1\begin{tabular}{lccccc}2\toprule3& \multicolumn{2}{c}{First markdown} & \multicolumn{2}{c}{Listing exit} & Cut size \\4\cmidrule(lr){2-3}\cmidrule(lr){4-5}\cmidrule(lr){6-6}5& cloglog & Cox & cloglog & Cox & log(\%) \\6\midrule7log(1 + competitors within 25 km) & 0.019 & 0.114$^{***}$ & 0.033 & 0.050$^{*}$ & -0.027$^{**}$ \\8 & (0.029) & (0.025) & (0.030) & (0.029) & (0.011) \\9Entry hedonic residual (relative price) & 0.744$^{***}$ & 0.716$^{***}$ & 0.180 & 0.129 & 2.224$^{***}$ \\10 & (0.223) & (0.206) & (0.225) & (0.209) & (0.221) \\11Price position vs competitors at entry & 0.379$^{***}$ & 0.356$^{***}$ & -- & -0.156 & -- \\12 & (0.113) & (0.116) & & (0.125) & \\13Current price position vs competitors & -- & -- & -0.159 & -- & -- \\14 & & & (0.139) & & \\15Prior sustained cuts (count) & -- & -- & 0.033 & -- & -- \\16 & & & (0.036) & & \\17log entry price & 0.007 & 0.091 & -0.307$^{***}$ & -0.255$^{***}$ & -1.526$^{***}$ \\18 & (0.091) & (0.079) & (0.111) & (0.095) & (0.117) \\19log mileage & 0.116$^{***}$ & 0.106$^{***}$ & -0.512$^{***}$ & -0.490$^{***}$ & -0.194$^{***}$ \\20 & (0.037) & (0.039) & (0.070) & (0.070) & (0.018) \\21Vehicle age at entry (years) & -0.022 & -0.010 & 0.034$^{**}$ & 0.038$^{***}$ & -0.069$^{***}$ \\22 & (0.013) & (0.012) & (0.015) & (0.014) & (0.010) \\23Own-dealer same-model stock & -0.000 & -- & 0.009 & -- & -- \\24 & (0.004) & & (0.006) & & \\25\midrule26Listing-age bins (joint $\chi^2$, df 8) & 157.0 & -- & 103.6 & -- & -- \\27Listing-days / listings & 1\,371\,918 & 79\,698 & 1\,663\,763 & 79\,698 & 15\,692 \\28Events & 15\,692 & 15\,692 & 43\,310 & 43\,310 & -- \\29Concordance / within $R^2$ & -- & 0.575 & -- & 0.648 & 0.233 \\30PH test: covariates with $p<0.01$ & -- & 5 & -- & 8 & -- \\31\bottomrule32\end{tabular}33