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August 19, 2013

www.usedcarnews.com

ON THE WEB: Consumers Take Fewer, Shorter Test Drives

SEE OUR AD INSIDE ON PAGE 5

Classic Car Sales Heat Up This Summer

According to a survey by AutoTrader.com, 44 percent of shoppers believe they only need to test drive a vehicle one time before making a decision, and nearly half (49 percent) believe they only need 30 minutes or less to thoroughly test a vehicle.

Industry Veteran Opens His Own Auto Auction

Industry veteran Tim DeBerry has chosen his home state of Colorado to build his first auto auction. Mile High Auto Auction will hold sales every Tuesday at noon at the newly renovated facilities at 9750 East Costilla Avenue in Centennial, Colo.

Used Hondas Move Fast Off Dealers’ Lots

Used-car sales by franchise dealerships are up in the first half of 2013. Hondas sold faster at franchise dealerships than any other used-car brand in the second quarter; Lincolns sold the slowest.

Photo by Jenny King MR. BELVEDERE: This 1956 Plymouth Belvedere Convertible, with push-button automatic, a Hollywood steering wheel, power top and Highway Hi-Fi, sold for $90,750. By Jenny King

PLYMOUTH, Mich. – Duesenbergs, collectible Cadillacs from several decades, an Imperial Crown Convertible and a number of Packards highlighted the RM Auctions event here on the grounds of the Inn at St. John’s.

The July 27 sale generated over $7.7 million and included 77 automobiles, two boats and one motorcycle. RM reported a 90-percent sales rate. A 1929 Duesenberg Model J Dual-Cowl Phaeton was the high seller, bringing a hammer price of $682,000. That was followed by a 1932

Packard Individual Custom Eight Convertible Victoria at $374,000 and a 1932 Packard Twin Six Sport Phaeton at $330,000. Michigan residents Linda and Richard Kughn offered for sale several vehicles from their respected collection. Sales successes included the Kughns’ 1934 Pack-

ard Super Eight Convertible Victoria ($225,500); a 1934 Lincoln Model KB Convertible Sedan ($275,000), and a 1942 Lincoln Continental Cabriolet ($126,500). Hy Gray brought his beautifully restored 1956 Plymouth Belvedere Convertible from Illinois to the RM sale. Continued on page 6

Rush - Dated Material

Buy-Here, Pay-Here Chains Add More Locations The nation’s largest buy-here, pay-here chains continue to expand. DriveTime Automotive Group Inc. is expanding into a new market. The buy-here, pay-here chain has opened a store in Louisville, Ky. The new store is the company’s eighth dealership to open in 2013, and becomes the 105th DriveTime location. America’s Car-Mart, Inc. announced the opening of its 126th dealership. The dealership is located in Rome, Ga. Rome is the 2nd dealership in Georgia and the 2nd new dealership opening

for fiscal year 2014. The Rome dealership will be managed by Chris Griffin. Meanwhile, J.D. Byrider has opened five new franchise locations in the first half of the year. The next J.D. Byrider dealership, opening in Colonie, N.Y., will be the company’s 150th location. The buy-here, pay-here franchisor also marked a milestone when ts South Attleboro, Mass., sold Byrider’s one millionth vehicle. The car was given away to the lucky customer. J.D. Byrider has signed new store rights to four new franchisees and 10 existing franchisees.

The confidence to close more deals To learn more, turn to the back cover or visit myautovisor.com/confidence

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8/8/13 5:05 PM


August 19, 2013ÛÛÝÛۀ

USED CAR NEWS

States Make Progress in Battle Against Curbstoning By Jeffrey Bellant

Dealers have scored two more legislative victories in their struggle against curbstoning. Mississippi and Texas recently strengthened their laws against unlicensed dealers. Mississippi lawmakers approved a law that creates a curbstoning penalty between $1,000 and $5,000. The law went into effect July 1. Andrew Caldecott, executive director of the Mississippi Independent Automobile Dealers Association, said the local municipalities should be happy with the additional revenue those penalties will bring in. “Dealers as a whole in Mississippi are excited that the bill passed,” he said. “Our board chairman, Lester Howell, spearheaded the effort.” Howell, owner of Professional Used Car Sales in Clinton, Miss., said other states should follow Mississippi in trying to get approval for local enforcement

of curbstoning. Mississippi House Speaker Philip Gunn said this change would help dealers and consumers. “We wanted to make sure that consumers in Mississippi were getting the best quality used vehicles,” he said. In Texas, the state IADA also pushed through a curbstoning penalty. “The passage of this bill is a victory for the industry,” said Jeff Martin, executive director of the Texas IADA. The new laws allows local law enforcement to tow vehicles that are illegally displayed for sale. There is an additional penalty of $1,000. If an officer has probable cause, he can attach a notice that the vehicle can be towed in two hours if not removed. Once vehicles are towed, owners cannot receive the vehicle unless they provide evidence of ownership in their name. Since curbstoners normally don’t title the vehicles – to avoid taxes – it prevents

Photo Courtesy of the Mississippi IADA CURBING CRIME: Andrew Caldecott, executive director of the Mississippi IADA, said dealer groups, law enforcement and legislators worked together to pass a law making it easier to punish curbstoners.

them from getting the vehicle unless they pay the tax and registration fee. The Arizona IADA is also working on the issue, with represetatives serving on a state curbstoning committee. “We reached out to other states to get their curbstoning legislation,” said Dave Warkentin, Arizona IADA executive director.

The Nation’s Leading Independent Auto Auctions at Your Service

He said the three keys to make curbstoning rules successful are: defining what curbstoning is; developing methods to enforce laws against it; and providing penalties for those who violate curbstoning laws. Warkentin said the group got a report from one company, LTAS Technologies, which estimates that there were an estimated 6,642

LINCOLN AUTO AUCTION 11909 US Hwy. 6 • Waverly, NE 68462 (402) 475-5500 • www.lincolnautoauction.com GSA, New Car Trades, Financial Institutions, Banks and Repo/Fleet Companies Sale: Wednesday, 10 a.m. PORT CITY AUTO AUCTION PO BOX 220 • Route 197, Richmond, ME 04357 (207) 737-4193 • www.acadia-auctions.com ARI, TD Bank, Credit Unions, AutoIMS, Dealer Trades Sale: Thursday, 9:30 5 Lanes 400+cars; Live Sale & Simulcast all lanes DEALERS AUTO AUCTION OF IDAHO 3323 Port St. • Nampa, ID 83687 (208) 463-8250 • www.daaofidaho.com GSA, Westlake Financial, ARI, Emkay, Online 24/7 with SmartAuction, Openlane, and OVE SALE: Wednesday, 9:30 a.m. (Live & Simulcast) INOPERABLE SALE: Monthly GREATER TYLER AUTO AUCTION 11654 State Hwy 64W • Tyler, TX 75704 (903) 597-2800 • www.greatertyleraa.com • Auctioneer #8083 ARI, SRG, New Car Units, Banks, and Credit Unions SALE: Tuesday, 5 p.m.

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VALUE AUTO AUCTION, LLC 3776 State Route 93 Northeast • Crooksville, OH 43731 (740) 982-3030 • www.valueautoauction.com SALE: Thursday, 11 a.m. REPOS: Thursday, 10:30 a.m. Dealer Cash Drawings Weekly

curbstoners in the state. LTAS reports that curbstoning in the United States is a $17 billion underground economy. The firm reported that the effects on the economy are felt through lost titling fees, lost taxes, and lost business to dealers. Curbstoning also affects consumers and insurance companies.

OKLAHOMA AUTO EXCHANGE 2728 SW 25th • Oklahoma City, OK 73108 (405) 680-8660 • www.okaex.com 750 weekly Lease Plan USA, Automotive Solutions PH&H, Over 400 franchise store trades every week. GREATER MILWAUKEE AUTO AUCTION 8711 W Brown Deer Rd • Milwaukee, WI 53224 (414) 365-3500 • www.gmaa.com Sale: Thursday 9:30 a.m. GM Sponsored sale, Ally Financial, GM Financial, ARI DEALER’S CHOICE AUTO AUCTION 503 Wapello S Hwy 61 • Mediapolis, IA 52637 (319) 394-3510 • www.dcaa.com Sale: Tuesday 6 p.m. Repo: Every 3 CENTRAL AUTO AUCTION 185 Welton St. • Hamden, CT 06517 (203) 787-2277 •www.centralaa.com GSA, New Car Trades, Absolutes, Donations, F/L, Repos ONLINE: 24 / 7 - ove.com, openlane, smartauction LIVE SALE: Tuesday, 10:30 a.m. SIMULCAST: Tuesday, 10:30 a.m. Auto IMS, Auction Access MEMPHIS AUTO AUCTION 3719 Old Getwell Rd • Memphis, TN 38118 (901) 795-7634 • www.memphisautoauction.com Emkay, FLD, CPS, UACC, AR Best New Car Store Trade Lanes Vehicles available online and inlane Salvage: Wednesday, 8:15 a.m. Drivethru: Wednesday, 9:15 a.m. PowerSports next to last Wed, monthly

NORTH EAST PENNSYLVANIA AUTO AUCTION 860 North Keyser Avenue • Scranton, PA 18504 (570) 207-2277 • www.nepautoauction.com 700-900 GSA Vehicles Weekly, Key Bank, FNB Corp/Regency, PAR North America SALE: Tuesday at 10 am INOP SALE: Weekly 9:30 am SALVAGE SALE: Weekly

FARMINGTON AUTO AUCTION, INC. 1661 W Murray Drive • Farmington, NM 87401 (505) 326-1005 • www.farmingtonautoauction.com Capital One, ARI, GSA, New Car trades SALE: Wednesday, 10 a.m. Sign up for Simulcast at farm.autoremarketers.com

LUBOCK AUTO AUCTION 1122 E 34th St. • Lubbock, TX 79404 (806) 744-1444 • www.LubbockAA.com • Auctioneer # 7900 GM Financial Repos ARI, GEC PLUS Fleet/Lease & Repos SALE: Thursday, 10 a.m. AWG Simulcast & Auto IMS

PERRY’S AUTO AUCTION 628 South Main Street •Swainsboro, GA 30401 (478) 237-8270 • www.perrysautoauction.com GSA, Georgia Power, Enterprise, FLD, LeasePlan, Dealer Trades SALE: Thursday, 11:00 a.m. • Live Simulcast Weekly

8/12/13 3:08 PM


 ÛÛ�ÛÛÛAugust 19, 2013

USED CAR NEWS

NEWS BRIEFS Wholesale Prices Rise

Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) rose in July, the second straight monthly increase. On a non-seasonally adjusted basis, prices fell between June and July. The Manheim Used Vehicle Value Index now stands at 120.9, a decline of only 0.2 percent from its year-ago level.

CPO Sets Another Record

Certified pre-owned sales reached their highest daily selling rate ever in July. CPO sales were 182,753 in July, according to AutoData Corp. That is down 1.5 percent from June, but up 21 percent from July 2012. There were 25 selling days in July vs. 24 in July 2012 and 26 in June. July year-to-date sales were 1,229,276, up 15.1 percent from July 2012. Kia and Subaru sales were at alltime highs.

Vehicle Fleet Grows Older

of light trucks also increased to a record 11.3 years. Polk expects this trend to continue, while a shift in the fleet of vehicles in operation (VIO) is under way. As part of its most recent analysis and the growth of vehicle registrations in the past few years, Polk found that the volume of 6- to 11-year-old vehicles is declining, while the group of vehicles older than 12 years is on the rise.

related to the settlement charge and the sales of certain of Ally’s international businesses. Ally’s core auto finance operations continued to generate strong yearover-year U.S. earning asset growth and improved U.S. net financing revenue for the quarter.

Remarketer Marks Milestone

finance companies, banks, and corporations with owned fleets - to outsource the disposition of automotive assets to GE Capital Fleet Services. The milestone vehicle was sold at Manheim Chicago and the seller was the Chicago-based Turner Acceptance Corp. GE Capital Fleet Services also announced the launch of an expanded Remarketing by GE website for customers. The website content includes auction sale calendars, information on promotional events, customer testimonials, and a direct link to GE Capital Fleet Services’ YouTube channel.

GE Capital Fleet Services announced a major milestone with the sale of its 100,000th customer vehicle through its Remarketing by Auto Finance Highpoint for Ally GE program. Launched in 2007, ReAlly Financial Inc. reported a net marketing by GE has enabled more loss of $927 million for the second than 300 customers nationwide - inquarter of 2013, compared to net cluding credit unions, independent income of $1.1 billion in the prior quarter and a net loss of $898 million for the second quarter of 2012. Published By General Media LLC The net loss for the quarter was USED CAR NEWS (ISSN 1555-7413) is published at driven by an approximately $1 bil24114 Harper, St. Clair Shores, MI 48080 lion loss from discontinued operaPhone: 586-772-5200 or 800-794-0760 Fax: 586-772-9400 tions, primarily due to a $1.6 billion charge resulting from Ally’s comprewww.usedcarnews.com hensive settlement agreement in the ResCap Chapter 11 bankruptcy case. Charles M. Thomas This was partially offset by approxiFounder (1947-2002) mately $600 million in tax benefits Lynda R. Thomas, Publisher

Polk reports the average age of all light vehicles on the road now stands at a record high of 11.4 years, based on review of over 247 million U.S. car and light truck registrations earlier this year. For passenger cars, Carolina15K-UCNaug19.pdf 8/9/13 average age also met a record 1high at 11.4 years, while the average age

C R O S S WO R D by Myles Mellor

PAGE 21 12:09 PM

Colleen Fitzgerald, General Manager Editorial: Ted Craig, Managing Editor Jeffrey Bellant, Staff Writer Contributing Writers: Sheila McGrath, Jenny King Columnist: Tony Moorby Advertising: Shannon Colby, Account Manager Megan Frump, Account Manager Marie Hingst, Account Manager Circulation: Helen Thomas Production: Josie Godlewski, Media Manager Tim Montie, Graphic Designer ———

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Used Car News is published the first and third Monday of each month. Subscribers: We print advertisements as sent to us by auctions and other advertisers. It is not possible to verify the correctness of listed vehicles in auction ads. Most lists are partial and all lists are subject to last minute changes by auto auctions, so before travelling a long distance for a particular auto auction event, contact the auction by telephone for a fax of vehicles in the sale. Used Car News assumes no guarantees or liabilities concerning the accuracy of any advertisements. All Rights Reserved. Reproduction in any form is prohibited without the written consent of the publisher.

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É&#x;  É&#x; É&#x;  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.

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August 19, 2013 ÝÛۂ

USED CAR NEWS

Dealers Grow Happier with Finance Sources Dealer satisfaction has increased in all finance provider areas for the second consecutive year, with product offering significantly contributing to increases in satisfaction, according to the J.D. Power 2013 U.S. Dealer Financing Satisfaction Study. The study examines dealer satisfaction with lenders in four finance areas: prime retail credit; sub-prime retail credit; retail leasing; and floor planning. “In addition to more improved services, competition and new entrants into the market provide dealers with more choices and product innovations,” said Michael Buckingham, senior director of the auto finance practice at J.D Power. “This combination also creates a highly competitive marketplace for dealers to select their finance provider and increase vehicle sales.” Satisfaction is measured across three factors in the prime and subprime retail credit areas: finance provider offering; application/ approval process; and sales

representative relationship. Four factors are measured in the retail leasing area: finance provider offering; application/approval process; sales representative relationship; and vehicle return process. Three factors are measured in the floor planning area: finance provider credit line offering; floor plan support; and floor plan portfolio management. Overall dealer satisfaction with prime retail credit lenders is 890 on a 1,000-point scale, an increase of 5 points from 2012, and retail leasing satisfaction is 891, up 3 points from 2012. Floor planning satisfaction has increased the most among the four lending areas – an increase of 11 points to 924 in 2013. Increasing industry adoption rates of such process innovations as e-contracting combined with improvements to dealer support and a solid product offering have contributed to satisfaction increases. The study finds that 30 percent of lenders offer

dealers such options with 39 percent of dealers that are offered these options sending business to them regularly. The study dealers want lenders who will work with them. To dealers, the sales representative is the most important touch point with a lender, the study found. Sales reps must have the knowledge and tools to teach and train dealers on the various finance product

offerings. “Indirect auto finance lending is a relationship business between dealer and lender,” said Buckingham. “A customer-focused staff is a cornerstone for success.” Alphera Financial Services ranks highest among prime retail credit lenders, with a score of 970. Following in the rankings are BMW Financial Services (965) and Mercedes-Benz Financial Services (953). BMW Financial Services

ranks highest among lenders in the retail leasing area for a second consecutive year, with a score of 958. Following in the rankings are Mercedes-Benz Financial Services (954) and Ford Credit (929). Mercedes-Benz Financial Services ranks highest among floor planning lenders for a third consecutive year, with a score of 971. Following in the rankings are BMW Financial Services (966) and Ford Credit (948).

Terry Park

SENIOR CAR EDITOR

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ƒÛÝÛÛAugust 19, 2013

USED CAR NEWS

Classic Cars

– Continued from page 1

Photo by Jenny King RED HOT: This 1961 Imperial Crown Convertible, one of 429 built for the model year, sold at auction for $148,500 - far above its pre-sale estimated value of $70,000 to $90,000.

We Auction Every Vehicle With more than 30 years of salvage auction experience, IAA helps you find the right buyers. Our targeted marketing reaches a global customer base, and our live and live-online auction encourages healthy competition. High-mileage, damaged or repossessed, we drive higher profits for every type of vehicle.

IAA-Auctions.com © 2013 Insurance Auto Auctions, Inc. All rights reserved. IAA is a registered trademark of Insurance Auto Auctions, Inc.

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“I’ve known this car since it was new,” said Gray, who bought it in 2006 from its second owner, a friend. The car had been disassembled by a restorer who later walked away from the project and left it in pieces. “I did the mechanical assembly,” Gray said. “The body was soda blasted; I had it painted turquoise and midnight blue, which were factory colors.” The push-button-drive Belvedere has a Highway Hi-Fi, Hollywood steering wheel and a power top. It’s close to impossible to get records for the 16-2/3 RPM hi-fi, he said. In spite of its small diameter, a record would play at the slow RPMs for 45 minutes. Figuring perhaps only a dozen convertibles like his ’56 Belvedere still exist, Gray’s careful restoration paid off. The car sold at auction for $90,750 – at the top of its estimated price range prior to the auction. As is often the case, there were disappointments and surprises.

A 1940 Packard Super Eight 160 Convertible, which appeared to be in fine condition and had a presale estimated value of $50,000$70,000, went for a hammer price of $44,000. A 1957 Mercury Custom Eight wood-sided station wagon ignited a bidding war that drove its sale price up to $134,750. The car’s pre-sale estimate was $90,000-$110,000. A handsome 1936 Chevrolet FA Master Deluxe rumble-seat coupe with dual side mounts seemed a steal for the buyer who bid $29,700. An iconic 1959 Ford Skyliner Retractable Hardtop sold for $38,500, below its pre-sale estimated range. Jaguars also did not fare well, with the exception of a 1950 Jaguar Mark V 3.5 drophead coupe, which had a hammer price of $88,000. Another high-bid surprise was the extraordinary Virgil Exner-designed 1961 Imperial Crown Convertible, one of 429 built for the model year. It sold at auction for $148,500 - far above its pre-sale estimated value of $70,000-$90,000.

System Assesses Repairs A new system aims to ease consumer concerns about buying cars with accidents on their vehicle histories. True Frame is a patent-pending system created by Auction Insurance Agency. The firm saw that dealers were unwilling to pay full price for a vehicle with an accident history. Ben Puckett, True Frame’s president, said these vehicles often sell for 10 percent below the market average, regardless of the extent of the damage. The goal with True Frame is to provide an accurate assessment of vehicle repairs. “The entire process is an objective

analysis,” Puckett said. There is a cosmetic score based on the extent of the work performed, as well. Consignors pay for the service. The reports are available for anyone who wants to view them, free of charge. True Frame did beta-testing at auctions in central Florida, Puckett said. A key goal was gathering dealer feedback on the reports. One response from dealers was that they hoped to use the system at their stores to evaluate trade-ins before taking them to auction. True Frame partnered with Inviso to meet that demand.

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PAGE 8 - TRAINING & EDUCATION

Dealers Can Go Back to School This Fall at Events Dealers interested in expanding their knowledge of buy-here, pay-here and subprime finance operations will have plenty of opportunities this fall. First up is The Industry Summit, a joint venture between Used Car University and Bobit Business Media. The event now includes four shows – Subprime, CRM, Used Vehicle Retailing and F&I. The Industry Summit takes place Sept. 16-18 at the Paris hotel in Las Vegas. A week later, Sept 22-25, AutoStar Solutions will host its annual gathering at the Omni Hotel in Ft. Worth, Texas. “This year, we’re expanding the scope of our industry-focused classes in the same way that we improved our technology training last year,�said AutoStar CEO Allen Dobbins. AutoStar has announced several changes from the previous year’s event, including new tracks and ses-

sions, which will focus on areas that are vital to independent auto dealers, including compliance. “As with last year’s event, AutoStar has recruited some of the top legal experts in the industry to cover relevant legal issues and their inevitable effects on the business,� said AutoStar chief legal officer Steve Levine. “The centerpiece of these compliance sessions will be the mock trial, which will help to bridge the gap between in-class learning and the real world.� Finally, the National Alliance of Buy-Here, Pay-Here Dealers will host its East Coast conference Nov. 3-5 at the New Orleans Marriott Superdome hotel. The agenda this year will focus on making the right decisions to succeed in buyhere, pay-here, with the conference theme “Critical Decisions that Bring Success.� “New operators are entering the buy-here, pay-here industry in significant numbers,� said NABD founder

Photo by Jeffrey Bellant MORE HELP: National Alliance of Buy-Here, Pay-Here Dealers founder Ken Shilson addresses the audience at the spring’s conference. The NABD fall event will be one of three opportunities for dealers to gain more knowledge.

Ken Shilson. “These new op- how to succeed by avoiding mistakes will cost them milerators need to understand the pitfalls. Trial and error lions of dollars.�

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8/12/13 5:12 PM


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Choose Chase on ADESA.com and OVE.com for quality bank-sourced vehicles. Contact auctions directly for current sale information.

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Subaru Motors Finance Manheim Pennsylvania September 27 800-777-2053

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*The tradename “Subaru Motors Finance” and the Subaru logo are owned / licensed by Subaru of America, Inc. and are licensed to Chase Bank USA, N.A. (“Chase USA”) and JPMorgan Chase Bank, N.A. (“Chase”). Retail / Loan accounts are owned by either Chase or Chase USA and lease accounts are owned by Chase. *Jaguar, the Jaguar logo, and Jaguar Financial Group are trademarks of Jaguar and any use by JPMorgan Chase Bank, N.A. (“Chase”) is under license. Land Rover, the Land Rover logo, and Land Rover Financial Group are trademarks of Land Rover and any use by Chase is under license. Retail / Loan and lease accounts are owned by Chase. *The tradename “Mazda Capital Services” as well as the Mazda and Mazda Capital Services logos are owned by Mazda Motor Corporation or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (“Chase”). Retail / Loan and lease accounts are owned by Chase. © 2013 JPMorgan Chase Bank, N.A. Member FDIC. All rights reserved. (12-381) 06/12

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~‡ÛÝÛÛAugust 19, 2013

USED CAR NEWS

Note Sales Land Dealer in Court

1000

By Sheila McGrath

VEHICLES

SALE EVERY FRIDAY!

An Oklahoma City used-car dealer was sued after regulators said he sold securities without a license, then failed to pay investors back after his businesses were shut down. According to the Oklahoma Department of Securities, Bill Thompson, owner of Triple T Motors, started Invest in Car Notes.com and Buy Car Notes.com in 2010 to sell car notes from buyers with poor credit ratings. Investors learned of the potential business opportunity through websites and a YouTube video, and were told they stood to make returns of up to 21 percent on the notes, according to a Petition for Permanent Injunction filed July 8 in Oklahoma County District Court. The suit was filed by the state’s Department of Securities. The suit alleges Thompson did not invest the funds in any way that could have generated the promised returns. It also alleges that he had no adequate surplus to replace nonperforming notes, and that he withdrew investor funds for personal expenses and to pay earlier investors. Thompson did not return calls requesting comment, but he told The Oklahoman newspaper that it had

never entered his mind that selling car notes was illegal. Rather, he said, the plan allowed investors a chance to earn money and buyers with poor credit an opportunity to purchase a car. The Note Purchase Agreements investors bought were to be funded by payments on car loans generated from the sale and financing of used cars. If the buyer defaulted on the note, investors were told they would get a good, paying car note in its place. At least $500,000 was raised from investors, according to the suit. But in August 2011, the state ordered Invest in Car Notes.com and Buy Car Notes.com to stop selling the notes because the securities were not registered and Thompson, as president of the companies, was not licensed to sell them. In January 2012, Thompson and a business partner, David Harris, were ordered by the court to pay a pro-rated initial sum of $25,000 to investors, and to make their best efforts to make monthly payments of $20,000 until the investors were repaid. But court records show that after the initial $25,000 was paid, the payments were sporadic and weren’t fairly distributed among the investors.

Manheim thanks the

NATIONAL AUTO AUCTION ASSOCIATION for 65 years of excellence. Your dedication continues to make our industry the best it can be!

©2013 Manheim, Inc. All rights reserved.

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8/8/13 3:34 PM


~ÛÝÛÛAugust 19, 2013

USED CAR NEWS

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Body Shop Kept Insurance Money A Rhode Island auto body shop owner pleaded guilty to 60 counts of obtaining money under false pretenses, three counts of issuance of bad checks, four counts of unlawful appropriation, and one count of larceny. Dino Coccia was sentenced to a total of 20 years, with three to serve on home confinement and the remainder suspended with probation. Coccia was also ordered to pay in excess of $210,000 in total restitution. During 2011 and 2012, Coccia was engaged in an elaborate scheme to defraud 70 customers of his auto

body repair and used-car business, Americar Sales and Collision Center, in Pawtucket. Among the offenses, Coccia would promise to repair motor vehicles involved in accidents and serve as a go-between for the customer and insurance company. Instead, Coccia used the insurance money for his own benefit without repairing the customers’ vehicles. In addition, Coccia took deposits for the sale of motor vehicles that he did not own, and when pressured by some of the individuals to return their deposits, he wrote checks on a closed account.

Study Finds Women Prefer to Lease A new survey from Swapalease. com shows women have been reluctant to lease in the past, but that trend may change in the coming years. According to the results, 42.2 percent of women said they had never leased a car, compared with 23.6 percent of men. Conversely, 15.5 percent of women have leased five or more cars in their lifetime, compared with 26.2 percent of men. Looking forward, though, 67.2 percent of women say they are “likely” or “extremely likely” to consider

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leasing their next vehicle, compared to roughly the same amount of men (70.4 percent). While many brands are viewed similarly between the two genders, men prefer BMW and Cadillac. However, more women prefer Honda, Lexus, Toyota and Nissan. Other findings from the results show 40 percent of men prefer lease terms of 24 months, while 33.6 percent of women prefer 36-month terms. Additionally, more women prefer less expensive monthly payments.

8/12/13 3:39 PM


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8/8/13 3:28 PM


~ÛÝÛÛAugust 19, 2013

USED CAR NEWS

PEOPLE IN THE NEWS Enterprise Names Remarketing VP

Enterprise Holdings announced that Nate Lattimer is the new vice president of remarketing sales and operations for the company’s Enterprise Rent-ACar, National Car Rental and Alamo Rent A Car brands, as well as its Enterprise Commercial Trucks business and Enterprise Fleet ManageNate ment affiliate. Lattimer Combined, these businesses accounted for $15.4 billion in revenue and operated 1.3 million vehicles throughout the world in fiscal 2012. In Lattimer’s new role, he is responsible for vehicle remarketing for all North American operations in addition to overseeing more than 400 local account representatives. Lattimer succeeds Mike Bystrom, who was promoted to a senior executive position within the company. Lattimer began his career with Enterprise as a Management Trainee in 1996 and was later promoted into management positions in Memphis, Tenn., and Louisville, Ky. After moving to the company’s corporate offices in 2008 as cor-

porate fleet manager for the West Coast, he was promoted to assistant vice president of fleet, West Coast, in 2011. Lattimer is based at Enterprise Holdings corporate headquarters in St. Louis.

Caprock Hires Auction Vet

In his new role, Black will be working with existing agents and dealerships to grow the size of their portfolios and working with NAC’s sales team to develop new business opportunities.

Law Firm Opens New York Office

Hudson Cook LLP recently announced the addition of Jeff Levine as a partner establishing the law firm’s New York office. Levine’s practice will focus on helping financial institutions, sales finance companies, motor vehicle dealers and manufacturers to establish and maintain autoJeff mobile financLevine ing and leasing programs private student loan providers and servicers establish and maintain private student loan programs. He will also leverage his regulatory exam management experiences to support bank and non-bank clients with their federal and state regulaNAC Adds Development Director tory exams. NAC announced the addition of Before joining Hudson Cook, Tim Black as director of agency and Levine was a senior vice president dealer development. and general counsel of JPMorgan Hollie Fleming has joined Caprock Auto Remarketing as its new auction manager. Fleming brings 15 years experience in the auto auction industry to this position. She previously worked at Manheim DFW Auto Auction, where she managed specialty sales, including boats, RVs and motorcycles. Prior to that, she served as commercial accounts manager, overseeing operations and administration for all fleet and factory customers. She also held the roles of Ford factory manager and Ford administrative manager. Earlier in her auction career, Fleming worked at Manheim Fort Worth Auto Auction as Ford account coordinator and posting clerk. She also worked in accounts payable at Hilcher Ford.

Chase’s auto finance and student lending businesses, where he was a member of the executive committee and managed all legal and compliance matters from 1993 to 2013. Levine also served as the president of JPMorgan Chase’s student lending business, from 2002 to 2005, where he was responsible for restructuring the business from a joint venture to a fully in-sourced business model. Levine earned his law degree at St John’s University School of Law where he graduated cum laude. He attended Long Island University where he earned a B.A. in Economics, graduating magna cum laude. He is a member of the New York State bar.

Edmunds.com Exec Retires

Edmunds.com announced the retirement of its vice chairman, Jeremy Anwyl. Anwyl, who relocated to the Las Vegas area earlier this year, has plans to keep up his automotive industry activities by consulting through Marketec Systems, the company he founded in the 1990s that led him to a full-time role with Edmunds.com in 2000. Through Marketec, Anwyl has agreed to provide strategic consulting to Edmunds.com.

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8/9/13 11:14 AM


~ƒÛÝÛÛ8ugust 19, 2013Û

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RETAIL MARKETS ALABAMA

Charles Moring, owner, Midtown Motors, Midland City, Ala.: “I’ve been in business 33 years. “I have one location. “I keep around 80 vehicles on the lot. That’s pretty much the same as this time last year. “In terms of sales, we’re (a little up from) what we were doing last year. “We’re up about 10 percent. “We buy our cars from auctions. “We do some conventional financing and we also do some buy-here, pay-here financing. “The average retail price here is $15,000 and down. “Inventory is probably a 50/50 split between cars and trucks/sport utility vehicles. That’s typical of what I normally carry. “As far as model years, we’ll carry stuff from 2010 on down to 2006. “The mileage will range accordingly. Mileage ranges from about 50,000 to 1250,000. “Mileage has been a

Compiled by Jeffrey Bellant

problem (in finding the inventory we want). “Probably 75 percent of my inventory is domestic. “We do not have a service shop. “We recondition our vehicles before we put them out on the lot. I’d rather not say how much. “Reconditioning has gone up from this time last year. “The marketing and advertising we do mostly involve our website. “But we do run advertisements in these local shopper types of magazines. “We get a lot of local traffic (coming by our dealership). “I think the rest of 2013 is going to be pretty good. I think it’s going to be in line with last year. “(Our local economy has) a lot of medical jobs. “We also have a lot of military people since we’re located relatively close to a military base. “Although we don’t do a whole lot of business with enlisted people, we still do a lot of business with civilian-type employees.”

NEBRASKA

Charles Rogers, owner. Chuck Rogers Auto Sales, Tekamah, Neb.: “I’ve been here 12 years. I have one location. “I keep about 25 to 30 cars on my lot. I’m actually down a little bit from where I was this time last year. “But (I changed my inventory) because I had a little too much for what I was selling. If I keep my inventory down, then I can buy other cars as I need them. “On average, I’m selling about 10 or more per month. I’m actually doing a little bit better than this time last year. “I don’t know exactly what to attribute the (improvement) to, but the farmers here have had a good economy the last couple of years. Also, it’s maybe because I’ve been doing a little more advertising. “I get my vehicles from Manheim and ADESA auctions. I also buy from SmartAuction online. I’ll get older stuff through

trade-ins. “I sell vehicles straight retail (no buy-here, payhere or subprime). I have a bank that I use a lot. “For model years, I try to stay 5- to 10-years old, or less. I like vehicles less than 100,000 miles. I don’t typically buy stuff over 100,000 miles. “I carry about an equal amount of cars, trucks, vans and SUVs. So it’s about (25 percent) of each. “We’re in a rural area, so I’m probably carrying 90 percent domestics and 10 percent imports. “I don’t have a service shop. I’m just kind of a one-man operation. I have a part-time bookkeeper and cleanup person. “I have a guy who does my reconditioning. With cleanup and mechanical work, the average recon costs are about $400 per vehicle. “The cost of recon is probably up a little because I’ve had to buy higher mileage stuff. Plus, the cost of tires has really gone up. “We do some advertising.

We’ve got a shopper called the Midwest Messenger that we use. I also use websites like Craigslist, Cars. com and Carsonline.com. “Compared to this time last year, I’m doing a little bit more advertising. I’ve expanded a little in some of the local newspapers. “I’ve also started giving a 90-day warranty on everything that’s not already covered. That has seemed to help (sales) a little. “One recent vehicle I sold was a 2012 Ford Fusion. It had about 20,000 miles. I got a trade in, but the retail price was probably in the $17,500 area. “I think the rest of the year is going to be pretty good. We’ve got a pretty good crop (for the local farmers). “The economy is pretty decent around here. “(I won the) Nebraska Quality Dealer of the Year award. “It’s something you always hope for but never expect. It was pretty awesome to win it. “I’ve used that (award) in my marketing.”

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8/12/13 4:16 PM


August 19, 2013ÛÛÝÛÛ~„

USED CAR NEWS

WHOLESALE MARKETS CONNECTICUT

Peter Saldamarco, president/general manager, Central Auto Auction, Hamden, Conn.: “We’ve been in business 7 1/2 years. “Our building is a fourlane (facility) and we’re currently running two. But we plan on opening the third lane on or about Jan. 1, 2014. “Consignment volume has been increasing slowly, but substantially over the years. Particularly, it’s increased over the past year, hence the need for some physical expansion. “We’re not only opening a third lane, but we’re expanding the parking area by about an acre. So, we’ve got a whole expansion mode going on for the rest of this year so we can hit the ground running in 2014. “We’ve been running between 300 and 350 (units), which is up from 250 this time last year. I want to add that it’s good, quality consignment. I think it’s (due to) the fact that we’ve been here for almost eight years and people have had the chance to try us. They like

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us and we perform well. “The increase in our volume is probably 50 percent new-car trades and 50 percent commercial. “Now that we have some longevity, we have several good commercial accounts. We also have the GSA account, so a lot of other commercial consignors tagged on when they found out. The GSA account adds a lot of credibility to our organization because it proves we have the ability to perform. “This is a second year doing GSA. I think we’ll run 700 (total for 2013). I also got notice they’ll be using us next year, too. “We’re getting known in the industry. We’re very involved in the National Auction Association. I’m the president of the eastern chapter. So we’re getting exposure. “The bulk of the volume is new-car trades. It’s probably 60 percent new-car trades, 10 percent used-car trades and 30 percent commercial. “Our conversion rates have been in the 55 percent to 59 percent range consis-

Compiled by Jeffrey Bellant tently, but that’s (dipped) in August because of vacations (and the time of the year). It’s similar to this time last year. It seems to happen every year at this time. “We draw anywhere between 140 and 180 dealers in the lanes. “Our average price coming across the block is $4,500. That’s about $1,000 higher than this time last year. ] “Inexpensive cars are not doing well. The low-end stuff (under $2,500) has not been selling at all.”

VIRGINIA

Mike Hockett, president/general manager, Tidewater Auto Auction, Virginia Beach, Va.: “The auction has been in business for 46 years. “We have eight lanes and we’re running eight. “Our volumes are 1,200 per week on (our dealer) Wednesday sale and 300 a week on Saturdays (for a public sale). “(Compared to last year), our Saturday sale has doubled and our Wednesday sale is up about 150 cars per week.

“Sales percentages have been mixed. For example, I looked at our July 4th sale and thought it was low. But then when I checked it against last year’s sale, I saw that we were up 2 points. “The dealers are extremely picky about what they are buying right now. “(But when it comes to what they’re buying), some dealers are starting to spend a little bit of money to make sure the cars are a little better. “They’re finding out the buyers are a little more picky. “Dealers are giving more money for trade-ins, but the trade-ins haven’t improved. “We’re drawing between 500 and 750 dealers in the lanes. It’s about the same as last year, maybe a little less. One reason is that (some dealers have said that) retail is horrible. “Our dealers come from Texas, Florida, New York and Pennsylvania. (Closer to auction), we have people coming from all over Virginia, North Carolina and South Carolina. “We’re offering 70 percent

(dealer consignment) and 30 percent repossessions (institutional vehicles). “Many of the fleet companies are not doing much business with the independents. “But I think the repossessions will start to go up with the (implementation of the Affordable Care Act). But I think that increase in volume will be modest. “I think we’re one of the top GSA sales in the country right now. It’s working out well for us. “The trick, though, is making sure you have efficient operation systems and procedures – in order to handle it – because it is not a big profit center. “Our average price coming through the lanes is about $5,000, which is the same as this time last year. “I’m actually fairly optimistic about the rest of the year. But I am seeing more trades coming from the new-car stores. “What’s selling well? Two-wheel-drive pickups just bring blood and I don’t know why. Part of it might be high gas prices.”

8/12/13 4:43 PM


~Â&#x2026;Ă&#x203A;Ă?Ă&#x203A;Ă&#x203A;August 19, 2013

USED CAR NEWS

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www.usedcarnews.com Untitled-2.indd 1

8/9/13 2:46 PM

:FBST $BOU#F 8SPOH

Avg Sale Price

Avg. Mileage

$6,072 $6,120 $6,438 $6,282 $6,177 $6,105 $6,038 $6,176

97,035 97,943 97,031 98,243 98,642 98,359 98,572 97,981

Fullsize Car Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 Jul 2013 YTD AVG:

$4,675 $4,660 $5,052 $4,893 $4,747 $4,594 $4,656 $4,758

106,927 107,620 108,007 110,373 109,611 108,602 108,699 108,538

Luxury Car Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 Jul 2013 YTD AVG:

$11,576 $11,175 $11,690 $11,710 $11,668 $11,455 $11,212 $11,499

102,288 104,524 103,090 103,247 103,232 103,434 104,189 103,420

Midsize Car Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 Jul 2013 YTD AVG:

$11,576 $11,175 $11,690 $11,710 $11,668 $11,455 $11,212 $11,499

102,288 104,524 103,090 103,247 103,232 103,434 104,189 103,420

Pickup Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 Jul 2013 YTD AVG:

$11,576 $11,175 $11,690 $11,710 $11,668 $11,455 $11,212 $11,499

102,288 104,524 103,090 103,247 103,232 103,434 104,189 103,420

Sports Car Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 Jul 2013 YTD AVG:

$11,576 $11,175 $11,690 $11,710 $11,668 $11,455 $11,212 $11,499

102,288 104,524 103,090 103,247 103,232 103,434 104,189 103,420

SUV Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 Jul 2013 YTD AVG:

$11,576 $11,175 $11,690 $11,710 $11,668 $11,455 $11,212 $11,499

102,288 104,524 103,090 103,247 103,232 103,434 104,189 103,420

Van Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 Jul 2013 YTD AVG:

$5,983 $6,056 $6,466 $6,518 $6,364 $6,427 $6,232 $6,292

116,097 117,166 116,313 116,175 115,624 117,144 117,031 116,497

Compact Car Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 Jul 2013 YTD AVG:

CURRENT YTD, THROUGH JULY 2013

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SOURCE: MANHEIM CONSULTING

8/12/13 8:43 AM


ACTUAL WHOLESALE AND PROJECTED RESIDUAL VALUES AUGUST 2013

SOURCE: BLACK BOOK

2010 MODELS

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

Aug-12 19800 26500 13200 13400 19800 14050 16950 19000 24400 11750 Aug-12 25150 27200 62300 14800 14750 29000 40600 12100 13200 14500 12200 14800 12900 16600 Aug-12 48800 32350 21250 19175 17900 20100 29275 15525 15525 17375 28250 20825 21850 24400 22700 33050

Feb-13 17200 24900 11300 11200 16900 11850 15000 16400 21600 10600 Feb-13 23000 23800 53300 13850 13750 26800 33800 10450 11650 12950 10500 14150 12150 14300 Feb-13 45400 28550 20950 19075 16350 19575 27025 15150 14175 16675 27150 19250 20350 24175 21625 31150

Aug-13 16200 22450 11100 10600 16600 10600 13900 15750 21600 10550 Aug-13 22400 23500 47400 13600 12350 25300 32200 10200 11200 12500 10100 13250 11350 14300 Aug-13 44100 26350 20550 19450 14700 18875 26000 14975 13175 14350 26000 18875 18500 23825 22675 30100

Projected Figures Aug-14 Aug-15 13575 11675 17325 14475 9400 8050 9400 8175 13600 11700 9175 7800 12975 11600 12800 10850 17175 14225 8875 7475 Aug-14 Aug-15 18650 15950 19100 16050 41925 36125 11975 10475 10350 8525 21675 19025 26550 21650 8575 7200 9850 8600 10850 9475 8425 7300 11525 10225 9750 8475 11850 10025 Aug-14 Aug-15 35650 30250 22725 19400 16500 14000 16800 14675 12350 9925 16250 14375 22325 19225 13175 11700 11100 8425 13375 11225 20625 17075 15500 13400 15850 13475 18900 15425 18775 16450 24725 20375

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

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Aug-12 10900 16900 7650 10100 13650 9200 13000 11300 17250 9150 Aug-12 19800 19400 48500 12050 9550 21800 26800 9300 11050 11850 10150 11900 10150 12400 Aug-12 35150 20150 16775 16900 12225 16625 23725 12225 11225 13800 15075 15675 12575 15550 19150 24100

Feb-13 10300 15200 6600 8700 12100 7450 11000 9250 15400 8000 Feb-13 18800 17900 39800 11300 8200 20100 22200 7950 9500 10300 8500 11350 9200 11200 Feb-13 35550 18100 15850 16125 11525 15550 22200 11450 9850 13325 14600 15400 11725 15000 18400 22350

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

Aug-12 16350 19000 9450 12000 14600 12000 14550 16300 20200 10500 Aug-12 22350 22900 56500 13350 11450 25200 35800 10900 12000 13300 11100 13250 11400 14050 Aug-12 41600 29150 18400 17750 15100 18750 25725 13800 13475 15350 18775 18525 19525 17925 21125 28350

Feb-13 14500 17900 8200 9800 13500 10300 13200 14400 18200 9400 Feb-13 20600 20800 46600 12500 9650 23300 30000 9350 10550 11850 9650 12650 10600 12600 Feb-13 40450 25850 18150 17375 14325 18250 23550 13075 11850 15050 17700 16975 18050 16725 20150 26750

Aug-13 14400 18550 7650 9400 13500 9200 12500 14250 17500 9150 Aug-13 20400 19800 40200 12200 9050 21900 28600 8550 9950 11250 9150 11850 10100 12000 Aug-13 38450 24400 17550 17800 12950 17225 23125 12625 11375 13100 16800 16800 17400 16275 21150 25650

Projected Figures Aug-14 Aug-15 11775 9900 13925 11575 6650 5750 8075 6900 10875 9225 6775 5350 11150 9750 11100 9250 13900 11325 7450 6150 Aug-14 Aug-15 16150 13300 16400 13600 35700 30675 10525 9050 8150 6700 18450 15625 21625 17350 7175 5975 8650 7350 9575 8100 7600 6425 10075 8800 8400 7300 10175 8600 Aug-14 Aug-15 30825 25500 19850 16300 13900 11625 14825 12900 10000 7875 14550 12700 19100 16100 10600 9275 8175 6475 11375 9400 13850 11225 13475 11600 14200 11900 14500 11950 16825 14575 20850 16875

Aug-13 7950 12350 5250 7950 10550 5050 9400 6900 12100 6250 Aug-13 14800 14050 23200 9600 6600 16100 17000 5900 8200 8900 7000 9550 7400 9200 Aug-13 27700 14900 12225 14600 7500 13150 18025 8875 7650 9800 11425 12900 7800 11525 17250 16550

Projected Figures Aug-14 Aug-15 6300 5350 8975 7425 4525 3900 5925 4700 8650 6975 3775 2850 8100 6900 5450 4350 9175 7600 4750 3600 Aug-14 Aug-15 10700 8775 11100 9300 16875 13375 7725 6475 5225 4200 13325 11300 13525 10575 4825 3900 5950 4925 6575 5450 5150 4225 7525 6400 6075 5175 7150 5775 Aug-14 Aug-15 19825 15825 11100 8900 9325 7600 11150 9275 5875 4700 10525 9000 13525 10800 7800 6675 5175 4275 7675 5925 8900 6700 9775 8200 6750 5375 9425 7500 13025 11000 13525 11025

2008 MODELS Aug-13 9450 15300 6200 8350 11850 6500 10500 8750 14550 7300 Aug-13 18600 16800 35300 10850 7700 18900 20400 7000 9250 10050 8050 10600 8600 10500 Aug-13 33650 16250 14300 16150 9475 15400 21850 10575 9275 10950 13975 15375 9750 15100 19400 20650

Projected Figures Aug-14 Aug-15 7750 6575 11750 9625 5500 4750 6925 5900 10275 8600 5050 3900 9300 8050 7050 5850 11275 9300 5900 4775 Aug-14 Aug-15 13750 11225 13600 11125 30150 24850 9100 7775 6725 5475 15550 13325 17450 13775 5950 4800 7350 6200 8275 7000 6325 5300 8775 7575 7150 6125 8575 7050 Aug-14 Aug-15 26025 20975 13850 11125 11450 9500 13100 11075 7875 6075 12975 11200 16975 13850 9175 7975 6975 5225 9625 7750 11100 8975 11925 10125 8550 6975 12250 9900 14975 12975 16425 13500

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

Aug-12 9150 14900 6600 8700 12250 7600 11300 9300 15700 7650 Aug-12 16000 17100 29400 10800 8050 18800 21400 8050 9700 10400 9150 10700 8850 11450 Aug-12 29950 18000 14475 15325 10350 14150 20525 10675 8900 11050 13125 13100 10450 13150 17300 19850

Feb-13 8300 12900 5550 7650 10900 5900 9550 7250 12800 6550 Feb-13 14600 15200 25500 10200 7000 17000 17400 7250 8200 8900 7450 10150 7650 9800 Feb-13 28550 15750 13475 14425 8900 13300 18775 9325 7975 10900 11800 12500 8950 11625 16500 18600

8/9/13 10:34 AM


‡ÛÛÝÛÛ8m_mklÛ~†, 2013

USED CAR NEWS

HPV UCN AD 2013 new orleans 3.ai 1 8/8/2013 2:35:09 PM

Compiled By Jeffrey Bellant

Auction Fights MS with ‘Muckfest’

MUD FIGHT: Participants in the National Multiple Sclerosis Society’s Muckfest celebrate their efforts, which helped raise money to fight the disease.

Manheim St. Louis recently raised $2,527 for the National Multiple Sclerosis Society’s MuckFest, a mud and obstacle fun-run. All of the proceeds go to the National MS Society. The five-mile course features a gauntlet of muck-filled mazes, pits and craters with over 20 gigantic steel obstacles for participants to navigate. The auction’s dealer services department played a big part in the fundraiser. “When you fundraise on behalf of the National MS Society, you are helping others overcome obstacles, so that people living with MS can live full, active lives,” said Kelley Coffey, team captain and dealer services supervisor. “We had a great time playing in the mud and we will be raising money again next year to help find a cure for this disease,” said Victor Ferlaino, the auction’s general manager. “It’s great to see such passion among our employees. Everyone was on board with a mission to make a difference, and they did.”

Sale Celebrates 29th Anniversary

BSCAmerica’s Tallahassee Auto Auction marked its 29th year in business with a sale that set records across the board. “It was a fantastic day at Tallahassee Auto Auction from start to finish,” said General Manager Doug Rodriguez. The June 28 sale drew more than 400 dealers in the auction lanes, with another 100 customers attending online. The auction also shattered the previous records set for numbers of cars consigned and sold. Featured remarketers at auction included ARI Fleet, PHH, EmKay Leasing, and SRG Remarketing; new-car franchises included Legacy

UCN_20.indd 1

Toyota, Proctor Automotive Group, Auction GM, Tallahassee Dodge and Kraft Nissan. Following the sale, customers enjoyed putting for cash prizes. In addition, all buyers and sellers qualified for the grand prize giveaways: two travel packages to Florida’s St. George Island. We invite news items and top-quality photos from our readers to be considered for “Around the Block.” Please include the name of a contact person and a telephone number. Send items and photos to: Jeffrey Bellant Mail: Used Car News, 24114 Harper Ave., St. Clair Shores, MI 48080. Fax: (586) 772-9400 e-mail: jeff@usedcarnews.com

8/12/13 9:19 AM


August 19, 2013Ă&#x203A;Ă&#x203A;Ă?Ă&#x203A;Ă&#x203A;~

USED CAR NEWS

Disconnected Jottings From Tony Moorby... Detroitâ&#x20AC;&#x2122;s once proud and hard-nosed, gritty past has gone, as we know it. I always liked Detroit; for one thing it has some of the most beautiful buildings and architecture in the country. The suburban mansions of

of the chrome plate it was renowned for and built around the industries of the automobile, all the way from the River Rouge steel plant to makers of seat cushions, is now the equivalent of a salvage yard.

Tony Moorby

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

the automobile oligarchy exude the prosperous â&#x20AC;&#x201C; and sometimes pompous â&#x20AC;&#x201C; Arts and Crafts movementâ&#x20AC;&#x2122;s best showings. Mock-Tudor timber-framed edifices at the apex of swooping driveways, long enough to test the fuel economy of the ownersâ&#x20AC;&#x2122; products, sit handsomely at the edge of the river in all the Grosse Pointe neighborhoods. The downtown buildings equally show off the results of the highest income-percapita economy of the â&#x20AC;&#x2DC;60s and â&#x20AC;&#x2DC;70s. A city, reflective

Perhaps as a non-resident, itâ&#x20AC;&#x2122;s unfair of me to make these comparisons, as surely there are pockets of well-healed neighborhoods resisting the push to financial collapse. But Detroitâ&#x20AC;&#x2122;s filing for Chapter 9 bankruptcy is the biggest for a city in history and reflects the irony of dependency on social services and pensions. They can be no longer paid for from current incomes of the industries or the city. Thereâ&#x20AC;&#x2122;s inherently nothing wrong with debt â&#x20AC;&#x201C; so long as you can pay

for it without going further into hock. Detroitâ&#x20AC;&#x2122;s $2 billion indebtedness is probably going to be dispersed at 10 cents on the dollar â&#x20AC;&#x201C; thatâ&#x20AC;&#x2122;s if proceedings are allowed to go forward as an appeal has been lodged to stop the filing. Someoneâ&#x20AC;&#x2122;s going to have to pay â&#x20AC;&#x201C; no cigar for guessing whom, in the long run! How many other cities are in the same boat or close to it? Cleveland, Baltimore and others like it come to mind. The larger question maintains â&#x20AC;&#x201C; ere go the whole country? Iâ&#x20AC;&#x2122;ve quoted before that socialism canâ&#x20AC;&#x2122;t pay its way without the financial capacities of capitalism and I think weâ&#x20AC;&#x2122;re seeing that in its epitome. All is not lost though. Americans are a resilient bunch so long as not too many are standing in the handout line. Property developers, once considered the raptors of the financial world, are staring at the carcasses of hollow buildings and seeing opportunity for a potential feast. Trendy loft accommodations for residences as well as offices are being refurbished and reassembled,

C R O S S WO R D

1. New VW model being readied for the US for 2015 5. Italian sports car 9. Big name in Russian cars 10. Famous hybrid 11. Sun ____ 14. Studebaker 60s coupe 17. Rolls 18. Part of a wheel 20. Distributor 21. Customize

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

Down

Across

ers who would shun the old bastions like The London Chop House - host to Henry Deuce â&#x20AC;&#x201C; or the Pontchartrain Wine Cellars and, for the most part, will look for urban transport to get there and back, not a motor car; an ironic slap in the face or the realistic pointer to a future with an almost-blank canvass? The monorail might get people to actually use it! I think Detroit will always be edgy and the old ethnic neighborhoods that make a city in this melting pot age should embrace the invitation to return with a broadbased, new age economy. Detroit could signal the way to the future of electronics, carbon fiber, plastics and nanotechnology. All it takes is vision and commitment. Oh, and money.

Sponsored by INSURANCE AUTO AUCTIONS

By Miles Mellor

24. Holden ___, 70s GM car 25. Cadillac sedan 26. Italian car maker 27. Adjusted for better functioning (goes with 31 across) 30. Scratch the surface of 31. See 27 across 32. Sporty two-seater, _____ Alpine 33. Made in ____ 37. Camaro rival 38. Owing 39. Loan interest (abbr) 41. Formerly known as 42. Bring back an antique car to its former glory 43. Luxury car now owned by BMW

some nodding to their past with bits and pieces of machinery now attached to a wall as â&#x20AC;&#x153;art moderne!â&#x20AC;? Social movers and shakers are girding their charitable loins to help fund the regrowth along with corporations who see a social responsibility in hurrying things along. Thereâ&#x20AC;&#x2122;s a lot to do in the nine-mile square that used to house a population of 1.8 million people in Detroit. There are only 700,000 now so the tax base is thin, at best. Once the investment ball starts rolling and takes advantage of a proud workforce, much can be achieved in a short space of time. One measure of success will be the popping up of natty and decent restaurants and cafes to feed the new society of hand-held device us-

1. Most produced Lamborghini 2. Was first to market 3. Bentley Continental ___ 4. Old Dodge 5. Sumptuous 6. Raleigh state 7. Car class 8. ___ Romeo 12. Chassis metal 13. Demands 15. Compete with a rival 16. Luxury option from Kia 19. CX-9 is one of its models 22. CUV from Mitsubishi 23. Vital safety feature in a car (2 words) 24. That person 26. ___ belt 28. Versa and Cube 29. Tank like truck

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Answers to the 8/5/13 puzzle

30. Nissan SUV 34. Many used cars are sold ____ 35. Make tight 36. Chevrolet Silverado _____ Cab 40. Exercise class, abbreviation

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Answers to this puzzle in the 9/2/13 issue. Call 1.800.794.0760 for a FREE subscription.

UCN_21.indd 1

8/12/13 9:18 AM


ÛÝÛÛAugust 19, 2013

USED CAR NEWS

CLASSIFIEDS

Advertisers are solely responsible for content of classified advertisements. To place an ad, or for more information, call the Classified Department: 800-794-0760 ext.107 Manheim Tampa

CLASSIFIEDS

VEHICLES FOR SALE

4/9/10

SALVAGE AUCTIONS

3:25

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Indoor VIDEO SALE located at Cone Rd. Proudly featuring: Ford Credit, Progressive, All State, Geico, State Farm, and various Fleet Lease

Buy Online. Buy Direct.

Call 877.201.7352

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DEALER WEBSITES Starting at $30/mth No Set Up Fee / 877-266-8913 www.YourCarLot.com

CLASSIFIEDS

NW Auto Dealers! Stop overpaying for insurance & bonds. 855-396-0488 www.ShepQuote.com Shepard & Shepard Insurance Payment Books $ 7 .9 9 C u s t o m e r P a y m e nt Bo o k s p r i n t e d a n d s h i p p ed to you o r y o u r c u s t o m e r with in 2 4 hrs. Order online or by f a x . . . W k l y, B i w k l y a n d Monthly payments. ON LY $ 7 . 9 9 p e r BOOK! C a l l 8 0 0 - 4 7 9 - 2 2 2 6 to set u p y o u r a c c o u n t . R eceive 5 b o o k s f r e e w / f i r st o rd e r.

BUSINESS OPPORTUNITIES

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FACILITIES FOR SALE/LEASE

AUCTION BUYER. Flat fee purchasing. All cars checked for accident/damage. 17 years, Florida based but will travel. Licensed and bonded dealer. Global Auto Group Inc., 561-262-3008, STEKRA@AOL.COM

LOOKING FOR A NEW START? This is it. Frontline, pre-owned dealership for lease in Victoria, Texas, right in the middle of Houston, San Antonio, and Corpus Christi. Booming economy. Business is 27 years old, 7 in our new location. Looking to lease property and building, with option to buy down the road. Great conservative town. We have raised our children here and can’t think of anywhere better to live. No snow, except on rare occasions, great fishing, golfing, and the list goes on. Major companies have moved here, (Caterpillar) and more are coming. Time for me to semi-retire and visit grandkids. Visit our website, www.northpointautosales.com to see how we operate. Have dealt mostly in late model, low mileage vehicles, but would be great for BHPH, we are in the middle of 13 neighborhoods. Call 361-655-9191

WHOLESALE BUYER - REP 30 + yrs exp. Midwest based Call Glenn, 708-738-9255 WHOLESALE BUYER - 15 yrs. exp. New England area. Will travel. Call Alex, 207-831-3030 or drivemaine@yahoo.com

UCN NewsNow is sent out Monday through Friday at 8am EST

(813) 247-1666 5109 Cone Road Tampa, FL 33619

BUYERS

WHOLESALE BUYER -REP 30 yrs exp. Fl based. Will travel, references avail. Call Michael P. 954-445-6589

Start your day with an update on the latest news happening in your industry!

YOU CAN PLACE YOUR AD IN THIS SECTION FOR AS LITTLE AS $56! Call Marie Hingst today at 800-794-0760 ext.107 marie@usedcarnews.com

Sent to dealers and remarketing professionals, UCN eNews is another new addition to our newsletter offerings. eNews is sent every Wednesday at 1 p.m. EST, and features informative articles about the latest in technology, internet and social media.

Sent to dealers and remarketing professionals, Auction Extra is a new addition to our newsletter offerings. Auction Extra is sent every Friday at 1 p.m. EST, and keeps you informed about the latest happenings in the auto industry.

TRANSPORTATION SERVICES LOMEN AUTO TRANSPORT Serving the upper Midwest 37 yrs, 10 car haulers 800-697-0757

UCN_22.indd 1

SCAN CODE WITH SMARTPHONE

8/12/13 8:42 AM


TD Auto Finance

See what our service can do for your sales.

Get service you can count on. At TD Auto Finance, we’re committed to helping you grow your business. And we go to great lengths to meet your needs. We’re open longer so you can submit deals seven days a week, and with TD Auto Finance you can speak to a live analyst when you need to. You also get the expertise of our dedicated Dealer Relationship Managers, who work with you to customize business plans and maximize profitability. It’s just what you get from a financing partner with over 45 years of experience.

To learn more, call 1-800-200-1513 or visit www.tdafdealer.com TD Auto Finance LLC, is a subsidiary of TD Bank, N.A. TD Bank Group is a trade name for The Toronto-Dominion Bank. Used with permission.

0002350_M3523_4A_US.indd 1

UCN_23.indd 1

6/13/13 2:36 PM

8/8/13 4:22 PM


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8/12/13 3:47 PM

8/19/13  
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