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UCN

Used Car News

usedcarnews

12/14/2020

2020 Movers & Shakers

karglobal.com

IN THIS ISSUE: • YEAR IN REVIEW

• MILESTONES

Rush - Dated Material

• RELIABILITY

LOU TEDESCHI

TONY LONG

STEVE JORDAN

The NIADA president was part of the team that hired a new NIADA chief executive with a goal to grow membership and work with state IADAs. Tedeschi wants to help dealers rebuild, boost profit centers, and use NIADA programs to serve everyday dealer members.

The IARA executive’s efforts to provide education through an online conference format led to the choice of Pathable as the platform for IARA’s Virtual Summer Roundtable event. The bet paid off with a smooth, successful and well-reviewed online conference.

After nearly a decade at the helm of NIADA, Jordan left to become executive vice president of dealer sales at KAR Global. Jordan brings to KAR his experience working with dealers at NIADA, as well as his own past experience as a dealer.

Digital sales and wholesaling has been a part of the used-car industry for years. But the COVID-19 pandemic in 2020 made digital tools essential to surviving and succeeding in the business. In the early weeks of the pandemic, dealers and auctions were forced

to shift focus, as in-person business was not always allowed. Dealers who were used to working deals in the showroom were forced to go online, using everything from digital marketing to online applications and closings. Visits to dealerships and auctions looked different as well, as social

distancing, plexiglass and hand sanitizing stations became regular parts of the business. Auctions saw online bidding and sales skyrocket while major chain auctions focused almost solely on online sales. When the coronavirus begins to fade, it looks like digital business will remain.

In early March, the industry was geared up for the Conference of Automotive Remarketing. Then COVID-19 hit, the show was canceled and the entire trade show and convention schedule was turned upside down. Conventions and conferences were delayed, reformatted to online

formats or canceled altogether. It made for a challenging year for trade associations and vendors, both of whom rely on these events for their bottom line. It was especially difficult for vendors who use in-person trade shows to build rapport, demonstrate their products and answer dealers’ ques-

tions face-to-face. In the same way, it was more challenging for panelists and speakers to present information without a live in-person audience. The National Auto Auction Association even took a pass on 2020, hoping for a more traditional event next year.

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Year in Review 12/14/2020

Used Car Industry Battles Through Challenging Year By Jeffrey Bellant

The year started out pretty good. In January, industry economists predicted a strong 2020, with steady volumes and available credit. Trade associations expected a good year as well. Then the world shifted with the COVID-19 pandemic. Throw in a contentious presidential election and it was a year to remember – or forget. Hertz was an early victim, pushed into bankruptcy this spring as the travel industry was crushed by the pandemic. Many businesses were forced to shut down and we learned the difference between “essential” and “non-essential” businesses. Fortunately, the auto industry fell under “essential,” for the most part. In an industry that prides itself on hands-on service, it soon changed to

“hands-off.” E-signatures replaced handshakes and soon every dealership started looking like Carvana. Online sales were already a part of auto auctions and dealerships, but this year made them critical to profits. Economically, the industry was helped out in the spring with a federal stimulus package that offered stimulus checks to individuals and a federal supplement to unemployment. But it also included a Payment Protection Program to support businesses who keep employees on staff during the downturn. The result was a boon to the industry. The industry started selling cars, even at a time when unemployment had gone from record lows in January to record highs in April. Auction general managers routinely reported 80-percent conversion rates in the lanes.

Dealers who had dumped cars at the start of the pandemic were soon struggling to acquire inventory back. But business began to look different. Industry events may have taken the biggest hit. The cancellation of CAR in March was followed by the cancellation of the NAIAS summer show, which will take place next fall instead. The NIADA delayed its annual convention twice before going to a digital-only show as well as an online version of its National Policy Conference. IARA held several webinars in spring before taking its Summer roundtable into October with a three-day event. The National Auto Auction Association made the boldest move, deciding to cancel its annual convention early on and look toward 2021. By late fall, attention was on the

race for the White House and despite a recovering economy, former Vice-President Joseph R. Biden topped President Donald J. Trump. At press time, accusations of voter fraud added another twist to 2020. Leadership changes also occurred in the auto industry, the biggest being NIADA CEO Steve Jordan leaving the trade association for a new job at KAR Global. He was replaced by Robert Voltmann. Massachusetts dealer Lou Tedeschi took over as NIADA president while Manheim’s Julie Picard is the new president of the NAAA. As 2021 draws near, coronavirus infections have trended up again and business shutdowns have returned. Still, many in the used car industry met the test of 2020 with innovation and resilience, as they have had to do many times over the years. Next year will offer another challenge – and opportunity.

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Milestones

UCN usedcarnews

12/14/2020

In addition to the challenges of the pandemic, this year saw the passing of several members of the automotive industry. Opie Hendricks, a past president of the National Independent Automobile Dealers Association and a local icon in McKinleyville, Calif., died Easter morning, April 12, at the age of 90 with his family at his bedside. Hendricks served as president of the IADA of California in 1992-93 and was NIADA president in 200203. He owned and operated Opie’s Fine Cars, the McKinleyville dealership he opened in 1968, for almost 50 years until his retirement. In addition to his business, Hendricks was well known for his community service. He was involved in everything from sponsoring Little League teams and serving as grand marshal of Pony Express Days to donating cars for Safe and Sober graduation events and teaching local high school students how to buy a car. Born in Center Ridge, Ark., Hendricks joined the Army in 1948 and

Volume 26 | No.13 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

Larry Hedrick

Scott Lilja

moved to California in 1950, where a year later he married Imogene, his wife of 69 years. “I have never met a more genuine human being,” NIADA past president Michael Cunningham said of Hendricks. “He was full of kind thoughts and down-home country wisdom. The world is a better place because Opie was here.”

He was described by NIADA as “a giant in the used car industry.” Lilja’s lengthy career in the auto industry earned him many accolades, including induction into NIADA’s prestigious Ring of Honor in 2002. He earned that distinction during his time as vice president and chief operating officer of NADA Used Car Guide. He was responsible for corporate Scott Lilja, NIADA’s vice presi- strategy, alliances development, new dent of member services, died on market development, budgeting/ May 3, at the age of 58, after a long forecasting and account developbattle with multiple myeloma. ment. Lilja joined NIADA in 2009, overseeing member services and the association’s industry partnerships. “It’s always tough to lose such a great friend and close colleague,” said then-NIADA CEO Steve Jordan, “but I’ll forever remember how Scott was always so positive and inspiring in the face of repeated adversity. “He will be greatly missed by Team NIADA and the auto industry he loved so much.”

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Longtime Alabama auto dealer Lester Earl Oden died on April 2 after a long battle with cancer. He was 73. Oden was the founder and president of MTO Motor Leasing (MTO Motors), in Birmingham, Ala., for the last 35 years. Oden had a passion for drag racing and raced for many years. He was an accomplished driver in the modified production classes in the late 1960s and early 1970s. Oden founded and owned many businesses through the years. Those operations included United Waste Control, We Finance Auto Sales, Oden and Son Custom Cars, Better Business Builders, MTO Motor Leasing Inc., Buyers Financial Service, Southern Boat Sales, Energy Efficient Lighting, APS Auto Parts and Salvage, 70th Street Cafe, Oxford Auto Auction and LTO Investment Corp. Continued on next page

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

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News 12/14/2020

Milestones – Continued from prior page NIADA past president Lamar Cook passed away Oct. 23 at the age of 72. Cook, owner and operator of Auto Choice By Cook in Summerville, S.C., served as NIADA president in 1997-98. He had previously been president of the Carolinas IADA. Cook was a driving force in both associations, and was instrumental in hiring longtime NIADA CEO Mike Linn, first as executive director of CIADA in 1987, and 12 years later, as the head of the national association. “Lamar was always a great dealer, a great leader and a great person,” Linn said. “The thing he could really do well was communicate with all the members. That’s one of the things that impressed me about him. “Dealers who were members of the CIADA and NIADA looked to him because of the type of person he was.” NIADA past president George Karlen praised Cook’s commitment to the association and its mission to advocate for independent dealers in Washington D.C. “Anytime anything would come up in Washington, he’d be the first one to be there,” Karlen said. “He had more ideas for programs than anyone. He always had something on the table. He was really dedicated to the association.” Cook, a veteran of the U.S. Air Force, was a devout Christian and an active member at Oakley Road Ministries. He loved fishing on Lake Moultrie and hunting with his sons, grandchildren and great grandchildren. Dennis Worthy, 65, of McKeesport, Pa., died on Jan. 9. Worthy was the general manager at Manheim Milwaukee in 2013 when he retired. Worthy was an active member of the National Auto Auction Association and served on numerous committees. His memorial was held at the Harley-Davidson Museum in Milwaukee. The NAAA honored Forrest (Woody) Miller Sr. who died at age 85, on April 4. Miller, of Frederick, Md., was the longest-serving director of the National Automobile Dealers As-

sociation Dealer Candidate Academy, where he led a team that educated future leaders of automotive sales. Miller was inducted into the NAAA Hall of Fame in 2001. Miller served as a United States Marine in Korea. Larry Stephen Hedrick died August 31, following a battle with leukemia. He was elected NAAA president from 1991-1992. He was honored and inducted into the NAAA Hall of Fame in 2004. Hedrick enrolled in the Newport News (Va.) School of Ship Construction following graduation from Harmony High School to study hull structure and design. He served as a hull designer for several years before returning home to work in N.C. with his father-in-law, Dwight Goforth, in his farm machinery business. Hedrick became an auctioneer at High Point Auto Auction. Together, Dwight and Larry started Tarheel Auction & Realty in 1967 and conducted 100’s of auctions over the years in farm machinery, business liquidations, estates and real estate auctions. Larry and Dwight purchased land and built the Statesville Auto Auction in April 1976.In 1993, they sold the auction to Manheim. Bob Eppes, former NHTSA (National Highway Traffic Safety Administration) Odometer Fraud Investigator, also died in 2020. He was a longtime member of the National Odometer and Title Fraud Enforcement Association and Midwest Odometer and Title Fraud Enforcement Association. According to the NAAA, he was a friend to the association and to many NAAA members. The NAAA praised Eppes as one of NHTSA’s premier odometer fraud investigators. From December 1983 – April 2005 Bob was a Special Agent in Charge with the NHTSA. During that time, Eppes conducted over 560 criminal investigations of odometer and title fraud. Eppes received the Lance Thomas award in 1998 and was a regular presenter at MOTFEA and NOTFEA.


Reliability 12/14/2020

Mazda Tops Toyota in Consumer Reports Reliability Study By Jeffrey Bellant

Mazda, Buick and Honda are among the brands that made gains in the latest Annual Auto Reliability Survey from Consumer Reports (CR). But Ford and Lincoln struggled with the introduction of new SUVs, and Tesla remained near the bottom of the new-car brand rankings. The 2020 Auto Reliability Surveys, which rank among the largest surveys of their kind in the U.S., are based on data collected from CR members about their experiences with more than 300,000 vehicles. The survey findings were announced at an online news conference before the Detroit-based Automotive Press Association recently. For the first time ever, the Japanese brand Mazda ranks at the top

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of CR’s reliability list, reported Jake Fisher, senior director of auto testing at Consumer Reports. Toyota and Lexus came in second and third respectively for reliability, continuing their long record of building some of the industry’s most reliable vehicles. All Toyota models have average or better reliability. Tesla now sits second from the bottom among all 26 ranked brands. Lincoln ranked in last place. Buick, meanwhile, ranked fourth overall, making it the most reliable domestic automaker this year. Honda ranked in fifth place overall. GMC is up this year and now ranks 16th, while Chevrolet was in the bottom half. Dozens of all-new and redesigned models were introduced for 2020, prompting considerable reshuffling among the brands in CR’s latest pre-

Photo by Jeffrey Bellant TOP RANK: Jake Fisher of Consumer Reports, shown above in Detroit last year, recently released the 2020 Consumer Reports Reliability Study. The rankings show Mazda at the top of the list, with Tesla scoring poorly.

dicted new-car reliability rankings. nearly half (44 percent) have muchAmong new or redesigned vehicles, worse-than-average reliability.


Retail Markets 12/14/2020 Compiled by Ed Fitzgerald

IOWA Ed Black, owner, Midwest Auto Sales, Ottumwa, Iowa: “We’ve been in business for 23 years. Next year we’re going to put up a new shop, but we’ve been in this location for quite a while. “During COVID we locked our doors for a week and went with appointment only and sold absolutely nothing. I built a wall with two glass windows that we worked behind. It was pretty good after that, but the first week was rough. “We keep about 40 cars most of the time. We have a cash lot with about 25 vehicles. We sell 30-40 cars a month. That’s our goal. I do a lot of wholesale from auction to auction. “We go to the Des Moines Auto Auction; that’s about 65 miles away. And we go to ADESA, Copart, Metro Sal-

vage. I’m online every day buying stuff. Probably 90 percent of what I do is online work. I buy a lot of salvage, so there’s a lot of hidden (problems). The market this year has been tough, tough. “I would sell a lot more trucks if I could buy more trucks. I sell about 75 percent cars, 25 percent trucks. “We sell mostly American made products. “We’ve got a body shop, a tire shop, a glass shop. This year, we’re probably spending $1,000 per car on reconditioning. It seems like everything you buy has an issue. They all need brakes, they all need alignments, they all need tires. “We do quite a bit of buyhere, pay-here. We’ve been doing it for about 17 years. We haven’t used any GPS or starter interrupt. Most of our customers are long-

term. If I don’t trust them, I don’t sell them a car. I have good customer relations. We do all the financing. We don’t have another company that we’re selling for. We do everything here. “Our average car is about 12 years old with 100,000 miles. “My suggestion to dealers just starting out: Good luck. “The last car I sold was an ’09 Dakota, last night at quitting time. It had 110,00 miles and I sold it for $2,500. It was a bank repo we bought down the street.”

TEXAS Lanny Williams, owner, Raceway Motors, Lufkin, Texas: “I have been in business for 20 years. “We were closed for one week because of COVID and we had to lay off 20 employees. We are thankful

for Gov. Abbott recognizing our industry as an essential business. We reopened with two-thirds of our staff. “The impact of the manufacturers closing was detrimental to our ability to acquire affordable inventory. We acquired 25 percent of our inventory online before COVID-19; now, we acquire 85% online. “I had never experienced the market volatility like during COVID-19 and never thought paying $2,000 over clean trade would be like looking for the old needle in the haystack. “Our average inventory is 110 units. “We sell an average of 83 vehicles a month. “We sell 40 percent cars, SUVs 30%, trucks 30 percent. “We sell 65 percent domestic, 35% imports. “Our average reconditioning costs

are $400, parts only. “We get vehicles from Manheim and ADESA auctions. “Our focus is on 3- to 6-year-old vehicles, with an average of 48,000 miles. “As far as advertising, radio drives our monthly message and customers to our website, and we follow up with a strong online presence. “Our average cash down payment is $1,145, plus trades. “For new dealers I recommend that first, you decide to be a dealer of good character. “Join your state association and the NIADA and attend as many conferences and educational seminars as possible. Follow compliance guidelines. “The last car I sold was a 2015 GMC Canyon for $25,500. It had 43,800 miles.”

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Wholesale Markets 12/14/2020 Compiled by Jeffrey Bellant

IDAHO Russ Smith, owner, Dealers Auto Auction of Idaho, LLC., Nampa, Idaho: “We’ve been in business for 20 years. It will be 21 in April. “We have six auction blocks, but we’re typically running five lanes right now. “The auction shut down for five weeks (during the pandemic). We did simulcast sales only for April and part of May. We didn’t have a hard shutdown in our area. We chose to shut down, just so we could get our feet back under us. “At our (Dec. 2) sale, we ran just over 400 cars and we sold about 68- to 70-percent. Typically, we’d run 450 to 500 but coming off the holiday it was a little lighter. “We’re the only sale I know of in the Northwest that runs a live auction with in-lane bidding.

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“We follow all the CDC guidelines and recommendations. We’ve invested a lot in sanitizing the building. We’ve hired a company to clean. We require masks, even though our state doesn’t. We have lots of hand sanitizers and we put up Plexiglas separations, cones and spread our lanes out. “Our online participation is higher than it’s ever been. “Our volume is heavier in the dealer business – probably 65 percent dealer volume and 35 percent fleet/ lease/repo. “We’re getting more commercial/lease return business. We’re seeing cars coming from further out in Oregon, Utah and Northern California, since they don’t have a live sale to go to. “Dealer business is up 15 percent, fleet/lease is probably up 10 percent. “Our average price is

$9,800, which is up. “We also sell for the Forestry Service GSA and Fish & Game Department. We hold those about every other month. We’re running closer to a 100 per sale. We run an RV and powersports sale every other week. “I feel we’re going to be the only auction in the Northwest selling in-lane for a while and the local market is strong. I expect us to continue to grow.”

NEW YORK Jim Terwilliger, sales/ marketing manager, State Line Auto Auction, Waverly, N.Y.: “This is our 40th year and we’re a third-generation, independent family-owned auto auction. “We have eight lanes and we’re normally running seven, though one is a video lane for stuff we don’t run

through the auction, like RVs, miscellaneous stuff. “We’re averaging about 750 units. Last year, we averaged 1,200. (One factor) was dealers were holding on to everything. Also, they’re able to sell them online. “(Sales percentages) were at 67 percent post-COVID, but we had a strong six weeks where we were setting records for percentages. We were selling between 80 and 83 percent for about four or five weeks in row. “We shut down from March 20 until May 5 (because of the pandemic). It was mandated. We went six weeks without an auction. That was a first. “We’re drawing over 600 dealers, though maybe a little less than half of them are online. We’re selling 35 percent of our units online through Edge Pipeline. “Our volumes are about 65

percent dealer consignment. “Our average price in the lanes has been around $13,000 or $13,200 something like that. “Dealers have said that business was very strong in the summer and now it’s kind of tailed off. Trucks are still strong, but retail has really quieted down. “The online presence is still crazy. We have normally sold to 26 or 27 states and this year may even be higher. “What I’ve found that’s odd is that the regular fourdoor car got scarce. So, when there’s a nice regular car, it brings all the money because there aren’t any out there. “I don’t think you can predict what’s going to happen in the coming year. Think about it. “A year ago, you could have never predicted what was going to happen in this world.”


Wholesale Numbers UCN usedcarnews 12/14/2020

Type

Model

2019-12-01

2020-06-01

2020-12-01

2021-12-01

2022-12-01

2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019

Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck Truck Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck Truck Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck Truck Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck

Honda Civic Toyota Camry Toyota Corolla Nissan Altima Ford Fusion Chevrolet Malibu Nissan Sentra Hyundai Elantra Ford Mustang Hyundai Sonata Ford F150 Chevrolet Silverado 1500 Ram 1500 Toyota RAV4 Chevrolet Equinox Jeep Grand Cherokee Ford Escape Ford Explorer GMC Sierra 1500 Toyota Tacoma Honda Civic Toyota Camry Toyota Corolla Nissan Altima Ford Fusion Chevrolet Malibu Nissan Sentra Hyundai Elantra Ford Mustang Hyundai Sonata Ford F150 Chevrolet Silverado 1500 Ram 1500 Toyota RAV4 Chevrolet Equinox Jeep Grand Cherokee Ford Escape Ford Explorer GMC Sierra 1500 Toyota Tacoma Honda Civic Toyota Camry Toyota Corolla Nissan Altima Ford Fusion Chevrolet Malibu Nissan Sentra Hyundai Elantra Ford Mustang Hyundai Sonata Ford F150 Chevrolet Silverado 1500 Ram 1500 Toyota RAV4 Chevrolet Equinox Jeep Grand Cherokee Ford Escape Ford Explorer GMC Sierra 1500 Toyota Tacoma Honda Civic Toyota Camry Toyota Corolla Nissan Altima Ford Fusion Chevrolet Malibu Nissan Sentra Hyundai Elantra Ford Mustang Hyundai Sonata Ford F150 Chevrolet Silverado 1500 Toyota RAV4 Chevrolet Equinox Jeep Grand Cherokee Ford Escape Ford Explorer GMC Sierra 1500 Toyota Tacoma

10550 11000 10000 9450 10100 11300 8300 8100 13650 9450 23300 25300 20000 13100 11050 15950 10600 18100 25000 23300 11800 12450 11250 11150 11600 12150 9600 9750 15350 10750 24500 27000 21200 14550 12625 19425 11800 20500 27000 24300 13400 15750 12500 12800 12550 13950 10800 10900 16650 12650 26000 28700 22400 16250 15250 22125 13550 23575 29000 25650 15000 17250 13650 14250 13800 14800 11950 11950 18500 14850 29000 35000 18750 17650 25750 16300 26975 35300 27225

9050 9900 7350 7300 7550 10275 5350 5900 12400 8300 21200 23000 19300 11450 9500 14150 8800 15900 22300 20800 10300 11525 8950 9050 9900 11200 7200 7450 13850 9650 23100 23800 20400 12950 11025 17725 10250 18950 23800 22600 12000 14100 10350 10625 10850 12650 8500 8300 15050 11325 24200 25500 22000 14875 12550 19425 11450 20725 25300 24075 13650 15400 11600 12525 12250 13675 9900 9900 17350 13525 25500 29700 17850 13900 23700 14350 23775 31000 25625

9750 10150 8150 8100 8800 10250 6200 7000 14825 8800 25700 27000 23500 13150 10400 16500 9600 16875 27500 25100 10750 12175 10000 10200 10950 12125 8600 8700 16300 10350 28400 29200 26200 15100 12350 20250 11450 21425 29000 26800 12750 14800 11300 11700 12100 13025 10600 9850 17850 12050 30500 31100 27900 16975 13600 22100 12950 22225 31000 28750 13950 15750 13050 14425 13250 14500 11700 11250 19500 13850 32300 35800 20000 15075 24200 15050 23400 37000 30500

8100 7600 6325 6150 6725 7800 4500 4950 10125 6800 17925 20525 17125 9350 6125 10200 6275 10450 20875 19575 9075 9025 7700 7525 8250 9200 5925 6275 11300 7900 19950 22550 19325 10725 7450 13225 7275 12925 22425 21300 10550 10900 8750 8625 9150 10075 7200 7175 12575 9150 22300 24225 20650 12100 8725 14825 8275 14525 24250 23050 11700 11775 9800 10475 10275 11575 8325 8025 13800 10475 24025 28250 14250 9925 16950 9700 16250 29075 24175

7075 6775 5675 5525 5575 6425 3775 4125 8425 5750 15425 18100 15000 8500 5225 9250 5600 8900 18350 18275 8025 7925 6775 6625 6850 7600 4900 5200 9550 6625 17200 20000 16925 9675 6400 11725 6450 10725 20000 20075 9325 9600 7725 7625 7675 8475 6075 6000 10750 7650 19775 21725 18400 10925 7825 13425 7425 12425 21900 21850 10525 10525 8675 9275 8750 9950 7175 6850 11850 8775 21725 25275 13000 9125 15775 8800 14550 26125 23100

Actual Wholesale and Projected Residual Values

M/Y

Source: Black Book


Wholesale Markets

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Disconnected Jottings From

Tony Moorby 12/14/2020

To bring any reasonable perspective to this year is virtually impossible from any angle, whether it be from personal experience or taking a broader view. This time last year, I don’t think anyone could have seen the enormity of events wrought from a new Asian virus from what the western world regarded as a Chinese backwater. Every muscle and tendon of society has been stretched, sometimes to breaking point at a time when we should have been improving the foundations of that society. Instead, any sense of union has been rent asunder in the largest political divide seen in decades. In spite of global travails we’ve witnessed the greatest adoption of innovations and have proven how flexible we can be as individuals, companies and industries.

Only those involved in the car business can appreciate its complexities. The health of the car industry is like a weather vane pointing out the economic sentiment of everything else that’s going on in the country. This year, new car production diminished for a while as the COVID-19 pandemic took hold to limit output. Late model used cars, especially those warranted and underwritten by their manufacturers, sold in millions to take up the slack. Financial aid arrived to fuel an undaunted, if unexpected, demand. Fleet companies took advantage of the demand, watching residual values reach new records and dealers came out in droves looking for inventory to meet a swelling customer base. Of course, in-person dealing was at a minimum from retail through to the

auctions. The auction industry, having remote sales capability already, forced the issue and dealers who previously shied away from its use, suddenly took technology to their bosom and benefit. As society either got used to our new environment or ignored it completely things have leveled out in terms of sales demand. No government handouts to support families in any walk of life and it looks like a cool winter is on the way – cool demand, that is. Politicians appear to have turned their backs on the populace as they take care of themselves as usual. They’re starting to make Scrooge look saintly. We’re seeing everything at a distance these days, family, friends, remote buying or selling, online shopping. The only people I’ve

By Myles Mellor

Across 1. Full-size Chevy SUV 6. Muscle car, 2 words 10. Bar check 11. Nickname for BMWs 12. Dodge minivan 13. Mazda sports car, 2 words 16. Enthusiasm 18. Toyota ____ 4

33. Type of car sometimes used by law enforcement agencies 34. Radio band 36. Alfa in “The Graduate” 38. Vital vehicle safety feature, goes with 41 across- 3 words 39. Wheel’s edge 41. See 38 across

42. Ford model that was 20. Recordings in sleeves, made in England from abbr. 1939 to 1967 22. Load software, for 43. Quick getaway example 24. Has a debt to Down 28. It’s found in a Jiffy 29. Mid-size sedan from Hyundai 30. Ferrari’s parent company 32. New drivers have to pass them

1. Makers of the Ascent 2. Mid-size Chevy SUV

got closer to are the FedEx and UPS delivery folks. Starvation for social activity is achingly apparent and through Christmas it’s going to be awful but witnessing the surge after Thanksgiving, I sincerely hope even the hard line folks will pay some heed to other peoples’ wellbeing. As I write, the number of COVID-19 cases is out of control, but some folks are out and about as though life were normal. I can’t wait to get this year behind us, get vaccinated and if I’m spared, get back to whatever is normal by then. Believe it or not, I am an optimist, knowing that the flexibility of our friends and colleagues in the industry will pick up virtually (pun intended) where we left off. Maybe we come out of this fitter, leaner, wiser and even

• 50-year veteran of the industry • President from 1997– 2000 of ADT Automotive • Served as ADESA’s executive vice president of sales and marketing • Moorby & Associates 2006–present • NAAA Hall of Famer • IARA Circle of Excellence To see past columns from Tony Moorby, visit www.usedcarnews.com/ columnists/tony-moorby

more broad-minded to learn the new way of things at every corner of our lives; we have to become more considerate rather than selfish. Let’s hope our way becomes clearer over Christmas and into the New Year. With all best wishes to our readers.

Play Online at Us e d C a r N e ws. c o m 7. Entrance to a freeway, 2 words

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Solution to this puzzle in the 1/18/2021 issue. Call 1.800.794.0760 for a FREE subscription.

14

Tony Moorby

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Solution to the 11/23/2020 puzzle


Your source for quality, selection and value: A broad selection of pre-owned vehicles from an industry leader. January 2021 Chase High Lines, featuring: 1 1

ADESA Boston January 8, 15, 22, 29 508-626-7000

ADESA Tulsa January 8 918-437-9044

Manheim New Orleans January 20 985-643-2061

ADESA Brasher’s January 6 916-991-5555

ADESA Washington DC January 6 703-996-1100

Manheim New Orlando January 5, 12, 19, 26 800-822-2886

ADESA Charlotte January 14, 28 704-587-7653

Columbus Fair AA January 13, 20 614-497-2000

Manheim Palm Beach January 20 561-790-1200

ADESA Chicago January 8 847-551-2151

Manheim Atlanta January 14, 27, 28 404-762-9211

Manheim Pennsylvania January 8, 14, 15, 22, 28, 29 800-822-2886

ADESA Cincinnati/Dayton January 12 937-746-4000

Manheim Dallas January 6, 19, 20 404-762-9211

Manheim Phoenix January 7, 14, 21, 28 623-907-7000

ADESA Golden Gate January 12, 26 209-839-8000

Manheim Denver January 6 800-822-1177

Manheim Pittsburgh January 6, 20 724-452-5555

ADESA Houston January 13, 27 281-580-1800

Manheim Detroit January 14, 28 734-654-7100

Manheim Riverside January 5, 7, 19, 21 951-689-6000

ADESA Indianapolis January 12, 26 317-838-8000

Manheim Fredericksburg January 7, 21 540-368-3400

Manheim Seattle January 13, 27 206-762-1600

ADESA Kansas City January 12, 26 816-525-1100

Manheim Milwaukee January 6, 20 262-835-4436

Manheim Southern California January 14, 28 909-822-2261

ADESA Lexington January 21 859-263-5163

Manheim Minneapolis January 6, 27 763-425-7653

Manheim Tampa January 7, 14, 28 800-622-7292

ADESA New Jersey January 28 908-725-2200

Manheim Nashville January 6, 13, 19, 20 615-773-3800

Southern AA January 6 860-292-7500

ADESA Salt Lake January 5, 19 801-322-1234

Manheim New Jersey January 6, 20 609-298-3400

ADESA Boston January 15 508-626-7000

Manheim Milwaukee January 6 262-835-4436

Manheim Palm Beach January 20 561-790-1200

ADESA Golden Gate January 26 209-839-8000

Manheim Nashville January 13 615-773-3800

Manheim Pennsylvania January 14, 28 800-822-2886

Manheim New Jersey January 6 609-298-3400

Manheim Phoenix January 14 623-907-7000

Manheim Orlando January 5 800-822-2886

Manheim Riverside January 7, 21 951-689-6000

Manheim Atlanta January 27 404-762-9211 Manheim Dallas January 19 877-860-1651

2

ADESA Boston January 22, 29 508-626-7000

Manheim Fredericksburg January 7 540-368-3400

Manheim Pittsburgh January 6, 20 724-452-5555

ADESA Salt Lake January 5, 19 801-322-1234

Manheim New Jersey January 20 609-298-3400

Manheim Seattle January 27 206-762-1600

Columbus Fair AA January 13 614-497-1177

Manheim Orlando January 19 800-337-8491

Manheim Southern California January 14, 28 909-822-2261

Manheim Denver January 6 800-822-1177

Manheim Pennsylvania January 15, 29 800-822-2886

Southern AA January 6 860-292-7500

Chase High Lines, featuring:

3

ADESA Golden Gate January 26 209-839-8000

Manheim Dallas January 19 877-860-1651

Manheim Nashville January 13 615-773-3800

Manheim Pennsylvania January 14, 28 800-822-2886

Manheim Atlanta January 27 404-762-9211

Manheim Milwaukee January 6 262-835-4436

Manheim Palm Beach January 20 561-790-1200

Manheim Phoenix January 14 623-907-7000

Manheim Riverside January 7, 21 951-689-6000

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

1

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 JPMorgan Chase Bank, N.A. ("Chase") is under license.

2

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").

3

Maserati Capital USA, the Maserati logo and model designations are registered trademarks used by JPMorgan Chase Bank, N.A. ("Chase") under license from Maserati S.p.A.

Neither JPMorgan Chase Bank, N.A. ("Chase") nor any of its affiliates are affiliated with ADESA, Inc. or Manheim, Inc. Each auction is solely responsible for their website content, sales events, promotions, fulfillment and operation of the auction. Š2020 JPMorgan Chase Bank, N.A. Member FDIC (21-001) 1/21


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