Seth Weber: Okay. And then just a follow-up. The used sales margin, I guess, how would you characterize your channel mix going forward? It sounds like you sold more stuff through auction this quarter, margins were a little bit light year-over-year or sequentially. I mean, is that — is this the mix that we should contemplate going forward? Or do you think you move more towards retail and margins get better going forward?
Aaron Birnbaum: No. Our focus going forward is a more heavily weighted retail wholesale channel for disposals. And we were making a lot of progress on that over the last three or four quarters. Just in this recent quarter in Q3, we wanted to really focus on rebalancing the fleet to the [inaudible]. And so we had to use auction more than we wanted but mission accomplished, right? We got done what we needed to get done, and we’re back to dispose them through the retail wholesale, which is a bit of a journey for us, right? We have to get that activity going through our entire sales force and marketing efforts. But that’s where we’re going. That will help drive more proceeds to our bottom line in subsequent quarters.
Seth Weber: Okay. So you would think fourth quarter used sale margin should more reflect what you guys were putting up prior to third quarter or something?
Aaron Birnbaum: Yes, more of what you saw in our previous quarters this year and maybe Q4 last year.
Operator: We’ll go next to John Healy at Northcoast Research.
John Healy: Great. Larry, I just want to ask a big picture question. I think the ARA came out this summer, kind of talked about the year being kind of a high single-digit growth year for the industry and next year being, I know somewhere around 3% or 4%, I want to say. Just your big picture thoughts about those forecasts. And as you look at those forecasts, do you find them reasonable and reflective of the market as you see it? And how do you think Herc should perform relative to maybe those industry benchmarks?
Larry Silber : Yes. Look, I think for the most part, ARA is maybe even a little light on what we think the growth possibly could be. I think the growth in ’23 is more like 10.5 and in ’24 is going to be mid-single digits. And so I think as we’ve mentioned in the prepared remarks, we think we’re going to outperform the market by maybe a factor of two. And I think it’s really being driven by the onshoring the mega projects, the infrastructure projects, as well as our growth in the local market with the M&A and the greenfield activity that we’re doing. So we’re fairly bullish on what we see going forward.
John Healy: Great. And I just want to ask your thoughts about capital allocation going into next year. I know you guys have taken a balanced approach between the dividend, buyback and M&A. But when I look at the company, I think you have something in your slides today where you talked about acquisition multiples around 5.5% and getting to a synergized multiple around 4% or so. The company itself today is probably trading below those acquisition multiples. So I mean, do you think about pivoting more towards the buyback as you look to next year? Or how do you think about that for going forward?
Larry Silber : Yes. Look, I think as we’ve said before, we’ll reevaluate our strategy around capital allocation as we go into next year with our board and determine what’s in the best interest of the shareholders and continued positioning and growth of this company. So all of those are long-term views that we’re going to take on it. So it’s really not what I would call a short-term decision around where that is.
