Wake up, Buy Here, Pay Here people. It's a beautiful day. Go grab yourself another cup of joe and say hello to Jim and Michelle Rhodes on the Buy Here, Pay Here morning show. Take it away, you two. goodness gracious happy friday so grateful to be here um uh you know it's funny uh jim for the longest time wanted to change our format like so we were looking across the table from each other and and for some reason I just kind of like I wasn't like fighting it but I wasn't helping and Is that a good representation? We'll stop there. We'll stop there. And it's just been fun because now we sit across the table so we can, you know. That's more like a conversation than a presentation. Yeah. Yeah. It feels more like a conversation than a presentation. So it's pretty cool. We're enjoying it. Yeah, for sure. It's definitely been a more, the atmosphere is more conducive to what I always wanted the podcast to be. And I'm back, obviously not in Idaho, had a nice quick visit with my brother and, um, you know, while I just, for those of you out there, it's, it's been interesting. This, this is like a season of, uh, Brent or, uh, Brett Buick is doing the Goggins challenge and, you know, we've, we've, um, offered support and stories and things for that. And, And I actually he posted something today about vets and depression and, you know, committing suicide and that. And so I just kind of post in there. It's like I that has hit my family quite closely. But I was also so, you know, there's it's when people are struggling with challenges in their family with, you know, whatever it is, it's always a good thing to let people know. And so that you're not alone. So you're not feeling alone. And so I just, you know, in that whole arena of vets and emotional and mental health and all of that, my older brother, the one I've been visiting, and I go and visit him frequently, is... And about, what, two years into his ALS journey. And so I just go and spend as much time as I can and enjoy, you know, just goofing off. And I brought my younger brother with us. So we talked about all the stupid stuff that we did as kids. It was great. yeah you guys sat together and watched the olympics and just just spent time together yeah yeah it was fun it was good I have a couple of things just I wanted to first send a word of congratulations I sent a text this morning to troy spring and to tracy myers they had their mastermind event yesterday and so It looks like it was quite successful again. And so congratulations to them. And now a lot of folks are in attendance at the Carolinas and Myrtle Beach. And so glad to see that that's happening. I saw Taylor Bird doing something for dealer Ari and he was in the window of his hotel room and he's like panning it out. It's like beach. Yeah. Yeah. It's awesome. Like, it sounds wonderful. I miss the beach. The Greg King family, you know, the Greg King family. Yeah. Yeah. I saw that. And they, it was like, we need to get together again. And yeah, for sure. Definitely. Yeah. Those people hanging out with them. So, um, I think as far as announcements, I don't think we have anything on the horizon. We may have some pre-recorded stuff for next week. I think we'll be in studio on Monday and then maybe some pre-recorded stuff. Wednesday, Friday. We're going to do an annual camping trip to a place where... There ain't no cell service. It's off the grid. It's completely off the grid. Do some fishing, do some hiking, do some nature watching and just all around unplugging. Michelle will do some cooking on the campfire. I love cooking on the campfire. It's my favorite. Yeah. So look forward to that. So we'll be away some. And so we'll do some prerecorded stuff. Shouldn't be reruns. I think we'll have a chance to do some prerecorded stuff. It'll be new content, but yeah, Look for that next week. And otherwise, just had had a wrap up to the month of July. And so we're just starting to kind of shift our attention into pulling data together for July. And that's part of what today's topic is about, of course. But yeah, not that I can think of. But I, you know, I'd have to say is before we like dive into this topic of, you know, the data part. When Jim finished a meeting with the client that that we're talking about, he was really excited. And he's like, our client was so excited, too, because in less than 24 hours after the first of the month, all of this was produced. They had all their performance stuff I'm going to show you, including their manager's bonus is in there. Everything. Yeah. And we deal with other other clients that it's like there are some that they're two months out from getting this kind of information because, you know, for whatever reason. And we we understand the reasons and are trying to or we're focused on helping resolve those things. But yeah. It is, you know, the reason why it's so impactful that this was put together in, like, it's August 1st, and I think I talked to you, it was like 3 o'clock in the afternoon, and you're like, we went through everything, done, everything is done. How much strength and... Control and value and power this brings to a dealer in their dealership. Being able to do that just like, boom, I know exactly. So you can pivot faster based on last month's data. So you will see the parts of the information that are... caught up and it's mostly going to be the data coming from the dms because we don't we're not working with accounting and that so we'll get there and I'll show you what's there but um yeah just a ton of really timely information and um so yeah from a management standpoint I think as we go through this you'll see kind of where the motivation comes from with me to be able to coordinate with the DMS people more and just make them aware. And I think this episode, we're going to show them today and what we're able to provide the dealer when we've got a DMS that we get familiar with that, that, so this DMS is very good. It just, there's some stuff that we still have to produce ourselves. We have to put it in a spreadsheet and sweep it, filter it, you know, a lot of work there. And so it's it's unfortunate, at least all the data is there. We can capture the stuff that is really, you know, high value. But but this is why you're seeing me kind of I recognize because I'm in it like I'm we we actually sat in the virtual meeting, the dealer and I, we do it the first session that we can behind the close of the month. And we've been doing it now. You'll see this. I think the data in this this goes back to January of twenty twenty two. Yeah. Then we've got some stuff prior to that. Yeah, absolutely. Let's do this. I'll add it to the stage and then you can do whatever you want to do with our images so we can make sure and see what's there. But this first one I wanted to show you, this is not necessarily related to the data we just closed, but I'm just going to take you for a tour first of all the data that's in this workbook. This is one of the things with the DMS providers, we're doing all those over in Microsoft Excel. which is mostly because I'm familiar and I can help the dealer construct it, right? Ultimately, you'd like to be away from Microsoft Excel. Well, that's on our roadmap. Yeah. Yeah. So I'm just saying. So what you've got here on this screen, and our viewers probably can't see that very well, but you've got a snapshot look of year over year going back to 2019. Is there any way for you to enlarge that quite a bit here? I can. Just doing it on the fly is something that is not as easy. Not as easy? Okay. All right. A little bit better. Yeah. So, you know, it's just year over year, and you can see that this dealer's been through some – some pivots and and already um you know you're looking just a snapshot look at their volume and you can see they they they had some stuff happen in their business back in 21 22 that you know caused some dips but which which you know it's interesting the things that happened it's just like these are the things that happen to dealers yeah kind of thing you know and it's just events and stuff like that so it's like and sometimes you just have to like and then you know move forward so And I think it's just one of those things where, you know, we've got year-over-year data, so I think it's important for us to be able to show that and just kind of give it a feel. Now we move into the actual historical results. And I think this is the part, if I showed you only one thing, it would be this part right here at the top, because this is the part, this is essentially our... portfolio summary report that we've asked the DMS providers to produce under the White Hat Way label. Why? Because when you look at so many of the pieces that we're about to look at throughout this whole workbook, are tied back to this information so it's like it's that thing about garbage so you know that whole thing that we've been we've been working with the dms's this is something that that we are asking them to make available to everyone um fear no I know we're hoping that they don't charge for it but you know there some of them may but um because it's not just about our clients receiving value from this it's like every dealer should have this kind of information um in front of them and so you know it's like we start there and then if if dealers need help that's where we can step in and help with you know understanding uh how to move the needle or you know those kind of things yeah and of course you know it's it's a couple things to quickly note this dealer has a related finance company but we only look at their situation globally like the the finance company is a tax strategy it's something they do but it's yeah and for other benefits but from an operational standpoint we roll it all together and we look at their thing globally and so that's why you know these numbers we It took us a while. It took us many months to work through the reports and figure out why are we out of balance on our principles. Because you were out of balance for a while. Yeah, for a stretch. I remember when that, I think we talked about that in a previous episode, that when it was finally determined the pieces and where those pieces needed to be placed and it balanced out that it was just it was a huge victory dance it's like yes we've had a few victory dances with this yeah yeah that was one of them and that's just so and and just um that that what you've been able to do with this it's in figuring out how the dms is looking at the data so it's like anyone that's coming from this dms can be put through that filter and it Most of the work has been done. Well, I would just say that this is one of the reasons that we want to cooperate with the DMS people. This is one of the more sophisticated DMS systems available for by-year payer. It didn't have all of the columns of data that we would need in order to accurately calculate what we're calculating here. We had to go add columns to reports and create our own custom reports inside the system, which thankfully the system accommodates that. And, and we can produce our own stuff. We can, we can create our own custom stuff and there's tons of data. Like they make the data fields available. Yeah. And some DMSs are more customizable than others. Like, you know, not like the dealer can customize it. Not that it has to go to dev and customize it. How many of the dealers really know how to customize it? That, that for especially new dealers. This dealer's been in business for years and they've been on this system since 2017 or something. And I had to teach them how to get in there and get all the stuff. So it's like some of it we had to work through together, figure it out together. But I can tell you the rewarding parts of this are now they know their data is clean. They know they're working from accurate information. When we finished the books like this, we handed over to their bookkeeper who now, by the way, is also in balance and their receivables and QuickBooks because they have, they can tie back to this and make sure they have the same reports that they're working from that. And so it's, there's a ton of related benefit. from all the work that we're talking about and the reason that we dig in. But this screen right here at the top, I just want to show, you know, dating back to 2023, I think when we figured out what the, what the issue was and was throwing us out of balance, I went back and at least updated the numbers through 2023. And you can see here's a month where, you know, $1.6 million portfolio for this dealer back in January of 2023. And it was off by $1,100, uh, long one month short you know the prior month or whatever and then here's another one 209 and 209 but it's been it's been in complete balance um since may or yeah since may since may since may which then that was when I was like victory dance that you that y'all both were experiencing Yeah. So the dealer was thrilled to have that figured out. It's just, you know, they, all of us have reasonable expectation, right? There's amount, there's a limit to how much time you can justify doing it. But in this case, it was an exercise that we felt like we should be able to figure this out. And we, and we have, and so now, So this is, this is what I just like this first image is what running that kind of report and then comparing it month over month, over month, over month. And, you know, cause like doing the first one is great, but when you start stringing together three, six, 18, 40, whatever months is, is it, it does, it really helps you understand how your portfolio, how your business is moving. Yeah. And, um, well, you're going to see, maybe I should take you there first. So let me just kind of take you through a tour of all the pieces that are in here and then we can go into some detail. So this whole master spreadsheet right here that we're looking at, this page has a ton of data in it, which drives a lot of the rest of what's in the workbook. Here's a snapshot look at sales and inventory. So you've got a kind of a sales breakdown month over month there. Then you get into some very specific graphing. This is this one we did to kind of break down on a per deal basis. Um, you know, kind of how our, cost is, our cost of money, our average net charge off, et cetera. So this is something that's kind of a separate study, if you will. Here's a chart of notes receivable. You can see this dealer was December 2022, was at around 1.5. Now they're at And it's pretty easy to see on the screen that the month of July was the first month that their receivables were down. Since we started tracking this when you guys started. They're in growth mode. They've got a line of credit. They're figuring some stuff out business-wise. And obviously, we're working with them to do exactly that. But the point is, you can easily see it visually. You can see this. And the dealer was able to see, oh, this is the first time we've seen a dip. And you can also see at a quick glance that in the month of July, july they collected less principal and interest per so this is calculated based on the number of active accounts so that's why there is a dip what do you mean was that is that why there was a dip they collected less okay because they collected less right yeah right so they have it's measured by the and would they know that They certainly probably most dealers wouldn't know that on the first of the month, but it's easy to see visually that they typically collect 600 plus. And, you know, you can see the two months where they fell short of 600. It's pretty obvious there visually. And I'll take you back and show you eventually the bonus for the manager because they have a. This is typical of a lot of structures that we work with. They have what I call a location manager. And this deal has one location. So they've got kind of the person that oversees sales and collections. And so we built a pay plan for that many months ago. And now they've got the collector's bonus. And it's a nice one. It's working well. And I think the dealer would say so. And this month's a good example. But here's a collections performance. So you can see the orange bar is principal and interest plus repo ACV. I think I urge the dealer to look at the blue line. So explain this to me because the trend is downward. And so explain to me, you know, because usually the first thing it's like, oh, you want to go up? So this is down. So what is it? Can we come back to that? Yeah. That's not that much. That's not the relevant parts. This dealer has gone through some shifts and part of their growing their portfolio and some of the, we can come back and talk about that. I just think we'll, we'll be here. for hours if we go through each piece. But so here's the roll forward. This is a roll forward that we do. We've been doing this for all of our clients, but this gets updated at close of every month. So that balance would be their actual principal balance as of July 31. So two days ago, this number is their number. This number is based on their 12 month rolling average through July 31, 2024. So now what it's doing is it's saying based on our last 12 months of history, our current portfolio if we quit putting contracts in that particular portfolio this is how it will pay out so and I'm giving them 12 months 24 months and 36 months and then there's some other analysis down here at the bottom but now you've got collateral recovery rate so this is uh took me a little while to get my formula in line with the others but now you can see that my formula Is in line with, with, um, cause I remember it wasn't that part of the conversation with Jimmy Rambo and others about what it is. Okay. Awesome. And I've kind of moved away from collateral recovery rate and some of what I'm doing. I have similar calculations that kind of use the same numbers, but, um, you know, the reverse of this would be what's called loss to liquidation ratios. But this is, um, You know, this is just graphically showing them a number that their lender is going to be monitoring. Right. And so it's like they want to know, right, what's going on here. Here's collected money in dollars. So you can see the orange line is principal and interest collected. This is based on a three month rolling average. So that just allows you to have better trending and kind of see the curve a little more slowly instead of seeing it go up and down with, you know, deviation like we saw in some of the prior slides. And then the one at the bottom is just principal. That's just solely principal, no interest. Right. So it's just data. It's like, but it's fresh data. Now here's interest collected per month. You can see the trend. I mean, this is a trend line that's added when you can see clearly how the portfolio is growing and the resulting interest is being generated off of the portfolio. And so when we started working with them, what's been almost two years now, a year and a half, probably more and more. And so now this is you can see that the portfolio is growing. The volume that we got spoiled to see 72 grand of interest income a few months ago. And that, but now that's the new target right now. We're kind of, we're going to anything short of that is a, is a disappointment. We're kind of working to have new targets. Here's P and I collected. So same thing. And then now we get into cashflow, which look, this is something that we've got all the, and this is the other thing that I'm working with, um, the entire industry on I'm happy to and I've got a meeting later this morning that um somebody that you know can also contribute to this situation but let me let me kind of take you inside as a former dealer I know that cash management is so important forecasting my cash knowing what my bank accounts are going to look like you know next week and next month so that I can make better judgments about what can I justify buying how much how many cars can I buy this week or tonight when I'm ahead of the auction you know what's How quickly am I going to recover cash this week? So cash management is just such a huge thing here. So what this starts to do is you can see that top section there. Let me try to expand that a little bit. So, whoops, maybe make it a little more. visible on the screen. But so this top section is really just operational cashflow. And this is easy for us. Like we've got the, all the data pulled together from the DMS. We know what the incoming cash is. Now, if we just had the overhead numbers and this is what's delayed. I mean, look at this, we've got July from two days ago and we don't have, cause we're waiting on their CPA and they're working on it. But it's like, we've only gotten it two months. That was another celebration that we had a few months ago. It was like, The CPA was able to produce the direct cash flow statement that we've been requesting for a long time. They figured it out and we loaded it in April. But now, We've closed June and July, and we don't have the information for either of those months. So that's an accounting that's like, hey. And they said, they told us at the time, it's going to be, you know, delay of a few weeks. It's going to take, we got to get the other stuff done. You know, the bookkeeper's got to do their part. And then they turned over to CPA. And of course, CPA's got other clients. But this is an example of where we just see delays. Like, because I want to be able to give the dealer. And right now we can look at a broader average. There's a ton of information in here, but basically what we're helping the dealer do is say, okay, we need X number of accounts based on what we're collecting now, based on our average accounts in the portfolio. We can look at some stuff and say, okay, last month we were positive on cash operationally speaking. We were positive on cash or we were negative on cash, and here's how far away we are. So same thing measuring number of accounts. How many accounts do we need to have actively paying at the average payment that we're running right now in our portfolio? How many accounts away are we? So where does it show that? It's in sections down here. So versus number of active accounts, and there's some different pieces on this, but accounts needed to cover... So this would kind of like be cash and deal. Well, the dealer is deficient by about 22 accounts just to cover the overhead, the cost of replacing cars. Okay. Obviously their last two months of sales have been down. A lot of dealers are down in June and July. So how much cash they need to replace the cars they sold is less. But when we look at it kind of on a rolling average basis and say, this is our typical, then now we're able to give dealers the information that says your overhead is here. We need a certain amount of cash flow to cover overhead first. And they covered that like they have. Most dealers cover that fairly quickly. But then now it's a question of volume. Now how much cash do we need coming in monthly to replace and condition the cars that we're selling and replacing, right? So you're going to see when there's a dip in volume, you're going to see something like this happen, but that over time you're going to see, okay, so there's usually a dip June, July. It catches up in here and you get, you know, and it's kind of like you're – I'm one, it'll be interesting to see as this strings, because it's only really two months with because you don't have all of the pieces in there right now. But as you string that together, and you can start, I love trends. That's like, that's something that I've been hired to help figure out our trends, but not with Excel spreadsheets. So this, this kind of, this is to me, it's it's fun. That really speaks my language is like, let's look at the trends. And so what can we expect? And, and if this is a dip during this period of time, are there things that we can do to reverse that, to change that? And so, you know, recognizing the condition of that time, it's, there's so much meat on the bone for this. Yes. And yeah, you can't fix what you don't measure. Right. So you having the information is job one. Presenting the information in a way that is visual. They call it data visualization in the tech space, but it's like making the, and I've always been like that. I've always worked from graphs and stuff because I just need to see it. Numbers on a row of piece of paper. It's hard for me to ever get there or make good sense of it. Whereas you can see, and dealers typically value these graphs and things that we put in there. But I think the other piece of what's happening here is that just thinking about, yeah, on any given month, that number can be up and down. But one of the things, here's a dealer running on a line of credit. And so what they want to be able to say, and I've said this to dealers in our V8 meetings and this and that, and you can see them like, oh, yeah, that would be so... You want to know, okay, when's the day that I conceivably would generate enough cash that I could start paying down my line of credit, quit drawing on it, start to reduce my cost? Where would you learn that? Yes. Where's the report on my DMS? Currently, dealers want that information, but that's not something people are talking about, about how do you get out of a line of credit without selling off all your stuff how do you pay it off or maybe you're a dealer who doesn't have a line of credit and you want to know okay when can I start taking a little money out of my business without stunting the growth oh yeah yeah that's another yeah from positive cash well when will I get to positive cash like I'm in there just slugging it out every day buying cars and Working out repo details. Doesn't it just so much help to have a light at the end of the tunnel? It's like when you have something tangible, because I know with some of our newer dealers that that's, that's something you take them through. It's like, what's your overhead? Well, you need to put X amount of contracts on the books to cover this. And so it's a lot easier for a dealer to, to kind of wrap their head around that. That's pretty cool. But yeah, the cashflow piece is so important just because it does, it lets dealers know, well, here's where I'm at and here's, There's the fruits of it. It's like challenging. And listen, I'm not saying that dealers don't need to learn to read their financials too. They do. But reading the financials doesn't address what we're addressing here in that what I'm asking for help with is producing direct cash flows. And I've got meeting with another client today where we'll be doing the same thing. We'll be asking their team to say, this is what we need to produce. Here's why it's important. And I'm going to ask the dealer to ratify that strategy. And we're going to move forward with that. And we're going to start that is the expectation that this is done collected balance is it is it hard yeah it'll get easier as we get in the rhythm of doing it every week is it important yep when you're not there you need to make sure somebody else is in that chair to make sure that gets done because it's going to be once we fall off of that wheel it's going to be hard to get back on so we're just not going to fall off we're going to make sure we get in the rhythm and we're going to produce that information every week to start with them to develop discipline and make sure we know what's good. But it's about putting this information in front of dealers. We've got a whole separate report for this particular client that we do a weekly. And we've now pushed that work over to the bookkeeping team and they do the reports and we're able to validate and make sure that they're doing it correctly. And they're fine. They're doing it correctly now. But again, So we use both. We use the monthly results combined with the weekly performance on the portfolio. And that's how I want to take you back and show you the pay plan side of this, because we've got the pay plan information now spits out as soon as this is done. And then one of the quick thing I got to put a mention in here for is. At the bottom of this, you haven't seen this, Michelle, but here's their detail on web leads. Here's the V8 data submission. So now that all that stuff is built from a management report standpoint, we just pull this down and just, it's all populated. Yeah, your data submission is done. my first v8 dealer to be done well obviously we're working with him but it's like it's done it's like all the information is right there and so we turned it in and he doesn't have any extra work to show up for the v8 meeting on his is all uh generated he just comes there for the the conversation around the data and the and the connection with the dealers and learn something and learn something yeah often share something But adjusted gross profit is really the front kind of some people would call it like front end profit, but it's like it's the let's just go through it. It's a profit from the sales that were generated in the month. minus any profit or loss from cash sales profit loss from wholesale plus interest income minus gross charge-offs add back the repo recovery value and then this is any other money that's collect they have in their process they collect some other money after repos and so that goes on that line and this is your adjusted gross profit then and so this is everything before operating expenses basically and everything that So think about if I'm the location manager, what I want to do. I want to sell more buy here, pay here cars. So this credits me for creating sales. It credits me for growing the portfolio. My interest income grows and so does my bonus. It makes an adjustment for repos. When repos are up, then my bonus would be down. And if I recover more of the repos, then that helps to get more value, get them in a timely fashion. but now that gives us an adjusted gross profit, which you can see there, that adjusted gross profit in the month of July was way down. Volume was down. They had, um, I think in this month they had like seven sales and they've also had some people out sick and away on vacation, this and that. So they've been kind of, um, disjointed a little bit, but they, you can see that the bonus, the adjusted gross profit, April, You know, 183, 125 in May, 108 in June, and now 66 in July. Well, guess what? That hurt the bonus a lot. The bonus has been, this is their actual bonus line down here. It gets factored by that weekly collection efficiency, up or down. So you can see we do 115% of adjusted gross profit. And this is for the collection manager, the site manager, location manager. Yeah. So but you can see their their bonus had been nine something, seven something, six hundred in this month, three thirty. So what it does for me is it says, well, that makes sense. I mean, the bonus should be the performance was a fraction of what it has been. And so it makes me feel good that we've created a pay plan that does sort of reflect that. And it does factor in. the this collection efficiency done so we've got buckets there we've got different tiers where they can if they do well on the collection efficiency thing then it goes it bumps it so it's two two numbers but obviously we have to pull together quite a few things to arrive at that adjusted gross profit But again, I think this is why when you see this, so many of the numbers that we're talking about here, they're driven off of this information right here. We're basically reconciling principle. I didn't say it, but it says opening principle, calculated closing principle, actual closing principle. We start there and we make sure that we- And it's like a dollar off this month, but it's like- Yeah. So it's like rounded numbers. And so we're, you know, you can see, but I mean, we've, we've seen dealers, uh, cause that, that's, that's the, those, those, uh, data points are things that we talk about in V8 and we've seen dealers that like they're, they're 1%, 2% is in Six figures. Six figures. We had one dealer last month that sent in their numbers. The numbers were off, and the principal was off by almost $350,000. So it's like, you know, it just makes you question the software first, and it also makes you question, does the dealer know their software, right? Does their team know their software? But it's beyond that, though, don't you think? Where it's, does the dealer understand... the numbers that and it's not just the software but understand the what what the numbers mean and you know uh where to find them and and you know obviously with our our proposal that we sent to we sent to all the dms providers right and we copied our founding sponsors we said we'd like for you to have a great meeting with um Mike Downey. Mike Downey this week. They're moving on that. And we've got some others that are moving on it. You didn't know. Maybe I got a message. Mike Downey, AMS. Yeah. Yeah. And got a message that there's some conversation with some of the other DMS providers. So I think one of the things I would say, just any of the DMS providers, any dealer that's listening, any manager that's listening, why do I think this number is important? Why do I want to lock this down? Well, $3.6 million, I can promise you. And this dealer's operation is the largest asset in their business. Yeah. And the numbers that we drive, once we know their principal collected as a percentage of where they started and their charge off principal as a percentage of where they started, these are the numbers that drive those collateral recovery rates that are the numbers that our bank's looking at. These are the numbers that we ought to be looking at if we want to know if our portfolio performance is up or down. If we look at this on a monthly basis, how did our collections team do last month? This is where it starts. And so it's like, I think we just ought to dig in and make sure, just identify the principle. This is obviously working with simple interest, but my approach would be exactly the same if this was lease here, pay here. Same thing. Know what your principal balance is in the portfolio. We're managing portfolios at the end of the day. How much is in that portfolio? What happened to the $350,000? Did we want to go figure out where that money went? Shouldn't we know what kind of money? That it moved somewhere or it's not represented in our report. Let's go figure it out. So it's like, this is where we dug in with this dealer and this is why it's now clean. But the reason we dig in is because it's important information. It drives so many of the important KPIs that we need to watch and important indicators that lenders are going to be looking at in terms of portfolio performance that a dealer and a collection team ought to be looking at to see. are we, are we really collecting better since we added a third collector? Like all this kind of stuff. It's like, you know, it's like, this is stuff we need to know. It starts with good information. Well, and you know, we hear all the time when we, uh, are watched cause we watch social media and the questions that are coming in by your payer success is probably one of the bigger, um, Facebook pages. Is it a page or group group? Thank you. I, so many different things in Facebook, but where these questions are kind of being posed and, um, or presented. And, and it's, it's, it's interesting. And I really greatly appreciate that we've seen dealers that have come back and it's like a feeling. is one thing. It's like, you know, I, it, my gut tells me this, or this is, this is something that I believe is a driving factor for success here or non-success there. And it can be, we've seen things such as what radio station is in their trading car, you know, that I was, and it's like, that is not something that you can quantify as a, uh, as a factor in success or non-success. And so it's like that whole thing is you measuring instead of just taking it on your gut or your feeling. And Jack Carter came, what was it, about a year ago. And those of you who don't know Jack, Jack is out of Georgia, just finished up being the chairman, not the chairman of the board, but the president of the board of Georgia. Really well-known dealer. And he was named Quality Dealer of the Year. I mean, just really overall, great guy, has a great growing business. And he started tracking certain numbers and went, whoa, what I thought was true is not true. true because I started measuring what I thought was true and it wasn't true. And so, you know, we, we sometimes, you know, we may think we've got great information, but unless you are quantifying that information, it's just a hunch and, and you can't really get to the root of the, challenges or problems or so you know solve things if you're trying to do it based on a hunch but if you've got good quantifiable information about these are the key these are the drivers this is where you're at that's when you can start to make real change in your business this is where I always quote uh shakira where she says numbers don't like shakira sorry She totally squirreled on that. Shakira says numbers don't lie, I think. Is that what she said? Or something like that. The song is Hips Don't Lie. The Hips Don't Lie. Okay. Well, and I was about ready to just start dancing because she's, I don't know if, yeah, squirrel. Yeah. Yeah. I definitely sent you on a squirrel. You sent me on a squirrel. Yeah. No, it's just the numbers. We got to have the numbers and clean numbers and dealers deserve clean numbers. And just so you know, I mean, what we showed you today is it's being able to deliver that to more dealers, uh, um, is on our roadmap. It's like, cause it is such important information and, and, you know, Jim's, we've been working really hard on creating an understanding so that we can make sure apples, apples, oranges, oranges, everything's balancing out, you know, getting accounting to do the same thing. Cause there are more layers that we're adding to this so that it's just, by the time we're done, this is going to be such a beautiful global look and, into someone's business from, you know, it's very global. It's not just accounting. It's not just portfolio performance. It's just like a global look at how their business is performing in total. And I, you know, we're going to continue to... urge the DMS providers to make this available to, you know, the, this portfolio summer is step one. Once they get that, we got other things we can offer and, or, you know, suggest and, and explain why. But I think it's like, you know, some of the initial reaction from some folks has been, well, you got to, you know, sign up and do some pay for some programming and blah, blah, blah. And I said, no, you don't quite understand. I'm saying that every buy here, pay your dealer, uh, should have this information they should be able to walk in for that that initial support yes this this will start with this like this portfolio summary report this is like let's let's make this available to dealers all of them like you want to separate yourself as a dms provider this is where you know we can start to say this is now you've got a software that has some integrity for your buy here, pay your portfolio. And they're out there managing them. Dealers, you know, buy these budget softwares and they, you know, can you stock in a car? Can you price it and contract it and collect a car payment? Yeah. But there's a lot more to do in a buy here, pay your business that we need to have. And so I'm just saying, I think the DMS providers that are going to start to separate themselves and earn customers are going to stick around. Because having this information, actually, it improves the footing for a dealer with capital and all of the things. It just improves And it improves your footing and a level of feeling secure in what's happening in your business and being able to not add a little bit of first aid to something that's bleeding profusely, but it's like you're catching it when it's just a trickle. yeah so anyway I just think it's like it's it's just it was exciting to me to have um this dealer have their numbers and and obviously you know this this is not very scalable these dealers can't hire me to sit with them for an hour or two every month I mean it's not scalable I can only help how many oh well but that's what we're working Yeah. Working towards is being able to scale this. So what you do with the podcast to start educating people and making sure we kind of are all having the same conversation because this helps us to know that this is this is what's missing. Now, there's still the whole bookkeeping, QuickBooks, accounting side and getting to more real time information on that side. But we're working first on the DMS side. Let's help dealers capture the and have a nice, clean report on the incoming data. And so this is where we're We're going to stay focused. And, you know, anybody else that can help solve the others, we're happy to meet with them. Absolutely. But we just got to get more information in front of dealers. And we're working on that, obviously, through V8. Absolutely. Yep. Great conversation. These kind of conversations make me excited for the future and feel it's like we're on the right track and that dealers are really going to benefit from the things that you've been working so hard on. All right, everybody. It is Friday. I hope that you all have something fun that's planned for the weekend. It's beautiful. That is fun, too. But something fun. Enjoy your weekend. Thank you so much for making us a part of your Friday. And we will be back on Monday. I don't think that we have for sure settled on the topic, but you'll see us on Monday at 9 a.m. It'll probably be about fire. It'll probably be about fire. All right, everybody. Have a great day. Thanks again for joining us.
