Thanks, everybody, for getting settled in on a timely fashion. We appreciate that. Next up, we have John Roth, Vice President of Global Cadillac at General Motors. I think from our perspective, GM is arguably one of the companies that's sort of at the leading tip of the spear in the industry transformation with its EV efforts, AV efforts, OnStar insurance efforts, and other sort of verticals within the industry. We think they're really playing way ahead of the curve versus a lot of the rest of the industry. One of the hidden gems, and not so hidden gems, but one of the real gems is Cadillac that we don't think gets enough airtime and there's huge opportunity. John has been head of Global Cadillac since June of 2023, has been in the industry for, I'll just say, a few decades, a little over 30 years. So he's battle-tested.
He's now leading the charge at Cadillac. As I mentioned, I mean, the product portfolio is great. It's growing. There's more and more product coming. To really hear about the real opportunity for Cadillac, we have John Roth. I'll turn it over to John to give his opening remarks before we grill him.
Okay.
Sounds good.
Yeah. I appreciate being with all of you today. I'm going to stand up here and grab the clicker. We have heard a lot about all the headwinds in the industry. I am going to ask you to pause that headwind conversation just for a little bit today. Let's talk a little bit about the tailwinds that are happening with the Cadillac brand. It starts with outstanding vehicles like the one you see here on the screen. The journey of Cadillac actually goes all the way back to 2015 when the original vision plan was written around Cadillac.
We asked ourselves back in that time, the leadership team got together and really sat down and had a heart-to-heart around, "If you asked yourself, what would be missing from the world if Cadillac ceased to exist in the industry?" The simple answer that came back is, "An American icon, a symbol of what America stands for, would disappear from the landscape and really disappear from what our customer base is, our truly authentic and genuine vehicles in the marketplace with just a storied history to build upon." As you look on the screen here, you'll see over time we have been building this energy, building this momentum, and really putting the foundational building blocks that I'll showcase in the results that I'm going to share with you just here in a few minutes.
It really comes down to building momentum, building a great customer experience, and really investing in innovation and technology. Cadillac is really at its best within the General Motors portfolio when we're investing in innovation, and Cadillac is leading the charge for General Motors overall. This is our roadmap. There have been many leaders through GM and Cadillac through time, but the roadmap really hasn't changed a whole lot. We've pivoted as the customers' needs have pivoted, but we have really tried to stay true to this strategy. You'll see here that it's working. That top-line message never really holds more true to what Cadillac stands for in the marketplace than taking a vehicle like Lyriq that we did this past year and going into Germany's backyard and winning Car of the Year by 40 German journalists in that marketplace.
That speaks volumes to what that vehicle delivered and what the whole portfolio of Cadillac is delivering. We have the best portfolio I've ever seen in my 30-plus years with General Motors. You see it in our leading design, leading interiors. When you get into a Cadillac now versus maybe what you perceive a Cadillac to be, you will be wowed by that vehicle. That's what the customers are telling us. That roadmap that I showed you at the beginning is truly working in the marketplace. It's showing up in our Cadillac standards as well. Number three in an industry of 30-40 makes in the marketplace. We're number three in after-sales service business with the customer base. On the other side of the chart, you look at the service side or, excuse me, the sales side, we're number eight.
Even more importantly, what do our dealer partners, and many of them you'll hear from or maybe are in this room today, what do the dealers say about the value of the franchise? We are in that number 11 position and continue to grow in NADA's annual survey. There is continued momentum in building. We talk about Cadillac being the standard of the world. Every day, that standard never has a finish line. We keep moving that finish line, keep raising the bar on what the brand needs to stand for in the marketplace, and keep growing and evolving the brand on a forward-looking basis. You see it here in our sales results over the last 10 years. We have been hovering right around that 7-7.5% market share.
Just this quarter and over the last 11 quarters, we have seen foundational growth in the Cadillac brand, achieving an 8.1% market share and really pushing us into the number four position in luxury overall. Lots of conversation around EVs, BEVs, what's happening in the marketplace. What I'm here to tell you is when you build the right formula around your EVs, they sell. We are selling, regardless of propulsion, really, really strong Cadillacs in the marketplace. When you look at a nearly 23% or almost a quarter of our business in Q1 being EVs, that demonstrates to you that with the right formula, an EV will be sought out by the customer base and will be purchased by that customer. You see the industry numbers here running at about 14% for luxury.
When we strip out Tesla Model S and X, could argue whether they're luxury or not. When you strip those out, you really see the strength of the Cadillac brand in the marketplace, having that luxury of choice of both an ICE portfolio as well as an EV portfolio. Our Q1 results speak volumes to what's going on. 21% increase, best retail since 2008, record market share for us, record ATPs for us, low inventory, day supply, the second lowest incentive spend in the marketplace. That's building brand health. That's building brand value. We're setting records with our franchise player with a vehicle I'm sure you all know, which is the Cadillac Escalade, which really over the last 20 years has truly helped as a halo and an advanced vehicle to demonstrate what Cadillac is capable of doing.
To round it out, our EV sales are up 26%. While the industry may be having some starts and stops, as you heard earlier, Cadillac continues to grow. Again, reinforcing with all of you, we are selling really great EVs in the marketplace. Globally, I know we're interested. This is a global brand. We are in 10 markets around the globe. As you can see, great performance, not just in the U.S., not just in North America, but Cadillac is growing and expanding around the world. Great stats, best Escalade year ever in the Middle East. China is flat overall, but XT5, our new mid-cycle enhanced vehicle in that market, gaining market share, penetrating the segment, and really doing well in that marketplace. I had the honor and privilege to both introduce our right-hand drive offerings in Japan and in Australia and New Zealand.
That truly tells you that you are a global brand when you offer factory-built right-hand drive from an offering standpoint in the marketplace. Globally, 294,000 units sold in 2024. We see great growth opportunity here in 2025. We are up 36%. EVs amounted to about 16% of that overall volume. Again, having the right product in the right segments really makes a difference. We see great opportunity with a vehicle like Optiq as we go forward. One last item I want to cover with you because I know I get this question everywhere I go. F1. What's happening with F1? I would tell you this is an excellent platform for Cadillac to continue its global expansion.
In just the March 7th announcement alone, we added 342,000 new customers just to our Instagram base, individuals looking for F1, looking for Cadillac, and really reading the Cadillac brand for the first time on a global stage. I was down in Dallas this past week with some of our dealer partners. They are seeing customers who would never have knocked on our door before saying, "Hey, I saw Cadillac's a part of F1. I want to be part of that journey. Show me the brand portfolio." It is building momentum. Yes, we race to win, but we also race to learn. We race to grow, and we race to grow the customer base that's in the marketplace. I'll finish here. This is our new marketing campaign. It's really a simplistic message, but it speaks volumes to what Cadillac is doing in the marketplace. Let's all take the Cadillac.
All right? A little bit of Q&A?
Awesome. That was a great start. I appreciate it.
Most good.
I guess maybe to kick off, we have a whole bunch of questions here we want to get through.
Sure.
As you look at sort of the EV strategy at GM, there has been sort of a focus on making Cadillac sort of the tip of the spear in some ways for that. One, maybe you can explain why that decision has been made. Two, how true is that going forward? Because there's certainly some opportunity on the ICE side for you as well.
Yeah. As I demonstrate in the business and spoke to, there's a formula here that really sells good EVs and good Cadillacs. It's really three things: great design, great range, and great price value equation. When you hit those three elements right, and we've seen from our competitors out there that they didn't necessarily hit the mark, you're able to grow and have a quarter of your business be EVs. Cadillac's position within General Motors has always been the innovation brand. We go first. We plow the road for others within the organization to follow. That innovation story, that technology story, hearkening back to our heritage, our early days, first electric start, first four headlights on a vehicle, first shatterproof glass, all those firsts come to Cadillac.
If you look online in the story of Cadillac, you're going to just see a laundry list of innovation and firsts for the auto industry in its entirety. That's Cadillac's role in the portfolio, and it's attracting new customers. Our conquest rate with Lyriq is 76%. And true conquest, not new to GM, but true conquest is over 50%. You can think about all the different EV customers that are out there that are coming to Cadillac. We're seeing a younger, more affluent buyer and an opportunity to really showcase what these next generation of Cadillacs that were really designed from the ground up to be truly Cadillacs.
When you think about sort of the long-term strategy here, it seems like there's a tremendous opportunity maybe outside of the heart or heartland, both one and the same for GM. You think about sort of where sort of the mix of sales might come from, where they may ultimately go, and any maybe other notable objectives. I mean, where are you taking this? I mean, 294,000 units is great, but it sounds like given the product portfolio and the addition, maybe not exclusively of EVs, but the addition of EVs to the portfolio may allow you to grow on the coasts in Europe and maybe even China faster than you would have otherwise. How do you kind of think about where you're going, what the objectives are, and how this powertrain strategy might be a real boon in a big way to Cadillac?
Yeah. So the EV portfolio, as you saw in the graph, has actually really, truly been additive. It's bringing those new customers to the brand. As you finish out calendar year 2024, we were the number one selling EV model in the marketplace. As you go into Q1 of this year, 48 states had year-over-year increases out of the 50. The only two, Alaska and Hawaii, really, really low base, missed by one unit. You can argue across the board, we have seen really great growth. Even in Europe, we're up over 200% in our Q1 sales numbers. When you look at the brand holistically, it's sending a message to the marketplace. It is a growth brand. We're up 22% in the US. Canada is coming off five years of year-over-year, every year growth.
Everywhere we go, when we bring this product portfolio to the marketplace, it makes a statement. It renews people's interest in the Cadillac brand and really helps them understand that innovation lens, where we're headed with these kinds of models are making a big difference in General Motors' overall profitability. I often talk to the team, scarcity sells luxury. That's true no matter what the luxury good is. There is a balancing act around having the right vision for the sales targets that maybe aren't too tall, but aren't too short as well.
Finding that sweet spot in the marketplace where you can occupy and have the proper throughput in your manufacturing footprint, in your dealer footprint, how you operate around the globe really puts Cadillac in a great position to take on the marketplace and really showcase the pinnacle of what General Motors can engineer, manufacture, and design.
Motors, right, where I've been a major technology that you guys have really kind of led the charge on. I mean, I think it was the Northsta r for a while. It's a Blackwing now currently, which I mean, if you haven't driven one of those vehicles with the Blackwings in them, you really should. As you think about this, there's kind of a story that Cadillac might go all EVs for a while, but there's this incredible story, at least in my opinion, on the ICE side and the powertrain tech there that you guys bring to the table. How does that fit into the portfolio over time? I hope maybe hopefully you can make a little bit of news and say that's not going to go away ever. Maybe not today. I mean, that's really, really, really, really great product.
Do you think that is going to stay as part of the portfolio, particularly the way that kind of the winds are shifting at the moment? How do you think about that?
Yeah. I guess it would not be appropriate for me to make any kind of predictions, right? What I can tell you is we will always meet the customer where they are. That is an important piece of what Cadillac is working to do. We work within the guidelines of whatever administration is in office. The regulations, we will always meet. We will deliver to the marketplace really great Cadillacs in the form of the V story, the Blackwing story is 20 years in the making. These vehicles, if you get behind the wheel, you will never have an on-street track experience like you would with a CT5 Blackwing. 668 horsepower. If you start it up or start up an Escalade V, if anybody has neighbors, you will wake the neighborhood. They just have an amazing presence and sound around them.
We are also complementing the portfolio with really strong EVs that are doing the same. We just announced Lyriq V. I'm driving one of those right now. 0 to 60 in 3.3 seconds. It doesn't get much more quick than that. It's actually the quickest Cadillac we've ever designed from a vehicle standpoint. It's not just about horsepower or 0 to 60 speeds. It's about the whole design, ride and handling, engineering, customer enjoyment piece of driving a Cadillac. We often talk about that owning a Cadillac is really a sense of an occasion. Usually, you're buying one to mark a milestone in your life or an achievement that you have. These vehicles have to be every bit as expressive as the customers, really as iconic as the customers who drive them.
It is a great opportunity to have a holistic portfolio like what I showed, a full lineup of EVs and a full lineup of ICE that really complement where customers are today and where they are going in the future.
I was going to maybe dive into the relationship you have with dealers and the software that's enabling GM and Cadillac to more directly interact with customers. Just kind of expand on that a little bit.
Yeah. First, I've been calling on dealers my entire career. They are a competitive strength in the marketplace. They are the front line with our customers each and every day. They give back a tremendous amount of money to their communities in which they live and work. They sponsor everything from the Little League to the hospital and everything in between. Just being with them this past week in Dallas just resubscribed to me that notion, that idea of how important their role is in our organization. We have to give them the tools, the advancement, the look-forward approach. We have developed over the last couple of years what we call the Digital Retail Platform or DRP. All the Cadillac dealers are on that platform.
It starts at our Tier 1 level where consumers are shopping, maybe exploring for the first time the Cadillac models, so they get a very consistent experience. That transcends down into the Tier 3 space as you kind of fine-tune your shopping needs, what's on your consideration list from an opportunity standpoint. They get a real quality, transparent, excellent experience around the customer experience. As you look at the journey map that I showed, that is one of our key pillars, making sure when you're conquesting at a 76% rate with a vehicle like Lyriq, you got to make sure the experience matches the product that you're coming in to shop for. That's what we've been working with our dealers on, making sure they have the right tools that allow that full funnel experience, everything from, "Hey, I'm just looking for a new car.
Now I'm looking for a Cadillac. Now I'm looking for a Cadillac Escalade IQ. What does that funnel look like? We are providing the innovation and tools they need to deliver that best-in-class customer experience.
Also, one of the big things with the dealers is the service side of the equation, post-sale. That is something that is very important to the luxury consumer. It is a huge opportunity for the dealers that work it well because they can make a lot of money over the lifetime of the vehicle, but also protect the residual values of your product, right? That makes selling the new one better for you, for the customer, and for everybody. How is that relationship with the dealers emphasizing that need for sort of the multi-year life, almost lifetime relationship with that vehicle and that consumer going? Are they understanding that? Is that part of the equation that is helping them and you and the brand over time?
Yeah. The best way to think about it is our after-sales, and you saw it in that chart where number three in the marketplace out of 30, 40 makes that are out there. It's an important piece of the equation. There's an old saying in the car business, "You sell them once in the sales department, you sell them 10 times over in the after-sales part of our business." Growing those units in operation, making sure those customers have a great experience drives repeat and referrals. It gives you an opportunity to make customers for life in our various dealership operations. I ran our after-sales business just prior to sitting in this chair for Cadillac. And it's a huge opportunity for fixed coverage, making sure that the operation of the dealership is run really, really well and allows them to make trades and allow for great used car experience, right?
A dealership is a holistic environment. It's not, while it's departmentalized, it is one dealership. It's really important that that whole ecosystem work well together. That allows you to deliver a world-class customer experience because your offering allows that customer to be not only loyal to the Cadillac brand, but loyal to the dealer brand that they're visiting as well.
I think one of the challenges that the brand has is that the Escalade is so successful. It is almost so all-encompassing and dominating of the brand that some of your vehicles do not get the proper airtime. Not by you, but by the market and by customers. As you think about sort of the benefit of that halo, but maybe the slight issue with that halo being so dominant, how do you kind of break beyond that with the crossovers and the cars that are really certainly fighting weight, if not class-leading in their segments? I mean, it just kind of seems like you have got this great product that kind of punches a little bit below its weight on volume to some extent, but certainly on pricing. Is there something you can do there?
What kind of market dynamics might drive that realization of the true potential of the brands?
Yeah. I guess there's a couple of stories to unpack inside that. First, let me start at the end. Our average transaction price right now is $77,900, give or take. The luxury average right now is $72,000. I would say we're actually carrying the right price in the marketplace from a volume standpoint. I believe that we have found the sweet spot in the marketplace. Escalade has actually helped define that as an organization. Internally, we talk about the Cadillac standards. These are the things that they shall not violate when they design, engineer, and bring a vehicle to market. A Blackwing must perform at a certain level in order to wear the label Blackwing. What we're seeing as we do our media drives, as we are doing our analyst drives, we're seeing now that halo cascade back down across the rest of the portfolio.
Our communication team just did our most recent round of drives and introductions. The reviews we're getting are just amazing and glowing. Probably the one that's most prominent in my mind is our Vistiq, which is our three-row EV that is just now coming to market. All those who have driven it are calling it Baby Escalade. That's not us calling it Baby Escalade. That's the customer base, the media base, the analyst base, putting that label on that vehicle. There's no better complement in the world to have a vehicle that's been number one in its segment for 11 years in a row to have that label, that moniker now placed on one of our other EVs in the lineup. We're really proud of the foundational brands and sub-brands that we're creating in the marketplace.
I do believe that's why we're attracting loyalists as well as conquests across the brand. If you look at the Escalade IQ that we just brought to market, the average age right now is 48 years old. Luxury is normally somewhere between probably 56, 58, and some brands are even as high as 62. That vehicle is 48. That's an excellent customer to have in your portfolio because that's repeat referrals, longevity. That's growth for the brand, not just for today, but cultivating that customer experience and making sure that that builds as we go into the future. It's really amazing to watch luxury goods that are able to reposition themselves younger. In 2015, in that chart, we were 58 years of age. We're now right around 54, 56.
We've shaved off roughly four years of age demographic, which is really another data point that tells you we have a really healthy brand inside General Motors.
I think we may have just launched a new nameplate, Baby Escalade. That might go pretty well in the market.
We'll call it Vistiq.
We'll call it Vistiq. Technology, you're talking about how you're at the leading edge of the curve for Cadillac, but really the industry. Maybe you could talk about sort of the customer feedback and the experience with Super Cruise and how that's going because that is a very differentiating factor, at least in my opinion. What's the customer feedback, buy rates, the feedback that you're getting there?
Yeah. Super Cruise, if you haven't experienced it, I encourage you to do so. Motor Trend just rated it Tech of the Year. It is a fantastic autonomous driving experience. It's really kind of the precursor to where we're going to head with level three, level four into the future. You saw that on my earlier chart. There's roughly about 750,000 miles of road that are already mapped in the marketplace. When you talk to customers who have utilized it, the surveys come back time and time again. My drive was so much more relaxing. I didn't have to battle the wheel in traffic in order to get from here to there. It is a great enabler. That's why we've made it standard on all the Cadillac models where it's available today because it's such an incredible experience.
I just drove from my home near Ann Arbor, Northville, Detroit area to northern Michigan. I had to be up in the northern part, had to leave at about 5:00 in the morning. I turned on Super Cruise and the whole ride up 75. It did all the work. I drank my coffee. I'm still paying attention. You still got to look out the windshield. There's eye monitoring and tracking so that you don't disappear into the back seat and cause a problem. It will notify you if there's a challenge or construction coming up. It's an amazing piece of technology, but it really takes the fatigue out of driving. At the same time, we still have vehicles that are driver vehicles. In a CT5 Blackwing with Super Cruise on the highway, it's a dream to drive.
If I want to grab that manual transmission, by the way, it's one of the few manuals left in the world, and really have a performance driving experience, I can do that too. Super Cruise is really a strong enabler. It's on about 40% of the car park as Cadillac in the marketplace with Super Cruise today. It's been an outstanding success.
To put you on the spot a little bit, has the Garden State Parkway, I-95, and the LIE all been mapped so for people in the room that they can use it in the tri-state area?
Absolutely.
Great. Good. All right. That's good.
Yeah. All your major roads are mapped. Even some of the two-lane mini highways that are out there are mapped as well.
That's good to know. We should all be using that. On the demand side of the equation, more sort of macro from a macro standpoint, been a lot of concern around demand in general, but then certainly the luxury consumer. What's been sort of your more recent experience in the market?
Yeah. Overall, luxury is actually holding up quite well from a volume. It's at any given day about 14% of the overall marketplace. Affordability, we have a lot of conversations about that. The great part about luxury vehicles is it's usually not the primary or the secondary vehicle in the household. It might be the third or the fourth vehicle in the garage from that standpoint. Having that right price value equation, which we believe we have really dialed in, which is showing up in our sales results, is in the right place. Overall, we might see some adjustments here in the overall luxury business, just given what's going on in the marketplace. The future for Cadillac, the fact that we're built in Michigan, Tennessee, and Texas gives us a great competitive advantage in the marketplace.
On the supply side, right, it's always a challenge for all automakers to manage that, particularly with the finished goods dealer inventory. What's the strategy there? What are the levels? What kind of feedback are you getting from your partners in the dealership base? Is there anything that is managed differently, like floor plan assistance or anything like that, that might be different than other brands, the industry, or even GM, is how you handle sort of that back and forth with the dealers on the supply side of the equation?
Yeah. We had some great learnings over the last three, four years. The reset that we got as part of COVID and chip shortage and other things really put some strong muscle memory inside General Motors on whole and specifically Cadillac. I made two statements earlier. Scarcity sells luxury. There is the right balance around having the right ground stock, but also the right level of inventory coming in behind that ground stock so that you can manage the customer experience. Many want to shop online, use our DRP to configure exactly what they want in a vehicle. We have regional distribution centers that allow us to deliver a vehicle to a dealer in three days if they do not have it in stock right now. We have been running right between 40 and 45 days on ground, which is about the perfect amount of inventory on the ground side.
On the upper end, we're right around 57-62 days, depending on when you measure it, in total availability. I think we found that right level of discipline that's allowing our dealers to have the right throughput in their operations. We have the efficiencies we need in our operations as well. I think as you go forward and we look at what we need to do to run the business, we have some great learnings, great discipline, and the outlook of making sure that we keep supply and demand, Econ 101, price elasticity, all those things in check. I think we found that right formula that works for us.
At the moment, some of the competition may have a little bit of a shortage for various reasons that might have to do for different things that are going on with the administration. If there's a little bit of a void in the market that opens up, I mean, your ability to restock those dealers and get to them quickly, I mean, if you're all of a sudden another 50,000, the Escalades and the Optiq and the Vistiq in the dealer's hands, what kind of flexibility do you have to get that restock done so they can get out in the market and you can take the share that's rightfully yours?
Yeah. That's a great balancing act. We look at it almost weekly. If not, I'm looking at it almost daily in the reports that were provided internally. We do have that agility inside our manufacturing footprint. I talk with Micheal Burke, our plant manager down on Spring Hill, all the time. Where are you at? What's available? I'm in sales and marketing, and I'm talking directly to the plant manager. General Motors has really kind of opened up the lines of communications, and people are out of their verticals, and we're operating more in the horizontal, which allows for regular conversation to pull those levers. There may be times where you can see things are slowing down, and you need to get in front of that.
If in the case you described as things are speeding up, we're able to step into that and make sure that we're building the right product. Escalade in Arlington is a great example of that, or Escalade IQ, the EV version, made at Factory Zero in Detroit. Those conversations are weekly, and we're able to adjust as we need to to make sure that we're covering the marketplace.
Now, there are many high notes, but I kind of want to end on a high note maybe for investors. Maybe you could talk about F1 with a little bit more depth, and maybe you can also let us know when we can do an analyst event at the first F1 race because we really all like to go. I mean, as far as what it means for the brand, I mean, if you look at a company like Ferrari, I mean, that's where they develop all their powertrain tech, and they use that as the testing ground. I've got to imagine that might be an opportunity for R&D and marketing for Cadillac and GM generally. How do you really kind of think of this sort of in depth? All joking aside, we'd love to come to a race. We are looking forward to that.
We'll work on that, John. The F1 is the premier racing league. The simplest way to think about it, and if you don't follow racing, hopefully this one will register with you, pit times. Just to think about how fast and how they are truly a performance-driven team. Pit times in NASCAR are 12 seconds. In F1, they're about 3.8. If you get past four , you're pretty much out of the race. The fastest pit time ever recorded was 1.8 seconds. That's changing all four tires. You almost can't even see it happening, the speed and precision at which those individuals work, the endurance it takes to race, the knowledge around tires, the knowledge around aero, all that knowledge gets transferred back. For our engineers, it's learning at an exponential rate.
You might come out of school, you might be an engineer for five or ten years, and you cycle through our race programs, and you go through maybe what you would learn in three years, you're going to learn in about six months or less because there's just so much going on at speed, especially in our endurance racing like F1 or IMSA or WEC, the other performance series that we have. Then those individuals cycle back onto the vehicle programs and bring that learning with them. What are the two most important things in selling an EV? Tires and aero. That's what gives you range. You can learn more about tires and aero in a race performance team than anywhere else.
I was just down at our Charlotte Technical Center here a couple of weeks ago, watching them do all those simulations and thinking about, okay, now how does that engineering, that knowledge find its way back into the vehicles? If you look at an Escalade IQ, which is an all-EV platform, it's a fairly sizable vehicle that gets 460 miles of advertised range. I drove one for four months. 505 miles range was what I actually got out of that vehicle. It's got a 13% improvement in aero because we designed that vehicle from the ground up to be an EV, to be a Cadillac, to be an Escalade. All those were, you will not compromise on these items.
As we look at our Cadillac portfolio and we look at racing, it is an enabler to making sure that we put the best product in the marketplace that will be an enjoyment by these customers and a true mark of their achievement. It's a fabulous connection. It's a great way to build an owner base, but it's also a great place to learn.
We are very much looking forward to that analyst event. Thank you, John, for the time today, and thanks for the future invitation. We appreciate it.
Absolutely. Thank you.
Thank you.