DEALER NEWS
The official magazine of the MIDATLANTIC INDEPENDENT AUTOMOBILE DEALERS ASSOCIATION PENNSYLVANIA • MARYLAND • DELAWARE 1501 North Front St., Harrisburg, PA 17102 (717) 238-9002 midatlanticiada.org
Noah Melamed, Chairman Ticket to Ride Auto, Lancaster, PA nmelamed@yourttr.com
Bert Straub, President 1st Choice Auto LLC, Fairview, PA bertcstraub@gmail.com
Dan Limongelli, President-Elect Jo Dan Motors, Plains, PA jodanmotors@gmail.com
Lisa Cohowicz, Interim Treasurer North East Pennsylvania A/A, Scranton, PA lisac@nepautoauction.com
Clint Weaver, Secretary America’s Auto Auction Harrisburg, Mechanicsburg, PA clint.weaver@americasautoauction.com
Tom Hodges, Vice-President Tom Hodges Auto Sales, Hollywood, MD tom@tomhodgesauto.com
Michael Mansour, Vice-President Car Connection, Inc., New Castle, PA mike@carconnection1.com
Beth Melamed, Vice-President Ticket to Ride Auto, Lancaster, PA bmelamed@yourttr.com
James Makia james@exclusivemotorcarsmd.com Exclusive Motorcars, Randallstown, MD
Dan McNamee dtlcars@aol.com
Daniel Thomas Auto Sales, Croydon, PA
Gregg Pachik gregg.pachik@manheim.com Manheim Philadelphia, Hatfield, PA
Kerri Rotunda kerrir@corryade.com America’s Auto Auction Erie, Corry, PA
Danielle Royer royers322motors@gmail.com Royer’s 322 Motors, DuBois, PA
Tom Brandis • Executive Director tom@midatlanticiada.org
WOULD YOU LIKE TO RECEIVE A DIGITAL EDITION OF THE MIDATLANTIC DEALER NEWS MAGAZINE? Email steve@midatlanticiada.org Copyright 2024
2 | Pennsylvania Man Sentenced for Odometer Fraud
A Pennsylvania man was recently sentenced to 30 months in prison after being convicted in a federal court of tampering with an odometer and forging vehicle titles.
5 | 2024 Convention & Tailgate
You're invited to join us at our annual convention! It promises to be an inspiring gathering filled with valuable insights and networking..
6 | Convention Agenda & Featured Speakers
MARIADA has invited some of the industry’s most reputable experts to share their knowledge with dealers. Check out the exciting offerings at this year’s big event in Atlantic City! From a fun opening reception to a football party and countless industry speakers, it will be our best convention yet!
7 | Convention Sponsors
Without the generosity of these industry partners, our Convention and Expo would not be possible.
9 | Policy Conference Returns to Washington, D.C.
The NIADA Policy Conference is the used car industry’s and independent dealers’ opportunity to speak with one voice to legislators in Washington, D.C. The NIADA Policy Conference is Sept. 23-25 at the Ritz-Carlton Pentagon City.
10 | Feature: Turning Pain into Purpose: How CKC Partners with Families to Fight Childhood Cancer
Learn more about the charity that will benefit from this year's convention auction.
16 | A Dealership’s Ultimate Guide to Buying Recycled Auto Parts
In today's automotive market, buying recycled (used) auto parts can be a savvy way to keep your vehicle running smoothly without breaking the bank.
22 | How to Stop Synthetic Identity Fraud at Your Dealership Before it Starts In 2022, the auto lending industry had more than $8.1 billion in originationrisk exposure. One major risk is synthetic identity fraud.
23 | Dealers Can Expect More Affordable Used Car Availability
The latest Manheim report shows EVs have the highest depreciation
DEPARTMENTS
EXCITING SEPTEMBER UPDATES: JOIN US AT THE MIDATLANTIC ANNUAL CONVENTION & VENDOR TAILGATE! Pennsylvania man sentenced for odometer fraud
Executive Director
MidAtlantic IADA Tommy Brandis
Hello Dealers,
It’s hard to believe that it’s already September. This year is really flying by. I hope everyone enjoyed their summer vacations with family and friends. Personally, I enjoy the cooler weather, so I am looking forward to fall. September is an exciting time for the association, as well.
In case you haven’t heard…The MidAtlantic Annual Convention & Vendor Tailgate is taking place at Caesars Atlantic City on September 15-17, 2024. This event will offer the highest quality training along with opportunities to interact with vendors at the industry's only Vendor Tailgate for a fraction of the price of a Las Vegas convention and no jet lag. Trust me, you do not want to miss this!
Let me break it down for you:
The convention begins on Sunday afternoon with a comprehensive 3-hour workshop titled “What to do NOW to WIN in 2025.” This is an industry exclusive and unlike anything that has been done before. A collaboration of industry professionals will work with you to create a comprehensive game plan for 2025. The goal of this workshop is for each dealership to add $100,000 to their bottom line.
Monday is a FULL DAY of gaining knowledge. We will kick off the morning with dual Keynote Speakers. Michael York will deliver “The Power and Profit of Creativity” and then Tracy Myers will follow with “(Almost) Everything I learned about leadership, I learned from my dad.” After lunch, Steve Levine, from Ignite Consulting will bring his “Compliance Unleashed / Risk Never Rests” workshop to the east coast. This 3-hour workshop will be comprised of 5 classes that will arm you with a deep understanding of automotive sales and finance compliance. All attendees will receive an Ignite Compliance Training Certification. If that’s not enough, there will be 9 individual breakout sessions featuring BDC, marketing, reinsurance, BHPH, financial planning and more. There are details on each of these sessions and presenters in the convention insert of this magazine.
Both nights will be full of FUN, FOOD and FOOTBALL with Monday night being the industry's only Monday Night Football & Vendor Tailgate Party. On top of all that, during the Monday Night game, we will be holding both a silent and live auction along with a 50/50 raffle where 100% of the proceeds will go to benefit Curing Kids Cancer.
Registration for the entire event is only $95! Yes, you read that correctly. All dealers are invited, and if your dealership is a member of any IADA, you pay $95 for registration. How about your hotel room? That’s also only $95 a night. All this knowledge, training, information, fun and two nights at Caesars Atlantic City for $285 plus, tax, tags & doc. Like I said before, you can’t afford to miss this!!!
If you need more details, give me a call or scan the barcode at the right for information and to register. Can’t wait to see you at Caesars Atlantic City! If you have any questions, concerns or ideas, I can be reached at tom@midatlanticiada.org or my direct cell phone (215-805-2034).
Until next month,
A Pennsylvania man was recently sentenced to 30 months in prison after being convicted in a federal court of tampering with an odometer and forging vehicle titles.
Earnest Fry, 49, of Harrisburg, Pa., pleaded guilty to the charges in U.S. District Court. He was ordered to pay $47,000 in restitution along with serving two and half years in prison.
According to the U.S. Middle District of Pennsylvania, Fry was on parole when he started purchasing used vehicles, altering the mileage. U.S. Attorney Gerard Karam said in a press release that Fry would replace or reset the odometer on the vehicles. He is suspected to have sold 55 vehicles and rolled back more than 5 million miles. Fry also was found to have altered titles to reflect the lower mileage of the vehicles he sold at inflated prices.
The case is not an isolated incident and stresses the importance of purchasing from a licensed dealer. The National Highway Traffic Safety Administration estimates more than 450,000 vehicles are purchased each year with altered odometer readings, costing buyers more than $1 billion. A CARFAX study from last year showed a 14 percent rise in vehicles with rolled-back odometers. California had a reported 469,000 vehicles with rolled-back odometers and Texas 277,000. n
JOIN US IN SHAPING THE FUTURE: SEEKING NEW BOARD MEMBERS FOR THE MIDATLANTIC IADA
Are you passionate about driving positive change in the automotive industry? Do you have a vision for promoting ethical business practices and advancing the interests of dealers, auctions, and vendors across Pennsylvania, Maryland, and Delaware? Your unique perspective and expertise could be a valuable addition to our Board of Directors at the MidAtlantic Independent Automobile Dealers Association (IADA).
WHO WE ARE: The MidAtlantic IADA proudly serves independent automobile dealers, auctions, and industry vendors in Pennsylvania, Maryland, and Delaware. Our mission is clear:
• Promote Ethical and Profitable Business Practices: We are committed to fostering integrity and success within our industry.
• Lobby for Reasonable Legislation: We advocate for legislative measures that support and benefit our members.
• Provide Valuable Services: Through our extensive network, we offer title services, pursue discounts, and ensure access to essential resources.
WHY JOIN US? Becoming a board member offers a unique opportunity to impact the automotive industry in the Mid-Atlantic region significantly. As a member of our board, you will:-Gain valuable leadership experience-Expand your professional networkContribute to the growth and success of the industry
• Influence Industry Standards: Play a key role in shaping and upholding ethical standards and best practices.
• Advocate for Members' Interests: Represent the diverse needs and concerns of our member dealers, auctions, and vendors.
NETWORK WITH INDUSTRY LEADERS
Join a team of fellow board members and industry professionals to drive collective success and make a difference in the automotive industry.
OUR CODE OF ETHICS
We uphold a strict code of ethics, which includes:
• Truth and accuracy in advertising
• Constant improvement in business methods
• Standing by guarantees given with vehicle sales
• Compliance with federal and state laws
• Encouragement of the American system of free enterprise
HOW TO APPLY
If you are ready to contribute your expertise and enthusiasm to our mission, we encourage you to apply for a position on our Board of Directors. Please submit your application, which should include a brief statement of interest outlining your vision for the association, and any relevant experience or qualifications. You may send your application to Tom Brandis, Executive Director, at tom@midatlanticiada.org.
For more information on how to apply or if you have any questions about board membership, please get in touch with us at tom@midatlanticiada.org.
Join us in our unwavering commitment to excellence and integrity. Your leadership could help shape the future of our industry and make a lasting impact across the MidAtlantic region. We look forward to hearing from you! n
Bert Straub President MidAtlantic IADA
POLICY CONFERENCE RETURNS TO WASHINGTON, D.C.
Advocacy is at the heart of NIADA. The NIADA Policy Conference is the used car industry’s and independent dealers’ opportunity to speak with one voice to legislators in Washington, D.C. The NIADA Policy Conference is Sept. 23-25 at the RitzCarlton Pentagon City.
As the chairman of the Legislative Committee, Lawrence Meade, the owner of Easton Motors, Inc., in Wisconsin Dells, Wisc., invited dealers to join him in Washington.
“It’s being able to engage them and educate them on who we are, our business, our industry, metrics, the value that our partners and industry provides,” Meade said. “If you get a chance, please join us at the policy conference in D.C.”
Meade explained they do make a difference by talking to legislators from their home districts about issues impacting the industry.
“We tell them who we are. We are from the communities they are from,” Meade said. “We take care of the little leagues. We take care of sponsoring the high schools and grade schools. We take care of so much in the communities we employ. Many people and their families spend money and so do we. We have a chance to talk about Right to Repair, catalytic converters being sawed off underneath cars and the cost to consumers and insurance. We look to legislators that believe in NIADA and dealers and we say, ‘Will you sponsor or co-sponsor this legislation to help our world become better.”
Last year, dealers attended more than 100 meetings on Capitol Hill. The meetings included lawmakers from both sides of the aisle and in the House of Representatives and Senate.
“As a result of some of those conversations we had in those hundred-plus meetings during the Day on the Hill, we got several co-sponsors that actually signed on to the pieces of legislation that we were advocating for,” Meade said.
The policy conference will also include information from federal agencies and regulation updates. The popular PAC dinner will return with regions competing for the PAC Cup by raising the most money for the NIADA PAC. The NIADA PAC supports candidates who understand issues facing independent automobile dealers in our nation’s capital. n
Turning Pain into Purpose: How CKC Partners with Families to Fight Childhood Cancer
By Gráinne Owen, Co-Founder and President, Curing Kids Cancer
The story of Maia and Ariana Barton, now 24 and 22 respectively, is a powerful testament to the resilience and determination that can emerge from life's most challenging circumstances. Both sisters were diagnosed with cancer at different times in their lives, and while their journeys were difficult, they have since become passionate advocates for pediatric cancer research through their family's chosen organization, Curing Kids Cancer (CKC).
At just eight years old, Maia was diagnosed with acute lymphoblastic leukemia (ALL B-cell). The next two and a half years were a whirlwind of tests, procedures, and the emotional rollercoaster that accompanies a cancer diagnosis. Despite her young age, Maia's curiosity drove her to learn about her treatment, laying the foundation for her future goal of becoming a pediatric cancer nurse.
“I was a very curious child during my cancer treatment," Maia recalls. "I was always asking things like ‘What’s this?’ or ‘What are you doing now?’ I think my doctor appreciated my interest because not many kids understand what’s happening during their treatment.”
Though Maia went into remission, the effects of her treatment lingered into adulthood, becoming especially poignant when her younger sister, Ariana, began to show symptoms of cancer a decade later.
At 18, just after graduating high school and preparing for a gap year in Israel, Ariana noticed unusual bruising on her legs. Her family urged her to get cleared by a doctor before her trip. Days before Maia was set to return to college, Ariana
was diagnosed with T-cell ALL, a different form of leukemia.'
"Scottish Rite Hospital called both my parents," Ariana said. "My mom didn't tell me exactly what was going on, but I knew something was wrong."
Ariana's journey, while similar to Maia’s, brought its own set of challenges, including surgeries and complications specific to T-cell leukemia. Despite these obstacles, Ariana found strength in her family and shared oncologist, Dr. Lu, at Scottish Rite. Three years later, she joined Maia in remission.
Throughout their battles, Maia and Ariana's family was a pillar of support. During these trying times, the Barton family reached out to Curing Kids Cancer (CKC) for guidance and assistance.
The support they received from CKC was invaluable, helping them navigate the complexities of treatment and the emotional toll of their daughters' diagnoses. This connection with CKC not only provided comfort during a difficult time but also inspired the Bartons to give back to the organization that had supported them so deeply.
Inspired by their daughters' resilience and the assistance they received from CKC, Alyssa Barton decided to take action during Ariana's treatment in 2019. She rallied their community to support pediatric cancer research by creating the Ride 4 Research fundraiser, an annual event that brings the community together to raise money for childhood cancer research through cycling and fitness classes.
“It makes me proud to know that I’m part of something that makes a difference like this,” Maia said. “It’s incredible that so many people want to support our family’s cause.”
Since its inception in 2019, Ride 4 Research has raised over $190,000 for pediatric cancer research and treatments across the United States.
This year, the Barton family will host their annual Ride 4 Research event on September 14. The event continues to unite the community in their mission to fund lifesaving research, driven by the inspiring story of Maia and Ariana Barton, and their deep connection to CKC. n
A Dealership’s Ultimate Guide to BUYING RECYCLED AUTO PARTS
In today's automotive market, buying recycled (used) auto parts can be a savvy way to keep your vehicle running smoothly without breaking the bank. Whether you’re a dealership’s service center or simply looking to save on repairs, recycled auto parts offer a cost-effective alternative to new components. However, purchasing them requires some knowledge and caution to ensure you get reliable and high-quality items. Here’s a comprehensive guide to help you navigate the process.
Benefits of Buying Recycled Auto Parts
Cost Savings: Recycled auto parts are significantly cheaper than new ones, often costing 50-75% less. This can result in substantial savings, especially for major components like engines and transmissions.
Environmental Impact: Reusing parts reduces the need for manufacturing new ones, which conserves resources and minimizes environmental pollution. It’s an eco-friendly choice that supports recycling efforts.
Availability of Rare Parts: For older or discontinued models, finding new parts can be challenging. Used parts can provide access to hard-to-find components.
OEM Quality: Original Equipment
Manufacturer (OEM) parts ensure compatibility and performance. Used OEM parts, if in good condition, can be just as reliable as new ones. At parts recyclers like My Auto Store, you will find OEM parts like engines, transmissions, and “000” insurance-grade body panel parts that go through a stringent QC process. The drivetrain parts are visually inspected by a QC team, “VinTel Tested” using the VinTel OBD-II diagnostics tool, and cleaned with a Cold Jet dry ice blasting process for quick, thorough cleaning to ensure the part works and looks great.
WHERE TO BUY RECYCLED AUTO PARTS
Salvage Yards: Also known as junkyards or scrapyards, these facilities dismantle wrecked or decommissioned vehicles and sell usable parts. Some offer a “pull your own part” model where you can extract the parts you need.
Online Marketplaces: Websites like eBay Motors, Facebook Marketplace, and specialized auto part sites offer a wide range of recycled parts. Ensure you buy from reputable sellers with good reviews.
Auto Parts Stores: Some stores sell refurbished, remanufactured, or certified used parts. These often come with a warranty, providing extra peace of mind.
Specialty Dealers: Certain businesses specialize in specific brands or types of vehicles. They can be a good source for high-quality used parts.
TIPS FOR BUYING RECYCLED AUTO PARTS
• Know Your Part: Before you start shopping, know the exact part number, make, model, and year or VIN of your vehicle. This ensures compatibility and saves time.
• Inspect the Part: If possible, inspect the part for wear and damage. Look for signs of rust, cracks, or other defects that could affect performance.
• Ask About Warranty: Many used parts come with a limited warranty. Always inquire about the terms and conditions to protect your purchase.
• Verify Return Policy: Make sure the seller has a return policy in case the part doesn’t fit or work as expected.
• Check Compatibility: Double-check compatibility with your vehicle. Some parts may fit multiple models, but it’s crucial to confirm before purchasing.
• Consider Mileage: For mechanical parts, knowing the mileage of the donor vehicle can give you an idea of the part's remaining lifespan.
• Research Prices: Compare prices across different sellers to ensure you’re getting a fair deal. Be wary of prices that seem too good to be true, as they might indicate lower quality.
COMMONLY PURCHASED RECYCLED AUTO PARTS
• Engines and Transmissions: Major savings can be achieved by purchasing these high-cost items used.
• Alternators and Starters: These parts are relatively easy to find used and can be tested for functionality.
• Body Panels and Bumpers: Used body parts are a cost-effective way to repair cosmetic damage.
• Interior Components: Seats, dashboards, and other interior parts can be found in good condition at a fraction of the cost of
• Wheels: Buying slightly used tires and wheels can save money, but always check for wear and damage.
• Buying recycled auto parts can be a practical and economical choice for maintaining and repairing your customers’ vehicles. By following the tips outlined in this guide, you can confidently navigate the market and make informed purchases. Remember to do your research, verify the part’s condition and compatibility, and buy from reputable sources. With careful consideration, recycled auto parts can provide reliable performance and significant savings.
When you’re having trouble finding a part or need something less expensive, visit My Auto Store’s website (www.MyAutoStore. com) or speak with their experts at 888-9001545 for quality recycled auto parts. My Auto Store is the largest independent auto recycler in the US and is headquartered in Camden, NJ, carrying over 200,000 parts. You will find a variety of parts, including drivetrain, body panel parts, interior parts, wheels, and nondeployed airbags. n
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How to STOP Synthetic Identity Fraud at Your Dealership Before it Starts
By PassTime GPS
For car dealerships, especially Buy Here Pay
Here dealers, protection from fraud is an important part of doing business. A Point Predictive study reported a significant shift toward fraudulent vehicle financing. In 2022, the auto lending industry had more than $8.1 billion in originationrisk exposure. One major risk is synthetic identity fraud.
WHAT IS SYNTHETIC IDENTITY FRAUD?
You might ask, what is synthetic identity fraud? While it sounds like something from a sci-fi movie, it’s a form of financial fraud where a real person’s Social Security number is stolen and combined with fake information, like a date of birth, mailing address, an email address and more, to create a new identity.
Synthetic identity fraud has increased 45% since 2018, with a 12% increase in 2022 alone. The Federal Trade Commission estimates that about 80–85% of identity fraud is synthetic identity fraud.
This type of fraud is so popular because it’s harder to catch. Often, the fraudster will use Social Security numbers of people who are less likely to monitor their credit, like children, the elderly and homeless people. The fraudsters then create an identity with small purchases and establish their identity with businesses that don’t have a rigorous vetting process. Once they’re in the system, they can spend years building a convincing identity with a credit history and proper credit scores until they’re ready for the big payoffs, like fraudulent auto loans.
Synthetic fraudsters often target Buy Here Pay Here dealers, hoping to take advantage of relaxed credit requirements to obtain high-priced vehicles. Once they have the loan, they default on it and sell or pawn the car, leaving the Buy Here Pay Here dealer saddled with the loan while the car
is long gone. Dealerships face a significant blow, given that the average cost of autofinancing fraud is $21,000.
PERFORM IDENTITY VERIFICATION
Proper fraud risk management starts with identity verification. Check their identification to be sure they have genuine government-issued IDs and bank payment stubs to confirm their employment. Use a program that checks consumer applications across multiple sets of public and proprietary data. These programs can check to ensure that:
• The applicant’s Social Security number is real
• They have a record of employment and file income taxes
• They have a real address with no suspicious activity tied to it
• They have standard bills like phone, cable, Internet and utility bills
Of course, identity verification doesn’t work unless you know how to use it. Train your staff to look out for synthetic identity fraud and teach them how to use proper protocols to decrease the chances of fraud.
MAKE THE MOST OF THE LATEST TECHNOLOGY
Scammers can easily slip past the system with advancing technology, but car dealers
can also use it for enhanced fraud risk management. Use analytic solutions, like predictive AI, to analyze data to detect links and find suspicious patterns to help determine if the applicant is a real person. Organizations can reduce false-positive rates and flag suspicious applications by analyzing data.
Using machine learning algorithms, you can help discover unique behavior patterns. It can help identify suspicious activity, such as authorized-user abuse, making you better prepared to reduce fraud charges and losses.
Tools like Seon can prevent payments from stolen cards and use social and digital analysis to check for synthetic fraud. You can also use them to verify client info. These programs combine human insights with a Whitebox Machine Learning algorithm. Discover other ways you can help prevent fraud.
USE GPS TRACKING TO PROTECT YOUR VEHICLES
Including GPS tracking in fraud risk management strategies is crucial. Having a GPS tracking system in place means you have additional protection for your assets in the event of fraud. You can easily see where the car is at all times, whether you use a small GPS tracker or a built-in GPS system. You can use a GPS management system with many features that go beyond being able to locate a vehicle quickly, such as:
HARD-WIRED GPS:
• Starter interrupt features. Once activated, starter interrupt can keep someone from being able to start, and thus drive, the vehicle, which can be a vital feature to recover the vehicle in the event of fraud.
• Tamper-detection alerts let you know if someone tries to remove the GPS
tracking device, allowing you to know when the car is in danger or being stripped for parts.
• Location history provides an overview of the vehicle’s movements. Seeing where a car has been can help you determine if this is a normal loan default or part of a larger synthetic identity fraud situation.
BATTERY-POWERED GPS:
• Install small GPS trackers in the car for a hard-to-hack layer of GPS protection. Battery-powered GPS devices can be installed discreetly in seconds to help you cost-effectively track assets.
BOTH MODELS:
• A combination of GPS and cellular-location technology can help you track assets in hard-to-reach places like parking garages, warehouses or shipping containers where GPS alone might not reach.
• Use geofencing to keep tabs on an asset’s location and receive automated alerts once it leaves a certain area.
USE PASSTIME GPS TO PROTECT AGAINST FRAUD
PassTime GPS devices are the ultimate tool in vehicle protection. PassTime created a variety of GPS solutions to meet each customer’s specific needs. Solutions like TRAX SI were designed with BHPH dealers and auto-finance companies in mind. TRAX SI includes smart features like geo-fencing and starter interrupt to protect your assets against theft and fraud.
The small GPS tracker Encore is a sleek, discreet and battery-powered device that can be added to your car in a snap. The 4th-generation Encore GPS boasts 150% greater signal capture, accuracy and performance than its previous generation, geofencing and four power modes that allow you to track assets twice a day. With all that battery power, you’ll have enhanced capability to keep your vehicles safe. You’ll have enhanced capability to keep your vehicles safe. n
Check out how PassTime GPS helped recover stolen and fraudulently purchased vehicles quickly. Want to figure out which GPS solution is right for you? Visit us at passtimegps.com to learn more.
Dealers Can Expect More Affordable Used Car Availability
The latest Manheim report shows EVs have the highest depreciation.
BY JIM HENRY
Dealers may soon find more affordable vehicles to acquire, according to the latest forecast from wholesale used-vehicle auction firm Manheim, a Cox Automotive company.
That’s good news for dealers who have struggled to rein in costs as incentives chew away at their newcar profits.
“We definitely see pressure from incentives and growing discounts in the used market,” Cox Automotive’s chief economist, Jonathan Smoke, says during a discussion of the recent report.
Smoke means “incentives and growing discounts” on new vehicles because new vehicle incentives tend to reduce used vehicle values by similar amounts.
For the market as a whole, Cox Automotive says in a separate report that the average new-vehicle incentive as a percent of suggested retail was about 7% in April, up from about 2% in April 2022. However, that’s down vs. more than 10% for the majority of 2019 and 2020.
Higher new-vehicle discounts cutting used-vehicle values applies to EVs, too, Smoke says. New EVs
have been the subject of manufacturers’ price cuts — most notably Tesla, but others, including Ford, have followed suit.
Lower EV manufacturers’ prices contribute to the drop in value.
“The electric vehicle segment, that’s where we’ve seen the highest depreciation” in used vehicles, Smoke says.
Cox Automotive reports that the Manheim Index for used EVs is down 16.6% so far this year, compared to minus-9.5% for used non-EVs.
At the end of the first half, the average used EV had a retail price of $34,857, down 44.7% from a recent peak of $63,069 in August 2022, and much closer to the average price of $32,016 for vehicles with internal-combustion engines, Cox Automotive says.
Besides cutting some sticker prices, that’s partly because OEMs have introduced a large number of more-affordable EVs.
For the market as a whole, including all body styles and powertrains, Manheim has reduced its forecast for the Manheim Index to minus-2.3% as of the end of 2024. At the end of the first quarter of 2024, Manheim expected the Manheim Index to be almost flat, down just 0.7%.
As of the end of June, Manheim reports the Manheim Index at 196.1. That’s down from 215.1 in June 2023. For the first half of 2024, the Manheim Index was down 8.9% vs. a year ago.
The Manheim Index is designed to be a single measure that tracks used-vehicle wholesale price changes, weighted for a changing mix of product segments and mileage, and seasonally adjusted. The index is calculated relative to a starting point where January 1997 equals 100. n
Jim Henry is a freelance writer and editor, a veteran reporter on the auto retail beat, with decades of experience writing for Automotive News, WardsAuto, Forbes. com, and others. He's an alumnus of the University of North Carolina - Chapel Hill, where he was a Morehead-Cain Scholar.
PENNSYLVANIA
ADESA MERCER
AUCTION DIRECTORY
758 Franklin Road, Mercer, PA 16137
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ADESA PA
I-83 Ex. 28 (Old Ex. 12), 30 Industrial Rd. York, PA 17406
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Wednesdays 9:00 AM; INOPS 8:30 AM Specialty Sale every 4th Wed 8:30 AM adesa.com
ADESA PITTSBURGH
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724.925.4700 / Fax: 724.925.4701
Tuesday 9:00 AM pittautoauction.com
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P.O. Box 317, 12141 Route 6 West Corry, PA 16407
814.664.7721 / Fax: 814.664.7724
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Thursday 6:00 PM freedomauction.com
GARDEN SPOT AUTO AUCTION
Robert Rd. & Apple St., Ephrata, PA 17522
717.738.7900 / Fax: 717.738.7930
Tuesday 10:00 AM gardenspotautoauction.com
GREATER ERIE AUTO AUCTION
7700 Avonia Road, (Exit 16 of I-90 & PA Route 98) Fairview, PA 16415-0916
814.474.3900 / 877.474.GEAA
Tuesday 1:45 PM greater-erie.com
KELLER BROS AUTO AUCTION
1030 Schaeffer Rd., Lebanon, PA 17042
717-949-2349
Wednesday 2:00 PM kbautoauction.com
LEHIGH VALLEY AUTO AUCTION
3880 Lehigh St., Whitehall, PA 18052
610.435.5554 / Fax: 610.435.5557
Wednesday 5:00 PM lehighvalleyautoauction.com
MANHEIM KEYSTONE
488 Firehouse Road, Grantville PA 17028
717.469.7900 / Fax: 717.469.2842
Every Monday 11:00 AM manheim.com
MANHEIM PENNSYLVANIA
1190 Lancaster Rd., Manheim, PA 17545
717.665.3571 / Fax: 717.665.9265
Exotic Highline Sales every other Thursday - 9:00 AM; Fridays Sale 8:30 AM manheim.com
MANHEIM PHILADELPHIA
2280 Bethlehem Pike, Hatfield, PA 19440 215.822.1935 / Fax: 215.822.8140
Tuesday 9:30 AM; TRA Sale - Tues 12:30 PM
Office: M-Th 8:30-5:00; F 8:30-1:00 manheim.com
MANHEIM PITTSBURGH AA
21095 Route 19, Cranberry Twp., PA 16066
724.452.5555 / Fax: 724.452.1310
Wednesday 9:00 AM manheim.com
NORTH EAST PENNSYLVANIA AA 860 N. Keyser Ave., Scranton, PA 18504
570.207.CARS / Fax: 570.207.1860
Tuesday 10:00 AM nepautoauction.com
PERRYOPOLIS AUTO AUCTION
Route 51 S. Perryopolis, PA 15473
724.736.4445 / Fax: 724.736.0466
Friday 9:45 AM perryautoauction.com
MARYLAND
BSC AMERICA/BEL AIR AUTO AUCTION 4805 Philadelphia Rd., Belcamp, MD 21017 410.879.7950 / Fax: 410.893.1515
Thursday 8:30 AM at Clayton Station Thursday 8:00 AM at Bel Air in Belcamp bscamerica.com
CAPITAL AUTO AUCTION
5001 Beech Rd, Temple Hills, MD 20748 301.316.4980 / Fax: 301.316.4982 capitalautoauction.com
MANHEIM BALTIMORE-WASHINGTON 7120 Dorsey Run Rd., Elkridge, MD 21075 410.796.8899 / Fax: 410.799.0512
Tuesday Sale, 9:30 AM
Tuesday Frontline Sale, 9:00 AM TRA/Salvage, 1:00 PM manheim.com
NEW YORK
STATE LINE AUTO AUCTION
830 Talmadge Hill Rd. S., Waverly, NY 14892 607.565.8151 / Fax: 607.565.3915
Ally Financial Open Sale –EVERY FRIDAY, 9:20 AM
GM Financial Open Bi-weekly. Simulcast in all lanes. statelineauto.com
WEST VIRGINIA
MOUNTAIN STATE AUTO AUCTION
Route 2, Box 835, Shinnston, WV 26431
304.592.5300 / Fax: 304.592.3510
Monday 10:30 AM; Office: 9:00-5:00 mtstateaa.com
