“We're expecting auction values to continue to decline in the second half of this year, and we're also expecting our return rates to increase as well in line with that.”

In context

“t for many, many years to come, John. John Murphy: Okay. And if I could sneak just one more in, maybe for Cathy, on the used residuals or the residuals at auctions. It seems like although down year-over-year, the last three quarters, they've stabilized and started to improve. And I'm just curious what your outlook is there and it just seems like the supply is going to remain relatively constrained in the used market, the late-model used market. So this might be a good guy, not just for Ford Motor Credit, but for resids and potentially, a lift or support for new vehicle pricing. So just what are your expectations there and what are you seeing in the market, Cathy? Cathy O'Callaghan: Yes. So we're seeing auction values down about 9% this quarter year-over-year, but up sequentially about 3%. We're expecting auction values to continue to decline in the second half of this year, and we're also expecting our return rates to increase as well in line with that. John Murphy: Great, thank you. Operator: The next question is from Dan Levy with Barclays. Please go ahead. Dan Levy: Hi, good evening. Thank you for taking the questions. I wanted to start first with a question on Pro where we're seeing these continued strong results and really pricing is doing a lot of the strength. So I understand all the bits about, pent-up demand and that's really helping and there's really a thirst for these products, but maybe you can help give us some color on the sustainability of this pricing -- product pricing. And specifically, A, how long is this tale of pent-up demand? B, how much of the pricing is contractual versus, let's call it more spot retail, which would be more subject to the market fluctuations? So any color on the trajectory of pricing in Pro given”