Thanks for the commentary Stephan. I totally agree with what you...

Thanks for the commentary Stephan. I totally agree with what you are saying. I don't look at one data point, I look at the trend. The trend for some time has not been good enough. Increase in demand will eat up inventory.

All that matters to me is the second chart. That is, how many additional cars being sold compared to the previous year. This is important because new supply comes on, and we need to ensure demand keeps pace with that. Without sugar coating, we have been in the mess of late because that growth over the last year has not been where it has needed to be for much higher prices. I'll admit, I made a mistake (got lazy spending dividends) and did not expect last years growth Sep - Dec 23 to be so low. Now I am watching the numbers carefully, looking for the turnaround, looking for investment opportunities.

All I can talk about is the data and nothing else. In January the extra sales was through the roof and that made me excited. In February those sales were a non-event. If you take the average of extra sales between Jan and Feb, you see nothing exciting happened. Worse still, look at the average growth from Sep 23 - Feb 24 and it is has just not been good enough. This has correlated perfectly with the storm we have seen in regards to the pricing in the sector.

March data is off to a strong start, which is great. But, that data (full month) has not been released yet, not in the chart yet, so until it appears, I can only tell it as it is. Hopefully, it starts a change for the positive, which can further build upon the recent supply cuts and deferrals. As a producer with huge profit margins, we are in prime position for when that happens.