Capital Intensity Of Physical ExpansionScaling into new auction and logistics locations requires significant capital for full build-outs, increasing near-term capital expenditure needs and execution risk around expanding capacity.
Guidance Clarity And Investor UncertaintyA shift to qualitative growth guidance without a specific earnings range reduces visibility on near-term profitability and increases investor uncertainty about execution.
Per-unit Profitability HeadwindsHigher reconditioning costs, rising depreciation, and reduced customer shipping fees are depressing retail gross profit per vehicle, creating clear pressure on near-term margins despite stronger unit volumes.