Martin Fong: Got you. Okay, thanks for clarifying that. And a question just on TCMS and I think Oliver you were mentioning that it should be an RpD driver and I realize it’s early and you don’t want to be too specific, but could you maybe just kind of frame the RpD lift opportunity, like how much lift would you get from a dealer who only is subscribing to like one or two products versus the one that might be doing four or five, just maybe dimensionalize that for us. That’d be helpful, thanks.
Oliver Foley: Sure. So as you can imagine, it is hard to predict, not only because it’s early, but because the products are all very different, right? And so there are some products that are really good candidates for large dealer groups. Let’s just take TrueCar preferred military partner, right. That’s a — it’s a much higher ticket product and it works really well for larger dealer groups where they can sort of gain access to the military community and the locations that they are. Whereas [Auto Intro, for instance, or Prime Paths] (ph) are much more programmatic. They’re good for really any dealer that’s looking to enhance the quality of leads that they get from the platform. So they’re really — they’re all priced very differently.
And so it’s not only sort of the total adoption of TCMS products, but really which ones gain the most traction. So it’s hard to say what the RpD impact would be over the course of the year. But I think we should expect through a combination of selling some of these, call it, larger ticket TCMS products like TrueCar Military, and then also incorporating some of the other products into our bundled offering, we should see sort of each quarter as adoption grows, that RpD will go up. How much? I’m not quite willing to say how much that’ll be.
Martin Fong: Okay. That’s perfectly understandable. Thanks so much guys.
Operator: The next question is from a Rajat Gupta of JPMorgan. Please go ahead.
Rajat Gupta: Great. Thanks for squeezing me back in. Just had like a follow-up on TrueCar+. Could we get a little more color around the partnerships that you’re working on, both on the dealer and the [indiscernible] relationship. Maybe any more color you can give on the OEMs that you’re engaging with as you build this product out. Even on the dealer side, are these larger groups, are they a part of a larger group, or are these really like a small store? I’m just curious if you could give us any more color on how that’s evolving. Thanks.
Jantoon Reigersman: Yeah, absolutely, Rajat. So for the pilot itself, we’re working with a specific dealer group who have historically been very, very progressive. I mentioned that obviously on the new side we’ll focus on California initially. That’s really because we want to make sure we are somewhat constrained from a geography perspective. Obviously the California consumer is probably also interested — more interested and more likely to transact online. It’s obviously close to Silicon Valley and associated regions. And also it helps us then be within the [Technical Difficulty] OEM. So like everybody is engaged and excited without necessarily making sure that we intervene with the business of other dealer groups effectively or start getting into their DMA unnecessarily at the start as we prove this out.
So the good thing is that all these stakeholders are really excited, they’re curious, I think everybody agrees that this is the way to go. I also think, and I think it’s really important to emphasize this, there are still some reluctance in the industry at times, whether this comes at the expense of dealer groups and I’m not sure that I agree with that. I think really this is helping dealer groups expand their footprint and their ability to actually drive margins and for the consumer it’s something that the consumer has been asking for and for a long time and obviously both in our TrueCar+ product but even in the way people are purchasing online today. So it’s really DMS providers, LMS providers, it’s obviously logistical companies, it’s captives, lenders, et cetera, all coming together.
Initially launching it with one group really to further refine, because what you need to do is you need to merge, de-merge documents, make sure that the documents are all correct, rebates are calculated correctly, right, obviously that the logistical delivery is done correctly et cetera. So there’s a lot that comes together especially on the new side. The new side is a very different complexity than on the used side. And so we will be nationwide on the used side, albeit that the inventory will be slightly small. On the new side, we’ll focus on California. And to your question on scaling it, I think what we’ll end up doing at the end of the year and obviously into the next year, is the scaling will probably happen with like mid-size to larger dealer groups in general, where I think 25 stores, 30 stores, 50 stores type groups, most often because they are just very, very progressive when it comes to their tech, but also very progressive when it comes to their adoption to product flows and organizational, really workflows for that matter.
And so being almost too large, it’s a little bit of an impediment that you need to really rethink your overarching infrastructure, but those seem to be the sweet spot. And so that will be the sweet spot where we’re going to focus on initially as we start scaling this. But before we do, we want to just prove this out in terms of just technical deployment and workout, the bugs that might occur, right? Where people get stuck in some shape or form of random scenarios we might not have thought of in the past. And so we’re going to do that over the course of the next quarter and then obviously scale from there. But mid-sized group — mid-sized to large-sized group is what is important.
