John Lai: Yes. This €“ I think we’re not there yet. To be quite honest with you, I still think it’s more macro driven than it is competition or weather. And again, we’re speculating that it’s the bottom quartile of our customer base perhaps. And the thing that has been our saving grace is our membership, which has held steady. And I keep on circling back to that. The fact that we have not seen any degradation to our member foundation, we feel good about. We wish it was continuing to grow at the same rate as it has historically. So we just think that this is a temporal mode that we’re in. But to your question, the retail softness has been month-over-month now for quite some time. And we’re not the only ones experiencing this right now. So we believe it’s the American consumer at the low end of that segment that is probably impacted €“ being impacted most right now and they are just having to cut back temporarily.
Jed Gold: Yes. Just to jump on and add a couple of points to that. So first of all, it’s the retail, as we’ve highlighted, and I think it’s important to emphasize that, that 70% of the sales are UWC. We’re seeing that part of the business hold together. And then to John’s point, when you look at those stores that are in a surrounding income demographic of less than $40,000, and we have a handful of stores in that demographic, they are down more than the balance of the portfolio. When you look at the plus four that we did in December, they are actually slight €“ those stores are slightly negative during the quarter.
John Lai: We think though, Jed, they will come rolling back when the sun breaks. So I want to emphasize that this is just a temporary moment in time.
Peter Keith: Okay. Thanks, guys. That’s really helpful insight on the demographic feedback. So thank you. Good luck.
John Lai: Thanks.
Operator: Our next question will come from Simeon Siegel with BMO Capital Markets. Please go ahead.
Garrett Klingshirn: Hi, this is Garrett Klingshirn on for Simeon. Thanks so much for taking our call. Just like to expand on that last point a little bit, if possible. Looking across UWC members across different regions and different metro areas, I’m just curious if there is been anything notable to call out among member growth. Are you not seeing it this year that you’ve seen in previous years? Are there weather concerns potentially maybe being an issue as well, too? Is there anything noteworthy within kind of your different pockets that you operate in that could be causing , I guess?
John Lai: Yes. The short answer is no. And I think part of it is because at the very core, we have changed people’s behavior. We’ve changed the way people care for their vehicles. Once you get a customer to having your car clean all the time, you get really uncomfortable when your car is dirty. And in the overall scheme of things, we still believe that their car wash expense as a percentage of their overall transportation expenses is a very tiny fraction and it’s feel good. So as a result, the member base has remained unbelievably resilient. And for that, we’re very grateful.
Garrett Klingshirn: That’s great. Appreciate the color. And Jed talked about this a little earlier and you guys have mentioned this in the past, but what is the availability to conduct sale-leasebacks at current levels, I guess? Is there still kind of €“ because you mentioned previously, it was somewhat challenging and cap rates were getting a little pinched, I guess, from an attractiveness standpoint to do those deals. I’m just curious how that’s kind of trended over the last few months and you just did some. Was that an area where that was an issue? And how are you guys thinking about that for €“ within your guidance next year with your planned sale-leasebacks?
