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. Good morning. Hello, everyone. Welcome to Friday. Sorry we're a little bit late. A little bit of a technical snag. Michelle, the device wouldn't cooperate with the internet for a few minutes there. But we're here now. Glad to have you here with us on a Friday. And we're again in the spare bedroom in Oklahoma where we hosted a V-Ape meeting last night, which is really what prompted our subject for today. And this is important, Michelle. I don't know that you got to read the... the description for the event, but we're taking on some pretty important stuff. And I would just tell folks who are tuning in, we want you to be part of this ongoing conversation of the VA group. We are digging into some really great stuff. We're gonna give you some highlights here today of what we covered for the second time yesterday. And the conversation continues, and I think it's an important one. And it's one of many, obviously there are many threads that we're working through in our V-AID format, but encourage you to jump over there and join this conversation. It's really, it's the big stuff. It's the stuff that we just don't find enough time to talk about in our business. And so I encourage people to get involved in our V-AID groups. and join those virtual conversations. Let's keep it going. Yeah. Jim and I have had multiple conversations around this topic and, and, uh, sometimes he's like, save that, you know, let's, let's, uh, let's ask those kinds of questions. Um, and then there's other times that, that Jim's like, yeah, don't say that. Sometimes I'll ask her, I'll, I'll, uh, So she sometimes gets a little assertive, we'll say. Yeah, well, I mean, you know. And it's like, well, there's more to think about maybe than just that. So that's kind of what she's referring to. But this is, again, an important conversation. What I've done is I created a tool that we first introduced it on the podcast probably a year and a half or so ago. Around this idea of you know when to trade, what does it look like to trade, and so this is was when this conversation came up in our V eight track about. Writing a policy which that's what we're doing basically is working toward creating a policy template for dealers to use in trade ins for internal trade situation. because it happens a lot. Customers want to trade and when does it make sense? And you get lots of different opinions. And obviously in our work at White Hat Way, we're working to move beyond opinions. We want hard math to really be able to lean on where it's available. And certainly there's some parts of this that are still, business model related, but I think for today I would encourage everybody to look at this information we're going to present today as though it's, we're not going to present anything really that's open for debate. This is just math. You can pause the screen and double check calculations, but the reality is what we're working with is just some simple math that is based on everyday amortizations. And what it shows is pretty revealing. I think it's something that, listen, and we wouldn't be the first to know this. It's like, you know, there are analysts out there with the various lenders and these folks who probably behind the scenes are studying this kind of thing already. It's just that for us, it's the first time we've had our own tool to be able to really walk through it side by side and compare, you know, one scenario over another. Yeah. And you know, those that watch frequently, We usually have two viewpoints on tracks on a lot of different things. There's the straight lines and there's the squiggly lines. A lot of this that we're going to talk about is very, very straight lined and there is a there is a really rich conversation around this topic with squiggly lines. Um, there's a really, really rich conversation around this, around, um, connecting with your customer, um, and keeping customers sticky. And so, and cause you know, we, we, I don't think that we need to bring math to the conversation to say, if you can keep a customer, how much money how much more money and how much less money I mean how much more money you make how much less money you have to spend to keep your portfolio um at a certain level um because uh you know we know what the costs are for um acquiring a customer there's a lot of marketing costs there's a lot and that is a straight line thing in this um conversation as well that we're not going to talk about today but the idea of having customers for life um you know this the uh this idea of of um, you know, the repeat and, and, um, connected and, uh, and having communication and all of that. This is something that when we look at this model of trading in in twenty four months, that also requires a level of communication as well. And so, you know, for you as a dealer to have a customer want to do that, not only do the numbers need to look good for the customer, but they need to have a good experience. Right. So to the number side of this, let me kind of explain before we start showing the tool what it is that we've created. So we just took a simple, typical kind of an amortization tool. I basically built an amortization tool that forecasts contract length or an amortization based on the assumptions that you load in there. And then I chose twenty four months to be able to illustrate. We just pick twenty four months and we talk a lot about the twenty four month window in a group, just kind of keep it consistent and different conversations. We like to talk about the twenty four month sort of interval and now. As we get into this information, the one caveat I want to throw in there before we get there is I didn't get an opportunity since our meeting last night to put out there again the question of calculations on profit and loss. Because the tool you're going to see takes the position at twenty four months. And if we traded the customer at twenty four months, as an example in this illustration, Then what is the impact to the bank accounts? What's the impact to the balance sheet, the actual assets? And then what's the impact to the profit and loss? And there's still some debate about the calculation on the profit and loss. I'll show you what we have in there now, but just don't get too hung up on those numbers because we want to validate and verify before this. And we already have had conversations or Jim's had conversations with numerous bankers entities people um on this about where where these numbers need to to fall yeah um yeah let's go ahead and share it michelle if you want to get it on the screen for us I've got all right I've got it teed up here and uh and let me just kind of show folks a little bit about the structure I need to enlarge that let's see what I can do without losing everything All right. So hopefully you can see that a little bit better. So a couple of things, you know, you can see these, these fields in yellow are generally our input fields. Those are manual input. You can plug in the numbers and I've got an actual dealer, one of our V eight members, I've got their data loaded in here as an illustration. And the, uh, Then what that does is it drives this amortization that you see up here in this section. I don't know if folks can see my cursor on the screen there on their side, but this is building amortization. Right here though, I need to show one more row. This jumps from payment number one to payment number forty-eight. I'm using a bi-weekly interval. It's just easier math than an amortization for us. And bi-weekly payments are common, obviously, in buy here, pay here space. So this projects out an amortization on a bi-weekly payment. We've used a payment of six hundred fifty dollars, which is the dealer's actual average over the last six months. All of these numbers that you see in this deal structure are dealers actual averages from the last six months. And so that builds this projection. And now we jump out here to the month mark. All right. So let's go slow on this because I think, and by the way, Michelle, I'm going to share this tool with our V-Eight members. Once we get that P&L part, our V-Eight members are going to have this as a tool they can use at the time of working a trade to kind of help a snapshot look at those elements that we're going to cover. But if you have a vehicle that started out with a cash value over here or a wholesale cost of about eleven thousand dollars in this dealer's case, We left it for a fill in the blank number here to say, what do we think that car would be worth as a trade in cash value, actual cash value at the twenty four month mark? And so this is where we just plug in for right now, a six thousand dollar figure. Obviously, the dealer can look at an individual trade. If they were working with this tool directly, they would put that in there for our purposes here today. We're just using a ballpark figure what we think the use value of the car would be at that point in time. And then that drives a number of the calculations below. So the interest collected across that twenty four months is showing to be about sixty seven hundred dollars. I realize some of you folks would be catching this podcast in an audio format. So we definitely urge you to go find our YouTube channel, subscribe over there and catch this on video, because there are a lot of things you're going to see on the screen here that will be easier to identify if you're able to see the video version. So now we get into trade figures. And for our purposes here, what we've done is we've said if we traded this car in and it has a balance, by the way, a principal balance at that twenty four month interval, according to our optimization of right at ninety one hundred dollars. So in this scenario, what we've done is say, let's allow the customer, ninety one hundred dollars in the interest of not having them carry a balance forward to their next account. OK, so everybody knows how that works. We would if we if we had some negative equity, if we're upside down, if we gave the customer the real value in terms of a trade allowance, we would have negative equity carry somewhere. So in this case, we're writing it off internally. and we're allowing the customer that full amount to avoid carrying anything forward. Now, we get into the cash flow side, which this part is pretty straightforward. It's kind of what you'd expect. And the other thing I need to explain for the way the tool is set up, it assumes that everything happens in the same calendar month. So this is really just looking at the same calendar month that the customer traded. So we liquidate the trade and so on. So now what this says is we would replace the unit that has sold. And if we use the same deal structure, if we say our model is consistent and we have a similar deal structure, then we would be spending about eleven thousand dollars to replace the car that they bought. We would have a trade then to liquidate. And I asked our members last night to think about this as though the trade went to the wholesale market. We can talk about what happens if it's recycled, but that's a separate conversation. If we just liquidated that car for cash, wholesaler, whatever, then we would be getting six thousand dollars back into the bank account. And then we would in this case, I've got it loaded up at zero down payment from the customer. It's just a swapping card. It's a swap. Yeah, it's a simple swap. It's the same payment, same payment. Yeah, bear with me. I know folks are tuning in because our podcast is really around the water in the portfolio. We're going to get there. You're going to see as a result of all these calculations how this illustrates what could be described as water or false equity, phantom equity in the portfolio. Because of these scenarios, it starts to highlight the problem that comes about as this idea of having potential water in the portfolio. So this basically says then the dealer, in order to trade that customer now with zero down, the dealer would be going cash negative in that calendar month by about fifty five hundred dollars. They would actually feel that in their bank account as a result of that trade. And the result becomes now, this is the part that's debatable, gross profit from the new sale, that part's not debatable. We know if they bought the same kind of deal structure they bought before, that'd be our gross profit. Now we have the internal write-off of the trade, and I'll be reaching out to our CPA friends out there in the industry to confirm whether there are any other entries to the profit and loss report as a result of this trade. The dealers seem to think that the trade that we acquire The actual value of the trading that comes back in is going to impact the profit loss. I'm thinking it doesn't, based on the feedback of my own experience. Chat GPT, one expert gave feedback. And so that basically provides, forgive the phone. We've got a phone in the background. We'll try to silence. But the, so now that's a question, this is the part that I say you can't really hang your hat on the profitability. But if this is correct, and these are the only two entries to the P&L, then we would be showing about a nine hundred dollar negative as a result of that situation, as a result of trading that customer. So sorry, we've got a problem over there. So do you get it? So the result, again, is going to be a nine hundred dollar loss as a result of doing the deal at month twenty four with no down payment. OK, so keep in mind, I didn't show the rest of the parameter over here, but we're working with a twenty four percent interest rate on this particular deal. OK, so that obviously drives the balance that the customer owes at the end of that. And now the impact to the balance sheet. The notes receivable are gonna go up as a result of the new sale. In this case, twenty thousand dollars because we didn't have a down payment. Notes receivable go down by that ninety one hundred dollars where we're writing off the old trade balance. We acquire the new trade and again, this assumes a liquidation of that trade. So there would be cash into the bank account as a result of that, which is the balance sheet. And then the cash account related to we wrote a check to replace the old the unit that sold. OK, so now that says that our bank account impact across or a balance sheet impact across that time period is going to be a little over six thousand dollars that are we now have about six thousand dollars more in assets you could say we spent fifty five hundred dollars to get them but I think the part that we're looking at next starts to inform The conversation about this, this water in the portfolio and also wrapped into the same conversation is what is the value to us with trading this customer at this particular stage? OK, so what if we did that, what what could be the benefit? So we started to look at things like this. What is the projected interest on this note? If we choose not to trade, we have about fifteen hundred dollars of anticipated interest income. All right. If we do trade, what happens? We have a new larger note, same customer. Let's say the customer keeps the same payment. and now because their balance went back up our projected earnings from an interest standpoint in the next year would be thirty eight hundred dollars okay so this is a difference right there there's a two thousand dollar gain as a result of doing that so to further illustrate the impact of those things I went a little bit um to the next step to say in this contract at the terms that we've got loaded this dealer is collecting about three sixty in interest in month one by the time they get to the end of the first year they're down to about two eighty five at the end of two years they're down to about one eighty six and at the end of three years the contract is almost done and so we're down to six sixty one dollars of of interest per payment or per month in this case uh a monthly equivalent so there's a whole lot here michelle there's a lot to think about in that math and so we're going to move over in a minute to this conversation about water in the portfolio but I think one quick thing I don't want to forget to mention I said in our v-eight meeting last night and no dealers recognize this is when we start to study the difference between profit earnings and interest earnings, say gross profit markup on the car versus interest earnings. So interest is not recognized as income until we collect it. So this is important in terms of taxation. When we think about taxation in our business, which can be difficult, right? It can be hard on us in the buy here payer space because we're taxed on gross profit that we've not yet collected. That's why you hear the phrase phantom profit, right? We have this profit that we may collect, but we're being taxed on it. So that's why you see the related filings come. Interest income, though, regardless of which company, dealership, RFC, that interest is only is that income is only realized as the customer makes the payment and it becomes real income. Can I ask a quick question on the tax side? Again, this is real time. I don't know if it's going to be a good question. That internal write off. Is that is that a tax write off? yes it's it's a reduction in the profit of the business so yes it reduces income in that period in that period so um that is that something that we could look at um if you track that out and you're doing that with most of your portfolio how the shifts your tax liability yeah by doing this I've worked so hard to create this and michelle's got me creating okay can you create more can you create more well I mean but that's I I do know that that's a big deal for most dealers is what they're having to pay in taxes no I know and she's um She's just recognizing because she's intelligent. She recognizes the value She start to visualize like many of you listening you start to visualize, you know, what's happening here And I think for us again, we look at the twenty four month mark for a couple of reasons We'll try to give you some time to to understand why we think that's a significant number in our business But let me go one step further on this. I've got some additional calculations to really contemplate here and And this was fun last night in our Viet conversation. I'm going to throw the question out for our listeners today. When I show you, let me try to. Thanks, Karen, for the comment. So let's hide this for a minute and show what this shows that across this twenty four month period, this dealer has collected fifteen thousand five hundred seventy six dollars from this customer. principal interest etc that's by the way just P&I that's not that's not down payment okay so we've collected that much money because the reason I didn't include down payment is because we're calculating against risk here we're looking at how much of the risk that we have out there, how long does it take us to collect that, right? And so a lot of dealers, if they're in a twenty group, they're used to looking at something called months to break out, how many months does it take me to collect out my risk, okay? So we think about that in this area, it says, okay, fifteen thousand five seventy six, and I asked dealers first last night to say, when you start collecting money, Do you think, because there's really three types of money that we collect here, Michelle. We collect our basis, which is our risk or our cash in deal, right? So in this case, I show that that's ninety four hundred thirty six dollars in this illustration. I'm going to screen that up a little bit. I'm going to go one at a time. So basically what I'm trying to show is that the idea here is that I want to be able to have our dealers think about, do you want, do you think in terms of When the money you start to collect from the customer, if you had buckets, like I said, risk, basis, cash and deal over here in bucket number one, you've got gross profit in a bucket and you've got interest earnings in another bucket. Okay, those are basically your three buckets. So I asked the dealers and the few dealers we waited for feedback on last night, they basically said, yeah, I think about recovering my risk first. Okay. So if you apply the money to the risk first, then that says you're going to collect about ninety four hundred or the ninety four hundred dollar risk has been collected at the end of twenty four months and we're sitting with positive cash or surplus cash of about six grand. Okay, we've collected about sixty one hundred and forty dollars to put in the next bucket. All right. So this is where it gets a little interesting for people to think about, you know, the money that's coming in. I've had this customer on the books for twenty four months. I've collected sixty one hundred dollars. I have an extra sixty one hundred dollars to apply. And we've already collected from that customer sixty seven hundred dollars. okay so what that tells us is of interest of interest yeah of interest across that twenty four month period so what that tells us is the sixty one hundred dollars doesn't even um cover the interest bucket okay so so it's another way to think about that we haven't even you know we haven't even filled the interest bucket at this stage again we're in a twenty four percent interest on this one so what that means is the amount really that we've collected in terms of gross profit on the original deal is is nothing if we're really taking if we're taking the money we collect from the customer just p I all the cash and we put it first in risk and we put it next into interest then we have not yet collected any of that gross profit on this deal at the twenty four month mark. So why is that significant? Well, because we're two years into the contract, we know that these cars only perform a certain period of time, right? They have they have a certain shelf life or life expectancy. They have some miles typically when they're financed originally. But I think the other thing that concerns me here is a couple of things. One, we run the risk of paying income tax. we're into two full years of taxes filed, right, on this. We've covered two tax periods in this situation. So we run the risk of paying gross profit or paying income tax rather related to gross profit that we haven't even collected yet, two years in, if we apply the math this way. Obviously, you know, you can, when money comes in, you can put it in whichever bucket you want, the dealer can. It's just, I think this is starting to break it down in a way that we can start to think about that and think about lots of considerations. And again, this is a lot of kind of deep math that we're dealing with today, but I think it's, really important math for us to contemplate, and it's challenging. We look at a deal, we have a customer who's been a good customer, their car's got a little issue maybe, or they've maybe had a little change in their family situation, whatever, and we're contemplating trading them. We know we want to keep them on the books, right? It's just the question becomes, what is the target outcome here? And what do we want to do in terms of our model in terms of earnings so you know will it make sense for dealers to trade at twenty four months we're just putting the information in front of people and they can decide for themselves right this is what we're doing at VA is making sure that people know I'm not able to read the comments from from where I'm sitting so so it just basically is saying this and by the way this is really just as a former dealer myself this is the stuff that always was really challenging to know and um it's and and we've confirmed in our in our two v eight conversations around the subject already that it is challenging for dealers to figure out we've heard dealers say you know it's kind of a case-by-case basis and and I get that I would say the math is not a case-by-case basis because I hear when I hear dealers talk about the case-by-case that's an underwriting decision about whether they want to finance the customer again this is not underwriting decision. This is hard math around what the deal structure looks like if you trade the customer. Okay. So it's a different thing. It's not about underwriting. You're going to make a yes or no decision about whether or not you want to trade. But when you trade, we're just saying this will be the mathematical outcome. So again, we've got work to do on the profit and loss side. So, um, Anna Maria said, you know, you should win an award for your spreadsheets because they're so thorough. Um, and then Ivan, uh, right here. Yeah. And then Ivan, um, Corrective? Ivan, sorry. Probably proceeds from the car sale, the six thousand, need to be applied to P&I. Okay, so he says probably. We're gonna find out. We're gonna ask the CPAs and so we'll find out because I think, I know it hits the balance sheet, right? We know it hits the balance sheet, but we're gonna ask the CPAs about the impact on the P&L. And so we'll come back with that information from, we'll use our fractional CFO Paul says we'll use a three expert rule. We'll go out and get three experts to give an opinion on that. And in the gap accounting, they probably all have the same answer. So we'll find out. We don't have to decide for ourselves. But we'll go back to that. So the other part I wanted to really illustrate and what this tool provides us an opportunity to do, because as we work through the modeling, one of the things that became glaringly evident was the impact of APR in particular. And I think for today, that's where we'll stop, Michelle. We'll look at APR and just show the difference. And I would say across our V-eight groups, we have dealers at eighteen percent, I think is about the lowest. Now, that's not true. We've got some people doing tiered stuff that's down in the fifteen, sixteen percent range. but I think for our illustration here today what I want to show is the difference between eighteen percent interest and twenty eight percent interest we got dealers in our our uh v-eight circle that are in that twenty eight thirty percent interest range and so I think what this does this tool allows us to use the same deal structure this is the same selling price of car we're not going to change the payment We're not going to change anything about that. We're just going to change just the APR. So let's drop back to eighteen percent. And what I want you to look at is over here on the balance that the customer owes principal at the end of twenty four months. Let's look at that number at eighteen percent. It's showing that the customer at this stage, two years in, would owe about seven thousand dollars on that note at eighteen percent. So let me let me just let folks think about that for a minute and say so we can also see that now the interest earned across that period is less. It's forty six hundred dollars. Right. We reduce the interest rate. So it stands to reason we're going to have. less. We're also going to have a seven thousand dollar payoff instead. So we can have a quick look at the cash flows, fifty five hundred dollars. The balance sheet is now going up eight thousand dollars as a result of the same trade with no down payment. So that's interesting I didn't really contemplate the impact of that part but if you think about again same car we're trading we're trading the same car in the same condition the customer paid the same payment for twenty four months we put the same down payment originally this car cost us the same only thing we changed was the apr right so now the customer owes um seven thousand dollars at that stage of their contract and now if we just go back and move that interest to twenty eight percent Now the customer owes about ten six. OK, so this is important. This is really important. I think this is important thing for us to contemplate. And again, I know that, you know, the lenders out there in this space, they've been looking at this math for a time. I just haven't really seen them share. this kind of information with us. And I'm sure that as they make their own underwriting decisions and stepping in and providing financing for dealers, they're analyzing this kind of stuff and they see that. But when we talk about this idea of having water in the portfolio, I think it's just, it's really, a way to, because I wasn't the one who used that phrase, one of our V-eight members, who's a former banker, was able to say, after seeing this same math, said, it just kind of looks like you have water in the portfolio. So what does that mean? Well, the balance of the account went from seven thousand to ten six, same customer, same car, same payment. So if you think about one hundred of these contracts or just multiply it, think about Two dealers financing the same customer, same kind of car, same payment. Underwriting is the same, right? So, you know, you could say one dealer's got a seven million dollar portfolio and the other's got a ten point six million dollar portfolio. And I'm not here today to make the case for one or the other. I'm just saying they're very different. They're very different. They're very different and they're taxed very differently. They're taxed differently. So we talked about you can make the case here that this dealer is still sitting on these assets and this dealer has collected more interest. They've collected more interest. And we said that that interest is only shown as income as they collected. I think the question becomes, isn't it logical to conclude that this dealer would probably face more severity in their charge offs? Again, let's imagine a scenario where this customer charges off at month number thirty. OK, well, obviously, again, same car, same customer. This dealer is going to have higher severity, which, you know, folks who aren't familiar in charge offs, they look at severity in terms of dollars and then frequency in terms of count or number of accounts that have charged off relative to sales. And so this is something that we have to be mindful of because clearly this dealer is going to have in the event of a charge off customer has the same life event that we know our customers have. the car ends up in a repo and charge-off. The cash value of the repo should be the same, right? The repo, what we recover in cash should be the same, but clearly the dealer who's got the higher APR is gonna have a higher principal balance and the severity of their charge-offs is gonna be higher. I'm not saying that has anything to do with what we've been looking at separately in terms of increases in charge-offs recently, But this math is just math. I mean, you can run your own amortization, run your own calculations. This was built on multiple amortizations at the beginning. But it's like, I think this is something that we don't spend enough time talking about in our business. And certainly in VA, we are breaking that down in some depth. And now what it does is it allows us to continue the conversation. add other layers like the one that you referred to, and then also allow dealers to form a more intelligent policy around trading, right? Because I think the part we don't know is, if we don't trade this customer at twenty four months we do know that customers do start to lose interest in the car they're driving right they see something shiny they like the idea of trading and would like something new so we know there's the the desire factor to trade we also know that there's a light at the end of the tunnel factor when dealers or when a consumer starts to see that they're getting their balance down and they wanna own it. Dealers said in our meeting last night that once the customer gets down to where they pay it off and they get the idea of being without a car payment, they tend to not wanna buy another one. They want to kind of experience what it's like to not have a car payment for a while, which is understandable. And I'm not advocating for one or the other. I'm just saying it's a real thing. Customers have that. And now all of this information just helps dealers to make a judgment. And I think it's fascinating from a lender perspective, you know, bulk buyer perspective. Two dealers, same customer, same collateral. very different balances in their portfolio because of the APR. We know that those folks have analysts and they recognize that and see the difference. I just think this is what's beautiful about our buy here, pay here business. Dealers have the flexibility to create their own business model, deal structure, whatever works for them. I think part of the reason, and again, there are many, we don't need to go into all of them today, but part of the reason that I like for dealers to study the twenty-four month mark is I think if we can understand the math of what it looks like to trade the customer roughly every two years, then we can adjust our model accordingly because of these numbers down at the bottom that say, you know, we're collecting a certain amount of risk and a certain amount of interest and the rest is gross profit. And how that balanced out is up to us. Now, it is worth mentioning that even though we haven't collected any of that gross profit, I didn't say it, I shared it last night. So obviously we need that gross profit in there We need some gross profit in there because obviously that runs the price up to a point that does drive the interest. The account balance drives the interest earnings. So it's not that you wouldn't have any gross in the deal. If you did, you'd have a lot less interest earnings. So this is all part of the kind of the big math that we've been working on. And again, we're going to continue. We're going to use this to help dealers create a template and they can create their own policy around trading at various intervals. But I think for today, it was like I say, it's not really... it's not a debatable kind of conversation. It's like, it's just mad. I think we're going to get the opinions from the CPAs on the P&L entries, and we'll bring that back to everybody once we have something definitive from them. But I would say for us, we're just trying to put information in front of dealers so they can make these decisions for themselves. And this is the work of White Highway. This is where, in addition to all the work that we talk about with the the intangibles and customer relations and all these kind of things, White Highway is also working to bring better information to dealers And we invite others to come be part of this conversation so that we can collect as much good information to put in front of dealers because they have a tough job. It's gotten tougher in the last couple of years. So it's like they have a difficult job, they have difficult decisions to make. And I know as a business manager, as a former dealer, the more information, the best information I can have in front of me helps me make the best decisions. It's as simple as that. Absolutely. And again, if If there's anything we can help with, please call or text. Again, this tool will only be released to V-Eight members. So, yeah, if you have an interest in joining a V-Eight group, go ahead and call or text at that number as well. Please quit postponing that decision about a V-Eight dealer group. It's time to get you in there. These folks are having some really rich, uncommon conversations. And we want you all to be a part of it. So please get in there. All right. Anything else you want to add? No, I think we should let folks get back to their Friday. So I'm going to bring us back here. And thank you. Let me bring some music up to you. We didn't announce the fact that we totally missed a Friday or Wednesday slot this week. And so we had to. some other matters related to my mother's probate because uh kind of went another path and so we we just never got back around to recording one so so we'll uh we have this we have a topic cute because we we've been doing some research on something and it's pretty darn rich so just letting folks know why have wednesday hasn't gone away it just had a little little gap last wednesday we'll be back next month absolutely um uh thank you so much everyone for joining we appreciate you uh being a part of the show and taking some time during your day to be a part of it. All right, everybody have a great rest of your day and we will see you on Wednesday. Thanks again so much for joining.
