And so, what you’re seeing in the reflection, as Alex said, is a realization of where the wholesale market is trading, the time to be able to sort of sell the cars that we have with a very clear view that we are bringing fleet down off of the early Q3 peak as we get back down into the back or the end of the year. And so, that’s just to give you a bit of a flavor for it. I would say also in the context of Q2, there’s obviously a rise in zero debt cars that we’re holding because they have greater utility to us in the context of the business that we’re growing around Dollar, for example, or in TNC. So, these are the dynamics around depreciation. It is not the sort of here’s a given output. Instead, it is an output of a series of actions that we take, which include choice of car we buy, choice of car we keep, length of keep, what we sell, whether we advance the sale, what cars we advance in the context of those that carry elevated equity, and equally, the ability to sort of capture an equal or better price around a car that may have a lower depreciation sort of feature than not.
John Healy: No, that’s helpful. And wanted to bring up Carvana there. I mean, clearly that company’s gone through a lot over the last 18 months or so, and appears to be maybe on the other side of things to some degree. Is the relationship that you guys entered into with them kind of still structured the same way? Are they as excited about being in this business with you guys as they had been? Just kind of curious, like if we could get some visibility on kind of where that stands, then the durability of it because to me that probably is a big part of the 2024 changeover and distribution of how you get out of fleet.
Stephen Scherr: Yes. I would say the commercial relationship with Carvana is better now than it’s been. You may remember that when they first ran into challenges with creditors and the like, they had pivoted on their own business model to move away from smaller, more bespoke providers or dealers of cars to larger scale operations, of which Hertz is clearly one. So, we’ve seen growth in volume that we can put through Carvana, a very engaged partner with us in the context of car sales. And so, I would say that things have improved in the context of where we are. By the way, I should also say, John, that just back to the Manheim question, there is spot risk when you look at it. What I would say to you though is that there’s some interesting dynamics about the used car market, which I think we’re looking at and considering to put ourselves marginally more optimistic about it, which is that structurally speaking, the used car market is now into a point of being short used cars that are attractive to rental car companies, namely off lease.
If you think about it, the supply that would come or start right now into the used car market would’ve gone on lease three years ago. They didn’t go on lease because they weren’t manufactured because we were in the throes of COVID. So, we’re entering a period of structural shortage in terms of supply of attractive cars. That should have some upward lift, if not stability, to sort of where the Manheim Rental Index is. Now, corresponding negative view on it, of course would be that interest rates are higher. So, borrowing on the part of the consumer puts them in a more reluctant sort of position. But I think we shouldn’t lose sight of the structural element there. I don’t mean to make a pattern of the last two weeks, but the last two weeks have shown more stability than what we saw in, as Alex put it, a 4% decline over latter part of June into early July.