Gary Prestopino: And then just lastly, there’s a lot of these kind of products out there dealers can use. How are you differentiating this competitively in the market?
George Chamoun: Yeah, there’s a few elements of why our product truly is unique. Before I get into those features, I’ll just remind everyone we’re inspecting somewhere around a million cars a year with humans. That inspection is giving us a data mode and detailed information about cars that really no one else we believe in the world has. Well, we’re leveraging our technology using products like Monk to go around a vehicle, and we’re getting this unbelievable data mode. And what it’s allowing us to do is take our inspection data, and we’ve created this consumer offering where all the consumers do is go around the product basically using Monk. It’s called ClearCar Capture. We don’t call it Monk for the end consumer. And then we get the ClearCar condition based on hints.
They have a new consumer ask. We ask the consumer a few questions. Well, those questions map to the same data in our inspection reports, and we all know that really the benefit of machine learning and leveraging artificial intelligence is having a really deep, deep, deep data profile. We have that. So at least for right now, we have a huge competitive advantage over anyone else trying to price a consumer car. Now it’s just a matter of us taking that competitive advantage, sitting in front of dealers, and helping it sort of transcend to sort of value that for ACV as well.
Gary Prestopino: Thank you. Good answer.
Operator: [Operator Instructions] The next question we have is from Naved Khan of B Riley Securities. Please go ahead.
Unidentified Participant: Hi, this is Ryan on for Naved. I was just hoping you could talk about plans for cash usage and also the M&A appetite going forward. Thanks.
Bill Zerella: Hey, it’s Bill. So yeah, we certainly did consume some cash in Q1 for some of the M&A transactions. We still have a fair amount of cash on the balance sheet, but what I would point you to are two factors. Number one, look at cash net of the outstanding debt that we have on our credit facility, which was $125 million at the end of March. And also keep in mind that at the end of Q1, $174 million of our cash was comprised of marketplace float, which is volatile quarter-to-quarter. And typically the high point for the year is at the end of Q1, and that tends to trend down through the rest of the year. At this point, we feel pretty good about our liquidity position. We certainly have some flexibility and want to retain that flexibility for other tuck-ins. As they come about as part of executing on our strategy to be in a position to penetrate the commercial market. Hopefully that answers your question.
George Chamoun: I’ll just add to what Bill said. We’re in a very, obviously lucky and favorable position with a strong balance sheet, to be able to go after these tuck-ins and other opportunities. We don’t take that favorable opportunity lightly, and we’re leveraging it to our advantage.
Unidentified Participant: That helps. Thank you.
Operator: There are no further questions at this time. I would like to turn the floor back over to Tim Fox for closing comments.
Tim Fox : Thank you, Eileen. Sorry, thanks Eileen. We’d like to thank everybody for joining us on the call and look forward to seeing you on the conference circuit this quarter. Again, thank you for your interest in the ACV and have a great evening.
Operator: Ladies and gentlemen, that concludes today’s conference. Thank you for joining us. You may now disconnect your lines.
