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UsedCarNews.com

May 6, 2019

Crossovers Sell, But What Exactly Are They? By Ted Craig

Rush - Dated Material

Crossovers have been one of the most popular segments for more than a decade, but they are also one of the hardest to deine. In the beginning, crossovers were SUV bodies on car frames. They ofered better fuel eiciency and a smoother ride while sacriicing some of-road capabilities. Today, manufacturers label a wide array of vehicles as crossovers. The category now includes everything from traditional CUVs to elevated hatchbacks. Some carmakers even label as crossovers what most called station wagons in the past. Ivan Drury, senior manager of industry analysis at Edmunds, said his irm uses factors such as ride height and trade-in data to categorize a vehicle as a crossover. Consumers mainly look for all-wheel or four-wheel drive and what they con- ALL IN THE FAMILY: Crossovers have evolved from the AMC Eagle, top left, to one of the hottest segments, but they remain hard to define. The Audi Q4, top right, is more of a hatchback. Ford calls the Explorer, bottom left, an SUV. But crossovers are so hot, even Porsche is getting in the game. sider good storage capacity. Crossovers are as popuMotors in the ‘70s, when this growth. Today, some ride and seniors appreciate lar with used-car buyers as prices. the company tried to maxi- crossovers actually get bet- the ability to easily get in But their loyalty is disthey are on the new side. Black Book reports cross- persed, said George Hofer, mize its investment in the ter gas mileage than sedans. and out of them. For the most part, Drury Still, like any market segover prices have held steady professor emeritus at Vir- Hornet platform by putting this year despite a surge of ginia Commonwealth Uni- a Jeep body atop the car said, they still lag in fuel ef- ment, individual versions frame. The project evolved iciency. of-lease inventory, indicat- versity. of crossovers face risks. The Will crossovers collapse biggest now is oversaturaNo one vehicle leads the into the Eagle, which used ing strong demand. like the once mighty mini- tion, as each manufacturer, the Concord platform. Crossover buyers prove segment. The development contin- van? Hofer doubts it. Hofer attributes this to very loyal, Drury said. They from economy to luxury, “I don’t see where these rank among the top repeat the slow evolution of the ued in bursts and some early versions, such as the Pon- vehicles become dated,” he comes out with a crossover. crossover. buyers. “More choices, more Unlike other new seg- tiac Aztek and the Chrysler said. “They’re not unique Crossover buyers also will problems,” Drury said. enough.” pay more for their vehicles, ments, like muscle cars Paciica, were awkward. Again, however, the lack They appeal to a wide But these types of vehicles Drury said. Manufacturers or minivans, there was no often ind themselves ofer- breakthrough leader that broke out in the last decade range of consumers, as well. of clear deinition helps. “If it sells, you can call it and grew to one of the larg- Men like the rugged look, ing more and more option everybody else followed. women like the sense of whatever you want,” Drury Hofer said the irst cross- est segments by 2006. packages to meet demand High gas prices helped safety provided by the high said. even as they increase the over came from American


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. y a d y r e v e d e t s i l s e l c i h 84,000 ve Learn more at manheimexpress.com *Manheim daily average March 2018–March 2019 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., registered in the U.S. and other countries. Google Play and the Google Play logo are trademarks of Google Inc. Š 2019 Manheim, Inc. All rights reserved. Manheim M logo is a trademark of Manheim, Inc.


USED CAR NEWS

May 6, 2019 • 3

Floor Planners See Strong Demand for Inventory (Used Car News recently asked several floor plan executives to share their views on the current state of the industry. Jim Money is the president of Automotive Finance Corp., the floor plan arm of KAR Auctions Services Inc. Justin Makinson is the senior director of financial planning and analysis at NextGear Capital. Jim Neubauer is chairman of Vehicle Acceptance Corp.)

tomers, independent dealers, seem to be experiencing a healthy market. Makinson: So far this year, demand from our dealers remains strong as they continue to experience elevated retail sales in the used market. The economists at Cox Automotive, our parent company, are projecting that used car sales in the U.S. will reach 39.5 million for a second-straight year, so overall

UCN: What is the current demand from dealers? Money: We’re still working through tax sale season and we should have a better idea of demand as the summer comes to an end. This is something that KAR chief economist Tom Kontos reports during his monthly updates. Kontos most recently reported that as new vehicle prices and payments are reaching afordability limits for many consumers and an abundance of nearly JIM MONEY new of-lease units hit the market, he is seeing a strong demand shows no signs of used car market. letting up this year. At this time, AFC’s cusNeubauer: For anyone

that has been in the used-car industry for a while, it is apparent today’s marketplace is pretty darn good by most measures. This includes the loor plan lending environment. While there are areas in loor plan lending that need improvement, unrealized business goals and most certainly disappointments, as a general observation we can agree the lending environment is positive. The marketplace has an ample supply of loor plan credit through many wellestablished providers. Each provider is actively looking for new business and has adequate capacity to meet the demand of the continually increasing unit count volumes. The wholesale unit count of used vehicle transactions will most likely be another record year. How have last year’s interest rate hikes afected your business? Money: We have no impact to report. In fact, AFC sales were up modestly in 2018.

Makinson: The interest rate increases are certainly a factor across the automotive industry as both loor plan providers and their dealer clients are impacted by the rising costs. These higher interest rates also make it more expensive for the consumer to borrow money for a vehicle purchase. Our clients’ core inventory is used vehicles 4 to 9 years old – a segment that has

last several years. However, 2014 and 2015 models are now entering the 4-9 year old space, ofering a solid supply and a desirable mix of SUVs and CUVs that are currently attractive to consumers that gives our dealers an even better selection of inventory. Most of our dealers also are smaller, independent business owners. They have a resiliency and entrepreneurial spirit to quickly adjust to market shifts, and this year is turning out to be no diferent. We wouldn’t want to downplay the importance of interest rates, but so far, our dealers appear to be adjusting and capitalizing on the positive momentum. Neubauer: While interest rates did move around some last year, they appear to be stable at the moment. Access to the capital markets for the well-established loor plan providers remains readily available. Actual loor plan JIM NEUBAUER costs to the dealer have not changed much over the past experienced a signiicant year. shortage of supply over the Continued on page 5

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4 • May 6, 2019

USED CAR NEWS

NEWS BRIEFS Auction Debuts New Facility Houston Auto Auction announced its move to a new 24-acre facility. Built from the ground up three years ago by a previous auction company, Houston Auto Auction’s new home includes four auction lanes, a four-bay mechanical shop, and completely upgraded recon facility. The new facility features Simulcast selling in every lane. The oicial grand opening is set for May 7 in conjunction with the auction’s anniversary sale.

CPS Closes Securitization Consumer Portfolio Services Inc. announced the closing of its second term securitization in 2019. The transaction is CPS’s 32nd senior subordinate securitization since the beginning of 2011 and the 15th consecutive securitization to receive a triple “A” rating from at least two rating agencies on the senior class of notes. In the transaction, qualiied institutional buyers purchased $228.3 million of asset-backed notes secured by $230 million in automobile receivables originated by CPS. The sold notes consist of six classes. Ratings of the notes were provided by Standard & Poor’s and Kroll Bond Rating Agency.

The transaction has initial credit enhancement consisting of a cash deposit equal to 1 percent of the original receivable pool balance and over-collateralization of 0.75 percent. The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization. The transaction utilizes a prefunding structure, in which CPS sold approximately $143 million of receivables at inception and plans to sell approximately $87 million of additional receivables during May. This further sale is intended to provide CPS with long-term inancing for receivables purchased primarily in the month of April.

Carvana Adds Vending Machine Carvana Co. debuted its newest Car Vending Machine in Chicago. The all-glass structure stands eight stories tall and holds up to 27 vehicles. Carvana also launched as-soon-asnext-day vehicle delivery in Rockford, Ill., Ann Arbor, Mich. and Kalamazoo, Mich. Carvana irst launched in the Chicago area less than two years ago. Chicago is the irst city in Illinois to debut a Car Vending Machine and

the 17th in the U.S. Carvana also launched recently in Colorado Springs, Boulder, Fort Collins and Greeley. Carvana now ofers as-soon-asnext-day vehicle delivery in ive markets in the state and 122 markets across the U.S.

centage of their initial True Market Value. To be considered for a model-level award, a vehicle must be a 2019 model year that launched on or before Dec. 31, 2018, and have sales in January 2019 that are not less than 25 percent of the average aggregate sales in that month for all of the other models in its award segment. Edmunds Names Brands with Best To be eligible to win a brand-level Retained Value award, an automaker must have eliEdmunds announced its 2019 Best gible vehicles competing in at least Retained Value Awards, recognizing four of the 18 award segments. the new 2019 vehicles and brands with the highest projected residual Sonic’s EchoPark Stores on Track values after ive years. Toyota and Lexus took home for $1 Billion in Revenues brand-level honors in the standard Sonic Automotive Inc. reported and luxury categories, respectively, revenues of $249.6 million for its with the highest aggregate retained EchoPark used-car superstores durvalue scores in their class. ing the irst quarter. For model-level awards, both ToyThe stores are on-track to exceed ota and Subaru claimed three wins, $1 billion in full year 2019 revenues. with Honda taking home two. EchoPark retailed 11,051 units durAmong luxury automakers, Lex- ing the irst quarter. us led the pack with three vehicles winning model-level awards. No other irm won more than one. The 2019 Edmunds Best Retained Value Awards are determined based on the qualifying new models that PAGE 14 have the highest projected privateparty residual value ive years after their launch, expressed as a perPublished 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, Radiance Cooper

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Nikki Liebler “ On behalf of our entire CARS Recon family, it’s with great honor that we’d like to congratulate you on being named to the Women in Remarketing for 2019. Thank you for your endless service and leadership. ”

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Vol. 25 • No. 3 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 6, 2019 • 5

ADESA Unveils Simulcast

Chase is your source for quality, selection and value.

By Ted Craig

After decades of ofering cars online via LiveBlock, ADESA debuted a new platform dubbed ADESA Simulcast. ADESA Simulcast has rolled out at three auctions so far and should be available nationwide by this summer. “We want to go fairly quick, but we don’t want to be disruptive,” said ADESA President John Hammer. Hammer said the company decided once it was open to upgrading that platform that it would be open to any provider, whether inside the company or outside. In the end, it selected Auction Frontier’s Velocicast, a cloud-based auction simulcast solution. The new name relects the move to an industry standard, Hammer said. The irst two sites, ADESA Sacramento and ADESA East Tennessee, were picked because they featured primarily dealer sales and buyers in the market were familiar with the product, along with auction staf. Reception so far has been extremely positive. Hammer said the irst sale featuring ADESA Simulcast ended in applause. ADESA Phoenix became the third site with ADESA Simulcast. This auction provided the opportunity

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Visit ADESA.com and Manheim.com to test the platform with more commercial consignors, Hammer said. A main beneit of ADESA Simulcast is it allows dealers to increase the number of lanes they access online. It provides this increased access in a cleaner, more streamlined platform. Another key feature is live chat, which allows the dealers and auction staf to interact in real time. Auction staf can now tell if a dealer is showing interest in a particular vehicle but hesitating to bid. ADESA Simulcast will be available n ADESA.com, ADESA.ca and ADESA’s mobile app. “Let’s have all the channels and we’ll do business the way the customer wants,” Hammer said.

Your Source. Chase.

1 4

2

4 3

1 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”). 2 The tradename "Mazda Capital Services" as well as the Mazda and Mazda Capital Services logos are owned by Mazda Motor Corporation or its ailiates and are licensed to JPMorgan Chase Bank, N.A.(“Chase”). 3

The tradename “Maserati Capital USA” (MCUSA) as well as the Maserati Trident and Maserati Capital USA logos are owned by Maserati S.p.A. or its ailiates and are licensed to JPMorgan Chase Bank, N.A. (“Chase”).

4 The Jaguar word mark, the Jaguar logo, and Jaguar Financial Group are trademarks of Jaguar Land Rover Limited and any use by JPMorgan Chase Bank, N.A. (“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.

Neither JPMorgan Chase Bank, N.A. nor any of its ailiates are ailiated with ADESA, Inc. or Manheim, Inc. Each auction is solely responsible for their website content, sales events, promotions, fulillment and operation of the auction. Dealer communication only; not intended for retail purchaser. © 2019 JPMorgan Chase Bank, N.A. Member FDIC.

Floor Plan – from page 3 The change in interest rates has not changed the total cost of the service much, given the short duration of the period outstanding. UCN: What is your expectation for demand? Money: Typically we see a higher demand during the tax season, but this year it was moderate to little demand. Should new car prices continue to rise, we will see an increase in demand for the used car industry. Makinson: NextGear Capital sees demand staying at historically high levels for used cars throughout the year. We’re seeing dealers continue to utilize loor planning for their inventory purchases to meet elevated consumer demand for used cars. Our dealers also are tapping into new technologies, like NextGear Capital’s Rapid Pay, that enable them to maximize their loor plan needs by getting funding faster with less hassle. Neubauer: As the wholesale marketplace moves to an even larger number of digital transactions, the need for loor plan services becomes even greater. While the buyer may be buying in front of a computer screen

rather than in the lane, the seller continues to demand certainty of payment. The loor plan provider being the “banker” of the transaction provides a critical assurance of payment to the seller. Transporting the unit greater distances further injects larger transaction cost risks and a guarantee of payment to the seller is critical before they are going to let that vehicle travel long distances. What is your expectation for interest rates? Money: I don’t anticipate any interest rate changes in 2019. Should there be rate changes, I am conident that the impact would be minimal for our customer base and the used-car industry. Makinson: It’s always diicult to predict exactly where rates will move, but Cox Automotive economists see the Fed being more patient this year in raising rates. Neubauer: Technology advancements in loor plan lending are revolutionizing things like lot audits and funds transferring. As these new technology advancements reduce the loor plan company’s operating costs, loor plan customers can expect lower fees and therefore, savings in the future.

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6 • May 6, 2019

USED CAR NEWS

States Sue Exeter for Subprime Practices The states of Massachusetts and Delaware have once again teamed up to sue an automotive inance company. Exeter Finance LLC will pay more than $5.5 million for inancing subprime customers in a manner those states consider unfair and in violation of state laws. The suit asserts that it is unlawful to inance consumers if creditors do not have a basis for believing the contracts will be paid in normal course. The suit also alleges that Exeter mishandled servicing and collecting activities in violation of debt collection regulations. Massachusetts Attorney General Maura Healy said Exeter “put Massachusetts car buyers in economic danger.” This settlement is part of an ongoing review of securitization practices in the subprime auto market by these states’ attorneys general. The two states successfully sued Santander for more than $22 million in 2017. “Our oice will continue to investigate the subprime auto lenders to ensure that Delaware consumers receive a fair deal when they are extended credit to inance a purchase,” said Delaware Attorney General Kathleen Jennings. In Massachusetts, Exeter will

Maura Healy

make $4.675 million available to provide relief to harmed borrowers and pay $825,000 to the state. In Delaware, Exeter will make $550,000 available to provide relief to harmed borrowers. In both states, Exeter will waive certain deiciencies and contact credit bureaus on behalf of consumers to wipe out the information on these contracts. A trustee will be appointed in each state to locate and pay restitution to eligible consumers.

Couple’s Killer Faces Death CLEVELAND (AP) – A man who represented himself in his trial on charges that he killed a couple at their used-car dealership in Cleveland has been convicted and could be sentenced to the death penalty. The Cuyahoga County prosecutor’s oice says in a news release that a jury found 31-year-old Joseph McAlpin guilty of aggravated murFor Cars, Trucks and Vans

der and other charges in the April 14, 2017, slayings of Trina Tomola and Michael Kuznik. Authorities say McAlpin shot and killed the couple and their dog and stole a car. McAlpin pleaded not guilty. He told jurors that there were inconsistencies in the testimony against him and that he’s “not a monster.’’

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USED CAR NEWS

May 6, 2019 • 7

Tech Boosts Satisfaction

Customer satisfaction scores tend to increase when car dealership service departments use customers’ preferred methods of communication. However, dealerships are not regularly doing so, according to the J.D. Power 2019 Customer Service Index (CSI) Study. Porsche (893) ranks highest in satisfaction with dealer service among luxury brands for the irst time in the study’s 38-year history. Lexus (881) ranks second, followed by Cadillac (880), Ininiti (878) and Mercedes-Benz (870). Buick ranks highest in satisfaction with dealer service among massmarket brands for a third consecutive year, with a score of 857. Mini ranks second (853), followed by Mitsubishi (846), Chevrolet (845), GMC (840) and Toyota (840). Satisfaction is 75 points higher (on a 1,000-point scale) among customers who have an all-digital experience compared with one that is all analog, preferring to schedule service via the Internet and communicate with the dealer through text messages, rather than doing those tasks via phone. Satisfaction increases further when a service advisor uses a tablet during the service visit. “Service customers want the convenience that technology ofers them,” said Chris Sutton, J.D. Power’s vice-president, of U.S. Automotive Retail Practice. For example, 34 percent of customers indicate they prefer to communicate via text message, but dealerships only use this method 9 percent of the time. “There’s no reason why this isn’t a more widely adopted practice across the industry,” Sutton said. “Dealers have easy access to these tools, so they don’t have to reinvent the wheel. “Technology not only improves eiciency, but also the more satisied a customer is with their overall service experience, the more likely they are to return to the dealership for service and to recommend the

dealership to friends and family members. Customers now expect technology to enable more eicient interaction with businesses—and that includes dealers.” The study shows customers are slowly shifting their preferred method of scheduling service toward Internet scheduling and away from scheduling via phone. In 2015, the industry average preference for these two methods was 20 percent and 64 percent, respectively. This year, preferences are 28 percent and 59 percent, respectively. While Gen Y customers have shifted their preference toward Internet scheduling at a faster rate than have Boomers, every generation (with the exception of Pre-Boomers) has increased its preference for Internet scheduling and decreased its preference for phone scheduling during the past ive years of the study. The study measures satisfaction with service at a franchised dealer or independent service facility for maintenance or repair work among owners and lessees of 1- to 3-yearold vehicles. It also provides a numerical index ranking of the highest-performing U.S. automotive brands, which is based on the combined scores of ive diferent measures that comprise the vehicle owner service experience. These measures are service quality (27 percent); service initiation (20 percent); service advisor (20 percent); service facility (17 percent); and vehicle pick-up (16 percent). Overall satisfaction with services performed by independent facilities has improved 22 points since 2017, compared with a 17-point improvement by franchised dealers. Similarly, satisfaction with service quality at independent facilities has improved 23 points since 2017, compared with a 17-point improvement by franchised dealers. “This is an important area of opportunity for dealers,” Sutton said.

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8 • May 6, 2019

USED CAR NEWS

Today’s Hispanic Market Requires New Approach By Ted Craig

cfaa.com

Hispanics make up about 18 percent of U.S. consumers and the number keeps rising, and dealers need to update their approach to this pool of potential customers. The deinition of Hispanic is fairly broad and this creates challenges for reaching this market. In the past, Hispanic meant mostly people from Mexico and Puerto Rico, with a large number of Cubans in Florida. Today’s Hispanic immigrants come for a wide variety of countries, each with their own culture. Automakers are inding their traditional marketing needs to adapt. A recent study found Ford and Chevrolet were low on the preferences of Hispanics in the Southeast, which is attracting these new immigrants, while remaining high in rankings in the Southwest. But the biggest mistake marketers make is assuming all Hispanics are immigrants, said Mauricio Espinosa, CEO of consultancy G20 Inc. More than half of today’s Hispanic market is native born. Many can speak Spanish, but not all. And most prefer speaking English when making transactions. A growing number of highly educated Hispanic immigrants are arriving in this country. According to the Migration Policy Institute,

17 percent of Hispanic immigrants have college educations, compared with 5 percent of native-born Hispanics. So dealership staf shouldn’t start showing they “habla Espanol” as soon as a Hispanic customer steps on the lot. “Try to receive him or her as any customer and let them guide you,” Espinosa said. Espinosa said dealerships should still advertise that they speak Spanish and accommodate those customers who want to conduct business that way. Dealers also need to rethink where they advertise. If they only use Spanish-language media to reach Hispanic customers, they need to expand their range. Espinosa said Hispanics watch a lot of sports, so targeted promos during these programs make a good investment in ad dollars. Once Hispanic customers reach the store, the language is less important than the experience. “They like to have a good time all the time,” Espinosa said. Hispanics respond best to upbeat salespeople with a good sense of humor, he said. Creating a culture that appeals to Hispanic consumers is like anything else, Espinosa said. It takes training, especially role-playing. In the end, that’s more important than language lessons.

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DETROIT (AP) – U.S. auto safety regulators have expanded an investigation into malfunctioning air bag controls to include 12.3 million vehicles because the bags may not inlate in a crash. As many as ive deaths are blamed on the problem. The probe cov-

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USED CAR NEWS

May 6, 2019 • 9

Prize Ploy Prompts Lawsuit Indiana’s attorney general iled suit against a marketing irm over mailings that allegedly led consumers to falsely believe they have won valuable prizes. The attorney general alleges that Texas-based Hopkins and Raines Inc. sent mailings to 2.1 million Indiana consumers as part of 56 different promotions for car dealers in Indiana between March 2016 and March 2018. The complaint alleges that all the mailings contained game pieces purporting to determine whether recipients had won prizes, including vehicles, TVs and cash. Each mailing, however, contained identical game pieces with winning numbers. Recipients who went to dealerships to claim winnings were awarded “prizes” much less valuable than those advertised – typically such items as a $5 Walmart gift card, a scratch-of lottery ticket, an MP3 player or a mail-in rebate coupon for $10 of the purchase of a turkey. The dealerships then attempted to sell the consumers a vehicle. “Always be skeptical of anything that seems too good to be true,” said Attorney General Curtis Hill. “Typically, the announcement that ‘you’re a winner’ is merely a ploy to entice you to go listen to someone’s sales pitch.” The attorney general claims the mailings violated the Promotional Gifts and Contests Act in various ways. These allegedly include uni-

CURTIS HILL

formly failing to identify the name and address of the promoter; failing to state the odds of winning each prize in the appropriate place and size; failing to include the veriiable retail value of each prize in the appropriate place and size; failing to include any disclosure that the recipients may be subjected to a sales pitch; and failing to properly identify the retail value of prizes. Indiana’s attorney general has iled similar complaints recently against ive other promotional irms: DBR Integrity Promotions Inc.; Dealer Direct Services Inc.; Prophecy Marketing; Traic Jam Events LLC; and Xcel Media Group. The attorney general has obtained judgments against Traic Jam Events LLC and Prophecy Marketing.

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Shopping Lags Expectations Car buyers are spending more time shopping online and less total time at the dealership. That is the key inding of the 2019 Cox Automotive Car Buyer Journey study. Car buyers spend an estimated 61 percent of active shopping time online, up from 57 percent in 2017. Meanwhile, the total time spent in market fell to an average of 96 days, a drop of more than 20 days in the past two years. Used-car buyers are spending the least time shopping, with 50 percent now spending 30 days or less in-market. Most buyers would like to spend even less time shopping as they continue to ind the process too dificult. Only 39 percent of car buyers believe the shopping process has improved since the last time they bought a car. Despite the increased time spent shopping online, most other functions remain an in-person activity. Less than 10 percent of vehicle buyers report negotiating the inal price

of their new vehicle online. Only 5 percent illed out all the required paperwork. However, consumers who negotiated online or completed paperwork online spent 45 minutes less time at the dealership and reported being more satisied with the dealership experience. “While better online tools are helping people ind the information they need, there is still more work that needs to be done to improve the car buying experience,” said Isabelle Helms, Cox Automotive’s vice president of research and market intelligence. The number of dealerships visited in the car-buying process continues to drop. On average, car buyers who purchased from a dealership visited 2.3 dealers. In 2017, the average buyer visited 2.7 dealerships. Forty-three percent of used buyers visit only one dealership during the car-buying process. Third-party online continues to be the most trusted source for consumers.

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10 • May 6, 2019

USED CAR NEWS

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KAR Salutes Employee

KAR Auction Services Inc. named David Gonzalez as its 2019 Jeferson Awards recipient. Multiplying Good, formerly The Jeferson Awards Foundation, is a nonproit organization dedicated to fueling personal growth and leadership through public service. In its inaugural year as a Multiplying Good Champion partner, KAR recognizes Gonzalez for his creation of and continued work with the “My First Wheels” bike donation program. “Giving back to the community is one of KAR’s core values, and our partnership with the Jeferson Awards Foundation helps us honor our employees who do just that – give back,” said Jim Hallett, KAR chairman and CEO. “David saw a need in his community to provide bikes for kids of military families. I’m proud of the work he has done to build the “My First Wheels” program and engage the help of so many KAR employees.” Gonzalez launched the ‘My First Wheels’ program ive years ago at the ADESA oice in Mesa, Arizona. In its irst year, Gonzalez collected 43 bicycles to refurbish and donate to children at nearby Luke Air Force Base. The program has grown dramatically year after year and Gonzalez has recruited other KAR employees to help grow it. Since its launch, more than 1,100 Luke AFB children have received bikes as a result of

Gonzalez and numerous KAR employees who voluntarily refurbish donated bikes and assemble new bikes. As KAR’s 2019 winner, Gonzalez will attend the 2019 D.C. Jeferson Awards in Washington, D.C. on June 18. The Jeferson Awards, Multiplying Good’s signature recognition platform, enable corporate partners in the Champions program, like KAR, to celebrate its employees for the work they do in their communities. “Honorees from all over the country come to the D.C. Jeferson Awards in June. It’s our organization’s biggest stage and the time when those who have given so much in service of others are inspired to do even more,” explained Amanda Johnson, Vice President of the Champions program at Multiplying Good. “We’re thrilled that David will represent KAR this year.” During KAR’s inaugural year with Multiplying Good’s Champions program, 31 nominations were submitted by KAR employees. KAR’s judging panel narrowed down nominations to six Jeferson Awards honorees recognized for their outstanding community service, including Gonzalez. The other nominees were: Wendy Buchanan (ADESA Seattle), Candice Hernandez (IAA Tifton), Gregg Maidment (ADESA Canada), Antwan Myers (KAR IT) and Christiane Ouellette (ADESA Montreal).

GM Financial Names Top Sales GM Financial recently named Columbus Fair Auto Auction as its Most Valuable Auction of the Year. The inance arm of General Motors Co. also named ive regional 2018 Auction of the Year winners. These awards are part of GM Financial’s annual nationwide Auction of Excellence program, which recognizes the highest-performing auction locations. Recipients were

selected after reviewing each of the 45 auction partners’ performance. Regional Auction of the Year Winners: ADESA Dallas, Hutchins, Texas ADESA Kansas City, Belton, Mo. Manheim Denver, Aurora, Colo. Manheim Pennsylvania, Manheim, Pa. Manheim Statesville, Statesville, N.C.


USED CAR NEWS

May 6, 2019 • 11

PEOPLE IN THE NEWS Compiled by Jeffrey Bellant IAA Names CFO Insurance Auto Auctions Inc. named Vance Johnston as chief inancial oicer. Johnston will report to John Kett, chief executive oicer and president. Most recently, Johnston served as chief

VANCE JOHNSTON inancial oicer for SP Plus Corporation, a provider of professional parking, ground transportation, facility maintenance, security and event logistics services.

At SP Plus, Johnston was responsible for the inance, accounting, treasury, investor relations, strategy, corporate development, IT and procurement functions. Johnston earned his Bachelor of Science degree in business administration and management from the University of San Diego and his Master of Business Administration degree from the University of Chicago. Johnston will be based at the company’s headquarters in Westchester, Ill.

NIADA Hires Development Director James Gibson, who led NADA Used Car Guide’s data distribution growth and expansion eforts for nearly 20 years, has joined the National Independent Automobile Dealers

Association as director of business development. He will work closely with NIADA senior vice president of member services Scott Lilja in developing and implementing the association’s business partnerships, including the National Corporate Partnership, National Ainity Partnership and National Member Beneit partnership programs. Gibson headed the

Cox Automotive Taps Data Exec

Mark Luber is joining Cox Automotive in the newly created role of chief data oicer, reporting to Chief Product Oicer Marianne Johnson. In this role, Luber will lead the Cox Automotive Data Solutions team, overseeing the company’s data strategy. MARK LUBER In addition, he will lead the operations of Value Added Reseller Cox Automotive’s data

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segment for the Used Car Guide. When NADA Used Car Guide was acquired by J.D. Power in 2015, Gibson was named director of business development for the data and analytics division of the company and expanded on the success of the business, which recorded double-digit year-over-year growth.

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business, own the data roadmap, and oversee data governance for the company. Associate Vice President of Enterprise Data Product Management Woodson Savage and a team of more than 150 will report to Luber.

CARS Adds Industry Vet to Board CARS Recon Inc. announced the appointment of Jay Cadigan as non-executive board director. Cadigan has over 40 years of remarketing experience. Previously he served as vice president of industry relations and market vice president for Florida and Puerto Rico at Manheim. Prior to this, Cadigan was president of sales and operations for General Motors and Avis Budget Group and general manager for Skyline

Auto Exchange. Cadigan was inducted into the National Auto Auction Association’s Hall of Fame in 2015. Additionally, he earned Ring of Honor recognition from the NIADA in 2016 and was named the Remarketer of the Year in 2015. Currently, Cadigan serves as the execu-

JAY CADIGAN tive vice president at NAAA and sits on the executive committee and board of directors of both the NAAA and Eastern Auto Auction Association.


12 • May 6, 2019

RETAIL MARKETS ALABAMA Jennifer Harlow, CEO, A&D Motors, Arab, Ala.: “We’ve been in business since 1992. We have two locations. We have one in Arab, Ala., and one in Baileyton, Ala. We just opened that second location in 2016. “Our Arab location is where we have our buyhere, pay-here operation. Our Baileyton location is where we have our wholesale vehicles, trade-ins and other vehicles. “Inventory is tough to ind. We are low on units. We have about 40. Typically, I’d like to have 60 or 70. “We go to auctions and, of course, we get trade-ins as well. The trade-ins are few and far between these days. We use auctions like Manheim, Dealers Auto Auction and we use a couple of independent auctions we go to. “We are purchasing a good bit online these days. “We usually sell 30 to 35 per month, that’s an average month for us. A year or so ago, we could sell 40 or 45

a month. “Our average retail price is $10,000. “About 90 percent of what we sell is buy-here, payhere. “If you blinked, you missed tax season. It was not big for us. The irst two weeks of February, it picked up a little bit. “Our average down payment runs anywhere from $1,000 to $1,500. We do a term of about three or three-and-a-half years. “You’ve got to do your (underwriting) homework. “We use both starterinterrupt and GPS. We use Passtime. “We try to keep anything from a 2010 up. We can go up to a 2017. For mileage, we don’t do anything over 200,000. Probably the average is before 140,000 to 160,000. “We have some SUVs, but we have more cars than anything else. About 10 percent is trucks. We just can’t get our hands on the inventory. They’re so high. We just do

domestics. “Average reconditioning costs are about $800. “We have our own threebay shop and three technicians. We do everything but transmissions. “We have a website and we do a whole lot of advertising on Facebook. That’s our biggie. We also use some local radio stations. “A vehicle we recently sold was a 2007 Cadillac Escalade. It had 140,000 miles. We sold that for $17,900. “I think it’s going to be a good summer.”

ILLINOIS Randy Crase, president, Crase Auto Connection, Channahon, Ill.: “We’ve been in business 27 years. We have one location. We’re about 30 miles south of Chicago. “We have about 100 (units) in inventory. That’s (typical) at this time last year. “We get a lot of inventory from new-car trades. I would probably say 50 per-

$ cent is from new-car dealer trades. There’s probably 35 percent we purchase from auction and the rest we take in from trades. It’s true (that franchise dealers are holding on to more). “We sell in the 40s (units) per month. We might sell 45 one month and 35 the next month. But we average a little over 40 per month last year. We might be within ive cars of sales compared to last year. “We do straight retail. No buy-here, pay-here. “I would say our average price is between $15,000 and $17,000. “Average model year is three-years old. The average mileage would be about 50,000 miles. “We’re at a 50/50 mix of cars and trucks. “It changes all the time. At one time we stocked a lot more trucks and we’re backing of on that. There’s just been a little slowdown. We were stocking a lot of diesels and then those slowed down as the gas is creeping

$

USED CAR NEWS

Compiled by Jeffrey Bellant up. We have a mix of diesel and regular. “We do better with domestics. “For reconditioning costs, we’re running at least $800 or more. I would say the repair orders are up from this time last year. “We do all that work inhouse. We do outside work as well. That’s been steady and going up. “We did about $350,000 in service work (for outside customers) last year. That pays a lot of bills. “We have a website and we are pretty much Internet (advertising) only. We use Cars.com, Autotrader, CarGurus, TrueCar, etc. Right now, CarGurus is pretty hot for us. “We recently sold a 2008 Chevrolet Corvette LT3 with 3,000 miles. That went for $29,000. That’s an uncommon car for us. “I’m positive about 2019 and the rest of the year. The only thing I see is that gas prices are starting to get worrisome.”

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USED CAR NEWS

May 6, 2019 • 13

WHOLESALE MARKETS Compiled by Jeffrey Bellant GEORGIA Ross Nix, vice president, South Georgia Auto Auction, Albany, Ga.: “We’ve been in business for 24 years. We’re running two lanes, but we have a four-lane capacity. “Volumes have been pretty consistent, up in the 200 range. It’s probably about the same as last year. “Conversion rates have been pretty high. We’ve been hovering around 60 percent area. During tax time, we were sometimes up in the 70s and 80s. “Tax season was a steady low, but we didn’t see a big bang. If the money continues to low throughout the year, I’m OK with that, even if you always want more. “Our sales percentage has been kept up due to the demand. It also keeps the prices steady. “I’d say on an average sale, we’ll have between 75 and 100 dealers per week. It’s probably typical of this time last year. We are seeing a lot of people come from a little

farther distance to hit this sale. With inventory being as short as it is, buyers are trying to go the extra mile to ind some stuf. “We do dealer consignment, but we do have a lot of inancial institutions that run with us on a regular basis. We have several local banks and Automotive Remarketing runs with us. We pretty much have one lane that’s dedicated to repos. “Online we’re hitting OVE pretty hard. All of our franchise dealers are putting a lot of inventory on it. That’s been a really good deal for us. “We also sell a lot of ATVs, tractors, campers, boats and trailers, for example. There’s always something unusual running during the regular sale. “Our average price in the lanes is probably about $3,500. “We feel pretty good about this year. It’s been a very consistent year. So far, we haven’t seen an indication of anything dropping of at this

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point, which is a good thing. “The whole deal about this kind of business is that it is as good as you make it. You just have to work hard at it every day and it typically all comes together if you put in the efort. “We feel like we’re going to have a great year.”

INDIANA Chris Walsh, general manager Fort Wayne Auto & Truck Auction, Fort Wayne, Ind.: “We have six lanes and we’ve been in business since 2011. “Volumes have been about even with last year. We’ll run anywhere from 500 to 700 each week. “Sales percentages have been good. Of course, it’s the spring market. The irst quarter we were up over last year, so we’re excited about that. We’re right at 52 to 55 percent. We are predominantly dealer consignment. It’s probably 80 to 85 percent dealer consignment. “The (non-dealer consign-

ment) are repos and oflease units. They run at a 75 percent (conversion rate). “We also do a heavy-duty truck sale every two weeks. We’re talking about Class A trucks. That’s what’s really helped our numbers. That’s been higher than last year. We’ve had some nice steady growth since early last fall. It’s just been climbing every week. In fact, we just announced that we’re going to three lanes of heavy-duty trucks every two weeks, instead of just two lanes. “We’re running anywhere from 250 to 300 now. That’s actually simulcast on two diferent venues. One of those is Auction Pipeline, of course, for our dealers. But heavy-duty truck buyers are not always dealers – they’re heavy-duty truck companies/owners-operators. So we have a website called Equipmentfacts that also simulcasts our sales live. It’s not unusual to have 150 to 200 buyers online every sale. “Online, we’re selling about 2- to 3-percent online

for the car side. On the truck side, we’re selling closer to 25 percent online. It doesn’t make sense to me, so the trucks are so much more expensive and they are so individual. With a heavyduty truck, you could have a Mack truck with a Detroit engine or Cummins or Caterpillar. “On our regular leetlease/repo volumes, we have some national companies that work with us. Wheels is big and it also supports us on both the heavy-duty and light-duty sides. We also have Fleet Lease Disposal, Mike Albert Leasing, ARI, etc. The repo side has been steady. “We usually have been 250 and 350 (bidders) in our lanes for our regular sale. “Our average price across the block is right at $6,500. “We had a good January. Dealers were also doing very well during tax season, from February into March. In April, retail slowed down. Both franchise and independents are saying the same.”


14 • May 6, 2019

USED CAR NEWS

DISCONNECTED JOTTINGS FROM Terry woke me from a deep and abiding slumber last night. I mean I was at the bottom of the curve that follows rapid eye movement – REM. Have you noticed how the medical profession has allotted initials to just about every living condition these days? I want to break out with, “Sock it to me, sock it to me!” after those COPD ads and all the other infernal medicine ads that have now replaced television shows. “One of those smoke detector alarms is going of ‘beep’ every few seconds,” she announced. In a sleepy reply that felt as if my mouth was full of peanut butter I reminded her that I’d replaced all the detectors two years ago with ten-year warranties on the batteries. Beep. “That may be so but they’re beeping anyway.” Beep. The trouble is you can’t igure out which one is the ofending machine. Beep. They all sound like they’re beeping. Beep. I rose unwillingly and donned my bathrobe. It

TONY MOORBY

doesn’t look like it used to. That tightened belt that made me look like an Adonis - a deined V shape from the shoulders down. No more. It’s all I can do to tie a knot round the middle. The logo of that perky little polo player astride his horse now looks more like Don Quixote having jousted at his last windmill. Beep. We must have looked like we were in one of those silent movies, stumbling and bumbling around in the dark, bumping into one another trying to get a ix on the ofending detector. Beep. Strutting like Sandhill cranes, necks held back and straining to stay upright, listening to each of the numerous smoke alarms dotted on the ceilings around the house. Beep. Little green, lickering eyes returned our pleading stares like bats hanging upside down. “We have to test them all.” Beep. So I set of to arm myself with a broom – a long-distance button pusher. Beep. Now it was me who

looked like Don Quixote. Terry, armed with a threestep stool, ascended the summit only to ind she was woefully short of the target button and feeling decidedly wobbly to boot. We retrieved a proper stepladder from the garage, beep, and set about a systematic check of each detector, starting right there in the garage. Beep. We checked them all. They all passed muster. But the beeping, now like a Chinese water torture, continued unabated. Beep. I now made for the home controller unit, thinking there may be an override button. I started pushing various keys, each with a pictorial depiction of its intended use or function. Beep. It was gone one o’clock and sense and sanity were starting to slip. Accusatorial stares with bulging eyes started to be made. Beep. Sleep-deprived, addled brains weren’t making sense anymore. This was turning into a madhouse. Then the lashing started,

distant at irst but growing brighter, redder, by the second. Beep. What now? “It’s the f…, f… ire truck!” exclaimed Terry, “We’ll wake half the neighborhood.” I retorted, “Fine, let them share the excitement.” The throb of the diesel resulted in more and more lit windows. Beep. In my manic manipulation of the control unit I’d inadvertently pressed the Fire Emergency key. Neither Terry nor I answered the calls from the monitoring service to let them know it was a false

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 • IARA Circle of Excellence

alarm. Beep. A young ireman who didn’t look old enough to board a school bus, along

By Myles Mellor

25. Kia’s HQ 26. Former Honda 30. UFO driver? 31. Place (abbr.) 32. Kia model 33. Aura and Astra maker 35. Car club 37. Electric car 39. Lightweight metal used in car manufacturing 41. 4th in the family 42. Solar-system center 44. Car class 45. Supply’s counterpart

3. Gas station freebie 4. “Abbey” or “Tobacco” 6. Popular Toyota 7. Former Ford compacts 8. Nissan pickup truck 9. Argued over price 13. Gold symbol 15. Executive car from Kia 18. Car, in slang 20. B&B part 21. Auto with a trident logo 22. It can be white 23. Nutritional abbr. 24. Works in a gallery 27. Ford family sedan Down 28. Not fake 1. Beetle’s cousin 29. Lotus ____ 2. Car company founded in 1908, 2 31. William Penn words state

the nice young man. The beeping stopped. I’ve set a date in my planner for 2026. “Detector batteries.”

Digital version available at usedcarnews.com

C R O S S WO R D Across 1. XKE maker 5. Hyundai subcompact 10. Saturn model 11. Toyota pickup 12. Source of sticker shock, 2 words 14. Prosecutor 16. Summer month, abbr. 17. Pierce-___ car maker from the early 20th century 19. Brand founded by a famous Formula One driver 20. Exist 21. Important car buying demographic 23. Corvette color, in song 24. Include as an extra

with a couple of colleagues, cheerfully greeted us, happy there was no ire. Beep. They heard it too and assessed the problem in a trice. “Detector batteries low?” I explained the recent replacement. Beep. “Do you have a CO2 detector?” We’d been so busy looking up we didn’t think to look down. There was that beeping beast at the baseboard next to the bedroom door. It was a Homer Simpson moment, if ever! We’d been walking around, 9 volt battery at the ready. “Allow me,” obliged

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Solution to this puzzle in the 5/20/19 issue. Call 1.800.794.0760 for a FREE subscription.

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Solution to the 4/15/2019 puzzle


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Used Car News 05/06/2019  

Used Car News 05/06/2019