Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio. I love
Speaker 1: talking about high end cars and we've got a great
Speaker 1: guest to do that. What about supercars? Supercars work for me. Um.
Speaker 1: Just a couple of days ago, our next guest came
Speaker 1: to really came back to a company he knows well,
Speaker 1: having been president and CEO of automobile. My saying it right,
Speaker 1: Automobile Lamborghini from oh five to back in the top spot.
Speaker 1: So great to have with us. Stefan vin Colman. He
Speaker 1: is president CEO of the company and he's here in
Speaker 1: our Bloomberg Interactive Broker studio. He's also president of Bugatti.
Speaker 1: So you've got a lot under your plate. Are on
Speaker 1: your plate? How are you? I'm fine, Actually have to
Speaker 1: say that I'm not anymore. You are beginning of November,
Speaker 1: so it's one months now that I'm dealing only with Lamborghini.
Speaker 1: So I'm happy forgive me because I was trying to
Speaker 1: to make some sense of some of the changes and
Speaker 1: all of this is under volks back and correct, Yes,
Speaker 1: it's under So tell us about the environment right now?
Speaker 1: What are you seeing in terms of demand? You know
Speaker 1: what we're interested in. Uh, it seems like consumers are
Speaker 1: out there shopping, specially wealthier customers. What are you seeing.
Speaker 1: So after the first and second wave of COVID, the
Speaker 1: market in luxury and supersports cars it was coming back tremendously.
Speaker 1: And this year we will have a record here and
Speaker 1: if you buy a Lamborghini today, you will get the
Speaker 1: delivery only in December two, so we have one year
Speaker 1: waiting time. We increase production already twice. But also the
Speaker 1: super sports car business or the luxury business is not
Speaker 1: only about delivering fast, it's about not running for the peaks.
Speaker 1: Is about producing less than demands. So when people usually
Speaker 1: wait anyway to some extent, right that they wait and
Speaker 1: they're willing to wait, and this is good because there
Speaker 1: is no other way. What about when it comes to
Speaker 1: prices and speci typically raw materials. We talked so much
Speaker 1: about inflation. That is the narrative right now when we
Speaker 1: look at many parts of the global economy, how are
Speaker 1: you dealing with higher prices? How high have they become
Speaker 1: for inputs? And are you passing those along the customers?
Speaker 1: But generally I have to have to say that we
Speaker 1: are okay. So we are not passing anything to the
Speaker 1: customers on higher material costs right now, and we are
Speaker 1: not suffering like other commonuffectures about the shortage of the chips.
Speaker 1: So here we are well treated by the folks one
Speaker 1: group being a small company, and this is an advantage.
Speaker 1: So at time being, there is no let's say, critical
Speaker 1: point in this sense for us as Lamborghinis and your
Speaker 1: problems that are but no problems at all. You never
Speaker 1: know we have here and there's some it's always with
Speaker 1: suppliers and with supply chain that there are things are
Speaker 1: not going accordingly and prices rising, But we have not
Speaker 1: inflated our prices higher than the normal and normal state.
Speaker 1: So this is not something we are taking advantage of. Stephen,
Speaker 1: we were talking Tim and I with another global auto
Speaker 1: executive who's been in the industry a long time, has
Speaker 1: had different spots around the globe. YouTube you were at FIAT.
Speaker 1: You understand this world, you understand it from several different
Speaker 1: market advantages. Um, I'm curious, he said to us. It's
Speaker 1: kind of one of the most exciting times in terms
Speaker 1: of some of the disruption that's going on the move
Speaker 1: towards electrification. There's a lot going on in the industry.
Speaker 1: How do you kind of sum it up in terms
Speaker 1: of what's going on right now? And he's got a
Speaker 1: big smile for everybody on real have to say that
Speaker 1: for us, on one hand, it's a great advantage that
Speaker 1: the market is booming. So this gives us the peace
Speaker 1: of mind at least, I think for the two to
Speaker 1: concentrate on what is coming next. As you said, is
Speaker 1: a desruptive time, is not an evolution anymore, so you
Speaker 1: have to make a clear cut and to think about
Speaker 1: what is coming next. We are already on the way
Speaker 1: to hybridize all our lineup. Hybridized means that you still
Speaker 1: have and on combustion engine and the cars will be
Speaker 1: plugged in hybrid. We will maintain our icon our engine,
Speaker 1: which is an I Can the V twelve, So this
Speaker 1: will be a complete new engine. And I know you
Speaker 1: talked with our Matt Miller, who we always talk about,
Speaker 1: who loves supercars and all said, well, how can you
Speaker 1: have a supercar without the engine noise? Right like that
Speaker 1: is such a big component of it. Yes, and and
Speaker 1: so we will keep it and all the lineup will
Speaker 1: be hybridized by the end of twenty four and this
Speaker 1: is enabling us to reduce the CEO two emissions and
Speaker 1: comparison of today by at least fifty So this is
Speaker 1: a good step to start with. What comes after is
Speaker 1: a full electrification. Ever we will we see that we
Speaker 1: will have a Force model. Today we have three models,
Speaker 1: so they will all be hybridized in the second part
Speaker 1: of the decade. We're looking forward to have our first
Speaker 1: full electric car and we want to have let's say
Speaker 1: a split of the lineup two supersports cars and two
Speaker 1: more versatile cars. And the supersports cars we want to
Speaker 1: keep with internal combustion engine as long as possible, maybe
Speaker 1: with synthetic fuels. Would Lamborghini ever go fully electric, Yes,
Speaker 1: as I said, there is for the more daily usable
Speaker 1: car like us. No, I mean like not even offering
Speaker 1: an internal combustion engine vehicle as as um. But this
Speaker 1: is something we have to see after twenty depends a
Speaker 1: lot about what the legislator is going to tell us
Speaker 1: how emissions go, emission goal goes ahead, and if there
Speaker 1: is an opportunity for for synthetic fuel, if there are
Speaker 1: synthetic fuels in the future, which I see you two neutral,
Speaker 1: then there's a good opportunity that we stay with the
Speaker 1: super sports car also after thirty with internal combustion engines. Steven,
Speaker 1: what do you hear from your clients about I mean,
Speaker 1: obviously they're watching the trends in terms of electrifications, and
Speaker 1: we're seeing sophisticated cars on that front come along or increasingly.
Speaker 1: But I'm curious the people who buy your cards, do
Speaker 1: they really want an electric Lamborghini. They want the peace
Speaker 1: of mind of more sustainability, and we have to deliver
Speaker 1: the promise and we have to keep the promise that
Speaker 1: the performance and the design a better than the generation
Speaker 1: of today. If these two things go together, then for hybridization,
Speaker 1: there is no issue. They are going to follow us.
Speaker 1: And we see this also because we do testing, we
Speaker 1: do clinics, and this is something which is already digested.
Speaker 1: So it's done. Corses left the barn, we cannot roll back. Well. Well,
Speaker 1: the other thing is, let's not forget and let's be fair.
Speaker 1: I mean, regulators, policymakers write the world. We understand the
Speaker 1: importance of kind of moving in this direction and that
Speaker 1: that's just the way it is. Yeah, we cannot move
Speaker 1: out we have a social responsibility, even though with our
Speaker 1: cars we are not changing the climate. But I think
Speaker 1: that everybody has to do He's part of the of
Speaker 1: the business. And I think that this is important also
Speaker 1: because it's more and more important not what you think
Speaker 1: about your the cars, but what your neighbor think about
Speaker 1: the car, So you always have to have the thumbs up.
Speaker 1: This is important. Hey, how do you keep the Lamborghini
Speaker 1: driving experience with the hybridization of one of these vehicles?
Speaker 1: Because you think about a hybrid car right now, I
Speaker 1: mean you know when it's you know when it's there
Speaker 1: because it's it slows down and stop signed the engine
Speaker 1: turns off right and then starts back up again and
Speaker 1: it has a unique sound. How do you keep the
Speaker 1: driving experience the Lamborghini driving experience? Driving experience? So performance
Speaker 1: will be always our top priority. And when we speak
Speaker 1: about hybridization, we speak yes about range extender, but it's
Speaker 1: even more about a booster. So it's increasing the power
Speaker 1: of the engine. The way to power ratio is even
Speaker 1: better than the one today, so the car will be
Speaker 1: more performing and you still will have the sound of
Speaker 1: the engines where you have today. So this is positive.
Speaker 1: At least for the next year. You talked about strong demand.
Speaker 1: Have you been surprised at how strong that demand has been.
Speaker 1: I think certainly at the beginning of the pandemic, nobody
Speaker 1: knew how this was going to play out. Nobody had
Speaker 1: the crystal ball. We we hadn't seen this before. I'm curious, though,
Speaker 1: when did you start to say, Okay, wait a minute,
Speaker 1: things will be okay. After summer last year. After summer
Speaker 1: last year, when we recognize that this was a constant
Speaker 1: flow and it was going up and up and up
Speaker 1: every every month. We are selling workers than we can deliver.
Speaker 1: And this is as we speak, still ongoing. Do you
Speaker 1: have the workers you need to do everything? That's another
Speaker 1: thing that we've certainly seen on a global level. We're
Speaker 1: certainly seeing it here on a job's day in the
Speaker 1: United States, where we're still we have a lot of
Speaker 1: companies that are looking for workers. Now we are we
Speaker 1: are fine. We are said we it's clear that we
Speaker 1: are in a in a phase of of of change.
Speaker 1: So competences are going to change, and we are only
Speaker 1: also looking for a new type of business or jobs.
Speaker 1: And this is not happening happening overnight. So we have
Speaker 1: enough enough time to adapt to the new situations. So
Speaker 1: this is okay, how are you bringing that next generation
Speaker 1: of Amborghini buyers? How do you bring in millennial car?
Speaker 1: You just drive up to their door. You just drive
Speaker 1: up to their home, Tim and he just is their
Speaker 1: difference though? Is there a difference in in what potential
Speaker 1: customers who may be able to afford the Lamborghini in
Speaker 1: their twenties and thirties one right now, or or how
Speaker 1: you want to reach them now? So then when they
Speaker 1: are in their forties and you can't afford this, they
Speaker 1: can buy one. And I think about We had a
Speaker 1: conversation with a senior executive at the Beers and we
Speaker 1: talked about that a younger generation not so interested in diamonds.
Speaker 1: So what are you saying interesting experiences than things for example?
Speaker 1: But I can tell you that if you look in
Speaker 1: the into the social media, we are the highest by
Speaker 1: far in the in the supersports car business or also
Speaker 1: in the majority of the car business. So there is
Speaker 1: a lot of interest of the younger generation. And our
Speaker 1: brand or brand to school or brand is young design
Speaker 1: and performance a top They will not sit at our
Speaker 1: table if you don't speak about systemain ability. This is clear.
Speaker 1: They want to have a sustainable car, they want to
Speaker 1: have a digital, digitalized car. These are the two things
Speaker 1: which have to work together. And then design and performance,
Speaker 1: which is let's say the most important thing in Lamborghini.
Speaker 1: These things have to fit. Yeah, it's I gotta say,
Speaker 1: I got a nephew who who's young, and we definitely
Speaker 1: have no problem with one of your cars, whether or
Speaker 1: not it was hybrid version. Exactly exactly what do you get?
Speaker 1: What's the benefits? I think there's some thoughts about we're
Speaker 1: seeing a lot of unlocking a value among companies where
Speaker 1: you spin out certain brands. You're under the Volkswagen brand,
Speaker 1: there's many many different brands under the VW umbrella. You know,
Speaker 1: what's the benefit of being under that umbrella? Are there
Speaker 1: benefits to also spinning it out and unlocking some value
Speaker 1: there from an investor perspective, so a spin out is
Speaker 1: not planned. What the benefit is is clear that there
Speaker 1: are synergies in terms of suppliers. If we are asking
Speaker 1: a supplier to produce I don't know, ten tho pieces
Speaker 1: a year or a hundred thousands, you have a different
Speaker 1: level leverage, different price, different quality. This is one thing.
Speaker 1: Then in terms of the platforms, in terms of all
Speaker 1: the things which are under the hood which are not
Speaker 1: perceived as brand relevant, are things which are helping, like
Speaker 1: electronic platform like air conditioning. There are a lot of
Speaker 1: things which are high investment and nobody knows about that.
Speaker 1: And we deliver our quality, which is in our type
Speaker 1: of business unique and this therefore the benefit for us
Speaker 1: is really important. I just want to ask about the
Speaker 1: connection between marketing and what you did at our buzzle
Speaker 1: recently and how you can draw a line from that
Speaker 1: to selling more vehicles. But if we do things like
Speaker 1: our bossle, it's because the community is very close to
Speaker 1: our customers. Our customers go there, so having your opportunity
Speaker 1: to speak to them in an environment which is not
Speaker 1: typical automotive driven is important. To stay present in the
Speaker 1: in the mind of the people and also to be
Speaker 1: part of the crowd. And this is not about selling cars,
Speaker 1: but this is about creating. After the let's say they sales,
Speaker 1: the most important thing is to create community, to have
Speaker 1: events to go on and off the race track, and
Speaker 1: also things like art bars are important that you go
Speaker 1: to dinner together, you you get to know them and
Speaker 1: you are in the environment they appreciate. Haven't been at
Speaker 1: our pals like I can see how it's a perfect fit.
Speaker 1: He just got about twenty seconds here. Geographically, where do
Speaker 1: you sell the most Lamborghinis in the US? The US
Speaker 1: and China is number two? China's number two. All right, um,
Speaker 1: we're gonna leave it on that now. Thank you so
Speaker 1: much for finding time for us and have a great,
Speaker 1: safe holiday season. Really appreciate it. Stefan VN Coleman. He
Speaker 1: is Presidency of Adomabili Lamborghini, joining us right here in
Speaker 1: our interactive broker studio. Last month, Bloomberg was out with
Speaker 1: the story is pretty cool about how the billionaire economy
Speaker 1: was cool if you're a billionaire, how the billionaire to
Speaker 1: me is booming, with demand for super yachts, mansions, and
Speaker 1: planes soaring, driven by cheap debt and rising wealth. The
Speaker 1: number of super yachts sold this year alone this is
Speaker 1: at least through mid October, increased by about sixty five
Speaker 1: three from the same period last year's. According to some
Speaker 1: research from super Yacht Times, more than a quarter of
Speaker 1: those purchases were for new vessels. About that tim Well,
Speaker 1: people who have the money want to be able to
Speaker 1: afford or want to be able to go and yacht
Speaker 1: in luxury. Yeah, no doubt about it. Well, Stephen Myers
Speaker 1: knows about what's going on. He's the founder and CEO
Speaker 1: of the multiple listing service provider Yatko. He joins us
Speaker 1: on the phone in Miami. Hey, Steven, uh so delighted
Speaker 1: to have you here with Tim and myself on Bloomberg
Speaker 1: Business Week on Bloomberg Radio. How are you. Thank you
Speaker 1: very much for having me. Yeah, I'm doing great. I'm
Speaker 1: actually literally sitting by the doctor the pay in Miami
Speaker 1: Beach um for Art Basil and surrounded by the sunset
Speaker 1: Harbor Marina and lovely, lively sunny afternoon. Art Fossil is
Speaker 1: really cool. It's a perfect place to sell you super
Speaker 1: yachts And just gonna put that out there pretty dark.
Speaker 1: So listen, I'm a sailor. I've talked to a lot
Speaker 1: of brokers in the industry of the past year. They
Speaker 1: have been super, super duper busy during the pandemic. What
Speaker 1: have you been seeing specifically, Yeah, I've been in the
Speaker 1: industry for over thirty years, um, and I've we've never
Speaker 1: seen anything like it. Um. You know, it's far sur
Speaker 1: passes two thousand and seven. Uh in the boom there. Um.
Speaker 1: And you know it's a very cyclical industry. However, it's
Speaker 1: been very solid and uh, you know, the trends have
Speaker 1: just been upwards. Um. The challenge that we now faces
Speaker 1: is inventory. Uh. You know, the the pre owned inventory
Speaker 1: dried up um after there was a rush on pre
Speaker 1: owned inventory. Uh during COVID. Obviously people wanted to to
Speaker 1: isolate themselves um and lockdown themselves on. You know, there's
Speaker 1: no better place to be than on a on a
Speaker 1: boat or a yacht, especially during a pandemic. I'm just
Speaker 1: going to point out, but go ahead, absolutely, and that
Speaker 1: trend is going to continue. Uh. The new vote sector
Speaker 1: in has absolutely been on fire, as well as as
Speaker 1: the luxury yacht charter business as well that's now out
Speaker 1: pretty much sold out through um and uh you know,
Speaker 1: continuing on, what are you seeing from from boatmakers about
Speaker 1: how they're able to meet demand or or how wait
Speaker 1: times have changed due to this unprecedented demand. Yeah, well,
Speaker 1: I think there's a trend more towards you know, uh,
Speaker 1: less customization, more production obviously because it's a faster production time. UM.
Speaker 1: But um, but you know, certainly the custom projects are
Speaker 1: continuing and as we get into um, you know, the
Speaker 1: half a billion dollar plus yacht market that's coming. Um.
Speaker 1: You know that that's certainly a long lead time. But
Speaker 1: right now most of the most of the semi custom
Speaker 1: custom builders are are looking at you know, uh, sold
Speaker 1: out for the next five years, um, until they find
Speaker 1: additional capacity. Well, it really talks about the wealth creation
Speaker 1: certainly too within within our world. Um, what about Stephen
Speaker 1: in terms of their access to the supplies. I mean,
Speaker 1: a beautiful boat, you're talking about tike, you're talking about
Speaker 1: great woods, You're talking about a lot of stuff. It's
Speaker 1: also a it's you know, the bigger you get. It's
Speaker 1: basically a floating city. Um. Are you guys able to
Speaker 1: Are the builders able to get everything that they need? Yeah,
Speaker 1: it's a challenge, but I think, uh, I think that
Speaker 1: the industry is able to meet those challenges. Um, you know,
Speaker 1: because we're we're not looking at the volumes of the
Speaker 1: housing market and so on and so forth. So it's
Speaker 1: it's it's a challenge, but I think that the industry
Speaker 1: it's not holding things back to the extent of other industries.
Speaker 1: What about when it comes to resales, Uh, that the
Speaker 1: problem there is is lack of inventory. Um. Now people
Speaker 1: are willing to sell. But you know, if if somebody
Speaker 1: was willing to sell for twelve million, you know a
Speaker 1: year ago, now I like fourteen millions. So we've actually
Speaker 1: seen fifty nine on our yacht co dot Com MLS database.
Speaker 1: We've actually seen fifty nine price increases just in the
Speaker 1: past month, which is unheard of. Um. Normally a price
Speaker 1: increase in yachting is an anomaly, um, and it usually
Speaker 1: doesn't send a good signal to the market. But um,
Speaker 1: you know, for the first time in my career, uh,
Speaker 1: we're seeing you know, an extraordinary number of price increases
Speaker 1: on a regular basis. Tim's really curious about what, Yeah,
Speaker 1: how do you find people to work on these boats
Speaker 1: right now? Because we see a labor shortage happening in
Speaker 1: many different industries. But if you are one of those
Speaker 1: people who's lucky enough to get your hands on on
Speaker 1: one of these yachts, how hard is it to get
Speaker 1: a crew? Yeah, I mean, the the availability is there. Um,
Speaker 1: you know, the the the usual channel is to go
Speaker 1: through a professional crew agency. Um. There's a good pipeline
Speaker 1: and um, you know, the the the the real thing.
Speaker 1: I guess the big difference UM in the yachting industry
Speaker 1: is that which I think also attracting a lot of
Speaker 1: people to you know, to their boats and to purchase
Speaker 1: and charter is the fact of a secure environment where
Speaker 1: you know, you can control the environment of the people
Speaker 1: that you're in. There's defind boundaries UM and you know,
Speaker 1: making sure that everybody is vaccinated U on board, etcetera.
Speaker 1: So we're seeing people with spouses that that aren't even
Speaker 1: so interested in the in the boating program that suddenly
Speaker 1: are now spending the majority of their time on board
Speaker 1: UM and uh, you know, spending less and less time
Speaker 1: at home and more time on board. Uh. And of
Speaker 1: going to further and further remote locations like the Antarctica
Speaker 1: and Antarctics and um Norway for example, just far, far
Speaker 1: reaching places, but the crew are there um and UM. Yeah,
Speaker 1: So we're not seeing a major problem in that respect.
Speaker 1: In my next life, I think I just want to
Speaker 1: be a crew member of a gorgeous yacht and just
Speaker 1: kind of sail the world. Stephen, Hey, sit tight for
Speaker 1: Zeke and Uh, I know you're there in Miami. We're
Speaker 1: gonna do a little bit of news and we'll come
Speaker 1: back and talk some more. We are talking with Stephen Meyers.
Speaker 1: He's the founder and CEO of Yacco. You are listening
Speaker 1: to Bloomberg Businesspeak. Still with us. Is Stephen Meyers, founder
Speaker 1: and CEO of Yako, still with us on the phone
Speaker 1: in Miami. All right, Stephen, I've been on your website
Speaker 1: checking out. No, no, no, I'm good. I'm good. I'm
Speaker 1: actually really good, right, um? But did I am? And
Speaker 1: I was just looking at some of your different boats.
Speaker 1: You guys, though, actually do have a fair amount of
Speaker 1: boats listed. Yes, Um, However, that inventory is definitely down worldwide. Um.
Speaker 1: You know, at any given time, we typically have over
Speaker 1: ten thousand UH Central exclusive listings for sale. Um. And
Speaker 1: at the moment we're you know, probably seeing decrease um
Speaker 1: in in actual volume of availability of yachts for sale.
Speaker 1: So it is significantly down. Um. But you know, I
Speaker 1: think I think within the next twelve months we'll we'll
Speaker 1: start to see more, you know, inventory increasing as the
Speaker 1: as the new boat availability comes back on, you know,
Speaker 1: comes back available and starts cycling again. I'm looking at
Speaker 1: this old criss craft Man that is just gorgeous Criss
Speaker 1: crafty uh an old woody. Um, I'm curious he's buying. Uh. Well,
Speaker 1: we're seeing uh, we're seeing actually a big increase of
Speaker 1: new twenty to thirty year olds coming into the market
Speaker 1: from tech and crypto and blotching and yeah, so we're
Speaker 1: seeing that. Um, you know a lot of them are
Speaker 1: starting off with with chartering. In fact, um uh yeah, so, um,
Speaker 1: we we're seeing that and uh yeah. In fact, I
Speaker 1: was gonna say that I actually, um, I have a
Speaker 1: boat here that was in Miami about seven years ago,
Speaker 1: and there was a very famous um founder of a
Speaker 1: tech company that I was seeing the roster of the
Speaker 1: people that chartered, you know, uh, my boat, and it
Speaker 1: was it was somebody very famous, but it's usually in
Speaker 1: our industry we kind of try to always respect confidentiality,
Speaker 1: so I won't mention the name, but it was. It
Speaker 1: was a household name, and I was very surprised. And anyway,
Speaker 1: I'm sure he's onto much bigger, better things than uh
Speaker 1: than my uh my day boat, but it was it
Speaker 1: was nice to see, uh, you know, in the emergency
Speaker 1: of the new market that's coming, uh that's coming into
Speaker 1: the industry. Well, let's stock price range here in terms
Speaker 1: of most expensive boats that you have available on yacht
Speaker 1: co and and also what we perhaps consider entry level,
Speaker 1: what's the range? Well, I mean, you know, entry level
Speaker 1: can can be you know, we we have boats that
Speaker 1: are tenders to yachts, etcetera. So you know, you could
Speaker 1: be looking at anything as small as a ten thousand
Speaker 1: dollar tender all the way up to you know, we're
Speaker 1: we're getting close to the you know, going over the
Speaker 1: half a billion dollar range. But you know, at any
Speaker 1: given time, for sure there's two d and five million
Speaker 1: to three hundred fifty million dollar vessels for sale. UM.
Speaker 1: And I wouldn't be surprised if we don't see, you know,
Speaker 1: within within this decade, you know, the first billion dollar,
Speaker 1: billion dollar yacht. Um. You know, I think as particularly
Speaker 1: as as the world is changing with COVID and in
Speaker 1: this you know, ongoing pandemic, I think you know, we're
Speaker 1: definitely seeing people spend more and more time on you know,
Speaker 1: on board uh. And I think that's going to continue. Um.
Speaker 1: You know, the the most most billionaires there, their yacht
Speaker 1: is worth more than their home. And I think that
Speaker 1: trend is going to continue. Uh. And they're seeing more
Speaker 1: and more value by being on board enjoying life. You know,
Speaker 1: I think one of the biggest things that came out
Speaker 1: of the pandemic was people kind of took a breather
Speaker 1: and said, you know what, like life is short, and
Speaker 1: I better and get the most of most of it
Speaker 1: now and get get the most out of it now.
Speaker 1: And so I think people are spending more time, quality
Speaker 1: time with family and friends and on board and you know,
Speaker 1: exploring the world geographically. What are you seeing in terms
Speaker 1: of buying trends? UH. One interesting thing about Europe is
Speaker 1: it's turning very green. UM. We're we're seeing you know, UM,
Speaker 1: a lot of pressure on builders to go green, you know,
Speaker 1: lower emissions, UM hybrid technology with you know UM and
Speaker 1: UM recycled materials. So we're definitely seeing the trend UM
Speaker 1: and and also pressure on marinas for for more green uh,
Speaker 1: you know, more green services. So UM. Hopefully that trend
Speaker 1: will continue worldwide. UM. But you know, it's starting aggressively
Speaker 1: in Europe, and I think it's it's about to expand.
Speaker 1: I know at Yatto we're about to UM, we're about
Speaker 1: to take some initiatives to UM, you know, to push
Speaker 1: the green trend. UM. We've been running a series on
Speaker 1: women in yachting, and our next series will move towards UM,
Speaker 1: you know, green trends and yachting. It's egesting because I
Speaker 1: was thinking about we had an earlier conversation UM with
Speaker 1: Stefan Winckelmann, who is the CEO of Lamborghini, and you know,
Speaker 1: they're moving towards electrification because and they talked about kind
Speaker 1: of just pressures between I mean, it's where the world
Speaker 1: is going, and there's also pressures among your consumers as well.
Speaker 1: I mean it's a few years before they're all in
Speaker 1: an electrification. But that's interesting that you said that. And
Speaker 1: if anybody sees the environment, is anybody who's at on
Speaker 1: the water. You really see the impact absolutely, and I
Speaker 1: think I think you know the yachtsman UM and yachts women,
Speaker 1: but it's a it's a thank you for them, a
Speaker 1: longstanding term. It's a longstanding term, and I think it's
Speaker 1: inclusive of yachtsmen and women. But uh, you know, I
Speaker 1: think that UM yachtsman and yachts women are are definitely
Speaker 1: seeing you know, they're the they appreciate the water and
Speaker 1: the environment is much, if not more than anyone. And
Speaker 1: I'm very impressed with the direction that the industry is going,
Speaker 1: and we're certainly YAKO going to take take our role
Speaker 1: and try to lead, you know, and and and lead
Speaker 1: the way and and bring more and more people on
Speaker 1: board with with UH, you know, going green and being
Speaker 1: more environmentally and conscious and and helping Stephen. When we're
Speaker 1: speaking earlier, you mentioned that this is a cyclical industry
Speaker 1: and you haven't seen activity since like this since two
Speaker 1: thousand seven or did you say it exceeded two thousand seven?
Speaker 1: It's exceeded by by far, has has has surpassed UH
Speaker 1: two thousand seven. I mean so quote quote quote is
Speaker 1: you know from the industry veterans have known for over
Speaker 1: thirty years, I've never seen anything like this. It's on fire. Well,
Speaker 1: so what what derails this? What what stops this from
Speaker 1: from continuing? I you know, I don't see it slowing
Speaker 1: down anytime soon. I mean the frenzy paste will slow down. UM.
Speaker 1: But you know we've seen even since the two thousand
Speaker 1: eight you know, in the upper end of the market,
Speaker 1: we've seen growth continue. UM and UM you know that
Speaker 1: trend will continue. I mean you're with with a lot
Speaker 1: of these yachts, you're looking at five year build times
Speaker 1: and um and so you know, the courses plodding forward. Um.
Speaker 1: You're you're seeing, you know, an increase of high net
Speaker 1: worth around the world. UM and you know, more and
Speaker 1: more accessibility to yachting in markets like China and Russia
Speaker 1: and around the world. UM and UM. So you know
Speaker 1: you're you're seeing a growth throughout the world. Uh. And
Speaker 1: I think that the trend is going to continue to expand. Well,
Speaker 1: this has been a lot of fun and really a
Speaker 1: wonderful way to end up what's been a bit of
Speaker 1: a nutty week. So Steven, thank you so much. I
Speaker 1: wish I could send you a photo from where I'm
Speaker 1: sitting right now. Now. We wish we could actually be
Speaker 1: sitting with you. Welcome on down the Miami Beach, laid
Speaker 1: our bazzels all weekend and you can enjoy the art
Speaker 1: and the yacht. We'll come first. We'll definitely confine to
Speaker 1: Steve Meyer's Stephen Myers, founder and chief executive officer of Yuko,
Speaker 1: on the phone from a lovely Miami