Used Car News 6/17/13

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DETAILS TAILS TAILS June 17, 2013

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ON THE WEB: Wholesale Prices See Slight Decline

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Used-vehicle wholesale prices were down slightly in May. Prices on a mix-, mileage-, and seasonally adjusted basis slipped 0.1 percent in May. This brought the Manheim Used Vehicle Value Index to a level of 119.1, which was 4.8 percent lower than a year ago.

Auto Leasing Rebounds To Seven-Year High

Experian Automotive reports that new vehicle leasing rose by 12.5 percent in the first quarter to achieve the highest level since it began tracking the data in 2006. According to Experian, leasing accounted for 27.5 percent of all new vehicles financed.

More Vehicles Start Heading to Auction

Recent monthly figures from the National Auto Auction Association show significantly more vehicle consignment at member auctions. The February through April period saw consignment up over 3 percent from 2012.

Photo by Andy Sharp LONE STAR: Dealer Keith Hagler reflects on his career while looking over one of his stores in Taylor, Texas. Hagler will become president of the National Independent Automobile Dealers Association during the group’s convention this month.

(Keith Hagler is the incoming president of the National Independent Automobile Dealers Association. He owns Taylor Auto Credit, a buy-here, pay-here dealership based in Taylor. He has been married to Marcia for 21 years and has two daughters, Cameron, 15, and Avery, 12.

USED CAR NEWS: Tell our readers about your background and how you got into the car business. Hagler: I’m a first-generation car dealer. My dad was in construction and my mom worked as an administrative assistant at a big company.

I really got my start right out of college. I attended University of Mary HardinBaylor (founded in 1845, the oldest continuously operating college in the state). It used to be an all-woman’s college. Several members of my family graduated from there. My degree was in business

administration in about 1981. After graduation, I went to work for a friend of mine who owned a newcar dealership. He put me in F&I. But I saw many people that I couldn’t get (financed) and I knew another friend who was in buy-here, pay-here Continued on page 8

Rush - Dated Material

Finance Association President Plans Outreach The National Automotive Finance Association recently elected a dealer as its president who has plans to reach out more to his fellow auto retailers. Steve Hall, CEO of Dallas-based Driversselect, became president during the group’s recent conference. This is Hall’s second stint leading the association. Hall said it is crucial for finance companies to work with dealers and other industry stakeholders to improve the image of subprime auto credit. The association spends a lot of time responding to challenges, such as the Consumer Finance Protection Bureau, Hall said. But it needs to get ahead of the issues.

Hall said the public today views all subprime lending as predatory, making money by trapping consumers in contracts they can never pay. The truth is the opposite, Hall said. He wants the best interest of the consumer to become the industry’s ultimate goal. The NAF Association attempted in the past to bring more dealers into its ranks, with little success. In fact, Hall is one of the few dealers involved with the group these days. This time the strategy involves reaching out to dealer groups at both the national and state levels to develop relationships.

Wherever. Whenever. Whatever. We make floor planning easier. Inventory Finance Solutions. Simplified.

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