1-800-554-1026 May 4, 2015
ON THE WEB: Bill Aims at Protecting Automotive Finance
A bi-partisan bill introduced in the U.S. House of Representatives calls for reform of the Consumer Financial Protection Bureau’s approach to auto finance. The legislation would repeal a CFPB bulletin from 2013 that was designed to pressure lending institutions into eliminating the availability of auto financing discounts.
Used Vehicle Prices Outpace Economy
The NADA Used Car Guide projects the used-car industry is positioned to beat overall economic growth for the sixth year in a row. NADA Used Car Guide analysts believe April will continue the upward sales and pricing trends they’ve observed.
Manheim Expands Mobile Auctions
Manheim recently announced plans to roll out up to eight additional mobile units later this year, bringing the total number to 24 by year’s end.
Rush - Dated Material
Many Brands Are Gone, Not Missed By Ted Craig
Several manufacturers have left the market in the past decade, with low-end marques the most common. There was a time when dealers could stock their lots with inexpensive Suzukis, Daewoos and Isuzus. Not anymore. So is the disappearance of these vehicles causing problems for used-car dealers? Not really, according to most experts. Brent Carmichael, a consultant with NCM Associates, said he used to buy plenty of low-end vehicles when he worked at a dealership. But these cars have long been on the “Do Not Buy” list for his 20 Group members. Ken Shilson, founder of the National Alliance of BuyHere, Pay-Here Dealers, describes these vehicles as “disposable cars.” “You could buy them because nobody wanted them,” Shilson said. “They were cheap, but they were cheap for a reason.” The true cost of these cars came when they stopped running and the drivers stopped paying for them. Tim Fleming, an analyst
GOOD RIDDANCE: Vehicles like the Suzuki Grand Vitara are disappearing from the market, mainly because they are no more popular used than they were new.
with Kelley Blue Book, said the disappearance of these vehicles from the market has had little overall effect because they had few sales to begin with. That is why they left, after all. Consumers looking for an inexpensive car today turn to
selections like the Ford Fiesta and the Chevrolet Cruze. “The large manufacturers have expanded their offerings to fill that niche,” said Tom Kontos, ADESA’s vice president of analytical services. The cheaper domestics
are the best choice for buyhere, pay-here dealers, Shilson said. Bobby Hardy, owner of Hardy Auto Sales in Philadelphia, Miss., doesn’t miss these makes at all. “We haven’t had a Suzuki in years,” Hardy said.
Franchise Dealer Groups Report Strong Used Vehicle Sales Several of the major publicly traded franchise dealer groups reported double-digit increases in their used-car sales in the first quarter. Sonic Automotive Group Inc. reported record first quarter pre-owned unit sales of 28,135 and record pre-owned gross profit of $40.8 million. The chain now has three EchoPark retail operating locations in Denver, with progress made to open an additional location by the end of 2015. These used-car superstores are the first in a planned national network. The three EchoPark stores sold 660 units for the quarter, with just under 300 units sold in the month of March.
Asbury Automotive Group Inc. reported that used vehicle retail revenues were up 14 percent in the first quarter and used gross profit was up 7 percent. AutoNation Inc. reports that retail used vehicle unit sales increased 12 percent overall and 11 percent on a same store basis in the first quarter. Lithia Motors Inc. saw double-digit growth in its usedcar operations in the first quarter. Used-car sales at the franchise dealer chain’s stores rose to 24,204 units from 16,316 in the first quarter of 2014. Used vehicle retail same store sales increased 11 percent in the first quarter.
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4/23/15 2:23 PM
USED CAR NEWS
Car Buyers Want Safety Technology, Not Connectivity By Jenny King
DETROIT – Consumers from pre-boomers to members of generation Y are interested in technology that will keep them safer in their cars, according to a new study by J.D. Power and Associates. Comfort and convenience, infotainment, navigation and fuel economy technologies took a back seat to technologies related to collision protection, according to J.D. Power’s 2015 Tech Choice Study. Results of the survey, conducted online earlier this year with 5,392 owners of 2011-2015 model year vehicles and released at an Automotive Press Association meeting, showed collision protection technologies ranking high in preference among respondents. Owners of both non-premium and premium vehicles and from all age groups attached importance to blind spot detection and prevention, remote vehicle diagnostics and camera rearview mirror that might operate in
all gears. Kristin Kolodge, executive director of driver interaction & HMI research at J.D. Power, said lack of interest in connectivity was “very surprising.” Respondents also were cool toward technologies aimed at improving fuel efficiency. Kolodge said owners seemed to rely on the automakers to continue those efforts. Navigation technology was a non-starter. Comfort and convenience features like gesture-activated doors, haptic touch screen and eye tracking controls tended to rank below average for preference. The preferred technologies “are paving the road toward self-driving vehicles,” she said. The study, Kolodge said, shows growing customer acceptance of the concept of a vehicle taking over critical functions such as braking and steering, which are the foundational building blocks leading to the possibility of fully-autonomous driving. Generation Y, which ac-
Photo by Jenny King IN TOUCH: Kristin Kolodge of J.D. Power fields questions about in-car techology at a recent event in Detroit. Kolodge said today’s tech is paving the way for self-driving cars.
counts for 28 percent of new-vehicle purchases, outpaced other age groups in the study when it comes to spending extra for advanced technology. Respondents ages 18 34 said on average they would be willing to pay over $3,700 for preferred technology. This com-
pared with $3,007 for generation X; $2,416 for boomers, and an average of $2,067 for preboomer respondents. Kolodge and members of a panel who participated in the program said it will be important to educate customers in the various technologies.
Often trying out new features helps create an interest and an appreciation – even a need. Kolodge underscored the importance to the automakers of choosing the right technologies and packaging them appropriately in order to attract and keep newcar buyers.
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USED CAR NEWS
feature for Android as part of the CSAToday by IAA mobile app. This follows the featureâ€™s successful November 2014 launch on iOS devices, which enhances the CSAToday customer experience by offering â€œanywhereâ€? access to begin an assignment with IAA. The upgrade features a streamlined workflow focused on required fields only and built-in mobile technology, such as camera functionality for vehicle identification number (VIN) scanning and GPS for location +-,#(')!*+)) Insurance Auto Auctions Inc. an- entry, to reduce manual effort The mobile app is availnounced the opening of its Chicagoable for download in the Apple North branch in East Dundee. East Dundee Village President iTunes store and on Google Play. Lael Miller, president of the Northern Kane County Chamber of Commerce Melissa Hernandez and IAA /)%++/*))*(.%+ Swapalease.com reports lease CEO and President John Kett officredit approvals for March tumbled cially opened the branch with a ribbon cutting ceremony and hosted a to just 60 percent of lease transfer applicants, with the 2015 average off celebratory lunch. Almost a dozen local businesses the usual pace at just 63.4 percent. Car lease credit approval volatilranging from furniture, food, automotive services, rentals, etc. were ity has been apparent over the last involved in the celebration, opening six months, with every other month surging above or below Swapaleaseâ€™s and/or operation of the branch. The Chicago-North branch is lo- benchmark margin of 70 percent cated at 605 Healy Road in East approvals. The company continues to attriDundee, Ill. IAA also announced the launch bute this volatility to trends that of the mobile Vehicle Assignment include rising borrowing for stuInvestment bank Harris Williams & Co. announced the sale of Dent Wizard International, a portfolio company of H.I.G. Capital, to Gridiron Capital LLC. Headquartered in St. Louis, Dent Wizard provides services to more than 5,000 customers including automotive dealerships, rental car companies, auctions and insurers.
dent loans and an overall increased Auction is headquartered in Dallas appetite to take over an auto lease. with 11 auction centers throughout the eastern half of the United States. It plans to open an additional loca *+/((% tion in Houston during the summer. Trinity Hunt has also acquired a VinSolutions announced the availability of Target, a new tool in minority stake in Auction Credit Enterprises, a floor plan finance comthe VinConnect CRM solution. Target enables auto dealers to pany that was founded by the Amermine their customer databases to icaâ€™s Auto Auction management find more existing opportunities team in 2006 to provide short-term, and convert those opportunities into asset-backed inventory financing to dealers who buy auction vehicles. sales. Trinity Hunt Partners is a DallasUsing the Target search tool, dealers can define and display the based private equity firm investing customer segments they want to in established middle-market comcontact. They can then use this data panies that are valued between $15 to act immediately by sending tar- million and $150 million GE Capital Markets served as geted, customized communications to customers with a high likelihood co-lead arranger and joint-bookrunner on this facility, and GE Capital to purchase. made an equity investment alongside the new owners. #*& -0+&*#+ "#' GE Capital is providing financTrinity Hunt Partners, a ing as part of an $88 million senior Dallas-based private equity firm, an- secured credit facility . nounced the acquisition of a majority stake in Americaâ€™s Auto Auction. C R O S S WO R D Trinity Hunt will partner with by Myles Mellor Americaâ€™s Auto Auction officials Ben Lange and Dustin Miller, who will PAGE 20 remain shareholders, to recapitalize the business and position the company for continued growth. Founded in 2005, Americaâ€™s Auto 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
(%2( 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.
4/27/15 1:57 PM
USED CAR NEWS
Auto Finance Firms See Growth to Start Year 0.76%
4% 3% 2% 1% 0%
TOP 20 LENDERS IN THE USED RETAIL LOAN MARKET 7% Top 20 represent 37.6% of 6% all used retail loans 5%
tions of General Motors Co. vehicles were $3 billion for the quarter ended March 31, compared to $2.1 billion for the quarter ended December 31, 2014, and $773 million for the quarter ended March 31, 2014. Leased vehicles net totaled $8.9 billion at March 31. The outstanding balance of commercial finance receivables was $7.6 billion at March 31, compared to $8.1 billion at Dec. 31, 2014 and $7.1 billion at March 31, 2014. Consumer finance receivables 31-to-60 days delinquent were 3.4 percent of the portfolio at March 31, compared to 3.1 percent at March 31, 2014. Accounts more than 60 days delinquent were 1.4 percent of the portfolio at March 31, 2015 and 2014. Annualized net credit losses were 1.8 percent of average consumer finance receivables for the quarters ended March 31, 2015 and 2014. The company had total available liquidity of $10.9 billion at March 31, consisting of $2.1 billion of unrestricted cash, $7.2 billion of borrowing capacity on unpledged eligible assets, $0.6
The auto credit market remains strong, but analysts continue to keep an eye out for signs of trouble. The auto loan default rate has declined back to its January level. Data from S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices shows a decrease in auto loan defaults to 1.03 percent in March. Several large auto creditors recently reported positive results for the first quarter, a reflection of these trends. General Motors Financial Co. announced net income of $150 million for the quarter ended March 31, compared to $145 million for the quarter ended March 31, 2014. Consumer loan originations were $4.1 billion for the quarter, compared to $4 billion for the quarter ended Dec. 31, 2014, and $3.4 billion for the quarter ended March 31, 2014. The outstanding balance of consumer finance receivables totaled $25.6 billion at March 31. Operating lease origina-
Source: Experian Automotive
billion of borrowing capacity on unsecured lines of credit and $1 billion of borrowing capacity on a junior subordinated revolving credit facility from GM. GM Financial also recently completed an offering of notes with net proceeds of approximately $2.38 billion. The net proceeds from the offering will be added to the company’s general funds and will be available for general corporate purposes. Consumer Portfolio Ser-
vices Inc. announced earnings of $8.3 million for its first quarter, compared to net income of $6.7 million in the first quarter of 2014. Revenues for the first quarter of 2015 were $86 million, an increase of $17.8 million from the first quarter of 2014. Total operating expenses for the first quarter of 2015 were $71.2 million, an increase of $14.9 million from the 2014 period. During the first quarter of 2015, CPS purchased $233.9
million of new contracts, an increase of 23.2 percent. The company’s managed receivables totaled $1.7 billion as of March 31, an increase from $1.6 billion as of Dec. 31, 2014 and $1.3 billion as of March 31, 2014. CPS also announced the closing of its first term securitization in 2015. The transaction is CPS’s 16th senior subordinate securitization since the beginning of 2011 and the fourth Continued on page 8
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4/27/15 3:54 PM
USED CAR NEWS
AG Cracks Down on Title Delivery The Ohio attorney general recently filed two lawsuits against defunct used-car dealerships accused of failing to deliver motor vehicle titles to consumers. One lawsuit accuses Ohio Valley Motorcars LLC in Milford and its owner and salesperson, Jason Taylor, of violating Ohio’s Consumer Sales Practices Act and Certificate of Motor Vehicle Title Act. “This individual sold cars for a few months, but he ripped off many consumers in that short time,” said Attorney General Michael DeWine. “We are seeking a court order that would require him to repay the money he took and prohibit him from violating Ohio’s consumer laws in the future.” According to the lawsuit, Ohio Valley Motorcars last operated at 5656 Wolfpen Pleasant Hill Road in Milford. The dealership is now closed. The Ohio attorney general’s office received 20 complaints against Ohio Valley Motorcars. Consumers 1 4/17/15 said theyCarolina_UCNmay4.pdf bought vehicles from the
dealership but never received a title. The attorney general’s office helped to resolve consumers’ complaints, in some cases making payments from the Title Defect Rescission Fund – a program that helps reimburse consumers who fail to receive a valid certificate of title after buying a vehicle from a dealership. In the lawsuit, the attorney general seeks a declaration that the defendants’ actions violated state consumer laws, an injunction to stop further violations, reimbursement to the Title Defect Rescission Fund, and civil penalties. The other lawsuit is against a Columbus used car dealership accused of failing to deliver motor vehicle titles as required by law. The lawsuit accuses TCB Automotive Group LLC and its owner Andrew Karabinos of violating Ohio’s Consumer Sales Practices Act and Certificate of Motor Vehicle Title Act. It also seeks reimbursement to the Title Defect Rescission Fund, a state program that helps car buyers who fail to receive valid titles to vehicles they purchase from a dealership. TCB Automotive Group last operated at 2491 N. High St. in Colum12:01 bus. ItPMis currently closed.
4/27/15 1:54 PM
4/24/15 8:41 AM
USED CAR NEWS
PROFIT CENTERS CONSUMERS WANT MORE INPUT INTO F&I PROCESS Consumers are frustrated with the current finance and insurance process, but if dealers could make it easier, they actually could sell more. Thatâ€™s the key finding of a new study from MakeMyDeal, a Cox Automotive company that enables car shoppers and dealers to discuss and agree on the terms of a car deal online. The MakeMyDeal 2015 Finance & Insurance Study further showed that shifting F&I product information online could be the key to higher sales and profitability. â€œF&I is one of the biggest parts of the buying process that has still not moved into the digital age, and dealers have been hesitant to evolve this process because itâ€™s a major profit center,â€? said Mike Burgiss, founder and vice president of MakeMyDeal. â€œHowever, our study shows that the current F&I process breeds consumer skepticism. By changing when and how the shopper is introduced to F&I products, dealers could see a dramatic change in consumersâ€™ likelihood to buy F&I products.â€? A significant number of consumers showed skepticism about F&I products, with 61 percent indicating that they believe the products are just ways for the dealer to make more money. Additionally, 48 percent said that they would never buy anything other than the car from a dealership. Further results from the study, however, indicate that the resistance felt in the F&I office is not about the products themselves, but about the experience. This is supported by the fact that consumers realize that F&I products may be beneficial: 84 percent say they believe that F&I products may have real value, and 66 percent indicate that they think F&I products may save money in the long run.
Despite this, 54 percent say they prefer to simply complete their purchase and leave the dealership as quickly as possible. Consumersâ€™ desire to sign on the line and run is problematic, as the study showed that there is a gap in their understanding of the offerings. One third of respondents say they find the list of F&I product choices confusing. Even among consumers who said they were familiar with key product offerings, a significant portion could not correctly identify them. For example, 46 percent of respondents who claimed to be familiar with the Vehicle Service Contract did not select the correct definition. Similarly, 56 percent of those who claimed familiarity could not identify the correct definition for Prepaid Planned Maintenance. Currently, most consumers are first exposed to F&I offerings after the vehicle price and trade-in have been negotiated at the dealership, but the study shows that consumers would prefer to learn about F&I products beforehand - on their own time. Over eight in 10 of study participants (83 percent) say they are interested in learning about F&I products before entering the dealership. Once a consumer has a better understanding of the offerings, they are more open to hearing about them from the F&I manager, even among the most skeptical shoppers. Three fourths - 75 percent - of all respondents (and 69 percent of those who are skeptical of F&I) report being interested in learning more about them from the dealership after they had a better understanding of what they were. Most strikingly, 63 percent said they would be more likely to buy F&I products if they could learn about them on their own time.
FINANCE â€“ FROM PAGE 5 consecutive securitization to receive a triple â€œAâ€? rating on the senior class of notes. Fitch Ratings, however, recently raised concerns about the future of automotive asset-backed securities despite this strong recent performance. U.S. prime auto ABS collateral has been marginally weakening in recent months
due in part to heightened competition amongst auto finance companies, Fitch reports. Since 2011, credit quality of the underlying pools has declined marginally, but remains much stronger than pre-recessionary levels. Competition and low loss levels are encouraging slightly riskier loan attri-
butes for auto ABS. Finance companies are catering to consumer demand for low monthly payments by extending loan terms, namely loans with terms greater than 60 months. Fitch is expecting exposure to borrowers with FICO scores below 650 to trend higher in prime auto ABS portfolios in 2015.
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USED CAR NEWS 1
Fewer Buy Alt-Fuel Vehicles A breakdown of the alternative-power-vehicle market Hybrid car
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Fewer consumers are buying alternative fuel vehicles, but those that do have more money. According to Edmunds.com, about 22 percent of people who have traded in their hybrids and EVs in 2015 bought a new SUV. The number represents a sharp increase from 18.8 percent last year, and it is nearly double the rate of 11.9 percent just three years ago. Overall, only 45 percent of this yearâ€™s hybrid and EV trade-ins have gone toward the purchase of another alternative fuel vehicle, down from just over 60 percent in 2012. Never before have loyalty rates for alt-fuel vehicles fallen below 50 percent. Edmundsâ€™ analysis comes at a time when overall sales of alternative vehicles have continued to slide. EVs and hybrids accounted for just 2.7 percent of all new car sales in the first quarter of 2015, down from 3.3 percent during that same period last year. The share of SUVs, meanwhile,
has increased to 34.2 percent in the first quarter from 31.8 percent in the first quarter of 2014. Although gas prices seem to be driving this change, many alt-fuel buyers seem to have less reason to worry about fuel costs. Experian found more than 18 percent of consumers that purchased an alt-fuel vehicle paid in cash, compared to 15.24 percent of those that purchased a gas-powered vehicle. By being in the highest credit tiers, consumers purchasing alt-fuel vehicles also tend to be a slightly lower credit risk than those purchasing traditional models. Nearly 83 percent of consumers who purchased an alternative-powered vehicle fell within the prime credit category, compared to 71.5 percent of consumers who purchased a gas-powered vehicle. Additionally, the average credit score of a consumer purchasing an alt-fuel vehicle was 737, while it was 711 for traditional vehicles.
4/27/15 1:37 PM
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4/23/15 1:58 PM
USED CAR NEWS
Ads Targeting Miltary Cost Dealer A Tennessee auto dealer has agreed to immediately change its advertising practices and pay the State of Tennessee $50,000 following a marketing campaign aimed at service members. The agreement between Wholesale Inc. and state agencies centers around two advertising mailers sent to would-be customers. One of the mailers specifically targeted service members living near Fort Campbell. After reviewing a service memberâ€™s complaint filed at Fort Campbell, the state alleged that the
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USED CAR NEWS
NHTSA Issues Warning About Corrosion in Older Trucks The Department of Transportation’s National Highway Traffic Safety Administration issued a safety advisory and consumer video encouraging owners of model year 2007 and older trucks, SUVs and passenger cars to inspect brake lines and thoroughly wash the underside of their vehicles to remove corrosive salt after the long winter in order to prevent brake-line failures that increase the risk of a crash. The advisory was issued in conjunction with the agency’s closing of an investigation into brake-line failures in General Motors trucks and SUVs built in model years 1999 to 2003. The agency spent more than four years investigating corrosionrelated brake failures in the vehicles and similar trucks and SUVs made by other manufacturers, but has not identified a defect that would initiate a recall order. The data indicate that the brake line corrosion seen in the GM vehicles was not unique – similar vehicles using comparable brakelines experienced similar corrosion issues, especially in states using salt to de-ice roads in winter. NHTSA issued a broad safety advisory urging owners of older SUVs and pickups to take steps to prevent brake failure resulting
from corrosion. NHTSA’s investigation stemmed from a vehicle owner’s petition in 2010, and covered about 6 million model year 1999-2003 GM Sierra, Silverado, Avalanche, Escalade, Suburban, Tahoe and Yukon vehicles. NHTSA examined consumer complaints for brake line failures for all types of light vehicles and analyzed safety inspection data collected in Pennsylvania from
2008 through mid-2014. The agency’s Vehicle Research and Test Center in Ohio conducted a survey that gathered data from approximately 2,000 owners of GM and peer vehicles from the period. Investigators also examined 71 randomly selected vehicles in Massachusetts, New York, Maryland and Ohio. While NHTSA received substantially more vehicle owner complaints about all types of GM vehicles than similar vehicles from
other manufacturers, the higher rate of complaints appeared to be at least in part related to public attention given to the investigation. The Pennsylvania inspection data, VRTC survey and random NHTSA vehicle inspections all showed that both passenger car and light truck peer vehicles are subject to similar corrosion-related failure rates. Beginning in the late 1990s, manufacturers transitioned to plasticcoated pipes that are in use today.
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4/27/15 4:10 PM
USED CAR NEWS
RETAIL MARKETS â€œTax season was good this year. It was even better this year than last year. We had a little bit more inventory this year. â€œSubprime has not affected us (or hurt our sales). â€œ(Our inventory) is about 30 percent trucks, 30 percent SUVs and 30 percent cars. That hasnâ€™t changed. â€œThe average model year we carry is probably a 2008. Average mileage is about 130,000 to 140,000 miles. Thatâ€™s the same as last year, unless itâ€™s a truck and then it will have more mileage. â€œWe just really carry domestics. â€œWeâ€™re spending about $650 per car on reconditioning. Last year it was about $450. Itâ€™s just that cars are still hard to find and they need more repairs, from new tires to other stuff. For us (as a buy-here, payhere dealer) to put something out on a note, we have to spend that type of money. â€œWe have our own repair shop. We have three mechanics and three bays. We
Jennifer Gant, owner, A&D Motors, Arab, Ala.: â€œWeâ€™ve been in business since 1989. We have one location. â€œWe currently carry about 50 vehicles. â€œThat is typical of this time last year. â€œWe usually go to the auction to get our cars. I also have a couple of wholesalers that I buy from. â€œWe also get some through new-car trades from (franchise) stores. â€œAcquiring inventory has been a little easier than this time last year, but still it is very hard to get. There are more vehicles in the market, but thereâ€™s a lot more reconditioning work that needs to be done. â€œThe type of vehicle that we need is still priced high. A truck costs even more money. â€œWe average probably 35 (sales) per month. Thatâ€™s the average throughout the year, though (we sell more) during tax season.
just work on our own cars. â€œOur retail price is $10,000 and under. We donâ€™t go over $10,000. Thatâ€™s the same as this time last year. â€œWe do advertising and marketing through Facebook and Cars.com. We do some print advertising, but not a lot. â€œLast year, we did a lot more print and we didnâ€™t use Cars.com. We use Craigslist, too. Itâ€™s actually been a good tool. â€œRecently, we sold a 2001 Chevy 2500 series diesel. It had 271,000 miles. We got $12,900 for it.
Kelly Stewart, owner, Unlimited Auto Sales, Salt Lake City: â€œIâ€™ve been in business since 1997. â€œWe carry mostly fourwheel drive trucks. â€œWe stock 40 to 50 trucks. We try to sell 40 a month. â€œI buy all over. Thereâ€™s no secret to (finding the best vehicles at the best price.) Itâ€™s hit and miss. Weâ€™ll look
!"%#% $ at local markets and sometimes weâ€™ll go out of state to auctions. We buy from newcar stores. â€œI think itâ€™s probably harder to buy stuff this year than itâ€™s ever been. â€œWe used to do buy-here, pay-here, but we got out of that market. â€œWe just do good (credit) customer stuff and take advantage of the credit union financing. Itâ€™s better for us. â€œItâ€™s probably been five years since we did buyhere, pay-here. The reason is, my sons both graduated from college and came into the business and they said, â€˜Letâ€™s just do cool new stuff. Itâ€™s easier to finance,â€™ and so we went that way. â€œAlso, when you do all these accessories, itâ€™s hard to get them financed (subprime). â€œWe carry anything from 2008s to 2014s. â€œAverage mileage is between 60,000 and 90,000. â€œI would say we carry about 80 percent domestic and 20 percent import.
â€œYou have to pay a lot for those foreign trucks, the Nissans and Toyotas. They are very expensive. â€œMost of our inventory is trucks. We also do some boats and Harley-Davidson motorcycles. â€œWe do a lot more recon than most dealers, because we do lifts, tires and wheels on all of our trucks. We have our own shop here and we do it all. â€œSo our recon gets up there. We probably spend $6,000 or $7,000 a truck by customizing them. â€œWe try to just do work on our own trucks and our customersâ€™. â€œWe have a local website that we advertise on, but weâ€™ve been here so long that 80 percent of our customers are repeat or word-ofmouth. â€œOur average retail price is $25,000. â€œI just sold a 2010 Chevy half-ton, crew cab pickup, with four-wheel drive. â€œIt had 79,000 miles on it and we sold it for $24,900.â€?
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4/27/15 11:45 AM
USED CAR NEWS
WHOLESALE MARKETS INDIANA
Bob Ruth, general manager, Wolfe’s South Bend Auto Auction, South Bend, Ind.: “This is our 12th year. We usually run two lanes. We have four. “We’ve kind of fluctuated (in volume) between 250 and 325. It’s about the same as last year. “The funny thing about tax season is this: Over the last few years, the way the government has doled out those checks is they’ve been late and sporadic. We haven’t seen the peaks and valleys. It’s actually been more consistent and predictable. “During the tax season, our sales percentages are in the mid-60s and now it’s leveling off as the market adjusts. “Vans have come up in price. Convertibles, too. It’s the spring market. So we know by Memorial Day, those will start to drop a little. “Any SUV, or anything
that’s four-wheel drive, is staying consistent. That’s what the market is dictating. People want those. So that stuff is still (strong). “We probably (draw) 100 to 150 dealers week in and week out, but I don’t keep a census on that. Because we have three auctions in Indiana, we get a lot of southern Indiana trade. “The retail side of the business is always interesting. You can go to two stores and nothing is going on. Then you go to the store in the middle and they’re doing fantastic. “Any store that has a seasoned sales staff – folks that have been around for a while – they get a lot of repeat and referral business. “I spent 20 years on the retail side of the business so I have an appreciation for what goes on there. “We have a couple of big repo/fleet accounts. So probably 20 percent of our volume is fleet and credit union/bank repos. The credit union/bank repos al-
ways get more money. “We run probably 15 to 20 in-ops a week. “We use AWG for our online sales. We get some bidding. As the younger generation comes along that’s more savvy, I think you’ll see us do a lot more online. “(During a recent sale) our average price was about $2,750. It usually goes between $2,500 and $3,500. We’re a little better than we were at this time last year. “I think it’s going to be a good car year. The manufacturers are subventing their lease rates and giving people a reason to be in a two-, three- or four-year cycle. That can do nothing but help our end of the business. “I walked into a (franchise store) and saw a $65,000 Ford F-150. How can you afford that? You have to lease that truck. “So I think you’re going to see more and more leases which puts more two-, three- and four-year-old cars back into the cycle.”
Stephanie Baker, general manager, Dealers Auto Auction of Murfreesboro, Murfreesboro, Tenn.: “The auction has been around for years, but it’s been Dealers Auto Auction of Murfreesboro for the last six years. “We have five lanes and we’re running four. “Volumes have been down a bit. We average about 500. But tax time wasn’t what we thought it would be. I don’t know if the changes in (the healthcare law and penalties) affected it. “The auction sells 50 percent on average. “We draw about 300 dealers to the auction. A lot come locally and from all over Tennessee. They also come from Kentucky, Alabama and (other states). “We’re more of a dealer consignment sale. About 80 percent of our cars are dealer consignment and that volume is down. I’ve not seen a change on the (commercial consignment) side.
May 4,2015 • 17
Compiled by Jeffrey Bellant “(On the commercial side) we have GE Capital, Emkay and ARI, (for example). I don’t know what the volumes for those will be like for the remainder of the year. “We have our government sale and it’s the third Wednesday of every month. Typically their volume spikes in the summertime. So we’re looking for that to really increase in May, June and July. “Mainly, the GSA sale offers passenger cars. Sometimes we’ll have some odd pieces, like buses or (commercial) trucks. “Our average price is sitting at about $5,200 right now. That’s up from this time last year. “We also sell cars online through Pipeline. We do that every week. It’s not a huge number, but we do sell a lot of the government cars on the Internet. If you have something that dealers need, they will get on the Internet to buy.
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USED CAR NEWS
MONTHLY DEALER CONSIGNMENT AVERAGES AVG. SALE PRICE
$5,631 $5,759 $5,838 $5,748
100113 100463 100809 100481
COMPACT CAR JAN 2015 FEB 2015 MAR 2015 YTD AVG:
FULLSIZE CAR 7JTJUVT BU/"#% #PPUI
JAN 2015 FEB 2015 MAR 2015 YTD AVG:
$4,266 $4,007 $4,240 $4,172
LUXURY CAR JAN 2015 FEB 2015 MAR 2015 YTD AVG:
$12,358 $11,598 $12,383 $12,132
MIDSIZE CAR JAN 2015 FEB 2015 MAR 2015 YTD AVG:
PICKUP JAN 2015 FEB 2015 MAR 2015 YTD AVG:
JAN 2015 FEB 2015 MAR 2015 YTD AVG:
JAN 2015 FEB 2015 MAR 2015 YTD AVG:
CURRENT YTD, THROUGH MARCH 2015
95858 99194 98338 97772
$6,155 $6,210 $6,387 $6,259
108802 109128 109547 109183
$13,879 $14,163 $14,722 $14,272
111265 110363 108816 110099
SPORTS CAR JAN 2015 FEB 2015 MAR 2015 YTD AVG:
108579 113914 114926 112644
$15,338 $15,491 $16,749 $15,945
79664 79470 74207 77433
$11,557 $11,243 $11,773 $11,533
105665 108480 107170 107093
$6,420 $6,414 $6,728 $6,532
118412 120374 117817 118817
SOURCE: MANHEIM CONSULTING
4/27/15 4:13 PM
TRUE COST OF INCENTIVES (TCI) March-14
TCI $1,699 1 $14,921 2 $12,608 3 $11,609 4 $10,116 5 $8,102
Subcompact Car TCI $1,219 1 $13,750 2 $11,733 3 $10,935 4 $8,583 5 $7,292
TCI $2,379 1 $18,054 2 $14,737 3 $13,437 4 $11,433 5 $9,644
TCI $3,268 1 $19,760 2 $16,742 3 $15,679 4 $12,805 5 $10,212
% Change ‘14-’15
$2,015 18.60% $13,478 -9.67% $12,575 -0.26% $11,280 -2.83% $10,010 -1.05% $8,280 2.20% $1,158 $12,585 $11,290 $10,383 $9,150 $7,368
-5.00% -8.47% -3.78% -5.05% 6.61% 1.04%
$2,605 $16,803 $14,894 $13,189 $11,171 $9,628
9.50% -6.93% 1.07% -1.85% -2.29% -0.17%
$2,962 $21,675 $16,678 $14,932 $12,921 $10,754
-9.36% 9.69% -0.38% -4.76% 0.91% 5.31%
Entry Luxury Car
TCI $562 1 $22,233 2 $20,145 3 $17,465 4 $15,258 5 $13,561
TCI $3,961 1 $28,767 2 $26,562 3 $23,100 4 $20,410 5 $17,182
TCI $2,552 1 $21,559 2 $19,239 3 $19,547 4 $13,208 5 $10,760
$2,058 -29.11% $35,418 -2.90% $31,437 1.56% $27,615 -1.33% $24,520 0.69% $21,442 10.47% $746 32.74% $22,116 -0.53% $20,543 1.98% $18,600 6.50% $15,731 3.10% $14,096 3.95% $3,700 $28,990 $26,308 $24,608 $21,137 $18,352
Entry Sport Car
Midsize Traditional Suv
Midrange Sport Car
TCI $1,773 1 $27,431 2 $24,008 3 $22,576 4 $18,545 5 $14,328
$2,779 33.29% $21,259 -4.83% $20,631 2.79% $18,960 3.85% $15,287 1.93% $12,676 -1.01% $1,920 8.29% $27,606 0.64% $24,285 1.15% $21,918 -2.91% $19,857 7.07% $16,836 17.50%
Large Crossover Suv TCI $3,633 1 $27,006 2 $23,017 3 $21,227 4 $17,045 5 $13,984
$3,402 $27,545 $23,821 $20,540 $17,533 $13,905
-6.36% 2.00% 3.49% -3.24% 2.86% -0.56%
TCI $2,311 1 $20,304 2 $18,072 3 $15,813 4 $12,153 5 $10,938 TCI $2,348 1 $22,284 2 $20,219 3 $19,365 4 $17,839 5 $14,000 TCI $1,696 1 $45,535 2 $37,154 3 $31,766 4 $27,920 5 $25,763
-6.59% 0.78% -0.96% 6.53% 3.56% 6.81%
$2,194 -14.03% $20,579 -4.55% $19,521 1.47% $18,390 -5.92% $15,610 18.19% $11,213 4.21%
Midsize Crossover Suv TCI $2,085 1 $22,339 2 $20,071 3 $18,257 4 $14,997 5 $12,805
Premium Sport Car
TCI $2,903 1 $36,477 2 $30,953 3 $27,987 4 $24,352 5 $19,410
$1,629 15.04% $18,782 -4.67% $17,548 3.81% $15,521 2.99% $13,035 0.48% $11,331 5.91%
Large Traditional Suv
Compact Crossover Suv TCI $1,416 1 $19,703 2 $16,904 3 $15,070 4 $12,973 5 $10,699
% Change ‘14-’15
$1,652 -28.52% $21,269 4.75% $18,950 4.86% $15,921 0.68% $14,687 20.85% $10,746 -1.76% $1,188 -49.40% $23,011 3.26% $19,790 -2.12% $18,133 -6.36% $17,282 -3.12% $15,676 11.97% $1,666 $48,335 $37,932 $31,492 $30,603 $25,156
-1.77% 6.15% 2.09% -0.86% 9.61% -2.36%
TCI $4,399 1 $78,902 2 $67,301 3 $68,921 4 $50,796 5 $44,748
TCI $3,036 1 $28,853 2 $23,399 3 $22,310 4 $18,042 5 $15,384
% Change ‘14-’15
$2,468 -43.90% $83,036 5.24% $72,385 7.55% $53,015 -23.08% $60,166 18.45% $41,299 -7.71% $2,882 $29,026 $24,104 $20,609 $18,268 $14,757
-5.07% 0.60% 3.01% -7.62% 1.25% -4.08%
Entry Luxury Suv TCI $2,634 1 $32,010 2 $28,178 3 $25,147 4 $21,448 5 $17,200
$2,230 -15.34% $33,346 4.17% $29,284 3.93% $25,144 -0.01% $21,884 2.03% $18,166 5.62%
Midrange Luxury Car TCI $3,466 1 $40,796 2 $36,077 3 $31,402 4 $23,399 5 $18,225
$3,617 4.36% $41,410 1.51% $34,728 -3.74% $31,111 -0.93% $25,760 10.09% $18,782 3.06%
Midrange Luxury Suv TCI $1,083 1 $44,986 2 $40,335 3 $32,396 4 $28,527 5 $23,349
$1,223 12.93% $47,245 5.02% $40,109 -0.56% $33,739 4.15% $28,298 -0.80% $22,892 -1.96%
Premium Luxury Car TCI $2,501 1 $65,732 2 $52,977 3 $47,004 4 $38,375 5 $29,484
$3,539 41.50% $66,095 0.55% $54,979 3.78% $43,422 -7.62% $38,276 -0.26% $31,342 6.30%
Premium Luxury Suv TCI $3,597 1 $58,955 2 $49,511 3 $43,221 4 $32,086 5 $28,286
$1,682 -53.24% $67,219 14.02% $53,223 7.50% $42,118 -2.55% $35,868 11.79% $27,162 -3.97%
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.
4/27/15 2:14 PM
DISCONNECTED JOTTINGS FROM My 20th article, written five years ago, referred to various ways of propelling a motorcar. I was not high on the prospects of ethanol
left standing for the winter. Worse, it eats its way through the vital arteries of the fuel systems of older vehicles and threatens an
• 40-year veteran of the industry • President from 1997–2000 of ADT Automotive • Served as ADESA’s executive vice president of sales and marketing • Moorby & Associates 2006–present • Awarded the Ring of Honor by NIADA • NAAA Hall of Famer
use then and am even less convinced as to its benefits now. My cynical side tells me there are some politicians now grown fat on the promotion of ethanol produced from corn – political corruption thinly disguised as lobbying contributions. Old-fashioned gasoline could be left happily in a fuel tank for a couple of years without too much degradation. Today’s noxious mixture gums up the works if
imminent danger of leakage and fire when near hot surfaces, like a car’s engine – duh! Last spring, I tried to start my Gator for its inaugural run of the season – no such luck – it coughed and spluttered like some old asthmatic at the extremes of COPD. No amount of gasping could render life into the not-soaged green machine. Triage consisted of a carburetor strip-down with new bits and a transfusion of a water
dispersant additive. Last fall, my leaf blower gave me muscles like Charles Atlas in an effort to pull the starter string enough times to coax this puny machine to do its duty. It took fully 10 minutes to reach a full-breathed, lusty crescendo, sufficient to clear the driveway. In all seriousness, the addition of ethanol, which is almost deliquescent in nature, to fuels was mandated as a renewable fuel standard 10 years ago and is up for reconsideration in June. A great deal has happened in that short time. We are less dependent on fuel, in part because we’re driving more efficient vehicles, operating with different technologies and using home-based products. I dare say that, for the same amount of power output we burn more ethanolmixed gas than the old standard fuel. Food prices could do with going back to normal. I know we’ve had droughts
C R O S S WO R D
1. High rated SUV 6. Disney autos film 9. Dodge SUV 10. One of the most popular compact cars ever 12. Falcon film 13. A Bentley model 15. Canadian version of the Buick Lacrosse 18. Start 19. Function 20. Green color 21. Nissan mini MVP’s 23. Pro driver 25. Gun the engine
A friend recently said that it would be dangerous to transfer a gas (not petroleum) to a vehicle. They do it safely in other countries. I’ll bet if it was the other way round and we’d been using a gas and a suggestion that we would transfer a highly flammable liquid from a pump to a car, it would sound just as preposterous. Starting my Gator would be as easy as connecting a new gas cylinder to the grill. We do that now, right? And the leaves could be dispatched without the hitherto prerequisite workout. Lobby your congressman to throw out the renewable fuel standard and if you admire old cars like I do you’ll be protecting their future too.
To see past columns from Tony Moorby, visit www.usedcarnews.com/columnists/tony-moorby
28. Quick __ flash 31. Jaguar model 32. Le Mans sports car from a Georgia based company (2 words) 35. The p in mpg 36. Saturn sedan 38. Great! 39. Des Moines’ state 41. Mazda SUV 43. “No need to ____ the wheel!” 45. Prefix for ‘’cycle’’ or ‘’state’’ 47. Only roadster made under the Saturn marque 48. Last to be released 49. GM’s On-___ system
and diseases affecting much livestock farming but perhaps corn and its biproducts should be put back into the food production channel. Filet mignon in every pot! It’s now inevitable that we’ll see electricity meters to recharge the lithium (yuck) batteries of the selfcongratulatory Whole Foods shoppers but compressed natural gas distribution could be as easy as installing its pumps at every existing gas station and delivered there in the same way as gas is now. They’ve been doing it in Europe for decades now. And we have plenty of it –cheaply. The fuel companies make enough money to underwrite the investment and they’ll be ensuring their own future. Am I missing something here?
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USED CAR NEWS
1. Ridgeline or Prelude 2. Word before check and instinct 3. Window shoppers 4. _____ Sentra 5. Former Hyundai sedan 7. Supporting shaft 8. Rolls Royce Silver ____ 11. Little seen 14. Category of mpg 16. Application 17. Play it by ___ (improvise) 21. 70s Mercury model 22. 50 states 24. Jeep crossover SUVs 26. Place for one more passenger (2 words) 27. Some necklines 29. 70s Dodge compact 30. Luxury crossover 33. Move quickly 34. It comes to a point
38 40 42
Answers to the 4/20/15 puzzle
37. Smart, fine 40. It’s free at many gas stations 41. Radio network 42. Auto identifying number 44. Road crew supply 46. Washington to the US direction
I F T
O T A
E F O
E L A
A C I
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4/27/15 1:51 PM
USED CAR NEWS
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CLASSIFIEDS 4/27/15 1:41 PM
22 • May 4, 2015
AROUND THE BLOCK
USED CAR NEWS
Compiled by Jeffrey Bellant
Sale Raises STATE GROUP HONORS ‘FOUNDING FATHER’ Charity Funds for Foundation
Van Coillie shared stories about Lafata’s efforts to boost the ADESA Indianapolis recently association in its early years. hosted the charity auction of a 2013 Lafata launched his career with Porsche Cayenne Turbo that raised a reconditioning shop in the De$77,000 for the Juvenile Diabetes troit area. Through that experiResearch Foundation. ence, he got involved in the auThe Porsche was the first vehicle tomotive wholesaling business. on the run list at the March sale at He later opened APTCO Auto ADESA Indianapolis. The auction’s Auction and remarketed vehicles crowd, both in-lane and online, for several manufacturers. Lafata were larger than usual, in anticipasold the auction in 1986 and began tion of this particular vehicle. The consulting for General Electric, Porsche went to a customer in the Mercedes-Benz and Manheim. lanes who had come to the sale from Lafata worked for Manheim Nashville, Tenn. Metro Detroit Auto Auction, “We’re humbled and honored where he served as general manto have this opportunity to again ager starting in 1992 and eventusupport JDRF’s mission,” said ADSAM I AM: Former auction owner Sam Lafata, center, a receives special honor during a ally retired from Manheim. ESA Indianapolis General Manager Michigan IADA event. Dealers Maurice Van Coillie, left, and Ray Campise, right, take part Lafata was a fierce advocate Dave Emerson. in the celebration. for the Michigan IADA and even “When the dealer who owned helped pay for memberships of this magnificent car approached Sam Lafata, a longtime auc- the award during the Michigan me about this event, he knew of our tion operator, received the first IADA’s 40th anniversary event dealerships in the early days. Cooper put it succinctly. long-standing support of JDRF and ever Founder’s Award from the recently. “Without you, we wouldn’t have wanted to contribute in a personal Michigan Independent AutomoThe plaque called Lafata, made it,” he said. way.” bile Dealers Association during a “founding father and visionary.” special event. Board President Ted Cooper We invite news items and top-quality photos from our readers to be considered for “Around the Block.” Lafata, a founding member of presented Lafata with the award Please include the name of a contact person and a telephone number. Send items and photos to: Jeffrey the group, was surprised with while event organizer Maurice Bellant. Mail: Used Car News, 24114 Harper Ave., St. Clair Shores, MI 48080. Fax: (586) 772-9400 e-mail: email@example.com
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Now opening more lanes on the
TRADE-IN SUPERHIGHWAY MILLIONS OF OFFERS AND GROWING
Accelerate traffic and inventory to your dealership by tapping directly into trade-in demand on Autotrader.com and KBB.com. Trade-In Marketplace delivers customers to you who are highly motivated to do business with you. Learn more about how millions of offers are helping dealers like you open new lanes to traffic and sales. Visit TIMforDealers.Autotrader.com
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NewTIM-TradeIn_Superhighway10x14.indd 1 24_UCN.indd 1
4/9/15 11:44 4:23 PM 4/27/15 AM