no orders in the queue anymore. Going back to watching from sidelines. Still a couple of questions in my mind, such as whether the decline in subscription revenue has bottomed out yet or not.
I still don't know what's driving the decline - is it dealers who aren't seeing the ROI in maintaining free loaner vehicles for service customers? The loan cars seem to be a sales tactic (source:https://www.autonews.com/article/20141213/RETAIL07/312159987/gm-dealers-take-on-more-loaners) so if new car sales are weak it seems like its a less potent sales tactic. Or Is it the issue of potential liability if a customer catches coronavirus in a car that's come back contaminated by a previous infected customer (or the costs of disinfecting the car each time to avoid this risk?)
Part of me thinks loaning cars out just doesn't make sense in the current environment, not until there's a vaccine. If so, I don't think it's unreasonable to think the most recent guidance of 58k subscriptions/month is not the bottom. I place extra weight on subscription revenue, since it should be pure margin - meaning lost subscription revenue should go straight to the bottom line. The next quarterly will shed more light on this.
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