Used Car News 10/16/23 by General Media LLC

USED CAR NEWS

Used Car News 10/ 16/2023

NIADA Lobbies Congress on the Hill By Jeffrey Bellant The National Independent Automobile Dealers Association brought a big agenda and more than 100 dealers to Capitol Hill to lobby lawmakers on behalf of the used car industry. This was NIADA President Gordon Tormohlen’s 10th National Policy Conference and he said it was one of the best. “I didn’t have one piece of negative feedback (from those who participated),” he said. It was better than last year, when then-House Speaker Nancy Pelosi was not allowing citizens in the House. So, lawmakers had to meet NIADA members offsite at local restaurants or at the hotel. “This year went back to the original format, much more like (former NIADA legislative counsel) Shaun Petersen had set it up way back when we began,” Tormohlen said. The first day kicks off with a board meeting with NIADA’s legislative and regulatory committee receiving a report, he said. Then there is a meeting with NIADA’s PAC committee – things related to Washington D.C. The second day involves what Tormohlen calls “alphabet soup” – meetings with

the regulatory agencies. “This year we met with the representative from the FTC (Federal Trade Commission) and the CFPB (Consumer Financial Protection

moving in the right direction.” The AAMVA was an “interesting conversation,” he said. It offered a platform and beginning of a relationship to discuss issues like e-

IN THIS ISSUE: • NAAA Recap • Legislative • Moorby

Bureau), primarily,” Tormohlen said. “Then in the afternoon we had a speaker from American Association of Motor Vehicle Administrators (AAMVA), an association of state DMVs trying to keep title and registration smooth, efficient and

titling or getting either a national title or, eventually getting a national title, Tormohlen said. “It would clear up a lot of odometer and fraud issues, hopefully pave the way to catch people who are jumping title or curbstoning,”

he said. NIADA CEO Jeff Martin attended AAMVA’s recent convention in Wisconsin and spoke on a panel to help in building that relationship between independent dealers and the motor vehicle administrators, Tormohlen said. The challenge is a big one as each state title system can be different from another. Some states have been doing e-titling for years while others are more archaic and don’t have the computer system to do etitling. “The systems are not uniform and make it difficult for a dealer to wrangle, particularly when you’re selling on the internet and across state lines,” Tormohlen said. The other agency meetings dealt with their own separate issues. “I would characterize the CFPB as not being overly aggressive and really working to communicate better,” Tormohlen said. “Right now, Continued on page 10

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NAAA Recap 10/16/2023

Remarketers Talk Staffing Shortages, Digital Growth

Photo by Ed Fitzgerald CONSIGNOR CONFAB: Paul Seger, left, executive vice president of asset remarketing for Element Fleet, joined moderator Charlie Vogelheim at an NAAA session in Chicago. By Ed Fitzgerald

Experts took a hard look at consignor trends and the current outlook for remarketing at the recent National Association of Auto Auctions convention in Chicago. Paul Seger, executive vice president of asset remarketing at Element Fleet Management, took part in the panel discussion. They spoke about the toughest issues facing his industry. “Logistics continues to be a challenge,” Seger said, “and the infrastructure of transportation partners is also a challenge. Because of the additional digital sales there is a greater volume of vehicles being moved. “The infrastructure through COVID has suffered from a capacity perspective,” he said. Doug Evans, director of lease end servicing for Hyundai Capital America, talked about the need to provide support to dealers. “The thing that has really changed recently is that the dealers have an incredible amount of equity,’’ he said. “There may be a digital disconnection with the customer right now.” Also on the panel was John Urness, managing director of vehicle remarketing and customer loyalty at

J.P. Morgan Chase. He said he sees more buyers participating on digital channels. “As a result, we’re modifying our sales processes to ensure we make vehicles available earlier to digital buyers and ensure they have a high level of trust in the vehicles we sell,” he said. “The headwinds in the auction industry present challenges in hiring and retaining staff to support required reconditioning, mechanical work and sale day activity,” Urness added. “Consignors already feel the impact, and when volumes increase, the impact would as well. NAAA member auctions continuing to build and share growth opportunities will continue to help improve staffing levels.” Seger stressed the importance of providing service. “(During COVID) we struggled to get consistent service levels in certain marketplaces and that was our No. 1 challenge,” he said, bringing nods from the other experts seated on the panel. “We have 7,000 vehicles pending delivery and that’s usually 1,500. But that just gives you an idea that there are still challenges about the timeliness of new vehicles coming through for the commercial

fleet. Seger also addressed the lack of available employees that all businesses are facing. “I know that a lot of our auction partners have struggled to come back 100 percent with in-lane drivers,” he said, “But after COVID, we had returned to 60 percent of driving all vehicles through the lanes, and we’re probably up to 85 percent now. “We’re close to being back to normal but there are still some marketplaces and auctions where there just isn’t an appetite for folks to come back and drive cars in the lanes. “We’re working through that. We’ve got to find ways to fill our customers’ needs.” Hyundai’s Evans said that dealer internal management systems are an ongoing challenge. “In my opinion, digitally, we’re well ahead. One of the big challenges all year long is making sure we’re connected right down to our repo agents.” Denver Quadros, a finance manager for Westlake Financial, said that over half of his customers are “near prime.” His company is looking for scaleable solutions on repossessions. “We try to seamlessly move metal across the entire chain,” he said.

Evans said that setting valuations was a problem initially. “As we came out of COVID, the process of price discovery and setting a true valuation on a week-toweek basis was a struggle. “Data we can rely on has gotten sparse.” Quadros said it’s all about how fast they can move the vehicles. “There are lots of external forces. The auction industry has expanded online. We’re optimizing the cycle time and how we sell cars.” Evans said he’s glad that COVID is in the rear-view mirror. “We saw an inherent shortage of supply. It’s just stabilizing now.” Quadros said that repossessions have ticked upwards. “We try to get the cars out faster, they make more money repossessing new cars,” he said. Seger said he’s seen “tremendous” growth on the commercial fleet side. “We’re up 40 percent in new customers in the last 12 months,” he said. Evans said, from a remarketing strategy, it is important to have access to the data from their auction partners. “It helps us make those milliondollar decisions,” he said.

NAAA Recap

USED CAR NEWS

10/16/2023

Volume 29 | No.9

By Ed Fitzgerald

At the recent NAAA World Remarketing Convention in Chicago a panel discussed the pressing need to understand generational differences in the workplace. According to a study by Pew Research Center, the U.S. labor force by generations breaks down like this: 2% were born 1925-1945; 25 percent of workers are boomers, born 19461964; 33% are Generation X, born 1965-80; 35% are millennials, born 1981-2000; and 5% are Generation Z, born 2001 and later. Danny McNelis, panel moderator and director of auction relationships at NextGear, asked the panelists how they make their newest coworkers feel involved. “When you have diverse workers, you need to lay out a path for them, whether they’re seasoned or not,” said Jacob Warren, vice president and chief operating officer for Louisiana’s 1st Choice Auto Auction. “I started out as an overnight security guard.” Warren said he doesn’t dwell on

Published By General Media LLC USED CAR NEWS (ISSN 1555-7413) is published at : Used Car News P.O. Box 80800 St. Clair Shores, MI 48080 Phone: 586-772-5200 or 800-794-0760 Fax: 586-772-9400 www.usedcarnews.com

Photo by Ed Fitzgerald GENERATIONS: Whitney Gerkin, assistant vice president of operational excellence at Manheim, chats with Tom Cunningham, retired Ford marketing executive, at the National Auto Auction Association convention in Chicago.

the past when talking with younger workers. “We try not to start out by saying: ‘When I was…’” Callie Dietsch, accounts manager at DAA Memphis, said the average age at her auction is 47 years. “That’s 20 years older than me,” she said. “But we try to get everyone onboard and foster a good working environment.”

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“We’ve got to get more creative these days,” Dietsch said. “Twenty years ago, my dad (general manager Dan Dietsch at DAA Memphis) wasn’t on Facebook.” Mere Rangel, assistant general manager at Big Valley Auto Auction in Donna, Texas, said he tries to stress the personal side of the job. “We’re in a relationship business, not the car business,” he said. Young workers often bring a lot of energy to the workplace and they’re not shy about their ambitions. “They’re already looking at that corner office,” said Whitney Gerkin, assistant vice president of operational excellence at Manheim. “But we want them to feel engaged.” Gerkin said Manheim tries to be “a little more thoughtful” about what their training program looks like. “We want the younger generation to learn what’s really valuable and then they can absorb from the older workers,” she said. Warren said he appreciates how the youngest workers are not afraid to ask questions. “It’s refreshing to see the young push the older generation,” he said. Warren said he was in the first auction academy class to receive CAR (Certified Auto Remarketer) certification in 2018. “It became a brotherhood and sisterhood,” he said. Dietsch said the top brass at the auction are in a position to make you feel right at home. “Our owner might text me in the morning and say, ‘you’re already crushing it.’ And I’m just a little fish in a bigger pond.” Rangel also stressed the importance of getting younger workers involved. “Invest in your employees, it’s not an expense,” he said.

Charles M. Thomas Founder (1947-2002) Lynda R. Thomas, Publisher Emeritus Colleen Fitzgerald, Publisher Editorial: Jeffrey Bellant, Managing Editor Ed Fitzgerald, Staff Writer Advertising: Shannon Colby, Account Manager Tony Moorby Columnist: Circulation: subs@usedcarnews.com Production: Tom Savage, Production Manager Cee Lippens, Web Master Used Car News is published every third week. Subscribers: We print advertisements as sent to us by auctions and other advertisers. It is not possible to verify the correctness of listed vehicles in auction ads. Most lists are partial and all lists are subject to last minute changes by auto auctions, so before travelling a long distance for a particular auto auction event, contact the auction by telephone for a fax of vehicles in the sale. Used Car News assumes no guarantees or liabilities concerning the accuracy of any advertisements. All Rights Reserved. Reproduction in any form is prohibited without the written consent of the publisher. OUR ADVERTISING APPROVAL POLICY Payments from first time advertisers must accompany the insertion order. Distribution is guaranteed by the USPS. The advertising reservation deadline is 12:00 noon Thursday, 11 days prior to the issue cover date. Ad materials are due by 5 pm Friday, 10 days prior to issue cover date. For advertising specifications please email colleen@usedcarnews.com. 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.

C R O S S W O R D PAGE 22

Used Car News 10/16/2023

Court Puts Brakes on CFPB’s New Enforcement Policy By L. Jean Noonan

Once again, a federal court has struck down the Consumer Financial Protection Bureau’s attempt to go too far. Last year, Director Rohit Chopra, then just a few months in office, announced a sweeping new enforcement policy that took the auto finance industry—and other consumer creditors—by surprise. Although the CFPB has the power to interpret and enforce the Equal Credit Opportunity Act, Director Chopra declared that discrimination “across the board” was “unambiguously unfair.” The Chamber of Commerce and other organizations ultimately sued the CFPB in federal court for relief from the CFPB’s new examination manual provisions on discrimination as an unfair practice. The manual’s changes directed examiners to scrutinize supervised companies for whether they discriminate against unspecified groups, as well as their “processes for assessing risks and discriminatory outcomes.” The exam manual update did not simply say that the CFPB would treat discrimination as unfair; the burden on creditors was much greater. The CFPB said it expected companies to document customer demographics and scrutinize “the impact of products and fees on different demographic groups.” The court sided completely with the plaintiffs and against the CFPB and Director Chopra. The Chamber advanced several legal theories for why the court should invalidate the CFPB’s actions, and the CFPB raised several arguments for why the court should dismiss the Chamber’s challenge. I will focus on

just one of the Chamber’s theories. The CFPB Exceeded Its Legal Authority in Declaring Discrimination to Be Unfair. This is the most interesting holding of the case, and it is likely the one with the furthest reach. Quoting a major Supreme Court decision from last year, the court said that “sweeping grants of regulatory authority are rarely accomplished through ‘vague terms’ or ‘subtle devices.’” Courts must presume that Congress, not agencies, intends to make major policy decisions unless the agency can “point to clear congressional authorization for the power it claims.” The court found that the CFPB’s action had a major economic and political impact on the financial services industry. Companies spend millions of dollars a year attempting to comply with the CFPB’s rule against unfair, deceptive, and abusive acts and practices (UDAAP). The political implications of the CFPB’s position were equally profound. In federal nondiscrimination laws, defining what classes are protected, what outcomes are forbidden, and what defenses exist to liability “are often part of delicate negotiations requiring compromises or tradeoffs.” The court was especially irked by the CFPB’s claim that its sweep of discrimination into its UDAAP powers included discrimination based on a disparate-impact theory. When Congress authorizes disparate-impact liability, which the court described as rare, it does so “only in narrow circumstances, with limits that exist to avoid serious constitutional questions.” That’s a high bar, and the CFPB did not clear it, the court said.

Rohit Chopra The Dodd-Frank Act, which created the CFPB and described its powers, does not treat discrimination as a type of unfair practice. Rather, discrimination and unfairness are distinct concepts, the court observed. The statutory definition of unfairness does not mention discrimination, protected classes, or disparate-impact standards. The court concluded that whether discrimination was “unfair” was, at best, ambiguous. It is not the sort of very clear language “that the majorquestions doctrine demands before finding a conferral of agency authority to regulate discrimination across the financial-services industry, independently of the CFPB’s separately conferred antidiscrimination power in specific areas.” The court declared unlawful the CFPB’s actions relating to examining for discrimination as part of its UDAAP powers and whether companies are adequately policing potential discrimination in their advertising, pricing, and other activities. It enjoined the CFPB from pursuing any action against the plaintiff’s

members (only) based on its exam manual update in March 2022. The court also held that the CFPB’s actions were unlawful under the Fifth Circuit’s sweeping decision last year in Community Financial Services Association of America, Ltd. v. CFPB that the CFPB’s funding mechanism was unconstitutional. If the Supreme Court upholds the CFSA decision this term, then that outcome would wipe out all CFPB actions, including the exam manual update. Of course, the CFPB can appeal this decision, and it has until early November to decide whether it will. If the CFPB appeals, good money is on the CFPB experiencing another loss on appeal. Unless the CFPB waves a white flag—or the Supreme Court blows up the CFPB’s decisions over the last 12 years—we have not seen the final round in the battle over whether discrimination is “unfair.” © CounselorLibrary.com 2020, all rights reserved. Based on an article from Spot Delivery. Single print publication rights only to Used Car News.”

Corvette Collection Hits Auction Block in November In 40 years of the auction business, one thing has become certain... surprises never cease. When auctioneer Joe R. Pyle and his son, Aaron, first met with Joe Bellisario, it wasn’t clear exactly what to expect. But, when Mr. Bellisario rolled open the doors of his unsuspecting climate-controlled garage (a former casket factory in urban Pittsburgh), everyone’s eyes widened and their jaws dropped. Inside those walls were over 50 collector cars including Corvettes and many other desir-

able cars of other makes and models amassed over an impressive 30+ years of a collecting hobby. Now, this single-owner collection of unbelievable vehicles will be offered in a once-in-a-lifetime auction event, all selling to the highest bidders with no reserve. “No one would have suspected the treasures hidden behind these doors,” said Pyle, a life-long auctioneer and classic car aficionado. By day, Bellisario operated his local business, but on the weekends he

added to and cared for his growing collection. And grow it did. No detail was ignored. Bellisario has kept these cars stored in the climate-controlled facility and regularly washed, waxed, and cleaned them so they were rarely seen without their sparkle. The collection now includes Corvettes from the 1960s-1970s (and beyond) and many others including a 1991 Lamborghini Diablo, 1957 Chevrolet Bel Air Retro Mod, and a 1970 Ford Shelby GT 350, among

others. Auction details: Location: 1055 Forest Ave, Homestead, Pa. 15120 Preview Date: Nov. 10, 2023, 10 AM – 6 PM Auction Date: Nov. 11, 2023, 11 AM Online bidding will be offered during the live auction. Interested bidders may log on now, view the catalog and terms, register for the auction, and prepare for auction day. View Catalog: https://hi.switchy.io/GaMR

Legislative News 10/16/2023

Bipartisan Bill Hits FTC for Limiting Public Comments U.S. Senators Jerry Moran (RKan.) and Joe Manchin (D-W.V.) introduced legislation to require the Federal Trade Commission to reinstate the process that allows the public the opportunity to provide feedback, comment and analysis before the commission finalizes a regulation change specific to automotive retailing. Last summer, the FTC noticed a 126-page proposed rule, known as the “Motor Vehicle Dealers Trade Regulation Rule,” which, if approved, would significantly change the process for consumers to purchase, trade in and finance new and used cars and trucks. The proposed rule would re-regulate all aspects of automotive retailing and was noticed not to have an Advanced Notice of Proposed Rulemaking (ANPRM) – the process for the public to provide comment – and instead included 49 open-ended questions. “The FTC’s rule would create more paperwork when buying a car at the dealership and lead to more bureaucracy and red tape for small businesses,” said Sen. Moran. “If the FTC plans to overhaul the way

Americans purchase vehicles, they should be required to ask for and receive input from the public at the very least. This legislation will make certain FTC regulators can’t finalize the rule without first receiving feedback from industry leaders and the general public.” “The FTC’s proposed Vehicle Shopping Rule is yet another example of unnecessary and burdensome federal overreach,” said Sen. Manchin. “I’m proud to lead this bipartisan effort with Sen. Moran to prohibit the FTC from finalizing and implementing the rule without conducting sufficient consumer testing and cost-benefit analyses. I encourage my colleagues on both sides of the aisle to support this commonsense step to protect our automotive dealers and consumers in West Virginia and across the country from this rushed federal regulation.” “The FTC got it wrong for Kansas consumers when it came out with a rule that adds hours to buying a car and makes it more expensive for car buyers. Sen. Moran’s legislation makes sure the FTC gets it right,” said Don McNeely, president of the Kansas Automobile Dealers Asso-

Sen. Joe Manchin

ciation. Members of the National Independent Automobile Dealers Association spent last month lobbying over 100 lawmakers on Capitol Hill about this same issue and are supporting this legislation. The FTC REDO Act would require the FTC to:

Sen. Jerry Moran

• Conduct a quantitative study on auto retailing; • Conduct consumer product testing; and • Publish a cost-benefit analysis based on real data. In November, Sen. Moran joined his colleagues in calling on FTC Chair Lina Khan to withdraw the proposed rule and instead issue a • Issue an ANPRM for public Request for Information or an ANcomment; PRM.

NICB Calls for Tools to Combat Counterfeit Tags The National Insurance Crime Bureau, the nation’s leading notfor-profit organization exclusively dedicated to combatting and preventing insurance crime, is pushing the Washington, D.C. City Council to approve legislation that would provide law enforcement agencies with additional tools to combat counterfeit vehicle tags in the District of Columbia. The use of fraudulent tags has become common for criminals looking to mask their identities, making it difficult for law enforcement to track down getaway cars, hindering law enforcement’s ability to identify suspects, and enabling drivers to plot easier escapes and evade tollways. The Washington, D.C. City Council held a hearing this week focused on the Fraudulent Vehicle Tag Enforcement Amendment Act of 2023, which would address this growing problem. “The use of fraudulent, temporary vehicle identification tags continues

to be a widespread problem in the district and across the country,” said Eric De Campos, Director of Strategy, Policy and Government Affairs for the National Insurance Crime Bureau. Criminals are using long-expired or outright counterfeited tags to create ‘ghost cars,’ which are then used to facilitate other violent crimes such as shootings and carjackings, both within the district and in surrounding jurisdictions. This legislation will help deter bad actors and criminal organizations and help law enforcement investigate individuals who knowingly produce and distribute fraudulent tags. The legislation is sponsored by D.C. Councilmember Brianne K. Nadeau and would give law enforcement agencies in the District of Columbia the authority to immediately tow and impound cars whose owners have broken the law by having counterfeit, obscured, or expired vehicle plates. The legislation would also allow the Washington, D.C. gov-

ernment to establish a directory for issued temporary tags, empowering authorities to proactively investigate and shut down dealers and distributors of falsified and counterfeit temporary tags. A task force convened last year by Mayor Muriel Bowser of Washington, D.C. determined that “fraudu-

Muriel Bowser

lent or counterfeit vehicle identification tags have been found to be involved in the commission of violent crimes, reckless driving, and the evasion of the District’s traffic laws and regulations, thus, in turn, posing a substantial risk to public safety and the health and welfare of District residents and visitors.”

Used Car News 10/16/2023

Used Vehicle Market Improves as Retail Demand Rises The Manheim Used Vehicle Value but stronger than in June and July. gust and seven days lower than how Combined sales into large rental, Index (MUVVI) stabilized to end the The major market segments saw September 2022 ended at 54 days. commercial, and government fleets third quarter with a steady Septem- seasonally adjusted prices that were Leveraging Manheim sales and in- increased 26% year over year in Sepber, following a period of fluctuation mostly lower year over year in Sep- ventory data, wholesale supply is es- tember. with declines in the first half of the tember. timated to have finished September Sales into rental fleets were up year and rebounding 53% year over year, values in Q3. sales into commercial Wholesale used-vefleets were up 6.6%, hicle prices (on a mix, and sales into governRETAIL VEHICLE SALES ESTIMATES mileage, and seasonment fleets were up New sales declined 1% last week and are +21% y/y while used sales also dropped a point w/w & are now +6% y/y ally adjusted basis) 38%. Used Retail Sales New Retail Sales increased 1.0% in SepIncluding an esti2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 tember from August. mate for fleet delivThe Manheim Used eries into dealer and Vehicle Value Index manufacturer chanrose to 214.3 in Sepnels, the remaining tember, down 3.9% retail sales were estifrom a year ago. mated to be up 17.7%, “We saw a very difleading to an estimatferent third quarter ed retail SAAR of 12.9 compared to the secmillion, up 1.1 million ond quarter with the from last year’s 11.8 used-vehicle market million pace, and up swinging back and 0.3 million from last k 1 ek 5 ek 9 k 13 k 17 k 21 k 25 k 29 k 33 k 37 k 41 k 45 k 49 k 1 ek 5 ek 9 k 13 k 17 k 21 k 25 k 29 k 33 k 37 k 41 k 45 k 49 e e e e e e e e e e ee e e e e e e e e e e e e e e ee regaining a sense of month’s 12.6 million e e e e e e e e e e e e e e e e e e e e W W W W W W W W W W W W W W W W W W W W W W W W W W balance,” said Cox Aupace. tomotive Chief EconoFleet market share mist Jonathan Smoke. was estimated to be “What has been be13.8%, a gain of 0.6% hind this improving dynamic for Compared to September 2022, at 26 days’ supply, up one day from over last year’s share but down 1.8% used-vehicle values is improving vans and SUVs lost less than the in- the end of August and down three from August’s 15.6% market share. retail vehicle demand, which tight- dustry, down 2.3% and 3.5%, respec- days from September 2022’s estiRental Risk Prices Mixed, Mileened retail supply and led to more tively. mate of 29 days. age Down Again in September dealers buying at wholesale. Early Compact cars again performed the “We are at a crossroads for wholeThe average price for rental risk September carried the momentum worst year over year, down 9.9%, sale, mainly from concerns about the units sold at auction in September from August but quickly leveled out, followed by luxury, down 6.7%, and UAW strike potentially slowing new declined 1.7% year over year. Rental and the month ended about as we midsize cars, down 5.9%. Pickups retail sales and moving buyers into risk prices increased by 1.4% comexpected. The fourth quarter may were up 0.7%, better than the in- the used market,” said Chris Frey, pared to August. still have some hurdles to overcome, dustry and the only positive year- senior manager of Economic and Average mileage for rental risk notably the United Auto Workers over-year performer. Compared to Indus-try Insights for Cox Automo- units in September (at 51,300 miles) strike, but we expect the rest of the last month, pickups, midsize cars, tive. “We don’t see that happening was down 5.3% compared to a year to remain stable.” compact cars, and SUVs gained just yet, as it always takes time for year ago and down 6.9% from AuManheim Market Report Values more than the industry at 2.1%, 1.4%, changes to work through the mar- gust. Normalize at Month-End 1.3%, and 1.1%, respectively. Luxury ket. Two very different outcomes Manheim Used Vehicle Value InIn September, Manheim Market lost 0.6%, and vans were down 0.9% are possible. One is to see higher dex Full-Year Forecast Lowered Report (MMR) values saw below- from August. prices from an extended strike on The Manheim Used Vehicle Value average weekly declines to start the Used Retail Vehicle Sales De- new production also showing up at Index forecast is expected to finish month, but the month ended with creased in September wholesale and then used retail. The the year down 2.2% year over year. normal decreases in the final week. Assessing retail vehicle sales based second leads to very little change – Risks remain in the fourth quarter, Over the last four weeks, the Three- on observed changes in advertised a quick strike resolution leading to including the United Auto Workers Year-Old Index declined 1.2% in ag- units tracked by vAuto, Manheim price declines at relatively normal strike, a possible economic slowgregate. Those same four weeks de- initially estimated that used-vehicle rates, or simply pausing, thus the down, and political uncertainty that livered an average decline of 1.8% in retail sales in September were down wholesale and used retail markets puts downward pressure on con2014-2019. 10% compared to August, and the are minimally affected.” sumer sentiment. Over the month of September, dai- year-over-year comparison with New-Vehicle Sales Stay Strong “Our forecast suggests that we ly MMR Retention, which is the av- 2022 worsened. September’s total new light-ve- should have relatively stable pricing erage difference in price relative to Used retail sales are estimated to hicle sales were up 18.5% year over in the fourth quarter,” notes Smoke. the current MMR, averaged 99.2%, be down 2% year over year in Sep- year, with one more selling day ver- “We have achieved balance between meaning market prices were slightly tember, the worst performance sus September 2022. buyers and sellers, which should rebelow MMR values. since June. By volume, September new-vehi- flect only modest changes between The average daily sales conversion The average retail listing price for cle sales were up 0.7% month over now and the end of the year. In esrate declined to 55.7%, which was a used vehicle moved down 0.7% month. sence, we expect values to move in close to normal for the time of year. over the last four weeks. The September sales pace, or sea- a more normal pattern through the For comparison, the daily sales conUsing estimates of used retail days’ sonally adjusted annual rate (SAAR), final three months of 2023. version rate averaged 55.3% in Sep- supply based on vAuto data, an ini- came in at 15.7 million, an increase “The one caveat is that our foretember 2019. tial assessment indicates September of 14.3% from last year’s 13.7 million cast assumes the UAW strike doesn’t The sales conversion rate in Sep- ended at 47 days’ supply, down two and up 2.1% from August’s upwardly last until Thanksgiving and beyond.” tember was lower than in August days from 49 days at the end of Au- revised 15.3 million pace. Source: vAuto, Cox Automotive

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Legislative News 10/16/2023

NIADA Policy Conference – Continued from page 1 they are not as aggressive as they were.” However, the FTC seems to be going in the other direction particularly with the proposed Motor Vehicle Dealers Trade Regulation Rule. In this case, the FTC reportedly didn’t offer as much time for public comment and then shut it down. “As nearly as we can tell, they determined this rule had to take place based on a survey of 38 individuals living in the Washington D.C. areas,” Tormohlen said. “It’s that goofy.” He said the intended purpose of the rule is something that industry would support, requiring disclosures of markups, dealer handling and so-called junk fees before the customer makes their final purchase. Bipartisan members of Congress have since introduced legislation to reinstate the process that allows “the public the opportunity

to provide feedback, comment and analysis before the commission finalizes a regulation change specific to automotive retailing.” (See article on page 6). The bill came after NIADA members had 140 meetings with Senators and members of Congress to discuss their concerns and it seems it made an impact. NIADA members are also advocating for the Preventing Auto Recycling Theft” (PART) Act to stop prevent catalytic convertor theft. It would require stamping of VINs on catalytic converters and allow some funds for individual shops to do that. “It’s a bill that was proposed by Sen. Amy Klobuchar (D-Minnesota) and has been received well on both sides of the aisle,” Tormohlen said. “My belief is it will pass whenever it comes up for a vote.” The last issue NIADA advocated for was ‘Right to Repair.”

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Photo Courtesy of NIADA POWER BROKERS: NIADA President-elect Michael Darrow, from left, meets with U.S. Sen. John Thune along with NIADA President Gordon Tormohlen in Washington D.C. last month during the National Policy Conference and Day on the Hill.

Tormohlen said there are two parts of the issue; one that is mechanical and data-related and one that is based upon body parts. “The premise of both of the bills is to reduce the time in which the

manufacturers can just hold on to what they consider proprietary information,” Tormohlen said, though there will likely be some language to put in protections for franchisees. He added it is a bipartisan issue.

Used Car News

Your customers want to choose from quality vehicles, so you need a national industry leader who can deliver. That’s Chase. We offer: • A broad range of vehicles — from economy to luxury — upstream and through auctions nationwide • Convenient online and in-lane vehicle availability with on-site Chase remarketers Choose Chase owned vehicles at ADESA.com and Manheim.com.

Your clear choice for quality 3

1 The tradename Subaru Motors Finance (SMF) and the Subaru logo are owned by Subaru of America, Inc. (Subaru) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase. 2 The tradename Maserati Capital USA and the Maserati logo are owned by Maserati North America, Inc. (Maserati) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase. 3 The tradename Aston Martin Financial Services and the Aston Martin logo are owned by Aston Martin Lagonda of North America Inc. (Aston Martin) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase. 4 The tradenames Jaguar Financial Group and Land Rover Group and their respective logos are owned by Jaguar Land Rover North America, LLC (JLR) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase.

Neither JPMorgan Chase Bank, N.A. nor any of its affiliates are affiliated with ADESA, Inc. or Manheim, Inc. Each auction is solely responsible for their website content, sales events, promotions, fulfillment and operation of the auction. Dealer communication only; not intended for retail purchaser. ©2021 JPMorgan Chase Bank, N.A. Member FDIC

21-014 (2021)

P O D C A S T L I S T E N N O W O N Y O U R F A V O R I T E S T R E A M I N G S E R V I C E .

Finance News 10/16/2023

NAF Co-Founder: Challenges, Opportunities in Today’s Market By Jeffrey Bellant

Fear of regulators, a shrinking finance market and other issues pose challenges for dealers while creating opportunities for other lenders. Jim Bass is the senior vice president, strategic relationships for Agora Data Inc., a Texas-based provider of technology solutions for the financial services industry. He is also founder and board member of the National Automotive Finance Association (NAF) Bass laid out current challenges in the industry. “The dealers and the finance companies both are really concerned about source of funds,” Bass said. “What dealers are concerned about is two-fold.” One, the banks in general have really been spooked about words like “subprime” and concerns about regulators.

“It’s a knee-jerk thing now, as it was in 2009, 2010 and 2011 that if it’s subprime then it must be bad,” he said. He points out the examples of lenders like Wells Fargo backing out of the space and Softbank’s debacle, which reminds him of those years when it was difficult to find money. It was private equity and hedge funds that came in to fill the void, which meant a jump in cost of funds, Bass said. In those dark times, you hear stories like one Bass shares. “I can think of one where this fella had been the customer of a West Texas bank for 20 years and he just gets a call one day, ‘We’re calling your loan,’” Bass said. This happened even though the customer had never missed a payment, They classified the loan, which means it doesn’t fit under the nor-

12 1306560_NGC_ACCOUNT-PORTAL-APP_Print_19x6.125.indd 1

Jim Bass

mal capital ratio requirements because it’s considered to be high risk, he said. It takes away their capacity to do business. While this poses challenges to the industry it does boost opportunities for companies like Agora Data Inc.

“We’ve had very good success working with these buy-here, payhere (BHPH) dealers in helping them have a source of funds that are reasonable and reliable.” Bass said the Agora Data Inc. team can do securitizations by pooling several portfolios from dealers to a number that’s efficient for an assetbacked securitization (ABS). “What that does is it relieves the dealer of performing the loan servicing, collections, repos and dispositions.” Though it is a struggle for some dealers to relinquish that control, for those that understand the benefit, they do very well with Agora, Bass said. Agora can also help with compliance issues and also provides firstclass analytical information, he said. The firm will also, on an ad hoc basis, hold a dealer academy for dealers to help them improve business.

Used Car News 10/16/2023

New Tech Platform Targets Auto Shippers, Haulers By Jeffrey Bellant

As dealers and transporters look for better ways to move vehicles, finding efficiencies in the auto transport space benefits everyone. Dana Randazzo is the chief operating officer of Auto Hauler Exchange, a fairly new Rochester, Michigan-based businessto-business marketplace that allows vehicle logistics shippers to find and market their opportunities to vehicle logistics haulers. The technology platform with EDI capability allows dealers to log in to the Auto Dealer Exchange dashboard to upload vehicles, Randazzo said. They let the platform know it needs specific vehicles moved from one place to another. The dealers also let the system know when they want them picked up

and when they want them delivered. “Then those are marketed to vetted carriers who sign up to be on the platform that we call the exchange,” Randazzo said. “We have a whole vetting process to get carriers onto our marketplace. Also, it’s carriers only, we don’t allow brokers onto our marketplace. “Shippers are marketing to only vetted carriers.” Randazzo, who started in freight logistics and moved into the vehicle hauler space 10 years ago, said the shippers can be independent dealers or franchise dealers. “They’re everybody,” she said. “Anybody who’s moving a vehicle is who we’re going after. We’ll work with fleet companies but we’re primarily working with dealerships. “It’s a really big mix between larger companies and indepen-

dents.” Randazzo said it’s been the dealerships that have embraced and adapted the Auto Hauler Exchange platform, which just launched in 2022. Asked if the company started out with a group of dealers or shippers, Randazzo said it’s a case of the chicken or the egg. “You can’t really have a ton of shippers and not have any vehicles and you can’t have a lot of vehicles without having any carriers.” The platform had to grow from both ends. “The entire concept came from our CEO Royce Neubauer,” Randazzo said. “It’s that there really doesn’t need to be a middle-man involved when vehicles need to ship. We just need to get that shipper and that carrier to get together. We don’t need a broker or middle-man.

“We saw that and knew that there was something there if we could just get them to connect directly.” But the company’s leaders understood that customers wanted the benefits that brokers offered. They then went out to interview carriers to see if this was a platform they could support. While Auto Hauler Exchange sounds like a broker, it is not, Randazzo said. “We define ourselves as a B2B marketplace, a technology platform,” she said. “The best way to describe it is it’s just like any other marketplace, like Amazon or Etsy.” The challenge starting out was that there was so much ground to cover, Randazzo said, with so many carriers and shippers. It was getting your name out Continued on page 14

6/7/23 1:30 PM

Used Car News 10/16/2023

AHX Platform – Continued from page 13 there, introducing yourself and getting those demos out. What helped is that the concept is simple and people understand it right away. The platform is providing the shipper’s rate. Auto Hauler Exchange is not doing any negotiating, Randazzo said. It does allow shippers the opportunity to expand their marketplace. Auto Hauler Exchange requires no fee from the carriers, but there is a flat fee for the shippers to be on the platform. “It’s only for the vehicles that are moved,” Randazzo said. “We’re only charging them if they move something on the exchange.” Another goal was to help to market the smaller independent carriers, who aren’t working for big companies like a rental car com-

pany. “You can’t wait 90 days to get paid,” Randazzo said. People ask if the company isn’t worried that the carriers and shippers will just work together. Randazzo said she knows some of them will work together, but it still keeps carriers in the market. The company is constantly asking the customers in its platform what they like, what they don’t like, so they can use that feedback. “We have a development team and we have engineers,” Randazzo said. “Whether it’s internally or externally, we’re asking, ‘what are you looking for?’ and that’s what we’ll build out for you. “What would make your day easier?” Simplicity is critical. Randazzo used the example of Salesforce, which she described

as “an amazing tool.” But you don’t want something that’s so overwhelming that you don’t use it. “We want to add to it, but we want to make sure the features we add to it are keeping to the core of this frictionless (idea).” The company wants to make sure the features that it provides are ones that its customers will use. The CEO expressed this vision in a press release when the company first launched at the beginning of the year. “We enable shippers to market their opportunities directly to carriers, so there is no middleman pulling revenue away from the transaction,” Neubauer said in the release. “We also enable carriers to embrace opportunities directly from large scale shippers that they would not normally see.”

As a newer company, it is important for the company it get continual feedback from its customers. It’s easy to get that feedback from carriers and shippers, Randazzo added. They will tell you if something is garbage. “Our current goal is that we want to stay focused with what we can build out for shippers and for carriers in the vehicle logistics space,” Randazzo said. “What are shippers looking for when they’re looking to get their vehicles moving. “If a carrier is picking up a vehicle from an auction to deliver to a customer who just purchased it online, what makes their lives simpler? That’s what we’re focused on.” The exchange enables tracking of deliveries, communication between shippers and carriers and notifications.

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Retail Markets Compiled by

10/16/2023

Ed Fitzgerald

INDIANA

Bob Walczak, owner, Omni Auto Sales, Hammond, Ind. “This car lot turned 40 in April. It has always been family-run. “We’re in the northwest corner of Indiana, we’re a stone’s throw from Chicago. A lot of my customer base comes from the south side of Chicago and I don’t need to tell you what’s going on there. “It’s gotten harder to get cars under $6,000. In today’s world, to buy that car, recondition it and try to make it a quality car again, it’s just very tough. It’s more mechanical than detail. It’s very expensive to buy parts. Inflation is killing us. “I like to keep at least 20 cars on the lot. I sell 15-20 a month, and before COVID it was 20 a month. It’s kind of shrunk in this area for us.

“Everything is price driven right now. “I’m not really going to auctions in person now, I’m doing it online. That’s how I was doing it before COVID. TradeRev turned into Backlot Cars and now I’ve moved more to the Manheim side of it. “I do some buy-here, payhere, not as much as I used to. So, we kind of turned our way of thinking over to more direct financing. We’re using Westlake. “I’m trying to keep my reconditioning at around $1,000 a car, if I can. I do all the detail in-house; we do farm out the mechanical work. “We are indifferent about the average mileage or age of a car, we try not to go too old, a 2005 is getting pretty old to me these days. We’re trying to stay above 2010. The price of a cheaper car nowa-

days, what we would sell for $4,000 pre-COVID we’re now selling for $6,000$6,500. That’s hard. It took me a little while after we got out of COVID to set my mind to raise those prices. “This business is not like it used to be. For the normal guy off the street to jump in, I wouldn’t recommend that right now. “We just sold a 2007 Trailblazer and were able to buyhere, pay-here it. It seems like it’s getting harder to do that.”

GEORGIA

Neil Rawls, owner, Georgia Certified Motors, Conyers, Ga. “We’ve been in business eight years, all at the same location. “COVID changed things a little bit, but not a whole lot. It forced us to do some things quicker.

“We have about 35 cars in our inventory. We sell about 25-30 a month. “We sell about 60 percent cars, 25 percent SUVs, 15 percent trucks. Pricing is the issue. “I don’t think my customers lean one way or the other on imports or domestics. “About 40 percent of our business is buy-here, payhere. “Our average down payment is about $1,500 over an average of 30 months. “We do the majority of our auction buying online, probably 90 percent. We don’t have a favorite; we go with whoever’s got the best prices. “We just had a Nissan with some CVT issues, so we spend about $2,000 per vehicle. We sometimes buy a car that has a bad transmission. “We only advertise online,

like CarGurus, Autotrader, all the usual suspects. “Our average car is probably a 2014, with 120,000 miles. “My advice to anyone starting out in this business is to get educated before you start buying. You’ve got to buy right or you could price yourself out of a sale. Look at your market. You could buy a car and it could sit there forever. You could have too much (money) into the vehicle because it’s not right for your market and your customers. “Some people enter this business because they think it will be easy money, but it’s a different game. You have to understand your market or you could be out of business before you get started. “The last car I sold was a GMC Sierra 2015 with 95,000 miles on it. We sold it for $25,000.”

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NOVEMBER 2023 Find an auction near you to stock your inventory of pre-owned vehicles

ADESA Boston November 10 508-626-7000

Columbus Fair AA November 15. 22 614-497-2000

ADESA Charlotte November 2, 16, 30 704-587-7653

Manheim Orlando November 7, 14, 21, 28 800-822-2886

Manheim Atlanta November 1, 2, 15, 16, 29, 30 404-762-9211

Manheim Atlanta November 1, 29 404-762-9211

Manheim Nevada November 17 702-730-1400

Manheim Pennsylvania November 2, 16, 30 800-822-2886

ADESA Chicago November 10 847-551-2151

Manheim Palm Beach November 15, 16 561-790-1200

Manheim Dallas November 7, 8, 22 877-860-1651

ADESA Cincinnati/Dayton November 14 937-746-4000

Manheim Pennsylvania November 2, 3, 10, 16, 17, 30 800-822-2886

Manheim Denver November 8 800-822-1177

Manheim Dallas November 7 877-860651

Manheim Riverside November 9, 21 951-689-6000

ADESA Golden Gate November 14 209-839-8000

Manheim Phoenix November 9, 21 623-907-7000

Manheim New Jersey November 609-298-3400

Manheim Detroit November 2, 16, 30 734-654-7100

Manheim Orlando November 7 800-822-2886

Manheim Seattle November 15 206-762-1600

ADESA Indianapolis November 14, 28 317-838-8000

Manheim Pittsburgh November 8 724-452-5555

Manheim Milwaukee November 8 262-835-4436

Manheim Fredericksburg November 9 540-368-3400

Manheim Nashville November 22 615-773-3800

Manheim Palm Beach November 15 561-790-1200

ADESA Kansas City November 14, 28 816-525-1100

Manheim Riverside November 7, 9, 21 951-689-6000

Manheim Milwaukee November 8, 22 262-835-4436

Manheim Seattle November 15 206-762-1600

Manheim Minneapolis November 1, 29 763-425-7653

ADESA New Jersey November 2, 16 908-725-2200

Manheim Southern California November 2, 16, 30 909-822-2261

Manheim Nashville November 21, 22 615-773-3800

ADESA Salt Lake November 7 801-322-1234

Manheim Tampa November 2, 16, 30 800-622-7292

Manheim Nevada November 17 702-730-1400

ADESA Tulsa November 10 918-437-9044

Manheim Texas Hobby November 2, 16, 30 713-649-8233

Manheim New Jersey November 8, 22 609-298-3400

ADESA Washington DC November 8 703-996-1100

Southern AA November 8 860-292-7500

Manheim New Orleans November 8, 22

ADESA Lexington November 9 859-263-5163

Manheim Atlanta November 1, 29 404-762-9211 Manheim Dallas November 7 877-860-1651

985-643-2061

Manheim Milwaukee November 8 262-835-4436

Manheim Pennsylvania November 2, 16, 30 800-833-2886

Manheim Nashville November 22 615-773-3800

Manheim Riverside November 9, 21 951-689-6000

Manheim Palm Beach November 15 561-790-1200

Manheim Seattle November 15 206-762-1600

ADESA Boston November 10 508-626-7000

Manheim Denver November 8 800-822-1177

Manheim Pittsburgh November 8 724-452-5555

ADESA Charlotte November 2, 16, 30 704-587-7653

Manheim Fredericksburg November 9 540-368-3400

Manheim Seattle November 15 206-762-1600

ADESA Salt Lake November 7 801-322-1234

Manheim New Jersey November 8, 22 609-298-3400

Manheim Southern California November 2, 16, 30 909-822-2261

Columbus Fair AA November 15 614-497-2000

Manheim Orlando November 14, 28 800-337-8491

Southern AA November 8 860-292-7500

Manheim Dallas November 8, 22 877-860-1651

Manheim Pennsylvania November 3, 17 800-833-2886

Manheim Atlanta November 15 404-762-9211

Choose Chase on ADESA.com and OVE.com for bank-sourced vehicles.

Contact auctions directly for current sale information.

* The tradename Jaguar Financial Group and the Jaguar logo are owned by Jaguar Land Rover North America, LLC (JLR) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase. * The tradename Land Rover Financial Group and the Land Rover logo are owned by Jaguar Land Rover North America, LLC (JLR) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase. * The tradename Subaru Motors Finance (SMF) and the Subaru logo are owned by Subaru of America, Inc. (Subaru) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase).Auto finance accounts are owned by Chase. * The tradename Maserati Capital USA and the Maserati logo are owned by Maserati North America, Inc. (Maserati) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase. * The tradename Aston Martin Financial Services and the Aston Martin logo are owned by Aston Martin Lagonda of North America Inc. (Aston Martin) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase. Neither JPMorgan Chase Bank, N.A. nor any of its affiliates are affiliated with ADESA, Inc. or Manheim, Inc. Each auction is solely responsible for their website content, sales events, promotions, fulfillment and operation of the auction. ©2023 JPMorgan Chase Bank, N.A. Member FDIC 11/23

Wholesale Markets 10/16/2023

Compiled by

Jeffrey Bellant

ALASKA Andy Sellers, general manager, MAG Alaska, Anchorage, Alaska “I moved up here, officially, June 1 and our first sale was the 28th of June. I was part of the Auction Academy Class 6, which was the COVID class. They say every class is the best class, but Class 6 really was the best class. “We are a hybrid facility, one of the first in the industry of this kind. We have a four-acre facility, complete with a test track. It’s fully fenced in and secure. For five days a week, dealers can come in and test drive the cars. Then Wednesdays at noon, Alaska time, we run our sales on EBlock in conjunction with our MAG Now sale. Our MAG Now sale focuses on consignment outside the gate, really more

like dealer to dealer. “We’ve basically swapped simulcast for EBlock. So, we’re running our cars digitally every Wednesday. Our Anchorage dealers have an opportunity during the week to preview the cars. Even on sale day, we have a dealer lounge where dealers are free to come and hang out during the sale. They’ll just do their buy on their devices. All cars are onboarded here and a lot of them are transported to our facility by my team. They go through a comprehensive CR process which is synonymous with the EBlock process: upwards of 40 photos taken of each car and full documentation. From there, they are either placed into our inventory areas until they are available for sale. We’ve been running consistently between 75 and 130 cars per week. Conversion is averaging 45% all the

way up to 65%. Most of our buyers are independents. “We have 175 Alaska dealers registered which, I believe, is the lion’s share. On the commercial side, we have Element as well as American Credit Acceptance. But we also have some other big names that are in the hopper.” “Average price – I don’t have the metrics in front of me – but it’s about $9,500. It’s predominantly Alaska vehicles – all-wheel-drive, SUVs and trucks.”

PENNSYLVANIA JD Vance, operations manager, Bloomsburg, Auto Auction, Bloomsburg, Pa. “We’ve been in business 10 years. We have two lanes. “Our volumes are staying at that 150 average. We’re

SAVANNAH

just grinding away. There’s no secret sauce to it. “I want to say our (conversion rates) are running at 55%-60%. “The average price across the block is in that $5,000 range. That’s up from this time last year. “I’d say it’s up at least $1,000 from last year. We saw a boost in price postCOVID and it has continually gone up. “Between in the lanes and online, our average (bidder count) is about 125 per week. The number of online bidders continually keeps growing. We use Edge Pipeline. “We’ll have in-ops every once-in-a-while but not a whole sale. “Predicting anything is crazy at the moment. It seems there is no rhyme or reason to anything anymore. From what I’m thinking is with

the strike, we’re going to see a shortage of cars that’s going to maintain prices, if not increase them, throughout the rest of the year. But come springtime, it’s going to hurt because we’re not going to have the volume of cars that we should. “We don’t do a whole lot of promotional things, though we try to have a different theme every month. But that’s probably one of our weakest areas is marketing. We’re working on a couple of things to fix that. “But the online era is changing things drastically. Competitors like ACV, Backlot and CarOffer are giving us different challenges. “We have to (transition) from thinking that we’re competing against the next closest auction to making our sales process the easiest and most efficient way possible for the sellers.”

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Wholesale Numbers

USED CAR NEWS

10/16/2023 seg_type -------Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck Truck Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck Truck Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck Truck Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck Truck

make_model_name --------------Toyota Camry Honda Accord Honda Civic Toyota Corolla Nissan Altima Chevrolet Malibu Hyundai Elantra Nissan Sentra Volkswagen Jetta Subaru Legacy Ford F150 Chevrolet Silverado 1500 Honda CR-V Ram 1500 Jeep Grand Cherokee GMC Sierra 1500 Chevrolet Tahoe Chevrolet Silverado 2500 Honda Pilot Honda Odyssey Toyota Camry Honda Accord Honda Civic Toyota Corolla Nissan Altima Chevrolet Malibu Hyundai Elantra Nissan Sentra Volkswagen Jetta Subaru Legacy Ford F150 Chevrolet Silverado 1500 Honda CR-V Ram 1500 Jeep Grand Cherokee GMC Sierra 1500 Chevrolet Tahoe Chevrolet Silverado 2500 Honda Pilot Honda Odyssey Toyota Camry Honda Accord Honda Civic Toyota Corolla Nissan Altima Chevrolet Malibu Hyundai Elantra Nissan Sentra Volkswagen Jetta Subaru Legacy Ford F150 Chevrolet Silverado 1500 Honda CR-V Ram 1500 Jeep Grand Cherokee GMC Sierra 1500 Chevrolet Tahoe Chevrolet Silverado 2500 Honda Pilot Honda Odyssey Toyota Camry Honda Accord Honda Civic Toyota Corolla Nissan Altima Chevrolet Malibu Hyundai Elantra Nissan Sentra Volkswagen Jetta Subaru Legacy Ford F150 Chevrolet Silverado 1500 Honda CR-V Ram 1500 Jeep Grand Cherokee GMC Sierra 1500 Chevrolet Tahoe Chevrolet Silverado 2500 Honda Pilot Honda Odyssey

2022-10-01 ---------20950 22025 19150 17850 18200 17900 16450 17100 19150 19750 33600 33700 24850 32500 26300 35000 38825 34000 29650 28275 22925 24300 21500 20800 20825 20325 18425 18775 21000 22450 37300 38550 27600 36700 29725 37200 42025 44200 32875 32650 25725 26525 23875 22350 22450 22550 19875 20275 22275 23425 45200 40550 29300 41000 31900 39900 58650 48000 36250 36050 28525 28675 27250 23675 24150 24050 20825 21275 23350 24200 48700 47000 31150 44500 36150 47400 65450 53800 39425 38900

2023-04-01 ---------18175 19425 16675 15925 15200 15075 13500 14050 16925 17375 31400 29650 22100 31500 22650 32100 34950 30550 25775 24025 19725 21225 18450 18050 17200 17050 16125 16875 18050 19850 34800 35150 24400 34000 25550 33700 37925 37900 29150 27950 21950 23650 20175 19500 18400 18600 17075 18600 19575 21300 40400 37000 26225 37100 28775 37300 53525 42500 31825 31500 24425 25625 22075 20825 19500 18750 18400 19600 20750 22475 44500 43300 27825 39800 32775 42300 60650 47900 35450 34250

2023-10-01 ---------16425 17000 14675 13925 13900 13200 12100 11500 14575 15125 25000 28500 20500 28000 19800 29000 31275 30000 24600 21800 18100 19100 16700 15400 16100 15400 13925 15475 16250 18400 31800 31000 22800 33500 21225 31000 35700 32500 27300 24900 20450 21300 19175 17150 18250 17800 15875 17750 17875 19400 37500 33500 24550 36000 23775 35300 49500 36500 30600 29700 22550 23800 21125 18725 19750 20400 17600 18900 19400 20475 43000 40300 26500 38500 27125 40000 56550 43250 33800 31900

2024-10-01 ---------13525 14000 11975 11400 11575 10250 9500 9125 11650 12250 21825 24750 17525 23750 16125 24925 24900 27100 20775 18125 15100 15600 13725 12850 13425 12050 11175 12425 13175 15125 27525 27250 19575 28325 17675 26925 28975 29775 23300 20950 17025 17850 15875 14425 15400 14150 13025 14325 14775 16375 32500 30025 21250 30850 20200 30925 40025 33575 26600 25075 18900 20600 17975 15925 16900 16375 14750 15400 16475 17750 37300 36525 22625 33725 23675 35675 46825 40025 29425 27425

2025-10-01 ---------11375 11875 9850 9425 9625 8075 7475 7275 9275 9900 18575 20925 14700 19625 12875 20875 19475 23550 17225 14725 12925 13250 11375 10825 11150 9525 8975 9975 10625 12350 23150 23250 16525 23275 14400 22725 23050 26225 19500 17200 14500 15475 13200 12225 12925 11300 10650 11550 12100 13725 27350 26150 18100 25675 16725 26325 31675 29600 22375 20600 16175 18325 15375 13625 14375 13225 12300 12550 13825 15250 31325 32175 19475 28700 20125 30825 37850 35400 25150 22875

Actual Wholesale and Projected Residual Values

my --------2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022

Source: Black Book

Tony Moorby

Disconnected Jottings From

Tony Moorby 10/16/2023

• 50-year veteran of the industry

The simpler things are, the more complicated they are to put right when things go wrong. I’ve been a fan of Amazon ever since they were simple booksellers, albeit with the proviso that Barnes and Noble still provides that ‘touchy-feely’ sense of indulgence. The luxury of strolling around shelves of books with the occasional waft of a Cappuccino is still an experience I enjoy tremendously. Amazon now epitomizes the one-touch way to satiate an appetite for almost anything from books to bubble bath. Like Door Dash or any other delivery agent, life is grand until your order is late, cold or even worse, delivered to someone else. Anticipation plays a part in enjoying something one has developed an appetite for and the disappointment is like coitus interuptus when

delivery misses its promise. After our recent move – I’ve mentioned the abundance of books – we decided to create a small reading room with no other distractions except some art here and there. The room was devoid of any ornament. What was urgently needed was bookcases. We looked around and nothing suited. Should we have some builtins made? No, we wanted something immediate. So I opted to order three sets that I could put together myself while Terry put the rest of the house together. Two large bookcases arrived within the promised two days and I got to work, mastering the wonders of modern joinery. I have to say that I was impressed. Not only with the quality of the products themselves but also with my ability to make them look like profession-

ally built pieces. Having got into the swing of things, it was a shame that the third bookcase hadn’t arrived. Then, the next day an enormous parcel arrived on the doorstep. The only problem was it wasn’t a bookcase. It was a roof rack for an enormous commercial van! The paperwork indicated it was part of the original order and that now the order was complete. The automation that Amazon employs enables things to be executed swiftly, cheaply and with a smile from A to Z. That is, until they don’t. I thought a simple phone call to a sympathetic manager would set things to right in a trice. Not! A marathon maze of automated voice responses did nothing but foster and fuel frustrations that were now reaching that pitch when screaming into the

4 Kia ____ compact SUV 5 The “p” in m.p.g. 6 Type of light, abbr. 7 Challenge for a new driver 9 Kelly’s price guide, 2 words 10 Copper symbol 11 Money to the bottom line, abbr. 12 The Buckeyes, abbr. 14 Extra wide shoe fitting 18 Rev, as in ___ the engine 19 Braking system, abbr. 22 Off-roader from Jeep 24 Dutch cheese 25 Hyundai midsize SUV, 2 words 27 Mid-size Kia SUV 28 Working together 30 Purchase order, for short 31 1960s style

executive vice president of sales and marketing

• Moorby & Associates 2006–present

• NAAA Hall of Famer • IARA Circle of Excellence

To see past columns

from Tony Moorby, visit

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The collection of the roof rack was such a cock-up, it deserves another essay but I’ll save that embarrassment for another time. The third bookcase did, finally, arrive and at last I can now relax with my feet up in the reading room surrounded by the comforting presence of books.

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• President from 1997–

phone like some demented lunatic was likely to make a difference. The repetition of “Manager” finally reached a real person who was at least three continents away but who was well practiced in the art of calming people down. What she didn’t understand was that I’d received a roof rack instead of a bookcase! The next 15 minutes was spent in varying descriptions of the differences between the two. We were now one hour and twenty-seven minutes into a phone call that was making my ears feel like braised lamb chops! Half of that time was spent ‘on hold’ listening to inane, atonal and annoying music. A manager suggested I keep the wrongly sent roof rack on the premise that it would be more expensive to send it back!! I told him I didn’t have the van to attach it to.

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