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January 21, 2013
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DETROIT – Optimism reigns among auto analysts for the first time in many years. Speakers at this year’s Society of Automotive Analysts outlook conference all expect new-car sales to top 15 million for the first time since the recession in 2008. Ellen Hughes-Cromwick, chief economist for Ford Motor Co., said she was excited about auto sales and the entire economy. “We’re a great bellwether for the health of our economy,” Hughes-Cromwick said. Higher auto sales reflect a healthier business climate as the number of fleet sales continues rising. They rose to 3 million in 2012 from a low of 2 million in 2009. Hughes-Cromwick said that shows the ability of business to obtain financing.
Consumers are also finding it easier to finance their car purchases, said Bob Schulz, managing director for Standard & Poor’s. Schulz expects 15.3 million new-car sales in 2012, due in part to the availability of credit. Schulz said the health of auto credit is reflected in the performance of its assetbacked securities. There were 138 auto ABS upgrades in 2012 and no downgrades. Subprime auto ABS grew to $17.5 billion during that time. Schulz, however, said there’s little sign of a bubble in that market. “We don’t see that as having gotten out of control,” he said. It is instead a measure of how well auto ABS held up during the downturn when compared with other securities, especially mortgages. Consumers will need more money to buy new cars in 2013, as incentives should remain low this year, said Jeff Schuster, executive director of LMC Automotive. Schuster predicts 15.1 million new-car sales this year. Many of those will be smaller vehicles. “The overall trend is downsizing,” he said. Schuster also expects continued growth in hybrid sales. However, he said the two
Photo by Ted Craig BRIGHT OUTLOOK: Ellen Hughes-Cromwick, Ford Motor Co.’s chief economist, offers her prediction of global auto growth this year. Hughes-Cromwick sees a strong year for the U.S. market.
strongest performing categories this year should be premium vehicles and pickup trucks. Pickups are being boosted by a continued recovery in housing. Itay Michaeli, vice president of Citi Investment Research and Analysis, said these vehicles remain popular with consumers, as well. Michaeli points to strong prices for used pickups as proof of consumer demand. He said pickups would suffer the same fate as SUV prices if there wasn’t inter-
est beyond businesses. Michaeli said a resurgence in product releases that starts with the new Chevrolet Silverado means pick-up trucks are poised to outpace the market for the next year. The overall market should see 15 million sales this year, Michaeli said. He gave the lowest estimate and the least positive take on those sales. Even at 15 million, he said, that is less than 7 percent of all licensed drivers. Michaeli said those sales remain “recessionary.”
He did say, though, that the potential for even higher sales exists, as the age of scrapped vehicles is moving toward what he called a “sweet spot” for a higher replacement rate. The analysts did warn of a few potential speed bumps. The one most cited was the continuing budget battles in Washington, D.C., and the effect that may have on consumer confidence. Schulz also raised the issue of an unexpected supply chain issue, such as the 2011 crisis in Japan.
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USED CAR NEWS
Tech Drives New Ways of Selling Technology continues changing the way consumers shop for cars and dealers must adapt to those changes. Nearly 80 percent of newvehicle buyers use the Internet during their shopping process, and nearly one-third consult online ratings/review sites when selecting a dealer, according to the J.D. Power and Associates 2012 U.S. Sales Satisfaction Index. “For years, new-vehicle buyers have accessed the Internet to research model information, vehicle features, configurations and pricing,” said J.D. Power senior director Chris Sutton. “Now, neutral online ratings/review sites are playing a key role in dealer selection. Whether the online reviews are positive or negative, they impact buyers’ willingness to visit a dealer.” The study finds that newvehicle buyers are much more inclined to use a ratings/review site than a social networking site when
selecting a dealer. However, satisfaction with the dealership experience is significantly higher among new-vehicle buyers who use social networking sites than among those who consult ratings/ review sites. “That’s the power of the network,” Sutton said. “New-vehicle buyers are using the Internet to read the reviews and recommendations of other buyers who have experience with a particular dealer, so it would be prudent for dealers to ensure their customers have had a satisfying experience, given their influence on prospective customers.” Among new-vehicle buyers, males are significantly more likely than females to consult ratings/review sites, whereas females are significantly more likely to consult social networking sites. Both genders are equally likely to visit blogs, forums, or social networking sites (7 percent each); however, females post considerably
more positive online statements regarding their dealer experience, compared with males (86 percent indicate comments “mostly positive” vs. 77 percent, respectively). Some question if used-car shoppers are as thorough in their shopping. Steve Hall, president of Drivesselect, said they definitely are. Hall’s group focuses on subprime customers. Hall said there’s less of a place in today’s market for dealers who continue keeping consumers in the dark. “Consumers aren’t going to put up with the lack of transparency that has occurred in the used-car business,” Hall said. An informed consumer will prove positive for wellrun dealerships, Hall said. They make the process more efficient, which mean dealers can make up what they lose in margin with additional turn. It means that dealers need less staff, as well, which makes up for the lower margins.
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1/14/13 4:04 PM
USED CAR NEWS
NEWS BRIEFS Chain Moves into Georgia
Americaâ€™s Car-Mart Inc. announced the opening of its 119th dealership. The dealership is located in Woodstock, Ga. This is the buy-here, payhere chainâ€™s first location in Georgia. Woodstock is Car-Martâ€™s 5th new dealership for this fiscal year. The company presently has five new locations secured which will keep it on track for 10 for the full fiscal year. Finance Company Unveils Website
Westlake Financial Services announced a major update to its DealerCenter (www.dealercenter. net) website. DealerCenter is operated by Nowcom Corp., Westlakeâ€™s sister company under the Hankey Investment Group umbrella.
DealerCenter is the business por- the original receivable pool balance. million of receivables originally The final enhancement level re- originated by CPS in 2007 that were tal that houses Westlakeâ€™s proprietary Buy Program software as part of quires accelerated payment of prin- recently repurchased from a securia full-fledged online DMS solution. cipal on the notes to reach overcol- tization transaction, which closed in lateralization of 11.5 percent of the 2007. CPS Closes Securitization then-outstanding receivable pool The transaction was a private ofConsumer Portfolio Services Inc. balance. fering of securities. announced the closing of its fourth The transaction utilizes a preterm securitization in 2012. The funding structure, in which CPS Manheim Simulcast Now transaction is CPSâ€™s seventh senior sold approximately $115 million of Available for Macs subordinate securitization since receivables today and plans to sell Manheim Simulcast now allows 2011. approximately $45 million of ad- customers to enter a Simulcast sale In the transaction, qualified insti- ditional receivables during January on a Mac computer. tutional buyers purchased $160 mil- 2013. This further sale is intended to This new advancement also gives lion of asset-backed notes secured provide CPS with long-term financ- customers the ability to attend a Siby automobile receivables pur- ing for receivables purchased pri- mulcast sale on multiple browsers, chased by CPS. marily in the month of December. including Mozilla Firefox, Microsoft The weighted average effective The transaction also included $10.7 Internet Explorer and Apple Safari. coupon on the notes is approximately 2.06 percent. The 2012-D transaction has initial Published By General Media LLC credit enhancement consisting of USED CAR NEWS (ISSN 1555-7413) is published at a cash deposit equal to 1 percent of 24114 Harper, St. Clair Shores, MI 48080 Phone: 586-772-5200 or 800-794-0760 Fax: 586-772-9400
MILESTONES -.",É&#x; )("3É&#x; ,-"3, 90, died Jan. 7. She was the first woman to receive the Pioneer Award from the National Auto Auction Association. She was the wife of Pennsylvania Auto Dealers Exchange founder Jacob B. Hershey, who died Dec. 14. She worked there as title administrator at the auction until she retired. Prior to that, she was a chem-
ist for the York Corp., currently Johnson Controls. C R O S S WO R D by Myles Mellor
Charles M. Thomas Founder (1947-2002) Lynda R. Thomas, Publisher Colleen Fitzgerald, General Manager Editorial: Ted Craig, Managing Editor Jeffrey Bellant, Staff Writer Contributing Writers: Emily Caswell, Sheila McGrath, Jenny KIng Columnist: Tony Moorby Advertising: Shannon Colby, Account Manager Megan Frump, Account Manager Marie Hingst, Account Manager Circulation: Helen Thomas Production: Josie Godlewski, Media Manager Tim Montie, Graphic Designer â€”â€”â€”
:FBST $BOU#F 8SPOH
Used Car News is published the first and third Monday of each month. Subscribers: We print advertisements as sent to us by auctions and other advertisers. It is not possible to verify the correctness of listed vehicles in auction ads. Most lists are partial and all lists are subject to last minute changes by auto auctions, so before travelling a long distance for a particular auto auction event, contact the auction by telephone for a fax of vehicles in the sale. Used Car News assumes no guarantees or liabilities concerning the accuracy of any advertisements. All Rights Reserved. Reproduction in any form is prohibited without the written consent of the publisher. É&#x; É&#x; É&#x; Please submit clear, legible copy. Payments from first time advertisers must accompany the insertion order. Distribution is guaranteed by U.S. Postal Carriers. The advertising reservation deadline is 5:00 p.m. Friday, 10 days prior to the issue date. Camera ready ads must be received by noon on Monday prior to the issue date.
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1/14/13 4:09 PM
USED CAR NEWS
Court Supports Dealer By Sheila McGrath
A village that blocked a used-car lot from opening on its busiest intersection recently saw the denial overturned by New York’s supreme court. Ruling that the village board couldn’t deny a permit for the business just because the neighbors didn’t want it, 8th Judicial District Supreme Court Justice James Dillon ordered the Village of Lakewood, N.Y., to issue the permit, and gave the village board until the middle of January to come up with terms for it. Lakewood is a village of 3,000 residents located on the south end of Chautauqua Lake. The village board held three meetings this fall to discuss whether Larry Spacciapolli, who operates two auto dealerships in nearby towns, should be given a special-use permit for a new location at 373 East Fairmount Ave. At a public hearing on Nov. 13, Spacciapolli’s attorney, John Gullo, argued that the village zoning law allows used car dealerships in that zoning district if they get a special use permit. Gullo said his client would have no problems with any fair and reasonable conditions the village might put on the permit.
“The only thing we ask is that we are treated the same as all the other car dealerships and used car lots located in the same zoning district within the Village of Lakewood,” he said. “There may be some conditions that may be specific to this particular location and that is fine.” Spacciapolli was planning to offer not more than 50 cars on the lot at a time, and projected about 50 sales per month. But several Lakewood residents got up at the meeting to argue against the plan, saying the intersection was already too busy because of a Wal-Mart located across the highway. On Nov. 26, when the Lakewood Village Board took up the matter again, Gullo provided board members with a list of 12 restrictions he had drawn up with his client governing the use of the property. The list covered the placement of entrances to alleviate congestion, an agreement to not put up streamers and banners at the site, and other measures designed to ease the board’s concerns. “If there might be some other reasonable restrictions the Board of Trustees would like to add, we’d be willing to consider them,” Gullo said.
Continued on page 7
1/14/13 4:21 PM
USED CAR NEWS
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Battle-hardened historic military vehicles and war memorabilia went through a one-day, no-reserve sale in Auburn, Ind., run by RM Auctions America Dec. 8 as the history center continued the fight to pay off the National Military History Museum mortgage. Some 80 half- and full-track vehicles, command cars, landing craft, tractors and motorcycles, all camouflaged, soiled and wearing their national insignia, were available to bidders from around the globe. Total sales were $2,976,605 (hammer prices) for the unusual event. Lots ranged from full-size heavy vehicles to military caps, water bottles, a backpack and numerous skirmish-seasoned wool trench coats. A World War II Daimler-Benz DB10 12-ton Prime Mover, described as one of the “scarcest” of all German military vehicles, sold for $200,000. A 1940-41 Hanomag armored 3/4-track brought $160,000 and a 1940 Horch 4X4 CrossCountry Personnel Car sold for $150,000. RM Auctions spokeswoman Amy Christie said a standingroom-only crowd attended the sale in the museum. Phone and Internet bidding helped drive up prices. “The sale attracted strong global interest with hundreds of collectors and enthusiasts descending on the National Military History Center in Auburn from across the U.S., with strong interest from Germany, France and Russia in
particular,” Christie said. Robert Thomas, a veteran who works for the Dean V. Kruse Foundation and who served as a guide and host for the event, said the non-profit National Military History Center plans to expand the scope of the museum to include conflicts from the Revolutionary War to the War on Terror. “We want to rebuild and include dioramas,” Thomas said. “First we must get rid of our debt.” Thomas explained that many of the vehicles on display in December will remain on-site and were not for sale. Among those vehicles was a 1942 Packard Clipper Model 2001 with 282-inch, 125-horsepower V8 engine. The massive five-ton Studebaker US6 4X6 Cargo and a 1944 Studebaker T24 “weasel” with delicate wooden skis on top for use in northern Europe were others continuing in the museum collection. Information on the 1942 Mercedes-Benz L3000s Box-Van Truck indicated German troops preferred the Opel Blitz threeton series because they were more reliable. The “box-van” body was used for everything from laundry, workshop and radio van to command caravan and ambulance. The van body combined wood and pressed cardboard “as an economy measure.” Detailed histories of most vehicles gave rundowns on manufacturers, engines and transmissions, weights and measurements and intended purposes.
12/18/12 1:09 PM 1/14/13 4:34 PM
USED CAR NEWS
CPO Sets Record Certified sales reached an all-time high of 1,834,652 in 2012, passing the 1.8 million mark for the first time. Sales were up 5.3 percent from 2011, according to AutoData Corp. Many brands posted double-digit gains. December certified pre-owned sales were 156,352, up 5.7 percent from the prior month. Honda, Hyundai, Kia, Maserati, Mazda, Mini, Nissan, Porsche, Subaru and Volkswagen posted their highest annual sales totals. There were 26 selling days in December and 27 in December 2011. Achieving their highest December CPO sales were Ford/Lincoln/ Mercury, Nissan, Mazda, Mercedes-
Benz, Volkswagen, Mini, Maserati, Hyundai, Kia, Volkswagen, Subaru and Porsche. Kia and Maserati had their best month ever. Toyota continued its reign as the best selling certified brand. Toyota dealers sold 330,814 certified units in 2012. That was down slightly from 331,805 in 2011. Honda came in second with 239,148 CPO units sold in 2012. That was up from 228,506. Chevrolet was the best-selling domestic brand. Chevrolet dealers sold 197,995 certified units in 2012, up from 190,592 in 2011. Ford, which included the defunct Mercury brand, saw a major jump in certified sales to 153,103 in 2012 from 114,550 the year before.
– Continued from page 5
But the board turned down Spacciapolli’s request, saying the dealership would cause a distraction to drivers at the already-busy intersection. “Mostly, it boils down to a safety issue,” said Trustee Susan Drago. Board trustees also said the proposed lot wasn’t in harmony with the surrounding area, and said numerous residents had told them they didn’t want a used car lot on
the corner. On Dec. 7, Justice Dillon issued his opinion setting aside the board’s denial and ordering them to produce a special-use permit for the lot. “If a use is listed as being permitted subject to a special-use permit, there has to be something other than generalized community concern (regarding) the issues that are presented,” the opinion stated.
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PAGE 8 - TAX SEASON KICKOFF
Cheaper to Stock up This Year By Jeffrey Bellant
Tax season should see some changes on the wholesale side this year, as the market adjusts to new factors in 2013. ADESAâ€™s Tom Kontos, executive vice president, customer strategies, said dealers can expect lower wholesale prices this tax season. â€œI think we wonâ€™t be quite as strong as we were a year ago in terms of wholesale prices,â€? he said. â€œUnless youâ€™re consigning cars, then this will be a good thing for dealers.â€? He said there still will be the typical seasonal uptick associated with tax season, but it just wonâ€™t be as strong as it was last year. â€œWhen you look at the prices on a year-over-year basis, they will likely be softer,â€? Kontos said. â€œBut looking at them from a month-overmonth basis, it will build up like it normally does â€“ January will be stronger than December, February will be stronger than January, etc.â€? Ryan Durst, vice president
of Lincoln Auto Auction in Waverly, Neb., said tax time has already affected buying habits at the auction. He sees the price jumping for one segment. For a while, he said, there had been a downturn in the demand for cheaper cars. â€œBut now those cars are bringing more,â€? he said. â€œHowever, everything is bringing more.â€? Kontos said two things have changed from this time last year. â€œNo. 1, used-car prices have gotten high compared to new-car prices, so they almost have no place to go but down. â€œOver the past couple of years, weâ€™ve had very strong used-car prices overall (apart from tax season). â€œSecondly, we believe, from all indications, that weâ€™ll start seeing more offlease volumes this year.â€? While some industry sources anticipate that those off-lease volumes will come late in 2013, Kontos is more bullish. â€œSome of that increase will
come (right away),â€? he said. The other factor is the boost in the sale of new cars. â€œNew-car dealers are taking more cars in trade and their appetite is not quite as strong for additional inventory,â€? Kontos said. â€œSo the trades are helping dealers meet their inventory needs without necessarily having
to get additional cars from the auction.â€? The debate in Washington, D.C., over the fiscal cliff has caused some hesitancy regarding the strength of the recovery and tax policy, Kontos said. One outcome of the recent debate in Washington is tax season should remain strong
for the next few years, said Bill Neylan of TRS TaxMax. Neylan said the average refund this year should again be $4,611. Like last year, however, those large returns may face delays. Neylan said the IRS is checking returns more carefully for signs of identity theft.
OTHER VOICES (Ken Shilson is the founder of the National Alliance of Buy-Here, PayHere Dealers.) With the close of another year, most buy-here, pay-here operators will evaluate last yearâ€™s performance by comparing their financial results with the past. They will base their goals and strat"+ egy for the next %&)0,+ year by looking at financial and operating metrics like unit sales, gross sales revenue (in dollars), the growth in their installment portfolio, and their net income. Although these represent the standard benchmarks for planning, they omit a very critical element: compliance. The buy-here, pay-here industry faces some important new legal and regulatory challenges from the newly formed Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and the Attorney Generalsâ€™ offices in each state. All of these regulatory authorities will be monitoring consumer com8b +2/698H9A8:
plaints to identify regulatory violations and those operators who are violating the rules. These regulators will investigate consumer complaints and have the authority to levy substantial fines for non-compliance. During 2012 regulatory activity and monitoring of subprime auto compliance violations increased significantly and more scrutiny in the future should be anticipated. Overall buy-here, pay-here industry compliance will be judged on how each individual operator complies with the rules and regulations. To date, I have noticed that operators are taking different approaches in complying with these challenges. Some are waiting to see what 2013 will bring. Others are more proactive in their approach to compliance and a few are ignoring these compliance threats altogether. In these circumstances, I recommend that all these operators do the following: Ć€É&#x;, /&&3É&#x;-,/.#(#4É&#x;."#,É&#x;0,tising and websites for statements which could be construed as false or misleading. Ć€É&#x;.,'#(É&#x;.".É&#x;."#,É&#x;)/'(tation matches their internal policies and practices. Ć€É&#x; %É&#x; 1,#..(É&#x; #-&)-/,-É&#x; ) É&#x;
all important contractual terms to every consumer. Ć€É&#x; *.É&#x; (É&#x; )/'(.É&#x; ."#,É&#x; #(ternal collection, underwriting and compliance policies and procedures in writing and ask employees to sign a written acknowledgment that they have read and understand them. Ć€É&#x; -.&#-"É&#x; 1,#..(É&#x; )(-/',Ć? complaint resolution procedures and protocols. In 2012, many operators addressed the first four points and appointed a chief compliance officer, as required. Written consumer complaint resolution procedures and protocols have not been priorities in the past but need to be in the future. You should have a competent attorney review your disclosures and contract documentation and help you develop a â€œcompliance management system.â€? This will be money well spent. I also recommend establishing a welcome calling program shortly after each sale to ascertain whether the consumer had a positive buying experience. During that call, all consumer complaints should be taken seriously and addressed by the operator at that time. Consumer complaints are best resolved before they become a
compliance issue with regulators. In cases where the consumer is being unreasonable, an operatorâ€™s written policies and procedures can be used to evidence how that operator deals with consumer complaints. Upon investigation by a regulatory authority, the documented policies and practices will be considered in those circumstances. Complaint resolution is important in building a positive bond between operators and their customers. The old saying â€œtreat others like you would like to be treatedâ€? applies here. Both the consumer and the operator must work together over the life of the deal to be successful. In 2013, the regulatory authorities 1#&&É&#x; , /&&3É&#x; -,/.#(#4É&#x; )&&.#)(É&#x; procedures. Collectors must be particularly careful to avoid violations of the Fair Debt Collection Practices Act. This will require more individual knowledge and training. Although the year ahead is full of legal and regulatory uncertainty, prudent operators should start the year with a proactive approach to compliance. You canâ€™t control what others do, but each operator must be responsible and accountable for their own actions. www.usedcarnews.com
1/14/13 5:08 PM
USED CAR NEWS
Rating Agency Says Higher Used Prices Boost Leasing U.S. auto leasing companies are poised to benefit from another generally healthy used vehicle market in 2013, extending some gains realized as a result of robust residual values for leased cars and trucks seen over the last three years. Fitch Ratings expects lessors to continue to report meaningful gains on sales and to manage residual risk, even as the secondary market begins to normalize and used vehicle prices continue to soften from historical highs reached in 2011. After 2008-2009, when U.S. new vehicle demand collapsed during the financial crisis, used car inventories tightened considerably and prices rose. This provided opportunities for lessors to book gains on resale values as fleet depreciation rates fell. For U.S. commercial auto fleet lessors, residual risk remains mitigated by the fact that portfolios are predominantly open-end leases, which subjects the lessee to any residual value loss or gain. However, lessors may be exposed to the lessee for the repayment of any residual losses in times of stress, which effectively converts residual risk to credit risk. To mitigate this risk, commercial fleet lessors have targeted large corporations with strong credit quality or sufficiently
set reserves to help limit the probability of losses. In the case of both truck leasing and daily car rentals, depreciation rates have fallen since 2009 as a result of increased used vehicle prices, better residual values, and longer holding periods. As supply pressures begin to build in the used vehicle market, depreciation rates are likely to return to more normal levels in 2014 and 2015. Vehicle gains are expected to moderate from recent peaks, but are expected to remain strong in 2013 as off-lease vehicle inventories and prices remain in check and as truck buyers continue to avoid the more expensive post-2010 engines. Mannheim Consultingâ€™s Used Vehicle Value Index increased modestly in the fourth quarter of 2012, due in part to supply disruptions related to Hurricane Sandy. However, the index fell by 1 percent on an annualized basis last year, as used vehicle prices softened modestly from their 2011 peak. Seasonal trends in the Mannheim index last year closely tracked broader U.S. economic indicators, with notable weakness in the second and third quarters, and a rebound late in the year. Fitchâ€™s Auto Lease Residual Value Loss Index largely mirrored the Mannheim Index in 2012.
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USED CAR NEWS
SUVs, Trucks Face Recalls
Manufacturers recently issued recalls on small trucks and SUVs, but the biggest recall came from Subuaru. General Motors is recalling 118,800 model year 2010-2012 Chevrolet Colorado and GMC Canyon vehicles manufactured from Nov. 9, 2009, through Aug. 28, 2012, for failing to comply with the requirements of Federal Motor Vehicle Safety Standard No. 113, “Hood Latch System.” The hood may be missing the secondary hood latch. If the primary hood latch is not
engaged, the hood could open unexpectedly. During vehicle operation, this could obstruct the view of the driver and increase the risk of a crash. General Motors will notify owners and instruct them to inspect their vehicle for the presence of a secondary hood latch. Dealers will replace the hood on any affected vehicles, free of charge. The recall was expected to begin on Jan. 17. GM’s number for this campaign is 12319. Continued on page 12
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1/10/13 3:47 PM
USED CAR NEWS
– Continued from page 10 Creative Bus Sales Inc. is recall- through 2012 Tribeca vehicles sold ing certain model year 2006-2011 before January, and model year Chevrolet and GMC C5500, and 2009 through 2012 Forester vehiFord E450, and Econoline 350 ve- cles sold before January 2012. hicles equipped with Braun wheelThese vehicles may have been chair lifts. equipped with accessory puddle Over time, or with frequent use, lights that, when illuminated, the roll stop latches on the outer brighten the area under the doors barrier of the lifts may become bent of the vehicle. or misaligned. A short circuit can develop when A wheelchair occupant may de- either the puddle light or connector feat or ride over the insufficiently are exposed to an electrolytic moislatched roll stop. ture source (such as road spray that If this occurs when the lift plat- has road salt in it) and it penetrates form is in an elevated position, the the circuit board of the puddle wheelchair’s occupant could fall light or the pins of the puddle light and sustain injury. connector(s). American Suzuki is recalling 2,830 Over time, migration of the moismodel year 2007 XL-7 vehicles orig- ture into the circuit board and/or inally sold or currently registered into the connector cavity may result in Arizona, California, Nevada, and in a short circuit of the puddle light Texas; and manufactured June 13, system. This may generate heat, 2006, through Dec. 22, 2006. which may melt the plastic resultSome of these vehicles have a con- ing in smoke or fire. dition in which the plastic supply or Subaru will notify owners, and return port on the fuel pump mod- dealers will install an additional ule may crack, which could cause a fused-harness, free of charge. The fuel leak. recall is expected to begin during Fuel leakage in the presence of an February. ignition source may result in a fire. Subaru’s recall campaign number American Suzuki will notify own- is WQE-41. ers, and dealers will replace the fuel The recall is large for most mass pump module. manufacturers. However, it is espeAnd in one of the biggest recalls, cially large for Subaru. Subaru is recalling 633,842 model The company set a record in 2012 year 2010 and 2011 Legacy and by selling 336,441 new vehicles, an Outback vehicles, model year 2006 increase for 26 percent over 2011.
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USED CAR NEWS
Tesla Wins in Court Tesla Motors won dismissal of a lawsuit brought by the Massachusetts State Automobile Dealers Association claiming Tesla was in violation of Massachusetts law by conducting sales within the state. A Superior Court judge dismissed the case based upon the auto dealers’ lack of standing and failure to state a claim. Several months ago the judge denied a temporary restraining order and preliminary injunction requested by the Massachusetts State Automobile Dealers Association and in December Tesla Motors was granted a full Class 1 Dealer License by the Town of Natick’s Board of Selectmen.
The Massachusetts State Automobile Dealers Association has also filed a separate lawsuit against the individual Selectmen that make up the Natick Board. Tesla is pursuing a company owned store and service center model to accelerate the adoption of electric vehicle technology and to interact with consumers in a friendly, open and no-pressure environment. Tesla’s retail concept demonstrates the benefits of driving electric through informative videos, interactive displays, and a Design Studio where customers can configure their own Tesla Model S on a large touchscreen.
Governor Buys Used SUV ALBANY, N.Y. (AP) – Here’s a used car salesman most everyone in Albany can feel sorry for. Gov. Andrew Cuomo, who has hammered out negotiations with legislators, unions, and most recently with the Buffalo Bills, just put an upstate used car dealer through his paces for a 1996 Ford Bronco. The car advertised on eBay as being in mint condition is for the governor’s daughter who just earned her driver’s license. The Daily Freeman in Kingston reports Cuomo called, texted and
negotiated with Sawyer Motors owner Bob Siracusano for days over the vehicle estimated to be valued at about $8,745. Cuomo, a collector of vintage muscle cars including a Corvette, asked about the tires and other aspects of the vehicle. The Bronco itself has some significance. It was the last model year for the Ford SUV. Cuomo’s next negotiation is with the Legislature over a budget worth about $135 billion.
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*The tradename “Subaru Motors Finance” and the Subaru logo are owned / licensed by Subaru of America, Inc. and are licensed to Chase Bank USA, N.A. (“Chase USA”) and JPMorgan Chase Bank, N.A. (“Chase”). Retail / Loan accounts are owned by either Chase or Chase USA and lease accounts are owned by Chase. *Jaguar, the Jaguar logo, and Jaguar Financial Group are trademarks of Jaguar and any use by JPMorgan Chase Bank, N.A. (“Chase”) is under license. Land Rover, the Land Rover logo, and Land Rover Financial Group are trademarks of Land Rover and any use by Chase is under license. Retail / Loan and lease accounts are owned by Chase. *The tradename “Mazda Capital Services” as well as the Mazda and Mazda Capital Services logos are owned by Mazda Motor Corporation or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (“Chase”). Retail / Loan and lease accounts are owned by Chase. © 2012 JPMorgan Chase Bank, N.A. Member FDIC. All rights reserved. (12-381) 06/12
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USED CAR NEWS
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Total All Vehicles
Average Prices ($/Unit) Dec-12 Nov-12 Dec-11 $9,849 $9,554 $9,869
Total Cars Compact Car Midsize Car Fullsize Car Luxury Car Sporty Car
$8,930 $6,990 $8,034 $7,693 $12,542 $12,488
$8,602 $6,848 $7,789 $7,674 $11,807 $11,959
$8,878 $6,929 $7,827 $7,493 $13,023 $12,526
3.8% 2.1% 3.2% 0.2% 6.2% 4.4%
0.6% 0.9% 2.6% 2.7% -3.7% -0.3%
Total Trucks Mini Van Fullsize Van Mini SUV Midsize SUV Fullsize SUV Luxury SUV Compact Pickup Fullsize Pickup
$9,889 $6,936 $8,915 $10,930 $6,763 $11,684 $19,286 $7,229 $11,702
$9,666 $6,971 $9,471 $10,592 $6,828 $11,344 $18,631 $7,158 $11,398
$10,009 $7,297 $9,305 $10,707 $7,163 $11,993 $20,504 $7,662 $11,270
2.3% -0.5% -5.9% 3.2% -1.0% 3.0% 3.5% 1.0% 2.7%
-1.2% -5.0% -4.2% 2.1% -5.6% -2.6% -5.9% -5.7% 3.8%
$13,117 $12,777 $11,399 $10,745 $14,726 $15,157
$13,309 $11,083 $15,978
2.7% 6.1% -2.8%
-1.4% 2.9% -7.8%
Total Crossovers Compact CUV Mid/Fullsize CUV
Latest Month Versus: Prior Month Prior Year 3.1% -0.2%
Source: ADESA Analytical Services
Hurricane Sandy helped boost wholesale prices seen during December, with average prices rising by over three percent relative to November. Tom Kontos, ADESAâ€™s executive vice president of industry analysis, said December has been a seasonally stronger month than November and more comparable to January in recent years. According to ADESA Analytical Servicesâ€™ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicle prices in December averaged $9,849 â€“ up 3.1 percent compared to November and down a modest 0.2 percent relative to December 2011. Cars, trucks and crossovers all
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showed strong monthly gains. Prices for used vehicles 1/14/13 remar-2:54 PM keted by manufacturers rose by 3.2 percent month-over-month in December, and were up 6.9 percent year-over-year, indicating continued good absorption of off-rental program vehicles. Fleet-lease consignors experienced a 2.8 percent increase in December, resulting in prices being up 2 percent year-over-year. Dealer consignors saw a 3.5 percent average price increase versus November, leaving prices down 1.7 percent versus December 2011. For the full year, wholesale prices in 2012 versus 2011 were up 4.9 percent for manufacturers, but down 0.4 percent for fleet-lease consignors, and 1.7 percent for dealers.
,/*"/2 1&,++$"/ "10 4,"/0#,/%/&16 /2! The former owner and general manager of the Gettysburg Auto Exchange were sentenced for a scheme to defraud charities who sold vehicles at the auction. William C. Stake, age 41, of Chambersburg, Pa., the former owner of Gettysburg Auto Exchange was sentenced to 27 monthsâ€™ imprisonment. David R. Burk, age 65, of Chambersburg, Pa., the former general manager of the auction, was sentenced to 12 monthsâ€™ imprisonment and two yearsâ€™ of supervised release. Both men were ordered to jointly pay $524,694 in restitution. Stake and Burk were charged in November 2011 with operating and conspiring to operate a scheme to defraud charities who used the Gettysburg Auto Exchange to sell vehicles donated by private individuals for charitable causes. Gettysburg Auto Exchange agreed to assist non-profit organizations that solicited the public to donate used vehicles to charities. The charities would then arrange with various used car dealers/
auctions to sell the donated vehicle and to send the proceeds from the sale to the charities, which would then distribute the funds to the particular charitable causes and institutions. Transportation selling fees were deducted from the proceeds by the auction. Stake, assisted by Burk, engaged in a scheme to defraud both the charities and the donors of the used vehicles by selling the vehicles and keeping a significant portion of the proceeds of the sale for himself. Stake created fictitious bills of sale indicating that the vehicles had been sold at less than the actual price. These fictitious bills of sale were then sent to the victim charities as proof that they had received the full sale price of the donated vehicle. As a result, the charities were defrauded of hundreds of thousands of dollars. Stake pleaded guilty to mail fraud and Burk pleaded guilty to conspiracy to commit mail and wire fraud.
1/14/13 4:30 PM
1/10/13 2:45 PM
USED CAR NEWS
Family Sells, Races Used Cars HOWELL, Mich. (AP) – Most parents would shudder at the thought of their children driving over 100 mph, racing through turns and jockeying for lane position with other cars. But if you’re a member of the Conely clan, driving fast is a way of life. Longtime Brighton Township resident Jack Conely set track records while racing stock cars for about 25 years. His son, John Conely, raced a few years and then made his name building and maintaining racing engines for McLaren Engines, and later launched his own racing outfit. Now, the family is watching its third generation put the pedal to the metal while racing at the Waterford Hills Road Racing facility, part of the Oakland County Sportsman’s Road Racing Club. “Racing is exciting,’’ Katie Conely said. “You have to think about what you’re doing. It’s fun.’’ Katie Conely, 20, and her brother, Sean Conely, 22, both won class championships this season at Waterford Hills in their respective category while driving cars modified for racing. The season, which ended in October, features three races per weekend. In addition, Sean Conely fell only
a few points short of being named overall champion among the 100 drivers who race at the 1.5-mile track, which tests drivers with its many curves and turns. John and Jenny Conely are their parents. Katie Conely, a Michigan State University engineering student, just completed her first full season of racing. She started racing when she was 18 and said her older brother gave her plenty of driving tips. “I was able to finish every race I started,’’ she said. Katie Conely drives a 1984 Honda CR-X. She reaches speeds of up to 90 mph and has spun out a few times but has had no injuries. Sean Conely, a 2009 Brighton High School graduate, is studying to be a mechanic at Washtenaw Community College. He began taking his Camaro to the track when he was 16 for opentrack events and began racing when he was 18. “It was awesome,’’ he said. “I knew I was going to like it.’’ He said he likes the “adrenaline rush’’ of going over 100 mph and trying to get ahead of other cars. Emotions can run high during races, especially since cars bump and hit each other. Sean Conely recalled how one driver walked over to him after a race and held up his Continued on page 22
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bumper before having a short heated discussion; Sean Conely had run into him while avoiding a crash. When he first began racing, he said, some considered him a “young punk’’ because he was aggressive and doing well, but he felt he was driving safely as well. He said he gradually earned their respect. Katie and Sean Conely both said they like the racing club because it’s like a family. If there is a problem on the track, drivers are supposed to talk with each other and try to resolve it. If that doesn’t work, the club can get involved. The two work on their own cars and get them prepared for the racing season. They work on the cars at their father’s business, Conely Auto Sales, Service and Rent-A-Car in Genoa Township. If they have any questions, John Conely, a mechanic, is
more than willing to help. John Conely said he’s proud of his two children and how much they have improved. He enjoys going to the races and has even raced his children at the track. “I have a great time,’’ he said. “Both Jenny and I enjoy it.’’ Although racing can be dangerous, John Conely said race cars have plenty of advanced safety equipment, including a new device to support the neck. “Riding a bicycle without a helmet is probably more dangerous than driving these race cars with the safety equipment we have today,’’ he said. He said both of his children played several sports in high school, and he’s glad to see them using their competitive skills on the track. “I’m happy for them, they’re so talented,’’ he said.
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USED CAR NEWS
PEOPLE IN THE NEWS Manheim Taps Industry Veteran Manheim has named Jay Cadigan vice president of industry relations. In this new role, Cadigan will report to Joe George, senior vice president of product development. Cadigan is responsible for building and maintaining strong relations with Manheim’s partners across the industry. He will lead Manheim’s strategic efforts to develop, promote and establish consistent standards, processes and policies that achieve business objectives and further the industry. Prior to this new role, Cadigan has held a variety of leadership positions within Manheim. For the past six years, he has served as market vice president for Florida and Puerto Rico where he oversaw the day-to-day activities of the 12 locations in that market. From 2003 to 2006, he spent three years in a corporate role as vice president of sales and operations for the General Motors and Avis Budget Group accounts. Before that, Cadigan was general manager of Skyline Auto Exchange (now Manheim NY Metro Skyline) in Fairfield, N.J., a Jay position he held for 11 years. “Jay is a 36-year-veteran of the automotive indusCadigan try who has worked not only in the auction business,” George said, “but also as an executive in the leasing and rental car remarketing businesses. His deep and diverse professional and leadership experiences make him the ideal choice to lead our industry relations strategy.” Cadigan is a past president of the National Auto Auction Association (NAAA), and he is currently a member of NAAA’s executive committee and board of directors, serving as executive vice president. “I’m very excited to join the Product Development team and to be a part of the next evolution of the vehicle remarketing industry – in the U.S. and globally,” Cadigan said. “We have a fantastic opportunity to leverage our digital and in-lane assets to attract more business and to tap into non- traditional sources of sales as we also expand our leadership role in the industry by standardizing condition information, improving the customer experience and readying ourselves for a multi platform future. We expect that Manheim’s enhanced focus on industry relations will have a positive impact on our operations and support the greater good of the remarketing industry as a whole.”
NADA Names New President The National Automobile Dealers Association has selected Peter K. Welch as its new president. “I’m excited and honored to be selected as the next NADA president,” said Welch, 59. Welch has been president and chief executive officer of the California New Car Dealers Association (CNCDA) in Sacramento since 2003, and has managed its government affairs office, including legal, legislative and regulatory affairs, since 1990. It’s the country’s largest state organization for new-car dealers. “NADA is a well-run organization. I look forward to following in the tradition of strong leadership at NADA. I’m ready to roll up my sleeves and get started,” Welch said. The unanimous decision was made at a special meeting of the NADA Board of Directors in Dallas on Tuesday, Jan. 8, following an extensive nationwide search. Welch will become the NADA president officially on February 1. “Peter will be a great leader at NADA,” said Bill Underriner, the NADA Chairman. “He has an impressive track record in California, where every day he faced some of the toughest regulatory and legislative issues in the industry.” A native of Detroit, Mich., Welch has been married to Cheryl Welch for 32 years. They have three children. He earned a bachelor’s degree from the University of Michigan; a master’s degree from the University of Durham, England; and a law degree from Loyola Marymount University of Law, Los Angeles. Prior to joining the CNCDA, he was a partner with a Los Angeles law firm. In connection with the appointment of Welch as Peter NADA president, Underriner also announced the promotion of the following individuals, effective immediWelch ately: Joseph L. Cowden, executive vice president, chief operating officer and CFO; Andrew D. Koblenz, executive vice president, legal and regulatory affairs and general counsel; David W. Regan, executive vice president, legislative affairs.
1/14/13 4:51 PM
USED CAR NEWS
RETAIL MARKETS IOWA
Louise Cordes, office manager/sales, Jim Cordes Motors Inc., New London, Iowa: “My husband Jim (the owner) has been a dealer since 1961. He started as a franchise dealer and the independent store has been around for about 21 years. “We carry about 50 to 55 cars in inventory. I think we have a little more than last year. “We get our vehicles from auctions. It’s tough, though. Jim used to go out and buy a whole truckload. Now he has to go out further and has to pick (individual units). “On an average month, we sell about 15-25, depending on the month. December was not a good month. We sold about 14. “We sell straight retail. We don’t do buy-here, pay-here. “I would say the average age of a vehicle here is maybe, 2007 or 2008. “Mileage is the hard part. On average, our mileage is about 50,000. The problem is, to get that, you have to travel a long way. “We recondition our ve-
hicles. We have our own guy who does that. “We work on our own vehicles. Any major mechanical work we (farm out). We don’t do outside work. We used to, but not anymore. “Mostly we carry domestics. We’ve got some Toyotas here, but very few. My husband’s an old Ford and General Motors (dealer). I’m a Ford girl. We drove trucks on the farm (growing up). “The inventory is more cars than SUVs or trucks, definitely. “Our average retail price is around $10,000. Jim does those $9,999 deals. “The only advertising we do is in two (local) classified magazines. Jim does his own ads. “We do huge repeat business and a lot of word-ofmouth business. “We had a couple come in the other day who had bought a Mercury Villager from us five years ago. They live two hours away. Another couple who bought a truck had also purchased from us before. So we get a lot of repeat business.
Compiled by Jeffrey Bellant “We recently sold a 2001 Ford Windstar. It had 75,000 miles. The retail price was probably $5,880. “January started good. Knock on wood. I don’t want to jinx it. We need more improvement.” MICHIGAN
Rick Rynberg, owner, Rynberg’s Car Co., Muskegon, Mich.: “I’ve had my own store for 17 years as of last June. I have one location. I’ve been in the business since 1978. “On average, I keep 50 to 60 vehicles in inventory. “We’re selling about 15 to 25 per month. “I had a really good year last year. We probably ended up selling 20 more cars in 2012 compared to 2011. “I attribute that to repeat business. We’re doing eight to 12 repeats every month. I have many customers on their fifth and sixth vehicles with us. I have a company that we sold five trucks to this year. “I have more inventory now than I normally have in the winter. The reason is our reconditioning costs
are high. But I don’t want to take the big hits to (wholesale them), so I’d rather retail out of the vehicles. Realistically, we should be doing a 60-day turn, but it’s not happening because of the economy. “We don’t do buy-here, pay-here. We just do conventional, bank or credit union financing. It probably hurts me some (that I don’t do buy-here, pay-here). “The vehicles are either lease returns or new-car trades. I don’t carry the lower-price cars. I’d love to, but they need so much work. “Our market is in the $5,000 to $25,000 range. “The average mileage I have is 60,000 to 125,000. I can put a warranty on them. Cars last longer. Vehicles have up to 300,000 miles – 200,000 is normal on a 10-year-old car. I’ll buy a couple of diesels that might have upwards of 180,000 miles, because they will last longer. “But the truck market has not slowed down. “We probably carry 25 percent cars and 75 percent trucks/SUVs, but we’re
known for our trucks and SUVs. “On about 99 percent of my cars, I put a threemonth, 5,000 mile warranty on them. That covers the powertrain. That’s no cost to the customer. We do a Carfax on all of them. “I’ve never received a complaint through the Better Business Bureau and we were awarded the state Quality Dealer of the Year award in 2005. “We give every car I (acquire) a (detail) and an oil change. We don’t have a shop here. We farm that out. ”We advertise in those local (classified) magazines. We also have a website. “The wholesale prices are strong, because everyone is worried about (the impact) of Hurricane Sandy. I think there are going to be a lot of lease returns this year. That should help the (prices) some. “I recently sold a 2003 Dodge RAM pickup. It’s my oldest vehicle. To close the deal, I threw in a 12-month, unlimited-mile warranty with the deal. I sold it for $10,900.”
1/14/13 12:16 PM
USED CAR NEWS
WHOLESALE MARKETS NEBRASKA
Ryan Durst, vice president, Lincoln Auto Auction, Waverly, Neb.: “This year will be our 21st year in business. “We have four lanes and we’re running four lanes. “Since our sale is on Tuesday (which was on Christmas and New Year’s in 2012) we had to move it to Friday. It affected the volumes but it didn’t affect percentages much. We sold above 60 percent like we normally do. “More recently, we had more than 325 cars at a recent sale and sold 70 percent. “Usually our volumes are between 275 and 325. If we get sales percentages in the low 60s, we’re disappointed. The numbers we’re averaging now are similar to this time last year. “We’re drawing between 200 and 225 dealers in the lanes for our sales. That’s about the same as this time last year. “Our bidders are coming from all over Nebraska, South Dakota, North Dakota, Colorado, Kansas, Missouri and a few from north-
ern Oklahoma, Illinois and Iowa. “We’ve been fortunate to hire a couple of people recently that have been visiting dealers, both at new-car stores and independents, that we haven’t been to in a while. They’re coming back. Plus we’ve been getting some new faces, in general. “People come here because they know we’re going to sell cars. We start at 10 a.m.; we’re done at noon. People know we’re not going to waste time, so they can get back to selling cars. “Dealer consignment makes up 80 percent of our volume. We’re going after a few fleet accounts to help with the volumes. “Our average price is about $4,100 to $4,200, which is right in line with last year. “Obviously, it’s four-wheel drive season, so those are doing well, along with the heavy stuff. “Also, if you have a midrange to later-model Grand Prix or Dakota or Impala, then dealers will pay to the moon. Those three models are just hot now.”
Compiled by Jeffrey Bellant
Lisa Larkin, general manager, Brasher’s Northwest Auto Auction, Eugene, Ore.: “Brasher’s has owned the auction since 1991. It was around for 14 years before that. “We run four to five lanes a week. We can go up to eight lanes. “Our volumes are going up a bit. The volumes are lower than we’d like. We’re running between 300 and 350, on average. “For percentages, we averaged between 60 and 70 percent all last year. It’s dropped a little bit off here in December, obviously. But it’s been picking up again already (in January). “Volumes have been affected by the lack of repossessions. Also, (lenders) weren’t financing as many cars. “But we have heard that banks are starting to loan a lot deeper than last year. “The anticipation for the next year or two is that those numbers should be going up. “It’s difficult to gauge our
average turnout of dealers in the lanes because of our recreational vehicle sales. We have RV sales twice a month. So we’re averaging 400 to 450 in the bidder badge count, realizing that during our RV sales that count is up there. “On the regular car sales, we’ll draw dealers from all over Oregon and from up in Washington. We are online, so we’re seeing folks from the Midwest bidding. “For our RV sales, we’ll draw bidders from all over the United States and up in Canada. We have buyers in Oregon and Washington, obviously. But we also draw from Texas, California, Colorado and Arizona. “Car and RV dealers seem to be pretty optimistic about this year. It’s been such a goofy cyclical thing, where one month dealers are happy and doing well and the next they’re wondering what happened. But I think they kind of understand that this has just been an odd period of time. So they’re looking forward to a little more consistency this year and they’re expecting
to see it. “On average we’ll run 200 to 300 RVs per month. That includes powersports and marine units. The RVs and the marine volumes had slimmed some because of the (change in financing standards). Those are starting to see a shortage of inventory in these items. “Marine items are boats, mainly. Powersports includes motorcycles, ATVs, jet skis, snowmobiles, etc. “Prices on motorcycles have been good. But we were running more than 100 once a month, but that’s fallen to about 20, because nobody was financing those for a while. “We also do some online sales for the General Services Administration. We’re looking to have another one in the spring. The GSA sale usually includes trucks, sedans and SUVs. “We’re hearing such positive things from all of our bank reps. “I think by the end of the year we’ll see some of those volumes going up. “There’s a really positive outlook for 2013.”
Side by Side Income Comparison BHPH vs. Northland’s Lease’T’Own® Analysis Assumptions: 10 cars per month for 12 months (Jan—Dec). The average cost per vehicle is $4,753.00. The average weekly payment is $86.00 per week . Taken from the National averages for 2011. SOURCE: NADB-NCM
End of Year 1
$55,920 End of Year 1
End of Contract
$846,370 End of Contract
Cost of Cars NET PROFIT
- $570,360 Cost of Cars
$276,010 NET PROFIT
Minus the cost of Bankruptcies and Repossessions!
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1/14/13 11:58 AM
USED CAR NEWS HPV NADA FEB 2013 - draft 4.ai 1 12/18/2012 3:27:22 PM
COMPILED BY JEFFREY BELLANT
SERVNET ADDS MEMBER
Photo Courtesy of ServNet NEW BEGINNING: Michael Tumminello (center) and Jeff Brody (left) mark the official opening of their newest auction facility in Florida, Ocala Auto Dealers Exchange, which was recently named ServNet’s 31st auction location.
ServNet has launched its 25th year with the announcement that Ocala Auto Dealers Exchange has been added as the group’s 31st auction location. OADE is owned by Michael Tumminello and Jeff Brody, and joins two sister auctions – Sanford Auto Dealers Exchange (SADE) and Cocoa Auto Dealers Exchange (CADE) – as ServNet facilities. OADE was acquired by the Tumminello/Brody team in the summer of 2012. Formerly Big Sun Auction, the facility was renamed Ocala Auto Dealers Exchange and held its grand opening sale in September. Overseeing operations and administration at OADE as the auction’s general manager is Richard Galway. Galway was most recently the assistant general manager at Sanford Auto Dealers Exchange, where he had been working since 1996. “We are delighted to welcome Ocala Auto Dealers Exchange to ServNet,” said R. Charles Nichols, ServNet’s president and owner of two ServNet locations. Tumminello said association with the group has certainly increased the group’s visibility within the industry
Manheim Sale Supports Needy Manheim Omaha employees supported those in need during the recent holidays, by raising money and other donations. In November and December, employees collected items for the Open Door Mission, a rescue mission founded in 1954. The group is committed to breaking the cycle of homelessness and poverty in its communities. Manheim Omaha employees donated over 450 pounds of gently used clothing items and toys. In addition, employees donated new toys, “purchased” opportunities to wear jeans to work or
donated cash. In total, $460 was raised and the location was able to purchase coats, hats, gloves, toys and books to donate to the mission’s Operation Santa drive. Operation Santa helps to provide a fabulous holiday to more than 6,000 children in the Omaha, Neb., metro area. We invite news items and top-quality photos from our readers to be considered for “Around the Block.” Please include the name of a contact person and a telephone number. Send items and photos to: Jeffrey Bellant Mail: Used Car News, 24114 Harper Ave., St. Clair Shores, MI 48080. Fax: (586) 772-9400 e-mail: email@example.com
1/14/13 5:25 PM
1/10/13 2:50 PM
USED CAR NEWS
ACTUAL WHOLESALE AND PROJECTED RESIDUAL VALUES JANUARY 2013
SOURCE: BLACK BOOK
2011 Domestic Cars Buick LaCrosse CX 4D Sedan Cadillac DTS 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 Base 4D Sedan Chrysler 200 Touring 4D Sedan Ford Mustang Base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln Town Car Signature Limited 4D Sedan Ford Focus SE 4D Sedan Import Cars Acura TL Base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan 2.4 Lexus ES 350 4D Luxury Sedan Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Galant ES 4D Sedan Nissan Altima Base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra Base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan Trucks Cadillac Escalade Base 4D Utility AWD Cadillac SRX Luxury 4D Utility AWD Ford Edge SEL 4D Utility Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D Utility FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D Utility 4WD Ram Dakota Bighorn Ext Cab Dodge Grand Caravan Express Wagon Ford Escape XLT 4D Utility 4WD Ford Explorer XLT 4D Utility 4WD Ford F150 XLT Supercab Ford Flex SEL 4D Utility Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Sahara 2D Utility 4WD BMW X3 XDrive28i 4D SAC
Jan-12 19000 27500 13600 12750 20850 14100 17000 20500 27200 11350 Jan-12 27800 28600 68600 15100 15800 30400 41300 12950 13700 15000 12700 14700 12200 16600 Jan-12 51350 33500 21325 19825 18525 18250 27775 15250 16000 18475 29850 19575 21025 22525 23325 33650
Jul-12 20100 26500 13900 13700 20200 14600 17550 19700 25100 13200 Jul-12 25800 27500 63300 15400 15050 29600 41000 12700 13500 14800 12750 15600 13800 17000 Jul-12 49350 32400 21500 19600 18250 20575 29975 15875 15875 17775 28775 21125 22025 24450 22800 34100
Jan-13 18100 25800 11600 11800 17250 12050 14600 16900 22100 10700 Jan-13 23200 24200 55600 13750 13950 27100 35300 10600 11850 13150 10650 14050 11900 14400 Jan-13 45350 29800 20875 19125 16650 19975 26600 14925 13975 16775 26575 19625 20775 24225 21825 31550
Projected Figures Jan-14 Jan-15 15175 12900 19775 16650 9700 8325 10225 8975 14400 12350 10300 8750 12850 11425 14625 12500 17525 14575 9100 7775 Jan-14 Jan-15 19500 16875 20325 17425 48775 42150 12125 10700 10600 8750 23150 20275 30250 24600 9025 7725 10300 8975 11350 9975 8800 7600 11850 10525 9875 8625 12350 10475 Jan-14 Jan-15 38825 33300 24650 21025 17225 14925 17250 15400 13175 10825 16850 15050 22975 20000 13225 11850 11500 9850 14450 12225 20900 16650 15975 14025 17575 15150 19175 15425 18150 16075 25850 21925
Domestic Cars Buick LaCrosse CX 4D Sedan Cadillac DTS 4D Sedan Chevrolet Cobalt LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 Touring 4D Sedan Chrysler Sebring Touring 4D Sedan Ford Mustang Base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln Town Car Signature Limited 4D Sedan Ford Focus SE 4D Sedan Import Cars Acura TL Base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan Lexus ES 350 4D Luxury Sedan Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Galant ES 4D Sedan Nissan Altima Base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra Base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan Trucks Cadillac Escalade Base 4D Utility AWD Cadillac SRX Luxury 4D Utility AWD Ford Edge SEL 4D Utility Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D Utility FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D Utility 4WD Dodge Dakota Bighorn Ext Cab Dodge Grand Caravan SE Wagon Ford Escape XLT 4D Utility 4WD Ford Explorer XLT 4D Utility 4WD Ford F150 XLT Supercab Ford Flex SEL 4D Utility Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Sahara 2D Utility 4WD BMW X3 XDrive30i 4D SAV
2009 Domestic Cars Buick LaCrosse CX 4D Sedan Cadillac DTS 4D Sedan Chevrolet Cobalt LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 Touring 4D Sedan Chrysler Sebring LX 4D Sedan Ford Mustang Base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln Town Car Signature Limited 4D Sedan Ford Focus SE 4D Sedan Import Cars Acura TL Base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan Lexus ES 350 4D Luxury Sedan Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Galant ES 4D Sedan Nissan Altima Base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra Base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan Trucks Cadillac Escalade Base 4D Utility AWD Cadillac SRX 4D Utility AWD V6 Ford Edge SEL 4D Utility Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D Utility FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D Utility 4WD Dodge Dakota Bighorn Ext Cab Dodge Grand Caravan SE Wagon Ford Escape XLT 4D Utility 4WD Ford Explorer XLT 4D Utility 4WD Ford F150 XLT Supercab Ford Taurus X SEL 4D Utility FWD Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Sahara 2D Utility 4WD BMW X3 XDrive30i 4D SAV
Jan-12 11200 17900 7100 9950 13700 7650 12650 12150 18950 8750 Jan-12 22400 20500 55800 12200 9650 23000 28600 9550 11100 11900 10400 11950 9550 12500 Jan-12 37450 21600 16350 17475 12725 15600 22475 12050 11000 14400 14800 16050 15200 15100 18875 26650
Jan-12 17200 21300 8500 11350 14100 10300 14600 18600 23300 9850 Jan-12 25400 24600 64100 13600 11250 26600 36300 11350 12200 13500 11400 13300 10800 14300 Jan-12 44400 31400 18050 18325 15475 16800 24925 13700 13250 15550 17650 17500 19775 17425 20850 30800
Jul-12 16750 19100 9650 12200 14800 12300 15150 17000 21000 11750 Jul-12 23000 23200 57900 13900 11850 26000 36400 11100 12100 13400 11450 14000 12100 14500 Jul-12 42150 29100 18700 18100 15450 19125 26525 14025 13525 15600 19425 18675 19275 18625 21525 29250
Jan-13 14950 18500 8400 10400 13600 10400 13000 14900 18850 9400 Jan-13 20600 20800 48700 12450 9800 23600 31300 9500 10550 11850 9800 12550 10350 12500 Jan-13 39750 27100 18150 17575 14175 18200 23600 13150 11600 15100 17450 17350 18350 16725 20300 27050
Projected Figures Jan-14 Jan-15 12725 10725 15200 12900 6900 5950 8950 7725 11950 10275 7850 6300 10975 9550 12575 10600 14375 11750 7725 6525 Jan-14 Jan-15 16925 14200 17900 15225 42400 36150 10750 9325 8250 6800 19775 16725 24775 19800 7775 6500 8975 7950 10050 8775 7900 6675 10350 9050 8400 7325 10675 9025 Jan-14 Jan-15 33475 28100 21600 17775 14825 12700 15475 13750 10725 8700 15150 13325 20175 17175 11325 10000 9350 7775 10225 12225 14625 12075 14150 12350 15250 13075 14950 12075 16450 14275 22425 18900
Jul-12 9200 15000 6850 8800 12400 8050 11600 9550 16300 8050 Jul-12 16050 17300 29800 11300 8300 19000 21600 8150 9950 10650 9350 11400 8950 11950 Jul-12 30250 18100 14850 15600 10650 14275 20825 10775 9075 11950 13225 13325 10950 13400 17600 20750
Jan-13 8100 13400 5650 8100 11200 5950 9400 7550 13500 6650 Jan-13 14700 15400 27100 10150 7000 17000 17800 7200 8600 9300 7550 10100 7750 9850 Jan-13 28650 16200 13500 14525 9000 13225 18800 9700 8000 10900 11725 12600 9200 11975 16450 18900
Projected Figures Jan-14 Jan-15 6750 5850 10375 8750 4700 4025 6325 5150 9800 8050 4400 3450 7950 6750 6850 5750 9925 8200 5175 4075 Jan-14 Jan-15 11425 9275 12700 10625 19875 15750 8100 6825 5275 4250 14100 11950 14500 11350 5375 4375 6675 5575 7350 6175 5675 4600 7775 6625 6175 5275 7575 6125 Jan-14 Jan-15 22075 18050 13475 11150 10400 8750 11875 10125 6850 5450 10975 9500 14250 11575 8600 7450 6900 5650 8400 6625 9625 7625 10350 8875 7950 6450 9875 7900 12600 10650 15275 12800
2008 Jul-12 10950 16600 7850 10250 13800 9650 13300 11550 17950 9850 Jul-12 20400 19600 49200 12550 9850 22600 27000 9500 11050 11850 10450 12600 10500 12900 Jul-12 35700 20100 16575 17250 12425 17000 24000 12325 11250 14200 14825 16300 13075 15825 19450 25000
Jan-13 10200 15900 6800 9200 12500 7500 10800 10000 15800 8050 Jan-13 18400 17900 41900 11250 8300 20200 22800 8200 9800 10600 8500 11250 9100 10900 Jan-13 34850 18550 15975 16325 11575 15475 22275 11425 9800 13275 14425 15775 11975 15300 18550 22650
Projected Figures Jan-14 Jan-15 8325 7150 13350 11125 5700 4925 7650 6600 11475 9750 5750 4550 9200 7925 8650 7325 11925 9850 6400 5300 Jan-14 Jan-15 14375 12000 15125 12725 35475 29075 9400 8075 6800 5550 16550 14175 19350 15275 6575 5350 7975 6825 9100 7800 6775 5650 9050 7800 7350 6275 8875 7325 Jan-14 Jan-15 28150 23175 16575 13700 12750 10825 13900 12025 8900 7100 13300 11675 17575 14550 9925 8725 8325 7050 10450 8525 11900 9675 12375 10725 10000 8275 12500 10225 14300 12225 18275 15375
Domestic Cars Buick LaCrosse CX 4D Sedan Cadillac DTS 4D Sedan Chevrolet Cobalt LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 Touring 4D Sedan Chrysler Sebring LX 4D Sedan Ford Mustang Base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln Town Car Signature Limited 4D Sedan Ford Focus SE 4D Sedan Import Cars Acura TL Base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan Lexus ES 350 4D Sedan Mercedes-Benz E Class E350 4D Sedan Mitsubishi Galant ES 4D Sedan Nissan Altima Base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra Base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan Trucks Cadillac Escalade Base 4D Utility AWD Cadillac SRX 4D Utility AWD V6 Ford Edge SEL 4D Utility Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D Utility FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D Utility 4WD Dodge Dakota SLT Ext Cab Dodge Grand Caravan SE Wagon Ford Escape XLT 4D Utility 4WD Ford Explorer XLT 4D Utility 4WD Ford F150 XLT Supercab Ford Taurus X SEL 4D Utility FWD Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Sahara 2D Utility 4WD BMW X3 4D SAV 3.0si
Jan-12 9900 15700 6050 8650 12450 6400 11000 10150 17400 7600 Jan-12 17200 18300 32400 10900 8250 19600 23400 8050 10100 10800 9200 10750 8550 11450 Jan-12 31900 18600 15125 15850 10700 14100 20850 10700 9075 12975 12750 13900 11650 13500 17850 21050
1/10/13 2:44 PM
USED CAR NEWS
Disconnected Jottings From Tony Moorby... Iâ€™ve often said that you canâ€™t legislate for stupidity, but how do you deal with stupid legislators? Iowaâ€™s Supreme Court recently refused to let a sex discrimination case go further because â€œallowing the suit
measly one monthâ€™s salary as severance. A new Scrooge walks among us! So because this leering, lascivious, debauched lecher canâ€™t go to work and respect his colleagues he can fire them. Now, so can anyone
Ć€É&#x; Ĺ´Ĺ°Ć?3,É&#x;0.,(É&#x;) É&#x;."É&#x;#(/-.,3 Ć€É&#x; ,-#(.É&#x; ,)'É&#x;ĹąĹšĹšĹˇĆ‘Ĺ˛Ĺ°Ĺ°Ĺ°É&#x;) É&#x;É&#x;É&#x; É&#x; /.)').#0 Ć€É&#x; ,0É&#x;-É&#x;Ć‰-É&#x;2/.#0É&#x;0#É&#x;É&#x; É&#x; *,-#(.É&#x;) É&#x;-&-É&#x;(É&#x;',%.#(! Ć€É&#x; )),3É&#x;Ć É&#x;--)#.-É&#x;Ĺ˛Ĺ°Ĺ°ĹśĆ‘*,-(. Ć€É&#x; 1,É&#x;."É&#x;#(!É&#x;) É&#x;)(),É&#x;3É&#x;É&#x; É&#x; Ć€É&#x; É&#x;&&É&#x;) É&#x;',
would stretch the definition of gender discrimination,â€? according to Justice Edward Mansfield. I donâ€™t get too incensed by much these days (although one who read a draft of this vehemently disagreed), but this whole affair has so much wrong with it that I donâ€™t know where to start. A dentist, James Knight, fired one of his assistants, Melissa Nelson, for â€œbeing too irresistibly attractive.â€? This after 10 years of employment and he gave her a
else in the State of Iowa. This dribbling dentist can gawp through the x-ray screen with not a clean thought in his mind and get away with firing her â€“ I donâ€™t get it. Apparently she wore her scrubs a little on the tight side. A discreet word to another (female) employee, asking her to loosen up, could have cured that problem about nine and a half years ago. I suspect he enjoyed the titillation of it all until the wife started to suspect something untoward was going on.
It was she that insisted upon Nelsonâ€™s firing. So Mr. Wimp did. Why she suspected a few innocent text messages is a mystery â€“ this guy was no oil painting. His wife must have entered a room to the strains of Wagnerâ€™s â€œDie Valkyrie.â€? The Iowa Supreme Court is made up of seven men. Who knew? Perhaps Chief Justice Mark Cady, his colleagues, Justices David Wiggins, Daryl Hecht, Brent Appel, Thomas Waterman, Edward Mansfield and Bruce Zager should consider getting a broader representation around them. Governor Terry Branstad, who appoints these people from nominations made by a nominating committee, should veto any new ones that arenâ€™t female until balance has been achieved. As the average tenure of Supreme Court Justices here is about eight years itâ€™ll take a while to gestate â€“ but good things are worth waiting for. A harridan amongst all this testosterone strikes me as a very good idea! If itâ€™s OK for the Knight family to have a female boss then it may be good for the state too. By the looks of news snaps,
C R O S S WO R D
Mrs. Nelson who was apparently happily married was, by any measure, attractive but attractiveness should be no deterrent to entering or staying in the workforce. We are all, to a greater or lesser extent, gifted with something to contribute to our lives, be it looks, intellect, love, respect, charity and so on but thereâ€™s too much of an accent on the vain and empty things that arenâ€™t so important. Maybe itâ€™s me thatâ€™s out of sync, but I like some of the older standards being upheld and todayâ€™s legislatures seem to protect offenders rather than the offended. Letâ€™s hope this year brings better things than the end of last. Random shootings are becoming a common occurrence. Whilst I do, in principle, defend the right of decent American citizens to bear arms â€“ one of my closest colleagues is a gun aficionado, admiring shapes, design,
engineering and so on. Heâ€™s also an avid hunter and believes in protecting whatâ€™s his â€“a pin-up for the NRA, whom I support wholeheartedly. But a woman who â€œcollectedâ€? guns and was an â€œenthusiastâ€?, according to accounts, enabled the episode in Newtown, Conn. She knew her son was less than mentally competent; in fact she was threatening to have him committed to institutional education. Yet she made access to an arms cache as easy as falling off a log. To me she ignored all the rules of common sense and the tenets of the NRA and I believe she was as culpable for this crime as her son. Maybe the New Year should usher in a new â€œtough loveâ€? policy from the law enforcement community without becoming a police state and the judicial side of the house gets some semblance of public decency.
To see past columns from Tony Moorby, log on to www.usedcarnews.com/ columnists/tony-moorby
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Sent to dealers and remarketing professionals, Auction Extra is a new addition to our newsletter offerings. Auction Extra is sent every Friday at 1 p.m. EST, and keeps you informed about the latest happenings in the auto industry.
1/10/13 1:46 PM
– THIS TAX SEASON –
GIVE THE GREEN LIGHT TO MORE CUSTOMERS! Using GPS tracking solutions help dealers track their assets, manage risk and improve collections. Our solutions allow you to finance more customers without the added risks. Give everyone the green light with GPS Tracking Solutions! Call: 1-866-655-8825 . Visit: GoldStarGPS.com
Give the Green Light NOW! Scan this code with your Smartphone’s QR Code Reader app to see how GPS devices can protect your dealership.
©2013 Spireon, Inc. All Rights Reserved.
1/10/13 2:44 PM
Take the betting out of bidding
Evaluating thousands of vehicles. Buying cars sight-unseen. Pulling the trigger on great buys before the competition. To find the inventory you need to succeed, online auctions are more critical than ever. But they can also be more overwhelming and risky. Until now. Introducing AuctionGenius. From book values to condition and history reports, AuctionGenius puts everything you need to know all on one customizable display. There’s no easier way to get the values you know and trust — and no faster way to make the right decision every time. Analyze 10x the cars in less time Make remote buys with less risk
Customize views of just what you need for smart buys Manage multiple lanes at the same time It’s the ultimate heads-up display for all your favorite auctions. Sign up today and be a genius at auction tomorrow.
Visit auctiongenius.com/go/genius or call 866-650-2799. Visit at vAuto NADA 842 Booth #
Smart. Simple. Stand-alone. Applications that solve everyday challenges for every kind of dealer.
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1/10/13 12:06 PM
1/10/13 3:47 PM