Two distinct layers, and the distinction matters

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Two distinct layers, and the distinction matters. (a) Public-facing: a quarterly benchmark series on publicly traded auto retailers — F&I gross PVR, F&I gross as a share of revenue PVR, product penetration and products-per-sale — but this is compiled from published earnings calls and filings, so it is derived, not proprietary. (b) The genuinely proprietary asset, implied by the core business: a private-market dealership transaction and valuation database built from buy-sell engagements — asking prices, achieved multiples of EBITDA/cleansed operating profit, PVR and absorption metrics for franchises that never report publicly. Layer (b) is the licensable one.