2022 Movers & Shakers
VENKAT KRISHNAMOORTHY ROGER WILLIAMS
Venkat Krishnamoorthy is the CEO/president of Auto Auction Ser vices (AASC/AutoIMS). Venkat has 20+ years of experience in the auto remarketing industry. He is a board member of the IARA and chairman for the group’s Industry Advance ment Committee.
He has long been a fixture in the industry and this year was a speaker at several trade shows.
Congressman Roger Williams (RTexas) has had a family-owned car dealership for 50 years.
As the GOP readies to take control of the U.S. House next month, Wil liams is running for chairman of the House Small Business Committee. Having a small businessman and auto dealer leading the committee would be a huge benefit for the in dustry.
CANDICE PRICE
Candice Price is owner of Home Team Auto Sales in Omaha, Neb., and serves on the Nebraska IADA’s board of directors.
Price has a passion for entrepre neurship, building, supporting, and sustaining black-owned and wom an-owned businesses within the community and globally.
She served on two panels during NIADA’s 2022 annual convention.
Coup of the Year: Electric Vehicles
For better or worse, several forc es are pulling the industry into the EV era. Manufacturers have gone all in on platform, introducing electric models constantly.
More importantly, the Biden Administration is stacking the deck for EVs as part of its push for “green energy” and its effort to re duce fossil fuels.
At press time, even Tesla finally delivered its long-awaited EV Semi truck, with a range of 500 miles.
All the industry conferences now offer EV panels, discussions and workshops and the Detroit auto show was loaded with EVs and EV technology displays.
However, the shift to EVs re mains at a crawl. Despite incen
Flop of the Year: Carvana
What a difference a year makes. Carvana was the toast of the town last year, with its gumball car vend ing machines, phenomenal market ing and Door Dash-like delivery. It even shelled out $2.2 billion for AD ESA’s 56 physical auctions in May. Last January, its stock price
topped $239.
But the slowing used-car market and other factors resulted in a Q3 shareholder report that showed huge drops in year-over-year gross profit and gross profit per unit. The company cut about 8% of its work force in Q3 as used-car demand
tives that include both carrots and sticks, consumers – outside of Cali fornia – remain slow to embrace the EV evolution.
Only 525,000 EVs were regis tered through Q3 of this year. Com pare that to Cox Automotive’s fore cast of 13.7 million new car sales this year.
sputtered and interest rates rose.
On top of that, Carvana locations across the country have faced sev eral lawsuits – including class ac tions – over alleged title and paper work issues.
On Dec. 1, Carvana’s stock fell to $8.13.
RushDated Material 12/12/2022 UCN
News IN THIS ISSUE: • Year in Review • Charity • Black Book Numbers
Used Car
Year in Review
Industry Returns to Live Events in Challenging Year
By Jeffrey Bellant
At the beginning of 2022, economists told this paper to expect a strong first quarter, vehicle shortages and inflation.
Sounds about right.
The chip shortage dominated the news and new-car stores featured miles of pavement ear ly in the year.
New-car shortages challenged both auctions and dealerships. Inventory shortages trickled down from franchise stores, to auctions, and then the used-car lot.
The year started out right as live conventions kicked off in March with the National Automo bile Dealers Association and the Conference of Automotive Remarketing both holding shows in Las Vegas.
The push for electric vehicles continued to grow and the trade shows all made room for discussions on EVs.
The National Auto Auction Association had one of the more helpful discussions on the is sue. The panel went past the typical discussions of battery range to talk about how EVs will af fect life in an auction. How to set up charging stations? How much to charge an EV leaving the sale? How will the weight of the battery af fect transportation?
This was the year the industry grappled with the broader challenges of EVs in the lanes and on the lots.
Inventory shortages pushed prices as high as Space X and they stayed there for a good chunk of the year.
Independent dealers, who have been squeezed for inventory by franchise dealers for the better part of a decade, had to become even more cre ative to acquire cars.
During the first quarter, sales were strong re gardless of prices.
The heated market made dealership values peak in the first half of 2022.
According to the Blue Sky Report by Kerri gan Advisors, “average dealership blue sky val ues increased to a new record of $12.1 million, a $5.7 million increase in blue sky value since 2019, largely driven by record dealership earn ings: for the 12 months ending June 2022, the average dealership earned an estimated $4.3 million, a 207% increase over the pre-pandemic average.”
Through the first three quarters, 369 dealer ships were acquired. By the fourth quarter the buy-sell market had cooled a bit.
Acquisitions, which were strong in 2021, hit a peak when Carvana agreed to shell out more than $2 billion for ADESA’s physical auctions.
Regulators and attorneys also kept busy.
In June, the FTC proposed a rule to ban junk fees and “bait-and-switch” advertising tactics. The rule would also “ban fraudulent junk fees” for so-called “fraudulent add-on products and services that provide no benefit to consumers.”
Other changes would ban “surprise” junk fees and require “full upfront disclosure of costs and conditions.”
Sellers of GAP products and other thirdparty vendors are concerned about this rule, of course.
Another trend in 2022 is the nationwide plague of catalytic converter thefts.
The issue became so bad that the U.S. Con gress introduced the PART Act (Preventing Auto Recycling Theft).
The National Automobile Dealers Associa tion, American Car Rental Association, Ameri can Truck Dealers, American Trucking Asso ciations and National RV Dealers Association are among the 13 organizations that joined the National Independent Automobile Dealers As sociation in signing a letter in support of the legislation.
The letter points out the sharp rise in cata lytic converter thefts – up 325 percent in 2020, according to the National Insurance Crime Bureau (NICB), and likely surpassing that in 2021-22 – and notes that replacements can cost victims as much as $2,500.
The bill, introduced by Rep. Jim Baird (RInd.), would require new vehicles to have unique, traceable ID numbers stamped on cata lytic converters at the time of assembly, as well as creating a grant program to stamp VINs on the catalytic converters of existing vehicles, improving record-keeping standards for pur chasers of used catalytic converters and making theft, sale, trafficking or known purchase of a stolen catalytic converter theft a federal crime punishable by up to five years in prison.
One factor in the thefts is the rising value of the precious metals that make up these parts. One reason for those rising values is the war in Ukraine, a major exporter of this material.
NIADA held a strong convention in Dallas this year featuring panels on everything from raising capital, dealership theft, buy-here, payhere, changing regulation, and awards.
The return of trade shows meant a chance to honor industry leaders.
Texas dealer Tommy Gregory, owner of Abilene Car Sales, won the 2022 National Qual ity Dealer of the Year Award.
National Auto Auction Association’s Con vention & Expo belatedly honored two veter ans with its Industry Pioneer Award. R. Tony Wolfe, founder and president of Wolfe’s Auto Auctions and Warren Byrd, owner of Keyscore Consulting, received the award they would have received in 2021, but that show was can celed.
For 2022, Raymond C. Nichols received the Industry Pioneer honor. Nichols is Chair man and CEO of BSC America, a collection of privately held asset management companies, which includes BSC America Auction Group encompassing Bel Air Auto Auction, Tallahas see Auto Auction, and a specialty weekly sale located at BSC’s Clayton Station in Edgewood, Maryland.
In addition, Paul Seger, executive vice presi dent and general manager, asset remarketing, at Element, was inducted into the NAAA Hall of Fame.
3
12/12/2022
State Associations
Group Raises $422,000 for Charity
By Jeffrey Bellant
A charitable organization founded by the Colorado Independent Auto mobile Dealers Association raised $422,000 during its 2022 CIADA Charity Gala in Westminster, Colo.
The Used Car Dealers of Colorado Charity Fund is in its ninth year and the gala, which was held last month, is its signature event.
Dean Gunter, a CIADA past presi dent, serves as auctioneer for the event.
“Dean has been the driving force behind this charity for the past nine years,” said David Cardella, CEO of the CIADA.
Gunter said the charity and the gala were created to provide for some of the local needs in Colorado.
The main event features live and silent auctions, with bidding on items from various sponsors.
The generosity is always surpris ing. Carella said one grill brought in $6,300 alone.
As part of that $422,000 total, the group also targets a local charity in what it calls its “Fund A Need” ef fort.
“This year’s ‘Fund A Need’ went to the charity Angels of America’s Fallen,” Cardella said.
The Colorado Springs-based char ity offers support and help to chil dren of fallen service members.
The Fund A Need fundraiser comes at the end of the gala and is simply a ‘paddle raiser,’ where peo ple raise a paddle to offer a donation to that specific charity.
“We raised $76,000 for it,” Cardel la said.
Gunter said this charity supports children whose parents made the ultimate sacrifice for their country.
• 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
According to the group’s website, “the non-profit organization was founded by retired Lt. Col. Joe Lew is, with 25 years of service as an en listed Army field artillery crewman, a Marine Corps fighter pilot, and an Air Force Reconnaissance pilot.
“He created Angels of America’s Fallen in 2012 to address a gap in support he saw for the children of his fallen friends in all branches of the military and first responders.
“There was no program provid ing opportunities for the children to be engaged in healthy activities the entire year, with long term sup port every year of their childhood, in between initial grief counseling and scholarships once they became adults.
“Angels of America’s Fallen was designed to offer positive outlets for the children’s grief during the entire period of these most crucial devel opmental years.”
Gunter said children of fallen mili tary parents have their own unique struggles.
“So, the goal is to step into the lives of these children and give them counseling, purpose and direction
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1 2 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 ts 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) Your customers want
to choose from quality vehicles, so you need a national industry leader who can deliver. That’s Chase. We offer:
Choose Chase owned vehicles at ADESA.com and Manheim.com Your clear choice for quality
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Continued on page 6 CR R O O S S W D PAGE 14
12/12/2022
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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 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
Year In Review
In Memorium: Industry Remembers Automotive Icons
In 2022, the industry lost two icons and a longtime South Carolina dealer.
Industry pioneer and former Co lumbus Fair Auto Auction owner Alexis Jacobs died on June 3. She was 80.
Jacobs grew up in the auction business after her father, William Jacobs, established Columbus Fair Auto Auction in 1958, one of the country’s largest independent auto auctions.
From her father’s passing in 1982, she served as owner and Chief Ex ecutive Officer until 2019.
Jacobs was a founding partner of Used Car News. She served as National Auto Auction Associa tion president in 1995, received the NAAA Industry Pioneer in 2011, and was inducted into the NAAA Hall of Fame in 2014.
In addition, Jacobs received the Columbus Automobile Dealers As
sociation Automotive Achievement Award and was inducted into the National Independent Automobile Dealers Association’s “Ring of Hon or.”
She loved owning an auction and shaping the culture of the business, and was a charitable philanthropist to many organizations.
Greg Levi, managing member of ComplyNet, worked 11 years with Jacobs during two stints at Colum bus Fair.
“She was an amazing person,” he said. “She was a giver. She’d give you the shirt off her back.
“But she also taught.”
Levi said Jacobs was a philan thropist and extremely active in the “community of giving” in Ohio.
Whether it was the Franklin Park Conservatory and Botanical, the Ar chie Griffin Scholarship Fund or the Columbus College of Art and De sign, Nationwide Hospital, she was
indeed a “giver.”
He said Jacobs would tell her peo ple they had to know the story of customers, clients and others.
“She said people should be treated like she was treated walking into
Saks Fifth Avenue.
“They knew who she was and they treated her like a queen,” Levi said.
“That’s how she wanted her people treated.”
Continued
page 8 5
on
12/12/2022
Photo by Jeffrey Bellant
ICON: Alexis Jacobs was the longtime owner of Columbus Fair Auto Auction. During her career, she served as president of the National Auto Auction Association, received the NAAA Pioneer Award and was a member of the NAAA Hall of Fame.
Charity
for their lives,” he said. “It’s also be cause the suicide rate is so high for these children of Americans.”
The loss of a parent through com bat or other reasons is a terrible blow to the children.
“This mom or this dad is their hero,” Gunter said.
Because of this program, children who are involved in Angels of Amer ica’s Fallen have a much lower sui cide rate, Gunter said.
Gunter auctioneers for various events, from automobile auctions to charity galas like this one.
“Well, it’s where your heart is at,” Gunter said, “Dave and I have been involved in this from Day 1.
“When you see someone who feels they have no hope and you hand them a check, it’s just amazing to watch the transition. Because you’re really providing hope for their lives.”
Gunter said the annual event has really made its mark in the heart of the dealer community.
“I had a gentleman come up to me at Dealer’s Auto Auction of the Rock ies and he was just in tears,” Gunter said. “He said, ‘Dean, that Fund A Need struck my heart incredibly.’
“He said he and his wife had a son who was lost to suicide. Since that group helps deter suicide, he said it impacted his wife so much it changed her life.
“It’s just stories like this we hear all the time with this event. It’s just an incredible honor to be involved in this.”
The best thing about this military charity is how it prevents further loss.
“They’ve already suffered one tragedy,” Cardella said. “So, we’re trying to prevent a second tragedy.”
What makes UCDDF work is the people who are committed to mak ing this event work, he said.
It’s not just board members and volunteers from the group, but vol unteers from Manheim, ADESA, Dealer’s Auto Auction, Insurance Auto Auction and dealers that help put on the event, Cardella said.
People also treat it as a special event, coming dressed in ‘their Sun day best to celebrate with each other in an atmosphere of giving, loving and fun,’ Cardella said.
One highlight of this year’s event involved the young son of a service member who lost his life.
Cardella said the boy, Colin Wong, opened the event by singing the na tional anthem.
“He sang the national anthem as good as Whitney Houston. It was
unbelievable,” Cardella said. “It was very moving and set the tone for the night.”
Apart from this year’s Fund A Need charity, the event goes to vari ous other local groups and chari ties as well as scholarships for kids, Cardella said.
One recent tragedy also drew the attention of the CIADA charity.
“We had that shooting at Club Q out here in Colorado and we’re in volved in raising money for those injured (including an auction work er) who had been visiting the club with her brother and his boyfriend,” Cardella said.
“So, the whole point of this gala is to be able to provide for people when things like this happen,” Cardella said. “We’re still going to step up and help this woman in the future, too.”
The charity helps support people suffering through other tragedies, as well.
“We had a salesman who went into a lake last year to save his daughter and he ended up drowning,” Cardel la said. “He left three young kids.”
The foundation helped with that situation, too.
“We want to help with unexpected tragedies.”
Gunter said the UCDDF does not target large national charity groups which already get a lot of attention and help.
“We try to focus on the smaller groups with a greater need,” he said.
Cardella agreed and said people are always surprised how UCDDF finds charities that are not well known but offer incredible stories and support for those in need.
“It’s what brings people back year after year,” he said.
—
page 4 News 12/12/2022 6
Continued from
COLIN WONG
Year in Review
Charlotte Pyle, an NAAA past president and co-owner of the Joe R. Pyle Complete Auction and Real ty Service, called Jacobs a “true icon in the automobile industry.”
Pyle said Jacobs was in a class by herself.
“I clearly remember as a young auction owner her kindness yet she was a major presence in a room,” Pyke said. “She was always available for career boosting advice and never failed to take time to give you a word of encouragement.
“During my career as a past NAAA president I tried to emulate all the great females before me and attempt to make them proud.
Levi said she also loved the deal ers she served. Once, after reading a newspaper article defaming inde pendent dealers, Jacobs helped put up money to create the Ohio Inde pendent Automobile Dealers Asso ciation, Levi said.
“It was about people,” Levi said. “She wanted an environment of family.
“We need a little bit more Alexis in the world.”
Donald Foss, founder of Credit Acceptance Corp. and CARite, died on Aug. 14.
Foss made a fortune in the sub prime and buy-here, pay-here in dustry before retiring in 2017. Forbes recently listed Foss on its billionaire list, worth $1.9 billion.
In 2015, he spoke at the National Buy-Here, Pay-Here Dealers Alli ance Conference in Orlando as he received the Buy-Here, Pay-Here Hall of Fame award.
Fellow dealer and emcee Ingram Walters introduced Foss, talking about his humble beginnings as an independent dealer.
“He got into this business in 1967, with a dirt lot that he rented for $35
a month,” Walters said.
He grew that dealership to 17 lots, selling 1,500 cars per month. Then he started Credit Acceptance Corp. in 1972.
“He didn’t just prevail in our in
dustry, he revolutionized it,” Walters said.
At the 2015 event, Foss talked about being honored.
“I’ve always been proud to be a car dealer,” he said.
8
In Memorium – Continued from page 5 12/12/2022
Photo by Jeffrey Bellant
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HALL OF FAME: Don Foss, founder of the Michigan-based Credit Acceptance Corp. and CARite, made his mark in the subprime finance and buy-here, pay-here industry. He is shown above after being named to the NABD Hall of Fame in 2015.
Retail Markets
IOWA
Todd Sawyer, owner, Junction Auto Sales, Lis bon, Iowa
“Our business has been here about 28 years. My father-in-law started it and I purchased it from him around ’05. Except for one year, it’s been in the same lo cation.
“Our inventory used to be in the 80s. Then there were times I was down to seven, I’m up to 30 now. Prices are coming down on certain things, but generally cars and small SUVs aren’t that much less. This year, sales have been awful. Ten, seven, 15 a month. You can’t sell what you don’t have.
“We didn’t do anything dif ferent here because of COV ID. We acted like there was nothing going on. Iowa was pretty good. For the first few months people were a little freaked out and were wear
ing masks.
“The COVID year, 2020, was my best year ever. Stuff I’d had for seven or eight months, it didn’t matter, it was gone. That was a good summer.
“I’m mainly selling the smaller SUVs.
“I’m buying everything online now. I buy from and sell to auctions, they come around and take pictures of our cars.
“Most of my customers don’t put down any down payment.
“My reconditioning costs have gone up a lot. One, be cause if you get a car now there’s probably something wrong with it. A dealer isn’t going to put a nice car out. I probably spend an average of $500 in reconditioning. I figure that once I pay the fees and get it shipped here, it’s another $1,000. The place I buy from, shipping is
$600-900. So, you’re spend ing $1,500 to $2,000 before you’re ready to sell it.
“I advertise only online, the normal ones: CarGu rus, cars.com, Facebook, all those.
“The last car we sold was a 2018 Buick Enclave, with 54,000 miles and we got right around $30,000.”
WASHINGTON
Ron Medlen, owner, LiveStream Auto Sales, Spokane Valley, Wash.
“I’ve been in this business 42 years, and at this car lot for seven years.
“We bought the livestream equipment so we could do a walk-around and test drive and not use voice or picture. We were livestreaming right to our Facebook or to YouTube or to a customer’s Facebook and they could actually see the vehicle if they were from
out-of-state. But Facebook changed its system about six times. And the equipment that we just spent five grand on, they wouldn’t allow to be used on their site. Then the next piece of equipment I would’ve had to buy was 10 grand and I said, ‘nah.’ Now we’ll do it do someone’s Facebook or to a phone.
“Online seems to be the way of everything now. You don’t seem to get the walkin traffic we used to. During COVID, we couldn’t sell any thing for a couple months, but I continued to go to work because I had three-quarter million dollars’ worth of in ventory sitting here. The ef fects of COVID are probably hitting me harder now than it did back then.
“I keep around 30 cars in inventory. We sell about 25 a month, but this year’s been softer with the interest rates.
“I used to buy 10 or 20 at
a time but now I buy one or two, because I’m watching when the prices start to level out. Prices have come down a lot.
“We’ve got a governor here in Washington who wants to beat everyone and have all EVs by the year 2030. I don’t see it happening. I watch online with connections to 146 auctions. The electric vehicles aren’t selling. The car companies say they’re going electric and taxpayers are paying to re-tool their factories.
“Trucks are the hottest vehicles, even with the gas prices. Cars are slow. I do very, very little buy-here, pay-here.
“We spend an average of $1,000 per vehicle in recon ditioning. I farm it out.
“The last vehicle I sold was a Cadillac Escalade with 120,000 miles, and we got $17,000.”
9 12/12/2022
Compiled by Ed Fitzgerald
11/14/22 10:00 AM
David Guttenberg Automotive Imports Denver, CO
Wholesale Markets
NEBRASKA
Ryan Durst, vice presi dent, Lincoln Auto Auc tion LLC, Waverly, Neb.
“We’ll be celebrating our 30th anniversary in the spring. Volumes are a little down, which I think they are everywhere. There’s a lack of inventory still. November was kind of a slow month around here retail-wise.
“Within in the last few months, though, we’ve had some good signs of sales which were, what I’d call normal – pre-COVID levels.
“That was kind of encour aging, though it was a little more inconsistent. We’d have a normal sale one week, then one that was a 25% less consignment the next.
“Volumes overall are about 20% off.
“We’re 90% dealer cars and 10% fleet/repo. The last two months, repos have picked up a ton. With infla
tion and interest rates, it’s not helping people pay for vehicles.
“We’ve been pretty fortu nate. We’re averaging be tween 225 and 250 units.
“We’re getting right at 200-225 bidders. That’s a combination of in-lane and online. After COVID some dealers who had to go online stayed online. Others who found us for the first time online found we sell cars at a high percentage and stayed.
“Guys are starting to get a little more (used) inventory so the demand is not as high as it was. Demand for new vehicles is still extremely high because there is a wait list.
“Through this November, our average price has been $7,700, compared to last year which was $6,301.
“We’ve been running GSA once a month all year. We get everything; sedans, vans,
utility boxes, regular pick ups, shuttle vans, etc.
“We’ve been running 35 to 50, though in the early spring to summer it picks up. With the lack of new now, volumes are down.
“I’m pretty optimistic about next year.”
WASHINGTON Collin McConkey, gen eral manager, DAA Northwest, Spokane, Wash.
“During our Dec. 1 sale we got a bunch of snow, so we were running most of our lanes digitally for that one, making it a little less compli cated.
“Physically we have eight lanes and double block up to four lanes, so it can be a 12lane sale.
“Overall, we’ve remained kind of steady. Our auction volumes are coming back up as the market has cooled off a bit.
“Retail is not quite as hot so we’re getting some more aged units from dealers. But volumes are coming up. We’re only 9% off from 2019 numbers.
“Our average is 1,500 to 1,560 units per sale, because we have promo sales.
“A lot of that is driven by our Canadian volume. So those are essentially whole salers who are helping by bringing vehicles down here.
“Our trade volume has been really high. So now, people either really want certain product or they don’t really want certain product.
“Some of our rental sell ers are doing great, but some base models that might have a lot of miles are something that dealers might not be looking for.
“Consignors are looking for a really high book value on the car and those val ues are falling. That’s a big
change when you’re try ing to run 100 cars a week through the lanes.
“On average, we’re draw ing about 150 dealers in the lanes. But we could have 550 online. Since we run a mostly late model sale, with a lot of higher-end Canadian product, dealers don’t need to touch the car or be here in person. Plus, they trust our post-sale inspections and CRs.
“Our average price is prob ably at $26,000.
“Book values are dropping every week, especially on the really expensive stuff. We had, for a while, premium Escalades bringing $115,000. Those dropped to $85,000 or $87,000. That swayed the entire average. It’s not that our product is changing, it’s that book value is dropping.
“Overall, the retail mar ket is still healthy and normalizing.”
10 12/12/2022
Compiled by Jeffrey Bellant
ADESA Boston January 6, 13, 20, 27 508 626 7000
ADESA Charlotte January 12, 26 704 587 7653
ADESA Chicago January 6, 13 847 551 2151
ADESA Cincinnati/Dayton January 10 937 746 4000
ADESA Golden Gate January 10 209 839 8000
ADESA Indianapolis January 10, 24 317 838 8000
ADESA Kansas City January 10, 24 816 525 1100
ADESA Lexington January 19 859 263 5163
ADESA New Jersey January 12, 26 908 725 2200
ADESA Salt Lake January 17 801 322 1234
ADESA Tulsa January 13 918 437 9044
ADESA Washington DC January 4 703 996 1100
Columbus Fair AA January 11, 18 614 497 2000
Manheim Atlanta January 12, 25, 26 404 762 9211
Manheim Dallas January 3, 4, 18, 31 877 860 1651
Manheim Denver January 4 800 822 1177
Manheim Detroit January 12, 26 734 654 7100
Manheim Fredericksburg January 5, 19 540 368 3400
Manheim Milwaukee January 4, 18 262 835 4436
Manheim Minneapolis January 25 763 425 7653
Manheim Nashville January 17, 18 615 773 3800
Manheim Nevada January 13 702 730 1400
Manheim New Jersey January 4, 18 609 298 3400
Manheim New Orleans January 18 985 643 2061
Manheim Orlando January 3, 10, 17, 24, 31 800 822 2886
Manheim Palm Beach January 18, 19 561 790 1200
Manheim Pennsylvania January 6, 12, 13, 20, 26, 27 800 822 2886
Manheim Phoenix January 5, 19 623 907 7000
Manheim Pittsburgh January 4 724 452 5555
Manheim Riverside January 3, 5, 17, 19, 31 951 689 6000
Manheim Seattle January 11 206 762 1600
Manheim Southern California January 12, 26 909 822 2261
Manheim Tampa January 12, 26 800 622 7292
Manheim Texas Hobby January 12, 26 713 649 8233
Southern AA January 4, 26 860 292 7500
ADESA Boston January 13 508 626 7000
ADESA Golden Gate January 10 209 839 8000
Manheim Atlanta January 25 404 762 9211
Manheim Dallas January 3, 31 877 860 1651
Manheim Milwaukee
January 4 262 835 4436
Manheim Nashville January 18 615 773 3800
Manheim New Jersey January 4 609 298 3400
Manheim Orlando January 3, 31 800 822 2886
ADESA Boston January 20 508 626 7000
ADESA Salt Lake January 17 801 322 1234
Columbus Fair AA January 11 614 497 2000
Manheim Denver January 4 800 822 1177
Manheim Fredericksburg January 5 540 368 3400
Manheim New Jersey January 18 609 298 3400
Manheim Orlando January 24 800 337 8491
Manheim Pennsylvania January 13, 27 800 833 2886
Manheim Palm Beach
January 18 561 790 1200
Manheim Pennsylvania January 12, 26 800 822 2886
Manheim Riverside January 5, 19 951 689 6000
Manheim Pittsburgh January 4 724 452 5555
Manheim Seattle January 11 206 762 1600
Manheim Southern California January 12, 26 909 822 2261
Southern AA January 4 860 292 7500
Manheim Atlanta January 25
404 762 9211
ADESA Golden Gate January 10 209 839 8000
Manheim Atlanta January 25 404 762 9211
Manheim Dallas January 3, 31 877 860 1651
Manheim Milwaukee January 4 262 835 4436
Manheim Nashville January 18 615 773 3800
Manheim Palm Beach January 18 561 790 1200
Manheim Pennsylvania January 12, 26 800 833 2886
Manheim Riverside January 5, 19 951 689 6000
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Actual Wholesale and Projected Residual Values 12/12/2022 Source: Black Book Wholesale Numbers MY seg/type make/model/name 2021-12-01 2022-06-01 2022-12-01 2023-12-01 2024-12-01 2018 Car Toyota Camry 20700 19800 16525 12875 10925 2018 Car Honda Civic 18100 17450 16200 12000 9700 2018 Car Toyota Corolla 17150 16625 14025 10900 9075 2018 Car Hyundai Elantra 14900 15700 11625 8500 6625 2018 Car Nissan Sentra 15100 14575 11225 8450 6675 2018 Car Volkswagen Jetta 17000 16600 14800 9700 7575 2018 Car Kia Forte 16250 15425 13200 10000 8075 2018 Car Subaru Impreza 16250 16200 14275 10650 8400 2018 Car Subaru Legacy 18550 18950 15850 11750 9300 2018 Truck Ford F150 33100 31500 27600 24200 21400 2018 Truck Chevrolet Silverado 1500 36000 33900 31000 25200 21325 2018 Truck Jeep Grand Cherokee 25250 25200 21075 16175 12600 2018 Truck GMC Sierra 1500 33550 33100 30200 26150 22675 2018 Truck Nissan Rogue 21325 19775 15050 12025 9950 2018 Truck Ford F250SD 40400 38300 36000 30850 26600 2018 Truck Chevrolet Tahoe 43775 39700 32275 26075 21400 2018 Truck Chevrolet Silverado 2500 38400 35200 31500 27225 24025 2018 Truck Toyota 4Runner 30850 30675 26725 21450 17425 2018 Truck Ford Edge 23975 21650 16325 13475 11575 2019 Car Toyota Camry 22150 22450 18575 14450 12275 2019 Car Honda Civic 19400 19250 18000 13425 10975 2019 Car Toyota Corolla 19500 19050 17000 12825 10575 2019 Car Hyundai Elantra 16550 17650 14250 10425 8100 2019 Car Nissan Sentra 17800 17500 15300 11000 8500 2019 Car Volkswagen Jetta 20200 20250 17750 12200 9700 2019 Car Kia Forte 19250 18825 15800 11850 9650 2019 Car Subaru Impreza 17800 18150 15350 11800 9500 2019 Car Subaru Legacy 20800 21500 18150 13600 10875 2019 Truck Ford F150 38000 36100 32800 28700 25300 2019 Truck Chevrolet Silverado 1500 39500 37600 31400 26675 22975 2019 Truck Jeep Grand Cherokee 27875 27850 24000 18700 14800 2019 Truck GMC Sierra 1500 39550 38200 33200 29125 25525 2019 Truck Nissan Rogue 23225 22150 17500 13975 11500 2019 Truck Ford F250SD 43450 42900 40500 34975 30375 2019 Truck Chevrolet Tahoe 49150 43725 36125 29750 24950 2019 Truck Chevrolet Silverado 2500 40400 36800 32700 28825 25825 2019 Truck Toyota 4Runner 34350 32725 28625 23575 19725 2019 Truck Ford Edge 26700 24825 19250 16075 13800 2020 Car Toyota Camry 24600 23825 20450 16100 13875 2020 Car Honda Civic 21050 21250 19450 14900 12350 2020 Car Toyota Corolla 21200 21300 19050 14625 12275 2020 Car Hyundai Elantra 18850 19725 16525 12100 9625 2020 Car Nissan Sentra 20850 19675 17475 13075 10475 2020 Car Volkswagen Jetta 21250 21800 19400 13525 10900 2020 Car Kia Forte 20850 20475 18075 13750 11200 2020 Car Subaru Impreza 20050 19925 18275 13800 11275 2020 Car Subaru Legacy 24500 23300 20300 16000 13075 2020 Truck Ford F150 41000 39500 36200 32150 28750 2020 Truck Chevrolet Silverado 1500 41500 41500 36900 31375 26925 2020 Truck Jeep Grand Cherokee 32025 31800 26950 21425 17275 2020 Truck GMC Sierra 1500 42100 39800 35500 31450 27825 2020 Truck Nissan Rogue 25675 25100 18850 15450 12925 2020 Truck Ford F250SD 46250 49700 46500 40575 35550 2020 Truck Chevrolet Tahoe 54100 48425 38200 32850 28425 2020 Truck Chevrolet Silverado 2500 46900 46800 41700 36200 32000 2020 Truck Toyota 4Runner 37400 36500 30025 25400 21800 2020 Truck Ford Edge 29550 27500 20975 18025 15800 2021 Car Toyota Camry 25525 25175 22625 17850 15400 2021 Car Honda Civic 22925 22825 21225 16425 13825 2021 Car Toyota Corolla 22250 22500 20450 15900 13550 2021 Car Hyundai Elantra 20625 21275 18125 13725 11200 2021 Car Nissan Sentra 22250 21225 19575 14750 11900 2021 Car Volkswagen Jetta 22875 22775 20525 14400 11825 2021 Car Kia Forte 22350 22150 19800 15525 12825 2021 Car Subaru Impreza 21425 20925 19375 15025 12575 2021 Car Subaru Legacy 26275 24175 21700 17250 14475 2021 Truck Ford F150 46500 46000 43500 38550 34350 2021 Truck Chevrolet Silverado 1500 45000 43000 38250 33500 29500 2021 Truck Jeep Grand Cherokee 35200 34725 29500 24125 19975 2021 Truck GMC Sierra 1500 45600 42800 37500 33925 30650 2021 Truck Nissan Rogue 31200 30450 25875 20725 17125 2021 Truck Ford F250SD 49850 51500 49200 43400 38425 2021 Truck Chevrolet Tahoe 63825 65700 54550 46400 39525 2021 Truck Chevrolet Silverado 2500 53900 55000 46500 40825 36275 2021 Truck Toyota 4Runner 40475 37850 31425 27150 23875 2021 Truck Ford Edge 32550 30275 25225 21650 18950
The dog diaries are due an other entry. Don’t get carried away; I write these notes to remind readers of my dis interest in canine company, not to engender any sense of admiration or affection.
My long-held convictions of dislike for dogs has been further underscored by re cent visits to my descen dants, who have a misguided delight in sharing their lives with ‘man’s best friends’. Ha! Phooey and poppycock! The only outlier is Adrienne who has three children, five and under – nuff said!
Ally has exquisite taste that extends to home fur nishings and interior design. She could easily advise oth ers over décor and direction, while it would be wasted at home; her beautiful furni ture is being decimated by gnashing and gnawing nui sances. Stuart and Gus, the French bulldog puppies are
only puppies in age – a little over a year. In every other respect they are big and bullying, brash and brutal. Their heads are as broad as their shoulders – they look like a pair of front-end load ers! And when it comes to chomping on the Chippen dale, their bites are worse than their barks. Two glori ous swivel tub chairs adorn ing a nook near the kitchen – ideal for conversations with company during exer cise of the culinary arts, now look like something from a Hanna-Barbera cartoon. I fully expect a spring to go “Boing” in a cloud of fluff.
The perfectly comfortable chairs’ arms are diminishing by the day as the dogs chew them into oblivion and the covers flap in the breeze of air the conditioning vents.
The sofas in the lounge are suffering a similar demise only from the bottom up.
Ball feet become a snack be tween meals. The rest of the sofas are protected by covers of diverse materials that give the place a ghostly, lonesome look. Kevin and Bella lounge lazily, looking wide-eyed (Kevin is unable to do other wise) at the tattered tumult whilst gathering the covers around them.
Being shorthaired dogs and winter on the way, they’ll tarry outside no lon ger than is bodily necessary. They’ve already got used to lying next to the heater ducts and adore a roaring blaze in the hearth.
In my book they provide zero entertainment value ex cept learning a new vocabu lary of vitriol directed at the miscreant malefactors.
Robby, my son with the disjointed dog-loving gene, has had even less luck to report. He was attacked by his girlfriend’s Pit Bull, Gra
cie! The Pit Bull was fight ing with Emma, Robby’s Golden Retriever – strange names for either dog – as he tried to separate them, Gra cie turned on him, inflicting wounds that sent him to the emergency room and Gracie to her previous home! Hoots of “I told you so” appeared to be disingenuous and sym pathetically out of place. However, in my eyes, own ing a Pit Bull is a terrifying tightrope that’s unraveling while you’re in the middle of an abyss.
Replacing the dismissed dog was accomplished with the acquisition of – wait for it – a French Bulldog named Louis. Where do they come up with these names? So we now have a new strain to add to the observations to come.
Meanwhile Charlie, né Cujo and his buddy, Cash continue to prove the theory that less is more or in their
case, more is less. The size of the dogs is in inverse propor tion to the chaos created by these two lazy, lollygagging lummoxes!
After all these essays I’m sure you’re convinced that dogs do nothing for me. Would you believe that cats do even less?
IN TE GR A T RIU MP H P W A V A C U O AF OU R EX IG E LOT C S A R L F L R EVE GL A GEO ID O A E GS A G NOD PI TS JE TT A JE T O E D YE H R L RE ROU TE BO X LE TD RAN G N EG OU TL AN DER DODG E F R N I A N IR A G HIB LI US ED NED O O L P C OV ER IN JE CT IO N 12345678 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Solution to the 11/14/2022 puzzle Solution to this puzzle in the 1/16/2022 issue. Call 1.800.794.0760 for a FREE subscription. Play Online at UsedCarNews.com
Across 1 Crossover SUV from Kia 5 Mercedes sports car, 2 words 10 Dodge SUV 11 Honda SUV 13 Visit 14 Classic British sports car from the 30s 16 Old Ford SUV 19 Intel group, abbr. 20 Form Saturn model 21 Isuzu model 23 Car salesmen’s offers, 2 words 24 Oval object 25 ____ to 60 27 Open, as a radiator 28 Gas user 30 Before prefix 32 Nothing 34 Towing 36 Akron’s state 37 Augusta’s state, abbr. 38 Auction signal 39 Alero and Cutlass, for example 42 NYC time, abbr. 43 Gas station freebie 44 Good deals Down 1 Hyundai sport adventure vehicle, 2 words 2 Mitsubishi crossover 3 Couple 4 Rolls Royce model 6 Company with a trident emblem 7 Man 8 Watch 9 Non-working autos 12 Government drug group, abbr. 15 Excited with antici pation 16 Auction offer 17 ____ Altima 18 Summer camp bunk, often 19 Chevy classic 22 Vanity 23 Jeep SUV 26 Capt.’s guess, abbr. 27 Caterer’s coffeepot 29 Edge 30 Large Honda SUV 31 Safety feature, 2 words 33 Gives temporarily 34 Accord maker 35 Look ____ the hood 40 Business degree, abbr. 41 Hawaiian wreath 14 Tony Moorby Disconnected Jottings From
By Myles Mellor
• 50-year veteran of the industry • President from 1997–2000 of ADT Automotive • Served as ADESA’s executive vice president of sales and marketing • Moorby & Associates 2006–present • NAAA Hall of Famer • IARA Circle of Excellence To see past columns from Tony Moorby, visit www.usedcarnews.com/ columnists/tony-moorby 12/12/2022
Tony Moorby