It had been our fear that the tough Q3 2011 comparisons would be the catalyst for a potential misstep
from an industry perspective. While only a mild speedbump if you will, given what remain still favorable
fundamentals, we were concerned that results would show a slowing. Throw in gas prices that remain roughly 30
percent higher year over year, along with declining miles driven and it was hard to think the industry would not
show some chink in its armor.