Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of Ross Haberman. Your line is open.
Ross Haberman – Haberman Fund
In the quarter, did you end up settling up with your supplier on the trucks or does it continue to be a shortfall going into this next quarter as well, or I guess there was a strike and you were caught short in terms of truck supplies; has that all been settled and caught up by now?
Edward Shoen
Yes, it is. It has caught backup now. So, the loss that we have is history. It will roll forward, but it should not accrete[8:25] and so, I think that is the question you are trying to find out.
Ross Haberman – Haberman Fund
Right.
Edward Shoen
Are we going to see more of that? No, I do not believe so.
Ross Haberman – Haberman Fund
And just one, what do you see on pricing for the storage business? I just know personally what I am seeing at least in the Northeast that prices are coming down. It seems like at least from what I have seen in the Northeast here. Are you seeing that phenomena nationwide?
Edward Shoen
We run a standard promotion, which is a 30-day free move-in for a one-way truck or trailer customer. That is our standard promotion, and pricing is always a combination of discounts and the real price. We do not do another price promotional. We do not do pay six get one free. There are a lot of different variations out there. Our public storage, for instance, has a very standard $1 move-in, so it is the same as our 30-day free, just another way to give the discount. I do not see discounts up, and we have not yet lowered prices at more than one or two stores, if at one or two. I cannot recall one. We are very, I do not know what to say, obstinate on that. So, I am not seeing prices decline. Obviously, this is a very geographically specific business and whenever somebody is in your exact geographic area. It is very common for a guy to get the idea, look, if I drop my price, I will get all the business. So, I would expect to see some of that, especially given all the product that came on board in the last three or four years. I think we should just expect to see it.
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