Question-and-Answer Session
Operator
At this time we will now answer questions from the callers. I would like to reiterate that in my earlier comments regarding forward-looking statements apply both to the participants’ prepared remarks and to anything that may come up during the Q&A. (Operator Instructions). The first question comes from the line of Dennis Telzrow -Stephens Inc.
Dennis Telzrow -Stephens Inc
What a difference a year makes, right? A lot of hard work in between I understand that. Maybe a little comment on competition and the credit markets as they impact your competitors and whether you are seeing any customers coming in the door who have been squeezed out so to speak by the AmeriCredit and Credit Acceptance, in that vein?
Jeffrey Williams
Dennis, I can tell you it is just more anecdotal, I have heard some of that from some of our managers. I don’t really have any way to quantify that or know how much of our business that is right now but yes I have heard from few managers that they have experienced some of that.
Dennis Telzrow -Stephens Inc
On the competitive front, any of the mom and pops getting hurt by this current credit crunch, so to speak? Availability of credit or having to sell paper at much higher rates?
Jeffrey Williams
Yes. I have got to believe they are; again I couldn’t tell you to what extend that impacts us but I would assume that’s the case.
Dennis Telzrow -Stephens Inc
These two other lots that you are going to close, Gainesville and Greenville, I assume there will be a little incremental financial costs like we saw with Wichita or less or greater?
Skip Falgout
It really shouldn’t be as significant as Wichita because as we mentioned these are smaller satellite stores in close proximity. Can you expand on that a little bit Jeff?
Jeffrey Williams
We are not expecting a significant loss from closure on any of the lots other than Wichita at this point. It should be pretty minor.
Dennis Telzrow -Stephens Inc
Wichita, was there something other than the geographical location that made it more challenging?
Skip Falgout
Well, primarily I think a big part of it was it was kind out there on its own and as we know when our lots are in close proximity we have better support we do tend to do better. That was a lot that had been opened long time ago and our growth plans right now don’t include Kansas and so we thought best is to go ahead and pull out now.
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