structure my loans, etc, to help them? And then I make one other thing really clear, there's business I will do, and there was business I will not do. And I don't, I consider the business that we build as a blue chip business. It's going to be around two-thicken things. Our best dealerships are going to have us with them, with the time-stirring really bad. And the reason is that we are a blue chip company. We will only look at the loans that make sense. We will advise dealers that way. I totally understand that dealers need many lenders because they shouldn't put all their eggs in one basket. And if I were running the business, I wouldn't put my eggs in one basket. But why are we so successful? It is a combination of three things, analytics. We can really understand where the world is going, read risk, and very often we are digging while others are zagging. The second is technology. We are not only steeped in technology, I'm a technologist. So, you know, in this business, people can see a lot of words like AI and this and that and other. But I believe that if I'm not building things on my own and I don't understand at the root level, I shouldn't be talking about it. So in the auto industry, I have right now, I think the latest numbers, 21 patents that have been, that I have on my name and across 11 product categories. And I have, I think there's another 10 or so that are still pending. So why have we been successful? The analytics piece, you've got the technology piece and then there's a third piece, which I believe in completely, which is the dealers are customers and we need to look out for them. And well, by the way, when people say, well, if you're looking out for the dealers, how are you looking out for the end customers? What I, what I say to them is you haven't met the dealers I work with. They are maniacally focused on the customer. They are multi generational dealers. They are some of the best people I know. They are the ones who support their local communities. They are just the salt of the earth. And my job is to focus on dealers, not my own bottom line and everything else happens. And surprisingly, you know, we've grown as we've blown across the country and we do that. We have grown.

这，可能会让你感到惊讶，但截至今天，我的团队中没有任何人有销售目标。我要告诉你的是，我的全部注意力都集中在如何帮助经销商上。当我走遍全国时，我会非常直接地告诉经销商，与我们合作时，不要做任何会伤害你们经销业务的事情。我不做强行销售的生意。我的工作是弄明白经销商需要什么，然后如何构建我的贷款等来帮助他们。我还会非常明确地说明，有些业务我会做，有些业务我不会做。我认为我们建立的业务是一流的业务，它会随着时间的推移而存在。我们最好的经销商会在困难时期与我们同在。原因是我们是一家顶级公司，我们只会考虑那些合理的贷款，并以这种方式建议经销商。我完全理解经销商需要多个贷款方，因为他们不应该把所有鸡蛋放在一个篮子里。如果我经营这家业务，我也不会把所有鸡蛋放在一个篮子里。 但我们为什么如此成功呢？这是三个因素的结合：数据分析，我们能够真正理解世界的发展趋势，评估风险，经常在别人做错方向时我们走在正确的道路上。第二是技术，我们不仅深入研究技术，我本人就是一个技术专家。在这个行业中，人们会说很多术语比如AI等。但我认为，如果我自己没有在根本上构建这些东西，我就不应该谈论它。所以在汽车行业，我现在拥有的最新数据是，我名下有21项专利，涉及11个产品类别，还有大约10项正在审批中。 我们为什么成功呢？一是数据分析，二是技术，还有第三个我完全相信的因素，那就是经销商是我们的客户，我们需要照顾他们。顺便说一句，当人们说如果你关心经销商，那你如何照顾最终客户时，我告诉他们，你们还没见过我与之合作的经销商。他们对客户有着狂热的关注，他们是多代传承的经销商，是我认识的一些最好的人。他们支持当地社区，是社会的脊梁。我工作的重点是经销商，而不是我的利润，然后一切自然就发生了。出人意料的是，在全国范围内，我们已经发展壮大。

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Something a topic that's really important nowadays in the car industry is just affordability, right? You have lots of tools and and keys and I've personally had your technology implemented at my dealership. So I know how a lot of this stuff works, you know, pretty intimately, I would say, given where the industry's trending with, you know, rates at 20 plus year highs, vehicle prices, transaction prices are still at all time highs are hovering right around there. You know, the new car prices around 48,000 still, even though rates have risen significantly over the last year and a half. I mean, I could keep going, right? Least penetration is rising because people are looking for more affordable payment options. Yada, yada, yada.

现在汽车行业一个非常重要的话题就是价格的可负担性，对吧？你知道有很多工具和方法，而且我个人在我的经销店里使用过你们的技术。所以，我对这些东西的运作方式还是很熟悉的，可以说是非常了解。鉴于行业的走向，现在利率达到20多年来的最高点，车辆价格和交易价格依然处于历史高位，或者说就在那个附近。新的汽车价格大约是48,000美元，即使在过去一年半里利率已经显著上升。我可以继续说下去，比如，租赁渗透率在上升，因为人们在寻找更为可负担的付款选项，诸如此类的。

Taking all that into consideration and given the fact that you have a history of capitalizing on these trends, right, finding a win, win path for dealers and yourself, what goes through your mind now when you see this affordability crisis brewing and more people not being able to afford cars? How do you solve that and help the auto industry? Yeah, first of all, let me tell you how I look at it, right? So new prices are up by about 26% since 2019. Used prices up by about 24%. Now they're coming down, but they're coming down slowly. Monthly auto payments. That's up somewhere around the 30 or mid 30s, 30% since 2019. So there's, you know, affordability is a big deal. Now let me give you the second fact. Most of America cannot walk into a dealership and say, here, I like that car. I think I'll take that how can I get financing? Most of America walks into a dealership and they need to see the car that they can fit into that they also love. So, you know, you have to keep that in mind.

考虑到所有这些因素，并且鉴于你在抓住这些趋势方面有着丰富的经验，对吧，找到一个对经销商和你自己都有利的双赢路径，那么当你看到这种负担能力危机正在酝酿，越来越多的人买不起车时，你现在有什么想法？你如何解决这个问题并帮助汽车行业？ 好的，首先让我告诉你我是如何看待这个问题的。自2019年以来，新车价格上涨了大约26%，二手车价格上涨了大约24%。尽管现在价格开始下降，但下降的速度很慢。每月的汽车付款也上升了大约30%左右。因此，负担能力确实是一个大问题。让我再告诉你一个事实，美国大部分人不能直接走进经销店说，“我喜欢那辆车，我想买，怎么做贷款？”大部分美国人走进经销店时，需要看到他们负担得起并且喜欢的车。所以，你必须牢记这一点。

And then I'll tell you the third thing, which really moves me. Okay, the reason why we are in this and what is what I am up with for the folks who are at the low end of the income spectrum. Having a car makes them two times more likely to have a job. Four times more likely to keep a job. Can I run up with three times the amount of money as a person who does not have a car? This is even in a city with all sorts of transit and can afford to keep their family in safe neighborhood so that because they can easily move around and commute. So it is a massive deal. Owning a car and keeping a car is a massive, massive deal. And so the way I think about it is that people need to get fitted into the right car. You do not want to somehow get a loan to a person and then, you know, they get into trouble and then they want to give up the car. It is devastating for the family.

然后我要告诉你第三件让我非常感动的事情。为什么我们要帮助低收入群体。拥有一辆车会让他们找到工作的几率翻倍，保住工作的几率是四倍。拥有车的人比没有车的人收入多三倍。即使在交通方便的城市，有车也能让他们把家人安置在安全的社区，因为他们可以轻松出行和上下班。所以这是一件非常重要的事情。拥有和保养一辆车是极其重要的。因此，我认为人们需要找到适合他们的车。不想让人们为了买车而贷款，结果陷入困境，最后不得不放弃车子，这对一个家庭来说是毁灭性的打击。

Now, let me tell you one other thing. A customer walks into a store is in love with a car. Does the test drive, does all of that stuff then figures out what they're going to put in the document and so on and so forth comes right to the end and finds that they cannot afford the car. The very worst thing that people can do is trying to fit them into that somehow fit them into that car. And if they've got to change their mind and go to another car, that process is so onerous. You know this. I mean, you run a dealership and that's the time the customer walks out. They disappointed. The dealership has just wanted the whole thing. So the way I look at it is the kind of technology we want to build and the things that we want to do is not placing anything that the dealership has. They've got a whole bunch of technology they work with. But bring our expertise to the table. So it's almost like Capital One sitting in your pocket, right? In your hand. I mean, Capital One is with you all the time, build the customer and with the dealer and basically helping them find the right car that serves both of those faults. And so that's the way I think about it. It's a tough time right now. And you know, my encouragement to customers is be careful that you don't fit yourself into the wrong cup because it creates a lot of straight.

现在，让我再告诉你一件事。一位顾客走进一家商店，对一辆车一见钟情。他进行试驾，完成所有的流程，然后决定要在文件中填写什么，等等。最后发现他们买不起这辆车。人们最糟糕的做法是强行让他们购买这辆车。如果他们必须改变主意，换另一辆车，这个过程非常繁琐。你明白这个道理，你运营一家汽车经销店，这是顾客决定离开的时刻。他们很失望，经销商弄砸了整个事情。所以，我认为我们要开发的技术和我们想做的事情并不是取代经销商现有的任何技术。他们已经有了一大堆技术。但我们带来了我们的专业知识，就像让 Capital One 在你的口袋里一样，与顾客和经销商一起，帮助他们找到两者都满意的合适的车。这就是我的想法。目前情况确实艰难，我要提醒顾客，小心不要强迫自己去买不适合的车，这会带来很多压力。

I saw a stat that I spoke about on another podcast other day, which it was put out by ComScore, I believe, which stated that pre-qualifications doubled year over year up from 25% to 50% of auto shoppers. Now you could check out the methodology, you know, argue for against it. But the point is like people are more conscious of getting pre-qualified. And this is pretty, this is pretty much across the entire industry. And so just seeing this kind of stats, it seems like, you know, it makes me wonder, like, is consumer behavior going to continue shifting in that direction to where when we hit 2020 and COVID and pandemic, people were already doing a significant portion online because they had to, right? Then that sort of went away. And the dealership people came back into the dealership and started shopping, you know, physically again. But it seems as though just sheer affordability now is creating another forcing function that is pushing people to do more of the process online, whether they want to or not, they sort of need to.

我最近在另一个播客中提到一个由ComScore发布的统计数据。据说汽车购物者的预先资格认证比例同比从25%增加到了50%。你可以查看一下具体的方法论，支持或反对这个数据，但关键是人们现在更加注重获得预先资格认证。而且这种趋势几乎遍及整个行业。看到这样的统计数据，我不禁在想，消费者的行为是否会继续朝这个方向转变。 在2020年新冠疫情和大流行期间，人们不得不在网上进行大量购买活动。这种情况后来有所缓解，消费者又回到了实体店进行购物。但是现在，由于单纯的经济压力，似乎又出现了一个新的推动因素，促使人们不得不在线进行更多的购物过程，不管他们愿不愿意，他们多少需要这么做。

And so me just being, you know, curious, I'm following these trends. And, you know, it seems like the consumer is trending that direction even more so than before. I give you two interesting little stories here and a bit of facts. Okay. We started the Navigator product in 2013. What's the Navigator product for anyone that's not familiar? Can you just like quick sparkness of what it is? The Navigator product is the only product in the industry where we connect the customer at the front end. And it is accessing the over 100 million customers that we have in Capital One. So we have over 100 million customers in Capital One. They have a propensity for Capital One over 30% of all supply and customers will go to buy a car, come on to the Navigator platform to pre-qualify.

所以，我只是出于好奇，关注这些趋势。而且，看起来消费者往这个方向发展的趋势比以前更明显。我这里有两个有趣的小故事和一些事实。好，我们在2013年推出了Navigator产品。对于不熟悉的人来说，什么是Navigator产品？你能快速概述一下吗？Navigator产品是业内唯一一个在前端连接客户的产品。它可以访问我们Capital One（第一资本）超过1亿的客户。因此，我们在Capital One拥有超过1亿的客户。其中有30%以上的客户有可能在购买汽车时会使用Navigator平台进行预先资格认证。

Okay. So we, we connect them up. But we don't just do that as a lead to the dealer. We then, they can get pre-qualified, they can look at the dealers inventory, they can do all of the above. We connect them up into the dealership. And then all the work that they've done does not vanish into the ether. It is all connected into the dealer so that when the customer goes in the dealership, all the work is done. They just need to drive, just drive the car and they can be out of there really fast. So that's the Navigator platform. It stitches the front end all the way to the back end. And it complements a lot of the technology that is a cookie machine.

好的，我们将他们连接起来。但我们不仅仅只是把客户介绍给经销商。我们让他们可以预先获得资格认证，可以查看经销商的库存，他们可以完成所有这些步骤。我们将客户和经销商联系起来，这样他们所做的所有工作都不会消失，而是全部记录在案。当客户到达经销商那里时，所有步骤都已经完成。他们只需试驾，然后很快就可以离开。这就是Navigator平台的功能，它将前端到后端无缝连接，并且与许多现有的技术互相补充。

And just to sum it up, what you've essentially done is you've said, hey, I have access to 100 million customers, right? And we work, we're partnered with thousands of dealers. Let's, let's create a frictionless experience for these customers to shop with the dealers who are partnered with. So we are pretty much, you know, creating a competitive advantage for our dealers who partnered with us by getting access to these customers on our proprietary marketplace. Oh, and by the way, we're going to integrate lending into it to make it so that they can actually come to you prequalified, ready to go. Yeah. And the thing you see is the lending piece is so central to the whole buying process that if you don't understand every inch of it, it's very hard. It's not like any other consumer product, which is, I show you a widget and you can buy it and click this and that it is very interconnected. The whole structuring of the whole thing by the way, mass glory.

总结一下，你们实际上是这样做的：你们说，嗨，我手头有一亿客户，对吧？我们与成千上万的经销商合作。让我们为这些客户创造一个无缝的购物体验，与我们合作的经销商一起购物。因此，我们基本上是在帮助我们的合作经销商获得竞争优势，通过我们的专有市场接触到这些客户。而且顺便说一下，我们还计划把贷款整合进去，这样客户可以在来之前就获得预先批准，准备就绪，而贷款这一部分在整个购买过程中是非常核心的。如果你不了解每一个细节，那就会非常困难，这不像其他消费产品那样简单，我展示一个产品，你可以点击购买之类的。整个结构都是相互关联的，顺便说一下，这是一项伟大的成就。

So being able to do that at scale across the inventory of all the product in the United States is one of the places that I hold a patent on. But, but the thing I want to tell you is in 2013, if you cast your mind back to that time, Silicon Valley was bursting with companies who wanted to cut the dealer out. So they wanted to go direct to the customer. They said, we want to cut the middle man out. You don't need the dealership. We went the opposite direction. We basically said, we are not going to cut the deal out. There's no product that we built that actually cut the deal out. We basically said, you can pre-qualify, but you've got to go into the dealership because we believe that the dealer provides a very big service to the customers and we are there to support the dealers.

所以，能够在整个美国的产品库存中大规模实现这一点，是我获得专利的领域之一。但我想告诉你的是，在2013年，如果你回想一下那段时间，硅谷到处都是想要削弱经销商地位的公司。他们想直接面向客户销售，他们说想省掉中间商。我们走了相反的方向。我们基本上说，我们不会削弱经销商地位。我们开发的任何产品都没有把经销商排除在外。我们基本上说，你可以预先资格认证，但你必须去经销商那里，因为我们相信，经销商为客户提供了非常重要的服务，而我们是在支持经销商。

Oh, by the way, along the way, people realized that our stuff that we pioneered was the right way to do it and everyone turned around and started doing that. And you can check this. You can go back and check the early days of what was going on. And so we are at a very different place in that whole process of helping dealers with our navigator product so that they can complete the same. What trends are you focused on in terms of helping dealers? You've been on the positive end of many of the trends that we've experienced as an industry, whether it be the growth of digital retailing, the growth of just sheer auto finance period. What's next? What are dealers asking you for or what are you seeing in your data that maybe dealers are not asking you for? But you say, hey, this is the next opportunity that we're working on. I've got a very simple answer for that. What dealers are going to find is the future needs them to get three things incredibly right. Okay, this is external stuff. And then to get their culture, their culture is the most important thing. But they will have to compete for leads. And there's another really tough factoid about leads. Now, this is another mind blowing thing. 6%, only 6% of all the leads that come into a dealership will actually buy a car in that year. Just think about that. Right? 6% of all the leads will buy a car, not add that dealership will just buy a car. So you're dealing with a humongous amount of leads and you're finding a needle in the his stack, but having great quality leads is one of the very important things because it's going to be a competitive industry. It's not all board's rise.

哦，顺便提一下，在这个过程中，人们意识到我们开创的东西是正确的做法，大家都纷纷开始效仿。而且你可以查证这一点，回顾早期发生的事情。所以，我们在用导航产品帮助经销商的过程中，处于一个非常不同的位置，以便他们也能完成同样的任务。你关注哪些趋势来帮助经销商？在我们作为一个行业经历的许多趋势中，你一直处于积极的一端，无论是数字零售的增长，还是汽车金融期的增长。下一步是什么？经销商向你提出了哪些需求，或者在你的数据中看到了什么趋势，即使经销商还没有提出需求？但你说，嘿，这是我们正在努力的下一个机会。对此我有一个非常简单的回答。未来经销商会发现他们需要极其准确地做好三件事。这是外部的东西。然后他们需要搞好自己的企业文化，企业文化是最重要的。但他们还需要在争取潜在客户方面竞争。此外，还有一个关于潜在客户的非常严峻的事实。这是另一个令人震惊的事情，只有6%的潜在客户在那一年会在某家经销商买车。想想吧，对吧？只有6%的潜在客户会买车，而不是说就在那家经销商买车。所以你要处理大量的潜在客户，就好像大海捞针一样。但是拥有高质量的潜在客户是非常重要的，因为它将成为一个竞争激烈的行业。不是所有的船都能漂起来的。

The second thing is in the new industry, in the new way of working because margins are coming down, you need a higher volume lower margin business. That's where it's going. You need technology. So that is the second thing that we are leading into is what kind of technology is modern tech? It's gen AI. It's a whole bunch of stuff that we actually, you know, that's what where we live. Anyway, you need that. And then the third thing you need is throughput. Like you need, you kind of thought to have in your in your busiest days, you can't afford to have customer waiting in this go. So you need to have the throughput, which is it goes beyond technology is technology and process.

第二点是在新的行业和新的工作方式下，由于利润率在下降，您需要提高业务的量，即高量低利的业务。这是发展的方向，需要技术的支持。所以我们关注的第二点就是现代技术是什么样的？是生成式人工智能（gen AI）等一系列技术。这是我们的核心领域，您需要这样的技术。第三点是您需要提高吞吐量。在最忙碌的日子里，不能让顾客等待太久。所以需要提升吞吐量，这不仅仅依赖于技术，还需要优化流程。

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本集节目由OpenLane赞助，OpenLane是领先的二手车在线经销商交易平台。OpenLane为您提供独家库存、简便的交易流程和更好的交易结果，而且行业内收费最低。经销商们青睐OpenLane，因为他们可以找到种类繁多的专属车辆，包括租赁车、经销商交易车辆等，同时享受高度透明的流程、一流的检测和易于阅读的状况报告，买家可以自信出价。如果你是OpenLane的新用户，现在注册可以获得$350的购买费用抵扣。了解更多信息，请访问openlane.com或者点击下方的节目说明链接。

So what are the surprising things about what you've been working on to me is you're such a technologically advanced company. What are the surprising things you did recently? And you actually at first you spoke about this at an ADA, which I was there, I attended your event, is you launched a card, an actual physical card to hand out to dealers and to dealership employees.

那么，关于你们公司最近的工作，有哪些令人惊讶的事情呢？对我来说，你们是一家技术先进的公司。你们最近做了哪些让人惊讶的事？你之前在一个ADA活动上提到这个，我当时也在，参加了你们的活动。你们推出了一张卡片，是一张实际的实体卡片，用来发给经销商和经销商员工。

And I found that pretty ironic initially because I said, wow, I said the epitome of tech innovation on auto lending and auto finance. And you're introducing a form of hardware for dealers. It's definitely different. And I like different because it tells me that it's willing to take a bet, willing to try something. But I want to know from you, can you give us an explanation, like what is this card for anyone? Most of our audience does listen, so they don't see me holding. I'm holding a card that looks like a physical credit card, except it's not a credit card.

起初我觉得这挺讽刺的，因为我说，哇，这是汽车贷款和汽车金融技术创新的典范。而你们却为经销商推出了一种硬件。这肯定是不同的，我喜欢不同，因为这告诉我你们愿意下注，愿意尝试新东西。但我想知道，你能给我们解释一下这张卡是什么吗？大多数观众是听节目，所以他们看不到我拿着这张卡。我手里拿着一张看起来像实体信用卡的卡片，但它不是信用卡。

And so I'll let you kind of give a quick introduction like why you're sort of introducing, let's call it like hardware for dealers and what's your vision here? It's really simple, but I'm going to explain it. I'm going to give you the story looking at it through two ends of the telescope. As you know, and as I've said, I'm a builder, I'm a technologist. And back in 2013, we started building on a modern tech stack, just this amazing set of technologies that were really going to help the dealer. Like I said, end to end the navigator platform. And you'll see I cumulatively have spent over three quarters of a billion dollars building it.

好的，我来快速介绍一下为什么我们要推出这个叫做“针对经销商的硬件”的东西，以及我们的愿景是什么。虽然很简单，但我会详细解释，并从两个不同的角度来讲述这个故事。 大家知道，我一向是一个建设者和技术专家。从2013年开始，我们就开始构建一个现代技术栈，这是一套惊人的技术体系，旨在真正帮助经销商。就像我之前说的，从头到尾的“导航者”平台。你会看到，我在构建这个平台上投入了超过7.5亿美元。

Because remember, building something with an interesting user interface is fairly easy. It is built on the most modern technology you can imagine is built on modern data and cleaned up data. Okay, so I built the navigator platform. And then I go and meet up with my dealer friend. And I asked him, okay, what's going on? I said, yeah, you know, if you have these problems, you can use the navigator platform. I said, Sanji, I have a problem.

因为要记住，构建一个有趣的用户界面其实是相对容易的。它是基于最新的技术，使用现代化的数据和清理后的数据来构建的。好吧，所以我开发了这个导航平台。然后我去见了我的经销商朋友。我问他，怎么样了？我说，如果你遇到这些问题，可以使用导航平台。他说，桑吉，我有个问题。

One of my problems is customers come in the store and then they are just waiting. And I want to engage them, but you know, in a busy day, I can't engage them. The second is my salespeople are trying to attract customers. But when customers walk in, I don't know who to attribute that sale to. Like, are they and read that one salesperson brought in? Did my CFO talk to someone and they came into the store. So, and then they also said, one of the other big problems I have is in my service department, if a customer comes in with a blown transformation or something, and we would like them to connect them up to the sales department. It's really, really hard.

其中一个问题是，顾客进入店内后往往只是等待。我想与他们互动，但在繁忙的一天，我无法做到。第二个问题是，我的销售人员在努力吸引顾客，但当顾客进店后，我不知道该把这个销售归功于谁。比如，这名顾客是被哪个销售人员吸引来的？还是他们和我的首席财务官谈过后才来的店？还有一个大问题是，我的服务部门如果遇到顾客带着损坏的变速箱或者其他问题，我们想把他们引荐给销售部门，但这真的非常难。

So I went back and I, you know, to think, my team and I were thinking about is, how do we take the power of half to three quarters of a billion dollars? And how do we put it in the hands of our dealership? Because that's the answer. Like, how do you make it mobile? How do you take something digital and make it physical? And so this is one of my patents. And so we said, we are going to bring it into a physical product so that we can ask every dealership what's in your wallet.

所以我重新思考了一下，和我的团队讨论了，怎么才能把五亿到七亿五千万美元的力量交到我们的经销商手中？因为这就是答案。怎样让它变得移动化？如何将数字化的东西转变成实体产品？所以这就是我的专利之一。因此，我们决定把它做成一个实体产品，这样我们就可以问每个经销商，你的钱包里有什么。

Imagine not even a salesperson. Imagine a CFO of a dealership goes to a party. And someone says, you know what, my daughter wants to buy a car. And you know, you're the dealership, can you help me? Normally, they would give them the business card, say, come and see us and they may or may not come in. They may throw away the business card or whatever. In this case, they can say, okay, you know what, just show me a phone.

想象一下，不仅仅是一个销售人员。想象一家汽车经销商的首席财务官（CFO）去参加一个聚会。有人说，你知道吗，我女儿想买辆车。而你是经销商，你能帮忙吗？通常情况下，他们会给对方一张名片，说来我们这看看，但对方可能来，也可能不来。他们可能会把名片丢掉或其他什么。在这种情况下，他们可以说，好吧，你拿出手机给我看看。

So this is a customer's phone. And they'd say, look, you know, I'm just going to use this this the card. And they just tap on the phone. And up pops their name. It's a contact information. If the customer just taps that, it stores right into the contacts. But it also has a pre-qualified without any impact to your credit school and a bar that connects them up directly into that dealership. So they can actually sit in the customer and say, hey, let's have a look at all the cars. What car does your daughter like? And maybe you can pre-qualify and you're pre-qualifying with Capital One. Your information is secure. It's going back to your credit school. You can do all of that. And oh, by the way, this information with the customer's, you know, asking for it gets connected right back into the dealership.

这是一位顾客的电话，他们会说，“你看，我要用这张卡。” 然后他们只需在手机上轻轻一碰，他们的名字和联系信息就会弹出来。如果顾客点击这个信息，它会直接存储到联系人中。而且，这个卡片还能在不影响顾客信用评分的情况下预先审核，并且有一个栏可以直接连接到经销商。所以他们可以对顾客说，“嘿，让我们看看所有的车吧。你女儿喜欢哪种车？你可以通过Capital One进行预审，你的信息是安全的，会返回到你的信用评分里。你可以做所有这些事情。而且，这些信息会在顾客请求的情况下直接连接回到经销商那里。”

So when the dealership with the customer walks back into the dealership, right, the GM knows who brought in this this lead. They have all the information. And it is attributed all the way through. It happens even in the service department. Service department can send it over. Every salesperson can do it. And I'll just tell you one other thing. When we were testing on this start, we gave it to some salespeople in Las Vegas.

所以，当客户回到车行时，总经理知道是谁带来了这个潜在客户。他们拥有所有的信息，并且这些信息可以一直追溯。这种情况甚至在服务部门也会发生。服务部门可以传递这些信息，每个销售人员都可以做到。我再告诉你一件事：当我们刚开始测试这个系统时，我们把它交给拉斯维加斯的一些销售人员进行了试用。

The salesperson went out to a free market thing. And in talking to customers, he got 12 leads that are connected to his name. And therefore he gets incentives on that. And so basically what we are doing is we are putting three quarters of a billion dollars into this card that is in the dealership's hands. And they can use it for the customers. And you know that they can choose the lender at the end of it. We know this is not trapping the customer into, you know, only working with Capital One or the dealer only working with Capital One. This is your help the dealer originally leaves that are bona fide leaves that are going to come into this. So your bet is everyone in the dealership can get a card like this and essentially turn into a customer acquisition engine for the dealership. And this makes it very frictionless and easy for anyone anywhere to basically pull out this card.

销售员去了一个自由市场活动，在与顾客交谈中，他得到了12个以他名字关联的潜在客户。因此，他将获得相应的奖励。基本上，我们正在把7.5亿美元投入到经销商手中的这张卡片上，他们可以将其用于客户。大家都知道，最终客户可以选择他们的贷款方，我们并没有把客户限制在只能使用Capital One，或者只有经销商才能与Capital One合作。这张卡是帮助经销商获得最初的真实潜在客户。我们的设想是，经销商的每个人都可以获得这样一张卡，并基本上转变为经销商的客户获取引擎。这使得任何人在任何地方使用这张卡都变得非常简单和便捷。

And you know, very simply easily offer that person or speaking with access to the dealership pre-qualification anything. But essentially as a dealer, when I look at this, I think, okay, for me, it's another way of acquiring customers. Oh, and by the way, you know, everyone feels good when they pull out the metal card. It's nice. It's heavy. It feels prestigious. Right? So you know, it's sort of impressive as well. I sort of a different question. How do you come up with an idea like this? It's it seems like something like pretty entrepreneurial, or it's very different, right? It's you don't, it's not like another widget on the website or something. It's really, like I said, it's together like a physical card. It just is very different, which I commend you for that. Like that's it's innovative in a sense where it's simple.

你知道，可以非常简单地向那个人或者正在交谈的人提供进入经销商预审的机会。但本质上，作为一个经销商，当我看这件事时，我会想，好吧，对我来说，这是另一种获取客户的方式。哦，顺便说一下，每个人在拿出金属卡时都会感觉良好。它很漂亮，很沉，有一种高贵感，对吧？所以你知道，这也有点令人印象深刻。我有一个不同的问题，你是怎么想到这样一个点子的？这看起来很有创业精神，非常不同对吧？这不像网站上的另一个小工具，它真的是像我说的那样，是一张实体卡。这真的非常与众不同，我为此赞赏你。这在某种意义上是创新的，而且很简单。

You're not creating, you know, you're not putting a rocket on in the moon, but you're you're solving a problem in a, you know, very practical way. So how does that actually work internally? How do you as a leader incentivize that? And I ask specifically, like knowing the audience here, there's lots of dealers right now that are thinking, okay, how can we get our teams to innovate, maybe on the marketing front? Marketing is changing, customer acquisition is changing, social media is rising, more and more you're seeing dealerships have to be creative if they want to thrive.

你并不是在创造什么高深的东西，也不是在往月球上发射火箭，而是以非常实际的方式解决问题。那么，这在内部是如何运作的呢？作为领导者，你如何激励团队呢？我特别问这个问题，是因为在场的听众中有许多经销商，他们正在思考如何让团队在市场营销方面进行创新。市场营销正在发生变化，客户获取方式也在改变，社交媒体的影响力不断上升。如果经销商想要发展壮大，他们就必须具备创造力。

So there's a really big, there's a really big importance today in the business world and in dealerships of like, how do we get the team to truly, you know, create, come up with creative solutions, you know, quote, unquote, take risk and do things outside the box. So how do you do that within your work? Like how did this come to be? The importance of innovation is just skyrocketed, given all the change that is happening right now. And one of the things I always talk about is every dealer has a secret sauce. And the secret sauce is the way that they hire people, their culture, and the way that they operate the people, right?

今天在商业世界和经销商中，有一个非常重要的事情就是，我们如何让团队真正地，创造并提出具有创意的解决方案，所谓的冒险，做一些打破常规的事情。那么你在工作中是怎么做到这一点的呢？这个理念是如何形成的？鉴于现阶段发生的所有变化，创新的重要性已然飙升。而我常谈论的一件事是，每个经销商都有自己的“秘方”。这个秘方就是他们招聘员工的方式、企业文化以及他们运营员工的方法，对吧？

That is a secret sauce. And so feeling of innovation, I'll tell you about you asked about Capu Wan. Now our founder is Rich Fairbank. The way Capu Wan was created was here an idea, right? Before Capu Wan came along, every credit card had the same interest rate, 19.9%. And Rich came along and basically said we can use analytics and technology and marketing to individualize every credit card to a customer. And we can figure out using data and analytics on how do you slope the risk.

那就是一项独门秘方。谈到创新的感觉，我来告诉你关于Capu Wan的故事。我们的创始人是Rich Fairbank。Capu Wan的诞生源于一个创意。在Capu Wan出现之前，每张信用卡的利率都是相同的，都是19.9%。Rich提出了一个新的思路，他说我们可以利用分析技术和营销手段，为每个客户定制个性化的信用卡。通过数据和分析，我们可以找到衡量风险的方法。

Everyone that we bring into the company, we bring in looking for people who are analytical, but also highly entrepreneurial and highly innovative. So it's not like we have a company and then you try to make people innovative. I think you have to start from the raw material. And the raw material has to be oriented that way. Now the other thing I would tell you is, we are not interested in just running after money. I don't have a particular volume target. The worst thing you can do is have, especially in financial services, is have a volume target because you can sure hit the target as we often say in lending. The easy part is giving the money away.

我们招人进公司时，寻找的都是既有分析头脑，又非常有创业精神和创新能力的人。所以，并不是我们有了公司，再强迫大家去创新。我认为，这必须从基本素质开始，原材料必须就是那样的。此外，我还想告诉你们，我们不仅仅追求利润。我没有特别的业绩目标。尤其在金融服务行业，设定业绩目标是最糟糕的事，因为通常来说，达到目标相对容易，尤其是在放贷方面。给钱出去是最简单的部分。

The hot part is getting it back. So we are very intrinsically driven. And then if you come into Capu Wan, you think you have come into more of an educational institution that is trying to do everything the right way and really using our intelligence and our tech know-how to create something better. That's what we are focused on. And we want to do it in a highly risk-contained way. Because now we've grown to become one of the largest banks in the US in the shortest amount of time, I think, in the history of US banking. And so, and we take our role incredibly seriously. So hopefully that answers your question, you'll see. Because I don't think you get there by trying to impose things. I think you get there intrinsically.

热的部分在于如何把它带回来。所以我们非常具有内在驱动力。当你进入Capu Wan时，你会觉得自己进入了一个更加像教育机构的地方，这里致力于用正确的方式做事，运用我们的智慧和技术专长来创造更好的东西。这是我们关注的重点。而且我们希望在高度控制风险的方式下完成这一目标。因为现在，我们已成长为美国最大的银行之一，且是在美国银行业历史上最短的时间内。我认为。所以我们非常认真地对待我们的角色。希望这能回答你的问题，因为我认为，这不是通过强加某些东西而实现的，我认为这是内在驱动实现的。

Like you have to believe in it. You've got to hire the people who believe in that. You're betting on technology making things better, easier. Will it make things in your opinion? Are we going to an environment on a net basis for dealers that will be more profitable or less profitable? And I'm not talking about the next 12 months because the next 12 months will be less profitable. But I'm talking about the next five years as a general industry.

就好像你必须相信它一样。你得雇佣那些信仰这一点的人。你是在赌科技能让事情变得更好、更简单。那在你看来，它能实现这个目标吗？我们是否正迈向一个整体上对经销商更有利可图的环境？我不是在谈论未来十二个月，因为未来十二个月的利润会减少。但是，我想谈的是未来五年的整个行业。

What type of environment are we going to do? I think individual dealerships, the trend is going to be individual dealerships will become lower margin, higher volume. It's going to be higher volume. It is going to be lower margin. So the dealerships that are going to thrive are going to be ones that have great throughput. And they will be dealerships that acquire a few dealerships so that they can leverage the dealerships and be able to generate the kind of profit.

我们将要面对什么样的环境呢？我认为单个经销店的趋势是利润率变低，但销售量变大。也就是说，销售量增加，利润率降低。因此，能够成功的经销店将是那些效率高的。他们会收购一些经销店，以此来增加效益并获得更高的利润。

So profitability per unit is going to decrease. But technologies can help you increase the number of units. And some of the folks who are fearful are going to leave the market so they will have an opportunity to overall, when you say profitability, one is per unit, but the other one is overall, am I making more profit dollars? And I think that the the student dealers who are staying in are going to make more profit dollars. And oh, by the way, you said technology is healthy. It's a really important point.

所以，每个单位的利润率会下降。但是，技术可以帮助你增加单位数量。一些害怕变化的人将退出市场，这样就会有机会总体上提高盈利能力。这里盈利能力一方面是指单个单位的盈利，另一方面是指总体利润额。我认为那些坚持留下来的学生经销商将会赚取更多的利润。顺便说一句，你提到技术是有益的，这一点非常重要。

You'll see though, technology may help, but if technology costs too much, you're out of luck. And what I am saying, I just want to be clear about the strategic point. Technology is being built outside of the big dealerships that will allow the smaller and medium-size dealers to compete in a very effective way. But any dealer who is stuck in the low-margin low-volume business, like I want to not do this, that I want to slow down the customer, they're going to have a hard time.

你会明白的，虽然技术可能会有所帮助，但如果技术成本太高，你就没有运气了。我想说清楚的是一个战略观点。技术正在大品牌经销商之外的发展，这将使较小和中型经销商能够非常有效地竞争。但是任何陷在低利润、低销量业务中的经销商，比如那种不想做什么，只想拖慢客户的经销商，他们会很困难。

When you think about dealers leveraging technology the best, we spoke about the simple but important stuff, such as pre-approvals. And I say simple but important because we could Google 10 dealerships right now, and maybe only half will offer, but even if the other half do have some form, maybe it's clunky. What are you seeing in terms of the buying signals from consumers before they entered the dealership? What signals do you, at Capital One, with that most high-intent consumer, how do you identify for that? That it's very, very simple.

当我们谈到经销商如何最佳地利用科技时，我们提到了一些简单但重要的事项，比如预审批。我说简单但重要，是因为我们现在可以在谷歌上搜索10家经销商，也许只有一半会提供预审批服务，而且即使另一半确实有某种形式的预审批，可能也很笨拙。你在消费者进入经销商之前，看到哪些购买信号？作为Capital One，你们是如何识别那些最有购买意向的消费者的？其实这非常、非常简单。

Consumers who are interested in buying a new car, but here's a very simple thing. I think it's just kind of common sense. We have 100 million customers. We know how old all the cars are that they have in their portfolios. Because we understand the entire lending history and so on and so forth. We also see customers who start looking around at cars. You know, our customers, 100 million is like, have the households in the US.

对那些想买新车的消费者来说，这里有一个非常简单的事情。我认为这是常识。我们有一亿客户。我们知道他们所拥有的汽车的年限。因为我们了解整个贷款历史等等。此外，我们还能看到那些开始看车的客户。你知道，我们的一亿客户几乎代表了美国一半的家庭。

Okay, they'll start producing cars and looking and things like that. And so we have a really good idea of where the customers in their journey, what are they trying to do and so on. And like I said, we're not trying to get 100 million customers to get loans with us. Our job is to help the dealers who work with us, you know, our best dealers, for the customers to move to them.

好的，他们会开始制造汽车，关注相关事宜。因此，我们对客户在整个过程中处于哪个阶段、他们的目标是什么等有很好的了解。正如我之前所说的，我们并不是想要吸引一亿客户来和我们贷款。我们的工作是帮助那些与我们合作的经销商，尤其是我们的优质经销商，让客户能够选择他们。

Our job is also to make sure that customers go back to dealers from whom they bought cars, right? So the repeat customer thing is really important. So we see all those, we see those trends happening because we bought a massive customer base. But also, I mean, there's some folks who bought a family because some of this, you know, as happens to be huge.

我们的工作还包括确保顾客回到他们购买汽车的经销商那里，对吧？所以回头客非常重要。我们观察到了这些趋势，因为我们有庞大的客户群。当然，也有一些顾客是全家人一起购买汽车，因为有时候家庭购买需求很大。

But the other problem is the data. You need to have very clean data on modern text tags to be able to read all that stuff. It's not just I bought data and I'm doing analytics. Anyone who does your analytics will tell you the biggest problem is having clean, organized data. And that's something that we grew up with.

但是，另一个问题是数据。你需要非常干净的现代文本标签数据才能读取所有这些东西。它并不是简单地买了数据就能做分析。任何从事数据分析的人都会告诉你，最大的难题是拥有干净、组织良好的数据。而这正是我们从小就接触和学习的东西。

Before we wrap up, you have, you've really developed a unique type of company in this business where you have blurred the lines from like a marketplace, lending and tech into one, which obviously has created a massive benefit for you and your customer, the dealer because you have, you know, more to offer. And, you know, you're sort of, you know, in a way, you're like vertically integrated, which again, very unique position to be in the marketplace. And I know a lot about that because that was really what I aimed to do with my prior company, right? We were building all of our tech in-house with, you know, dozens of engineers and, you know, reconditioning centers and being in that position gives you an advantage to create a richer experience. Right.

在我们结束之前，你确实在这个行业中开发了一种独特的公司模式，你将市场、借贷和科技三者融合在一起，这显然为你和你的顾客（包括经销商）带来了巨大的好处，因为你能提供更多的服务。而且，你在某种程度上实现了纵向整合，这在市场上是非常独特的位置。我对此了解很多，因为这正是我之前公司想要实现的目标。我们有许多工程师在内部开发所有技术，还有翻新中心。处于这种位置确实让你有优势，可以创造更丰富的体验。

So my question to you is like, what's next? Right. You have the marketplace and you have the pre-qualification tool and the actual approval tool. But like, what's next? And you mentioned also arming, you know, the dealers with the proper tech to compete and whatnot, right? You're spending all this money behind that tech. So, so what's next on the horizon for you and how do you, you know, how do you see this evolving for dealerships? Like, what should they expect from a tech perspective in terms of what you have to offer?

我的问题是接下来要做什么？你们已经有了市场平台、预审批工具和正式审批工具。那么，下一步是什么呢？你提到还会给经销商配备适当的技术，让他们更有竞争力，对吗？你在这项技术上花了很多钱。所以，接下来对你们来说有什么新的计划？你觉得这会怎样影响经销商的发展？就技术角度而言，他们可以期待你们提供什么？

I think that is a great question because, you know, at this, this is the time of year that I take a step back from the day to day of the business and start thinking, you know, thinking about what is there for the next year and the next year. And I'm generally thinking, what do we want to be for five years down the road? I think that you see what has happened is, you know, we've perfected and we're going to continue to innovate on the, on the lending side, right? You know, how do we get more customers getting access to great loans at really good prices and taking care of them?

我觉得这是一个很好的问题，因为你知道，这个时候正是我从日常业务中抽身出来，开始思考未来一两年的时候。我通常会思考，我们在五年后想要成为什么样的公司？你也看到了，我们在贷款方面已经做得非常好了，而且我们会继续在这方面创新，对吧？我们在思考如何让更多客户获得优质且价格合理的贷款，并且很好地服务他们。

By the way, I don't know whether you know this, but I'll just give you two, two interesting facts that even our dealers may not know. You know, we focused on dealerships so much because even though the customer may take a loan with Capital One, do you know who they think they're taking the loan from? They think they're taking the loan from the dealer. And so we try to look after the customer after they get the loan so that they become a repeat customer into the dealership. So do you know that in the entire industry, we are the only lender, you know, when it comes to late fees, okay, every other lender that I know charges a late fee every time a customer's late?

顺便说一句，我不知道你是否知道这个，但我这里有两个甚至我们的经销商可能都不知道的有趣事实。你知道我们为什么如此重视经销商吗？因为即使客户是和Capital One借贷，你知道他们认为自己是从谁那里借的吗？他们认为是从经销商那里借的。因此，我们会在客户获得贷款后尽力照顾他们，以便他们再次光顾经销商。你知道在整个行业里，我们是唯一一个关于滞纳金方面的贷方吗？每当客户逾期付款时，其他所有我知道的贷方都会收取滞纳金。

Do you know we charge it only once, for instance, we leave a lot of money on the table. And I always say, you know, you are judged by your actions done by your words. So can you imagine the amount of fun we just leave on the table? We just want to do that. You're a publicly traded company, right? You're a lender. This is your, obviously your business. And like, what's the rationale for that? How did that come to be?

你知道吗，我们只收取一次费用，比如说，这实际上让我们丧失了很多潜在收益。而且我总是说，你知道的，人们是通过你的行动而非言辞来评判你的。所以你能想象我们仅仅因为这种做法而丧失了多少乐趣吗？我们只是想这样做。对吧，你是一家上市公司，对吧？你是一个贷款机构。这显然是你的业务。那么，这样做的理由是什么？这怎么发生的？

Well, my perspective on this is that the customer is hurting. My whole orientation is trying to keep them in the car because the car has such a devastating impact on them and their family if something happens to them. So at that point, I'm turning from, you know, the first late fee is a good one because you want to have discipline from the second one on, you know, my whole orientation is helping them. Now I want to turn my mind to the customer. And when I help the customer, I have the dealer because, you know, all of our brands then work really well.

嗯，我的看法是，顾客现在处境艰难。我一直以来的着重点是让他们能够保留住车，因为如果发生什么事情，这辆车会对他们和他们的家人造成巨大的影响。所以在这种情况下，从第一个滞纳金开始，我是为了让他们有纪律感，但从第二个滞纳金开始，我的重心就在于帮助他们。我现在希望更多地考虑顾客。当我帮助了顾客，我们的经销商也能受益，因为这样一来，我们所有的品牌都能很好地运作。

Let me give you another just a mind-blowing example of what we do, right? I spent a lot of money more than it is required, more than any law requires or anything requires to try to help customers stay in their cars. So much so that when we do NPS stores and you know, NPS stores, right? Net promoter stores that everyone does. Yeah. For anyone that doesn't know, NPS is just like, you know, would you recommend this product or service to a friend one to 10, right? Give me a rating. That's essentially the industry term for that. Go ahead.

让我再给你一个让人震撼的例子，说明我们工作的意义，好吗？我花了很多钱，比要求的还多，比任何法律或规定要求的都多，目的是为了帮助顾客能够继续用车。我们对NPS（净推荐值）评分非常重视，你知道NPS评分的，对吧？如果有人不知道，NPS就是一种让客户给产品或服务打分的方式，比如让客户从1到10来评分他们是否会推荐这个产品或服务给朋友。这就是行业对它的称呼。继续说。

Yeah. And actually it's not even one to 10. It's either in NPS. I highly recommend. And then I might recommend neutral may not recommend and will not recommend, but then you take the will definitely recommend and subtract from that neutral and below. So you take the five box or the top so and subtract from it the bottom three so it's it's horrendous. Like if every customer says I might recommend your company, your NPS so will be as zero, right? Because everything is in the four box. It's the top box minus the bottom three boxes.

是的。其实这评分也不是从1到10，而是用NPS（净推荐值）来衡量。我极力推荐，然后可能推荐，中立，可能不推荐和绝对不推荐。但你得把那些"绝对推荐"的得分，减去中立及以下的分数。所以你把前五档或最高的分数，把最底下的三档减掉，这样算下来结果会很糟糕。比如每位顾客都说“我可能推荐你们公司”，那你的NPS就会是零，因为分数都在中间第四档。这就是把最高档减去最底下三档后的结果。

So we do NPS stores and for performing customers means their pay, they give us a very high school, you know, with the give us in the high 50s, Apple is somewhere in the high 50s low 60s. I mean, it's it's a really high school. In fact, the Jenny power we just won the number one service for masks, you know, vehicles and all that stuff. But do you know that the school we get from customers who are delinquent and from whom we repossess vehicles. The NPS school they give us is higher, higher than the store that we get for normal customers.

我们进行NPS（净推荐值）调查，对于优秀客户来说，他们的评分非常高，大概在50分以上。苹果的NPS评分大概在50到60分之间。事实上，我们刚刚在J.D. Power中获得了首位的服务奖，包括口罩、车辆等方面的服务。但是，你知道那些拖欠付款或者我们收回车辆的客户给我们的NPS评分反而更高吗？比普通客户给我们的评分还要高。

So it would be like the Syajjik, we have, we have what to repossess. So would you recommend me to your friends and friends? Yeah, why does that make sense to right? Like even if you're even if you've been kind to me and only talking to me one late fee, why would I give you a higher NPS score. If you're repossessed my car because I will do everything possible in my power to work with you to help you say in the dark. I will try to find you options. I will try to find you every single option.

这就像Syajjik一样，我们有东西可以收回。所以你会推荐我给你的朋友吗？对吧，这为什么有意义呢？即使你对我很好，只跟我谈了一次滞纳金，为什么我还要给你更高的净推荐值（NPS）？如果你收回了我的车，我会尽全力与你合作，帮助你保守秘密。我会尽量为你找到各种解决方案，我会为你找到每一个可能的选择。

I will go up to an including asking if you ever have to give up your car, whether, you know, whether we need to, you need to leave it somewhere else so that no one, you know, neighbors and all don't see you. And we keep customers in the cup. That is our whole strategy. So even, you know, you know, you know, a company by when things go really bad. And the reason I tell you some of this is at the end of the day, that customer is going to go back to the day. So we look out for dealers and we look out for that.

为了表达这个句子的意思，我们可以翻译成： "我愿意询问你是否需要放弃你的车，是否需要把车停在一个别人看不到的地方，比如邻居看不到的地方。这是我们的整体策略，确保客户不被发现。你能看出一个公司是真诚的，尤其是在情况变得非常糟糕的时候。我之所以告诉你这些，是因为最终，客户总会回到我们这里。所以我们关心经销商，也关心这一点。" 这个翻译力求简化语言，使其更易理解。

So what is coming in the future? What is next for me? I want us to now live, you know, if, if we are thinking about how do you run a business like this, you spend a certain amount of time with dealers, certain amount of time with the business. I am spending more and more time obsessing about where the dealership business is going so that I can be helpful to them to be successful. And so the next orientation for us, where is all of our innovation going to come from? It is spending time with them, not just to basically say, you know, you do what you want to do. Give us more business and that's not, that's not what I'm about.

那么未来会怎样？我接下来要做什么？我希望我们现在能真正生活，知道如果我们在考虑如何经营这样的业务时，你需要花一定的时间与经销商打交道，一定的时间处理业务。我越来越多地专注于经销商业务的发展方向，以便帮助他们取得成功。因此，我们接下来的方向是什么？我们的所有创新将来自哪里？就是花时间与他们在一起，不仅仅是说，你知道，你做你想做的事，多给我们一些业务，这不是我的目的。

I want the very best products to be in their hands and then to self customers in credible way. And I want my fair share of what comes out of it. I'm not interested in, you know, in trying to nickel and dime anyone to do any of that stuff. My passion is in technology. My passion is in analytics. My passion is in marketing. My passion is in helping industries become more vibrant. And that's what I'm leading into. And oh, by the way, I don't want a single customer to have a loan that is going to put them in a bad place.

我希望他们能拿到最好的产品，并以可信的方式服务客户。同时，我也希望能公平地分享收益。我不想斤斤计较，也不想用任何手段从中牟利。我的热情在于技术、分析和营销，并且我致力于帮助各行各业变得更有活力。这是我的方向。此外，我不希望任何客户因为贷款而陷入困境。

That's not the right thing to do. And so, you know, that's our orientation. And if you talk to our data customers, you know, that's the other thing, you know, we can just say whatever we want, but it's in the eyes of the beholder. So I didn't notice you to talk to the customers and, you know, see what they feel of what I've been saying. I'm curious to know what is your take on where our industry as a whole is trending towards right EVs internal combustion, charging stations, gas, like gas, like there's all this change happening on the non software side. I mean, this is all hardware and software, but what's your take on the general trend of the automotive industry and what we're heading to next.

这不是正确的做法。所以你知道，这是我们的方向。如果你和我们的数据客户交流，你会明白，所有东西最终都是由他们来评判的。我们可以随便说什么，但客户的眼睛看得最真。所以我没有让你直接和客户交流，看看他们对我所说的有什么感受。我很好奇，你对整个行业的发展趋势有什么看法？电动汽车、内燃机、充电站、燃气——在非软件方面有很多变化。这涉及到硬件和软件。你对汽车行业的总体趋势以及未来发展有什么看法？

Yeah, so let me let me give you just a high level strategic view of where I see this industry going because there are a lot of questions on people's minds, you know, EVs, how does that change dealerships? You know, at one point it was a people even for the phone cars is everything going to be like, right sharing and so on and so forth. And I won't go through the whole litne of work that I've done on this, but let me just kind of kind of summarize. Okay. Now let me give you some numbers first so that I back up what I'm talking about. I'm going to ask you a couple of questions as well, and so we'll just have a conversation on this.

好的，那让我先给你一个高层次的战略视角，说明我对这个行业未来发展的看法。因为有很多人心中有疑问，比如电动汽车，会如何改变经销商的经营方式。曾经有人认为手机、汽车共享技术会完全改变一切等等。我不会详细介绍我在这方面所做的所有工作，但让我简单总结一下。 好，现在让我先给出一些数据来支持我的观点。同时，我还会问你几个问题，我们就此展开对话。

How many light vehicles do you think there are in the US today? It is in the range of 265 to 270 million light vehicles. Okay. So that's vehicles on the road. That's stored on vehicles on light vehicles on in the United States. They're mostly mostly inter combustion engines. Now how many new vehicles are coming to the market every year? Ball power. Well, we sell, you know, we used to sell 17.5 million. Now we're like 15.5. So I have it 16. Yeah. Coming. Right.

你认为现在美国有多少辆轻型车？大概是2.65亿到2.7亿辆轻型车。好的，这些是上路的车，也就是说储存在美国的轻型车，大部分都是内燃机车。那每年有多少新车进入市场呢？大概。以前我们每年卖1750万辆，现在大约是1550万辆，所以我说是1600万辆左右，对吧。

And how many of their how many leave the market every year? I don't know how many. It's about it's about is less. It's about 12 or so. Okay. Now if you do all the math. Let us assume that every single car coming new car coming into the market tomorrow. Is either EV or a hybrid tomorrow. Every one of them. Right. How many years will it take to replace the entire fleet of cars in the United States? It will take 15 to 20 years. So one thing that I just want to say is it's not like something is going to come in tomorrow. I just want to change the whole thing. You will need dealerships. You will need servicing. You will need the whole thing. Even as we make the transition and we're not going to be 100% EVs and hybrid tomorrow. It even in 2030, it'll be a certain percentage of market. So this is a long tail.

每年有多少辆车退出市场？我不知道具体有多少。大概有，大概有12万辆左右。好的，那么如果我们做一下数学假设，假设明天所有进入市场的新车都是电动车或混合动力车，每一辆都是。要多久才能更换美国所有的汽车？这将需要15到20年。因此，我想说的是，不是明天就能马上彻底改变一切。你需要经销商，你需要维修服务，需要整个配套体系。即使我们在进行转换，也不会在明天就达到100%的电动车和混合动力车市场份额。即使到2030年，它也只会占市场的一部分。这是一个长期的过程。

So the first thing I will tell you is that there will be a mix of cars being sold in the United States for a very long period of time. The second thing of course, EVs and hybrids are going to come in. They are very high performance. It is going to get better and better. But this is a long period. The second thing I would say is because of that dealerships are going to be incredibly important. Why are dealerships going to be important? You're going to have all this mix of cars. You will need servicing. A car is the second largest purchase that any customer does in their lives. It is an emotional purchase. It's not just a transactional thing.

所以，我首先要告诉你的是，在美国将会有各种各样的汽车长期销售。其次，当然，电动汽车和混合动力车将会进入市场。它们性能非常高，并且会越来越好。但这将是一个漫长的过程。第二件我要说的事情是，由于这个原因，汽车经销商将变得非常重要。为什么经销商会变得重要呢？因为市场上会有各种各样的汽车，你需要进行维修服务。汽车是任何客户在其生活中第二大购买——这是一个情感上的购买，不仅仅是交易。

So my first thing is you're going to have a long time period. Second, dealerships are going to be critical in the process. And the third is it is a period of massive change because customers have an expectation or EMs have a particular expectation. And dealerships need to understand that at this type of a lot of change, when you need technology, you need different systems, innovation is at the peak. Now you had talked about innovation in marketing. I would tell you the innovation that I see as being the critical innovation for dealerships is how they operate the dealership.

首先，你需要面对一个较长的时间周期。其次，经销商在这个过程中将扮演关键角色。第三，这是一个巨变的时期，因为客户或电商平台有特定的期望。经销商需要明白在这种大量变化中，需要技术和不同的系统，创新正处于顶峰。你提到过营销上的创新，但我认为对于经销商来说，最重要的创新是他们如何运营经销商店。

Using technology, not automating what they used to do with technology, but given this new technology, how should I operate it? So those are my three major things that I would put on the table that one needs to look at. And if I had to add a fourth, it will be a competitive market. The competition is going to increase. And so dealers who are innovative, who change their process, who use technology in the right way, who sees the moment, right? They're the ones who are really going to flourish in the next several while. I think to your point is I've come from the angle of, you know, change as opportunity, which you actually spoke about earlier in this conversation.

利用科技，不是用科技去自动化以前的操作，而是面对这项新科技，我该如何使用它？以上是我认为需要关注的三件重要的事情。如果要再补充一个，那就是竞争激烈的市场。竞争将会加剧，那些有创新精神、改变流程、正确运用科技的经销商，他们才会在未来一段时间内真正繁荣发展。我同意你的观点，即我认为变革是机遇，你在之前的对话中也提到了这一点。

I'm very unemotional to the change, not in a, in sort of in the way of, you know, to me, it's two different technologies. And I don't view it like politically or anything like that. For me, it's like, hey, how can, you know, someone in the industry benefit from this? If it is going to continue rising, which, you know, all signs point to that, whether it's going to be bumpy, but as, you know, electric vehicles, technology continues to rising, it is an opportunity. And I think that opportunities like that, you know, are ways to capitalize on it. And that's the angle I take from it.

我对这种变化非常平淡，不是从政治或其他角度看待的。对我来说，这只是两种不同的技术。我不会掺杂其他情感或立场，只关心行业中的人如何能从中受益。如果它继续发展——所有迹象都显示无论前路多坎坷，电动车技术都在不断进步——这就是一个机会。而我认为，这样的机会正是可以利用的。这是我看待这个问题的角度。

And I would agree with you that I think dealers are going to change significantly. I think the dealer that we know today will not be the dealer that we see in, you know, in a decade from today. There's going to be a much bigger focus, in my opinion, on that, the fixed upside of the business as margins compress on the actual vehicles. So I'm, I'm sort of in a similar camp there, but I do think that, you know, the new vehicle side, you know, dealers will turn into more so fulfillment centers as the automakers are doing more of the transaction higher up in the funnel. And there's going to be even more importance on the servicing of that vehicle on site, which is something that I think would be a disaster if automakers even try to kind of enter that arena. So that's my take.

我同意你的看法，我认为经销商将会发生显著的变化。我觉得我们今天所认识的经销商，在十年之后将会变得完全不同。由于车辆实际利润率的压缩，我认为未来业务发展的重点会更倾向于固定利润部分。因此，我的看法基本相似，但我还觉得在新车销售方面，经销商将更多地转变为履行中心，而交易的更多部分将由汽车制造商在更早的环节完成。此外，车辆的现场维护服务会变得更加重要，我认为如果汽车制造商试图涉足这一领域，将会是个灾难。所以这就是我的观点。

If I can put an asterisk on what he just said, I totally agree with your perspective on new vehicles, on used vehicles, the dealers will do the whole shooting match. The acting customer selling, you know, in some ways the paradox as well as every new vehicle is exactly the same. You know, a one day old vehicle, if you take a million of them, they are one million different vehicles because it depends on how it's been used on that particular day. So, so I think dealerships, we forget that in a year when you sell 16 to 17 million new vehicles, you actually sell over 45 million used vehicles. So let's not forget about the used vehicle part of the market when we think about dealerships.

如果可以对他说的内容加个星号标注一下，我完全同意你对新车的看法。至于二手车，汽车经销商将包揽所有工作。实际操作起来，顾客就是在销售，你知道，这在某种程度上也是一个悖论，因为每一辆新车都是一模一样的。但是一辆被使用了一天的新车，即使有一百万辆，它们也是一百万辆不同的车，因为这取决于它在某一天的使用情况。所以，我认为我们经常忘记了一个事实：在一年内销售了1600到1700万辆新车的同时，其实还卖出了超过4500万辆二手车。因此，在我们考虑汽车经销商时，不要忘记二手车市场。

So Sanji, before wrap up any closing thoughts from your end. I love this business. I love the business because I love the way in which dealers and dealer principals manage a very, very competitive business, a dynamic business, and they do it unbelievably well. You know, I love the way that the dealer principals lean into their communities. I mean, they are some of the most active community members and leaders as I've gone across the country. They do more socially than I've seen probably any other group do, and they do it with a lot of gusts. And so it is this business is in my blood. You know, I didn't grow up in it, but it feels like all my life I've trained to actually get into the auto business. It sounds so strange that I actually go and build ships and operate ships to basically come to this realization. But I love the business. Interestingly enough, not because I love cars. I love the business because I love the people who run dealerships. And I love the business because of what the cars do for the customers in enhancing their lives. That's what I love about the business. So anyway, so that just makes me so excited that you can inject technology. You can inject art and you can put it all together and you get something very special.

所以，Sanji，在结束之前，你有什么最后的想法吗？我热爱这一行，我热爱这行是因为我喜欢经销商和经销商主管管理这非常激烈、动态的业务，他们做得非常出色。我喜欢他们融入社区的方式。他们是全国各地社区中最活跃的成员和领导者之一。他们在社会上所做的比我见过的任何其他群体都多，而且他们做得非常有热情。所以这门生意已深入我心。虽然我不是从小就在这个行业长大，但感觉自己一生都在为此做准备。听起来很奇怪，我实际上去建造和操作船只，却最终明白我对汽车行业的热爱。但我热爱这个行业有趣的是，并不是因为我爱车，而是因为我爱那些经营汽车经销店的人。我还热爱这个行业是因为汽车能提升顾客的生活质量。这就是我热爱这个行业的原因。所以，这让我非常兴奋，因为你可以注入技术、艺术，并将它们结合在一起，就能创造出一些非常特别的东西。

Well, you're doing a great job and your culture is obviously seeps through the company with, you know, having just taken notes and like some of the stuff you said with, you know, only charging one late fee. And you know, these type of actions, it's clear that, you know, you've taken a compassionate view, which is smart from a human level, but it's also smart from business level. So I appreciate that, you know, we're sort of aligning all the different points or all the different stakeholders as much as possible. So kudos to you. And seriously, like you're doing some really good things for an industry and I'm going to be excited to just continue following the progress. So thank you. Thank you for coming on. And really, really had a pleasure just, you know, hearing about what you're working on and I excited to tune in for what's next. Thank you, Jose. If we turn the compliment to you as well. Thank you for what you do. It's just a straight show to saying it as it is. I really admire that. Thank you.

好的，你做得很棒，你们的企业文化显而易见地渗透到了公司每一个角落。我注意到你们只有收取一次滞纳金，并听到你提到的一些事情，这表明你们采取了一种充满同情心的做法，这不仅在人性层面上是明智的，从商业角度来看也是如此。我很欣赏你们尽可能地平衡所有不同的利益相关者。向你致敬！你们为行业做了很多好事，我非常期待继续关注你们的进展。感谢你的到来，非常高兴听到你们的工作，也期待后续的发展。谢谢你，Jose。我也要把赞美送给你。谢谢你所做的一切，你们的节目很直接，实话实说，我非常钦佩。谢谢。

This episode is brought to you by my very own car dealership guy news. CDG News is here to help you stay updated on all things automotive. We're not your typical news group. We're bringing you concise, unbiased car industry news and easy to digest formats. From the hottest headlines to podcast summaries, dealership best practices and industry insights, we've got it all covered. And guess what? It's all free. No paywalls. Just like we always promise. Hop over to CDG.News. That's CDG.News. And check us out. Where all yours for your feedback. Tell us what you need. Give us your honest thoughts. We're here to deliver real value. So don't wait. Head to CDG.News. Now we'll click the link in the show notes below.

本集节目由我自己的汽车经销商新闻CDG News赞助。CDG News致力于帮助你及时了解一切汽车行业动态。我们不是传统的新闻集团，我们为你带来简明扼要、公正无偏的汽车行业新闻，提供易于理解的格式。从最新的头条新闻到播客总结、经销商最佳实践和行业洞察，我们全都覆盖。而且，猜猜看，这一切都是免费的。没有付费墙，就像我们一直承诺的那样。立即访问CDG.News，就是CDG.News，来看看我们吧。我们非常重视你的反馈。告诉我们你的需要，给我们你的真实想法。我们在这里为你提供真正的价值。所以，不要等了。现在就前往CDG.News，或者点击下方的链接。

Alright, 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.

好的，希望你喜欢这一集。请给我们的播客评分。可以考虑订阅我们的节目，并查看节目备注中的相关链接。感谢你的收听。下次再见！