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Used Car News

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5/3/2021

Recalls Dip in 2020, Still Near 28 Million

By Jeffrey Bellant

IN THIS ISSUE:

• NAAA News • Insurance Tips

The smallest recall of 2002 included seven single vehicle recalls: three by Mercedes, two by Volkswagen and one from both Daimler Stephen Ridella vans and Jaguar. In 2002, there was a significant increase in recalls of vehicles at least eight years old. Of older vehicles, the model years 2005, 2007, 2009 and 2014 had the most. The top types of recalls prevalent in 2020 included airbags, electrical issues, fuel systems, latches/locks and brakes. Overall completion percentages remain high, Ridella said. Labor times are long for items like airbags, power trains, fuel systems, suspensions, latches/locks and electrical.

Rush - Dated Material

• Retail Markets

Recalls continue to challenge the industry amid already tight inventory due to the pandemic factory shutdowns last year and the current microchip shortage. To outline the state of recalls, the Society of Automotive Analysts held its 8th Annual Automotive Recalls Summit in April. The virtual event included several speakers, including Stephen Ridella, director of the office of defects investigation for the National Highway Transportation Safety Administration, and Neil Steinkamp, managing director, complex situations consultant, for Stout, a global bank and advisory firm. Recalls always contain multiple factors, Steinkamp said. The factors include the age of the vehicle, the size of the recall, the type of vehicle, the type of component nature

of defect and whether the vehicle is reachable. In 2020, there were 300 light vehicle recalls. Five of the those recalls (excluding Takata) affected 41 percent of those vehicles, while 81 percent of vehicles were affected in 10 percent of the recalls. The Takata airbags have been a large, long-lasting recall. “It continues to this day and there have been more than 50 million airbags replaced,” Ridella said. But recalls of older vehicles – except for airbag components – are increasingly uncommon. The total number of light vehicles recalled in the U.S. in 2002 was 27.8 million, which is down 400,000, from 28.2 million in 2019, again, excluding Takata recalls. The largest recall of 2020 involved a low-pressure fuel pump that affected more than 3.3 million vehicles.

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Used Car News 5/3/2021

Proper Inventory Insurance Remains Critical By Jeffrey Bellant

Insurance coverage for inventory is a typical part of a dealership’s business, but it might be more important when there’s a shortage of vehicles like there is today. Adam Crowell, president and general counsel at ComplyNet, a compliance solutions provider, hosted a recent webinar featuring Steven Gibson, president of Florida-based Dealer Risk Services. “Inventory coverage really falls inside one of the property lines, which makes it by its nature a little bit simplistic,” Gibson said. Either cars on the lot are damaged or not, so inventory insurance is not like workman’s comp or liability coverage that might involve litigation. While it may seem cut and dried, it does pose its own challenges, he said. “We only have a limited number of

carriers that will provide inventory coverage. It begs a closer look since some coverages can seem rather complex,” Gibson said. “Inventory essentially covers fouror five-line items. It covers ‘comprehensive,’ which is considered everything other than collision. Inside comprehensive, we find coverage or theft, vandalism and all of the weather perils.” Insurance also covers collision for instances when a car hits another object. “There is also ‘false pretense’ coverage, which is the voluntary parting of the vehicle because someone tricked you out of it,” Gibson said. False pretense is a little tricky because there are certain triggers within that category that will provide a dealer with coverage or denial of coverage. Slowing down the F&I process so you can verify the customer is who

they say they are is one way to prevent false pretense claims, Gibson said. “Lastly, there is terrorism coverage,” he added. However, there are not a lot of firms out there that will offer terrorism coverage. One important thing for dealers to look at is the “per-vehicle limit,” Gibson said. Most carriers in the dealer market will start with a vehicle limit of $100,000 to $150,000. That will seem adequate unless the dealership is a highline or exotic seller, which should be higher. But if a dealer temporarily has an odd vehicle like a Bentley or a Ferrari on the lot, he will have to get some additional coverage. Dealers should also pay attention to potential weather exclusions, Gibson said. As NFIP (National Flood Insurance Program) remaps

the flood zones, a lot of times certain areas are excluded. “If you have flood coverage and your area is excluded, you have the ability to go to the open marketplace – if you have enough cash – and purchase flood insurance (there),” Gibson said. “It might be a little expensive but understand where the exclusions are.” Other areas might have wind, hail or earthquake exclusions. So, it’s critical to understand which exclusions are in a policy, especially since a lender may require coverage that the dealer may not have, Gibson said. The ‘false pretense’ limit is an area that dealers need to pay attention to, he added. It’s not a carte blanche coverage. Typically, the carriers will give a limit per vehicle or per occurrence.

Continued on page 5

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NAAA News 5/3/2021

Volume 27 | No.2

Longtime NAAA Chief Exec Retires By Jeffrey Bellant

Frank Hackett – chief executive officer of National Auto Auction for the past 17 years – is calling it quits this summer. The move was not unexpected and had been part of a plan for both Hackett and NAAA. “Back when they renewed my contract in 2015, we talked about when I wanted to retire and it was about this time,” Hackett said. There was a renewal clause in case Hackett wanted an extra year. In the contract, Hackett would be involved in the search committee, getting the search firm hired and getting out of the way. “Hopefully, by June or July they’ll have somebody on board and I’ll step down as CEO,” Hackett said. “I’ll remain on through the end of next year just as a consultant to

transition if the (new CEO) is not someone internal.” Hackett said knowing far enough in advance the point when you’re going to retire, makes it easier to help transition a successor. It wasn’t like that coming in, when Hackett’s predecessor was gone before he got there, and he had to learn on the fly. In fact, when Hackett was asked what he felt his proudest achievements were, he talked about the NAAA staff. “I think building a staff where the six of us do the job of 20,” he said. “Associations of our size all have two Photo Courtesy of NAAA or three times the staff we have. “I have staff members that know A GREAT RUN: NAAA CEO Frank Hackett is how to do every different job and retiring from his post this year. know how to shift gears. That’s something we have a lot of pride in.” president feel like the most imporThe other thing he was pleased tant person in the industry – “makto have done is make each NAAA ing them look good and giving them a year that they can be proud of,” he said. Hackett says the role of the job is to be a good mediator, helping members get along. With a trade association that has members as big as corporate auction chains and as small as a three-lane independent sale, bringing people together is critical. “You have to work at it,” Hackett said. “That’s the most important part of this job, being able to work with everybody on a day-today basis. “Even though we compete with each other (as members), we still come away with whatever is in the best interests of the association,” Hackett said. The advice he would give his successor is to be a good listener. Hackett tweaked the old Will Rogers saying, “I never met a person I didn’t like,” by changing it to “I’ve never met an NAAA president I didn’t like.” The NAAA president of 2009 offered his own assessment of Hackett’s tenure. “Frank Hackett is a true servant leader,” Bob McConkey, president and CEO of McConkey Auction Group said. “He has always led from the shadows while others receive the accolades. “My times working with Frank and NAAA provide fond memories of friendship and good times.” Hackett said it was his job to get along, be trustworthy and keep members’ issues in confidence. He feels good about his contribution. Continued on page 6

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Published By General Media LLC USED CAR NEWS (ISSN 1555-7413) is published at : Used Car News P.O. Box 80800 St. Clair Shores, MI 48080 Phone: 586-772-5200 or 800-794-0760 Fax: 586-772-9400 www.usedcarnews.com 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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C R O S S WO R D PAGE 14


Economy 5/3/2021

Inventory Coverage – Continued from page 3 There is also an aggregate limit for the policy year, Gibson said. “So, if you have a $100,000 false pretense limit and a $250,000 aggregate,” Gibson said, “and you lose a BMW that’s worth $90,000, then you have plenty of coverage for that first occurrence. “But understand you have just diluted your aggregate – which is the amount of the policy you have left for the policy year – by $90,000.” Gibson said dealers should try to negotiate this coverage up front and make sure the per-occurrence limit “at least matches with the highest value of any unit you have on the lot.” Once a dealer gets a handle on claims and reduces the frequency of them, he can increase the deductible comfortably and, therefore, lower the premium. When it comes to floor planning, dealers must be careful that they

consider any potential liability that comes before a floor plan kicks in. “What happens if we have a dealer trade of a new vehicle that is coming to your dealership,” Gibson said, “and you have paid the dealership for the vehicle, but it is damaged in transit before you ever get time to put it on your floor plan coverage?” Also, he suggests dealers who believe they have no exposure at all for service loaners, for example, should still put $25,000 or $50,000 in that “what if” category. The other issue is the “off premise” category. Gibson said if there is an overflow at the dealership and the general manager rents a lot down the street to keep those vehicles, he better tell the carrier. He knows dealers who have found out in these situations that they have no coverage. “It is not pretty, Gibson said.

The coverage needs to list all the “schedule locations” where vehicles might be parked or the dealer should negotiate up front how the carrier will handle “unscheduled locations” like an overflow lot, he said. “Better to pay a little upfront than to have a claim where they say, ‘coverage denied,” Gibson said. Dealerships must be aware of potential coverage gaps. “No. 1 is employee dishonesty,” Gibson said. “Theft of an automobile by an employee is typically under the inventory policy. We would need to refer to the crime policy to try and find coverage.” Another situation is when a customer buys a car, wrecks it on the way home and wants to unwind the deal. That’s excluded from the policy. Another challenge is when something happens during a spot delivery. Dealers need to know their cov-

erage in those cases, Gibson said. Another problem is when a vehicle is damaged and now it’s not worth what it was before. Most of the carriers have a provision within the policy that will handle very limited coverage, but only in collision incidents. Gibson said a problematic situation is when a car is stolen, driven for a lot of miles, damaged and then recovered. The insurer will cover the damage, but now the car is not valued at what it was before the theft/damage. Also, damage by insects or vermin is also not covered. Gibson said another big issue is government confiscation, which happens sometimes with a trade-in. Maybe it was a vehicle previously owned by a drug dealer and the vehicle is confiscated. “If the Feds come in to confiscate a

Continued on page 6

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Used Car News 5/3/2021

Hackett Retires – Continued from page 4 Insurance – Continued from page 5 “I can remember coming here 17 years ago,” Hackett said. “It’s in such good shape, so I’m excited for whoever takes my place. The association is where I would have wanted it to be 17 years ago. “This will be a great job for somebody.” Hackett hopes his successor will have the same great relationships that he’s had. “You know the people I’ve worked for over the years were so reasonable and understanding,” he said. “They were the guys like Dave Angelicchio, Jay Cadigan, and Tom Caruso.” When asked about challenges he faced on the job, Hackett turned the question around. “This industry surprises me,” he said. “We wanted to raise $50,000 with a pedal car auction in 2014.

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“We wanted to raise money for the scholastic foundation to be self-sustaining. “The next thing we know, we walked away raising $600,000.” It demonstrates the way that members of the association always step up. So, the challenges only bring out the best of the members, Hackett said, whether it’s the scholastic foundation, safety programs or disaster relief. “It’s the generosity of the members of this organization that always surprises me,” he said. “They want to share their success and wealth with the people who need it the most.” He said the friendships he’s made with NAAA presidents over the years are lasting ones. “I’m so fortunate that I have so many good memories,” he said. “I don’t have any bad memories.”

vehicle, then we could be completely without coverage,” Gibson said. “The cost of that vehicle could be borne by the dealership altogether.” When it comes to wind, hail, and flood, it has become difficult to purchase aggregate insurance in areas where these problems are prevalent. In some areas prone to hail, like Colorado, Kansas, or Texas, for example, some of the carriers are using what’s called a “hail matrix.” That’s basically a schedule by which they will pay the hail claim. It used to be based on a body shop repair. Since then, with the advent of PDR, carriers now might pay one amount for a quarter-sized dent on the hood, while it will pay another amount for a half-dollar sized dent on the roof. “I will tell you it is not as liberal as it was in days gone by,” Gibson said. “So, you can expect any hail damage

to be settled pretty much in the carrier’s favor.” Dealers should ask carriers if they have a hail matrix and ask them if you can run it by your body shop manager. When it comes to potential weather events, carriers will also ask dealers what they will do to protect them from bad weather. Where will you take them? Who will move them? How will you protect them? One other major concern for insurance companies in terms of inventory is theft. “Look at the policy and make sure you understand if they have put any kind of step deductibles in your policy,” Gibson said. “That just means for the first theft, we’re going to charge you the normal deductible, for the second theft we’ll charge you two times that deductible and for the third theft it might be three times that amount.”


Retail Markets 5/3/2021 Compiled by Ed Fitzgerald

ALABAMA Robert Case, owner, Robert’s Auto Sales, Hartselle, Ala. “I’ve been in business 20 years this month, 18 years in this location. “We didn’t have to shut down for COVID. We’ve actually done a little better, last year was our best year ever. “We keep about 35-40 cars in inventory. We sell 30 a month. “We sell more foreign cars -- Nissan, Toyota and Kia. We probably sell 60% foreign, and 40% domestic. We sell a lot of Ford Fusions and Chevy Impalas. “We get cars from Dealer’s Auction of Huntsville, which is only 35 minutes away from us. “Ninety-nine percent of our sales are buy-here, payhere. We use GPS and we keep an extra key to all of ‘em.

“Our average down payment is $1,100. This year it’s gotten astronomical. I got $9,000 down on a vehicle and we were only asking $5,000. It was a 2021 Nissan Altima and I was debating about taking it to auction to sell it. It only had 974 miles on it. “Our average reconditioning cost is $700, most of it is in-house. “We advertise on Facebook, Craigslist is a pain in the neck. But I’ve also been using the local newspaper for years. I do some promotion with its Athlete of the Week program and later in the year we do a scholarship. I was getting more results than some of the new-car dealerships. We did our 20year celebration in the paper and people would come in and talk about that. “The average model year of our cars is around 2012, with

135,000 or 140,000 miles. for the sales lot. “The last car I sold was a “We average slightly over 2007 Toyota RAV4.” 100 monthly sales with plans to reach 125-150 each month, with delivery. PENNSYLVANIA “We sell about 60% SUVs, Bill Metzinger, owner, 35% cars and 5% vans. We Red, White and Blue Audid not sell a truck for sevtos, Ashland, Pa. eral years. Our model works “We opened the BHPH if the vehicles last, trucks dealership in January 2014. in our state tend to rust out I do not have any car sales quickly, so we stay away background. My background from trucks. is in finance. “We sell more domestics “Our store has actually than imports. We generally had a positive outcome durstay away from German veing COVID. The things we hicles due to parts cost and put into place like curbside specialized tools. We do sell pickup and delivery now Kia, Hyundai, Honda, Toyorepresent 94% of our sales ta, and Mazda. and only 6% come to the lot “Our average recon is to browse around. very high, about $1,700 per “We also expanded our unit. Our average SUV takes sales radius due to delivery. about 18 hours of recondiCurrently we have two detioning and an average car livery trucks going out daily. takes about 12 hours. “We like to have 80-100 ve“We have a buyer that goes hicles ready for sale/on webout four days a week with site, and 150 vehicles at our the goal of getting 3-6 verecon facility getting ready

hicles every single day. The buyer goes to auctions all over southeast Pennsylvania. We also worked directly with a large wholesaler and in most cases that’s about 10 vehicles per week. “Our average car has 80,000 miles and 2015 is the average year. “Ninety-percent of our marketing is done on Facebook. Over the last eight years we built a following of over 35,000 likes. “Our average down payment is about $900 and just over four years. “We are 100% buy-here, pay-here. The GPS units we install are both GPS and starter interrupt along with payment reminders. “My advice to dealers, if in the BHPH world, make sure you have a lot of capital and a great relationship with a bank. Nothing is more important.”

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Choose Chase on ADESA.com and OVE.com for quality bank-sourced vehicles. Contact auctions directly for current sale information. 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. 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”). 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. The tradename “Aston Martin Financial Services” and the Aston Martin logo are owned by Aston Martin Lagonda Limited and are licensed to JPMorgan Chase Bank, N.A. (“Chase”). 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. ©2021 JPMorgan Chase Bank, N.A. Member FDIC (21-005) 5/21

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Wholesale Markets 5/3/2021 Compiled by Jeffrey Bellant

IOWA Todd Givant, general manager, Des Moines Auto Auction, Des Moines, Iowa: “We’ve been in business since 2008. We’ve got five lanes and we run four. We went online only for a couple of months when it was ordered by the governor. We use Auction Edge and Online Ringman. “We’ve been running cars through live coming up on a year now. “The cars that we sell – as a regular little independent – are the cars that people want to drive, listen to and touch. We feel it’s important. So, we have about a five-hour window when people can come in on Thursdays to drive cars. “On average, we’re probably running 325 to 350 per sale. Maybe (before the pandemic) it might have been

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400 to 425. We’re not terribly off, but you can start to feel the punch. “Like everybody, (conversion rates) are out of whack. I think the worst sale we had over the last couple of months was still just below 80 percent. “It’s been regularly between 80 and 84 percent. It’s just that cars are short. “I’d say we’ve got to be at least 90 percent (dealer consignment). We’ve got one financial institution that consigns about once a month so they can run 25 to 65 vehicles at a time. “A few weeks ago, you could hear that dealers were kind of selling strong, while more recently it’s (slowed down) a bit. I don’t know that there’s any complaining. “It’s just that everything has changed so much. “The average price over

the past few years has been right around the $5,000 mark. “You just try to put your head down and keep working each week.”

MICHIGAN Greg Price, owner/operator, Fastlane Auto Exchange, Flint, Mich.: “We’re having our 43rd anniversary on May 19. “We have eight blocks, but we’re currently running six. We are running physical sales with dealers in the lanes. “We ran 656 cars on April 22. We ended up at 74 percent sold. “Since this whole thing began, we’re still averaging 600 to 650 cars every week. We haven’t lost any cars. We used to be around 550 to 600. We’ve actually grown. “A big factor for us, maybe compared to other auctions

in the Midwest or across the country, is we’ve got a lot of Canadian support. We’ve got a Canadian import company. “We’re probably an 85-percent dealer (consignment) sale. The Canadian cars are dealer cars, too. They ship them to our import company and we convert them. The turnaround time is 30 days. “We could do it in seven days, but government requirements mean it has to sit for 30 days or until the bond comes in, whichever comes first. And the bonds are always way behind. “I would say the Canadian inventory has dropped a lot compared to this time last year. “For our regular sale, we have state restrictions (at press time) for dealers in the lanes, with a maximum of 300 based off square footage. “We do a lot of extra stuff,

too, for safety. We’ve got an ambulance out front, checking temperatures. I’ve got three officers around the property on sale day. One’s out front, checking temperatures. I’ve got one in the office that manages how any people are in the facility. Then a third officer is out in the lot making sure (people are following protocol). “We also disinfect every car that comes to Fastlane. It’s costing us a little bit more for safety precautions. “But it’s really paid off because dealers feel pretty safe here. It makes our employees feel safe, too. “Our average price across the block is $9,200. That’s up a lot. “The late-model low-mileage units are bringing the moon. “We’re getting ready to start a heavy-duty truck auction later this year, too.”


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Wholesale Numbers 5/3/2021

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make/model/name ---------------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 Honda CR-V Chevrolet Equinox Jeep Grand Cherokee Ford Escape Ford Explorer GMC Sierra 1500 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 Honda CR-V Chevrolet Equinox Jeep Grand Cherokee Ford Escape Ford Explorer GMC Sierra 1500 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 Honda CR-V Chevrolet Equinox Jeep Grand Cherokee Ford Escape Ford Explorer GMC Sierra 1500 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 Honda CR-V Chevrolet Equinox Jeep Grand Cherokee Ford Escape Ford Explorer GMC Sierra 1500

2020-05-01 ---------9850 10500 8500 8650 8550 11000 6400 6600 12800 9000 22000 23500 20400 12650 13900 10700 14525 10000 16550 23800 11200 12250 10100 10450 10700 12200 8050 8400 14250 10400 24500 24700 21500 14200 17450 12525 18925 11450 19950 24800 12700 15600 11450 12050 11850 13700 9450 9400 15600 12100 25500 26200 23000 16100 20150 14150 20925 13050 22075 26200 14450 16900 12750 14000 13600 14800 10650 10800 18050 14450 26800 31000 19250 21700 15700 24900 15550 25175 32000

2020-11-01 ---------11000 10650 8750 8750 9400 10975 6800 7500 15200 9350 26400 27400 23700 13500 15000 10800 16000 10100 17225 27500 12100 12825 10800 10900 11500 12900 9050 9400 16700 10900 29300 29900 26700 15650 18275 12950 21125 11850 21850 29000 14050 15400 12250 12425 12575 13800 10800 10650 18250 12625 31600 31700 28000 17675 20700 14300 23075 13350 23725 31000 15300 16375 13700 15350 13875 15450 12150 11650 19950 14425 33300 36800 20600 23025 15775 25400 15350 25075 37200

2021-05-01 ---------10650 11500 9600 8975 9800 11125 6850 8150 16200 9800 26500 28000 24500 14900 15075 11600 17050 10500 18150 29000 12150 13575 11400 12000 11950 13900 9700 10250 17900 11550 30300 31000 28000 16300 18750 13625 20900 12725 21200 30500 14000 17525 13500 13650 13850 15050 12100 12200 19250 13825 34300 34000 30000 18125 20525 17150 23200 14775 23900 33500 15450 18650 15600 17050 15250 16550 14950 14350 21150 15775 36300 38500 21950 23350 18075 25050 16650 25700 37500

2022-05-01 ---------8675 8475 7300 6675 7900 8075 5225 5650 11350 7375 19325 22725 17575 11750 12300 7850 12400 7275 13000 23775 9975 9900 8625 8650 9550 10025 7250 7125 12725 8625 22025 25250 20050 12875 15300 9375 15075 8725 15075 25425 11525 12700 10175 9875 11250 11050 9125 8500 13950 10225 25475 27825 21775 14350 16850 11975 16925 10175 17400 28075 12925 13700 11725 12200 12575 12475 11200 10075 15375 11725 27475 31675 17425 19100 13000 18850 11675 19525 31750

2023-05-01 ---------7175 7125 6050 5525 6450 6425 4300 4500 9225 6075 16650 19750 15550 10050 10600 6100 9925 5875 10475 20875 8325 8225 7075 6900 7800 7875 5800 5675 10450 7050 18925 22000 17700 11025 13225 7400 11950 6925 12000 22675 9625 10450 8275 7925 9150 8825 7375 6775 11625 8300 22275 24375 19475 12325 14650 9550 13550 8100 14175 25225 10925 11400 9475 9700 10375 10225 8925 8075 12850 9500 24475 27875 14975 16575 10675 15575 9450 16525 28775

Actual Wholesale and Projected Residual Values

M/Y --------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

Source: Black Book


Disconnected Jottings From

Tony Moorby 5/3/2021

The Frist Art Museum in Nashville is one of my favorite buildings ever. Since the museum’s closure for nearly a year, members have been chomping at the bit for new exhibitions this year and they have come back with some humdingers. They had a J.M.W. Turner exhibit that, for me, was a blockbuster and much larger than I would have thought. I studied Turner at school and some of that limited knowledge was responsible for helping a colleague and me rent a house when I first came over in 1982. Just recently the Frist put on the most wonderful Picasso exhibition of his figures throughout his lifetime. I know Picasso is not for everyone but I’ve had an abiding fascination for him and his work. Not that I think he was a very likeable fellow – quite the contrary

- in this day and age his misogyny and use of women would have got him in a world of trouble. But seeing his genius ‘in the flesh’ can bring me to my knees! The Frist offered some classes during the shows to learn to observe some of Picasso’s techniques and how they changed over time. I was in like a long dog! The sessions included doing some paintings and collages of our own. Cool stuff! The problem was going to Nashville on a Saturday afternoon. Once a tourist destination fueled by the national admiration of country music and Opryland, it was an otherwise relatively quiet backwater city with book and music publishing, financial services and a slowly growing health care center (with Vanderbilt as a hub). All quiet and unassuming industries that kept

to themselves. As you may be now aware Nashville is a mecca for all-comers. With easy access from anywhere, being intersected by three major interstates, an international airport (and still growing new terminals like octopus tentacles) it’s growing like Topsy. The housing market can’t keep pace with demand and prices are going through the roof – pun intended – and that’s alright if you’re selling and moving out but youngsters are finding it tough to get on the ladder. There was a time when a stroll down Broadway would be rewarded with warm hospitable people doing likewise and bobbing into the occasional bar for some refreshment and some country food – catfish and hushpuppies or fried chicken and so on to go with

By Myles Mellor

Across 1. Hyundai SUV 4. 70s and 80s Dodge 10. Detroit’s founder

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some casual music. It is now a seething mass of humanity with every kind of attraction and entertainment imaginable and the decibel levels rise as bars compete for attention and customers. Electric scooters are everywhere with riders who don’t know how to drive. For some unfathomable reason, Nashville has become the “IT” place for bachelorette parties – those last minute get togethers before the realities of married life set in, so it’s all hell-for-leather hedonism. One ritual involves a pedal tavern – a mobile bar powered by pedaling passengers - while they go from shots to slurps of beer, careening through the traffic and pedestrians. Just to get customers in the mood, almost every accouterment, from glasses to straws, necklaces

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and coronets denote male phalluses! They tell me that a new pedal tavern itself is in the shape of one. It’s the tackiest thing in town and I think it’s a shame we’ve come to that. Perhaps Picasso would have his own rendition.

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Solution to this puzzle in the 5/24/2021 issue. Call 1.800.794.0760 for a FREE subscription.

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To see past columns from Tony Moorby, visit www.usedcarnews.com/ columnists/tony-moorby

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• 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

Play Online at Us e d C a r N e ws. c o m

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Solution to the 4/12/2021 puzzle

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Santander Consumer USA and Chrysler Capital are proud to announce the winners of their 2020 Auction Excellence Awards. This annual program recognizes top performing auctions for exceptional success in the areas of operational excellence, strategic planning, customer service, value achievement and residual enhancement.

The winners of the 2020 Auction Excellence Awards are:

RETAIL CATEGORY NATIONAL AUCTION OF THE YEAR

Manheim North Carolina

REGIONAL AUCTION OF THE YEAR CENTRAL REGION

Manheim Dallas

MIDWEST REGION

Manheim Louisville

NORTHEAST REGION

ADESA Concord

SOUTHEAST REGION

Manheim North Carolina

WEST REGION

ADESA Salt Lake

LEASE CATEGORY NATIONAL AUCTION OF THE YEAR OPERATIONAL EXCELLENCE

Manheim Dallas Bel Air Auto Auction

Congratulations to all of the winners! We thank you for the outstanding results!

©2021 Santander Consumer USA Inc. All rights reserved. Santander, Santander Consumer and the Flame Logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. Chrysler Capital is a registered trademark of FCA US LLC and licensed to Santander Consumer USA Inc. All other trademarks are the property of their respective owners. SC-CCAP-76900-DLR_040821

Profile for Used Car News

Used Car News 5/3/2021  

Used Car News 5/3/2021  

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