consistent profitability is what is selling. And just because you put your company up for sale and you have it in your mind that your business is worth, X does not mean that your business is worth that. And it also doesn't mean it's going to sell. And good afternoon and welcome to another exciting episode of the Ground Transportation Podcast. My name is Ken Luci from Driving Transactions. We are a financial analysis, business valuation and m and a advisory service. And, uh, my partner in crime, James Blaine, from PAX Training the ultimate. Chauffeur training and CDL training company is not with me today. I am. I'm a little broken up about that, but I'll try to make it through. Um, he's out training, uh, a, a group of chauffeurs, no doubt, somewhere around the country if he's not at some sort of a convention. Um, this afternoon you're gonna notice we, we have a presentation for you that is a briefing I gave at the introduction to the state of the industry session at the Chauffeur Driven National Limousine Association Show. In Dallas, Texas, and we wanted to do a solo kind of monologue of this presentation because a lot of operators couldn't make it down to Dallas. And I wanted to, um, to go into a little bit more depth than I could in that 15 minutes that I had to introduce this. So this data is a highlights from our 2025 financial state of the industry. Report, which is available for a business planning report. We'll talk about that at the end. So let's get started. So, you know, the first thing on everybody's mind at the show is the economics, current economics, uh, in the country right now. And we pull data from Goldman Sachs, JP Morgan, and Bloomberg. Now we look at about 10 to 12 data points every single week. And I just pulled four here. To give you an idea, um. As of the middle of October, the chances of a recession were less than 30. Uh, in 2026, were less than 34%. Uh, that's a consensus of Goldman Sachs, JP Morgan, and Bloomberg. Now, don't get excited by that because most economists are known for hedging their bets. So even in the best economy. The economists from those locations, from those, uh, enterprises, institutions, if you will, uh, will, will fix the chance of a recession at 20 to 25% chance. So we have a slightly elevated chance of a recession in 26. As far as inflation, the inflation forecast for 26 is less than 2.4%, by year end, 2026. You know, the healthiest inflation is, right around a 2.2%. So we look good on that score. US GDP Growth is forecast in 2026 and is projected for 2.23% GDP, which is a little bit light, but it's still pretty good. And federal interest rates. There is a thought process that we're going to see to cuts in 2026 that are gonna take the bank borrowing level to between 3.25% and 3.5%. What is that gonna mean to the average operator? They're gonna see if you've got good credit, you're going to see some rates that are probably a couple points lower than loans today. If all things. Uh, being equal, and the Fed cuts their interest rates twice in 2026, which is the forecast. The only fly in the ointment, if you will, is that there is a reduced look, reduced consumer sentiment. The consumer, consumer sentiment's going down. So for those of you that don't know consumer, what's consumer sentiment is, is, is how the consumer is spending and how they feel about the economy. Well, in 2024, October. 70% of the people felt really, really good about the economy, and now that's down to 55%, uh, which is a 22% reduction. And they felt from an economic condition perspective, overall economics, they felt. In October, 2024, like 65% felt very, very good about it. And this year it's more like 61%. So it's a about a 6% swing, index of consumer expectations of what consumers expect for the coming year. Last year, that is 74% felt very positive about it, and the year over year changed. Now they feel. You know, about 51% feel positive about it. So that's a Indication that consumers are spending more and they're feeling more hesitant about the economy. And believe it or not, that really drives a lot of action by, companies and by economists and by banks is how consumers feel and how much they're spending. This is a specific, Sentiment of someone we follow on a, on a weekly basis here at driving transactions. We follow about 12 to 15 economic stakeholders. We follow the chief Analyst from Goldman Sachs, JP Morgan, and Bloomberg. We follow JP Morgan's, CEO, Jamie Diamond, and this is a really good, statement from him that in October at the end of October, he was asked whether he felt there was gonna res be a recession in 2026. And he says it's possible, but not a certainty. However, they are preparing the bank to navigate any downturn. You know, that is fantastic advice for any business owner. What did he just say there? It's possible, but it's not a certainty. We're not heading off a cliff, but we are preparing. As you should prepare your business for any downturn. And all of this in our estimation, is a result of tariff and trade uncertainty and the overall US government chaos, the DC chaos that's going on, and will continue to go on, you know, it'll be dysfunction central. Now the travel sectors that feed our industry are overwhelmingly positive. Airline passenger growth. Domestic passenger growth is for the next five years, is scheduled to grow at 3.8% compounded annual growth rate. International passenger growth is about 5% compounded annual growth rate. Now, we pulled data as of. The Bureau of Transportation Statistics, the last filing was, September 16th because of the government shutdown. We're waiting for October for more results. But you know, the reality is US airlines gained about$4 billion in the second quarter of 2025. that's a, net gain over the second quarter of 2024. The domestic and international passengers was up only about a half a percent in July, but that's up almost 5% from the previous two years. from the average of the previous two years, so. Overall, people are still traveling. When we talk about corporate travel trends, the next five years, corporate travel is set to grow at about 7.8% compounded annual growth rate. the industry. Corporate travel is an industry. The spend on corporate travel is a$2 trillion industry set to be$2 trillion by and six countries. Produce 67% of that, or there are six countries. Spends 67% of$2 trillion. Now, we looked at the GBTA and their revised figures for 2025. Initially, this time last year, they felt that 2025 was gonna be a growth year of about 10.9%. Over 24. Well, they, they recast that down to 6.6%, but they're still holding fast with 2026, they believe growth projections, they had initially had'em at 9.2% year over year growth, which is unbelievable, but they revised them to just 8.1% growth. Now, this is very important. While baseline scenarios assume trade. And related disruptions will ease quickly any escalations in the tariff or trade disputes with the top six countries that drive corporate travel will trigger downward revisions. So we had a chance to talk to the CEO of GBTA at the, uh, CD NLA state of the industry. And we are really monitoring all of the data that comes, out of the GBTA. But at the end of the day, that is the most up-to-date information is corporate travel is still projected to grow year over year, 6.6%, and then next year about 8%. growth. Other sectors that are important to what we do are the group and meeting sectors and the US meeting trends the next five years, the what's called mice, which is meeting incentives, conventions, and exhibits. that industry's, uh, gonna be$175 billion industry by 2030. It's growing at about 4.8% compounded annual growth rate year over year. Boom, 5% every year. Now, globally, globally, meetings are set to grow at 9.1%, compounded growth rate year over year, and that's an$802 billion industry again. Really focused on the top six countries where corporate travel is taking place. By the way, our report has. All of that in it. Now there is an interesting industry survey of meetings abroad by, uh, US corporate meeting planners, like board meeting planners, like large group planners, like, any international meetings. 67% of the meeting planners said that they wanted a US partner to manage and coordinate meetings abroad. Now that's critically important. All of the corporations you do business with, primarily the Fortune 500, if they have any meetings abroad of any kind. They are looking for us partners to manage and coordinate the travel and transportation, which is good for us. Our planning report lists the top 15 cities for both US and global meetings, plus a plethora of other corporate and meeting, travel sector trends. In addition, we looked at luxury hotels, the luxury hotel business. Meaning the five star hotels are growing at about 11.3%, compounded annual growth rate every year, 11% over the next five, that is gonna be a$230 billion industry. Now this comes directly from luxury hotel investor reviews that we've looked at, and that's basically today it's$166.4 billion industry. It's gonna surpass 230 billion by 2030. What is that telling you? That's telling you that high net worth individual and corporate executives the hotel industry is bullish on that segment of the market. In addition, we reviewed the top 10 luxury cruise companies, and we're not talking about your family. Carnival cruise. We're talking about the top 10, the 10 most expensive. Cruise lines in the world and they're growing at 12.3%, compounded annual growth rate. That's a$23 billion industry by 2030. So all of these things, these feeder industries are fantastic for us now, who's taking these very expensive luxury cruises? It's, it's very simple. The top. 1% most wealthy couples and the top 10% wealthiest retirees, they're taking those cruises and they're fantastic target for chauffeur transportation. In addition to that, we looked at the private jet business and that business has a, a. Five year growth of about 4.1% annual growth rate. It's a$42.9 billion industry by 2030. And by the way, 67% of all private jets are based in the United States. that list of jet owners is available out there, and you should be working to have relationships with every private airport and fixed based operation in your region. So if you've ever wondered how big our industry is, there are 37,795 limo operators in the United States 8,590 report less than 250,000 in revenue, 9,174 or 24 percent of that number less than 500,000 and 7,937 or 500. 000 to a million dollar operators. 8,693 are between 1,000,005 million, and then 1500 operators are between 5,000,010, 1100 operators or 3%. Between 10 million and 20 million, and then 755 operators or 2% of the total market are over$20 million. Now, we've dissected this data, incredibly, 47% of all of the operators, or 17,764 operators out of 37, 795 are less than 500,000 in annual revenue. The large majority of those operators are uber black or TNC black operators that have one car or maybe two cars, 68% of all operators or 25,701 operators. Our less than 1 million do report less than 1 million in annual revenue. Again, our industry's extremely fragmented. So when you look at companies above 1 million to 20 million, you, you're really talking about about 30% of the total market. Um, if my math is right, 32%. So while there's 37,795 operators out there. Total, it's more like 10 or 11,000 between over$1 million. Pretty important. But because the industry is so fragmented with small, tiny micro operators, it really causes price instability because a lot of them just compete on low price or they are capacity for the TNCs. For Uber, specifically Uber Black. The industry in total, the US limousine and motor coach industry is a$20.3 billion a year business. Now, the sedan and SUV business is 6.6 billion out of that 20.3, and that's growing at about two 0.7% compounded annual growth rate. The mini buses, vans, and mini buses are about. 6.9 billion of the total of 20.3, and that's growing about 4.2% compounded annual growth rate. Motor coaches are 6.6 billion. the charter growth is about 8% compounded annual growth rate, but tours and sightseeing is growing at about. 11% compounded annual growth rate. Now we have continued concerns about the growth of sedans and SUVs. We believe there's gonna be continued disruption, even more disruption than we've seen. That's going to reduce the market share of the chauffeur transportation car going to and from the airport. That's the market that will continue to have disruption if we don't have a better. Technology solution and customer ordering and logistics experience. The better news is we see increased opportunities in large vehicles, including vans and mini buses. We see increased costs and risk there because the insurance is going up. But we see growing market share, very much so. the same with motor coaches. We see increased opportunities and in the motor coach space, but we see increased cost and the insurance risk. But it's a growing market. this is not under any circumstances and endorsement for every operator to go out there and to buy a motor coach. We've seen. People who have no business being in motor coaches, buy motor coaches and it practically puts them out of business. That is a tremendous financial risk. So you better know what you're doing going into that market, and we can help you with that if you like. So we're pleased to announce This first, uh, state of the industry intro report that we just did is, is an ongoing research partnership with chauffeur driven, whereby we're taking data from surveys. As well as data from our research, as well as data from our clientele. And we are, we are providing data on revenue and profits in the industry. Now, the quarterly service we do with chauffeur driven. will result in data-driven articles in the magazine. We're gonna be reporting on the surveys in the magazine. It'll also include best practices, white papers and reports, and expert podcast interviews and commentaries. An example is we found in the first survey, people were extraordinarily concerned about hiring and retaining chauffeurs. So we are going to include articles on the. Uh, post COVID recruiting, as well as get some recruiting experts to write articles in white papers and perhaps come on the podcast to talk about client attracting new chauffeurs and CDLs, and more importantly retaining them. Right? So we're happy about the ongoing research partner. So The first thing that we asked is which of the following best describes your outlook for airport revenue in 2025? And we are concerned that we are risking market share erosion in the airport service business. And, 43.73% said that, you know what, it's gonna be the same as last year. 30.85% said it's gonna be lower. In 25 than it was in 24. Now the good news is 25.42% of the operators surveyed and we got 300 responses from the survey as well as about 180 data points from our own, client data work that we do. The companies that are growing, in the airport space, we are pretty. Confident that this growth is primarily a shift in existing market share from one operator to another. It's not necessarily growth in corporate America or private individuals using chauffeur's services to and from the airport. In other words, as an industry, we are not doing a fantastic job increasing market share. customers are shifting from one operator to the other. Okay. the, the reason why this is critically important and we are really concerned about the market share is there was a study done, the NLA and the GBTA from Evans PR firm that asked the question. What do you use chauffeur services for? 67% of the corporations said they use us strictly to go to and from the airport. Airport transfers. 86% of the companies out there said they use chafer services only for sedan and SUVs. So if we continue to have erosion in the sedan and SUV and airport transfer business, we will lose what I call the milk and bread. That it gets people into the store to buy our, meat and produce, if you will. we will lose our ability to attract corporate clients, or at least our, our value proposition will be greatly diminished. 39% of corporate America uses us for shuttle and van services. 31% use us for motor coach services, so we must have a strategy as an industry to grow airport service. market share. And our belief is we need a better technology experience from new technology providers in the industry, or, people that can influence the technology providers to get us a. A better customer portal, a corporate portal, consumer portal, as well as customer app that's akin to the TNCs. You know, there's a clear indication by this survey that we need to do a better job educating corporate travel professionals about the wide range of vehicles and service types and use cases to grow our corporate market share. Well, what do I mean by use cases? stop. Promoting a vehicle and start telling your clients how to use them. Promote service use cases like employee engagement, outings, uh, business dinners and meetings, meetings, events and board meetings. We have one client we worked with that has a slogan that more business is done in the back of his vehicles than in his boardroom. More businesses done in the back of our vehicles than at any client meeting. So it's promotion of the service and use cases, not necessarily showing pretty pictures of vehicles. We are very concerned if we lose more sedan and SUV business and market share and airport transfers to the disruptors out there and there are more coming that.$20 billion in total chauffeur transportation, including motor coach is gonna go down so many buses and motor coach revenue. Which describes your outlook for bus and motor coach revenue in 20 25, 36 0.73%? It's said it's, it's the same and 34% say it's up. 20, 25 year to date compared to 2024. Now, this trend is a combined, the increase in revenue in, mini buses and motor coaches It's a combination of moving market share from bus only companies into the chauffeur sector because we do a great job demonstrating that we have better service and perhaps newer equipment as well as growth in new user market share. There's a lot of last mile from public transit to corporate shuttle work going on, there is a lot of employee shuttle work being done that is boosting the use of these vehicles. There's, also a lot of group and meeting charter work and even private event work going on. So, total revenue, performance trends. Considering your revenue performance this year to date, 38.72% of the operators, which is over 300 operators surveyed, plus 180 financial reviews we've done. Um. 38.72% say revenue's gonna be higher. And what we are seeing is that revenue growth is a result uh, the companies that are growing. It's a result of a proactive sales effort every single day promoting their businesses proactively. It is also by promoting additional service types and yielding to larger vehicles, for example. and promoting those larger vehicles, not just airport service. And when we looked at our internal data, we saw that the average increase of a company's whose revenue is going up is about a 12% increase year over year, 12% year to date, 25 compared to 24 Now, 29.29% of the companies are flat. And 31.99, let's just call it 32% or lower. I'm gonna flat out tell you why. It's because they're being reactive. It's because they're spending and promoting in the wrong places. It's because they are not proactively telling the story and building value their services. They're just sitting waiting for the phone to ring either from inbound affiliate or network work. They are not expanding their market share, and promoting their brand, plain and simple. So from a profit perspective, about 34% of the companies are less profitable in 25 year to date. Less profitable than they were in 2024. Roughly 40, 41% are the same. when you look at it, they're the same as 24 And by the way, if you look at the blue columns here, we asked the same question last year, and about 40% was similar to 23. so year over year, we're seeing, compared to last year, 2024. 29% of operators were more profitable than 23. Same question this year. Only 25% of the operators are more profitable in 2025 compared to 2024. Now, Why are these trends the way they are? Number one, where people are lower profit, it's because their cost to provide the service are increasing more rapidly than they can increase their end user prices. Let me give you some examples. When your insurance bill goes up. By 25%. It's tough to raise your prices correspondingly to abor absorb all of that increase. So that's what we mean by that, of the companies that are more profitable. It's very straightforward to us when we review that data granularly, when we look at the company specifically, those companies that have increased profits above this year compared to last, are priced in the top one third of their market overall. Meaning that when you look at all of the services they offer. They're priced in the top one third on a blended basis. They may be more competitive on sedans and SUVs, but they're charging more for their larger equipment. At the same time, about 50, greater than 50% have revenue from charter business. When I, the commonality of all of the companies that are more profitable that we deal with is that greater than 50% of their business is not transfer. It's not airport sedan and SUV, it's charter. It's as directed. in addition, we're seeing people pivoting to larger vehicles. very much so. The companies that are the most profitable have strategically pivoted to buy mini buses and sprinters and, the most profitable of buying motor coaches and the most sophisticated operationally. And also they're granularly managing their financials on a monthly basis. They're not waiting to see how they did at the end of the year. They're managing and budgeting and forecasting, which is, pretty critical. Again, being proactive. The gross margins we're seeing in this space are for 2025. The sedan and SUV margins are on the low side between 30%, and the highest we've seen is 35% gross margin on transfers, on charters as high as 40% gross margins on bands and mini coaches. 35% to 40% is the average. we're seeing. A little bit greater than 30% gross margins on shuttle contracts. We've had some people who have made grave mistakes on pricing shuttle contracts that are barely making 20% on shuttle contracts and, and it's, uh, not worth doing. and then motor coaches, the profits are holding 35 to to 40% on transfers and charters. 45 to 50% on tours when people are doing, when operators are doing tours and selling by the seat, it is incredibly profitable, like 45 to 50% margins on each trip rather. we're seeing, uh, shuttle contracts using motor coaches, about 30% average gross profit margin. Again, we, we are really concerned on market share and gross profits. on the sedans and SUVs. We see more disruption coming with ride share and autonomous vehicles. So our advice to operators that are financially capable is to move into larger equipment, when you're ready and operationally savvy. Move into the higher capacity vehicles. They last longer, they cost more. So you need a profitable company to start with, but that's where the margins are the safest. Growing by the way. Uh, if you don't know your gross profit margins on each service you, you sell, please visit driving transactions.com and buy our financial course. Okay, so we are seeing the cost of goods trends for 25 over 24. Interest rates were about the same. We do expect a 1% rate cut in 26 in 2025. Chassis prices were up 7%. We believe that we've been told by manufacturers another 7% increase in chassis because of trade uncertainty and tariff chaos. We've been told by the best in the fleet insurance business. That 14% was the average increase in 2025. Expect another 10% increase in 2026. It's a continued hard market. Do not blame the insurance agents and only as part of it has to do with your loss runs, but you need to run the safest operation you can, but as several guests have said, we are in a permanent. Hard market for a variety of reasons on commercial fleet insurance. Uh, CDL Labor went up about 10% in 2025, and we expect in 2026 to see the same kind of kind of thing. It's going to be a challenge to, uh, attract CDL labor. The only way we can really see doing, to increasing, hiring is to have better wages and better quality of life. Whereas if they're an over the road trucker. Um, you know, they're not home all the time. When they work for us in the bus business, we, they're getting home every night, but there are 81,800 open bus drivers in the United States, including school buses and a 237,000 openings in the truck space, including. The last 10 mile delivery. So at the end of the day, that's going to be a pain point for us moving forward is hiring and retaining CDLs. Another pain point we saw, repair cost went up in 2025 by about 18% over 24, but in 26 we're expecting another 78% increase. And just so you know. Repairs and maintenance are up 43% above 2019 because of the supply, chain issues caused by the COVID that period. And now the tariffs on repair parts and, and parts manufactured overseas. The, the silver lining, if you will, as we see fuel went down over 5% in 2025. It's expected to drop another 4% in 2026. Uh, diesel will remain a little higher than gasoline, but we expect to have some good news on that front. Um, so we should still be charging our fuel surcharges. Don't go down on those. Operators should expect permanent disruption in the sedan and S SUV V space. every single day we get data on the autonomous vehicle industry, which now includes Google Waymo. it includes Tesla's, robo taxis, and Amazon Zu X. Those are only in the United States. There's another half a dozen coming into the states from around the world, and we are following how the TNCs, how Uber and Lyft, how Uber is responding and getting into the autonomous space. At the end of the day, this is going to be the most disrupted space over the next five years. we expect autonomous livery vehicles, that's what we call them. We don't like calling them robo taxis. We believe there will be autonomous premium vehicles available in the top 20 cities in the United States between over the next four to five years. Perhaps New York will drag a little bit, you know, perhaps it'll be five, seven, or eight years out. But they are becoming more and more commonplace and they will take a portion of the lower end of the chauffeur business. Um, and we're concerned about that m and a trends. It's no secret that there's a ton of merger and acquisition activity out there. Mostly acquisitions. It's high activities. In the space, there's a lot of buyers and a lot of sellers, but I have to share with you that consistent profitability is what is selling. And just because you put your company up for sale and you have it in your mind that your business is worth, X does not mean that your business is worth that. And it also doesn't mean it's going to sell. So what is selling is companies, the top 10 elements include consistent profitability. Accurate financial records and profitable revenue growth, meaning that just because you're putting on revenue, if you're not making profit, it doesn't help the value of your business. Additionally, buyers are looking for a low inbound affiliate work, meaning of your total revenue, it should be less than 20% total. They're looking for low revenue concentration among your highest clients, so your biggest clients should not be more than five to 10%. Of your total, income. they're looking for newer fleets and larger vehicles. They're looking for the majority of revenue coming from charter and profitable contracts. They're looking for a management team in place, not a business that's dependent upon its owner. They're looking for quality brand in growing markets. You know, really they're, trying to buy the top three to five companies in the top 50 metro areas. And they're looking for no one client making up more than 10% of their revenue, and they're scrutinizing the type of clients. If your largest client is, is, uh, you know, a series of airport crews and that's your largest client type, is, uh, airport crews, that's a very vulnerable client type to have. and they're looking for ideally, greater than of revenue coming from. National or global trips or revenue production that's not associated with in-house vehicles. that's the best of all worlds. Those are the top 10 elements. our best advice is to be ready and realistic. There are currently 47 chauffeur businesses listed for sale. Have been for sale for over 18 months, and the odds of selling at this point are less than 15% because either the price is too high or the business has inherent problems that were not solved prior to going on the market, which is a big problem. Those two things, sellers are unrealistic on their price because they've gotten bad advice on what the business is worth, or the business is dependent solely on the owner and the business can't run without the owner. and the business has flaws. That's why they sit on the market that long for 2026. Our initial recommendations are, number one, increase profits don't increase low margin revenue. don't take on shuttle contracts at cost plus. that don't have significant gross margins, like above 30%. Your overall gross margins should be somewhere. 35 to 45% depending upon the makeup of your company and your fleet and your market. But it's very difficult to make any money if your gross profit margins are below 35%. We're recommending people lower their debt. the banks would like to see. It's a balance sheet ratio not to get boring, but they don't want to see more than 30% of your total income in long-term debt. Well, what does that mean? A million dollar company that does a million dollars in total revenue a year should have no more than$300,000 in fleet debt. Let me say that again. A million dollar company does. Somebody that does total income of a million dollars in total revenue should not have more than$300,000 in total debt. Extrapolate that out. A$10 million company should have less than$3 million in long-term debt if you have debt, that's an EIDL loan, an S-B-A-E-I-D-L loan from the COVID era and. That is pushing your debt ratio above 0.3, start paying it down aggressively. If you ever wanna sell your business, if you don't wanna sell your business, you know it is still a problem. But if you wanna sell your business, you need to have that definitely paid down. And if all you're paying down is interest only on that EID loan, something is wrong, that you're not generating enough cash to. To make principal payments increase your cash liquidity. just as Jamie Diamond said, he's preparing his bank for any eventuality in relationship to recession, and you should prepare your business. You should have at least three months of all of your base expenses in cash liquidity, three months at minimum. Set aside in cash and every month you should have more cash than you started with. and if you don't, and we have the exact numbers in our course, but if you don't, if there's any downturn, you're going to be, uh, potentially in trouble, increase your proactive sales efforts by three x. What do we mean by that? We don't mean increase your pay per click ads three times, 300%. No, we don't, but we do mean. Proactively increase your customer communications with your existing clients and the offers you send to your existing dormant clients. And reach out to like the companies you do business with three times more than you're doing now because 26 might be a challenging year. Get hyper-focused on superior service delivery It's to separate your company further from the TNCs that you know their vehicle may look just similar, to yours, but hyperfocus on superior service delivery, hyperfocus on selling The value of what you provide guaranteed on time service, the safest mode of transportation and not low price, and mitigate against the loss of sedan and SUV revenue. I still think we can increase market share. I believe we've not even hit the tip of the iceberg of people that are in the, demographics to use our chauffeur service. We just have an antiquated technology set in this industry and an antiquated mindset that we need to, Fix because, people are aging out and the younger people like to use apps and so do the corporate travel coordinators and so do the executive assistants. They want to use corporate portals and they want to track their trips, track their receipts, track everything. They don't wanna make phone calls to find drivers and. And fine receipts. So those were our recommendations for 2026. At this point, we're pretty, bullish on 26, but we're cautiously optimistic and cash will be incredibly important. if you would like to order our financial state of the industry business planning report, it is online in terms of a. Very much elongated video, with a lot more information. But it also is a PDF, which gives you operator statistics and financial KPIs and economic sentiment, but more importantly, it gives you corporate buyer sentiment and travel trends. Gives you the top 100 corporate travel. By industry as well as by company, as well as their competitors, gives you current profit and growth, opportunities. A lot of areas of growth gives you the busiest airports, the busiest FBOs, gives you a future forecast in every aspect of all the feeder industries. And it does talk a little bit about how to mitigate against the disruptor trends that are coming. Including TNCs, autonomous vehicles, motor coaches, and it, gives you some competitive strategies on how to improve and increase revenue in your business. So if you have interest, click the link and check out that, business planning report. And it also comes with planning sessions. If you're interested in that option, we can help you create a business plan for 2026. We appreciate your time today. if you know anybody else in the business, have them subscribe to the podcast, tell all of your friends about it. we're doing extremely well as far as video snips and videos on YouTube and the podcast are growing every single week. We hope we're adding value. And hopefully my, esteemed partner, James Blaine from P'S Training will be here with me next week. But until then, this has been Ken Lucci. I'm the principal analyst at Driving Transactions. If you'd like to improve your profitability, if you'd like to have you a financial review done of your business, please give us a call if you need, uh, customer service or chauffeur or driver training. Please give my partner in crime, James Blaine, a call at PAX Training and visit our websites. And thank you very much for, uh, listening and watching this podcast, uh, watching us on YouTube and have a great day.

Thank you for listening to the ground transportation podcast. If you enjoyed this episode, please remember to subscribe to the show on apple, Spotify, YouTube, or wherever you get your podcasts. For more information about PAX training and to contact James, go to PAX training.com. And for more information about driving transactions and to contact Ken, Go to driving transactions.com. We'll see you next time on the ground transportation podcast.