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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: I'm Hannah Elliott and I'm Matt Miller.

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Speaker 3: This is Hot Pursuit.

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Speaker 2: Coming up in today's podcast. I'm back from Spain, back

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Speaker 2: from driving the Aston martin Valhalla. And while I can't

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Speaker 2: discuss driving impressions quite yet, there's plenty of other things

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Speaker 2: we can talk about.

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Speaker 3: Yeah, I want to know about the snacks you know,

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Speaker 3: that you had while you were there, and also to

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Speaker 3: meet Yeah, also just what it was like in were

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Speaker 3: you and Bill Bau or San Sebastian, Bill Bao.

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Speaker 2: San Sebastian. I ended up also going to Madrid after

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Speaker 2: a flight cancelation. There was there was a lot of Spain.

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Speaker 3: Oh all right, so I want to I want to

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Speaker 3: hear more about that. I also want to talk about

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Speaker 3: SUV's plus. A buddy of mine, a kid I met

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Speaker 3: at a car show a couple of years ago, has

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Speaker 3: just sold his Careerra GT for the record price of

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Speaker 3: three point three million dollars. And it's not his personal car.

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Speaker 3: But we're going to talk to Eden Cooper. He is

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Speaker 3: started and runs a fund called Drift Capital that buys

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Speaker 3: high end cars and attempts to sell them for a

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Speaker 3: profit and they have done just that with the Karra

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Speaker 3: GT and a GT forty. But first let's talk about Spain.

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Speaker 3: I mean, what happened with your flights?

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Speaker 2: Well, there was a Leftansa pilot strike Thursday Friday, which

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Speaker 2: and of course all my flights were on Luftansa, so

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Speaker 2: you know, the flights got really really messed up. And

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Speaker 2: as you know, Bill Boo is not a regular flight

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Speaker 2: path from Los Angeles. No, he's not really a flight

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Speaker 2: regular flight no. No. So it so going there, you know,

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Speaker 2: you kind of go through Frankfurt, and and the track

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Speaker 2: that we actually drove on was this sircurto. No, it's

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Speaker 2: the circuit of Navara. I'm gonna say that because I

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Speaker 2: can't say it in Spanish. It's the Navara circuit, which

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Speaker 2: is like an hour and a half additional drive outside

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Speaker 2: of San Sebastian. So flew into Bilbao, drove to San Sebastian,

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Speaker 2: which is about an hour away. Then from San Sebastian

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Speaker 2: it's another hour and a half drive to this track

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Speaker 2: called Navera, which is a very cool private track certified

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Speaker 2: for up to Formula two racing, very remote. It's got

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Speaker 2: like seventeen turns it's got uphills, it's got downhills. It's

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Speaker 2: a very cool track, I admit. On the way there,

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Speaker 2: we took a helicopter whoa frash into the track, which

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Speaker 2: was awesome. And the funny thing is Adrian Hallmark, who

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Speaker 2: is the CEO of Aston Martin, is obsessed with flying,

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Speaker 2: like truly obsessed. And he flew himself to this press

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Speaker 2: launch and on his own plane and he was flying

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Speaker 2: his way back and I sat next to him in

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Speaker 2: the helicopter and he had on his he had a

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Speaker 2: special tablet that he used for all his flight apps,

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Speaker 2: and the whole time he was tracking weather and flight

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Speaker 2: patterns and airspace and at one point he was telling me,

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Speaker 2: you know, if the engines cut out, this is how

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Speaker 2: far we can go without crash landing and all of

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Speaker 2: this stuff. He's obsessed and it was kind of great

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Speaker 2: to see the enthusiasm from. You know, these car executives

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Speaker 2: can be a little bit serious and they're very very

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Speaker 2: they're they're resistant to talking about their own personal life,

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Speaker 2: and I understand why, but Adrian is so obsessed with flying.

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Speaker 2: It was really fun to be in the air with him.

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Speaker 2: And yeah, like I said, I can't talk really about

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Speaker 2: driving impressions. But we do know about the Valhalla. You know,

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Speaker 2: they debuted it in twenty nineteen, so it's been a

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Speaker 2: long time coming. It was first imagine as a V six.

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Speaker 2: It is now in its current production form, a twin

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Speaker 2: turbo V eight plug in hybrid, over a thousand horse power.

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Speaker 2: They've already delivered over one hundred and fifty of them.

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Speaker 2: They're making nine hundred and ninety nine of them, and

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Speaker 2: they cost about a million bucks starting. And it's a hybrid, right,

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Speaker 2: it is a plug in hybrid.

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Speaker 3: Yeah, so it has electric motors.

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Speaker 2: That's what gets three electric motors exactly, and then a

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Speaker 2: twin turbov eight. A lot of F one derived components

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Speaker 2: in the car, including the carbon fiber tub It's got

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Speaker 2: active arrow on the front and the rear, which was

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Speaker 2: really interesting. Yeah, So it's it's interesting because it's kind

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Speaker 2: of like a baby Valkyrie in a way. It's not

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Speaker 2: the most extreme ass and you can buy, but it's

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Speaker 2: obviously pretty far up there. And what I'm told is

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Speaker 2: starting price is a million dollars, but most of the

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Speaker 2: people who are getting one are adding additional specs and customanization,

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Speaker 2: so that the price the average price is about a

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Speaker 2: one point six million, which is kind of wild.

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Speaker 3: Yeah, it's very expensive. Obviously, it's very limited. I've never

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Speaker 3: seen one in the wild.

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Speaker 2: And I think I might have, I don't. I don't

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Speaker 2: think i've seen one either. To be honest, I don't

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Speaker 2: think I have because I wouldn't have seen one last

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Speaker 2: year and I certainly haven't seen one this year.

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Speaker 3: How many did they have there? I mean, did they

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Speaker 3: have more than one on the track?

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Speaker 2: Yes, we had two at a time on the track.

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Speaker 2: And I have to give a shout out to my

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Speaker 2: driving instructor. Her name is Rihanna, really accomplished, incredible driver

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Speaker 2: who has who has one race is at Indy. You know,

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Speaker 2: she's in like GT four Cup races and stuff. She's

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Speaker 2: also like twenty four, which is weird to think that

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Speaker 2: this person could like really be my daughter if you

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Speaker 2: do the math, and she's she's the voice of reason

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Speaker 2: telling me how to drive around this track and it's

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Speaker 2: kind of awesome. So we had two cars on the

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Speaker 2: track at the same time, and then there were a

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Speaker 2: couple of cars on the road. We did do a

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Speaker 2: road course as well, and I don't know they had

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Speaker 2: a handful of cars there. Five six seven something like

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Speaker 2: that were all different colors. The ones on the track were.

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Speaker 2: There was one that was podium green, which is Aston

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Speaker 2: Martin's F one green and they say that fifteen percent

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Speaker 2: of the Valhallas sold have been in this podium green

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Speaker 2: color and they really attribute that to the popularity of

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Speaker 2: Formula one, the association Aston has with Formula one, and

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Speaker 2: how well that's working for the brand. So one was

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Speaker 2: podium green, another in Formula one, well, the brand, the brand, Yes, yeah, yes,

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Speaker 2: we bad showing. There was there was some talk about

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Speaker 2: what's going on with the uh, the Honda components and

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Speaker 2: the Adrian Newey engineering and the you know, nerve potential,

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Speaker 2: nerve dabage after twenty five laps uh, et cetera, et cetera.

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Speaker 2: So I I can't comment on that. I can't there

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Speaker 2: by the way, can we.

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Speaker 3: I'm gonna seg here, I'm gonna call an audible Formula

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Speaker 3: one because it's on Apple TV. Now, I thought, all right,

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Speaker 3: I'm this is the season that I'm gonna fully dedicate myself.

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Speaker 3: I'm gonna watch everything from practice to qualifying this weekend.

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Speaker 3: I'm excited to watch the sprint to the race, you know,

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Speaker 3: but the one thing that gets me is because of

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Speaker 3: the hybrid component, those drivers are not going as fast

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Speaker 3: as they can. In fact, they're driving more slowly than

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Speaker 3: they otherwise would be able to in order to reserve

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Speaker 3: preserve their battery.

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Speaker 2: Racing, Yeah, and like they're managing energy, not racing.

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Speaker 3: When you watch Moto GP, they're on the limit, they're

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Speaker 3: driving ten tenths, They're going as fast as they can

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Speaker 3: on every part of that track at all times. That's

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Speaker 3: what I thought racing was about. But this is more like,

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Speaker 3: I don't know, I know a strategy game.

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Speaker 2: I'll play a tiny Devil's advocate here. And we might

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Speaker 2: have talked about this before. I don't think that slower

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Speaker 2: speeds mean less exciting racing. Theoretically. I agree with that

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Speaker 2: fans can't tell a difference really between two hundred miles

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Speaker 2: an hour and two hundred and twenty necessarily, so like

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Speaker 2: slower speeds don't automatically translate into more boring racing. But

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Speaker 2: I do agree that if drivers are more concerned about

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Speaker 2: gaining the energy system rather than trying to make a

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Speaker 2: pass or be a super ultra aggressive, that will definitely

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Speaker 2: have a damper.

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Speaker 3: It is a big bummer and I'm going to give

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Speaker 3: them a few more races before I call it, but

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Speaker 3: I want to see racing where the driver is going

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Speaker 3: basically as fast as he can within limits of safety

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Speaker 3: to himself and others, or hopefully soon I can start

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Speaker 3: saying herself and others, because in motorcycle racing, we saw

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Speaker 3: HeLa Yakov podium at the daytime two hundred and deep

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Speaker 3: teas we're going to have her on the show in

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Speaker 3: a couple weeks, Yes, But but I just don't understand

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Speaker 3: how the people in charge of Formula one didn't say, wait,

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Speaker 3: if we do it like this, they're not going to

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Speaker 3: be able to drive as fast as they can do

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Speaker 3: we really want that to be the case, Like, didn't

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Speaker 3: they know before the season started that this would be

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Speaker 3: kind of lame.

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Speaker 2: My sense is that the concern about position marketing and

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Speaker 2: Formula one as sustainable and positioning it in a way

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Speaker 2: that is attractive to sponsors and partners ships is the

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Speaker 2: primary concern, and that's a little bit of a dangerous

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Speaker 2: area ultimately, because if you're ultimately only concerned with getting

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Speaker 2: money from partners and sponsorships, you're going to lose sight

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Speaker 2: of what is really the fundamental magic of Formula One,

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Speaker 2: which is the racing. I don't think we're there yet.

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Speaker 2: I still hope and anticipate we're going to have an

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Speaker 2: exciting year, especially let's think about it, and sadly, we're

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Speaker 2: probably going to lose the races in Saudi Arabian Bahrain

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Speaker 2: because of everything that's happening in the Middle East. So

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Speaker 2: this year in general is going to be full of surprises.

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Speaker 2: Put it that way. Who can say how everything is

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Speaker 2: going to turn out. But to your point, yeah, it

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Speaker 2: would be terrible if if one truly lost sight of

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Speaker 2: maximizing racing in favor of trying to get make it

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Speaker 2: like sellable, you know what I mean.

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Speaker 3: Yeah, all right, let's put a pin in that. We

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Speaker 3: have ample time throughout this season to discuss and let's

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Speaker 3: take a break here on Hot Pursuit. We come back,

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Speaker 3: we'll hear from Eden Cooper who just sold his the

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Speaker 3: thirty year old kid who just sold his Ferrari F

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Speaker 3: forty and Kara GT for record prices. This is Bloomberg,

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Speaker 3: Welcome back to Hot Pursuit. We're gonna get to my

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Speaker 3: new love of my life, the Cadillac Esclades, the I

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Speaker 3: want to get right now. To our discussion with Eden Cooper,

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Speaker 3: the founder of Drift Capital. Let's get into it. I

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Speaker 3: will tell you that I met him at the Bridge.

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Speaker 3: At the Bridge, you know, which is that car show

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Speaker 3: in Bridge Hampton. Uh huh. I feel like it would

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Speaker 3: be faster if I went to Monterey, Like it took

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Speaker 3: Higgs forever to get out.

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Speaker 1: Of the Hampton's right, it does.

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Speaker 3: But he was just standing there hanging out in front

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Speaker 3: of a four. So I went over to see the car, obviously,

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Speaker 3: and he was like, oh, I'm doing this fund and

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Speaker 3: it reminded me of I feel like Nick Mason from

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Speaker 3: Pink Floyd had done something like that, or maybe does

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Speaker 3: do something like that. He has a gto famously, and

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Speaker 3: so I was talking to him about this F forty

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Speaker 3: and I thought, Oh, this is just a kid who

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Speaker 3: came up with an excuse, like to collect money from

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Speaker 3: people and buy an F forty. Right. But then I

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Speaker 3: was watching the auctions the last couple of weeks and

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Speaker 3: I saw that his car was for sale and what

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Speaker 3: did what did it go for? Like? Five?

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Speaker 1: Yes?

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Speaker 4: All in it sold for five point two three million,

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Speaker 4: which was a record for a European.

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Speaker 3: Spec at forty And where was the sale.

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Speaker 1: In Miami with arms Outherby's Oh oh nice.

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Speaker 3: So and then we were talking, we were texting because

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Speaker 3: I had gotten his number and you have a career

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Speaker 3: GT as well, or you had, and you've also sold

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Speaker 3: that also for a record.

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Speaker 4: Yeah, I sold for at the time, an all time

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Speaker 4: record for three point three just north of three point

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Speaker 4: three million.

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Speaker 3: I was actually surprised. That seems low to me. I

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Speaker 3: feel like those are going to go for even more.

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Speaker 4: Well, you know, I joke with the team that, you know,

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Speaker 4: we should have bought three of them before selling the

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Speaker 4: first one that's Hannah's favorite.

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Speaker 2: Really, I mean, I remember when courage GT's were not

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Speaker 2: million dollar cars, like people thought it was insane to

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Speaker 2: even consider that a poor shot would be a million dollars.

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Speaker 2: No way. I mean, so, what what do you think

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Speaker 2: is pushing this this crazy rising And what's your theory

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Speaker 2: about what's pushing that demand?

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Speaker 4: Yeah, I mean it's really baked in the thesis that

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Speaker 4: the world's wealthy are getting wealthier and there's only a

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Speaker 4: limited supply of cars that are worth having. And if

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Speaker 4: you were an automotive enthusiast, you're starting to pay attention,

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Speaker 4: and a student investors will always look at available avenues

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Speaker 4: to deploy capital, and this is just the latest iteration.

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Speaker 3: So I think it's a little bit interesting that you're

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Speaker 3: obviously a younger person. How old are you?

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Speaker 1: I'm thirty?

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Speaker 3: Can I ask, okay, thirty? So the cars that you

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Speaker 3: have you also just showed me, and we can talk

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Speaker 3: about the Audi R eight. They seemed to be good

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Speaker 3: for your generation, right, They're kind of like Radwood cars.

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Speaker 3: These are cars that were supercars in the eighties and

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Speaker 3: the nineties and you know, the aughts, So not the

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Speaker 3: Bugattis or the GTOs or the kind of halo cars

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Speaker 3: of yesteryear. Is your board of advisors saying like you

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Speaker 3: should look into that era? Or is it just because

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Speaker 3: you're that age?

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Speaker 1: So I don't think it's because it's my age.

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Speaker 4: You know. We built this company really primarily focused on

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Speaker 4: the data, and for the first call it year of

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Speaker 4: building a proprietary database, I couldn't tell you if these

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Speaker 4: were a legitimate asset class. It took about that long

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Speaker 4: to actually build enough of an auction database that we

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Speaker 4: could run the analysis through multiple market cycles and say

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Speaker 4: is this actually improving portfolios? So that forms the basis

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Speaker 4: of all of our sort of decision making around what

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Speaker 4: cars to invest in. From a quantitative perspective, they have

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Speaker 4: to have performed well over multiple economic cycles, so at

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Speaker 4: least twenty years of strong performance, and have to have

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Speaker 4: enough liquidity that they feasibly trade in and out about

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Speaker 4: once a quarter. Why because fair market value needs to

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Speaker 4: be something we can approximate. And we also need to

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Speaker 4: be able to sell the cars at auction or privately

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Speaker 4: if need be, and it not be an issue in

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Speaker 4: terms of ill liquidity. So those are really the main elements.

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Speaker 4: And then from there we have a list of cars

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Speaker 4: that we go out and we say, okay, now, which

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Speaker 4: of these do we believe are truly special. Johnny Lieberman

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Speaker 4: was pretty instrumental in saying, you guys need to really

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Speaker 4: consider the career GT. This is quite undervalued compared to

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Speaker 4: the Ferrari.

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Speaker 3: He's one of their advisors. By the way, Hannah, if

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Speaker 3: you look at the Drift Capital website, you can see

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Speaker 3: their team, and I noticed that Johnny's the only one

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Speaker 3: wearing a helmet in that picture.

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Speaker 2: So Eden, tell us a little bit about your history

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Speaker 2: with cars. What's your background in cars, what do you own,

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Speaker 2: what do you drive, what are you your car credentials.

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Speaker 4: Sure, I know, it's a great question. So you know,

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Speaker 4: my first business with living in Houston, Texas was actually

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Speaker 4: a mobile detailing business, just going to the rich neighborhoods

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Speaker 4: and dreaming of owning a nine to eleven and working

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Speaker 4: on them all day in the Texas heat. So did

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Speaker 4: that for for a couple of years, and then my

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Speaker 4: background is actually more in the asset management world. Didn't

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Speaker 4: got my CFA, And you know, while I was sort

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Speaker 4: of waiting for results for for level three, I said,

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Speaker 4: you know, why don't I explore a little bit?

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Speaker 3: You did all three levels of your CFA? I did?

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Speaker 4: Yeah, I finished that Kellish. It is honestly, I'm one

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Speaker 4: of those people though that like technically loved the program

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Speaker 4: and loved studying.

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Speaker 3: Wow.

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Speaker 1: Nice job, thank you, thank you.

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Speaker 4: So you know, it really was like combining a passion

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Speaker 4: with a profession when when it comes down to it.

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Speaker 3: So what other cars do you have? I know you

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Speaker 3: are fairly secretive about your entire stable, but what are

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Speaker 3: the assets you're holding? If I were going to invest

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Speaker 3: in your fund, what would you share with me?

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Speaker 2: Yeah?

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Speaker 4: I mean up until you know, a week and a

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Speaker 4: half ago, I would have said you know, we have

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Speaker 4: a Karera GT and a nineteen ninety two Ferrari F forty.

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Speaker 4: You know, the others were keeping pretty close to the chest.

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Speaker 4: You know, this is a market that has grown quite

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Speaker 4: a bit in the past, call it two three years.

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Speaker 4: So you know, as other entrance center the market, we

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Speaker 4: want to make sure we're keeping our cars.

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Speaker 3: But you have the right. I mean, you showed me

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Speaker 3: pictures that one with the gated shifter VV ten and

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Speaker 3: you said investors can drive that one. So there's some

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Speaker 3: that investors in your fund are allowed to access. How's

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Speaker 3: that work?

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Speaker 4: Yes, So this is something really exciting that we're launching,

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Speaker 4: which is looking at, you know, the actual experiential component

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Speaker 4: for investors, because we can identify cars that have recar

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Speaker 4: recent major services, and have enough mileage that putting on

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Speaker 4: deminimus miles is not going to affect the value, and

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Speaker 4: the rising tide lifts all ships. So if we bought

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Speaker 4: a Karera GT, for example, with forty thousand miles and

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Speaker 4: put on one thousand a year, it's still likely to

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Speaker 4: appreciate pretty considerably in value, and it lets our investors

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Speaker 4: a piece of the action as well, because that I

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Speaker 4: ultimately is is a driving factor for a lot of

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Speaker 4: our folks.

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Speaker 2: So what do you say to people who basically say,

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Speaker 2: you know, funds like yours are evil and they're ruining

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Speaker 2: the ruining the collector market because you know, you're making

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Speaker 2: decisions based on data and you're buying these as assets,

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Speaker 2: you know, as a fund and not to drive and

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Speaker 2: to love like a normal collector would. Let's your response

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Speaker 2: to that.

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Speaker 4: So the ones that we purchase that we don't drive,

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Speaker 4: we already buy them at you know, sub one thousand miles. So,

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Speaker 4: for better or worse, these were destined to be collector cars,

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Speaker 4: put in museums, held as representation for you know, decades

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Speaker 4: to come as examples for folks to reference. So we

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Speaker 4: try not to take cars that had mileage people were

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Speaker 4: enjoying and say, you know what, no, we're going to

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Speaker 4: store this away in her medically sealed vault. You know,

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Speaker 4: that is not our goal. And we put pretty strict

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Speaker 4: guidelines around, you know, how many of a given model

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Speaker 4: we would own. So we never want to like corner

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Speaker 4: the market, both on for ethical purposes and for market

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Speaker 4: movement purposes as well, and ultimately we're democratizing an asset

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Speaker 4: class that has really been inaccessible for the broad public.

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Speaker 4: You'd have to be a billionaire in order to access

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Speaker 4: an actually diversified portfolio of cars.

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Speaker 3: So who I mean, who is your competition? Because I've

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Speaker 3: kind of vaguely heard about funds like this or the

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Speaker 3: idea of funds like this. But I've been doing this

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Speaker 3: for twenty six years and I've never had a guest

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Speaker 3: on TV who runs a fund like this until today.

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Speaker 1: Yeah.

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Speaker 4: So in the United States that there aren't any that

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Speaker 4: I'm aware of. The European market is a little bit

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Speaker 4: more mature in their perspective of how they view cars

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Speaker 4: as an asset class. But ultimately our competition is every

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Speaker 4: other fund out there. And you know, building a track

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Speaker 4: record and a new asset class as a new fund,

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Speaker 4: you know, gives us plenty of COMPETI.

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Speaker 3: Where do you keep these cars?

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Speaker 2: Like?

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Speaker 3: The storage part of it is how you have problems

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Speaker 3: with costs, right, So you have to have upkeep. You

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Speaker 3: have to either have them hermetically sealed or be worked

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Speaker 3: on all the time. So how do you deal with that?

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Speaker 4: Yeah, you're absolutely right, Matt. So the physical asset management

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Speaker 4: is just as important as the you know, other sort

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Speaker 4: of risk parameters as well, So we store them with

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Speaker 4: OEM dealerships who already have sort of the headquarters breathing

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Speaker 4: down their neck to say, do you have the security systems,

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Speaker 4: the fire suppression, the drainage systems required in order to

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Speaker 4: keep you know, your inventory safe. And that also allows

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Speaker 4: us to keep them at a pretty unbelievably reasonable cost.

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Speaker 2: Quite frankly, you keep them at dealerships.

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Speaker 4: We keep them at dealerships in tax advantaged locations.

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Speaker 3: What are you going to buy now that you have?

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Speaker 3: I mean, you have more funds from those sales, and

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Speaker 3: I guess you re up right. You're not returning cash

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Speaker 3: to investors.

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Speaker 4: And we actually are offering return of proceeds to investor,

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Speaker 4: something that I think is quite refreshing in today's private

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Speaker 4: equity world. But frankly, the response has been so bullish

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Speaker 4: from our investors that they said, you know what, eat

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Speaker 4: and go ahead and recycle the cash and then the

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Speaker 4: capital into what you think is the next buy. I

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Speaker 4: can't tell you, unfortunately, exactly what we're going to buy,

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Speaker 4: because you know, just as of a couple of weeks ago,

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Speaker 4: we've actually decidedly moved the career GT market that was

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Speaker 4: not our intention, So I want to be cautious that,

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Speaker 4: you know, the nation's dealerships don't immediately move everything up,

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Speaker 4: you know, twenty percent post podcast.

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Speaker 3: I guess that could be a risk if they were

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Speaker 3: all listening, right and I hope that they are. But

400
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Speaker 3: aren't there? You know there's that bull market list that

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Speaker 3: Yeah Haggarty puts out. Are there cars that you think

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Speaker 3: are undervalued now that maybe you're not interested in buying

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Speaker 3: so you could share them with us?

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Speaker 1: Yeah? Hey, there you go.

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Speaker 4: Look I can give you some blue chip names that

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Speaker 4: are always of interest. We're quite deal driven, but we're

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Speaker 4: always looking at a number of different vehicles. So the

408
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Speaker 4: three hundred sl from Mercedes, both in the goaling form

409
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Speaker 4: and in the roadster are timelessly beautiful. And cars that

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Speaker 4: are timelessly beautiful and a joy to drive, I think

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Speaker 4: we'll always stand the test of time.

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Speaker 2: That's interesting because it seems like the point of the

413
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Speaker 2: fund is that the cars aren't being driven. So how

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Speaker 2: does the joy to drive come into play in your

415
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Speaker 2: in your investment assessment?

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Speaker 4: Because it's still attractive for others to buy said asset, right, So,

417
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Speaker 4: but still is attractive if we own one that you know,

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Speaker 4: others will try to buy it from us. As as

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Speaker 4: a car guy, I hope that somebody you know drives

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Speaker 4: the Ferrari forty and fifty thousand miles and when you

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Speaker 4: sold it eight hundred and eighty two.

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Speaker 3: Wow, So nothing in the career GT.

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Speaker 1: Six hundred and three.

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Speaker 3: But you do have like the Audi, right you said? Had?

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Speaker 3: What nice?

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Speaker 1: Yeah? Almost twenty thousand miles.

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Speaker 3: And that one you drive. Exactly how many of the

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Speaker 3: cars are accessible for investors to drive versus those that

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Speaker 3: are low mile cars you don't want to touch.

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Speaker 4: Yeah, a handful, you know, without being too sort of

431
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Speaker 4: coy about it, you know, a handful. The goal still

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Speaker 4: is to maximize the returns of the Assea class, and

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Speaker 4: if we can provide an exciting experience for folks, all

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Speaker 4: the better.

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Speaker 2: We never heard what cars you own, Eden will.

436
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Speaker 4: Yeah, nothing too exciting, you know, poor Chakayenne. When I'm

437
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Speaker 4: in Utah where my parents live, but I live in

438
00:23:36,200 --> 00:23:39,320
Speaker 4: New York City and frankly, I take the bus and

439
00:23:39,359 --> 00:23:42,440
Speaker 4: I take the Metro, and you know, that's that's been

440
00:23:42,480 --> 00:23:43,280
Speaker 4: working well for me.

441
00:23:43,400 --> 00:23:44,719
Speaker 1: But I really do miss driving.

442
00:23:45,119 --> 00:23:47,600
Speaker 3: Dude. It's been great having you in Bloomber today. Thanks

443
00:23:47,600 --> 00:23:49,480
Speaker 3: so much for coming, and I'm going to check back

444
00:23:49,480 --> 00:23:52,280
Speaker 3: in with you to find out which cars. When you

445
00:23:52,320 --> 00:23:55,199
Speaker 3: can tell us that you replace the fthority and the

446
00:23:55,320 --> 00:23:56,160
Speaker 3: Career GT with.

447
00:23:56,280 --> 00:23:58,119
Speaker 1: You'll be the first to know. Thank you for having me.

448
00:23:58,320 --> 00:24:00,679
Speaker 3: Okay, that was Eden Cooper. Really cool of him to

449
00:24:01,160 --> 00:24:02,639
Speaker 3: come and spend some time with us. He was on

450
00:24:02,640 --> 00:24:05,600
Speaker 3: my television show on Open Interest, and then I said, hey,

451
00:24:05,720 --> 00:24:07,479
Speaker 3: you should come into the studio and talk to me.

452
00:24:07,520 --> 00:24:11,399
Speaker 3: I'm I want to talk a little bit about the

453
00:24:11,440 --> 00:24:14,480
Speaker 3: Cadillac ESCALADEV that I'm driving right now. We have to

454
00:24:14,520 --> 00:24:15,240
Speaker 3: take a break.

455
00:24:15,000 --> 00:24:17,600
Speaker 2: First, okay, so we'll come back to it.

456
00:24:17,600 --> 00:24:20,040
Speaker 3: We'll take a break and we'll come back more on

457
00:24:20,080 --> 00:24:22,400
Speaker 3: the Cadillac SUV coming up on Hot Pursuit.

458
00:24:30,000 --> 00:24:31,480
Speaker 2: Let's talk about these SUVs.

459
00:24:31,720 --> 00:24:36,159
Speaker 3: Yes, okay, so big, I had a realization in the

460
00:24:36,240 --> 00:24:39,160
Speaker 3: last couple of days driving this Cadillac escalade V. Now,

461
00:24:39,200 --> 00:24:42,480
Speaker 3: to be clear, I don't know if I would spend

462
00:24:42,560 --> 00:24:46,399
Speaker 3: one hundred and seventy nine thousand dollars on an SUV.

463
00:24:46,640 --> 00:24:48,680
Speaker 3: That's what this one costs. And I was also shocked

464
00:24:48,720 --> 00:24:51,760
Speaker 3: to see that it costs that much because I remember

465
00:24:51,800 --> 00:24:53,640
Speaker 3: looking at these a few years ago and they were

466
00:24:53,640 --> 00:24:58,879
Speaker 3: far less. They've gotten much much more expensive. But you know,

467
00:24:58,960 --> 00:25:01,719
Speaker 3: I have a growing family. Plus I'm a big person myself.

468
00:25:01,760 --> 00:25:05,160
Speaker 3: I like large SUVs. And I realized when I was thinking, Wow,

469
00:25:05,200 --> 00:25:09,200
Speaker 3: this may be my all time favorite car, I've only

470
00:25:09,240 --> 00:25:12,000
Speaker 3: thought that about big cars. I realized recently, I've only

471
00:25:12,040 --> 00:25:14,960
Speaker 3: thought that about SUVs, like I've I love my nine

472
00:25:15,000 --> 00:25:18,000
Speaker 3: to eleven, I love my Challenger. I like sports cars

473
00:25:18,040 --> 00:25:20,960
Speaker 3: a lot, like I really do enjoy them. But every

474
00:25:21,000 --> 00:25:22,919
Speaker 3: time I've thought this may be my favorite car of

475
00:25:22,920 --> 00:25:26,040
Speaker 3: all time, it has been about my G five hundred

476
00:25:26,080 --> 00:25:29,719
Speaker 3: that I had in Berlin, or my Ford F one

477
00:25:30,359 --> 00:25:33,080
Speaker 3: fifty raptor that I had when I lived in Bronxville.

478
00:25:33,240 --> 00:25:36,720
Speaker 3: Like I've always only thought that about big trucks, which

479
00:25:36,760 --> 00:25:37,840
Speaker 3: is interesting.

480
00:25:37,440 --> 00:25:42,640
Speaker 2: Right, interesting? Yeah, I mean I love that these things

481
00:25:42,880 --> 00:25:46,440
Speaker 2: have a point of view and they are all unapologetic,

482
00:25:46,960 --> 00:25:51,120
Speaker 2: you know, like, yeah, they're polarizing, they're big, they're obnoxious,

483
00:25:51,280 --> 00:25:53,639
Speaker 2: but I find that kind of cool.

484
00:25:53,920 --> 00:25:54,120
Speaker 3: Yeah.

485
00:25:54,200 --> 00:25:57,399
Speaker 2: No, they're definitely if you're resonating with you, for sure.

486
00:25:57,480 --> 00:26:00,600
Speaker 3: I mean the escalade V isn't just like and escalate

487
00:26:00,720 --> 00:26:03,840
Speaker 3: is already polarizing, right because people think of it as

488
00:26:03,880 --> 00:26:07,840
Speaker 3: like a like if you're a successful rapper or like

489
00:26:07,880 --> 00:26:12,000
Speaker 3: a car Dashian kind of person, you know, a baller exactly.

490
00:26:12,160 --> 00:26:14,719
Speaker 3: And then you add the fact that this has a

491
00:26:14,760 --> 00:26:17,240
Speaker 3: supercharged six point two liter of V eight, Like they

492
00:26:17,280 --> 00:26:18,760
Speaker 3: all have the six point two liters of V eight,

493
00:26:18,800 --> 00:26:20,480
Speaker 3: but this one has a supercharger. So it makes six

494
00:26:20,600 --> 00:26:22,920
Speaker 3: hundred and eighty two horse power, makes six hundred and

495
00:26:22,920 --> 00:26:25,760
Speaker 3: fifty three pound feet of torque. You don't really need

496
00:26:25,800 --> 00:26:29,560
Speaker 3: that in a truck that weighs I don't know, seven

497
00:26:30,000 --> 00:26:33,880
Speaker 3: eight thousand pounds, right, Actually I think it weighs less

498
00:26:33,880 --> 00:26:36,000
Speaker 3: than that, like sixty five hundred, but it weighs a lot.

499
00:26:37,000 --> 00:26:40,679
Speaker 3: But first of all, I like giant cars because, like

500
00:26:40,720 --> 00:26:42,480
Speaker 3: I said, I'm big. I have a lot of people

501
00:26:42,480 --> 00:26:44,600
Speaker 3: to put in the car. I usually have dogs around,

502
00:26:44,840 --> 00:26:46,200
Speaker 3: you know, and I like to just be able to

503
00:26:46,240 --> 00:26:50,200
Speaker 3: move around. And also, in America, you can't really drive

504
00:26:50,200 --> 00:26:53,679
Speaker 3: that fast anyway, so it makes more sense to have

505
00:26:53,720 --> 00:26:57,600
Speaker 3: a land yacht than you know, a race car in

506
00:26:57,640 --> 00:26:57,960
Speaker 3: my opa.

507
00:26:58,000 --> 00:27:01,680
Speaker 2: Can I also say, onto this point, did you see

508
00:27:01,680 --> 00:27:05,280
Speaker 2: that Mercedes just like unveiled their new sprinter van or whatever.

509
00:27:05,920 --> 00:27:11,040
Speaker 2: I don't know if you saw it. Okay, So okay,

510
00:27:11,119 --> 00:27:13,800
Speaker 2: you know, like The one use case for those sprinter

511
00:27:13,920 --> 00:27:17,640
Speaker 2: vans is arriving at red carpet events like the Met Gala,

512
00:27:17,840 --> 00:27:20,600
Speaker 2: and also like the Real Housewives will take a sprinter

513
00:27:20,720 --> 00:27:24,400
Speaker 2: van on their trip, et cetera, et cetera, which let's

514
00:27:24,480 --> 00:27:26,680
Speaker 2: I do not think is cool. I think that's very

515
00:27:26,760 --> 00:27:30,440
Speaker 2: lame to be arriving at some amazing event in a van.

516
00:27:31,160 --> 00:27:34,840
Speaker 2: And I would argue that why not just get an escalade.

517
00:27:35,880 --> 00:27:39,640
Speaker 2: It's way cooler to be arriving in a real blacked out,

518
00:27:40,040 --> 00:27:47,399
Speaker 2: super butch beefy escalade than in a van. I understand

519
00:27:47,560 --> 00:27:50,000
Speaker 2: the van. If you have a big gown and you

520
00:27:50,040 --> 00:27:53,000
Speaker 2: actually need to stand, then you go in the van

521
00:27:53,040 --> 00:27:54,919
Speaker 2: because you can stand in the van and not have

522
00:27:54,960 --> 00:27:58,239
Speaker 2: to sit down and ruin your gown. I understand that

523
00:27:58,440 --> 00:28:01,720
Speaker 2: is why they do that sometimes. But arriving in a

524
00:28:01,760 --> 00:28:04,760
Speaker 2: sprinter van is never cool, and arriving out of an

525
00:28:04,880 --> 00:28:06,359
Speaker 2: escalade is cool.

526
00:28:06,720 --> 00:28:10,160
Speaker 3: I so I wouldn't want to do this sprinter van

527
00:28:10,280 --> 00:28:14,119
Speaker 3: thing in terms of like luxury. But I do know

528
00:28:15,280 --> 00:28:19,720
Speaker 3: very very wealthy hedge fund manager who has done just that.

529
00:28:19,760 --> 00:28:22,760
Speaker 3: He took a sprinter and he put in like a

530
00:28:22,800 --> 00:28:26,920
Speaker 3: big screen TV and a bar and like a luxurious

531
00:28:26,960 --> 00:28:29,760
Speaker 3: couch and so people do. I get it.

532
00:28:30,480 --> 00:28:33,679
Speaker 2: People do, and look, they had like similar vans like

533
00:28:33,680 --> 00:28:35,720
Speaker 2: that at this Lone Mountain ranch where I stayed in

534
00:28:35,720 --> 00:28:38,360
Speaker 2: Big Sky, which I actually shout out to Lone Mountain.

535
00:28:38,400 --> 00:28:42,440
Speaker 2: I really love staying there and meeting with the owners,

536
00:28:42,760 --> 00:28:45,360
Speaker 2: Jason and Ella. It's a very cool place to stay.

537
00:28:45,400 --> 00:28:48,480
Speaker 2: I highly recommend it. But they had that same kind

538
00:28:48,480 --> 00:28:51,760
Speaker 2: of like, really, you know, posh van and I get it.

539
00:28:51,840 --> 00:28:55,160
Speaker 2: I'm probably the minority because your friend sounds like your

540
00:28:55,160 --> 00:28:57,440
Speaker 2: friend loves it too. But I just can't get past

541
00:28:57,480 --> 00:29:00,320
Speaker 2: the fact that it's like a van, yeah, which to

542
00:29:00,360 --> 00:29:04,640
Speaker 2: me translate into minivan, which I'm just like, no, that's

543
00:29:04,680 --> 00:29:05,360
Speaker 2: a full stop.

544
00:29:05,520 --> 00:29:07,640
Speaker 3: I mean, I feel like it's definitely better than a minivan,

545
00:29:07,800 --> 00:29:09,480
Speaker 3: but it's not going to be as much fun to

546
00:29:09,560 --> 00:29:12,440
Speaker 3: drive as an Escalade and definitely not as much fun

547
00:29:12,520 --> 00:29:15,440
Speaker 3: to drive as an Escalade V And I feel like, honestly,

548
00:29:15,440 --> 00:29:17,800
Speaker 3: if I could only have you know, everyone plays that game,

549
00:29:17,840 --> 00:29:20,000
Speaker 3: if you could only have one car not for resale,

550
00:29:20,560 --> 00:29:23,640
Speaker 3: what would you get? And a lot of people that

551
00:29:23,680 --> 00:29:25,680
Speaker 3: listen to this will probably say nine to eleven, And

552
00:29:25,840 --> 00:29:28,120
Speaker 3: I know it's the Swiss Army Knife of cars, but

553
00:29:28,800 --> 00:29:32,120
Speaker 3: it's still a little bit small, you know, And to me,

554
00:29:32,920 --> 00:29:35,320
Speaker 3: I think this would be the car I would get

555
00:29:35,480 --> 00:29:40,120
Speaker 3: so luxurious. The STEREO's amazing. It's so comfortable you can fit,

556
00:29:40,240 --> 00:29:43,560
Speaker 3: It's got three rows and still space in the back,

557
00:29:43,920 --> 00:29:50,480
Speaker 3: and it has this mean sound. It just everything works perfectly.

558
00:29:50,560 --> 00:29:53,960
Speaker 3: It feels so solid. I can't think of anything else

559
00:29:54,000 --> 00:29:56,680
Speaker 3: I would choose over it, unless unless you get to like,

560
00:29:56,760 --> 00:29:58,560
Speaker 3: you know, if you're talking about like a Rolls Royce,

561
00:29:58,600 --> 00:30:01,920
Speaker 3: like a culling In, or you know, a Lamborghini Evented

562
00:30:02,040 --> 00:30:04,840
Speaker 3: or maybe but like under for under two hundred thousand dollars.

563
00:30:04,880 --> 00:30:06,479
Speaker 3: I can't think of anything else I would want if

564
00:30:06,480 --> 00:30:07,760
Speaker 3: I could only have one vehicle.

565
00:30:08,760 --> 00:30:11,120
Speaker 2: So you know how you said that you hated the

566
00:30:11,160 --> 00:30:14,240
Speaker 2: Cadillac Escalade EV Yeah, or you didn't.

567
00:30:14,400 --> 00:30:16,120
Speaker 3: I didn't love it. I don't know, I didn't love you.

568
00:30:16,120 --> 00:30:19,480
Speaker 2: Didn't love it. This you're saying this is like, this

569
00:30:19,840 --> 00:30:22,120
Speaker 2: doesn't have any of the stuff that you didn't like.

570
00:30:22,400 --> 00:30:27,520
Speaker 3: It doesn't feel nearly as heavy. It's I mean, it's

571
00:30:27,520 --> 00:30:30,840
Speaker 3: not sporty, right, but it's it's much more fun to drive.

572
00:30:31,200 --> 00:30:35,000
Speaker 3: I think maybe it's the sound and the vibes that help.

573
00:30:35,080 --> 00:30:39,120
Speaker 3: But It also feels more solid, probably because of its

574
00:30:39,520 --> 00:30:43,560
Speaker 3: relative lightweight, which is so silly to say about a

575
00:30:43,560 --> 00:30:47,120
Speaker 3: sixty five hundred pound car. But the Escalade EV or

576
00:30:47,120 --> 00:30:50,480
Speaker 3: the Escalade IQ weighs like ten thousand pounds, so that's

577
00:30:50,520 --> 00:30:53,760
Speaker 3: just a totally different ballgame. Yeah, I think I I

578
00:30:53,840 --> 00:30:57,200
Speaker 3: much prefer the gas version, even the non v gas version,

579
00:30:57,520 --> 00:30:59,200
Speaker 3: I would rather have than the Escalade IQ.

580
00:31:00,240 --> 00:31:02,240
Speaker 2: What colored it was, the one that you were driving.

581
00:31:02,280 --> 00:31:04,200
Speaker 3: The one I have right now is like I think

582
00:31:04,240 --> 00:31:07,640
Speaker 3: I could call it tint coat red or something. I read,

583
00:31:08,320 --> 00:31:11,240
Speaker 3: well red, it's like a maroon, right, it's the it's

584
00:31:11,320 --> 00:31:12,240
Speaker 3: the Cadillac Red.

585
00:31:12,360 --> 00:31:15,040
Speaker 2: Yeah, I don't know if I've ever seen a red one.

586
00:31:15,320 --> 00:31:18,240
Speaker 2: Is it good? I always just the men in black?

587
00:31:18,600 --> 00:31:21,000
Speaker 2: But the red is actually like a viable option.

588
00:31:21,120 --> 00:31:23,640
Speaker 3: Oh yeah, super nice. And the wheels they're twenty one

589
00:31:23,680 --> 00:31:27,200
Speaker 3: inch but they're like a gun metal, very nice, like

590
00:31:27,240 --> 00:31:29,600
Speaker 3: the whole thing. And it's got that sport look, so

591
00:31:29,800 --> 00:31:32,280
Speaker 3: the blacked out grills and everything. I mean, it is

592
00:31:32,400 --> 00:31:35,320
Speaker 3: just a fantastic vehicle. This is one of those where

593
00:31:35,880 --> 00:31:38,040
Speaker 3: when I give it back, you know, last week I

594
00:31:38,080 --> 00:31:40,720
Speaker 3: had a buick something and I thought.

595
00:31:40,800 --> 00:31:44,640
Speaker 2: I thought it en Vista I think it was called

596
00:31:45,600 --> 00:31:46,000
Speaker 2: I Spent.

597
00:31:46,480 --> 00:31:48,080
Speaker 3: I really wanted to give it a chance. So after

598
00:31:48,120 --> 00:31:49,400
Speaker 3: the first day I was like, I don't want to

599
00:31:49,760 --> 00:31:52,080
Speaker 3: really drive this. But then I drove it for a

600
00:31:52,160 --> 00:31:55,480
Speaker 3: few days too, and it really made me more depressed

601
00:31:55,480 --> 00:31:59,240
Speaker 3: about life, Like it made me unhappy. Usually when I

602
00:31:59,240 --> 00:32:01,520
Speaker 3: go to the groceries. Sure I'm psyched because I'm jumping

603
00:32:01,560 --> 00:32:04,680
Speaker 3: in a fun car, my Challenger, and it's not you know,

604
00:32:05,080 --> 00:32:08,040
Speaker 3: a racetrack on the way there, but it's just it's

605
00:32:08,040 --> 00:32:10,920
Speaker 3: a good feeling to cruise down the boulevard. And in

606
00:32:10,960 --> 00:32:13,280
Speaker 3: this car, it was like, I would rather just not go,

607
00:32:14,080 --> 00:32:18,560
Speaker 3: but this thing, uh, this thing just I it will

608
00:32:18,600 --> 00:32:20,479
Speaker 3: pay me to give it back. When it's the end

609
00:32:20,480 --> 00:32:22,200
Speaker 3: of the week, I'm gonna be like, guys, are you

610
00:32:22,280 --> 00:32:25,520
Speaker 3: sure we can't extend this loan? Like I still need

611
00:32:25,560 --> 00:32:28,280
Speaker 3: to test out the super cruise function you know which

612
00:32:28,320 --> 00:32:29,320
Speaker 3: it has by the way.

613
00:32:29,480 --> 00:32:35,360
Speaker 2: And Dice, yeah, and you're and you're you also personally

614
00:32:35,520 --> 00:32:37,760
Speaker 2: own GLC right.

615
00:32:37,920 --> 00:32:40,160
Speaker 3: A GLS. I have a Mercedes GLS.

616
00:32:40,360 --> 00:32:43,000
Speaker 2: Okay, so this is another.

617
00:32:42,760 --> 00:32:45,720
Speaker 3: Level the GLS. The problem with for me, with all

618
00:32:45,760 --> 00:32:49,480
Speaker 3: of those big SUVs that are unibodies. So the GLS,

619
00:32:49,520 --> 00:32:53,720
Speaker 3: the X seven, the Q seven, the upcoming Q nine.

620
00:32:54,400 --> 00:32:59,080
Speaker 3: They all take an absolute beating on the roads in

621
00:32:59,120 --> 00:33:02,040
Speaker 3: this part of America. And after a couple of years

622
00:33:02,080 --> 00:33:04,840
Speaker 3: after the first lease period is over, they're expensive. Like

623
00:33:04,960 --> 00:33:08,880
Speaker 3: high end air suspension is destroyed and then it's going

624
00:33:08,960 --> 00:33:11,440
Speaker 3: to cost you five ten thousand or whatever to fix

625
00:33:11,480 --> 00:33:13,640
Speaker 3: it and maintain it is going to cost even more

626
00:33:13,680 --> 00:33:18,320
Speaker 3: so these GM SUVs, and Ford has some as well

627
00:33:18,520 --> 00:33:21,680
Speaker 3: that are you know, a body on frame that are

628
00:33:21,800 --> 00:33:27,120
Speaker 3: ladder frame trucks. They are just far more resilient when

629
00:33:27,120 --> 00:33:30,880
Speaker 3: it comes to dealing with the Northeastern potholed, pockmarked, you know,

630
00:33:31,400 --> 00:33:35,080
Speaker 3: disintegrating American infrastructure roads. That's why I love it.

631
00:33:36,120 --> 00:33:39,360
Speaker 2: Yeah, that's so cool. So are we saying this does it?

632
00:33:39,720 --> 00:33:41,040
Speaker 3: We're saying this is goodbye?

633
00:33:41,120 --> 00:33:45,640
Speaker 2: Oh yeah, this is goodbye. Remember to follow and subscribe

634
00:33:45,720 --> 00:33:49,480
Speaker 2: to Hot Pursuit on Apple, Spotify, and anywhere else you listen.

635
00:33:49,880 --> 00:33:52,480
Speaker 2: You can also send us your comments. Email us at

636
00:33:52,480 --> 00:33:54,680
Speaker 2: hot Pursuit at Bloomberg dot.

637
00:33:54,400 --> 00:33:57,360
Speaker 3: Nets, and check out Hannah's columns and stories on Bloomberg

638
00:33:57,400 --> 00:33:59,760
Speaker 3: dot com and the Bloomberg Business app. Go there for

639
00:33:59,800 --> 00:34:03,280
Speaker 3: Carr reviews, events and stories that you won't find anywhere else,

640
00:34:03,760 --> 00:34:07,440
Speaker 3: including the review. Her review of the Aston martin Valhalla

641
00:34:07,440 --> 00:34:10,560
Speaker 3: when it goes live. Find it all at bloomberg dot com,

642
00:34:10,600 --> 00:34:13,680
Speaker 3: slash pursuit, slash autos, I'm Matt Miller and

643
00:34:13,719 --> 00:34:16,360
Speaker 2: I'm Hannah Elliott, and this is Bloomberg