Unidentified Analyst: No, I am sorry. I had almost all of this. Great. Thank you very much. I appreciate it.
Eyal Sheratzky: Thanks.
Operator: The next question is from Fred Foulkes of Boston University. Please go ahead.
Fred Foulkes: Good morning. Congratulations on an outstanding quarter and very informative call. I just was curious, given all of the challenges and troubles in your country right now, is that having any impact on worker productivity recruiting, retention, etcetera?
Eyal Sheratzky: Actually no, I think that the situation here in Israel is mainly from the political side. I would say the – it’s not influenced directly yet. And as I have said, Ituran also historically, when the economy is in a bad shape, so unfortunately, the violence in the concentrate increasing. And in this situation, the request for our solutions is increasing and the needs become much more strong. So, I am not – currently, it’s not influenced, but I am not expecting that it will influence. But if you come to Tel-Aviv, we feel that nothing happened by the way. But the press is different than the life. But yes, we have a challenge now here.
Fred Foulkes: Thank you and congratulations on your leadership.
Eyal Sheratzky: Thank you very much.
Operator: The next question is from Charles Elliott of IBI. Please go ahead.
Unidentified Analyst: Hi. I would like to ask about a deal that you announced in July. With 99 Rideshare company acquired by DD [indiscernible], where you will provide SVR on their BYD models. And it sounds like a small deal in itself, but I wondered if it could be pretty significant because this would be Ituran’s first step into being a platform for car sharing.
Eyal Sheratzky: Just from a carriers point, what did you mean where did we report it?
Unidentified Analyst: It was in the Brazilian newspaper, I think it was on our 28th of July.
Eyal Sheratzky: Okay. We didn’t – of course, we didn’t report it from for the Nasdaq and SEC aspects because it’s not a material deal currently. But you are right, BYD launched their brand in Brazil, together with us. And what they did, it was a kind of a mutual, I would say, mutual marketing way. As I have said, BYD spread cars around Sao Paulo in order to rent it on an hourly or daily rent, and they needs our units in order to control it, to bill it and of course, to secure it. So, we are their partners for Brazil. But at this stage, it was I would say, BYD marketing or BYD penetration program. So, it’s not yet something that can – we can say that it will lead, for example, to an OEM deal in Brazil, but we have been choosing as their partners for this specific campaign.
For the future, let’s see. Of course, it’s very luxury, again. Very luxury transaction, a very luxury relationship because we know that BYD is now in a very strong penetration also to Latin America, but it’s just started. And as I said, OEM deals is something which has long cycles. But we also think for the long way and for the marathon and for the long future. So, we started with this. We have nothing to announce now. But for the future, we will see what happen.
Unidentified Analyst: Great. Thank you.
Operator: There are no further questions at this time. Before I ask Mr. Sheratzky to go ahead with his closing statement, I would like to remind all participants that a replay of this call will be available tomorrow on Ituran’s website at www.ituran.co.il. Mr. Sheratzky, would you like to make your concluding statement?
Eyal Sheratzky: Yes. On behalf of management of Ituran, I would like to thank you, our shareholders, for your continued interest and long-term support of our business. We ought to be speaking with some of you over the coming quarter. And if you are interested in meeting or speaking with us, please feel free to reach out to our Investor Relations team. And with that, we end our call. Thank you and have a good day.
Operator: Okay. Thank you. This concludes Ituran’s second quarter 2023 results conference call. Thank you for your participation. You may now go ahead and disconnect.
