February 3, 2014
ON THE WEB: Young People Still Want Cars, Report Finds
Gen Y consumers are showing a clear interest in vehicle ownership and have specific ideas of what they want in a car, according to Deloitte LLP. Data from a Deloitte report shows that while young consumers view car ownership as less important than previous generations, they are, nonetheless, excited about affordable, technology-enabled vehicles – especially hybrid electric cars.
Digital Ads Influence Auto Shoppers
A new report finds that consumers are almost twice as likely to be swayed by autofocused digital marketing than the general population (21 percent vs. 12 percent).
Westlake Financial Sees Franchise Growth
Westlake Financial Services has seen an 84 percent increase in franchise deals and an 80 percent increase in franchise dealership partners from the fourth quarter of 2012 to the fourth quarter of 2013.
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Used Prices Set to Soften, Sales to Rise By Ted Craig
NEW ORLEANS – Usedcar prices will soften next year, but remain near historic highs as an increase in wholesale supply exceeds increased demand even as retail sales grow. This is the view of several industry experts who spoke during the recent National Automobile Dealers Association convention. “2013 was a great year to be a dealer,” said Manheim chief economist Tom Webb. “It will continue to be so in 2014.” Used-car sales grew by 4 percent in 2013, the fourth consecutive year of growth, said Jonathan Banks, executive automotive analyst for NADA Used Car Guide. Photo by Ted Craig Certified pre-owned sales STAYING STRONG: Jonathan Banks, executive analyst for NADA Used Car Guide, forecasts strong sales in 2014. performed even better, topping 2 million for the first time. CPO sales now make maintain their focus on that will cause a collapse a depreceation rate of 13.5 in prices. percent this year, close to up 13.5 percent of franchise used-car sales, however. “As they continue to feel Banks said there is no the pre-recession level of 15 dealer used-car sales. percent. Franchise dealers sold pressure on the new side, bubble in used-car prices. “We’ve seen prices grow “The wholesale market more used cars than inde- the used-car market bependents in 2013. Webb comes a very viable alter- due to fundamentals, not will gradually shift from a expects a return to a more native to make money,” psychological factors like seller’s market to a buyer’s the housing or Internet market,” said Tom Koneven split as more vehicles Banks said. One concern for the used- bubbles,” he said. tos, ADESA’s executive become available in open car market this year is a Black Book editorial di- vice president of industry sales this year. Franchise dealers will flood of off-lease vehicles rect Ricky Beggs expects analysis.
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Dealers Show Increased Optimism, Plan to Expand Two-thirds of auto dealership owners believe the U.S. economy has already “bottomed out” and is getting better, according to the second annual survey of auto dealers by Chase Auto Finance. Nearly eight in 10 dealers believe the auto industry as a whole is getting better. Eighty-four percent of dealers say their business is past the worst of the economic downturn and is getting better – a 6.8 percent increase from the same survey performed in 2012. Up 8 points from last year’s survey, nine in 10 (90.5 percent) say they are anticipating more than 5 percent in over-
all sales growth for their dealer. Preparing their businesses to handle this growth, dealers are eyeing expansion plans. One in four will seek financing for their expansion. Forty-one percent of those dealers say they would use the financing to increase their floor plan – an 8 point increase from last year. “We’ve seen dealer expectations on hiring and business expansion gain steadily year over year,” said Thasunda Duckett, CEO of Chase Auto Finance. “Our latest survey results support that, and show optimism for an economic recovery in the works.”
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February 3, 2014ÛÛÝÛÛ
USED CAR NEWS
Dealers Defend Current Compensation Method By Ted Craig
NEW ORLEANS – The Consumer Finance Protection Bureau understands the need for dealer compensation for indirect lending and is open to alternatives. That is the message delivered to attendees of the American Financial Services Association’s vehicle finance conference by Patrice Ficklin, the CFPB’s assistant director for the Office of Fair Lending and Equal Opportunity. “Dealers provide important services to both lenders and consumers and deserve to be compensated,” Ficklin said. What concerns the CFPB is the potential for discrimination in the dealer mark-up process, she said. The bureau is open to alternatives, Ficklin said, including flat fees or a flat percentage system. The National Automobile Dealers Association stood up for the current system, saying the mark-ups create competition that benefits consumers.
NADA chairman Forrest McConnell said 80 percent of all new-car financing is done through dealerships despite an array of other sources. “There’s 17,000 locations where customers can get a discount on the rate,” McConnell said. Ficklin said the CFPB has seen no conclusive data that proves indirect financing provides a better price to customers than direct financing. Ally Financial became the first auto lender to settle a discrimination claim by the CFPB. It has capped the rate for its dealers. Ficklin said creditors must communicate with and educate their dealers to avoid discrimination. They must then monitor those dealers and take action if they detect problems. Days before Ficklin spoke at AFSA, the North Carolina Attorney General showed why the threat to dealers goes beyond federal scrutiny. The North Carolina Attorney General’s consumer
Photo by Ted Craig KEEPING WATCH: Patrice Ficklin, the Consumer Finance Protection Bureau’s assistant director for the Office of Fair Lending and Equal Opportunity, answers questions during the recent AFSA conference.
protection division joined the civil rights division of the U.S. Department of Justice and the U.S. attorney for the western district of North Carolina to file suit in fed-
eral court against Zuhdi A. Saadeh and his two Charlotte buy-here, pay-here stores, Auto Fare Inc. and Southeastern Auto Corp. The suit claims African
American customers were charged prices far above market rate for vehicles and were signed up for unfair loans. It also cites violation of federal fair lending laws.
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Â Ă›Ă›Ă?Ă›Ă›Ă›February 3, 2014
USED CAR NEWS
NEWS BRIEFS DataScan Buys Audit Firms
DataScan Field Services has acquired Launch Technologies LLC and Field-Logic LLC, two companies that operate together to provide floor plan auditing technology and audit services to financial institutions. DataScan is one of the largest floor plan audit and vehicle inspection companies. Dave Lodigensky and J.D. Grogan started Alpharetta, Ga.-based Launch Technologies in 2006 with a focus on developing technology to support field service organizations and helping clients better manage dealer risk. In 2007, they created Field-Logic, with its nationwide network of field specialists, to offer audit services.
Tesla Offers Remote Recall
Tesla Motors Inc. is recalling 29,222 model year 2013 Model S vehicles equipped for, and delivered with, certain NEMA 14-50 (240 volt) Universal Mobile Connector (UMC) adapters. During charging, the adapter, cord, or wall outlet could overheat. An overheated adapter, cord, or wall receptacle increases the risk of burn injury and/or fire. Tesla will notify owners and provide an â€œover-the-airâ€? software update. Some owners have already
received this update. This update allows the Model S on-board charging system to detect any unexpected fluctuations in the input power or higher resistance connections to the vehicle. If detected, the onboard charging system will automatically reduce the charging current by 25 percent. Tesla owners can verify that they have received the updated software (version 5.8.4 or later) by viewing the vehicleâ€™s center information screen. Additionally, Tesla will mail owners a replacement NEMA 1450 adapter that is equipped with an internal thermal fuse. The manufacturer has not yet provided a notification schedule.
ADESA Partners with Volvo
ADESA and Volvo Cars of North America LLC announced the launch of the Volvo 360 Private Store, a new lease portfolio management and vehicle purchase website for franchised Volvo retailers. Volvo 360 is a dedicated online C R O S S WO R D by Myles Mellor
auction platform that provides franchised Volvo dealers with the opportunity to buy fresh inventory from each other. The Volvo 360 Private Store enables franchised Volvo retailers to track the maturity dates of their lease portfolios and process the returning Volvo Car Financial Services LLC and U.S. Bank lessees. Volvo retailers can also purchase off-lease inventory, while monitoring their performance using the Volvo 360 Scorecard.
ming is warning consumers about Craigâ€™s Car Center, an online preowned truck dealership that claims it is located in Casper, Wyo. According to the Wyoming Department of Transportation, this company is not licensed to sell vehicles in that state. Although the companyâ€™s website says it has been in business since 1994, there is no record of the business listed with the Wyoming Secretary of State and according to a domain registry search, Craigscarcenter.com was created on Nov. BBB Warns of Phantom Dealer 27, 2013. The firmâ€™s website indicates itâ€™s loThe Better Business Bureau serving northern Colorado and Wyo- cated in Casper but lists no address. Published By General Media LLC USED CAR NEWS (ISSN 1555-7413) is published at 24114 Harper, St. Clair Shores, MI 48080 Phone: 586-772-5200 or 800-794-0760 Fax: 586-772-9400 www.usedcarnews.com Charles M. Thomas Founder (1947-2002) Lynda R. Thomas, Publisher Colleen Fitzgerald, General Manager Editorial: Ted Craig, Managing Editor Jeffrey Bellant, Staff Writer Gabriel Camero, Intern Contributing Writers: Ed Fitzgerald, Jenny King, Sheila McGrath
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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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February 3, 2014 ÝÛÛ
USED CAR NEWS Carolinatax-UCN_Feb.pdf
Toyota Celebrates CPO C
Photo by Ed Fitzgerald BIG CHECK: Toyota’s Bill Fay presents a check for $18,093 to Jose Ortiz as dealer Julie Dunning (left) watches. Ortiz bought the 4 millionth Toyota certified unit. CY
By Ed Fitzgerald
Jose Ortiz said he has purchased Toyotas before and will likely do so again. That future purchase will have nothing to do with the fact that his most recent Toyota was free. “I would’ve bought another one without that,” said a smiling Ortiz, a mechanical engineer from Ypsilanti, Mich. Ortiz has been a regular customer at Dunning Toyota Scion in Ann Arbor, having bought three cars there previously.
His most recent purchase was a 2010 Toyota Matrix, which happened to be the 4 millionth certified pre-owned car sold worldwide by the automaker. Toyota is the first to reach that level of sales. Dealership owner Julie Dunning, standing in the middle of a newly remodeled showroom, said Toyota was happy to reimburse Ortiz – $18,093 – for his historic purchase. She said that making Toyota history was wonderful but not entirely happenstance. Continued on next page
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USED CAR NEWS 1
Dunning gave credit to Dale Herring, the dealership’s pre-owned manager, for keeping the lot filled with quality vehicles. “You know how cars can be partially certified. Dale was the one who insisted on every car we sold being fully certified,” Dunning said. Dunning hosted a ceremony in January for Ortiz. Ortiz received his oversized check and also a $1,000 gas card from CarFax. Bill Fay, group vice president of Toyota Division at Toyota Motor Sales, announced the company would donate a matching $18,093 to Alpha House Interfaith Hospitality Network of Washtenaw County, which includes Ann Arbor. IHN is an emer-
– Continued from prior page gency shelter for homeless children and their families. Toyota sold more than 370,000 certified pre-owned vehicles in 2013. Fay chalked it up to “teamwork.” “Toyota’s certified used vehicle program has been a tremendous success not only in terms of units sold, but also in building customer loyalty,” Fay said in a statement. “Toyota was the first manufacturer to have a certified used vehicle program and there is no better way to celebrate this milestone than to buy a Toyota for our 4 millionth customer.” Dunning Toyota Scion, which first opened in 1970, also just completed its annual Toys for Tots donation program.
Auto Finance Remains Strong C
The latest Equifax National Consumer Credit Trends Report indicates that the automobile lending sector continues to thrive. Balances on outstanding auto loans ($859.6 billion) and the total number of existing loans (62.3 million) in December are the highest in more than five years. By source, loans funded by banks,
savings and loans and credit unions are at $417.2 billion, while the total number of loans is 30.9 million - a five-year high for both. Similarly, the total outstanding balance for loans funded by auto finance companies is $442.5 billion, a five-year high, while the total number of existing loans is more than 32 million, a 59-month high.
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PAGE 8 - TAX SEASON KICKOFF
Tax Season Grows Shorter, Less Predictable Every Year By Jeffrey Bellant
As tax season kicks into gear, dealers face more challenges than ever to take advantage of it. Keith Hagler owns Taylor Auto Credit, a four-store buy-here, pay-here dealer operation in Taylor, Texas. He said stocking up has become as challenging as it has been since he opened in 1990. “I hate to say what I’m carrying, because I’m probably carrying 80 cars among all of the stores,” he said. “That’s really low. I’m trying to get that up, but the problem is getting the cars and getting them through (reconditioning) and putting them on the lot. It’s been a major issue.” Hagler will start buying as early as November, while also holding more inventory than normal since he expects to sell more. Larry Fiel, marketing director for B&B Automotive in Croyden, Pa., agreed that buying in November is a must. Buying early is crucial since the cost of vehicles only goes up as January and February approach. “You’re going to pay the price for not having enough cars,” Hagler said. But Hagler said tax season used to pack more. “It gets less and less every year,” said Hagler, who is also president of the National Independent Automobile Dealers Association. “It used to be that 30 to 40 percent of
my business occurred during tax season.” Hagler said there is still a spike of sales at tax time, just not what it was 10 to 15 years ago. Fiel said the other challenge is the rise of subprime lending moving in on buyhere, pay-here tax season through new-car stores and other independents. Hagler said tax season seems shorter, as well. In the past, tax season would begin in mid-January and go into late March. It moves faster now due to rapid-refund programs and other promotions. Hagler said with anticipatory refunds, some dealers estimate a consumer’s refund through pay stubs and the previous year’s returns and tax sales occur as early as November. Fiel said B&B Automotive, owned by Mike Brill, uses every tool to keep sales cranking during tax season. “You have to market early and often,” he said. Fiel said the dealership offers free tax preparation and anticipatory refunds to lock down sales as quickly as possible. Consumers who use expedited returns are more likely buy-here, pay-here customers, Hagler said. A person who files their return without a rapid refund usually isn’t a typical buy-here, payhere consumer. Now those sales all seem to squeeze into February. Of course, with the gov-
File Photo THE WAITING IS THE HARDEST PART: Dealer Keith Hagler surveys the scene at his Texas store. Like many buy-here, pay-here dealers, Hagler finds tax season different than in years past.
ernment shutdown in 2013, dealers expect a delay in tax returns this year. Outside of timing, there are factors that have chipped
away at buy-here, pay-here tax sales. The government’s crackdown on deadbeat dads by using tax returns to collect
delinquent child support payments carves into the refunds of some buy-here, payhere customers, Hagler said. Continued on page 12
Dealers Slowly Stocking Lots As They Ready for Returns By Gabriel E. Camero
Tax season is under way and buy-here, pay-here dealers are in the lanes looking to stock their lots. Steve Kesler, president of Kesler-Schafer Auto Auction in Indianapolis, is seeing early signs of increased demand at his Indianapolis auction. “The guys around here started buying cars last year for tax time,” Kesler said. “It seems like prices have been rising over the last few weeks.” Weather delayed some of the usual increase
ÛÛÝÛÛFebruary 3, 2014
in demand. Also, the pattern of tax season has changed. “We did see prices nudging up a little bit but I haven’t seen the spikes that I used to see,” said Tad L. Swift, sales manager at Corry Auto Dealers Exchange in Corry, Pa. “Although they are up it’s more of a smoother up than a $1,000 spike from week to week.” This reflects the move toward more sales in the fourth quarter by dealers and more electronic tax returns by consumers. Buddy Cheney, general
manager of America’s Auto Auction – North Houston in Conroe, Texas, said most of his dealers still wait until the end of February to start buying for tax season. “The low-end vehicles still haven’t moved much in the last year as far as pricing,” Cheney said. Cheney expects higher sales in the next few weeks because he’s seen an increase in buyer count. In addition to the weather, Christmas and New Year’s
Day falling during the middle of the week slowed sales at the end of December. Many auction executives are taking a cautious approach to this year’s tax season. Jeffery P. Dunning, general manager of Texas Lone Star Auto Auction in Carrolton, Texas, is one of them. “I actually forecasted sales to be a little bit weaker than what we had last year, but not by much,” Dunning said.
“I think it’s going to be more flat than anything.” There’s good reason for wariness. The federal government has made tax returns more unpredictable in recent years. Issues have ranged from computer glitches to late changes to rates. Still, the lure of increased sales should outweigh these concerns. “Generally dealers are gamblers anyway,” Kesler said.
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USED CAR NEWS
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Subprime Buyers Less Loyal A new brand loyalty report from CarFinance.com shows that belowprime car buyers are less loyal than the average car buyer. The report lists the top five brands for loyalty and purchase, as well as the most traded-in model years for below-prime car buyers. Based on an analysis of trade-in data from January to September, the report offers a unique snapshot of the large population of car-buyers who are below prime. Below-prime car buyers, according to the report, are most loyal to
Kia overall, although Nissan came in a strong second. When looking at the brands consumers are buying most when trading in, Chevrolet came in at No. 1, followed by Ford. While import brands score highest for loyalty, it is the domestics that these buyers are opting for more than any other brand. The average age of a vehicle traded in by these below-prime car buyers is 8.8 years, a 6 percent decrease from 2012â€™s 9.4. The most traded-in model year is 2006.
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“It’s the right thing to do,” he said, “but it does affect the (amount of the refund).” Other dealers have changed what they’ll sell at tax time. Jamie Davis, general manager at Davis Auto Center, New Church, Va., plans to offer some cash deals this year. It’s something Davis normally doesn’t do. But with more highmileage cars coming in through trades, he’s decided to recon those instead of sending them to auction.
check to go,” Hagler said. “They’re either paying off their payday loans or title loans. They’re doing other things with the money. “We’re not seeing the big down payment checks we used to see.” A decade ago, Hagler might get $2,000 down, where today it sometimes is half as much. With an average price car at $10,700, it means that Hagler has to hold firm on his underwriting. Dealers who loosen underwriting for tax time pay for it later.
“People have other places for that check to go. We’re not seeing the big down payment checks we used to see.” Keith Hagler
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“Because what I’m thinking is, especially for tax time, that people are going to have three or four grand that they just want to buy a car with and not have a payment so we’re doing a couple cars that way this year,” he said. Buy-here, pay-here customers were struggling before the recession. Since then, they have only piled on more obligations. “People have other places for that
“That’s why a lot of people have a lot of repossessions occurring in July and August,” Hagler said. Hagler said, in terms of consumers, there doesn’t seem to be the same excitement in getting a tax return and rushing to buy a car. “Last year, income tax season wasn’t as strong,” he said. “This year, we’ll just have to see.” Gabriel E. Camero contributed to this article.
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February 3, 2014 Ă?Ă›Ă›~Â€
USED CAR NEWS
RETAIL MARKETS UTAH
Jackie Anderson, owner, Crazy Lady Autos, Richfield, Utah: â€œWe have been open for about 17 years at a single location. â€œOur inventory usually has about 30 to 40 vehicles and we usually sell about 10 to 15 of those a week. Not very many but weâ€™re just a little town of about 7,000 people. â€œOur inventory is probably about 67 percent trucks and SUVs and 33 percent cars. As for domestic and imports itâ€™s kind of whatever we can get for the right price we can sell here. â€œRight now I estimate the lot has about 75 percent domestic cars. â€œWe get our vehicles from auctions and trade-ins. â€œWe have a wide range of model years, everything from 2000 to 2013 models. â€œOur average mileage is probably between 70,000 and 90,000 miles; some under, some over. â€œAverage retail is hard to say because we have trucks from $20,000 to $30,000
Compiled by Gabriel E. Camero
and cars for $4,000. So, average retail is probably in the $10,000 to $15,000 range. â€œWe do about 50/50 regular and subprime finance on our sales. â€œWe recently sold a 2007 Mazda 6 with 97,000 miles on it for $9,495. â€œItâ€™s just myself and my son and then we have one lot boy so we recondition our vehicles depending on the condition they came to us. â€œSome of them come good enough we donâ€™t have to, but if they need recon we do it for around $150. â€œWe donâ€™t have a service department but we do our own cleaning and some small repairs. â€œWe probably recon about 67 percent in-house and 33 percent outside service. â€œOur marketing is mostly just through reputation and the radio, we have one ad on the radio for about $300. â€œThe rest is location and reputation and thatâ€™s the best of all. â€œIn a small town, location and reputation are everything.â€?
Jamie Davis, manager, Davis Auto Center, New Church, Va.: â€œWeâ€™re a third generation dealership. My grandfather started the business in 1949 at the same location, (although) weâ€™ve grown since then. We still do buy-here, pay-here and in-house financing. â€œWe support the local fire and rescue and the Accomack County Sheriffs Dept. through their program. â€œCarter Davis and Davis Auto Center were awarded the 2012 Virginia State Quality Dealer. â€œWeâ€™re closer to Maryland and Delaware than we are the rest of the state. â€œThere are only two counties on our peninsula and then you have to cross a 17mile bridge and tunnel to get to the rest of Virginia. â€œRight now weâ€™ve probably got about 45 units in stock and we average about 14 sales a month. â€œWe purchase our vehicles mainly from Baltimore, Washington D.C., up in Elkridge.
â€œWe might buy off the street, maybe two a year, but itâ€™s usually auction or trades that we get our inventory from. â€œWeâ€™re probably doing 65 percent cars and 35 percent trucks and SUVs. â€œWeâ€™re probably pushing 75 percent domestic and 25 percent imports. â€œOur average model years are probably in the 2008 and 2007 neighborhood. â€œWe try to keep a newer looking car model here because our customers like to have the same, or close to, what the dealerships got for sale new. â€œOur average mileage is 85,000 or 88,000 somewhere in that neighborhood. We try to stay under 90,000 because we sell a service contract with the car and 90,000 miles is the cutoff. â€œWe try to stay at $10,995 for retail price. Iâ€™ve got some that are higher but $10,995 is our sweet spot for our customers. â€œRecon is creeping up, weâ€™re at $1,200 per car and thatâ€™s not including overhead.
â€œIf somebody already has their financing arranged before they come then weâ€™ll take the check from the bank or cash or whatever but 95 percent of our sales are in-house. â€œI think our average down payment was $2,200. Our average payment was $85 a week for an average term length of probably 36 months. â€œWe recently sold a 2004 Cadillac SRX, for $11,995 with 71,150 mileage. â€œWe have our own shop with four service bays. We service our own cars and customers. â€œWeâ€™ve got a website, we do some billboard advertising and we have done a little bit of radio. We really didnâ€™t see much of a feedback from the newspaper and we see a little bit on the radio, but mainly itâ€™s the Internet. â€œOne of our discussions was that weâ€™re going to move away from the paper and get into social media and search engine optimization.â€?
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The tradename â€œMazda Capital Servicesâ€? 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. (â€œChaseâ€?). Retail / Loan and lease accounts are owned by Chase.
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1/27/14 3:34 PM
~ÛÝÛÛFebruary 3, 2014
USED CAR NEWS
WHOLESALE MARKETS ARKANSAS
Delane Hooten, general manager, Central Arkansas Auto Auction, Beebe, Ark.: “We opened the auction in 1987. Then we sold it and, five years later, re-opened it. So we’ve been in this spot since 1987. “We’ve got three lanes and we’re still running three. “We’ve been running 300plus vehicles per sale. “Compared to last year, we’re running about 50 to 75 more cars per week. “I just attribute it to the guys getting out and working hard. We also have a lot of (sellers) coming back from the larger chains to a smaller independent (sale). It’s about personalized service. “Sales percentages are great. We’re running 55 to 60 percent every week. That’s a little better than this time last year. “Our percentage is also going to jump as we get into tax time. “On average, we’ll (draw) 350 to 400 bidders in the lanes. Dealers are coming from all over the state. Most
of our buyers are smaller dealers and we have a lot of smaller dealers in Arkansas. Buyers are coming from all over Arkansas, Tennessee, Kentucky, Louisiana, Missouri and Mississippi. “Our volumes are newand used-car dealer consignment. “We haven’t sought out the repossession market. We have some bank repos from some of the smaller banks but not a lot of it. “Our main concern is our small dealers. They are our bread-and-butter and have been since 1987. “There are not a lot of speculators out there right now. If a dealer doesn’t have an empty spot in the parking lot, they really don’t want a (car to buy). “We’ve been really lucky over the past seven or eight years (regarding) the downturn in the national economy. We’re small and family-owned. So our overhead is low. “The other thing we were lucky with is that the natural gas companies were drilling here and kept the local economy (strong)
Compiled by Jeffrey Bellant compared to the rest of the country during the recession. That kept our economy booming. “The average price coming through the lanes is between $5,000 and $8,000. “We sell a lot of trucks and SUVs. I’m seeing trucks that I sold two or three years ago coming back now and selling for the same kind of money. It’s amazing. The new low mileage is 150,000.”
Jim Lamb, president, Lynnway Auto Auction, North Billerica, Mass.: “I’ve been an automobile auctioneer for 40 years. I’ve owned my own auto auction since 1997. “We’ve been at this new site since 2012. It’s about 20 miles from the old site. “The auction runs about 1,900 cars a week. We expect that to move up a little bit. “We have eight lanes and we’re running all eight. We’ll run 250 to 270 cars in every lane. “But we’re currently under an expansion. We’re going to add two more lanes.
Every lane is packed. “Our percentage is nice and strong for the winter. We’re very fortunate. “Our volumes and percentages are definitely up. It’s in a positive direction. “We are challenged by the weather. That does require adjustments in the number of cars we get (consigned) and sold. “The most important thing is we’re still moving forward. “Every company has challenges. You can feel the mojo here. You can feel the vibe. It’s just ready to explode. “We get 1,100 buyers in the lanes on average. They come from pretty much anywhere. We have quite a few guys who fly in for the sale. They come from all over. “The key to our auction is the majority of our (consignors) are high-percentage sellers. They are highvolume sellers. So it makes it a lot easier. “When a buyer comes to our auction, they know that the seller is going to sell the car, because the (consignor)
has another 100 coming the next week. “Our auction moves at a very quick pace, too. “For us, the buyers and sellers are very excited for this year. Everyone is extremely upbeat. We’re in a great marketplace anyway. “The average price, overall, is about $7,100. “But in the last couple of weeks, we’ve actually sold five Bentleys. One sold at $159,000 and another sold at $143,000, for example. In a major snowstorm, we were parking Bentleys at $140,000 a car. We have some really large dealer groups. They have a ton of different franchises. They know that we can get (the sale) done. “It’s a full-service auction. We have 100 guys in the reconditioning crew. “We have a condition report department, a post-sale inspection department and a full mechanics shop. “Obviously, trucks are doing better right now. But we don’t see a flux in different (units). “The reason is we have a buyer for every unit.”
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1/27/14 3:34 PM
TRUE COST OF INCENTIVES (TCI) TMV Does not include add-ons
TCI 1 2 3 4 5
$1,483 $12,380 $11,848 $9,950 $8,318 $6,757
TCI 1 2 3 4 5
$792 $11,198 $9,827 $8,338 $7,068 $6,083
TCI 1 2 3 4 5
$1,918 $15,132 $13,833 $12,010 $9,426 $8,190
TCI 1 2 3 4 5
$3,715 $16,143 $14,624 $11,555 $9,649 $8,114
TCI 1 2 3 4 5
$1,480 $16,661 $15,478 $12,881 $10,440 $9,214
TCI 1 2 3 4 5
$2,171 $20,643 $18,412 $15,233 $12,773 $10,250
TCI 1 2 3 4 5
$1,834 $23,639 $19,484 $15,043 $13,320 $11,508
TCI 1 2 3 4 5
$3,183 $23,766 $19,659 $16,252 $14,814 $13,182
TCI 1 2 3 4 5
$3,876 $29,654 $26,977 $21,143 $17,010 $15,025
TCI 1 2 3 4 5
$1,206 $18,412 $16,668 $14,162 $11,291 $10,450
TCI 1 2 3 4 5
$4,369 $23,952 $20,752 $17,591 $16,239 $13,452
$1,676 $12,601 $11,746 $10,586 $8,290 $6,947
$1,218 $11,480 $10,507 $8,723 $7,025 $5,849
$2,273 $13,738 $13,401 $11,867 $9,721 $8,012
$3,391 $17,774 $15,615 $12,465 $10,182 $8,016
Compact Crossover Suv
$1,607 $16,414 $15,219 $13,218 $10,923 $9,130
Midsize Crossover Suv
$2,361 $20,471 $18,249 $15,783 $13,028 $11,223
Midsize Traditional Suv
$1,582 $24,237 $23,241 $17,927 $13,333 $11,747
Large Crossover Suv
$3,476 $24,567 $21,573 $17,506 $14,197 $12,747
Large Traditional Suv
$4,110 $32,267 $28,742 $24,745 $19,567 $16,835
$689 $19,978 $17,614 $15,116 $13,370 $11,429
$3,830 $25,491 $23,601 $20,140 $17,269 $14,890
% Change ‘12-’13
TMV Does not include add-ons
13.01% 1.79% -0.86% 6.39% -0.34% 2.81%
TCI 1 2 3 4 5
$2,332 $20,453 $16,666 $13,091 $10,688 $8,840
53.79% 2.52% 6.92% 4.62% -0.61% -3.85%
TCI 1 2 3 4 5
$2,350 $15,998 $13,496 $10,793 $10,122 $8,620
18.51% -9.21% -3.12% -1.19% 3.13% -2.17%
TCI 1 2 3 4 5
$1,637 $21,377 $20,114 $16,167 $11,992 $10,044
-8.72% 10.10% 6.78% 7.88% 5.52% -1.21%
TCI 1 2 3 4 5
$2,556 $38,194 $31,330 $26,730 $22,375 $20,616
8.58% -1.48% -1.67% 2.62% 4.63% -0.91%
TCI 1 2 3 4 5
$4,203 $79,958 $52,306 $48,540 $38,573 $30,684
8.75% -0.83% -0.89% 3.61% 2.00% 9.49%
TCI 1 2 3 4 5
$3,256 $25,199 $22,177 $19,280 $15,579 $13,007
-13.74% 2.53% 19.28% 19.17% 0.10% 2.08%
TCI 1 2 3 4 5
$2,220 $27,962 $25,282 $20,862 $16,422 $13,795
9.21% 3.37% 9.74% 7.72% -4.16% -3.30%
TCI 1 2 3 4 5
$4,257 $36,870 $28,726 $22,667 $17,926 $14,437
6.04% 8.81% 6.54% 17.04% 15.03% 12.05%
TCI 1 2 3 4 5
$1,935 $40,520 $35,146 $29,316 $23,875 $18,778
-42.87% 8.51% 5.68% 6.74% 18.41% 9.37%
TCI 1 2 3 4 5
$4,705 $59,523 $48,218 $39,328 $30,207 $25,308
-12.34% 6.43% 13.73% 14.49% 6.34% 10.69%
TCI 1 2 3 4 5
$3,179 $51,066 $43,429 $36,872 $25,479 $22,017
% Change ‘12-’13
$2,299 $17,964 $19,935 $13,949 $10,868 $9,367
-1.42% -12.17% 19.61% 6.55% 1.68% 5.96%
$2,475 $17,090 $14,676 $12,028 $10,767 $9,804
5.32% 6.83% 8.74% 11.44% 6.37% 13.74%
Entry Sport Car
$2,004 $21,128 $19,248 $18,018 $14,738 $11,353
Midrange Sport Car
$1,259 $38,841 $33,898 $26,479 $25,912 $20,036
Premium Sport Car
$2,043 $73,549 $62,538 $48,753 $43,902 $34,082
Entry Luxury Car
$3,608 $24,537 $22,258 $18,490 $16,089 $12,991
Entry Luxury Suv
$2,603 $28,887 $25,597 $21,773 $17,397 $13,669
Midrange Luxury Car
$5,057 $36,443 $33,846 $24,740 $18,411 $15,295
Midrange Luxury Suv
$1,689 $42,002 $33,835 $28,927 $24,464 $18,622
Premium Luxury Car
$2,873 $58,100 $47,845 $38,454 $32,192 $24,212
Premium Luxury Suv
$2,871 $47,524 $44,525 $34,450 $29,467 $22,039
22.42% -1.16% -4.31% 11.45% 22.90% 13.03% -50.74% 1.69% 8.20% -0.94% 15.81% -2.81% -51.39% -8.02% 19.56% 0.44% 13.82% 11.07% 10.81% -2.63% 0.37% -4.10% 3.27% -0.12% 17.25% 3.31% 1.25% 4.37% 5.94% -0.91% 18.79% -1.16% 17.82% 9.15% 2.71% 5.94% -12.71% 3.66% -3.73% -1.33% 2.47% -0.83% -38.94% -2.39% -0.77% -2.22% 6.57% -4.33% -9.69% -6.94% 2.52% -6.57% 15.65% 0.10%
Edmunds.com’s monthly True Cost of Incentives (TCI) report takes into account all of the manufacturers’ various United States incentives programs, including subvented interest rates and lease programs as well as cash rebates to consumers and dealers. To ensure the greatest possible accuracy, Edmunds.com bases its calculations on sales volume, including the mix of vehicle makes and models for each month, as well as on the proportion of vehicles for which each type of incentive was used. TCI data (and other Edmunds.com data products) can be viewed industrywide, import vs. domestic, by country of origin, by make, by model and by segment. True Market Value (TMV) is the transaction price for vehicles.
1/24/14 4:39 PM
~ÛÛÝÛÛ=]Zjuary 3, 2014
USED CAR NEWS
HPV UCN AD DUE 2014.01.10.ai 1 1/23/2014 1:41:11 PM
Compiled By Jeffrey Bellant
Texas Sale Marks Anniversary
HEAVY TRAFFIC: Bidders crowd the lanes at San Antonio’s Sparkling City Auto Auction as the sale celebrated the auction’s third anniversary.
Sparkling City Auto Auction recently marked its third year in the San Antonio market with a big celebration sale. The event drew more than 490 buyers to the lanes to bid on 817 cars, trucks and SUVs. Bidders purchased more than 500 units. In response to its continued growth, the auction opened a fifth lane in 2013. The auction also constructed a new mechanic garage, detail shop and body shop. “Our anniversary sale was great from start to finish,” said Wade Walker, auction owner. “A big part of our celebration was thanking our customers for their loyalty and support since we opened our doors, and one of the highlights of the day was recognizing those who contribute so much to our success.” The auction prepared gift baskets and jackets for its top buyers and sellers at the sale. Buyers, along with sellers, were entered into a drawing for prizes, including a big screen TV, PlayStation 3, a laptop computer, two tablet computers, two Craftsman tool sets and a variety of gift cards. The grand prize was a custom-made barbecue.
ADESA, Volvo Launch New Website ADESA and Volvo Cars of North America, LLC, announced the launch of the Volvo 360 Private Store, a new lease portfolio management and vehicle purchase website for franchised Volvo retailers. “We’re pleased to extend our relationship with Volvo Cars of North America and provide their retailers with a convenient way to manage their lease portfolio and enjoy exclusive vehicle purchase opportunities,” said Blake Kennedy, ADESA vice president of online sales. The Volvo 360 Private Store enables franchised Volvo retailers to
track the maturity dates of their lease portfolios and process the lease returns of returning Volvo Car Financial Services, LLC, and U.S. Bank lessees. Volvo retailers can also purchase off-lease inventory, while monitoring their performance using the Volvo 360 Scorecard. 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: firstname.lastname@example.org
1/27/14 3:33 PM
February 3, 2014Ă›Ă›Ă?Ă›Ă›~Â„
USED CAR NEWS
Disconnected Jottings From Tony Moorby... I have to admit up front that Iâ€™m not a fervent, feverish or ardent sports fan anymore. Donâ€™t get me wrong. Iâ€™ve participated in soccer, rugby, cricket, swimming, all sorts of athletics, cycling
the baseball bat being round and principally made of ash (the white northern variety) and sometimes extending to birch or even maple if itâ€™s not made of metal. An interest in basketball,
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and even did a spell of sailing at school. After I finally figured out what American football was all about and the Tennessee Titans came to Nashville, I took an interest in that, too. And whilst everyone compares baseball to cricket, I can assure you that the only similarity extends to the fact that the batters stand there wielding a piece of wood â€“ even that is different. An English cricket bat is three-sided with one hitting surface and is made of yew,
after 32 years in this country, still eludes me. I apologize to those who fawn over the sport, either collegiate or professional, but I wasnâ€™t bought up with it and in spite of recognizing athletic skills and talent, I find it excruciatingly boring. No offense intended, it just doesnâ€™t get it for me. The thing I find even more dumbfounding is the cost of attending events these days â€“ who can afford this stuff? I understand that a nosebleed seat at the Super Bowl
is in the region of $3,000! A similar seat, mid-season at the Titans is around $100 plus an arm and a leg for a hotdog and a beer. The parking is another Hope Diamondâ€™s worth. The Barco-lounger beckons; warm, cozy, feet up and beer and wings within easy reach and thatâ€™s just for the adverts. Iâ€™m pleased Iâ€™m not afflicted with this costly addiction. I suppose someone has to pay for the sports celebritiesâ€™ lifestyles, not that I find their behavior that impressive these days. Loud-mouthed and opinionated, some liars and cheats, add some criminal activity, even extending to murder, to this soap opera mix that I donâ€™t find very appealing at all. And they reflect badly on the journeymen who provide the backbone to most sports. I have to ask if these people really deserve to get paid the wages of Croesus; Iâ€™m not naĂŻve enough to say, â€œItâ€™s just a game.â€? But seriously? A Japanese baseball player just got tens of millions for a
C R O S S WO R D Down 1. 2. 3. 5.
1. Upcoming Jag coupe 4. One of the worldâ€™s best selling cars 9. Makers of the Captur and Fluence 10. MKS or MKX 13. Isuzu 7-passenger 15. Bids 17. Former Saturn compact 18. Top of a clock dial 19. One ___ million 20. Sports car protector 22. Drive____ , delivering power to the wheels
24. Driving very fast (2 words) 27. First letter of a UK Ford from the 50s 28. Bostonâ€™s state 30. Not running 31. Sonata or Tucson 33. Had a bite 35. Downy coating 37. NADA.___ 38. Stretch out 40. ____ Charger Daytona 41. One hundred percent 42. Make known 43. Very small compact with low mpg (2 words)
have a good time. That line got crossed at the Boston Marathon and now the Olympics are similarly threatened. Going to a sports event nowadays is like going through airport security. In fact, the ladies canâ€™t even carry a purse to a Titans game unless itâ€™s see-through. Sports were supposed to bring people together in the spirit of competition, friendly or not. Now itâ€™s taken as an excuse to drive people apart, hurling disdain in the face of good sportsmanship. I hate to be misanthropic at the start of a New Year but I sincerely hope that sports can provide a way forward in improving relationships here and abroad. Iâ€™ll do my best with tiddlywinks.
To see past columns from Tony Moorby, visit www.usedcarnews.com/ columnists/tony-moorby
Sponsored by INSURANCE AUTO AUCTIONS
By Miles Mellor
contract. Chris Johnson, the Titans running back (who didnâ€™t do diddlysquat last year) got a $65 million deal â€“ for three years. At the college football level there seems to be some racial imbalance. The abundance of athletic prowess residing in young black players assures the colleges of untold fortunes in various franchise fees. I donâ€™t believe much of that money finds its way back to fund the education of their brothers and sisters. Better to pay the coach another million dollars. I think itâ€™s more than a shame â€“ itâ€™s a disgrace. Now add outsidesponsored violence to what used to be held as a sacrosanct gathering of sportsminded fans who just want to share their passions and
____ California Japanese currency Chevy SUV You get get it in a Jiffy 6. Alternative to lease 7. Opposite of tight 8. Momos, for example (2 words) 11. Answer before exchanging rings (2 words) 12. Leaf or Titan 14. Force felt when driving fast round a curve 16. Truck type 19. Florian or Trooper 20. Metal rod 21. Newport, state 23. Email address intro 24. Tire disaster (2 words) 25. Chevy originally sold in 1958 26. Karl Friedrich
Answers to the 1/20/14 puzzle 1
29. Dodge from the 70s 32. Tata Motors nation 34. Poetâ€™s until 36. Daimler ___ corporation 39. Old Gloryâ€™s country 40. Com partner
N A D I
N S E
A T S
N Y I
R I D 43
Answers to this puzzle in the 2/17/14 issue. Call 1.800.794.0760 for a FREE subscription.
1/27/14 3:41 PM
~ ÛÝÛÛFebruary 3, 2014
USED CAR NEWS
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