What is the main difference between the two portfolios for repossession?

A significant difference is that DriveTime installs GPS on all units, while Carvana does not. This affects the repo process from the vendor's perspective and our ability to recover a high percentage of vehicles quickly.

Out of 100 repossessed cars, how many would need more than one vendor, and how many would reach the skip vendor level?

That depends on the portfolio. For the GPS-enabled DriveTime portfolio, you can imagine how easy it is to repossess a vehicle with real-time location. For DriveTime, about 90% were repossessed by the first vendor. On the Carvana side, it was a slower start with a consistent rise throughout the process. We were usually a little under 50% in the first assignment. Those are the easy ones, just cars parked outside the address the customer provided. Then you see a consistent lift until it almost equalizes with the GPS-enabled DriveTime portfolio. It's only a few percentage points short, but it takes a long time to get there. For Carvana, we still see a low double-digit percentage actually get repossessed six months or more after the initial assignment window.