UCN 6/14/2021
Used Car News Auction 20 Group Members Thrive By Jeffrey Bellant
IN THIS ISSUE:
Rush - Dated Material
• TAXES • NUMBERS • RETAIL MARKETS
Twenty Groups are normally associated with franchise and independent car dealerships. But one 20 Group brings 16 independent auctions together and has built friendships while making those sales stronger. The Founders Auto Auction Network, moderated by NCM’s Steve Kain, is more than 15 years old and brings together veterans from across the United States. Like regular 20 Groups, the auctions meet three times a year and try to include one site visit to a member auction. Each auction provides financials, which Kain puts together in a composite report so that each member can compare how it is doing with each other member. The composite is critical to the success of the group, said Peter Saldamarco, president of Central Auto Auction. “We share our most intimate business knowledge and trade secrets with each other,” he said. “I think that’s what separates this group from others.” The meetings offer an opportunity to share ideas and suggestions and members said the process helps boost the bottom line. Russ Smith, of Dealers Auto Auction of Idaho where the next site visit will happen, said the group has a unique perspective. “Each of us built our sales from the ground up and in most cases, we worked every job from janitor to auctioneer. This experience allows us to understand what it takes to make sure the customer and our employees are well served. “We all truly work together to help each other achieve the highest level of success.” Ryan Durst, vice president of Lincoln Auto Auction in Nebraska, first
went to the 20 Group meetings more than a decade ago. At that time, his dad, Phil, the owner, was running the auction. “I didn’t really know much, so I would just listen,” he said. “My first meeting I realized these are some smart people in the group.” Durst said the composite is a very helpful tool. It made him aware of an area where the auction was “screwing up” and paying thousands of dollars a year for a product/tool he doesn’t use. That money adds up and it’s something he might not have noticed as quickly without the group. Kristie Letizia, president of Greater Milwaukee Auto Auction, agreed. It was D u r s t w h o pointed out an issue to her that made her realize she could opt out of an unused service that cost her more than $1,000 a month. Letizia joined the group a decade ago. “My accounting firm actually thought it would be a good idea to see if my expenses were in line,” she said, “because they didn’t have any other auto auctions in their portfolio.” Right away, she found out through the composite report that she was spending a lot more on security than everyone else, as well as promotions.
Continued on page 3
BETTER. FASTER. SEAMLESS.
READY FOR YOUR FUTURE MYMANHEIM.COM