Used Car News 5/6/13

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May 6, 2013

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ON THE WEB: SEC Settles Suit with Capital One Financial

Conditions Prime for Used Car Sales

The Securities and Exchange Commission charged Capital One Financial Corp. and two senior executives for understating millions of dollars in auto loan losses incurred during the months leading into the financial crisis. Capital One agreed to pay $3.5 million to settle the SEC’s charges.

An SEC investigation found that in financial reporting for the second and third quarters of 2007, Capital One failed to properly account for losses in its auto finance business when they came in higher than originally forecast.

Buying Habits Differ for New, Used Car Buyers

A report based on CarFinance.com’s financing data indicates that below-prime, newcar-purchasing behavior differs from the car buying population as a whole: only one model, Dodge Ram, consistently topped both CarFinance.com’s below-prime and overall industry Top 10 sales lists.

The Big Three dramatically overwhelmed imports.

Photo by Ted Craig BRIGHT DAY: Customers walked onto the lots at CarMax Inc. stores in record numbers earlier this year. All the public dealership chains reported strong used-car sales thanks to a good mix of credit and cars.

By Ted Craig

Sales are booming for latemodel used cars.

The publicly traded dealership groups are announcing record used-car sales.

Sonic Automotive announced a record used-car sales month in March and a record of 26,469 units sold

at its dealerships in the first quarter.

Used retail sales at AutoNation Inc. stores were up 9.5 percent CarMax Inc. reported record results for its quarter ended Feb. 28. The usedcar superstore chain’s total used unit sales rose 12 percent and comparable store

sales rose 6 percent.

“It’s a terrific set of market conditions out there for both new-car sales and used-car sales,” said Paul Taylor, chief economist for the National Automobile Dealers Association.

Among those factors are low incentives on new cars and a good supply of late-

model used units.

Taylor said many consumers feel more flush thanks to an improving housing market and near-record stock market. That means they are shopping and, more importantly, those consumers are being approved for loans with low rates.

Continued on page 3

Rush - Dated Material

Dealers Sue Carfax, Claim They Must Use Service More than 100 dealers filed suit against Carfax, claiming they were forced to use the company’s vehicle history reports.

Dealership law firm of Bellavia, Blatt, Andron & Crossett, PC, has filed a $50 million mass action, anti-trust lawsuit on behalf of 120 auto dealerships, who allege that actions

by Carfax unfairly and illegally preclude dealers from selecting a vehicle history report provider of their choice and negotiating a fair price. The lawsuit was filed on April 23, in the United States District Court for the Southern District of New York.

The plaintiffs, led by the law firm’s founding partner

Leonard A. Bellavia, claim that dealers have been overpaying for Carfax vehicle history reports because of the provider’s monopolistic practices of tying its products to competitors such as Autotrader.com, Cars.com and nearly all of the manufacturers’ certified pre-owned programs.

Furthermore, Bellavia claims the reliability and integrity of Carfax’s report data are in question, and as a result, dealers and consumers are the ones who are hurt in the process.

If the case proves successful, plaintiffs participating in the mass action will recover treble damages (three times the overcharges) for six years as well as legal fees. In addition, prospective pricing will be at a competitive level.

With over 18,000 vehicles listed daily, SmartAuction® helps save time and money. ©2013 Ally Financial. All rights reserved.

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USED CAR NEWS

Lease-Here, Pay-Here Seems Set for Growth

By Ted Craig

FORT WORTH, Texas – An increasing number of dealers are considering leasing used cars, especially as an alternative to buy-here, pay-here.

Used-car leasing actually grew fairly popular before the recession, reaching 8.71 percent of all sales.

Today it has fallen to 3.23 percent, but the financing option is showing signs of recovery.

“I would expect to see more used leasing as more late-model cars come into the market,” said Melinda Zabritski, director of automotive credit for Experian Automotive, speaking at this year’s National Vehicle Leasing Association conference.

Dealers contract a third of all used-car leases through their own in-house operations. A track at the NVLA conference provided information about lease-here, pay-here’s advantages and challenges.

Jim Holman, owner of The Car Store in Oklahoma City, Okla., leases cars at all three of his locations through his own company, Pinnacle Auto Lease.

Holman said leasing came

naturally to him as a former new-car dealer.

A main advantage of leasehere, pay-here is the dealer continues to own that vehicle, which eases the repossession process.

For example, the dealer gets the vehicle back when the lessee declares bankruptcy, rather than it becoming part of the bankruptcy estate. Also, the car is considered stolen if the lessee skips town with it.

Owning the car can have a downside, however, especially if the lessee’s insurance lapses.

“You’re not only worried about the asset, you’re worried about the liability,” said Ken Sevier, vice president and program manager for Williams & Stazzone Insurance Agency Inc. There are nine states with vicarious liability laws, which hold the lessor accountable in some cases.

There are also 20 states with their own leasing laws and 18 with tax laws that show less favor to leasing.

That is why Holman recommends finding a lawyer who can learn all the specifics of state and federal leasing laws.

More important, he said, is

Photo by Ted Craig SPREAD THE WORD: Dealer Jim Holman explains the opportunities and challenges presented by lease-here, pay-here. The former franchise dealer said it takes the right mindset.

finding an accountant who understands the tax implications of leasing.

The most crucial law to understand concerns residual values.

Attorney Angela MaynardShovein said setting the residual too close to the total value creates a “sale in disguise.”

There are also significant advertising requirements, Maynard-Shovein said, and approximately 30 specific required disclosures.

If the rules are followed, there are plenty of rewards for lease-here, pay-here, Holman said.

It allows dealers to offer a nicer car to consumers and

turn customers more often.

The model creates repeat sales, along with repeat customers, as the same vehicle can be leased out two or three times.

Holman said his record was a Daewoo Nuberia that he bought for $4,600 and grossed $32,000 by the time it was done.

Association Works with State to Solve Plate Issue

By Jeffrey Bellant

Arizona dealers and state officials worked together to pass a compromise bill that protects wholesalers’ rights to use dealer plates, while setting Dave some limitations Warkentin on them.

Dave Warkentin, executive director of the Arizona Independent Automobile Dealers Association, was pleased with the result.

Under the original House Bill 2372, wholesalers would have lost the right to use traditional dealer plates. Instead they would have received limited use, temporary paper tags.

But the Senate amended the bill in a way favorable to the IADA, Warkentin said. Gov. Jan Brewer signed the legislation into law.

Dealers and wholesalers worked together in the lobbying effort that will set new rules for wholesalers,

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while still allowing them to use dealer plates under specific circumstances.

Warkentin said the original legislation would have unfairly hurt legitimate wholesalers who followed the rules.

He said the new law requires that wholesalers must title any vehicle into the wholesaler’s name before transferring the title to another dealer or wholesaler.

In order to renew their license, the wholesaler must submit evidence that they have sold at least 10 vehicles in the previous year. The wholesaler can receive two dealer plates, plus an additional plate for every 50 vehicles sold, based on reported sales in the previous year.

A wholesaler is limited to no more than 10 dealer plates, the law states.

The reason the DOT had pushed for the original measure is that some non-wholesalers were taking advantage of the law to avoid registration taxes on their personal vehicles, according to Arizona IADA officials.

Owners of more expensive highline vehicles, for example, were

using a loophole to avoid registration costs that could be as high as $17,000 on a $300,000 vehicle, Warkentin said. So some of these owners were obtaining wholesaler’s licenses that allowing them to use dealer tags to avoid traditional registrations.

Warkentin said it’s actually cheaper for them to become wholesalers than paying the registration fees.

In an effort to rally association

Late Model

members, Arizona IADA President Aubrey Strickstein, owner of Right Choice Automotive in Phoenix, moderated a meeting of two dozen wholesalers to discuss options to replace HB 2372.

Both Strickstein and Warkentin said the association has a great relationship with the DOT. That should help as the association hopes to tackle curbstoning as its next issue.

– Continued from page 1

The used-car business is so good these days that CarMax is actually shedding its new-car stores, said George Hoffer, an economist at the University of Richmond.

“When something comes up that they can sell, they sell it,” Hoffer said.

The latest results from Asbury Automotive Inc. show the advantage used cars have over new for franchise dealers.

The company saw revenues for both new and used cars increase by

16 percent in the first quarter.

However, used-car gross profit rose by 11 percent versus 6 percent for new cars.

The relative strength of used cars reflects a permanent shift in the economy, Hoffer said, as more consumers find themselves on tight budgets and new cars are out of their price range.

At the same time, cars have lost appeal as a status symbol. Hoffer said his students today place more value on smartphones than cars.

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USED CAR NEWS

NEWS BRIEFS Firm Sheds Repo Business

Primeritus Financial Services has sold its remaining direct recovery repossession business to Connect 1 Recovery LLC. This transaction finalizes Primeritus’ exit from the direct recovery business.

Since completing three acquisitions in 2012, Primeritus has expanded and optimized its agent network.

The strategy has been to focus on core business units: forwarding; skip and remarketing services.

Kia CPO Adds Satellite Radio

Sirius XM Radio and Kia Motors America announced that Kia dealers will give customers a three-month SiriusXM subscription when buying pre-owned vehicles equipped with satellite radio.

Participating Kia dealers join more than 9,000 auto dealers across the country enrolled in the SiriusXM Pre-Owned Vehicle Program.

Customers buying pre-owned vehicles with a factory-equipped satellite radio, regardless of manufacturer, from any Kia dealer participating in the SiriusXM Pre-Owned Vehicle Program will automatically receive NIADA Creates Insurance Exchange a three-month SiriusXM subscripThe National Independent Au- tion. tomobile Dealers Association will launch a Health Insurance Exchange for members to shop health NAAA Welcomes Members insurance rates online this summer.

The National Auto Auction AssoPlans available for the rest of 2013 ciation recently announced several will include a rate and benefit lock new members. until December 2014 so members The following received regular will have more time to prepare for membership: Wisconsin State Auto the increase in rates that are expect- Auction LLC, in Lomira, Wis.; Cened in January. ter Point Auto Auction in BirmingThe NIADA will also be offering the subsidized State and Federal Exchange plans available through the C R O S S WO R D

by Myles Mellor Affordable Care Act once they become available in the fourth quarter PAGE 33 of this year. This is an anticipated date.

The NIADA also renewed its partnership with ShipCarsNow recently.

ham, Ala.; Manheim Jacksonville in Jacksonville, Fla.; Auctions in Motion - Santa Ana in Santa Ana, Calif.; Auctions in Motion - Thousand Oaks in Thousand Oaks, Calif.; and South Bay Auto Auction of Stockton in Stockton, Calif.

Masney Auto Transport Inc. and Spireon, Inc. - Goldstar GPS received associate memberships.

Flagship Funds Growth

Flagship Credit Acceptance LLC completed an asset-backed securitization of $222 million of notes in a transaction that closed on April 18. The notes were issued in four tranches and were assigned ratings

by Standard & Poor’s Ratings Services and Kroll Bond Rating Agency.

This is the company’s second asset-backed securitization.

Flagship also announced the recent completion of a new $100 million senior lending facility with Barclays Bank PLC. The addition of this facility increases the company’s total borrowing capacity to $275 million.

Flagship announced that it will open a Western Regional office in Phoenix.

This location will function as a complementary service center primarily supporting West Coast automobile dealers and consumers.

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: 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 ———

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Used Car News is published the first and third Monday of each month.

Subscribers: We print advertisements as sent to us by auctions and other advertisers. It is not possible to verify the correctness of listed vehicles in auction ads. Most lists are partial and all lists are subject to last minute changes by auto auctions, so before travelling a long distance for a particular auto auction event, contact the auction by telephone for a fax of vehicles in the sale.

Used Car News assumes no guarantees or liabilities concerning the accuracy of any advertisements. All Rights Reserved. Reproduction in any form is prohibited without the written consent of the publisher. É&#x; É&#x; É&#x;

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May 6, 2013 Ă? 5

USED CAR NEWS

Bees Create Buzz at Dealership

By Jenny King

When the sky briefly darkened at Casa de Autos one weekday morning in April, dealer Danny Gamboa and his son Gabriel hardly noticed – until they realized it was an enormous swarm of bees.

Their unexpected guests, numbering perhaps as many as 2,000, settled in a tree whose branches were over a section of their lot. “They didn’t build anything there but were resting atop each other,� says Gabe Gamboa. “They were over part of our customer parking area and we were afraid they might sting customers. I had never seen anything like it.�

So the Las Cruces, N.M., businessmen contacted the city, which suggested they reach an exterminator. “We didn’t want to destroy them,�

Gamboa explained, “so we called the county and eventually got some good advice: leave them alone.�

The Gamboas were told that the bees likely were migrating and would not stay long. Danny and Gabe blocked the affected area with cones.

The local newspaper heard of the incident, sent out a reporter and ran a story the following morning.

Gabe Gamboa said people who heard or read about it stopped by to have a look. He wasn’t sure if it might somehow help business at the 35-year-old, family-owned Casa de Autos. No visitors bought from the 60-car lot the second day.

And by then, cars and trucks were all there was to see. Gamboa said the bees departed the day they arrived. “In about six hours they were gone – poof,� he said.

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USED CAR NEWS

Details Key to BDC Success

Photo by Jeffrey Bellant ALWAYS BE CLOSING: Mindy Cutshaw, owner of Beebles Inc., tells buy-here, pay-here dealers how to turn leads into appointments and appointments into sales.

By Jeffrey Bellant

LAS VEGAS – People, process and procedure are critical to a successful business development center, especially in the buy-here, pay-here dealership.

Consultant Mindy Cutshaw, owner of Beebles Inc., based in Cornelius, N.C., said the details of every-

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thing from the location of the BDC to the ratio of leads-to-sales must be part of a dealership plan.

Cutshaw spoke at the recent Leedom & Associates World Conference.

Business development centers remain a key area for buy-here, payhere dealers to boost sales.

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USED CAR NEWS Û

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– Continued from prior page

But getting it right requires diligence by dealers.

The BDC and its staff must be separate from other areas of the dealership to minimize distractions. That includes a smaller office space with no windows, even if that sounds cruel, Cutshaw said.

Sales staffs and BDCs should also be separate from each other so that no one’s getting preferential treatment.

Cutshaw said having a steady flow of leads is crucial for business development.

“The No. 1 thing you have to be sure to focus on is: be sure you can feed your BDC,” she said.

“Be prepared to spend money on advertising.”

Cutshaw said dealers should have some standard ratios for leadto-business development representatives. “(You should have) 200 to 250 leads per BDR,” she said. “That’s a fair assessment.”

Those include all types of leads, from new incoming calls, to Internet leads, she said.

“You want to make sure you have a good balance of leads and (reps),” Cutshaw said.

Inbound calls should take about five to seven minutes per call, she said.

“You should expect (each BDR) to set 100 appointments, have 50 people show up and – depending on your closing ratio – have about 10 cars sold (in the first month),” Cutshaw said.

After 60 days, those numbers should increase and then, again, after 90 days.

“But remember, the BDC is not going to sell the cars,” she said. “It’s going to sell the opportunity, by bringing traffic into the store.”

BDRs should be expected to ask for a referral from every call.

“That (referral) will cost zero dollars per lead,” Cutshaw said.

In terms of pay rates, dealers should offer the lowest possible pay rate they can, and use bonuses to push them.

“You always want to dangle that carrot a little bit,” Cutshaw said.

“You want them to be driven for that bonus.”

Dealers should also use customer relationship management programs to make sure they are following up with leads.

Cutshaw said there is also software available that allows a dealership to pre-record all of the outbound messages that a BDR leaves a customer.

“It leaves a perfect message every single time,” Cutshaw said.

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PAGE 8 - NABD CONVENTION

Convention Offers Dealers New Perspective on Business

By Jeffrey Bellant

The buy-here, pay-here industry needs a new to-do list.

That’s why Ken Shilson, founder of the National Alliance of Buy-Here, Pay-Here Dealers, will introduce a “12-Step Decisions Checklist for Buy-Here, Pay-Here Dealers” during his 2013 NABD Dealer Academy.

The event will kick off a five-day, two-track conference. The 2013 Buy-Here, Pay-Here Dealer Academy will run May 19 through May 21, followed by the 15th annual NABD Buy-Here, Pay-Here National Conference May 21 to May 23 at the Wynn Las Vegas.

Shilson said his new 12step checklist focuses on the critical decisions operators must make to be successful in today’s marketplace.

The comprehensive list covers everything from developing a business model to creating a compliance management program.

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“To do this, I contacted some of the best people in the business for feedback,” Shilson said.

The list will focus on changes dealers need to make to keep up with a constantly changing market.

dealers with information to help them assess the best products for their dealership is just one purpose of the checklist.

“We want to help them make more informed decisions,” he said.

mental as selecting an operation location is part of Shilson’s checklist.

This year’s show will offer dual tracks: one for newer operators and another for more experienced dealers.

The NABD will follow up

“The old ways are just not working anymore.”

Ken Shilson

“The old ways are just not working anymore,” Shilson said.

For example, in the old days, getting a payment device meant just finding the cheapest item.

But today, starter-interrupt devices include GPS and other tools that help both collections and recovery.

Shilson said providing

The checklist also gives indepth advice and ideas on: projections, policies/procedures, alternative capital resources, financial planning, marketing plans, staffing and underwriting.

Identifying staffing needs and creating a compensation plan are also critical to buyhere, pay-here success.

Even something as funde-

the Dealer Academy with the national buy-here, payhere convention.

The keynote address will feature Joe Gibbs, a National Football League Hall of Fame coach and founder of the NASCAR team Joe Gibbs Racing, which has won three NASCAR championships.

More than 60 other speakers and experts will present

information at the convention this year.

Twelve concurrent workshops will update dealers on the most important industry developments.

Presentations on legal and regulatory compliance, the use of credit data, selling contracts, payment devices, accounting, DMS systems, maximizing recoveries and inventory acquisition are just a few areas featured in the conference.

Shilson said he’ll also reveal some new developments in the area of vehicle recovery that will better help dealers locate vehicles, since every unit is precious in a time of tight supply.

Moving toward more recent developments, experts will discuss the use of social media and digital tools to boost business.

Shilson will also present his annual buy-here, payhere industry benchmarks and trends to give dealers a complete overview of the buy-here, pay-here market.

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Scrapping Cars Funds Scholars DENVER (AP) – Colorado car dealers are disabling and donating old high-polluting cars to provide industry scholarships.

Dealers are contributing vehicles – 400 over the past year – to the Clear the Air Foundation, which will begin accepting scholarship applications in the auto industry later this year.

The program, sponsored by the Colorado Automobile Dealers Association, has doubled in size over the past year.

Dealers get a tax deduction for donating the cars. Proceeds from selling the vehicles to salvage yards – an average $300 per vehicle – are funneled to a scholarship fund that has collected $168,000 to date, The Denver Post reported.

The dealers association also has agreed to contribute $1 million for a

scholarship endowment for students in auto industry training programs.

“We’re basically taking these vehicles’ cash value and putting that into scholarships to train the next generation’s workforce,’’ said association president Tim Jackson.

“And we are cleaning the air.’’

The donated vehicles are among the worst air polluters. The Clear the Air Foundation’s donated car engines are disabled to make sure they never run again. Titles are flagged as “salvage” to prevent their resale.

“It’s kind of a neat way for dealers to have a meaningful impact on air quality,’’ said Lee Payne, owner of the Planet Honda and Hyundai dealerships. “These are cars that still could run or do run, but clearly they are high emitters and near the end of their useful lives.’’

Associations Plan Autumn Event Seven states will partner for the second Mid-Atlantic Regional Independent Automobile Dealer Associations Conference on Sept.

28 to Sept. 30 in Atlantic City.

Last year, several state associations partnered for the first event, also held in Atlantic City.

This year, state independent dealers associations from Delaware,

Maryland, New York, New Jersey, Ohio, Pennsylvania and West Virginia will come together for the event at Caesar’s Atlantic City.

While last year’s affair was a twoday event, this year’s will span three days.

The event will be open to dealers and their employees, as well as vendors, auctions and their families.

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USED CAR NEWS

Renewal Causes Relocation

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When owners of a Collierville, Tenn., used-car lot discovered that the town planned to revitalize their neighborhood without them, they didn’t get mad.

They got busy.

Collierville Auto Sales has been operating for 10 years at 220 S. Center St., one block south of the historic town square in the Memphis suburb.

Last summer, the Tennessee Department of Transportation awarded Collierville a $756,846 enhancement grant for improvements to Center Street. City officials said the “Collierville Center Connect” project would provide an attractive gateway to the town square and help tourism and economic development.

It wasn’t until the architectural drawings were unveiled at a Chamber of Commerce meeting last year that the car lot’s owners realized their business wasn’t on them.

“Oh my gosh, we’re gone,” owner Mike Hamby recalled saying when he saw the plans.

But Hamby said if that was going to be the future of Center Street, they didn’t want to stand in the way.

So they found a new location about a mile away, a former gas

station at the corner of U.S. 72 and Poplar Avenue.

The triangle-shaped property has better visibility and gets more traffic.

They’re already refurbishing the building inside and out, with a new roof, doors and windows. The perimeter is getting new sidewalks and landscaping.

“The gas station was a bad site,” Hamby told the Collierville Board of Aldermen when his project was up for approval.

“I love fixing things up and it’s going to be nice. I want the town of Collierville to be proud of us.”

Linda Spillyard, who owns the property, said the land had been in her family for generations. She wanted something special for the site, and she liked what she saw.

“When we drove by the site on Center Street and saw those upscale cars, we were just so excited,” Spillyard said.

She said the formerly run-down building now has hardwood floors and is filled with antique furnishings.

“If you pass this, you are going to be so pleased,” she told the board.

The board approved the plans, and Collierville Alderman John Worley said he was completely behind the project.

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4/25/13 11:35 AM

14 t May 6, 2013

USED CAR NEWS

Airbag Recalls Hit Imports

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The recall mainly affects cars sold

by Japanese automakers in North America, Europe and Japan. A small number of cars made by Germany’s BMW AG and General Motors Co. and also involved.

The front passenger air bags all were made by the same parts supplier, Japan’s Takata Corp. They have faulty inflator mechanisms

that don’t route gas into the air bags. Instead, the high-pressure gas can launch plastic and metal parts from the air bags into the cars’ passenger areas. Takata says no one has been hurt, but there have been six incidents of the air bags deploying improperly on roadways.

The recall is so large because many automakers use common parts on multiple models to cut costs and simplify manufacturing. This approach was pioneered by Japanese automakers.

The recall will bring a great deal of unwelcome publicity for autoContinued on page 16

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USED CAR NEWS

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ing 480,000 vehicles worldwide, including about 265,000 in the U.S. Models include the Nissan Maxima midsize sedan, Pathfinder SUV and Sentra compact as well as the Infiniti FX crossover and QX4 SUV, all from the 2001-2003 model years.

Recalled models in Japan include the Cube, X-Trail, Maxima and Teana.

Mazda Motor Co. is also part of the recall. About 45,000 Mazda RX-8 and Mazda 6 cars are affected, including 4,000 in Japan. The company said recalls will be announced in North America, Europe, China and elsewhere.

At GM, only 55,000 Pontiac Vibe hatchbacks sold in the U.S. and Canada are being recalled. The 2003 models are nearly identical to the Toyota Matrix and were made at a California plant that was jointly run with Toyota.

BMW says it’s researching the problem but no numbers or models are available.

The air bag problem happened because of two human errors during production. A worker forgot to turn on the switch for a system weeding out defective products, and parts were improperly stored, which exposed them to humidity, according to Honda spokeswoman Akemi Ando.

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makers, especially Toyota Motor Corp., said IHS Automotive analyst Paul Newton. The world’s top-selling car company is trying to rebuild a reputation for quality that was hurt by previous big recalls.

The latest recall is the fourth for Toyota since October that involves more than one million vehicles, Newton wrote in an email. And the company endured a series of huge recalls in 2009 and 2010 for faulty braking, sticky gas pedals and defective floor mats.

Toyota will have to inspect or fix 1.7 million vehicles worldwide, including about 580,000 in North America, 490,000 in Europe and 320,000 in Japan. The models include the Corolla compact, Matrix hatchback, Sequoia SUV, and Tundra pickup, as well as the Lexus SC 430 sports car. All the vehicles were manufactured from 2001 to 2003.

But the latest recall affects other major automakers, including Toyota’s chief Japanese competitor.

Honda Motor Co. is recalling 1.1 million vehicles worldwide, including about 680,000 in North America, 270,000 in Japan and 64,000 in Europe. Models include the Civic compact, CR-V small SUV and Odyssey minivan from the 2001 to 2003 model years.

Also, Nissan Motor Co. is recall-

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USED CAR NEWS

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Revenues for the first quarter of 2013 were $54.6 million, compared to $44.5 million for the first quarter of 2012. Total operating expenses for the first quarter of 2013 were $48.1 million, compared to $44 million for the 2012 period.

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AT3-618 (Used Car News)

2/7/13 1:35 PM

4/25/13 12:06 PM

20 t May 6, 2013

USED CAR NEWS

Junk Cars Cost Dealer His License 7JTJU VT BU /"#% #PPUI

IAG_UCN-may6.pdf

1

4/24/13

The Illinois Secretary of State revoked the dealership license of Harjak Motors Inc. in Bloomington for illegally selling 13 vehicles that originated from Florida with certificates of destruction.

A certificate of destruction in Florida is the equivalent of Illinois’ junking certificate, which means the vehicle is only suitable for parts or recycling.

Florida issues certificates of destruction for vehicles that have sustained 80 percent damage in a crash.

It is illegal in 47 states, including Illinois, to sell or drive vehicles that

have a junking certificate or a certificate of destruction designation.

A police investigation found that used motor vehicle dealer Harjak Motors Inc. and Florida salvage buyer/used vehicle dealer Elite Transfers are owned and operated by the same entity. Harjak Motors Inc. and Elite Transfers worked in concert to disguise and to wash the titles.

Harjak Motors purchased the damaged vehicles from Florida, brought them to Kentucky or Virginia and issued a new title, and then transported them to Illinois.

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4/29/13 3:05 PM

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4/25/13 2:08 PM

22 t May 6, 2013

USED CAR NEWS

Dealers Surpass Benchmarks

Photo By Jeffrey Bellant RAISE YOUR SALES: Chuck Bonanno, a consultant with the Leedom Group, tells dealers how to reach peak performance in the market and change the culture at a dealership.

By Jeffrey Bellant

LAS VEGAS – Some buy-here, pay-here dealers are average and some hit benchmark numbers, but peak performers are doing business at the very highest level.

And the difference between average dealers and peak performers can be more than $1.5 million per

year in profit.

Chuck Bonanno, executive vice president of the Leedom Group, outlined the traits of these peak performers during the 19th annual Leedom Group Buy-Here, Pay-Here World Convention in April.

He said many dealers stay in business for years, even though they Continued on next page

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May 6, 2013 t 23

USED CAR NEWS

Peak Performance may have charge-off rates “that would make me have a stroke.”

But dealers within Bonanno’s client base who are in the top half of performers are used to determine “benchmark” sellers. Bonanno takes the top 50 percent and uses the average numbers of those dealers to determine benchmark numbers.

Peak performers are those who sit in the top tier of inventory, profits, collections, charge-offs, expenses and sales – surpassing even benchmark dealers.

The process starts with buying the right car at the right price.

Dealers often dislike Chevrolet Impalas, Malibus and Dodge Stratuses, because “they’re boring.”

But if those cars are flying off the lot, dealers should be re-stocking with those same vehicles.

Bonanno’s research into peak performers shows some clear trends.

For example, an average dealer will bid for a specific car at $6,000. The peak performer will buy the same car for $5,000.

Likewise, an average dealer will get an average down payment of $500, while a peak performer draws a $1,000 down payment, Bonanno said.

So the average dealer ends up with $5,500 cash-in-deal, compared to a peak dealer who has $4,000

– Continued from prior page

on the street: a $1,500 difference, Bonanno said.

He went through several other categories, from reconditioning to collections and the pattern was the same. Peak performers paid less, in various categories, thereby increasing the bottom line.

When it comes to inventory, forget cars that are projects, Bonanno said.

“Cars that take three, six, nine or 12 months to (put on the lot), don’t make payments for three, six, nine or 12 months either,” he said.

Bonanno was surprised that several of his clients said they didn’t even write budgets. But budgets don’t have to be extravagant.

“Just write down how many cars you plan to sell, how much you’re going to gross, what your chargeoffs are going to be and then lineitem your expenses,’” he said.

Dealers must get in the mindset that they can cut expenses, such as challenging vendors for the best prices or getting cheaper, more efficient service.

Bonanno also said deliquencies or recency in payments aren’t everything.

“You know what the bottom line is?” he asked. “If every one of my customers is past due and they pay me off, I’m (feeling) spectacular.”

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4/29/13 4:17 PM

24 t May 6, 2013

USED CAR NEWS

Tax Change Causes Confusion AUGUSTA, Ga. (AP) – Georgia’s new automotive tax law is creating confusion in car deals, with companies, private sellers and courthouse officials all struggling to understand the requirements.

Mike Combs, general manager of Fairway Ford in Evans, told The Augusta Chronicle that there has been a steep learning curve and little training for his employees or tax officials dealing with the law.

No one was ready for the tax, which took effect March 1, he said.

The new title ad valorem tax, which does away with sales tax on automobiles, imposes a 6.5 percent tax on every car purchase. It includes deals between private individuals, which were exempt under the old system.

Tax officials agree that many details need to be worked out before the system runs smoothly. Jenny Bales, director of motor vehicle collections for the Columbia County Tax Commissioner’s Office, said some of the problems involve companies that process titles for the dealers.

“There are many, many errors being made that we are having to clean up at the local tag office,’’ she said.

“There’s still a lot of confusion with the dealers on what the taxable value is and what the tax is.’’

UCN_24.indd 1

Takiyah Douse, the motor vehicle director for Richmond County, said mistakes involving the new law make for unhappy customers.

“I would describe the problems as a disconnect between the state and the implementation of the law and the system being able to carry out the demands of the new law,’’ said Douse. “Mainly, we are finding it commonplace that the customers are not aware of the new law.”

The law was meant partly to capture some of that lost sales tax revenue from private sales and to “ºlevel the playing field’’ between private sales and those that take place at dealerships, which always were responsible for collecting sales tax, said Bill Morie, president of the Georgia Automobile Dealers Association.

Morie’s organization was a strong backer of the legislation that changed the car tax law, but he said changes may be needed.

“When we do this kind of major overhaul, it is hard to think of everything,’’ Morie said. “I think, in time, we believe a lot problems will work themselves out.’’

In the meantime, he has been getting an earful from frustrated car dealers.

“I can imagine it is an administrative nightmare,’’ Morie said.

4/29/13 4:37 PM

May 6, 2013 t 25

USED CAR NEWS

CarMax CEO Receives Raise RICHMOND, Va. (AP) – Used car dealership chain CarMax Inc. gave its CEO, Tom Folliard, a pay package valued at nearly $7.2 million for fiscal 2013, about 17 percent more than the previous year, according to an Associated Press analysis of a regulatory filing.

The pay package came in a Tom year when the Richmond, Va.Folliard based company saw its net income rise 5 percent to $434.3 million and its revenue grow 10 percent to a $10.9 billion. Used vehicle unit sales at stores open at least one year grew 5 percent during the fiscal year.

The compensation package was disclosed in an annual proxy statement filed with the Securities and Exchange Commission.

Folliard’s salary rose 5 percent to $1.09 million, the value of his stock options and stock awards grew 19 percent to $4.6 million, and he received a $1.2 million performancebased bonus.

The leader of CarMax since 2006, Folliard also received other compensation worth $283,140, includ-

ing the personal use of the company plane and a personal car allowance.

His pay package was worth $6.1 million the previous year.

CarMax also announced it will hold its annual meeting June 24 in Richmond.

The Associated Press formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest that the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year.

The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.

The value that a company assigned to an executive’s stock and option awards was the present value of what the company expected the awards to be worth to the executive over time. Companies use one of several formulas to calculate that value. However, the number is just an estimate, and what an executive ultimately receives will depend on the performance of the company’s stock in the years after the awards are granted.

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4/29/13 11:35 AM

26 t May 6, 2013

USED CAR NEWS

Auction Chain Adds Sale Auction Broadcasting Co. has begun construction of its all new ABC Baton Rouge facility in Louisiana.

The new remarketing center is located on the Baton Rouge International Airport property and, in phase one, will feature six lanes on 30 acres of land.

ABC Baton Rouge will conduct its sale every Thursday at 10 a.m.

The facility will be a full service auction with everything from a gourmet Cajun restaurant by Chef Lynn Boutin, to mechanical and reconditioning departments.

All of the auction lanes will stream

Online Ringman simulcast through AuctionPipeline and vehicles will be posted on SmartAuction, OVE, and Openlane through Liquid Motors.

The location will be managed by industry veterans Butch Royall, as managing partner, and Kevin Rembert, who will fill the role of general manager.

The position of commercial accounts manager will be filled by Glyn Morden, whose career has included management positions with GE Auction, BSC America and ADT Automotive.

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UCN_26.indd 1

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4/10/13 12:59 PM

4/29/13 11:29 AM

May 6, 2013 t 27

USED CAR NEWS

State Cuts Automobile Fees TALLAHASSEE, Fla. (AP) – The Florida Senate unanimously passed a bill that rolls back automobile fees, saving an individual driver $12 a year on annual registration.

The Senate passed the bill (SB 1832) on a 39-0 vote.

The state will make up the lost money – between $220 million and $230 million – by eliminating a decades-old tax break to insurance companies. Those companies pay a state tax on insurance premiums but also get a rebate worth 15 percent of the salary paid to their workers.

“The tax credit has helped produce jobs over the years,’’ said Sam Miller, executive director of the Florida Insurance Council, the state’s largest insurance trade association.

“It is not clear that repeal of the credit won’t endanger job creation.

The state should move cautiously and be sure.’’

Indeed, a united front of business and insurance lobbyists had opposed the measure, many of them suggesting that getting rid of a tax break to pay for the rollback could cost the state thousands of insurance-sector jobs.

Sen. Jeremy Ring, a Margate Democrat, who described lobbyists’ rhetoric as “there’d be Armaged-

don if this passed,’’ said “it’s nice to finally call a bluff.’’

State lawmakers increased auto fees in 2009 to help close a multibillion-dollar budget gap, part of a $2.2 billion package of tax and fee increases.

It included a 35 percent increase in annual tag fees, which went up $5 to $11.40, depending on a car’s weight.

The initial vehicle registration fee went from $100 to $225. And the cost of an initial driver’s license increased from $27 to $48 and a renewal got boosted from $20 to $48.

Earlier this year, Senate President Don Gaetz had asked his committee chairs to review the state’s many tax incentives.

Sen. Audrey Gibson, a Jacksonville Democrat, voted ‘yes’ after failing to stop the bill with an amendment requiring a study of the tax rollback.

Sen. Thad Altman, a Viera Republican, said the increase had never been discussed in committee and came up only late in the 2009 legislative session in budget conference.

Sen. Nancy Detert, a Venice Republican, called it “a Robin Hood bill,’’ and Jeff Clemens, a Lake Worth Democrat, said the measure was “a direct break for working people.’’

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4/29/13 2:32 PM

28 �ÛÛMay 6, 2013 Û

USED CAR NEWS

PEOPLE IN THE NEWS

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Retail / Loan and lease accounts are owned by Chase.

3

Š 2013 JPMorgan Chase Bank, N.A. Member FDIC. All rights reserved. (13-038) 02/13

800¡482¡7357 x767 | GWCwarranty.com

Manheim has selected Michael Noel as its chief technology officer.

In this role, Noel will lead Manheim’s technology systems, applications and operations.

Noel will report to chief operating officer Janet Barnard effective May 6.

Noel brings more than 15 years of global business, consulting and technology strategy to Manheim.

He most recently served as chief information officer and senior vice president of shared services for PRGX Global Inc., where he led efforts to evolve a single-service business into a multi-service business that drove increased growth and profitability. During his tenure, Noel was also responsible for developing industry-leading IT-enabled business services, innovative software solutions and a customer-centric shared services delivery operation in Pune, India.

Noel began his career at A.T. Kearney, where he led the development, design and execution of IT solutions for Fortune 500 clients. He also held key leadership roles at Infosys Consulting, Inc., including partner of their Information & Technology Strategies Practice. Noel holds a bachelor of computer science degree from the University of the West Indies in Jamaica and an M.B.A. from

the University of Texas at Austin.

Lemon Lawyer Receives Accolade

Law & Kolakowski announced that California Lemon Law attorney Douglas D. Law recently received a “Preeminent� AV rating from Martindale-Hubbell, an international ranking service for attorneys.

Preeminent is the highest AV rating awarded by Martindale-Hubbell and first requires that the attorney receive perfect scores on ethics from surveyed peers consisting of attorneys and judges who have personal experience with the attorney.

The attorney is then ranked on such items as creativity, quality of written work, and trial skills. The attorney must receive perfect scores in each of the categories in order to receive the “Preeminent� ranking.

Law began his education at University of California, Santa Barbara where he received a Bachelor of Arts degree in economics with honors in 1978. Law then attended University of San Diego, School of Law where he worked with one of the original “Nadar’s Radars� Prof. Robert Fellmuth.

Law has practiced exclusively in the area of California lemon law ever since 1988. He was a co-founder of a statewide organization of lemon law lawyers.

At GWC, we cover the entire USA from coast to coast.

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UCN_28.indd 1

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4/29/13 5:15 PM

DYqÛ Û ~ ÛÛÝÛÛ29

USED CAR NEWSÛÛ

RETAIL MARKETS LOUISIANA

Joseph “Peanut” Cornett, general manager, Ledet’s Auto Sales, Gonzales, La.: “We have two locations.

We’ve been in business 16 years. They’re both in the same area and have (similar) inventory.

“We keep about 200 units in inventory. That’s similar to this time last year.

“We average about 130 units sold per month. That’s up some from last year.

We’ve got a great economy in our parish. We’re right in the chemical industry belt, so this area and surrounding parishes are doing great.

We’re located directly between New Orleans and Baton Rouge.

“We buy a lot of our vehicles from various auctions.

We also buy a lot of vehicles from Enterprise Rent-ACar vehicles.

“We’re straight retail.

“Our average retail price is about $13,000.

“We carry, primarily, model years 2008 and up. The mileage on our vehicles is normally about 60,000.

“About 60 percent of our

inventory is trucks and sport utility vehicles. About 40 percent of our inventory is automobiles. That’s pretty much what we’ve carried over the years.

“Most of our vehicles are domestics. About 10 percent of our (vehicles) are imports.

“We also have our own service department. We service just our own vehicles.

The average reconditioning cost per vehicle is about $600 to $650 this year.

“We just opened up a fivebay service department in October. We used to (farm it out). The bottom line is eventually going to be much better. I think the (time issue) is also going to work itself out as we get the right guys in the right places.

“In terms of advertising, we primarily use News on Wheels, an auto classified magazine. We’ll do some other local advertising, but we don’t use radio or television. We’re also a big supporter of the schools and community down here.

That’s where we put a lot of our (marketing) dollars.

“We’re very optimistic

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Compiled by Jeffrey Bellant about 2013.

“Recently, I sold a 2008 Cadillac Escalade DXT. That particular unit had about 60,000 miles on it. We sold that vehicle for about $28,900.

“Our owner, Scott Ledet, has been selected the 2013 Louisiana Quality Dealer of the Year. We’re going to be at the National Quality Dealer of the Year (event) in Las Vegas for the National Independent Automobile Dealers Association Convention.

TEXAS

Ahmed Belmeshkan, president, New Rio Grande Motors, Fort Worth, Texas: “I’ve been in business for 22 years. But I’m hoping to retire in two more years.

“I have one location. I keep about 50 units on my lot, on average. That’s the same as this time last year.

“I’ll get my inventory from new-car dealers and from auctions. I don’t get as many from new-car dealers like I used to, though. Most of the dealers are bringing their cars to auctions because

they’re getting good money.

“It’s still hard to get those vehicles.

“We average about 25 vehicles sold per month. That hasn’t changed compared to last year. This year, income tax (returns) were delayed, so that put us in a tough position early.

“We’re 100 percent buyhere, pay-here. Most of my clients are Hispanic, about 85 percent.

“I do speak Spanish. I learned from the past 20 years, having mostly Hispanic customers. I don’t have a separate Spanishspeaking sales person.

“I never had a sales person. My staff is just myself, along with my family and my mechanics.

“My down payments are about $1,500 and up.

“My term length is about two years.

“Our average retail price is about $9,500.

“We carry vehicles that are model year 2003 and up.

The average model year is probably between 2004 and 2008.

“Our sales are mostly SUVs and pickups. Most

of that is for construction workers. We have a good market compared to other states. But it’s still hard to find good pickups.

“The average mileage goes up to 150,000. No higher than 150,000 miles.

“I don’t sell many imports locally. Any of the imports I get, I will wholesale overseas. We export an average of 20 vehicles a month (wholesale).

“I only service the cars I sell. With every car we sell, we give a 30-day warranty covering engine and transmission.

“I don’t sell warranties or service contracts. I just take care of customers. That’s my advertisement. I don’t advertise (through television or radio).

“In fact, I have a billboard that I’m renting to a franchise dealer.

“I invest in my community, from churches and the Boys and Girls Club to schools. About 80 percent of our sales are through referrals.

“Now I’m looking to hire two people to (develop an Internet program).”

Can someone, for the love of profitability, tell me how to turn more of my subprime apps into cash?

Visit gofinancial.com/news for the whole story or call us at 888-GOFINANCIAL for a quick demo.

UCN_29.indd 1

4/29/13 5:13 PM

30ÛÝÛÛDYqÛ Û ~ Û

USED CAR NEWS

WHOLESALE MARKETS MONTANA

Terry Scheetz, general manager, Auto Auction of Montana, Billings, Mont.; “We’ve been in business nine years.

“We have four lanes and we’ve been running three.

But our volumes are between 500 and 600 units consistently.

“Our volumes are about the same as last year, maybe just a few off. But the revenues are up a little. “(The conversion rates) are anywhere from 46 percent up to 60 percent. We can figure on 50 percent as an average. That’s close to last year.

“About 150 to 200 units of our volumes are repossessions and fleet-lease units.

The rest is dealer consignment.

“Repossessions are a little down from this time last year. But they are actually redeeming a lot of them.

“We’re getting about 150 dealers in the lanes. That’s about the same as this time last year. The Internet sales have picked up, as well. We sell quite a few on the Internet. We use Ringman.

“Buyers are searching farther for vehicles.

“We draw our dealers consistently from North Dakota, South Dakota, Montana, Wyoming, Minnesota and Washington.

“As far as North Dakota, that oil boom has been great for us.

“The (bidders) that are coming to the lanes are serious about buying cars.

They’re not there to socialize. We’re actually seeing more new-car stores than we had.

“Our new-car stores are doing good. In fact, a lot of the new-car stores are buying more franchises. One local store is up to seven franchises.

“Overall, our economy is doing pretty good.

“We also have in-op sales every week. It’s usually a handful of dealer and repos stuff. No big numbers.

“We used to have a salvage sale years ago, but sold that off to Copart.

“The Government Services Agency sales are good.

We’ll have a couple of them this month, running 70 to 80 units per sale. Those are

Compiled by Jeffrey Bellant starting to pick up again.

“We’ve actually done some of those sales via video in the lanes. We ran one where the cars were in Denver. That was a first time for that.

“Our average price coming through the lane is in the $11,000 to $12,000 range. That hasn’t changed too much.”

SOUTH CAROLINA

Jimmy Rawls, owner, general manager, Rawls Auto Auction, Leesville, S.C.: “We have seven lanes.

“Depending on the sale, we’ll run up to all seven lanes.

“On average, we’re running between 500 and 700 units.

“Our sales percentages are in the 60 to 65 percent range.

“We’re a little bit ahead in terms of ‘sold’ units compared to last year. I think we’re about 75 to 100 ahead of last year.

“We’re selling dealer trades.

“About 300 to 350 (bidders) are coming in the

lanes to bid each week.

That’s a few more than this time last year.

“Most of the sellers are coming from the Augusta and Columbia areas. “(In terms of bidders), they come from North Carolina, South Carolina and Georgia. We have signed up a lot of new dealers. Although they are not coming from outside those three states, we’re getting more dealers from those states.

“The reason is they’re just hunting for cars. Most of the sales are down in volume, so they are just going to more sales to find cars.

“Buyers have been pretty aggressive. They want to buy. They say business is (strong). Sales of used cars and new cars have been pretty good.

“About 50 percent of our volume is dealer consignment and 50 percent is fleet-lease-repo.

“Prior to the regular sale, we’ve run a (salvage, inop) sale. We’ll run 25 to 50.

Those sell pretty well.

“We run vehicles from the GSA once a month. Right now, volumes are a little off.

But last year, we sold about 1,800 units. I think we’re going to have about that much or more this year, according to GSA. But they’re just guessing, since many of those will be coming later in the year.

“We also have utility sales, for electric and gas companies.

“We recently ran 120 units, which is what they had accumulated at that point this year. Those are work trucks, service vehicles, bucket trucks – just a variety of equipment they have.

“We’ll have about six of those sales per year.

“In terms of what’s selling in the regular sales, it’s anything that’s decent with good miles. Later models do well.

“But anything that’s $10,000 sells well, period, unless it’s just junk.

“For late model cars, anything under 70,000 miles does well. On the older cars, mileage doesn’t matter as much, if it’s 100,000 or more.

“The average price coming through the lanes is about $6,000.

TM

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4/29/13 5:12 PM

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DYqÛ Û ~ ÛÛÝÛÛ ~ HPV UCN AD DUE 2013.04.16 b.ai 1 4/25/2013 6:18:01 PM

—DON’T MISS — BUY HERE, PAY HERE WEEK! BUY HERE, PAY HERE

Compiled By Jeffrey Bellant

Manheim Hosts Ambassadors

DEALER

MAY 19-21, 2013 “Your Gateway to Buy Here, Pay Here Success”

15TH ANNUAL

MAY 21-23, 2013 “Operating Successfully in the Current BHPH Environment”

Early Registration Discounts Expire April 28!

THERE ARE OVER 2,000 REASONS TO ATTEND . . .

GOOD WILL: Manheim Pennsylvania’s Tim Van Dam (middle) welcomes more than a dozen ambassadors and dignitaries with the help of U.S. Congressman Joe Pitts, far right.

Manheim Pennsylvania recently hosted 14 international ambassadors and dignitaries. They toured its facilities, learned about the remarketing business and meet with local leaders and media.

Five countries were represented, including Mongolia, Malaysia, the Philippines, the Ukraine and Lithuania.

U.S. Congressman Joe Pitts from Pennsylvania initiated the ambassador visit on April 19, as Manheim Pennsylvania is one of the largest employers in his district. This, coupled with Rep. Pitts’ interest in global business, sparked the congressman’s return to Manheim Pennsylvania. He visited the auction several years ago and is passionate about highlighting local businesses, his community and opportunities for global business growth.

“It was truly an honor to host Congressman Pitts, the ambassadors and the diplomats at Manheim Pennsylvania,” said Tim Van Dam, general manager.

“We not only made some new friends, we also saw opportunities to partner globally in the future.”

Auction Wins Award from Firm

Dealers Auto Auction of Murfreesboro joined the Emkay 100 Percent Club Award for 2012.

“This past year was a complete success for our team,” said Stephanie Baker.

“We know that the choice is not ours – it is our customers – and we are very appreciative of Emkay’s recognition of our team, led so well by our own Nikki McCoy.” DAA’s owner and President David Andrews said, “On behalf of Dealers Auto Auction of Murfreesboro we are grateful to be business partners with the Emkay Team.

“We strive to exceed expecta-

UCN_31.indd 1

ABCoA / Deal Pack AC AUTOPAY Adesa/AFC Alteso, LLC American Recovery Assoc.

AUL Auto Credit Express Auto Data Direct Auto Master Systems, Inc. Automotive Capital Resources AutoRaptor CRM Autostar Solutions AutoTrader.com AutoZoom AVP, Inc. Berkshire Risk Services CalAmp CallPass Tech (iGotcha GPS) CapitalSource Car Financial Carmax Auctions Carmel Financial CenPos Challenge Financial Services CliftonLarsonAllen Collateral Protection Ins. Agcy.

Collection Pros Collection Training Consultants Comstock Capital & Advisory

CounselorLibrary.com Credit Mail Experts DealerMatch DealerSocket Finance Express Frazer Computing Go Financial HudsonCook, LLP iMETRIK Inilex Innovate Auto Finance Insurance Auto Auctions Ituran USA Katz, Sapper & Miller, LLP Lender Systems, Inc. LHPH, LLC Liquid Motors, Inc. Manheim Market View, LLC McGlinchey Stafford, PLLC McNutt Auto Logistics Melanie Jones Consulting Microbilt Mid Atlantic Finance Nationwide Acceptance, LLC NCM Associates

Netspend NextGear Capital NIADA Nowcom Corp.

OnPoint Financial Corp.

Park National Bank Passtime PaymentVision PayPros Peritus Portfolio Services PIADA Pivot Rock Solutions Portfolio PRA Location Services, LLC Primalend Capital Profit Max Promax Unlimited Pro-Vigil Reynolds & Reynolds RISC (Recovery Industry Services Co.) SDA, Inc. SFG Finance SGC Accounting SideCars

Sigma Payments Single Interest Insurance, Inc. SkyPatrol SmartAuction Spartan Financial Partners Spireon SteadyPay Payment Solutions Stephens & Michaels Asso. / Avert Sterling Credit Corp.

Subprime Analytics Subprime Auto Finance News Tax Refund Services/Tax Max Texas Capital Bank The American Traveler Motor Club Time Finance Adjusters United Acceptance Used Car News Used Car University Van Wagenen Financial Svcs. vAuto Vehicle Acceptance Corpo.

Wayne Reaves Software & Websites Westlake Financial Services

. . . AND MANY, MANY MORE!

DISCOUNTED ROOMS ALMOST GONE!

EXCITING NEW VENUE! ONLY $179 PER NIGHT! WHILE SUPPLIES LAST!

tions with our clients and customers, and it was a great honor to receive this accolade from one of our top clients.”

In another initiative to better serve clients and customers, DAA Murfreesboro has purchased property adjacent to their auction on Old Fort Parkway.

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: jeff@usedcarnews.com

Call 832-767-4759 or Visit www.bhphinfo.com/2013events 4/29/13 2:54 PM

ACTUAL WHOLESALE AND PROJECTED RESIDUAL VALUES MAY 2013

SOURCE: BLACK BOOK

2010 MODELS

2011 MODELS Domestic Cars Buick LaCrosse CX 4D Sedan Cadillac DTS 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 Base 4D Sedan Chrysler 200 Touring 4D Sedan Ford Mustang Base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln Town Car Signature Limited 4D Sedan Ford Focus SE 4D Sedan Import Cars Acura TL Base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan 2.4 Lexus ES 350 4D Luxury Sedan Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Galant ES 4D Sedan Nissan Altima Base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra Base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan Trucks Cadillac Escalade Base 4D Utility AWD Cadillac SRX Luxury 4D Utility AWD Ford Edge SEL 4D Utility Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D Utility FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D Utility 4WD Ram Dakota Bighorn Ext Cab Dodge Grand Caravan Express Wagon Ford Escape XLT 4D Utility 4WD Ford Explorer XLT 4D Utility 4WD Ford F150 XLT Supercab Ford Flex SEL 4D Utility Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Sahara 2D Utility 4WD BMW X3 XDrive28i 4D SAC

May-12 20600 27200 14600 14300 20200 14400 18200 19950 27400 13700 May-12 26800 28300 64400 15850 16200 29400 41600 13350 14500 15800 13100 16100 15100 17200 May-12 49500 32600 22200 20175 18550 20400 30225 15325 16600 18425 31025 21075 21625 23900 22825 33700

Nov-12 18600 27800 11800 12100 18150 13050 15200 18400 22400 11000 Nov-12 23800 25200 60200 14300 14150 27600 37200 11300 12050 13350 11450 14100 11700 15150 Nov-12 47400 30800 21325 19025 17150 19725 26875 15525 14175 16825 27650 19625 21300 23625 21975 32400

May-13 16700 24400 11800 11500 16800 11500 14800 16450 22000 11200 May-13 23200 23800 50300 14600 13850 26000 31600 10500 11900 13200 10900 14150 11900 14800 May-13 43350 28000 20975 18975 16550 19400 26775 15425 14800 16100 27400 19375 19450 24525 21525 31550

Projected Figures May-14 May-15 14200 12225 18300 15475 9375 8025 9925 8700 13525 11650 9375 7975 13100 11650 13400 11350 17100 14175 9100 7750 May-14 May-15 19025 16400 19100 16250 44925 38625 12275 10750 10750 8850 21825 19150 26925 21950 8575 7225 10200 8975 11250 9900 8550 7375 11775 10450 10100 8800 12175 10350 May-14 May-15 36350 30800 23050 19850 16900 14325 16700 14775 12675 10200 16625 14800 23200 20150 13475 12075 11775 10050 13775 11575 21050 17400 15775 13750 16800 14375 19375 15975 18600 16375 25375 21350

2009 MODELS Domestic Cars Buick LaCrosse CX 4D Sedan Cadillac DTS 4D Sedan Chevrolet Cobalt LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 Touring 4D Sedan Chrysler Sebring LX 4D Sedan Ford Mustang Base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln Town Car Signature Limited 4D Sedan Ford Focus SE 4D Sedan Import Cars Acura TL Base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan Lexus ES 350 4D Luxury Sedan Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Galant ES 4D Sedan Nissan Altima Base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra Base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan Trucks Cadillac Escalade Base 4D Utility AWD Cadillac SRX 4D Utility AWD V6 Ford Edge SEL 4D Utility Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D Utility FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D Utility 4WD Dodge Dakota Bighorn Ext Cab Dodge Grand Caravan SE Wagon Ford Escape XLT 4D Utility 4WD Ford Explorer XLT 4D Utility 4WD Ford F150 XLT Supercab Ford Taurus X SEL 4D Utility FWD Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Sahara 2D Utility 4WD BMW X3 XDrive30i 4D SAV

UCN_32.indd 1

May-12 11650 16800 8300 10400 14100 9100 13100 11750 18950 10100 May-12 21000 20300 50500 13100 10000 22400 27200 9850 11900 12700 10700 13300 11850 13300 May-12 35550 21000 16350 17650 11975 16750 24175 12125 11625 14400 15300 16150 13400 15800 19750 25350

Nov-12 10700 16500 6950 9200 13000 8250 11500 11000 16200 8350 Nov-12 19000 18150 46000 11500 8500 20550 24200 8900 10300 11100 9700 11250 9200 11200 Nov-12 35350 19750 16175 16525 11725 15825 22675 11925 10050 13225 14700 15425 11775 15325 18400 23000

Domestic Cars Buick LaCrosse CX 4D Sedan Cadillac DTS 4D Sedan Chevrolet Cobalt LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 Touring 4D Sedan Chrysler Sebring Touring 4D Sedan Ford Mustang Base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln Town Car Signature Limited 4D Sedan Ford Focus SE 4D Sedan Import Cars Acura TL Base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan Lexus ES 350 4D Luxury Sedan Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Galant ES 4D Sedan Nissan Altima Base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra Base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan Trucks Cadillac Escalade Base 4D Utility AWD Cadillac SRX Luxury 4D Utility AWD Ford Edge SEL 4D Utility Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D Utility FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D Utility 4WD Dodge Dakota Bighorn Ext Cab Dodge Grand Caravan SE Wagon Ford Escape XLT 4D Utility 4WD Ford Explorer XLT 4D Utility 4WD Ford F150 XLT Supercab Ford Flex SEL 4D Utility Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Sahara 2D Utility 4WD BMW X3 XDrive30i 4D SAV

May-12 17550 19900 9950 12350 14900 12000 15800 17250 23000 12000 May-12 23800 24300 59200 14450 11900 25800 36600 11750 13000 14300 11800 14650 12950 14900 May-12 42750 30400 18350 18550 15200 18825 26625 13700 14000 15900 19575 18375 19275 18800 21475 29100

Nov-12 16150 18500 8650 11000 13950 11050 13500 15900 18200 9600 Nov-12 21200 21500 53300 12850 10100 23950 33000 10200 10850 12150 10500 12600 10500 12600 Nov-12 40850 28100 18100 17625 14450 18725 24325 13425 12075 15300 17975 17725 18700 16975 20650 27900

May-13 14600 18500 8400 10200 13550 10300 13400 14950 17800 9600 May-13 20800 20600 42700 13150 10050 22600 27600 9200 10600 11900 10150 12650 10700 12750 May-13 38850 25300 17800 17075 14500 18175 23350 12875 12025 14875 17725 17200 18200 17125 20300 26750

Projected Figures May-14 May-15 12325 10350 14650 12400 6800 5875 8575 7425 11300 9700 7350 5925 11250 9775 11625 9675 13875 11325 7675 6425 May-14 May-15 16550 13800 16675 14050 38325 32875 10775 9300 8350 6900 18575 15750 21825 17500 7275 6050 9075 7775 10025 8575 7725 6500 10300 9000 8650 7525 10725 9025 May-14 May-15 31525 26050 20100 16700 14075 11800 14750 13000 10275 8100 14925 13100 19975 17025 11175 9850 9350 7775 11625 9625 14650 12000 13725 11925 14475 12325 14975 12525 16625 14475 21700 18125

May-13 8650 12900 5750 8250 10950 6000 9500 7275 12200 6850 May-13 14700 14800 23800 10450 7350 16800 17400 6750 8200 8900 7300 10150 7800 9800 May-13 28350 15200 12875 14200 9000 13475 18875 9500 8125 11050 11675 12950 8750 11825 16750 17450

Projected Figures May-14 May-15 6850 5900 9775 8275 4650 4000 6275 5075 9200 7575 4225 3300 8075 6875 6325 5300 9200 7625 5075 3950 May-14 May-15 11025 9050 11675 9625 17850 14150 7925 6625 5375 4325 13450 11375 13625 10650 4875 3925 6250 5250 6950 5825 5200 4250 7700 6550 6225 5325 7400 5975 May-14 May-15 20100 16050 11875 9850 9475 7750 11175 9425 6000 4800 10875 9350 14275 11600 8175 7100 6825 5600 7875 6075 9500 7325 9925 8450 7300 5925 9950 8075 13100 11100 14400 11925

2008 MODELS May-13 10200 15400 6750 9150 12250 7550 10950 9275 14700 8000 May-13 19000 17600 36500 11800 8600 19600 21000 7700 9600 10400 8350 11350 9200 11200 May-13 34550 17550 14900 15875 10975 15975 22400 11300 10025 12975 14500 15850 11175 15050 18600 21200

Projected Figures May-14 May-15 8350 7175 12625 10525 5650 4875 7450 6425 10800 9175 5525 4400 9325 8050 7975 6775 11300 9325 6250 5150 May-14 May-15 14175 11725 14025 11675 31925 26300 9325 7975 6925 5625 15675 13425 17650 13925 6025 4875 7775 6625 8750 7500 6350 5325 8975 7750 7475 6375 8925 7350 May-14 May-15 26650 21450 14750 12175 11775 9775 13125 11250 8175 6300 13275 11550 17575 14550 9725 8525 8250 7000 9850 7925 11825 9700 12075 10400 9275 7675 12750 10475 14775 12900 17425 14500

Domestic Cars Buick LaCrosse CX 4D Sedan Cadillac DTS 4D Sedan Chevrolet Cobalt LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 Touring 4D Sedan Chrysler Sebring LX 4D Sedan Ford Mustang Base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln Town Car Signature Limited 4D Sedan Ford Focus SE 4D Sedan Import Cars Acura TL Base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan Lexus ES 350 4D Sedan Mercedes-Benz E Class E350 4D Sedan Mitsubishi Galant ES 4D Sedan Nissan Altima Base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra Base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan Trucks Cadillac Escalade Base 4D Utility AWD Cadillac SRX 4D Utility AWD V6 Ford Edge SEL 4D Utility Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D Utility FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D Utility 4WD Dodge Dakota SLT Ext Cab Dodge Grand Caravan SE Wagon Ford Escape XLT 4D Utility 4WD Ford Explorer XLT 4D Utility 4WD Ford F150 XLT Supercab Ford Taurus X SEL 4D Utility FWD Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Sahara 2D Utility 4WD BMW X3 4D SAV 3.0si

May-12 10000 15100 7150 8900 12650 7550 11400 9750 17400 8550 May-12 16200 17900 30500 11850 8600 19200 22400 8300 10700 11400 9500 12050 9850 12150 May-12 31100 18500 15075 15950 10375 14475 21500 10575 9150 11950 13025 13750 11025 13425 17900 21100

Nov-12 8450 14000 5900 8000 11700 6650 9850 9000 14650 6800 Nov-12 15000 16100 28600 10250 7200 17550 19200 7650 9100 9800 8700 10150 7850 10350 Nov-12 29950 17750 13825 14725 9700 13425 19325 10400 8325 11000 12425 13025 9650 12200 16850 19250

4/26/13 11:19 AM

May 6, 2013 t 33

USED CAR NEWS

Disconnected Jottings From Tony Moorby... â&#x20AC;&#x153;England is a nation of shopkeepers.â&#x20AC;? An observation that was attributed to Napoleon Bonaparte; it was more probably a twist on a statement by the economist of the same era, Adam Smith, who opined, â&#x20AC;&#x153;Eng-

Early attempts at election were unsuccessful, but in 1958 she became the Member of Parliament for the London Borough of Finchley. She made a rapid rise through various government departments, becoming Sec-

Tony Moorby

Ć&#x20AC;É&#x; Ĺ´Ĺ°Ć?3 ,É&#x;0 . , (É&#x;) É&#x;." É&#x;#( /-.,3 Ć&#x20AC;É&#x; , -# (.É&#x; ,)'É&#x;ŹŚŚšĆ&#x2018;ŲŰŰŰÉ&#x;) É&#x; É&#x;É&#x; É&#x; /.)').#0 Ć&#x20AC;É&#x; ,0 É&#x; -É&#x; Ć&#x2030;-É&#x; 2 /.#0 É&#x;0# É&#x;É&#x; É&#x; *, -# (.É&#x;) É&#x;- & -É&#x; ( É&#x;' ,% .#(! Ć&#x20AC;É&#x; )), 3É&#x;Ć É&#x; --) # . -É&#x;ŲŰŰŜĆ&#x2018;*, - (. Ć&#x20AC;É&#x; 1 , É&#x;." É&#x; #(!É&#x;) É&#x; )(),É&#x; 3É&#x;É&#x; É&#x; Ć&#x20AC;É&#x; É&#x; &&É&#x;) É&#x; ' ,

land is a nation governed by shopkeepers.â&#x20AC;?

The late prime minister, Baroness Thatcher, was born to a corner-store grocer who also happened to be a local politician in Grantham, Lincolnshire. She followed his footsteps to a political career, although she studied chemistry at Oxford University.

After being a research chemist, she later passed the bar and specialized in tax law.

She made most of her early affiliations to the Conservative Party while she was at university.

retary of State for Education and Science in 1970.

When Sir Edward Heath lost the 1974 election to the Labor Party, Mrs. Thatcher became the leader of the opposition and the first female prime minister in 1979, sweeping out the Labor Party with a massive 44seat majority in the House of Commons.

I had been in the business world a solid 12 years by then and had already seen foment and strife between labor and the industrialists.

Unions promoted strikes at

the slightest warrant â&#x20AC;&#x201C; most were quite unnecessary as a way to negotiate better wages and conditions, especially in the face of growing competition from Europe and Japan. She believed in less government, lower taxes and more freedom for business and consumers while exacting rigorous wage restraint to maintain competition. Does any of this sound familiar? A Russian newspaper called her â&#x20AC;&#x153;The Iron Ladyâ&#x20AC;?, a soubriquet she gladly adopted.

For many, including me, she was a stalwart for individual success, believing that successful people promote a healthy economy in which everyone benefits.

She stood her ground so firmly that strikes and even riots from the leftists wouldnâ&#x20AC;&#x2122;t make her budge. Eventually the economy turned around, rampant inflation was brought under control and manufacturing got back to full swing. Things were on the up and she was reelected.

She maintained a similar posture when the Argentine government wanted to claim the Falkland Islands

C R O S S WO R D

32. Soonersâ&#x20AC;&#x2122; state 33. Jet black 35. Engine chamber 39. Military officer, for short 40. Small recess opening off a larger room 41. Distance measurement (abbr.)

42. 70â&#x20AC;&#x2122;s compact from Dodge 43. Chevy compact

To see past columns from Tony Moorby, visit www.usedcarnews.com/ columnists/tony-moorby 1

Down

1. Honda SUV 6. Bentley _____ 9. 70â&#x20AC;&#x2122;s Ford Mercury ___ 11. Mid-size Chevy 13. Aston Martin _____ 16. Antique cars 20. V-10 powered sports car 21. They get filled up 22. 76 station 23. Pluses 27. ____-owned 28. Hyundai family sedan 30. RAM 2500 _____ Cab

and in spite of her hatred of communism, regarded Chairman Gorbachev as â&#x20AC;&#x153;someone with whom I can do business.â&#x20AC;? She was also one of President Reaganâ&#x20AC;&#x2122;s biggest supporters.

Many thought that she started believing that her opinions could not be wrong and her popularity started to slip. Her own party members challenged her leadership and she left Downing Street in November 1990.

As in any political position, itâ&#x20AC;&#x2122;s a â&#x20AC;&#x2DC;love/hateâ&#x20AC;&#x2122; relationship. Many couldnâ&#x20AC;&#x2122;t stand her high-handed ways but just as many believed that her bearing and style helped Great Britain through some very hard times.

I think we could do with more icons that come from everyday backgrounds, but weâ&#x20AC;&#x2122;re unlikely to find them on supermarket shelves.

Sponsored by INSURANCE AUTO AUCTIONS

By Miles Mellor

Across:

as theirs, Las Malvinas, as they called them. Maggie Thatcher staunchly stated that as long as it was a British Sovereignty and that Brits were living there, we would defend them to the hilt. It was costly, as any war is â&#x20AC;&#x201C; many lost their lives and ships were sunk. Eventually Britain retained its grip on this colonial outpost and Thatcherâ&#x20AC;&#x2122;s popularity was further underpinned. She was again re-elected.

There were troubles in Northern Ireland, which peaked during her tenure, and she even survived a bombing at a hotel in Brighton where the Conservative Party Conference was being held.

She had a major presence on the international scene, supporting President George H.W. Bush in the ouster of Iraq from Kuwait

1. Mustang competitor 2. Option to lease 3. Respectful address 4. ___ and aahs 5. 60â&#x20AC;&#x2122;s AMC model 6. Wheel turners 7. Computer port, abbr.

8. Former 10. Pal in French 12. California University 14. Panamera, for one 15. Drop steeply 17. Former Saturn compact 18. A Cadillac 19. Ferrari 458 21. Wrecked 22. Toyota model 23. TN neighbor 24. Old Ford from the UK 25. Nation making BMWâ&#x20AC;&#x2122;s, for short 26. Wrench type 27. Dad 29. Acura sedan 31. Superstar 34. For sure

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43

Answers to the 4/15/13 puzzle

36. Weight measurement, for short 37. City with many cabs, abbr.

38. E-mail address ending 39. â&#x20AC;&#x153;__ are the championsâ&#x20AC;?

41. Santa ___

Answers to this puzzle in the 5/20/13 issue. Call 1.800.794.0760 for a FREE subscription.

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Â&#x20AC;Â Ă&#x203A;Ă&#x203A;Ă?Ă&#x203A;Ă&#x203A;Ă&#x203A;May 6, 2013

USED CAR NEWS

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4/25/13 2:10 PM

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