By on May 20, 2012

Two days ago, Bloomberg brought harrowing news:

“Chinese dealers are struggling with the rising number of unsold cars that’s threatening to deepen price cuts. Dealerships for Honda Motor Co., Chery Automobile Co., BYD Co. and Geely carried more than 45 days of inventory as of the end of April, exceeding the threshold that foreshadows debilitating price cuts.”

Automotive News made the matter the opener of its Friday video newscast. Apparently, the sky is soon to fall in China. The situation is even more dramatic elsewhere.

In Detroit.

A month ago, we wrote about inventory levels at U.S. dealers. Here, 2 months of supply are considered as normal, and the average stood at 54 days when we wrote the story. The Detroit 3 however jointly had an average of 70 days’ of supply sitting on the lots. General Motors had nearly three months of supply.

If 45 days of supply foreshadow debilitating price cuts in China, what does 86 days of GM supply foreshadow in Detroit?

Get the latest TTAC e-Newsletter!

43 Comments on “Car Glut Debilitates Chinese Car Industry. Now Wait Until You Get To Detroit...”


  • avatar
    dwford

    Don’t the Big 3 need to have a higher days supply due to the sheer number of dealers each of them has? A lower days supply would mean really thin inventories at the dealers, which would then hurt sales.

    • 0 avatar
      Slab

      That’s a good point. I wonder why dealers today don’t swap inventory like they used to. I remember in the early 80s, my Mom wanted a blue Accord, and the dealer found one in Utah or Colorado. But 3 years ago, my sister had to hunt down a Flex with the right equipment on her own. Maybe someone with dealer experience can enlighten us.

      • 0 avatar
        KixStart

        Maybe swapping a vehicle doesn’t “sell” it and therefore doesn’t help them with allocations? Maybe both dealers think they should get the holdback, so there’s difficulty arranging a trade and keeping or getting the holdback?

      • 0 avatar
        highdesertcat

        Some dealers, if they are part of a Regional dealer network, still swap amongst themselves, but it costs the buyer the transportation required.

        When we bought our 2012 Jeep Grand Cherokee, the reason it was on a flatbed was because it had just arrived from Colorado as it was part of a swap for a certain 2012 JGC that a customer in Colorado just had to have. And that customer paid for the swap. We didn’t have to.

        So in return for swapping that Limited JGC 4X4 with cloth and 5.7 the dealer in Phoenix got our Overland Summit 4X4 with a V6 and leather which very few people would choose to buy for the money. They were very happy to see us coming and gave us a deal that I just could not refuse since my wife loved the car.

        So swaps still happen but they aren’t as common as in the past and often it is driven by customer desires, not trim popularity.

      • 0 avatar
        NulloModo

        My dealership still does trades. Generally if the other dealer will take something back you just swap holdbacks – they keep the holdback from the car they are sending us, we keep the holdback for the car we are sending them. Some dealers will sort of ‘game’ this system by asking for a vehicle in return that typically has very little holdback in comparison to the vehicle we want – e.g. we want a F-350 King Ranch, they take back a Ranger, and they end up with a Ranger on their lot that now has the holdback from a $60,000 truck and can either make a larger profit on it or advertise it far below typical cost as a loss leader without actually losing money. If the trading dealer won’t take anything back typically they keep the holdback or split it 50/50 if they want that vehicle off of their lot.

        There are transportation costs, usually just built in to the price of the vehicle being purchased. Pretty much every dealer we trade with just has drivers who drive the actual vehicles being traded between the dealerships at a much lower cost than flatbeds. We can flatbed a car for someone who is psycho about not having any miles on their new car (a driver based trade will usually have one or two hundred miles on it when it arrives) but the cost for a flat bed can run from $800 – $1,500 depending on the distance involved.

        Cars that are traded in count as sales for allocation just like regular stock vehicles, but there are a few reasons dealers do try to avoid them if they can. It’s always better to finalize the sales that day than risk the customer changing their mind over the course of the few days it takes to arrange and complete the trade, sometimes the inventory tracking tool shows vehicles as available that are already sold or pending sale at other dealers, sometimes there are add-ons on the vehicle that weren’t properly entered into the inventory system, sometimes the vehicle comes in missing things like extra keys, books, navigation SD cards, floormats, etc, and finally it’s just an added hassle compared to selling something that’s physically on your own lot.

        At the end of the day we’ll trade a car in any time if that is what it takes to make the deal, but in almost any case we’d rather take a skinnier deal (offer more discount, make less overall) if saving a little bit more would prompt someone to take something we have that might not be their first color choice or might have an option or two different from their dream car.

      • 0 avatar
        Zackman

        I don’t know about now, but back in 1990 when we bought our Plymouth Acclaim, we lived in the St. Louis area and the car we wanted was in Springfield, IL. It was delivered to our dealer, no problem.

      • 0 avatar
        highdesertcat

        Zack, when my brothers still had their new car dealerships, they resisted swaps and cross shipments. OTOH, they had some of the largest inventories of popular models and colors at all locations except Alabama and Arizona.

        They were extremely heavy in trucks at the Texas dealerships and extremely heavy in Hyundai and Toyota sedans at the California dealerships.

        In Arizona their inventory was mostly top-of-the line stuff that would appeal to older, well-heeled, loyal domestic-brand buyers, in colors that were soothing and calming, while the other brands were the real mass-merchandise money makers that appealed to younger, less affluent buyers, often selling for just $1K over cost. The idea was to pump that iron out there and make happy campers.

        As such, they were often approached by other dealerships if those wanted something that was part of their stock. That’s where Nullo’s explanation comes in and fits like a T.

        The bottom line, a dealer can usually make more money dealing from inventory than they can from swaps. Where I live, the local dealers have a small presence in my area, with much bigger dealerships in the El Paso, Las Cruces, Roswell, and Deming locations.

      • 0 avatar
        supremebrougham

        Back in December I went down to my local Ford dealer, and told them that I wanted an Escape, equipped a certain way. I wanted a four cylinder, four wheel drive XLT in Medium Steel Blue with the black cloth interior, and a sunroof with the Sync. All they had was a black one with a beige interior. They didn’t bat an eye, said no problem, we’ll have you one here in a day or two. Sure enough, it was there in a couple days and I took delivery that Saturday, per my request. The saleslady told me that it cost the dealer $100 to make the trade, but they didn’t care if it meant getting the sale, so everyone was happy.

        Oh, and I got through my Grandpa’s X Plan, so there were no hidden costs. It’s a great way to buy if you are buying new.

    • 0 avatar
      Juniper

      The last two cars I bought, one in 2002 and another in 2010. Both ended up being shipped in from dealers in neighboring states. The transportation was not a line item, but could have been factored in the discount amount. Either way I got the cars I wanted and they got the sales. Everyone is happy, and we still have both cars.

  • avatar
    ExPatBrit

    Model year 2013 is about 72 days away, wouldn’t it make sense for the domestics to push most of the remaining 2012 inventory to the dealers?

  • avatar
    highdesertcat

    But there are some really decent deals to be had if you need a new car or truck and can afford to buy one.

    In my area the dealers are still selling 2011 Silverados for around $20K for the 4dr with the Texas Package, and the 2012s are already advertised at $11500 off MSRP. That means a similar 2012 Silverado can be had for about $27K.

    And trucks aren’t the only vehicles that are heavily discounted already. All 2012 GM CUVs, SUVs and even the Cruze can be bought for thousands off MSRP and the same 2011 unsold versions for even less.

    Really affordable, if you have a job and have money to put down, or cash in the bank. After all cars, to most people, are appliances, a method of transportation to get you from point A to point B.

    Here’s that rub, if you have to finance through a bank or credit union, you will find that the actual loan value on that new vehicle is also going to be lower, which means you have to put down a lot more money out of your own pocket.

    Finance companies aren’t stupid and they’re not going to assume all the risks while you gamble with their money and may or may not be able to repay the loan. So they want upfront money out of your pocket to hedge their bet on your creditworthiness.

    But the other side of the coin is that vehicles in high demand or short on inventory go at a premium. Who would have thought that the lowly Hyundais and Kias would ever sell at MSRP and above? Yet they do in many places. Especially in places where buyers seek them out, like California.

    Ford is having a field day with their F150 and F250 trucks in all guises. So “glut” is relative. If you really want and need a certain model of vehicle, like for instance a 2012 Jeep Grand Cherokee, a Camry SE, or F150 EB Lariat in Blue, you may find the pickin’s slim, and the trim choices abysmal.

    • 0 avatar
      mike978

      I just checked about the Cruze, because again I was surprised that a car that has been selling well and reasonably well received by the market would have a lot of 2011’s left at this stage of the 2012 model year.

      There were 53790 Cruze’s with 53442 being 2012 and 348 being 2011’s so around 0.6% of the mix).

      By contrast the Corolla has 20669 2012 models and 933 2011 models (around 4% of the mix).

      Now you can reasonably ask is 53000 more than sufficient!

      • 0 avatar
        Juniper

        You are correct. Checking the El Paso area Silverado inventory tells the same story. Less than 100 2011 models and the actual discount is more like $5000 on 2012. Which is in line with the rest of the market. Just the facts Maam.

      • 0 avatar
        highdesertcat

        Juniper, you need to go to the El Paso Times site and see what is advertised and for how much in the new car and trucks ads.

        I do not believe that any other auto manufacturer has as much unsold new stock as GM does, at least in my immediate area. And if you go to nationwide inventory sites you only get to see the inventories of those dealers that list and participate with that nationwide site. It may be wiser to Google a brand and then go directly to the dealer-sites in that area.

        A friend of mine from my military days emailed me last Wednesday to tell me he is dealing with the largest El Paso GM dealership to take one of those 4-dr Texas Edition Silverados off their hands, and if I wanted to meet him in El Paso on the day he flies in.

        Since this guy lives Charlotte, NC, and is planning to buy a truck in El Paso, TX, the deal must indeed be better than in NC. OTOH, I live in NM and bought our 2012 JGC in Phoenix, AZ, and the Highlander before than in El Paso, TX.

        A lady friend of the family bought her 2012 JGC in Albuquerque. A neighbor bought his F150 in Lubbock. Bottom line: people go to where they get the best deal.

  • avatar
    KixStart

    On a conference call earlier this year, GM warned that they would be deliberately building up inventories of their truck lines, so that they would not run low on stock while they switched over to the next model year (I had the impression this would be a longer-than normal process but I have no idea why). Some of that could be reflected in these numbers.

    • 0 avatar
      highdesertcat

      I remember that. But still, peddling 2011s while heavily discounting 2012s doesn’t appear to be prudent inventory control.

      • 0 avatar
        mike978

        You have mentioned several times in different articles how there are piles of 2011 Chevy trucks still unsold. I found this surprising because they really should have sold them by now. So I went to cars.com and checked – it isn`t a perfect measure but gives an ideas. I found 126529 2012 models and a grand total of 3728 2011 models. It looks like nationwide (rather than just one locale) 2011’s are pretty thin on the ground, which is as it should be.
        Now having 126000 in stock is a hell of a lot to have unless the next model year shutdown is much longer than normal (for some unknown reason).

      • 0 avatar
        KixStart

        mike978,

        hdc did mention that the situation was “in my area.” Could be a regional aberration.

      • 0 avatar
        highdesertcat

        Guys, the left-over 2011 models from ALL manufacturers ARE selling, mostly to people who need a new car and don’t have a lot of money to spend on them.

        Go to the El Paso Times newspaper site and see for yourself on the auto ads what is advertised and for how much.

        There are some excellent deals to be had, IF you just want a new car and don’t care if it is already two years old.

        And as far as ‘in my area’, I live in New Mexico but the El Paso area has one of the largest distributor storage areas in the nation for ALL auto manufacturers, due to easy rail access and close-access to I-10. Many unsold vehicles are sent to that area for re-distribution.

        Mike978, at one time there were piles and piles of unsold GM trucks. There are at least four high-volume GM dealers in the El Paso area that are doing their best to move these overripe products at appealing prices, including trucks with the venerable Texas Edition option package. That’s pretty much the Texas Cadillac edition in these parts.

        And if the next model year sees reduced truck production, why shouldn’t a buyer hold out for a brand new 2014 update?

        Managing an outdated stock doesn’t seem wise to me, but then again, GM hasn’t got a thing to lose because they already lost it all in 2009 and are now operating on the tax payers’ dime.

        You may not agree with that, but if I was a privately held dealership and my OEM started filling up my lots with outdated and expired merchandise, I would be severely pissed!.

      • 0 avatar
        mike978

        Kix – thanks for that, I missed that.

        HDC – I completely agree with your statements – “Managing an outdated stock doesn’t seem wise to me” and “but if I was a privately held dealership and my OEM started filling up my lots with outdated and expired merchandise, I would be severely pissed!.” I just wanted to see data that it was true nationwide because if that was the case then it was stupid behavior. The most important figure is what GM’s (any any OEM’s) profit figure is per year (assuming no financial shenanigans) – this will take a hit if they do have too much inventory.

        There were some articles a few weeks ago about a factory fire in Germany having an impact on key components for most manufacturers. That seems to have gone quiet. Anyone have any further information because it sounded at the time like it would hit production soon.

      • 0 avatar
        highdesertcat

        mike978, I remember that article about the nylon used in modern automotive brake lines.

        I believe it went quiet because, as I commented on at that time, it was an alarmist’s caution about a manufacturer that deemed itself more important to the industry than it actually was.

        There were and still are other manufacturers who make the stuff and, should that run short, there are other materials that can be used to make automotive brakelines, albeit at a higher cost.

      • 0 avatar
        mike978

        HDC – thanks for the update. Just surprised that BS haasn`t commented on that.

  • avatar
    Toucan

    The average weighted by numbers sold for each nameplate (call it average vehicle-days on the lot) would give even better perspective, but still, the chart says it all.

    In the referenced post it is said Hyundai/Kia have 27 days. Lean and efficient, opposite to General. What is GM doing? Do they have any control over themselves and any elasticity/ability to act? Lot queens mean discounts, discounts mean low to no profit, and this means bankruptcy.

    • 0 avatar
      APaGttH

      Twenty-seven day inventory is not “lean and efficient.”

      That is critically low inventory levels where dealers would be struggling to meet customer demand. Hyundai is losing business with inventory that low. In the dark days post-tsunami days for Toyota/Honda their inventory levels were to that point, and largely what was sitting on the lots was what people didn’t want from color/option stand point.

      What’s Hyundai doing??? They have no where near enough manufacturing capacity and they make great products. Problem one is holding Hyundai back – cars like the Elantra would be selling in even higher volumes if they could build them faster.

      • 0 avatar
        Pch101

        “Twenty-seven day inventory is not ‘lean and efficient.\'”

        Sure it is. At those levels, production is matching demand — the manufacturer is building a month’s worth of inventory for a month’s worth of sales. That level of production will support higher retail prices and should keep incentives to a minimum.

        90 days inventory, which is typical of Detroit, means that cars are being built three times faster than they can be sold. That 90 days means that capital is being tied up in inventory instead of being converted into cash. Since cars aren’t cheap to build, there will be a need to get that cash back. And that means incentives will soon follow.

      • 0 avatar
        APaGttH

        …Sure it is. At those levels, production is matching demand — the manufacturer is building a month’s worth of inventory for a month’s worth of sales. That level of production will support higher retail prices and should keep incentives to a minimum…

        I see – so the mid-2000’s Toyota targeting a 60 day inventory level was wasteful and inefficient?

        Under 45 days of inventory you do not have the product in the lots to support customers wants/needs.

      • 0 avatar
        highdesertcat

        ” – cars like the Elantra would be selling in even higher volumes if they could build them faster.”

        That is actually true! My grand daughter has told me about more boys coming over to check out her 2011 Elantra, than came over to check her out. Devastating for a 19-year old!

        And….. brace yourself….. someone even asked her if she would sell her 2011 Elantra to him for dang near what we paid for it. (I put a stop to that since her dad is currently in Uzbekistan and in-communicado. No grand-daughter of mine is going to pimp out the car her dad and I paid for).

        But the point remains, if a manufacturer has a product that is in high demand like Hyundai, Toyota, etc, it is OK to keep a large inventory.

        But for GM, not so much. GM sales do not even approach current inventory levels within the next 30, 60, 90 and 120 days. Chrysler? Maybe OK for some hot sellers like the JGC, 300 and 200, but RAM definitely a no-no.

        Ford remains the mystery for everyone in the industry but they are doing reasonably well maintaining a balanced inventory, often re-directing sales to higher-priced models and sweetening the deal to move merchandise.

        As an example you may get an upgraded trim level or package at the same cost as the one they didn’t have. I’m sure Nullo could tell us all about that.

        Dealers can do that if they have a large-enough inventory with a wide enough variety of trim and colors in them.

      • 0 avatar
        Pch101

        “so the mid-2000′s Toyota targeting a 60 day inventory level was wasteful and inefficient?”

        Assuming that was true (and I wouldn’t assume that it generally is — you have a tendency to overreach with your alleged “facts”), such a position would suggest compromising margins for the sake of market share. Whether that’s prudent would vary depending upon the specific segment and the need to increase numbers at the expense of per unit profit.

        In any case, it is no coincidence that Detroit has both above-average days of inventories and above-average incentives. The two go hand in hand. The high inventories are indicative of excess supply, and the high incentives are required to get rid of the excess supply. You can deny it until you’re blue in the face, but it isn’t a coincidence that GM has both.

      • 0 avatar
        NulloModo

        There are a couple reasons you might want more than 30 days inventory – production and demand aren’t static, and just saying ’30 days inventory of a certain model’ doesn’t give you much detail about what that inventory mix is of that model.

        Car sales tend to slow down a bit over the summer so inventory levels will naturally rise some. Many automakers have planned plant shutdowns for periods during the summer, so extra inventory is pushed ahead of the shutdown to insure that there is plenty available on the lots. This is model year changeover time as well, and model changes that require shutdowns for retooling, or that are switching assembly locations, will have final build outs that increase overall inventory level to use up any leftover stock that only fits the old bodystyle before the retooling begins.

        Every vehicle line has trim levels and option packages that are more or less popular, and having more than 30 days supply insures that not only are not not losing sales because you don’t have the model available, but that you aren’t losing sales because you don’t have the right trim level and color available.

        To that second point all automakers are working hard to streamline their trim and package mix so that each vehicle built can appeal to the broadest group of people. Ford started this a few years ago going from the older ala carte option system to the new ‘Rapid Spec’ system that groups the most commonly ordered options together.

        For certain 2013 model year vehicles Ford is taking it a step further with what they are calling the ‘Good, Better, Best’ approach to really simplify ordered and increase throughput on the lot by reducing the number of vehicles needed for each model to cover all of the bases for customer wants. In 2012 there were around 12 different major trim/package combinations for the Focus. For 2013 that’s been reduced down to 5. Every SE Focus for 2013 will now have all of the equipment that was on the top spec SE in 2012, but streamlining the production will allow the price of the SE to only go up by a few hundred dollars, saving close to $800 vs that same package ordered on a 2012 model. Streamlined inventory management should lead to faster turnaround time on the lots and a reduced ‘days of inventory’ number without sacrificing sales due to not having the right equipment for each customer.

      • 0 avatar
        mike978

        PCh – I agree with you in general that “Detroit” manufacturers have more inventory but the statement “90 days inventory, which is typical of Detroit, means that cars are being built three times faster than they can be sold.” is only correct for the first month. If the level stays at 90 days (and for Cruze and others it is around the more normal 60) then they are only producing in a month what is selling. if they continued to produce at three times the sales rate then you would go from 90 days to 150 days and then 210 days etc.

        Nullo – thanks for the update about the Focus. I always though it was a nightmare for dealers having 7 spec/bodystyle variations, two transmissions plus assorted other spec items like handling pack, sunroof, leather etc.
        I would have thought having an SE, SE with sports pack or SE with luxury pack and doing away with SEL would make sense – kind of like they are planning to do with the Fusion.

      • 0 avatar
        tresmonos

        Pch101,
        You concept of production is flawed. Just because there’s 90 days of inventory doesn’t mean that production is ‘3 times as fast as demand.’

        If inventory isn’t increased to offset a new product launch, sure, you’ll see incentives.

        I’m surprised anymore of your lean ‘expertise’ hasn’t come out on this topic.

        Bertel the spin doctor failed to mention this from his Business week article that he read before he decided to spew his hatorade on the internets:
        The company (GM) had 121-day supply of big pickup trucks, down slightly from March. GM is building up pickup inventory as it prepares to close factories and equip them to make an all-new pickup due out in 2013.
        http://www.businessweek.com/ap/2012-05/D9UG5QT00.htm

      • 0 avatar
        Pch101

        “the statement “90 days inventory, which is typical of Detroit, means that cars are being built three times faster than they can be sold.” is only correct for the first month.”

        If X cars are being sold per month, and production is at such a level that 3X units end up being available for sale at the end of the month, then the company is producing enough units to have three times more than is required.

        The Detroit fans can try to rationalize it all you like, but again, there is no coincidence that the same companies that have high levels of unsold inventory also have high incentives. The two problems are related. When used across the board and over the long run, its use results in bankruptcy.

      • 0 avatar
        mike978

        PCH – I am not your definition of a Detroit fan and I generally agree with you. I agree that 90 days is too much. I only question the comment that 90 days means they produce three times as much as need. Yes for one month but then exactly meet demand each month. More realistically they build consistently slightly more than needed which builds up to 90 days. Of course having too much supply will lead to incentives, which is why it is good to see, from their perspective, the Cruze and Equinox having lower supply and minimal incentives. They just need to be able to do that for their other cars/trucks.

      • 0 avatar
        highdesertcat

        Thanks Nullo. Very informative.

  • avatar
    APaGttH

    The last three GM products I’ve bought have all had to be swapped in by other dealers. Two of those three from dealers in another state. When I bought my G8 I had to compromise on what I wanted because the nearest, “what I wanted” was on the other side of the country – and that was at a time when inventory levels were high.

    What does 86 days inventory mean? Given how many GM dealers there are – I would say not much beyond business as usual at TTAC.

  • avatar
    forraymond

    It always amazes me that every story has a GM SUCKS angle.

  • avatar
    Robert.Walter

    It is what it is…

  • avatar
    chicagoland

    So many car fans say ‘I want my new car as I want it’ and exepct unique builds. But then do they buy?

    Many unsold stock are odd-ball optioned vehciles that some purist ordered, and then walked.

    Some unsold Cruzes are base strippo LS’s with manuals, or heavily loaded LTZ’z without sunroofs. Or unpopular colors like shades of yellow, green [so 90s], or pinkish reds.

    • 0 avatar
      kvndoom

      Not me! I put my deposit down, waited a month for it to be built, and followed through on my end. Still loving my car every day, 12 months after I drove it off the lot. I know where you’re coming from, though. I hear a lot of people complain about dealers not working with them to get exactly what they want… and that’s probably why.

  • avatar
    Dave M.

    That’s why the Japanese approach to having limited trim lines makes much more business sense, although I can understand how the truck department needs to work differently especially for the work crowd.

    If they could approach 25 mpg on the highway, I wouldn’t mind a Lariat or Sierra for mid-20’s, even if they’re 2011s. I drive my cars forever (and 200k+ miles), so I could care less about depreciation….

  • avatar
    Type57SC

    As many have said before, you can’t lump a GM total inventory up against Honda, who don’t make PUs and vehicles for upfitters. You need a lot more F150s than Accords that have a couple colors and options vs the F150.

    Looking just at cars, not LT, Ward’s sees Detroit improving last month. Queue the Bloomberg headline!! “Detroit improves inventory, Asians in touble due to skyrocketing inventory!!”

    April March April
    2012 2012 2011

    CHRYSLER TOTAL 37 46 46
    FORD TOTAL 53 48 40
    GM TOTAL 65 69 48
    BIG THREE TOTAL 54 56 45
    ASIA/PAC TOTAL 40 37 39
    EUROPE TOTAL 44 49 50
    TOTAL CARS 45 45 42

    • 0 avatar
      mike978

      Thanks for the information. It is good to see cars separated from trucks so it is a more apple to apple comparison. However I don`t see how GM is improving (as per headline) if they went from 48 days in April 2011 to 65 in April 2013.

Read all comments

Back to TopLeave a Reply

You must be logged in to post a comment.

Recent Comments

  • akcaptruth: Speaking of embarrassingly derivative, whole sections of this article are directly cribbed from the...
  • 28-Cars-Later: “Seems like Japanese cities would be a pretty compelling market” Perhaps the Japanese are...
  • 28-Cars-Later: Perhaps though if you are correct I’d say that’s it for the segment since those Teslas...
  • 28-Cars-Later: “The reason given is that Hyundai Motor Group (which includes Kia) is targeting annual sales of...
  • BSttac: The only reason EVs exist is because of mindless politicians. I want nothing to do with an EV

New Car Research

Get a Free Dealer Quote

Who We Are

  • Adam Tonge
  • Bozi Tatarevic
  • Corey Lewis
  • Jo Borras
  • Mark Baruth
  • Ronnie Schreiber