So why not leverage it? You've got a great base here.

I did want to go back to the discussion on the EV write-downs and the pullback.

I'm curious, to what extent is the supply base actually holding the bag on that? Because when you dig into those write-downs, the charges that Ford, GM, Stellantis, and others have booked, a lot of times they will give you a little bit of detail about what those mean.

And often the cash components of those charges are compensation to suppliers for program cancellations.

But I assume that that's not 100% of the investments that they – but I was wondering if you had any thoughts on the relative burden that suppliers bore when the automakers pulled back from EVs.

I

think the bottom line is, do you get in the vehicle and it's easy to map where you're going and to tell it where you want to go and does it come up and send you the correct way without you...

I mean, honestly, I think Apple CarPlay is...

Chris, what kind of threat does this present to the traditional dealership model?

What we've seen in the data that we've been able to get access to is that when Carvana takes over an old-school dealership, they have a lot of power to ramp up the sales very quickly.

So really interesting test case, you know, on the outskirts of Phoenix.

This little dealership that they bought about a year ago was doing 30 to 50 sales a month.

As of April, it is the number one dealership for Stellantis in the country.

That's Jeep, Chrysler, Dodge, Ram, doing about 350 sales a month now.

Are there changes expected in the way people buy cars long term from this?

It's a really tricky question because in the United States, franchise automotive dealers really dominate the new car space, and they have a lot of protection for their business model in terms of state laws, rules that they agree to with the automakers.

Chris, what are we seeing?

Well, all of the consumer companies that have listings for cars, so like cars.com and Edmunds, they've all noticed a meaningful uptick in searches for EVs and I believe for hybrids as well in the last month or two as gas prices have gone up.

What we haven't seen yet is any meaningful movement in sales of EVs.

For one thing, that lags.

It takes a while for behavior to change and show up in the sales figures.

EVs are still quite down from a year ago.

But we are noticing an uptick in interest, at least, which makes sense with the cost of gas going up.

How about the potential savings here if you were to switch to an EV from, say, the traditional combustible gas engine?

What did he have to say about the news?

Yeah, he was talking about how he was approached by a customer recently who's got, you know, a vehicle that's coming off lease in September and was wondering, "W- what do I do? Should I go ahead and, and buy a car now?" That's the big question in the industry.

And then you, you could see just internally in their meetings, there's different theories about, well, should we go ahead and get some more cars now from the factory, or will these tariffs reduce demand? In which case, we don't wanna go ahead and accelerate our orders because then we'll be sitting on a lot of inventory, and we'll have to sell it at a discount or at an unprofitable rate.

It's very expensive for auto dealers to hold cars on the lot.

So no one's exactly sure how to navigate this, especially with, uh, these ups and downs.

So this rollercoaster of will they or won't they tariffs is extremely difficult for all levels of players in the industry to plan around.

If your car needs a new part or you're looking for a new car, should you do it before the freeze ends?

It's tougher to say with parts.