So again, it’s taking longer than what we had expected because of the huge surge of these units coming in. We think that’s going to flow through. We’ll be more in a steady state here as we get into Q3 and certainly Q4. Overall, from a rental perspective, we look at the commercial rental – remember, that’s down $31 million, really or 6%. But I talked about utilization. But what we’ll do will flex that fleet will take out about 4,000 tractors. And when we do that, that will reduce those and take the depreciation interest and cost out and what will happen, we’ll take 2,000 of those and now replace some of these high mileage units, obviously, which were killing us from a maintenance standpoint. And then what we’ll do will also give 2,000 of those units to our sales team, and they’ll sell the newer units.
It’s somewhat like selling a loaded car in the auto side, we’ll run it for three or four months. And then we’ll sell it into the market and our guys would obviously, they would lease for us. We’ve been very successful doing that on a shorter lease sometimes between two and four years. Certainly, when we look at the consumer rental that’s rent the truck in New York, take it to Philadelphia. The only difference there is the length of the route and it’s been shorter mileages in those one-way moves, which has impacted us. So we’ve got interest – we got to use truck values, which obviously declined just like used car values have over the last several months, and we have obviously the higher maintenance or the key areas that we have to deal with.
But the company has a terrific reputation, the market, if you look at it against our peers, we continue to out this to them in all areas of the business. And certainly from the standpoint where we have an investment grade as we go into the market for our financing of our vehicles. And I think the – when you look at our first half, if you can believe it, the first half profits really equal the entire amount of profits in 2019. So, the business is certainly on a role.
Rajat Gupta: Got it. Got it. That’s helpful. Maybe just on the used car business, unit comps were down roughly 8% in the quarter, but the grosses are very healthy relative to pre-pandemic even versus the first quarter. How should we think about the trade-off between units and GPUs here into the third quarter and fourth quarter? Should we expect similar kind of unit declines and you’re able to maintain the gross profit per unit? Or should we expect anything to change your internal strategy and that is all? Thanks.
Roger Penske: Let’s look at the real world here. We know everybody is trying to get zero to four-year used vehicles, and that’s still going to be tight, because they have less trades on vehicles over new vehicle sales over the last say, 18 months. They were all fishing in the zero to four times. And we had a number of lease returns that didn’t come back during that period due to customers buying out or extending leases. So, what I see is probably the cost of sales going down in the market. But on the other hand, I think we can maintain our grosses, because we’re going to stay in the zero to four-year timeframe, we’ve done that in the past. And hopefully, when we look at the opportunity here, we’ll get some – hopefully, some cars coming off lease, which before obviously, we’re going to customers who are buying those.
