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March 18, 2013
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ON THE WEB: Dealers’ Case Against Mahindra Moves On
A federal judge has upheld a lawsuit by U.S. automobile dealers accusing Indian truck manufacturer Mahindra & Mahindra, Ltd. and its U.S. counterpart of fraud, misrepresentation and conspiracy. The lawsuit alleges that Mahindra duped hundreds of U.S. auto dealers and walked away with more than $60 million in cash and trade secrets.
J.D. Byrider Reports Massive Growth
J.D. Byrider saw the largest period of growth in the company’s history during the fourth quarter of 2012. From Oct. 1 to Dec. 31, the company sold 12,054 vehicles, a new record, and maintained high sales and service satisfaction ratings across the dealership network. The company also opened six new franchise locations in six states, relocated one franchise and acquired three franchised dealerships. In addition, five franchisees signed on to open new J.D. Byrider dealerships starting in 2013.
IARA Honors Life of Former Director By Jeffrey Bellant
LAS VEGAS – The International Automotive Remarketers Alliance honored Matt Marks, its former executive director who died last year, with its 2013 Circle of Excellence award at its annual conference. The group also announced it would rename the award after Marks starting next year. Dave Alfonso, remarketing director at Kia Motors America, announced the award during the group’s annual Circle of Excellence luncheon. “Shortly after (Marks’ death), the IARA unanimously decided that he should receive this award,” Alfonso said. “We should be thankful that the pain we feel over losing Matt is far outweighed by the joy of how much it meant for Matt to have been part of our lives.” The IARA opened its conference with a one-minute period of silence in memory of the man who led the group for the past decade, following years in the automotive industry. Alfonso said shortly after the IARA was formed,
Marks was the unanimous choice. “Matt took the position and said he would never let us down,” Alfonso said. “Little did we know that he would lift us to heights we never imagined. Matt was our friend, our mentor and our guiding light.” Stephen Houston, who is serving as the group’s interim director, said 19 candidates are being reviewed for the permanent position. He said trying to pick up where Marks left off won’t be easy. “Those shoes are very difficult to fill,” he said. “It’s kind of intimidating, really, to follow Matt.” The Circle of Excellence award cited Marks’ “passion, talent and untiring efforts in leading the International Automotive Remarketing Alliance to its status as a major automotive industry organization.” Alfonso said, beginning in 2014, the award will be renamed as the Matt Marks Circle of Excellence award. A large framed photo of Marks was displayed at the start of the conference and during the awards luncheon; a short video presented his life, from his time Continued on page 3
Photos by Jeffrey Bellant FOND MEMORIES: Stephen Houston, interim director of the International Automotive Remarketers Alliance (above) honors longtime director Matt Marks (below), who died late last year.
Cars Remain Scarce Even As Sales Increase By Ted Craig
Rush - Dated Material
Cars remain scarce, at least at prices most dealers want to pay, but that situation will soon change. Dealers continue to complain about the selection in the wholesale market, even as more vehicles become available.
faster pace. Steven Curry, owner of Heritage Motors in Medford, Ore., compared the current market to a drought. “It’s getting worse,” Curry said. He said the high prices at auction are squeezing his margins. David Cox, owner of Cox Motors LLC in Lakeland,
Fla., agrees prices are high, but said there’s enough inventory to stock his lot. “We just have to pay a little more,” Cox said. Adding to the strain is tax season. Dealers want to increase their inventory, but one source is declining – repos, as consumers use refunds to catch up on existing loans.
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A lack of trade-ins and lease returns created a drought that lasted through the end of 2012. But that has started to change with a new-car SAAR around 13 million. “The supply is growing,” said Manheim chief economist Tom Webb. The problem is retail demand is growing at an even
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USED CAR NEWS
Very Small Cars Bring Big Money at Auction By Jenny King
Small cars - indeed, very small cars - may not suit many buyersâ€™ tastes. But when over 200 tiny vehicles in the Bruce Weiner Microcars Museum in Madison, ĹşĹťÉ&#x; 1(.É&#x; )(É&#x; -&É&#x; #(É&#x; ,/ary, collectors responded big-time. The two-day event, run by É&#x; /.#)(-É&#x; ) É&#x; "."'ĹťÉ&#x; Ontario, turned in a final tally of over $9 million. The no-reserve auction included pedal cars, toys and memorabilia: the inventory of the museum. Collector Bruce Weiner said he was fascinated by the small, make-do, highly inventive vehicles built in /,)*É&#x;#(É&#x;."É&#x;&(É&#x;3,-É&#x; )&lowing the Second World War. Museum staff restored many of his acquisitions. Some were left in as-is condition. Today the fragile-looking three- and four-wheelers are not well known save by enthusiasts and collectors. But they were there, bidding and buying in person as well as by phone and online. The top-selling car was É&#x;ĹąĹšĹľĹ¸É&#x;Ĺş ĹşĹşÉ&#x;!É&#x;ĹľĹ°Ĺ°É&#x;Ć†#!,ĹťĆ‡É&#x; which went for $322,000. RM said this was a world record price for a micro,É&#x; -)&É&#x; .É&#x; /.#)(ĹşÉ&#x; É&#x; ĹąĹšĹľĹąÉ&#x;
Reyonnah sold for a high bid ) É&#x;ĆŞĹąĹ¸Ĺ´ĹťĹ°Ĺ°Ĺ°É&#x;(É&#x;É&#x;ĹąĹšĹľĹľÉ&#x; (.,É&#x; ĹąĹˇĹľÉ&#x; ,&#(ĹťÉ&#x; 1#."É&#x; (É&#x; -.#mated pre-sale value of up to $50,000 brought $161,000. The tiny cars, often riding on what look like bicycle tires, proved surpris#(!&3É&#x;)'*&2ĹşÉ&#x; É&#x;/.#)(Ć‰-É&#x; amusing and colorful fiveinch-by-five-inch sale catalog related their stories and provenance in detail to auction guests and buyers, who represented more than 20 countries. (-.É&#x;) É&#x;,)--#(!É&#x;."É&#x;.,ditional block, an image of each vehicle was displayed on a large screen as the persuasive, good-natured auctioneer prompted and $)&É&#x; "#-É&#x; /#(ĹşÉ&#x; .É&#x; 1-É&#x; a feeding frenzy for those interested in small roadworthy cars, toy models and strange items like the coin-operated alarm clock, a Vendo milk vending ma"#(ĹťÉ&#x;(É&#x; (#(É&#x; ).),3&É&#x; coin-operated kiddie ride and a coin-operated electric shaver. '-É&#x; ) É&#x; '(3É&#x; ) É&#x; ."É&#x; signers, engineers and builders of microcars would no longer be easily recognized. Others, like automakers BMW, Subaru and Mazda, have survived and their vehicles were in Weinerâ€™s collection.
LITTLE CARS: This delicate French 1945 Velocar Type H is powered by a 1-horsepower, two-stroke singlecylinder engine. It brought $10,350 at the RM auction.
')(!É&#x; ."É&#x; '),É&#x; -*#)/-É&#x; microcars in the collection 1-É&#x; ."É&#x; ĹąĹšĹľĹ¸É&#x; 4/,É&#x; &/É&#x; four-passenger BMW 600 a kind of big brother to the -..ĹşÉ&#x; "É&#x; ,-.),É&#x; ĹśĹ°Ĺ°É&#x; with distinctive knife-edge bumpers was valued at up to $50,000; it sold at auction for $92,000.
É&#x; ,)(.É&#x; )*(#(!ĹťÉ&#x; &,!&3É&#x; ),#!#(&ĹťÉ&#x; 0,-.#&É&#x; ĹąĹšĹľĹˇÉ&#x; -)É&#x; -..,,)É&#x; )'',#&É&#x; 0hicle built in Spain sold at /.#)(É&#x; ),É&#x;ĆŞĹšĹˇĹťĹˇĹľĹ°ĹşÉ&#x; Various commercial vehicles shared floor space and buyer attention with the descendants of pedal cars, with two-person cabrios with-
out doors and with vehicles with very close ties to motorcycles like the Czechoslovakian 1959 Velorex Oskar, which featured a removable leatherette material â€œbody.â€? The â€™59 Velorex Oskar sold for $12,650, somewhat less than its pre-sale estimate of $15,000 to $20,000.
Cars.com Picks 10 Best Cars Under $10,000 The editors at Cars.com released their list of the top 10 used cars that they recommend for shoppers who are looking to spend around $10,000. With a used-car market that is sparser than it used to be, car shoppers have fewer options to choose from and higher prices to pay, but the Cars.com experts compiled a list of 10 used cars that will help shoppers get the best bang for their buck around the $10,000 price point. Only vehicles that were 2006 model year or newer qualified. â€œTo make our list, the cars had to pass crash tests and have key standard safety features,â€? said Patrick Olsen, Cars.comâ€™s editor-inchief. â€œWe also analyzed reliability, drivability and practicality.â€?
The winners are: Ć€É&#x;Ĺ˛Ĺ°Ĺ°ĹśÉ&#x;),É&#x;-*ĹźÉ&#x;),Ć‰-É&#x; first generation crossover had trucklike styling but car-based underpinnings, and the driving experience combined handling and ride comfort in a way that few car-based crossovers of the -*Ć‰-É&#x;,É&#x;)/&É&#x;'."Ĺş Ć€É&#x; Ĺ˛Ĺ°Ĺ°Ĺ¸É&#x; ),É&#x; )/-ĹźÉ&#x; "É&#x; )/-É&#x; )'-É&#x; 1#."É&#x; - .3É&#x; features like side curtain airbags and also Bluetooth and USB/iPod integration, both of which were ahead ) É&#x; ."É&#x; /,0É&#x; ),É&#x; Ĺ˛Ĺ°Ĺ°Ĺ¸ĹşÉ&#x; "É&#x; carâ€™s sharp handling distinguished it from many rivals, and it is offered in three body styles, providing an option for everyone. Ć€É&#x;Ĺ˛Ĺ°Ĺ°ĹˇÉ&#x;),É&#x;,-.3&ĹźÉ&#x;"#-É&#x; budget-friendly family hauler comes with spacious seating for seven passengers and impressive cargo storage.
Ć€É&#x;Ĺ˛Ĺ°Ĺ°ĹˇÉ&#x;),É&#x;/-#)(ĹźÉ&#x;É&#x;,sponsive V-6 engine option and decent handling chops #-.#(!/#-"É&#x; ),Ć‰-É&#x; '#size family car. So did trunk room, which remains spacious even by todayâ€™s family-car standards. Ć€É&#x; Ĺ˛Ĺ°Ĺ°ĹśÉ&#x; )(É&#x; #0#ĹźÉ&#x; "É&#x; beloved eighth-generation Civicâ€™s interior quality, fuel efficiency and overall drivability impressed so much that they still hold up today. Ć€É&#x; Ĺ˛Ĺ°Ĺ°ĹśÉ&#x; 3/(#É&#x; 4,ĹźÉ&#x; É&#x; full-size sedan with upscale features, a big engine and big %-.-ĹťÉ&#x; ."É&#x; 4,É&#x; *%É&#x; a comfortable ride. Ć€É&#x; Ĺ˛Ĺ°Ĺ°ĹˇÉ&#x; 3/(#É&#x; )(.ĹźÉ&#x; É&#x; family sedan with roominess, safety features and value in spades. Years later, a used example should still suit any -")**,É&#x;1&&ĹşÉ&#x;#(É&#x;)(É&#x;1#."É&#x; the optional 3.3-liter V-6 for muscular passing power.
Ć€É&#x; Ĺ˛Ĺ°Ĺ°Ĺ¸É&#x; #É&#x; *.#'ĹźÉ&#x; É&#x; )/-#(É&#x; .)É&#x; ."É&#x; 3/(#É&#x; Sonata, the Optima had more available luxury features, but less styling and a -'&&,É&#x; (!#(ĹşÉ&#x; )10,ĹťÉ&#x; É&#x; roomy backseat and decent standard safety features round out a car whose successor won Cars.comâ€™s Best of 2011 award. Ć€É&#x;Ĺ˛Ĺ°Ĺ°Ĺ¸É&#x;#--(É&#x;,-ĹźÉ&#x;#--
sanâ€™s unexpectedly roomy Versa slips into tight city parking spots like any prop,É&#x; -/)'*.É&#x; -")/&ĹşÉ&#x; É&#x; responsive transmission combined with a large fourcylinder engine provides impressive power. Ć€É&#x;É&#x;Ĺ˛Ĺ°Ĺ°ĹˇÉ&#x;#)(É&#x;.ĹźÉ&#x;.,(!."-É&#x; included rich cabin materials and a responsive fourcylinder engine.
Ĺş#(É&#x;."É&#x;ĹşĹşÉ&#x;03É&#x;.)É&#x;"#-É&#x;0(./&É&#x;1),%É&#x;.É&#x; Ĺş ,%-É&#x; 1-É&#x; ),(É&#x; #(É&#x; ĹąĹšĹ´Ĺ˛É&#x; and spent his formative 3,-É&#x;#(É&#x;/*-..É&#x;1É&#x;),%Ĺş É&#x; &.,É&#x; !,/.É&#x; ,)'É&#x; ."É&#x; (#0,-#.3É&#x; ) É&#x; &&#()#-É&#x; with a business degree and ."(É&#x; ,(É&#x; (É&#x; ĹşĹşĹşÉ&#x; .É&#x; Texas Tech. (É&#x; ."É&#x; '#Ć?ĹąĹšĹˇĹ°-ĹťÉ&#x; ,%-É&#x; -,0É&#x; #(É&#x; ."É&#x; 03É&#x; -É&#x; (É&#x;
â€“ Continued from page 1
#,, .Ć?,,#,Ć?-É&#x; Ĺ˛É&#x; 1%3É&#x; *#&).ĹťÉ&#x; ĹŠ3#(!É&#x; )Ĺ¤É&#x; the U.S.S. Saratoga and the ĹşĹşĹşÉ&#x; )"(É&#x; ĹşÉ&#x; ((3ĹşÉ&#x; É&#x; &.,É&#x;-,0É&#x;#(É&#x;."É&#x;0&É&#x;serve and even worked in the Pentagon. â€œMattâ€™s final resting place 1#&&É&#x; É&#x; ,&#(!.)(É&#x; .#)(&É&#x; '.,3ĹťĆ‡É&#x;& )(-)É&#x;-#Ĺş É&#x; .É&#x; ),É&#x; .".É&#x; ,')(3É&#x; has not been set, he said.
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Â Ă›Ă›Ă?Ă›Ă›Ă›March 18, 2013
USED CAR NEWS
NEWS BRIEFS Millenials Favor Phones over Cars
Zipcar, Inc. released the findings of an independent study of Millennials (18- to 34-year-olds), which examines the attitudes and behaviors of this generation related to urban transportation, technology and car ownership. Overall, the study found that the increasing availability of on-demand mobility services (such as car sharing, ride sharing and vehicle sharing) helps many Millennials drive less and makes it easier to for them to live without owning a car. The study, conducted in December by KRC Research, reveals that mobile devices and on-demand trans-
sales were 156,947, a February high, up 5.1 percent from February 2012, and up 4.1 percent from January. AutoData Corp. reports that there were 24 selling days in February compared to 25 in February 2012 and 25 in January. The daily selling rate was 6,539, the highest ever. February year-to-date sales were 307,572, up 9.7 percent from the year ago. Certified sales for domestic and European manufacturers rose. Execs Struggle with Compliance Several automakers reported their best February sales ever. ADP announced the results of a Toyota once again led all brands in new research study conducted by Certified Sales Set Record CFO Research, in collaboration with February certified pre-owned total sales. portation apps are more important to Millennials than car ownership: Nearly two in three (65 percent) of Millennials say losing their phone (30 percent) or computer (35 percent) would have a greater negative impact on their daily routine than losing their car (28 percent). One in four Millennials (25 percent) say transportation apps have reduced their driving frequency, compared to less than 12 percent of those more than 45 years old.
MILESTONES Former National Auto Auction Association president Arnold (Arnie) Addison, died March 1. He was 83. Addison served as NAAA president in 1984. Addison, along with Mort Addison and Doug Alman, founded what is now Manheim San Francisco Bay in Hayward, Calif. The auction, which started as Bay Cities Auto Auction ran its first sale on Feb. 3, 1970. Over the next 17 years, the auction relocated twice and grew from a one-lane operation into a 73-acre auction.
Addison sold the auction to GE Capital in 1987. Addison is survived by his wife, Cookie; his children, Robin Sabes, Alana Addison and Steve Addison; and his grandchildren, Ilana (Aaron) Bergstrom, Michael, Elisa, Rachel and Nicole Sabes. C R O S S WO R D by Myles Mellor
WEâ€™VE GOT YOU COVERED WITH Controlit it Â™6YkVcXZY<EHIgVX`^c\HnhiZb Â™CZl8jhidbZg7Z]Vk^dg6cVanh^hGZedgih Â™:Vh^ZgBdgZ:[Ă’X^ZciGZedhhZhh^dch Â™EVnbZciGZb^cYZgh<ZdodcZ Â™Cdi^Ă’XVi^dchK^V:"bV^aHBH Â™7VX`je7ViiZgn Â™GZbdiZ:c\^cZ:cVWaZ$9^hVWaZ Â™A^kZ')$,JH8jhidbZgHZgk^XZ
ADP, that shows 89 percent of senior finance executives rank compliance as a priority. However, managing compliance is becoming increasingly difficult â€“ 73 percent expect the complexity of new regulations to make the task more resource-intensive over the next two years. The CFO Research and ADP survey shows that despite increasing complexity, nearly 60 percent of senior finance executives say their compliance budget will remain stagnant or decrease in the next year.
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 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€”
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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March 18, 2013 t5
USED CAR NEWS
NextGear Capital Unveils Expanded Headquarers NextGear Capital Inc. held a ribbon-cutting ceremony to introduce the latest addition to its corporate campus. The expansion adds a second building to its Carmel operations to accommodate ongoing growth. With more than 100 people in attendance, including state and local dignitaries and industry leaders, Brian Geitner, president of NextGear Capital, dedicated the new facility, bringing the company’s total square footage of office space to more than 80,000. He also announced plans to add an additional 225 jobs over the next 18 to 24 months. NextGear Capital currently employs 200 at their Carmel headquarters and more than 400 nationwide. As keynote speaker, Indiana Gov. Mike Pence shared his excitement about the company’s growth and what it means to the state of Indiana. Manheim President Sandy Schwartz and Carmel Mayor James Brainard also spoke on what the expansion
brings to the industry and the City of Carmel, respectively. NextGear Capital also announced that Manheim Financial Services in Canada will begin operating as NextGear Capital effective immediately. In addition to enhancing service levels for dealers, NextGear Capital plans on expanding its field sales and service operations throughout Canada. This will benefit all NextGear Capital dealer customers by providing them a dedicated representative who will be available to visit them at their place of business. NextGear Capital was cre- EXPANDING HORIZON: NextGear Capital President Brian Geitner describes the floor planner’s expansion plans ated through the merger of while Indiana Governor Mike Pence looks on. The Manheim subsidiary unveiled an expansion that grew its MAFS and Dealer Services Carmel, Ind., headquarters to 80,000 square feet with plans for more growth. Corp.
State Orders Dealer to Pay off Trade-ins The Walla Walla County, Wash., Superior Court entered a preliminary injunction ordering several Northwest auto dealerships owned by Mark Gilbert
to comply with Washington dealer and consumer protection laws, requiring prompt payoff of customers’ trade-in vehicles. According to the attorney
general’s office complaint, Gilbert Auto Honda and several other Gilbert dealerships have failed to pay off buyers’ trade-in vehicles as required under both
Washington and Idaho law, resulting in some buyers being forced to make payments on both the new vehicle and their trade-ins.
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6 tMarch 18, 2013
USED CAR NEWS
Ford Issues Large Minivan Recall
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Recent recalls have ranged from the very large to the very small. Ford is recalling 230,000 minivans in 20 cold-weather states and Washington, D.C., to fix rust problems that can cause the third-row seats to come loose. The company says the recall affects Ford Freestar and Mercury Monterey minivans from the 2004 through 2007 model years. They were sold mainly in Canada and U.S. states where salt is used to clear roads in the winter. Ford said Thursday that rust can weaken the mounting brackets that hold the removable seats to the van floor. The company says no crashes or injuries have been reported from the problem. Dealers will install new seat mounting brackets, placing them outside of the area that can rust. They’ll also install panels above the rear wheels to prevent water from entering, Ford spokeswoman Kelli Felker said. Owners will be notified of the recall by letter during the last week of March. “The panels will protect that area so that it won’t get any other exposure to corrosive elements,” Felker said. The U.S. National Highway Traffic Safety Administration began investigating the vans from the 2004 model year in December, and added 2005 through 2007 to the probe in April because they all have similar seat designs. The recall covers 196,500 minivans in the U.S. and another 33,500 outside the U.S., mainly in Canada, Felker said. Vans in Connecticut, Iowa, Minnesota, Ohio, Wisconsin, Delaware, Maine, Missouri, Pennsylvania, Maryland, New Hampshire, Rhode Island, Illinois, Massachusetts, New Jersey, Vermont, Indiana, Michigan, New York, West Virginia and Washington, D.C., are being recalled. Menwhile, Subaru is recalling 47,419 model year 2010-2013 Lega-
cy and Outback vehicles equipped with an automatic or CVT transmission and an Audiovox remote engine starter (RES) accessory, certain model year 2012-2013 Impreza vehicles equipped with a CVT transmission and an Audiovox remote engine starter (RES) accessory, and certain model year 2013 XV Crosstrek vehicles equipped with a CVT transmission and an Audiovox remote engine starter (RES) accessory. If the RES fob is dropped, the fob may malfunction and randomly transmit an engine start request without pressing the button. The engine may inadvertently start and run for up to 15 minutes. The engine may continue to start and stop until the fob battery is depleted, or until the vehicle runs out of fuel. If the vehicle is parked in an enclosed area, there is a risk of carbon monoxide build-up, which may cause asphyxiation. The recall is expected to begin by the end of April. Original equipment keyless entry fobs integrated on the vehicle key are not affected. Subaru’s recall campaign number is WQF-42. Finally, US Specs is recalling one 2002 Porsche Carrera, one 1997 BMW 750IL, and two 1986 BMW 635 CSI vehicles for failing to conform to Federal Motor Vehicle Safety Standard No. 111, “Rearview Mirrors.” While performing conformity-related modifications for the U.S. market, labels with an incorrect size font were applied to the passenger side mirror. Drivers of these vehicles may not know the proximity of the objects in the passenger side mirror, increasing the risk of a crash. US Specs will correct the statement on the passenger mirror of the affected vehicles, free of charge. US Specs campaign recall number is MR101. (The Associated Press contributed to this story.)
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March 18, 2013 t7
USED CAR NEWS
Fed Cuts Hit Auto Sale FAYETTEVILLE, N.C. (AP) _ Like many who make their living in the commercial strip outside the gates of Fort Bragg, Mike Thomas is confident the $85 billion in automatic military spending cuts will hurt sales at his used car lot and rim shop. The vast majority of his customers work on the base, and smaller paychecks means less money for the four-wheel drive Jeeps, chrome wheels and window-rattling sound systems that are his specialty. While it remains too soon to measure the exact impact for small businesses that thrive on the civilians employed at the nation’s largest military posts, owners already are bracing for the damage. Pentagon officials say the automatic budget cuts that took effect March 1 will result in one-day-aweek furloughs for 800,000 civilian employees across the U.S. starting next month, resulting in a 20 percent cut to their paychecks. Soldiers’ salaries are exempt from the cuts. About 14,500 of those are at Fort Bragg, the sprawling U.S. Army base outside Fayetteville, N.C., where the commanding general announced additional cuts that include the closure of a dining hall and selected recreation centers that serve sol-
diers and their families. About 38 percent of all economic activity in the surrounding county is tied directly to military spending, a total impact of about $5.5 billion a year. Hand-painted signs at Auto Express, the shop about a half-mile from the base’s main gates where Thomas is the general manager, offer special discounts and financing for U.S. Defense Department employees. In addition to the budget cuts _ known as sequestration – deadlock in Congress could trigger a full federal shutdown later this month. Thomas expects the cuts will have an impact on his business similar to the military buildup before the 2003 invasion in Iraq, when sales dropped by about half as Bragg’s 82nd Airborne deployed overseas. ``Our business is about 90 percent military,’’ he said. “This is a military town. It is going to affect us all. When there’s a cut, people are scared to spend. I’ve yet to speak to anybody who thinks this is a good idea.’’ There are those looking on the bright side, however. Slimmer government paychecks could send more people looking for quick cash to pawn shops and payday loan businesses.
Join us for this annual event, beginning at 7:30am with a gourmet breakfast. Sales include an Early Bird Giveaway t 200+ Corvettes and 200 Classics and Specialty units t 1,000+ Ally Auto Remarketing, Avis/Budget Group, CAC, Hertz, Enterprise, TD Remarketing Services, Fleet, Lease, Rentals and Repos t 800 Dealer Consignment units For more information, please call 800.284.0034 or visit www.flintaa.com. 3711 Western Road tFlint MI 48506 800.284.0034 twww.flintaa.com
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PAGE 8 - PAYMENT ASSURANCE TECHNOLOGY
Siblings Witness Technology Industryâ€™s Evolution By Ted Craig
Ryan Schwarz and his sister, Corinne Kirkendall, started working at payment assurance provider PassTime in the late â€˜90s, performing basic tasks such as putting the early starter-interrupt devices in boxes. Of course, the boxes were much bigger then. What was cutting edge technology at the time now seems bulky. â€œWhen you talk about some of the older technologies, look at external antennas,â€? said Schwarz, PassTimeâ€™s director of corporate accounts. â€œThese were those huge block antennas that had to be laced into the device itself and then placed all around the vehicle.â€? The siblings started at the company as teens. Their father, Stan, and uncle, Jake, were the founders. But Schwarz and Kirkendale view themselves as longterm employees rather than part of the founding family. â€œIn the earlier days of PassTime, when it was a smaller operation, it had a momand-pop feel to it,â€? Schwarz said. â€œBut over the past decade, it has grown into a major corporation. Still, despite the growth of employees and sales agents nationwide and the volume of sales, we try to keep that vibe of being relaxed and close-knit.â€? Kirkendall, the firmâ€™s public relations director, said the turnover is very low. For
Photo by Barry Staver GROWING UP: Corinne Kirkendall and Ryan Schwarz came of age with the payment assurance industry. The devices have grown in acceptance among dealers and finance companies, but consumers and legislators remain wary.
example, chief operation officer Chris Macheca was one of the first hires. The companyâ€™s growth matches that of the entire industry. Schwarz said just five years ago only about 10 percent of buy-here, pay-here dealers were using payment assurance technology. â€œNow youâ€™re hard pressed to throw a stone and not hit somebody thatâ€™s using
some kind of technology,â€? Schwarz said. What has changed most is the wider acceptance among franchise dealers and finance sources. Kirkendall gives the example of credit unions, which are using payment assurance devices as they expand into consumers with credit scores below 600. Although payment assur-
ance has become something of an industry term, Schwarz prefers the term â€œautomated collection technology.â€? â€œThe focus is to remind the customer of when their payment is due, keeping them in the vehicles and the payments coming in the door,â€? he said. Kirkendall said PassTime works with its dealers and creditors to promote a posi-
tive experience for consumers. Kirkendall is involved with the Payment Assurance Technology Association. â€œOur biggest challenge is education and getting people to understand how weâ€™re helping consumers,â€? she said. â€œWeâ€™re not doing it to hurt them. Weâ€™re doing it to help them rebuild their credit.â€?
Legislators, Consumer Advocates Take Aim at Devices By Daniel Laudicina Partner, Hudson Cook P a y m e n t assurance d ev i c e s, in the Dan form of -BVEDJOB GPS and so-called â€œstarter interruptâ€? devices, are not new to our industry. Dealers and other creditors have been relying on payment assurance technology to reduce risk, bolster sales, and assist in asset recovery for the better part of the last decade. And, with t.BSDI 18, 2013
only a handful of exceptions, states have avoided direct regulation of the devices, choosing instead to regulate their use through existing laws (including right to cure, privacy, and unfair and deceptive acts and practices laws). However, there has been an increased focus on consumer financial regulation in response to the financial crisis of 2008, a crisis that was largely blamed on ineffective government oversight of consumer credit transactions (primarily in the mortgage market). That increased focus resulted in the creation of a federal watchdog, the Consumer Finan-
cial Protection Bureau, and a sharper focus by state legislatures on consumer credit financial regulation and practices those legislatures believe are ripe for abusive or unfair practices. Recently, that attention has turned to the payment assurance technology industry. For instance, on Sept. 29, 2012, California Gov. Jerry Brown signed into law AB 1447. The California law, effective on Jan. 1, was designed to provide new industry standards in response to several articles published in the Los Angeles Times
alleging bad practices the buy-here, pay-here dealers. With respect to payment assurance technology, the bill prohibits buy-here, payhere dealers from, after the sale of the vehicle, tracking the vehicle using electronic tracking devices and disabling the vehicle with starter interrupt technology unless it satisfies certain disclosure requirements. While the new law imposes requirements on dealers, it could have been much worse. As originally introduced, the bill would have completely banned the use
of starter interrupt and GPS tracking technology in vehicle financing. What followed the billâ€™s introduction, however, is an example of the type of result the industry is capable of if it keeps abreast of proposed legislation, actively engages legislators about concerns with legislation, and works with interested parties in creating a law that provides the desired consumer protection in a context that is fair and workable to the industry. Many industry members, including member comContinued on page 10
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USED CAR NEWS
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panies of the Payment Assurance Technology Association (PATA), voiced objections over provisions in the original bill and engaged in a strong effort to push the bill toward a version that, if adopted, would not outlaw the devices. Some members of PATA, for instance, joined together and provided the necessary funding to engage a California lobbying firm to represent PATA’s interests in the legislation. The bill that was ultimately enacted largely represented agreements between many interested parties, including the bill’s author, PATA, the American Civil Liberties Union, the Electronic Frontier Foundation, the Privacy Rights Clearinghouse, and Consumers for Automobile Reliability. (The ACLU, EFF and the Privacy Rights Clearinghouse all had concerns about privacy as it relates to the use of the tracking technology). Thus, while the California bill creates new obligations on dealers and creditors who use payment assurance technology, the industry scored a victory by working with those who initially proposed to ban the technology to reach a compromise that was acceptable to those involved in the process. It appears that California lawmakers remain open to additional regulation of buy-here, pay-here
– Continued from page 8 dealers and, perhaps, the payment assurance industry. In any event, we can expect other states to follow California’s lead in regulating payment assurance devices. In fact, two states have introduced bills in the current legislative session. Virginia House Bill 1981, sent to the governor for signature on Feb. 23, generally prohibits any person from installing or placing, or causing to be installed or placed, an electronic tracking device in a vehicle “through intentionally deceptive means and without consent” and using the device to track the vehicle’s location. This bill will essentially require full disclosure and agreement of the consumer to installation and use of payment assurance devices in order to avoid claims of deceit. Similarly, Illinois HB 1199 provides that a person or entity may not use an electronic tracking device to determine the location or movement of a person, but exempts situations where the registered owner, lessor, or lessee of a vehicle has consented to the use of the electronic tracking device. Again, a dealer or creditor can insulate itself from liability by making full disclosure and obtaining the consumer’s agreement to use of the device and tracking technology.
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12 tMarch 18, 2013
USED CAR NEWS
Consumers Complain About Cars
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Auto-related complaints were once again among the most common for the Federal Trade Commission. The FTC received 78,062 complaints, making the category eighth overall. Identity theft is once more the top complaint received by the Federal Trade Commission, which has released its 2012 annual report of complaints. 2012 marks the first year in which the FTC received more than 2 million complaints overall, and 369,132, or 18 percent, were related to identity theft. Of
those, more than 43 percent related to tax- or wage-related fraud. The FTC enters complaints into the Consumer Sentinel Network, a secure online database that is available to more than 2,000 civil and criminal law enforcement agencies across the country. Agencies use the data to research cases, identify victims and track possible targets. In related news, the Indiana attorney general recently announced that used car sales and service lead all fields for complaints in that state in 2012.
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USED CAR NEWS
Dealer Faces Odo Fraud Charges The Missouri attorney general filed criminal charges against a Springfield, Mo., used-car dealer for misrepresenting the true mileage on two cars he sold. Ashley Bolton, owner of Excel Auto Group, is charged with two counts of unlawful merchandising practices. The attorney generalâ€™s investigation revealed that in 2011 and 2012, Bolton misrepresented the actual mileage of vehicles being offered for sale to two different consumers. In one count, Bolton allegedly bought a car with more than
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USED CAR NEWS
Ally Objects to Fed’s Findings Ally Financial has raised objections to the Federal Reserve’s analysis of its capital adequacy for the Dodd-Frank Act Stress Test (DFAST), saying the test is “fundamentally flawed” and the analysis is “inconsistent with historical experience in the most stressed periods in (Ally’s) business.” Ally claims the Fed is using flawed assumptions that could have lasting adverse impacts on the economy, including ultimately causing banks to reduce certain key lending categories. For example, Ally believes the
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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
3/8/13 1:15 PM
18 tMarch 18, 2013
USED CAR NEWS
PEOPLE IN THE NEWS Auction Reorganizes Management
Pittsburgh Independent Auto Auction has announced several m ajor organizational changes involving its executive team. David Angelicchio has been named Chairman & CEO of Pittsburgh Independent Auto Auction. Meanwhile, Dennis Angelicchio was appointed president and Debra Dave ngelicchioAngelicchio A Jackson was appointed vice president. Company founder and NAAA Pioneer Clo Angelicchio stated, “Although I intend to be active in the business for as long as I am able, it is time to pass the torch. As we prepare to celebrate our 35th anniversary in May, I am extremely proud of the business that we have developed, and I am confident in our family’s ability to manage and continue to grow the business.”
Chase Auto Names CEO
Chase announced that Thasunda Brown Duckett has been named CEO of Auto Finance, part of Chase’s 7603 Payteck_Target UCN_2013_Layout Consumer & Community Banking1
division. Duckett previously served as national retail sales executive for Chase’s Mortgage Banking division. She succeeds Marc Sheinbaum, who has asked to pursue other opportunities. Duckett’s new role also includes oversight of Chase’s student lending business. Prior to serving in her role in mortgage banking, Duckett led mortgage’s east region sales team for three years. She previously was channel executive of bank branch integration and director of affordable lending and emerging markets. Duckett joined Chase from Fannie Mae in 2004. She has a bachelor’s degree in finance and marketing from the University of Houston and an M.B.A. from Baylor University.
Westlake Gets New CEP
Marubeni Corp. announced that effective April 1, Atsushi Suzuki will be promoted to general manager of Marubeni Automotive Department and will relocate from Westlake’s Los Angeles headquarters to Japan for his new role. Marubeni Corp. owns a 20 percent stake in Westlake Financial Services and two seats on the Westlake board. Suzuki is currently a member of the board at Westlake as well as president and CEO of Marubeni Auto Investment 1/11/13 9:24 AM(USA) Page 1Holding. Suzuki
will remain on Westlake’s board of dent of enterprise optimization for KAR Auction Services. directors after moving to Japan. Mike CaggiaEiichiro Ito will assume Suzuki’s no and Pat Sterole in Los Angeles. Ito will take the vens have been second Marubeni seat on Westlake’s promoted to the board from Nobuyuki Mokkoh, who roles of execuwill continue to support business tive vice presidevelopment of Westlake from New dent of U.S. aucYork. Mokkoh is from Marubeni tion operations. America Corp. Both will continue to report ADESA Taps Top Execs Mike directly to CEO Tom Caruso. ADESA recently filled a trio of Caggiano Caggiano, vice president positions. Stacey White who will serve as executive vice has been pro- president of ADESA’s eastern remoted to vice gion, began his remarketing career president of en- in 1985 at a Massachusetts-based terprise optimi- leasing company. He joined ADzation. ESA Boston in White most re1996 as sales cently served as manager. director of proStevens, who cess improve4UBDZ will serve as exment and cost ecutive vice presmanagement White ident of ADESA’s and was recently western region, given the additional responsibility of brings nearly the sourcing and procurement divitwo decades of sion. Pat remarketing exShe has held positions of increased Stevens perience to his responsibility since joining the team as an operational compliance audi- role. He has worked in a number of tor in May 2008. In her new role, she management positions for both ADT will continue to report directly to and ADESA, including general manDavid Vignes, executive vice presi- ager of ADESA Dallas.
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20 tMarch 18, 2013
USED CAR NEWS
RETAIL MARKETS MARYLAND
Jo e E i k e n b e r g J r. , owner, Aero Motors Inc., Baltimore, Md.: “Sales are slower than last year at this time, but increasing from the last six months of 2012. “Tax season played a bigger role in sales last year than it has so far this year. The flow to the general public from the government hasn’t been the same. “The federal jobs in the state have been very steady. We haven’t suffered the same unemployment as some Midwestern states. But that’s all a little farther from us. “In the Baltimore area, a lot of our buy-here, payhere customers have lost employment. As a result, the repossessions have been higher. “About a third of our business is in-house financing. For the rest, we work with finance companies and banks. “Their standards have become a little more relaxed. “We stock anywhere from three- to eight-year-old units. Our cars are under
$10,000, while our trucks are generally under $15,000. “We carry both domestics and imports. The split’s about even. It’s representative of the car population in general. “We have a certain profile of what we keep. It needs to have a certain mileage, a certain quality. “We keep close to 100 units on the lot. We like to average about 45 sales a month, but it varies. “The store is 60 years old, so we’ve had a chance to build it a little bit. My dad founded the business. “I’ve been here most of the time, but not all of the time. “Stocking the lot has been challenging. “There’s a lot of competition for the type of inventory we like to keep and the values have gone higher. “The quality low-end cars aren’t reasonably priced any more. They have risen considerably. “We maintain a presence on the Internet, do some direct mail and use the local trade magazines. You’ve got to keep your name out there every way you can.
Compiled by Ted Craig “Gas prices affect family income more than what we sell. We can’t change the mileage that the cars get. We do try to maintain their quality. “I can’t say we get a lot of customers coming in looking for cars that get 30 miles to a gallon. They may prefer a four-cylinder engine to a six-cylinder, but you’re not going to get somebody who needs transportation walk away from a six-cylinder engine because it gets fewer miles to the gallon. “Recent cars we sold include a 1998 Pontiac Grand Am, a 2001 Toyota Sienna, a 2002 Mustang. We’re buying cars that have two to four years of life left in them if they’re taken care of properly.”
Dirk Byers, owner, B&B Auto Sales, Brookings, S.D.: “Sales are up right now. January was a little slow because there were no tax refunds. “Also, we fight the weather here in South Dakota. Now that the refunds are
coming that’s jump started things, that’s for sure. “We’re not a buy-here, pay-here store. We’re straight retail. “But the down payments are the issue. “I have two stores, one in Brookings and one in Huron. Both are doing about the same. “The towns are 75 miles apart, but they always seem to do about the same. “We did about 20 or 25 at each store in February and we’re on pace for a better month in March. “The hard part is stocking the lot. I’m buying cars from Phoenix to Dallas to Chicago. I’m looking all over the country for cars. “I’ve got some local dealers that I buy from, but I do a lot online. “At this time of year, in Minneapolis or Fargo, it’s not nice to stand out at auction. “I’d rather sit in my office and bid on them. “I have some drivers at the auctions I buy from. I’ve got a network of a half dozen transport companies. “Otherwise, I use Central
Dispatch. “About 85 percent on my advertising is online. We use a regional site, as well as AutoTrader.com, Cars.com and Carsforsale.com. “For financing, we use a local bank along with some national and regional lenders. “We also have a couple of subprime companies that we use. “That’s been going well lately, especially on the subprime side. “They bought some deals that I thought would never get done. They’re being pretty aggressive right now. “I sell a lot of trucks and SUVs. Gas prices haven’t stopped people from a buying a three-quarter-ton pickup or a Suburban. “If that’s their need, they know what it’s going to take. They’re just going to have to spend extra money on gas. We’re four-wheel-drive country. “I stock 50 percent trucks, 30 percent SUVs and a few cars. “We recently sold an ’04 Silverado with 164,000 miles for $7,500.”
3/11/13 10:35 AM
3/7/13 11:59 AM
WHOLESALE MARKETS CONNECTICUT
Peter Saldamarco, president, Central Auto Auction, Hamden, Conn.: “We recently had our seven-year anniversary. “We have a four-lane building, but we’re operating two lanes at the moment. “We’re running between 200 and 250 cars per week. That’s up a bit up from this time last year. “Our conversion rates are around 60 percent. That’s a tad better than this time last year. “The auction draws between 125 and 150 bidders in the lanes every week. Again, that’s also up a tad. “Mostly, our dealers are coming from Connecticut. We also draw dealers from New York – Long Island, Brooklyn and the Bronx. We’ll also draw a little bit from Massachusetts, a little bit from Rhode Island and a few dealers from New Jersey. “Dealers are coming from greater distances. “The moods of dealers are good at the moment. They seem to be better than in
Compiled by Jeffrey Bellant
the past few years. “Dealer consignment makes up 70 percent of our volume. Commercial (consignors) make up 30 percent. Those include repossessions and fleet-lease. Our repos are mostly local credit unions and some national remarketers. “Repos had been slow for a while, but in the last couple of months, I’ve seen an uptick. “We’ll probably improve on the fleet-lease volumes as we get more exposure. “We also have a GSA account, which we (acquired) last year. We’re one of just two auctions in New England that have a GSA account, so that really kicked us up a notch. For a small sale to get that, it’s a feather in our cap, for sure. They are frontline ready when they leave. “Last year, we ran about 350 GSA units and this year we expect about 700 between April and November. We do marshaling for them, as well. “We run salvage and inops, though we don’t go out
of our way (to get) those units. We’ll usually have 15 to 20 units a week. “We run a charity sale once a week. That’s an absolute sale for our charity donations. That’s about 25 units per week. “Our average selling price is about $3,500, which is up a tick from last year. “We had a tough winter in that we had one really bad storm. We got 40 inches of snow. It was the deepest snow in all of New England. We were basically shut down for three or four days, missing a sale.”
Dave Angelicchio, CEO, Pennsylvania Independent Auto Auction, New Stanton, Pa.: “We’re going to celebrate our 35th anniversary on the first Tuesday in May. “We have seven lanes and we’re running all seven lanes. “Our volumes are approximately 1,100 units. “Last year was a record year for us and we’re up a little bit over that (pace), with one less sale this year (because of a holiday).
We’ve been fortunate. “Our sales percentages have been in the 70s (in early March), but we typically run 65 percent. “Over the last couple of years, the tax season has gotten a lot shorter. “There are a lot of factors for that. The buy-here, payhere (sales) are happening a lot more throughout the year. There have been delayed returns. “But the way finance is working now (typical buyhere, pay-here) customers do not have to wait until tax season. “We typically have about 600 dealers in the lanes on sale day. “In addition to Pennsylvania, we’re primarily drawing from a five-state area – Ohio, West Virginia, New York, Maryland and Virginia. But we also draw some dealers from Michigan. “Our product is a little different (than in the past). Our average vehicle price is up from what it used to be. “So we’re attracting a lot more late-model buyers. “Our average sale price is about $7,400.
“Our world changed when we (acquired) a General Motors closed sale about three years ago. That changed our dynamics a bit in term of which dealers we were attracting. “Dealers’ moods have been good lately. They say they’ve been doing well. They are paying higher prices. “During an open sale, we’re typically 70 percent dealer consignment and 30 percent commercial. We’re a little bit more commercial than we used to be. “Our GM closed sale runs every other week. The last couple of months we’ve been running 400 to 450 units per sale. “We also have a salvage sale every week. We’ll run 100. But I include damaged vehicles in that sale. “We run a GSA sale once a month. We’ll run anything from buses to sedans. Those are virtually 100 percent sales. “The (volumes) that are really short are the threeyear-old units. Those are the cars that you can sell as many as you can get. “
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End of Year 1
$55,920 End of Year 1
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3/11/13 1:56 PM
March 18, 2013 t23
USED CAR NEWS HPV UCN AD DUE 2013.03.08.ai 1 3/6/2013 4:08:55 PM
Compiled By Jeffrey Bellant
SALE CELEBRATES MILESTONE
LET’S ROLL!: Buyers at EPI El Paso scour the lot and lanes for their next frontline vehicles during the auction’s second anniversary sale in February.
EPI El Paso celebrated its second anniversary at Rosa’s Cantina with dealers and auction staff last month. Dealers joined the auction’s management and sales team at the Cantina Feb. 5 for an evening that included a catered dinner, dancing and live music from the Cronkites. The Cronkites, who hail from Spokane, Wash., have opened for The Doobie Brothers, Pat Benatar, Huey Lewis & the News and others at sister auction DAA Northwest’s annual Rock & Roll Sale. “The party gave us an opportunity to say thank you to our loyal dealer customers in a relaxing, fun environment,” said EPI’s general manager Lori Pidgeon. Dealers were at the auction Feb. 6 for the sale event. The auction ran in four lanes and featured consignment from ARI, Auto Portfolio Services, Hyundai Finance, Title Max, Westlake Financial and more. “Everyone was in a festive mood, and thanks in part to the success of this promotion, we are looking at a record-breaking month,” Pidgeon said.
Auction Supports Green Project
Manheim Seattle announced a $12,500 donation to Mountains to Sound Greenway Trust. The gift is in conjunction with the first-ever Cox Conserves Chairman’s Cup, an internal program that recognizes Manheim field locations for implementing sustainable business practices. As the program winner, Manheim Seattle was awarded $12,500 to donate to a local environmental nonprofit and selected Mountains to Sound Greenway Trust as the recipient. The donation will be used to fund community projects such as road, trail and recreational access
improvements in the Middle Fork Snoqualmie Valley and completion of a new, family-safe trail to the top of Mailbox Peak. “A gift like this really bolsters our ability to do the work at the core of our mission,” said Cynthia Welti, executive director of Mountains to Sound Greenway Trust. 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
3/11/13 4:20 PM
24 tMarch 18, 2013
USED CAR NEWS
TRUE COST OF INCENTIVES (TCI)
TMV does not include options
% Change ‘12-’13
TMV does not include options
TCI 1 2 TCI 1 2 TCI 1 2 TCI 1 2
Large Crossover SUV
% Change ‘12-’13
Large Traditional SUV
Midrange Sport Car
% Change ‘12-’13
Premium Sport Car
Compact Crossover SUV
Midsize Crossover SUV $1702
Midsize Traditional SUV
Entry Sport Car
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.
TMV does not include options
TCI 1 2
Entry Luxury Car
Entry Luxury SUV
Midrange Luxury Car $2,962
Midrange Luxury SUV $1,521
Premium Luxury Car $4,421
Premium Luxury SUV $2,934
3/8/13 3:35 PM
March 18, 2013 t25
USED CAR NEWS
Disconnected Jottings From Tony Moorby... I saw a bumper sticker the other day â€“ it said, â€˜Abstinence makes the church grow fondlersâ€™. I laughed like a drain until I realized the suffering that has been caused over the years. I hope the new Pope, who
purpose. Suppressing one of the most forceful urges in humanity invites problems. Itâ€™s a bit like trying to get rid of a bump in a carpet; you push it down and it pops up somewhere else. Maybe itâ€™s not my place to say but
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will probably have been elected by the time this goes to press, brings about some major shifts in policy. Mind you, Iâ€™m not Roman Catholic; Iâ€™m with King Henry VIII and the Church of England so, whilst I donâ€™t have a dog directly in this fight, I still believe that the Church, in general, needs to reassess its place in todayâ€™s world. Normally I would say we should have some old cornerstones to rely on; old rules that have served society well but I donâ€™t think celibacy has served any such
marriage in the priesthood would be a healthy change. Even Chaucer, in The Canterbury Tales, told of the monk keeping pins and presents in his hood to pay for his dalliances. The Vatican City is a place of deep and abiding secrets. Weâ€™ll never know the real reason for Pope Benedictâ€™s abdication. Why he should fly in the face of hundreds of years of accepted custom and practice â€“ dying in office in spite of frailties being one of them â€“ has an odor to it. Switching gears â€“ I re-
C R O S S WO R D
cently attended the CAR conference in Las Vegas. Whilst a lot of the subject matter stays pretty similar, in that, current systems and practices come under the scrutiny and microscope of the industry, itâ€™s probably a good thing. Change comes that way. Sometimes change doesnâ€™t seem quick enough â€“ I worry that our business will come into the purview of others and strip chunks of responsibility away â€“ that means revenue streams go with them. Our dexterity and agility will be put to the test and protection of old territories, like hugging a beloved teddy bear, will have to stop. Open platforms will only come with open minds. Expensively cobbling together old technologies to look like new wonâ€™t stand the tests of the industryâ€™s customers. I may be an old dog â€“ this is my 47th year in the car business â€“ but the prospects of learning all kinds of new tricks still excites me to no end. Mind you, I still believe a â€œcar noseâ€? is still a worthwhile attachment. Data is available at every level in its myriad these
days; itâ€™s the interpretation thatâ€™s important. Perhaps thatâ€™s the subject of another article, in itself. But I was listening to Steve Cortes, the commentator from CNBC, at the conference. As youâ€™d expect he was fascinating, insightful and contrarian, putting his obverse slant on a worldview. He has one of the most bullish outlooks on the short and long-term views of Americaâ€™s performance â€“ he gets my vote! He believes that American energy wealth will fuel (pardon the pun) more manufacturing growth, along with Americaâ€™s natural creative abilities to keep us independently ahead the other global efforts. China, the current darling of most economists, will stumble on its own lack of creativity and demographic deficiencies as a result of the one-child-per-family rule. Our attachment to MiddleEastern oil is lessening as we
To see past columns from Tony Moorby, log on to www.usedcarnews.com/ columnists/tony-moorby
Sponsored by INSURANCE AUTO AUCTIONS
By Miles Mellor
1. Lincoln model 3. FXX is one 7. Deep black 9. Small family car from Hyundai 10. Producer of the first high speed internal combustion engine 12. Raise your hand, at an auction 13. Comfort features for drivers and passengers 16. Dead, as an engine 17. Worcester sauce-with Perrins 20. The S in ESC 22. __ Unser
23. Chrysler engine 25. Ford crossover 26. Theory 28. A Nissan model 30. ___easter 32. Luxury car brand (2 words) 36. Owner of Bentley 37. Ripped 39. Negotiated 42. Proprietor 43. Former GM marque of small cars 44. Slides 45. Internet phone company
1. Mazda model 2. Toyota truck
speak but China doesnâ€™t, as yet, produce much of its own energy. The only frailty in Cortesâ€™ view, as far as I see it, is that China will make new geo-political alignments with the Middle East and who knows where that will lead. He made no mention of Africa either. Their mineral wealth will assure a place at any future economic table. Housing sales are on the rise and I give no credit whatsoever to the current administration for what is essentially a pent-up demand being satisfied by the banks finally taking their icy grip off the vault doors. Thatâ€™ll grow employment and demand for materials. Jobs will pay taxes and our debt repayment schedule may be shortened. Lighten up â€“ spring is in the air and lots of good things to which to look forward. Even a third of the world will get a new Pope.
3. Radiator adjunct (2 words) 4. Abbreviation for 32 across 5. R8 maker 6. Third in line in a family 7. Old and dilapidated vehicle 8. Accelerator 11. Promotional effort 14. ____ belt 15. Bill 16. Do-it-yourselferâ€™s purchase 18. Ford full-size crossover 19. The result of polishing 20. Broâ€™s opponent 21. Formal vote 22. Itâ€™s a factor in a used carâ€™s value 24. Rearview ____ 27. What an odometer reads 28. Miss after marriage
Answers to the 3/4 /13 puzzle
29. Type of league? 31. Veer off sharply 33. Web address ender 34. ___mobile 35. ___over 37. It holds gallons 38. May event, for short 40. Plural suffix 41. Negative comm
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ÛÛÝÛÛÛMarch 18, 2013
USED CAR NEWS
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