1-800-554-1026 April 6, 2015
ON THE WEB: Legislators Seek Recall Solution for Used Cars
Certification Eases Alt-Fuel Concerns
Four California lawmakers have introduced a bill that aims to somehow address the large number of recalls issued in the past year. The legislators said they will work with consumers, dealers, manufacturers and rental car companies to craft a comprehensive recall solution.
Credit Scores Create Consumer Confusion
A recent TransUnion survey reveals consumers are largely confused about what affects their credit score and what is included in their credit report. Even consumers who characterize their credit as “excellent” or “good” had trouble identifying credit report factors.
Very Large, Very Small Units Have Lowest Cost
The cheapest 2015 models to insure include two minivans, seven sport-utilities and the tiny Smart Fortwo, according to Insure.com’s annual ranking of the most and least expensive vehicles to insure.
ELECTRIC AFFINITIES: While owners of alternative-fuel vehicles might love their cars, used-car consumers remain wary. That’s why manufacturers are putting special emphasis on pre-owned certification. By Jenny King
Pre-owned certification is designed to create peace of mind for consumers. Rush - Dated Material
And that’s the key to selling used vehicle alternative powertrains. Toyota launched its certified used hybrid program
back in 2009. “We were the first to certify hybrids,” says Dave DePew, Toyota corporate manager, fleet/TRAC/
TCUV. “Our initial certified used vehicle program dates from 1996.” DePew says Toyota was Continued on page 22
Industry Holds Out Hope for Multi-Platform Selling System By Jeffrey Bellant
LAS VEGAS – Comments at a recent remarketing conference kept the dream of an industry-wide multi-platform selling system alive. Although the coalition working on MPS disbanded recently, the issue remained a hot topic of conversation at the Conference of Automotive Remarketing. Ellie Johnson, president of the National Auto Auction Association, discussed the issue during her opening address at CAR. She said auction customers continue to ask for ways to
sell used cars “more efficiently and effectively.” MPS is something that can address this need, she said. “This type of innovation is not new,” Johnson said. “Business arrangements like this have been successfully established in real estate, airline and financial services industries. “With this is mind, I am confident we will keep in mind our customers’ needs and interests front and center. (We will) be open to options that can drive future success for our industry.” Jay Cadigan, Manheim’s group vice president, brought up Continued on page 22
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3/30/15 11:35 AM
USED CAR NEWS
Regulators Crackdown on Dealership Practices The Federal Trade Commission and 32 law enforcement partners announced the results of Operation Ruse Control, a nationwide and cross-border crackdown on car dealers, encompassing 252 enforcement actions. The six new FTC cases include more than $2.6 million in monetary judgments. There were 187 enforcement actions in the U.S. since the agency’s last sweep, and 65 actions in Ontario and British Columbia, Canada. Enforcement efforts by the FTC, the U.S. Attorney’s Office in the Northern District of Alabama and other partners at the federal, state and local level in the U.S. and Canada, include both civil and criminal charges of deceptive advertising, automotive loan application fraud, odometer fraud, deceptive add-on fees, and deceptive marketing of car title loans. For the first time since receiving expanded authority over auto dealers under the Dodd-Frank Act, the FTC has taken two
auto enforcement actions involving add-ons. Payment Programs The FTC charged that National Payment Network Inc., headquartered in San Mateo, Calif., allegedly violated the FTC Act by deceptively pitching consumers an auto payment program – both online and through a network of authorized auto dealers – that it claimed would save consumers money. NPN failed to disclose that the significant fees it charged for the service often cancelled out any actual savings. The fees to enroll in National Payment Network’s program averaged $775 on a standard five-year auto loan. In a related case, the FTC alleged that Matt Blatt dealerships, with multiple locations in New Jersey, violated the FTC Act by failing to disclose or adequately disclose the fees associated with NPN’s add-on service and that many consumers would not save money overall due to the program’s significant fees. Continued on page 6
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employees who currently serve over 550 active dealers across 14 states in the Southwest and Midwest. Financial terms of the transaction were not disclosed. SWDS is an independent fullservice F&I distribution platform, founded in 1988 by Steve Alderson. SWDS currently operates eight locations, situated within the dealer markets they serve. SWDS dealers now have access to products and services across the &$)%)-' Spencer Capital Holdings Ltd. Spencer platform, including Spenhas acquired SouthWest Dealer cer Re, a reinsurance firm, and USA Services. SWDS has more than 250 Risk, an independent captive insurAuctionACCESS has added Floorplan Xpress to its floor plan network. This integration will allow auctions to view updated floor plan availability and originate floor plan transactions with Floorplan Xpress all at the click of a button. AuctionACCESS is the central credentialing authority at over 250 wholesale automotive auctions
ance provider. sumer and commercial automotive SWDS will keep its name and con- assets. tinue to operate as it has effectively done for more than 25 years. There &,$* '!#($!## '$( will be no personnel changes as a reCarMax Inc. celebrated the opensult of this transaction. ing of its first location in Brooklyn Park, which is the companyâ€™s first
""- # +' & !(!"!(store in Minnesota. Ally Financial Inc. has completed CarMaxâ€™s Brooklyn Park store is the renewal of $12.5 billion in credit now open at 6900 Lakeland Avenue facilities at both the parent company North. and at its banking subsidiary, Ally The store will stock more than 250 Bank, with a syndicate of 18 lenders. used vehicles. The secured facilities represent an The CarMax Foundation will inincrease of $1 billion from the prior vest approximately $85,000 into lines and can be used to fund con- building a community playground.
In response to the advertorial published in a recent Used Car News special advertising section titled â€œ2G Is Here to Stayâ€?, PassTime has written the following letter to the editor: The article, â€œ2G Is Here to Stayâ€?, published recently in the February 16 Technology Spotlight is misleading to customers about a topic that is already often met with confusion. The 2G sunset is happening and its effects are already being felt. Most GPS providers use GSM networks from primarily AT&T or
T-Mobile, or both. AT&Tâ€™s 2G network has been in a sunset phase and will be completely shut down by 2017. It is true that T-Mobileâ€™s 2G network does not follow the same schedule and will remain active longer. However, the impact has to do with roaming. After 2016, T-Mobile will no longer have the ability to roam on AT&Tâ€™s 2G network and T-Mobileâ€™s footprint will rely primarily on its own home network. Therefore, 2G coverage will be impacted, even if a customer is us-
ing T-Mobile. The question is, how good is T-Mobileâ€™s home network in your area, and how long will T-Mobile support that technology? PassTime began notifying its customers of the impending sunset in early 2013 and has worked hard to offer an even better alternative that is, in most cases, less expensive than 2G GSM. The nationâ€™s 2G network will not disappear on Dec. 31, 2016. However, to state that â€œ2G Is Here to Stayâ€? is misleading at best. As many customers plan on using GPS devices
for many years into the future, it is prudent to discuss this topic with your provider and find the best migration path for you. Stan Schwarz Founder & CEO, PassTime C R O S S WO R D by Myles Mellor
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
Advertising: Shannon Colby, Account Manager Megan Frump, Account Manager Marie Hingst, Account Manager
Contributing Writers: Ed Fitzgerald, Jenny King, Sheila McGrath
Circulation: Helen Thomas
Columnist: Tony Moorby
Production: Josie Godlewski, Media Manager Tim Montie, Graphic Designer
$".$ 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. OUR ADVERTISING APPROVAL POLICY 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.
Join the Conversation! Visit Used Car News online at www.usedcarnews.com or scan this QR code with your smartphone to be taken directly to the website.
3/30/15 6:07 PM
USED CAR NEWS
Remarketing Industry Honors Leaders, Pioneers By Jeffrey Bellant
LAS VEGAS – The remarketing industry honored some of its top players during the 20th annual Conference of Automotive Remarketing. Honorees included Paul Seger, of GE Fleet Services; Jay Cadigan, group vice president of Manheim; and Ricky Beggs, who recently retired from Black Book. The National Auto Auction Association also honored the Barber family, owners of State Line Auto Auction in Waverly, N.Y., with the Warren Young Fellowship award. Prior to the CAR awards, the International Automotive Remarketers Alliance held its annual meeting and gave its Circle of Excellence award to Tom Adams, president of Auction Insurance Agency. Kia’s Dave Alfonso presented Adams with his award. “Auction Insurance has been in business for 60 years,” he said, “and Tom has run it for 45 of those years.” The company provides check and title insurance,
along with a host of other services, for 370 auctions in the United States and Canada. It also spawned other companies, from AutoCheck to AuctionAccess. Adams is involved in numerous service groups and is a member of the NAAA Hall of Fame. “It’s really our organization that’s receiving this recognition,” Adams said. “It’s all of the people that we have working for us. “We are very proud to be a part of the remarketing industry – a great industry – with a great future.” GE’s Seger won the 2015 Consignor of the Year award. He has spent 25 years in the remarketing industry as a consumer and on the fleet side of the business, according to conference chairman Mike Antich, who presented the awards. “He gives back to the community and his remarketing program has raised over $1 million (for needy families) in the past nine years,” Antich said. The award is based on several criteria. Winners have to implement and encourage
Photo by Jeffrey Bellant CIRCLE OF EXCELLENCE: Tom Adams (left), president of Auction Insurance Agency, is joined by his family as he receives the Circle of Excellence award from the International Automotive Remarketers Alliance in Las Vegas.
best industry practices; create, embrace and implement industry innovation; move the industry forward with professionalism and maintain highest standards, while being willing to share expertise and skills to advance the industry. “This is a great honor,” Seger said. “I am humbled to
receive it this year.” Seger said he accepted the award on behalf of GE Fleet Services and his entire team. He also credited the partnerships he’s made with people in the industry over the years. Cadigan received the 2015 Remarketer of the Year, which recognizes someone
who reflects the same attributes as those of the consignor of the year award. “(Cadigan) started in the auction industry in 1976,” Antich said. “For 14 of those years he was a fleet-lease consignor. He spent 25 of those years in auction management.” Continued on next page
3/30/15 4:02 PM
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Matt Blatt dealerships received a commission for each of the more than 1,000 consumers they enrolled. NPN and Matt Blatt dealerships have agreed to settle the FTC charges, and under proposed consent orders are prohibited from misrepresenting that a payment program will save consumers money, unless the amount of savings is greater than the total amount of fees and costs charged in connection with the program. They also are prohibited from misrepresenting that the payment programs or their associated fees will improve, repair or otherwise affect a consumerâ€™s credit record. NPN will refund more than $1.5 million to consumers, and waive another $949,000 in fees to current customers during the fee waiver period. Matt Blatt dealerships also will pay $184,000 to the FTC as part of the settlement. The agreements are subject to public comment through April 27. Deceptive Advertising Three auto dealers, Cory Fairbanks Mazda of Longwood, Fla., Jim Burke Nissan of Birmingham, Ala., and Ross Nissan of El Monte, Calif., have agreed to settle charges that they ran deceptive ads that violated the FTC Act, and also violated the Truth in Lending Act (TILA) and/or Consumer Leasing Act (CLA). According to the FTC complaints, ads touted sales, lease or financing options that seemed attractive but were cancelled out by fine-print disclaimers. In other instances, the disclaimers did not disclose relevant terms, such as required down payments. The proposed settlements in these
actions prohibit the defendants from misrepresenting the purchase cost or any other material fact about the price, sale, financing or leasing of a vehicle. Jim Burke Nissan and Cory Fairbanks Mazda are also prohibited from representing that a discount, rebate, bonus, incentive or price is available unless it is available to all consumers or all qualifications and restrictions are clearly and conspicuously disclosed. The proposed orders also address the TILA and CLA violations by requiring the dealerships to clearly and conspicuously disclose terms required by these rules. The agreements will be subject to public comment through April 27. Auto Loan Modifications At the FTCâ€™s request, the U.S. District Court for the Southern District of Florida temporarily halted the practices of Regency Financial Services of Lake Worth, Fla., and its CEO Ivan Levy, who allegedly charged consumers upfront fees to negotiate an auto loan modification on their behalf, but then often provided nothing in return. The court also froze defendantsâ€™ assets, and last month entered a stipulated preliminary injunction order. The FTCâ€™s lawsuit filed Jan. 26 is ongoing, and the commission is seeking a permanent injunction to stop defendantsâ€™ deceptive practices and to return ill-gotten gains to consumers. According to the FTCâ€™s complaint, defendants violated the FTC Act and Telemarketing Sales Rule by misrepresenting that they would obtain auto loan modifications for consumers or provide full refunds.
â€“ Continued from prior page
Cadigan is a past president of the National Auto Auction Association. â€œIâ€™m very honored to be up here today,â€? Cadigan said. â€œI remember being one of the first consignors to go to the auction convention in 1978 with Avis. It was a very small group. Those were the people that pioneered the industry and we should all be grateful to them.â€? Beggs was then honored with the Industry Achievement award, a special honor that isnâ€™t given out annually but only for special individuals who have made a measurable impact on the industry, Antich said. The honoree must be a â€œsubject-matter expertâ€? and someone who has promoted the industry. Beggs praised the industry members in the room and his team back at Black Book and he got choked up when he thanked his wife of 38 years for her support.
Beggs, who had announced his retirement before the conference, joked that when people start receiving awards like this, itâ€™s time to retire. â€œWhat a ride itâ€™s been,â€? he said. â€œWhat a blessing itâ€™s been. Thank you very much.â€? NAAA President Ellie Johnson presented Jeff Barber, president and owner of State Line Auto Auction, with the Warren Young Fellowship award. His daughters Emily and Bethany accepted the award with him. â€œThis industry is always changing for the better,â€? Barber said. â€œItâ€™s a privilege to be a part of it. I just want to thank everybody for the recognition.â€? CAR also created a new award â€“ the Bobit Industry Icon award â€“ in honor of the late Ed Bobit, of Bobit Business Media. It was presented to his son, Ty Bobit.
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USED CAR NEWS
CFPB Releases Study Critical of Arbitration Agreements Recent moves by the Consumer Finance Protection Bureau have created concern among used-car dealers and auto finance companies. The Consumer Financial Protection Bureau released a study indicating that ar-
through class action settlements. The bureau’s report also found that more than 75 percent of consumers surveyed did not know whether they were subject to an arbitration clause in their agreements with their financial service providers,
lions of dollars in redress each year. “Now that our study has been completed, we will consider what next steps are appropriate.” The Dodd-Frank Wall Street Reform and Consumer Protection Act
“Tens of millions of consumers are covered by arbitration clauses, but few know about them or understand their impact.” Richard Cordray bitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class actions. Many buy-here, payhere dealers use these agreements to avoid classaction suits. The report found that, in the consumer finance markets studied, very few consumers individually seek relief through arbitration or the federal courts, while millions of consumers are eligible for relief each year
and fewer than 7 percent of those covered by arbitration clauses realized that the clauses restricted their ability to sue in court. “Tens of millions of consumers are covered by arbitration clauses, but few know about them or understand their impact,” said CFPB Director Richard Cordray. “Our study found that these arbitration clauses restrict consumer relief in disputes with financial companies by limiting class actions that provide mil-
mandates that the CFPB conduct a study on the use of pre-dispute arbitration clauses in consumer financial markets. The Dodd-Frank Act specifically prohibits the use of arbitration clauses in mortgage contracts. And it gives the bureau the power to issue regulations on the use of arbitration clauses in other consumer finance markets if the bureau finds that doing so is in the public interest and for the protection of consumers, and if findings
in such a rule are consistent with the results of the bureau’s study. The CFPB is also finalizing a policy for consumer complaints about financial products and services. When consumers submit a complaint to the CFPB, they now have the option to share their account of what happened in the CFPB’s public-facing Consumer Complaint Database. The CFPB is also publishing a request for information seeking public input on ways to highlight positive consumer experiences, such as by receiving consumer compliments. “Narratives humanize the problems consumers face in the marketplace,” Cordray said. The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, established the handling of consumer complaints as an integral part of the CFPB’s work. The CFPB began accepting complaints as soon as it opened its doors more than three years ago in
July 2011. It currently accepts complaints on many consumer financial products, credit reporting, money transfers, debt collection and payday loans. As of March 1, the bureau has handled 558,800 complaints, with mortgages and debt collection being the most frequent topics. In June 2012, the CFPB launched its Consumer Complaint Database, which is the nation’s largest public collection of consumer financial complaints. It includes basic, anonymous, individual-level information about the complaints received, including the date of submission, the consumer’s zip code, the relevant company, the product type, the issue the consumer is complaining about and how the company handled the complaint. The bureau is currently finalizing its consumer narrative policy after receiving and considering comments from consumer groups, trade associations, companies and individuals.
WINNER ADESA Buffalo receives 2014 Ford Auction Service Award As part of the Ford Auction Service Award Program, ADESA Buffalo earned honors as the number one closed sale in the GT group.
© 2015 ADESA, INC.
Congratulations ADESA Buffalo and the winning Ford team
3/30/15 4:59 PM
USED CAR NEWS
USED CAR NEWS 20th ANNIVERSARY TRADE PUBLICATION DELIVERS NEWS FOR TWO DECADES Pre-owned cars. No. Second-hand cars. No. Experienced cars. No. Used-cars. Yes. Chuck Thomas was not a man who put on airs. So when he decided 20 years ago to start a newspaper covering the auto auction industry, he called a spade a spade. Auto Auction Shopper/Used Car Week was born. â€œChuck was an entrepreneur at heart,â€? said his wife, Lynda, who took the paperâ€™s reins after Chuckâ€™s death in 2002. â€œChuck figured out early in his automotive journalist days that used cars, and the business of the used car business, was a nearly invisible multi-billion dol-
with the customersâ€™ schedule. Maurice Van Coillie, 90, recently honored as the oldest active used-car dealer in the country, remembers when Chuck first talked to him about a new publication for the industry.
lar industry. Yet it relied on fax machines to disseminate run lists.â€? Lynda said her husband initially envisioned a weekly shopper-type publication, but by its debut the publication was a newspaper dedicated to the used car business. â€œIt was a weekly for a short while,â€? she said, â€œuntil Chuck realized weâ€™d all keel over. Then we switched to the current first and third Monday publication schedule and changed the name to Used Car News.â€? Most factory sales were held once a month so the new publishing schedule also fit
â€œChuck would come over,â€? he said. â€œHe would rack my brain for some of the usedcar information and the industry. Since I was so close (to the newspaperâ€™s office) he would talk with me.â€? Van Coillie said Chuck would ask him his views and ideas about the industry and his business. The focus of this new publication is what piqued the interest of the used-car dealer. â€œI thought it was unique, different. There was no such thing around,â€? he said. Although there were publications for new-car dealers, there were none for
his segment. â€œI thought he had a good idea,â€? Van Coillie said. â€œHe worked hard at it and did a great job. Unfortunately, he (died) a little early.â€? Van Coillie said the newspaper and the industry have come a long way since those early days. â€œBusiness has changed so drastically,â€? he said. â€œI think they took the fun out of it.â€? Ted Craig joined the paper in 2000, and has been the managing editor since 2005. He said that starting Used Car News was an â€œaccomplishment in itself.â€? â€œYou need to look at what else was going on in the industry at the time,â€? Craig said. â€œCarMax had started in 1993 and was growing, soon to be joined by AutoNation. Franchise dealers were adding certified pre-owned programs. Manheim had bought the GE Capital auctions. ADESA had gone public and then was purchased by Minnesota Power.â€? At the time, Craig said, the subprime market had turned into a bubble â€“ and then it burst. â€œThis led to the formation of the National Automotive Finance Association. The National Alliance of Buy-Here, Pay-Here Dealers also formed in the late â€˜90s. And you had the first dedicated conference for automotive remarketing.â€? The time was right for Used Car News. â€œThe industry was entering a new phase and we
were there to tell the story,â€? Craig said. â€œOf course, thatâ€™s true of a lot of publications. There were several prominent magazines that debuted at the same time to cover the dot-com craze. The difference is that weâ€™re still here.â€? Josie Godlewski, now Used Car Newsâ€™ media manager, was with the newspaper from the beginning
â€“ in fact, she was the very first employee. â€œI first became acquainted with Chuck Thomas through my father, Sam Lafata, who at the time was general manager at Metro Detroit Auto Auction. Early on, Chuck sought his advice when deciding to venture out on his own to start an automotive publication.â€? Continued on next page
NEXT ISSUE: DEALER LIFE 08_UCN.indd 1
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USED CAR NEWS
USED CAR NEWS 20th ANNIVERSARY Godlewski remembers the early days of the paper – and the early means of producing it. “The issue was put together on what seemed like the most primitive Apple computers, but at the time it was the latest and greatest technology available,” Godlewski said. “The reporters shared and reviewed articles via Apple Talk – another now extinct networking technology.”
Lynda Thomas remembers once when an advertiser missed a deadline and the ad had to be physically delivered to the printer. “We had to buy an airplane seat for the four-color separation, then have it delivered to the printer by courier,” she said. “Of course, the printer was in a rural area some 50 miles north of Detroit, so Chuck would stand under the only street light in town to flag down the couri-
er. All of this at 1 a.m. – with a press deadline looming.” Lynda Thomas said one of the biggest industry-wide changes in the last 20 years has been consolidation. “In addition to the mostly family-owned and operated independent auto auctions, there were a number of other players,” Lynda said. “There was the 50-year-old Manheim with its 51 auctions; ADT Automotive and its 29 auctions, the Greater Auction Group, ServNet, BSC America Auction Group, ADESA and Brasher’s.” Lynda said the advent of “certified pre-owned cars” also had a major impact on the industry. “It was first introduced in mid-1995 by Mercedes-Benz and went through the lanes at select ADT Automotive auctions,” she said. Colleen Fitzgerald, general manager of Used Car News, recalls that during the early days of rapid growth, Chuck Thomas used to quote one of the most famous movie lines of all time.
“He always said, ‘We might need a bigger boat.’ “Our first web site seemed impressive at the time, but looking back on it, it was just a bunch of links to stories taken from the paper. Today we offer up-to-theminute breaking news, all in a much more visually appealing format.” In order to fund the startup of Used Car News, Chuck Thomas reached out to industry players including the auctions and several newcar dealers. Diane Barton, owner principal of C3 and former vice president at Manheim, remembers Chuck Thomas as an advocate for the wholesale auto auction business. The income from Manheim’s shares of Used Car News is deposited into an endowment that supports the the Michael P. Fisher Cardiac Intensive Care Unit at Children’s Healthcare of Atlanta. Van Coillie said he’s not surprised Used Car News is still going strong at 20.
“I think it’s a necessary publication, especially for used-car guys,” Van Coillie. “There’s information in there that helps you with your business. “But, like anything else, you have to read it.”
3/30/15 3:42 PM
FBI Offers Reward for Dealer The FBI is offering a reward of up to $20,000 for information leading to the arrest of a former used-car dealer. Afzal Khan is wanted for allegedly defrauding customers and financial institutions while he was the owner of Emporio Motor Group in Ramsey, N.J. From approximately December 2013 to September 2014, Khan allegedly obtained loans for vehicles that were never delivered, obtained loans for vehicles without proper title and issued insufficient funds checks. Khan also allegedly offered to sell vehicles on consignment and then
neither returned the vehicles nor provided any funds for the vehicle sales. One financial institution has an estimated exposure of $1.7 million in automobile loans. Additional fraudulent loans, and approximately 75 individual victims, have also been identified. A federal arrest warrant was issued for Khan on Oct. 21, 2014, by the U.S. District Court, District of New Jersey, Newark, N.J., after he was charged with wire fraud. Khan has a scar on his right arm. He has ties to and may travel to the United Arab Emirates, Canada, the United Kingdom and Pakistan.
Cops Seek Cars Stolen from Lot CHARLESTON, S.C. (AP) - Police in the Charleston area are looking for three luxury vehicles stolen recently from three dealerships. Police say the vehicles had a combined value of more than $200,000. Police have not determined whether the thefts are related. Officers told local media outlets that an Audi was taken from a Charleston dealership March 11.
They say the car was parked in front of the showroom. An employee said a key for the vehicle had been switched. Mount Pleasant officers responded to the theft of a Chevy Camaro Z-28 Coupe on March 11. That car was parked in a front lot. A Mercedes-Benz was taken from a Charleston dealer March 14. The dealers were unable to track the vehicles using electronic devices.
3/30/15 4:53 PM
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IAG_UCNhalf-V April 6.pdf
ADESA Buys Independent Sale ADESA has expanded its presence in the Pennsylvania auction market with the acquisition of Pittsburgh Independent Auto Auction in New Stanton, Pa. This location joins two other ADESA auctions in the region, ADESA Pittsburgh and ADESA PA. The 200-acre facility is located on the southwest side of Pittsburgh, near the I-70/PA Turnpike intersection. The auction offers seven fully automated auction lanes and fullservice reconditioning facilities, including a body shop and mechanical shop. Chris Angelicchio will continue as general manager of the auction. Dave Angelicchio, former National
Auto Auction Association president and CEO of the auction, will serve in a consultant capacity. ADESA also announced that its subsidiary, AutoVIN, has signed a definitive agreement to acquire the vehicle inspection business from DataScan Field Services, a JM Family Enterprises company and one of the largest automotive floor plan inventory verification and off-lease vehicle inspection companies in North America. DataScan utilizes web-based technology to perform vehicle inspection services for major auto manufacturers, financial institutions, leasing companies and warranty companies.
BMW Settles Mini Warranty Suit
BMW of North America LLC has agreed to settle Federal Trade Commission charges that its Mini division violated the Magnuson-Moss Warranty Act. The manufacturer did so by telling consumers that BMW would void their warranty unless they used Mini parts and Mini dealers to perform maintenance and repair work. In an administrative complaint, the FTC alleged that BMW, through
its Mini Division, violated a provision in the Warranty Act that prohibits companies from requiring that consumers â€“ in order to maintain their warranties â€“ use specific brands of parts or specified service centers (unless the part or service is provided to the consumer without charge). The proposed order prohibits BMW from violating the law in connection with any Mini Division good or service.
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3/30/15 9:52 AM
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Feds Bust Luxury Car Scam Get Back On The Sales Floor This Tax Season!
Three Chicago-area defendants, and a fourth defendant from Decatur, Ga., were convicted of federal bank fraud charges for fraudulently obtaining 51 luxury automobile loans totaling approximately $1.6 million without ever intending that the borrowers would purchase the high-end cars that they claimed to be buying. As a result, various credit union lenders, including Credit Union 1, Great Lakes Credit Union, Navy Federal Credit Union, Pentagon Federal Credit Union and SherwinWilliams Credit Union, incurred losses totaling at least $853,000. A jury in federal court convicted two of the four charged defendants. Two additional defendants involved in the scheme pled guilty before trial. The two men convicted at trial were Precious W. House, president of Rolling Auto Inc. of Plymouth, Ind., and XPress Automotive of Chicago, two wholesale auto dealerships that purported to be selling many of the autos. House was convicted of five counts of bank fraud. Also convicted at trial was Brian K. Hughes, 41, of Homewood, the president of Hughes Corporate Consulting. Hughes was convicted of four counts of bank fraud and one count of making false statements on
a loan application. The defendantsâ€™ sentencings were set for June. Two remaining defendants pleaded guilty. Keith B. Foster pleaded in October 2014 to one count of making false statements on a loan application. Foster was sentenced to 12 months imprisonment and has been ordered to surrender April 6. Crystal Williams, of Decatur, Ga., pleaded guilty in September 2014. According to court records, between February and November 2013, defendants House and Hughes recruited individuals seeking loans and agreed to find loans for them in exchange for a fee of 20 to 30 percent of the loan. The defendants obtained at least 36 automobile loans of the 51 total sought on behalf of the applicants, and the defendants fraudulently obtained approximately $1.12 million of the total $1.6 million for which they applied. In order to obtain the loans, the defendants made, and caused the loan applicants to make, false representations in documents such as loan applications, vehicle purchase orders, and verifications of employment. The false statements concerned the applicantsâ€™ income, employment, credit history, intent to purchase automobiles, and the existence of purchase contracts.
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Pairâ€™s Custom Cars Gain Fame SPRING GREEN, Wis. (AP) â€“ Architecture buffs flock here for Taliesin. Lovers of the Bard make the summer drive for the American Players Theatre. Gear heads come for $500,000 muscle cars equal to the quality and acclaim of Frank Lloyd Wright and Shakespeare. Mike and Jim Ring will still fix a door ding or a crumpled hood from an ill-timed deer on the family minivan at their Classic Autobody business along Highway 14. But itâ€™s the cars and custom parts built under their other business, Ringbrothers, which has led to international attention. The brothers have been building high-powered Mustangs, Camaros and other stunning vehicles for more than 20 years, and their work has donned the covers and pages of some of the biggest automotive publications. Over the past few months, the unassuming siblings have catapulted into the classic car worldâ€™s stratosphere. In November, a 1966 Chevrolet Chevelle they built for an Ohio man was named the General Motors Best in Show at the Specialty Equipment Market Association show in Las Vegas, one of the largest custom car shows in the world. Then, a few
weeks ago, the Rings and the car, dubbed â€œRecoil,â€? were featured in a nearly 24-minute YouTube episode of â€œJay Lenoâ€™s Garage.â€? â€œEverybody thinks youâ€™ve gotta be in L.A. or New York and these major markets where all the suppliers are and you guys are just about in the middle of the country,â€? Leno told the Rings. â€œThese boys up there in Wisconsin build good cars,â€? the former â€œTonight Showâ€? star later tweeted to the 65,000 followers of his Jay Lenoâ€™s Garage account. A side project to restore a junked Winnebago motor home has also drawn eyes to Ringbrothers. A video of what appears to be a tenement on wheels has gone viral over the past year with more than 5 million views. It shows the unsightly 1972 RV going from zero to 50 mph in three seconds thanks to a 900 horsepower Chevy LS 427 supercharged engine. The other surprise is the interior thatâ€™s been renovated into a rolling sports bar that includes a fireplace, big-screen television, popcorn maker and a section of floor that is glass so passengers can watch the road beneath them. â€œItâ€™s just built to go fast,â€? said Jim Ring, who believes itâ€™s the fastest RV on the planet.
3/30/15 9:54 AM
Lauren McCarthy – Public Relations & Social Media Director, McCarthy Auto Group
How did we become the industry’s leading independent finance company? By pouring our heart and soul into every relationship we create. That’s what it means to be an ally. And that dedication is what it takes to help dealers like the McCarthy Auto Group win, time and again. ally.com/driven ©2015 Ally Financial. All rights reserved. Driven by what we love is a service mark of Ally Fina ncial.
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State Says Dealer Sold Junk The Pennsylvania attorney general has filed a lawsuit against three Philadelphia-area car dealerships and their president amid allegations they sold and leased used cars at inflated prices, used deceptive business practices and sold vehicles that were not roadworthy. The lawsuit comes after the Office of Attorney Generalâ€™s Bureau of Consumer Protection investigated more than 130 complaints concerning Dean Cafiero and his businesses. The lawsuit seeks injunctive relief, restitution and penalties of up to $1,000 for every violation of the Consumer Protection Law. Cafiero is the president of Drivehere.com Inc. The lawsuit also lists him as president for Peoples Commerce Inc. and DTC Corp., which did business as Car Vision and Carvision.com. The businesses operated three dealerships in Montgomery County and Philadelphia, advertising bargain deals on used cars that targeted consumers with poor credit or no credit. The company used slogans such as â€œ$1 Drive Todayâ€? and â€œ$1 & $79 A Week.â€? Customers who did business with Cafiero and his dealerships reported various problems with the condition of vehicles, billing or credit disputes, repair issues and contract
disputes, among several other reported problems. Other complaints were made after Cafiero and his businesses allegedly omitted important details regarding contracts and warranties. One consumer reported signing documents to purchase a vehicle, only to learn later that the payments were actually to lease the car. The purchase fee was nearly triple the value of the vehicle, according to the lawsuit. In another case, a customer reported purchasing a car from Drivehere.com that required repairs the day after the initial sale. After several unsuccessful attempts to fix the car, the customer was placed in another vehicle. That vehicle also allegedly had various problems. The customer eventually took the vehicle to another car service center, where numerous problems with the vehicle were confirmed, the lawsuit alleges. The lawsuit further alleges that Cafiero and the dealerships are in violation of several sections of the Consumer Protection Law and the Automobile Regulations. The Bureau of Consumer Protection also believes there are other consumers who have not filed complaints and who may have been harmed by these alleged scams.
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Chase is your source for quality, selection and value. When youâ€™re searching for a wide variety of the right vehicles for your customers, look to a nationwide industry leader. Look to Chase. Chase is your source for: s A broad range of vehicle makes and models â€” from economy to luxury â€” upstream and through preferred auctions nationwide. s Convenient online and in-lane vehicle availability with on-site Chase remarketers. Put Chase to work for you. Visit ADESA.com and Manheim.com. Your Source. Chase. 2
Subaru, the Subaru logo, and Subaru Motors Finance are trademarks of Subaru of America, Inc. (â€œSubaruâ€?) and any use by Chase Bank USA, N.A. (â€œChase USAâ€?) and JPMorgan Chase Bank, N.A. (â€œChaseâ€?) is under license. Retail / Loan accounts are owned by either Chase or Chase USA and lease accounts are owned by Chase. 2 Jaguar and Land Rover, their respective logos, and the financial group names (Jaguar Financial Group and Land Rover Financial Group) are trademarks of Jaguar and/or Land Rover and any use by Chase is under license. Retail/Loan and lease accounts are owned by Chase. 3 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 Chase. Retail/Loan and lease accounts are owned by Chase. ÂŠ 2014 JPMorgan Chase Bank, N.A. Member FDIC. All rights reserved. (14-221) 06/14 1
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â€“ Continued from page 1
responding to increased consumer awareness of hybrids and their subsequent popularity. Toyota appears to be the only major manufacturer to have a certified program specific to hybrids. Teslaâ€™s recent decision to offer certified pre-owned cars includes marketing that reminds potential buyers that the electric powertrain in a Tesla Roadster propels the car from 0 to 60 mph in under four seconds. â€œNow you can experience this thrill with a certified pre-owned Roadster directly from Tesla,â€? the company says. Nissan, Infiniti, Lexus, Ford and Honda certify qualifying hybrids, though they do not have separate programs for these vehicles: their hybrids are folded into participating dealer inventories of gas-powered certified used cars. Nissan North America says its first Altima Hybrid bowed in 2007, making HEVs available as part of Nissanâ€™s certified pre-owned program from the time the first Altima Hybrid showed up as a used vehicle. Leaf was added to the CPO program in September 2013, Nissan says. All certification programs, whether for gas-powered or altfuel vehicles, include age and mileage requirements and extensive vehicle inspections. Nissan says its certification for 3:44 PM hybrids is similar to non-hybrid vehicles: the parameters are that the vehicle must have accrued less than 80,000 miles and be no more than six years from its original in-service date. All vehicles, including hybrids, must go through a 167-point inspection system, with seven of the inspection items dedicated exclusively to hybrids. Beyond the typical 167 point system, Leaf requires a supplemental inspection on 15 additional items and its battery must have at least nine bars of capacity as shown on the battery capacity gauge.
â€“ Continued from page 1
MPS when he accepted the 2015 Remarketer of the Year award. â€œAs you know, over the past year Iâ€™ve been working really hard on MPS,â€? he said. â€œIt has its pros and cons. I think about the pioneers of the industry and what they have done. Iâ€™d like to thank the industry partners that have worked with me (on this).â€? He admitted the process has hit an impasse, but he doesnâ€™t want the industry to give up on the issue. â€œI would urge everybody to roll up your shirt sleeves and move forward,â€? he said. â€œBecause if we donâ€™t do it, someone else will.â€? Lynn Weaver, general manager of Americaâ€™s Harrisburg Auto Auction,
Nissan, which reported sales of 751 certified used hybrids (primarily Leafs) in 2014 and 356 in 2013, offers the same warranty on its certified hybrids as it does on its gas-powered vehicles: 7 years/100,000 miles. Teslaâ€™s extended warranty for certified pre-owned Roadsters is 37 months/37,000 miles. The company says its seven-hour certification inspection covers 214 points. Honda, Infiniti, Ford and Lexus include certified pre-owned hybrids in their wider certification programs. Lexus starts its certified used warranty at the time of purchase. â€œIt is valid for three years or 100,000 total vehicle miles from your date of purchase, whichever comes first,â€? says Lexus spokesperson Allison Takahashi. Lexus dealers, all of whom participate, sold 8,776 certified used Lexus vehicles in 2014 and 8,216 in 2013, she says. Do shoppers care whether a preowned hybrid is factory-certified or not? â€œFamilies who have bought here for years are not as concerned about certified,â€? says Bill Brooks at Charles Maund Toyota in Austin, Texas. Maund Toyota was among Toyotaâ€™s top certified used hybrid dealers in 2014. The dealershipâ€™s website in late March featured five certified among nine used Priuses. All used cars are inspected, Brooks says. â€œA customer should expect to pay more for a certified car because we have higher internal costs.â€? Toyotaâ€™s DePew says there are 174 inspection points for certifying a hybrid compared with 160 for gaspowered vehicles. Brooks adds that the fluctuating pump price of gas makes it more difficult to price a used hybrid. Some potential buyers are influenced by higher gas prices.
also expressed hope for an MPS in the future. â€œMulti-platform is a great idea,â€? Weaver said. â€œI think the industry has to get the politics behind the scenes resolved. It has to be an industry product, so that everyone is equally participating.â€? He said one idea that has floated in the background involves autoIMS. â€œThe way to do (MPS) is to funnel it, house it and maintain it through autoIMS in Atlanta.â€? He said the industry owns that product and it already has the condition reports, pictures and conduit. â€œEverythingâ€™s right there,â€? Weaver said.
3/30/15 4:43 PM
USED CAR NEWS
PEOPLE IN THE NEWS Black Book Taps Tech Exec
to continually enhance our Black Book has named market-leading products to Laird Popkin as its chief meet the needs of our custechnology officer and se- tomers.” nior vice president, effective Auction Hires Former Dealer immediately. Bill McCroskey has joined In this newly created role, Popkin has responsibility the sales team at Plaza Auto for all product development Auction of Iowa. McCroskey comes to the and IT operations for the entire group, which includes auction with extensive autoNational Auto Research, motive experience, includVeretech Holdings Inc., and ing ownership of a General Motors dealership. Canadian Black Book. “The market is off to a Popkin joins Black Book from Kaplan Inc., where he great start in 2015, and we’re was chief enterprise archi- in the fortunate position of tect. He has more than 25 adding to our staff so that years of technology manage- we can service our growing customer base,” said Plaza ment experience. “Laird is the ideal choice owner Mark Greb. to help drive Black Book’s IT and product initiatives Rockford Auto Auction Adds as we continue to lever- National Sales Manager The Greater Rockford age technology capabilities Auto Auction announced and innovations and create breakthrough products and that John Smith is its new services for the automotive national sales manager, reindustry,” said Tom Cross, sponsible for overseeing president of Black Book. sales and marketing efforts. “Laird’s technical expertise, Smith comes to GRAA with passion for technology, and over 22 years of experience operational excellence will in the auction industry, most help us in our commitment recently as general manager
of Manheim New Mexico before leaving Manheim in 2011. Smith then went on to own an AAMCO Transmission shop as well as partner with an independent dealership in Albuquerque.
Dent Wizard Promotes Sales Director
Dent Wizard International recently promoted Jessica Stone to director of sales for Mint, Dent Wizard’s onsite repair service program for dealership service drives. Stone was previously the company’s regional business development manager for the Southeast territory. Stone will work with the Mint team to develop additional sales opportunities and increase the number of Mint locations. She will report to Lindsey Bird, Dent Wizard’s vice president of aftersales. Stone has been with Dent Wizard in various sales capacities since 2004. Dent Wizard International also recently added Kaylene Cohen as Midsouth regional business develop-
ment manager. Cohen will manage and expand Dent Wizard’s business in Arkansas, Colorado, Kansas, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, Texas and Utah. Cohen will work from her office in Chesterfield, Mo. She will report to Addison Thomas, Dent Wizard’s regional vice president of Midsouth. Cohen’s experience in the automotive business includes serving as general manager at Plaza Motors in St. Louis (Audi, Porsche, Land Rover and Cadillac), general manager at Mercedes Benz-Progress Point in Weldon Spring, Mo., and brand manager for Aston Martin. “Kaylene understands the return on investment and value associated with reducing the number of days that vehicles are not fully reconditioned and ready for the front line, which will certainly benefit our clients,” added Mike Black, Dent Wizard’s chief operating of-
ficer. “She brings a wealth of knowledge, and is committed to creating win-win scenarios for our dealers and Dent Wizard.”
AFC Names VP of Operations
Automotive Finance Corp. announced that Johnny Shroyer has been promoted to vice president of operations, west division. Shroyer will report directly to Joe Keadle, senior vice president of operations. Shroyer joined AFC in 2010 as regional manager. In his new role, Shroyer is responsible for managing, directing and coordinating all AFC field operations in the west division. With more than 20 years of experience, Shroyer brings a wealth of knowledge and insight gleaned from a wide variety of positions in the financial services and automotive industries. Prior to joining AFC, Shroyer was with Reynolds and Reynolds, HSBC Bank of North America and Capital One Auto Finance.
3/30/15 10:02 AM
Mike Bonicelli, president, Nevada Auto Sales, Colorado Springs, Colo.: â€œWeâ€™ve been here 47 years. My father and I started it. Itâ€™s just one location. â€œI carry 125 cars. â€œWeâ€™re selling 50 to 60 units per month. Thatâ€™s pretty close to this time last year. â€œWeâ€™ll see an increase in sales during tax time. We do the anticipation tax returns starting in November. But our true tax season is from January through the first part of March. â€œWe get most of our vehicles out of the auctions. We also get a few off the street. â€œWeâ€™re probably 70 percent buy-here, pay-here. The other 30 percent is split between subprime and prime. â€œI know a lot of dealers have gotten pretty strong into subprime, but weâ€™ve decided to stay with a majority of our business in buy-here, pay-here. â€œThe average down pay-
ment is about 10 percent (of retail price). Thatâ€™s whatâ€™s required. The average term length is 42 months. We donâ€™t want to do anything over 48 months. â€œThe average model year is 2007. Our average mileage is right around 100,000. â€œWe carry SUVs, fourwheel drive pickups, domestics â€“ we have a pretty good selection of all makes and models. The SUVs are probably the strongest. â€œOur retail prices vary all the way from $7,000 up to $20,000. The average would be about $12,000. â€œWeâ€™re pushing $1,000 per unit for reconditioning. Thatâ€™s up from last year. â€œWe have a warranty and we offer service contracts. The warranty is for 30 days or 1,000 miles. â€œWe donâ€™t have a service shop. We have five outside vendors that we use. â€œOur website is actually CrazyHerman.com. â€˜Crazy Hermanâ€™ is a person who worked for me for 26 years and retired in 2010. He still
THEYâ€™LL KEEP CHARMING YOU IF YOU KEEP LETTING THEM.
does participate with us in all of our advertising, from commercials to appearances. â€œIn December, we won the Colorado Quality Dealer Award from the Colorado Independent Automobile Dealers Association. This was actually our second time. We also won in 1993. â€œWe recently sold a yellow 2012 Chevrolet Camaro. It had 30,000 miles. We sold that for $18,995. â€œWe actually think 2015 will be a good year. Weâ€™re excited about it. We havenâ€™t slowed down.â€?
Mike Caudill, president, Time Auto Sales, Walton, Ky.: â€œI can track our dealership back to 1963 through a newspaper in our office. But I believe we started in 1958. My dad started it. â€œWe have two locations in Kentucky. One is in Walton and one in Latonia. The only difference between the two stores is that my Latonia store, which carries
" #&$& !% about 30 cars, sells all of the cash cars â€“ anything from $1,500 to $3,000. â€œIn total, we carry between 150 and 175 cars at the two stores.. We sell 600 cars a year. Thatâ€™s a combination of credit and cash cars. â€œWe get all of our cars from auctions, primarily ADESA and Manheim. â€œWe sell 90 percent buyhere, pay-here and 10 percent cash deals. No outside financing. â€œThe average down payment is probably $820. The average term length is probably 26 to 28 months. â€œThe retail price is about $8,495 on average. â€œThe average model year is 2005 and mileage on cars is probably 120,000 to 130,000. Itâ€™s about 150,000 on trucks. Thatâ€™s the same as this time last year; itâ€™s just harder to get those cars. â€œNinety-nine percent of my (cars) are domestic. â€œProbably 75 percent are cars, 20 percent SUVs and 5 percent trucks.
â€œAverage reconditioning is $700. Itâ€™s gone up probably $100 from last year. The cars are more challenging (to recondition). â€œFor advertising, we do TV, radio and we do print through a couple of local newspapers. In the wintertime, I can do more print and TV because people are at home. In summertime, I do more radio. â€œThis was a particularly brutal winter, as far as the snow. Tax time was terrible this year. It went from Feb. 15 to March 5. For the first time, we (offered tax preparation service). We didnâ€™t have one person come in to do their taxes. â€œWe have so many Jackson-Hewitts, H&R Blocks and other independents, that (it hurt us). â€œIâ€™ve been in finance my whole life. But itâ€™s going to be a tough sell this year. Weâ€™re going to be making weaker deals with weaker people. So the goal is to try and buy less expensive cars.â€?
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3/30/15 3:23 PM
USED CAR NEWS
WHOLESALE MARKETS CONNECTICUT
Peter Saldamarco, president/general manager, Central Auto Auction, Hamden, Conn.: “We just had our nineyear anniversary on Feb. 26. We had to celebrate a week late because of snow. “It was a tough winter. It was late, though. We were halfway through January and never needed (plow) trucks out. We thought we were going to get a pass. Then it came and it was non-stop for seven weeks. “We just opened our third lane in January. We have capacity for four lanes, but we had been running two based on volume. “So we’re now running three lanes for the first time. It’s just normal growth over nine years. Our reputation is being solidified. We have a GSA account and we’re doing quite well with that. Other smaller lease companies have tagged on with that. We’re starting to make our mark. “We run over 300 cars
every week and we’ve been selling roughly 60 percent. Volumes are up maybe 10 percent from last year. “Our (percentage of dealer consignment to commercial) is about 70 to 30. We’re making some good inroads into commercial consignment. It’s too soon to tell (how much fleet/ lease consignment is coming back into the market). The weather has been so bad and so disruptive, that I really can’t get a good read on it at the moment. “GSA is a big consignor and we do business with a bunch of charity donation vehicles. We work with VRS out of Chicago, FLD and several mid-tier repo companies. It’s been steady, maybe up a tick. “It seems dealers have been doing well. Our sales percentages were up despite the weather. “Prices have been up considerably. My average price is $3,800. If you factor in the GSA, that goes up higher. “We run the GSA monthly
on the third Tuesday. Generally, the (GSA units) run from April to November. “On those days, we kick the sale off at the normal 10:30 start time, but start off with the GSA (units). Of course, that’s open to the public. For the most part those are passenger vehicles. But we also get a lot of lighter trucks, because our next-door neighbor is Amtrak. The Cedar Hill Rail Yard in New Haven New is one of the biggest railroad yards in the country. “This is our fourth year selling GSA. Our percentages are good and our performance is good. We’re the No. 1 auction in the U.S. for days to sale, so that gives me some bragging rights (with GSA). “We’re looking good for 2015. Along with the third lane we’ve got a lot of expansion going on. “We’re opening up about an acre in the back of our property. That should give us the ability to increase our volume a bit.”
Lynn Weaver, general manager, America’s Harrisburg Auto Auction, Mechanicsburg, Pa.: “We were bought by America’s Auto Auction Inc., out of Dallas, in midDecember. It’s been fantastic. It’s an unbelievably supportive group. They provide us with a lot of support, from IT to human resources and legal. “It’s been a huge benefit. All of our employees are enthusiastic and on board. All of our dealers love it because it’s the same as it’s always been. Nothing’s changed except the name. Our staff is all still there. “We’re starting our 35th year. “We have six lanes, but we run all day long. We start with two lanes in the morning for our in-ops and as-is sales. Then we go to six lanes for our dealer consignment sales and follow that up by running three lease lanes. So we’re actually running 11 lanes when
Compiled by Jeffrey Bellant you add them all up. “Volumes have been off a bit, but that’s because of the weather in the Northeast. But we had a great sale March 12 and a great sale March 19. “Average volumes are around 1,800. Percentages are about 65 percent on average for the year. “With our relationship with America’s Auto Auction Inc., we’ve had quite a few new dealers added (to our roster). “About 20 to 25 percent is non-dealer consignment. “Our average price overall is right around the $6,000 mark. “Each month we run a truck sale with everything from commercial pickup trucks to bucket trucks, box trucks and up to semis and everything else. We’ll run about 50. “I keep hearing about all of these cars coming back from off-lease and repossessions, but our consignment has been off a bit. It’s good, but not great.”
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3/30/15 11:26 AM
MONTHLY DEALER CONSIGNMENT AVERAGES AVG. SALE PRICE
COMPACT CAR JAN 2015 FEB 2015 YTD AVG:
$5,631.14 $5,759.20 $5,694.64
FULLSIZE CAR JAN 2015 FEB 2015 YTD AVG:
$4,266.43 $4,007.15 $4,132.97
LUXURY CAR JAN 2015 FEB 2015 YTD AVG:
$12,358.68 $11,594.12 $11,991.56
MIDSIZE CAR JAN 2015 FEB 2015 YTD AVG:
$6,156.28 $6,212.17 $6,184.82
PICKUP JAN 2015 FEB 2015 YTD AVG:
$13,878.18 $14,161.57 $14,018.50
SPORTS CAR JAN 2015 FEB 2015 YTD AVG:
JAN 2015 FEB 2015 YTD AVG:
JAN 2015 FEB 2015 YTD AVG:
100115.17 100456.35 100284.36
108603.77 113913.78 111336.91
95855.74 99204.58 97463.75
108797.20 109112.74 108958.31
111274.07 110365.85 110824.36
$15,325.31 $15,460.39 $15,391.83
79694.87 79582.10 79639.33
$11,557.37 $11,242.83 $11,402.55
105667.94 108481.68 107052.90
$6,422.31 $6,415.25 $6,418.74
118407.31 120365.45 119398.09
CURRENT YTD, THROUGH FEBRUARY 2015
SOURCE: MANHEIM CONSULTING
3/30/15 11:35 AM
TRUE COST OF INCENTIVES (TCI) February-14
TCI $1,678 1 $14,835 2 $12,390 3 $11,231 4 $10,165 5 $7,994
Subcompact Car TCI $1,297 1 $13,260 2 $10,942 3 $10,133 4 $8,384 5 $6,904
TCI $2,348 1 $17,975 2 $13,358 3 $13,152 4 $11,325 5 $9,448
TCI $3,063 1 $19,472 2 $17,449 3 $15,031 4 $12,115 5 $10,018
$1,881 12.10% $13,338 -10.09% $12,568 1.44% $11,208 -0.20% $10,001 -1.61% $8,220 2.83% $1,070 -17.50% $12,469 -5.97% $11,166 2.05% $10,200 0.66% $9,119 8.77% $7,260 5.16% $2,399 2.17% $16,874 -6.13% $14,711 10.13% $12,943 -1.59% $11,174 -1.33% $9,580 1.40% $3,227 5.35% $21,681 11.34% $16,168 -7.34% $14,455 -3.83% $13,059 7.79% $10,687 6.68%
Compact Crossover Suv TCI $1,454 1 $18,942 2 $16,207 3 $14,884 4 $12,836 5 $10,595
% Change ‘14-’15
$1,584 $18,665 $17,413 $15,473 $13,132 $11,245
8.94% -1.46% 7.44% 3.96% 2.31% 6.13%
Entry Luxury Car
TCI $557 1 $22,343 2 $19,433 3 $17,120 4 $14,824 5 $13,512
TCI $3,751 1 $28,548 2 $25,094 3 $22,922 4 $19,967 5 $17,361
TCI $2,742 1 $21,464 2 $17,342 3 $19,247 4 $13,022 5 $10,546
TCI $1,804 1 $20,477 2 $17,036 3 $15,273 4 $11,229 5 $10,482
$2,310 -31.51% $34,510 -4.63% $31,200 -0.24% $27,221 -2.12% $24,768 2.53% $21,438 12.14% $795 42.73% $22,027 -1.41% $20,781 6.94% $18,974 10.83% $16,049 8.26% $14,388 6.48% $3,839 $28,423 $26,151 $24,380 $20,951 $18,150
$1,592 -11.75% $20,791 1.53% $19,565 14.85% $16,277 6.57% $14,599 30.01% $10,904 4.03%
Midrange Sport Car
$2,098 19.82% $27,580 0.48% $24,183 2.88% $21,917 -1.67% $19,688 15.04% $16,151 22.38%
Large Crossover Suv TCI $3,097 1 $23,428 2 $24,086 3 $20,998 4 $16,692 5 $13,726
$3,559 14.92% $27,310 16.57% $23,352 -3.05% $20,243 -3.60% $17,586 5.36% $14,066 2.48%
TCI $2,072 1 $22,266 2 $20,416 3 $18,844 4 $17,708 5 $14,056 TCI $1,294 1 $44,007 2 $37,760 3 $32,246 4 $27,742 5 $25,097
2.35% -0.44% 4.21% 6.36% 4.93% 4.54%
$2,159 -21.26% $20,221 -5.79% $19,356 11.61% $18,157 -5.66% $15,350 17.88% $11,072 4.99%
Midsize Traditional Suv TCI $1,751 1 $27,449 2 $23,507 3 $22,289 4 $17,114 5 $13,197
Premium Sport Car
TCI $3,373 1 $36,185 2 $31,274 3 $27,810 4 $24,157 5 $19,117
Entry Sport Car
$2,823 18.81% $20,723 -4.35% $20,284 2.07% $18,519 2.97% $15,067 1.33% $12,445 -2.68%
Large Traditional Suv
Midsize Crossover Suv TCI $2,376 1 $21,666 2 $19,872 3 $17,984 4 $14,869 5 $12,788
% Change ‘14-’15
$1,254 -39.48% $23,300 4.64% $19,546 -4.26% $17,848 -5.29% $16,956 -4.25% $15,595 10.95% $1,647 27.28% $48,709 10.68% $37,953 0.51% $31,993 -0.78% $30,185 8.81% $25,611 2.05%
TCI $2,439 1 $79,896 2 $68,312 3 $61,733 4 $45,165 5 $42,937 TCI $3,045 1 $28,802 2 $23,485 3 $21,606 4 $17,925 5 $15,231
$1,802 -26.12% $79,249 -0.81% $72,628 6.32% $56,523 -8.44% $55,357 22.57% $43,906 2.26% $2,623 -13.86% $29,369 1.97% $24,423 3.99% $20,721 -4.10% $18,700 4.32% $14,814 -2.74%
Entry Luxury Suv TCI $2,067 1 $32,174 2 $27,952 3 $25,276 4 $21,285 5 $17,330
% Change ‘14-’15
$2,110 $33,098 $28,793 $24,830 $21,765 $18,420
2.08% 2.87% 3.01% -1.76% 2.26% 6.29%
Midrange Luxury Car TCI $3,399 1 $40,493 2 $35,235 3 $32,275 4 $23,860 5 $17,883
$2,822 -16.98% $41,567 2.65% $35,026 -0.59% $30,527 -5.42% $25,848 8.33% $19,405 8.51%
Midrange Luxury Suv TCI $1,454 1 $42,046 2 $40,939 3 $33,306 4 $28,438 5 $23,808
$1,328 -8.67% $47,500 12.97% $41,319 0.93% $34,645 4.02% $28,085 -1.24% $23,247 -2.36%
Premium Luxury Car TCI $2,516 1 $65,344 2 $55,332 3 $47,578 4 $37,497 5 $30,595
$3,051 21.26% $65,467 0.19% $55,893 1.01% $43,344 -8.90% $40,003 6.68% $31,354 2.48%
Premium Luxury Suv TCI $3,219 1 $58,471 2 $46,455 3 $42,487 4 $34,444 5 $27,719
$1,619 -49.70% $70,743 20.99% $53,591 15.36% $41,876 -1.44% $35,171 2.11% $28,432 2.57%
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.
3/30/15 11:36 AM
DISCONNECTED JOTTINGS FROM Bill Clinton was in the White House, Mexico had just received a $20 billion aid program from the U.S., American astronauts
joined the Russian MIR space station, and Tokyo suffered a terrorist attack from Aum Shinrikyo, gassing their subway system. O. J. Simpson was put on trial for murder, Bosnia and Croatia were at war, the Million Man March went to Washington, D.C., Timothy McVeigh bombed the Federal building in Oklahoma City and Yitzhak Rabin was slain by a Jewish extremist. Pope
John Paul II came to visit and the Rwandan massacres claimed the lives of some 2,500 unfortunates. Itâ€™s hard to imagine that this publication debuted 20 years ago and how much history has been compressed into that short time. In 1995 I was executive vice president of ADT Automotive, a successful auto auction business, still learning from my boss, Mike Richardson. We were good marketers and liked to be recognized as innovative market leaders and for that, we realized that a good, solid relationship with the press was important. Not too many publications concentrated on used-car activities â€“ sure, there were the National Independent Automobile Dealers Association magazines along with their state-sponsored counterparts â€“ but they didnâ€™t carry the sense of up-to-theminute news that a newspaper can when itâ€™s expressing a feeling of urgency. Automotive News, after
C R O S S WO R D
much cajoling and advertising expenditure, were persuaded to carry a section relating to used cars and so, once a month a few column inches were devoted to covering important matters and data about a growing segment of interest to their constituents, the new-car dealers and manufacturers. Back in the early â€˜90s, the fellow that covered the used-car beat was Chuck Thomas. Being the one responsible for media relations, it fell to me to deal with this new character on the circuit. At first, I didnâ€™t like him. He was gritty, pushy and had a way of posing questions that came across as nosy and loaded with accusation. He posited that auctions were the lowest end of the used-car redistribution channel, enabling â€œclockersâ€? and title washers to find new markets. We had just been responsible for backing the Truth-in-Mileage Act at great expense, funding lobbyists to ensure its passage.
Across 1. Three-row SUV from Honda 4. British car company that made the Bulldog and the Sumo 9. Had a burger 11. Superheroâ€™s ___mobile 12. Porsche roadster 13. Muskâ€™s electric model 16. Type of welder 17. Initials of the maker of the Milano and Sprint 18. Itâ€™s a series of items 20. Emil Jellinekâ€™s daughter - whose name was given to a luxury car brand 24. Subject of study for an auto designer, abbr. 26. French for friend
28. Places where you can fill up the tank (2 words) 30. Employerâ€™s tax number description, abbreviation 31. Detroit player 33. South Korean phone maker 34. Org that controls emissions 36. Part of a wheel 38. Nissan sedan 40. Intersect 42. St Paulâ€™s state 43. Conclusion 45. Mercedes rival 46. Kind of engine originally produced by Saab 47. New 49. Cadillac luxury car produced up to 2002, goes with 44 down 51. Auto aka 53. Griffith or Tuscan 54. Summit or Talon 58. Hondaâ€™s luxury marque 59. Come together 60. Lotus model 62. Car color that reportedly attracts highway patrol attention 63. VW compact car (one of its options) 64. Chinese basketball giant
Chuck posed a challenge as a disbeliever or an opportunity to create a convert and help carry the industryâ€™s message to the wider audience from manufacturers to the retail public. We spent a lot of time together. He had an insatiable curiosity, a natural trait for his calling, and I wanted to tame this tiger that could just as easily malign an industry as flaunt its progress. He came to like us and softened a little. As interest grew, so did his appreciation of a side of the business that helped move millions and millions of vehicles each year. His fascination turned to frustration at not getting enough space to tell the full story â€“ dinner conversations turned to â€œwhat ifâ€Śâ€? discussions. Like a wolf in sheepâ€™s clothing he was a capitalist in a leftist Democratic disguise! He was convinced that a newspaper, solely dedicated to used cars and the business
of used cars, could be successful and have sufficient interest to readers and advertisers, alike. The trouble was that he didnâ€™t have enough money and like any good, budding American businessman, he knocked on a lot of doors and found investors â€“ friends in the business, including some auction investors. It was an easy decision for us back then. We needed the voice and he had a bellyful of enthusiastic fire to stoke and keep him going. He did a great job covering the news and feverishly pursued a place in the automotive media. At 55 years old and only seven years into his new game, Chuck died of esophageal cancer so quickly, it was a shock to the industry. On his path to success, he had cultivated and shared his recipe with a small group of devotees, headed by his widow, Lynda, who still today keep the presses running and affording me a voice. Hereâ€™s to the next 20.
Sponsored by INSURANCE AUTO AUCTIONS
By Miles Mellor
NOTE; THIS IS A CORRECTED REPRINT OF THE 3/16 CROSSWORD PUZZLE
Down 1. Distinguished car color (2 words) 2. One of the top rated luxury sedans from 2013 3. Owner of Jaguar 4. The P in APR 5. Car storage area 6. Running backs, for short 7. Business degree 8. 827 or Bullet 10. Period of a loan 14. Time just before 15. Iacocca first name 19. ___ hurry (2 words) 21. Radiator fluid 22. Classic marque created by Walter Chrysler 23. Engineersâ€™ org. 25. Driving (3 words) 27. Mercury sedan 29. Nothing 32. Symbol for nickel 35. Traffic light color 37. State where the Jazz play 39. Mariner is one of their models 41. They handle the medical side of accidents, abbr. 42. Northeastern state 44. Goes with 49 across 46. Luxury model, for short
47. Measurement of distance 48. Campers, for short 50. Freeway division 52. Physical location 55. Nickname of a â€˜36 political contender 56. Pioneer guitar producer Paul 57. Manning from NY 59. Start! 61. High grades
Answers to the 3/2/15 puzzle A
O W S
A W D G
Answers to this puzzle in the 4/20/15 issue. Call 1.800.794.0760 for a FREE subscription.
3/30/15 6:08 PM
USED CAR NEWS
"# ! $
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CLASSIFIEDS 3/30/15 11:47 AM
AROUND THE BLOCK
Mascot Baseball Returns to Auction
Bose surround sound system, ADESA Phoenix invited a speand much more. cial guest - Arizona DiamondThe Caring portion of the backs mascot, Baxter - to the sale featured a donation of over auctionâ€™s Spring Training Sale $3,000 to Shriners Hospital for recently. Children. Baxter, who has attended This donation came from the auction before, got the money raised through 50/50 drawcrowd excited about the dayâ€™s ings and an auction contribution events. for every transaction made over He interacted with dealers, the previous five weeks. handed out hats and helped with â€œIt was a perfect day for sellthe early bird baseball throw. ing cars, giving away prizes General Manager Ryan Edwards and helping a great organizarandomly selected bid badge tion like Shriners Hospital for numbers and gave those dealers Children,â€? said Bill McCready, the option of receiving tickets to auction vice president. spring training games or throwâ€œThe great 80-degree weathing a baseball through a tire to CHECK FOR CHILDREN: Bill McCready (left), auction vice president, presents a donation er we had was just one more win a $1,500 jackpot. from Southeastern Auto Auction of Savannah to a representative of the Shriners Hospital Dealers chose to have Baxter reason to smile. for Children during the auctionâ€™s recent Cars, Cash & Caring sale. throw the baseballs for the cash â€œI want to thank everyone, Southeastern Auto Auction of ers in attendance. prize. Unfortunately, the mascot especially our generous and failed in his attempts. Savannah held its Cars, Cash & The Cash portion of the caring dealers, for helping to The cash prize then rolled over Caring Sale March 4. sale featured $30,000 in cash raise this amount of money for the cash for a future sale. The Cars portion of the sale and prizes that were given children in need.â€? featured a record-breaking away after the sale including We invite news items and top-quality photos from our readers to be considered for â€œAround the Block.â€? number of vehicles sold to a $10,000 cash, a golf cart, green 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. record-breaking number of deal- egg grill, 70-inch TVâ€™s, drones, Fax: (586) 772-9400 e-mail: email@example.com
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3/30/15 3:23 PM
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————————— PROJ ECT: AUTOTRADER EVOLUTION ————————— SOLUTIONS TO M EET YOU R FUTU RE N EEDS AN D EXPECTATIONS
CON N ECTI NG YOU WITH CUSTOM ERS, TODAY AN D TOMORROW
REACHI NG TH E RIGHT SHOPPER AT TH E RIGHT TIM E
EVOLVE, INNOVATE, NEVER STAND STILL. MEET THE NEW AUTOTRADER. We’ve got a fresh, vibrant symbol that represents how we’re changing and adapting to your ever-evolving needs and the way consumers shop and buy cars. Your success is our driving force. We want you to be amazed by the new Autotrader, excited by the innovation we provide and thrilled by the new ways we’ll be delivering even more ready-to-buy shoppers to your door. In an industry where so much is changing so fast, count on us to help you stay ahead of the curve and outpace the competition. We’re honored to move forward with you. Learn more at WeWorkForYou.com/evolving.
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