Operator: Thank you. Our next question will come from Chris Pierce with Needham. Your line is open.
Chris Pierce: Hey, Bill, you talked in your remarks about feeling better about the macro as wholesale prices come in quicker than they normally do at this time of the year, if I understood that right. Are you feeling better about the used car macro environment returning to a 40 million unit number at a sooner rate than you had previously thought based on kind of what you’re seeing out there? Just wanted to get a sense of how you’re thinking about bigger picture?
Bill Nash: Yeah. No, I don’t — I think it’s too early to make that call. My comments around the depreciation, I think what we’re seeing now is depreciation, which you would normally see. If you go back to the old normal — the normalized environment, which is hard to remember back then, typically, you see depreciation this time of the year into the fall. So I think we’re seeing that and again, while it can be a bit of a headwind for the wholesale business, I think overall, it’s good for the industry because it just makes those cars more affordable, especially for a consumer that budget pinched. So I think it’s still a little too early to say we’re going to get back to $40 million right away, but I think the more prices move down, the better that is for the industry.
Chris Pierce: Okay. And then on used GPU. The question was asked about of lack of new car sales leading the lack of used car sales and you guys retailing older vehicles, if I understood that right. If you’re going to be retailing older vehicles for the next multiple years, is that a multiyear tailwind for used GPU? I know you raised it to $2,200 to $2,300, what we just saw come in above $2,361. So I’m just curious if there will be upside to that number even if you’re retailing more aged vehicles than you normally would prior?
Bill Nash: Yeah. No, I wouldn’t think of it as more upside. I mean as Enrique said in his comments and in the script, the first quarter is generally your strongest quarter from a margin standpoint. The turns on inventory, less markdowns, that kind of thing. So while the older vehicle mix absolutely helps us from a margin standpoint. We’ve been seeing this play out over the last year because we’ve had a higher mix of older vehicles that we’ve been selling. And really that’s being determined by the customer. So if the customer wants to continue to see older vehicles, we’ll make sure we have plenty of that inventory out there. If pricing comes back in line, over a period of time, and all of a sudden, your later model vehicles are more affordable, especially in comparison to new cars then some consumers may migrate there.
I think that’s the beauty of the business models that we can put out on the lot, whatever customers are looking for. And we have the capability to go older and we have the capability to go newer, just depends on what the customer is looking for.
Chris Pierce: Thank you.
Bill Nash: Thank you.
Operator: Thank you. Our next question will come from David Whiston with Morningstar. Your line is open.
David Whiston: Thanks. Good morning. Just curious on electric vehicles with such a huge surge in demand on the new vehicle side. Are you seeing that on the used vehicle side too? Or is affordability kind of muting that EV demand for used buyers?
