Could you walk me through the math of the funnel, to the extent you remember it? On the selling side, from people showing interest on the website to filling out a form, setting up an appointment, attending the appointment, and selling the car?

The first step is downloading the app. I am not sure how many see the commercial and download it. After downloading, you take basic pictures of your car, guided by the app. The algorithm then gives you a price for the car. Only 5 to 10% decide to book an appointment. The rest may only want to see the offer or use the price elsewhere.

Could you walk me through the math of the funnel, to the extent you remember it? On the selling side, from people showing interest on the website to filling out a form, setting up an appointment, attending the appointment, and selling the car?

Of those who book an appointment, two-thirds actually show up at the branch. This varies by location. Southern Italy and South Europe generally have lower show rates, while Northern Europe has higher rates. Nordic countries have an 80% show rate, while Italy averages 60 to 65%.

Could you walk me through the math of the funnel, to the extent you remember it? On the selling side, from people showing interest on the website to filling out a form, setting up an appointment, attending the appointment, and selling the car?

Once the customer arrives at the branch, we evaluate the car and offer a price. 30 to 50% typically decide to sell the car immediately. You might gain an additional five to ten percentage points in buy rate over the next one to two weeks, as the price is valid for two weeks and 500 kilometers.