So, we see that being an opportunity plus you’ll have some railcars coming into the market. And when you look at the marketplace on leasing, where we actually got a lot of our used cars on the premium side which we were at 55% and those cars would always come back to the dealer. At this point, we’ve not had a lot of that, because cash has been rolling – I think Shelley mentioned it earlier today in a conversation that we still have 22% of our buyers are cash buyers today. So that’s up from where we’ve been. Would you have any comment on that, Shelley?
Shelley Hulgrave: No, it’s just that the consumer remains very healthy. They’re obviously trying to avert some of these higher finance costs. But yes, they’re up 2% over where they were last year, which was a historic high to begin with.
Roger Penske: So I see probably lower cost of sale. I see us maintaining our margins quite honestly. And I see our pipeline for us from a premium perspective, having the opportunity to see more trades. And when you think about our volume foreign business, that Honda, Toyota, and say, Hyundai, right now, we’re running anywhere between 10 and 15 days supply. So as that picks up with obviously the OEM picking up supply, we’re going to get more trades from them, which will be really hot merchandise for us.
Anthony Pordon: So one additional thing to consider is how we are sourcing vehicles too. We’ve put a concerted effort into buying more vehicles directly from consumers. So on our franchise business in the U.S. is only about 4% of what we bought in 2020. This – in 2023, so far, it’s 12% and when you look at CarShop, when you go back and look at where they were in 2020, it was 6% and today, they’re up to 27%. So, we’re really doing a good job of changing the way that we source. But with 6 million fewer cars sold in the marketplace over the past three-plus years, the amount of cars that are available for us to buy is really challenging.
Roger Penske: Yes and also, we’re now compensating our salespeople in many cases, in one way or the other – we sure we get the trade. So, the customer doesn’t go out and sell it personally. And that’s what’s happened. That’s been kind of the run for the last say, two or three quarters. So, we’re hoping that’s going to slowdown. But look, the market is going to be slow coming back, because they’re just not the right cars. And we’re not going to go to the auction, because they seem to be the cars that have been pulled over the last period of time. We’re not going to buy those, we’re going to stay our traditional way that we have, and I think that’s going to pay dividends on growth.
Rajat Gupta: Got it. That’s very fair. Thanks for taking the question.
Roger Penske: Thanks, Rajat.
Operator: [Operator Instructions] Next, we’ll go to the line of Daniel Imbro. Please go ahead.
Roger Penske: Hi Daniel.
Daniel Imbro: Hi. Good afternoon everybody. Thanks for taking the questions. Maybe we got to follow-up actually on that topic you just touched on, Tony, around CarShop within this used business. Roger, you mentioned growth was hampered. Randall, I’d be curious if trends were any better or different international is sourcing just as tight there? And then stepping back, I mean, how does this near to intermediate-term challenging used car backdrop, maybe change your thinking about the viability of the stand-alone concept or kind of commitment to growth in the stand-alone use concept?
