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 good morning everybody happy friday right it's friday yes the days are a blur yeah it's a whirlwind here we've got stuff going on getting packed up to move and yeah tuesday we pick up the moving truck yeah so so michelle starts packing she's she's very organized and she she likes to plan in advance so she's been boxing stuff for a while It's organized chaos. Yeah. I'm like, honey, where's my toothbrush? What happened? No, I, I, I have intentionally not packed any of your things. Um, pretty much so except for, yeah. I just brush my teeth once a week. It's fine. It works out. Okay. But it's like, I just was one day I was looking for it, but yeah, no, we just started packing and I'm a, I got a little one more round of data and then I'll be involved in all the packing starting this afternoon. So, Yeah, we've got a busy weekend. So welcome, everybody. It's Friday. Fri-yay, a lot of people call, or TGIF, or all sorts of things. I know in our industry, it's not really the weekend until Saturday. Saturday night when you finish. Saturday's not the weekend either. But they don't work on Sunday, most of them. Oh, that's true. Yeah, a lot of them are. So it's a short weekend. So their break from work doesn't happen for a lot. Yeah. Yeah, so do we have any announcements? Nothing really? Just a reminder about Monday night is our... Oh, yeah. It's in the invitation again for our V-Eight Discovery. For those folks who want to get involved in a V-Eight Discovery, just see what it's all about. Try it on for size and get a feel for what we do. The data we're going to cover here today... And excuse me, I'm apologizing in advance. I'm going to be clearing my throat, coughing a little bit today. I still got a little lingering cold, sinus, whatever. Since our trip to New Hampshire, yeah. Yeah, picked up a little something and... So, yeah, I would just say for folks who want to see that, what we're digging into today will be an illustration of some of the stuff that we calculate and that we look at. And had a new member in a meeting last night. We had two V-Eight meetings this week. We'll have two more next week. And so I've got more data to turn around. We kind of talked a little bit just, I think, briefly on Wednesday about one of the things that is – special about a lot of the things you're doing with VEA is because you slice and dice things to give a different perspective on the same things because different perspectives can give you different perspectives and different aha moments. And so this is what we're going to talk about today is, is One of those. And usually every month, Jim, every month, just about. And it's like, I can tell when Jim's working on a new perspective, because he's just like, he's doing this a lot. And he's heads down for like a whole day. Sometimes, yeah. Yeah. And so, yeah, I dig in sometimes. And this is a... Today's data point, we'll call it, is me backing up about ten steps and just simplifying. Ah, that is so valuable. Yeah, it will be, I think, in this case. Yeah, it is so, so valuable. I think this number means a lot. And I'm presenting it to dealers and letting them decide for themselves. From my perspective, it looks like... It's a number that we ought to pay attention to. And so today what we're doing is providing a way to help dealers get to the numbers quickly and be able to get a feel for how well the portfolio is working. And, you know, especially in today's climate, it's so important that you are looking at what's happening in your business from a lot of different perspectives. Let go of ego. Let go of the story about why... a certain way you're doing things works and just like, look at it and have an open heart, open mind, open eyes and look at it from different perspectives. Because like I said, when you, when you stop and you back out and you shift or whatever, it's, I'm always posting things on my social media about the perspective. And before we get started on this, it's just I'm going to give a little tutorial. And it's like one of the ones that I use frequently is that you're looking at a picture of a circle and everyone's like, it's a circle. And then you turn it on its side. And it's a cylinder and you turn it on its side and it's a rectangle. Right. So it's all the same thing. And people get so stuck in their perspective that they're there. So what you know, what one of the cool things about V.A. is it really pushes dealers to look at things from different perspectives. Right. And there is a lot of value in all things to be able to draw back and look at it from a different perspective because, you know, you're going to learn an awful lot from that. For sure. Yeah. So, yeah, last night is an example where we were able to put this particular data point on a bar graph and show everybody in the group Here's your numbers based on the last six months of history. And I think this can be true of a lot of the stuff we look at in V-AIDS in a comparative environment. But it's like you have math that is just... It's really not debatable. Yeah. I mean, if we can say that the math is, you know, there's a reason my math looks like this versus, you know, the dealer next to me. Yeah. But the math is the math. Well, and it's human nature to hold on to being right. Yeah. Yeah. And so it's like sometimes when it's math, it's like we're talking straight line things and having to be right all the time is not necessarily a straight line thing. Yeah. And listen, for me as a coach and a moderator of these meetings, you know, I don't I don't have to. urge anybody to change their, their business approach. I mean, I lay the math out in front of them and I let them discuss from one another. In fact, in the last night's meeting, we had one dealer whose numbers really rose above the rest and it allowed us to really dig in and we'll continue to dig in. It wasn't a good way or wasn't a negative way. Their numbers were excellent and they changed metric. Okay. And so we can see month over month what happens. But I think, um, This one may not. We have other numbers that are pretty indicative of differences in business models and approaches. This one could end up there. It's a newer calculation, but it's basically right now we're just trying to give people a simple way to look at of the money that left your portfolio across a given period. How much? It's usually on the month because that's usually how we're, but you know, you do the rolling averages and all of that, but like, this is what we're looking at is a snapshot of a month. Well, what we'll look at today here is a six month rolling average. Like I think on any given month, you can expect to see that it's up or down. Well, I guess the one dealer that we're showing on the screen is the month of, you're right. It's the month of September. Okay. So, so that one is. And so the, all you know is the, the V eight groups, they, they slice and dice what happened the prior month. And so, and it's usually running on a three to six month average. Yeah. We have some that are three months and some that are six months. We try to lean on a six month average whenever we can, just because it's, it's less reactive and it's right. Right. It's a better able to show you. Well, it's that pulling yourself back and not getting into the minutia, into the micro. And it's like looking at it on a macro level because you know, for women, your weight fluctuates all month long. It just does. And so if we get all tied up with like, oh my gosh, I put on two pounds. It's like, let's scale back and go, no, I'm just like right there. It happens for men too. Mine fluctuates every time I walk through the bakery department at the local grocery store. He's got like maples. Yeah, come back to the grocery store. Yeah, he's got a little in his mustache. And so when he's doing this, it's more he's pulling maple out of his mustache. Yeah, probably so. Okay, so should we throw this on the screen? Okay, so let's do that. All right, so let me, on my side, I'm going to expand it where it can be seen a little bit better, at least on my screen. So I hope our viewers are able to see this well enough. What? I can't see it any better yet, but that's okay. Oh, that's just on my view. Oh, okay. So hopefully they can see it the way that I'm seeing it. Again, most, well, a lot of our listeners are listeners and they're not watchers. Correct. So if you want to take a look at these numbers, please go to our YouTube channel. Okay. Go ahead. And I'll put that. All right. So what you're seeing on the screen is our White Hat Way Banked Value Index is what I call it. Sounds kind of wordy, but it's like... White Hat Way is, you know, it's got to have a name. Yeah. And so this was created by White Hat Way. And so I'm just trying to help everybody who wants to refer to this. I'm happy for twenty groups to start to refer to this. I hope they'll call it the White Hat Way Banked Value Index because this is our... method of simplifying, getting, you know, data in front of dealers. Yeah. And it's just it's a way that I think we could all if we can all get comfortable with this idea of what this number represents, then I can say it's it's math. And what what's also important to me, Michelle, is that it's the kind of math that a dealer can get to on a napkin on the first day of a month. after the calendar month closes. So this is even more simple than the, the, um, yeah, I shoot me. Um, there's a couple that are pretty simple. There's a, there's our principal and interest collected is one of the ones I talked about just last night that, you know, P and I collected as a percentage of, or, or per account rather is a simple one to get to easy on the first day of the month. Some of the other ones that we run are a little more complex. We have, we have quite a few calculations that happen in order to do projections and what have you. But, um, um so let me take folks through this and what i chose was an actual dealer one of our members of um of a v-eight group and i just loaded up their actual numbers from the month of september and i actually um this dealer is from north carolina okay and so i have my charlotte north carolina oh look at you yeah it's from starbucks because i have to i don't see anything says north carolina on my side but but oh sorry it says charlotte i don't see it there it is okay So this this data shows the dealer's actual results from the month of September. So let's just walk through it. The opening principal balance for this dealer was four point seven. I don't go through all the numbers. And that's an easy thing to get to opening principal balance. Yeah. OK. Originations, about two hundred sixty six thousand. So that's how many new contracts are now. Yep. We're added to in principle. Everything we're talking about here is principle. Yep. Not interest. Right. So we're just looking at the principal balance. And so how much principal did we collect? How much principal did we charge off? So in this particular, for those not seeing the screen, the dealer's originations were two sixty six, two hundred sixty six thousand. Collected principal, call it one hundred and twenty thousand. Uh huh. Charged off principal, one hundred and ninety thousand. Wow. And then other principal adjustments, which would be write downs, those kind of examples where, you know, payoff comes in and it's, you know, a thousand dollars short. And so we just write we adjust that or write it off. And it's not a charge off, but it is reflected as an adjustment to principal. OK. And then. We use those numbers to calculate. The other things that are being adjusted on the screen would be any contracts that we acquired or contracts that we sold. So we would need to adjust that. And obviously this dealer didn't acquire or sell any contracts and also didn't have any other adjusted write downs. Right. And so what that calculates then is based on those numbers above, that says the dealer would be closing the month of September at roughly four point six six. OK, so and they started at four seven oh three. Right. And they're closing at four six six. Oh, at least that's what they're calculating. What they actually what their report, what their software says is they actually closed with four point six three roughly. OK. OK. That's relevant to me because this is going to be a way, Michelle, for me to be able to help dealers have one more reason to get these portfolios in balance, work with their software provider, get these numbers tightened up. That's the thing. We see that all the time. There's a lot of reasons why your portfolio wouldn't be in balance. Sometimes, when I think about some of the conversations we've had, it's a substantial It's a substantial number. I mean, hundreds of thousands of dollars plus, depending on the size of the portfolio. So it is really, you know, it's like having your budget at home. You want it to balance. And it's a good idea to know where your things are. And it's okay, you know. We're not the government. We can balance our budget. Or pass a budget, for that matter. Yeah, we can do some math. so so that that dealer closed with four point six two series why that's important this dealer is is showing to be short from the calculation they're they're the resulting portfolio that the software shows is about thirty one grand short yeah of what we calculate would be so where did that money go we don't know that's not the point of today but what my point is what i chose to do very deliberately in in running this math was to use the actual reported number at the close of the month so it's we started the month with this we closed the month with this we know we added these new contracts we have these other adjustments in this case nothing but and we added these other contracts and now we go back and look at okay of the money that left the portfolio and the way i've illustrated it like visually in our dealers and our conversations with some of the folks we've been working with is like it's a little like having two fists like this much money left the portfolio right okay this much in one fist this much in the other fist okay some of it i drop it and it goes in the bank The other I drop and it leaves the portfolio, but we don't know. It's not accounted for in like DMS accounting. So banked, unbanked. This money went in the bank deposit. This money didn't go in the bank deposit. Okay. Okay. So it's like, think of it just, that's why I'm saying we're going ultra simple here. Okay. And so this is way. That's why it's like banked value and unbanked. Because our portfolio lost value. In this case, the dealers, what was the number? The portfolio decreased after taking out those originations. We see that the portfolio decreased by three hundred forty two thousand dollars in the month of September. See that at the bottom? Yeah. That's our number. Okay. The portfolio declined. We lost that much value in our portfolio. Like if I stand at the conference and I tell, I got a five million dollar portfolio. So, all right, I need to back up and then you can't pick me up my phone, my voice up. Is this alarming to you? This one, on a given month, no. On a given month, it's going to be up and down. That's why we like a rolling average. Yeah, I mean, exactly. So this is a month snapshot. And overall, and I think, too, with something like this, it's a good idea probably to do it a monthly and then back out to as much as you can annually. It's like, where are we at compared to you know, September of twenty twenty four. And a dealer started asking me already said, you know, where should this number be? Well, it's a brand new calculation for us, but it's similar to other numbers that we've calculated. An article I wrote years ago on the subject about the ratio of collected principal versus charged off principal. In this case, we're looking at Collected principal versus charged off and other identified, I'll call it missing principal. Okay. Okay. So what we're saying is what we know is the portfolio went down by X. So is this based on what, based on contracts, this is the principal that should have been collected? Nope. It doesn't have anything to do with really. Well, no, it doesn't because we're charging off accounts in the month of September. This dealer would have charged off. It could have been originated a year ago. is not changes to people's people being late changes to it's not okay it's not it's just all that really is is when we run the math and we identify all the components that we can identify in this case the three components that we can see on the screen are we know how much paper we originated yeah we hope we can rely on our software to give us that number How much principal did we collect? That's a hope. So this is, I mean, dealers, this stuff gets a little muddy. People with RFCs and the way software handles RFCs and they really get this discount principal in there and it just becomes a little messy. And so I'm just trying to simplify and help dealers understand that here's the reality, you know, Mr. Jones or Mr. Smith or whomever. It's like your reality is your portfolio went down by X and here's how much you can see for sure when in the bank. Okay. So we're just calling it banked and unbanked. And so in this particular dealer's case, their banked number for the month of September was thirty five percent. They banked that one nineteen collected principal. And so that came out to thirty five percent. And you'd say, is that good or bad? Well, it sounds pretty bad to me. And when I go over and look at the group average for six months for groups one and four, which are dealers, one hundred to five hundred percent, that's fifty six percent. So it goes back to what people ask me, what's a good number? Well, I would like to see it... If you look at principal collected versus principal charged off, we'd obviously like to be collecting more principal than we're charging off. I think most of us would say that. Most dealers would say, yeah, I'd love to bank more than I charge off. Well, and when they say, I want a number, I want a number, I want a number, I think I personally... um, that based on economy, based on the market, based on a lot of things, it's going to fluctuate. So when you do something where you are looking at an aggregate, this is the average, that's probably your number. It's like, that's where I should be aiming. So if I'm, if I'm over that, great. If I'm at that, then, then, you know, it's like, I'm, I'm, I'm doing, I'm doing okay. Based on the market. temperature based on the market based on the you know economy based on all the things and this group average right here even in this um period of turmoil that we've had you know we've had a lot of charges at and even started in yeah so when i look at that i just did some quick math over here Years ago, I wrote an article that said, you know, we really want to be collecting more principal than we're charging off. So if you just want a quick and simple number, you could do the same thing here. You could do how much principal that I collect versus how much principal I charge off. Okay. And I said that we'd like to see that number be at least like one hundred twenty five percent. Okay. So of what we charged off. So if you if you. Charged off a dollar, you hope you collected a dollar twenty-five is another way to say that in principle. Yeah. Okay? Yeah. So that's roughly the ratio here of fifty-six percent. You've got forty-four percent charged off. Okay. And this just happens. So that fifty... That fifty six percent is what you in that article said should be one hundred and ten hundred twenty five hundred twenty five. So versus no versus the forty six. And it is about one hundred twenty five percent of the forty four. I see the forty four percent down there below. That's unbanked. If we compared it to our unbanked. So I don't we're probably confusing. So I'm OK. So all I'm simply saying is we in this case, the dealers in group one and four, six month average ending September. they did collect more principal than they charged off. Okay. So like back again, zoom back based on the article that you did before is that an aggregate we're doing what it is. Most dealers or the average is doing what it is that you said, this is what we should be able to do. Yeah. And this six month average just happens to support that even in this period of heavy charge offs, we're collecting this group of dealers ending in September. They collected more, more principal they banked more principal than they have charged off and unidentified combined okay so we have dealers that have other unidentified buckets so this is all i'm trying to say is if i look at just what you reported your portfolio was at the end of the month we know that your portfolio started here it ended here it went from here to here so that's what's a decline in value when we take out the new contracts we added which is a number that i find that dealers they have a hard time getting to that number and they wouldn't maybe even think to look at it, but it's like, because there's so many moving parts in a buy here, pay your business, right? You're adding new contracts, you're charging off, you got repos, you got this and that, and you got all these different metrics and people like to look at a collateral recovery rate and it's not wrong, it's just different. And so it's like, you look at a collateral recovery rate, but what I'm saying here is this is just simply saying our portfolio currently is, As we decline in value, like I like to say, if I'm this dealer, I got a four point seven million dollar portfolio. And as an analyst, my next question would be, but what does it yield? So, you know, how much of that converts into money in the bank? It's that whole phantom stuff that we talk about all the time. It's like, OK, so is it converting at a good cost? So this is cash. This is just saying again, and this is just principle. So I think it's important. People will look at this and this is fun for me when I'm in a V eight meeting and I start getting, yeah, but yeah, but like, you know, they have different ideas and what about this? What about this? And like, You've got to compare. This number is just this number. The cool thing is the yeah buts, if you sweep them away, then you're comparing apples to apples. We all want to try to tell you reasons why what we're doing or whatever. It's a way of Apples to apples, simple math, simple numbers, and all of the yeah buts are like, let's just disregard those. We're looking at this. Where do you fall on the thing? And where do you stand on the graph? You can see your fellow members, and you can see what their numbers look like, and you see what your numbers look like. And on that thing is apples to apples. It's apples to apples. Yeah. Yeah. And so, again, it's like I'm always trying to find ways to articulate verbally and visually, like to be able to express visually what it is that's happening. And I like this number because it simplifies a lot of it. It takes out repo value. There's nothing here that talks about repo values. It doesn't matter what we recover. This dealer charged off one hundred ninety thousand dollars gross. That was the customer's principal balance at the time they quit paying and the account charged off one hundred ninety thousand dollars gross principal balance in the account. Did they recover five thousand dollars in repos or one hundred thousand dollars in repos? Doesn't matter for this number. That's not what we're studying here. What we're studying here is how much of our customers are. Paying like out of our portfolio, how much of the money that leaves our portfolio on a given month goes in our pocket. It's just that simple. And so the repos, the repos might get sold next month. They might get sold in twenty one days. It's like it doesn't matter for this calculation. We're simply saying this is the percentage of customers who of the dollars that we that we squeezed out of our portfolio or that left our portfolio. Some of them in the bank, some didn't. And so this is just a way to get super simple. So, you know, this unidentified principal adjustments. Which are the things that's like, that's the question mark. What kind of things usually are that would be that number? What kind of things contribute to that number? Do you have any? Yeah. I mean, yeah, we see it be. software doesn't allow for certain numbers that spits out or not principal. It's really given us a total balance with principal and interest and some other stuff. And so it's not, it's not telling us everything. And so we can't, so we have to work hard to go in there and find out what it is. You know, we have a real big problem with lease your pay here because our lease your pay or people, a lot of times, depending on the software, they have a hard time getting to a principal balance. And, and some will say, well, principal doesn't matter in a lease. It does when you want to start talking about this kind of stuff, when you want to start talking about how does this number compare? to other dealers. And look, lease your pay here is a tax strategy. I mean, it's a. It's a tax strategy, but it's still a payment needs to be made. And, you know, there's other benefits. But I'm saying in reality, if you're a lease your pay here dealer and I'm a buy here pay here dealer, you're getting two thousand down from a customer. You're setting a payment of X, you're costing the cars X. And so how you amortize it and how you collect back from the customer and how it looks you know, on the paperwork. It's just a deal structure to a subprime customer. It's just like, it's the same to us. And so when we put a V eight environment, we put dealers in the same group and we, we let them see lease your payer versus buy your payer. But in order for it to really stack up in numbers like this, we got to be able to get the principal. Yeah. Oh, what you just said there about having them in the same group. I've got like a whole group. Yeah. Can full of questions that I don't want to. Future podcast. Future podcast. Yeah. So we got more topics. So we're not going to run out of stuff to talk about. Yeah. So this is a number that I would just urge people to contemplate. And so it's easy for them to run and do the math on their own. They can run their own numbers from the month of September right now. You go back to my portfolio started here. It ended here. I need to adjust for the new contracts that I added. And then just figure out how much of that went in the bank. Principle. Forget the interest. Forget the repo values. That's a conversation for another day. That's how we offset some of our losses. But what we're looking at right now is on a, across a period when our portfolio loses value, how much of it's going in the bank. And so we're just, we're just trying to get simple and just trying to, so, you know, it's, I feel a little silly, a little embarrassed that I'm, it's taken me this long to, to kind of zoom out. Well, you're a numbers nerd, man. It's like you go right down rabbit holes and it's like, Oh, this is cool. Overanalyze, I suppose. But it's like, there's more analysis to be done. You're a really cute numbers nerd, though. Oh, thank you. She likes me. We like each other. So you guys have to put up with that around here. But yeah, I think the thing I'm trying to show is that it's, yes, interest that we collect matters. Repo recovery that we collect matters. We'll study that later in a separate analysis. But this is just simply saying, we're not putting some of this money in the bank. so it so it's like okay if we're not putting some of this money in the bank then that's something for us to you personally or as a group or whatever to just kind of dive into so that we we understand what it is and where it's going yeah we had dealers in our meeting last night that are their six month number was like forty percent And now you've got dealers over there that are like eighty percent. We had some dealers. I don't want to say the numbers like eighty one percent. OK, they're banking eighty one percent of the money that their portfolio decreases. They're banking eighty one percent of those dollars. Eighty one out of every hundred dollars that leaves their portfolio goes in the bank. So, you know, it's an important thing to ask them. How do you do that? How does that work? And, you know, while that may not end up being somebody else's strategy, it's important for them to understand what that strategy is that's tied to those kind of results. Yeah, yeah, yeah, yeah, yeah. And I would hope to a point that most people are open and flexible in their strategies to a point because you can't just be like changing your strategy every month. Yeah. I do love when you come upstairs at the end of a V-Ape meeting. It's like, how did it go? It's always like, it was a really great meeting. We had a really great conversation. So often, it's like we didn't really even get into the monthly numbers we just jumped right into other things so i don't know we spent a big chunk of our meeting on tuesday night talking about reinsurance and and you know how it works and for different people we have people in there that are in reinsurance so and then we so most of our meeting was taken up with two big topics and then we got to the data it's kind of cool because it's like a monthly hot topic based you know dealer hot topic based on the group what do you want to talk about and so it just kind of it goes and Yeah, sometimes they don't have anything to talk about. And sometimes the data stimulates conversations, right? But yeah, this is one that I think is going to be something that will be a regular part of our regular summary report. And then we can build on the history and see what it shows. And hopefully we're all going to see that number improving and we're going to be banking more money going forward. Yeah. And, you know, every dealer out there. um regardless of what size it's it's just it it's good business especially in this industry where there are so many moving parts to continually sharpen your tools continually learn continually sharpen because i mean small little things can start to make big differences and and it's it's a really it's a you know we we um are huge advocates for dealer peer groups Um, twenty groups, twenty groups, VA groups. I mean, there's there's those are the, you know, the the two that come. But there's others, too. And it's really, you know, again, we we I may be preaching, whatever, but you don't know what you don't know what you don't know and you don't know. until someone asks a question that makes you question. And so it's getting yourself, whether you're going to a conference and you're sitting at a lunch table and you're talking to other dealers and you're not just... you're not just, um, puffing up your chests and, you know, look at how great I'm, but it's like asking questions. What are you doing about this? How is this? And, and, you know, dealers it's, I love how, how dealers are just like some of the most fearless entrepreneurs in, in, and, um, you learn and you grow when you can let go of ego. Yeah. And so and and it's funny because when we first started talking about ego and it's like our our our industry is you kind of have to because it's like you're a maverick and it's like I can freaking do this and this is. you have to start to, to scale that back and let go of ego and now be like, I'm open and I'm teachable because we get so tied to our way of doing things that it's, it's, there's a lot of growth. Kind of wrap up here. I would say that a couple of things that come to mind, I've, I've said, I've used the word thoroughbreds. Like I meet dealers that are thoroughbreds. Like they're, they're, And what I mean generally by that is there are people who are kind of born to run, and they're fearless as entrepreneurs, as you described, and they want to go, go, go. And sometimes my job is a little uncomfortable. I'm used to it now. But sometimes my job becomes to pull back the reins on the thoroughbred and say, let's slow down a little bit. This is something that we need to make sure we understand. Make sure that you have a firm foundation. And listen, across even the last three or four years, in the time you and I have been working together, we've seen dealers – crash and burn. And it's just, it's painful to watch. It's like, you know, we, we try to try to caution them against some of the stuff that is hazardous in this business. And sometimes they just have their own ideas about how they want to do it. And you know, it's in the day, it's their business. It's got their name on the building and they're going to go. We, all we can do is really advise and caution and, And sometimes we strongly caution. Yeah, this is one of the things that Jim, since we started, I was like, you know, I would say you really should. And he's like, yeah, we strongly advise. Because when you tell someone who is very tied to their model and the way they want to do it, you should do it this way. It's like all the walls go up. So it's like, we just advise that you do this, but you know, it's our, what, what, what you've seen in your. Twenty five plus years of coaching and looking at data and all of that. we would advise that you do this because when you do it a different way, sometimes the results can not be good. And listen, we just are cheering for your success. We want you to be successful. And so this is part of what today's about. One other quick story before we go, because you talked about the thing about, you know, dealers putting aside their ego and what have you, but the, the story that comes up, there's a, there's a, it's a, probably a, uh, made up story, fable, whatever. But there's a story about two guys who are like lumberjacks. They're working in a, you know, lumber field and they, they work together and, and they, the one guy notices it every day. His counterpart takes a full hour for lunch and comes back. And every day, uh, even though the one guy doesn't take lunch the one guy takes a lunch break and comes back and he consistently produces more wood he produces has more output yeah and so he's like i don't get it i don't get it man i'm not taking a lunch i'm still working during that time and so they ask him what do you how do you do that and he says well at lunch i take time to sharpen my blade So it's like, you know, this is just the example of super simple. Yeah. And it's, it's, I, I, it makes me also think of like the, um, the, the, there's that cartoon that you posted a long time ago where there's a King and they're having a war and you're looking out the tent and he's like, and someone's standing behind me. It's like, Hey sir, there's someone here that has something that they want to show you. It's like, no, I don't have time. And they're out there, they're out there with, with, with swords. And the guy behind him has a Tommy gun, a machine gun. So it's like, you know, we get so we, it's like, let's get so wrapped up in the battle. So wrapped up in the battle. And we work hard. And sometimes we think working harder. And so this is just obviously an example of metaphor about working smart. And that to me is about conferences and, and, you know, yeah. Yeah. Yeah. Get yourself familiar with what else other people are doing. Learn from what they're doing. Listen to podcasts, do dealer peer groups and just educate, educate, educate. A quick mention. We're still a couple of weeks out, but you've got the dealer round table coming up in Nashville. Yeah. I really wanted to be able to go to that too. Get yourself a plane ticket and get yourself out to that because you'll have a chance to sit at tables. There's some really great moderators are going to be hosting conversations and at that event in Nashville. So we would urge people to get out there. Hey, everybody. It is Friday. And so thanks again for joining. We know you guys have a lot of other places that you could put your time and energy into. And so thank you for taking a few moments to open yourself up to different perspectives and maybe learn a thing or two. And, you know, we just really appreciate that. And because we do know you're busy. Yep. So have a great collections day. It's, you know, Fridays is usually a pretty big day on collections. And we'll be back on Wednesday, which we'll probably have stories about how much we hurt because we'll have been loading a truck the whole day before. Go get that money in the bank. Even if it doesn't come today, get it in the bank. All right, everybody. Have a great day. We will see you next week.
