Mike Brown

And really, when you start to think about who likes to travel with us,

No matter the brand, they want bigger accommodations, they want consistency of brands, and they want good value for their money.

And that's really the space that we operate in.

And if you think about these last five years where inflation is running high and you've already locked in your vacation dollars, the value component has been really strong and has propelled our growth here in the last five years.

Right, it's actually one of the best endorsements of people's love of the product is that every year, about 65% of our incremental purchases are from people who already own with us and want either more space or more vacation time.

The rest are from our new owner base who are dipping their toe in the water and seeing what this type of vacation travel is all about.

So not only are we getting two thirds of our sale roughly from people who already own with us,

What we also see is the people who've paid for their ownership already, there's a 98% retention rate.

So two massive validations that once people own, they really love the product and keep buying more.

Yeah.

Look, it's interesting because I can even feel the a little bit uncomfortableness of asking the question because it has a history that predates the great financial crisis.

But I think the untold story here and why I love coming on shows like yours, beyond it being a great show, is that the industry has dramatically changed.

Eighty five percent of the sales today are by companies that

You might book your business day, whether it's Marriott, Hilton, Wyndham, Margaritaville, Holiday Inn, Disney, all of these are the brands that have come to the forefront in the last 10 years.

And the value proposition

the way of vacationing with a brand you trust is not the reputation that it gained pre fight great financial crisis where it was independent real estate developers and i would just encourage everyone to do your own research about these type of advertisements there's a lot of press out there that's shown some really negative stories about them

That's for your people to do their own research.

But what I will tell you is that our retention rate, as I mentioned, 98%, two thirds by more.

And this is now a massively branded industry that it wasn't when it gained that reputation you're referring to.

Yeah, it's a complicated business.