Peter Kelly: Probably different remarketers would have different opinions on that question. I guess what I would say to that, Bret, is here’s what I know is clear. Our sellers are commercial sellers and dealer sellers are really focused on a number of important metrics when it comes to sell a car. How fast can I sell the car? Because that’s holding inventory cost is depreciation cost of capital. Well, the digital marketplace wins on that. We sell the car within a day or two or three of it being returned. So, we’re a clear winner on that. Second of all, what does it cost me to sell the car? And again, in terms of expenses, the digital channel is the cheapest. There is no transportation cost. You don’t pay those higher fees. You don’t pay for that recon.
And then the third one is, what are the proceeds that I get from the vehicle? And again, I think we look at our dealer segment and we look at, frankly, my discussions with commercial sellers. OPENLANE typically was the highest grossing channel that those commercial customers had. So, I think we’re a strong performer on the three core dimensions that customers are concerned about on the sell side. Now, in the past, yes, vehicles went to physical auction because that’s where the market was, and when they’re at physical auction, it made sense to recondition them because you spend $1, you get $1.50, that type of equation. But the question right now is if there’s a liquid demand based online today, that will buy this car today, is it really worth your while to send that car to a physical auction to sell it 21 days from now and potentially get some benefit from recon.
I don’t know. It feels like a risk that, that customer will take. So, I think different customers will have different points of view. But what I know is many of our customers are keenly interested in how can I drive up conversion in the online channel because that’s my highest performing channel. So, we’re going to work with our customers on that, and we’re going to work with them on not just this quarter, but every quarter and for years to come to maximize these conversion rates and gain share in this industry.
Bret Jordan: Great. Thank you.
Peter Kelly: Great. Okay. So, I think that’s it. closing remarks here. Okay. So, again, thanks, everybody. I appreciate your time today. I appreciate all the questions as well. As I said at the beginning, I’m pleased with our fourth quarter and full year performance. We delivered volume growth, revenue growth, $272 million of consolidated adjusted EBITDA and more than $237 million in cash flow from operations in 2023. The improvement was driven by the Marketplace business, which increased adjusted EBITDA contribution by $79 million last year to $108 million for the full year. We intend to build on this strong Marketplace performance in 2024, and we also expect our Finance business to be a meaningful contributor to our overall results in 2024.
In addition to the financial performance, I’m pleased with the brand and platform consolidation work to be accomplished in 2023. OPENLANE enters 2024 with a highly differentiated offering, one brand, one platform, with dealer inventory and exclusive commercial inventory integrated into one Marketplace. This benefits all of our customers differentiates us versus our competition and strengthens our offering going forward. I’m also pleased with the trends we’re seeing in the industry. While we believe that the 2024 industry recovery in wholesale volume will be modest, we see that dealer inventory is increasing, prices are stabilizing, and lease originations are increasing once again. All of this is good news for the future of OPENLANE. We are focused on continued strong execution in 2024, advancing our strategy, making wholesale easy for our customers, and growing the business this year and for many years to come.
Thank you all for joining today’s call. I look forward to updating you on our continued progress on our next call.
Operator: The conference has concluded. Thank you for attending today’s presentation. You may disconnect.
