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

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

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Speaker 2: Pursuit coming up on today's podcast. One of my favorite CEOs,

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Speaker 2: truly of one of my favorite brands.

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Speaker 1: You've been talking to me about this person and this

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Speaker 1: brand for at least a year. Yeah, and I and

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Speaker 1: I admit I kind of didn't get it.

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Speaker 2: Well, I admit it. We're talking about Nick Pinchuck. He

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Speaker 2: is the CEO of snap On snap On Tools, which

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Speaker 2: anyone in the car world, even if you haven't heard

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Speaker 2: much about snap On, you've definitely seen the logo.

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Speaker 1: I've heard that name before. But I thought they just

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Speaker 1: made like containers for tools that go in your truck,

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Speaker 1: exactly literally what I thought.

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Speaker 2: Well, and they make the toolboxes that you see in

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Speaker 2: the garage.

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Speaker 3: Seen a lot of those.

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Speaker 2: Yes, I have always wanted one, but they're so expensive.

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Speaker 3: Are they really really like quite the luxury item of

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Speaker 3: the world.

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Speaker 2: Oh yeah, I mean, look, you go and bring a

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Speaker 2: trailer sometimes and people will be auctioning off a snap

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Speaker 2: On toolbox and it will go to multiple thousands of

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Speaker 2: dollars if they're filled with tools, even more so.

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Speaker 3: Cool.

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Speaker 2: Yeah, this is like mortgage level stuff. And that's like

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Speaker 2: the whole show today because he we run the gamut

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Speaker 2: with him from the product and the brand to uh,

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Speaker 2: you know, the economy and the working man and woman.

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Speaker 2: I think touched on Rosie the Riveter momentarily.

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Speaker 1: To yeah, yeah, we cover we do cover a lot

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Speaker 1: of I also feel like it was like kind of

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Speaker 1: what we needed, you know, to get our faith back

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Speaker 1: in America in the dignity of the American worker.

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Speaker 2: Yes, come on, let's get straight to it. Here is

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Speaker 2: Nick Pinchuck from snap On. You know, ever since I

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Speaker 2: started getting into cars and bikes, I have been fascinated

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Speaker 2: by snap On tools because of obviously you do a

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Speaker 2: great job with your branding and your sponsorships and people

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Speaker 2: watch racing, you know, see the name all the time.

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Speaker 2: But the scarcity also for a consumer, for a retail customer,

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Speaker 2: the scarcity makes it so interesting because you can't just

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Speaker 2: go into a store and buy snap On tools, right,

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Speaker 2: you have to, Like see the van. When I'm riding

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Speaker 2: up to Rockwell Motorcycles in Bear Mountain, I see the van.

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Speaker 2: No matter what I'm doing, I'll pull over and see

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Speaker 2: if I can get like a ratchet or a screwdriver

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Speaker 2: from the guy. Is that Nick? Is that part of

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Speaker 2: the part of the marketing or.

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Speaker 4: Sure you unleashed me when you said the word snap On.

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Speaker 4: You know, I could talk for an hour. But look,

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Speaker 4: here's the thing. The snap On brand is the most

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Speaker 4: powerful brand in America. Now, I'm sure right now, racing

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Speaker 4: through your mind is here's another CEO that has an

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Speaker 4: aberated view of the importance of his company. But let

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Speaker 4: me let me tell you it is today the outward

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Speaker 4: sign of pride and dignity that working men and women

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Speaker 4: take in their profession. They buy our tools because it

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Speaker 4: makes a statement. It goes all the way back to

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Speaker 4: the beginning. In nineteen twenty nineteen twenty eight, snap On

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Speaker 4: was founded, and you know, there were seven a half

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Speaker 4: million vehicles on the road and nobody, you know, and

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Speaker 4: that kind of thing when the industry's just starting repair legs,

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Speaker 4: and nobody knew what a skills a mechanic would really

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Speaker 4: have to have, and more than that, what tools they

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Speaker 4: would use. So they had a dog's breakfast worth of tools.

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Speaker 4: Comes an engineer from Milwaukee, Wisconsin, and he walks around

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Speaker 4: in the garages and he sees the mechanics work he

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Speaker 4: observes that work, and he comes up with a tool

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Speaker 4: five handles up different configurations like a tee, an ellipse,

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Speaker 4: a crank, and puts them together with ten sockets of

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Speaker 4: different dimensions and fashions them so they up on interchangeably.

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Speaker 4: He said, these five handles do the work of fifty tools,

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Speaker 4: and so they did that innovation revolution size toolsets all

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Speaker 4: over the country. He did two other things which were

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Speaker 4: as important. He made the tools of the highest quality steel,

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Speaker 4: and you pick them up, and if you transport yourself

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Speaker 4: back into nineteen twenty, you kind of say, these things

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Speaker 4: are built like a brick structure. You know, they are

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Speaker 4: very very strong, and you can imagine they're great. But

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Speaker 4: here's something that he did was even more important. He

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Speaker 4: bypassed the normal way to sell tools, that is to

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Speaker 4: go through distributors, and he told his salesman to go

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Speaker 4: into the garage and lay those tools, the five handles

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Speaker 4: and ten sockets out on greenfelt as if they were

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Speaker 4: as precious as surgeons knives, implying that if the mechanic

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Speaker 4: used these tools, he would declare to the world he's

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Speaker 4: doing something as special as a surgeon. And that is

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Speaker 4: the underpinning of our brand today. Snap On is the

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Speaker 4: outward sign of pride and taking any for working men

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Speaker 4: and women, and we have people buy our jackets. I

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Speaker 4: got in a van downtown chick I get on these

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Speaker 4: vans all the time. We have. We have like thirty

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Speaker 4: thirty five hundred of them in the United States. So

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Speaker 4: I get on this van downtown Vans.

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Speaker 2: By the way, the vans are how you sell the tools, right,

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Speaker 2: That's what I was talking about.

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Speaker 4: This we did. Does vans sell the tools through our

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Speaker 4: franchise vans who sell the tools directly to the mechanics,

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Speaker 4: not to the garages. So if you think about it

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Speaker 4: as another factor about snap On is we're integrated from

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Speaker 4: the raw steel that comes in back of the factory,

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Speaker 4: we work on it, you know, fairly difficult processes, and

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Speaker 4: then ship it all the way to the hand of

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Speaker 4: the ends user. And we call on one million technicians

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Speaker 4: every week.

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Speaker 2: Wow.

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Speaker 4: But these guys ride around in routes where they call it.

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Speaker 4: You know, if you have near your house a Chevrolet dealership,

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Speaker 4: there's probably at four o'clock this afternoon, there's probably a

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Speaker 4: snap On truck going to go in there and sell

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Speaker 4: some tools and he'll be there next week at four

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Speaker 4: o'clock on Wednesday. See, so that's the way we do

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Speaker 4: these kinds of things. But I get on his fan.

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Speaker 4: So I get on his fan. And this guy's got

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Speaker 4: a varsity jacket, you know the kinds of things people

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Speaker 4: wearing Varsity, and it's got snap on here, and I says,

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Speaker 4: how expensive is Jackie says, ninety bucks. Corduroy jacket. Ninety bucks.

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Speaker 4: He says they're selling well. I said, yeah, they're selling well.

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Speaker 4: And so I asked him, I asked them, well, how

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Speaker 4: many do you sell? And he said, well, I would

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Speaker 4: have been selling for two weeks. When you hear this

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Speaker 4: and your guy like me, you think now the bad

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Speaker 4: news is coming. But he says, I sold eighty. So

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Speaker 4: he sold eighty in two weeks. He only has two

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Speaker 4: and fifty customers. I have people send me. I have

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Speaker 4: people send me pictures of their weddings in front of

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Speaker 4: snap on boxes or in front of snap on trucks.

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Speaker 4: I have pictures set. I have people send me pictures

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Speaker 4: of their newborn babies in which they have put their

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Speaker 4: snap on wrench in their hand, because the family believes

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Speaker 4: whatever the baby touches first will influence their life forever.

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Speaker 4: That's why we don't let amateurs use our tools easily.

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Speaker 4: If there's any commandment and snap on among them is

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Speaker 4: thou shalt not sell to do it yourself? People.

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Speaker 2: Did you start in Milwaukee and then we did start

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Speaker 2: in Milwaukee?

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Speaker 4: Well, yeah, we have thirty six factories around the world,

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Speaker 4: fifteen or in the United States. So we make in

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Speaker 4: Asia for what's in Asia. We export some stuff, but

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Speaker 4: we tend to export, Matt about as much as we import.

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Speaker 4: We're really about making in the markets because we want

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Speaker 4: to shorten that intellectual line between observing the work and

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Speaker 4: then doing the engineering and then manufacturing.

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Speaker 2: But you know, I was sitting out I want to

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Speaker 2: do it. I wanted to ask, and I was sitting

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Speaker 2: in bed last night thinking about this.

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Speaker 4: Nick.

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Speaker 3: He's been excited for weeks. Why conversation?

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Speaker 2: Why do typically And maybe I'm wrong about this, but typically,

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Speaker 2: if I want a high quality hardware product like one

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Speaker 2: of your tools or boxes, or like you know, a

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Speaker 2: gun safe for example, or actually even it even goes

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Speaker 2: to clothing, for the most part, I want to buy

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Speaker 2: something made in the US like this. The gauge of

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Speaker 2: steel will be thicker, you know, the the welds will

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Speaker 2: be better. Typically the denim will be stronger. Like for

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Speaker 2: most products that I want to buy, I find that

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Speaker 2: with exceptions. Obviously Japan is very good at certain things,

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Speaker 2: but for the most part, the US is better at

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Speaker 2: manufacturing these. Why don't you know your competitors in China

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Speaker 2: or Vietnam make a box that's as durable as the

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Speaker 2: one sitting behind you.

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Speaker 4: It ain't so easy. It isn't that easy. You know.

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Speaker 4: A lot of it has to do with proprietary metallurgy,

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Speaker 4: A lot of it has to do with the process.

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Speaker 4: You know. I'm an electrical engineer. I worked on the

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Speaker 4: Viking probe that landed on Mars in nineteen seventy six,

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Speaker 4: So at one point in another life, I was kind

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Speaker 4: of an aerospace engineer. But I can tell you this.

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Speaker 4: If I have a computer, it's a lot easier to

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Speaker 4: copy than a hand tool. And the reason is the

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Speaker 4: mere possession of the possession of the hand tool allows

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Speaker 4: me to analyze the product as it is now. But

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Speaker 4: it doesn't tell me how it was made. It doesn't

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Speaker 4: tell me about the heat treating and the grinding and

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Speaker 4: the annealing and the plating and all those things. And

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Speaker 4: so that's why it's not so easy to copy this stuff.

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Speaker 1: How are you navigating the tariff situation? You know, this

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Speaker 1: sort of new world where tariffs really have, at least

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Speaker 1: in the auto industry, taken their toll.

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Speaker 3: How have they affected you?

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Speaker 4: Well, remember, we make in the markets where we sell

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Speaker 4: so but not exclusively. Okay, So let's say you got

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Speaker 4: these vans. The van has forty thousand SKUs on it,

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Speaker 4: and then it's got and then it's got a catalog

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Speaker 4: with no not for four thousand and forty thousand in

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Speaker 4: the catalog, and so we make eighty percent of it

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Speaker 4: in the United States. So we're not tariff immune, but

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Speaker 4: we are tariff resistant. It's kind of a difficult environment

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Speaker 4: because of the changing tariffs, right, you have constant changes,

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Speaker 4: and people are always wondering why why haven't people brought

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Speaker 4: back product to the United States, Why haven't they moved

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Speaker 4: it back here. That's because it's not like the financial community.

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Speaker 4: In finance, you can just decide to move to move

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Speaker 4: out of a stock and it happens overnight. Everything is

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Speaker 4: about the decision, not about the execution. Well, in if

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Speaker 4: you want to move a factory, you can decide to

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Speaker 4: do it, but it'll take for you. There's a lot

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Speaker 4: of different factors. You know, how do you know you

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Speaker 4: have the knowledge? And so a lot of people are

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Speaker 4: split up blood all over moving factories. And then if

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Speaker 4: you overlay on top of that, Okay, I'm going to

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Speaker 4: move a factory because the tariffs are one hundred and

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Speaker 4: seventy percent from China, and then the next day or

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Speaker 4: two months later from the from the White House comes

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Speaker 4: never mind, it's now forty five percent, and now it'll

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Speaker 4: be ten percent or whatever it is. You don't like

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Speaker 4: going back to your boards a moving target.

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Speaker 3: That's what makes a challenge.

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Speaker 4: So therefore you keep your powder dry in some situations.

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Speaker 4: Now for us, we don't have that problem. Really, we're

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Speaker 4: not being exposed to this. I do if I come

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Speaker 4: back to our manufacturing though, I believe that what we

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Speaker 4: do is the future of manufacturing in the United States

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Speaker 4: because you know, I will tell you, if you put

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Speaker 4: the American worker with the right skills, they will compete.

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Speaker 4: A lot of people say, American workers is the question?

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Speaker 4: American workers the answer? And if, but you have to

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Speaker 4: give them the right skills and dealing with a complex

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Speaker 4: a complex product line require skilled workers the everge Snap

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Speaker 4: and guy stays here fifteen years, which means that they're

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Speaker 4: here thirty years. You know, all things are being equal.

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Speaker 4: So I believe that's the kind of future of America.

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Speaker 4: Customization allows people to charge for the value they bring,

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Speaker 4: because the value is tremendous. This is in the realm

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Speaker 4: of the professional you asked about You asked about consumer

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Speaker 4: You know about the idea why don't people buy cheaper?

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Speaker 4: That is a question. I think professionals don't want to

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Speaker 4: buy cheaper, particularly in critical tasks, because they don't want

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Speaker 4: to have to stop and redo the process. And if

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Speaker 4: it's around repair man, you can't predict the tools you're

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Speaker 4: going to use. It's another thing if you're on the

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Speaker 4: assembly line and you're doing the same thing over and over.

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Speaker 4: Perhaps you can buy five copies of a cheap one

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Speaker 4: and if it breaks, you still go back in in repair.

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Speaker 4: You can't afford to have five copies. You have to

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Speaker 4: be able to address so many different a mechanic has

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Speaker 4: to know two thousand procedures.

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Speaker 2: We'll take a quick break in our conversation with Nick Pinchuck,

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Speaker 2: the CEO of snap On, when we come back. More

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Speaker 2: from the man. This is Bloomberg. So, I actually I

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Speaker 2: don't even know how much you care about cars, but

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Speaker 2: I thought that you would be a great guest for

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Speaker 2: this podcast because so many people that are that are

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Speaker 2: into cars, that are that are that have the passion

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Speaker 2: for you know, uh, driving and buying and working on vehicles.

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Speaker 2: Obviously care about tools as well. They're so closely related. So, uh,

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Speaker 2: how is your relationship with cars? Are there certain cars

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Speaker 2: that you love? Do you do you care a lot

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Speaker 2: about vehicles or is your thing more like business and manufacturing. No.

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Speaker 4: I grew up in the Ota Wins. I started with

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Speaker 4: Ford as an engineer in nineteen sixty nine. I don't

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Speaker 4: have any particular but I for twenty eight Mustang. You

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Speaker 4: can you can sit fifty feet on Woodward Avenue ninety

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Speaker 4: sixty nine, eight o'clock, you sit fifty feet behind those

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Speaker 4: bathtub motors products called road runners, and you can blow

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Speaker 4: them off in a four to twenty eight Mustang in

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Speaker 4: their face, you know. And I and I always so

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Speaker 4: I remember I had one and you know, my friend

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Speaker 4: we were working on a little bit.

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Speaker 2: But that's seven leaders by the way, that's a seven

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Speaker 2: leader motor.

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Speaker 4: Yeah, yeah, it doing idol, you know, you know what

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Speaker 4: I mean. So, so the thing about this is a

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Speaker 4: great car, But the one you wanted in those days

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Speaker 4: I think was the four to twenty nine Boss. They

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Speaker 4: only made like eight hundred and fifty seven of them, right,

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Speaker 4: and I think they had to go. They were homologated

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Speaker 4: for NASCAR, but they had the NASCAR required street legal

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Speaker 4: products I think in those days. So I love that car.

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Speaker 4: So it's gonna if I was going to have a car,

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Speaker 4: I try to get one of those, you know, four

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Speaker 4: to twenty nine.

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Speaker 2: Why don't you have one? You're the c the glory

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Speaker 2: would company. I feel like you.

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Speaker 4: Yourself, but you don't really have the time, you know,

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Speaker 4: you can't really appreciate it. Maybe in another life I'll

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Speaker 4: do that. I mean, I wouldn't mind having a nine

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Speaker 4: nine to two turbo, you knows. Yeah, that would be

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Speaker 4: pretty nice.

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Speaker 1: Those last week it was great, great great car, great car,

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Speaker 1: kind of does everything.

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Speaker 4: Yeah, yeah, you know, But but the nine nine sixes

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Speaker 4: are kind of nostalgic. You know, I didn't like the

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Speaker 4: Frida Egg.

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Speaker 1: Well, it's interesting you should mention that because Matt and

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Speaker 1: I often discussed the nine nine six versus the nine

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Speaker 1: ninety seven.

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Speaker 2: I also hated the Friday Egg headlights.

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Speaker 3: Matt is very stuffy.

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Speaker 4: Did you did you accept the IMS bearings that blew up? No?

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Speaker 2: I don't think that's acceptable. And by the way, I

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Speaker 2: should say, at the time I liked those headlights, I

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Speaker 2: don't appreciate them now. I often wonder how did should

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Speaker 2: get away with for so long having the IMS bearing

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Speaker 2: problem and then having the the boor scoring issue that

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Speaker 2: they had into the nine ninety seven until the N

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Speaker 2: nine to one engine. I don't I don't get how

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Speaker 2: they got away with that.

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Speaker 4: I'm gonna explain it to you. Yeah, okay, evs I

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Speaker 4: we had, we had a few people buy by the way,

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Speaker 4: I think they're you know, dog food cars. But in

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Speaker 4: any case, any case, the EV's we had, we had

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Speaker 4: people buy evs here. I remember one woman and a

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Speaker 4: friend of mine. She bought a Tesla and it stopped

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Speaker 4: three times. Once she drove into a puddle and it stopped.

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Speaker 4: So she had had a toad three times. She said,

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Speaker 4: best car I ever had.

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Speaker 3: Oh no, no, no, no.

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Speaker 4: The Zealots people put up with things.

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Speaker 1: True, it seems like you are not necessarily a Ford loyalist,

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Speaker 1: even though you did work there. It seems like you

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Speaker 1: you have your eye on you know, multiple different brands.

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Speaker 4: Yeah, but I well, yeah, but if I had to

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Speaker 4: take one car you did, tell me.

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Speaker 1: I want to know what it was like in Detroit

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Speaker 1: and working at Ford, you know, in nineteen sixty nine,

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Speaker 1: in the seventies.

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Speaker 2: What was the culture like back then compared to now? Especially?

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Speaker 2: I mean, you see it then and now, Nick, It's hard.

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Speaker 4: To compare now because things have changed so much. You know,

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Speaker 4: I think it's but Ford, the Ford Motor Company had

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Speaker 4: people who were bigger than life. You saw leadership that

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Speaker 4: was bigger than life and a tremendous loyalty among the people.

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Speaker 4: GM had gray people at the top. You know, they

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Speaker 4: were indistinct. I think GM leadership was indistinct. So maybe

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Speaker 4: they got the Wagner or maybe Mary beat Today, you know,

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Speaker 4: something like that.

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Speaker 3: But you're talking Leiah Coca, you know a kid.

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Speaker 4: Did you see Ford versus Ferrari?

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Speaker 2: I did multiple?

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Speaker 4: Okay, we have we have the we have the wrench

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Speaker 4: that Ken Miles through at that in the movie ten Miles.

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Speaker 4: The guy who played it was a Christian bale through At.

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Speaker 4: Matt Damon, you know, Carol Shelby, the Three sixty. I

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Speaker 4: think it was a it was an open ended combo wrench.

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Speaker 4: We have it in our museum. It was a snap

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Speaker 4: on wrench, of course. Otherwise wo. But Leiah Koca in

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Speaker 4: that movie was characterized as too much milk toast. He

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Speaker 4: would have eaten BB alive. My opinion, my opinion. And

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Speaker 4: now I didn't know him that well because I was

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Speaker 4: I was carrying bags and porn drinks at that time,

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Speaker 4: you know, and doing doing engineering. But but in reality,

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Speaker 4: think of it this way. In every car art was

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Speaker 4: pre eminent over science. They say in the auto industry

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Speaker 4: that there are guys with the car design. Gene Iacca

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Speaker 4: was one. Spurlck who where Halse Spurlic, who worked with him,

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Speaker 4: was another, And they could look at a car and

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Speaker 4: say it will sell or not. I remember one situation

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Speaker 4: where he looked at the car and he says, they

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Speaker 4: ain't going to sell six weeks from production and they

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Speaker 4: had to redo the dimensions. It was pretty bad. And

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Speaker 4: so he was a superior guy from that perspective. I think.

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Speaker 4: So he was the right guy to lead in Ornans,

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Speaker 4: and he proved it when he went to Chrysler. Actually,

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Speaker 4: even though he had other urgencies around Chrysler. So he

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Speaker 4: did that, and it was also a very emotional culture.

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Speaker 4: The deuce. You know. Henry Ford the second fired Ayacca

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Speaker 4: and when Iicoke came out of there, he said some

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Speaker 4: things that I'm not sure we're true or not, but

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Speaker 4: he said he told me he didn't like my face,

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Speaker 4: and I think some of that was true, and other

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Speaker 4: people thought that maybe maybe he didn't couldn't stand standing

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Speaker 4: next to Aya Coca, so so he wanted a lower

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Speaker 4: profile executive. So design was a big issue. But we

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Speaker 4: forget how dominant General Motors was. General Motors was so

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Speaker 4: big that Ford felt like if they Ford or Chrysler

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Speaker 4: felt like if they didn't stay close to the General

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Speaker 4: Motors design, they wouldn't sell because if General Motors came

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Speaker 4: out with a car, a bunch of new cars that

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Speaker 4: were all black, people would start thinking black is what

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Speaker 4: new cars are. Ford broke out with what nineteen nineteen

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Speaker 4: eighty one Thunderbird. They changed styles to. They brought an

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Speaker 4: English designer. He had the car design g and he

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Speaker 4: built as a Thunderbird, which didn't sell in the first

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Speaker 4: six months, and all of a sudden it took off,

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Speaker 4: and that created the balance we see today between Ford

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Speaker 4: and General motors.

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Speaker 1: Well, I have to it's interesting and I wonder if

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Speaker 1: we can get your thoughts on this thread that I'm

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Speaker 1: hearing you pull out, which is like you're emphasizing art

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Speaker 1: over science when it comes to car design, and you're

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Speaker 1: sort of down playing evs, which are maximized by science

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Speaker 1: for total efficiency. And it seems like these are two

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Speaker 1: different sides of a spectrum.

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Speaker 4: First of all, that's wrong. I don't believe they're more

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Speaker 4: they're terrible parts. You ever right, You ever ride in

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Speaker 4: the backseat of an EV. It's like riding in a

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Speaker 4: buckboard if you sit in the front seat the pillars,

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Speaker 4: the pillars are too big. There's no visibility if you

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Speaker 4: think about that. And who said touchscreens are better than

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Speaker 4: palpable dials? I don't think so. I mean, the point

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Speaker 4: is they're starting to know. Now you reach down, you

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Speaker 4: don't you have to look away from the road. Yes, change,

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Speaker 4: that's my point. That's my point is I don't think

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Speaker 4: they're so well optimized now they're brand new. You know,

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Speaker 4: this runs through everything. I've been around a while and

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Speaker 4: I've run through the Carter inflation and RN you know,

400
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Speaker 4: the current and in the technical environment. I've never seen

401
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Speaker 4: a singularity, in other words, that some technology or something

402
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Speaker 4: changed everything like overnight. It hasn't happened ever, So I

403
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Speaker 4: didn't expect EVS to be able to do that. EVS

404
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Speaker 4: may eventually be the way we go, but it's going

405
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Speaker 4: to take years to evolve in the technology. It's very, very,

406
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Speaker 4: very difficult to displace a technology like the internal combustion

407
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Speaker 4: engine that has been worked over and over and over

408
00:22:38,280 --> 00:22:41,600
Speaker 4: and has behind it all that learning curve. Now, if

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Speaker 4: you come back to art versus science, I think fuel economy.

410
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Speaker 4: You know, you can have your view about where it

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Speaker 4: should be and how we should approach it, but a

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Speaker 4: difficult fuel economy targets have tended to create a similar

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Speaker 4: silhouette for most cars. I think today the art of

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Speaker 4: a car tends to be they've spent for better or worse.

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Speaker 4: They put much more energy into the features and the

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Speaker 4: options and perhaps the drive ability, but not in terms

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Speaker 4: of the appearance. By the way, one of my cars

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Speaker 4: is a twenty eleven Jaguar. I love it. Which a

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Speaker 4: jag I think it's what is it? XJR X JR.

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Speaker 4: I went to Castle Blomwich because I knew the president

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Speaker 4: of the Indian President of Jaguar at that time, and

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Speaker 4: I had them build the car for me there while

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Speaker 4: I watched, And it's got the leaper on it. You know,

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Speaker 4: you can't get the leaper these days. So I love it.

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Speaker 4: I drive it in a summer and to this day

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Speaker 4: people like it. So I think it is why I

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Speaker 4: bought Jaguars, is not because anything except that they had

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Speaker 4: different lines than the others. I've got a BMW M

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Speaker 4: five competition.

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Speaker 1: Wow, oh, now we're getting somewhere. Now, we're really getting

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Speaker 1: in the garage.

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Speaker 4: We're just smoking right, two point eight two point eight

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Speaker 4: zero to sixty what six hundred and six seventeen horsepower?

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Speaker 4: Great car, but I don't think it matches the jaguarren line.

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Speaker 2: No way. You don't go into the garage to look

436
00:24:22,560 --> 00:24:25,040
Speaker 2: at that M five, right, You wouldn't sit in your

437
00:24:25,880 --> 00:24:26,720
Speaker 2: ear opening.

438
00:24:27,000 --> 00:24:30,800
Speaker 4: Yeah, right, exactly. So I kind of like, I kind

439
00:24:30,800 --> 00:24:33,200
Speaker 4: of like that. You know. I almost bought years ago

440
00:24:33,680 --> 00:24:38,760
Speaker 4: in an Excalibur now because simply because in Detroit there

441
00:24:38,800 --> 00:24:40,959
Speaker 4: was a bar in Detroit called Excalibur, and they had

442
00:24:40,960 --> 00:24:43,560
Speaker 4: an Excalibur in front. So I almost went out and

443
00:24:43,560 --> 00:24:45,600
Speaker 4: bought one of those, but I probably would have been

444
00:24:45,640 --> 00:24:48,640
Speaker 4: a bad investment and might not have been that much fun.

445
00:24:49,200 --> 00:24:52,400
Speaker 1: I don't hear you saying anything about the Corvette, Nick,

446
00:24:52,680 --> 00:24:56,719
Speaker 1: And if we're talking about GM in the sixties and seventies,

447
00:24:57,280 --> 00:24:58,719
Speaker 1: why aren't we talking Corvette?

448
00:24:59,200 --> 00:25:02,359
Speaker 2: And be careful, becau Is Hannah is a C three officionado.

449
00:25:03,480 --> 00:25:05,720
Speaker 1: We've stunned them into silence. This is the most quiet

450
00:25:05,760 --> 00:25:06,760
Speaker 1: he's been all Also, the.

451
00:25:07,119 --> 00:25:09,360
Speaker 2: Motor, the LS motor has to be one and your

452
00:25:09,400 --> 00:25:12,359
Speaker 2: tools working on you got to respect.

453
00:25:13,320 --> 00:25:15,639
Speaker 4: I respect the vet. I don't know if this is

454
00:25:15,680 --> 00:25:18,000
Speaker 4: true or apocryphal, but I just just came to my

455
00:25:18,080 --> 00:25:21,160
Speaker 4: ear as a story that one of the car gene

456
00:25:21,320 --> 00:25:24,240
Speaker 4: guys at Ford was a guy named Bob Blutz.

457
00:25:24,880 --> 00:25:27,400
Speaker 3: Yeah, I remember, I've interviewed him many.

458
00:25:27,480 --> 00:25:30,199
Speaker 4: Bob Lutz is the only senior executive to be at

459
00:25:30,200 --> 00:25:34,560
Speaker 4: all three places, General Motors, Chrysler, he went. He went

460
00:25:34,600 --> 00:25:37,040
Speaker 4: to Chrysler with Aya Coca, and he was at Ford.

461
00:25:37,359 --> 00:25:38,880
Speaker 4: He used to he used to come to the board meetings.

462
00:25:38,920 --> 00:25:40,359
Speaker 4: I remember I used to have to do the books

463
00:25:40,359 --> 00:25:42,280
Speaker 4: for the board meeting. He'd come to the board meeting

464
00:25:42,320 --> 00:25:45,280
Speaker 4: and a motorcycle and leather jacket. You know. And so

465
00:25:45,560 --> 00:25:48,880
Speaker 4: this guy was a fighter pilot, but he really knew cars.

466
00:25:49,280 --> 00:25:52,280
Speaker 4: So he's now ninety five. I heard that he just

467
00:25:52,440 --> 00:25:56,919
Speaker 4: ordered a thousand horsepower for VET, so they must have

468
00:25:57,040 --> 00:25:59,840
Speaker 4: something I would say there, Yeah, you know, but if

469
00:25:59,840 --> 00:26:02,960
Speaker 4: you're you're a Ford guy, I guess you could put

470
00:26:02,960 --> 00:26:05,960
Speaker 4: it this way. I'd rather eat broken glass than sit

471
00:26:06,040 --> 00:26:06,880
Speaker 4: in a Corvette.

472
00:26:07,280 --> 00:26:07,960
Speaker 2: Wow.

473
00:26:08,960 --> 00:26:10,359
Speaker 3: Wow, Wow.

474
00:26:10,800 --> 00:26:13,399
Speaker 2: We'll take a quick break in our conversation with Nick Pinchuck,

475
00:26:13,520 --> 00:26:16,240
Speaker 2: the CEO of snap On, when we come back. More

476
00:26:16,440 --> 00:26:19,200
Speaker 2: from the man. This is Bloomberg.

477
00:26:27,680 --> 00:26:31,200
Speaker 1: So we thought you were for loyal, but that seems

478
00:26:31,320 --> 00:26:32,120
Speaker 1: very extreme.

479
00:26:32,520 --> 00:26:35,240
Speaker 2: I will take it outside of that. Dude, I love

480
00:26:35,960 --> 00:26:39,159
Speaker 2: the Corvettes. From the C six through the redesigned C

481
00:26:39,359 --> 00:26:42,400
Speaker 2: seven was like a turning point in my automotive enthusiast life.

482
00:26:42,640 --> 00:26:45,359
Speaker 2: And now the C eight is just such an amazing vehicle.

483
00:26:45,440 --> 00:26:47,800
Speaker 2: I would call it a supercar. And Hannah and I

484
00:26:47,800 --> 00:26:50,840
Speaker 2: have this argument a lot I can't. And also, the dude,

485
00:26:50,880 --> 00:26:53,520
Speaker 2: those motors have to be so profitable for you, like people.

486
00:26:54,000 --> 00:26:57,360
Speaker 2: Uh that's the probably the most used crate motor, right

487
00:26:57,400 --> 00:26:58,280
Speaker 2: the LS.

488
00:26:58,400 --> 00:27:01,000
Speaker 4: Sure yeah, sure, I mean I'm sure we make a

489
00:27:01,000 --> 00:27:04,720
Speaker 4: lot of money selling to Corvette mechanics, and I wouldn't

490
00:27:04,720 --> 00:27:08,720
Speaker 4: have said that that. I'll tell you you learn a

491
00:27:08,760 --> 00:27:12,919
Speaker 4: lot of things in this business. For example, Audi's I

492
00:27:12,960 --> 00:27:15,280
Speaker 4: think you used to drive an Audi, didn't you? I did.

493
00:27:15,320 --> 00:27:15,680
Speaker 4: I had.

494
00:27:15,800 --> 00:27:19,480
Speaker 2: I had a two thousand and one, a four Avaunt

495
00:27:19,680 --> 00:27:21,920
Speaker 2: with a two point five TDI did you ever?

496
00:27:22,160 --> 00:27:24,800
Speaker 4: Did you ever take it to the garage?

497
00:27:25,160 --> 00:27:27,520
Speaker 2: You know, I brought it in for service when it

498
00:27:27,560 --> 00:27:29,840
Speaker 2: when it was necessary. Yeah.

499
00:27:30,000 --> 00:27:31,760
Speaker 4: I was in an Audi garage the other day. You

500
00:27:31,760 --> 00:27:35,600
Speaker 4: ever look under the engine compartment of an Audi today,

501
00:27:36,800 --> 00:27:39,520
Speaker 4: It will horrify you. So I was in an Audi

502
00:27:39,560 --> 00:27:41,919
Speaker 4: garage and Daudi dealership and the guy says to me,

503
00:27:42,520 --> 00:27:44,320
Speaker 4: if one of these cars comes in here with check

504
00:27:44,359 --> 00:27:46,920
Speaker 4: engine LIGHTE, it ain't coming out quickly, you know, because

505
00:27:46,960 --> 00:27:48,240
Speaker 4: it's they're harder to work on.

506
00:27:48,440 --> 00:27:50,440
Speaker 2: Yeah. Well, actually this is what I was. This is

507
00:27:50,480 --> 00:27:52,960
Speaker 2: the point I wanted to make. Like I think we've

508
00:27:53,040 --> 00:27:56,600
Speaker 2: moved you could say, from art to science or from

509
00:27:57,320 --> 00:28:02,040
Speaker 2: uh you know, passion projects to utilies as cars become

510
00:28:02,119 --> 00:28:05,760
Speaker 2: more difficult to work on. And you know, when I

511
00:28:05,800 --> 00:28:07,639
Speaker 2: was a kid, my dad used to work on his

512
00:28:07,760 --> 00:28:10,199
Speaker 2: Mustang himself. You know, I would go into the garage

513
00:28:10,200 --> 00:28:12,640
Speaker 2: and he'd be wrenching away in there on doing something

514
00:28:12,680 --> 00:28:16,200
Speaker 2: with the carburetor or whatever. And now you can't even see,

515
00:28:16,720 --> 00:28:18,920
Speaker 2: you know, the engine. Even in a poor show, which

516
00:28:18,960 --> 00:28:22,040
Speaker 2: is an enthusiast vehicle, they just have a plastic cover

517
00:28:22,440 --> 00:28:25,160
Speaker 2: over the top. And obviously on an electric I don't

518
00:28:25,200 --> 00:28:28,600
Speaker 2: know where you would start on an EV. So our

519
00:28:28,640 --> 00:28:36,040
Speaker 2: relationship to cars has I think weakened or diminished as

520
00:28:36,440 --> 00:28:40,120
Speaker 2: we are able, as you know, retail users, less and

521
00:28:40,200 --> 00:28:42,880
Speaker 2: less able to actually do things with them other than

522
00:28:42,920 --> 00:28:44,760
Speaker 2: you know, drive and use a touchscreen.

523
00:28:45,360 --> 00:28:47,520
Speaker 4: Yeah. I think it's a well documented phenomenon. I mean,

524
00:28:47,680 --> 00:28:50,200
Speaker 4: the thing is is that I didn't work on cars

525
00:28:50,200 --> 00:28:51,719
Speaker 4: when I was a kid because I lived in a

526
00:28:51,760 --> 00:28:54,080
Speaker 4: city RPI.

527
00:28:54,240 --> 00:28:58,400
Speaker 2: I figured the Polytechnic Institute you would have been wrenching

528
00:28:58,400 --> 00:29:00,000
Speaker 2: around on cars at school.

529
00:29:00,280 --> 00:29:02,560
Speaker 4: I would work on things like that. But the thing

530
00:29:02,640 --> 00:29:05,280
Speaker 4: is in your driveway. There was no driveway, There were

531
00:29:05,320 --> 00:29:08,400
Speaker 4: no garages, so if you wanted to work on your car,

532
00:29:08,480 --> 00:29:11,520
Speaker 4: you go out on a street and slide under while

533
00:29:11,560 --> 00:29:14,880
Speaker 4: the cars are roaring by and it's snowing outside or something.

534
00:29:15,040 --> 00:29:18,440
Speaker 4: You know, So we really didn't. It wasn't as popular,

535
00:29:18,480 --> 00:29:21,160
Speaker 4: but I do think there were a lot of people

536
00:29:21,200 --> 00:29:25,480
Speaker 4: who did that, and nowadays, because of the complexity of

537
00:29:25,520 --> 00:29:28,280
Speaker 4: a vehicle, I already told you that that a mechanic

538
00:29:28,400 --> 00:29:30,880
Speaker 4: has to be prcicly has to have a PhD. These

539
00:29:30,960 --> 00:29:36,120
Speaker 4: days two thousand different procedures, by the way, there are

540
00:29:36,600 --> 00:29:38,880
Speaker 4: I think Jim Farley did an article the other day

541
00:29:38,880 --> 00:29:41,640
Speaker 4: said there are five thousand, at four by our calculation,

542
00:29:41,760 --> 00:29:45,040
Speaker 4: are five thousand, fifty thousand open jobs as a mechanic.

543
00:29:45,720 --> 00:29:49,520
Speaker 4: So people, it's a great job. People make a lot

544
00:29:49,560 --> 00:29:53,680
Speaker 4: of money. But people view signing up for a mechanic

545
00:29:53,720 --> 00:29:57,160
Speaker 4: as settling for the consolation prize of our society, and

546
00:29:57,200 --> 00:29:59,600
Speaker 4: so that's why you don't get quite as many people.

547
00:30:00,040 --> 00:30:02,040
Speaker 4: But if you come back to what you were talking about,

548
00:30:02,520 --> 00:30:05,720
Speaker 4: the I do think this is a problem in the

549
00:30:05,760 --> 00:30:09,440
Speaker 4: future for things like NASCAR. I do think it has

550
00:30:09,520 --> 00:30:13,440
Speaker 4: to do with the true appreciation of cars, because today

551
00:30:14,040 --> 00:30:17,080
Speaker 4: kids are working on their cars, but they're tuning them,

552
00:30:17,600 --> 00:30:20,920
Speaker 4: not souping them up. They're putting wheels on or bumpers.

553
00:30:21,080 --> 00:30:23,840
Speaker 4: While wheels and bumpers, you know, things that make it.

554
00:30:24,320 --> 00:30:30,600
Speaker 4: Things that are cosmetic, cosmetic perform the actual performance, whereas

555
00:30:31,000 --> 00:30:34,760
Speaker 4: years ago, you know, if you watched American Graffiti. You know,

556
00:30:34,840 --> 00:30:36,920
Speaker 4: you had Bob Falfa come from out of town with

557
00:30:37,000 --> 00:30:39,640
Speaker 4: his hot rod. He worked on that. I think Harrison

558
00:30:39,640 --> 00:30:42,160
Speaker 4: Ford played that. By the way, you never see Americanraffiti.

559
00:30:42,400 --> 00:30:44,680
Speaker 2: I love that movie. Such a such a great movie,

560
00:30:44,800 --> 00:30:46,280
Speaker 2: especially if you're a car fan.

561
00:30:46,920 --> 00:30:49,240
Speaker 4: It was the most depressing movie for me that I've seen,

562
00:30:49,720 --> 00:30:54,760
Speaker 4: because I watched this movie and I realized I never cruised.

563
00:30:55,360 --> 00:30:57,120
Speaker 4: Oh that's sad, you know what I mean.

564
00:30:57,440 --> 00:30:57,880
Speaker 2: That's sad.

565
00:30:57,920 --> 00:31:01,120
Speaker 4: It was sad, right, And so I concluded that in

566
00:31:01,160 --> 00:31:04,000
Speaker 4: my adolescence and youth, I was a social unuch, you know,

567
00:31:04,080 --> 00:31:07,080
Speaker 4: because it is, but in reality you must have in Detroit.

568
00:31:08,440 --> 00:31:09,800
Speaker 4: I wasn't from in Detroit.

569
00:31:09,840 --> 00:31:10,840
Speaker 2: I know later.

570
00:31:12,320 --> 00:31:14,600
Speaker 4: This is the guy I am, the engineer that I am.

571
00:31:14,640 --> 00:31:17,960
Speaker 4: I figured it out that in New York State you

572
00:31:18,040 --> 00:31:22,120
Speaker 4: couldn't drive at night legally until you were eighteen, and

573
00:31:22,160 --> 00:31:27,120
Speaker 4: the drinking age was eighteen. So therefore you went right

574
00:31:27,160 --> 00:31:29,560
Speaker 4: from telling your girlfriend you pedal right over to pick

575
00:31:29,600 --> 00:31:32,400
Speaker 4: her up to driving over in a Mustang picking her

576
00:31:32,480 --> 00:31:35,120
Speaker 4: up and going to the latest gin mill. So there

577
00:31:35,120 --> 00:31:38,200
Speaker 4: were no cruising. There was no no reason to cruise

578
00:31:38,240 --> 00:31:41,479
Speaker 4: in between. Didn't have a population to do that. In

579
00:31:41,480 --> 00:31:45,320
Speaker 4: any case, I think I think that this is this

580
00:31:45,400 --> 00:31:48,120
Speaker 4: is one of the threats to the auto industry actually,

581
00:31:48,800 --> 00:31:54,200
Speaker 4: is that people are less enthusiastic about their cars these days.

582
00:31:54,400 --> 00:31:58,320
Speaker 4: They don't get quite the same feeling. It is I suppose.

583
00:31:59,240 --> 00:32:04,240
Speaker 4: I suppose it's it's a testasized in people's willingness to

584
00:32:04,320 --> 00:32:09,560
Speaker 4: drive electric vehicles, which in my opinion are soulless. Soulless.

585
00:32:10,120 --> 00:32:13,680
Speaker 4: But you know, I think that's I think that's part

586
00:32:13,720 --> 00:32:17,520
Speaker 4: of what you're seeing. People aren't passing them through the

587
00:32:17,680 --> 00:32:21,080
Speaker 4: test or scrutiny of what excites them. Does anybody get

588
00:32:21,080 --> 00:32:25,240
Speaker 4: excited getting an electric vehicle? I don't think so. I

589
00:32:25,240 --> 00:32:26,920
Speaker 4: don't want to diminish it, you know, I'm sure.

590
00:32:27,120 --> 00:32:30,000
Speaker 2: I mean I did I do. In the Portia Teicon,

591
00:32:30,320 --> 00:32:33,560
Speaker 2: I got very excited to drive that new GTS sports Trismo.

592
00:32:33,640 --> 00:32:37,360
Speaker 2: That was That's my record time to work commuting, commuting

593
00:32:37,400 --> 00:32:40,200
Speaker 2: from door to door Scarsdale to seven thirty one Lexington

594
00:32:40,240 --> 00:32:41,600
Speaker 2: Avenue in twenty seven minutes.

595
00:32:41,920 --> 00:32:43,760
Speaker 4: Well, they are fast. I mean we had one of

596
00:32:43,800 --> 00:32:46,640
Speaker 4: the early Teslas here when away they were still in

597
00:32:46,640 --> 00:32:49,400
Speaker 4: the Lotus body. I got it up to eighty five

598
00:32:49,440 --> 00:32:53,080
Speaker 4: in our parking lot. Well, so I realized how good

599
00:32:53,080 --> 00:32:54,600
Speaker 4: it was. But I had to be I had to

600
00:32:54,640 --> 00:32:56,640
Speaker 4: be removed by a block and tackle. It's hard to

601
00:32:56,640 --> 00:33:01,000
Speaker 4: get out of a load of So I don't think.

602
00:33:01,720 --> 00:33:07,440
Speaker 4: I do think that will I don't know. I think

603
00:33:07,440 --> 00:33:09,600
Speaker 4: it will take the joy out of cars.

604
00:33:10,120 --> 00:33:16,000
Speaker 1: Even if electric vehicles become very, very prominent, do you

605
00:33:16,080 --> 00:33:19,360
Speaker 1: think there will always be a little group of people

606
00:33:19,360 --> 00:33:22,640
Speaker 1: who maintain their combustion vehicles?

607
00:33:22,880 --> 00:33:23,000
Speaker 4: Oh?

608
00:33:23,160 --> 00:33:29,760
Speaker 5: Sure will becomes well, Okay, first of all, I must

609
00:33:29,760 --> 00:33:32,160
Speaker 5: have answered these questions one hundred times when people wanted

610
00:33:32,160 --> 00:33:34,080
Speaker 5: to know what's our future about EV's.

611
00:33:34,120 --> 00:33:37,480
Speaker 4: Well, EV's need a lot of maintenance. You know already

612
00:33:38,160 --> 00:33:40,520
Speaker 4: eighty percent of the eighty percent of the repairs in

613
00:33:40,560 --> 00:33:42,400
Speaker 4: the garage are done not on the power train.

614
00:33:42,920 --> 00:33:44,800
Speaker 1: So I mean the thing is that so this evs

615
00:33:44,800 --> 00:33:47,840
Speaker 1: aren't necessarily a threat to snap pars.

616
00:33:47,840 --> 00:33:51,960
Speaker 4: Actually they're good news because people will need different tools.

617
00:33:52,080 --> 00:33:55,000
Speaker 4: They'll need they need different lifts in a garage because

618
00:33:55,000 --> 00:33:57,480
Speaker 4: you can't grab the car because the batteries in the way.

619
00:33:57,840 --> 00:34:01,000
Speaker 4: You need different monitors or die not sic. Systems to

620
00:34:01,040 --> 00:34:03,960
Speaker 4: worry about the air conditioning if it slows down the

621
00:34:04,000 --> 00:34:08,120
Speaker 4: batteries level of lose power or lose its mileage. You

622
00:34:08,200 --> 00:34:11,279
Speaker 4: need insulating tools so you don't get fried when you

623
00:34:11,320 --> 00:34:13,520
Speaker 4: get under the engine and hit the battery. So you

624
00:34:13,560 --> 00:34:17,280
Speaker 4: need a lot of different tools. And yet to your question,

625
00:34:17,360 --> 00:34:19,600
Speaker 4: the internal combustion is not going to go away. Look,

626
00:34:19,840 --> 00:34:22,600
Speaker 4: if you eat blood and treasure, you know. I think

627
00:34:22,640 --> 00:34:27,799
Speaker 4: it's Timboiert's book about wars. He says that in the

628
00:34:27,960 --> 00:34:32,560
Speaker 4: World War Two, the German army requisition two point four

629
00:34:32,640 --> 00:34:38,200
Speaker 4: million horses. Wow, so I will, that says to me.

630
00:34:38,239 --> 00:34:39,879
Speaker 4: And by the way, this comes back to my theme

631
00:34:39,960 --> 00:34:46,680
Speaker 4: about singularity is that is that things don't happen that quickly,

632
00:34:47,600 --> 00:34:50,040
Speaker 4: and so things won't get pushed out that quickly. We

633
00:34:50,120 --> 00:34:54,240
Speaker 4: see it happening in China because the Chinese are driving

634
00:34:54,400 --> 00:35:01,000
Speaker 4: short distances and never got never in broad sense, got

635
00:35:01,680 --> 00:35:05,840
Speaker 4: involved in the internal combustion culture. So you see that,

636
00:35:06,520 --> 00:35:09,120
Speaker 4: you know. And and if you believe in learning curves,

637
00:35:09,120 --> 00:35:11,680
Speaker 4: since China's telling fifty percent more vehicles than us, if

638
00:35:11,680 --> 00:35:14,200
Speaker 4: they keep making electric vehicles, they're going to get better

639
00:35:14,200 --> 00:35:16,080
Speaker 4: and better and better at it, and so therefore the

640
00:35:16,080 --> 00:35:18,319
Speaker 4: West won't be able to stand against them. No matter what.

641
00:35:19,080 --> 00:35:21,560
Speaker 3: I've heard a lot of analysts say that same thing.

642
00:35:22,680 --> 00:35:25,760
Speaker 4: Sure, sure, I mean, that's that's for sure. It can't

643
00:35:25,840 --> 00:35:28,759
Speaker 4: it can't be overcome. Yeah, this is the this is

644
00:35:28,800 --> 00:35:34,080
Speaker 4: the first. China represents the first time Americas seen a

645
00:35:34,160 --> 00:35:42,239
Speaker 4: relatively advanced economy with higher scale. So therefore these all

646
00:35:42,280 --> 00:35:46,360
Speaker 4: become considerations, you know about this, that's one of the

647
00:35:46,440 --> 00:35:49,439
Speaker 4: that's one of our things. Anyway, I kind of think

648
00:35:50,360 --> 00:35:56,400
Speaker 4: I'm hoping that, you know, when you read, when you

649
00:35:56,440 --> 00:35:58,920
Speaker 4: when you look at the current situation, you ask yourself

650
00:36:00,280 --> 00:36:04,040
Speaker 4: the economy of the United States, should it be driven

651
00:36:04,120 --> 00:36:09,600
Speaker 4: by finding the lowest cost consumer goods or should it

652
00:36:09,640 --> 00:36:15,520
Speaker 4: be driven by utilizing the population as most effectively, that is,

653
00:36:15,560 --> 00:36:20,160
Speaker 4: having better and more skilled jobs. I say the latter.

654
00:36:20,960 --> 00:36:22,600
Speaker 4: If you listen to what's happening, A lot of people

655
00:36:22,640 --> 00:36:25,080
Speaker 4: talk about, you know, and it's almost can be characterized

656
00:36:25,080 --> 00:36:28,319
Speaker 4: as a class of social visions. But I say, we

657
00:36:28,360 --> 00:36:31,240
Speaker 4: ought to be thinking about bringing back jobs for people,

658
00:36:31,640 --> 00:36:34,800
Speaker 4: because that's what historians will tell you. That's why America

659
00:36:35,120 --> 00:36:38,200
Speaker 4: ascended in the first place. We were the only place

660
00:36:38,600 --> 00:36:42,759
Speaker 4: that so broadly made and fixed things, and that kept

661
00:36:42,840 --> 00:36:45,040
Speaker 4: our ascendants. It helped us win. It helped us win

662
00:36:45,120 --> 00:36:47,919
Speaker 4: World War two, you know, World War two and World

663
00:36:47,920 --> 00:36:50,359
Speaker 4: War twill. We have brave people. But you know that

664
00:36:50,400 --> 00:36:54,320
Speaker 4: in nineteen thirty nine to nineteen forty two, four years inclusive,

665
00:36:55,040 --> 00:36:58,880
Speaker 4: the German Japanese factories produced nine thousand combat aircraft in

666
00:36:58,960 --> 00:37:02,440
Speaker 4: one year in the in one factor, in one in

667
00:37:02,480 --> 00:37:05,680
Speaker 4: one part of the Midwest, we produced twenty seven thousand.

668
00:37:06,560 --> 00:37:08,640
Speaker 4: This is Rosie the riveter and Wendy the welder and

669
00:37:08,640 --> 00:37:11,759
Speaker 4: her colleagues. She did all that so that that the

670
00:37:11,800 --> 00:37:13,879
Speaker 4: ability to make him fix things allowed us to win

671
00:37:13,880 --> 00:37:16,959
Speaker 4: the one war we couldn't afford to lose. And during

672
00:37:16,960 --> 00:37:20,200
Speaker 4: the pandemic we had to turn to the essential people

673
00:37:20,239 --> 00:37:22,360
Speaker 4: in the factories and the warehouses and so on to

674
00:37:22,440 --> 00:37:23,960
Speaker 4: keep our society from disintegrate.

675
00:37:24,000 --> 00:37:26,759
Speaker 2: Well, you know, you ask you something when AI, When

676
00:37:26,800 --> 00:37:31,000
Speaker 2: AI takes all the white collar jobs, you know, we're

677
00:37:31,040 --> 00:37:33,359
Speaker 2: all going to be come, come, coming to work for you,

678
00:37:33,400 --> 00:37:35,080
Speaker 2: because that'll be the only thing we can do, you know,

679
00:37:35,160 --> 00:37:35,839
Speaker 2: delivery driver.

680
00:37:37,200 --> 00:37:39,879
Speaker 4: Funny you should say that because the Economist about six

681
00:37:39,920 --> 00:37:45,960
Speaker 4: weeks ago, I think rated auto mechanics as the if

682
00:37:46,200 --> 00:37:51,080
Speaker 4: one of the or if not the most AI proof jobs.

683
00:37:51,239 --> 00:37:52,800
Speaker 2: That's that's cool. That's why I'm watching.

684
00:37:53,520 --> 00:37:54,720
Speaker 4: I believe that to be true.

685
00:37:54,920 --> 00:37:57,440
Speaker 2: All Right, Our thanks to Nick Pinchot, the CEO of

686
00:37:57,719 --> 00:38:01,960
Speaker 2: snap On. What a dude, what a man, right guy.

687
00:38:02,160 --> 00:38:04,680
Speaker 3: I'll try to get over the Corvette thing. But yeah,

688
00:38:04,719 --> 00:38:07,719
Speaker 3: otherwise love it true. He needs to come back and like,

689
00:38:07,880 --> 00:38:08,920
Speaker 3: I want to hear more stories.

690
00:38:09,120 --> 00:38:12,320
Speaker 2: I hope we don't get any angry emails from Chevy fans.

691
00:38:12,719 --> 00:38:15,160
Speaker 1: If you do want to vent your anger, you can

692
00:38:15,239 --> 00:38:18,279
Speaker 1: email us at hot Pursuit at Bloomberg dot net.

693
00:38:18,320 --> 00:38:20,719
Speaker 3: We do read and respond to every email.

694
00:38:20,480 --> 00:38:22,479
Speaker 2: At some point, you know what, I hope Mark Royce

695
00:38:22,480 --> 00:38:24,319
Speaker 2: writes in. At some point we'll get Mark back on,

696
00:38:25,120 --> 00:38:28,440
Speaker 2: or we'll get Mary Bara and and we'll play that

697
00:38:28,600 --> 00:38:30,760
Speaker 2: sound for them and get a rebuttal.

698
00:38:30,680 --> 00:38:32,960
Speaker 1: Do we need to like catfish them a little bit,

699
00:38:33,280 --> 00:38:35,200
Speaker 1: like try to troll them and to get them so

700
00:38:35,320 --> 00:38:36,120
Speaker 1: upset they come on?

701
00:38:36,239 --> 00:38:37,880
Speaker 2: I just is that what it is? If they heard that?

702
00:38:38,040 --> 00:38:40,880
Speaker 2: I think that, you know, Jacquela McQuaid, if she hears that,

703
00:38:40,880 --> 00:38:43,120
Speaker 2: she's gonna be pretty angry.

704
00:38:42,400 --> 00:38:45,520
Speaker 3: Good good, But direct that anger this direction.

705
00:38:45,640 --> 00:38:47,880
Speaker 2: I'll tell you what, agree or disagree. At least the

706
00:38:47,960 --> 00:38:49,920
Speaker 2: man has takes a side, you know.

707
00:38:50,200 --> 00:38:52,600
Speaker 3: I love it. Yeah, Hey, I got no problem.

708
00:38:52,719 --> 00:38:55,719
Speaker 1: I got no problem with anybody's opinion, I want to know,

709
00:38:56,080 --> 00:38:56,640
Speaker 1: I want to.

710
00:38:56,560 --> 00:38:57,600
Speaker 2: Know, I do as well.

711
00:38:57,719 --> 00:38:58,160
Speaker 4: That does it.

712
00:38:58,200 --> 00:39:00,920
Speaker 2: For this week's show, remember to follow and subscribe to

713
00:39:01,520 --> 00:39:04,600
Speaker 2: Hot Pursuit on Apple, Spotify, or anywhere else you listen.

714
00:39:04,640 --> 00:39:08,080
Speaker 2: You can also send us your comments. Hot Pursuit at

715
00:39:08,160 --> 00:39:10,680
Speaker 2: bloomberg dot net is our email.

716
00:39:10,400 --> 00:39:13,240
Speaker 1: Address, and you can check out my columns and stories

717
00:39:13,320 --> 00:39:16,920
Speaker 1: on Bloomberg dot com and the Bloomberg Business App. Go

718
00:39:17,000 --> 00:39:20,040
Speaker 1: there for car reviews, events and stories that you won't

719
00:39:20,120 --> 00:39:24,440
Speaker 1: find anywhere else. Find it all at Bloomberg dot com.

720
00:39:24,520 --> 00:39:28,480
Speaker 1: Slash Pursuits slash Autos. I'm Hannah Elliott

721
00:39:28,640 --> 00:39:30,560
Speaker 2: And I'm Matt Miller will be back in your podcast

722
00:39:30,600 --> 00:39:32,080
Speaker 2: feed again next week