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Speaker 1: I'm Matt Miller and I'm Hannah Elliott, and this is

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Speaker 1: hot pursuit.

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Speaker 2: All right.

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Speaker 3: So we have both been excited to talk to Tom

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Speaker 3: Wagner of Nighthead Capital for a while now, so he's

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Speaker 3: agreed to come in and talk to us. Let's get

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Speaker 3: straight into it. I want to just first off say

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Speaker 3: we both listened to Barrio Holtz podcast and we loved it.

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Speaker 3: And I always loved Barry's podcast, but Hannah, you're the

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Speaker 3: one who turned me on to the Tom Wagner episode

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Speaker 3: and it was great, right.

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Speaker 4: It was really good.

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Speaker 1: It was very far reaching, and I think it really

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Speaker 1: set a good platform for where we can jump off of.

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Speaker 1: So anyone listening, go listen to the Barry Barry podcast

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Speaker 1: if you want to hear about more of the financial

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Speaker 1: side and sports teams.

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Speaker 4: And Tom Brady.

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Speaker 1: And those things, because we're going to focus on cars.

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Speaker 1: Really yeah, for these purposes.

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Speaker 3: So let's start with your company is Nighthead Capital, and

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Speaker 3: you may investments in a lot of different assets, but

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Speaker 3: is it still like the distressed debt thing where you

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Speaker 3: kind of cut your teeth.

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Speaker 5: We do a lot of distressed investing, which I would

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Speaker 5: characterize as maybe not distressed as in the purest form anymore.

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Speaker 5: We invest in businesses that are going through transitions. Sometimes

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Speaker 5: that's a turnaround, maybe operationally, maybe financially, maybe strategically, and

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Speaker 5: we try to find places to deploy capital where our

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Speaker 5: capital and our expertise can make a difference. And we've

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Speaker 5: found some interesting investments in the automobile slash mobility space

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Speaker 5: broadly defined, where we believe we can make a positive impact.

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Speaker 3: So Revology and Singer, we've talked about Hertz, I think

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Speaker 3: is a famous one. And then you have a WEC

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Speaker 3: racing team, right Yoda, Yeah, are those the big automotive

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Speaker 3: investments that you have?

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Speaker 5: Those are certainly the biggest. There are a few other small,

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Speaker 5: more venture type things that that we don't really talk about,

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Speaker 5: and by small I mean really tiny dollars, but where

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Speaker 5: we think that they are strategically important to us. And

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Speaker 5: then others that are adjacent to those businesses where we

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Speaker 5: think we can bolt them on and grow the existing

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Speaker 5: investments that we have. But those four that you mentioned

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Speaker 5: have a common thread. We have a view that mobility

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Speaker 5: is going to move with increasing speed towards electrification because

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Speaker 5: economically and for other reasons socially environmentally, it makes the

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Speaker 5: most sense. We were bitterly and hurts. But the thesis

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Speaker 5: that led us to make that decision to purchase evs

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Speaker 5: is intact, if you hold the cars for a long

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Speaker 5: enough period of time, the rows are much better than ices,

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Speaker 5: and there are lots of other advantages there, but the

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Speaker 5: fundamental reality is that with most evs they don't inspire

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Speaker 5: the same kind of passion that certain other vehicles do.

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Speaker 5: And we felt that as people move towards electric vehicles

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Speaker 5: as the choice of transportation and to get from point

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Speaker 5: A to point B, there would be a rise in

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Speaker 5: interest in vehicles and inspire great passion because people would

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Speaker 5: use the evs as kind of their mode of transportation,

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Speaker 5: low cost, you know, high tech. I mean Tesla's you know,

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Speaker 5: are a great example of that. They're fantastic vehicles in

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Speaker 5: getting A to B very very safely, very very economically.

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Speaker 5: But on the weekend, maybe you want to go out

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Speaker 5: and have a different experience. Let's call it digital versus analog.

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Speaker 5: The analog experience for those who are car nuts, I think,

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Speaker 5: like the three of us and probably most of your listeners,

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Speaker 5: involves more than getting point A to point B.

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Speaker 6: It's the feel, it's the smell.

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Speaker 5: It's the sound, the vibration, the skill required to move

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Speaker 5: some of these vehicles with some level of speed and safety.

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Speaker 5: And we thought that that would continue and that has happened.

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Speaker 5: There's been a massive rise. Now that rise, we had

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Speaker 5: a big blip post COVID, and the day of reckoning

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Speaker 5: is now upon us when demand has kind of come

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Speaker 5: back to earth a little bit, and that's going to

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Speaker 5: cause a big shakeout. But I think the long term

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Speaker 5: trend continues to rise upward and we're going to see

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Speaker 5: more and more interest in these really really high quality

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Speaker 5: you know, non ev you know, ice, restored vehicles, reimagined vehicles.

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Speaker 6: That whole sector is going to continue to explode.

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Speaker 1: Can you talk a little bit about Singer in particular

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Speaker 1: and what characteristics you saw in that company that made

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Speaker 1: you know, we really have some potential specifically with Singer. Yeah.

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Speaker 5: I think when when we made the investment, we looked

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Speaker 5: at it and said, is this something that's difficult to replicate?

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Speaker 5: And I think as much as said, well, there's lots of.

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Speaker 6: People that restore porsches, there's lots of people.

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Speaker 5: That restore cars, there's nobody that restores them like Singer

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Speaker 5: and that's why if you look at every you know,

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Speaker 5: vehicle seller and reseller globally, if you look at all

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Speaker 5: of them, lump them all together, Singers number two and

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Speaker 5: average selling price behind only Bugatti. You know, once you

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Speaker 5: get b On say ten units twenty units a year,

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Speaker 5: and Singers you know, in the vicinity.

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Speaker 6: Of two hundred vehicles per year.

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Speaker 3: And that's why the way, that's amazing because Bugatti makes

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Speaker 3: the car from scratch, like they do it all.

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Speaker 2: Singer takes another.

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Speaker 3: Vehicle and then modifies it and they still get the

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Speaker 3: second highest asking price.

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Speaker 5: Yeah, it's a it's a reimagination of an existing Porsche

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Speaker 5: nine sixty four, which is the vehicle upon which Singer

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Speaker 5: performs its services in behalf of its customers. You know,

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Speaker 5: that reimagination process is everything other than what I'd characterize

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Speaker 5: as the body in white or the frame. So you

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Speaker 5: maintain the frame and you and you know, everything else

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Speaker 5: is kind of upgraded to the specifications of the customer.

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Speaker 5: And the level of specialization or customization is mind boggling.

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Speaker 5: There are no two Singers that are even close to

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Speaker 5: being the same. You know, you've got to be a

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Speaker 5: real nerd to notice the differences. But I think if Hannah,

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Speaker 5: you know, stepped into a car, she'd come, my, gush,

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Speaker 5: look at this one.

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Speaker 6: This is but you know the rest nerd. You're not

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Speaker 6: a nerd, you car nerd, which we.

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Speaker 2: All know is very cool.

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Speaker 4: They take it as a badge of honor.

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Speaker 6: Yeah it should be.

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Speaker 5: But you know you're like, oh, this is the hounds

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Speaker 5: Tooth seat that you know references this model right exactly.

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Speaker 5: And you know, if you look at the ductail spoilerund

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Speaker 5: the Singer DLS, which is sort of their ultra rare

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Speaker 5: incredible vehicles, you'd say, well, that you know, you know,

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Speaker 5: draws some comparisons to a seventy three RS. So there's

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Speaker 5: lots of you know, references to older Porsches that you know,

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Speaker 5: bits and pieces that the customer says, well, I'd like

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Speaker 5: to have that in my car. And I think what

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Speaker 5: makes Singer special is that they do it with an

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Speaker 5: enormous amount of love for the brand Porsche, an enormous

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Speaker 5: amount of respect for the customer and what they want.

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Speaker 5: It's not just about slapping something together and saying here,

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Speaker 5: you know, let's make it work. Most of these companies

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Speaker 5: that perform this service don't actually make money.

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Speaker 3: But you want to make money with that investment, right, Yeah, yeah,

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Speaker 3: we can.

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Speaker 6: The challenge is getting to scale.

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Speaker 1: That's what I was going to ask about, because hasn't

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Speaker 1: Singer paused production of the nine sixty four and we're

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Speaker 1: sort of waiting for a nine thirty Turbo, and so

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Speaker 1: the DLS we're also waiting for. So are those pauses

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Speaker 1: changing how you're looking?

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Speaker 3: Wait, by the way, can I just brief pause. I

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Speaker 3: don't know nearly as much about Singer as the two

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Speaker 3: of you.

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Speaker 2: Yeah, So while we're.

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Speaker 3: Asking Tom questions, let's also explain to me, like what

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Speaker 3: is the DLS?

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Speaker 2: What it is that.

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Speaker 5: All the all the vehicles that Singer offers restoration services

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Speaker 5: on are based on the Porsche nine sixty four, which

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Speaker 5: was manufactured between eighty nine and ninety four, and each

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Speaker 5: of the vehicles references an older Porsche different variants, and

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Speaker 5: so the classic was the car that was best known

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Speaker 5: for Singer, you know, and their customers. Those of were

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Speaker 5: coming towards the end of that run. I think in

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Speaker 5: the next eighteen months or so.

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Speaker 6: Those will all be produced.

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Speaker 5: The car that references to nine thirty Turbo, which is

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Speaker 5: currently characterized as the class Turbo that vehicle is in

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Speaker 5: production and deliveries have just started. So Hannah, I will

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Speaker 5: I will drive mine it good.

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Speaker 6: Good in July. Thanks.

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Speaker 4: Are you going up the hill?

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Speaker 5: No, I don't have my FI license, so I won't

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Speaker 5: be allowed to drive up the hill, I know, but

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Speaker 5: I'll drive it on the circuit on the Monday.

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Speaker 3: So that's like, that's the Steve McQueen, like the widow Maker, right,

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Speaker 3: it's a widow it was.

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Speaker 1: This is only for those who don't know how to

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Speaker 1: drive exactly exactly.

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Speaker 5: We gotta wait for that boost. This is a modern version.

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Speaker 5: Boost comes on more quickly. It's it's a really very

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Speaker 5: special special car. Modern uh traction control and ABS and

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Speaker 5: some things that you can turn on or off that

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Speaker 5: allow the vehicle to be driven on wet roads by

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Speaker 5: an inexperienced driver with with relative safety. You know, within

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Speaker 5: the bounds of physics. We don't haven't yet invented a

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Speaker 5: car that can overcome the laws of physics.

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Speaker 6: But you know, then.

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Speaker 5: There's the DLS Turbo, which is probably you know a

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Speaker 5: few months away from having its first driveable prototype in

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Speaker 5: the hands of journalists. And then you know, some other

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Speaker 5: cars in the queue that will be unveiled, you know,

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Speaker 5: in the next year or two. But the cars, the

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Speaker 5: four cars that I mentioned in including DLS which is

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Speaker 5: a full run that's been fully delivered and is out,

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Speaker 5: those four cars will take us, you know, through the

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Speaker 5: next couple of years and beyond. I think the waiting

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Speaker 5: list is still in the vicinity of three three and

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Speaker 5: a half years.

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Speaker 4: So so basically you're saying, look, the model.

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Speaker 1: That you saw when you got involved with the company

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Speaker 1: remains the same.

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Speaker 4: Yeah, it's your goal, your intent.

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Speaker 6: That's right.

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Speaker 5: It's you know, it's to produce something that is beyond

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Speaker 5: you know, reproach as it relates to the quality. You know,

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Speaker 5: these have to be super reliable cars. So I have

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Speaker 5: a DLS that I drove from London to LamaH for

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Speaker 5: race weekend. That's a long drive sometimes at you know,

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Speaker 5: relatively rapid pace. Uh, and you know, it's a it's

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Speaker 5: a flawless experience. I mean, these are you know, these

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Speaker 5: are cars that you can sit in for six hours.

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Speaker 3: And I see here on the internet DLS is for

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Speaker 3: Dynamics and Lightweighting Studies.

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Speaker 2: That's right, and it's the.

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Speaker 3: One I've seen these like, you know, on social media

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Speaker 3: with the ridiculously wide haunches.

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Speaker 6: Yes, and yeah, this one's even wider than one you're

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Speaker 6: lev I just.

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Speaker 2: Don't know enough about that.

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Speaker 3: And in the world of Plortia, there's so much to know,

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Speaker 3: and there's so many acronyms that I sometimes feel like

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Speaker 3: I can't keep up.

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Speaker 6: You can go way down the rabbit hole.

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Speaker 4: Yeah, I'm curious.

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Speaker 1: You know, you mentioned what's next for Singer, and I

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Speaker 1: don't expect you to actually say, but is there any

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Speaker 1: room to go the way of a roof where Singer

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Speaker 1: would actually build their own cars versus re imagining.

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Speaker 6: That's a great question. I think.

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Speaker 5: I think the brand would allow Singer to pursue just

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Speaker 5: about anything it wanted to do. I think, you know,

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Speaker 5: for the time being, the company is really very focused

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Speaker 5: on executing as best it can on the strategy of

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Speaker 5: reimagining Porsches on behalf of its customers. And that's a

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Speaker 5: great business. You know, are there's a long pipeline of

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Speaker 5: things that can be done. You know, vehicles that can

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Speaker 5: be reimagined that I think, you know, would be welcome by.

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Speaker 6: All Porsche enthusiasts.

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Speaker 5: And look, I think the company knows that not everyone

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Speaker 5: wants a reimagined car. Some are the purists, They want

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Speaker 5: the seventy three r US exactly as it was. Others

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Speaker 5: may say, well, now I'd like to see a different

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Speaker 5: version of that car. What could be done if you

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Speaker 5: modernize it? And I think that's there's plenty to do

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Speaker 5: just with that. And our capital was intended to help

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Speaker 5: the company get to a place where its production could

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Speaker 5: support the fixed costs and the business that are necessary

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Speaker 5: to create vehicles of this quality and with these kinds

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Speaker 5: of finishes.

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Speaker 2: And I was wondering about that.

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Speaker 3: How did you get involved in what kind of investment

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Speaker 3: do you have in Singer?

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Speaker 5: Yeah, well, we were asked to refinance a facility that

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Speaker 5: they had in place from a lender, and you know,

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Speaker 5: did that and provided some other work and capital facilities

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Speaker 5: and allowed them to just take the capital, you know,

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Speaker 5: in the most efficient form possible, while allowing Rob the

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Speaker 5: founder and Maz the CEO, to really direct the strategy

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Speaker 5: of the business. They've got a spectacular team of key

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Speaker 5: executives there and some fantastic engineers that the craftsmen are unbelievable.

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Speaker 5: I've been to a lot of you know, really high

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Speaker 5: end vehicle manufacturing facilities and singers. You know, when they

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Speaker 5: look at the finishes, you look at the body work,

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Speaker 5: you look at the paint. It's as good as anybody

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Speaker 5: out there. Gorgeous and and by the way you're starting,

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Speaker 5: you know, with a company as your reference. In Porsche,

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Speaker 5: I think does it as well or better than anyone

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Speaker 5: if you look at the tolerances and Porsche panels, you know,

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Speaker 5: as compared to some other very very hand automobile companies.

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Speaker 5: You know, it's really hard to get into where Porsche

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Speaker 5: is pretty.

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Speaker 2: Good, build quality, very good.

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Speaker 3: But how did they know to ask you? I mean, like,

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Speaker 3: were you already into Porsche?

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Speaker 1: No?

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Speaker 5: I mean was I into Porsche's Yeah? I mean I

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Speaker 5: loved cars, but I grew up not being able to

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Speaker 5: afford any. My first car was a seventy eight Corolla

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Speaker 5: SR five hatchback that was nmission of course, yeah.

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Speaker 6: Rusting away.

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Speaker 4: How much did you pay for that car?

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Speaker 6: Zero?

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Speaker 5: Because my dad said, if you can get it running,

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Speaker 5: you can drive it. And so I quickly learned how

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Speaker 5: to overhaul an engine and do breaks and a series

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Speaker 5: of other things in the driveway. Not the safest thing

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Speaker 5: in the world, you know, like in the old days

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Speaker 5: without jack stands like not smart.

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Speaker 2: But I bet you still love driving it.

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Speaker 6: Oh yeah, I don't have it anymore.

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Speaker 2: No, no, I mean all the time.

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Speaker 3: Yeah, absolutely, Yeah, Like it was awesome.

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Speaker 5: You taught myself how to drive a stick on it

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Speaker 5: and yeah. But I think you know, when you have

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Speaker 5: those experiences, you fall in love with cars and you

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Speaker 5: imagine that it's not that it's not the slowest thing

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Speaker 5: on the road, and you imagine that it doesn't have

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Speaker 5: to rush through you know, the door panels. But you know,

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Speaker 5: as as you get older and into life, you know,

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Speaker 5: hopefully you can afford something better. And I the weird

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Speaker 5: thing is, two weeks before the Porsche investment and became available,

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Speaker 5: our partner in the Hurts investments of firm Culture Taris,

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Speaker 5: and one of the founders there is a guy named

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Speaker 5: Greg O'Hara, and you know, we were just talking and

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Speaker 5: he's like, is there anything you always wanted but you

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Speaker 5: wouldn't leave still buy. I'm like, yeah, there's this one

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Speaker 5: car and he's like, yeah, me too, and he's like,

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Speaker 5: you know, he said, my thing's a singer. I'm like,

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Speaker 5: oh my god, that's mine as well. And he's like,

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Speaker 5: why don't you have one? I'm like cause't. I just

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Speaker 5: can't let myself do it. It's too special, right, It's

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Speaker 5: always that thing I held on a platform. And so

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Speaker 5: literally two weeks later, totally unrelated, I get a in

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Speaker 5: a meeting or having a barbecue with somebody and he says, oh,

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Speaker 5: you must be looking at Singer, given your view on

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Speaker 5: vehicles and you know, this kind of digital versus analog world.

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Speaker 5: And I said, no, there's no way Singer needs any

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Speaker 5: financial assistants. They get a multi year backlog and he's like, no, no, no,

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Speaker 5: they're looking for some capital. And so we get connected

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Speaker 5: to the lawyer that was representing him, and one thing

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Speaker 5: led to another. And what's nice about that is, you know,

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Speaker 5: we've learned a ton about the space and the industry,

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Speaker 5: and I think that we've been able to add value

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Speaker 5: and helping the company think strategically. And what I would

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Speaker 5: say is that I think Singers now have a view

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Speaker 5: that you know, maybe it's a little bit more of

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Speaker 5: a luxury brand than what we originally thought. And with

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Speaker 5: all things luxury, the goal is sell less for more.

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Speaker 5: So let's not push the sales higher. Let's push sales,

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Speaker 5: you know, target sales units lower. Maybe get a little

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Speaker 5: bit additional price, but make it more exclusive.

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Speaker 6: And I think, you know that's a really I hate that.

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Speaker 4: I won't love it. I love it one time.

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Speaker 3: You know, Keanu Reeves makes these arch motorcycles, of course,

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Speaker 3: and I ran into him and makes a m Doukatti

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Speaker 3: World premiere in Milan a few years ago, and he

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Speaker 3: was saying he was talking to the CEO, and I

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Speaker 3: kind of barge in their conversation. He was saying, they're

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Speaker 3: making another version and the one they sells are like

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Speaker 3: seventy five grande.

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Speaker 2: I can't really justify that. So I was like, oh, cool, are.

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Speaker 3: You going to make one that's cheaper? And he said no,

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Speaker 3: it's going to cost twice the price.

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Speaker 2: And I was like, I'm priced.

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Speaker 6: Out, all right.

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Speaker 1: I know, well that is interesting because I was going

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Speaker 1: to ask if you considered Singer to be a luxury

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Speaker 1: asset for sure, and do you value that differently than

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Speaker 1: like an infrastructure asset, for instance.

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Speaker 5: So infrastructure, you know, you know, in a reasonably low

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Speaker 5: rate environment like the more we're in now, I mean

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Speaker 5: it's not as low as it as it was, but

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Speaker 5: you know, infrastructure assets are command high multiples if the

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Speaker 5: durability of earnings is very stable. But if we say,

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Speaker 5: let's compare it to another manufacturing business, it's worth a multiple,

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Speaker 5: you know, like if a manufacturing business its ten percent

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Speaker 5: ebitdam margins is worth you know, seven times ebitdes six

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Speaker 5: seven times. But you know, Singers with their margins is

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Speaker 5: worth you know, mid teens, high teens, which is consistent

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Speaker 5: with where if you were to graph out not Ferrari,

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Speaker 5: ferraris a little bit higher because that brand is really

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Speaker 5: pretty spectacular.

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Speaker 6: But there's a case to.

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Speaker 5: Be made that you know, Singer represents one of the

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Speaker 5: very few luxury brands that are based in the US,

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Speaker 5: and that was you know, really created in the US,

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Speaker 5: and me Rob done a great job of bringing that

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Speaker 5: California car ethos you know, into.

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Speaker 6: The business, and.

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Speaker 5: I think his ability to create this zeitgeist of you know,

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Speaker 5: of Singer is is really incredible. And Maz and the

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Speaker 5: team have done an amazing job of marketing it globally

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Speaker 5: and trying to do it in a way that that

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Speaker 5: respects our partners and and you know, at the same time,

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Speaker 5: you know, makes it a business that can grow and

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Speaker 5: be profitable.

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Speaker 1: This may derail our whole conversation, but I'm going to

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Speaker 1: ask it anyway, because I'm really fascinated by what you

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Speaker 1: said about, you know, sort of mentioning and verbalizing that

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Speaker 1: you had singer on a pedestal basically, and two weeks

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Speaker 1: later you have an opportunity to get involved. And I

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Speaker 1: remember in Barrie's conversation you mentioned a friend I think

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Speaker 1: of your dad's when you were very young, who asked

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Speaker 1: what you wanted and you told him, and in a

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Speaker 1: matter of months later, you were You were there, you

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00:18:10,520 --> 00:18:12,399
Speaker 1: were in the Cayman Islands with a boat making the

378
00:18:12,440 --> 00:18:15,560
Speaker 1: amount of money that you had said, how often does

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Speaker 1: this happen to you? And what is this magic that

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00:18:19,720 --> 00:18:24,320
Speaker 1: you are seemingly able to conjure when you speak things?

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Speaker 4: And then the universe?

382
00:18:27,880 --> 00:18:30,440
Speaker 6: Yes, it's not a superpower everybody has.

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00:18:30,480 --> 00:18:36,639
Speaker 5: It's it's about manifesting an outcome. You just you know,

384
00:18:36,680 --> 00:18:39,359
Speaker 5: you have to be open minded to it that you

385
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Speaker 5: know there's a god.

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Speaker 6: It's going to sound super corny, but.

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00:18:42,240 --> 00:18:44,760
Speaker 5: There's a really good book called The Secret, and if

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00:18:44,760 --> 00:18:47,359
Speaker 5: you haven't read it, you should read it. That's for

389
00:18:47,400 --> 00:18:49,680
Speaker 5: everybody listening. I don't care how successful you are, you

390
00:18:49,680 --> 00:18:51,719
Speaker 5: should read the book. And you probably if you're if

391
00:18:51,760 --> 00:18:53,919
Speaker 5: you happen to be very successful. You're probably either very

392
00:18:54,000 --> 00:18:58,080
Speaker 5: luckily lucky or you're you're already you know, using some

393
00:18:58,119 --> 00:19:00,439
Speaker 5: of these skills. I think you have to be open to,

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00:19:01,960 --> 00:19:03,560
Speaker 5: you know, whether we call it the universe or we

395
00:19:03,640 --> 00:19:07,680
Speaker 5: just call it, you know, karma, we call it, you know,

396
00:19:08,000 --> 00:19:10,520
Speaker 5: the coincidences of life. You have to be open to

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Speaker 5: allowing these things to come into your sphere. And I think,

398
00:19:15,280 --> 00:19:17,359
Speaker 5: you know, as it relates to Singer, that was something

399
00:19:17,400 --> 00:19:21,679
Speaker 5: we cared about, and sure enough it presented itself. Racing

400
00:19:21,800 --> 00:19:23,879
Speaker 5: was something that we thought would be really interesting and

401
00:19:24,600 --> 00:19:26,320
Speaker 5: we were like, Okay, we're not going to go out

402
00:19:26,359 --> 00:19:28,879
Speaker 5: and buy into an F one team and pay a

403
00:19:28,920 --> 00:19:31,359
Speaker 5: really high price where we own a minority stake and

404
00:19:31,400 --> 00:19:34,159
Speaker 5: our capital doesn't do anything. You know, we want to

405
00:19:34,160 --> 00:19:36,399
Speaker 5: find something where we can actually make a difference. And

406
00:19:37,359 --> 00:19:39,359
Speaker 5: sure enough, you know, that ended up happening. So I

407
00:19:39,400 --> 00:19:42,320
Speaker 5: do think these things can happen. It doesn't always work,

408
00:19:42,359 --> 00:19:44,320
Speaker 5: and sometimes bad things happen, and you get to figure

409
00:19:44,359 --> 00:19:46,119
Speaker 5: out why we don't always get it right. You know,

410
00:19:46,160 --> 00:19:49,080
Speaker 5: we certainly didn't get everything right and hurts, but I

411
00:19:49,080 --> 00:19:51,159
Speaker 5: think we've learned a lot from it. And as you

412
00:19:51,200 --> 00:19:54,160
Speaker 5: go through life, whether you're investing or you know, working

413
00:19:54,200 --> 00:19:56,560
Speaker 5: in a different job or industry. You have to take

414
00:19:56,600 --> 00:19:59,440
Speaker 5: your mistakes as a gift and learn from them and

415
00:19:59,520 --> 00:20:02,840
Speaker 5: build on them and try to do better the next

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Speaker 5: time you go out.

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Speaker 6: That's all we can do.

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Speaker 3: So how much of I mean the investment in Singer

419
00:20:08,840 --> 00:20:13,560
Speaker 3: and in Revology and Yoda, those have to be different

420
00:20:13,600 --> 00:20:16,440
Speaker 3: than the other, like purely business investments you.

421
00:20:16,400 --> 00:20:19,120
Speaker 2: Make right because you love this product.

422
00:20:19,200 --> 00:20:22,879
Speaker 5: It's a different The standard's the same, Yeah, the standard

423
00:20:23,000 --> 00:20:26,320
Speaker 5: is we've got to make a good return. Singer will be,

424
00:20:27,200 --> 00:20:31,280
Speaker 5: you know, a good, very good investment for us. Revology

425
00:20:31,320 --> 00:20:32,720
Speaker 5: will be a very good investment for us.

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Speaker 6: You know. On on that topic, the reason that we

427
00:20:36,040 --> 00:20:38,840
Speaker 6: pursued Revology is we felt that.

428
00:20:38,800 --> 00:20:41,840
Speaker 5: There was an opportunity for them to become one of

429
00:20:41,840 --> 00:20:43,560
Speaker 5: the very first companies.

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Speaker 6: To pursue production under the Fast Act in the US,

431
00:20:46,400 --> 00:20:49,400
Speaker 6: which is the formerly known as the Small Vehicle Manufacturer Law,

432
00:20:50,440 --> 00:20:52,159
Speaker 6: which you know, my guess is most people are like,

433
00:20:52,200 --> 00:20:52,840
Speaker 6: what the heck is that?

434
00:20:53,000 --> 00:20:54,359
Speaker 4: Yeah, please enlighten us.

435
00:20:54,440 --> 00:20:58,280
Speaker 5: So the fast Act has now been fully you know,

436
00:20:58,320 --> 00:21:02,240
Speaker 5: written and put into law. It is a provision that

437
00:21:02,280 --> 00:21:04,840
Speaker 5: allows a small vehicle manufacturer, which is less than five

438
00:21:04,880 --> 00:21:08,040
Speaker 5: thousand units a year to go to an original OEM

439
00:21:08,280 --> 00:21:12,400
Speaker 5: and get a license for IP for a vehicle that's

440
00:21:12,440 --> 00:21:15,919
Speaker 5: over twenty five years old, that small vehicle manufacturer that

441
00:21:15,920 --> 00:21:19,800
Speaker 5: can then reimagine and re manufacture that original car.

442
00:21:20,760 --> 00:21:22,040
Speaker 6: And re imagine means.

443
00:21:21,800 --> 00:21:25,840
Speaker 5: Tolerant exterior toalansers tolerances within ten percent, which is pretty wide,

444
00:21:26,720 --> 00:21:29,240
Speaker 5: you know, pretty wide variants, and interior that can be

445
00:21:29,359 --> 00:21:32,480
Speaker 5: entirely new. The only requirement is that the drive train

446
00:21:32,920 --> 00:21:36,919
Speaker 5: must be current era emissions compliant and if you if

447
00:21:36,960 --> 00:21:39,440
Speaker 5: you achieve all those things, there's no safety hym alligation,

448
00:21:39,880 --> 00:21:41,960
Speaker 5: so you can can use the safety requirements of the

449
00:21:41,960 --> 00:21:46,240
Speaker 5: original vehicle and you get a new vin So now

450
00:21:46,440 --> 00:21:48,600
Speaker 5: everyone says, well, that's much lower cost than because you

451
00:21:48,600 --> 00:21:50,320
Speaker 5: could start with a carbon tub. So you could say,

452
00:21:50,320 --> 00:21:54,160
Speaker 5: I'm going to make a you know nineteen you know,

453
00:21:54,840 --> 00:21:58,320
Speaker 5: seventy Ford Bronco start with a carbon tub. Very easy

454
00:21:58,680 --> 00:22:00,800
Speaker 5: to manufacture off a carbon tup versus one of the

455
00:22:00,840 --> 00:22:02,160
Speaker 5: rolling chassis that you can buy.

456
00:22:02,880 --> 00:22:04,400
Speaker 6: Because you have a really rigid.

457
00:22:04,080 --> 00:22:08,240
Speaker 5: Frame, it's you know, everything's perfectly square. The problem is

458
00:22:08,280 --> 00:22:10,800
Speaker 5: you've got to go through the process of getting current

459
00:22:10,840 --> 00:22:13,359
Speaker 5: your emissions compliant drive train and then incorporating it into that,

460
00:22:13,440 --> 00:22:15,920
Speaker 5: and then getting all the engineering right and making sure

461
00:22:15,920 --> 00:22:17,560
Speaker 5: that you have a good, safe product even though you

462
00:22:17,600 --> 00:22:19,639
Speaker 5: don't you know, you don't may not have the requirements,

463
00:22:19,640 --> 00:22:20,119
Speaker 5: it's still.

464
00:22:20,160 --> 00:22:22,359
Speaker 3: And Ford could say, well, Ford's got.

465
00:22:22,280 --> 00:22:24,000
Speaker 6: To believe in you enough to allow you to do it.

466
00:22:24,200 --> 00:22:25,399
Speaker 6: And I use Ford as an example.

467
00:22:25,440 --> 00:22:27,600
Speaker 5: You use any any oem a car over twenty five

468
00:22:27,680 --> 00:22:29,600
Speaker 5: years old, which brings you, by the way, it's scary

469
00:22:29,600 --> 00:22:29,960
Speaker 5: as it's to.

470
00:22:30,000 --> 00:22:32,199
Speaker 6: Say, you know, into the late nineties, so there's a

471
00:22:32,200 --> 00:22:34,920
Speaker 6: whole plathora of really cool cars that you could do well.

472
00:22:34,960 --> 00:22:36,359
Speaker 3: And by the way, it's interesting that you chose the

473
00:22:36,359 --> 00:22:40,439
Speaker 3: Bronco because I know a lot of people are skeptical

474
00:22:40,600 --> 00:22:44,200
Speaker 3: of these resto mod companies because there's a whole wave

475
00:22:44,320 --> 00:22:48,399
Speaker 3: of Bronco knockoff garages among.

476
00:22:47,960 --> 00:22:49,240
Speaker 2: Them that fall apart.

477
00:22:49,320 --> 00:22:51,720
Speaker 3: And Hannah and I talk about this a lot because

478
00:22:51,760 --> 00:22:54,520
Speaker 3: I'm like, I'm like, hey, Revology is a different story

479
00:22:54,560 --> 00:22:57,080
Speaker 3: because they're building it from the ground up. They have

480
00:22:57,280 --> 00:23:01,879
Speaker 3: actual engineers that used to work at Ford's Special Vehicle Unit,

481
00:23:02,359 --> 00:23:05,159
Speaker 3: who are you know, have built their own factory in Orlando,

482
00:23:05,200 --> 00:23:08,280
Speaker 3: so so help us. Obviously, you're gonna you're obviously you're

483
00:23:08,320 --> 00:23:10,040
Speaker 3: talking about to convince me.

484
00:23:10,200 --> 00:23:14,680
Speaker 5: Yes, Yes, I would say we've we have looked at

485
00:23:15,880 --> 00:23:18,639
Speaker 5: a great number of and I'm going to use the

486
00:23:18,680 --> 00:23:22,800
Speaker 5: word restomode as a non pejorative term to say, you know,

487
00:23:22,960 --> 00:23:26,399
Speaker 5: it captures that whole and to clarify and yeah, and

488
00:23:26,480 --> 00:23:28,679
Speaker 5: just say, like anyone that takes an old car and

489
00:23:28,840 --> 00:23:31,840
Speaker 5: makes it new, newer, you know, reimagines it, rebuilds it,

490
00:23:32,040 --> 00:23:34,200
Speaker 5: whatever you want, however you want to describe it. They're

491
00:23:34,200 --> 00:23:36,879
Speaker 5: not all created equal, and we've looked at a lot

492
00:23:36,920 --> 00:23:40,040
Speaker 5: of them, and I would say, I'll say two things. One,

493
00:23:40,240 --> 00:23:44,240
Speaker 5: Revology does things very differently than nearly all, not all,

494
00:23:44,280 --> 00:23:46,919
Speaker 5: but nearly all of the other manufacturers out there, and

495
00:23:46,920 --> 00:23:48,880
Speaker 5: they do some things that are in fact different than

496
00:23:48,920 --> 00:23:52,840
Speaker 5: every other, uh one of those companies. The second thing

497
00:23:52,960 --> 00:23:55,800
Speaker 5: is that for all these businesses, you know, they take

498
00:23:55,840 --> 00:23:57,600
Speaker 5: a deposit from the customer, they then go up on

499
00:23:57,720 --> 00:23:59,639
Speaker 5: the car. There's there's a sequence of payments and I

500
00:23:59,680 --> 00:24:03,200
Speaker 5: delivered car. When you take a deposit from a customer upfront,

501
00:24:03,320 --> 00:24:05,080
Speaker 5: it's you know, you put that on your balance sheet

502
00:24:05,359 --> 00:24:07,440
Speaker 5: and the account is working capital. And they will all say,

503
00:24:07,480 --> 00:24:09,359
Speaker 5: we don't have debt, Well, you don't have debt, but

504
00:24:09,400 --> 00:24:11,119
Speaker 5: you have a payment that you owe, or you have

505
00:24:11,160 --> 00:24:12,680
Speaker 5: a product future product that you ow.

506
00:24:12,640 --> 00:24:14,320
Speaker 6: To the customer. It's the same thing as debt.

507
00:24:14,520 --> 00:24:16,399
Speaker 5: When you deliver the customer, you've got to repay it

508
00:24:16,440 --> 00:24:19,360
Speaker 5: by way of you know, releasing that off your balance sheet.

509
00:24:19,560 --> 00:24:22,080
Speaker 5: And when we saw the huge explosion and demand for

510
00:24:22,119 --> 00:24:24,720
Speaker 5: these cars post COVID and kind of late twenty through

511
00:24:25,200 --> 00:24:28,600
Speaker 5: you know, mid early to mid twenty twenty two, demand

512
00:24:28,600 --> 00:24:31,040
Speaker 5: goes through the roof, all these deposits flow in, they

513
00:24:31,040 --> 00:24:34,480
Speaker 5: build the cars, then the deposits leave the balance sheet.

514
00:24:34,520 --> 00:24:36,119
Speaker 5: What happens, Well, it's like you have to repay a

515
00:24:36,119 --> 00:24:37,600
Speaker 5: bunch of debt and if you haven't played, if you

516
00:24:37,640 --> 00:24:41,600
Speaker 5: haven't planned for that, that release of working capital is very,

517
00:24:41,720 --> 00:24:44,439
Speaker 5: very difficult to manage for a small company, and so

518
00:24:44,560 --> 00:24:49,720
Speaker 5: a lot of these businesses out there are struggling to

519
00:24:49,880 --> 00:24:53,159
Speaker 5: remain solvent in the context of a world where demand

520
00:24:53,200 --> 00:24:56,040
Speaker 5: is shrunk, you know, kind of coming back to trend line,

521
00:24:56,080 --> 00:24:58,440
Speaker 5: which means sales for the next over the course of

522
00:24:58,440 --> 00:25:00,480
Speaker 5: the last year and probably for the next year or

523
00:25:00,480 --> 00:25:03,960
Speaker 5: two will be lower than a steady state number of sales.

524
00:25:04,000 --> 00:25:06,160
Speaker 3: So it's a target rich environment for you.

525
00:25:06,359 --> 00:25:10,159
Speaker 5: It is, but most of these companies don't. They're not

526
00:25:10,240 --> 00:25:12,520
Speaker 5: going to make it because they haven't invested in the

527
00:25:12,560 --> 00:25:16,040
Speaker 5: business and they don't have a differentiated product. So I

528
00:25:16,040 --> 00:25:19,159
Speaker 5: would agree with Hannah that, you know, for many of

529
00:25:19,200 --> 00:25:22,360
Speaker 5: these these companies that are they're really just large garages

530
00:25:22,880 --> 00:25:25,120
Speaker 5: and they've they've got economies of scale in the sense

531
00:25:25,119 --> 00:25:26,639
Speaker 5: that they're doing the same thing over and over, but

532
00:25:26,680 --> 00:25:29,840
Speaker 5: they haven't done the engineering work. Revology is in fact,

533
00:25:30,119 --> 00:25:32,720
Speaker 5: very very different. And Hannah, if you were to, you know,

534
00:25:32,840 --> 00:25:35,880
Speaker 5: visit Revology, just do one simple thing.

535
00:25:36,000 --> 00:25:36,800
Speaker 6: Just close the door.

536
00:25:37,720 --> 00:25:40,320
Speaker 5: Oh really, just close the door own. I own two

537
00:25:40,400 --> 00:25:44,200
Speaker 5: nineteen sixties Mustangs. Both are original that have been restored.

538
00:25:44,600 --> 00:25:47,000
Speaker 5: They're in great condition. But if you close the door

539
00:25:47,040 --> 00:25:47,520
Speaker 5: of those.

540
00:25:47,359 --> 00:25:49,440
Speaker 6: Cars and you close the door of a Revology, that's

541
00:25:49,520 --> 00:25:50,240
Speaker 6: not the same thing.

542
00:25:50,840 --> 00:25:51,960
Speaker 4: I look forward to doing that.

543
00:25:52,080 --> 00:25:53,680
Speaker 5: Yeah, it's good, and it's a good you know, I mean,

544
00:25:53,720 --> 00:25:55,359
Speaker 5: and then it's you know, when you put it into gear,

545
00:25:55,400 --> 00:25:58,920
Speaker 5: what happens, right, you get that lurch against your break pet.

546
00:25:59,080 --> 00:26:01,080
Speaker 5: You know, we all we've all driven those old cars,

547
00:26:01,119 --> 00:26:04,600
Speaker 5: and that's vertu. Yeah, it's very common. I mean, I

548
00:26:04,600 --> 00:26:06,480
Speaker 5: gotta you know, I always joke my wife's got a

549
00:26:06,520 --> 00:26:09,640
Speaker 5: fifty sixty Bird, and I'm like, it's the most deadly

550
00:26:10,280 --> 00:26:13,080
Speaker 5: vehicle I've ever driven. I mean, it's a complete death trap.

551
00:26:13,119 --> 00:26:15,280
Speaker 5: It's got a metal steering wheel that's right about.

552
00:26:15,040 --> 00:26:16,560
Speaker 6: You know, jaw high.

553
00:26:16,840 --> 00:26:18,080
Speaker 4: You know, it makes you feel alive.

554
00:26:18,240 --> 00:26:20,760
Speaker 6: Now, you feel very alive, that's for sure.

555
00:26:21,720 --> 00:26:24,240
Speaker 5: But those are you know, those are very realistic experience

556
00:26:24,320 --> 00:26:27,359
Speaker 5: that are consistent with the time that those vehicles were

557
00:26:27,400 --> 00:26:29,359
Speaker 5: engineered and made, because you know, look, it was just

558
00:26:29,400 --> 00:26:31,760
Speaker 5: a different era. It was this seventy year old cars.

559
00:26:32,359 --> 00:26:35,320
Speaker 5: The Revology vehicles don't feel like that. They don't drive

560
00:26:35,480 --> 00:26:37,720
Speaker 5: like that. They don't they're not durable like that. They're

561
00:26:37,840 --> 00:26:40,520
Speaker 5: they're modern pieces of machinery in every sense. They just

562
00:26:40,560 --> 00:26:44,080
Speaker 5: look old and that's what makes them so fantastic.

563
00:26:44,200 --> 00:26:45,040
Speaker 2: So how did you find?

564
00:26:45,400 --> 00:26:48,560
Speaker 3: Tom Scarpello is the guy who presents the car, he's

565
00:26:48,560 --> 00:26:51,560
Speaker 3: the founder. He also presents the car on the Leno clip,

566
00:26:51,760 --> 00:26:53,560
Speaker 3: And if I were doing it.

567
00:26:53,520 --> 00:26:55,639
Speaker 2: I would sell it like hotcakes, you know.

568
00:26:55,680 --> 00:26:59,000
Speaker 3: But he's clearly an engineer because he's going into very

569
00:26:59,040 --> 00:27:03,439
Speaker 3: minute yea detail of like how he created the door handle.

570
00:27:03,600 --> 00:27:06,080
Speaker 5: You know, if you were the same Tom, you know,

571
00:27:06,480 --> 00:27:08,680
Speaker 5: is his personality. It's not the same as a rob

572
00:27:08,720 --> 00:27:10,719
Speaker 5: At singer, but they're similar in the sense that they

573
00:27:10,720 --> 00:27:14,480
Speaker 5: don't sell their product. The product sells the product, and

574
00:27:14,760 --> 00:27:18,480
Speaker 5: they just tell you their vision. You know, each comes

575
00:27:18,480 --> 00:27:20,840
Speaker 5: in from a slightly different perspective. And rob as an

576
00:27:20,960 --> 00:27:24,399
Speaker 5: artist and very much into the aesthetics, and Tom, you know,

577
00:27:24,440 --> 00:27:26,960
Speaker 5: as an engineer and very much into what makes his

578
00:27:27,040 --> 00:27:31,560
Speaker 5: cars truly spectacular from an engineering perspective. Both There's lots

579
00:27:31,560 --> 00:27:33,600
Speaker 5: of overlap, by the way, with each of them, and

580
00:27:33,800 --> 00:27:34,600
Speaker 5: so I think.

581
00:27:34,440 --> 00:27:35,920
Speaker 2: Did you bog up with them at the same time.

582
00:27:36,119 --> 00:27:39,160
Speaker 5: No, it was later we we developed a thesis more

583
00:27:39,160 --> 00:27:42,520
Speaker 5: fully that these that these cars that inspire passion would

584
00:27:42,560 --> 00:27:44,879
Speaker 5: continue to grow an interest, and we went out looking

585
00:27:45,280 --> 00:27:47,320
Speaker 5: for another company to invest in one that we thought

586
00:27:47,320 --> 00:27:51,560
Speaker 5: we could help become the first and potentially only, you know,

587
00:27:52,280 --> 00:27:56,840
Speaker 5: fast act manufacturer, and Revology was the only one that

588
00:27:56,920 --> 00:27:59,600
Speaker 5: we found that that that we thought had what it

589
00:27:59,600 --> 00:28:01,560
Speaker 5: would take to be able to produce those vehicles.

590
00:28:01,560 --> 00:28:04,160
Speaker 3: But there's no one else taking advantage of that long.

591
00:28:04,000 --> 00:28:05,120
Speaker 6: I mean, there's others that will try.

592
00:28:05,160 --> 00:28:07,600
Speaker 5: We didn't find anybody that we felt had everything it

593
00:28:07,640 --> 00:28:10,200
Speaker 5: takes and I don't want to, you know, out of

594
00:28:10,280 --> 00:28:12,520
Speaker 5: respect for what Revology's done, I won't. I won't say

595
00:28:12,560 --> 00:28:15,240
Speaker 5: chapter and verse what it takes, but it's it's a lot,

596
00:28:15,280 --> 00:28:17,640
Speaker 5: it's a lot of capital, it's a lot of engineering expertise,

597
00:28:17,640 --> 00:28:19,720
Speaker 5: a lot of design expertise, and it's and it is

598
00:28:19,760 --> 00:28:24,840
Speaker 5: a fantastic relationship with whichever OEM you know you'd like

599
00:28:24,880 --> 00:28:25,919
Speaker 5: to get a license agreement with.

600
00:28:25,960 --> 00:28:26,800
Speaker 6: They have to believe in you.

601
00:28:26,840 --> 00:28:28,720
Speaker 5: It's sort of like, you know, any business relationship, you

602
00:28:28,760 --> 00:28:30,280
Speaker 5: got to make sure your counterparty is going to be

603
00:28:30,320 --> 00:28:32,720
Speaker 5: there and be around it. We hope that part of

604
00:28:32,760 --> 00:28:35,760
Speaker 5: what we bring to the table is the financial stability

605
00:28:35,760 --> 00:28:39,080
Speaker 5: to allow the counterparts to say, Okay, these guys will

606
00:28:39,120 --> 00:28:40,600
Speaker 5: be here and they can do a good job and

607
00:28:40,640 --> 00:28:42,520
Speaker 5: the customers don't need to worry about the deposits.

608
00:28:42,840 --> 00:28:44,280
Speaker 4: What is in it for Ford?

609
00:28:44,360 --> 00:28:48,080
Speaker 1: Obviously there's a licensing agreement that I'm sure is it

610
00:28:48,240 --> 00:28:51,400
Speaker 1: very lucrative? Is it a little bit lucrative? You know,

611
00:28:51,440 --> 00:28:52,720
Speaker 1: how does this benefit forward?

612
00:28:53,160 --> 00:28:55,240
Speaker 5: I think I think it would be fair to say

613
00:28:55,320 --> 00:29:00,120
Speaker 5: that it's very beneficial to the brand. You know, you're celebrating,

614
00:29:00,680 --> 00:29:04,560
Speaker 5: you know, a vehicle that is decades old, obviously, you know,

615
00:29:04,720 --> 00:29:08,360
Speaker 5: whatever vehicle they decide to do with, whichever OEM they

616
00:29:08,360 --> 00:29:11,680
Speaker 5: decide to do it with. You know, you're celebrating that

617
00:29:11,760 --> 00:29:16,240
Speaker 5: original vehicle in a very special way, and it brings

618
00:29:16,280 --> 00:29:19,880
Speaker 5: it to a group of consumers that really aren't going

619
00:29:19,960 --> 00:29:22,000
Speaker 5: to do that on their own. You know, the person

620
00:29:22,040 --> 00:29:28,200
Speaker 5: who buys a Revology Mustang, you know, into into six

621
00:29:28,240 --> 00:29:31,280
Speaker 5: figures for the car fully out of three hundred. Right, Yeah,

622
00:29:31,280 --> 00:29:35,840
Speaker 5: they're not out shopping for It's not like they're choosing

623
00:29:35,880 --> 00:29:36,560
Speaker 5: that over.

624
00:29:36,720 --> 00:29:39,000
Speaker 4: You know, it's not cannibalizing anything nothing.

625
00:29:39,120 --> 00:29:42,960
Speaker 5: In fact, they're more likely you know, to bring up

626
00:29:43,000 --> 00:29:46,280
Speaker 5: their local dealer and ask for the new G T

627
00:29:46,440 --> 00:29:49,480
Speaker 5: three Mustang, which they won't get because they are none available.

628
00:29:49,560 --> 00:29:52,080
Speaker 5: But that but I think there it attaches them to

629
00:29:52,120 --> 00:29:54,520
Speaker 5: a brand. They're probably more likely to go out in

630
00:29:54,560 --> 00:29:57,240
Speaker 5: auction and look for, you know, one of the last

631
00:29:57,240 --> 00:29:59,960
Speaker 5: two generations at GT forties. I just think that you know,

632
00:30:00,000 --> 00:30:01,200
Speaker 5: all of a sudden, you say, oh, I've got this

633
00:30:01,280 --> 00:30:03,800
Speaker 5: thing and i'd like to have, you know, the OEM's

634
00:30:03,880 --> 00:30:05,840
Speaker 5: version of a great car, you know, the kind of

635
00:30:05,840 --> 00:30:08,760
Speaker 5: greatest of great cars as well. So I think it's very,

636
00:30:08,920 --> 00:30:12,160
Speaker 5: very beneficial to the brand. I think it enhances the brand.

637
00:30:12,320 --> 00:30:14,040
Speaker 5: You know, I would tell you that in the case

638
00:30:14,080 --> 00:30:19,520
Speaker 5: of Singer, there's been luxury brand businesses, you know that

639
00:30:19,520 --> 00:30:21,960
Speaker 5: that have taken an interest in Singer and said, you know,

640
00:30:21,960 --> 00:30:25,000
Speaker 5: there's there's got to be, you know, some value here

641
00:30:25,080 --> 00:30:27,480
Speaker 5: that can be unlocked. And I think that shows that

642
00:30:27,920 --> 00:30:29,840
Speaker 5: you are in fact creating something that's luxury.

643
00:30:29,840 --> 00:30:32,440
Speaker 2: And you you mean like carrying or LVMH.

644
00:30:32,000 --> 00:30:34,720
Speaker 3: Is I just mean that I won't interesting specifically, I

645
00:30:34,760 --> 00:30:35,600
Speaker 3: mean that's what you mean.

646
00:30:35,760 --> 00:30:39,960
Speaker 5: Yeah, in the realm of non auto luxury type companies,

647
00:30:40,000 --> 00:30:43,120
Speaker 5: and you know, because they whether it's watches or what

648
00:30:43,320 --> 00:30:45,240
Speaker 5: have you, that say, you know, this is something that's

649
00:30:45,280 --> 00:30:47,479
Speaker 5: really interesting, and so you can think of really creative

650
00:30:47,480 --> 00:30:51,640
Speaker 5: partnerships to pursue that celebrate both brands at the same time.

651
00:30:51,720 --> 00:30:54,560
Speaker 5: And there's lots of that in racing and an auto

652
00:30:54,640 --> 00:30:56,720
Speaker 5: generally speaking, right, I mean, look at the brands that

653
00:30:56,720 --> 00:30:59,080
Speaker 5: are on the side of modern race cars, you know,

654
00:30:59,120 --> 00:31:02,000
Speaker 5: particularly in F one, which I think from a brand.

655
00:31:01,760 --> 00:31:04,080
Speaker 4: Value, I'm going to ask you about Formula one.

656
00:31:03,960 --> 00:31:08,000
Speaker 5: Yeah, I mean F one is it's fantastic. It's I

657
00:31:08,080 --> 00:31:10,560
Speaker 5: watch it every weekend, like it's not like it's a

658
00:31:10,560 --> 00:31:13,840
Speaker 5: great surprise how things shake out. But I think what's

659
00:31:13,840 --> 00:31:16,000
Speaker 5: great about it is that you are you know you're

660
00:31:16,040 --> 00:31:19,120
Speaker 5: watching these masterful pieces of machinery.

661
00:31:19,600 --> 00:31:22,880
Speaker 6: You know that you are attached.

662
00:31:22,440 --> 00:31:24,960
Speaker 5: To something that's it's about the overall experience, like going

663
00:31:25,080 --> 00:31:26,680
Speaker 5: enough one race isn't really about.

664
00:31:26,440 --> 00:31:27,880
Speaker 6: Like being glued to the race.

665
00:31:28,520 --> 00:31:31,200
Speaker 5: It's about everything else that goes on there. And I

666
00:31:31,240 --> 00:31:36,760
Speaker 5: happen to think that the most underappreciated racing brand in

667
00:31:36,840 --> 00:31:40,000
Speaker 5: the world is WEK World in Derby's Championship, where we

668
00:31:40,040 --> 00:31:41,840
Speaker 5: have an investment in one of the teams.

669
00:31:41,840 --> 00:31:42,480
Speaker 6: And I'll tell you why.

670
00:31:42,520 --> 00:31:45,640
Speaker 5: I say that people watch sports and they get attached

671
00:31:45,680 --> 00:31:48,719
Speaker 5: to sports for two reasons. You know, it's the tribalism element,

672
00:31:48,720 --> 00:31:50,720
Speaker 5: where you can attach to something that makes you feel

673
00:31:50,720 --> 00:31:53,240
Speaker 5: part of a community. Okay, I'll get to the tribalism

674
00:31:53,240 --> 00:31:55,440
Speaker 5: in a second. And what WEC has the second is

675
00:31:55,520 --> 00:31:58,680
Speaker 5: uncertainty of outcome. Okay, there is no sporting event in

676
00:31:58,720 --> 00:32:00,320
Speaker 5: the world there's more than certainly about come on the

677
00:32:00,360 --> 00:32:02,800
Speaker 5: twenty four hours of Lama. You don't have the slightest

678
00:32:02,840 --> 00:32:04,600
Speaker 5: idea who's going to win that race. You can be

679
00:32:04,640 --> 00:32:06,960
Speaker 5: twenty three hours into watching it. You have no idea

680
00:32:07,080 --> 00:32:08,960
Speaker 5: is going to win. There's nothing else that goes on

681
00:32:09,000 --> 00:32:12,800
Speaker 5: for that duration. Maybe cricket, but you know that that

682
00:32:12,880 --> 00:32:15,720
Speaker 5: has zero certainty on how things are going to play out.

683
00:32:15,760 --> 00:32:19,320
Speaker 5: And on the tribalism side, what's happened with the new

684
00:32:19,400 --> 00:32:22,000
Speaker 5: l M D and l M D H entrance is

685
00:32:22,040 --> 00:32:24,640
Speaker 5: it's brought in all the OEMs. So you have the

686
00:32:24,680 --> 00:32:29,160
Speaker 5: major major manufacturers are getting involved and putting cars forward.

687
00:32:29,280 --> 00:32:35,440
Speaker 5: You know, you've got Ferrari Portie for Ford in the

688
00:32:35,480 --> 00:32:40,080
Speaker 5: GT three series, Lamborghini, We've got Cadillac in WEC and

689
00:32:40,080 --> 00:32:42,240
Speaker 5: and the list goes on and on, and others that

690
00:32:42,280 --> 00:32:43,960
Speaker 5: are lined up to come in that.

691
00:32:43,680 --> 00:32:46,240
Speaker 6: That I won't name because I'm not sure whether it's public.

692
00:32:46,080 --> 00:32:48,480
Speaker 5: Or not, but it's going to be fantastic, right And

693
00:32:48,800 --> 00:32:51,040
Speaker 5: so you've got this incredible grid. By the way, you

694
00:32:51,080 --> 00:32:53,800
Speaker 5: can be a customer as we are currently meaning you know,

695
00:32:53,880 --> 00:32:55,680
Speaker 5: you go buy a car and hire somebody to race

696
00:32:55,680 --> 00:32:57,160
Speaker 5: it for you, and you can actually get into the

697
00:32:57,240 --> 00:33:00,240
Speaker 5: race not as a driver, but as a as a

698
00:33:00,320 --> 00:33:02,200
Speaker 5: you know, as a as a participant and bring your

699
00:33:02,200 --> 00:33:05,719
Speaker 5: own sponsors. And I just think it's an incredibly undervalued

700
00:33:05,720 --> 00:33:10,000
Speaker 5: assets coming to CODA for Labor Day weekend that encourage people.

701
00:33:09,800 --> 00:33:10,320
Speaker 6: To check it out.

702
00:33:11,200 --> 00:33:12,320
Speaker 2: Twenty four hours of CODA.

703
00:33:12,400 --> 00:33:14,360
Speaker 5: CODA is going to be six if I'm not mistaken,

704
00:33:15,160 --> 00:33:17,880
Speaker 5: like I see. So there's different races, different durations.

705
00:33:18,160 --> 00:33:18,880
Speaker 6: Yeah, so I.

706
00:33:18,840 --> 00:33:23,680
Speaker 3: Watch only Moto GP and sometimes Formula One, but I

707
00:33:23,680 --> 00:33:26,400
Speaker 3: don't have time to I don't have time to devote

708
00:33:26,640 --> 00:33:28,840
Speaker 3: any more than that because I'm already watching you know,

709
00:33:29,160 --> 00:33:31,040
Speaker 3: practice qualifying sprint race.

710
00:33:31,920 --> 00:33:34,080
Speaker 6: But it's only eight races a year.

711
00:33:34,440 --> 00:33:35,960
Speaker 2: I only know Lama and Daytona.

712
00:33:36,240 --> 00:33:39,880
Speaker 5: Yeah, so Daytona's part of IMSA and Seabring's part of

713
00:33:39,920 --> 00:33:42,600
Speaker 5: IMSA and then but you know there's a race at SPA.

714
00:33:42,800 --> 00:33:46,080
Speaker 3: Wait, so those are different than we Different is very confusing,

715
00:33:46,160 --> 00:33:47,720
Speaker 3: I know, be underappreciated.

716
00:33:47,880 --> 00:33:48,720
Speaker 2: Maybe that's why.

717
00:33:48,680 --> 00:33:52,400
Speaker 5: I think WEK is like International imps US and WEC

718
00:33:52,480 --> 00:33:54,240
Speaker 5: has the you know, it's one of the three race

719
00:33:54,360 --> 00:33:58,520
Speaker 5: races in the world is Indy, Lama and Monaco, and

720
00:33:58,600 --> 00:34:00,080
Speaker 5: you know they call that the Triple Crown on.

721
00:34:00,120 --> 00:34:02,600
Speaker 3: Right, and race Monico is more exciting in WECK form

722
00:34:02,640 --> 00:34:03,760
Speaker 3: than it is in F one form.

723
00:34:03,800 --> 00:34:05,960
Speaker 5: We don't race Monaco, but I promise you the races

724
00:34:06,000 --> 00:34:07,840
Speaker 5: are more exciting than than Monico.

725
00:34:07,880 --> 00:34:08,879
Speaker 6: Has been the last few years.

726
00:34:08,920 --> 00:34:12,440
Speaker 5: But you know, to see a race at SPA and

727
00:34:12,640 --> 00:34:14,920
Speaker 5: you know the cars are, you know, bombing around for

728
00:34:15,000 --> 00:34:17,640
Speaker 5: six hours NonStop, so roughly four hours as long as

729
00:34:17,640 --> 00:34:20,560
Speaker 5: a as an F one race, that that's pretty incredible event.

730
00:34:20,600 --> 00:34:23,120
Speaker 5: And it is it is very special. You know, IMLA

731
00:34:24,360 --> 00:34:27,560
Speaker 5: is always a special event. Fuji by Rain and Qatar

732
00:34:27,680 --> 00:34:30,200
Speaker 5: and saw Paolo this year as well. So lots of

733
00:34:30,320 --> 00:34:33,239
Speaker 5: really cool destined obviously, you know, Circuit of the Americas

734
00:34:33,320 --> 00:34:36,319
Speaker 5: in Austin and so you've got all of You've got

735
00:34:36,360 --> 00:34:38,680
Speaker 5: all those great circuits and there will be more to come.

736
00:34:38,960 --> 00:34:41,439
Speaker 5: But I think, as I said earlier, what really makes

737
00:34:41,480 --> 00:34:44,560
Speaker 5: it fun to watch is the involvement of these great manufacturers.

738
00:34:44,600 --> 00:34:48,439
Speaker 5: It's true sports car racing. In many cases, you can

739
00:34:48,800 --> 00:34:51,399
Speaker 5: or will soon be able to buy a variant of

740
00:34:51,440 --> 00:34:53,880
Speaker 5: the WEC car for the road. It won't be a hybrid,

741
00:34:54,080 --> 00:34:57,719
Speaker 5: but you know, I know at least two manufacturers that

742
00:34:57,760 --> 00:35:00,160
Speaker 5: are going to offer the vehicles for sale.

743
00:35:00,080 --> 00:35:03,479
Speaker 3: On a second they I don't understand exactly, but don't

744
00:35:03,480 --> 00:35:07,160
Speaker 3: they have like a more stock car entrant and then

745
00:35:07,360 --> 00:35:09,160
Speaker 3: Total Prototype and then.

746
00:35:09,280 --> 00:35:11,760
Speaker 5: Yep, so there's more stock cars like the GT three class,

747
00:35:11,960 --> 00:35:14,360
Speaker 5: right so that's almost exactly what you can drive in

748
00:35:14,400 --> 00:35:14,680
Speaker 5: the road.

749
00:35:14,680 --> 00:35:16,480
Speaker 2: So if you can buy the Mustang, if you get

750
00:35:16,520 --> 00:35:18,000
Speaker 2: the g T gives.

751
00:35:17,800 --> 00:35:20,160
Speaker 5: You Farley gives you the nod. God, God, I love

752
00:35:20,239 --> 00:35:23,120
Speaker 5: Jim Farley'd love to get that car. The you know,

753
00:35:23,200 --> 00:35:26,440
Speaker 5: in the case of of Porsche, it's the g T

754
00:35:26,600 --> 00:35:29,399
Speaker 5: three R S, which is a tough get, but it's

755
00:35:29,400 --> 00:35:31,440
Speaker 5: a very special car. I mean it's a road car

756
00:35:31,520 --> 00:35:33,320
Speaker 5: with effectively DRS.

757
00:35:33,320 --> 00:35:34,080
Speaker 6: That's pretty cool.

758
00:35:34,480 --> 00:35:36,680
Speaker 5: And then you've got the l M H and l

759
00:35:36,760 --> 00:35:40,240
Speaker 5: M d H classes, which are the hypercar class.

760
00:35:40,320 --> 00:35:41,040
Speaker 2: That's what you guys are in.

761
00:35:41,120 --> 00:35:41,839
Speaker 6: That's what we're in.

762
00:35:42,640 --> 00:35:46,040
Speaker 4: So how do you create value out.

763
00:35:45,880 --> 00:35:50,440
Speaker 1: Of this admittedly obscure racing series for Americans?

764
00:35:50,520 --> 00:35:50,919
Speaker 6: Is the key.

765
00:35:50,920 --> 00:35:52,440
Speaker 5: It's it's got a good follow I mean, you know,

766
00:35:52,440 --> 00:35:54,719
Speaker 5: you got if you were to go to Lama, you

767
00:35:54,760 --> 00:35:59,920
Speaker 5: would come away with a very different appreciation of.

768
00:36:00,040 --> 00:36:00,799
Speaker 2: Everybody says that.

769
00:36:00,800 --> 00:36:04,880
Speaker 1: People yes, but that, but I mean no, I haven't everybody.

770
00:36:05,000 --> 00:36:09,160
Speaker 4: I don't want to go. No, it's not spectator friendly.

771
00:36:09,280 --> 00:36:10,440
Speaker 4: It rains every year.

772
00:36:10,560 --> 00:36:15,319
Speaker 5: It's holy your camp, let's be honest. Okay, Hannah is

773
00:36:15,400 --> 00:36:17,600
Speaker 5: not going to end up at Laman a tent. Okay,

774
00:36:17,680 --> 00:36:19,680
Speaker 5: like that's probably not the way you're going to experience it.

775
00:36:19,680 --> 00:36:20,839
Speaker 5: And the people who do that love it.

776
00:36:21,120 --> 00:36:22,799
Speaker 6: But I but what that is not for me.

777
00:36:22,880 --> 00:36:25,080
Speaker 5: What you What we do is we get like, you know,

778
00:36:25,160 --> 00:36:27,440
Speaker 5: really nice RVs. If you want to stand at State.

779
00:36:27,320 --> 00:36:30,360
Speaker 3: I could see Hannah there in like an airstream like nice.

780
00:36:30,600 --> 00:36:33,600
Speaker 1: It's we work that out then I will be happy

781
00:36:33,640 --> 00:36:36,480
Speaker 1: to intend. But the fact remains, though this is so

782
00:36:36,719 --> 00:36:41,279
Speaker 1: European and really Formula one has grown in the US.

783
00:36:41,120 --> 00:36:44,920
Speaker 5: But it's taking because well two things. I think we'll

784
00:36:44,960 --> 00:36:46,600
Speaker 5: come back to that in a second. The way you

785
00:36:46,600 --> 00:36:49,480
Speaker 5: do it is through promotion. And so you know, why

786
00:36:49,520 --> 00:36:51,520
Speaker 5: do we have Brady brand on the side of our

787
00:36:51,560 --> 00:36:54,240
Speaker 5: car because you know we pick up you know, tens

788
00:36:54,239 --> 00:36:58,120
Speaker 5: of millions of impressions every race because you know Tom's

789
00:36:58,120 --> 00:37:01,360
Speaker 5: involved in it. You know it's Hurts involved in it. Well,

790
00:37:01,360 --> 00:37:04,200
Speaker 5: because it's great content. I mean it is really cool content.

791
00:37:04,239 --> 00:37:06,359
Speaker 5: You know, people walk through an airport and they see

792
00:37:06,360 --> 00:37:08,040
Speaker 5: one of our cars sitting there, like that's kind of

793
00:37:08,080 --> 00:37:09,680
Speaker 5: a cool thing to run into. They always attract a

794
00:37:09,719 --> 00:37:12,800
Speaker 5: giant crowd. You're creating great content, great interest that we

795
00:37:13,040 --> 00:37:16,000
Speaker 5: run promotions for the customers to gain access and go

796
00:37:16,040 --> 00:37:17,680
Speaker 5: to Lama. We had a bunch of them there this year.

797
00:37:17,719 --> 00:37:19,200
Speaker 5: That's a really neat thing. All of a sudden, You've

798
00:37:19,200 --> 00:37:20,920
Speaker 5: got a trip across the Atlantic to watch a race,

799
00:37:20,920 --> 00:37:23,759
Speaker 5: and I promise you everybody who goes to Lama comes

800
00:37:23,800 --> 00:37:26,640
Speaker 5: away with an incredible impression. Ask Lebron James what he

801
00:37:26,680 --> 00:37:29,080
Speaker 5: thought after he went last year. I won't spoil it,

802
00:37:29,120 --> 00:37:30,439
Speaker 5: but I promise you will get again.

803
00:37:30,520 --> 00:37:32,040
Speaker 4: How long did he stay at the track?

804
00:37:32,280 --> 00:37:34,560
Speaker 6: He was there for the entirety of the first day, so.

805
00:37:34,719 --> 00:37:37,759
Speaker 5: Okayact and it was you know, Tom's been there for

806
00:37:38,000 --> 00:37:39,120
Speaker 5: the full weekend.

807
00:37:39,800 --> 00:37:40,640
Speaker 6: It's a it's a grip.

808
00:37:40,680 --> 00:37:42,200
Speaker 2: Were there. Were you there a couple weeks ago?

809
00:37:42,280 --> 00:37:44,160
Speaker 5: I was, Yeah, we stayed for the whole time. You know,

810
00:37:44,320 --> 00:37:47,279
Speaker 5: being out at the end of the Mozon straight, you

811
00:37:47,320 --> 00:37:49,520
Speaker 5: know when the cars are under heavy breaking at that turn,

812
00:37:49,600 --> 00:37:50,880
Speaker 5: that right hand or at the end of one of

813
00:37:50,920 --> 00:37:53,480
Speaker 5: his canes and the brakes are glowing bright red and

814
00:37:53,600 --> 00:37:55,880
Speaker 5: yes it's drizzling out and you know you get a

815
00:37:55,880 --> 00:37:57,879
Speaker 5: cocktail on your hand at two in the morning. It's

816
00:37:57,960 --> 00:38:00,680
Speaker 5: not the worst thing in the world, no way of Stella.

817
00:38:00,960 --> 00:38:03,359
Speaker 1: By the way, this reminds me, Tom, do you run

818
00:38:03,400 --> 00:38:07,640
Speaker 1: your own Instagram. No, well, I saw it on your Instagra.

819
00:38:07,800 --> 00:38:10,959
Speaker 5: I have a public Instagram that we created for the team,

820
00:38:11,040 --> 00:38:13,680
Speaker 5: because there's a funny story about that. I have a

821
00:38:13,760 --> 00:38:15,799
Speaker 5: private Instagram. I've got like a whopping you know, one

822
00:38:15,840 --> 00:38:18,920
Speaker 5: hundred followers or something, and and I started getting all

823
00:38:18,920 --> 00:38:21,160
Speaker 5: these follower requests. Somebody figured out I think I had

824
00:38:21,200 --> 00:38:23,200
Speaker 5: been tagged in something, and so I got all these

825
00:38:23,239 --> 00:38:26,120
Speaker 5: follow requests and I get this notification from Instagram that

826
00:38:26,200 --> 00:38:28,879
Speaker 5: said your accounts under review. And so I'm like, oh,

827
00:38:29,040 --> 00:38:31,040
Speaker 5: the gift to give all this information, Give all the information.

828
00:38:31,080 --> 00:38:33,400
Speaker 5: And fifteen minutes later, like your account is permanently deleted,

829
00:38:33,800 --> 00:38:37,320
Speaker 5: and I'm like, what happened? They said you violated customer

830
00:38:37,560 --> 00:38:40,600
Speaker 5: or community standards and I was like, what does that mean?

831
00:38:40,640 --> 00:38:42,520
Speaker 5: They said, well, you're impersonating a public figure.

832
00:38:43,360 --> 00:38:45,000
Speaker 2: What impersonating yourself?

833
00:38:45,239 --> 00:38:47,560
Speaker 5: Yeah, I guess, And because in one city in England,

834
00:38:47,560 --> 00:38:50,600
Speaker 5: I'm a public figure, so and so I had to

835
00:38:50,640 --> 00:38:53,280
Speaker 5: delete all the requests and then we created the other account.

836
00:38:53,320 --> 00:38:57,080
Speaker 3: But yeah, anyway, the city is Birmingham, by the ways,

837
00:38:57,719 --> 00:38:59,839
Speaker 3: who because you own a soccer team there.

838
00:39:00,160 --> 00:39:02,960
Speaker 5: Yeah, yeah, our firm made an investment in a Nighthead

839
00:39:03,000 --> 00:39:05,120
Speaker 5: and I'm the chairman of the club. And that's a

840
00:39:05,120 --> 00:39:06,880
Speaker 5: fun thing. By the way, it's back the same analog

841
00:39:06,960 --> 00:39:10,200
Speaker 5: digital thing. It's kind of the ultimate form of analog entertainment.

842
00:39:10,880 --> 00:39:13,560
Speaker 5: It's why we, you know, got into sport, and cars

843
00:39:13,560 --> 00:39:16,360
Speaker 5: and racing are the same thing. But I listen, I

844
00:39:16,440 --> 00:39:18,880
Speaker 5: think that there's a lot of there's a lot of

845
00:39:18,960 --> 00:39:22,600
Speaker 5: things that draw people into this and make it interesting.

846
00:39:22,600 --> 00:39:23,640
Speaker 6: And you asked about F one.

847
00:39:23,920 --> 00:39:28,080
Speaker 5: Yes, Drive to Survive had an unbelievable impact on it.

848
00:39:28,120 --> 00:39:30,560
Speaker 5: But I was in a meeting, gosh, it was two

849
00:39:30,640 --> 00:39:32,759
Speaker 5: years ago now with an F one team principle. We

850
00:39:32,760 --> 00:39:34,920
Speaker 5: were talking about this exact topic and the rise of

851
00:39:35,560 --> 00:39:38,840
Speaker 5: F one, and it was following the Goodwood Festival of Speed,

852
00:39:38,880 --> 00:39:40,920
Speaker 5: where my son and I go every year, and I

853
00:39:40,920 --> 00:39:42,800
Speaker 5: told him he could attend the meeting because he wanted

854
00:39:42,840 --> 00:39:44,120
Speaker 5: to see this. You know, we get to go see

855
00:39:44,120 --> 00:39:46,239
Speaker 5: the whole facility. And he's sitting in the back there

856
00:39:46,280 --> 00:39:48,920
Speaker 5: and I said, don't say a word, and so we're

857
00:39:48,920 --> 00:39:50,320
Speaker 5: going through the meeting and then I said, well, I

858
00:39:50,320 --> 00:39:51,920
Speaker 5: think there's one other thing that led to rise in

859
00:39:51,960 --> 00:39:54,600
Speaker 5: popularity of F one. And I said, if it's okay,

860
00:39:54,600 --> 00:39:56,360
Speaker 5: I want to ask my son for his input. So

861
00:39:56,360 --> 00:39:57,440
Speaker 5: I turned to him and he looks at me and

862
00:39:57,440 --> 00:39:58,759
Speaker 5: he goes, is it okay for me to speak now?

863
00:39:58,800 --> 00:40:01,000
Speaker 5: I'm like, yes, it's gave you to speak now. And

864
00:40:01,080 --> 00:40:05,160
Speaker 5: I said, Jack, you know, how many do you watch

865
00:40:05,400 --> 00:40:08,600
Speaker 5: F one? He said every weekend watches qualifying watches the race.

866
00:40:08,920 --> 00:40:10,919
Speaker 5: I said, how many episodes of Drive to Survive you've seen?

867
00:40:11,000 --> 00:40:13,239
Speaker 5: He said zero? And I said, well, what got you

868
00:40:13,239 --> 00:40:16,239
Speaker 5: into it? And he sort of sheepishly said, you know

869
00:40:16,320 --> 00:40:19,319
Speaker 5: the game, the video game. And something occurred to me

870
00:40:19,400 --> 00:40:22,040
Speaker 5: and I'd heard him talk about this before. You know,

871
00:40:22,080 --> 00:40:24,239
Speaker 5: if you're a hockey fan, you can play street hockey

872
00:40:24,320 --> 00:40:24,760
Speaker 5: or football.

873
00:40:24,760 --> 00:40:25,400
Speaker 6: Plan you can.

874
00:40:25,600 --> 00:40:28,120
Speaker 5: Sidelot football or baseball. You can play whiffle ball or

875
00:40:28,160 --> 00:40:32,680
Speaker 5: you know, soccer. You just have anything round right racing.

876
00:40:32,920 --> 00:40:35,120
Speaker 5: It's very hard to make the connection as a fan

877
00:40:36,120 --> 00:40:38,919
Speaker 5: and the way that young people have become fans by

878
00:40:38,960 --> 00:40:42,680
Speaker 5: playing the sport. These games are so realistic that they can.

879
00:40:42,920 --> 00:40:45,680
Speaker 5: And I will tell you having had my son, and

880
00:40:45,880 --> 00:40:47,879
Speaker 5: you know, with me in a car and a track

881
00:40:47,920 --> 00:40:49,640
Speaker 5: in the right seat, he knows the track better than

882
00:40:49,680 --> 00:40:51,400
Speaker 5: I do, and I'm the one driving. He knows my

883
00:40:51,440 --> 00:40:54,279
Speaker 5: break points better. He knows when I should be on

884
00:40:54,320 --> 00:40:56,880
Speaker 5: the gas better than I can, because he's driven the

885
00:40:56,880 --> 00:41:01,200
Speaker 5: circuit let's say, one hundred times to my five, and

886
00:41:01,520 --> 00:41:04,960
Speaker 5: on a sim and even though his sim is relatively basic,

887
00:41:05,880 --> 00:41:08,440
Speaker 5: his his intuition for the track, even though he's not

888
00:41:08,520 --> 00:41:11,799
Speaker 5: been in the seat, is pretty incredible. That connection to

889
00:41:11,840 --> 00:41:14,200
Speaker 5: the sport is incredible. And I think what other race

890
00:41:14,239 --> 00:41:17,320
Speaker 5: series have lost out on is the inability to develop

891
00:41:17,320 --> 00:41:20,320
Speaker 5: a product that is that realistic. And they should because

892
00:41:20,360 --> 00:41:22,560
Speaker 5: gaming is not going anywhere, and it's a great way

893
00:41:22,560 --> 00:41:24,600
Speaker 5: to draw fans in. And as much as you say

894
00:41:24,640 --> 00:41:27,319
Speaker 5: you don't have time for another race series, we all do.

895
00:41:27,400 --> 00:41:29,920
Speaker 5: We all have more time to consume.

896
00:41:29,880 --> 00:41:30,960
Speaker 6: You know, these types of media.

897
00:41:31,040 --> 00:41:32,840
Speaker 5: And by the way, you know, with the rise of AI,

898
00:41:33,360 --> 00:41:35,200
Speaker 5: it's going to continue to create more and more time

899
00:41:35,280 --> 00:41:38,440
Speaker 5: quote unquote for people, which is why we'll look for

900
00:41:38,520 --> 00:41:41,080
Speaker 5: more experiential things to do. So, you know, I think,

901
00:41:41,360 --> 00:41:43,800
Speaker 5: you know, we're at the beginning stages of a continued,

902
00:41:43,880 --> 00:41:46,640
Speaker 5: long rise in the interest in sport broadly defined, or

903
00:41:46,640 --> 00:41:48,880
Speaker 5: at least I hope that's the case given some of

904
00:41:48,920 --> 00:41:49,560
Speaker 5: our investments.

905
00:41:49,600 --> 00:41:51,719
Speaker 6: But you know, I think all.

906
00:41:51,640 --> 00:41:55,839
Speaker 5: This stuff is fantastic to see young people engaged in

907
00:41:56,000 --> 00:42:00,839
Speaker 5: vehicles that are not the most modern, not the fast accelerating,

908
00:42:00,920 --> 00:42:04,040
Speaker 5: not the technological marvels that we get out of you know,

909
00:42:04,080 --> 00:42:08,400
Speaker 5: today's key EV makers. But you know, but have something

910
00:42:08,400 --> 00:42:09,680
Speaker 5: that's really pretty incredible.

911
00:42:09,760 --> 00:42:10,480
Speaker 6: Is is great.

912
00:42:10,960 --> 00:42:15,320
Speaker 1: I think I'm very curious you mentioned very briefly hybrids.

913
00:42:15,800 --> 00:42:22,080
Speaker 1: Obviously these cars racing are hybrid vehicles. And we've talked

914
00:42:22,120 --> 00:42:26,800
Speaker 1: a lot about how you're going into ices. As things

915
00:42:26,880 --> 00:42:30,719
Speaker 1: tend to move toward electric vehicles for commuting, where do

916
00:42:30,840 --> 00:42:35,359
Speaker 1: hybrids fall into that spectrum. I used to think they're

917
00:42:35,360 --> 00:42:37,640
Speaker 1: a bit of a band aid, a bridge towards evs.

918
00:42:37,760 --> 00:42:39,680
Speaker 4: Now it seems like maybe they're here to stay.

919
00:42:39,920 --> 00:42:42,919
Speaker 3: By we both spent the weekend driving hybrids or last

920
00:42:42,920 --> 00:42:48,680
Speaker 3: weekend I was in uh driving the new hybrid, Yeah,

921
00:42:48,680 --> 00:42:51,560
Speaker 3: and I was this weekend driving the Corvette Era, which.

922
00:42:53,400 --> 00:42:57,839
Speaker 5: Yeah, that Corvette's amazing. That Porsche is incredible. There's lots

923
00:42:57,880 --> 00:43:00,680
Speaker 5: of other great hybrids. It's a difficult technolo you to master,

924
00:43:00,800 --> 00:43:04,040
Speaker 5: but the best manufacturers clearly are getting it right. I

925
00:43:04,080 --> 00:43:06,200
Speaker 5: think hybrids are here to stay because I think the

926
00:43:06,200 --> 00:43:09,120
Speaker 5: transition to evs is just to get all of the

927
00:43:09,200 --> 00:43:11,720
Speaker 5: rolling stock converted over. It's going to take a long time.

928
00:43:12,280 --> 00:43:15,040
Speaker 5: Is that where it's going. I do believe that that's

929
00:43:15,080 --> 00:43:17,800
Speaker 5: where we will end up. It's going to be complicated

930
00:43:17,800 --> 00:43:19,719
Speaker 5: by the fact that it's going to be hard to

931
00:43:19,840 --> 00:43:24,680
Speaker 5: get enough electricity available, you know, with the competing excess

932
00:43:24,719 --> 00:43:27,000
Speaker 5: demand coming not just from consumers and the growth there

933
00:43:27,040 --> 00:43:30,080
Speaker 5: and households, but also electric vehicles and other forms of

934
00:43:30,120 --> 00:43:34,480
Speaker 5: mobility AI and compute power. So you know, there's a

935
00:43:34,480 --> 00:43:36,560
Speaker 5: lot of reasons why the transition may be slower, and

936
00:43:36,600 --> 00:43:40,000
Speaker 5: to the extent that it is in fact slower, hybrids

937
00:43:40,040 --> 00:43:42,960
Speaker 5: play a crucial role there. They also offer a driving

938
00:43:43,000 --> 00:43:46,480
Speaker 5: experience that is not as abrupt as going into an

939
00:43:46,480 --> 00:43:49,560
Speaker 5: ev directly, so you know, for the average consumer, it's

940
00:43:49,640 --> 00:43:52,160
Speaker 5: an easier way for them to get into it. And look,

941
00:43:52,200 --> 00:43:55,279
Speaker 5: I mean from a performance perspective, you get a lot,

942
00:43:55,360 --> 00:43:57,640
Speaker 5: you get the you know, you still get many of

943
00:43:57,640 --> 00:44:00,359
Speaker 5: the attributes of an IC that we all love, right

944
00:44:00,440 --> 00:44:04,200
Speaker 5: the sound, the vibration, and you get the excess performance.

945
00:44:05,640 --> 00:44:07,600
Speaker 5: My personal view on all of that is, I think

946
00:44:07,640 --> 00:44:11,080
Speaker 5: we've kind of we've more or less reached the limits

947
00:44:11,120 --> 00:44:15,080
Speaker 5: of performance. Yes, cars will get faster both in acceleration

948
00:44:15,160 --> 00:44:15,880
Speaker 5: and top speed.

949
00:44:15,880 --> 00:44:16,759
Speaker 6: They will, but who.

950
00:44:16,760 --> 00:44:20,200
Speaker 3: Cares it doesn't really mean speed has become commoditized, right,

951
00:44:20,200 --> 00:44:21,960
Speaker 3: It doesn't matter if you can go zero to sixty

952
00:44:21,960 --> 00:44:24,680
Speaker 3: and two and a half seconds, because everyone can.

953
00:44:24,800 --> 00:44:27,399
Speaker 5: And my tussle was, you know, one to nine, which

954
00:44:27,440 --> 00:44:29,640
Speaker 5: means that you when you're in an intersection, you can

955
00:44:29,640 --> 00:44:31,880
Speaker 5: go sixty before you hit the other crosswalk, right, Like,

956
00:44:32,239 --> 00:44:34,080
Speaker 5: you don't really need to go any faster than that.

957
00:44:34,960 --> 00:44:37,200
Speaker 3: But it's not as much fun as going zero to

958
00:44:37,239 --> 00:44:40,200
Speaker 3: sixty and six seconds in something from the seventies and

959
00:44:40,239 --> 00:44:40,680
Speaker 3: the Bird.

960
00:44:40,800 --> 00:44:42,880
Speaker 5: If you're well the t Bird, that's yeah, that's exciting

961
00:44:42,920 --> 00:44:46,239
Speaker 5: eleven seconds. But if you're rowing through the gears and

962
00:44:46,280 --> 00:44:48,719
Speaker 5: you want to get every shift right, and more importantly,

963
00:44:49,280 --> 00:44:51,399
Speaker 5: if you're under heavy breaking and you're getting your down

964
00:44:51,400 --> 00:44:54,520
Speaker 5: shifts right, like, that's a special feeling, and not everyone

965
00:44:54,560 --> 00:44:56,600
Speaker 5: cares about that. I suspect that people listening to this

966
00:44:56,719 --> 00:45:00,960
Speaker 5: probably you know, nodding their heads in a sent that's.

967
00:45:00,600 --> 00:45:02,800
Speaker 6: Why we drive these old cars.

968
00:45:02,800 --> 00:45:04,919
Speaker 5: And there's a whole plethora of old cars that I would,

969
00:45:05,239 --> 00:45:07,799
Speaker 5: you know, love to own and drive regularly. I don't

970
00:45:07,800 --> 00:45:09,600
Speaker 5: have the time to do it, but I just think

971
00:45:09,640 --> 00:45:13,080
Speaker 5: it'd be fantastic, And I don't think that's going away,

972
00:45:13,239 --> 00:45:15,200
Speaker 5: you know, So I think there's a spot for all

973
00:45:15,239 --> 00:45:17,440
Speaker 5: of this. And listen, it's not the worst thing in

974
00:45:17,480 --> 00:45:21,320
Speaker 5: the world for these old cars to be repurposed into

975
00:45:21,719 --> 00:45:25,480
Speaker 5: you know, and and restored into vehicles that are maintained.

976
00:45:25,480 --> 00:45:27,200
Speaker 5: And I say that because, like, you know, why do

977
00:45:27,280 --> 00:45:29,960
Speaker 5: we want to throw everything away? There's no reason for that.

978
00:45:30,000 --> 00:45:31,760
Speaker 5: You know, they could be something to bring great joy

979
00:45:31,800 --> 00:45:35,000
Speaker 5: and can be reimagined, re restored, what have you.

980
00:45:35,239 --> 00:45:38,360
Speaker 3: I recently talked to at Greenwich concoor. I went to

981
00:45:39,160 --> 00:45:43,200
Speaker 3: a really cool showing and a bunch of the guys

982
00:45:43,200 --> 00:45:46,000
Speaker 3: there had c two corvettes and they all said, it's

983
00:45:46,000 --> 00:45:49,680
Speaker 3: like driving a truck. Like it's not a great driving experience.

984
00:45:50,440 --> 00:45:52,840
Speaker 3: So if someone could reimagine that.

985
00:45:52,880 --> 00:45:54,440
Speaker 6: Vehicle that that would be pretty amazing.

986
00:45:54,960 --> 00:45:58,200
Speaker 5: The one thing I'd say on the new evs is

987
00:45:58,719 --> 00:46:03,600
Speaker 5: they are actually a step stone to fully autonomous mobility.

988
00:46:03,760 --> 00:46:07,839
Speaker 5: Like that's really what they represent. And I know there's

989
00:46:08,200 --> 00:46:09,799
Speaker 5: you know, for a last year and a half, there's

990
00:46:09,800 --> 00:46:11,960
Speaker 5: been lots of naysayers and the tides turned a little

991
00:46:11,960 --> 00:46:14,200
Speaker 5: bit on that. There's been some positive articles recently, but like,

992
00:46:14,239 --> 00:46:17,560
Speaker 5: if you really doubt how close we are get in

993
00:46:17,600 --> 00:46:22,640
Speaker 5: a Tesla with the most updated beta version of the

994
00:46:22,680 --> 00:46:25,759
Speaker 5: self driving software, and tell me we're not close. It's

995
00:46:25,880 --> 00:46:29,399
Speaker 5: years away, not decades away, if not closer than that.

996
00:46:29,560 --> 00:46:31,680
Speaker 5: And the reason that ev is play an important role

997
00:46:31,719 --> 00:46:34,480
Speaker 5: is you really can't have an IC or a hybrid

998
00:46:34,680 --> 00:46:37,719
Speaker 5: that autonomously moves people. And when we get to full autonomy,

999
00:46:38,120 --> 00:46:42,920
Speaker 5: that is ecologically by far, the holy Gril, that's the

1000
00:46:42,960 --> 00:46:43,480
Speaker 5: best place.

1001
00:46:43,480 --> 00:46:46,319
Speaker 3: It's in terms of safety, I mean safety to me,

1002
00:46:46,400 --> 00:46:48,960
Speaker 3: that's the biggest thing because how many people die in

1003
00:46:49,040 --> 00:46:52,000
Speaker 3: car accidents. You know, we talk about all the other

1004
00:46:52,440 --> 00:46:55,520
Speaker 3: things that kill you, and car accidents are way up there,

1005
00:46:55,640 --> 00:46:56,440
Speaker 3: especially top of the.

1006
00:46:56,440 --> 00:46:58,120
Speaker 6: List, especially for young people.

1007
00:46:58,360 --> 00:47:01,960
Speaker 5: And so you know, when we move that way, there's

1008
00:47:02,080 --> 00:47:04,080
Speaker 5: lots of we spent some time and the lots of

1009
00:47:04,360 --> 00:47:07,160
Speaker 5: economic advantages to get unlocked if we can. If we

1010
00:47:07,200 --> 00:47:10,239
Speaker 5: can figure that out, AI will certainly hasten you know,

1011
00:47:10,280 --> 00:47:12,400
Speaker 5: the arrival those things. But again that what does that do?

1012
00:47:12,480 --> 00:47:14,279
Speaker 5: It frees up time to do other things, if your

1013
00:47:14,280 --> 00:47:17,719
Speaker 5: commute time. Remember most people don't live in big urban

1014
00:47:17,760 --> 00:47:19,839
Speaker 5: areas like we do. And and it probably drives yourself

1015
00:47:19,880 --> 00:47:21,600
Speaker 5: to work because she's La, Yes, I did you know?

1016
00:47:21,640 --> 00:47:24,560
Speaker 5: So we we don't and you know, but elsewhere in

1017
00:47:24,600 --> 00:47:26,920
Speaker 5: the world people drive themselves to work, So it's lost time.

1018
00:47:27,000 --> 00:47:29,040
Speaker 5: I think it's forty two minutes or fifty minutes a

1019
00:47:29,120 --> 00:47:31,480
Speaker 5: day for the average American worker. You know, if you

1020
00:47:31,520 --> 00:47:34,279
Speaker 5: are working in that time and you're productive, you know,

1021
00:47:34,360 --> 00:47:37,680
Speaker 5: then you you can free up time elsewhere. Maybe every

1022
00:47:37,719 --> 00:47:39,800
Speaker 5: Friday is off, or maybe Fridays every Friday is a

1023
00:47:39,840 --> 00:47:40,200
Speaker 5: half day.

1024
00:47:40,200 --> 00:47:41,479
Speaker 6: Well, what are you going to do with that time?

1025
00:47:41,480 --> 00:47:44,239
Speaker 5: Well, maybe you're restoring an old vehicle yourself, or maybe

1026
00:47:44,239 --> 00:47:45,680
Speaker 5: you're driving an older So I could.

1027
00:47:45,480 --> 00:47:47,560
Speaker 3: Sleep for fun, because I do drive an hour and

1028
00:47:47,600 --> 00:47:51,239
Speaker 3: a half, yeah, back and forth in Westchester, and on

1029
00:47:51,280 --> 00:47:53,000
Speaker 3: a lot of days, I'm so wiped out.

1030
00:47:53,040 --> 00:47:54,280
Speaker 2: I have a couple of little kids.

1031
00:47:54,680 --> 00:47:56,640
Speaker 3: I just want to sleep, and I still have to

1032
00:47:56,680 --> 00:47:59,880
Speaker 3: stay awake and brave the traffic up the major DTA,

1033
00:48:00,080 --> 00:48:02,000
Speaker 3: And it's that's that's what I would do.

1034
00:48:02,160 --> 00:48:05,880
Speaker 1: What is the biggest obstacle right now? You say we're close, Tom.

1035
00:48:06,080 --> 00:48:08,920
Speaker 1: Is it a technology thing, is it a money thing?

1036
00:48:09,040 --> 00:48:10,480
Speaker 4: Is it a legal regulator?

1037
00:48:11,080 --> 00:48:11,279
Speaker 6: Yeah?

1038
00:48:11,360 --> 00:48:14,560
Speaker 5: I think that it really depends on the regulatory environment

1039
00:48:14,600 --> 00:48:16,919
Speaker 5: we have. I'd be foolish to say anything other than that.

1040
00:48:17,280 --> 00:48:21,280
Speaker 5: There's no question that the technology is safer than humans today.

1041
00:48:21,400 --> 00:48:24,719
Speaker 5: It's already achieved that, like it's not it's not really debatable.

1042
00:48:24,719 --> 00:48:27,320
Speaker 5: The cases where there's an accident make all the headlines,

1043
00:48:27,320 --> 00:48:29,200
Speaker 5: but we don't. You know, we don't make front page

1044
00:48:29,200 --> 00:48:31,440
Speaker 5: news every time somebody does in a car the United States,

1045
00:48:31,719 --> 00:48:35,520
Speaker 5: and it happens unfortunately, many many, many, many times per day.

1046
00:48:36,520 --> 00:48:39,440
Speaker 5: And so you know, the cruises of the world, the

1047
00:48:39,440 --> 00:48:41,000
Speaker 5: way moos of the world, the teslas of the world

1048
00:48:41,040 --> 00:48:43,680
Speaker 5: have already done better than a human. They will continue

1049
00:48:43,680 --> 00:48:45,640
Speaker 5: to do better than humans, and so we will have

1050
00:48:45,680 --> 00:48:48,920
Speaker 5: safer vehicles. The big thing that's standing the way right

1051
00:48:48,960 --> 00:48:51,920
Speaker 5: now is you know that getting the technology to the

1052
00:48:51,920 --> 00:48:54,879
Speaker 5: point where it's really useful in that you know, those

1053
00:48:54,960 --> 00:48:57,960
Speaker 5: those key edge cases and then you know, how do

1054
00:48:58,000 --> 00:49:00,520
Speaker 5: you roll out that that rolling stuff to make it

1055
00:49:00,560 --> 00:49:03,680
Speaker 5: available to move people around? So it's coming. You know,

1056
00:49:03,800 --> 00:49:05,560
Speaker 5: it's a good thing. I don't think it's I don't

1057
00:49:05,600 --> 00:49:06,880
Speaker 5: think we all need to be afraid of it.

1058
00:49:06,960 --> 00:49:09,600
Speaker 3: The charging infrastructure is my big problem. I mean, last

1059
00:49:10,360 --> 00:49:13,480
Speaker 3: week I had a great time in this GMC hummer

1060
00:49:13,560 --> 00:49:16,280
Speaker 3: last week and it has like four hundred miles of range,

1061
00:49:16,160 --> 00:49:20,160
Speaker 3: but I got it down to zero and when I

1062
00:49:20,239 --> 00:49:23,320
Speaker 3: was looking for charging stations, they were all like broken

1063
00:49:23,719 --> 00:49:27,480
Speaker 3: or like no longer on anyway. I think the infrastructure

1064
00:49:27,560 --> 00:49:28,759
Speaker 3: is what really needs to happen.

1065
00:49:28,840 --> 00:49:29,719
Speaker 6: Yeah, it's got to get better.

1066
00:49:29,760 --> 00:49:30,000
Speaker 2: Set.

1067
00:49:30,040 --> 00:49:32,279
Speaker 5: There's also you were you know, I think again we

1068
00:49:32,360 --> 00:49:34,200
Speaker 5: come back to what will they actually be used for.

1069
00:49:34,280 --> 00:49:36,200
Speaker 5: It's the moving people from point A to point B

1070
00:49:36,880 --> 00:49:40,080
Speaker 5: on regular routes, so that's your commuting work. You're never

1071
00:49:40,120 --> 00:49:42,200
Speaker 5: going to run out of charge if you have a

1072
00:49:42,440 --> 00:49:43,719
Speaker 5: you know, think if you have a gas station in

1073
00:49:43,719 --> 00:49:45,520
Speaker 5: your home, which is really what you have when you

1074
00:49:45,600 --> 00:49:47,960
Speaker 5: own an EV and you install the charging hardware, so

1075
00:49:48,320 --> 00:49:51,600
Speaker 5: you know, we'll get past that. The biggest hurdle, if

1076
00:49:51,640 --> 00:49:54,880
Speaker 5: you will, to chart new charging technology is the is

1077
00:49:54,960 --> 00:49:59,239
Speaker 5: the electricity infrastructure. It's not that companies aren't willing to

1078
00:49:59,280 --> 00:50:02,240
Speaker 5: install it, they can't pull the power that they need.

1079
00:50:09,680 --> 00:50:12,279
Speaker 3: Let's talk about a little bit about cars that you like,

1080
00:50:12,800 --> 00:50:15,440
Speaker 3: because I thought the Masters in Business that you did

1081
00:50:15,560 --> 00:50:18,920
Speaker 3: was really inspirational because you tell your origin story and

1082
00:50:18,960 --> 00:50:21,680
Speaker 3: you're not someone who was born on third base, right,

1083
00:50:21,719 --> 00:50:24,400
Speaker 3: you had to work to get there, and you mentioned

1084
00:50:24,400 --> 00:50:27,040
Speaker 3: the Corolla and you couldn't afford to get anything else.

1085
00:50:27,840 --> 00:50:30,920
Speaker 3: But eventually you go to you know, credit Sueez, you

1086
00:50:31,000 --> 00:50:32,880
Speaker 3: go to Goldman Sachs. You start your own shop and

1087
00:50:33,040 --> 00:50:36,600
Speaker 3: now you have the financial wherewithal to pick up a

1088
00:50:36,640 --> 00:50:39,640
Speaker 3: few of those things. And you know, it's like collecting art,

1089
00:50:39,719 --> 00:50:43,640
Speaker 3: it's not so what have you got.

1090
00:50:43,360 --> 00:50:44,120
Speaker 2: That you like?

1091
00:50:44,719 --> 00:50:47,600
Speaker 3: And also do you do you buy them as an

1092
00:50:47,680 --> 00:50:50,280
Speaker 3: investment or do you buy them because you just really

1093
00:50:50,440 --> 00:50:51,640
Speaker 3: they speak to your heart.

1094
00:50:51,800 --> 00:50:54,200
Speaker 5: Now, I buy what I want to drive and own

1095
00:50:54,360 --> 00:50:57,400
Speaker 5: for a long period of time, but I don't. I

1096
00:50:57,440 --> 00:51:00,200
Speaker 5: haven't gone bananas and building out a collection, and I've

1097
00:51:00,200 --> 00:51:03,560
Speaker 5: still my Holy Grail cars other than singers still on

1098
00:51:03,600 --> 00:51:05,880
Speaker 5: my list because it's good motivation for me. It's just

1099
00:51:05,920 --> 00:51:08,759
Speaker 5: the way that I maybe my brain works and what

1100
00:51:08,960 --> 00:51:11,560
Speaker 5: causes me to be motivated. So you know what I

1101
00:51:11,719 --> 00:51:15,600
Speaker 5: like to own an early seventies you know, Daytona Spider.

1102
00:51:15,719 --> 00:51:17,279
Speaker 6: Yeah, that's like way up the list.

1103
00:51:18,000 --> 00:51:20,400
Speaker 5: The car for me that was my Everyone kind of

1104
00:51:20,400 --> 00:51:23,479
Speaker 5: had their car as a teenager, and I had one

1105
00:51:23,480 --> 00:51:25,719
Speaker 5: car that was like, I thought was the greatest thing

1106
00:51:25,880 --> 00:51:27,919
Speaker 5: ever ever ever. I just thought it was the most

1107
00:51:27,960 --> 00:51:33,480
Speaker 5: amazing vehicle and it passed me walking home from soccer

1108
00:51:33,560 --> 00:51:38,719
Speaker 5: practice one day in my hometown of Franklin, Massachusetts on

1109
00:51:38,760 --> 00:51:42,840
Speaker 5: Lincoln Street, and it was a Kuontash and I couldn't

1110
00:51:42,880 --> 00:51:45,120
Speaker 5: believe I saw it. And so there were two things

1111
00:51:45,120 --> 00:51:47,719
Speaker 5: that I that I had always seen. One was the

1112
00:51:47,800 --> 00:51:51,000
Speaker 5: sixty minute special on the Cuntash, which if you haven't watched,

1113
00:51:51,000 --> 00:51:53,359
Speaker 5: you should watch. It was an incredible segment. I watched

1114
00:51:53,400 --> 00:51:56,560
Speaker 5: it so much that the VHF tape like just wore out.

1115
00:51:57,200 --> 00:52:02,280
Speaker 5: And the other was obviously the opening sequence and Cannonball

1116
00:52:02,360 --> 00:52:05,680
Speaker 5: run right, which is just you know, like you see that,

1117
00:52:05,719 --> 00:52:07,239
Speaker 5: You're like, how is that not the greatest thing ever.

1118
00:52:07,280 --> 00:52:09,520
Speaker 5: I remember talking to my son about favorite cars and

1119
00:52:09,560 --> 00:52:11,880
Speaker 5: he's got his favorites and I said, no, but the

1120
00:52:11,960 --> 00:52:13,760
Speaker 5: Coontash is so special.

1121
00:52:13,360 --> 00:52:14,480
Speaker 6: And he's like, oh, Lamborghini.

1122
00:52:14,560 --> 00:52:14,719
Speaker 1: Dad.

1123
00:52:14,719 --> 00:52:16,799
Speaker 5: Really'm like yeah, And so I said, all right, Well,

1124
00:52:16,840 --> 00:52:18,520
Speaker 5: we went to a car show and it was an

1125
00:52:18,520 --> 00:52:20,759
Speaker 5: outdoor show and we were coming up. I said, okay,

1126
00:52:20,760 --> 00:52:23,359
Speaker 5: there's five coon Tashes over there, and he's like where,

1127
00:52:23,400 --> 00:52:24,400
Speaker 5: and I said over here, come.

1128
00:52:24,239 --> 00:52:25,000
Speaker 6: On, let's walk over.

1129
00:52:25,040 --> 00:52:27,080
Speaker 5: And we're walking over and he doesn't say anything for

1130
00:52:27,120 --> 00:52:28,200
Speaker 5: like ten seconds of walking.

1131
00:52:28,280 --> 00:52:28,840
Speaker 6: He just looks at me.

1132
00:52:28,840 --> 00:52:30,920
Speaker 5: He goes, Okay, I get it, and I'm like yeah,

1133
00:52:31,120 --> 00:52:33,560
Speaker 5: like it's like a spaceship sitting there right here. It is,

1134
00:52:33,600 --> 00:52:36,160
Speaker 5: you know, you know, fifty plus years later and it

1135
00:52:36,280 --> 00:52:39,400
Speaker 5: still looks so unbelievable. So that's one that would be

1136
00:52:39,480 --> 00:52:42,320
Speaker 5: incredible to own, like a you know, early eighties.

1137
00:52:42,360 --> 00:52:43,279
Speaker 2: Oh you haven't got one.

1138
00:52:43,320 --> 00:52:45,080
Speaker 6: No, no, no, dude, there was a time.

1139
00:52:44,920 --> 00:52:46,560
Speaker 2: When those were going for like thirty grand.

1140
00:52:46,600 --> 00:52:46,799
Speaker 6: No no.

1141
00:52:46,880 --> 00:52:50,280
Speaker 5: I remember, like right after the financial crisis, really good examples.

1142
00:52:50,280 --> 00:52:53,359
Speaker 5: We're just over one hundred grand, and I remember looking

1143
00:52:53,400 --> 00:52:55,360
Speaker 5: at someone, I'm like, I really should buy this, Like

1144
00:52:55,400 --> 00:52:56,799
Speaker 5: I've always want to own this car, and I don't

1145
00:52:56,800 --> 00:52:58,600
Speaker 5: think it's ever going to be this price again. It

1146
00:52:58,680 --> 00:53:00,919
Speaker 5: was a really by the way, bought a zillion things

1147
00:53:00,880 --> 00:53:02,880
Speaker 5: to them and made more money than buying the car.

1148
00:53:03,400 --> 00:53:06,320
Speaker 3: But you were right, isn't that when you started your business,

1149
00:53:06,400 --> 00:53:08,120
Speaker 3: was when I started my b So you were buying things.

1150
00:53:08,280 --> 00:53:09,359
Speaker 6: I was buying things. Yeah.

1151
00:53:09,560 --> 00:53:11,040
Speaker 5: I don't know if we didn't buy a lot of

1152
00:53:11,080 --> 00:53:13,960
Speaker 5: things that had tenfold returns in this period of time.

1153
00:53:14,000 --> 00:53:16,359
Speaker 5: But there's a lot of other cars out there. I mean,

1154
00:53:16,400 --> 00:53:19,319
Speaker 5: I've got you know, there's some great examples.

1155
00:53:18,760 --> 00:53:19,920
Speaker 6: That I have today.

1156
00:53:19,920 --> 00:53:23,520
Speaker 5: I have a seven eighteen Spider RS that I just

1157
00:53:23,560 --> 00:53:25,719
Speaker 5: got it was one of the first that came into

1158
00:53:25,760 --> 00:53:26,120
Speaker 5: the US.

1159
00:53:26,200 --> 00:53:29,840
Speaker 6: Like, that's a really special car. Yes, it's a really Porsche.

1160
00:53:29,840 --> 00:53:32,120
Speaker 5: I think just hit the ball out of the park

1161
00:53:32,120 --> 00:53:35,680
Speaker 5: on that one, because it's it's a great driver's car.

1162
00:53:36,640 --> 00:53:38,960
Speaker 5: It's not the fastest car in the road, but man,

1163
00:53:39,000 --> 00:53:40,400
Speaker 5: it's got to be one of the most fun. And

1164
00:53:40,440 --> 00:53:43,719
Speaker 5: that size, it's a great size vehicle. It's not quite

1165
00:53:43,760 --> 00:53:45,960
Speaker 5: as big as the new nine to elevens are. I

1166
00:53:46,000 --> 00:53:46,680
Speaker 5: really love it.

1167
00:53:46,719 --> 00:53:50,720
Speaker 3: So Ferrari doesn't make a car anymore with a stick.

1168
00:53:51,000 --> 00:53:54,279
Speaker 3: The Corvette doesn't come with a stick anymore, at least

1169
00:53:54,280 --> 00:53:56,160
Speaker 3: as far as we know. The new nine to elevens

1170
00:53:56,160 --> 00:53:58,719
Speaker 3: that Hannah drove right, none of those kinds.

1171
00:53:58,719 --> 00:54:00,640
Speaker 1: But I think it's I think a manu All gearbox

1172
00:54:00,800 --> 00:54:02,280
Speaker 1: is coming on a higher variant.

1173
00:54:02,320 --> 00:54:05,520
Speaker 3: But why do you think these extra special.

1174
00:54:05,120 --> 00:54:07,600
Speaker 4: Vehicle not on the hybrid but on the nine nine

1175
00:54:07,680 --> 00:54:08,279
Speaker 4: two two.

1176
00:54:08,440 --> 00:54:09,520
Speaker 2: Well, you know, I have.

1177
00:54:10,480 --> 00:54:12,120
Speaker 3: One of the things about the Corvette that I was

1178
00:54:12,200 --> 00:54:15,839
Speaker 3: driving is it's so fast that I can barely keep

1179
00:54:15,880 --> 00:54:17,719
Speaker 3: the car out of triple digits. I'm not sure if

1180
00:54:17,719 --> 00:54:19,239
Speaker 3: that'd be a good excuse when I get pulled over,

1181
00:54:19,280 --> 00:54:20,040
Speaker 3: but I just can't.

1182
00:54:20,600 --> 00:54:22,200
Speaker 2: If I had a stick, it.

1183
00:54:22,120 --> 00:54:25,839
Speaker 3: Would make it much easier to drive slower. You know,

1184
00:54:26,000 --> 00:54:29,000
Speaker 3: why do you think these super luxury brands don't put out.

1185
00:54:29,120 --> 00:54:31,000
Speaker 6: I don't think there's the demand for it. I think

1186
00:54:31,000 --> 00:54:31,399
Speaker 6: that's why.

1187
00:54:31,440 --> 00:54:33,440
Speaker 5: I mean, like there's just aren't as many people that

1188
00:54:33,520 --> 00:54:36,600
Speaker 5: want that, And I think that's why we see the

1189
00:54:36,680 --> 00:54:39,480
Speaker 5: older cars, you know, generate such interest. I mean, you

1190
00:54:39,520 --> 00:54:43,760
Speaker 5: know you've ever driven like an early seventies Alpha Romeo,

1191
00:54:44,000 --> 00:54:44,600
Speaker 5: Like those are.

1192
00:54:44,440 --> 00:54:45,280
Speaker 6: Not fast cars.

1193
00:54:45,280 --> 00:54:48,640
Speaker 5: Those are awesome to drive, like this sound, you know

1194
00:54:48,800 --> 00:54:51,359
Speaker 5: the feel of the car. Those are great, great, great

1195
00:54:51,400 --> 00:54:54,759
Speaker 5: cars to drive. You know, there are lots and lots

1196
00:54:55,040 --> 00:54:57,440
Speaker 5: of examples of great cars with manual transmissions to drive,

1197
00:54:57,480 --> 00:55:00,280
Speaker 5: and no other one's really inexpensive, you know, late eight Ease

1198
00:55:00,560 --> 00:55:01,640
Speaker 5: Mazda are seven.

1199
00:55:02,520 --> 00:55:05,360
Speaker 3: I'm fascinated by the engine because it's rotary.

1200
00:55:05,400 --> 00:55:08,960
Speaker 5: Account that's a great No, I don't, but it's it's

1201
00:55:09,040 --> 00:55:11,200
Speaker 5: on the list of things that like would be great.

1202
00:55:11,239 --> 00:55:13,520
Speaker 5: This is the downside of being a New York City residence.

1203
00:55:13,600 --> 00:55:15,960
Speaker 5: Like for like I got like, you know, one spot

1204
00:55:16,040 --> 00:55:18,960
Speaker 5: in the garage for like, you know, something nice, And

1205
00:55:19,040 --> 00:55:20,960
Speaker 5: it's stupid how much money you have to pay to

1206
00:55:21,040 --> 00:55:24,880
Speaker 5: like have a protected place in your garage. Someday I

1207
00:55:24,880 --> 00:55:27,160
Speaker 5: won't live in New York and I'll have more cars.

1208
00:55:27,200 --> 00:55:30,480
Speaker 5: But you know, I think the you know, then when

1209
00:55:30,800 --> 00:55:33,160
Speaker 5: the ones you do buy for collection, they got you

1210
00:55:33,239 --> 00:55:36,040
Speaker 5: because you're in New York and it's too expensive. But

1211
00:55:36,120 --> 00:55:38,560
Speaker 5: I think, you know, it's sort of an endless list

1212
00:55:38,600 --> 00:55:40,960
Speaker 5: of what would be amazing to own. There just are

1213
00:55:41,080 --> 00:55:43,560
Speaker 5: so many cars. And I actually think that the list

1214
00:55:43,560 --> 00:55:47,600
Speaker 5: of vehicles that that could be reimagined where you have

1215
00:55:47,840 --> 00:55:50,719
Speaker 5: all the styling and aesthetics of something old, but with

1216
00:55:50,840 --> 00:55:52,960
Speaker 5: the conveniences of.

1217
00:55:52,480 --> 00:55:54,359
Speaker 6: Of a of a more modern car.

1218
00:55:54,440 --> 00:55:56,279
Speaker 5: What I mean by conveniences are like, you don't have

1219
00:55:56,280 --> 00:55:58,879
Speaker 5: to worry about it breaking down right, it'll run right.

1220
00:55:59,520 --> 00:56:01,279
Speaker 2: As traction control.

1221
00:56:01,040 --> 00:56:02,759
Speaker 6: Yeah, as long as you can turn it off. I

1222
00:56:02,800 --> 00:56:03,480
Speaker 6: think those are great.

1223
00:56:03,480 --> 00:56:05,080
Speaker 3: But do you think that's a long list. I mean

1224
00:56:05,120 --> 00:56:07,640
Speaker 3: I could think of a few. Obviously, the C two

1225
00:56:07,719 --> 00:56:10,920
Speaker 3: Corvette is one that I think of, you know, the

1226
00:56:11,000 --> 00:56:12,520
Speaker 3: Mustang you're already doing.

1227
00:56:13,440 --> 00:56:15,320
Speaker 2: I don't think there are really that many.

1228
00:56:15,360 --> 00:56:16,799
Speaker 5: Oh I could go through it. I mean I think

1229
00:56:16,840 --> 00:56:21,040
Speaker 5: you could do. I'd love to see a Lamborghini that

1230
00:56:21,120 --> 00:56:23,920
Speaker 5: was more that was more reliable, user friendly.

1231
00:56:24,040 --> 00:56:24,879
Speaker 6: I can't imagine little.

1232
00:56:24,920 --> 00:56:26,719
Speaker 3: I've never been into kuntash, but I bet you it's

1233
00:56:26,760 --> 00:56:27,680
Speaker 3: hard to get in and out and dry.

1234
00:56:27,840 --> 00:56:29,480
Speaker 5: Yeah, and the wheel well's not ideal, but it's like,

1235
00:56:29,560 --> 00:56:32,480
Speaker 5: that's a great one that could be really really special

1236
00:56:32,480 --> 00:56:37,279
Speaker 5: because imagine if it were carbon monocoque with carbon body, right,

1237
00:56:37,320 --> 00:56:41,960
Speaker 5: it just be and and take that motor and modern technology.

1238
00:56:42,000 --> 00:56:44,960
Speaker 5: You talk about something with eight hundred horsepower that weighs

1239
00:56:45,000 --> 00:56:47,040
Speaker 5: hundreds of pounds less. That's going to be a just

1240
00:56:47,160 --> 00:56:50,880
Speaker 5: absolutely ridiculous car. And you know, you do bigger rims

1241
00:56:50,920 --> 00:56:53,640
Speaker 5: and smaller aspect ratio tires and think there's a lot

1242
00:56:53,680 --> 00:56:54,840
Speaker 5: that could be done there.

1243
00:56:56,000 --> 00:56:58,399
Speaker 6: And I think the list is a mile long.

1244
00:56:58,680 --> 00:57:01,120
Speaker 3: Hannah, what would you do if you could start, Hannah

1245
00:57:01,120 --> 00:57:02,480
Speaker 3: Elliott reimagining cars?

1246
00:57:02,480 --> 00:57:05,360
Speaker 1: What would you I honestly wouldn't you'd keep in mind,

1247
00:57:05,520 --> 00:57:06,359
Speaker 1: I'm really.

1248
00:57:06,120 --> 00:57:07,440
Speaker 4: I'm really, I'm honestly.

1249
00:57:07,560 --> 00:57:09,920
Speaker 1: I mean it's fine, you know, I'm not certainly not

1250
00:57:10,080 --> 00:57:13,520
Speaker 1: casting judgment, but I honestly wouldn't. I it doesn't appeal

1251
00:57:13,560 --> 00:57:16,320
Speaker 1: to me on a personal level. It's just not my thing.

1252
00:57:16,560 --> 00:57:19,240
Speaker 5: Yeah, yeah, it's yeah, And I totally get that too,

1253
00:57:19,320 --> 00:57:24,800
Speaker 5: Like I have a Yeah, I there's there's like old

1254
00:57:25,040 --> 00:57:28,880
Speaker 5: slate sixties Shelby Mustangs. You know I've got I've got

1255
00:57:29,400 --> 00:57:34,760
Speaker 5: one that's that's been modernized, and ones that haven't are

1256
00:57:34,920 --> 00:57:36,800
Speaker 5: I think just as every bit as fun.

1257
00:57:37,160 --> 00:57:39,000
Speaker 6: You know. Imagine like an old you know one.

1258
00:57:39,120 --> 00:57:40,520
Speaker 5: I'll give you an example of a car that i'd

1259
00:57:40,560 --> 00:57:42,640
Speaker 5: like done that I would definitely not want to have,

1260
00:57:42,920 --> 00:57:44,160
Speaker 5: like a four to twenty seven cover.

1261
00:57:44,400 --> 00:57:45,480
Speaker 6: I just want the original.

1262
00:57:45,920 --> 00:57:49,560
Speaker 1: Yeah to me too, you know things we all see

1263
00:57:49,800 --> 00:57:54,040
Speaker 1: cars on golf courses that have been over restored that

1264
00:57:54,120 --> 00:57:57,720
Speaker 1: are just past the point they're actually better now than

1265
00:57:57,760 --> 00:57:59,880
Speaker 1: they ever were when they came out of the factory.

1266
00:58:00,120 --> 00:58:04,240
Speaker 1: And to me, that's that I'm not interested in in

1267
00:58:04,280 --> 00:58:08,840
Speaker 1: a hypothetical perfection that did not exist at the time,

1268
00:58:09,000 --> 00:58:09,200
Speaker 1: you know.

1269
00:58:09,440 --> 00:58:13,800
Speaker 3: So I just want so I mean, I'm with you

1270
00:58:13,880 --> 00:58:16,680
Speaker 3: kind of on this because I I feel like there

1271
00:58:16,680 --> 00:58:19,640
Speaker 3: are a lot of old cars that are very unsafe

1272
00:58:19,720 --> 00:58:22,120
Speaker 3: to drive. There's a lot of old cars that are

1273
00:58:22,840 --> 00:58:24,560
Speaker 3: very slow, like even.

1274
00:58:25,080 --> 00:58:29,160
Speaker 7: Say than they are now, And like I would love

1275
00:58:29,200 --> 00:58:31,280
Speaker 7: to get like an old Jag, you know, but I

1276
00:58:31,280 --> 00:58:34,280
Speaker 7: know it's going to break down every week, and I

1277
00:58:34,320 --> 00:58:37,320
Speaker 7: know it's gonna be super slow and heavy, But I

1278
00:58:37,400 --> 00:58:39,480
Speaker 7: want one that's I love the design.

1279
00:58:40,040 --> 00:58:41,240
Speaker 2: I love the interior.

1280
00:58:41,760 --> 00:58:44,919
Speaker 3: For example, I want so desperately that Bentley that Matt

1281
00:58:44,960 --> 00:58:45,600
Speaker 3: Farra got right.

1282
00:58:45,680 --> 00:58:48,040
Speaker 2: I've wanted for so long. I've wanted a Bentley.

1283
00:58:48,080 --> 00:58:50,120
Speaker 3: But every time I watch a YouTube video about someone

1284
00:58:50,360 --> 00:58:53,120
Speaker 3: who buys one for thirty thousand dollars, they talk about

1285
00:58:53,120 --> 00:58:55,120
Speaker 3: how they've put one hundred grand into it already and

1286
00:58:55,120 --> 00:58:57,560
Speaker 3: they still can't keep it running. I wish they could

1287
00:58:57,600 --> 00:58:59,400
Speaker 3: do something like, you know, this is.

1288
00:58:59,360 --> 00:59:01,040
Speaker 5: The great thing, like the case can be made for

1289
00:59:01,120 --> 00:59:04,520
Speaker 5: both and and you know, Hannah will say she loves that.

1290
00:59:04,800 --> 00:59:06,120
Speaker 5: You know, when you get behind the wheel of an

1291
00:59:06,120 --> 00:59:07,880
Speaker 5: old card doesn't track perfectly.

1292
00:59:07,520 --> 00:59:10,200
Speaker 6: Straight, have to pay total attention.

1293
00:59:10,640 --> 00:59:12,880
Speaker 5: And that's all right, right, that's really cool. And I

1294
00:59:13,560 --> 00:59:16,880
Speaker 5: get it equally. I think when you take a car

1295
00:59:17,040 --> 00:59:20,800
Speaker 5: that's restored and it's done really well, and you can't

1296
00:59:21,080 --> 00:59:23,880
Speaker 5: quite like, you know, when I drive my Singer, people

1297
00:59:24,040 --> 00:59:27,760
Speaker 5: don't really know what it is, particularly the DLS.

1298
00:59:27,880 --> 00:59:29,600
Speaker 6: They just think it's an old Porsche with a cool

1299
00:59:29,600 --> 00:59:30,080
Speaker 6: paint job.

1300
00:59:30,120 --> 00:59:32,680
Speaker 5: They don't really you know, like why it's a visible

1301
00:59:32,720 --> 00:59:35,440
Speaker 5: carbon car that's kind of cool. They don't really get

1302
00:59:35,720 --> 00:59:39,880
Speaker 5: that it is completely different as an F one developed.

1303
00:59:39,800 --> 00:59:43,000
Speaker 3: That's something that's that is completely different, right, that's.

1304
00:59:42,840 --> 00:59:44,120
Speaker 6: Not, but it doesn't look like it.

1305
00:59:44,160 --> 00:59:46,880
Speaker 5: And I'll say you driving it doesn't feel like a

1306
00:59:46,880 --> 00:59:50,520
Speaker 5: brand new modern car. It bears no resemblance to you know,

1307
00:59:50,640 --> 00:59:54,120
Speaker 5: like a like my you know, sevent eighteen Spider. Like

1308
00:59:54,120 --> 00:59:57,920
Speaker 5: they're very very very different driving experiences, both awesome in

1309
00:59:57,960 --> 01:00:01,080
Speaker 5: their own way, but very different. And I think that's

1310
01:00:01,120 --> 01:00:04,280
Speaker 5: what I find alluring is that you can, you know,

1311
01:00:04,360 --> 01:00:07,360
Speaker 5: done right, you can create something that's really pretty special.

1312
01:00:07,640 --> 01:00:09,360
Speaker 3: That was super nice of him to come and spend

1313
01:00:09,400 --> 01:00:11,920
Speaker 3: some time with us. He's got so much on the go,

1314
01:00:12,640 --> 01:00:12,800
Speaker 3: you know.

1315
01:00:12,920 --> 01:00:16,320
Speaker 1: Yeah, it's unbelievable, and he's so grounded and calm.

1316
01:00:16,400 --> 01:00:17,320
Speaker 4: Yeah, I'm surprised.

1317
01:00:17,520 --> 01:00:22,160
Speaker 3: Really interesting kind of crossover between cars as a hobby

1318
01:00:22,200 --> 01:00:25,600
Speaker 3: and cars as an investment. And obviously the businesses are

1319
01:00:25,840 --> 01:00:27,280
Speaker 3: you know, he wants to make money on them, but

1320
01:00:27,320 --> 01:00:28,760
Speaker 3: what cool business is to be in.

1321
01:00:29,080 --> 01:00:31,720
Speaker 4: Yeah, it's obvious. He's like he's a car guy.

1322
01:00:31,840 --> 01:00:34,600
Speaker 3: He did it right, All right, very cool. That's all

1323
01:00:34,600 --> 01:00:35,480
Speaker 3: we've got for today.

1324
01:00:35,480 --> 01:00:36,080
Speaker 2: What have you got?

1325
01:00:36,080 --> 01:00:38,520
Speaker 3: Have you got anything on in terms of are you

1326
01:00:38,600 --> 01:00:42,040
Speaker 3: driving something special? I really, by the way, desperately now

1327
01:00:42,120 --> 01:00:45,600
Speaker 3: want to drive that Z six because I had such

1328
01:00:45,600 --> 01:00:48,320
Speaker 3: a good time in the E ray that now and

1329
01:00:48,360 --> 01:00:50,200
Speaker 3: my wife was like, we need to get one of these.

1330
01:00:50,960 --> 01:00:53,240
Speaker 4: Meet in the middle, start driving toward each other.

1331
01:00:53,640 --> 01:00:56,080
Speaker 3: And what did you finally think of the Z six?

1332
01:00:57,160 --> 01:01:02,760
Speaker 1: It revs Hi right, Yes, it's it's a great car.

1333
01:01:02,920 --> 01:01:05,480
Speaker 1: You know, it's like everything we said last week. I

1334
01:01:05,520 --> 01:01:10,200
Speaker 1: definitely think it's a bit lurchy. It's not a smooth beast.

1335
01:01:10,760 --> 01:01:12,640
Speaker 1: And I say that having come out of a nine

1336
01:01:12,640 --> 01:01:15,160
Speaker 1: to eleven, so you know, that's that is what I

1337
01:01:15,240 --> 01:01:19,800
Speaker 1: drove immediately before it. The interior is really a thing,

1338
01:01:20,360 --> 01:01:23,240
Speaker 1: you know, I don't know, it's like it doesn't I'm

1339
01:01:23,280 --> 01:01:28,480
Speaker 1: not bothered by the interior configuration. It makes me feel something.

1340
01:01:28,520 --> 01:01:30,200
Speaker 1: I just don't know what. It makes me feel.

1341
01:01:30,440 --> 01:01:33,000
Speaker 3: It makes me feel like I'm a fighter pilot who's

1342
01:01:33,160 --> 01:01:36,560
Speaker 3: on an episode of Miami Vice. Yeah, it's you're in

1343
01:01:36,600 --> 01:01:40,320
Speaker 3: a cocoon. And anyhow, I love also that the car

1344
01:01:40,400 --> 01:01:44,320
Speaker 3: is relatively accessible. So, for instance, when we're talking about Ferraris,

1345
01:01:44,400 --> 01:01:46,640
Speaker 3: you spend time in all these you know, supercars.

1346
01:01:46,840 --> 01:01:48,800
Speaker 2: I'm never gonna get in any of those, but yes

1347
01:01:48,880 --> 01:01:49,280
Speaker 2: you will.

1348
01:01:49,440 --> 01:01:52,640
Speaker 3: But a lot of people can get into Quarvette Corvette.

1349
01:01:52,720 --> 01:01:54,880
Speaker 2: Yeah, for sure, which is which is really sweet.

1350
01:01:54,880 --> 01:01:57,560
Speaker 3: All Right, I'm I'm gonna be driving an SL sixty

1351
01:01:57,600 --> 01:01:58,400
Speaker 3: three next week.

1352
01:01:58,920 --> 01:02:01,280
Speaker 4: That'll be fun, so excited. That'll be great for that.

1353
01:02:01,320 --> 01:02:03,480
Speaker 3: But and so I've driven a series of these kind

1354
01:02:03,480 --> 01:02:07,920
Speaker 3: of roadsters or convertibles. I had the Z four, now

1355
01:02:07,960 --> 01:02:10,760
Speaker 3: I was in the convertible C eight, and then I'll

1356
01:02:10,800 --> 01:02:13,880
Speaker 3: be in the SL sixty three, and it'll be an

1357
01:02:13,920 --> 01:02:15,480
Speaker 3: interesting comparison.

1358
01:02:16,120 --> 01:02:16,640
Speaker 4: That's great.

1359
01:02:16,720 --> 01:02:21,200
Speaker 1: I think I have a Volvo drive coming up, may

1360
01:02:21,240 --> 01:02:23,439
Speaker 1: have a Rivian coming up. I've got a couple things

1361
01:02:23,480 --> 01:02:25,160
Speaker 1: I kind of need to check. It's like I'm gonna

1362
01:02:25,200 --> 01:02:27,560
Speaker 1: have a week or two with nothing and then a

1363
01:02:28,080 --> 01:02:30,080
Speaker 1: staccato succession of new things.

1364
01:02:30,120 --> 01:02:32,360
Speaker 3: So all right, well then we have enough to talk

1365
01:02:32,360 --> 01:02:33,440
Speaker 3: about for next week.

1366
01:02:33,920 --> 01:02:35,600
Speaker 2: Yes, I'm Matt Miller

1367
01:02:35,880 --> 01:02:38,080
Speaker 4: I'm Hannah Elliott, and this is Bloomberg