Houston Crosta

But the repossessions is where you really get the deals that you need because that's like post-cost.

right that's be pre-auction car that didn't have to go through like a reconditioning process or a uh a lot of legal fees you know these guys missing the payments they voluntarily give up the car i can't do it the bank says okay well wholesale is really only worth x number we'll give it to you for dead nuts wholesale right and not charge you anything on top but if you buy a car from like manheim

There's fees on top of that.

There's obviously transport.

There's a whole bunch of stuff.

And then they got to go into reconditioning.

And then so if you're buying wholesale from a dealership, that number is really greater.

Right.

And so there's this valuation system called MMR.

And that used to be the wholesale number.

Like you went to CarMax and you said, OK, cool, I'm going to trade my car in.

You can pretty much factor that they were going to give you this number of MMR.

Now, 10%, 15% back of MMR.

Because MMR is really not a good indicator because it's a three-month average of the market of the sales through the dealer auctions.

And so three months of numbers is totally inaccurate now because today that car is selling for large percentages less than three months ago.

So the market is too skewed to understand it.

No.

I mean, like I said, it's just really hard, right?

Because people are only buying stuff that they have pre-sold.

Right.