Rajat Gupta
JPMorgan Chase & Co, Research Division

Okay. Great. Thanks, everyone, for joining. Very pleased to have with us the team from ACV Auctions: CEO, George Chamoun; CFO, Bill Zerella, and we also have Tim Fox from Investor Relations in the audience.

My name is Rajat Gupta. I'm a member of the autos team at JPMorgan. We'll keep this format pretty informal. I'll go through some questions with the team, and we will open it up to the audience in between every few minutes.

So with that, thanks, George and Bill, for doing this.

George Chamoun
CEO & Director

Yes. Thank you, Rajat.

William Zerella
Chief Financial Officer

Yes. Thanks.

Rajat Gupta
JPMorgan Chase & Co, Research Division

Let's get right into it. So just starting with the outlook for the year, you reduced your industry outlook versus the initial framework from February. Could you recap the drivers of your tempered view? You now expect to be down mid-single digits year-over-year as opposed to the flattish guidance previously. And what does that mean for the pace of share gains at ACVA?

George Chamoun
CEO & Director

Yes, certainly. So yes, we kind of came into the year, like most of us, we were looking at some of the sort of pros and cons going on, both from the retail and wholesale climate. Coming into the year, I think all of us had some enthusiasm to off-lease would bring back some supply, we would start to see -- we could look at interest rates potentially going down, retail year-over-year should start to go up, like that