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June 20, 2016
Dealers Must Know What to Keep, Discard By Ted Craig
Deal jacket reviews wonâ€™t prevent all compliance problems for a dealership, but they are an important tool. Deal jackets are a collection of documents pertaining to the sale of
ing the law that gives the consumer the most protection. Oâ€™Loughlin added that dealers must use proper disposal practices when they do get rid of documents. He also warned that documents must be accessible only by authorized personnel.
â€œIâ€™ve reviewed deal jackets that look like ratâ€™s nests.â€? Tom Hudson
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a car at a dealership. â€œThey provide a window into overall compliance,â€? said attorney Tom Hudson of the Hudson Cook law firm. Hudson and other attorneys spoke at the recent National Alliance of Buy-Here, Pay-Here Dealers about what does and does not belong in a deal jacket. In many ways, knowing what to leave out is more important than knowing what to include. â€œIâ€™ve reviewed deal jackets that look like ratâ€™s nests,â€? Hudson said. One document that can be left out, and causes problems if it is included, is a record of the wholesale purchase of the car. Other problem documents are notes on the early negotiation process and any comments that seem like gloating. In addition to knowing what to leave out, dealers need to know how long they must keep certain documents. Terry Oâ€™Loughlin, director of compliance for Reynolds & Reynolds, advises not keeping documents any longer than is required. These requirements vary according to state and federal law. The lawyers recommend always follow-
Other problems arise when dealers include forms that their state bans, said attorney Nikki Munro, also with Hudson Cook. Munro said dealers too often include a document in their dealer jackets after hearing about it in a Twenty Group or other forum. Munro recommends buying documents from a reputable provider and then having them reviewed by an attorney who specializes in auto sales and financing. However, she warned that dealers need to take the time to read and fully understand what is in the documents. They canâ€™t just leave that to the attorneys and the document publishers. â€œItâ€™s really expensive not to care,â€? Munro said. One key element regulators look for in documents is readability, she said. â€œYou donâ€™t want a lot of legalese,â€? Munro said. â€œConsumers should be able to read and understand the documents.â€? The most crucial document in the jacket is the retail installment sales contract, Oâ€™Loughlin said. â€œThis document represent a longterm relationship,â€? he said.
Photo by Ted Craig THIRTEEN YARDS: Attendees at the National Alliance of Buy-Here, Pay-Here Dealers look at a 39-foot scroll featuring the documents typical in an auto sale.
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USED CAR NEWS
June 20, 2016 • 3
Wholesale Prices Hold Up, But Cars Keeps Coming By Ted Craig
Wholesale used vehicle prices increased in May, but the long-term trend remains for a decline in coming months. The Manheim Index – which adjusts for mix, mileage, and seasonality – rose to 124.5 from 122.8 in April. The large monthly rise, combined with weakness this time last year, resulted in a year-overTom year gain Webb – the first since December. The index stood at 123.8 in May 2015. Prices were even higher year-over-year on an unadjusted basis due to the share shift toward commercial consignment and lower average mileage for both dealer and commercial consignment. Auction prices for rental
risk units, adjusted for market class shifts and mileage, declined again in May. However, the year-overyear decline was substantially less than in either April or March. Manheim chief economist Tom Webb warned this relief for consignors would only be temporary. “Consecutive increases in the Manheim Index in April and May do not suggest a reversal in the expected downward trend in pricing as a result of higher wholesale supplies,” Webb said. “They do suggest, however, that dealers have continued to achieve efficiency gains that are allowing them to bid up auction prices even as gross margins narrow. “That’s encouraging to commercial consignors who have been expecting, and preparing for, greater weakness in wholesale pricing.” Speaking at the recent National Automotive Finance Association conference, Webb said he expects a drop, but not a collapse in wholesale prices.
130 125 120 115 110 105 100 95 90 Jan 95
Prices should move down by 1.6 percent, he said. This would mark the fifth consecutive year of price movement, up or down, of less than 2 percent. Wholesale prices in the past were very volatile. “Stability in wholesale prices is a good thing,” Webb said.
The manufacturers no longer flood the market with fleet cars or offer high incentives to keep factories going. Webb also said leading today is “leasing done right,” meaning with a focus on residuals. “Leases before were written thinking there would never be an end-of-term,”
Webb said. Even if done right, leasing is causing a lot of cars to come back to auction. Webb said the 3.1 million vehicles coming off-lease this year isn’t that high, but the 3.6-4 million in 2017 and 2018 “become a challenge even in the most favorable retail environment.”
6/13/16 2:40 PM
4 • June 20, 2016
USED CAR NEWS
NEWS BRIEFS Tech Drives Consumer Complaints
Consumer complaints about vehicle software have been growing steadily over the past several years, and 2016 is already on pace with the record-setting level of 2015, according to data collected by J.D. Power through its SafetyIQ program. So far in 2016, consumers have filed 202 formal complaints with the National Highway Traffic Safety Administration pertaining to software that controls the technology prevalent in vehicles. NHTSA had received 204 software-related complaints during the same time a year ago, and logged a total of 615 for the full year in 2015, surpassing the previous annual record of 505 set in 2014.
PassTime Partners with Verifacto
PassTime and Verifacto announced the companies have completed a software integration project. Customers utilizing both Verifacto software and PassTime GPS solutions will now be able to perform a variety of device management functions directly within Verifacto as well as utilizing custom insurance status features. Verifacto’s risk management
system tracks insurance status Mortgages Lead to Auto Credit and compliance for lienholdA new TransUnion study found ers and additional insured, com- that consumers applying for a new bined with loan payment remind- mortgage are on average two to three ers and payment processing. times more likely to open a new auto loan over the next 12 months. In fact, many of these consumers Dealers Rate Toyota, Mercedes open these accounts as soon as one Highest month after their existing mortgage Toyota and Mercedes-Benz payoff. deliver the best customer experiPrime or better mortgage applience among auto dealers, according cants on average can be up to three to the 2016 Temkin Experience Rat- times as likely to open a new auto ings, an annual ranking of compa- loan in that same 12-month period. nies based on a survey of 10,000 U.S. TransUnion’s study included 16.7 consumers. million consumers who paid-off Out of the 20 auto dealers includ- their mortgages and moved with ed in this study, Toyota earned the new mortgages or refinanced their highest customer experience score existing mortgages between the first with a rating of 66 percent. quarter of 2013 and the second quarThis put it in 89th place overall out ter of 2015. of 294 companies across 20 indusThe study observed consumers in tries. the prime or better risk tiers, who Mercedes-Benz came in a close make up the large majority of the second with a 65 percent rating and mortgage-seeking population. an overall rank of 100. At the other end of the spectrum, Volkswagen received the lowest CFPB Offers Consumer Education score in the industry with a rating The Consumer Financial Protecof 44 percent, which put it in 278th tion Bureau is unveiling an “auto place overall. Volkswagen’s score loan shopping sheet,” a step-by-step tumbled a dramatic 17 percentage guide, and additional online resourcpoints over the last year. es as part of a new Know Before This is the biggest decline of any You Owe initiative aimed at helping company in any industry. consumers shop for an auto loan.
The shopping sheet helps consumers see the total cost of a loan and make apples-to-apples comparisons among loan products. The Know Before You Owe auto loan initiative also walks consumers through each step of the auto finance process to help them decide how much they can afford to borrow and what options are right for them.
NIADA Names Benefit Partner
DriveItNow has joined with the National Independent Automobile Dealers Association as its latest National Member Benefit partner. DriveItNow offers credit prequalification and digital marketing tools to help engage online monthly payment shoppers. Pre-qualified monthly payments are calculated using the car shopper’s credit bureau, trade-in equity, bank finance programs and VIN-specific dealer inventory. C R O S S WO R D by Myles Mellor
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6/13/16 12:22 PM
USED CAR NEWS
June 20, 2016 • 5
Used Car Leasing’s Appeal Grows with Consumers Swapalease.com recently completed an online survey presented to more than 2,500 drivers across the U.S. to gauge their appetite for lease deals on used cars and trucks. Almost 79 percent of drivers said they would consider a deal on a used lease, and 74 percent of dealers indicated used lease offers may help, or definitely would help move the influx of leases coming back onto their lots. Three-quarters of drivers polled said they would want a monthly payment on a used car or truck lease priced 20 percent - 35 percent lower than the original payment on the same car as a new vehicle. More specifically, most people said they would expect a BMW 3 Series originally priced at $400 per month, to then be priced at $250 or $275 monthly as a threeyear-old lease. Conversely, 44 percent of dealers polled said they would offer a three-year-old lease at 25 percent – 35 percent off the original monthly payment as new. Only 21.1 percent of dealers said they feel warranty issues are important to shoppers considering a used car or truck lease. However, 95.3 percent of driv-
ers said they would expect a warranty to be offered on a used car or truck lease. Drivers said their top three choices for domestic cars and trucks as a used lease would be Cadillac Escalade, Cadillac CTS and Jeep Cherokee. Conversely, most dealers said they would want to offer used lease deals on a Buick Regal, Cadillac CTS and Chevrolet Cruze. The majority of drivers feel more flexibility is needed overall in lease options. More than half of consumers said they would be interested in extending their lease between 6-12 months at lease end of the original term. Another 72 percent said they would be interested in transferring into a lease that was older than three years. Lastly, 37 percent of drivers said they would like to work with a dealer who could help them get out of their lease without penalty if it meant they could purchase or lease a new or different vehicle. Conversely, nearly half of dealers said they would like to make car shopping more like shopping for an iPhone, where consumers get a new smartphone every two years.
TOP CHOICE: The Cadillac CTS is a popular option for used-car leasing with both dealers and consumers. As more vehicles come back to market, dealers and finance companies are taking a new look at used-car leasing.
reports that used vehicle leasing increased 2.1 percent from a year ago.
While leasing is still predominately an option for new vehicle financing, Experian
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6 • June 20, 2016
USED CAR NEWS
Captive Finance Arms Crank up Leverage Leverage for U.S. captive finance companies ticked up for the third consecutive year in 2015, to an average of 7.1 times versus 6.4 times in 2012. With many captives at or near their internal targets, leverage could climb higher if earnings growth moderates, according to a new report from Fitch Ratings. “Leverage rose slightly over the last year, and some captives could exceed internally-targeted levels, particularly in the auto space if there is performance pressure,” said Michael Taiano, director at Fitch. “Nevertheless, average leverage remains below levels observed pre-crisis.” Captives and their parent companies typically manage leverage ratios up or down through distributions or capital injections. In 2015, captives distributed a total of $1.6 billion in dividends, net of capital contributions, to their parents, up 1 percent from $1.58 billion in 2014. Fitch believes the stable levels of dividend distributions reflected a need to retain capital to support loan/lease growth, particularly for the auto captives. In a scenario where captive leverage increased beyond targeted levels, the parent could elect to reduce distributions or inject capital, which would be viewed positively from the perspective of the captive, but would reduce financial flexibility at the parent company level, all else equal. Normalizing credit performance and competitive pressure that compressed yields on new originations brought pre-tax profit margins down slightly to 28 per-
cent in 2015, from 30 percent in the prior year. Nonetheless, portfolio growth remained robust as sales for most captives returned to all-time highs. Fitch expects credit performance to normalize due to a modest loosening of underwriting standards, portfolio seasoning and lower recovery rates. Captive credit quality deteriorated in 2015, as average chargeoffs modestly increased by one basis point year over year to 0.65 percent, while 60-plus day delinquency rates increased to 0.60 percent from 0.54 percent over the same period. “Profitability will be challenging for captive finance companies in the second half of 2016 as competition intensifies and credit performance continues to normalize,” Taiano said. Short-term debt issuance as a percentage of total debt stabilized in 2014 and 2015, after increasing in 2013. Commercial paper funding for U.S. captives included in Fitch’s report represented 21 percent of total debt at year-end 2015, unchanged from 2014. Fitch cautions that over-reliance on short-term funding, particularly if not accompanied by committed third-party liquidity facilities, increases refinancing risk. The Rating Outlooks for all Fitch-rated U.S. captive finance companies are Stable following the revision of General Motors Financial Company, Inc.’s Outlook to Stable from Positive when its rating was upgraded to ‘BBB-‘ from ‘BB+’ on June 15, and Ford Motor Credit Co.’s Outlook to Stable from Positive when its rating was upgraded to ‘BBB’ from ‘BBB-‘ on May 27.
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USED CAR NEWS
June 20, 2016 • 7
Longer Lasting Vehicles Change Auto Shopping Habits
Photo Credit: AutoMD
A new survey from AutoMD.com indicates that the lengthening vehicle ownership cycle is impacting vehicle purchasing. The survey, conducted online among over 1,000 vehicle owners, 59 percent of whom said they planned to purchase within six months, reveals that the majority are opting for a pre-owned vehicle, with three quarters saying that their purchase decision would be influenced by the cost of replacement parts.
And, while price trumped every other purchase decision factor, knowing a vehicle will last 10 years was the second most important influencer. In addition, these consumers want a good deal, with the majority defining a good deal as at or below invoice pricing – and they are opting for third party research sites and Google, not dealership websites, to make sure they get that deal. When asked what kind of vehicle they would purchase for their next
primary vehicle, only one in four say they plan to buy new; but 76 percent will purchase a pre-owned vehicle, and over half (55 percent) are opting for a vehicle that is more than two years old. And, confirming the lengthening buy cycle, 32 percent say their current primary vehicle is six years or older with 12 percent reporting that they are driving a vehicle that is over 10 years old. Seventy-four percent reported that replacement parts would be
a consideration when purchasing their next vehicle. Of those who said it was not a consideration, over half said it was because it either did not occur to them or that they did not know where to look for that information. For the rest, style/brand trumped replacement parts cost. When asked what would influence their vehicle decision most, price came first, but knowing that Continued on page 13
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8 • June 20, 2016
USED CAR NEWS
AUCTION HERITAGE AUCTION FAMILIES CARRY ON TRADITION OF SERVICE By Jeffrey Bellant
The auction industry may be global, but many auction companies are families that have spanned across more than one generation. Leaders from a couple of auctions shared their thoughts and memories about an industry that has been about both business and family. Bel Air Auto Auction Inc. in Maryland has a long history, opening first as a livestock auction in the early part of the 20th century and transitioned into an auto auction in 1947. It kept growing and was purchased in 1980 by Ray and Elaine Nichols along with Burt and Dottie Greenwood. Today, the Nichols family, which bought out the Greenwoods in 1993, is building a new location just seven miles from Bel Air’s
current site. The family hopes to open it by the end of the year or early 2017, weather permitting. The auction management team includes the Nichols grown children, Michelle and Charles. Elaine died in 2000. Michelle, who now serves as vice president, said she’s been involved in the auction since she was in kindergarten. Of course, it’s changed a lot since then. She said the technology is the most obvious, but there is also the increasing number of avenues in the wholesale pipeline. “There are so many ways for consignors and buyers to sell and purchase cars,” she said. The sale now has six lanes and runs between 1,800 and 2,000 cars each week. The new sale will have 10 lanes, Nichols said.
ALL IN THE FAMILY: Above, the Nichols Family (from left Charles, Michelle and Ray), pose with the Baltimore Orioles mascot. Below right, Bel Air Auto Auction sees action at its old facility. Columbus Fair, shown in the lower left, has also grown considerably from its early days. “We have a nice mix of fleet, institutional and dealer consignors,” she said. “We’ve all grown together.” Nichols said working with family has been fantastic. “We’re lucky we all get along well,” she said. “My nephew is even involved in the new auction as a project manager.” Nichols said the family is proud of her father and company Chairman Ray Nichols’ involvement in the industry, from AutoIMS to his induction in the National Auto Auction Association Hall of Fame. Charles Nichols, a board member of ServNet, is a winner of the Auctioneer of the Year award. So the family has served the industry well. “We like to see the indus-
try working together,” Michelle Nichols said. “It’s a great industry to be in.” She cited programs like the NAAA Warren Young Sr. Scholastic Foundation, which provides scholarships for employees, their children and grandchildren. “We actually had one of our employee’s daughters become a recipient,” Nichols said. “So that’s nice.” She has enjoyed how business groups like NAAA and ServNet can remain closeknit, despite the size of the industry. “If anybody ever needs anything, the industry has always been there to help,” she said. Nichols said, as far as the future is concerned, her
children come up and visit the auction during summer breaks and have shown some interest. “A lot of the online presence has piqued their interest,” she said. Columbus Fair Auto Auction’s Alexis Jacobs, chief executive officer, has won the National Auto Auction Association’s Industry Pioneer Award and is a member of the NAAA Hall of Fame. “My dad, William, started the auction in 1959,” Jacobs said. “He was somewhat of an entrepreneur his whole life, even being a bootlegger and a professional gambler for a while. Then he got attached to the car business and really liked it.” Continued on page 10
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10 â€˘ June 20, 2016
USED CAR NEWS
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Jacobs would buy cars in Florida and send them to a dealer up in Columbus, Ohio. These were more highline cars like Porsches or Mercedes. â€œAnother friend told him, â€˜You need to get in the auction business,â€™â€? Alcxis said, â€œâ€™all you have to do is sit back and count your money as it rolls in.â€™â€? But Alexis said the money actually did more rolling out than in during the first five years. The sale first opened in the Ohio agriculture building on the state fairgrounds in 1959, directly across from an established sale. â€œSo we had our competition very close,â€? Alexis said. During that time, the auction was able to host â€œguest Chrysler Corporation sales.â€? At that time, Chrysler ran its cars regularly at other sales, but Jacobsâ€™ auction got some occasional sales and, eventually, the auction received a full contract with the company. Later, the sale was able to partner with Ford Motor Co., too. â€œThat was a big break for us,â€? she said. Columbus Fair moved into its present location in 1977. Bill Jacobs died in 1982, but would be pleased with the auction today, Alexis said. It now has 11 lanes and runs 2,000 to 2,100 cars on average. â€œMy dad would have been happy with 100 or 150,â€? Alexis said with a laugh. Itâ€™s known for its scarlet and gray colors and Ohio State Buckeyes dĂŠcor. Alexis said being recognized by the OEMs and partnering for factory sales is one thing she is proud of. The other area is bringing new things to the industry. â€œWeâ€™ve tried to be innova-
tive and we have been,â€? she said. â€œWeâ€™ve shared ideas and technology with all of the auctions and independents especially.â€? She admits it can be a bit frightening in how the industry and technology are changing so rapidly. â€œWeâ€™re working hard not just to be in the curve but to stay ahead of the curve,â€? she said. Jacobs said one fond memory she had actually came in the wake of losing an account. She said it was during a time when some of the manufacturers were moving their accounts from independent auctions like Columbus Fair to the chain sales. â€œWe knew we were going to lose the Ford sale,â€? she said. â€œWeâ€™d been doing business with the fellows from Ford for close to 20 years.â€? The Ford reps had asked Jacobs what they could do to make the transition easier, and she just asked them to give the auction a heads up on the timing. â€œJust stay with me as long as you can,â€? Jacobs said. She said how Jim Terry handled the departure reflected how different the business was back then. She said both parties felt like they were part of a family and I had been a wonderful relationship. â€œAt that point, Jim Terry was the auction manager for Ford Motor Co. he got in his car to drive from Detroit to Columbus just to tell me when we were going to have our last sale,â€? she said. â€œHe thanked me for all the business weâ€™d done for him and I thanked him, of course.â€? Terry drove back to Detroit, but made one last gesture. â€œThat afternoon I received two dozen red roses,â€? Jacob said.
State Orders Nearly 200 Refunds The Pennsylvania Department of Banking and Securities has issued an order against Dean M. Lake and D&M Auto Sales of York, Pa., to refund 194 consumers he overcharged and pay a fine of $430,000. Lake and his store were charged with unlicensed activity, charging of excess fees totaling $113,198.65, failure to accurately represent consumer down payments, and alteration of signatures and amounts, in violation of the Consumer Credit Code. The store was ordered to stop selling cars on retail installment. Lake is prohibited from engaging in the business of auto installment
sales in Pennsylvania for a minimum of five years. All buy-here, pay-here dealers in Pennsylvania must be licensed by the Department of Banking and Securities. In August 2015, the Banking Department got word from law enforcement agencies that D&M was being investigated for criminal fraud. The agencies had received numerous consumer compliants. The Banking Department started its own investigation and discovered 194 violations after inspecting 196 installment contracts. The investigation by law enforcement is ongoing.
6/13/16 4:28 PM
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6/13/16 1:54 PM
12 • June 20, 2016
USED CAR NEWS
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Academy Trains Managers Auction Academy, the professional training program developed by TPC Management Co., reports that the 2016 academic year has seen the introduction of a number of training sessions and the graduation of its third Class Group. In February, the academy launched a full schedule of its new Seminar Series, beginning with the Dealer Sales Session. Thirty dealer sales managers, from as many independent auctions, convened in the Nashville area for a day of training. The Spring Session in May, also held in Nashville, included 35 digital/Internet managers from independent auto auctions around the country, who met for presentations from and discussions about some
of the industry’s leading online platforms and service providers. Auction Academy’s Seminar Series offers sessions once per quarter focusing on specific disciplines within the auto auction business. This Spring Auction Academy also marked the graduation of Class Group 3 during the CAR Conference in Las Vegas, following the completion of its two-year curriculum. Class Group 4, the largest Auction Academy Group to date, met in Birmingham, Ala., in February for a session hosted at the AutoTec corporate headquarters with field trips to both ABC Birmingham and ADESA Birmingham. Class Group 4 met again in May at State Line Auto Auction in Waverly, N.Y., for training.
Dealer Gets House Arrest A California dealer was sentenced to two years home confinement and required to wear a GPS monitor for filing a false state sales tax return. According to Franchise Tax Board agents, Michael E. Correa, the owner of Imperial Motor Inc., underreported more than $5 million in sales
during the years 2009-11. In addition, Imperial Motors filed false sales tax returns with the California State Board of Equalization for the years 2009-11. Correa was ordered to pay $863,171 restitution to the SBOE and $150,439 to FTB.
6/13/16 3:55 PM
USED CAR NEWS
June 20, 2016 • 13 IAG_halfV-UCNjun20.pdf
Store Faces Lawsuit After Thief Crashes Vehicle FRESNO, Calif. (AP) – A Fresno used car dealership accused of allowing an auto thief to steal a car that caused a deadly crash has agreed to pay almost $1 million to the widow of a man killed in the collision. The Fresno Bee reports My Auto Maxx and its affiliate, Auto Maxx, agreed to the settlement with the wife of Earnest Grant, who was killed in 2013. But the car dealerships did not admit wrongdoing in Grant’s death.
The lawyer for Grant’s widow, Nicholas Wagner, contended during the two-day trial that My Auto Maxx’s manager and employees played a role in Grant’s death because even though they knew the keys to the car had been stolen they did little to prevent its theft days later. Walter Levon McDaniel led Fresno police on a high-speed chase in the stolen Infiniti. He ran several stop signs before slamming into Grant’s car, killing Grant instantly.
Reliability – from page 7 the car would last for 10 years was lowed by Chevrolet and Toyota. No. 2. Only 11 percent were interested Although most of these consum- in a hybrid or electric vehicle, reers are focused on pre-owned pur- flecting how low on the list of top chases, nearly half said they were purchase influences fuel efficiency likely to purchase the same brand ranked. as their current vehicle, with only Third party research sites such 29 percent reporting they would as Edmunds and Kelley Blue Book choose a different brand. were ranked as the most valuable When asked specifically what when making a vehicle purchase brand they would pick, Ford1 was UCN-QuarterPage-Feb.pdf 2/3/16decision. 11:36 AM Auto dealership websites chosen by the largest number, fol- ranked second to last in value. C
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6/13/16 3:57 PM
14 • June 20, 2016 Carolina_Summer-UCNjun20.pdf
USED CAR NEWS 1
Tesla Responds to Feds’ Suspension Concerns
DETROIT (AP) – Electric carmaker Tesla Motors is denying allegations that there are safety problems with its vehicle suspensions. The Palo Alto, Calif., company says one of its cars had an abnormal amount of rust on a suspension part, a problem it hasn’t seen in any other car. On June 9, the U.S. National Highway Traffic Safety Administration said it asked for information from owners and Tesla about Model S suspension failures. The agency has not opened a formal investigation. Tesla said in a statement June 10 that the Model S with the rust had over 70,000 miles on it and was caked in dirt when picked up for service. The company says it has given the agency all relevant information. NHTSA says it’s also concerned that Tesla has asked owners to sign nondisclosure agreements about safety issues. The agency says such agreements could prevent owners from reporting problems to the government. But Tesla also denied that. The company says it has asked customers to sign a “Goodwill Agreement” when it agrees to fix a problem that wasn’t the fault of the car. Those agreements make sure that repairing the car is not
used against the company in court, Tesla said. “This agreement never comes close to mentioning NHTSA or the government and has nothing to do with trying to stop someone from communicating with NHTSA,” Tesla’s statement said. In related news, Tesla Motors said recently that two upcoming software updates should fix persistent glitches with the futuristic rear doors on its Model X SUV. The Model X, which went on sale last fall, has “falcon-wing” doors that open upward and then swing out. Owners of the $80,000 SUV have complained that the doors don’t always open or close. Musk said software updates coming in June and July should fix the problem. “Finally we’ll be at the point where the doors are better than normal doors, as opposed to worse,” Musk said. Musk said the software that controls the doors has been difficult to refine, and Tesla should have saved some of its trickier features for future versions of the Model X. “This is definitely a case of getting overconfident,” he said. Tesla had delivered around 2,600 Model Xs at the end of the first quarter.
6/13/16 4:18 PM
USED CAR NEWS
PEOPLE IN THE NEWS KAR Hires for Online Growth
as ebusiness, commercial sales and product within Autoniq, a business development unit of KAR Auction ADESA and other KAR Services, announced subsidiaries. She has a that Nicole Archer has bachelor’s degree from Universitybeen named vice presi- Indiana Purdue University at dent. Indianapolis and is co-chair of the International Automotive Remarketers Alliance Certification Committee. KAR acquired Autoniq last June as part of KAR’s Digital Services Group. Autoniq provides real-time information such as vehicle pricing, history reports and market guides to Nicole Archer dealers. Its mobile app Archer, who most re- allows used-car dealers cently served as direc- to scan VINs on mobile tor of strategic projects devices; view auction for KAR subsidiary run lists and access ADESA, will report vehicle history reports to Autoniq President and market value reports. Thomas Marr. In related news, Since joining ADESA in 2004, Archer has ADESA announced Richard Griskie held a variety of leader- that BelAir_UCNjune20.pdf 1 6/11/16 11:47 AM ship roles in areas such has been named chief
information officer. In this role, Griskie will oversee the efficient and effective operation of information technology systems for ADESA and several subsidiary businesses within the KAR Auction Services group of
to ADESA CEO and President Stéphane St-Hilaire. Prior to this, Griskie served as the vice president of technology operations and process for DealerTrack in New York. He also worked for JM Family Enterprises, Reynolds & Reynolds and Accenture. Griskie earned his bachelor ’s degree from the University of Michigan.
Spireon Names CEO
Richard Griskie companies. He will also contribute to the management and direction of the overall business plan and be responsible for identifying and implementing technology strategies. Griskie will report
Spireon announced that Kevin Weiss has been named CEO, and it has reached 3 million active subscribers for its suite of GPS based vehicle telematics solutions. Spireon also achieved record-breaking sales for the first quarter, adding double-digit growth in revenue and units as compared to
the same quarter last year. The quarterly results mark six consecutive quarters of doubledigit growth for the company. Spireon also achieved significant increases in customer satisfaction scores, with customer survey results showing overall satisfaction with Spireon at its highest sustained level since Spireon’s Customer Satisfaction Survey began. Prior to joining Spireon, Weiss served as CEO of Unitrends, a global technology company that delivers end-to-end business recovery solutions. Prior to Unitrends, Weiss served as CEO of multiple private-equity owned technologyenabled companies following his role as president of McAfee and senior sales and marketing leadership roles at IBM.
June 20, 2016 • 15
TradeRev Hires Sales Director
TradeRev has hired Jason McClenahan as regional sales director for the northeast region of the U.S. In this role, McClenahan will be responsible for leading and growing the sales team, and driving the expansion of the TradeRev presence throughout the northeast United States. McClenahan will also assist with managing the company’s partnerships with local dealership groups, including the recently added Pohanka Automotive Group. Prior to joining the company, McClenahan held a variety of positions with ADESA as assistant general manager, operations manager and sales manager. His most recent role was general manager of ADESA Ottawa.
6/13/16 4:57 PM
16 • June 20, 2016
USED CAR NEWS
RETAIL MARKETS ILLINOIS
Ginger Higgins, office manager, Integrity Motor Cars, Rockford, Ill.: “Owner Mike Wells opened in 2011, but he and his father had run car lots prior to this. I’ve always been around people who worked on cars. “On average, we carry anywhere from 50 to 75 (units). “We sell about 25 per month. “We get all of our vehicles from auctions. We get them from Greater Rockford Auction, Evansville, Tri-State Auto Auction and Jefferson Mid-State Auto Auction. “We do a lot of buy-here, pay-here. It’s probably 90 percent. “The average down payment can be anywhere from $1,000 to $1,500. “For term lengths, we look at a year or a year-and-ahalf. We try to keep it down. “We use GPS. “Our average retail price is between $3,000 and $4,000. “In the winter we tend to carry more trucks and in the
summer we carry more cars. “We don’t deal with a lot of imports. It’s mostly GM products. “We do simple fixes like brakes or pads in-house. For more complex things we farm those out. “We’ve been doing a lot of advertising on cable. We have a salesman in our commercial. We were doing local stations for a while, but we weren’t seeing a lot of progress with those. We’re seeing more (response) with cable. “I try to run the website and Facebook page. But we have such a quick turnaround. We’ll try different things. We’ll see if they work and if they don’t we’ll change it. “We just got back from the National Alliance of Buy-Here, Pay-Here Dealers conference, so we heard lots of marketing ideas. One of the things I’m going to do is start (showing) videos of the cars. I’m going to start doing video tours of the cars.
“I thought that might be a good tool to use because you can’t see as much from just a photo. Going to these conferences is good because knowledge is power. I’m trying to share things I learned at the conference on Facebook. “One thing we do is (encourage) people to take the car to their own mechanic to check it out. A lot of places don’t allow that. I’d rather they know what they are getting.”
Compiled by Jeffrey Bellant “We’re selling about 55 per month. “We’re up about 5 percent for the year and May was up about 10 percent. Last June we sold 64 and we’re on pace to sell 64 this June. “I’m 100 percent buyhere, pay-here. We have our own (service) shop in a former new-car dealership. I have nine lifts for my mechanic shop. I have a full body shop and I employ seven full-time techs, service writers and all that. We also do outside business. “The profit on the outside business pays for my reconditioning costs on both my (regular inventory) and repossessed vehicles. Most people don’t know how profitable it could be. “We are selling a better vehicle to a more qualified customer. “Everything I’ve learned has come out of my twenty group. “My average down payment is about $580 and the average term length is 36 months. We’re more inter-
Richard Johnson, president/owner, Earl’s Credit Auto Sales, Portsmouth, Va.: “I’ve been in business since 1997. I have one location. “We try to keep around 50 (in stock), but now we have around 30. We’ve really been selling cars. “Primarily we get our vehicles from auctions, about 90 percent from local auctions.
ested in their ability to pay than the down payment. “Last month, our average retail price was $8,870. The average model year was 2005. The average mileage was 111,000. “We use starter-interrupts and GPS. We use Ituran. You get what you pay for. I can’t even tell you the last time we had a failure. “(Inventory) is about 65 percent domestic and 35 percent import. “About 40 percent are SUVs and vans right now. “Our average reconditioning costs are $359 for my repos and $678 for our (nonrepos). I think it ends up averaging $580. “(The reason why the repo recon is lower) is that we sell a service contract. In order to keep that service contract in place, they have to change the oil in accordance with the factory recommendation. “We recently sold a 2008 GMC Envoy, with 112,776 miles and I sold it for $10,265.”
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6/13/16 4:00 PM
USED CAR NEWS
WHOLESALE MARKETS ALABAMA
Jim Clark, general manager, Center Point Auto Auction, Birmingham, Ala.: “We’re just a small auction. We’ve been in business since 1993. We’re members of the National Auto Auction Association. “We just have one lane. Our volumes are pretty consistent – almost year round. (One recent sale) we ran 124 and sold 92. Most of the time we do better than that (sales percentage). We’ll do 85 to 90 percent. “We run mostly new-car trade-ins, about 90 percent. The gentleman who owns (the auction) has about 16 dealerships, so we get all of his trades. “We also have some independent (trades). “We also have repossessions. We might run 10 repos. But we don’t have enough room (for fleetlease). “On average, we’ll have 85 buyers. On a good week, we’ll have 100 and on a bad
sale we’ll have 68. “We also do things a little differently. We’ll let the dealers start it. We’ll just let them start the bidding wherever they want to. So on a $10,000 car, they might start it at $5,000 or $6,000, but then you’ll have 10 guys bidding on it all of the sudden. “But guys say that cars bring more here than other auctions. “They bring top dollar here. We’ll draw bidders from an 80-mile radius. “We also run an in-op sale every other week. We probably average 18 to 20 in-ops. That’s typical. It’s the first week and the third week. “The repos mostly come from Heritage Repo. “With our regular sale, each individual dealer handles his own cars. We have a Toyota dealer that sold 1,155 cars here last year. “Retail business here has been slowing down, but we’re steady. “Our average price across the block is about $4,300.”
David Blake, general manager, DAA Seattle, Auburn, Wash.: “We just celebrated our three-year anniversary on May 20. “We have six lanes and we just purchased eight additional acres. We’re working on those and a couple of acres that were unfinished on the main lot. We’re in the process – the permits are received – starting construction on Sept. 1. “We just renovated the offices internally and we’ve created some more space. We’re also working on a whole new face to the front of the building and a new awning. (The front part) should be done by the end of June. It’s been an exciting time for us. “Volume has been steady. During our anniversary sale, we ran 900 units. We had the most bidders that we ever had in the lanes and we had a 70 percent sales percentage. “It was a great sale.
June 20, 2016 • 17
Compiled by Jeffrey Bellant
“On average, our volumes have been 600 to 650 units and our sales percentage has been in the mid-60s. “Spring market has fallen off a little bit. But we’ve been fortunate with some new accounts – partnerships we’ve established. One is America Honda Finance. “For example, we’re having our first Honda sale on July 8. “Honda should bring in 200 units a month. “We were also awarded a GSA contract. We received our first task order for that. We should see north of 2,000 units between now and September. Our first GSA sale is June 24. “We’ll schedule as the vehicles are received. The normal process is a monthly deal. “Overall, we’re running 20 percent fleet-lease. I would guess it will go up to 35 percent – on the low side – with the Honda sale. “We’re drawing 450 to 500 (bidders).
“We hear a lot of good stuff from dealers. As far as their market, it’s strong. Seattle is a thriving economy. You have a lot of major industries and companies in this area. You have Microsoft, Costco and Starbucks. Amazon just built a huge facility. Google has a presence and Boeing. “There is so much growth and opportunity, the car dealer has a great future here. “As an independent auction, being full-service in this market area and with the relationships we’ve established, people like doing business with us. “Even though summer is when you start to see some of the volume drop off, we’ve got some of the largest accounts we’ve ever done business with that are sending us vehicles and guaranteeing us vehicles. “We use Auction Pipeline and recently developed an online sales department so we have support internally.”
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6/13/16 4:18 PM
18 • June 20, 2016
USED CAR NEWS
MONTHLY DEALER CONSIGNMENT AVERAGES AVG. PRICE AVG. MILEAGE
COMPACT CAR Feb 2016 Mar 2016 Apr 2016 May 2016 Jun 2015 Jul 2015 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015 Jan 2016 YTD AVG:
$5,053 $5,262 $5,340 $5,168 $5,418 $5,372 $5,147 $4,932 $4,933 $4,923 $5,017 $5,090 $5,188
102,230 101,371 100,507 101,773 102,032 101,084 102,741 104,230 103,050 103,246 101,933 101,988 101,558
Feb 2016 Mar 2016 Apr 2016 May 2016 Jun 2015 Jul 2015 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015 Jan 2016 YTD AVG:
$3,578 $3,529 $3,666 $3,528 $3,879 $3,753 $3,866 $3,809 $3,862 $3,733 $3,753 $3,954 $3,638
117,219 117,022 116,329 118,576 113,940 115,209 114,420 113,866 112,994 114,003 114,282 112,752 116,483
AVG. PRICE AVG. MILEAGE
Feb 2016 Mar 2016 Apr 2016 May 2016 Jun 2015 Jul 2015 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015 Jan 2016 YTD AVG:
$15,878 $16,418 $16,991 $16,769 $15,221 $15,574 $15,645 $15,781 $15,378 $15,604 $15,586 $15,926 $16,403
104,162 102,258 100,411 102,292 107,956 106,084 106,512 104,051 105,472 104,319 104,854 103,856 102,566
Feb 2016 Mar 2016 Apr 2016 May 2016 Jun 2015 Jul 2015 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015 Jan 2016 YTD AVG:
$15,336 $17,099 $18,164 $17,793 $16,560 $16,422 $15,521 $14,751 $15,447 $14,721 $16,247 $15,083 $16,826
76,665 70,662 70,470 71,166 74,921 75,080 75,338 77,276 75,901 77,756 75,007 77,916 72,916
CURRENT YTD, THROUGH MARCH 2016
$11,336 $11,835 $13,031 $12,498 $12,182 $12,134 $11,543 $11,175 $11,708 $11,412 $11,861 $5,858 $12,088
100,101 98,417 95,564 97,343 98,552 98,026 99,066 100,399 98,420 99,303 97,772 109,090 97,826
$5,870 $5,869 $6,369 $6,135 $6,116 $6,088 $5,911 $5,669 $5,692 $5,740 $5,786 $5,859 $6,074
109,761 109,766 107,153 107,955 109,721 108,365 109,748 111,442 109,822 109,230 109,887 109,090 108,605
Feb 2016 Mar 2016 Apr 2015 May 2015 Jun 2015 Jul 2015 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015 Jan 2016 YTD AVG:
$11,502 $11,706 $12,254 $12,083 $11,505 $11,599 $11,352 $11,148 $11,360 $11,331 $11,635 $11,704 $11,843
107,400 107,202 105,079 105,813 107,525 105,875 107,247 107,766 106,287 107,086 106,210 105,929 106,333
$6,273 $6,518 $6,920 $6,753 $6,381 $6,394 $6,391 $6,102 $6,266 $6,368 $6,358 $6,530 $6,594
121,136 120,821 119,053 119,618 120,909 120,024 120,332 122,340 120,694 119,658 120,167 118,999 119,990
SOURCE: MANHEIM CONSULTING
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6/13/16 4:17 PM
ACTUAL WHOLESALE AND PROJECTED RESIDUAL VALUES JUNE 2016
SOURCE: BLACK BOOK
2014 MODELS Recorded Figures
Jan-15 $14,800 19,600 8,800 8,600 15,400 8,900 8,750 12,400 13,250 18,600
Jun-16 $15,650 $19,000 $8,600 $9,100 $14,850 $9,100 $8,400 $12,700 $13,650 $18,450
Jun-17 $12,350 $15,875 $6,950 $7,625 $12,550 $7,375 $6,850 $10,850 $11,300 $15,350
$17,875 $41,600 $12,650 $9,675 $20,400 $24,850 $7,400 $9,900 $11,850 $8,250 $11,500 $9,675 $11,000
$14,975 $34,775 $10,625 $8,300 $17,025 $21,250 $6,325 $8,325 $10,100 $6,900 $10,000 $8,250 $9,175
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 Lancer ES 4D Sedan Nissan Altima base 4D Sedan Nissan Altima S 4D Sedan 3.5 Nissan Sentra S 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan
$20,600 $24,500 $52,300 $15,900 $12,350 $27,200 29,200 $9,750 $11,900 $15,000 $10,800 $13,800 $12,000 $15,100
$18,900 19,900 45,200 13,400 10,100 24,500 25,100 8,200 9,750 12,550 9,000 11,700 9,850 12,600
$18,000 $18,500 $37,800 $13,550 $9,800 $21,450 $22,800 $7,550 $10,550 $12,300 $8,750 $10,900 $9,550 $11,050
$14,425 $15,575 $33,700 $11,200 $8,375 $18,150 $19,575 $6,300 $8,800 $10,775 $7,275 $10,375 $8,200 $9,425
$11,950 $12,725 $28,725 $9,450 $7,175 $15,125 $16,875 $5,325 $7,350 $9,125 $6,075 $9,000 $7,000 $8,175
V BMW X3 XDrive28i 4D SAV Cadillac Escalade base 4D SUV AWD Cadillac SRX Luxury 4D SUV AWD Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan SE Wagon Ford Edge SEL 4D SUV FWD Ford Escape SEL 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D SUV FWD Honda CR-V LX 4D SUV AWD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D SUV 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD Nissan Murano SL 4D SUV AWD Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner SR5 Double Cab V6
$27,800 $41,350 $26,700 $14,500 $23,000 $28,500 $13,200 $20,400 $18,900 $27,600 $22,300 $23,500 $18,550 $19,300 $27,850 $23,000 $27,650 $14,250 $22,400 $24,500 $27,200 2$3,650
$26,950 $38,450 $24,700 $12,050 $22,800 $28,000 $11,850 $16,450 $16,550 $23,950 $21,000 $21,300 $16,450 $17,350 $27,450 $21,700 $27,050 $13,000 $20,050 $23,300 $26,350 $22,950
$23,150 $37,000 $24,200 $12,200 $21,300 $27,000 $11,800 $18,300 $15,450 $23,800 $20,500 $19,700 $15,200 $15,550 $25,750 $21,500 $26,550 $12,300 $20,750 $20,700 $25,400 $22,650
$19,750 $31,250 $20,425 $9,125 $17,675 $22,525 $9,275 $14,350 $12,975 $19,475 $16,900 $16,825 $12,975 $13,525 $22,450 $17,725 $21,650 $10,575 $16,625 $18,400 $21,625 $18,950
$16,700 $26,500 $17,450 $7,300 $15,000 $18,650 $7,650 $11,825 $10,825 $16,175 $13,775 $14,450 $11,050 $11,825 $19,150 $14,625 $18,050 $8,925 $13,800 $16,275 $18,000 $16,075
$36,800 $11,850 $17,100 $19,850 $12,750 $12,000 $18,600 $18,000 $25,100
$33,600 $10,100 $15,450 $16,650 $10,200 $9,750 $13,600 $14,900 $21,300
$33,300 $9,700 $15,450 $15,550 $10,350 $9,650 $14,900 $15,100 $20,450
$27,950 $7,975 $12,800 $13,325 $8,550 $8,050 $12,200 $12,800 $17,300
IMPORT CARS BMW 3-Series 328i 4D Sedan n 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 Lancer ES 4D Sedan Nissan Altima base 4D Sedan Nissan Altima S 4D Sedan 3.5 Nissan Sentra S 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan
$28,400 $62,600 $17,400 $14,000 $30,200 $37,600 $10,900 $13,200 $16,800 $12,450 $15,200 $13,700 $16,000
$22,700 $55,400 $14,950 $11,700 $27,450 $31,700 $9,300 $10,950 $13,550 $9,950 $12,850 $11,650 $14,000
$20,750 47,700 15,250 11,300 24,100 29,300 8,800 11,700 13,400 9,900 12,150 11,250 13,100
Cadillac Escalade base 4D SUV AWD Cadillac SRX Luxury 4D SUV AWD Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Crew Cab 4WD Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan SE Wagon Ford Edge SEL 4D SUV FWD Ford Escape SE 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D SUV FWD Honda CR-V LX 4D SUV AWD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D SUV 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD Nissan Murano SL 4D SUV AWD Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner SR5 Double Cab V6
$47,550 $33,300 $16,550 $29,200 $31,000 $15,200 $21,550 19,600 $29,200 $24,300 $25,000 $19,750 $21,250 $29,250 $25,500 $30,850 $15,200 $24,750 $26,800 $30,250 $24,950
$45,500 $31,150 $13,800 $28,000 $30,400 $13,400 $17,400 $16,650 $26,350 $23,800 $22,700 $17,650 $19,700 $29,950 $23,400 $30,100 $14,150 $22,400 25,300 $28,400 $24,400
$41,350 $27,000 $13,550 $27,300 $29,300 $13,400 $19,000 $15,500 $26,000 $22,200 $21,300 $17,200 $19,450 $29,400 $22,200 2$8,900 $13,700 $23,125 $22,700 $27,350 $23,850
$35,975 $23,675$ $10,400 $23,050 $24,625 $10,825 $15,350 $13,125 $21,325 $18,725 $18,025 $14,725 $16,050 $25,075 $18,850 $24,100 $11,725 $18,550 $20,525 $23,700 $20,575
$30,900 $20,625 $8,450 $19,725 $20,525 $8,900 $12,825 $11,000 $17,775 $15,875 $15,600 $12,575 $13,475 $21,000 $15,575 $20,225 $10,025 $15,475 $18,100 $19,975 $17,450
DOMESTIC CARS Buick LaCrosse 4D Sedan Cadillac CTS 3.6 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 base 4D Sedan Chrysler 200 Touring 4D Sedan Ford Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln MKS 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 Lancer 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 BMW X3 XDrive28i 4D SAV Cadillac Escalade base 4D SUV AWD Cadillac SRX Luxury 4D SUV AWD Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan SE Wagon Ford Edge SEL 4D SUV FWD Ford Escape XLT 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D SUV FWD Honda CR-V LX 4D SUV AWD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D SUV 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD Nissan Murano SL 4D SUV AWD Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner SR5 Double Cab V6
Jun-18 $10,450 $13,400 $5,800 $6,500 $10,775 $6,125 $5,625 $9,300 $9,575 $13,075
$23,200 $6,700 $10,925 $11,375 $7,275 $6,725 $10,400 $10,950 $$14,825
Jun-15 $17,250 $22,100 $10,800 $10,750 $18,150 $11,600 $11,000 $16,500 $15,600 $22,100
Recorded Figures DOMESTIC CARS Buick LaCrosse 4D Sedan Cadillac CTS 3.6 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 base 4D Sedan Chrysler 200 Touring 4D Sedan Ford Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln MKS 4D Sedan
DOMESTIC CARS Cadillac CTS 3.6 Premiumn 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 base 4D Sedan Chrysler 200 Touring 4D Sedan Ford Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln MKS 4D Sedan
2011 MODELS Recorded Figures Jun-15 $15,300 18,650 $ $9,700 $9,500 $15,700 $10,050 $9,550 $14,600 $14,000 19,200
Jun-16 $12,650 $16,400 $7,250 $7,900 $12,350 $8,000 $6,850 $11,300 $11,400 $15,200
Jun-17 $10,925 $13,575 $6,150 $6,625 $10,775 $6,400 $5,825 $9,375 $9,675 $12,850
Jun-18 $9,250 $11,175 $5,150 $5,625 $9,300 $5,225 $4,875 $7,900 $8,175 $10,975
Jun-15 $18,400 $20,500 $40,200 $12,150 $10,750 $21,100 $25,200 $8,650 $10,150 $11,450 $9,050 $12,650 $10,550 $12,450
Jan-15 $13,750 $17,100 $8,200 $7,600 $13,100 $7,800 $7,700 $11,300 $11,750 $16,150 Jan-15 $16,700 $17,300 $35,500 $10,600 $8,550 $19,300 $22,500 $7,150 $8,200 $9,500 $7,450 $10,650 $8,850 10,600
Jun-16 $16,700 $17,300 $35,500 $10,600 $8,550 $19,300 $22,500 $7,150 $8,200 $9,500 $7,450 $10,650 $8,850 $10,600
Jun-17 $12,550 $13,325 $26,425 $8,700 $7,075 $14,800 $16,750 $5,450 $7,275 $7,925 $5,925 $9,325 $6,950 $8,200
Jun-18 $10,275 $10,825 $22,125 $7,350 $6,050 $12,525 $13,825 $4,575 $6,125 $6,725 $4,975 $8,100 $5,850 $6,875
Jun-15 $26,100 $35,300 $23,900 $19,300 $11,350 $21,000 $26,000 $11,200 $18,700 $14,650 $24,400 $20,400 $20,000 $16,200 $16,500 $24,900 $21,700 $26,800 $13,000 $21,350 $22,500 $25,950 $22,750
Jan-15 $23,400 $31,800 $21,700 $18,300 $10,150 $20,200 $25,200 $9,500 $16,150 $13,500 $22,250 $19,200 $18,000 $14,500 $15,100 $24,850 $20,250 $25,850 $11,650 $19,650 $21,600 $24,700 $21,550
Jun-16 $19,100 $30,750 $20,800 $16,350 $10,150 $19,200 $23,200 $9,800 $13,950 $11,700 $19,200 $16,500 $15,300 $13,250 $13,250 $22,550 $18,750 $24,950 $10,500 $18,950 $18,500 $23,700 $21,225
Jun-17 $16,900 $25,375 $17,375 $14,450 $7,700 $16,150 $19,525 $7,575 $11,950 $10,300 $16,450 $14,650 $13,525 $11,525 $11,900 $19,825 $15,875 $20,075 $9,225 $15,475 $16,725 $20,050 $17,600
Jun-18 $14,275 $21,425 $14,625 $12,250 $6,200 $13,275 $16,150 $6,225 $9,950 $8,675 $13,800 $12,325 $11,575 $9,800 $10,275 $16,700 $13,300 $16,400 $7,825 $12,800 $14,575 $16,450 $14,6500
Recorded Figures 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 Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln Town Car Signature Limited 4D Sedan
$11,150 $15,450 $8,350 $8,350 $13,950 $8,950 $7,400 $12,900 $12,400 $18,200 Jun-15
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 Lancer 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 BMW X3 XDrive28i 4D SAV V Cadillac Escalade base 4D SUV AWD Cadillac SRX Luxury 4D SUV AWD Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan Express Wagon Ford Edge SEL 4D SUV FWD Ford Escape XLT 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D SUV FWD Honda CR-V LX 4D SUV 4WD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D SUV 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD Nissan Murano SL 4D SUV AWD Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner SR5 Double Cab V6
$16,400 $16,500 $33,000 $10,800 $9,250 $17,700 $22,000 $7,550 $8,650 $9,950 $7,700 $10,300 $9,250 $11,050
Jun-15 $23,250 $30,700 $20,350 $17,000 $9,800 $19,000 $24,000 $9,500 $15,950 $11,450 $21,400 $18,400 $17,000 $13,500 $13,700 $20,950 $19,900 $25,200 $11,500 $18,900 $18,500 $24,550 $21,400
Jan-15 $8,950 $12,300 $6,950 $6,600 $11,700 $6,850 $6,000 $10,300 $10,200 $15,475
Projected Figures Jun-17 $7,300 $9,250 $5,325 $5,450 $9,225 $5,475 $4,475 $8,475 $8,025 $10,425
$8,700 $11,350 $6,350 $6,550 $10,600 $6,850 $5,300 $10,000 $9,500 $10,325 Jun-16
$14,750 $13,600 $27,600 $9,350 $7,150 $16,150 $20,000 $5,950 $6,850 $8,150 $5,650 $8,800 $7,300 $8,900
$14,050 $11,350 $22,500 $9,050 $6,850 $14,700 $17,600 $5,000 $7,050 $7,350 $4,950 $8,200 $6,750 $7,550
$10,950 $9,925 $21,150 $7,675 $5,975 $12,500 $14,550 $4,575 $6,000 $6,525 $4,475 $7,550 $5,950 $6,450
Jun-16 $16,550$ $27,300 $16,050 $14,650 $8,550 $16,800 $20,000 $8,500 $11,500 $9,175 $16,600 $14,000 $12,300 $11,550 $11,000 $17,850 $15,950 $22,000 $8,900 $14,450 $15,800 $21,700 $19,300
Jun-17 $14,650 $22,350 $13,675 $12,850 $6,450 $14,250 $17,400 $6,375 $10,025 $7,925 $14,025 $11,950 $10,800 $9,775 $9,875 $15,925 $13,575 $18,250 $7,675 $12,575 $14,400 $18,550 $16,225
Jan-15 $20,550 $27,800 $18,400 $16,200 $8,550 $18,200 $22,200 $8,400 $13,650 $10,250 $19,350 $15,500 $14,100 $12,550 $12,500 $20,800 $18,050 $23,800 $9,750 $17,100 $18,100 $23,050 $20,150
Jun-18 $6,200 $7,625 $4,400 $4,600 $8,075 $4,450 $3,800 $7,150 $6,775 $9,525 Jun-18 $8,850 $8,550 $18,425 $6,475 $5,100 $10,675 $12,025 $3,950 $5,075 $5,550 $3,950 $6,575 $5,000 $5,350 Jun-18 $12,425 $18,750 $11,825 $10,750 $5,125 $12,000 $14,300 $5,250 $8,400 $6,650 $11,850 $10,050 $9,125 $8,225 $8,475 $13,750 $11,400 $15,100 $6,550 $10,450 $12,225 $15,300 $13,125
6/13/16 2:40 PM
20 • June 20, 2016
DISCONNECTED JOTTINGS FROM I hated Cassius Clay. In fact, the whole family disliked him to an extent that was unusual for us. My mother, who could spit venom further than a hooded cobra,
competitors, even in the ring. The audiences too, attending bouts would typically dress in black tie especially if you were lucky enough to get ringside seats.
• 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
couldn’t say his name without a grimace that would frighten Frankenstein. This was in the early ‘60s when, as Londoners, we saw him as a loudmouthed, Yankee braggart. He was new to the British boxing scene and most boxers in those days were quite gentlemanly – after all, the Marquess of Queensbury, a Scottish nobleman around the turn of the 19th century, largely defined the rules of the ring. A high level of personal decorum was expected of
USED CAR NEWS
I remember a Motor Trade Association evening of dinner and boxing at the Savoy Hotel at The Strand in London, dressed to the nines at a ringside table. I had just been served a magnificent Dover sole when a Welsh lightweight boxer’s mouth guard landed right in the middle of my plate. His second came and apologized and a waiter brought me a fresh serving. So when Cassius Clay came around telling everyone, not just how good he was, but that
he was “The Greatest” had to be seen as outrageous. Heavyweights in those days were lighter than they are now and fights were usually fast-paced. Many see today’s bulked up competitors as much slower and less exciting. Britain’s favorite boxer back then was Henry Cooper – a quiet Londoner who, whilst left-handed, wasn’t a true ‘southpaw’ – he lead with his left hand and had a left hook that was a bit like an uppercut too. It was referred to as ‘enry’s ‘ammer. It was this blow that first brought Cassius Clay down in a fight that was the first of two meetings between them. It was controversial because Clay’s trainer, Angelo Dundee, used smelling salts to help bring Clay around; a clear violation of the rules that allowed no stimulants but water. He also tore Clay’s glove so extra time was taken to change it, allowing Clay to revive and later win the fight. Their second meeting was a resounding win for, then, Muhammad Ali. Our dislike gradually turned
C R O S S WO R D
to respect as his ‘Ali Shuffle’ and agility took him to many wins, especially against the giant of a man, Sonny Liston, and others like George Foreman and Joe Frazier who Ali referred to as “The greatest boxer in the world – after me!” His conversion to Islam was, at first, seen by many as another attention-getting maneuver, possibly even to avoid the draft as a conscientious objector. He stuck to his convictions in spite of being stripped of his winning titles. He became a notable figure of pride for the civil rights movement. Over the years and in spite of the debilitating Parkinson’s disease, he became one of the sincerest public figures in recent history. There are a myriad of stories about his charitable ways and demeanor. His clever skill with words turned from trash talk to heart-warming and uplifting
encouragement for thousands of people. Sir Michael Parkinson, a famous TV chat show host in England said, “He was the most extraordinary man I’ve ever met, it’s difficult to think of another person who was his equal.” Their mutual admiration was obvious over several meetings and audiences were glued to their TVs. I write this on the day of his memorial service and much eulogizing will be forthcoming from all sorts of luminaries and leaders as well as President Clinton and the Rev. Jesse Jackson. To me, one word sums up Muhammad Ali – genius. Genius at any level or undertaking whether it was from his athleticism or writing a personal letter in response to a fan on the other side of the world. He would have made a great politician.
To see past columns from Tony Moorby, visit www.usedcarnews.com/columnists/tony-moorby Digital version available at usedcarnews.com
By Miles Mellor
Across 1. Chevrolet Corvette ___ 3LT 5. Mercury sedan 8. Gear description 10. Features such as air bags, seat belts, etc 11. Jeep ____ Sport 12. Brake component 13. Very long time 14. One type of buyer 15. Compact SUV from Land Rover 18. ___pala 19. General Motors division that was phased out 20. Dark, dark shade of blue 23. Classic muscle car 24. Overtime, abbr.
25. Toyota SUV 26. “___ Gear” show 30. Dodge minivan 31. Mitsubishi sedan 34. Prevent 35. Plugs 36. They are given to the buyer when the sale is closed 37. Subaru SUV 39. Really bother 40. Nissan rival 41. Be in arrears Down 1. What keeps a car ride smooth 2. Q70 makers 3. Kind of feeling 4. Grand ___
5. Turning sharply 6. Grille covering 7. Honda model 8. Type of light 9. Illuminated, as of headlights 11. Encouraging word 12. Letters on a tire 14. Porsche model 16. Leave out 17. Small Honda 21. Obtained 22. Nissan SUV 27. Makers of the 911 Targa 28. GMC’s medium size pickup 29. Oft-repeated phrase 31. Start of some Spanish place names
Solution to the 6/6/16 1
32. Space at the back of an SUV 33. Editor, abbr. 34. Big name in luxury automobiles 36. ____ Sedona 38. “I did it __ way”
L U B
O M A
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USED CAR NEWS
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22 • June 20, 2016
USED CAR NEWS
AROUND THE BLOCK
Compiled by Jeffrey Bellant
SALE CELEBRATES 73 YEARS
RECON ON: Manheim executives and local officials cut the ribbon on Manheim Darlington’s new reconditioning center.
Manheim Darlington celebrated its 73rd anniversary with the opening of its new 48,000-squarefoot retail solutions facility on May 25. Featuring 32 lifts, two four-car paint booths and a state-of-the-art Enhanced Vehicle Imaging Suite, this facility expands the auction’s
services to now offer both wholesale and retail services to dealers. Retail services include post-sale inspection, professional vehicle imaging, and retail quality mechanical, detailing and reconditioning services. Along with options for merchandising, titling, financing, trans-
portation and purchase protection, these services help dealers get their newly purchased inventory retail ready before leaving the auction location. These offerings help dealer clients shorten vehicle turn time and reduce overhead by lowering personnel and fixed costs. “Manheim is reimagining and broadening the auction experience,” said Danny Brawn, Manheim Darlington general manager. “Dealers told us they no longer want the hassle of preparing used vehicles for sale after they buy them at auction. In response, Manheim developed its Retail Solutions offering and is pleased to launch these services at Manheim Darlington.” Evolving from Clanton’s Auto Auction, the business held its first one-lane sale in 1943, has been in its current location since 1948, and became a Manheim site in 1991.
Auctions Adopt NAAA Standards Canada’s auto auctions will officially implement a national uniform system of standards to ensure consistency and accuracy in the certification of wholesale used vehicles. Adoption of the National Certification Standard (NCS), pioneered by the NAAA, will make the program accessible to the association’s entire North American membership while benefiting the remarketing industry overall. The program offers three quality levels - Platinum, Gold and Silver - to manage the requirements of a broad range of vehicle types. A checklist of 48 basic criteria provides a clear system that addresses vehicle selection, with well-defined requirements for inspection, reconditioning, and marketing. NCS guidelines are available in English and French (as well as Spanish) on NAAA’s website – naaa. com.
We invite news items and top-quality photos from our readers to be considered for “Around the Block.” Please include the name of a contact person and a telephone number. Send items and photos to: Jeffrey Bellant. Mail: Used Car News, 24114 Harper Ave., St. Clair Shores, MI 48080. Fax: (586) 772-9400 e-mail: firstname.lastname@example.org
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