The following table sets forth information concerning increases in the total number of our AAP stores during the past five years:
## Table 0 ##
(1) Does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores.6WRUH7HFKQRORJ\ Our store-based information systems, which are designed to improve the efficiency of our operations and enhance customer service, are comprised of a proprietary POS system and electronic parts catalog, or EPC, system.
Information maintained by our POS system is used to formulate pricing, marketing and merchandising strategies and to replenish inventory accurately and rapidly.
Our POS system is fully integrated with our EPC system and enables our store Team Members to assist our customers in their parts selection and ordering based on the year, make, model and engine type of their vehicles.
Our centrally-based EPC data management system enables us to reduce the time needed to (i) exchange data with our vendors and (ii) catalog and deliver updated, accurate parts information.
Our EPC system also contains enhanced search engines and user-friendly navigation tools that enhance our Team Members' ability to look up any needed parts as well as additional products the customer needs to complete an automotive repair project.
If a hard-to-find part or accessory is not available at one of our stores, the EPC system can determine whether the part is carried and in-stock through our HUB or PDQ?
networks or can be ordered directly from one of our vendors.
Available parts and accessories are then ordered electronically from another store, HUB, PDQ?
or directly from the vendor with immediate confirmation of price, availability and estimated delivery time.
We also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities.
Our store-level inventory management system provides real-time inventory tracking at the store level.
With the store-level system, store Team Members can check the quantity of on-hand inventory for any SKU, adjust stock levels for select items for store specific events, automatically process returns and defective merchandise, designate SKUs for cycle counts and track merchandise transfers.
Our stores use radio frequency hand-held devices to help ensure the accuracy of our inventory.
Our standard operating procedure, or SOP, system is a web-based, electronic data management system that provides our Team Members with instant access to any of our standard operating procedures through a comprehensive on-line search function.
All of these systems are tightly integrated and provide real-time, comprehensive information to store personnel, resulting in improved customer service levels, Team Member productivity and in-stock availability.6WRUH6XSSRUW&HQWHU 0HUFKDQGLVLQJ Purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations: ?
Store support center in Roanoke, Virginia; ?
Regional office in Minneapolis, Minnesota; and ?
Global sourcing office in Taipei, Taiwan.
Our Roanoke team is primarily responsible for the parts categories and our Minnesota team is primarily responsible for accessories, oil and chemicals.
Our global sourcing team works closely with both teams.
In Fiscal 2011, we purchased merchandise from approximately 500 vendors, with no single vendor accounting for more than 9% of purchases.
Our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms, including pricing, payment terms and volume.
The merchandising team has developed strong vendor relationships in the industry and, in a collaborative effort with our vendor partners, utilizes a category management process where we manage the mix of our product offerings to meet customer demand.
We believe this process, which develops a customer-focused business plan for each merchandise category, and our global sourcing operation are critical to improving comparable store sales, gross margin and inventory productivity.
There were no new securitizations of home equity loans during 2009 and 2008.
The following table summarizes selected information related to home equity and automobile loan securitizations at and for the year ended December 31, 2009 and 2008.
## Table 1 ##
(1) Net of hedges (2) Repurchases of loans from the trust for home equity loans are typically a result of the Corporation’s representations and warranties, modifications or the exercise of an optional clean-up call.
In addition, during 2009 and 2008, the Corporation paid $141 million and $34 million to indemnify the investor or insurer under the representations and warranties, and corporate guarantees.
For further information regarding representations and warranties, and corporate guarantees, see the First Lien Mortgage-related Securitizations discussion.
Repurchases of automobile loans during 2009 and 2008 were due to the exercise of an optional clean-up call.
(3) As a holder of these securities, the Corporation receives scheduled interest and principal payments.
During 2009, there were no other-than-temporary impairment losses recorded on those securities classified as AFS debt securities.
(4) At December 31, 2009, all of the held senior securities issued by the home equity securitization trusts were valued using quoted market prices and classified as trading account assets.
At December 31, 2009 and 2008, substantially all of the held senior securities issued by the automobile securitization trusts were valued using quoted market prices and classified as AFS debt securities.
(5) At December 31, 2009 and 2008, substantially all of the held subordinated securities issued by the home equity securitization trusts were valued using model valuations and classified as AFS debt securities.
At December 31, 2009 and 2008, substantially all of the held subordinated securities issued by the automobile securitization trusts were valued using quoted market prices and classified as AFS debt securities.
(6) Residual interests include the residual asset, overcollateralization and cash reserve accounts, which are carried at fair value or amounts that approximate fair value.
The residual interests were derived using model valuations and substantially all are classified in other assets.
Under the terms of the Corporation’s home equity securitizations, advances are made to borrowers when they draw on their lines of credit and the Corporation is reimbursed for those advances from the cash flows in the securitization.
During the revolving period of the securitization, this reimbursement normally occurs within a short period after the advance.
However, when the securitization transaction has begun a rapid amortization period, reimbursement of the Corporation’s advance occurs only after other parties in the securitization have received all of the cash flows to which they are entitled.
This has the effect of extending the time period for which the Corporation’s advances are outstanding.
In particular, if loan losses requiring draws on monoline insurers’ policies, which protect the bondholders in the securitization, exceed a specified threshold or duration, the Corporation may not receive reimbursement for all of the funds advanced to borrowers, as the senior bondholders and the monoline insurers have priority for repayment.
The Corporation evaluates all of its home equity securitizations for their potential to experience a rapid amortization event by estimating the amount and timing of future losses on the underlying loans, the excess spread available to cover such losses and by evaluating any estimated shortfalls in relation to contractually defined triggers.
A maximum funding obligation attributable to rapid amortization cannot be calculated as a home equity borrower has the ability to pay down and redraw balances.
At December 31, 2009 and 2008, home equity securitization transactions in rapid amortization had $14.1 billion and $13.1 billion of trust certificates outstanding.
This amount is significantly greater than the amount the Corporation expects to fund.
At December 31, 2009, an additional $1.1 billion of trust certificates outstanding pertain to home equity securitization transactions that are expected to enter rapid amortization during the next 24 months.
The charges that will ultimately be recorded as a result of the rapid amortization events are dependent on the performance of the loans, the amount of subsequent draws, and the timing of related cash flows.
At December 31, 2009 and 2008, the reserve for losses on expected future draw obligations on the home equity securitizations in or expected to be in rapid amortization was $178 million and $345 million.
The Corporation has consumer MSRs from the sale or securitization of home equity loans.
The Corporation recorded $128 million and $78 million of servicing fee income related to home equity securitizations during 2009 and 2008.
For more information on MSRs, see Note 22 – Mortgage Servicing Rights.
At December 31, 2009 and 2008, there were no recognized servicing assets or liabilities associated with any of the automobile securitization transactions.
The Corporation recorded $43 million and $30 million in servicing fees related to automobile securitizations during 2009 and 2008.
The Corporation provides financing to certain entities under assetbacked financing arrangements.
These entities are controlled and consolidated by third parties.
At December 31, 2009, the principal balance outstanding for these asset-backed financing arrangements was $10.4 billion, the maximum loss exposure was $6.8 billion, and on-balance sheet assets were $6.7 billion which are primarily recorded in loans and leases.
The total cash flows for 2009 were $491 million and are primarily related to principal and interest payments received.
NOTE 9 – Variable Interest Entities The Corporation utilizes SPEs in the ordinary course of business to support its own and its customers’ financing and investing needs.
These SPEs are typically structured as VIEs and are thus subject to consolidation by the reporting enterprise that absorbs the majority of the economic risks and rewards of the VIE.
To determine whether it must consolidate a VIE, the Corporation qualitatively analyzes the design of the VIE to identify the creators of variability within the VIE, including an assessment as to the nature of the risks that are created by the assets and other contractual arrangements of the VIE, and identifies whether it will absorb a majority of that variability.
In addition, the Corporation uses VIEs such as trust preferred securities trusts in connection with its funding activities, as described in more detail in Note 13 – Long-term Debt.
The Corporation also uses VIEs in the form of synthetic securitization vehicles to mitigate a portion of the credit risk on its residential mortgage loan portfolio as described in
Item 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued 54 LIQUIDITY AND CAPITAL RESOURCES Cash, cash equivalents and marketable investment securities.
We consider all liquid investments purchased within 90 days of their maturity to be cash equivalents.
See “Item 7A.
– Quantitative and Qualitative Disclosures About Market Risk” for further discussion regarding our marketable investment securities.
As of December 31, 2008, our cash, cash equivalents and current marketable investment securities totaled $559 million compared to $2.788 billion as of December 31, 2007, a decrease of $2.229 billion.
Our principal source of liquidity during 2008 was cash generated by operating activities of $2.188 billion, approximately $750 million raised in issuing our 7 ?% Senior Notes due 2015 and the net sales of marketable and strategic investments of $166 million.
Our primary uses of cash during 2008 were for the redemption of $1.5 billion of debt, the purchases of property and equipment of $1.130 billion, the acquisition of 700 MHz wireless spectrum for $712 million, the distribution of $1.532 billion to EchoStar related to the Spin-off, and the repurchase of 3.1 million shares of our common stock for $83 million.
In addition, we reclassified $240 million of marketable investment securities on hand at December 31, 2007 to noncurrent assets during 2008 as recent events in the credit markets have reduced or eliminated current liquidity for these investments.
The following discussion highlights our free cash flow and cash flow activities during the years ended December 31, 2008, 2007 and 2006.
Free cash flow.
We define free cash flow as “Net cash flows from operating activities” less “Purchases of property and equipment,” as shown on our Consolidated Statements of Cash Flows.
We believe free cash flow is an important liquidity metric because it measures, during a given period, the amount of cash generated that is available to repay debt obligations, make investments, fund acquisitions and for certain other activities.
Free cash flow is not a measure determined in accordance with GAAP and should not be considered a substitute for “Operating income,” “Net income,” “Net cash flows from operating activities” or any other measure determined in accordance with GAAP.
Since free cash flow includes investments in operating assets, we believe this non-GAAP liquidity measure is useful in addition to the most directly comparable GAAP measure - “Net cash flows from operating activities.
” During the years ended December 31, 2008, 2007 and 2006, free cash flow was significantly impacted by changes in operating assets and liabilities as shown in the “Net cash flows from operating activities” section of our Consolidated Statements of Cash Flows included herein.
Operating asset and liability balances can fluctuate significantly from period to period and there can be no assurance that free cash flow will not be negatively impacted by material changes in operating assets and liabilities in future periods, since these changes depend upon, among other things, management’s timing of payments and control of inventory levels, and cash receipts.
In addition to fluctuations resulting from changes in operating assets and liabilities, free cash flow can vary significantly from period to period depending upon, among other things, subscriber growth, subscriber revenue, subscriber churn, subscriber acquisition costs including amounts capitalized under our equipment lease programs, operating efficiencies, increases or decreases in purchases of property and equipment and other factors.
The following table reconciles free cash flow to “Net cash flows from operating activities.
”
## Table 2 ##
The decline in free cash flow from 2007 to 2008 of $114 million resulted from a decrease in “Net cash flows from operating activities” of $429 million, or 16.4%, partially offset by a decrease in “Purchases of property and equipment” of $315 million, or 21.8%.
The decrease in “Net cash flows from operating activities” was primarily attributable to a $351 million decrease in cash resulting from changes in operating assets and liabilities and a $59 million decrease in net income, adjusted to exclude non-cash changes in “Depreciation and amortization” expense and “Realized and
Notes to Consolidated Financial Statements Note 16.
Statutory Accounting Practices (Unaudited) CNA’s domestic insurance subsidiaries maintain their accounts in conformity with accounting practices prescribed or permitted by insurance regulatory authorities, which vary in certain respects from GAAP.
In converting from statutory accounting principles to GAAP, typical adjustments include deferral of policy acquisition costs and the inclusion of net unrealized holding gains or losses in shareholders’ equity relating to certain fixed maturity securities.
CNA’s insurance subsidiaries are domiciled in various jurisdictions.
These subsidiaries prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the respective jurisdictions’ insurance regulators.
Prescribed statutory accounting practices are set forth in a variety of publications of the National Association of Insurance Commissioners (“NAIC”) as well as state laws, regulations and general administrative rules.
CCC follows a permitted practice related to the statutory provision for reinsurance, or the uncollectible reinsurance reserve.
This permitted practice allows CCC to record an additional uncollectible reinsurance reserve amount through a different financial statement line item than the prescribed statutory convention.
This permitted practice had no effect on CCC’s statutory surplus at December 31, 2007 or 2006.
CNA’s ability to pay dividends and other credit obligations is significantly dependent on receipt of dividends from its subsidiaries.
The payment of dividends to CNA by its insurance subsidiaries without prior approval of the insurance department of each subsidiary’s domiciliary jurisdiction is limited by formula.
Dividends in excess of these amounts are subject to prior approval by the respective state insurance departments.
Dividends from CCC are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC.
Under these laws, ordinary dividends, or dividends that do not require prior approval of the Illinois Department of Financial and Professional Regulation – Division of Insurance (the “Department”), may be paid only from earned surplus, which is calculated by removing unrealized gains from unassigned surplus.
As of December 31, 2007, CCC is in a positive earned surplus position, enabling CCC to pay approximately $630 million of dividend payments during 2008 that would not be subject to the Department’s prior approval.
The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.
CNA’s domestic insurance subsidiaries are subject to risk-based capital requirements.
Risk-based capital is a method developed by the NAIC to determine the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile.
The formula for determining the amount of risk-based capital specifies various factors, weighted based on the perceived degree of risk, which are applied to certain financial balances and financial activity.
The adequacy of a company’s actual capital is evaluated by a comparison to the risk-based capital results, as determined by the formula.
Companies below minimum risk-based capital requirements are classified within certain levels, each of which requires specified corrective action.
As of December 31, 2007 and 2006, all of CNA’s domestic insurance subsidiaries exceeded the minimum risk-based capital requirements.
Combined statutory capital and surplus and net income, determined in accordance with accounting practices prescribed or permitted by insurance regulatory authorities for the property and casualty and the life insurance subsidiaries, were as follows:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2011</td><td>2010</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>Beginning Stores</td><td>3,369</td><td>3,264</td><td>3,243</td><td>3,153</td><td>2,995</td></tr><tr><td>New Stores<sup>-1</sup></td><td>95</td><td>110</td><td>75</td><td>109</td><td>175</td></tr><tr><td>Stores Closed</td><td>-4</td><td>-5</td><td>-54</td><td>-19</td><td>-17</td></tr><tr><td>Ending Stores</td><td>3,460</td><td>3,369</td><td>3,264</td><td>3,243</td><td>3,153</td></tr></table>
<table><tr><td></td><td colspan="3"> Home Equity</td><td colspan="3">Automobile</td></tr><tr><td>(Dollars in millions)</td><td colspan="2"> 2009</td><td>2008</td><td colspan="2"> 2009</td><td>2008</td></tr><tr><td> For the Year Ended December 31</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash proceeds from new securitizations</td><td> $</td><td> –</td><td>$–</td><td> $</td><td> –</td><td>$741</td></tr><tr><td>Losses on securitizations<sup>-1</sup></td><td> </td><td> –</td><td>–</td><td> </td><td> –</td><td>-31</td></tr><tr><td>Collections reinvested in revolving period securitizations</td><td> </td><td> 177</td><td>235</td><td> </td><td> –</td><td>–</td></tr><tr><td>Repurchases of loans from trust<sup>-2</sup></td><td> </td><td> 268</td><td>128</td><td> </td><td> 298</td><td>184</td></tr><tr><td>Cash flows received on residual interests</td><td> </td><td> 35</td><td>27</td><td> </td><td> 52</td><td>–</td></tr><tr><td> At December 31</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Principal balance outstanding</td><td> </td><td> 46,282</td><td>34,169</td><td> </td><td> 2,656</td><td>5,385</td></tr><tr><td>Senior securities held<sup>-3, 4</sup></td><td> </td><td> 15</td><td>–</td><td> </td><td> 2,119</td><td>4,102</td></tr><tr><td>Subordinated securities held<sup>-5</sup></td><td> </td><td> 48</td><td>3</td><td> </td><td> 195</td><td>383</td></tr><tr><td>Residual interests held<sup>-6</sup></td><td> </td><td> 100</td><td>93</td><td> </td><td> 83</td><td>84</td></tr></table>
<table><tr><td></td><td colspan="3"> For the Years Ended December 31,</td></tr><tr><td></td><td> 2008</td><td> 2007 (In thousands)</td><td> 2006</td></tr><tr><td>Free cash flow</td><td>$1,058,454</td><td>$1,172,198</td><td>$882,924</td></tr><tr><td>Add back:</td><td></td><td></td><td></td></tr><tr><td>Purchases of property and equipment</td><td>1,129,890</td><td>1,444,522</td><td>1,396,318</td></tr><tr><td>Net cash flows from operating activities</td><td>$2,188,344</td><td>$2,616,720</td><td>$2,279,242</td></tr></table>

Question: Which year is Collections reinvested in revolving period securitizations in terms of Home Equity the least?
Answer: 2009