Introducing: Bloomberg Hot Pursuit!

I'm Barry Ridolts, introducing you to a new podcast focused entirely on cars. Every week, Matt Miller and Hannah Elliott get together to talk about auto industry news, the cars they're driving and reviewing, and anything else happening in the worlds of automobiles. As a big car guy myself, you'll hear me join them on an occasional episode now and then, without further ado, let me introduce you to the latest episode of Hot Pursuit.

I'm Matt Miller, I'm Hannah Elliott, and this is Hot Pursuit.

All right, we have a fantastic podcast for you today. We're going to touch on Formula one, give you the update on the.

Ferraris we were talking about last week.

But we also have a special guest, recurring guest, Barry Ridolts. He is the host of Masters in Business, probably our most popular podcast on the Bloomberg platform, and he has a new podcast called At the Money.

At the Money ATM plus.

Obviously the founder of Ritholts Wealth Management, and he's a contributor to Bloomberg a lot. So, Hannah, we're going to talk about Formula one because you're preparing to go to Las Vegas. We're also going to talk about hybrids. I think they're the way forward. You think it's a band aid. There's a lot more sort of econo boxes and grocery getters that I think are really cool though in this space.

And then we're going to get to Audi's.

You just recently drove the SQ eight E Tron, that's correct, and Barry has an R eight. The first car I bought was an Audie and a for a Vant.

Those have become very collectible now and mine was a two point five TDI which I loved with so stick shift, yes, obviously, yeah, those have become desirable.

All right, Let's kick it off though with Formula one, because I guess what you're getting ready.

To head out to Sin City and what do you expect.

It's going to be very interesting because when Formula one in Liberty Media, which owns Formula one, entered into this deal with the city of Las Vegas to host the race, it seemed like a home run, like a match made in heaven. I mean, it's Vegas, which of course is sort of the party center of the world right now and has a bunch of great professional sports team. We've got hockey we've got NFL. We're gonna get some baseball.

The Bolagio win Resorts, the Sphere.

Oh, let's not forget the Sphere. There's so much there. And the food's great, you know all.

Of this stuff.

There's Jean George restaurants. But the thing is, and you know, Formula one's been doing great in the US, but in the past month or so, it's been really weird because ticket prices have been dropping, both ticket prices for general entry into the Grand Prix hotel room rates have been dropping, and it's kind of creating this feeling that maybe Vegas

That's crazy.

So if I decided, you know what, I am gonna go see Formula on this weekend and skip the birth of my second daughter, you think I could get tickets.

You'd have no problem getting tickets. Now, I will say, you might pay like six or seven hundred dollars a night for a hotel room at like the Venetian, but that's pretty typical and it's actually far less than you would have paid had you tried to get a room a month ago or two months ago. So this is an expensive sport and an expensive city, but compared to what prices were listed at a month or two months ago, you're gonna get a deal. And there's plenty of tickets

So Barry, would you when you go?

You know, the problem with Formula one is you know, you're in a corner, you're watching the cars go by. It's not I know, it's very visceral and very exciting feeling moments.

That's the best part.

But then you're there for another four hours and it's a sport that's so great on television. It's very comfortable. You really can see stuff. Everyone should go do it once. I don't know if I need to do this in Vegas. And the thing I'm wondering about how much of this is specific to Las Vegas and how much of this is just Hey, the economy is moving along, inflation is coming down, but we're starting to slow down. When you look at what's going on with auction prices of used cars.

I think that's a really interesting point. And we talked about this Ferrari last week, this Ferrari two to fifty gto that was going to go on sale. And to your point, Barry, yes, it's sold this week for almost fifty two million dollars, but that was actually far less than arms Sotheby's had hoped to get for the car, and they were saying, you know, in excess of sixty million.

Yeah, we saw this week Bloomberg put out a story prices for Rolex and Pateech Philippe watches. You know, the ultra luxury super high end watches on the Bloomberg subdial index have come crashing down. They were off one point eight percent last month to the lowest level since twenty twenty one. Do you think that's the problem with F one or is the sport to boring? The engines aren't big enough, No one passes.

Here's a problem, Max Verstappan, that's a problem. He wins all the time, He's already clinched the title. He's won like seventeen of last twenty races. It's pretty predictable at this point. Even second place is pretty predictable. And the other thing to Barry's point about the TV view, this race starts at ten pm Pacific time, which means you're gonna have to be a diehard.

Fan whoa watch it. It really is one in the morning East Coast time.

I did not many people who are going to be up at one am in New York.

I don't think to watch this race.

You can always watch it the next day on the replay.

Yeah.

I mean, I'm a huge fan of Moto GP, as you know, because it's a far better sport. I mean, there's a lot of passing, there's a lot more strategy, you have tons of different winners, and I just have a subscription to MotoGP dot com and then I watch it after the race is over because it was inevitably in Indonesia, and then it doesn't come on until you know, like eight in the morning on a Sunday.

I'm not up at that point.

I think it could be a bunch of different factors from an economy that's slowing down to max for staff and winning every time. But are we still going to see like is Brad Pitt gonna go? Is like Puff Daddy gonna go? You know? Are all the celebrities gonna be there and having like fifteen thousand dollars dinners?

Yes?

I think so, maybe more interesting.

Than Brad Pitt. David Beckham will be there. I don't know if you've seen the latest.

Beckham nothing more. Yeah, I thought it was so good.

I mean I'm a big Victoria Beckham fan after that. But yeah, Shack will be there, There will be celebrities there. It's going to be fun no matter what. How can you not have fun in Las Vegas? And I will say organizers are saying that they're expecting record revenue regardless of anything. They're on track to quote unquote sell out of tickets. This is what they're telling us. So it's still going to be great. It's going to be great fun.

Cold in Las Vegas.

Ten o'clock in the desert in November is cold, true desert.

Yeah. Yeah. If you go to Vegas and you can't have fun, you're not doing it.

Right.

Do you like Vegas? Berry?

No, I can't stand it.

But I mean for a couple nights with ye if I have.

To this great restaurants, is great shows, but not my first choice of destination. When they finally nuke that part of Nevada, you know, in the whole area is just silicon glass, It'll be fine.

I went to Lamborghini driving school there.

That's a different story. Was you know you can you can rent a World War two spitfire and go up with a pilot.

That's worth doing.

And Vegas is the only place that I'll let you sign off and say sure, I'll take my life in my hands in a.

Eighty year old World War two plane. Let's go.

I'd like, you can't do that anywhere in the desert, right, Vegas?

Sign up?

Vegas? That all counts as Vegas. Though, Yeah, I guess this is a lot more than just the strip.

I mean totally agree.

Driving out to the Hoover Dams really cool, and I do think sort of dusty hotels where Elvis played and Sinatra are really cool.

There's amazing off roading out there. All of that.

To me, it counts as a quote unquote Vegas when I go, oh, there's fabulous shopping to.

A right change.

I don't go to casinos at all. I don't hang out on the strip. I don't gamble.

That's the part of Vegas. I hate everything around that is really interesting.

Yeah, you want to wake up married to somebody you have no idea her last name.

You know, apologies to my wife.

Your pregnant wife. You're very pregnant.

Let's move on to well and her favorite car is the Volvo XC ninety T eight, which is a hybrid. You know, you can go twenty miles or more on the battery alone, and so for doing things around town, dropping kids off at school, going to the grocery store no problem, and then you can go on longer trips because it has a gas engine that kicks in. It's beautiful design. I have to agree with her on.

That, especially that interior.

And Barry, you sent me and Hannah an email this morning about a Toyota Camry that's only going to be so right.

Right, they're giving up the gas. Only listen. The crazy thing about Toyota is they have this massive lead in hybrid technology, and you were waiting for what they're going to do next. Then you know they kind of let Tesla eat their lunch. But what Toyota is telling us is the immediate future, the next decade is going to be hybrid.

And obviously Tesla doesn't have any hybrid vehicles.

They're fully electric.

That annoys me because I can never find a place to charge and I like to have a little Moto vibes. Hannah, you don't think that hybrids are the way forward though.

I am not a fan of hybrids, just because I tend to be a purist. I want to go all in, all or nothing, and I love the of course, the quick performance of electric vehicles, and I love my own.

Personal internal combustion cars.

So hybrids have always seemed to me to just be like halfway but nowhere anywhere.

Who cares?

If you know, Toyota was making a Prius because also BMW was making the I eight, and.

Well, I love the I eight, dude.

The I eight and the I three to me were when I first understood why it's cool to have a range extender motor right because they were fully electric vehicles, but they just had a little I think it was a one three three cylinder as like a utility pack. It's like bringing along a backpack. It's like being a prepper. You know, you always have an option if you need it.

My wife's Panama Hybrid. We drove to Connecticut this weekend. We got nearly forty miles a gallon on the way there. We exhausted most of the electric for that range, but when you drop your right foot, you still have over five hundred horse power, and that car really goes when you wanted to go. So to me, it's the best of both worlds. Almost forty miles a gallon on one hundred mile trip into the woods in Connecticut, and somewhat less on the way home without any electric.

You know, I always say there's no replacement for displacement, but I think batteries might be that replacement. I'm driving right now a Kia Sorrento PHV. And aside from all the other stuff that's impressive about it, and there's a ton of stuff, it's got a locking center diff it's got this really cool technology where when you put your turn signal on in your center display, you can see your blind spot, and in.

Fact, all of the Hyundai Kias do that. You signal right and it shows up in your tyme, and you signal left and it shows up in your left dial. That should be a standard technology across the whole.

Industry and any luxury automotive.

Okay, well, but for Akia, I think it's really cool. I mean, for.

Akia, it's got torque vectoring, all wheel drive. That's not something you expect when you're buying a Korean car. But I thought the engine was more substantial than it was when I first started driving it.

I hadn't read the specs.

I popped open the hood and I saw it's got a one point six leader in line four. Like that's a tiny little motor, but it still has two hundred and sixty horse power two hundred and sixty pound feet of torque for you know, fifty thousand dollars for the fully loaded, like most luxurious addition, that's pretty peppy.

It's a lot of truck for the money. And look the way every one of these new manufacturers that are trying to gain traction or expand their footprint find an audience is by offering a lot of value for the money. Think back to the way did this forty years ago, or the way Toyota did it sixty years ago.

So, Hannah, do you ever drive like a Kia? Because I always think, you know, you're the one who's constantly in a culin in, But do you ever drive like a Korean car?

This is true.

Typically no, I will openly say we do not cover typically Kia at Bloomberg Pursuits. However, I did recently drive the Kia EV nine, which is their big electric.

Suv I want to try.

I really really liked it.

I was surprised at how beautiful and well thought out it was. I actually really would love to go visit the factory in South Korea. I'm going to try to do that next year because Kia is really making a play to elevate themselves so that they could potentially have shoppers cross shopping between like Volvo or a land Rover into Kia or even Audi. And I don't think that's

Is about to bring that up. Kia is owned by Hondi. Genesis is their version of Lexus versus Tyota doing.

They know what they're doing.

One question, though, do you read the new Kia logo as nine inch nails?

I love. I love the way it reminds me of nine inch nails. That's hilarious. I'm on board with that.

And I, by the way, I think that the new logo really helped them transition their brand a little bit from being kind of a bargain basement, you know, Korean econobox, to being something that.

People really would cross shop with. A Range Rover.

I mean, the tail you ride is a beautiful car. I don't love the powertrain, but the logo I think helps a lot. It looks really cool.

I agree.

I'm with you about it's an attitude of beautiful hospitality. And I know that sounds like a PR line, but it actually is true that some of their vehicles really have this beautiful sense of a welcome environment.

We should throw in a V eight once in a while. They need to make a big halo car.

There are no more V eights coming out, and they're certainly coming out of Asia.

For mass production.

I just think they need to make a halo car so that people can then feel okay buying the lower end models.

That is so old school marketing. That's just not how it's done. We're gonna give you a lot of car or truck for the money. Yes, it's only a V six.

But you can tow.

You could stick six people in the car, you could load it up with luggage, and it's not going to cloas you an arm and a leg. That's the value proposition for these cars versus the cars that we really have grown up loving, the BMW's, the Mercedes, the much bigger and more expensive cars.

Okay, I'm just saying like, if Audi had never made the quatro and one races with it, if they had never made the R eight that everybody drools over in fifty shades of Gray, I don't know that we'd be buying, you know, the.

Q three either.

And by the way, speaking of that, both of you have a connection to Audi, because Hannah, you are test driving some version of their e Tron bar. You of course have the RA. But Hannah, first, tell us about the ev that you drove.

Okay, so yesterday I drove the s Q eight e Tron, which is basically it's sort of a higher performance version of the Q eight, which is a five passenger suv. It's all electric, starts at about ninety thousand dollars.

And it was beautiful.

The You know, Audi has been a little bit behind when it comes to offering electric vehicles, and they're making they're trying to make up for lost time, and so anything with E Tron at the end is there electric offering. The SQ eight, despite its confusing name, was really nice. It was beautifully appointed inside, it was as quiet, actually proven by Audi, as quiet as an a sedan, Really nice balanced. It's heavy, it's like a six thousand pound suv, so you do feel that a bit.

Some people like it heavy. Don't forget if you have.

To make a turn, there's no judgment.

I like it.

I like a big heavy cruiser.

We love that.

We love that, and this did feel really nicely insulated and solid. And I actually have a friend who's been looking for an electric suv, and I instantly message her and said, I think you're really gonna love it.

A good looking truck.

I drove also the Q eight Etron, not the S version, but I'll say that I was disappointed that they use the Q eight Moniker because I think the Q eight is one of the best designs Audi has come out with in.

At least a decade.

It's a head turner whenever I see a real Q eight on the road, and the e Tron version is not a real Q eight, it doesn't look as cool. It's more invisible, like you can easily overlook the Etron version, whereas the full fat gas Q eight it's so hulking and muscular that you can't overlook it. But it is definitely solid. That's the word I would use for it, Like it is a product that you feel like it's over engineered and is not going to break down.

What do you think Bury about Audis.

I mean, you have obviously the Halo car, but what do you think about the brand and the other vehicles.

You know, it's full time all wheel.

Drive, and if you're in the part of the country where you're very much dealing with weather or you're off road, they're great for that. They're notoriously expensive to repair, they're not the lowest cost maintenance. Comparatively, you buy a Honda Toyota, you put gas and occasionally oil into it, you're good

Well, I think I have to say just a little bit. I think that German engineering has a pretty good track record for sure my ability, and it's a little unfair to compare them to British and Italian engineering agreed.

I never had a problem. I had an Audi for a long time, never had a problem with it.

If you have a repair, it'll cost me a long time. Never had a problem with my.

Sl was bulletproof until you had to replace the coils. You had to do something, and it's not an inexpensive repair.

I just brace yourself.

I'm sensing that Barry will always choose the practical option, the very solid practical.

You know, you don't like THERA.

It's totally practical, like the six convertible manual, the most practical.

No, I don't think so, dude.

He has a C two and he bought a nine to eleven that he sent to be converted into an EV.

Yeah.

So in the middle of that, that's a fun project. These are not cheap cars there, but they are if you're buying them twenty five years old. That's why I say you have to have a reasonable repair.

Do you have to set aside a budget?

So I, by the way, I wanted as longtime listeners will know, I really wanted to get BMW seven sixty to replace my wife's Volvo, and she has basically said no way, Jose, but she is willing to get an X five and so I want them fifty with the twin turbo V eight and the ZF transmission. I was looking at Savage Geese on YouTube and they have a review of it, and they were like, listen, if something goes wrong with any of the air suspenders on each corner, eighteen hundred dollars.

That happened with my brother, and it was much more than that his seventh six.

If something goes wrong with the transmission, you know you're looking at five thousand dollars repair. If something goes wrong with the engine, obviously rebuild, but they're not cheap to fix. So if you're buying a used one, the guy from Savage Geese said, set aside ten thousand dollars.

That's exactly right.

I'll buy yourself a more substantial extended word.

Now, now that.

Said, I've had two Series, I've had three Series. I've had Next four bulletproof, never need repairs, absolutely spectacular cars. But for example, I had a fuel injection issue with them six that kept getting an idiot light. It would reset itself, and it was a one of those quirky little things that were hard to pin down. Ultimately it was BMW who figured out what it was not a cheap repair. Very well, that was my only repair I've had on that car in ten years.

What was And I want to know from Hannah to what was the first car you ever bought with your own money?

A Chrysler nineteen sixty seven Chrysler three hundred cost me one hundred bucks from my uncle. Had it for about a month. My mom told nice, three hundred trip the tires at any speed you're doing fifty miles an hour, step on the gas.

And they've just come out with the last year of the Chrysler three hundred. See with a six point four liter Hemi in it, which I'm pretty excited.

End of the Hemi line drive.

Hannah, what was the first car you ever bought?

That was a sixty nine Buke Skylark that I paid also one hundred dollars for.

I split it with my sister.

We bought it but a church lady who charged us two hundred dollars and I was deeply embarrassed of it and sold my half to my sister as quickly as I can.

No.

Yep, but what a cool car.

Absolutely cool. She was far more advanced think in her thinking about design and history than I was at the time. I was so embarrassed of that car, but she loved it.

I think it's I just googled it. Look at this ferry.

What a cool car, green black interior, you know, beautiful steering.

Not the highlight of American automobile manufacturer.

I think it's awesome. I would like to have one of those.

Tam my first car ever, because my dear late grandmother bless her Soul, gave me ten thousand dollars when I graduated from college and I put it on a down payment for an auty A four Avauant in the year two thousand. I was living in Frankfurt at the time, so I got to drive it on the Autobahn.

It had a two.

Point five liter TDI, so it's diesel, but it had one hundred and eighty horse power and it's pretty.

Light, so it really got moving.

I could do like two top speed twot twenty in kilometers per hour, so that's like one hundred and thirty miles per hour.

And I did that.

Well.

I was a little older, I was like twenty five, and.

Those diesels run forever. Also, those are three hundred thousand mile cars.

Yeah, that was a great, great vehicle.

What happened to that car?

Mat I had to sell it when I moved to London a few years later because of the you know, because the British drive on the wrong side of the road, so it wouldn't have made sense. And also I think I was broke after a few years and leaded the money that does it for this episode, Barry, thank you so much for joining us.

Real pleasure to have you.

I just want to point out that anyone who wants to follow me at Matt Miller nineteen seventy if you're on Instagram, can do so Matt Miller nineteen seventy three.

My Instagram is Hannah Elliott XO.

I will not be sharing my birth year with anybody who asks, and it's root of you to ask. And you can also find me on Bloomberg dot com and sometimes on the radio with Matt and sometimes with Barry.

Follow me on Twitter at rid Halts. For as long as Twitter hangs on by its fingernails, it's doing a full friends ster. We're circling the dream. You know.

We'll see what the new year brings.

I guess that's it for hot pursuit that you can catch more at the same time, same place next week.

I'm Matt Miller, I'm Hannah Elliott, and this is Bloomberg