So a long answer to your question, but hopefully, that will add some color.
Joe Lower: And then let me try to put some quantification behind that, John. So if you think about really what Michael was saying, to deliver that, it’s investments in technology, it’s investments in people, capabilities, incubation of businesses and marketing. I mean, those are the kind of the buckets that we look at as we are developing solutions, developing capabilities, developing businesses. The cost of that, as I indicated last quarter, is tracking basically between 100 basis points to 200 basis points as a percentage of growth. And this quarter, it was about 150 basis points. When you look at our 61.9 as a percent, about 150 basis points of that are those types of costs that I’ve tracked that we kind of deemed the support of these critical initiatives, which I think will, as Mike referenced, position us fundamentally different going forward.
Mike Manley: Sorry, Jon, I didn’t mean to interrupt you. What were you saying?
John Murphy: No, no, no, finish up, I’m sorry, just had quick other ones.
Mike Manley: Yes. What I think is important is that what we’re talking about is a progressive expansion of our business. This isn’t a light switch because those customers that have become inactive are obviously transacting with someone else or a different — obviously with someone else or a different way, maybe they’re getting a service or part now from a non-franchised family-owned store. But the reality is they are continuing to transact. So this is not a light switch. All of a sudden, okay, you know what come back to us and everything changes. So you will see a progressive development of this part of the business. But I think what’s really important is it hasn’t just begun. If you look at the investments AutoNation pre-me have been making, for example, in their aftersales business and the development of their technicians, all of that type of business, I think, adds stability in times when new vehicle sales are up or down and margins are really in the hands of someone else and continues to lay down a base of profitability that enables us to develop great cash flow so that we can invest in these businesses.
So it is not a short quick burn flash. It’s a longer run part of the business, John. So I think that’s important for me to say that as well.
John Murphy: That’s very helpful. Just real quickly on inventory levels and the potential for UAW strike, which seems like it’s fairly likely, Mike, I mean, obviously, your former life, you’re close to this stuff. I wouldn’t say it’s probably near your heart, but not dear to it. The situation is going to be pretty difficult. And it sounds like we’re going to have some level of an extended strike at one, if not all, of the D3. How are you setting up to handle that? And what kind of implications might that have as we go through the end of the year for the business.
Mike Manley: Yes, obviously, John, we’re watching it very closely as I’m sure a lot of people are. I think your overview of the situation is probably right. What having been on one side of that table, I think, ultimately, what needs to prevail is the fact that the interest need to be balanced and ultimately get in line. Now whether that is a strike or prolonged strike or they get to an agreement beforehand, I don’t know. But what I can tell you is if you look at the inventory development, the biggest growth in inventory that we’ve had is in our domestic. That to me gives me a level of comfort. We know we can survive on inventory levels way below the ones that we have today. And it looks as if it will continue to build as we get through the summer before the summer shutdowns in the plant.
