{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":10.8,"endTime":12.84,"body":"This is Auto Collabs."},{"speaker":"Kyle Mountsier","startTime":12.87,"endTime":15.24,"body":"The reality is"},{"speaker":"Kyle Mountsier","startTime":12.87,"endTime":15.24,"body":"is why we're laughing is because"},{"speaker":"Kyle Mountsier","startTime":15.24,"endTime":17.82,"body":"Paul was not recording just a"},{"speaker":"Kyle Mountsier","startTime":15.24,"endTime":17.82,"body":"second ago. So I'm taking the"},{"speaker":"Kyle Mountsier","startTime":17.82,"endTime":20.88,"body":"lead on this one that really and"},{"speaker":"Kyle Mountsier","startTime":17.82,"endTime":20.88,"body":"when we think about incredible"},{"speaker":"Kyle Mountsier","startTime":20.88,"endTime":24.93,"body":"people in our industry that just"},{"speaker":"Kyle Mountsier","startTime":20.88,"endTime":24.93,"body":"have an immense amount of"},{"speaker":"Kyle Mountsier","startTime":24.93,"endTime":26.91,"body":"insight because of the"},{"speaker":"Kyle Mountsier","startTime":24.93,"endTime":26.91,"body":"interactions that they have with"},{"speaker":"Kyle Mountsier","startTime":26.91,"endTime":30.45,"body":"dealers every day. That's Alan"},{"speaker":"Kyle Mountsier","startTime":26.91,"endTime":30.45,"body":"Haig and Alan Haig spent a"},{"speaker":"Kyle Mountsier","startTime":30.45,"endTime":34.23,"body":"little time with us to tell us a"},{"speaker":"Kyle Mountsier","startTime":30.45,"endTime":34.23,"body":"lot about what happened in 2021."},{"speaker":"Kyle Mountsier","startTime":34.23,"endTime":38.85,"body":"And what's happening in 2022,"},{"speaker":"Kyle Mountsier","startTime":34.23,"endTime":38.85,"body":"regarding m\u0026a transactions in"},{"speaker":"Kyle Mountsier","startTime":38.85,"endTime":43.89,"body":"the dealership space, guys, just"},{"speaker":"Kyle Mountsier","startTime":38.85,"endTime":43.89,"body":"an incredible interview. And we"},{"speaker":"Kyle Mountsier","startTime":43.89,"endTime":47.55,"body":"hope you actually just enjoy the"},{"speaker":"Kyle Mountsier","startTime":43.89,"endTime":47.55,"body":"way we got to talk to Alan."},{"speaker":"Paul Daly","startTime":55.71,"endTime":58.38,"body":"Alan, thank you so"},{"speaker":"Paul Daly","startTime":55.71,"endTime":58.38,"body":"much for spending some time with"},{"speaker":"Paul Daly","startTime":58.38,"endTime":61.56,"body":"us today from your summer"},{"speaker":"Paul Daly","startTime":58.38,"endTime":61.56,"body":"office, really appreciate you"},{"speaker":"Paul Daly","startTime":61.56,"endTime":64.95,"body":"giving us a few minutes to share"},{"speaker":"Paul Daly","startTime":61.56,"endTime":64.95,"body":"all the insights of your"},{"speaker":"Paul Daly","startTime":64.95,"endTime":67.86,"body":"travels, and what you're seeing"},{"speaker":"Paul Daly","startTime":64.95,"endTime":67.86,"body":"out there in the industry."},{"speaker":"Alan Haig","startTime":69.03,"endTime":72.15,"body":"Well, I appreciate"},{"speaker":"Alan Haig","startTime":69.03,"endTime":72.15,"body":"you having me on so to speak, it"},{"speaker":"Alan Haig","startTime":72.15,"endTime":77.07,"body":"is still a really active time in"},{"speaker":"Alan Haig","startTime":72.15,"endTime":77.07,"body":"the Buy Sell market, we've had a"},{"speaker":"Alan Haig","startTime":77.37,"endTime":80.58,"body":"chance to compile the stats for"},{"speaker":"Alan Haig","startTime":77.37,"endTime":80.58,"body":"the second quarter, the first"},{"speaker":"Alan Haig","startTime":80.58,"endTime":84.39,"body":"half of 2022. And the total"},{"speaker":"Alan Haig","startTime":80.58,"endTime":84.39,"body":"number of dealerships sold so"},{"speaker":"Alan Haig","startTime":84.39,"endTime":88.89,"body":"far this year is up 3% from last"},{"speaker":"Alan Haig","startTime":84.39,"endTime":88.89,"body":"year, which was by far record"},{"speaker":"Alan Haig","startTime":88.89,"endTime":92.49,"body":"year in the industry. And most"},{"speaker":"Alan Haig","startTime":88.89,"endTime":92.49,"body":"of that increase is coming from"},{"speaker":"Alan Haig","startTime":92.49,"endTime":96.78,"body":"private dealers buying private"},{"speaker":"Alan Haig","startTime":92.49,"endTime":96.78,"body":"dealers. Last year, we had a"},{"speaker":"Alan Haig","startTime":96.78,"endTime":99.69,"body":"huge number of transactions"},{"speaker":"Alan Haig","startTime":96.78,"endTime":99.69,"body":"posed by the public companies,"},{"speaker":"Alan Haig","startTime":99.87,"endTime":103.29,"body":"they spent over $9 billion on"},{"speaker":"Alan Haig","startTime":99.87,"endTime":103.29,"body":"acquisitions last year."},{"speaker":"Alan Haig","startTime":103.41,"endTime":106.17,"body":"Normally, they're spending"},{"speaker":"Alan Haig","startTime":103.41,"endTime":106.17,"body":"around 750 million, maybe a"},{"speaker":"Alan Haig","startTime":106.17,"endTime":109.38,"body":"billion dollars in a good year."},{"speaker":"Alan Haig","startTime":106.17,"endTime":109.38,"body":"So they did some really large"},{"speaker":"Alan Haig","startTime":109.38,"endTime":113.34,"body":"transactions last year. And I"},{"speaker":"Alan Haig","startTime":109.38,"endTime":113.34,"body":"think they spent the first few"},{"speaker":"Alan Haig","startTime":113.34,"endTime":116.88,"body":"months, six months of this year"},{"speaker":"Alan Haig","startTime":113.34,"endTime":116.88,"body":"digesting some of those, but"},{"speaker":"Alan Haig","startTime":116.88,"endTime":119.01,"body":"they're coming back in the"},{"speaker":"Alan Haig","startTime":116.88,"endTime":119.01,"body":"market as well. So"},{"speaker":"Kyle Mountsier","startTime":119.28,"endTime":125.28,"body":"we're saying $9"},{"speaker":"Kyle Mountsier","startTime":119.28,"endTime":125.28,"body":"billion desire to be there. I"},{"speaker":"Kyle Mountsier","startTime":125.28,"endTime":128.07,"body":"just have to stop you there."},{"speaker":"Kyle Mountsier","startTime":125.28,"endTime":128.07,"body":"Because, you know, I think a lot"},{"speaker":"Kyle Mountsier","startTime":128.07,"endTime":130.71,"body":"of times, you know, there's"},{"speaker":"Kyle Mountsier","startTime":128.07,"endTime":130.71,"body":"plenty of people that listen to"},{"speaker":"Kyle Mountsier","startTime":130.95,"endTime":135.12,"body":"the Auto Collabs podcast and you"},{"speaker":"Kyle Mountsier","startTime":130.95,"endTime":135.12,"body":"know, from, you know, industry"},{"speaker":"Kyle Mountsier","startTime":135.12,"endTime":138.87,"body":"partners, to dealers, to some"},{"speaker":"Kyle Mountsier","startTime":135.12,"endTime":138.87,"body":"salespeople and account reps and"},{"speaker":"Kyle Mountsier","startTime":138.87,"endTime":142.32,"body":"everybody kind of in the"},{"speaker":"Kyle Mountsier","startTime":138.87,"endTime":142.32,"body":"ecosystem. And when we when we"},{"speaker":"Kyle Mountsier","startTime":142.47,"endTime":145.92,"body":"like glaze over like, oh, 750"},{"speaker":"Kyle Mountsier","startTime":142.47,"endTime":145.92,"body":"million, sometimes a billion,"},{"speaker":"Kyle Mountsier","startTime":146.13,"endTime":152.34,"body":"but $9 billion in acquisitions"},{"speaker":"Kyle Mountsier","startTime":146.13,"endTime":152.34,"body":"from large and smaller groups"},{"speaker":"Kyle Mountsier","startTime":152.37,"endTime":154.59,"body":"last year, that's that's last"},{"speaker":"Kyle Mountsier","startTime":152.37,"endTime":154.59,"body":"year."},{"speaker":"Alan Haig","startTime":155.44,"endTime":158.59,"body":"Well, 9 billion was"},{"speaker":"Alan Haig","startTime":155.44,"endTime":158.59,"body":"the amount just by the public"},{"speaker":"Alan Haig","startTime":158.59,"endTime":162.55,"body":"companies. Wow, that's the"},{"speaker":"Alan Haig","startTime":158.59,"endTime":162.55,"body":"public company. So public"},{"speaker":"Alan Haig","startTime":162.55,"endTime":166.36,"body":"companies bought 260 stores last"},{"speaker":"Alan Haig","startTime":162.55,"endTime":166.36,"body":"year, private dealers bought"},{"speaker":"Alan Haig","startTime":166.39,"endTime":172.3,"body":"491. So spending by the private"},{"speaker":"Alan Haig","startTime":166.39,"endTime":172.3,"body":"dealers might have been even"},{"speaker":"Alan Haig","startTime":172.3,"endTime":175.57,"body":"more, you know, we don't have"},{"speaker":"Alan Haig","startTime":172.3,"endTime":175.57,"body":"any way to track the spending."},{"speaker":"Alan Haig","startTime":175.57,"endTime":181.39,"body":"But it was a huge year, you"},{"speaker":"Alan Haig","startTime":175.57,"endTime":181.39,"body":"know, and some of it was the"},{"speaker":"Alan Haig","startTime":181.39,"endTime":184.78,"body":"public companies have all"},{"speaker":"Alan Haig","startTime":181.39,"endTime":184.78,"body":"adopted a similar strategy now,"},{"speaker":"Alan Haig","startTime":184.81,"endTime":188.53,"body":"where they have this bricks and"},{"speaker":"Alan Haig","startTime":184.81,"endTime":188.53,"body":"clicks strategy, you know,"},{"speaker":"Alan Haig","startTime":188.56,"endTime":191.53,"body":"Lithia is explained it pretty"},{"speaker":"Alan Haig","startTime":188.56,"endTime":191.53,"body":"well. They want to build out a"},{"speaker":"Alan Haig","startTime":191.83,"endTime":193.87,"body":"nationwide network of"},{"speaker":"Alan Haig","startTime":191.83,"endTime":193.87,"body":"dealerships through"},{"speaker":"Alan Haig","startTime":193.87,"endTime":198.34,"body":"acquisitions. And then they're"},{"speaker":"Alan Haig","startTime":193.87,"endTime":198.34,"body":"going to use their Driveway, app"},{"speaker":"Alan Haig","startTime":198.37,"endTime":204.61,"body":"or website to penetrate into the"},{"speaker":"Alan Haig","startTime":198.37,"endTime":204.61,"body":"rest of the market and take"},{"speaker":"Alan Haig","startTime":204.61,"endTime":207.7,"body":"share from dealers that don't"},{"speaker":"Alan Haig","startTime":204.61,"endTime":207.7,"body":"have the same capabilities that"},{"speaker":"Alan Haig","startTime":207.7,"endTime":214.18,"body":"they have online. So that's"},{"speaker":"Alan Haig","startTime":207.7,"endTime":214.18,"body":"that's a Lithia's strategy if"},{"speaker":"Alan Haig","startTime":214.18,"endTime":216.22,"body":"you listen to their press"},{"speaker":"Alan Haig","startTime":214.18,"endTime":216.22,"body":"release, they refer to they say"},{"speaker":"Alan Haig","startTime":216.22,"endTime":220.78,"body":"Lithia and Driveway Lithia. And"},{"speaker":"Alan Haig","startTime":216.22,"endTime":220.78,"body":"yep, I have a hunch though,"},{"speaker":"Alan Haig","startTime":220.78,"endTime":223.24,"body":"rebrand the whole company"},{"speaker":"Alan Haig","startTime":220.78,"endTime":223.24,"body":"Driveway at some point and have"},{"speaker":"Alan Haig","startTime":223.24,"endTime":224.98,"body":"a national brand. So you might"},{"speaker":"Paul Daly","startTime":224.98,"endTime":227.71,"body":"think they're gonna"},{"speaker":"Paul Daly","startTime":224.98,"endTime":227.71,"body":"call dry like your guess is that"},{"speaker":"Paul Daly","startTime":227.71,"endTime":230.29,"body":"they're going to just everything"},{"speaker":"Paul Daly","startTime":227.71,"endTime":230.29,"body":"will be driveway there will no"},{"speaker":"Paul Daly","startTime":230.29,"endTime":233.17,"body":"longer be two brands. There'll"},{"speaker":"Paul Daly","startTime":230.29,"endTime":233.17,"body":"be the same brand Driveway"},{"speaker":"Paul Daly","startTime":233.17,"endTime":236.38,"body":"trading as it is right now. But"},{"speaker":"Paul Daly","startTime":233.17,"endTime":236.38,"body":"it'll be everything franchise"},{"speaker":"Paul Daly","startTime":236.38,"endTime":237.79,"body":"used cars all wrapped up."},{"speaker":"Paul Daly","startTime":238.62,"endTime":242.22,"body":"If they can get past the"},{"speaker":"Paul Daly","startTime":238.62,"endTime":242.22,"body":"factories, that makes sense to"},{"speaker":"Paul Daly","startTime":242.22,"endTime":245.82,"body":"me. Right? There's Carmax you"},{"speaker":"Paul Daly","startTime":242.22,"endTime":245.82,"body":"can go to the stores where you"},{"speaker":"Paul Daly","startTime":245.82,"endTime":249.27,"body":"go Carmax website, you know, be"},{"speaker":"Paul Daly","startTime":245.82,"endTime":249.27,"body":"weird if you had, you know,"},{"speaker":"Paul Daly","startTime":249.27,"endTime":251.76,"body":"Lithia's bought all the stores"},{"speaker":"Paul Daly","startTime":249.27,"endTime":251.76,"body":"in the most cases, they've kept"},{"speaker":"Paul Daly","startTime":251.76,"endTime":255.57,"body":"the original brands, just like"},{"speaker":"Paul Daly","startTime":251.76,"endTime":255.57,"body":"AutoNation did when they bought"},{"speaker":"Paul Daly","startTime":255.57,"endTime":258.75,"body":"a lot of stores, they have one"},{"speaker":"Paul Daly","startTime":255.57,"endTime":258.75,"body":"brand in the market. But about"},{"speaker":"Paul Daly","startTime":258.84,"endTime":261.75,"body":"five years ago, Auto Nation"},{"speaker":"Paul Daly","startTime":258.84,"endTime":261.75,"body":"rebranded all the non luxury"},{"speaker":"Paul Daly","startTime":261.75,"endTime":264.69,"body":"stores on our nation. And I"},{"speaker":"Paul Daly","startTime":261.75,"endTime":264.69,"body":"think that's gonna help with"},{"speaker":"Paul Daly","startTime":264.69,"endTime":267.12,"body":"their digital strategy. Because"},{"speaker":"Paul Daly","startTime":264.69,"endTime":267.12,"body":"then as a consumer, here's the"},{"speaker":"Paul Daly","startTime":267.12,"endTime":269.07,"body":"thing, one brand in the market"},{"speaker":"Paul Daly","startTime":267.12,"endTime":269.07,"body":"automation, automation"},{"speaker":"Paul Daly","startTime":269.07,"endTime":273.93,"body":"automation, not, you know,"},{"speaker":"Paul Daly","startTime":269.07,"endTime":273.93,"body":"Moroni Ford LA Ford those"},{"speaker":"Paul Daly","startTime":273.93,"endTime":278.13,"body":"different sub brands. But at any"},{"speaker":"Paul Daly","startTime":273.93,"endTime":278.13,"body":"rate, this bricks and clicks"},{"speaker":"Paul Daly","startTime":278.13,"endTime":280.83,"body":"strategy is something that I"},{"speaker":"Paul Daly","startTime":278.13,"endTime":280.83,"body":"think all the public companies"},{"speaker":"Paul Daly","startTime":280.89,"endTime":284.01,"body":"are adopting because they've all"},{"speaker":"Paul Daly","startTime":280.89,"endTime":284.01,"body":"been more active, right? I mean,"},{"speaker":"Paul Daly","startTime":284.04,"endTime":287.76,"body":"Lithia's has been the most"},{"speaker":"Paul Daly","startTime":284.04,"endTime":287.76,"body":"active. Asbury has been"},{"speaker":"Paul Daly","startTime":287.76,"endTime":290.76,"body":"extremely active last couple of"},{"speaker":"Paul Daly","startTime":287.76,"endTime":290.76,"body":"years since David Holt's kind of"},{"speaker":"Paul Daly","startTime":290.76,"endTime":294.18,"body":"took over that company. You've"},{"speaker":"Paul Daly","startTime":290.76,"endTime":294.18,"body":"also had Sonic coming back into"},{"speaker":"Paul Daly","startTime":294.18,"endTime":298.68,"body":"the market. They bought a large"},{"speaker":"Paul Daly","startTime":294.18,"endTime":298.68,"body":"group Group One bought prime"},{"speaker":"Paul Daly","startTime":299.04,"endTime":303.36,"body":"last year. They're out buying"},{"speaker":"Paul Daly","startTime":299.04,"endTime":303.36,"body":"stores. Penske has been a little"},{"speaker":"Paul Daly","startTime":303.36,"endTime":305.49,"body":"bit quiet. And they've been"},{"speaker":"Paul Daly","startTime":303.36,"endTime":305.49,"body":"focusing maybe on their used car"},{"speaker":"Paul Daly","startTime":305.49,"endTime":310.29,"body":"strategy. So they're all really"},{"speaker":"Paul Daly","startTime":305.49,"endTime":310.29,"body":"all doing this. And that's"},{"speaker":"Paul Daly","startTime":310.29,"endTime":313.35,"body":"something that honestly, we're"},{"speaker":"Paul Daly","startTime":310.29,"endTime":313.35,"body":"recommending to private dealers"},{"speaker":"Paul Daly","startTime":313.65,"endTime":317.88,"body":"is, is, today everybody's"},{"speaker":"Paul Daly","startTime":313.65,"endTime":317.88,"body":"selling every vehicle they can"},{"speaker":"Paul Daly","startTime":317.88,"endTime":321.87,"body":"get at full price plus, right."},{"speaker":"Paul Daly","startTime":317.88,"endTime":321.87,"body":"But in five years, when the"},{"speaker":"Paul Daly","startTime":321.87,"endTime":325.53,"body":"inventory comes back, and you"},{"speaker":"Paul Daly","startTime":321.87,"endTime":325.53,"body":"have to fight for customers, you"},{"speaker":"Paul Daly","startTime":325.53,"endTime":329.52,"body":"know, today, you know, people"},{"speaker":"Paul Daly","startTime":325.53,"endTime":329.52,"body":"are shopping on their phones and"},{"speaker":"Paul Daly","startTime":329.52,"endTime":335.43,"body":"their computers to buy most"},{"speaker":"Paul Daly","startTime":329.52,"endTime":335.43,"body":"types of inventory or most types"},{"speaker":"Paul Daly","startTime":335.43,"endTime":338.34,"body":"of items. And we know there's"},{"speaker":"Paul Daly","startTime":335.43,"endTime":338.34,"body":"been an increase in digital"},{"speaker":"Paul Daly","startTime":338.34,"endTime":341.76,"body":"retailing on the auto side as"},{"speaker":"Paul Daly","startTime":338.34,"endTime":341.76,"body":"well. But I feel like in five"},{"speaker":"Paul Daly","startTime":341.76,"endTime":344.79,"body":"years, when there's plenty of"},{"speaker":"Paul Daly","startTime":341.76,"endTime":344.79,"body":"units out there, those groups"},{"speaker":"Paul Daly","startTime":344.79,"endTime":349.26,"body":"that have the capability to"},{"speaker":"Paul Daly","startTime":344.79,"endTime":349.26,"body":"attract customer with, with 10"},{"speaker":"Paul Daly","startTime":349.26,"endTime":351.6,"body":"brands in the market, or 20"},{"speaker":"Paul Daly","startTime":349.26,"endTime":351.6,"body":"brands in the market knew that"},{"speaker":"Paul Daly","startTime":351.6,"endTime":356.49,"body":"they can sell and 1000s of use"},{"speaker":"Paul Daly","startTime":351.6,"endTime":356.49,"body":"cars available. And customers"},{"speaker":"Paul Daly","startTime":356.49,"endTime":359.19,"body":"can go and touch them"},{"speaker":"Paul Daly","startTime":356.49,"endTime":359.19,"body":"physically, I think they're"},{"speaker":"Paul Daly","startTime":359.19,"endTime":361.32,"body":"going to have an advantage over"},{"speaker":"Paul Daly","startTime":359.19,"endTime":361.32,"body":"the person has one or two"},{"speaker":"Paul Daly","startTime":361.32,"endTime":366.3,"body":"stores, and can't have the same"},{"speaker":"Paul Daly","startTime":361.32,"endTime":366.3,"body":"mindshare of customers. You"},{"speaker":"Paul Daly","startTime":366.3,"endTime":369.24,"body":"know, when you go search for"},{"speaker":"Paul Daly","startTime":366.3,"endTime":369.24,"body":"Ford near me, it's going to be"},{"speaker":"Paul Daly","startTime":369.24,"endTime":372.63,"body":"Lithia that pops up or Carvana"},{"speaker":"Paul Daly","startTime":369.24,"endTime":372.63,"body":"pops up, not the local guy who"},{"speaker":"Paul Daly","startTime":372.63,"endTime":377.04,"body":"just says one store. So we're"},{"speaker":"Paul Daly","startTime":372.63,"endTime":377.04,"body":"encouraging folks to be active"},{"speaker":"Paul Daly","startTime":377.04,"endTime":381.99,"body":"now on m\u0026a side to build out a"},{"speaker":"Paul Daly","startTime":377.04,"endTime":381.99,"body":"larger group of stores in our"},{"speaker":"Paul Daly","startTime":381.99,"endTime":385.68,"body":"estimate, as we have perhaps 10"},{"speaker":"Paul Daly","startTime":381.99,"endTime":385.68,"body":"of the major brands that will"},{"speaker":"Paul Daly","startTime":385.68,"endTime":389.7,"body":"cover about 75% of consumer"},{"speaker":"Paul Daly","startTime":385.68,"endTime":389.7,"body":"demand. And you'll have 1000s of"},{"speaker":"Paul Daly","startTime":389.7,"endTime":393.18,"body":"vehicles new and used in the"},{"speaker":"Paul Daly","startTime":389.7,"endTime":393.18,"body":"local market available for"},{"speaker":"Paul Daly","startTime":393.18,"endTime":396.81,"body":"customers to shop, you'll have a"},{"speaker":"Paul Daly","startTime":393.18,"endTime":396.81,"body":"local brand of 10 stores in a"},{"speaker":"Paul Daly","startTime":396.81,"endTime":399.33,"body":"market, you should be able to"},{"speaker":"Paul Daly","startTime":396.81,"endTime":399.33,"body":"attract lots of great talent,"},{"speaker":"Paul Daly","startTime":399.54,"endTime":402.48,"body":"because they'll know that, hey,"},{"speaker":"Paul Daly","startTime":399.54,"endTime":402.48,"body":"if I join this Honda store over"},{"speaker":"Paul Daly","startTime":402.48,"endTime":406.98,"body":"here, I'm a service advisor. The"},{"speaker":"Paul Daly","startTime":402.48,"endTime":406.98,"body":"service manager may be here for"},{"speaker":"Paul Daly","startTime":407.01,"endTime":410.88,"body":"15 more years, but there's"},{"speaker":"Paul Daly","startTime":407.01,"endTime":410.88,"body":"another company in that group,"},{"speaker":"Paul Daly","startTime":410.91,"endTime":413.1,"body":"another dealership in that group"},{"speaker":"Paul Daly","startTime":410.91,"endTime":413.1,"body":"where they may be an opportunity"},{"speaker":"Paul Daly","startTime":413.1,"endTime":414.39,"body":"for me for advancement."},{"speaker":"Kyle Mountsier","startTime":415.05,"endTime":419.34,"body":"So So what"},{"speaker":"Kyle Mountsier","startTime":415.05,"endTime":419.34,"body":"you're saying is, because right"},{"speaker":"Kyle Mountsier","startTime":419.34,"endTime":422.7,"body":"now I see a lot of groups where"},{"speaker":"Kyle Mountsier","startTime":419.34,"endTime":422.7,"body":"they don't have where like they"},{"speaker":"Kyle Mountsier","startTime":422.7,"endTime":426.3,"body":"have a store in you know, let's"},{"speaker":"Kyle Mountsier","startTime":422.7,"endTime":426.3,"body":"just let's just talk Tennessee,"},{"speaker":"Kyle Mountsier","startTime":426.3,"endTime":428.19,"body":"that's why they've got a store"},{"speaker":"Kyle Mountsier","startTime":426.3,"endTime":428.19,"body":"in Memphis they got a store in"},{"speaker":"Kyle Mountsier","startTime":428.19,"endTime":430.89,"body":"Clarksville, they got a store in"},{"speaker":"Kyle Mountsier","startTime":428.19,"endTime":430.89,"body":"Nashville, and that's, you know,"},{"speaker":"Kyle Mountsier","startTime":430.89,"endTime":434.55,"body":"a three to five store group. But"},{"speaker":"Kyle Mountsier","startTime":430.89,"endTime":434.55,"body":"really there's there's, it's not"},{"speaker":"Kyle Mountsier","startTime":434.55,"endTime":437.7,"body":"just growth for growth's sake,"},{"speaker":"Kyle Mountsier","startTime":434.55,"endTime":437.7,"body":"especially on in the smaller"},{"speaker":"Kyle Mountsier","startTime":437.82,"endTime":442.02,"body":"groups. And the idea is, hey, go"},{"speaker":"Kyle Mountsier","startTime":437.82,"endTime":442.02,"body":"acquire regionally focused, you"},{"speaker":"Kyle Mountsier","startTime":442.02,"endTime":445.92,"body":"know, groups of 10 is kind of"},{"speaker":"Kyle Mountsier","startTime":442.02,"endTime":445.92,"body":"the is the sweet spot it sounds"},{"speaker":"Kyle Mountsier","startTime":445.92,"endTime":450.81,"body":"like for, for for a smaller"},{"speaker":"Kyle Mountsier","startTime":445.92,"endTime":450.81,"body":"group to maintain a region"},{"speaker":"Kyle Mountsier","startTime":450.81,"endTime":454.59,"body":"ality. And like cover the"},{"speaker":"Kyle Mountsier","startTime":450.81,"endTime":454.59,"body":"customer base is kind of the"},{"speaker":"Kyle Mountsier","startTime":454.59,"endTime":455.25,"body":"idea there."},{"speaker":"Paul Daly","startTime":455.48,"endTime":459.41,"body":"Yes. And this is a"},{"speaker":"Paul Daly","startTime":455.48,"endTime":459.41,"body":"concept that well, not just don"},{"speaker":"Paul Daly","startTime":459.41,"endTime":462.02,"body":"Flo, but he's the one that I"},{"speaker":"Paul Daly","startTime":459.41,"endTime":462.02,"body":"spoke to most about it. And he's"},{"speaker":"Paul Daly","startTime":462.02,"endTime":464.96,"body":"has a group of stores in North"},{"speaker":"Paul Daly","startTime":462.02,"endTime":464.96,"body":"Carolina, he's got about 30"},{"speaker":"Paul Daly","startTime":464.96,"endTime":468.11,"body":"stores. And so he covers all the"},{"speaker":"Paul Daly","startTime":464.96,"endTime":468.11,"body":"brands, he goes from the"},{"speaker":"Paul Daly","startTime":468.11,"endTime":473.75,"body":"mountains to the coast. And he"},{"speaker":"Paul Daly","startTime":468.11,"endTime":473.75,"body":"has this phrase, which is, local"},{"speaker":"Paul Daly","startTime":473.75,"endTime":481.28,"body":"scale is more powerful than"},{"speaker":"Paul Daly","startTime":473.75,"endTime":481.28,"body":"national scale. And there's no"},{"speaker":"Paul Daly","startTime":481.28,"endTime":484.43,"body":"point in having one store in 250"},{"speaker":"Paul Daly","startTime":481.28,"endTime":484.43,"body":"different towns across the"},{"speaker":"Paul Daly","startTime":484.43,"endTime":487.61,"body":"country, the customer doesn't"},{"speaker":"Paul Daly","startTime":484.43,"endTime":487.61,"body":"get any benefit from having one"},{"speaker":"Paul Daly","startTime":487.61,"endTime":491.36,"body":"store near them. But the"},{"speaker":"Paul Daly","startTime":487.61,"endTime":491.36,"body":"customer will benefit hip 10"},{"speaker":"Paul Daly","startTime":491.39,"endTime":494.45,"body":"near them, right you have more"},{"speaker":"Paul Daly","startTime":491.39,"endTime":494.45,"body":"opportunities for them to find"},{"speaker":"Paul Daly","startTime":494.45,"endTime":498.53,"body":"what they're looking for. Coming"},{"speaker":"Paul Daly","startTime":494.45,"endTime":498.53,"body":"back for services easier"},{"speaker":"Paul Daly","startTime":498.56,"endTime":501.08,"body":"retaining that customer on the"},{"speaker":"Paul Daly","startTime":498.56,"endTime":501.08,"body":"next vehicle purchase or lease"},{"speaker":"Paul Daly","startTime":501.08,"endTime":505.61,"body":"is easier. So local scale is"},{"speaker":"Paul Daly","startTime":501.08,"endTime":505.61,"body":"more powerful than national"},{"speaker":"Paul Daly","startTime":505.61,"endTime":509.09,"body":"scale. So we're definitely"},{"speaker":"Paul Daly","startTime":505.61,"endTime":509.09,"body":"encouraging dealers, when a"},{"speaker":"Paul Daly","startTime":509.09,"endTime":513.32,"body":"store comes up in their market"},{"speaker":"Paul Daly","startTime":509.09,"endTime":513.32,"body":"that they're interested in. It's"},{"speaker":"Paul Daly","startTime":513.32,"endTime":515.84,"body":"almost like Monopoly, you know,"},{"speaker":"Paul Daly","startTime":513.32,"endTime":515.84,"body":"when you land on a property buy"},{"speaker":"Paul Daly","startTime":515.84,"endTime":519.8,"body":"it don't pass up on. And we do"},{"speaker":"Paul Daly","startTime":515.84,"endTime":519.8,"body":"have clients that are very"},{"speaker":"Paul Daly","startTime":519.8,"endTime":522.35,"body":"successful and friends of ours"},{"speaker":"Paul Daly","startTime":519.8,"endTime":522.35,"body":"that you know, they'll buy"},{"speaker":"Paul Daly","startTime":522.8,"endTime":524.45,"body":"stores here that's"},{"speaker":"Paul Daly","startTime":522.8,"endTime":524.45,"body":"underperforming, they'll buy"},{"speaker":"Paul Daly","startTime":524.45,"endTime":526.55,"body":"another one up in New England,"},{"speaker":"Paul Daly","startTime":524.45,"endTime":526.55,"body":"they'll buy one in the Midwest."},{"speaker":"Paul Daly","startTime":526.94,"endTime":531.11,"body":"And they can they can still"},{"speaker":"Paul Daly","startTime":526.94,"endTime":531.11,"body":"still succeed with that. But I"},{"speaker":"Paul Daly","startTime":531.11,"endTime":535.46,"body":"feel like long term if they have"},{"speaker":"Paul Daly","startTime":531.11,"endTime":535.46,"body":"two or three stores in a market,"},{"speaker":"Paul Daly","startTime":535.64,"endTime":540.56,"body":"and Lithia has got 10 or another"},{"speaker":"Paul Daly","startTime":535.64,"endTime":540.56,"body":"local dealers got 10 or 15 or"},{"speaker":"Paul Daly","startTime":540.56,"endTime":545.21,"body":"Don Flo's case 30. I think the"},{"speaker":"Paul Daly","startTime":540.56,"endTime":545.21,"body":"local small dealer is a"},{"speaker":"Paul Daly","startTime":545.21,"endTime":548.3,"body":"disadvantage compared to the"},{"speaker":"Paul Daly","startTime":545.21,"endTime":548.3,"body":"local big dealer. And the"},{"speaker":"Paul Daly","startTime":548.3,"endTime":551.39,"body":"national company doesn't have"},{"speaker":"Paul Daly","startTime":548.3,"endTime":551.39,"body":"any strength over the local guy."},{"speaker":"Paul Daly","startTime":551.39,"endTime":553.94,"body":"He just has one or two stores in"},{"speaker":"Paul Daly","startTime":551.39,"endTime":553.94,"body":"that market. Hmm."},{"speaker":"Kyle Mountsier","startTime":554.81,"endTime":556.97,"body":"So so the I"},{"speaker":"Kyle Mountsier","startTime":554.81,"endTime":556.97,"body":"think that's really key because"},{"speaker":"Kyle Mountsier","startTime":556.97,"endTime":559.94,"body":"I was going to ask this question"},{"speaker":"Kyle Mountsier","startTime":556.97,"endTime":559.94,"body":"that I had all this m\u0026a activity"},{"speaker":"Kyle Mountsier","startTime":559.97,"endTime":563.93,"body":"in UP 3%. And everybody's kind"},{"speaker":"Kyle Mountsier","startTime":559.97,"endTime":563.93,"body":"of like, you know, if you're"},{"speaker":"Kyle Mountsier","startTime":563.93,"endTime":566.3,"body":"paying attention, you're looking"},{"speaker":"Kyle Mountsier","startTime":563.93,"endTime":566.3,"body":"at the publics. That's the news"},{"speaker":"Kyle Mountsier","startTime":566.3,"endTime":568.61,"body":"that's out there. That's what"},{"speaker":"Kyle Mountsier","startTime":566.3,"endTime":568.61,"body":"automotive news or Wall Street"},{"speaker":"Kyle Mountsier","startTime":568.61,"endTime":571.61,"body":"Journal or, or, you know, the"},{"speaker":"Kyle Mountsier","startTime":568.61,"endTime":571.61,"body":"stock market is going to point"},{"speaker":"Kyle Mountsier","startTime":571.61,"endTime":575.39,"body":"to and say this is what's going"},{"speaker":"Kyle Mountsier","startTime":571.61,"endTime":575.39,"body":"on? And the question always is,"},{"speaker":"Kyle Mountsier","startTime":575.39,"endTime":578.51,"body":"well, what do I do as the local"},{"speaker":"Kyle Mountsier","startTime":575.39,"endTime":578.51,"body":"person that you know, that's"},{"speaker":"Kyle Mountsier","startTime":578.51,"endTime":581.84,"body":"three to five? And where do I"},{"speaker":"Kyle Mountsier","startTime":578.51,"endTime":581.84,"body":"go? Do I go outside my market?"},{"speaker":"Kyle Mountsier","startTime":581.84,"endTime":584.15,"body":"Or do I stay inside my market?"},{"speaker":"Kyle Mountsier","startTime":581.84,"endTime":584.15,"body":"And what you're saying is like,"},{"speaker":"Kyle Mountsier","startTime":584.42,"endTime":586.85,"body":"stay inside your market stay"},{"speaker":"Kyle Mountsier","startTime":584.42,"endTime":586.85,"body":"regionally focused, and you have"},{"speaker":"Kyle Mountsier","startTime":586.85,"endTime":589.85,"body":"a brand impact because of that."},{"speaker":"Kyle Mountsier","startTime":586.85,"endTime":589.85,"body":"So it's like, it's almost like"},{"speaker":"Kyle Mountsier","startTime":589.85,"endTime":593.48,"body":"your m\u0026a Strategy is your"},{"speaker":"Kyle Mountsier","startTime":589.85,"endTime":593.48,"body":"marketing strategy, and they are"},{"speaker":"Kyle Mountsier","startTime":593.48,"endTime":595.04,"body":"tied tightly together."},{"speaker":"Alan Haig","startTime":595.83,"endTime":598.44,"body":"Yes, and I'm not"},{"speaker":"Alan Haig","startTime":595.83,"endTime":598.44,"body":"saying that's the only strategy"},{"speaker":"Alan Haig","startTime":598.44,"endTime":601.44,"body":"that can be successful friends"},{"speaker":"Alan Haig","startTime":598.44,"endTime":601.44,"body":"If you have a Toyota store in a"},{"speaker":"Alan Haig","startTime":601.44,"endTime":604.53,"body":"single point market, you're"},{"speaker":"Alan Haig","startTime":601.44,"endTime":604.53,"body":"going to be successful. You"},{"speaker":"Alan Haig","startTime":604.53,"endTime":609.75,"body":"know? Yeah, you have a Porsche,"},{"speaker":"Alan Haig","startTime":604.53,"endTime":609.75,"body":"or Mercedes or a BMW store Lexus"},{"speaker":"Alan Haig","startTime":609.75,"endTime":613.23,"body":"store and a single point market,"},{"speaker":"Alan Haig","startTime":609.75,"endTime":613.23,"body":"you're going to be the only"},{"speaker":"Alan Haig","startTime":613.23,"endTime":615.78,"body":"story. But if you've got Are you"},{"speaker":"Alan Haig","startTime":613.23,"endTime":615.78,"body":"seeing?"},{"speaker":"Kyle Mountsier","startTime":616.35,"endTime":617.73,"body":"Sorry, yeah, go"},{"speaker":"Kyle Mountsier","startTime":616.35,"endTime":617.73,"body":"ahead, go ahead."},{"speaker":"Alan Haig","startTime":617.999,"endTime":621.239,"body":"I'd say if you've got"},{"speaker":"Alan Haig","startTime":617.999,"endTime":621.239,"body":"one Chevy and one Ford and one"},{"speaker":"Alan Haig","startTime":621.239,"endTime":625.259,"body":"Nissan and the Metro market, I"},{"speaker":"Alan Haig","startTime":621.239,"endTime":625.259,"body":"don't think you have enough"},{"speaker":"Alan Haig","startTime":625.259,"endTime":628.619,"body":"critical mass to attract the"},{"speaker":"Alan Haig","startTime":625.259,"endTime":628.619,"body":"best talent, I don't think you"},{"speaker":"Alan Haig","startTime":628.619,"endTime":631.829,"body":"have enough critical mass to"},{"speaker":"Alan Haig","startTime":628.619,"endTime":631.829,"body":"attract the eyeballs on these"},{"speaker":"Alan Haig","startTime":631.829,"endTime":635.129,"body":"tiny little screens that my kids"},{"speaker":"Alan Haig","startTime":631.829,"endTime":635.129,"body":"are going to be shopping through"},{"speaker":"Alan Haig","startTime":635.459,"endTime":640.469,"body":"in the future. I think you have"},{"speaker":"Alan Haig","startTime":635.459,"endTime":640.469,"body":"to have more local scale to"},{"speaker":"Alan Haig","startTime":640.469,"endTime":643.589,"body":"attract these these shoppers in"},{"speaker":"Alan Haig","startTime":640.469,"endTime":643.589,"body":"the future."},{"speaker":"Paul Daly","startTime":644.009,"endTime":645.629,"body":"So Alan, you give Go"},{"speaker":"Paul Daly","startTime":644.009,"endTime":645.629,"body":"ahead."},{"speaker":"Kyle Mountsier","startTime":648.0,"endTime":651.96,"body":"Can you give a"},{"speaker":"Kyle Mountsier","startTime":648.0,"endTime":651.96,"body":"little insight into what like"},{"speaker":"Kyle Mountsier","startTime":651.99,"endTime":655.44,"body":"have? Have you had conversations"},{"speaker":"Kyle Mountsier","startTime":651.99,"endTime":655.44,"body":"with OEMs through these"},{"speaker":"Kyle Mountsier","startTime":655.62,"endTime":661.71,"body":"acquisitions? In what their"},{"speaker":"Kyle Mountsier","startTime":655.62,"endTime":661.71,"body":"perception or preference is? Or"},{"speaker":"Kyle Mountsier","startTime":661.71,"endTime":665.13,"body":"is it just like, they're looking"},{"speaker":"Kyle Mountsier","startTime":661.71,"endTime":665.13,"body":"at more of a silo on"},{"speaker":"Kyle Mountsier","startTime":665.22,"endTime":670.17,"body":"profitability, CSI? And, and,"},{"speaker":"Kyle Mountsier","startTime":665.22,"endTime":670.17,"body":"you know, and retention, and"},{"speaker":"Kyle Mountsier","startTime":670.17,"endTime":674.01,"body":"it's just they stay in that silo"},{"speaker":"Kyle Mountsier","startTime":670.17,"endTime":674.01,"body":"for to me to figure out if they"},{"speaker":"Kyle Mountsier","startTime":674.01,"endTime":677.34,"body":"can handle their brand, or is"},{"speaker":"Kyle Mountsier","startTime":674.01,"endTime":677.34,"body":"there? Is there a level of"},{"speaker":"Kyle Mountsier","startTime":677.34,"endTime":681.15,"body":"attention that the brand is that"},{"speaker":"Kyle Mountsier","startTime":677.34,"endTime":681.15,"body":"the OEM is recognizing on"},{"speaker":"Kyle Mountsier","startTime":681.15,"endTime":683.16,"body":"whether or not you're national"},{"speaker":"Kyle Mountsier","startTime":681.15,"endTime":683.16,"body":"or regional?"},{"speaker":"Alan Haig","startTime":683.0,"endTime":687.44,"body":"I think, well, the"},{"speaker":"Alan Haig","startTime":683.0,"endTime":687.44,"body":"all the public companies have"},{"speaker":"Paul Daly","startTime":683.0,"endTime":687.44,"body":"Yeah, they're"},{"speaker":"Paul Daly","startTime":683.0,"endTime":687.44,"body":"realizing what you're saying."},{"speaker":"Paul Daly","startTime":687.44,"endTime":691.28,"body":"framework agreements that"},{"speaker":"Paul Daly","startTime":687.44,"endTime":691.28,"body":"dictate when and if they can"},{"speaker":"Paul Daly","startTime":687.53,"endTime":691.85,"body":"Right. And that, you know, that"},{"speaker":"Paul Daly","startTime":687.53,"endTime":691.85,"body":"leverage tipping point when the"},{"speaker":"Paul Daly","startTime":691.28,"endTime":696.92,"body":"acquire another of their"},{"speaker":"Paul Daly","startTime":691.28,"endTime":696.92,"body":"franchises. So historically, the"},{"speaker":"Paul Daly","startTime":692.18,"endTime":700.07,"body":"more the more consistent"},{"speaker":"Paul Daly","startTime":692.18,"endTime":700.07,"body":"experiences and consistent"},{"speaker":"Paul Daly","startTime":696.92,"endTime":700.4,"body":"factories haven't wanted a"},{"speaker":"Paul Daly","startTime":696.92,"endTime":700.4,"body":"dealer to have too much control"},{"speaker":"Paul Daly","startTime":700.07,"endTime":750.95,"body":"ownership and leverage that the"},{"speaker":"Paul Daly","startTime":700.07,"endTime":750.95,"body":"group has, the stronger the"},{"speaker":"Paul Daly","startTime":700.4,"endTime":703.58,"body":"and a market because of that"},{"speaker":"Paul Daly","startTime":700.4,"endTime":703.58,"body":"dealer doesn't perform great."},{"speaker":"Paul Daly","startTime":703.73,"endTime":707.87,"body":"their market share suffers. So"},{"speaker":"Paul Daly","startTime":703.73,"endTime":707.87,"body":"for for Honda used to be here,"},{"speaker":"Paul Daly","startTime":707.87,"endTime":710.69,"body":"you can't have any contiguous"},{"speaker":"Paul Daly","startTime":707.87,"endTime":710.69,"body":"Honda stores. And then they"},{"speaker":"Paul Daly","startTime":710.69,"endTime":713.99,"body":"would draw the map so that every"},{"speaker":"Paul Daly","startTime":710.69,"endTime":713.99,"body":"store connected to each other."},{"speaker":"Paul Daly","startTime":716.3,"endTime":718.04,"body":"So that it was a little more"},{"speaker":"Paul Daly","startTime":716.3,"endTime":718.04,"body":"realistic, they said you can't"},{"speaker":"Paul Daly","startTime":718.04,"endTime":723.59,"body":"have more than 20% of the stores"},{"speaker":"Paul Daly","startTime":718.04,"endTime":723.59,"body":"in a market. So, you know, you"},{"speaker":"Paul Daly","startTime":723.59,"endTime":726.29,"body":"couldn't have more than two"},{"speaker":"Paul Daly","startTime":723.59,"endTime":726.29,"body":"stores in a market unless there"},{"speaker":"Paul Daly","startTime":726.29,"endTime":731.96,"body":"were 10 stores in the market."},{"speaker":"Paul Daly","startTime":726.29,"endTime":731.96,"body":"Hyundai is now pushing for"},{"speaker":"Paul Daly","startTime":731.99,"endTime":736.22,"body":"dealers to have more power in a"},{"speaker":"Paul Daly","startTime":731.99,"endTime":736.22,"body":"market. So they want they don't"},{"speaker":"Paul Daly","startTime":736.22,"endTime":738.14,"body":"want their four points in the"},{"speaker":"Paul Daly","startTime":736.22,"endTime":738.14,"body":"market. They don't want four"},{"speaker":"Paul Daly","startTime":738.14,"endTime":738.89,"body":"dealers they want."},{"speaker":"Paul Daly","startTime":751.43,"endTime":753.83,"body":"brand is going to be is"},{"speaker":"Paul Daly","startTime":751.43,"endTime":753.83,"body":"basically what I hear you"},{"speaker":"Paul Daly","startTime":753.83,"endTime":754.19,"body":"saying?"},{"speaker":"Alan Haig","startTime":754.66,"endTime":757.42,"body":"Yeah, and I think"},{"speaker":"Alan Haig","startTime":754.66,"endTime":757.42,"body":"that they believe that in the"},{"speaker":"Alan Haig","startTime":757.42,"endTime":761.5,"body":"past Hyundai, you know, Hyundai"},{"speaker":"Alan Haig","startTime":757.42,"endTime":761.5,"body":"stores used to be cheap, they"},{"speaker":"Alan Haig","startTime":761.5,"endTime":765.67,"body":"used to make $600,000 a year and"},{"speaker":"Alan Haig","startTime":761.5,"endTime":765.67,"body":"the multiple was low. And then"},{"speaker":"Alan Haig","startTime":765.7,"endTime":770.23,"body":"they got great product. Yeah."},{"speaker":"Alan Haig","startTime":765.7,"endTime":770.23,"body":"And the margins went from $800 a"},{"speaker":"Alan Haig","startTime":770.23,"endTime":774.64,"body":"car to $4,000 a car. So now"},{"speaker":"Alan Haig","startTime":770.23,"endTime":774.64,"body":"Hyundai stores are making a lot"},{"speaker":"Alan Haig","startTime":774.64,"endTime":779.47,"body":"of money. And so now Hyundai"},{"speaker":"Alan Haig","startTime":774.64,"endTime":779.47,"body":"wants to take the dealers that"},{"speaker":"Alan Haig","startTime":779.47,"endTime":782.38,"body":"they have and many of the"},{"speaker":"Alan Haig","startTime":779.47,"endTime":782.38,"body":"original dealers used to be not"},{"speaker":"Alan Haig","startTime":782.38,"endTime":784.93,"body":"that interested in Hyundai"},{"speaker":"Alan Haig","startTime":782.38,"endTime":784.93,"body":"compared to their Ford or Toyota"},{"speaker":"Alan Haig","startTime":784.93,"endTime":789.13,"body":"stores. Now they want dealers"},{"speaker":"Alan Haig","startTime":784.93,"endTime":789.13,"body":"that aren't committed to Hyundai"},{"speaker":"Alan Haig","startTime":789.13,"endTime":792.67,"body":"to basically get out. And so"},{"speaker":"Alan Haig","startTime":789.13,"endTime":792.67,"body":"you're somebody who was gonna"},{"speaker":"Alan Haig","startTime":792.67,"endTime":795.94,"body":"invest in it to put in the"},{"speaker":"Alan Haig","startTime":792.67,"endTime":795.94,"body":"bronze thing he's gonna heavily"},{"speaker":"Alan Haig","startTime":795.94,"endTime":799.42,"body":"promoted, etc. So, you know,"},{"speaker":"Alan Haig","startTime":795.94,"endTime":799.42,"body":"that's, that's one of the"},{"speaker":"Alan Haig","startTime":799.42,"endTime":802.75,"body":"franchise's that we see that"},{"speaker":"Alan Haig","startTime":799.42,"endTime":802.75,"body":"wants to have more consolidation"},{"speaker":"Alan Haig","startTime":802.78,"endTime":806.95,"body":"within markets. I will say"},{"speaker":"Alan Haig","startTime":802.78,"endTime":806.95,"body":"Mercedes also appears to want to"},{"speaker":"Alan Haig","startTime":806.95,"endTime":813.19,"body":"have fewer dealers owning more"},{"speaker":"Alan Haig","startTime":806.95,"endTime":813.19,"body":"stores. You stop competing"},{"speaker":"Alan Haig","startTime":813.19,"endTime":815.47,"body":"against the other Mercedes"},{"speaker":"Alan Haig","startTime":813.19,"endTime":815.47,"body":"dealer a little bit, you focus"},{"speaker":"Alan Haig","startTime":815.47,"endTime":821.14,"body":"more on the customer experience."},{"speaker":"Alan Haig","startTime":815.47,"endTime":821.14,"body":"So it's, it's not clear, right?"},{"speaker":"Alan Haig","startTime":821.14,"endTime":823.9,"body":"I mean, it's everyone's a little"},{"speaker":"Alan Haig","startTime":821.14,"endTime":823.9,"body":"bit different. But anyway, this"},{"speaker":"Alan Haig","startTime":823.9,"endTime":827.71,"body":"is this is one recommendation"},{"speaker":"Alan Haig","startTime":823.9,"endTime":827.71,"body":"that we're making that now when"},{"speaker":"Alan Haig","startTime":827.71,"endTime":833.71,"body":"inventory is limited, is a good"},{"speaker":"Alan Haig","startTime":827.71,"endTime":833.71,"body":"time for dealers to be making"},{"speaker":"Alan Haig","startTime":833.71,"endTime":837.61,"body":"acquisitions, because the profit"},{"speaker":"Alan Haig","startTime":833.71,"endTime":837.61,"body":"is going to be so high. Because"},{"speaker":"Alan Haig","startTime":837.64,"endTime":841.6,"body":"if they can accumulate stores"},{"speaker":"Alan Haig","startTime":837.64,"endTime":841.6,"body":"now, so that when the supply"},{"speaker":"Alan Haig","startTime":841.6,"endTime":844.12,"body":"comes back, and the margins go"},{"speaker":"Alan Haig","startTime":841.6,"endTime":844.12,"body":"down, and dealers have to"},{"speaker":"Alan Haig","startTime":844.12,"endTime":849.07,"body":"compete for for market share,"},{"speaker":"Alan Haig","startTime":844.12,"endTime":849.07,"body":"again, they'll be better"},{"speaker":"Alan Haig","startTime":849.07,"endTime":853.24,"body":"positioned within a market to"},{"speaker":"Alan Haig","startTime":849.07,"endTime":853.24,"body":"maintain or take share from"},{"speaker":"Alan Haig","startTime":853.24,"endTime":858.4,"body":"smaller dealers. And what we're"},{"speaker":"Alan Haig","startTime":853.24,"endTime":858.4,"body":"seeing and a couple other trends"},{"speaker":"Alan Haig","startTime":858.4,"endTime":863.38,"body":"we're seeing, as long as we're"},{"speaker":"Alan Haig","startTime":858.4,"endTime":863.38,"body":"on trends is we're seeing many"},{"speaker":"Alan Haig","startTime":863.38,"endTime":868.12,"body":"dealers choosing to divest"},{"speaker":"Alan Haig","startTime":863.38,"endTime":868.12,"body":"stores now. Almost every group"},{"speaker":"Alan Haig","startTime":868.15,"endTime":871.06,"body":"of 10 or more stores probably"},{"speaker":"Alan Haig","startTime":868.15,"endTime":871.06,"body":"has a couple dogs in there."},{"speaker":"Alan Haig","startTime":871.39,"endTime":874.12,"body":"They've never found the right"},{"speaker":"Alan Haig","startTime":871.39,"endTime":874.12,"body":"manager, maybe it's in an"},{"speaker":"Alan Haig","startTime":874.12,"endTime":876.37,"body":"outline market, they plan on"},{"speaker":"Alan Haig","startTime":874.12,"endTime":876.37,"body":"growing there, but they only"},{"speaker":"Alan Haig","startTime":876.37,"endTime":878.98,"body":"found one store. And so they"},{"speaker":"Alan Haig","startTime":876.37,"endTime":878.98,"body":"never have the best talent in"},{"speaker":"Alan Haig","startTime":878.98,"endTime":881.53,"body":"that store, where they have a"},{"speaker":"Alan Haig","startTime":878.98,"endTime":881.53,"body":"facility issue and they don't"},{"speaker":"Alan Haig","startTime":881.53,"endTime":886.09,"body":"want to put five or 10 or $15"},{"speaker":"Alan Haig","startTime":881.53,"endTime":886.09,"body":"million into a new facility. But"},{"speaker":"Alan Haig","startTime":886.09,"endTime":889.18,"body":"with so it's just been a laggard"},{"speaker":"Alan Haig","startTime":886.09,"endTime":889.18,"body":"for them. And I saw this when I"},{"speaker":"Alan Haig","startTime":889.18,"endTime":891.49,"body":"was at AutoNation. You know,"},{"speaker":"Alan Haig","startTime":889.18,"endTime":891.49,"body":"they would buy stores and"},{"speaker":"Alan Haig","startTime":891.49,"endTime":894.37,"body":"regularly sell stores. It's just"},{"speaker":"Alan Haig","startTime":891.49,"endTime":894.37,"body":"part of portfolio management."},{"speaker":"Alan Haig","startTime":895.96,"endTime":899.5,"body":"But now that stores are all"},{"speaker":"Alan Haig","startTime":895.96,"endTime":899.5,"body":"making money, and it didn't it"},{"speaker":"Alan Haig","startTime":899.5,"endTime":908.56,"body":"wasn't that A lot of losers, a"},{"speaker":"Alan Haig","startTime":899.5,"endTime":908.56,"body":"lot of sorts of leaders, and now"},{"speaker":"Alan Haig","startTime":908.56,"endTime":911.59,"body":"that they're all making money,"},{"speaker":"Alan Haig","startTime":908.56,"endTime":911.59,"body":"we're seeing larger groups say,"},{"speaker":"Alan Haig","startTime":911.59,"endTime":914.89,"body":"hey, I can probably get some"},{"speaker":"Alan Haig","startTime":911.59,"endTime":914.89,"body":"good value for this store now."},{"speaker":"Alan Haig","startTime":915.16,"endTime":917.74,"body":"So I'm going to sell this"},{"speaker":"Alan Haig","startTime":915.16,"endTime":917.74,"body":"outline Chrysler or store on"},{"speaker":"Alan Haig","startTime":917.74,"endTime":921.25,"body":"Honda store or whatever, how"},{"speaker":"Alan Haig","startTime":917.74,"endTime":921.25,"body":"Audi store in some cases and"},{"speaker":"Alan Haig","startTime":921.25,"endTime":924.34,"body":"say, Okay, I can sell it for a"},{"speaker":"Alan Haig","startTime":921.25,"endTime":924.34,"body":"nice amount of blue sky, I'm"},{"speaker":"Alan Haig","startTime":924.34,"endTime":927.82,"body":"gonna take that capital,"},{"speaker":"Alan Haig","startTime":924.34,"endTime":927.82,"body":"redeploy it into my core market."},{"speaker":"Alan Haig","startTime":928.87,"endTime":932.77,"body":"And then we're also seeing some"},{"speaker":"Alan Haig","startTime":928.87,"endTime":932.77,"body":"dealers that maybe they're near"},{"speaker":"Alan Haig","startTime":932.77,"endTime":935.92,"body":"retirement, but they're not"},{"speaker":"Alan Haig","startTime":932.77,"endTime":935.92,"body":"quite ready to leave the"},{"speaker":"Alan Haig","startTime":935.92,"endTime":939.19,"body":"business. But they're looking at"},{"speaker":"Alan Haig","startTime":935.92,"endTime":939.19,"body":"the values for stores that their"},{"speaker":"Alan Haig","startTime":939.19,"endTime":941.86,"body":"buddies are getting when they"},{"speaker":"Alan Haig","startTime":939.19,"endTime":941.86,"body":"sell. And they're thinking, you"},{"speaker":"Alan Haig","startTime":941.86,"endTime":944.47,"body":"know, it'd be nice if I could"},{"speaker":"Alan Haig","startTime":941.86,"endTime":944.47,"body":"get some of that value, but not"},{"speaker":"Alan Haig","startTime":944.47,"endTime":947.98,"body":"really be done with the"},{"speaker":"Alan Haig","startTime":944.47,"endTime":947.98,"body":"business. And so we're starting"},{"speaker":"Alan Haig","startTime":947.98,"endTime":952.57,"body":"to see, dealers sell a minority"},{"speaker":"Alan Haig","startTime":947.98,"endTime":952.57,"body":"ownership stake in their"},{"speaker":"Alan Haig","startTime":952.57,"endTime":955.75,"body":"company, or in some cases, a"},{"speaker":"Alan Haig","startTime":952.57,"endTime":955.75,"body":"majority ownership stake in"},{"speaker":"Alan Haig","startTime":955.75,"endTime":960.31,"body":"their company, to other dealer"},{"speaker":"Alan Haig","startTime":955.75,"endTime":960.31,"body":"groups or investors. So for"},{"speaker":"Alan Haig","startTime":960.31,"endTime":965.02,"body":"instance, our most recent"},{"speaker":"Alan Haig","startTime":960.31,"endTime":965.02,"body":"transaction we advise, on the"},{"speaker":"Alan Haig","startTime":965.02,"endTime":969.58,"body":"sale of John Elway's Crown"},{"speaker":"Alan Haig","startTime":965.02,"endTime":969.58,"body":"Toyota, in Ontario, California,"},{"speaker":"Alan Haig","startTime":969.58,"endTime":972.73,"body":"which is one of the top tip top"},{"speaker":"Alan Haig","startTime":969.58,"endTime":972.73,"body":"Toyota stores in the country is"},{"speaker":"Alan Haig","startTime":972.73,"endTime":976.0,"body":"one of the best well performing"},{"speaker":"Alan Haig","startTime":972.73,"endTime":976.0,"body":"in the country. And usually what"},{"speaker":"Alan Haig","startTime":976.0,"endTime":979.93,"body":"top five in terms of sales, the"},{"speaker":"Alan Haig","startTime":976.0,"endTime":979.93,"body":"owners there, that was John"},{"speaker":"Alan Haig","startTime":979.93,"endTime":985.27,"body":"Elway, Mitch Pierce and Paxton"},{"speaker":"Alan Haig","startTime":979.93,"endTime":985.27,"body":"Gange. And Dan Grubbs, too. They"},{"speaker":"Alan Haig","startTime":985.27,"endTime":989.26,"body":"sold a 90% interest in that"},{"speaker":"Alan Haig","startTime":985.27,"endTime":989.26,"body":"dealership to the Jeff's Wickard"},{"speaker":"Alan Haig","startTime":989.26,"endTime":994.33,"body":"Automotive Group. So they're"},{"speaker":"Alan Haig","startTime":989.26,"endTime":994.33,"body":"still in the Toyota family. They"},{"speaker":"Alan Haig","startTime":994.33,"endTime":998.02,"body":"still have cashflow from that"},{"speaker":"Alan Haig","startTime":994.33,"endTime":998.02,"body":"dealership, they're not"},{"speaker":"Alan Haig","startTime":998.02,"endTime":1001.68,"body":"retiring. They're gonna take"},{"speaker":"Alan Haig","startTime":998.02,"endTime":1001.68,"body":"that capital from California,"},{"speaker":"Alan Haig","startTime":1001.68,"endTime":1004.38,"body":"they only had one store left in"},{"speaker":"Alan Haig","startTime":1001.68,"endTime":1004.38,"body":"California, and they're gonna"},{"speaker":"Alan Haig","startTime":1004.38,"endTime":1008.22,"body":"redeploy it in Denver, or other"},{"speaker":"Alan Haig","startTime":1004.38,"endTime":1008.22,"body":"mountain states where they have"},{"speaker":"Alan Haig","startTime":1008.22,"endTime":1013.92,"body":"other dealerships today. And"},{"speaker":"Alan Haig","startTime":1008.22,"endTime":1013.92,"body":"Jeff Swickard, who, you know,"},{"speaker":"Alan Haig","startTime":1013.92,"endTime":1016.68,"body":"has, he's been one of the most"},{"speaker":"Alan Haig","startTime":1013.92,"endTime":1016.68,"body":"aggressive acquirers in recent"},{"speaker":"Alan Haig","startTime":1016.68,"endTime":1020.67,"body":"years. I liked this deal for"},{"speaker":"Alan Haig","startTime":1016.68,"endTime":1020.67,"body":"him, because when you're"},{"speaker":"Alan Haig","startTime":1020.67,"endTime":1023.85,"body":"acquiring a high performing"},{"speaker":"Alan Haig","startTime":1020.67,"endTime":1023.85,"body":"store, there's always some"},{"speaker":"Alan Haig","startTime":1023.85,"endTime":1027.21,"body":"upside available. And I think"},{"speaker":"Alan Haig","startTime":1023.85,"endTime":1027.21,"body":"they maybe have some ideas"},{"speaker":"Alan Haig","startTime":1027.21,"endTime":1031.59,"body":"there. But there's also a lot of"},{"speaker":"Alan Haig","startTime":1027.21,"endTime":1031.59,"body":"downside. So by keeping Paxton"},{"speaker":"Alan Haig","startTime":1031.59,"endTime":1036.54,"body":"Ganye, in the chair, as general"},{"speaker":"Alan Haig","startTime":1031.59,"endTime":1036.54,"body":"manager, partner, by keeping"},{"speaker":"Alan Haig","startTime":1036.57,"endTime":1040.62,"body":"Mitch and John on as partners, I"},{"speaker":"Alan Haig","startTime":1036.57,"endTime":1040.62,"body":"think they're going to keep that"},{"speaker":"Alan Haig","startTime":1040.62,"endTime":1044.22,"body":"store wholly intact in terms of"},{"speaker":"Alan Haig","startTime":1040.62,"endTime":1044.22,"body":"the personnel and the momentum,"},{"speaker":"Alan Haig","startTime":1044.28,"endTime":1049.83,"body":"culture, etc. I think you know,"},{"speaker":"Alan Haig","startTime":1044.28,"endTime":1049.83,"body":"that's a one price store. So I"},{"speaker":"Alan Haig","startTime":1049.83,"endTime":1054.06,"body":"think that there's a chance that"},{"speaker":"Alan Haig","startTime":1049.83,"endTime":1054.06,"body":"Paxton Ganya has been awkward in"},{"speaker":"Alan Haig","startTime":1054.06,"endTime":1059.16,"body":"that store, can can educate some"},{"speaker":"Alan Haig","startTime":1054.06,"endTime":1059.16,"body":"of the other snickered operators"},{"speaker":"Alan Haig","startTime":1059.19,"endTime":1062.13,"body":"about what it's like to be one"},{"speaker":"Alan Haig","startTime":1059.19,"endTime":1062.13,"body":"price dealer. What are the"},{"speaker":"Alan Haig","startTime":1062.13,"endTime":1063.06,"body":"benefits? Yeah,"},{"speaker":"Kyle Mountsier","startTime":1063.11,"endTime":1065.36,"body":"it's almost like"},{"speaker":"Kyle Mountsier","startTime":1063.11,"endTime":1065.36,"body":"acquisition for learning. Yeah,"},{"speaker":"Paul Daly","startTime":1065.36,"endTime":1068.3,"body":"it's like your"},{"speaker":"Paul Daly","startTime":1065.36,"endTime":1068.3,"body":"strategic, like DNA, like how do"},{"speaker":"Paul Daly","startTime":1068.3,"endTime":1071.24,"body":"we get that DNA? As you know,"},{"speaker":"Paul Daly","startTime":1068.3,"endTime":1071.24,"body":"how do we intermingle those"},{"speaker":"Paul Daly","startTime":1071.24,"endTime":1075.17,"body":"things, so that apparently, like"},{"speaker":"Paul Daly","startTime":1071.24,"endTime":1075.17,"body":"leadership is, is saying, like,"},{"speaker":"Paul Daly","startTime":1075.17,"endTime":1077.99,"body":"hey, we want to explore that,"},{"speaker":"Paul Daly","startTime":1075.17,"endTime":1077.99,"body":"and how much how better to"},{"speaker":"Paul Daly","startTime":1077.99,"endTime":1082.37,"body":"explore it than with a really"},{"speaker":"Paul Daly","startTime":1077.99,"endTime":1082.37,"body":"successful case study, that is"},{"speaker":"Paul Daly","startTime":1082.37,"endTime":1083.66,"body":"now part of the family."},{"speaker":"Unknown","startTime":1084.35,"endTime":1087.62,"body":"I think that any any"},{"speaker":"Unknown","startTime":1084.35,"endTime":1087.62,"body":"any group is acquiring, they're"},{"speaker":"Unknown","startTime":1087.62,"endTime":1091.4,"body":"looking for cash flow. But they"},{"speaker":"Unknown","startTime":1087.62,"endTime":1091.4,"body":"also really need to be looking"},{"speaker":"Unknown","startTime":1091.4,"endTime":1094.88,"body":"for talent. Because as you"},{"speaker":"Unknown","startTime":1091.4,"endTime":1094.88,"body":"expand, you need more talent,"},{"speaker":"Unknown","startTime":1094.94,"endTime":1098.21,"body":"right. And so, in the AutoNation"},{"speaker":"Unknown","startTime":1094.94,"endTime":1098.21,"body":"days, when I first got started,"},{"speaker":"Unknown","startTime":1098.99,"endTime":1101.15,"body":"we're doing stock for stock"},{"speaker":"Unknown","startTime":1098.99,"endTime":1101.15,"body":"deal. So all the operators"},{"speaker":"Unknown","startTime":1101.15,"endTime":1104.84,"body":"stayed. And many of the best"},{"speaker":"Unknown","startTime":1101.15,"endTime":1104.84,"body":"leaders at AutoNation were"},{"speaker":"Unknown","startTime":1104.84,"endTime":1107.84,"body":"executives at the dealership"},{"speaker":"Unknown","startTime":1104.84,"endTime":1107.84,"body":"groups that AutoNation acquired,"},{"speaker":"Unknown","startTime":1108.11,"endTime":1111.05,"body":"and they stayed, and they had a"},{"speaker":"Unknown","startTime":1108.11,"endTime":1111.05,"body":"bigger opportunity, and they"},{"speaker":"Unknown","startTime":1111.05,"endTime":1114.86,"body":"grew and they were really a key"},{"speaker":"Unknown","startTime":1111.05,"endTime":1114.86,"body":"to keeping that company"},{"speaker":"Unknown","startTime":1114.86,"endTime":1115.49,"body":"together."},{"speaker":"Kyle Mountsier","startTime":1115.82,"endTime":1117.89,"body":"So it's"},{"speaker":"Kyle Mountsier","startTime":1115.82,"endTime":1117.89,"body":"interesting, we don't talk a lot"},{"speaker":"Kyle Mountsier","startTime":1117.89,"endTime":1122.03,"body":"about that in automotive, or in"},{"speaker":"Kyle Mountsier","startTime":1117.89,"endTime":1122.03,"body":"the retail side of the business."},{"speaker":"Kyle Mountsier","startTime":1122.03,"endTime":1124.82,"body":"But the reality is, is that in"},{"speaker":"Kyle Mountsier","startTime":1122.03,"endTime":1124.82,"body":"the technology side of the"},{"speaker":"Kyle Mountsier","startTime":1124.82,"endTime":1128.93,"body":"business, this happens all the"},{"speaker":"Kyle Mountsier","startTime":1124.82,"endTime":1128.93,"body":"time in any technology is that"},{"speaker":"Kyle Mountsier","startTime":1129.17,"endTime":1133.64,"body":"is that a good amount of the"},{"speaker":"Kyle Mountsier","startTime":1129.17,"endTime":1133.64,"body":"acquisition is not just for the"},{"speaker":"Kyle Mountsier","startTime":1133.64,"endTime":1137.81,"body":"IP, or the technology, or even"},{"speaker":"Kyle Mountsier","startTime":1133.64,"endTime":1137.81,"body":"the or even the profit that it's"},{"speaker":"Kyle Mountsier","startTime":1137.81,"endTime":1141.23,"body":"actually the leadership or the"},{"speaker":"Kyle Mountsier","startTime":1137.81,"endTime":1141.23,"body":"founders or anything like that,"},{"speaker":"Kyle Mountsier","startTime":1141.38,"endTime":1146.42,"body":"that that they're acquiring that"},{"speaker":"Kyle Mountsier","startTime":1141.38,"endTime":1146.42,"body":"brains space or the leadership"},{"speaker":"Kyle Mountsier","startTime":1146.42,"endTime":1150.89,"body":"capacity just as much as they"},{"speaker":"Kyle Mountsier","startTime":1146.42,"endTime":1150.89,"body":"are acquiring the the the actual"},{"speaker":"Kyle Mountsier","startTime":1150.92,"endTime":1155.0,"body":"company and you know so you"},{"speaker":"Kyle Mountsier","startTime":1150.92,"endTime":1155.0,"body":"saying like, Oh, that's actually"},{"speaker":"Kyle Mountsier","startTime":1155.0,"endTime":1157.67,"body":"happening in automotive to"},{"speaker":"Kyle Mountsier","startTime":1155.0,"endTime":1157.67,"body":"instead of going and just"},{"speaker":"Kyle Mountsier","startTime":1157.67,"endTime":1160.16,"body":"sniping those people it's like,"},{"speaker":"Kyle Mountsier","startTime":1157.67,"endTime":1160.16,"body":"hey, look, we know we need to"},{"speaker":"Kyle Mountsier","startTime":1160.16,"endTime":1163.16,"body":"grow we want to grow in this"},{"speaker":"Kyle Mountsier","startTime":1160.16,"endTime":1163.16,"body":"region. Let's go find the places"},{"speaker":"Kyle Mountsier","startTime":1163.16,"endTime":1166.31,"body":"with the best talent because we"},{"speaker":"Kyle Mountsier","startTime":1163.16,"endTime":1166.31,"body":"might groom that into additional"},{"speaker":"Kyle Mountsier","startTime":1166.46,"endTime":1170.48,"body":"resources for for our company. I"},{"speaker":"Kyle Mountsier","startTime":1166.46,"endTime":1170.48,"body":"think that's a really,"},{"speaker":"Kyle Mountsier","startTime":1170.57,"endTime":1173.63,"body":"especially when all we've been"},{"speaker":"Kyle Mountsier","startTime":1170.57,"endTime":1173.63,"body":"talking about an industry is"},{"speaker":"Kyle Mountsier","startTime":1173.66,"endTime":1177.56,"body":"hard to find talent need to hire"},{"speaker":"Kyle Mountsier","startTime":1173.66,"endTime":1177.56,"body":"hiring is hard, all that type of"},{"speaker":"Kyle Mountsier","startTime":1177.56,"endTime":1179.96,"body":"stuff, Technic finding"},{"speaker":"Kyle Mountsier","startTime":1177.56,"endTime":1179.96,"body":"technicians, it's like you want"},{"speaker":"Kyle Mountsier","startTime":1179.96,"endTime":1185.03,"body":"to go find some more technicians"},{"speaker":"Kyle Mountsier","startTime":1179.96,"endTime":1185.03,"body":"buy some stores, you know? Yeah,"},{"speaker":"Alan Haig","startTime":1185.33,"endTime":1187.79,"body":"I think it's, it's a"},{"speaker":"Alan Haig","startTime":1185.33,"endTime":1187.79,"body":"win. I like to view it as a win"},{"speaker":"Alan Haig","startTime":1187.79,"endTime":1192.56,"body":"win win. I mean, Toyota has"},{"speaker":"Alan Haig","startTime":1187.79,"endTime":1192.56,"body":"loved I think their affiliation"},{"speaker":"Alan Haig","startTime":1192.56,"endTime":1195.86,"body":"with John Elway and Mitch Pierce"},{"speaker":"Alan Haig","startTime":1192.56,"endTime":1195.86,"body":"and Paxton Ganya and that's"},{"speaker":"Alan Haig","startTime":1195.86,"endTime":1201.17,"body":"continuing. And, and Jeff also"},{"speaker":"Alan Haig","startTime":1195.86,"endTime":1201.17,"body":"has a support of Toyota and a"},{"speaker":"Alan Haig","startTime":1201.17,"endTime":1203.6,"body":"number of other factories. He's,"},{"speaker":"Alan Haig","startTime":1201.17,"endTime":1203.6,"body":"for instance, chairman of the"},{"speaker":"Alan Haig","startTime":1203.6,"endTime":1207.11,"body":"Mercedes Benz dealer Advisory"},{"speaker":"Alan Haig","startTime":1203.6,"endTime":1207.11,"body":"Board, he's going to be he"},{"speaker":"Alan Haig","startTime":1207.11,"endTime":1210.74,"body":"bought a whole bunch of cash"},{"speaker":"Alan Haig","startTime":1207.11,"endTime":1210.74,"body":"flow with this deal. But he also"},{"speaker":"Alan Haig","startTime":1210.74,"endTime":1213.95,"body":"has now access to some of the"},{"speaker":"Alan Haig","startTime":1210.74,"endTime":1213.95,"body":"most successful and best known"},{"speaker":"Alan Haig","startTime":1213.95,"endTime":1217.28,"body":"auto retail or some of the most"},{"speaker":"Alan Haig","startTime":1213.95,"endTime":1217.28,"body":"progressive. And as he evolves"},{"speaker":"Alan Haig","startTime":1217.28,"endTime":1220.64,"body":"this company, you know, I'm not"},{"speaker":"Alan Haig","startTime":1217.28,"endTime":1220.64,"body":"sure Jeff is going to do this,"},{"speaker":"Alan Haig","startTime":1220.64,"endTime":1223.34,"body":"but I would assume he's going to"},{"speaker":"Alan Haig","startTime":1220.64,"endTime":1223.34,"body":"be talking to Paxton about,"},{"speaker":"Alan Haig","startTime":1223.73,"endTime":1227.15,"body":"could we deploy one price at our"},{"speaker":"Alan Haig","startTime":1223.73,"endTime":1227.15,"body":"other stores? Would that make"},{"speaker":"Alan Haig","startTime":1227.15,"endTime":1229.82,"body":"sense? Would we win or we lose?"},{"speaker":"Alan Haig","startTime":1227.15,"endTime":1229.82,"body":"What would the transition be"},{"speaker":"Alan Haig","startTime":1229.82,"endTime":1234.11,"body":"like, because it's not easy to"},{"speaker":"Alan Haig","startTime":1229.82,"endTime":1234.11,"body":"do. So that's, that's an example"},{"speaker":"Alan Haig","startTime":1234.11,"endTime":1236.75,"body":"where a group decided to sell a"},{"speaker":"Alan Haig","startTime":1234.11,"endTime":1236.75,"body":"majority ownership stake in"},{"speaker":"Alan Haig","startTime":1236.75,"endTime":1239.99,"body":"their company, but not the whole"},{"speaker":"Alan Haig","startTime":1236.75,"endTime":1239.99,"body":"thing, they really didn't want"},{"speaker":"Alan Haig","startTime":1239.99,"endTime":1242.78,"body":"to exit from the relationship"},{"speaker":"Alan Haig","startTime":1239.99,"endTime":1242.78,"body":"with Toyota, they didn't really"},{"speaker":"Alan Haig","startTime":1242.78,"endTime":1245.96,"body":"want to exit from the"},{"speaker":"Alan Haig","startTime":1242.78,"endTime":1245.96,"body":"profitability of that business."},{"speaker":"Alan Haig","startTime":1246.23,"endTime":1249.2,"body":"But they did want to get a lot"},{"speaker":"Alan Haig","startTime":1246.23,"endTime":1249.2,"body":"of liquidity out of liquidity"},{"speaker":"Alan Haig","startTime":1249.23,"endTime":1252.83,"body":"out of it for investment in"},{"speaker":"Alan Haig","startTime":1249.23,"endTime":1252.83,"body":"other areas where there there's"},{"speaker":"Alan Haig","startTime":1252.83,"endTime":1259.1,"body":"a little stronger. Another trend"},{"speaker":"Alan Haig","startTime":1252.83,"endTime":1259.1,"body":"we're seeing is where a dealer"},{"speaker":"Alan Haig","startTime":1259.4,"endTime":1261.89,"body":"is not interested in exiting,"},{"speaker":"Alan Haig","startTime":1259.4,"endTime":1261.89,"body":"they still want to do what"},{"speaker":"Alan Haig","startTime":1261.89,"endTime":1264.56,"body":"they've been doing. But they do"},{"speaker":"Alan Haig","startTime":1261.89,"endTime":1264.56,"body":"want to take advantage of the"},{"speaker":"Alan Haig","startTime":1264.56,"endTime":1267.53,"body":"current high values for"},{"speaker":"Alan Haig","startTime":1264.56,"endTime":1267.53,"body":"dealerships today. And they're"},{"speaker":"Alan Haig","startTime":1267.53,"endTime":1271.55,"body":"willing to sell a minority stake"},{"speaker":"Alan Haig","startTime":1267.53,"endTime":1271.55,"body":"in a company, that's something"},{"speaker":"Alan Haig","startTime":1271.55,"endTime":1274.79,"body":"that's new, where a dealer could"},{"speaker":"Alan Haig","startTime":1271.55,"endTime":1274.79,"body":"come in and say, Okay, I'm going"},{"speaker":"Alan Haig","startTime":1274.79,"endTime":1280.58,"body":"to buy up to 49% of the of the"},{"speaker":"Alan Haig","startTime":1274.79,"endTime":1280.58,"body":"value of your company, you are"},{"speaker":"Alan Haig","startTime":1280.58,"endTime":1282.23,"body":"going to deal with Mr. Dealer,"},{"speaker":"Alan Haig","startTime":1280.58,"endTime":1282.23,"body":"we're going to stay in the"},{"speaker":"Alan Haig","startTime":1282.23,"endTime":1285.2,"body":"chair, you're going to make all"},{"speaker":"Alan Haig","startTime":1282.23,"endTime":1285.2,"body":"the decisions about hiring,"},{"speaker":"Alan Haig","startTime":1285.2,"endTime":1288.29,"body":"firing, inventory advertising,"},{"speaker":"Alan Haig","startTime":1285.2,"endTime":1288.29,"body":"you're going to deal with the"},{"speaker":"Alan Haig","startTime":1288.29,"endTime":1293.93,"body":"factory. I'm really here for the"},{"speaker":"Alan Haig","startTime":1288.29,"endTime":1293.93,"body":"cash flow. And I don't have the"},{"speaker":"Alan Haig","startTime":1293.93,"endTime":1296.57,"body":"ability to call you and say I"},{"speaker":"Alan Haig","startTime":1293.93,"endTime":1296.57,"body":"want you to change the pay"},{"speaker":"Alan Haig","startTime":1296.57,"endTime":1299.81,"body":"plans, or advertise more or"},{"speaker":"Alan Haig","startTime":1296.57,"endTime":1299.81,"body":"less, I sit here and I'm a"},{"speaker":"Alan Haig","startTime":1299.81,"endTime":1303.86,"body":"passive investor, at some point"},{"speaker":"Alan Haig","startTime":1299.81,"endTime":1303.86,"body":"down the road I want to sell,"},{"speaker":"Alan Haig","startTime":1304.1,"endTime":1306.77,"body":"but I can't force you mister do"},{"speaker":"Alan Haig","startTime":1304.1,"endTime":1306.77,"body":"or sell your shares, I might"},{"speaker":"Alan Haig","startTime":1306.77,"endTime":1310.07,"body":"sell my stock. Or maybe in five"},{"speaker":"Alan Haig","startTime":1306.77,"endTime":1310.07,"body":"years, you decide you're ready"},{"speaker":"Alan Haig","startTime":1310.07,"endTime":1316.37,"body":"to fully retire and we all exit"},{"speaker":"Alan Haig","startTime":1310.07,"endTime":1316.37,"body":"together. That's another new see"},{"speaker":"Alan Haig","startTime":1316.37,"endTime":1319.61,"body":"for dealers. Because because you"},{"speaker":"Alan Haig","startTime":1316.37,"endTime":1319.61,"body":"know a lot of people, they're"},{"speaker":"Alan Haig","startTime":1319.61,"endTime":1322.25,"body":"having fun in the business right"},{"speaker":"Alan Haig","startTime":1319.61,"endTime":1322.25,"body":"now. Right? And it's all time"},{"speaker":"Alan Haig","startTime":1322.25,"endTime":1328.94,"body":"high profits. They've never had"},{"speaker":"Alan Haig","startTime":1322.25,"endTime":1328.94,"body":"this much fun. But at the same"},{"speaker":"Alan Haig","startTime":1328.94,"endTime":1332.66,"body":"time, you know, what happens"},{"speaker":"Alan Haig","startTime":1328.94,"endTime":1332.66,"body":"with the agency model? What"},{"speaker":"Alan Haig","startTime":1332.66,"endTime":1336.92,"body":"happens with EVs? What happens?"},{"speaker":"Alan Haig","startTime":1332.66,"endTime":1336.92,"body":"If they get sick? What happens"},{"speaker":"Alan Haig","startTime":1336.92,"endTime":1339.8,"body":"if the competitors get better?"},{"speaker":"Alan Haig","startTime":1336.92,"endTime":1339.8,"body":"There are all kinds of risks"},{"speaker":"Alan Haig","startTime":1339.8,"endTime":1342.44,"body":"that exist, that it's not likely"},{"speaker":"Alan Haig","startTime":1339.8,"endTime":1342.44,"body":"to get better in our industry,"},{"speaker":"Alan Haig","startTime":1342.44,"endTime":1344.33,"body":"if anything, there's more"},{"speaker":"Alan Haig","startTime":1342.44,"endTime":1344.33,"body":"downside risks in terms of"},{"speaker":"Alan Haig","startTime":1344.33,"endTime":1347.3,"body":"profitability. So a lot of these"},{"speaker":"Alan Haig","startTime":1344.33,"endTime":1347.3,"body":"folks are saying, Okay, well, if"},{"speaker":"Alan Haig","startTime":1347.3,"endTime":1351.17,"body":"I could sell 40% of my company,"},{"speaker":"Alan Haig","startTime":1347.3,"endTime":1351.17,"body":"let's say the company's worth"},{"speaker":"Alan Haig","startTime":1351.17,"endTime":1355.85,"body":"$100 million, I get $40 million"},{"speaker":"Alan Haig","startTime":1351.17,"endTime":1355.85,"body":"in cash, I can use that to"},{"speaker":"Alan Haig","startTime":1355.85,"endTime":1360.47,"body":"invest in real estate, in the"},{"speaker":"Alan Haig","startTime":1355.85,"endTime":1360.47,"body":"stock market, whatever I want to"},{"speaker":"Alan Haig","startTime":1360.47,"endTime":1363.83,"body":"do, I can start to give funds to"},{"speaker":"Alan Haig","startTime":1360.47,"endTime":1363.83,"body":"my heirs, if they want to start"},{"speaker":"Alan Haig","startTime":1363.83,"endTime":1366.71,"body":"their careers outside the car"},{"speaker":"Alan Haig","startTime":1363.83,"endTime":1366.71,"body":"business provides a lot of"},{"speaker":"Alan Haig","startTime":1366.71,"endTime":1370.4,"body":"liquidity for them. And they"},{"speaker":"Alan Haig","startTime":1366.71,"endTime":1370.4,"body":"still own 60% of the business,"},{"speaker":"Alan Haig","startTime":1370.4,"endTime":1374.66,"body":"it's making three times as much"},{"speaker":"Alan Haig","startTime":1370.4,"endTime":1374.66,"body":"as it was before. So their cash"},{"speaker":"Alan Haig","startTime":1374.66,"endTime":1378.02,"body":"flow is not really going to be"},{"speaker":"Alan Haig","startTime":1374.66,"endTime":1378.02,"body":"hurting compared to pre pandemic"},{"speaker":"Alan Haig","startTime":1378.02,"endTime":1381.23,"body":"times. You know, it's not like"},{"speaker":"Alan Haig","startTime":1378.02,"endTime":1381.23,"body":"interesting that they're on"},{"speaker":"Alan Haig","startTime":1381.23,"endTime":1386.33,"body":"grass or anything that they're"},{"speaker":"Alan Haig","startTime":1381.23,"endTime":1386.33,"body":"be on hard times. So it's it's"},{"speaker":"Alan Haig","startTime":1386.36,"endTime":1389.12,"body":"a, it's fun for us right now to"},{"speaker":"Alan Haig","startTime":1386.36,"endTime":1389.12,"body":"have these opportunities to"},{"speaker":"Alan Haig","startTime":1389.12,"endTime":1392.96,"body":"represent dealers where, hey, if"},{"speaker":"Alan Haig","startTime":1389.12,"endTime":1392.96,"body":"you want to, you want to ring"},{"speaker":"Alan Haig","startTime":1392.96,"endTime":1395.12,"body":"the bell right now, and we're"},{"speaker":"Alan Haig","startTime":1392.96,"endTime":1395.12,"body":"seeing this record setting"},{"speaker":"Alan Haig","startTime":1395.12,"endTime":1399.32,"body":"prices. I mentioned, you know,"},{"speaker":"Alan Haig","startTime":1395.12,"endTime":1399.32,"body":"this crown deal was the second"},{"speaker":"Alan Haig","startTime":1399.35,"endTime":1403.52,"body":"most ever paid for a single"},{"speaker":"Alan Haig","startTime":1399.35,"endTime":1403.52,"body":"franchise dealership. The"},{"speaker":"Alan Haig","startTime":1403.52,"endTime":1407.42,"body":"highest group one pages earlier"},{"speaker":"Alan Haig","startTime":1403.52,"endTime":1407.42,"body":"this year for Charles mon Toyota"},{"speaker":"Alan Haig","startTime":1407.48,"endTime":1411.47,"body":"was over 200 million in blue sky"},{"speaker":"Alan Haig","startTime":1407.48,"endTime":1411.47,"body":"for one store. So when I raised"},{"speaker":"Alan Haig","startTime":1411.47,"endTime":1417.83,"body":"this glass, you think this is a"},{"speaker":"Alan Haig","startTime":1411.47,"endTime":1417.83,"body":"Guinness, or a cup of coffee."},{"speaker":"Alan Haig","startTime":1418.4,"endTime":1421.91,"body":"But I'm going to be celebrating"},{"speaker":"Alan Haig","startTime":1418.4,"endTime":1421.91,"body":"our success this week and"},{"speaker":"Alan Haig","startTime":1421.91,"endTime":1425.24,"body":"toasting John and Mitch and"},{"speaker":"Alan Haig","startTime":1421.91,"endTime":1425.24,"body":"Paxton and Jeff's worker on"},{"speaker":"Alan Haig","startTime":1425.24,"endTime":1428.21,"body":"their success. Because I think"},{"speaker":"Alan Haig","startTime":1425.24,"endTime":1428.21,"body":"that we're going to continue to"},{"speaker":"Alan Haig","startTime":1428.21,"endTime":1430.73,"body":"see some records setting prices"},{"speaker":"Alan Haig","startTime":1428.21,"endTime":1430.73,"body":"for dealerships for the rest of"},{"speaker":"Alan Haig","startTime":1430.73,"endTime":1432.8,"body":"this year and different brands."},{"speaker":"Kyle Mountsier","startTime":1434.36,"endTime":1435.41,"body":"There you go."},{"speaker":"Kyle Mountsier","startTime":1434.36,"endTime":1435.41,"body":"Wow."},{"speaker":"Paul Daly","startTime":1435.949,"endTime":1438.049,"body":"That's like it's ever"},{"speaker":"Paul Daly","startTime":1435.949,"endTime":1438.049,"body":"happened."},{"speaker":"Kyle Mountsier","startTime":1438.36,"endTime":1442.53,"body":"Podcast, hosted"},{"speaker":"Kyle Mountsier","startTime":1438.36,"endTime":1442.53,"body":"whatever it is. I'm toasting"},{"speaker":"Kyle Mountsier","startTime":1442.53,"endTime":1446.04,"body":"because it's fun. And it's uh,"},{"speaker":"Kyle Mountsier","startTime":1442.53,"endTime":1446.04,"body":"you know, I love that that. Like"},{"speaker":"Kyle Mountsier","startTime":1446.04,"endTime":1449.34,"body":"we're having fun in this"},{"speaker":"Kyle Mountsier","startTime":1446.04,"endTime":1449.34,"body":"industry. There there. There's"},{"speaker":"Kyle Mountsier","startTime":1449.37,"endTime":1453.69,"body":"m\u0026a activity, but people are"},{"speaker":"Kyle Mountsier","startTime":1449.37,"endTime":1453.69,"body":"wanting to stay in. It's not"},{"speaker":"Kyle Mountsier","startTime":1453.75,"endTime":1457.68,"body":"it's not just like, you'd think"},{"speaker":"Kyle Mountsier","startTime":1453.75,"endTime":1457.68,"body":"it's just like a cash grab. But"},{"speaker":"Kyle Mountsier","startTime":1457.68,"endTime":1461.16,"body":"no, it's like it's an"},{"speaker":"Kyle Mountsier","startTime":1457.68,"endTime":1461.16,"body":"interesting movement of funds to"},{"speaker":"Kyle Mountsier","startTime":1461.16,"endTime":1464.37,"body":"make sure people can stay in the"},{"speaker":"Kyle Mountsier","startTime":1461.16,"endTime":1464.37,"body":"industry. They can keep having"},{"speaker":"Kyle Mountsier","startTime":1464.37,"endTime":1468.06,"body":"fun. And there's there's a"},{"speaker":"Kyle Mountsier","startTime":1464.37,"endTime":1468.06,"body":"there's a look towards solving"},{"speaker":"Kyle Mountsier","startTime":1468.06,"endTime":1471.87,"body":"the customer experience with the"},{"speaker":"Kyle Mountsier","startTime":1468.06,"endTime":1471.87,"body":"m\u0026a activity. There's a regional"},{"speaker":"Kyle Mountsier","startTime":1471.87,"endTime":1475.44,"body":"focus, there's a care for the"},{"speaker":"Kyle Mountsier","startTime":1471.87,"endTime":1475.44,"body":"customer, and it's not just"},{"speaker":"Kyle Mountsier","startTime":1475.44,"endTime":1477.84,"body":"millions of dollars flying"},{"speaker":"Kyle Mountsier","startTime":1475.44,"endTime":1477.84,"body":"around for millions of dollars"},{"speaker":"Kyle Mountsier","startTime":1477.84,"endTime":1481.44,"body":"sake, it's millions of dollars"},{"speaker":"Kyle Mountsier","startTime":1477.84,"endTime":1481.44,"body":"that has a ton of intentionality"},{"speaker":"Kyle Mountsier","startTime":1481.86,"endTime":1484.98,"body":"with it, and I think the"},{"speaker":"Kyle Mountsier","startTime":1481.86,"endTime":1484.98,"body":"industry is raising a glass"},{"speaker":"Kyle Mountsier","startTime":1484.98,"endTime":1487.35,"body":"Well, I think we're gonna do"},{"speaker":"Kyle Mountsier","startTime":1484.98,"endTime":1487.35,"body":"that too. And when we hang out"},{"speaker":"Kyle Mountsier","startTime":1487.35,"endTime":1489.87,"body":"with you at ASOTU CON we're"},{"speaker":"Kyle Mountsier","startTime":1487.35,"endTime":1489.87,"body":"really excited to kind of bring"},{"speaker":"Kyle Mountsier","startTime":1489.87,"endTime":1493.71,"body":"the insights that you that you"},{"speaker":"Kyle Mountsier","startTime":1489.87,"endTime":1493.71,"body":"bring there. We'll raise a glass"},{"speaker":"Kyle Mountsier","startTime":1493.71,"endTime":1497.43,"body":"with you we'll throw a party"},{"speaker":"Kyle Mountsier","startTime":1493.71,"endTime":1497.43,"body":"with with the industry the only"},{"speaker":"Kyle Mountsier","startTime":1497.43,"endTime":1501.63,"body":"the way that we only can at"},{"speaker":"Kyle Mountsier","startTime":1497.43,"endTime":1501.63,"body":"ASOTU But, Alan, thank you so"},{"speaker":"Kyle Mountsier","startTime":1501.63,"endTime":1504.36,"body":"much for joining us for bringing"},{"speaker":"Kyle Mountsier","startTime":1501.63,"endTime":1504.36,"body":"us your insights. It's been,"},{"speaker":"Kyle Mountsier","startTime":1504.48,"endTime":1506.61,"body":"it's just been a learning"},{"speaker":"Kyle Mountsier","startTime":1504.48,"endTime":1506.61,"body":"experience for me the last few"},{"speaker":"Kyle Mountsier","startTime":1506.61,"endTime":1507.87,"body":"minutes. So thank you."},{"speaker":"Alan Haig","startTime":1508.62,"endTime":1510.63,"body":"It's my pleasure. And"},{"speaker":"Alan Haig","startTime":1508.62,"endTime":1510.63,"body":"I look forward to toasting you"},{"speaker":"Alan Haig","startTime":1510.63,"endTime":1512.82,"body":"in person. Not too far from now."},{"speaker":"Paul Daly","startTime":1517.65,"endTime":1520.56,"body":"Alan is such a depth"},{"speaker":"Paul Daly","startTime":1517.65,"endTime":1520.56,"body":"of knowledge, you can tell he's"},{"speaker":"Paul Daly","startTime":1520.59,"endTime":1524.04,"body":"in the data every single day,"},{"speaker":"Paul Daly","startTime":1520.59,"endTime":1524.04,"body":"it's like you put a quarter in,"},{"speaker":"Paul Daly","startTime":1524.37,"endTime":1527.58,"body":"right and out comes the most"},{"speaker":"Paul Daly","startTime":1524.37,"endTime":1527.58,"body":"relevant, pertinent information"},{"speaker":"Paul Daly","startTime":1527.85,"endTime":1529.17,"body":"about m\u0026a insights"},{"speaker":"Kyle Mountsier","startTime":1529.17,"endTime":1530.85,"body":"from experience,"},{"speaker":"Kyle Mountsier","startTime":1529.17,"endTime":1530.85,"body":"right Cirillo"},{"speaker":"Michael Cirillo","startTime":1531.62,"endTime":1535.07,"body":"substance that"},{"speaker":"Michael Cirillo","startTime":1531.62,"endTime":1535.07,"body":"can only come from experience,"},{"speaker":"Michael Cirillo","startTime":1535.22,"endTime":1535.91,"body":"that's actually"},{"speaker":"Paul Daly","startTime":1535.91,"endTime":1538.31,"body":"true. You know, m\u0026a"},{"speaker":"Paul Daly","startTime":1535.91,"endTime":1538.31,"body":"is kind of got that vibe about"},{"speaker":"Paul Daly","startTime":1538.31,"endTime":1541.91,"body":"it, right? It's like blue suits."},{"speaker":"Paul Daly","startTime":1538.31,"endTime":1541.91,"body":"Right? But the truth is, it's"},{"speaker":"Paul Daly","startTime":1541.91,"endTime":1544.16,"body":"less about I mean, it's about"},{"speaker":"Paul Daly","startTime":1541.91,"endTime":1544.16,"body":"the numbers, let's be honest,"},{"speaker":"Paul Daly","startTime":1544.16,"endTime":1549.8,"body":"but really, m\u0026a is so"},{"speaker":"Paul Daly","startTime":1544.16,"endTime":1549.8,"body":"emotionally tied to the actual"},{"speaker":"Paul Daly","startTime":1549.8,"endTime":1552.35,"body":"client, right? You have a"},{"speaker":"Paul Daly","startTime":1549.8,"endTime":1552.35,"body":"client, and he represents mostly"},{"speaker":"Paul Daly","startTime":1552.35,"endTime":1556.31,"body":"sell side. So this is a lot of"},{"speaker":"Paul Daly","startTime":1552.35,"endTime":1556.31,"body":"decision making of like, should"},{"speaker":"Paul Daly","startTime":1556.31,"endTime":1559.79,"body":"we sell the family business that"},{"speaker":"Paul Daly","startTime":1556.31,"endTime":1559.79,"body":"has been in the family for"},{"speaker":"Paul Daly","startTime":1559.79,"endTime":1562.22,"body":"generations and generations, so"},{"speaker":"Paul Daly","startTime":1559.79,"endTime":1562.22,"body":"it doesn't"},{"speaker":"Kyle Mountsier","startTime":1562.37,"endTime":1564.8,"body":"surprise me real"},{"speaker":"Kyle Mountsier","startTime":1562.37,"endTime":1564.8,"body":"quick, I also really appreciate"},{"speaker":"Kyle Mountsier","startTime":1564.8,"endTime":1567.59,"body":"the fact that he did tie m\u0026a"},{"speaker":"Kyle Mountsier","startTime":1564.8,"endTime":1567.59,"body":"activity to the customer"},{"speaker":"Kyle Mountsier","startTime":1567.59,"endTime":1571.25,"body":"experience. So you know,"},{"speaker":"Kyle Mountsier","startTime":1567.59,"endTime":1571.25,"body":"originality and understanding"},{"speaker":"Kyle Mountsier","startTime":1571.25,"endTime":1574.31,"body":"how you can serve a customer as"},{"speaker":"Kyle Mountsier","startTime":1571.25,"endTime":1574.31,"body":"you acquire dealerships or as"},{"speaker":"Kyle Mountsier","startTime":1574.31,"endTime":1576.5,"body":"your dealership is getting"},{"speaker":"Kyle Mountsier","startTime":1574.31,"endTime":1576.5,"body":"acquired and how that actually"},{"speaker":"Kyle Mountsier","startTime":1576.65,"endTime":1579.53,"body":"might be better for the"},{"speaker":"Kyle Mountsier","startTime":1576.65,"endTime":1579.53,"body":"consumer, if you operate"},{"speaker":"Kyle Mountsier","startTime":1579.53,"endTime":1583.91,"body":"correctly, in a regional"},{"speaker":"Kyle Mountsier","startTime":1579.53,"endTime":1583.91,"body":"ecosystem, I think is it's a key"},{"speaker":"Kyle Mountsier","startTime":1583.91,"endTime":1587.21,"body":"to understanding any type of"},{"speaker":"Kyle Mountsier","startTime":1583.91,"endTime":1587.21,"body":"transaction technology industry"},{"speaker":"Kyle Mountsier","startTime":1587.21,"endTime":1590.75,"body":"partner, anything right now is"},{"speaker":"Kyle Mountsier","startTime":1587.21,"endTime":1590.75,"body":"tying it back to the customer,"},{"speaker":"Kyle Mountsier","startTime":1590.78,"endTime":1591.41,"body":"right?"},{"speaker":"Michael Cirillo","startTime":1591.86,"endTime":1595.49,"body":"I'm continually"},{"speaker":"Michael Cirillo","startTime":1591.86,"endTime":1595.49,"body":"blown away at just how vast this"},{"speaker":"Michael Cirillo","startTime":1595.67,"endTime":1599.42,"body":"industry is that we work inside"},{"speaker":"Michael Cirillo","startTime":1595.67,"endTime":1599.42,"body":"of, like, we talk a lot about"},{"speaker":"Michael Cirillo","startTime":1599.42,"endTime":1603.92,"body":"community. But like I think of"},{"speaker":"Michael Cirillo","startTime":1599.42,"endTime":1603.92,"body":"just how versatile and vast it"},{"speaker":"Michael Cirillo","startTime":1603.92,"endTime":1607.19,"body":"is, in the sense that like, I'm"},{"speaker":"Michael Cirillo","startTime":1603.92,"endTime":1607.19,"body":"a tech marketing guy, there is"},{"speaker":"Michael Cirillo","startTime":1607.19,"endTime":1611.15,"body":"an infinite wormhole that I can"},{"speaker":"Michael Cirillo","startTime":1607.19,"endTime":1611.15,"body":"go down and only see the"},{"speaker":"Michael Cirillo","startTime":1611.15,"endTime":1613.97,"body":"industry through that lens. Then"},{"speaker":"Michael Cirillo","startTime":1611.15,"endTime":1613.97,"body":"all of a sudden, like, I'm not"},{"speaker":"Michael Cirillo","startTime":1613.97,"endTime":1617.9,"body":"even thinking about m\u0026a. I'm not"},{"speaker":"Michael Cirillo","startTime":1613.97,"endTime":1617.9,"body":"thinking about it at all. And"},{"speaker":"Michael Cirillo","startTime":1617.9,"endTime":1621.41,"body":"yet there's just as vast and"},{"speaker":"Michael Cirillo","startTime":1617.9,"endTime":1621.41,"body":"infinite a wormhole to go down"},{"speaker":"Michael Cirillo","startTime":1621.41,"endTime":1625.73,"body":"in that direction. And it just"},{"speaker":"Michael Cirillo","startTime":1621.41,"endTime":1625.73,"body":"makes me it just increases my"},{"speaker":"Michael Cirillo","startTime":1625.76,"endTime":1630.62,"body":"appreciation and respect for"},{"speaker":"Michael Cirillo","startTime":1625.76,"endTime":1630.62,"body":"dealers operators, because"},{"speaker":"Michael Cirillo","startTime":1630.65,"endTime":1634.07,"body":"they're getting hit with all"},{"speaker":"Michael Cirillo","startTime":1630.65,"endTime":1634.07,"body":"they"},{"speaker":"Paul Daly","startTime":1634.07,"endTime":1637.22,"body":"have to bang they"},{"speaker":"Paul Daly","startTime":1634.07,"endTime":1637.22,"body":"have to handle everything, like"},{"speaker":"Michael Cirillo","startTime":1637.0,"endTime":1639.31,"body":"everything. And"},{"speaker":"Michael Cirillo","startTime":1637.0,"endTime":1639.31,"body":"so just so much respect for the"},{"speaker":"Michael Cirillo","startTime":1639.31,"endTime":1642.19,"body":"dealer community. Love this"},{"speaker":"Michael Cirillo","startTime":1639.31,"endTime":1642.19,"body":"conversation with Alan Haig. We"},{"speaker":"Michael Cirillo","startTime":1642.19,"endTime":1646.42,"body":"hope you did too. On behalf of"},{"speaker":"Michael Cirillo","startTime":1642.19,"endTime":1646.42,"body":"Paul Daly Kyle Mountsier Michael"},{"speaker":"Michael Cirillo","startTime":1646.42,"endTime":1648.82,"body":"Cirillo, thanks for joining us"},{"speaker":"Michael Cirillo","startTime":1646.42,"endTime":1648.82,"body":"on Auto Collabs"},{"speaker":"Unknown","startTime":1649.09,"endTime":1652.51,"body":"Sign up for our free"},{"speaker":"Unknown","startTime":1649.09,"endTime":1652.51,"body":"and fun to read daily email for"},{"speaker":"Unknown","startTime":1652.51,"endTime":1656.35,"body":"a free shot of relevant news and"},{"speaker":"Unknown","startTime":1652.51,"endTime":1656.35,"body":"automotive retail media and pop"},{"speaker":"Unknown","startTime":1656.35,"endTime":1662.17,"body":"culture. You can get it now at"},{"speaker":"Unknown","startTime":1656.35,"endTime":1662.17,"body":"asotu.com That's ASOTu.com If"},{"speaker":"Unknown","startTime":1662.17,"endTime":1665.14,"body":"you love this podcast, please,"},{"speaker":"Unknown","startTime":1662.17,"endTime":1665.14,"body":"please leave us a review and"},{"speaker":"Unknown","startTime":1665.14,"endTime":1668.14,"body":"share it with a friend. Thanks"},{"speaker":"Unknown","startTime":1665.14,"endTime":1668.14,"body":"again for listening. We'll see"},{"speaker":"Unknown","startTime":1668.14,"endTime":1668.74,"body":"you next time"}]}