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    Chris Pierce • Needham & Company, LLC

    Chris Pierce's questions to ACV Auctions Inc (ACVA) leadership

    Chris Pierce's questions to ACV Auctions Inc (ACVA) leadership • Q2 2025

    Question

    Chris Pierce from Needham & Company asked for clarification on the 500 basis point unit growth headwind, questioning if it was driven by dealers retaining more vehicles or by lower platform conversion rates, and inquired about the competitive landscape.

    Answer

    CEO George Chamoun and CFO Bill Zarella clarified that the headwind was primarily due to lower-than-expected conversion rates in the back half of the quarter, a trend they saw across the industry. They noted that dealer inventory retention is a separate, ongoing industry challenge. Chamoun added that conversion rates began improving in July, partly due to ACV's own initiatives like no-reserve sales.

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    Chris Pierce's questions to CarGurus Inc (CARG) leadership

    Chris Pierce's questions to CarGurus Inc (CARG) leadership • Q2 2025

    Question

    Chris Pierce from Needham & Company inquired about the key drivers of Marketplace revenue growth, specifically the balance between dealer count and revenue per dealer, and the remaining whitespace for the current product suite. He also asked about the macro impact of increasing used car supply on the business.

    Answer

    CEO Jason Trevisan explained that significant growth runway exists for both core and add-on products, with over 50% penetration opportunity for most cross-sell items. He noted that while used inventory is up, it remains below pre-COVID levels, highlighting the importance of the sourcing intelligence technology developed at CarOffer. This technology helps dealers 'buy right,' which is crucial in the current market, and CarGurus plans to leverage it across its broader dealer base.

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    Chris Pierce's questions to Joby Aviation Inc (JOBY) leadership

    Chris Pierce's questions to Joby Aviation Inc (JOBY) leadership • Q2 2025

    Question

    Chris Pierce of Needham & Company asked for an update on the Ohio manufacturing facility and the timeline for scaled production. He also inquired about the infrastructure build-out required for higher tempo flights in Dubai and whether the Blade acquisition provides exclusive assets or just a first-mover advantage.

    Answer

    Founder and CEO JoeBen Bevirt highlighted the progress at the Marina facility, which is doubling capacity, and noted the Dayton, Ohio facility is now coming online as part of a horizontal scaling strategy. For Dubai, he cited strong interest from real estate developers and progress from their partner Skyports. He confirmed the Blade deal includes valuable assets like exclusive lounges and a large network of landing locations.

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    Chris Pierce's questions to Blue Bird Corp (BLBD) leadership

    Chris Pierce's questions to Blue Bird Corp (BLBD) leadership • Q3 2025

    Question

    Chris Pierce of Needham & Company, LLC asked if Blue Bird's recent pricing action was a competitive move or an industry-wide trend. He also inquired if the new commercial chassis is additive to margins in the long-term outlook and whether future EPA funding would be additive to total units or just a mix shift.

    Answer

    CFO Razvan Radulescu stated that competitors had matched initial tariff-related price increases, but Blue Bird's latest move to ensure stability through March was recent and its competitive impact was still being assessed. He confirmed the new commercial chassis is a profitable growth driver that is additive to both revenue and margins. Regarding EPA funds, he explained it would be a mix shift in the medium term but could be additive to total volume in the long term once the new plant expands capacity.

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    Chris Pierce's questions to Carvana Co (CVNA) leadership

    Chris Pierce's questions to Carvana Co (CVNA) leadership • Q2 2025

    Question

    Chris Pierce of Needham & Company asked about the drivers of the higher VSC attach rate and the runway for ancillary products. He also posed a broader question about whether finding new loan investors creates a pricing power tailwind for the industry.

    Answer

    CFO Mark Jenkins stated that VSC gains come from continuous testing and data analysis, with more opportunity ahead. CEO Ernie Garcia explained that as Carvana grows, it expands the total buyer base for auto loans. He noted that empirically, it has become easier to sell loans as they've scaled, suggesting a favorable dynamic.

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    Chris Pierce's questions to Carvana Co (CVNA) leadership • Q2 2025

    Question

    Chris Pierce of Needham & Company asked about the progress and runway for vehicle service contract (VSC) attach rates. He also inquired about the gain-on-sale market, asking if Carvana is uncovering new investors and gaining pricing power for its loans.

    Answer

    CFO Mark Jenkins stated that VSC attach rates have improved through testing and there are future opportunities to leverage data for further gains. CEO Ernie Garcia explained that as Carvana has scaled, it has become easier to attract a broad base of investors for its high-quality loan receivables, which he believes is a positive dynamic for the business.

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    Chris Pierce's questions to Aurora Innovation Inc (AUR) leadership

    Chris Pierce's questions to Aurora Innovation Inc (AUR) leadership • Q2 2025

    Question

    Chris Pierce from Needham & Company sought clarification on the alignment between PACCAR's comments on "validated production" and Aurora's development with prototype parts. He also asked for Aurora's view on the future competitive landscape, specifically whether OEMs will work with multiple autonomous partners.

    Answer

    CEO Chris Urmson distinguished between the OEM's vehicle platform development and Aurora's driver development, stating they are parallel processes. He explained that Aurora's hardware is advancing while supporting OEM partners as they mature their truck platforms. On industry structure, Urmson stated Aurora's aspiration is to "drive every truck," but acknowledged the market is large enough for competition, expressing confidence in Aurora's current leadership position.

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    Chris Pierce's questions to Aurora Innovation Inc (AUR) leadership • Q1 2025

    Question

    Chris Pierce inquired about Aurora's strategy of leaning into mapping technology and asked for quantification of the increased truck utilization and service life benefits from autonomous operation.

    Answer

    CEO Chris Urmson defended their use of maps, comparing it to the strategic advantage of having deep local knowledge, calling it a light operational lift for a massive benefit. CFO David Maday addressed utilization by explaining that the consistency of the Aurora Driver—lacking aggressive or unpredictable behaviors—leads to more predictable wear and tear, which is a key advantage for service, reliability, and warranty, beyond just extended operating hours.

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    Chris Pierce's questions to Sonic Automotive Inc (SAH) leadership

    Chris Pierce's questions to Sonic Automotive Inc (SAH) leadership • Q2 2025

    Question

    Chris Pierce of Needham & Company sought to clarify if EchoPark's focus on front-end gross is a strategic change or a temporary market condition. He also asked if new lenders are entering the market, contributing to F&I strength, and questioned the drivers behind the unchanged EchoPark unit guidance for the full year.

    Answer

    President Jeff Dyke explained that higher front-end gross at EchoPark is partly due to sourcing more vehicles directly from consumers, though he anticipates some margin pressure ahead. VP of IR Danny Wyland added that the guidance now focuses on total GPU because strong F&I performance provides flexibility to offset front-end volatility. Dyke clarified that F&I gains stem from renegotiating with product providers, not new lenders entering the market. Wyland attributed the implied second-half unit growth to a combination of easier prior-year comparisons and their market outlook.

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    Chris Pierce's questions to Sonic Automotive Inc (SAH) leadership • Q3 2024

    Question

    An analyst from Needham & Company asked about the outlook for EchoPark's retail gross profit per unit, sought a deeper explanation for the Denver market's outperformance, and inquired about current inventory levels.

    Answer

    President Jeff Dyke explained that while Q3 front-end gross was compressed by auction prices, he expects seasonal improvements. He attributed Denver's success to market maturity and brand equity, a model they plan to replicate. CEO David Smith highlighted the significant volume capacity upside at existing stores. Jeff Dyke confirmed inventory is at the target level of 20 days on lot plus 10-12 days in the pipeline.

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    Chris Pierce's questions to Carmax Inc (KMX) leadership

    Chris Pierce's questions to Carmax Inc (KMX) leadership • Q1 2026

    Question

    Chris Pierce of Needham & Company asked for an explanation of the significant year-over-year improvement in 'other gross profit,' particularly from service, and questioned the outlook for SG&A leverage.

    Answer

    EVP and CFO Enrique Mayor-Mora attributed the $30 million improvement in service margin to cost coverage, volume-based leverage, and efficiency gains. He and CEO Bill Nash noted that Q1 is seasonally the strongest for service and that the company remains committed to levering SG&A, with continued opportunities for efficiency across the business.

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