#96 - How covid is Impacting Dealers with April Dealer Panel

You are listening to the Independent Dealer Podcast with hosts Luke Godwin and Jeff Watson. Thank you so much for tuning in. Let's do this.

All right. Hello, and welcome to this episode of the Independent Dealer Podcast. We have a special dealer panel episode that we're gonna be bringing to you today. We have Chris and Matt. Now, Chris is out of upstate New York. Is that what you said, Chris?

Correct. Yep.

What area is that?

Lake George. Saratoga.

Lake George. Okay. And, Matt, you're coming out of Florida.

Central Florida, kind of on Disney's doorsteps in Lake Wales.

Oh, okay. Yeah. And then, of course, you guys all know, Luke is in South Carolina, so we got the east coast represented very strongly in this episode.

Well, people, you know, the problem is.

Down the west side of the country.

Well, the problem is, Jeff, you people on this odd time, and y'. All. Y' all can't get up this early.

I guess I just barely got into the office. For me, my day just started. I don't know. What time is it? There's.

It's noon.

So you're ready to clock out, huh?

Yeah, it's already. I've already had lunch, man.

Siesta time, huh? All right, well, great, guys, what we want to talk about is just get your guys temperature for how you're doing what your dealerships are up to. Just help us maybe relate to some of the other dealers in the group. You know, we want to be able to learn from each other. I think all of us have spent our time on Facebook. We've been on the webinars. We've been listening to all the, you know, authorities in the industry kind of tell us what to do, how to do, where to do it. But I think it helps when it comes from dealers because we're the ones really on the front line. We're the ones taking the pain when we're actually having to lay off employees or send them home or lock down the lot. I've seen guys that take all their cars off. They go park them in a field somewhere where they can keep their eyes on them. You know, to me, that blows my mind. So maybe. Chris, let's start with you. What's the current status there in upstate New York? What are you guys dealing with? What do you got going on?

Current status is. I mean, it's grim. So we're not nearly as bad as the city area, thank God. But it's close. You know, we're 200 miles away, so it's. It's on the doorstep. So everybody is definitely nervous. We have the stay at homeowners sales. They opened us up last week. The governor did two appointment only, which really doesn't help me, being a subprime dealer. We haven't sold a car in two and a half weeks, I think, and we're gonna just shut the doors at the end of tomorrow for the entire month.

Hey, Chris, can I. And I want to challenge you on this because a lot of people are subprime, right? And so why can't you define it, work your process so you can get those people qualified and bought and everything without them being here.

So it might just be that I'm not good enough, but the way. The way I've always worked my store is maybe I'm a dinosaur, even though I'm a young one. You know, I get them in, I get them qualified, get them in love with the car. I do my best to extract as much down as possible. It's very hard to do that digitally and remotely because the second you tell somebody they're gonna need 16, 40 down and they're gonna have a $98 a week payment. It's much easier to close that deal with them in the store as opposed to closing it from 20 miles out.

Well, so my average down payment is for last year was, let's say, 1750 or whatever it was. My average payment was over $400 a month. And we pretty much. I mean, even before all this happened, we qualified them over the web. Documents were there. Everything was there. We always talk payment down payment after we have them qualified to see what they can do. So I think you can do it. I'd be willing to bet you if you keep plugging along, you'll figure out that process.

I don't disagree with it. Like I said, maybe I just. Maybe I'm just not good enough or I don't know how to do it. So my question is, how do you advertise?

So we are. So when I hit. When I put branding out, it's all tv, but that's usually during tax time only. But the rest of ours is fully digital.

We're Facebook or Google or both.

Pre roll Facebook. Not a whole lot of Google, not a whole lot of Google Adwords, but a lot of Facebook, a lot of. A lot of local branding. And, you know, it's just we. We push our message that, you know, that we're here for subprime people. We're buy here, pay here. But, you know, essentially we're competing against Westlake and CAC and Santander and all those. But I think. I think if you adjust your process a little bit, I think you could do it.

I don't disagree. I think I need to adjust my marketing first. So for the last probably 18 months, my marketing has been, you know, zero down, $5 down, $10 down kind of BS, for lack of a better word. And then try to extract tax and plates and then, you know, get 500 plus tax and feds. So I might just need to really change my marketing strategy.

And I, and I don't know the New York market at all, but it seems like if you, you know, a lot of times when you put out that zero down, zero down, you're going to get a customer looking for zero down. Um, message. Message matters a lot. And so maybe it's time. And during this time, you may have to adjust your message a little bit. And that goes for everybody. We're going to, you know, we, we've had a slow week this week. We had. The past two weeks have been fine. But if, you know, and actually I cut off all, all marketing at the moment. But of course it's slow. Of course it's gonna be slow. But our, you know, our, our website, I mean, our leads, our leads hadn't dropped that much. So it's not like it's the end of the world, but we anticipate to be slow in April either way. But I think that adjusting your marketing during this time and adjusting your message might be not even just for you, Chris, but for everybody. We got to figure out what's going to get traction during this time. And that's a struggle, I think, for all dealers, don't you think, Jeff?

Yeah, I'd be interested to know, Chris, just so other dealers can relate, I want to know the nuts and bolts of this. Like when you say, hey, I'm going to close my doors. If a dealer's in your similar situation debating on whether they should be open or closed, what have you found to be or what process are you taking? Have you, have you laid off all employees or furloughed them so they can get on unemployment? Have you talked to your. If you got a landlord, your credit line, like, do you feel like you're in a situation where you can shut down and maybe you're getting some CAC checks, so that might be able to help you float cash wise and income wise. But I guess what's kind of the process or the hoops you had to jump through?

So the first thing I did was I spoke to my entire staff here. I told them that they would all be laid off and I also intimated to them before the federal stimulus package came out that whatever they normally get, I will give them the difference. I don't want to lose my team. So they normally sales a little bit different, but I'll take care of my salespeople always. But my support staff, if they normally come home with, you know, 682 and they're was going to be 391, I let them know that I'll make up that difference while they're. While we're out. I did speak to my landlord. I got a $2,000 reduction in my. In my rent for two months. I don't have CAC monthly checks. That being said, we're coming off a really strong 10 weeks, so. And we have a. I don't know, probably not as good as many, but maybe better than some. You know, we're in an okay cash position. We could certainly afford a zero revenue month.

That's good. But no flooring lines you had to deal with.

What was that?

Flooring lines that you have to deal with. Have you worked out deferments?

Yeah, we worked out. Although they all seem to kind of be changing there, too, in Midway. But, like, I flew with Westlake and they were like, yeah, we'll help you with curtailments, blah, blah, blah. I intend to start buying again in about 10 to 14 days. I'm waiting to see how the virus reacts in New York and when the numbers start to dip. Once the numbers start to dip, I need to start buying cars because I feel like once the flood gets open, they're going to open and there's not going to be any used cars because the new car deals aren't selling stuff either. So I wanted to make sure my lines are open. So Westlake had closed everybody in New York when they shut the state. So I said, you know, I don't want you to turn me back on. So I get her to turn me back on. And then last night she texted me, by the way, now that we turned you back on, you're going to be expected to make all your family. So, you know, so I'm like, I wish you would have told me that, you know, earlier in the day. I would have waited two weeks. But it is what it is, and we're going to struggle. It's not going to be easy. But thankfully, we're in a halfway decent cash position.

Yeah. Then that's really what's so interesting about the timing of this whole thing is coming right on the. Just cutting off the end of tax time for Good or bad, this is the time where most dealerships are in their strongest cash position. Hopefully. You know, we do have a lot of inventory on hand. Most of us still, you know, but we did get a pretty good influx in February and part of March. Matt, tell me this. How are things going in Florida? What's the situation there? We know you guys are a shelter in place, but you're deemed essential, so you can kind of be open. Same situation, almost by appointments. Are you seeing the traffic? Are you staying open or are you going to close down?

So we are open. We have limited hours. We're pretty small. There's only three people.

Well, four.

My mom does the title work. It's just a family business. My dad and I are alternating days, and we're limiting hours. We're going nine to three right now. It's been slow. We were having a very good first half of March and then kind of started slowing down and then pretty much stopped, honestly.

Yeah.

I am grateful at this point to be Buy Here, Pay here in that, you know, collections have still been quite good. You know, I expect that to start to slow down here. You know, we're gonna have to start working with customers.

Yeah, let's talk about that real quick, Matt. And I'm a Buy here, pay here. Jeff's Buy here, pay here as well. And you are. We're in a different position than most dealers. So I want to say, you know, we are. We are glad that we're in Buy here, Pay here. What have you seen on the collection front? What have you heard from customers? Because I've had. We've had a bunch of calls for deferments, and we have a policy in place, but a lot of. A lot of customers that are asking for deferments don't need them. And what we've had to do is educate the customer why they don't need them or why they don't deserve them. I think that might be the better way to say it. Matt, what have you seen?

Yeah, so kind of the same thing. I actually have been surprised that we haven't gotten as many calls as we have yet. I do think it's coming. We have had some customers that work for places. You know, it's a benefit of being a small town, you know, who's open and who's not saying that they're off, you know, been laid off and everything. And we know that they're still working, but we asked them. We ask every customer the same thing. They need to provide a letter from their boss or their HR Stating that they are unemployed. And we're asking for, you know, screenshots of bank account statements, too. And so I've had about five people call. Only one of them has provided that. I have not heard back from the other four. So, you know, we're gonna get some people that are gonna try and, you know, get a free payment. And, you know, well, we're definitely gonna be more prone. It's the customers that don't pay as well that are asking for it, which is, you know, I'm sure that's an.

Excuse, like they always were. So, yeah, we're doing three things. If you got laid off, you have to give us proof that you filed unemployment. I'm walking them through the steps. We're showing them exactly how to do it. I'll drive them over to the unemployment office, you know what I'm saying? Because it's. People just throw their hands up in the air, and they don't want to do it. They don't know how to do it. They don't blah, blah, blah. B, you got to show me you got current insurance. And C, you got to send me a screenshot of your oil change sticker because I want to make sure that that collateral is taken care of, because I could defer you for six months. It doesn't matter. I mean, you're upside down. Two grand now. You're going to be upside down. $2,500 in six months. Like, if the used car market doesn't go through the roof, like Kris was saying, it just might, you know, so if you're upside down, you're upside down. Big deal. I defer you a payment, but it's the collateral. If you're not taking care of the car and you don't have insurance and you total it, or you didn't change your oil and you blow the engine. That's what worries me in the deferments.

Jeff, I'm glad you said something about the inventory. Real quick. Let's go. Let's go around the panel here and talk about inventory position. We may be in the position we expect to be in, let's say, in 60 days. And what do y' all anticipate the market doing? I'll start. We're in a low inventory position right now, and I have been trying to buy cars through my normal sources, and. And I'm not able to, and that's new car dealers don't seem to be willing to sell the car for what I think they're worth right now. And what I've kind of looked to see what they're worth is what they're bringing relative to mmr. I think MMR is not reacted quick enough to this inventory mix up. And I don't know. What do y' all see? I need to buy some cars, but not able to get them done right now. What do y' all see?

I think that's when you're gonna get worse. I mean, the new car stores aren't selling, so they're not getting trades. I think, I think it's only gonna get worse. And I think the moment that let's hope that some people are right when they say it's gonna be a strong V, right, Like taking this big hit down and it's gonna pop right back up. I think we could all agree that demand for everything is going to skyrocket. I mean, my wife hasn't got her hair done, her nails done. She wants to. I'm dying to go out to dinner and get a beer. I mean, so it's all going to. I think there's going to be a huge influx of money back into life. So when people start buying cars, I think that nobody's going to be able to replenish. And I think used car prices are going to go through the roof.

So, Chris, I like the way you think and I, and I. And I've got a little bit of that, you know, thought process. But one thing that holds me back on that is, well, what if these, what if these floor plan companies say, you know what, we've brought your level down, we're not letting you back. And then also there might be, there might be 25% less independent dealers when we come out the other side of this. So is demand really gonna spike like that or is it gonna be only the strong survive at that point?

I think only the stronger than the survive, period.

Yeah.

I still think whether that whether there's a dealer or not to feed the need, the need for cars has still come to exist. So whether you're out of business and Jeff is out of business and Matt's out of business, that just means they're all going to come to me instead. So no matter what, we still need X number of cars and the amount of dealers that shares in that sales ability, that's the only thing that changes. The need for the cars won't change.

So, Matt, you're in buy here, pay here, and you're in the car buying capital of the world. I mean, I go to Orlando every three weeks normally. I hadn't been down there since the End of February. And I think I got the coronavirus when I was in freaking Orlando Airport flying back home that Thursday morning. But neither here nor there. What do you see in your area? Because that's where everybody buys cars.

Yeah. So first of all, we'd appreciate if all you out of state guys would just stay home. So we are not actively going to physical auctions right now. We are still buying on acv. We have lowered, kind of lowered our acv. Our actual cash value in the vehicles that we're looking to buy right now downward a little bit. We don't use floor plans, so we're not as dependent on what they're making us do, which we are very grateful for. So if we see a car at a good price, it kind of fits in the year miles that we want to buy and if it's in a good deal, we're going to buy it. You know, we're not.

You're not backing off either?

Well, we are backing off on our higher ACV cars.

Okay.

Yes. But no, there's still some what we consider lower ACV for the car that we sell. We will, we will still buy it.

If it's a good price.

Yeah. And Jeff, you, I mean, you say you have enough inventory. Were you that stocked up?

Yeah, well, yeah, actually, unfortunately. Yeah. But so my gamble was, you know, it's the whole trade off for those of us that. So I cash floor everything. And that's the trade off of do I want to have the cash in reserve to weather the storm, Do I want to go out and get the deals that I think are on the streets right now? And so we bought five or six last week at Manheim out of Vegas, just online. And we did pretty good, you know, 1000 to 1500 back MMR on each one. Got them in here. Recon was a little bit higher because of the fact that we weren't able to drive them. We got deals on some Silverados, but we had transmissions and rear ends and things like that. But all in all, shoot, man, I think it's a great gig. I think to Chris's point, do we think the prices are going to be higher coming out of this or do we think that everything's going to take a dip? And there's so many factors to that of whether or not if this is prolonged, I think we're going to have a long term slowdown in values. Right. If this is just a blip on the radar, we're going to jump right back and hopefully the pent up demand will kick in and we'll all be selling again. It's not like these two months worth of buyers are just out of the market now. You know, maybe they don't have the cash, they spend it elsewhere. They just decided they're not going to buy anymore. They're not waiting to buy, they're just not going to buy. The other wild card we talked about a couple weeks ago was what if these book companies, mmr, Kelly, Blackbook, nada. What if they just decide that as policy they're going to take out March, April, May from the books, they're going to rewrite their algorithm because they feel like it was an anomaly and they don't want to crash the used car market, you know what I'm saying? I don't know how they work, if that's even legal or possible, but. So there's a lot of these little X factors that might come into play. But for me, right now we're picking up the deals, you know, I wish.

I could get them to sell them to me. That were 10, 15 back of MMR. And what I'm seeing is even though I'm the high bidder and I've, I've probably been the high bidder over the last two weeks on 25 plus cars that I've not bought a single one that I was a high bidder on. Yeah. Which, and they were mostly anywhere from 2000 to 1200 backup MMR.

I'd say it's the same thing with us though. You think about the new car stores and the off leases, the big wholesalers, they're hoping to weather the storm, but they're willing will come a point where they got to turn it into cash. New car stores are going to be hit hard. Just from what I've heard and who I've talked to, I agree they are going to have to turn those cars into cash. So if you got the opportunity to go talk to your new car store, get in with the wholesaler or whoever's left down there, the used car manager, they're going to be under a lot of pressure just to get cash out of these cars. And same with the auctions, you know, and the biggest, the big wholesalers, when they start stocking up inventory like that, it's gonna get to a point where they're gonna cut it loose.

I agree.

My opinion, Kris, to your point, when you said, hey, there's gonna be used car guys taken out of the market, that is the exact reason why I am keeping, not the, you know, I'm keeping my doors open Because I've got employees to support, buy here, pay here to support. And I think that selling a car is a service that's needed right now. But also, if there's only 10 sales to go around in my neighborhood this week, I want all 10 of those. Because when this dust settles, I don't want to be the one out of business. I don't want to shut my door for four weeks and then not be able to reopen. I want to take every last sale in the market so that my other guys, you know, my competition, has to shut their doors permanently. They're not in the market on the other side of this. So that's part of my philosophy on being open and being aggressive.

I don't disagree with you. And if I was buy here, pay here, I mean, I would be. At that point, you have to be open because you have to service your existing account.

Yeah. Oh, for sure. Being a buy here, pay here. If the blood is in the water and your people think that your doors are closed, I can't even imagine how you're dealing with that.

No question.

But from your standpoint, Chris. But yeah, back to Luke's challenge in the beginning. Find a way to make it happen. You know, I don't know if appointment means you have to be delivering the car or if appointment means, hey, just come in at 3 o', clock, I'll be here, and I'm gonna pace you out. I'm not letting everyone flood, you know, it doesn't, so.

So actually, and I don't really know how they'll police it, but in New York, you cannot work the deal in the store. You can only be in the store for delivery and that's it. But sign a contract in Duluth. I don't really know how they would police that, to be honest with you. I have no idea.

Chris, do you have Carvana or.

No, I do not have Carvana in New York.

Carvana's on New York.

They're not in my area. I'm not gonna say they're not Europe.

You know, I would. I would probably press that issue because I promise you, Carvana selling cars in New York. And, you know, I would probably be willing to deliver at that point, but I mean, I'm not. I don't want to tell you to do something illegal.

No, no, no, no. You can deliver. That's what I'm saying. You can deliver. No, by appointment. You can't work the deal in the store.

Oh, okay. I'm sorry. I'm sorry. Yeah. That made. Well, that makes total Sense. Yeah.

Okay.

Yeah.

But if they come, I don't know.

How they police that, though.

And the terms have, you know, you're establishing the terms at the time of delivery. I mean, the negotiation happens all the way up to the signature. So again, like you said. Yeah, I don't know. I would be as within the legal boundaries is creative, but. Yeah, that's my theory. I don't know. That's why we're here. I mean, it's been slow for us. One a day, one every other day.

But no, if I was selling one a day, I'd be thrilled. I gotta be honest with you. I love that Luke just challenged me a few minutes ago. Cause sometimes you need that in this fight. So I think I have some work to do this afternoon. Thanks for that.

Yeah, yeah, no problem. That's what we're here for, man.

Hey, everybody. Jeff here. Sorry to interrupt the interview, but I wanted to make sure everyone knew about the new and improved theindependentdealer.com website. It is the place to find out what is going on with the podcast. Check out all of our episodes on itunes, our social links. You can also give us your email and we will add you to our mailing list. So you are the first one to know about what is coming. Coming up new and exciting here at the podcast. Also, check out our video library. You can also ask us questions, find out more about myself and Luke and see our calendar of events, places we'll be speaking, where you can catch up with us and meet us in person. So. Theindependentdealer.com and now back to the interview. No, I think that's a good point for all of us. And I'll be honest with you, there have definitely been times in this when I think, you know what? The world shut down. I'd like to shut down. I'd like to just take four weeks off, go jump in the RV with my family and vacation out in the boonies. You know what I'm saying? I think that too sometimes as like, it's time for a vacation. I don't want to have to deal with all this. But I think as dealers, we've got to look at this and say, all right, you know, are we going to fight this? Are we going to kind of lay down and just let it happen? You know, is it strategic? You know, and for Kris, it could be strategic. Hey, I know that if I close my doors for four weeks, I'm actually saving cash and I'm not wasting my people's time, and I'm not putting them at risk. So I am going to close, you know, and that could be completely justifiable. But I think we need to be, you know, what's the word? Tenacious. Like, let's look for those opportunities. And maybe Kris goes down to two people. Hey, it's him and a receptionist or him and another sales guy or him and one mechanic. And I'm going to deliver one every other day, you know, only by appointment or by limited exposure.

And I would. I would be creative. Yeah. And I would encourage everybody out there to, you know, do a video. You know, let's look at Flying Wheels and what he's doing, and he's all over right now, but people are at home, and they're. They're looking at YouTube and they're. They're doing those type things, so. And they're looking at Facebook. Make a video every day of how you're doing the. You know, the virtual approval or how you're doing the virtual car drive or whatever. We can do all these things. So I would challenge everybody listening to this today to go out there and do those things. Do those things that you haven't been doing, because that's gonna be the difference between the people who close and the people who stay open.

And to that point, we talked about it last week or the week before. This isn't a bank crisis.

Right.

You know what I'm saying? Cac, Westlake, Lobel. These guys are still buying. Right. At least from what I know. I mean, I don't know how your callbacks have been, Chris.

The calls have been a little. A little difficult the last. The last week or so. Yeah, I'm sure that they're a little bit nervous like everybody else. I mean, it's easy to just say they're, you know, they're a bank and they have the answers. But I'm sure that they're like, yeah.

But it's not 2008 where there's no one picking up the phone. And what happens in two weeks if those Trump checks end up in people's accounts? You know, all of a sudden, I got $3,000.

No, I'm hoping that that doesn't hit until, like, end of April, beginning of May.

Yeah, they were talking about three weeks, so I think. Yeah, I think we got a little bit of time to. To prepare for that.

So are we doing deferred downs on those, you know, for those. Buy here, pay here's. And those CACs that are allowed for your, you know, deferred down? Would you do a pickup payment, would you? You know what I'm saying?

I would do anything. I would do anything so far.

Yeah. So it's a beautiful situation there, Chris. Like I said, I mean, there's some stuff. There's some opportunities coming up. Be creative.

Let's talk about one. One thing that. That came up when we were talking. A salesperson and I were talking last night about customers who. Who currently have a job, but maybe they're laid off waiting for unemployment to kick in. How are we qualifying those customers right now? We know they're gonna get their job back when this all clears. You know, how should we all look at that? I'd like to get everybody's opinion.

I think the federal stimulus puts a weird tweak on that, because while we think everybody's gonna go back to their job, but if these people are really gonna be getting this extra six bucks, you know, 382. And they normally make 600 a week. Now they're making a thousand to stay home.

Yeah.

Are they running back to work?

Well, good.

Good luck, man. That's. That's the next crisis, you guys. Whoever laid off their employees, their 12, $15 an hour employee, you ain't gonna be a hiring back because they're making 20 on unemployment. Not doing.

Yeah, but hold on.

That's.

That's not gonna go on for long. I mean, the whole year, right?

39 weeks.

It's through December or something.

Yeah.

Like, you literally. So what happens to everything, man? The drivers at the auction, the guy making your burger, he's now making $20 to stay home. Why would he go back to work at 12.

You know, no more porters. We are essentially our porters now.

Oh, yeah. You'll never find entry level. It's just not there. You know what I'm saying? Right?

Yeah. Well, we should end on something better than this. So let's. Let's find something fun to talk about. Anybody got anything. Anything fun to talk about? Anybody playing golf? I mean, come on, something.

We only got, like, one course open, and they're booked for weeks.

Oh, my Lord.

Yeah. I think on the upside to this is what Chris was talking about earlier.

Look. Is that locker in there?

Yeah. Anyone on the video? Chris has got. Luke's got a massive flask. Now's the time to get your ship straight, guys. Now is the time to look at your policy and procedure manual. We all talk about never having time to work on the business because we're too busy working in it. Now is the time to work on it. Set up your underwriting guidelines, set up your policy and procedure manuals. Get those stupid checklists done. Get your CRM figured out so that you can remarket to your current leads. Get those little projects done. Organize, repaint the building, paint the stripes, fix the balloons, straighten the signs, get all those project cars in the back liquidated or parted out on ebay. Like there's a million and a half projects you could be doing so that when we come out of this, you're not still backed up with all the garbage. You know, go audit all your files. Get in there and look at, you know, your whole place. Clean out the closets. I mean there's so many things and projects you could work on and also put your employees to work on.

That's what we've been doing the last 10 days.

Yeah. Those cars you weren't gonna fix, Maybe now's the time to fix them.

You know, we've already, we've already dug through all those. We're trying to find like other stuff to do now.

Yeah, instead of sending that, you know, that thousand, that hundred dollar junker to the scrap yard, why not frickin tear it apart and put it on ebay, you know?

That sounds hard, boy.

Well, maybe now is also a good time to buy projects.

Right?

Steal a couple of neat trainings. We need motors and just do the work. Yeah, keep your mechanic working and you.

Know, monetizing the for sale by owners. Man, you could be hustling Craigslist and Facebook nonstop right now trying to find people that are fire selling their, their stuff.

And I've even called some other dealers. If you have a service department that's slowing down, call other dealers that need work done. And if you've got a, if you got to reduce your hourly rate or something to keep your techs busy, do it because you don't want to lose text during this time.

Sure, yeah. Matt, give us some words of wisdom to leave with. You've been off the quiet, so.

Yeah, I mean, you know, I'm here to learn as much as I am to talk, you know, we'll get through this. It's not the first, it's not the first crisis we've been through. It's the first crisis I've been through since I started back full time out of school. But you know, we've been here for 55 years and you know, we've seen gas crisis, great recession, everything we'll get.

Through.

Sucks right now. Can't really sugarcoat it, but it'll get better.

Cool. We wish everybody luck out there because it's going to take a little luck and it's going to take a lot of preparation to make it through this. Sit on cash still, don't be crazy, don't do anything ridiculous and keep as many people working as you can during this, because that's gonna really matter in the end, I think, is how you treat your people and how you treat your customers.

Everything you just said.

Thanks, Chris, Matt, appreciate your time. Really appreciate you guys joining us.

Yeah, thanks for having us.

Stay strong. Reach out if you need anything. Obviously, everybody else listening. Matt, Chris, Luke, myself, we're always willing to help out.

Yep, absolutely.

All right, guys.

All right, stay safe, guys.

Enjoy the rest of the day.

Be good. Take care.

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