Page 1

May 15, 2017

www.usedcarnews.com

Finance Remains Available Despite Tightening

MORE MONEY: Ally Inc. grew used-car financing to 48 percent of total originations in the first quarter. That is up from 45 percent of total originations in the first quarter of 2016, which was a record at the time.

Rush - Dated Material

Evidence of a real tightening in auto inance arrived in the latest quarterly earnings reports from several creditors. Santander Consumer USA Holdings Inc. announced that total auto originations in the irst quarter were $5.4 billion, down 21 percent from the prior quarter. Core retail auto originations were $2.2 billion, down 16 percent from the prior quarter. Total Chrysler Capital originations were $3.2 billion, down 23 percent. Consumer Portfolio Services reported that it purchased $229.6 million of new contracts in the irst quarter. This compares with $215.3

million purchased during the fourth quarter of 2016 and $312.3 million during the irst quarter of 2016. The tightening is being driven by increasing delinquencies and higher losses due to lower wholesale prices. For example, CPS saw annualized net charge-ofs rise to 7.91 percent of the average owned portfolio in the irst quarter, as compared to 7.57 percent for the irst quarter of 2016. Delinquencies greater than 30 days (including repossession inventory) were 9.74 percent of the total owned portfolio as of March 31, as compared to 8.97 percent as of March 31, 2016.

Not everyone is tightening. General Motors Financial Company Inc. reported that retail loan originations were $6.5 billion for the quarter, compared to $4.7 billion for the quarter ended Dec. 31, 2016, and $4.1 billion for the quarter ended March 31, 2016. Ally Inc. also said during its earning call that it seeks growth, especially in used-car inance. Ally Chief Financial Oicer Chris Halmy said “a 3-year-old vehicle hitting the dealer’s lot is a great inancing opportunity.” And there still seems to be an appetite for automotive asset-backed securities, despite reports of grow-

Meet The New GoldStar.

ing losses. CPS recently closed its second term securitization. The transaction is CPS’s 24th senior subordinate securitization since the beginning of 2011 and the seventh consecutive securitization to receive a triple “A” rating on the senior class of notes from at least two rating agencies. Ally’s U.S. auto term securitizations totaled approximately $3 billion for the quarter, including Ally’s irst loor plan securitization since 2015. Additionally, during the quarter, Ally renewed approximately $1.25 billion in credit facilities.


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USED CAR NEWS

May 15, 2017 • 3

Three Dead as SUV Crashes into Crowd at Auction Three people have died, six remain hospitalized and three individuals were transported to area hospitals, treated and released, as a result of a collision that occurred May 3 at Lynnway Auto Auction in Billerica, Mass.

Brenda Lopez At approximately 10:15 a.m., a 2006 Jeep SUV driven by an employee of Lynnway Auto Auction, a man in his 70s, accelerated unexpectedly and crashed into a crowd of people and through a cinder block outer wall.

The incident occurred during a weekly sale. Lynnway Auto Auction President Jim Lamb said in a statement that the worker had a valid license when he was hired in 2010, but it was suspended at the time of the accident. Lamb said he was unaware of the suspension until notiied by the police after the accident. “As he has had no issues while driving for Lynnway for the past seven years, we were surprised and upset to learn of this development,” Lamb said in the statement. “We hold our drivers to a high standard.” Lamb said he expects his workers to inform the company if they lose the ability to drive in Massachusetts. Brenda Lopez, 48, of Rhode Island, and Pantaleon Santos, 49, of Rhode Island, were pronounced dead at the scene. Leezandra Aponte, 36, of Lowell, was transported to Lahey Hospital where she was later pronounced dead. Lopez worked as a secre-

tary at car dealerships after immigrating to the United States in 1990. One of the surviving victims was believed to have injuries that are considered life threatening. He remained hospitalized at press time. The accident has been classiied as a mass casualty incident, which necessitates the rapid response of emergency resources to tend to a large amount of victims with varying degrees of need, ranging from walking wounded to life-threatening injuries. The Burlington, Bedford, Tewksbury, and Wilmington Fire Departments sent units to the scene, and the Chelmsford and Burlington Fire Departments provided station coverage for the vacant Billerica ire houses during the incident. Trinity EMS Inc. sent ambulances to the scene during the incident, which allowed for patients to be rapidly transported to hospitals. Lahey Hospital and Medical Center was alerted with-

in minutes and was able to prepare its emergency department to receive patients. On the law enforcement side, the Northeastern Massachusetts Law Enforcement Council activated municipal police departments from across Middlesex and Essex County, sending its Rapid Response Team and its mobile command post to the scene, providing muchneeded manpower and logistical resources. The Massachusetts State Police also responded with a number of units. “During a mass casualty incident, seconds count for patients. Manpower at the scene is critical, but it is just as important that these resources be deployed in an orderly and organized fashion, consistent with best practices of incident command,” said Billerica Fire Chief Conway. “Today’s incident was a tragedy, but I am grateful for the tremendous response of police, ire, and EMS resources today that likely prevented further loss of

life today.” Melissa Otis, executive director of the Massachusetts Independent Automobile Dealers Association, said she has heard from several dealers who attended the sale. “Today is a very sad day for our dealer community,” Otis said. “I was not there, but have spoken to many who were that all say it was a horriic scene.” All evidence and information at this time suggests an accidental cause. The investigation by Billerica and State Police is ongoing. A message on the Lynnway website reads: “We are shaken and deeply saddened by the unfortunate accident at Lynnway. Our thoughts and prayers go out to the individuals and families afected by this event.” The auction had been ined for serious safety violations in 2014 by the federal Occupational Safety and Health Administration. At the time, OSHA said Lynnway failed to create a safe workplace for its employees among the moving motor vehicles.


4 • May 15, 2017

USED CAR NEWS

NEWS BRIEFS Repair Costs Rise in Most Regions A faulty oxygen sensor, which negatively impacts fuel economy if ignored, remains the most common reason drivers experience a check engine light. That is one of the indings of the 2017 CarMD Vehicle Health Index of check engine-related car repairs, costs and trends. The report also found that model year 2005 vehicles were most likely to have a check engine light on, while newer model 2015 and 2016 cars and trucks each accounted for less than 1 percent of reported check engine incidents. The index is based on data analyzed by CarMD from more than 5.3 million in-use 1996-2016 vehicles in the U.S. during 2016. CarMD found that the average cost to repair a check engine problem in the U.S. in 2016 was $398 including parts and labor, which is up 2.7 percent year-over-year. The ive most common problems found to trigger the check engine light in 2016 were a faulty oxygen sensor, catalytic converter, ignition coil and spark plug issue, loose or damaged fuel cap and faulty mass air low sensor. They range in cost from $17 to replace a gas cap to $1,190 or more for a catalytic converter. This year’s index found the only

region to experience a decrease in repair costs was the West, where vehicle owners had a slight reprieve with a 1.1 percent drop in car repair costs. Drivers in the Northeast paid the most for check engine repairs ($401) while drivers in the Midwest paid the least on average ($385) for parts and labor. The 2017 CarMD Vehicle Health Index analyzed 5,345,588 repairs reported to and validated by CarMD’s network from Jan. 1, 2016 to Dec. 31, 2016.

RMS, Manheim Offer More Vehicles RMS Automotive and Manheim are ofering a new co-listing capability that allows all open sale vehicles listed on manufacturers’ digital sales platforms powered by RMS Automotive to be simultaneously ofered on Manheim.com and OVE. BMW Group Financial Services NA LLC is the irst commercial consignor to co-list its national inventory of of-lease vehicles under the new ofering. With the solution, inventory found on BMWGroupDirect.com is now included in dealers’ Manheim.com and OVE search results. By clicking on one of these listings, Manheim and RMS Automotive use single sign-on authenti-

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cation to seamlessly direct dealers to ration options and features to help the consignor’s private label website them avoid losing sales due to being where they can evaluate, bid on and unable to ind keys quickly. purchase the vehicle. SKS’s KeyWatcher Touch system uses technology such as touch Credit Acceptance Reports Higher screen key selection and ingerprint Income Warehouse Facility logins to track keys, monitor users Credit Acceptance Corp. an- and run usage reports to eliminate nounced consolidated net income of wasted time locating keys and make $93.3 million for the irst quarter. sure customers can take test drives. This is compared to consolidated net income of $74.4 million for the ClearVin Uses J.D. Power Values same period in 2016. ClearVin, and J.D. Power Valuation The company also announced it Services (formerly known as NADA increased the amount of one of its Used Car Guide), have recently revolving secured warehouse facili- agreed on a deal that will make the ties to $100 million from $75 million selling and buying of used vehicles and extended the maturity of the much easier for automotive dealers facility to April 30, 2020 from April and wholesalers. 30, 2018. The interest rate on borNADA Values included in the hisrowings under the facility has been tory report cover retail, trade-in, increased from LIBOR plus 200 ba- auction and loan values. sis points to LIBOR plus 225 basis ClearVin reports provide vehicle points. speciications along with accident history, salvage and total loss events submitted by insurance companies.

NIADA Partners with Key Firm

Security Key Systems Inc. (SKS) has joined with the National Independent Automobile Dealers Association as a new National Member Beneit partner. The move gives association members availability to a key tracking suite with a wide range of conigu-

PAGE 21

Published By General Media LLC USED CAR NEWS (ISSN 1555-7413) is published at 24114 Harper, 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 Colleen Fitzgerald, General Manager Editorial: Ted Craig, Managing Editor Jeffrey Bellant, Staff Writer Contributing Writers: Ed Fitzgerald, Jenny King, Sheila McGrath Advertising: Shannon Colby, Account Manager Marie Hingst, Account Manager

Columnist: Tony Moorby Circulation: Helen Thomas Production: Tom Savage, Production Manager Cee Lippens, Web Master & Graphic Designer

Vol. 23 • No. 4 Used Car News is published the irst and third Monday of each month. Subscribers: We print advertisements as sent to us by auctions and other advertisers. It is not possible to verify the correctness of listed vehicles in auction ads. Most lists are partial and all lists are subject to last minute changes by auto auctions, so before travelling a long distance for a particular auto auction event, contact the auction by telephone for a fax of vehicles in the sale. Used Car News assumes no guarantees or liabilities concerning the accuracy of any advertisements. All Rights Reserved.

Reproduction in any form is prohibited without the written consent of the publisher. OUR ADVERTISING APPROVAL POLICY Payments from irst time advertisers must accompany the insertion order. Distribution is guaranteed by the USPS. he advertising reservation deadline is 12:00 noon hursday, 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 speciications please email colleen@usedcarnews.com.

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USED CAR NEWS

May 15, 2017 • 5

Wholesale Prices Rise

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Recent measures of the wholesale market show a resiliency stronger than many expected. Part of this is due to strong retail demand ofsetting growing of-lease volumes. Manheim reports that wholesale used vehicle prices improved by its measure 0.5 percent month-overmonth in April. This brought the Manheim Used Vehicle Value reading to 124.7, which represented a 1.6 percent increase from a year ago. The Index adjusts prices for mix, mileage and seasonality. On a year-over-year basis in April, the mid-sized car category saw the largest decline, while only pickups saw gains greater than the overall market. “Although the Manheim Used Vehicle Value Index increased for the irst time this year on a month-overmonth basis, used vehicle values have not collapsed the way many analysts have warned of for more than a year due to expected increases in wholesale supplies,” Webb said. “ And in fact, what weakness we have seen is probably more a result of excessive new vehicle inventory, not used.” The latest Used Vehicle Retention Index from Black Book increased to

113.1 for April, a slight uptick from March’s value of 113. “April saw stronger seasonality trends than what we had been seeing during the last few spring seasons,” said Anil Goyal, Black Book’s senior vice president of automotive valuation and analytics. “There certainly remains a growing concern over rising supply levels, which typically leads to higher depreciation, but with prices on some segments seeing better value, consumers may be more willing to consider used vehicles in some key car segments.” The strong performance can be explained by continued retail demand. Recent quarterly reports show just how much the room to run there remains in the market. For example, Sonic Automotive Inc. set a new record for itself in pre-owned sales. Sonic stores sold 30,372 preowned units in the irst quarter. This contributed gross proit of $40.8 million. In addition, Kia Motors America’s certiied pre-owned vehicle sales reached an all-time high in the irst quarter. Kia dealers sold 19,453 CPO units in the irst three months of the year. This was a 17.3 percent increase in CPO sales year-over-year.

Carite Cuts Ties with Store Buy-here, pay-here chain Carite announced its decision to sever its contractual relationship with the former business owners of Carite of Kalamazoo, Mich. This dealership was independently owned and operated under a license granted by Carite to operate under its brand. The decision to terminate the relationship was made earlier in April following several defaults and delinquencies by these business owners. The store is currently closed and there is a pending lawsuit brought by Carite against the former owners.

Carite is aware that there are Carite of Kalamazoo customers who have been impacted by the former business partners’ actions, mostly related to their failure to properly process title and registration paperwork. While Carite pursues all available legal remedies against these former business owners, Carite will work with any customers who are experiencing diiculties in obtaining their registration and/or plates under the previous ownership. Carite plans to re-open the Kalamazoo location as a corporateowned dealership in the future.

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6 • May 15, 2017

USED CAR NEWS

Employees Commit Fraud The El Paso, Texas, police department’s financial crimes unit has arrested and charged seven individuals in an elaborate fraud scheme conducted by associates and former employees of Fox Toyota. In May 2016, El Paso police were notified about two missing vehicles from Fox Toyota. Financial crimes investigators began an investigation, which ultimately revealed that Fox Toyota associates and former employees were working together in several criminal incidents. Employees were working together in a tire theft scheme, using Fox ve-

hicles illegally, overbilling vendors, insurance schemes, and hiding information of their illegal enterprise from Fox Toyota management. As a result of the investigation, Mark Alvarez, Cesar Valdiviez and Albert Vargas were charged with engaging in organized criminal activity theft. Miguel Silva and Carlos Velasquez were charged with unauthorized use of motor vehicles. Luis Silva was charged with misapplication of fiduciary property. Federico Gutierrez was charged with theft by forgery. The investigation is continuing.

Killer’s SUV Goes up for Sale BOSTON (AP) – Prosecutors say the SUV that ex-NFL star Aaron Hernandez was in when he killed two men in 2012 is up for auction. The Boston Globe reports more than 60 people had placed bids on the Toyota 4-Runner on eBay as of May 2. The SUV’s owner is a Rhode Island car dealer, who leased it to Hernandez as part of a promotional agreement. Hernandez was accused of shoot-

ing the two men after an encounter at a Boston nightclub. Prosecutors alleged Hernandez was in the SUV’s passenger seat when he shot at the men’s car, killing Daniel de Abreu and Safiro Furtado. The former New England Patriots tight end was acquitted April 14. He already was in prison for the killing of a man who was dating his fiancee’s sister. He killed himself in his cell days after the acquittal.

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*The tradename “Subaru Motors Finance” and the Subaru logo are owned / licensed by Subaru of America, Inc. and are licensed to JPMorgan Chase Bank, N.A. (“Chase”). Retail/ Loan and lease accounts are owned by Chase. *The Jaguar word mark, the Jaguar logo, and Jaguar Financial Group are trademarks of Jaguar Land Rover Limited and any use by Chase is under license. The Land Rover word mark, the Land Rover and Oval logo, and Land Rover Financial Group are trademarks of Jaguar Land Rover Limited and any use by Chase is under license. Retail / Loan and lease accounts are owned by Chase. The tradename "Mazda Capital Services" as well as the Mazda and Mazda Capital Services logos are owned by Mazda Motor Corporation or its affiliates and are licensed to Chase. Retail / Loan and lease accounts are owned by Chase. ©2017 JPMorgan Chase Bank, N.A. Member FDIC (17-006) 6/17


8 • May 15, 2017

USED CAR NEWS

NABD CONFERENCE MEETS CHALLENGES This year’s National Alliance of Buy-Here, Pay-Here Dealers attendees will hear about all kinds of ways the industry faces changes. The event itself is about to undergo its biggest change in almost 20 years. NABD founder Ken Shilson has announced his intention to sell the rights to the event he has been running for 19 years. Shilson turned 68 in January. He said it was time to step back from the pressures of putting on the conference.

“I can’t do it forever,” he said. “The day-to-day management is getting to be more than a 68-year-old can handle.” Shilson plans on turning the NABD over to an experienced event management firm. His main condition is that NABD be maintained as a unique event. Shilson said he would seek input from attendees on how the NABD should move forward under new management. One hot topic this year will

be tax season or, rather, the lack of a tax season. Bill Neylan, president of TRS Tax Services, said they warned dealers last year that changes to federal law would squeeze tax season into two weeks. Instead, it wound up being two days – Feb. 21 and 22. Neylan said one of the stores he works with printed $1 million worth of refund checks in one day. “It’s impossible to capture two months of sales in two days,” Neylan said.

BUY HERE, PAY HERE INDUSTRY BENCHMARKS / TRENDS 2016

Cost of Vehicle Sales Cost of Vehicles Recondistion costs Other Total cost of vehicle sales Operating Expense Advertising Bankcharges Contributions Depreciation Dues and subscriptions Insurance Legal and accounting Outside services Ofice expense Rent Repairs and maintenance Salaries (non-owners) Taxes-general Other operating expense Taxes-payroll Utilities and telephone Travel/Training Total operating expense

2015

2014

49.24% 8.39% 3.13% 60.76%

49.59% 8.31% 2.44% 60.34%

50.06% 7.63% 2.72% 60.41%

3.74% 0.17% 0.03% 0.49% 0.15% 0.31% 0.24% 0.79% 0.79% 2.28% 0.15% 11.97% 0.09% 0.16% 0.51% 0.59% 0.33% 22.79%

3.93% 0.18% 0.02% 0.52% 0.14% 0.32% 0.28% 0.38% 0.90% 2.27% 0.34% 11.36% 0.07% 0.23% 0.52% 0.42% 0.38% 22.26%

3.82% 0.28% 0.03% 0.46% 0.12% 0.29% 0.45% 0.20% 0.83% 2.20% 0.16% 10.56% 0.18% 0.03% 0.84% 0.67% 0.43% 21.55%

legal sessions at this year’s conference. Hudson said the main question that will play out over the next few months is if the Consumer Financial Protection Bureau is going to be mortally wounded. So far, that’s not the case. “Even though the heat’s on from Congress, they’re still doing things,” Hudson said. And state attorneys-general are stepping in to fill any gap, as demonstrated by the recent joint suit brought in Massachusetts and Delaware against Santander. Along with recalls, overtime pay rules and other issues, there will be plenty to learn about at this year’s event.

BUY HERE, PAY HERE INDUSTRY BENCHMARKS / TRENDS 2016 Prepared for NABD by NCM and NIADA 20 Groups 20 Group Dealer Operating Information: 2014 - 2016

Prepared for NABD by SGC Certiied Public Accountants Cost of Goods Sold and Operating Expense Detail: 2014- 2016

2016

He said one of his local dealers had 100 cars on his lot in January. By April, the store was closed. Dealers need to prepare for this new normal, Neylan said. They were adjusting to a new regulatory landscape, although unhappily, before Donald Trump won the presidency in November. Now they need to figure out what it means to have an administration that’s as hostile to regulations as the previous one was friendly. Attorneys Tom Hudson and Erik Johnson of Hudson Cook, Terry O’Loughlin of Reynolds & Reynolds and Shaun Peterson of the National Independent Automobile Dealers Association will help them do that during the

2016 2016 NIADA NCM Benchmarks Benchmarks Average units sold per dealer (BHPH deals only) 708 585 Average cash in deal per vehicle sold $6,466 $5,656 Average ACV per vehicle sold (includes recon) $7,438 $6,034 Average reconditioning cost per vehicle sold $811 $1,126 Average gross proit per vehicle sold $5,868 $4,462 Average cash down payment (including trades) $972 $1,014 Average amount inanced $12,862 $10,395 Average term of loan (inweeks) 186 147 Collections / Recoveries Average weekly payment amount $98 $84 Percentage of accounts past due 17.9% 18.7% Average # of past due accounts per collector 94 87 Average net loss per charge off $6,807 $5,098 Average portfolio delinquency Current 82.10% 81.30% 0-10 days N/A 12.00% 1-15 days 10.50% N/A 11-29 days N/A 3.60% 16-29 days 3.60% N/A 30-59 days 2.30% 1.70% 60-89 days 0.80% 0.60% 90+ days 0.70% 0.80% 100.00% 100.00% Inventory Management Vehicle Day Supply (Units) 59 71 Average inventory aging 0-30days 48.70% 44.00% 31-60 days 23.50% 23.50% 61-90 days 14.30% 11.40% 91+ days 13.50% 21.10% 100.00% 100.00%

% of % of % of Vehicle Sales Vehicle Sales Vehicle Sales Sales

NEXT ISSUE: NIADA

2015 NCM Benchmarks 635 $6,353 $6,403 $1,221 $4,675 $1,091 $10,909 159

2014 NCM Benchmarks 550 $5,777 $6,237 $1,207 $4,484 $1,089 $10,567 153

$91 17.6% 82 $5,058

$89 16.3% 101 $4,820

83.10% 9.70% N/A 3.90% N/A 1.90% 0.80% 0.60% 100.00%

83.80% 8.60% N/A 3.90% N/A 2.30% 0.90% 0.50% 100.00%

84

91

41.30% 22.20% 14.70% 21.80% 100.00%

42.40% 23.70% 15.50% 18.40% 100.00%


10 • May 15, 2017

USED CAR NEWS

CFPB Fines Firm Again

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* Separate subscription(s) required. † App download fee is $1.99, with a limit of 10 look-ups. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google Inc. NADA Used Car Guide and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power and Associates.

The Consumer Financial Protection Bureau has taken action against a inance company for illegally pressuring members of the military, and other customers, to repay auto loans. The bureau says Security National Automotive Acceptance Co. (SNAAC) has violated a consent order. “This company violated a Bureau order when it failed to get money back to servicemembers it had hounded with illegal debt collection tactics,” said CFPB Director Richard Cordray. “We are making sure this company inally rights its wrongs.” In 2015, the CFPB ordered SNAAC to pay both redress and a civil penalty for illegal debt collection tactics. SNAAC violated the 2015 order by failing to provide more than $1 million in refunds and credits, affecting more than 1,000 consumers. The new consent order requires SNAAC to make good on the redress it owes to those consumers and pay an additional $1.25 million penalty. SNAAC, based in Mason, Ohio, is an auto-inance company that operates in more than two dozen states and specializes in loans to servicemembers, primarily to buy used vehicles. In June 2015, the CFPB sued SNAAC for aggressive collection tactics against consumers who fell behind on their loans. If servicemembers lagged behind on payments, SNAAC’s collectors would threaten to contact – and in many cases did contact – their chain of command about their debts. Also, the company exaggerated the consequences of not paying. For instance, they told some consumers that failure to pay could result in action under the Uniform Code of Military Justice, demotion, discharge, or loss of security clearance. But these consequences were extremely unlikely. The CFPB alleged that SNAAC’s aggressive tactics, which took advantage of servicemembers’ special For Cars, Trucks and Vans

obligations to remain current on debts, victimized thousands of borrowers. In October 2015, a CFPB consent order found that SNAAC had indeed engaged in unfair, deceptive, and abusive acts and practices while collecting on these auto loans. The order required SNAAC to pay $2.275 million in consumer redress through credits and refunds, and a $1 million civil penalty. Consumers with an account balance were to receive credits to their accounts, and consumers with a zero balance were to receive cash refunds. While SNAAC submitted two plans that claimed to provide the full amount of redress ordered, both were designed to underpay such redress. Acting on a tip from a servicemember’s father, the CFPB discovered that SNAAC had issued worthless “credits” to hundreds of consumers and failed to provide proper redress to many more. The CFPB is issuing this new consent order against SNAAC for violating the terms of the 2015 consent order by failing to properly give refunds or credits to afected borrowers. In the new order, the CFPB found that the company had failed to meet its obligation to pay redress to consumers. SNAAC must pay the Bureau roughly $720,000, which the Bureau will send as refunds to about 925 consumers. SNAAC must issue about $370,000 in new credits to over 1,000 consumers with remaining account balances as well as properly credit roughly 1,000 consumers making payments under settlement agreements. SNAAC must also pay $75,000 to the Bureau to cover the costs of distributing these payments. SNAAC must pay a penalty of $1.25 million to the CFPB Civil Penalty Fund, in addition to the $1 million penalty it paid under the 2015 consent order.

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12 • May 15, 2017

USED CAR NEWS

Cars.com Set for Spin Off looking for a

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Online auto classiied provider Cars.com will be spun of from parent Tegna Inc. All outstanding shares of Cars. com will be distributed to Tegna stockholders of record at the close of business on May 18. Stockholders will retain their Tegna shares and receive one share of Cars.com for every three shares of stock they own on that date. Cars.com shares are expected to begin regular trading on June 1. The spin-of remains subject to the conditions described in the preliminary information statement iled by Cars.com on Form 10 with the U.S. Securities and Exchange Commission. “This spin-of is the culmination of a multi-year transformation of our company, and the board is conident that both companies are well positioned to execute their strategic plans for growth and create shareholder value,” said Tegna CEO Gracia Martore. Alex Vetter will serve as president and CEO of Cars.com upon completion of the separation. “We are approaching a watershed moment for Cars.com and I couldn’t be more excited about our future,” Vetter said. “As an independent company, we

have greater lexibility to capture the opportunities ahead of us by leveraging our strong brand, innovative platform and expanding, loyal audience. We are a pure-play digital company in an excellent position to drive long-term growth and proitability, and we are a unique investment opportunity in the digital automotive space.” Scott Forbes will serve as chairman of the Cars.com board of directors following the separation. The Cars.com Board of Directors will also include Vetter and current Tegna director Jill Greenthal. Greenthal will resign from the Tegna board concurrently with the completion of the spin-of. In addition, upon completion of the separation, Thomas Hale, Donald McGovern and Greg Revelle are expected to serve on the Cars.com board of directors. Upon completion of the separation, Cars.com will trade on the New York Stock Exchange under the symbol CARS. Prior to the separation, Cars.com will make a one-time cash distribution of $650 million to Tegna. Tegna intends to use the $650 million tax free distribution from Cars.com and cash low from operations to reduce leverage.

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14 • May 15, 2017

USED CAR NEWS

Recall Cases Head to Court

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Recalls are at the center of a pair of recent court cases. The U.S. Supreme Court has turned away an appeal from General Motors Co. seeking to block dozens of lawsuits over faulty ignition switches that could expose the company to billions of dollars in additional claims. The justices without comment left in place a lower court ruling that said the automaker’s 2009 bankruptcy did not shield it from liability in the cases. A federal appeals court ruled last year that GM remains responsible for ignition-switch injuries and deaths that occurred pre-bankruptcy because the company knew about the problem for more than a decade but kept it secret from the bankruptcy court. The company had argued that well-established bankruptcy law allowed the newly reorganized GM to obtain the old company’s assets “free and clear’’ of liabilities. GM recalled 2.6 million small cars worldwide in 2014 to replace defective switches that played a role in at least 124 deaths and 275 injuries, according to a victims’ fund set up by GM and administered by attorney Kenneth Feinberg. The automaker has paid nearly

$875 million to settle death and injury claims related to the switches. That includes $600 million from Feinberg’s fund and $275 million to settle 1,385 separate claims. It also has paid $300 million to settle shareholder lawsuits. But many others are pursuing their claims in court. After it emerged from the government-funded bankruptcy, the company referred to as New GM was indemnified against most claims made against the pre-bankruptcy company, known as Old GM. A bankruptcy court sided with the company in 2015, ruling that most claims against Old GM could not be pursued. But the appeals court in Manhattan overturned most of that decision and said hundreds of pre-bankruptcy claims could go forward. In the other case, a Malaysian man whose wife’s death is one of at least 16 blamed on air bag defects has sued Japanese automaker Honda and the Takata Corp. in a U.S. court, saying he wants the companies to disclose more about the dangers. Nida Fatin Mat Asis, a 29-year-old doctor, died almost instantly after the Honda City she was driving hita pole and skidded into a ditch in MaContinued on page 16

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16 • May 15, 2017

USED CAR NEWS

Recalls – Continued from page 14 laysia’s eastern Sabah state on April 16 last year. An autopsy found shrapnel from a Takata air bag inlator in the base of her skull. The lawsuit was iled by her husband in a U.S. District court in Michigan on May 1. Her father, Mat Asis Mahnoon, said the family decided to sue after Takata pleaded guilty to fraud in

that the family refused a settlement ofer from Honda and Takata that was conditioned on them not speaking publicly. The woman’s husband says her family wants to ensure the companies do more. “I refuse to let my wife die in vain. By telling her story, we hope Takata and Honda will do more, particularly in Malaysia, to notify

“I refuse to let my wife die in vain.” Abdullah Shamshir Abdul Mokti February and agreed to pay $1 billion in penalties for concealing the defect blamed for 11 deaths in the U.S. and ive in Malaysia. More than 180 injuries have occurred worldwide and more than 100 million inlators have been recalled. Plaintifs alleged in dozens of lawsuits that Honda, Toyota, Nissan, Ford and BMW had independent knowledge that Takata’s air bags were unsafe before putting them in millions of vehicles. The auto companies have asserted that they were deceived by Takata and shouldn’t be held liable. Mat Asis told the Associated Press

everyone with impacted cars that they are potentially deadly,’’ Abdullah Shamshir Abdul Mokti said in a statement released by U.S. law irm Motley Rice LLC. The couple did not know their car had a dangerously defective air bag and were never notiied by Honda of a potential recall. The law irm’s statement said a conidential settlement had been reached with the two companies over another Honda City crash in Malaysia. That crash killed Law Suk Leh and her unborn baby. – The Associated Press


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18 • May 15, 2017

USED CAR NEWS

RETAIL MARKETS OHIO Chris Haus, owner, Haus Auto Group, Canfield, Ohio: “Between my dad and grandpa, we’ve been in business over 50 years. I’m 38 and I started in the business when I was 12 or 13. “We have one location and we usually carry 100 to 125 vehicles. “We actually increased our inventory by about 25 percent this year. We have a really good turn, so we wanted to see if we could keep our turn and increase sales. It’s been working so far. “We retail about 65 to 70 per month and we wholesale about 35 to 40. “In all honesty, it has to do with what you stock. If you look at the market reports, the market is looded with ’14s. If you put yourself in a position to have cars that everyone else has, it just makes the turn a little bit harder. “So we’ll stock a lot of low-mileage Corvettes and

maybe SUVs with something diferent about them. “We’re getting stuf that doesn’t have much depreciation. We’ve also picked up a little more from the import market. So we’ve got some German stuf – Mercedes, BMW, etc. – and it seems to sell. “We source our inventory from everywhere. We’re looking at auction lists constantly. We’re looking at Craigslist. We advertise to the public on Facebook that we purchase vehicles. “We do subprime, but we have a lot of banks for that. It’s about 25 percent of our sales. “Average price is probably around $20,000. “For model years, we have everything. But 2013s, 2014s and 2015s are our sweet spot. “Average mileage is about 50,000. We buy some high mileage stuf and some lowmileage. It just depends on the car the customer is looking for. “We’ve been a little heavy

on SUVs this year. We sell about half cars and half SUVs. “We carry pickups, but it’s not a market we had dove into. Pick-up trucks are a good market. There’s not a lot of depreciation. But once again, it’s all about buying the right one. “We do just as many imports as domestics. “Reconditioning costs are about $750 to $800. I have a full service department. I have nine bays, eight racks, ive mechanics and a service manager. “We do a little bit of everything in marketing/ advertising. We do Facebook, Autotrader, Cars.com, CarGurus and a little bit of Craigslist. “Honestly, we put a lot into reviews. From a marketing standpoint, it’s the cheapest advertising. “We ask every customer to give us a review. We have 300 reviews on Cars.com, 165 reviews on Google, for example. Our goal is to get over 400 reviews on Google

Compiled by Jeffrey Bellant by the end of the year. “We recently sold a 2013 Cadillac Escalade. It had 65,000 miles. We sold that for $34,985. “I think the next couple of years are gong to be pretty good for the independent dealer.”

PENNSYLVANIA Michael Mansour, owner/president, Car Connection Superstore, New Castle, Pa.: “I’ve been in business 27 years. I have just one location. “I keep 200 vehicles in inventory. I also have another 100 wholesale that we rotate. “On the retail side, I sell about 60 a month. We’ve improved from this time last year. I let some employees go and got some new ones. “I get some vehicles from auction, some are of the street and some are dealer swaps. “I do some subprime. I’d say about 15 to 20 percent. We do no buy-here, payhere.

“Average price on the lot is between $14,000 to $16,000. Average mileage may be 50,000. “Our average model year is about 2013. “Our model years are newer this year. That’s (intentional). We’re looking at a better quality clientele. “We carry 30 percent trucks, 40 percent cars and 30 percent SUVs. “We carry about 70 percent domestics. “Average reconditioning costs are about $600. We do everything in-house. “We also do outside service. We don’t do a lot of it, since we have a tough time keeping up as it is. “We mostly do digital marketing. We use some third-party sites and I’m just getting involved in payper-click. “A recent vehicle I sold was a 2015 Nissan Pathinder. We sold it for $29,500. “Last year was a good year, but not fantastic. “But I feel pretty strong about 2017.”

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USED CAR NEWS

May 15, 2017 • 19

WHOLESALE MARKETS MONTANA Terry Sheetz, general manager, Auto Auction of Montana, Billings, Mont.: “We have four lanes and we’ve been running between 600 and 700 on average each week. It’s the same as last year. “Honestly, we’re running a lot of the Canadian rigs. We’ve dedicated one lane just to those (units). “We hold them for 30 days. We have one dealer who will run anywhere from 100 to 120 every week and now he wants to double that. It’s pretty crazy and has been for a while. “Over the last 60 days, we’re selling about 55 percent. It’s unheard of compared to what we used to do. During one recent sale we had 63 percent. It’s a good problem to be that busy. “Our Internet attendance is really picking up. We’re getting anywhere from 100 to 150 every week. We’re selling over 100 on the Internet. It’s crazy. “We used to have people

who came out here all the time and now they do nothing but go on the Internet. It’s really changing for us and it’s working good. All four lanes are on the Internet and we use OVE and Pipeline. “In the physical lanes, we’ll get a couple of hundred to 250. That’s typical. But we’re getting people from places we didn’t before, like Idaho. We also have a guy who comes up from Tennessee. “Volumes include about 30 percent leet-leaserepos. We run Hertz and they’re running more. Enterprise has always been with us. “We have a GSA sale. That goes once a month. That’s the irst thing on the morning of our regular sale. “Our average price in the lanes is about $17,000. That’s the trucks. Some of those trucks are up to $50,000 to $60,000. “When oil was running good, we got a lot of business out of that. When that

shut down, the Canadians kind of took over that.”

NEVADA Russ Norrish, general manager, Dealers Auto Auction of Las Vegas, North Las Vegas, Nev.: “Our irst sale is in November 2015. Both Dan Thomas and I used to work for Manheim “We have six lanes, but we’re running four. We’re pretty proud of our facility. “We’re drawing about 230 dealers in the lanes. “Our volumes are right around 320 to 330. That’s way up from this time last year. It’s a grind here. There are a lot of cars around. We’re taking our time and slowly growing each month. “(Our conversion rates) were running around 67 to 68 percent, but the last couple of weeks have been a little challenging. A lot of people stock up for the tax season and a lot of dealers were telling me that tax season (bump) didn’t material-

ize like it did last year. “Dealer consignment is 85 percent of our volume. Fleet-lease-repos are 15 percent. We sell cars for Avis, for Budget and Enterprise pops in once in a while, There are also some local credit unions we’re running. We also run for Smart Finance and Honor Finance. It’s deinitely grown since last year. “We have Auction Pipeline and we do simulcast. It started slow. Last year nobody knew about us (online). But now we’re doing condition reports, we’re doing pictures and we’re getting more and more exposure. As we get more cars, I think that will drive up our base as well. “I think the biggest challenge we have is getting the cars in on time. A lot of people want to drop the cars of a day before the sale or the morning of the sale. “Our sale is on a Wednesday, so if we can get the cars in a Monday afternoon or even Tuesday morning, that

Compiled by Jeffrey Bellant gives us time to get a picture, a CR and get them up on the Pipeline. That way when people look at our inventory they see we have cars. “Average price is about $5,700. Last year, it was actually higher because we had a new car store that was giving us a lot of their frontline stuf. They were giving up a lot of rental car, latemodel vehicles. But now we’re getting some of their trades. So we are consigning more cars, but some of them are lower-end cars that lower the average. “It’ just a matter of getting dealers to our sale. Once they come and walk in, they go, ‘Oh, wow,’ and it’s better than they expected. I tell them to just come in one time and try it. “I think the market is correcting itself. It was really high in March and April. “We haven’t set the date, but we usually do a summer bash in June. We’ll have a barbecue with beach prizes.”


ACTUAL WHOLESALE AND PROJECTED RESIDUAL VALUES MAY 2017

SOURCE: BLACK BOOK

2012 MODELS

2014 MODELS Recorded Figures

Recorded Figures

Projected Figures

Projected Figures

DOMESTIC CARS Cadillac CTS 3.6 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 200 Touring 4D Sedan Chrysler 300 base 4D Sedan Ford Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Buick LaCrosse 4D Sedan Lincoln MKS 4D Sedan

May ‘16 16,300 7,300 7,900 7,900 12,650 6,950 11,200 11,500 12,850 15,100

Nov ‘16 14,200 5,650 6,400 6,350 10,250 5,400 9,700 9,750 10,450 12,500

May ‘17 12,400 5,400 5,950 5,700 9,550 4,900 8,900 8,700 9,500 11,100

May ‘18 10,175 4,450 5,125 4,625 8,150 4,025 7,650 7,300 8,225 9,575

May ‘19 8,325 3,650 4,375 3,775 7,075 3,300 6,500 6,175 6,975 8,200

DOMESTIC CARS Buick LaCrosse Leather 4D Sedan FWD Cadillac CTS 3.6 Premium 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 200 Touring 4D Sedan Chrysler 300 base 4D Sedan Ford Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln MKS 4D Sedan

May ‘16 17,550 33,500 9,750 15,100 10,250 15,650 9,800 14,800 15,000 20,350

Nov ‘16 15,800 27,800 8,100 13,450 8,800 14,000 8,000 12,700 13,350 17,500

May ‘17 14,350 25,150 7,950 12,350 8,350 13,550 7,650 13,050 12,800 15,900

May ‘18 12,600 20,975 6,500 10,600 6,850 11,550 6,200 10,500 10,925 14,000

May ‘19 10,725 17,250 5,350 9,025 5,700 9,900 5,100 9,000 9,250 12,050

IMPORTED CARS Acura TL base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan 2.4 Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Lancer ES 4D Sedan Nissan Altima base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan Lexus ES 350 4D Luxury Sedan

May ‘16 15,850 16,000 29,900 10,250 8,300 20,400 6,250 8,850 9,350 6,800 10,300 8,100 9,500 17,700

Nov ‘16 13,750 13,650 25,000 8,550 7,200 17,500 4,900 6,900 7,300 5,150 8,850 6,700 8,175 15,500

May ‘17 11,400 11,400 20,000 7,950 6,600 14,900 4,200 6,200 6,600 4,650 8,050 6,600 7,575 13,400

May ‘18 9,475 9,250 16,200 6,800 5,750 11,825 3,400 5,375 5,725 3,975 6,875 5,600 6,225 11,025

May ‘19 7,700 7,600 12,400 5,750 4,875 9,425 2,775 4,575 4,850 3,325 5,950 4,825 5,100 9,100

IMPORTED CARS Acura TL base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan 2.4 Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Lancer ES 4D Sedan Nissan Altima base 4D Sedan Nissan Altima S 4D Sedan 3.5 Nissan Sentra S 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan Lexus ES 350 4D Luxury Sedan

May ‘16 20,650 20,500 48,100 15,300 11,250 29,900 9,050 12,150 13,850 9,950 12,550 11,400 13,200 24,300

Nov ‘16 19,000 18,300 43,000 12,750 10,150 24,700 7,000 9,750 10,850 8,300 11,150 10,600 13,150 22,200

May ‘17 15,850 16,350 35,500 11,850 9,850 23,300 6,150 9,550 10,900 8,250 11,200 10,300 12,250 20,300

May ‘18 13,325 13,275 29,750 10,375 8,375 18,800 5,050 8,100 9,125 6,850 9,600 8,875 10,400 16,750

May ‘19 10,950 10,800 22,725 8,850 7,075 15,125 4,125 6,850 7,750 5,725 8,300 7,675 8,675 13,800

TRUCKS BMW X3 XDrive28i 4D SAV Cadillac Escalade base 4D SUV AWD Cadillac SRX Luxury 4D SUV AWD Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan SE Wagon Ford Edge SEL 4D SUV FWD Ford Escape XLT 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D SUV FWD Honda CR-V LX 4D SUV AWD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D SUV 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD Nissan Murano SL 4D SUV AWD Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner SR5 Double Cab V6

May ‘16 19,300 30,600 20,600 10,200 19,200 23,300 9,500 14,050 11,750 19,300 16,800 15,200 13,350 13,450 22,750 18,850 24,650 10,600 18,750 18,500 23,700 20,975

Nov ‘16 15,700 27,600 16,950 8,850 17,300 19,700 7,900 12,100 9,850 16,000 14,900 13,200 11,450 11,350 19,750 16,050 24,800 8,950 15,300 16,400 22,250 20,275

May ‘17 13,450 25,800 14,700 7,600 16,400 16,400 7,300 10,600 8,650 14,500 13,300 11,000 11,350 10,250 16,850 14,650 23,300 7,750 12,850 14,400 21,700 18,825

May ‘18 11,550 21,300 12,325 6,500 14,675 14,775 5,925 8,850 7,350 12,475 12,125 9,550 9,975 8,425 14,650 12,775 21,975 6,700 10,650 13,525 19,325 18,025

May ‘19 9,650 17,650 10,475 5,350 13,125 12,375 4,875 7,300 6,125 10,725 10,825 8,100 8,750 7,000 12,425 11,050 20,400 5,725 8,700 12,275 16,950 16,425

TRUCKS BMW X3 XDrive28i 4D SAV Cadillac Escalade base 4D SUV AWD Cadillac SRX Luxury 4D SUV AWD Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Crew Cab 4WD Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan SE Wagon Ford Edge SEL 4D SUV FWD Ford Escape SE 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D SUV FWD Honda CR-V LX 4D SUV AWD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D SUV 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD Nissan Murano SL 4D SUV AWD Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner SR5 Double Cab V6

May ‘16 25,250 41,750 27,250 13,600 27,100 29,300 13,300 18,700 15,650 25,800 22,000 21,000 17,300 19,200 29,500 22,100 28,800 13,600 22,875 22,500 27,450 24,000

Nov ‘16 22,900 37,200 23,350 11,700 26,400 28,000 12,300 18,450 13,250 23,000 20,800 19,300 14,800 17,350 27,250 19,850 28,200 12,200 20,275 22,000 25,700 22,800

May ‘17 23,650 34,400 22,150 10,650 26,500 26,900 11,700 17,000 12,500 22,100 20,300 18,500 13,900 15,800 24,700 18,700 27,350 11,600 19,275 21,300 26,650 22,850

May ‘18 20,125 28,700 18,700 8,950 23,600 23,225 9,475 14,100 10,475 18,675 17,950 16,050 12,725 13,375 21,950 16,100 25,350 10,250 16,125 18,875 22,900 21,100

May ‘19 16,875 24,075 16,025 7,525 21,250 19,725 7,775 11,925 8,750 15,875 16,075 13,950 11,275 11,250 18,850 13,925 23,325 8,925 13,325 17,100 20,275 19,300

#s

2013 MODELS

2015 MODELS Recorded Figures

Recorded Figures

Projected Figures

Projected Figures

DOMESTIC CARS Cadillac CTS 3.6 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 200 Touring 4D Sedan Chrysler 300 base 4D Sedan Ford Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Buick LaCrosse 4D Sedan Lincoln MKS 4D Sedan

May ‘16 18,900 8,650 9,100 9,000 14,950 8,500 12,600 13,550 15,550 18,350

Nov ‘16 17,200 7,250 7,900 7,750 13,150 6,950 11,200 11,550 13,950 15,000

May ‘17 15,600 6,700 7,500 7,300 12,350 6,250 11,050 11,150 12,600 13,850

May ‘18 12,800 5,550 6,325 5,950 10,625 5,150 9,150 9,375 11,100 12,000

May ‘19 10,500 4,550 5,400 4,900 9,175 4,225 7,825 7,900 9,450 10,300

DOMESTIC CARS Buick LaCrosse Leather 4D Sedan FWD Cadillac CTS 3.6 Luxury 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 200 S 4D Sedan AWD Chrysler 300 S 4D Sedan V6 Ford Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln MKS 4D Sedan

May ‘16 20,050 33,600 11,000 16,800 16,750 23,600 11,150 19,400 17,900 24,200

Nov ‘16 16,700 27,500 9,950 14,850 14,800 21,000 9,800 16,000 15,250 20,250

May ‘17 15,600 23,600 9,200 13,150 14,500 19,650 9,100 15,750 14,550 19,300

May ‘18 13,800 19,775 7,700 11,400 12,075 16,800 7,675 12,250 12,600 17,075

May ‘19 11,800 16,350 6,375 9,725 10,075 14,350 6,325 10,600 10,775 14,750

IMPORTED CARS Acura TL base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan 2.4 Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Lancer ES 4D Sedan Nissan Altima base 4D Sedan Nissan Altima S 4D Sedan 3.5 Nissan Sentra S 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan Lexus ES 350 4D Luxury Sedan

May ‘16 17,950 18,500 38,000 13,600 9,800 23,000 7,600 11,000 12,750 8,800 11,300 9,700 11,200 21,650

Nov ‘16 16,050 16,000 33,500 11,250 8,900 19,900 6,100 8,700 9,850 7,350 9,900 8,350 11,000 19,850

May ‘17 12,550 14,150 28,000 10,500 8,300 18,300 5,400 8,350 9,500 7,000 9,450 7,750 9,900 17,950

May ‘18 10,475 11,625 22,600 9,100 7,200 14,625 4,400 7,125 8,100 5,925 8,075 6,700 8,525 14,775

May ‘19 8,550 9,500 17,225 7,725 6,100 11,700 3,575 6,050 6,850 4,925 6,975 5,775 7,075 12,150

IMPORTED CARS Acura TLX Base 2.4L 4D Sdn BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata SE 4D Sedan 2.4 Lexus ES 350 base 4D Luxury Sedan Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Lancer ES 4D Sedan Nissan Altima base 4D Sedan Nissan Altima S 4D Sedan 3.5 Nissan Sentra S 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan

May ‘16 24,300 24,800 63,300 17,250 12,950 27,600 36,500 10,100 13,600 15,700 11,150 14,750 12,600 15,200

Nov ‘16 22,100 20,500 55,000 14,900 11,400 25,800 30,400 8,800 11,100 12,600 9,800 13,250 11,200 14,500

May ‘17 19,500 19,700 46,500 13,900 11,150 24,600 29,000 8,550 11,150 13,500 9,450 12,550 11,150 13,750

May ‘18 16,575 16,025 38,150 12,125 9,475 20,400 23,700 6,750 9,400 10,950 7,925 10,725 9,575 11,650

May ‘19 13,925 13,075 29,425 10,350 8,025 16,875 19,250 5,525 8,000 9,325 6,625 9,275 8,275 9,750

TRUCKS BMW X3 XDrive28i 4D SAV Cadillac Escalade base 4D SUV AWD Cadillac SRX Luxury 4D SUV AWD Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan SE Wagon Ford Edge SEL 4D SUV FWD Ford Escape SEL 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D SUV FWD Honda CR-V LX 4D SUV AWD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D SUV 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD Nissan Murano SL 4D SUV AWD Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner SR5 Double Cab V6

May ‘16 22,950 36,850 23,950 12,300 21,200 27,000 11,500 18,000 15,600 23,700 20,500 19,600 15,100 15,400 25,950 21,400 26,250 12,200 20,500 20,500 25,300 22,400

Nov ‘16 20,250 34,100 21,200 10,750 19,800 25,500 10,400 16,450 13,600 20,500 19,100 17,900 13,350 13,850 23,550 18,500 26,950 11,150 18,400 19,500 24,700 22,150

May ‘17 16,650 30,000 18,850 9,900 19,000 23,500 9,700 14,450 12,350 17,900 17,000 16,200 12,550 11,800 21,300 17,750 25,350 10,250 17,000 17,400 25,350 22,000

May ‘18 14,550 24,900 16,375 8,025 17,200 20,725 8,000 11,900 10,500 15,575 15,875 14,125 11,425 10,075 18,750 15,225 23,925 9,175 14,150 16,225 21,875 20,150

May ‘19 12,175 20,775 13,975 6,675 15,425 17,500 6,550 10,000 8,750 13,275 14,150 12,150 10,075 8,425 16,025 13,150 22,125 7,900 11,650 14,750 19,275 18,450

TRUCKS BMW X3 XDrive28i 4D SAV Cadillac Escalade base 4D SUV 4WD Cadillac SRX Luxury 4D SUV AWD Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Crew Cab 4WD Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan SE Wagon Ford Edge SEL 4D SUV FWD Ford Escape SE 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D SUV FWD Honda CR-V LX 4D SUV AWD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D SUV 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD Nissan Murano SL 4D SUV AWD Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner Double Cab V6

May ‘16 30,350 59,450 34,050 16,100 29,300 36,100 16,400 23,400 17,600 27,000 24,500 23,500 19,750 21,350 31,000 24,800 30,400 15,400 28,550 24,500 30,250 23,950

Nov ‘16 26,450 52,900 29,600 13,650 28,500 34,200 14,000 21,250 15,300 25,500 23,200 21,000 16,750 20,700 29,350 22,000 29,550 13,750 27,250 23,800 28,800 23,900

May ‘17 25,250 50,600 25,250 12,200 28,600 34,200 13,300 19,550 14,900 25,000 22,000 19,500 15,550 18,200 27,850 22,300 29,000 12,850 25,350 22,800 28,250 24,150

May ‘18 21,275 42,400 21,725 10,075 25,200 28,575 11,050 16,300 12,375 21,575 19,700 17,025 14,250 15,550 24,300 19,250 26,750 11,400 21,275 20,250 25,350 21,700

May ‘19 17,925 35,700 18,675 8,500 22,775 24,425 9,125 13,875 10,400 18,325 17,675 14,950 12,675 13,125 21,000 16,700 24,525 9,975 17,675 18,225 22,475 19,850


USED CAR NEWS

May 15, 2017 • 21

DISCONNECTED JOTTINGS FROM A while ago I wrote about my disenchantment with dogs. I realize, of course that 75 percent of our readers believe that dogs qualify

TONY MOORBY

blankly from holes deeply ensconced in a face full of fur. A snooted nose protrudes rudely at one end of the animal accented with

Tony Moorby • 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 • Awarded the Ring of Honor by NIADA • NAAA Hall of Famer

as man’s best friend and not wishing to alienate or distance those folks, I’m not of that ilk. I recounted the experiences of seven acquaintances with various breeds that came and went for reasons varying from disease to distrust and villainy to vile manners. The last acquisition was a poodle cross with a shih-tzu or shih-poo named Millie, a completely useless white, lazy, ball of tightly curled luf. Her jet black eyes stare

the ugliest underbite, the result of greedy commercial in-breeding; a ventriloquist’s dummy is the lasting impression! The word ‘dummy’ here conveys more than you think; three bricks would have more sense than this canine conundrum. Afection is conferred upon her from all other members of the family from playful chase to idle petting while watching TV. This afection is returned in like form, rolling over to expose an awkward pink underside for a

belly rub – and that’s just for the dog! I should enjoy such ministrations! Meanwhile, I ignore the dog and she does me the kindness of returning the favor. We hardly ever acknowledge either’s presence unless I’m kicking her out the back door to the patio for potty purposes. She’s also the laziest critter on four legs. At night she resides in a metal kennel, a cage in other words. Now lest you get the impression of imprisoned penury, let me assure you that my wife has rendered this enclosure to resemble a ‘Hound Hilton’, a cosseted canine cavern, lavished with cushions, blankets and a colorful cover for nighttime privacy. The whole is housed in our bedroom and left to her own devices, she’ll happily lounge in there till after midday when bodily necessities dictate her levee and exit. Millie has reached the ripe old age of three. I therefore have another ten years of forbearance yet to exercise, as this one’s going nowhere.

C R O S S WO R D 31. “Life of ___” movie 32. Asphalt 33. Former Toyota compact car 35. Bentley’s “world’s most extraordinary” SUV 38. Approve 40. Away from home 41. Station ____ 42. VW minivan Down 1. Mazda model 2. Available space 3. A, in German 4. Turn over, as an engine 6. Nissan SUV 7. GPS function 8. “Slumdog Millionaire”

troduced into one side of the double helix. Its ears are the size of NASA space satellites and can almost move independently, twitching eerily (sorry) at the least noise or movement. The inal insult to its almost furless physiognomy are the eyes - they’re blue-grey! They stare, hauntingly and suspiciously at all around, out of proportion to the rest of the dog, icily assessing whether to nip at your ankles or go straight for the jugular vein. Its body is as solid as a rock – pushing, shoving muscle covered in the skimpiest of mole-like fur. Still just a puppy, it’s as clumsy as a new driver, running into things while ignoring the efects of its collisions. The new coffee table, hard won from the furor of furniture shopping, now a teething ring aiding in the formation of fangs. One thinks of a French bulldog having a cocky French name; Henri, Monsieur Tatti, Vlon Vlon or the like. No. It’s called Kevin – very millennial!

Digital version available at usedcarnews.com

By Myles Mellor

Across 1. Maker of radials 5. Kia sedan also known as the Opirus 9. Chrysler SUV 10. Discovery is one of their models 12. Popular Honda 15. Shade of dark blue 16. ___ and outs 17. Midsize Kia 19. Add up 20. 24 hours 24. Running, as an engine 25. Lamborghini model 26. Dodge compact SUV 29. Ford’s ____boost engines 30. Nissan minivan

Now I suppose you think that I have embraced my tolerance and that no further test of my lack of animal attraction exists. Poppycock! My eldest daughter recently acquired a dog of her own to share with our grandson. We spend a good deal of time with him what with school runs, stay overs and the like. So by default the dog is a frequent visitor. Is this some scrufy mutt to entertain with not a care in the world? Not a bit of it. This new attachment is a French bulldog – a hugely expensive “blue” French bulldog, the cost of which is in indirect proportion to the attractiveness of this aberration of dog design. Ugly doesn’t even come close! First, it looks like it walked into a wall, resulting in a concertina-like face and a spread-eagled nose with lared nostrils in the style of a Maserati. I would swear that, at some point in its unfortunate development, an introduction of bat DNA was in-

1

setting 11. Change the tire positions 13. Wheel parts 14. Core essential of a business, in business slang 17. Mileage gauge 18. Camera rotation 21. Range Rover SUV 22. One who provides funding 23. Dodge model 25. Rogers’ state 26. Prospective buyer who does not come to a scheduled appointment, 2 words 27. Light brown color 28. Midsize Toyota

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Solution to this puzzle in the 6/5/17 issue. Call 1.800.794.0760 for a FREE subscription.

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22 • May 15, 2017

USED CAR NEWS

AROUND THE BLOCK

Compiled by Jeffrey Bellant

MANHEIM HELPS RONALD MCDONALD HOUSE Police Present Award to Auction

COOL CHARACTERS: Staffers from Manheim El Paso, along with the Hamburglar and Birdie, participate in a Ronald McDonald Walk for Ronald McDonald House Charities.

Manheim team members have served thousands of families with the Ronald McDonald House Charities over the years. Within the past six months, various teams have served meals, hosted collection drives and raised funds so that families can be close to each other as their sick

children get care and resources at Ronald McDonald Houses. In Pittsburgh, some Manheim team members traveled to the Ronald McDonald House to shop, prepare, cook and clean up for 50 family members staying at the house. There were enough leftovers to feed an additional 40 peo-

ple in the home. The group plans to collect funds and help purchase one or two new commercial ovens for the home. At Manheim Southern California, the TRA and Specialty departments teamed up to host a fundraiser benefiting the Ronald McDonald House in Loma Linda, Calif. The team got together and served a delicious meal to families, too. In the Southwest, Manheim Nevada team members included RMHC as one of their three community outreach events in March 2017, while in the Southeast, Manheim North Carolina raised more than $5,000 last year. Throughout 2016, Manheim Milwaukee team members collected aluminum tabs to make a large donation at the end of 2017. Manheim auction sites in St. Louis, Pennsylvania, Riverside and El Paso collected more than 150 pounds of tabs so far this year.

The Pflugerville (Texas) Police Department honored ADESA Austin as its Crime Prevention Citizen Volunteer of the Year for the auction’s work with the Blue Santa toy drive in 2016. Blue Santa collects toys for children in the Pflugerville suburb of Austin. Each year, hundreds of children celebrate a better holiday thanks to the Pflugerville Blue Santa program and the volunteers who sort, wrap and deliver the gifts. “The Pflugerville Police Department supplies armed security to the auction on sale day, so we found it fitting to help,” said ADESA Austin General Manager Rich Levene. “We set a goal to gather enough toys to fill 10 boxes or one truck load,” said Levene. “We did it.” Volunteers from the auction also helped deliver toys to families in the program.

We invite news items and top-quality photos from our readers to be considered for “Around the Block.” Please include the name of a contact person and a telephone number. Send items and photos to: Jeffrey Bellant. Mail: Used Car News, 24114 Harper Ave., St. Clair Shores, MI 48080. Fax: (586) 772-9400 e-mail: jeff@usedcarnews.com

The South Comes to The Northwest

Over 5000 Cars, Trucks & Bikes Featuring Lynyrd Skynyrd Live on the DAA Stage Wednesday, July 19

July 19-20, 2017

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