Speaker 1: Welcome to the Bloomberg p m L Podcast. I'm pim Fox.
Speaker 1: Along with my co host Lisa Abramowitz. Each day we
Speaker 1: bring you the most important, noteworthy, and useful interviews for
Speaker 1: you and your money, whether you're at the grocery store
Speaker 1: or the trading floor. Find the Bloomberg p m L
Speaker 1: Podcast on Apple Podcasts, SoundCloud, and Bloomberg dot com. Well,
Speaker 1: one investment that is working today happens to be Trade
Speaker 1: Desk that shares are hired by about two and a
Speaker 1: half percent. They gained twelve percent on the open and
Speaker 1: Trade Desk is an online auction platform for digital advertising.
Speaker 1: Here to tell us about it is the chief executive,
Speaker 1: Jeff Green. Jeff, thanks very much for being with us. Oh,
Speaker 1: thank you. Excited to be here all right. Well, congratulations
Speaker 1: about today's earnings report. The market seems to be loving it.
Speaker 1: It's up about Your stock is up about two after
Speaker 1: being up more than ten percent in early trading. How
Speaker 1: do you describe your company to people that are not
Speaker 1: familiar with the inner workings of internet advertising? So we
Speaker 1: essentially help advertisers and especially their agencies by everything except
Speaker 1: for Google and Facebook. So there's this giant Internet that
Speaker 1: powers TV and radio and things like Spotify that also
Speaker 1: have ads on them. Uh. And so instead of just
Speaker 1: trying to monetize Google and Facebook, we're helping them get
Speaker 1: ads on the rest of the Internet. How do you
Speaker 1: help them get those ads? Well, so what what they
Speaker 1: do is they'll come up with the creative but UH,
Speaker 1: figuring out like what is Yahoo worth to them compared
Speaker 1: to what is Spotify worth to them compared to what
Speaker 1: is CBS dot com worth to them is a really
Speaker 1: hard assignment. So we give them technology that helps them
Speaker 1: figure out where they should spend and what they should
Speaker 1: pay and how they should allocate. Now you have a
Speaker 1: you're a veteran of the advertising industry. You sold one company,
Speaker 1: I believe to Microsoft. What the what propelled you to
Speaker 1: to start trade desk and how is it different? Yeah?
Speaker 1: So the last business that I created is uh was
Speaker 1: an ad exchange. So you can think of that like
Speaker 1: the New York Stock Exchange. UM. So, we we built
Speaker 1: this exchange and once it became inevitable that ads would
Speaker 1: actually be traded through these exchanges, which, as your listeners, no,
Speaker 1: exchanges are a great great way to get price discovery
Speaker 1: and liquidity. Once that model became inevitable. What we, instead
Speaker 1: of being exchange wanted to build was a platform to
Speaker 1: help people participate on the exchanges. So let's give them
Speaker 1: the text so that they know, uh, what to buy,
Speaker 1: where to buy it, and we can make more money
Speaker 1: and add more value that well, we're gonna yeah, that's
Speaker 1: where I want to go with the with the money
Speaker 1: for a second, because there is a range. For example,
Speaker 1: I understand, let's say you have inventor advertising inventory that
Speaker 1: costs fifteen dollars per CPU, right, per thousand impressions. But
Speaker 1: let's say you're sold out of that in your at inventory,
Speaker 1: what would you do? Well, So it's a really really
Speaker 1: big internet, right, So there, Uh, if if you didn't
Speaker 1: have a video available on on Yahoo, um, there will
Speaker 1: be one on a o L. There will be one
Speaker 1: on somewhere else. And so one thing that is actually
Speaker 1: really works in our favor is that we only help buyers.
Speaker 1: Were just in the business of helping buyers decide what
Speaker 1: to buy. So we're on the buy side, and there's
Speaker 1: a bunch of other companies that focus on the cell side.
Speaker 1: But because and unfortunately all of us as consumers know this, uh,
Speaker 1: it is actually not that hard to create more supply
Speaker 1: of ads on the internet. As soon as you get
Speaker 1: close to sold out, you can just throw another on
Speaker 1: the page, throw another thirty second spot in a commercial break.
Speaker 1: And so because of that phenomenon, we've predicted that it
Speaker 1: will always be a buyer's market because there will always
Speaker 1: be more supply than there is demand. And as a result,
Speaker 1: that helps our business always sort of be in the
Speaker 1: power position. And does that also mean that targeted ads
Speaker 1: and programmatic UH content is worth more too specific advertisers, Oh,
Speaker 1: without a doubt in fact, that that's the future. So
Speaker 1: in the future, there will be fewer ads, they will
Speaker 1: be way more relevant. Consumers won't hate them as much
Speaker 1: because they'll all be something that they're interested in. That
Speaker 1: means that advertisers waste less money. It means that publishers
Speaker 1: make more money. UH. Where the advertising industry is heading
Speaker 1: and frankly where we're taking it is a much better
Speaker 1: world than the one that we have today. But with
Speaker 1: that comes higher ices for for my clients, which will
Speaker 1: gladly pay because it's more effective than the increased costs.
Speaker 1: Are there any misconcert maybe what's the largest misconception that
Speaker 1: people have about the way the online ad business works,
Speaker 1: and particularly about how the referrals based on your viewing
Speaker 1: pattern or your activity the suggested stories. Is there something
Speaker 1: that people really need to know behind the scenes. Um so,
Speaker 1: I think the biggest thing is just that Google and
Speaker 1: Facebook get a lot of credit for being amazing companies.
Speaker 1: I do think they're unbelievable companies. I mean, Facebook has
Speaker 1: done a better job of building advertising on ramps. They
Speaker 1: power millions of advertisers. Google has done the same thing.
Speaker 1: In fact, I've said many times I think Google is
Speaker 1: the greatest invention of our lifetime. It's just changed the
Speaker 1: way information is distributed. But both of those companies primarily
Speaker 1: focus on monetizing their own properties. Right. They monetize Facebook
Speaker 1: dot com, Google dot com, and YouTube dot home. And
Speaker 1: so what many people don't know or or haven't really
Speaker 1: thought about is how does the rest of the Internet
Speaker 1: get monetized and where we come in as we just say, hey,
Speaker 1: we're an objective player that doesn't own any media. We
Speaker 1: don't own, right, You're just working on behalf of your
Speaker 1: of your clients to place the ads where they where
Speaker 1: they need to be. Thanks, very interesting, Thank you very much.
Speaker 1: Jeff Green is the chief executive of the trade desk.
Speaker 1: You can follow them on the symbolist t t D.
Speaker 1: The shares of Facebook are up more than so far
Speaker 1: this well, the shares are j C. Penny are down
Speaker 1: more than sixteen percent this morning. And uh, well that
Speaker 1: should tell you almost everything you need to know about
Speaker 1: the industry. Craig Johnson, though, is here. He's the president
Speaker 1: of Customer Growth Partners based in New Canaan, Connecticut. And Craig,
Speaker 1: all right, so we know that j C. Penny is down.
Speaker 1: We've heard the news from Macy's, from Coals, from Dillard's.
Speaker 1: List goes on, are we at a bottom? Well, we
Speaker 1: do think the sector's bottoming. PIM is nice as to
Speaker 1: catch up, by the way, and so, um, here's the
Speaker 1: sector that for years has been bleeding market share. Uh.
Speaker 1: This year sales are down about five year of a
Speaker 1: year to date um uh. And that is while the
Speaker 1: retail sector overall is growing about three and a half
Speaker 1: maybe four. So you do the math. That's when you're
Speaker 1: growing slower than the market, you're going to be losing
Speaker 1: market share. Um. And so we think, however, because many
Speaker 1: of the stores are taking steps to reduce cost and
Speaker 1: to shrink their square footage, footprint. Um, they're able to
Speaker 1: get cost and sales more in line. And when you
Speaker 1: match up supply demand, uh, that is the first step
Speaker 1: to bottoming. And then you've got to shrink first and
Speaker 1: then grow later. Who do you believe is doing the
Speaker 1: best job right now? You you you listen, you know,
Speaker 1: four or five papers companients ago, But in this sector,
Speaker 1: Nordstrom continues to set the pace. Now. The one thing
Speaker 1: they do share with all the other players, whether J. C.
Speaker 1: Penney or Macy's or whoever, is that store only comps
Speaker 1: from the full line, the full price Nords and sources
Speaker 1: about those are still comping negative, slightly negative in nordstrom sake.
Speaker 1: Tough to get away from that. But what they've done
Speaker 1: is Nordstrom dot Com, the Rack, Nords from Rack, the
Speaker 1: Rack dot com outlook, et cetera. They're different portals of
Speaker 1: reaching the customer are all otherwise positive and so that's
Speaker 1: why they are able to pull together, you know, pretty
Speaker 1: solid positive overall comp at Nords from and you know,
Speaker 1: gave pretty positive signals relative to going forward. All right,
Speaker 1: So alright, Nordstrom maybe an example of elite in how
Speaker 1: to fix things? Are they also part of this mall.
Speaker 1: This trend in what's going on in malls because you
Speaker 1: hear about all the mall is dead and so on,
Speaker 1: but hasn't traffic kind of come back to the mall. Well,
Speaker 1: that's exactly right, that's what we're seeing. Um Uh. The
Speaker 1: mall traffic has been has been declining for you know,
Speaker 1: a good couple of years now, and this year until
Speaker 1: you know, until about the fourth of July was down
Speaker 1: about six percent by us maybe six seven uh for
Speaker 1: for traditional malls. Uh. What we have seen is that
Speaker 1: that six percent hasn't inflected positive It's not certainly plaus
Speaker 1: six percent, but instead it's gone throughout minus six to
Speaker 1: about minus three as of July. So again we have
Speaker 1: to make sure that's sustained over time. But it's some
Speaker 1: of the best traffic year of year traffic that we've seen,
Speaker 1: um uh, you know, in in going on a year.
Speaker 1: So it's it's it's it's a positive sign. But by
Speaker 1: no means or malls out of the woods yet. And
Speaker 1: back to school, how is that going to play out? Well,
Speaker 1: we're right at the peak of the back to school
Speaker 1: season now start in July and it peaks in in
Speaker 1: in early mid August. Uh, and so far that's actually
Speaker 1: shaping up pretty well, as I'm sure you know, for
Speaker 1: department stores, it's a key uh selling season, you know,
Speaker 1: number two behind um um uh, you know, behind Holiday.
Speaker 1: But for the specialty stores, uh and then the big
Speaker 1: box stores which as such as you know Walmart, you know,
Speaker 1: Target and so forth, this is a very big season.
Speaker 1: And so far, you know, it's still you know, we're
Speaker 1: just not quite the halfway point of it, but it's uh,
Speaker 1: it seems to be on track. It seems to be
Speaker 1: doing pretty well. Well. How do you expect, I know,
Speaker 1: we're gonna get results Home, the Home Depot, Target, Walmart
Speaker 1: and so on, t j X, H. What what's your
Speaker 1: outlook for those companies? Well, we're the particular companies I
Speaker 1: mentioned we're pretty optimistic on and you know, one of
Speaker 1: the things we say to our clients is that don't
Speaker 1: don't read too much into the overall retail sector from
Speaker 1: the department stores, which are there only one point six
Speaker 1: percent of the market. But you get companies like you know,
Speaker 1: Walmart and and and UH and and Home Depot and
Speaker 1: the Lows and t j X and Ross all reporting
Speaker 1: over the next week or so, and the numbers are
Speaker 1: almost always going to almost gonna be uniformly positive. Um,
Speaker 1: you know, Walmart is slowly coming back to health. It
Speaker 1: may not be the heavy growth days of the early
Speaker 1: two thousand's, but the home improvement guys Home Depot and
Speaker 1: Lows Home Depot particularly, and secondly low As are doing
Speaker 1: quite nicely. And then t J is the whole off
Speaker 1: price sector. And again t J's and Ross both report
Speaker 1: this coming week. Uh, they're both going to have solid numbers,
Speaker 1: and that sector is is gaining as much share as
Speaker 1: the department store is losing in the apparel arena. Well,
Speaker 1: just to give the perspective of Walmart shares, they're up
Speaker 1: sevent so far this year. Craig, you do a lot
Speaker 1: of traveling, You do a lot of looking and talking
Speaker 1: to people around the world about retail. Can you tell
Speaker 1: us about some geographical anecdotal information that maybe we'll highlight
Speaker 1: trends or tell you what is going on? What have
Speaker 1: you seen that has caught your attention? Well, you know,
Speaker 1: and so you know, we have a team of eighteen
Speaker 1: people you know here in the across the US, and
Speaker 1: then you know, one researcher in London, and uh, we're
Speaker 1: seeing an overall retail sector that seems to be um
Speaker 1: coming back into health. It's maybe not back into full
Speaker 1: bloom yet um, but we're seeing some of the best
Speaker 1: uh traffic and sales trends that we had in sometimes
Speaker 1: the In the US, the growth is relatively balanced. There's
Speaker 1: maybe a little bit stronger growth in the on the
Speaker 1: west coast, number one, and in the the whole southern
Speaker 1: tier you know, Florida, you know, the the Caroline is
Speaker 1: you know, over to Texas, etcetera. And that's where we're
Speaker 1: a lot of the you know, the really most row
Speaker 1: bus growth has been. But you know, the Northeast is
Speaker 1: not like the Northeast or the Midwest or down It's
Speaker 1: just that the the other sectors that I mentioned are
Speaker 1: you really uh um, you know, really coming on quite strong.
Speaker 1: What about merchandizing, the actual merchandise, the trends, the fashion.
Speaker 1: Is there something in particular other than a new iPhone
Speaker 1: that you've seen the people really want. Well, the single
Speaker 1: hottest item right now it is in the electronics sector,
Speaker 1: and that's the Nintendo switch, and so that continues to
Speaker 1: be in short supply. This is whether you try to
Speaker 1: get it best by your target or Walmart and they
Speaker 1: simply have not been able to keep up with the demand.
Speaker 1: That's that's proven to be a real hot number in
Speaker 1: the fashion arena. You know, we're we're getting towards unit
Speaker 1: of the summer now, but it's been a very good
Speaker 1: sandal season. Um. There's something called the cold shoulder look
Speaker 1: uh that a lot of the women, including younger women
Speaker 1: are are are going for that. Tell us where did
Speaker 1: that come from? And maybe define it for those that
Speaker 1: I don't know what it means. Is it's a garment,
Speaker 1: it's a top um, although it could be addressed that
Speaker 1: where the shoulders are exposed. Um, but fabric continues, you know,
Speaker 1: down your down your arm some distance. So there's it's
Speaker 1: like there's a cutout around your shoulder. Um, and where
Speaker 1: did that come from? It you've now moved beyond my paper, Okay,
Speaker 1: but this is this is the hot trend. It's something
Speaker 1: but right now it's been out there for about a
Speaker 1: year now and some none of these trends come and goes,
Speaker 1: and we're anticipately that one that one may not make
Speaker 1: it very far into the fall and winter. I'll put
Speaker 1: it that way. Clearly, Well, the winter is not gonna
Speaker 1: make it happen. And what's the last thing that Craig
Speaker 1: Johnson bought for himself. I never buy anything for myself
Speaker 1: in Paris, socks or something that I buy. I buy
Speaker 1: a few things here that I'm not a big shopper.
Speaker 1: I'm in retail, but I hate shopping well, said Craig
Speaker 1: Johnson is the president of Customer Growth Partners. He joins
Speaker 1: us from New Canaan, Connecticut. President Donald Trump stepping up
Speaker 1: his campaign of pressure on North Korea, warning the regime
Speaker 1: not to follow through with a missile test near Guam
Speaker 1: and promising massive response to any strike against the United
Speaker 1: States or its allies. Here to tell us more, as
Speaker 1: Bill ferries, he is our national security reporter for Bloomberg News,
Speaker 1: and he joins us from Washington, d C. Bill, thank
Speaker 1: you for spending time with us. Can I just pick
Speaker 1: up on this idea of allies? Uh? Because I'm wondering.
Speaker 1: You know, we hear obviously the response from a President Trump,
Speaker 1: but what has been the position of the U. S
Speaker 1: allies that are in the region, South Korea, Japan and
Speaker 1: so on. Sure? Thanks for having me, pam Uh. The
Speaker 1: initial reaction this week as all of this started to
Speaker 1: heat up was really um, a little more muted. I
Speaker 1: think there's still UH and and actually you're seeing that
Speaker 1: from some of the President's aids as well. There's still
Speaker 1: this idea that hey, it was it was just a
Speaker 1: week ago that the U. N. Security Council, you know,
Speaker 1: unanimously passed UH these much tougher sanctions on North Korea.
Speaker 1: Diplomacy seems to be working. UM, let's give that a
Speaker 1: little bit more time. UM. And obviously, you know, a
Speaker 1: thing like sanctions that does take a while to uh
Speaker 1: to take effects. So I think a lot of UH,
Speaker 1: I think a lot of people have been caught off
Speaker 1: guard by this public war of words. UH. Some analysts
Speaker 1: we talked to will say that, uh, that Trump's comments
Speaker 1: and and actually the North Korean comments, that these are
Speaker 1: a lot of signaling to UH to China to really
Speaker 1: get much more engaged. As we know, the President has
Speaker 1: really publicly pressured China to do all it's all it
Speaker 1: can to reign in the North Korean regime. Bill what
Speaker 1: are the relationships like between South Korea, Japan, China, the
Speaker 1: United States, Australia of course involved the Philippines there, What
Speaker 1: kinds of relationships exist that could make this UH situation
Speaker 1: a little less less fraud. Well, the United States is
Speaker 1: really kind of the glue that UH that keeps UH
Speaker 1: South Korea and Japan UM in in this alliance. UH.
Speaker 1: The Australians have already come out and said that you know,
Speaker 1: they will they will support the US and any kind
Speaker 1: of a conflict there. The US, you know, every year
Speaker 1: regularly hosts a lot of military drills with its allies
Speaker 1: in Southeast Asia. I believe some of those are actually scheduled,
Speaker 1: and they've been long scheduled, but they're they're scheduled for
Speaker 1: next week. A lot of effort goes into kind of
Speaker 1: getting the militaries to be able to communicate and coordinate
Speaker 1: together so that they're ready if this kind of a
Speaker 1: situation UM takes place. Now, I would just point out,
Speaker 1: you know, I realized tensions are high and the war
Speaker 1: of words has gotten pretty heated. UM. But you know,
Speaker 1: one one sign to me that there's no sort of
Speaker 1: imminent conflict is that Secretary Defense Secretary Maddis is been
Speaker 1: on this tour of the West coast uh in Seattle.
Speaker 1: He was with Amazon in uh In in a Silicon
Speaker 1: valley today. I think he's going to Google's headquarters, and
Speaker 1: he has not cut short this trip. He's continuing on
Speaker 1: with a focus on technology issues. If he were to
Speaker 1: suddenly jump on his plane and have, you know, flown
Speaker 1: back to Washington, I'd be a lot more alarmed about
Speaker 1: what's going on at this point. Not to minimize the
Speaker 1: situation we're in, but that's, you know, one of these
Speaker 1: things that people should keep their eyes on. Well indeed,
Speaker 1: I mean he was speaking at a Pentagon facility in
Speaker 1: Mountain View, California, and I believe he said that diplomatic
Speaker 1: efforts are quote gaining traction. Uh, so there is a
Speaker 1: lot of diplomatic activity that we do not know about.
Speaker 1: Is that correct? Well, exactly, I think it was. It
Speaker 1: was a little unclear. I think he was partly referring
Speaker 1: to the UN sanctions just last weekend. We do know
Speaker 1: that NICKI Haley, the U S Ambassador to the u N,
Speaker 1: will be meeting with President Trump in New Jersey today. Uh.
Speaker 1: There's a lot of speculation about what what they may
Speaker 1: be discussing, but it would would be surprising at all
Speaker 1: if there's a little bit more of an effort at
Speaker 1: the at the U N to keep keep everyone on
Speaker 1: board and uh, and to look at any other potential measures.
Speaker 1: The president's tweet this morning that the United States you know,
Speaker 1: is locked and loaded. Uh. You know, I would add
Speaker 1: to that too, that he said, if Kim does anything,
Speaker 1: we're ready. UM. To me, that was a sign that
Speaker 1: the US is not looking at some sort of a
Speaker 1: preemptive strike. Now. As someone that you know, you you've
Speaker 1: lived and traveled all over the world, and you have
Speaker 1: a perspective that is not just let's say, US centric,
Speaker 1: What do countries or diplomats that you've been able to uh,
Speaker 1: you know, ascertain what has been their reaction to this, uh,
Speaker 1: this situation, because I mean, this is not the kind
Speaker 1: of thing that just ends up being contained in a
Speaker 1: small part of the world, perhaps, right. I think there's
Speaker 1: just a lot of surprise at the president's strategy, if
Speaker 1: we wanna, if we want to call it that I
Speaker 1: guess to be so public. I mean, every US president,
Speaker 1: every administration going back for twenty years, has dealt with
Speaker 1: some very over the top rhetoric and taunting from North Korea,
Speaker 1: and they've tended to ignore that in the past or
Speaker 1: you know, let it reflect a lot more on uh,
Speaker 1: North Korea than on anyone else. I think everyone's just
Speaker 1: surprised that for the first time we're seeing US president
Speaker 1: coming out so aggressively, uh, in a style that really
Speaker 1: to some looks like the communication style of the North
Speaker 1: Korean regime. And just to give us the update, I mean,
Speaker 1: what kind of resources military resources currently exist or maybe
Speaker 1: even threatened by North Korea, because I believe the President
Speaker 1: even tweeted something from the U. S. Pacific Command today
Speaker 1: about B one bombers. Sure, you know, as far as
Speaker 1: we can tell, there hasn't been any significant deployment of
Speaker 1: new forces to the region. So the President tweeted about
Speaker 1: the B one bombers and Guam, Uh, those have long
Speaker 1: been stationed there. They replaced a squadron of B fifty
Speaker 1: two bombers that were that kind of got phased out. Uh.
Speaker 1: You know, the military has as forces deployed all through
Speaker 1: the Pacific and through Southeast Asia. There's I think, uh
Speaker 1: about thirty thousand US troops in South Korea. We have
Speaker 1: a lot of naval forces that go through that region.
Speaker 1: You might remember, I think earlier this year, it might
Speaker 1: have been in March or April, when tensions heated with
Speaker 1: North Korea. The President deployed very publicly said he was
Speaker 1: deploying a new a second aircraft carrier battle group to
Speaker 1: the region. And then we found out a nuclear submarine
Speaker 1: was also in the region. We found out because the
Speaker 1: Pentagon basically put out a statement saying nuclear sub just stocked.
Speaker 1: We gotta leave it there. But thank you very much
Speaker 1: for your thoughts and your insight. Bill Ferries are a
Speaker 1: national security reporter for Bloomberg News. There is nothing small
Speaker 1: when it comes to the price of collectible cars. And
Speaker 1: Frank Meekam is the director of consignment of MICAM Auctions
Speaker 1: and they are scheduled to have the Monterey Mikam Monterey
Speaker 1: and they will be presenting a daytime auction that will
Speaker 1: take place between August the sixteenth and the nineteenth at
Speaker 1: the Highatt Regency Monterey Hotel in Spa. And he joins
Speaker 1: us now to tell us more. Frank, always a pleasure,
Speaker 1: Thanks for being with me, Thanks Tim, thanks for having
Speaker 1: me on. Where do you want to start? Let's start
Speaker 1: with cars, Okay, I mean, I'm I've been looking at
Speaker 1: this nine Ferrari long knows and that's just one of
Speaker 1: the ferraris that you've got. How many of you have
Speaker 1: a going on the auction block. We're going to have
Speaker 1: over forty Ferraris hit the block in Monterey. Uh, that's
Speaker 1: a neat car, neat story behind that to long knows
Speaker 1: it's it's a car that's been in the same ownership
Speaker 1: for over forty five years and in the collectible mark it.
Speaker 1: You know, you don't see many cars that are that
Speaker 1: are coming off that long of ownership. What are the
Speaker 1: estimates for this? Uh, car like this should be somewhere
Speaker 1: right up at two million to We're estimated at one
Speaker 1: point nine to two point two. Now you mentioned the
Speaker 1: pedigree of the automobile that it was in a single
Speaker 1: owner's hands for forty five years. Maybe just tell people
Speaker 1: the pedigree is relevant, the mileage is relevant. What they
Speaker 1: call matching numbers. How does this all figure into the
Speaker 1: actual value of this asset? There's there's so many things
Speaker 1: to start looking at. Is when you get to the
Speaker 1: pecking order of where car fits into the collectibility standpoint.
Speaker 1: And the one thing I tell people the you can't
Speaker 1: UH ownership history and being in long long term, well
Speaker 1: known collections is one of the best of things to
Speaker 1: have for for any car um for one person to
Speaker 1: have it it. It really solidifies that there's uh, there's
Speaker 1: no stories behind the car and and it is what
Speaker 1: it is. Well, one story behind a group of cars
Speaker 1: that I think are coming up to auction. There is
Speaker 1: the rock star, late rock star Jay Giles colling about
Speaker 1: that collection. Uh. You know, everybody knows uh Jay Giles
Speaker 1: as the rock star, but in our hobby, he was
Speaker 1: known as one of the top Ferrari mechanics of his time,
Speaker 1: UM and sportcar mechanics. So that was his other real passion.
Speaker 1: And UH, to be able to offer his his collection
Speaker 1: after his passing, uh, it's really special to our company
Speaker 1: and we're really excited to be able to do it
Speaker 1: this year. One of the automobiles a sixty one Ferrari
Speaker 1: to T unique car another orneat Ferrari. Uh. You know
Speaker 1: when when you're talking uh Ferrari's, it's it's really a
Speaker 1: entry level collectible in that uh to sev range. You
Speaker 1: know a lot of those sixties Ferraris. You start getting
Speaker 1: into seven figure cars and what do you find that?
Speaker 1: Because I know he's also got you got to do Katti,
Speaker 1: So he's also got motorcycles and I believe what racing suits.
Speaker 1: I mean, so the whole memorabilia and collectibles is not
Speaker 1: just in the automobile. It's it's everything. It's it's everything
Speaker 1: that he put together over the years. He was into
Speaker 1: so many different things, UH, sports cars, sports bikes, racing. UH,
Speaker 1: just just a lifetime of collecting. So what have you
Speaker 1: seen in the market, Because we ran an article in
Speaker 1: Bloomberg Business Week saying that in certain areas of the
Speaker 1: collectible car market there's a little bit of softness. There's
Speaker 1: there's been a little bit of softness in UH certain areas,
Speaker 1: but we've also seen a lot of growth in certain areas. UH.
Speaker 1: The American American built market right now is on fire.
Speaker 1: We just had our sale in Harrisburg last week and
Speaker 1: we sold to UH to Mopar wing cars UM for
Speaker 1: for very high prices that cars like that haven't seen
Speaker 1: in eighteen months. All right, Well, good luck with the
Speaker 1: with the auction, and good luck with the Ferra. Much appreciated.
Speaker 1: Frank macom is the director of consignment for Macome Auctions
Speaker 1: and that auction takes place in Monterey, California, August sixte through.
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