What is the profile of these people who are canceling? Is it because of their financial situation, the model, or the vehicle?

All these vehicles were launched around Covid. People had savings, and these vehicles were selling above MSRP. For example, the SF90 in 2021. We were selling the SF90 Stradale about $200,000 above sticker. The client could use the car for one year, bring it back, and we would pay sticker and then sell it back easily for $200,000 over it. When the public found out about this, they started placing orders. Some people had the money to buy the car but not to keep it. There was a lot of speculation. Once the market changed and these cars started having many electrical issues, people started putting them up for sale. The market was flooded with SF90 Stradales. Then it followed with the SF90 Spider. Now the market is flooded with these vehicles from people who took delivery but were trying to make money on the car.

That's interesting. And then, in terms of the trends on residuals, we talked about them being abnormally high during Covid. I've heard that they've normalized now or have come down a lot. Would you define the residual values on Ferrari vehicles, recent model vehicles, as normal? Or do you think there's a level that's not normal? Is there something concerning with the prices of late model vehicles?

There were many speculators trying to make money. They saw the market went down, and now they're scared and trying to sell everything, so the price goes down. But once these vehicles get to the right hands, people who can actually keep and maintain them, the market will go back up. There's no replacement for the car. It's a Ferrari. It's still a Ferrari. It's 1,000 hp. That's a supercar from Ferrari. It has to go back up. In 2020, we had 10 new 812 Superfasts that people never took delivery of. We had to discount those cars from MSRP, even close to invoice, to be able to sell them as new vehicles.