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June 21, 2010
www.usedcarnews.com
Wholesaler Ready for His Close-up By Jeffrey Bellant
Detroit-area wholesaler Bill Fick likes to keep busy, whether it’s selling classic cars or playing a mobster on film. The 52-year-old Fick has been involved in the car business his entire life. “I’ve been buying and selling cars since I was 14 years old,” he said. Fick currently is a partner in Miller Classics, which wholesales classic vehicles and other special cars. But Fick also loves the entertainment business. He ran a recording studio years ago and even put on concerts. His most recent passion, film acting, started with a chance encounter four years ago. “I was driving a black 1996 Cadillac Deville and a woman approached me about being part of her movie,” Fick said. Fick plays Frankie, a mob guy in an independent movie called “Detroit Street
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Hitters.” More recently, he’s played parts in a couple of other films, “Politics of Street Crime” and “She Kills!” produced by Planet Four Films in Royal, Oak, Mich. Usually, he buys cars that are already in nice shape, but he will try to polish up the occasional hidden gem. “I just looked at a ‘68 Riviera the other day,” Fick said. “The vinyl top was hanging off the back. But it’s a California car and I think it’s a restorable vehicle. “I also had a truck, a 1953 D o d g e p i c k u p, t h a t I chopped and channeled and sold.” Miller Classics will sell between five and 10 vehicles a month. Fick and his partner keep about 10 to 12 in stock at local garages. Fick will drive a lot of the cars the company acquires, taking them to classic car shows and cruise nights. “One of my favorites was a 1995 Viper,” he said. “I got to drive that a bit and I really enjoyed that car. “But maybe my favorite car that we’ve had is a 1969 Dodge Dart GT.” Miller Classics will buy cars from private owners, usually online. The company also uses auctions. Before partnering in Miller Classics last year, Fick had a company called Northern Seafood that delivered meat and seafood to homes in the Midwest. “I did that for 20 years and I just got burned out and wanted to get back into cars,” Fick said.
Photo by Ted Craig IN THE PICTURE: Bill Fickis readyto chase his dreams, whetherit’s classic cars ormovie stars. The Detroit wholesaler has appeared in several locally produced movies.
Money Starts Flowing into Auto Finance
FORT WORTH, Texas – Auto finance companies report more money coming available for them again. That means more credit available for used-car buyers. The outlook at this year’s National Automotive Finance Association conference was more upbeat than in the past few years. The mood was up and so was attendance. More small companies are entering the market, filling some of the gap created by fallen big players like Triad. Much of this increased optimism comes from the revived securitization market. There had only been one subprime auto securitization when the association met in June 2009, said Amy Martin, senior director in the structured finance ratings group at Standard & Poor’s. There have been five this year, so far. Subprime auto finance is performing well these days. More people are worried about losing a job than losing a house, so they’re making car payments before mortgage payments. This allows creditors to take on more risk. Martin said credit scores are lowering on the latest batches of subprime contracts taken to market. For more on the NAF Association conference, see inside and visit usedcarnews.com.
IN THIS ISSUE • Finance reform threatens to transform industry. – Page 3
• Dealers find a U-Haul franchise adds to their bottom line. – Page 6
• Manheim shines a spotlight on how dealers shop at auction. – Page 5
• Service contracts improve operations. – Page 8