Mark Petrie: Yes. Okay, helpful. And then, Seb, I was wondering if you’re able to or willing to quantify how much of the revenue in the quarter recognized was from retrofit units that were sort of brought to salable condition? And are you able to quantify sort of the level of retrofit units at the dealer today compared to last quarter or earlier in the year?
Sébastien Martel: I don’t have the numbers with me. Obviously, these numbers have been going down every quarter. At the end of Q3, the number of units remaining in the network is a very small percentage of our total annual production there in the super small, almost nothing left in the network, but it was relatively €“ wasn’t that much as well in the second quarter. And what happens is that the dealers convert them quite quickly or we ship the parts quite quickly. So we might ship, I don’t know, we can replenish easily in a quarter of 100% of what we ship. So things turn around quite quickly. Usually, it’s just a few week window between the time we ship the unit and we shift the parts.
Mark Petrie: Okay, that’s helpful. Thank you.
Operator: Next question will be from Cameron Doerksen at National Bank Financial. Please go ahead.
Cameron Doerksen: Thanks. Good morning. I just want to talk a bit about the side-by-side market. You sort of called out the market share gains that you’ve had so far this year for the Defender. Are you able to give us some color around what percentage of your SSV, I guess, sales now are related to the Utility segment?
José Boisjoli: Yes. We used to be behind the segment or the proportion of the segment. As you know, Utility is about 60% of the industry and we use — the Defender used to be below that in our numbers. But like we said on the — in Q3, we’ve gained nine-point market share in that segment. And right now, we are about in line with the industry. And the utility represents for us about 60% of our retail in Q3, which is a great — which is a great accomplishment. The other thing I would like to highlight to give you more colors, we always also measure the premium product versus the value product. And about 75% of our side-by-side sales are premium, where the industry is 55%, then we’re gaining share. And on top of it, we’re gaining on the high end which all — which has been our trademark in the sport with the X3.
Then we’re very, very happy with the momentum we have in the side-by-side business this fall. And again, it’s a combination of we added the capacity and now the supply chain is getting better and the momentum is there.
Cameron Doerksen: Okay. No, that’s really good information. And maybe just secondly for me, obviously the dealer retail for you guys have been really exceptionally strong. I guess my question is, are there any signs for you that are sort of cautionary? I mean other than sort of the macroeconomic indicators that we all see. I mean, is there anything that you’re seeing out in your markets that would give you, I guess, any reason to be incrementally more cautious than, say, three months ago?
José Boisjoli: Again, it’s a bit in line with the question I answered for the European market. When you talk to the dealer that will tell us that the traffic is not as much as it used to be, but at the same time, we don’t do as much publicity. And when the customer show in the form, there is not much to see then there is a reason for that. But when you look at our numbers, I mean, our retail in Q3 was exceptional. The net new trend in Q3 was over 30% when typically it was 20%, and it’s about in line since the COVID 30%, 35%. Our web traffic is higher than what it was pre-COVID. The other thing also that change into the COVID period is the household income, 65% of the population in U.S. household income is below $100,000. And all our products are significant €“ not significantly above, but our lowest product is ATV with $115,000, and all the others are above that.
Then when we look at €“ and 40% of our Q4 retail is presold to consumer. Then when you’re adding all those elements, we’re hearing like you do about the macroeconomic concern and the slowdown and the interest rate except for the traffic at the dealership, we don’t see that in our hard numbers.
Sébastien Martel: And the traffic is down compared to COVID, where it was obviously at an all-time high, but in line with what it was pre-COVID.
