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Your Car Loan Is Underwater and Interest Rates Are Soaring. What Now? · In Wheel Time Podcast

• 0:00
  Speaker 1: The In Wheel Time Podcast, a 30-minute mini version of the In Wheel Time Car Show that airs live every Saturday morning 8 to 11 am Central.
• 0:08
  Speaker 1: This is your place for all things automotive the award-winning In Wheel Time Car Talk Show.
• 0:16
  Speaker 1: Just ahead we talk to the CEO of Private Auto about negative equity on used car trade-ins.
• 0:24
  Speaker 1: Uh-oh.
• 0:24
  Speaker 1: Later, jeff has the racing calendar, mars has this week in auto history and I'll get you caught up on the stories making automotive news headlines this week.
• 0:32
  Speaker 1: Howdy, along with Mike out of this world.
• 0:34
  Speaker 1: Mars.
• 0:34
  Speaker 1: We always need more.
• 0:35
  Speaker 1: Jeff Zekin, I'm Don Armstrong, glad you could join us.
• 0:38
  Speaker 1: Chief Engineer David Ainsley will be joining us at Hemi Hideout here in a few weeks.
• 0:43
  Speaker 1: We just scheduled that.
• 0:44
  Speaker 1: That's coming up April.
• 0:46
  Speaker 3: The 5th I believe it is yes a few weeks.
• 0:48
  Speaker 1: So looking forward to going out, as we always do out, to the Hemi Hideout.
• 0:52
  Speaker 1: All right, negative equity on used car trade-ins.
• 1:01
  Speaker 1: Well, if you've spent a decent I mean just say this an average amount of money on a used car, on a new car, and you're going to trade it in for another car, what do you think the chances are of you one even breaking even on that trade?
• 1:17
  Speaker 1: We're about to find out.
• 1:18
  Speaker 1: So joining us now a fellow by the name of Brad Parker.
• 1:21
  Speaker 1: Brad, good morning to you.
• 1:23
  Speaker 1: Good morning, happy to be here.
• 1:23
  Speaker 1: Thank you, brad.
• 1:23
  Speaker 1: Good morning to you.
• 1:24
  Speaker 3: Good morning Happy to be here, thank you.
• 1:25
  Speaker 1: Well, thanks for joining us.
• 1:26
  Speaker 1: We appreciate it.
• 1:27
  Speaker 1: So Edmunds data revealing a record high average negative equity of $6,838.
• 1:36
  Speaker 1: That's brutal, my friend.
• 1:39
  Speaker 1: But so in other words, let's just say I'm going to trade my car in and I still have $6,838 I owe on it.
• 1:54
  Speaker 1: That's going to get folded over into the new car loan on top of the price of the new car.
• 2:00
  Speaker 4: Oh my God, that's the interest on that six grand.
• 2:03
  Speaker 3: Yeah, this is not a good thing yeah, so in and even how you just said it, it gets folded over into the new car.
• 2:11
  Speaker 3: So that's the thing that a lot of people don't understand.
• 2:13
  Speaker 3: You have to pay for it somewhere, and so the money doesn't just go away, and so it ends up meaning that either that next car is a lot more expensive or you have to put a significant amount of money down potentially even that $6,000 plus what you would have normally put down to get the loan to value ratio in line with the new car, which ultimately makes it very hard for someone to switch cars.
• 2:46
  Speaker 3: So it puts them in a tricky situation.
• 2:48
  Speaker 1: Yeah, so let's just say and I'm going to lowball it here and say I have found a brand new car for $30,000.
• 2:56
  Speaker 1: Joke.
• 2:57
  Speaker 1: But let's just say that you know, $30,000 for a new car.
• 3:01
  Speaker 1: Now there are some out there.
• 3:02
  Speaker 1: If you go by the window sticker, there are some out there if you go by the window sticker.
• 3:07
  Speaker 1: There are some out there.
• 3:07
  Speaker 1: Yeah, what are they?
• 3:07
  Speaker 1: Yeah, there's that.
• 3:08
  Speaker 1: Let's pretend.
• 3:09
  Speaker 1: Okay, thirty thousand dollars I have, I have.
• 3:12
  Speaker 1: I have two thousand dollars saved up, that's it.
• 3:15
  Speaker 1: But I owe six thousand eight hundred dollars on the car that I want to trade in.
• 3:20
  Speaker 1: Why do you want to trade it in?
• 3:21
  Speaker 1: What would propel me to trade the car in when I've got all of that negative equity in?
• 3:27
  Speaker 3: it One, because you're still paying the higher rates.
• 3:32
  Speaker 3: So really, for a lot of people the payment has become unaffordable With rising prices in general.
• 3:41
  Speaker 3: People that jumped into a maybe three, four, you know, five years ago they're still they.
• 3:48
  Speaker 3: They they paid for the car at maximum price when there were very little markdowns.
• 3:54
  Speaker 3: Um, there were very little incentives.
• 3:57
  Speaker 3: We're talking about the COVID era, that's right, yeah, so so you kind of bought at the peak, in essence, and so you paid almost the highest price for that car and in some cases, depending on if you bought a luxury car, there may have been basically a premium that you paid on top of it.
• 4:20
  Speaker 1: Yes, exactly yeah, because I think that was about the same time that the new C8 Corvette came out.
• 4:23
  Speaker 1: They were scarce.
• 4:24
  Speaker 1: Oh yeah, exactly yeah, because I think it was that was about the same time that the new C8 Corvette came out.
• 4:27
  Speaker 1: They were scarce.
• 4:27
  Speaker 1: Yeah, yeah, we used to do the drag racing thing over in Baytown.
• 4:31
  Speaker 1: That track doesn't exist anymore, but we always passed by a Honda dealership.
• 4:35
  Speaker 1: For two years they had no inventory on the lot.
• 4:40
  Speaker 1: We thought the place was closed.
• 4:41
  Speaker 1: No, it wasn't closed.
• 4:42
  Speaker 3: They had no inventory period yep, they're selling them off the truck.
• 4:46
  Speaker 3: Yep, so you might.
• 4:48
  Speaker 3: You might have paid an extra 10 percent, you know, for that vehicle.
• 4:51
  Speaker 3: Yes, depending on on what it is.
• 4:53
  Speaker 3: The other interesting uh, you know thing too is um the.
• 5:00
  Speaker 3: The loan terms have slowly gotten uh longer, oh slowly oh well, yeah, I mean yeah, yeah.
• 5:06
  Speaker 3: Oh, slowly.
• 5:06
  Speaker 3: Even though the price of the car was the highest ever, the payment seemed affordable.
• 5:11
  Speaker 3: But now, when you go to trade that car in, it's a rude awakening on the actual value of the car.
• 5:38
  Speaker 1: And so all right.
• 5:39
  Speaker 1: So then you shop around, you shop around, you find out oh my gosh, I'm so upside down in the car.
• 5:44
  Speaker 1: I'm going to have to hang on to this car for a while longer.
• 5:47
  Speaker 1: In the car, I'm going to have to hang on to this car for a while longer.
• 5:52
  Speaker 1: So that means that that car that the industry was looking for as a trade-in to go on somebody's used car lot it ain't there anymore.
• 5:58
  Speaker 1: Or if it is there, the selection that you have to choose from in that price category probably is not going to be there either.
• 6:08
  Speaker 3: Yep.
• 6:08
  Speaker 3: Well, it's an interesting trend as you watch in the industry right now.
• 6:12
  Speaker 3: Over the past two years, you know you look at even the dealer patterns too.
• 6:17
  Speaker 3: So you know, for decades you know the number one source of used car inventory for a dealer is trade-in.
• 6:25
  Speaker 3: Number two for many years has been the auctions.
• 6:28
  Speaker 3: But a lot of these people are holding on to their cars.
• 6:31
  Speaker 3: They're not trading them and they're not ending up at the auction like they used to, and so this is why you've seen all these cash offer portals showing up everywhere.
• 6:41
  Speaker 3: Everyone's trying to buy.
• 6:42
  Speaker 3: You know dealers are trying to buy those cars direct from the, the private street sellers, um to supplement their inventory because the normal flow of inventory is not there.
• 6:53
  Speaker 3: Used car inventory.
• 6:55
  Speaker 1: And now, with the tariffs sitting on our shoulders waiting to happen, we're gearing up for basically catastrophe in new car sales.
• 7:07
  Speaker 1: In turn, will be used car inventory to be able to sell that?
• 7:12
  Speaker 1: And what bank is going to loan you over the value of a car?
• 7:17
  Speaker 1: I don't know.
• 7:18
  Speaker 1: I mean, all of these things are all lining up not be good for buying a car um, you're right, and there's a couple things to unpack there.
• 7:38
  Speaker 3: It's a couple kind of uh, two pressures coming at the consumer.
• 7:42
  Speaker 3: On this one, which means now they are mitigating their risk more and they're pulling back on some of their loan portfolios or how much they are lending right now, which makes it harder for the consumer because it's harder to qualify for a loan in order to to get it with with a lot of the banks.
• 8:13
  Speaker 3: Now, as you mentioned the tariffs, it is going to create some short term difficulty for new vehicle sales on two fronts it's going to put more downward pressure on margins for dealers, but it's also going to increase prices for consumers.
• 8:20
  Speaker 3: Now we're all hopeful that interest rates will come down at some point.
• 8:25
  Speaker 3: They are already starting to show some signs of relief and a little bit of downward momentum.
• 8:32
  Speaker 3: However, the same scenario still applies for new cars right now, with higher prices because of potential tariffs depending on the vehicle.
• 8:43
  Speaker 3: Still higher, record high finance rates.
• 8:47
  Speaker 3: Still higher, record high finance rates.
• 8:54
  Speaker 3: And then the other pressure would be less banks taking the same type of deal or the same credit worthy person as they would have before, because their portfolios are more constrained now with the level of default and the level of negative equity.
• 9:07
  Speaker 4: The question I have is do you have any data or see any trends of people actually selling their own cars rather than trading them in?
• 9:14
  Speaker 4: I mean making that effort to post an ad and do all that, maximize what they can get.
• 9:20
  Speaker 4: Right to get that six grand equity loss back plus a little bit of money on top of that.
• 9:26
  Speaker 4: I mean, do you see any data on that?
• 9:28
  Speaker 3: Yes, plus a little bit of money on top of that.
• 9:30
  Speaker 3: I mean, do you see any data on that?
• 9:32
  Speaker 3: Yes, cox Automotive did a study a few years back and there's been some others, but it's actually been one of the most surprising statistics that I don't think most people realize that it's actually almost 47% of all used car sales are private party.
• 9:47
  Speaker 3: The amount of cars changing hands in grocery store parking lots and meeting up with individuals around the country is a significant amount of the used car market.
• 10:00
  Speaker 3: So you know, taking levels, there's anywhere from, you know, 35 to 40 million used cars that are sold every year.
• 10:09
  Speaker 3: So about 47% of that is private party.
• 10:14
  Speaker 1: Wow, I'm just thinking of the everyday guy that has a good not excellent, not off the charts credit rating and he goes to buy a new car at a dealership, let's just say, because the average price of a new car, I think, is like $45,000.
• 10:38
  Speaker 1: That's a lot of money.
• 10:39
  Speaker 1: Again, you can find something a lot less than that.
• 10:43
  Speaker 1: But most people say, oh, I want the leather interior, I want the sunroof.
• 10:48
  Speaker 2: Well, all of that.
• 10:49
  Speaker 1: Yeah, I want certain things I want in my car and we all know that manufacturers don't make regularly a cheap car, an entry-level car, because they want the extra money, just like the person wants the extra bling on the car.
• 11:03
  Speaker 1: So now we've got, let's just say, an average price of $45,000.
• 11:06
  Speaker 1: So now we've got, let's just say, an average price of $45,000.
• 11:09
  Speaker 1: I used to be able to afford $45,000 in my credit rating, but now, because I'm upside down on my car that I want to trade in, and because of other bills that have happened, high interest rates, all of the other things, the pressures among us that have really kind of twofold, threefold since the COVID crisis, what are we going to do?
• 11:32
  Speaker 1: We don't have the credit rating.
• 11:34
  Speaker 1: So if you don't have the credit rating, chances are the bank is going to be going.
• 11:40
  Speaker 1: You know, I think we're going to pass on this person.
• 11:43
  Speaker 1: Now what do you do?
• 11:44
  Speaker 1: You go and find a lender, but the interest rate on that is going to be double the amount.
• 11:50
  Speaker 3: Yeah, well, you know, I just ran the numbers on that one.
• 11:53
  Speaker 3: Just a normal 60-month payment for that car right there, at about 8% interest, is over $900 a month.
• 12:01
  Speaker 3: Wow, and just for that, $45,000.
• 12:04
  Speaker 3: And that's a pretty conservative number.
• 12:07
  Speaker 3: I mean, man, to use cars under $50,000 are not many of them now yeah.
• 12:13
  Speaker 2: You haven't got the insurance yet either.
• 12:15
  Speaker 3: Well, that's right.
• 12:15
  Speaker 3: Yeah, that's a whole other one too.
• 12:17
  Speaker 3: That's probably double from what it used to be, right?
• 12:21
  Speaker 2: I mean, now you're talking a house note, or what used to be a house note.
• 12:25
  Speaker 2: That's right.
• 12:26
  Speaker 3: Yeah, and that's why they've had to try to extend these loan terms just to make it affordable.
• 12:32
  Speaker 3: But it ultimately sets a lot of people up for failure and I think it's around 30 percent.
• 12:38
  Speaker 3: Black Book did a study on it it's between 25 and 30 percent of people that are currently experiencing that negative equity and it is that number around that.
• 12:49
  Speaker 3: You know 5,000, 6,000 that you mentioned.
• 12:52
  Speaker 3: But I think that's where we're starting to find some success with.
• 12:57
  Speaker 3: You know, private auto is.
• 12:59
  Speaker 3: You know it's funny.
• 13:00
  Speaker 3: I'm not anti dealer either.
• 13:01
  Speaker 3: I bought a bunch of cars from dealers I still do but I also buy a bunch of cars from private individuals.
• 13:07
  Speaker 3: But I also buy a bunch of cars from private individuals and it's always been just a very clunky and awkward process.
• 13:18
  Speaker 2: You know, meeting up with them how to transfer the funds, Transfer the titles, what's that?
• 13:20
  Speaker 2: And then you got to transfer the title, that's right, that's right.
• 13:24
  Speaker 3: And it's kind of like well, okay, well, we need something official, like I'm sure we need like a bill of sale or something or something, especially if the amount is over $5,000.
• 13:32
  Speaker 3: I mean, if it's under $5,000, all right, use cash or use a payment app, but all that stuff stops once there's really no payment app to do a secure, in-person, high dollar deal.
• 13:42
  Speaker 3: And so you know, I guess, to your point about private party and these people, it's a way for them to someone else, they have a chance of putting that money back in their pocket by going direct to the private party and ultimately being able to pay off that loan faster, by recouping more of fair market value for the car by going direct to another consumer.
• 14:25
  Speaker 4: Yeah, and then there's the consignment lots where you park your car and you sell your car with a bunch of other cars like a dealership, but you pay a percentage once you sell that car to the person that you had the lot.
• 14:37
  Speaker 1: So let's talk about private auto.
• 14:40
  Speaker 1: What is it that your company does?
• 14:43
  Speaker 3: Yeah, so think of private auto like Marketplace without scammers and Venmo without limits.
• 14:53
  Speaker 1: That's one way to compare it.
• 14:54
  Speaker 1: I like it and I like your sense of humor.
• 15:01
  Speaker 3: I mean because I've sold tons of cars and bought tons of vehicles and no matter how many times you do it in the private party, that first text message, that first inquiry, it's like, oh, is this guy a scammer?
• 15:14
  Speaker 2: Right, exactly.
• 15:15
  Speaker 4: That's just.
• 15:15
  Speaker 4: That's exactly what you're thinking.
• 15:17
  Speaker 4: Well, it's the mindset of what we're living through right now.
• 15:21
  Speaker 1: So how do we get that removed from our mind?
• 15:24
  Speaker 1: And we find that you know Brad Parker, ceo of Private Auto.
• 15:27
  Speaker 1: He's going to handle the deal for us.
• 15:30
  Speaker 3: Yeah, no, and I think that's another thing that makes us different.
• 15:33
  Speaker 3: You know, we're more of a technology layer that enables two people to safely and securely do a deal, really without the middleman.
• 15:45
  Speaker 3: So, unlike other companies that are more of an escrow agency or an online dealership that are kind of physically acting in the middle and assisting with the deal, our technology allows two people to spin up a deal.
• 16:00
  Speaker 3: They verify their identity and we do things that I mean.
• 16:04
  Speaker 3: Honestly, it's been a wild journey because private party is the armpit of all transactions.
• 16:11
  Speaker 3: You don't know if buyer's legit, seller's legit, car's legit or the money is legit.
• 16:16
  Speaker 3: You don't know if anything's legit Exactly, yeah, exactly.
• 16:20
  Speaker 3: And so we've had to adopt technology that allows us to verify that individual with even cell phone detection that it's not a burner, a SIM swap.
• 16:31
  Speaker 3: It actually matches them with the carrier network.
• 16:33
  Speaker 3: It even does driver's license scan, selfie check Once they are connecting and doing if they are going to move funds.
• 16:42
  Speaker 3: It does name matching on the bank accounts to make sure that person is the same one that owns that bank account.
• 16:47
  Speaker 3: But we also have things around the vehicle and title.
• 16:53
  Speaker 3: So it comes with a history report.
• 16:54
  Speaker 3: We can actually do a direct DMV title check through the platform and if the seller says they have the title, it'll scan it, compare it to the person that says they're the owner and it'll do a scorecard based on what the DMV record says for that.
• 17:11
  Speaker 3: Individual Questions on that.
• 17:15
  Speaker 2: Yeah, I got lots of questions.
• 17:16
  Speaker 2: So if I'm buying a 69 Camaro from somebody up in New York City, new York City, new York City, then obviously I mean, uh, I don't have a way to validate all that personally so I could come to you and say I'm fixing them.
• 17:34
  Speaker 2: I'm trying to understand, I'm fixing by the 69 camaro up here.
• 17:36
  Speaker 2: I need some help to get it done yeah it, we've.
• 17:43
  Speaker 3: Actually most people um, that's been most of our customers so far is the long distance private party deal, because you have the ability A just with the verification, you have some peace of mind and some trust and transparency that that person is who they say they are.
• 17:59
  Speaker 3: So just that as a starting point.
• 18:01
  Speaker 3: Number two, on the vehicle and the ability to do the title scan and check, is a whole other layer of transparency, and I think that's what this is about.
• 18:11
  Speaker 3: Today, transparency is pretty low.
• 18:14
  Speaker 3: We're raising the bar of transparency for these deals to allow people to make a more educated decision on purchasing that vehicle, people to make a more educated decision on purchasing that vehicle, and so the title scan is a really important part and something we just and honestly, this hasn't been done ever in private party before, but we just recently added the ability to do lien and title release too.
• 18:38
  Speaker 3: So somebody with a private party, a private party seller, can have a car with a loan, sell it privately and we'll be able to detect that loan, verify it, even structure the deal for the two people and we can accommodate negative equity.
• 18:54
  Speaker 1: So if that person is underwater, the seller would need to deposit that amount of money and then it would allow the deal to close, then it would allow the deal to close, brad, we could spend an hour and a half with you on the phone, but I guess the best way to do it is go to privateautocom and get more information.
• 19:11
  Speaker 1: That's the place You're the man.
• 19:14
  Speaker 2: That's what we need.
• 19:14
  Speaker 1: It's a pleasure to talk to you, Brad Parker.
• 19:16
  Speaker 1: We appreciate the time this morning.
• 19:18
  Speaker 3: You bet Thanks so much, appreciate it.
• 19:19
  Speaker 3: Thanks, thank you.
• 19:20
  Speaker 1: Hey, jeff, has the racing calendar coming up, mars has this week in auto history and we'll have some auto news headlines for you and we'll time car talk show continues after this.
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• 21:41
  Speaker 1: Time now for the racing calendar sponsored by Texas Muscle Car Club Challenge Jeffrey.
• 21:45
  Speaker 4: Yes, nhra last week was the opener.
• 21:48
  Speaker 4: Antron Brown won Top Fuel Dragster.
• 21:51
  Speaker 4: Congratulations to him.
• 21:53
  Speaker 4: Next week they're going to be in the Firebird Motorsports Park in Arizona.
• 21:57
  Speaker 4: Last night we had the Craftsman Truck.
• 21:59
  Speaker 4: A little bit of rain delay or weather delay down there in Vegas.
• 22:02
  Speaker 4: Today is the Xfinity Series in Vegas and then tomorrow is the big boys NASCAR in Las Vegas as well.
• 22:12
  Speaker 1: Good, yep, okay.
• 22:14
  Speaker 1: Now this week in auto history, mars has been chomping at the bit.
• 22:19
  Speaker 2: I'm telling you To do this.
• 22:21
  Speaker 1: You know he spent days putting this together for us, so we're expecting big things here.
• 22:26
  Speaker 1: Mars, don't let us down.
• 22:28
  Speaker 2: You're going to love this.
• 22:29
  Speaker 2: So this week, March the 11th, was the first armored car robbery in America.
• 22:34
  Speaker 1: That's what I was looking for right there.
• 22:36
  Speaker 2: This happened in Pittsburgh.
• 22:37
  Speaker 2: The Flathead Gang actually ambushed a Brinks armored truck.
• 22:41
  Speaker 2: What do you mean?
• 22:41
  Speaker 2: Did you call it the Flathead Gang?
• 22:44
  Speaker 2: I could not find out why it was that.
• 22:48
  Speaker 1: I think it's because of their hats, but I could not find out why I was going to say the Flathead Ford V8 was probably big at the time.
• 22:51
  Speaker 1: Well, first, thought.
• 22:52
  Speaker 2: But no, it wasn't it.
• 22:53
  Speaker 2: But typically back then if you were going to rob something, you would take your guns and you would overpower the bank or whatever, whatever.
• 23:00
  Speaker 5: But this is an armored car.
• 23:02
  Speaker 2: So they stole 500 pounds of black powder and dug a hole in the road and buried it and when the truck rolled over it they blowed it up.
• 23:09
  Speaker 2: It's an IED.
• 23:10
  Speaker 2: That's how they got in the armored car, first IED.
• 23:12
  Speaker 2: So March the 14th this week, the Ford Edsel the first Ford Edsel rolled off the production line.
• 23:20
  Speaker 2: Now a lot of people figured that this vehicle failed because of poor marketing and economic downturn.
• 23:26
  Speaker 2: But it was also the design, you know Ford had overhyped the car because you know it was named after a Ford person.
• 23:33
  Speaker 2: But they had some mechanical issues.
• 23:36
  Speaker 2: The horse collar grille really is what really turned everybody off.
• 23:40
  Speaker 2: Nobody just really liked that and of course, there really was a recession going on.
• 23:44
  Speaker 2: So after three years with disappointing sales, they quit building and selling the Ford Edel.
• 23:49
  Speaker 2: Thank God Now in 2019, the Bugatti Le Vautour New York debuted at the Geneva Motor Show.
• 23:58
  Speaker 1: This is a man from Neiderville, Texas, trying to speak French Theoretically.
• 24:02
  Speaker 2: Now this car is modeled after the Bugatti Type 57 SC Atlantic.
• 24:06
  Speaker 2: Now, this car, this one car, sold for $18.7 million for a.
• 24:12
  Speaker 2: They built it for one particular customer 1,479 horsepower and a quad turbocharged W16 engine Tub it out, yeah, engine, tub it out, yeah.
• 24:29
  Speaker 2: So then, moving on down to march 15th 1990, mazda's mx5 miata officially hit the us shores.
• 24:32
  Speaker 2: Uh, at the chicago auto show.
• 24:33
  Speaker 2: Auto show is inspired, of course, by the british roadsters lightweight, rear-wheel drive convertible had a 1.6 liter inline, 116 horsepower.
• 24:40
  Speaker 2: It was built to be affordable.
• 24:42
  Speaker 2: It was made to be reliable and fun to drive, making it the best-selling sports car ever built 1968.
• 24:50
  Speaker 2: The Lovebug movie was released.
• 24:54
  Speaker 2: Now I brought this up because Herbie, the beloved Volkswagen, has become sort of an icon in the automotive world.
• 25:01
  Speaker 2: Everybody knows who Herbie is.
• 25:02
  Speaker 2: Herbie was a 1963 Volkswagen Beetle Deluxe sunroof sedan, which is a model 117.
• 25:09
  Speaker 2: Had the VW L87 pearl white paint, which I didn't even know VW could do that from the factory.
• 25:16
  Speaker 1: Pearl white paint Yep, that's kind of a not.
• 25:18
  Speaker 1: No, there was no pearl paint on any Volkswagen bug that I knew of the person that painted it their name was Pearl Got it, Mini Pearl.
• 25:28
  Speaker 2: Anyways, red, white and blue striping, along with the number 53 on the hood, the doors and the trunk.
• 25:32
  Speaker 2: Of course, he had several stand-ins for some of the different stunts that he had to do until they, finally, with the remake and some of the TV shows, Herbie finally jumped the shark and that was the end of Herbie.
• 25:43
  Speaker 4: That was this week in automotive history, did he?
• 25:46
  Speaker 1: say jump the shark.
• 25:47
  Speaker 4: He said jump the shark.
• 25:47
  Speaker 4: What does that mean?
• 25:48
  Speaker 4: Fonzie did that.
• 25:49
  Speaker 4: Fonzie did that and that's what killed Happy Days show.
• 25:53
  Speaker 2: He took his motorcycle and jumped over the shark at the amusement park.
• 25:57
  Speaker 2: And now that jumping the shark means they've gone too far and they've killed it yeah, that's a you're done.
• 26:02
  Speaker 4: Yeah, we have not jumped the shark.
• 26:06
  Speaker 1: Well, we're going to do that next week well, we've got a few obligations before they do yeah we'll save it up for maybe later in the fall.
• 26:14
  Speaker 1: God president donald trump doubled his planned tariff on all steel and aluminum products coming into the United States from Canada, bringing the total to 50%, in response to the province of Ontario placing a 25% tariff on electricity coming into the US, trump said in a post on Truth Social that he has instructed his Commerce Secretary to add another 25% tariff on the products that went into effect on Wednesday morning.
• 26:42
  Speaker 1: Key Also, canada must immediately drop their anti-American farmer tariff of 250% to 390% on various US dairy products, which has long been considered outrageous.
• 26:57
  Speaker 1: He said I will shortly be declaring a national emergency on electricity within threatened areas.
• 27:02
  Speaker 1: That was the president speaking.
• 27:04
  Speaker 1: He also threatened to substantially increase tariffs on cars coming into the US on April 2nd if other egregious I like that word, egregious long-time tariffs are not likewise dropped by Canada.
• 27:17
  Speaker 1: The move would essentially permanently shut down the automobile manufacturing business in Canada.
• 27:22
  Speaker 1: Trump said the move to the latest escalation in Trump's trade dispute with Canada and risks further upsetting markets, which have posted steady losses since the president moved forward last week with the initial round of tariffs on Canada and Mexico.
• 27:37
  Speaker 1: Stay tuned there's more to come, much more.
• 27:41
  Speaker 1: And Ford Motor Company this week is stockpiling parts that comply with the US-Mexico-Canada agreement, reassessing cross-border operations and telling suppliers to keep shipping under existing contract terms as it weighs the impact of tariffs.
• 27:58
  Speaker 1: That's the latest word from the automaker to its part producers, as the industry grapples with 25% tariffs on steel and aluminum imports imposed March 12th and another looming 25% tariffs on Canada and Mexico set to hit the auto sector April 2nd after the month-long reprieve.
• 28:18
  Speaker 1: Again, stay tuned for more news.
• 28:22
  Speaker 1: We'd love to hear from you.
• 28:24
  Speaker 1: Shoot us an email.
• 28:25
  Speaker 1: The address here is info at inwheeltimecom.
• 28:27
  Speaker 1: We're back after this.
• 28:30
  Speaker 1: Pro-am Auto Accessories has been serving Houston's auto enthusiasts since 1984, providing world-class products for sports cars, european sedans and American muscle.
• 28:39
  Speaker 1: Pro-am is known as the place to go to find exclusive and hard-to-find parts and accessories.
• 28:44
  Speaker 1: Pro-am is one of the very first distributors in the USA for brands such as Recaro, redline, momo Corbo and Simpson.
• 28:51
  Speaker 1: Located in the heart of Houston's premier retail and service corridor, the Galleria area, pro-am's walk-in storefront includes an 8,000-square-foot warehouse, showroom and installation bays.
• 29:01
  Speaker 1: Pro-am not only sells parts and accessories, but also offers installation and service.
• 29:05
  Speaker 1: Pro-am is now reaching a worldwide audience through Pro-Amcom, taking its local reputation to the rest of the world.
• 29:11
  Speaker 1: At Pro-Am Auto, you'll be dealing with a small group of professionals who truly want to help you with your automotive needs.
• 29:17
  Speaker 1: If you don't see what you're looking for on the website, call and Pro-Am will lend you a hand.
• 29:21
  Speaker 1: Pro-am will lend you a hand.
• 29:22
  Speaker 1: Pro-am Auto 6125 Richmond at Greenridge in Houston's Galleria area.
• 29:26
  Speaker 1: Call them at 713-781-7755.
• 29:30
  Speaker 1: It's time for the 47th Annual Corvette Chevy Expo in Galveston.
• 29:34
  Speaker 1: Saturday and Sunday, march 15th and 16th, at the Galveston Island Convention Center.
• 29:40
  Speaker 1: This premier indoor event features iconic Chevrolets, from classic Camaros to America's sports car.
• 29:44
  Speaker 1: Corvette event features iconic Chevrolets from classic Camaros to America's sports car Corvette.
• 29:48
  Speaker 1: See over 135 displays, automotive vendors and unique finds at the expansive swap meet.
• 29:53
  Speaker 1: You'll also see the all-handmade Galveston craft show featuring over 100 local artisans.
• 29:55
  Speaker 1: Be part of the Chevy celebration March 15th and 16th.
• 29:57
  Speaker 1: For tickets, visit CorvetteChevyExpocom.
• 30:01
  Speaker 5: Mecham Auctions the world's largest collector car auction company returns to Houston.
• 30:06
  Speaker 5: Dot com and enthusiasts of all ages, there's something for everyone.
• 30:11
  Speaker 5: Bring home your dream car.
• 30:13
  Speaker 5: Register to pick and buy spectator tickets now at Mechamcom.
• 30:32
  Speaker 1: That's it for this podcast episode of the In Wheel Time Car Show.
• 30:35
  Speaker 1: I'm Don Armstrong, inviting you to join us for our live show every Saturday morning on Facebook, youtube, twitch and our InWheelTimecom website.
• 30:45
  Speaker 1: Podcasts are available on Apple Podcasts, spotify, stitcher, iheart Podcast, podcast Addict TuneIn, pandora and Amazon Music.
• 30:53
  Speaker 1: Keep listening and we'll see you soon.