Ron Clarke: You know not really. I mean, again, it’s the new sales are obviously right, the mix of every 100 new vehicles, the percent EV is growing, but the base is, you know, like in the United States, I think there’s I don’t know about 300 million registered vehicles, and the new car sales are $18 million a year. So half of them were EV, it’s 9 on 300. So it’s super hard Bob to move the base is what I say, which is again, the other things, you know, is the EV adoption is happening more in consumer and lighter vehicles, right, versus like 18 wheelers, which is the other motivation for us to chase these, you know, EV car manufacturers and EV consumers, because there’s going to be way more of those in the coming years and there going to be, you know, heavy trucks on EV.
Bob Napoli: Thank you.
Operator: And our next question will come from Darrin Peller with Wolfe Research. Please go ahead.
Darrin Peller: Hey, guys, thanks. Ron, can we go back to the Corporate Payments segment for a minute again? Just because, you know, there’s obviously been a lot of data points in the industry around SMBs having some challenges and B2B activity being a little bit more, you know, having decelerated. You don’t seem like you’re seeing that as much. So, maybe a little color on what you are seeing in the marketplace? And then more importantly, just medium-to-long-term. You know, that’s obviously an area that we’ve talked a lot about in terms of convergence of some of the assets to really offer a more holistic solution on the account payables side and combine that with payments, you know, whether it’s invoice pay, and some of the other assets you’ve acquired. How has that been progressing? Just maybe a little update there as well?
Ron Clarke: Yeah. Hey, Darrin, it’s a good question. So the good news for us is that, our Corporate Payments business is a middle market business. So our average, you know, account there would look like $200 million to $300 million in revenue for the clients. So you know, a decent you know sized company, you know, creditworthy kind of company. So I’d say 95% of our Corporate Payments business is what we all would call a middle market client. So the SMB move that we made, whatever a year and a half ago was really trying to be upside that’s trying to extend kind of down market. So given what’s going on with some of our friends and as it’d be maybe we’re lucky we, you know, we haven’t made as much progress there. So that’s the headline, we’re seeing nothing, you know, volumes are up, spend is up as you can see in the numbers, the revenue is, again, if you kick out the partner piece is compounding at 25%.
And we’re outlooking at same kind of number on the direct business, you know, here at €˜23. On your second question, which is also a super good one is, we got all the stuff now I feel like it’s you know, making a Thanksgiving dinner is 8 million ingredients to come and get and all of a sudden, someday there’s a plate and there is that you know the six items on the plate. We’re kind of I don’t want to say, done, but close to done, we got all the stuff, we got smartcards, we got frontend AP automation software, we pay every modality, we got a global, you know, international payment capability, we got networks. So we kind of have the stuff, Darrin to offer the whole package now to these middle market clients. And we’re getting more and more of the clients to buy both our smartcards and our AP stuff, because we’re in the CFL office.
