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Mayor Wants to Limit Used Vehicle Stores

Photo by Jeffrey Bellant HITTING THE BRAKES: This used-car dealer in Warren, Mich., faces too much competition according to the city’s mayor. Jim Fouts is clashing with his city council over a cap on the number of used-car stores. By Ed Fitzgerald

Jim Fouts is seemingly on a oneman mission to end the spread of used-car dealerships in Warren, a suburb just north of Detroit. Fouts is the mayor of Warren,

Michigan’s third-largest city. He has moved to limit used-car stores in the past and did so again recently by vetoing a special land-use permit for a new store near the city’s border with Detroit. “My concern is that approval of

any more used car lots will result in Warren being called ‘Used Car Lot City,’” Fouts said. Citing the number of variances needed in proposed expansions at two existing stores, Fouts earlier this year sought to “freeze” the

number of lots in the city. “The excessive number of variances on these projects is … the reason I directed the Building Inspection Division and the Planning Department to freeze any more reContinued on page 11

Regulator Says State Lax on Overseeing Multi-Dealer Locations By Ted Craig

regulations were “frustrated, delayed or derailed by questionable or inappropriate intervention.” Dealer license applications were ordered approved over staff objections and enforcement Continued on page 11

Rush - Dated Material

Regulations governing the licensing and oversight of used-car dealers in New Jersey were selectively manipulated and weakened, according to a recent report.

The State Commission of Investigation found that strong, and sometimes undisclosed, lobbying pressure led to favored treatment from Motor Vehicle Commission officials. MVC personnel said in sworn testimony that their efforts to scrutinize dealers and enforce

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USED CAR NEWS

January 4, 2016 • 3

NIADA Buys Assets of Twenty Group Moderator By Jeffrey Bellant

The National Independent Automobile Dealers Association has acquired the assets and operations of Sarasota, Fla.-based Leedom & Associates LLC. The transaction, concluded Dec. 14, transfers ownership of all Leedom & Associates Twenty Groups, seminars, workshops, boot camps and consulting, as well as the Dealer Business Journal and the BHPH World Convention, to NIADA, effective immediately. NIADA also hired automotive industry veteran and longtime Leedom employee Chuck Bonanno as NIADA’s national director of Twenty Group operations to run the new division and lead NIADA’s efforts to grow and expand its offerings. Steve Jordan, NIADA’s CEO, said the deal had been in the works for about a year. He had met with Leedom & Associates CEO Chris Leedom to discuss NIADA partnering with the firm to join conferences.

Jordan said Leedom asked them if NIADA would be interested in “purchasing the whole thing.” NIADA formed a subcommittee and held discussions throughout the year. The information was presented to the association’s executive committee during its National Leadership Conference in Washington, D.C., in October. “It was unanimous,” Jordan said. “The (committee said) ‘Let’s move forward, greenlight this deal and get this thing done.’” The addition of Bonanno to NIADA’s team was a critical factor in the acquisition. “That was one of the big questions we had to answer when we were considering this acquisition,” Jordan said. “If we do this thing, who is going to run it?” Bonanno, who had left Leedom & Associates in 2014, was available and NIADA brought him on. “He became a free agent (last summer) and I’m a big

Photo by Jeffrey Bellant TWENTY GROUP VISION: Chuck Bonanno participates at a convention as an attendee. Starting next year, Bonanno will be back in front of the audience.

believer in everything being about timing and that was good timing,” Jordan said. A big part of Bonanno’s task will be building and expanding on the Twenty Group programs, Jordan said. “NIADA is excited to build on an award-winning Twenty Group platform that has been 20 years in the mak-

ing,” Jordan said, “and we’re excited about the opportunity to add an array of other training and educational services to meet the needs of the independent auto dealer. “I have to give a lot of credit to the executive committee for their forward thinking and leadership to continue expanding NIADA to better serve our members and the

industry by this acquisition.” Jordan said Joe Lescota, NIADA’s Director of Dealer Development, also will benefit from the move. “It will give him a lot of resources that he doesn’t currently have, like information, data, administrative support and growth opportunities,” Jordan said. Continued on page 10

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4 •January 4, 2016

USED CAR NEWS

NEWS BRIEFS Fitch Downgrades VW After Scandal

Fitch Ratings has affirmed the ratings on four U.S. auto loan and one U.S. auto lease ABS transaction sponsored by Volkswagen Credit Inc. following a review of the transactions under various stress scenarios. The Outlooks on the four auto loan ABS transactions were affirmed at Stable. The Rating Outlook for the one lease ABS transaction has been revised to Negative from Stable, as the result of the exposure to residual risk and potential for increase in residual losses under Fitch’s assumed stressed scenarios. Fitch’s stress scenarios assume potential increases in defaults and declines in recovery rates or residual values as a result of the ongoing VW emissions scandal, and its potential future impact on the performance of the outstanding ABS transactions. The transactions include four retail loans ABS issued from the Volkswagen Auto Loan Enhanced Trust (VALET) platform in 2013-14, and one retail lease ABS issued from the Volkswagen Auto Lease Trust (VALT) platform in 2015. The four auto loan ABS transactions are performing within Fitch’s initial credit loss expectations. The VALT 2015-A lease transaction is

also performing within expectations from both credit and residual loss expectations. As of the November reporting period, Fitch has not yet witnessed any notable decline in the asset performance of any of the transactions since the scandal arose in mid-September.

FTC Looks at Future of Auto Distribution System

The Federal Trade Commission will host a one-day workshop on Jan. 19 to explore competition and related issues in the U.S. auto distribution system, including how consumers and businesses may be affected by state regulations and emerging trends in the industry. The event will take place in Washington, D.C. at the FTC’s Constitution Center Auditorium. The January workshop will focus primarily on exploring the competition issues arising from state level regulation of auto distribution. It also will explore emerging trends in the auto industry, such as car-sharing, connected cars, and autonomous vehicles, with a focus on how those trends will affect the current regulatory system that governs the auto industry. Through this workshop, the FTC

seeks to enrich its knowledge about this sector of the economy and to facilitate discussion of the competition and related issues surrounding it. To that end, the staff of the FTC is accepting public comment on a number of questions related to the workshop. The workshop will be webcast live on the FTC’s website. Registration information, an agenda, directions to the FTC’s Constitution Center building,. A list of speakers will be available in the near future on the event webpage. Advance registration is not required, but is strongly encouraged.

Ford Recalls Sedans for Fuel Leaks

Ford Motor Co. is recalling 411,205 model year 2010-11 Ford Fusion vehicles manufactured July 21, 2008 to March 4, 2011, and 2010-11 Mercury Milan vehicles manufactured July 23, 2008 to Dec.10, 2010. The affected vehicles have fuel vapor canisters whose purge valves may not operate properly resulting in abnormal pressure changes in the fuel tank. Pressure changes may cause the tank to crack and leak fuel. A fuel leak in the presence of an ignition

source increases the risk of a fire. Ford will notify owners, and dealers will update the vehicle powertrain control modules and inspect the vehicle for any diagnostic trouble codes (DTCs) for this issue and perform a leak test on the Canister Purge Valve (CPV). The fuel tank will be inspected for cracks. The CPV and fuel tank will be replaced as necessary. These repairs will be performed free of charge. The recall is expected to begin Jan. 11. Ford’s number for this recall is 15S34.

Ally Partners with Beepi

Ally Financial will offer consumer auto financing products for vehicles purchased online on Beepi. Through Beepi, qualified customers across the credit spectrum are presented a finance option from Ally. Upon acceptance, the consumer finalizes the transaction with Beepi and completes their purchase Ally and Beepi are also exploring other opportunities to expand their relationship. Beepi is now fully operational in 15 major metropolitan areas across the U.S.

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.usetdcarnews.com Charles M. Thomas - Founder (1947-2002) Lynda R. Thomas, Publisher Colleen Fitzgerald, General Manager

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Used Car News is published the first 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 Please submit clear, legible copy. Payments from first time advertisers must accompany the insertion order. Distribution is guaranteed by U.S. Postal Carriers. The advertising reservation deadline is 5:00 p.m. Friday, 10 days prior to the issue date. Camera ready ads must be received by noon on Monday prior to the issue date.

Join the Conversation! Visit Used Car News online at www.usedcarnews.com or scan this QR code with your smartphone to be taken directly to the website.

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USED CAR NEWS

January 4, 2016 • 5

Subaru, Lexus Earn Top Resale Value Honors

Kelley Blue Book announced the 2016 model-year brand and category winners of the annual Best Resale Value Awards, recognizing vehicles for their projected retained value through the initial five-year ownership period. For the second year in a row, Subaru and Lexus earned top honors for best brand and best luxury brand respectively. Subaru claimed four model winners and Lexus claimed six model winners from a total of 22 different segments. In addition, Toyota and General Motors each have five models winning 2016 Best Resale Value Awards. Porsche has two models taking home resale value honors this year. Also, Tesla received its first-ever Best Resale Value Award. “Lexus notably captured the top luxury brand award for the fifth year in a row, and after previously winning the brand award in 2011 and 2015, Subaru is back on top once again for 2016 as the best mainstream brand for resale value across its entire lineup,” said Eric Ibara, director of residual values for Kelley Blue Book. “While both Subaru and Lexus deliver incredible resale value, we also continue to be impressed with General Motors, which tops

domestic automakers with seven combined awards for Chevrolet and GMC and places four of its vehicles in our Top 10.” The majority of the Top 10 Best Resale Value vehicles this year are trucks and SUVs. Five out of the Top 10 vehicles with Best Resale Value for 2016 are pick-up trucks. Kelley Blue Book’s Best Resale Value Awards are in its 14th year and are based on projections from the Kelley Blue Book Official Residual Value Guide. Kelley Blue Book Residual Values are established by experienced automotive analysts that review the output from the statistical models built upon millions of transactions. Vehicles that earn the highest fiveyear residual values, expressed as a percentage of their original MSRP, are selected for these awards. Low-volume vehicles and vehicles with an MSRP of more than $60,000 are excluded from award consideration, except in the plugin vehicle, luxury and high-performance categories. An average 2016 model-year vehicle only will retain about 34.8 percent of its original value after a five-year ownership period, meaning that a $50,000 new car today will only be worth somewhere close to $17,400 after five years.

2016 BEST RESALE VALUE

BRAND Subaru LUXURY BRAND Lexus CATEGORY Subcompact Car Honda Fit Plug-In Vehicle Tesla Model S Compact Car Subaru Impreza Compact SUV/Crossover Jeep Wrangler Sporty Compact Car Subaru WRX Mid-Size SUV/Crossover Toyota 4Runner Mid-Size Car Subaru Legacy Full-Size SUV/Crossover Chevrolet Tahoe Full-Size Car Toyota Avalon Luxury Compact SUV/Crossover Porsche Macan Entry-Level Luxury Car Lexus RC Luxury Mid-Size SUV/Crossover Lexus GX 460 Luxury Car Lexus GS

Luxury Full-Size SUV/Crossover Lexus LX 570 High-End Luxury Car Porsche Panamera Hybrid SUV/Crossover Lexus RX 450H Sports Car Chevrolet Camaro LT Mid-Size Pickup Truck Toyota Tacoma High Performance Car Chevrolet Camaro SS Full-Size Pickup Truck Toyota Tundra Hybrid/Alternative Energy Car Lexus ES 300H Minivan/Van Toyota Sienna

TOP 10 CARS Chevrolet Camaro Chevrolet Colorado GMC Canyon GMC Sierra Jeep Wrangler Subaru Forester Subaru WRX Toyota 4Runner Toyota Tacoma Toyota Tundra

(Residual values used for award calculations are based on the 2016 model-year vehicles that appear in the January/February 2016 Kelley Blue Book® Residual Value Guide. Top 10 models appear in alphabetical order).

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6 • January 4, 2016

USED CAR NEWS

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CarMax Falters in Quarter

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After setting a new record every quarter this year, CarMax Inc. disappointed Wall Street with what its CEO called “a challenging sales quarter.” Net earnings declined 1.4 percent to $128.2 million for the quarter ended Nov. 30. “We had a challenging sales quarter, which together with higher advertising expenses, contributed to the year-over-year decline in third quarter net earnings,” said CarMax CEO Tom Folliard. Net sales and operating revenues increased to $3.54 billion and total used unit sales rose 3.2 percent. But used unit sales in comparable stores declined 0.8 percent. Folliard said the comparable store used unit sales performance reflected a modest decrease in store traffic, which was largely offset by improved conversion. Wholesale vehicle unit sales grew 3.4 percent versus the same quarter last year, due to the growth in CarMax’s store base. Other sales and revenues in-

creased 6.1 percent year-over-year. Total gross profit increased 4 percent versus last year’s quarter, to $464.3 million. Used vehicle gross profit rose 2.7 percent. Used vehicle gross profit per unit was relatively flat at $2,160 compared with $2,172 in the corresponding prior year period. The biggest challenge for CarMax came from higher marketing costs. Compared with the same quarter last year, SG&A expenses increased 6.6 percent to $337.5 million. The growth primarily reflected the addition of 14 stores. However, the increase reflected a shift in the timing of advertising expenses related to CarMax’s new advertising campaign. SG&A per retail unit increased $81 to $2,324. CarMax Auto Finance income increased to $92.3 million, driven by an increase in average managed receivables. This increase was largely offset by a lower total interest margin percentage and an increase in the provision for loan losses.

GM Pays for Ignition Switches DETROIT (AP) – Lawyers hired to compensate victims of General Motors’ faulty ignition switches have paid out $594.5 million to settle 399 eligible claims. The numbers were released in a final report from compensation expert Kenneth Feinberg. A total of 4,343 claims were filed with the GM fund. Only 9.2 percent were deemed eligible for payments, including claims for 124 deaths and 275 injuries. The fund says more than 90 percent of the offers it made were accepted. Camille Biros, the compensation fund’s deputy director, has said that the claims that were rejected “couldn’t support any connection to the ignition switch.” The switches in older model small cars such as the Chevy Cobalt can

slip out of the “run” position and cut off the engine. They have been linked to crashes that caused at least 169 deaths. The ignition switch scandal triggered a companywide safety review that resulted in dozens of recalls of millions of vehicles. GM says it has made safety a priority and now is catching problems sooner to avoid large recalls. The company said in September that the recalls cost it over $5.3 billion. Since then, it has paid out another $1.6 billion to settle U.S. criminal charges and recallrelated lawsuits, bringing the total cost to about $6.9 billion. The fund’s final report says that it paid 128 claims from crashes that happened before GM emerged from bankruptcy in July 2009, which the company was not required to do.

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8 • January 4, 2016

USED CAR NEWS

FORECAST CAN THE WHOLESALE MARKET CONTINUE TO ABSORB INCREASING VOLUMES? The volume of vehicles at auction rose again in 2015 and many analysts, although none in the industry, predicted a collapse in wholesale prices. That didn’t happen. In fact, the Manheim Used Vehicle Value Index finished 2015 higher than in 2014 and Black Book reported depreciation for the year was below the historical average. That is because demand, especially for off-lease vehicles, managed to stay ahead of supply. “The retail environment is tremendous right now for off-lease units,” said Cox Automotive chief economist

Tom Webb. The manufacturers have learned to manage their residuals on both the wholesale side, through better remarketing, and the retail side, through their certified pre-owned programs. But at some point the math is just going to catch up with them. “It gets harder and harder for growth in supply to be mitigated,” said Tom Kontos, ADESA’s executive vice president for industry analysis. Kontos said the increase in off-lease volumes both pushes prices down and makes them seem stronger

than they are. The last effect comes from the fact these vehicles are newer and therefore bring higher prices. Kontos said the growth in volumes has been gradual enough to avoid a dramatic decline in wholesale prices, but there will be some weakening. Webb said while a softening is inevitable, many lessors are setting their residuals as if prices will remain high going forward. “Even though you know it’s coming doesn’t mean you digest it that well,” Webb said.

CAN NEW CAR SALES CONTINUE CLIMBING? Economist Herb Stein once said that if something can’t go on forever, it wouldn’t. That might be the case with newcar sales increases this year. New-car sales have grown every year since 2009 and are expected to reach 17.5 million this year. Many analysts project another year of growth in 2016. Not George Hoffer, an economics professor at the University of Richmond.

“The cycle is getting old and tired,” Hoffer said. He sees few reasons for consumers to continue buying new cars at the pace of this year. Interest rates will be higher, pent-up demand has been met and there are few new model introductions scheduled for 2016. If Hoffer is right and consumer demand declines, manufacturers could pump up sales with increased incentives.

WILL GAS PRICES STAY LOW? Low gas prices have had a huge effect on the wholesale market. Trucks depreciated only 8.4 percent in 2015 compared with 16.6 percent depreciation for cars, Goyal said. And within the car segment, subcompacts depreciated 18.9 percent versus 11.9 percent for full-size sedans. It seems the low prices will continue for the near future. Oil fell below $40 a barrel in

December and a mild winter will keep prices down. What’s the downside to that? “It’s too much of a good thing,” Webb said. One negative effect is job losses in states such as North Dakota and Oklahoma. Another concern is low oil prices can make the dollar too strong against other currencies.

WHAT CAN GO WRONG?

Goyal said a sudden run-up in gas prices could shock the economy. Kontos said manufacturers might pay the price for highHowever, Hoffer said one er incentives if they want to factor might hold them back keep sales high. from putting cash on the hood Hoffer said whatever hap– those higher interest rates. pens, the threat of a downWebb said that’s true for domestic automakers, but it’s a different story for import brands. Webb said there’s evidence some Japanese manufacturers are using the weaker yen to offer more options at a lower price. This creates an indirect incentive.

turn proves limited because the sluggish economy couldn’t fall from a high enough point to hurt. In fact, the worse case scenario might be more of the same. “This anemic economy will continue,” Hoffer said.

HOW WILL AUTO FINANCE RESPOND TO HIGHER INTEREST RATES? The day after the Federal Reserve announced it would raise its short-term interest rates, one of the largest auto creditors announced it would raise its prime rate. Huntington Bancshares Inc. announced that its prime rate was increasing from 3.25 percent to 3.5 percent, effective Dec. 17. The rate was last changed on Dec. 18, 2008, when Huntington decreased its prime

rate to 3.25 percent from 4 percent. Some analysts have tried to project a decline in auto sales for every rate hike. Jason Laky, senior vice president and automotive business leader for TransUnion, said that’s unlikely. Laky said the effect of higher rates will spread through the economy, but he expects little direct effect. TransUnion forecasts that

auto finance per consumer will grow to more than $18,000 by the end of 2016 with no increase in delinquencies. “For the last two years, auto delinquency has remained low as consumers prioritized their auto loan payments,” Lakey said. “Through the end of 2016, we expect the auto delinquency rate to remain stable at historic, seasonal norms. We believe we

Source: TransUnion

have reached a ‘new normal’ in auto delinquency and see no immediate cause for concern.” Anil Goyal, Black Book’s vice president of automotive valuation and analytics, said a rise in delinquencies might cause creditors to tap on

the brakes for auto finance. That’s because longer loans and more leases mean they already carry a lot of risk. Kontos said the promise of regular rate hikes might boost sales as consumers rush to get their financing before it become expensive.

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10 • January 4, 2016

USED CAR NEWS

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File photo SIGNING OFF: Chris Leedom, left, poses with speaker Dave Anderson at one of his past conferences. Leedom is exiting the Twenty Group business.

Jordan said NIADA has been in contact with each of the 231 members of the 16 Twenty Groups that are part of this acquisition. “They are excited about what it means for NIADA and buy-here, pay-here in the industry,” he said. “We’ve had nothing but positive feedback.” It means an end to the Leedom & Associates Buy-Here, Pay-Here World Convention, an event that ran for two decades. Jordan said NIADA eventually will incorporate aspects of that event into its annual convention. “It will be one less convention for dealers and vendors to have to attend,” Jordan said. Leedom founded Leedom & Associates in 1995 and served as its first Twenty Group moderator. He also developed Paymaxx Pro, a payment processing product, and was honored as Florida’s 2014 Quality Dealer of the Year with his dealership AutoMaxx in Sarasota, Fla. He said in a press release he is confident NIADA will take the operation to another level. “It has been a most incredible and humbling journey to serve as the founder and first moderator of the independent dealer Twenty Group in 1995 and enjoy the incredible

success we have been so fortunate to achieve,” Leedom said. “I have absolute confidence and certainty there is no better home for the Twenty Group program and the related products and services than with NIADA. “With NIADA’s nearly 16,000 members in all 50 states and, most important, the commitment emanating from Steve Jordan and the executive committee, there is no doubt the Twenty Group program will soar to new heights under the very capable and respected hands of Chuck Bonanno. “Having said that, I am deeply committed to ensuring the legacy of this most respected Twenty Group program in the industry continues and thrives under the NIADA banner.” Bonanno, who becme Leedom & Associates’ first employee in 2001 and served as a Twenty Group moderator in buy-here, pay-here and automotive finance sphere for 13 years, stated he is thrilled to be involved in the next chapter of the program’s growth. “I am honored to be given the opportunity to manage and grow this world-class program Chris worked so hard to build over the last 20 years,” Bonanno said.

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USED CAR NEWS

January 4, 2016 • 11

Mayor – from page 1 quests for used car lots,” he said. Fouts said Warren currently has 55 used-car stores, while a neighboring city, Sterling Heights has only 21. The two cities are 34.5 and 36.8 square miles in size, respectively. Fouts said his primary objection is that many of the city’s used-car lots intrude into residential areas. He said he hopes to “protect our residential neighborhoods from disruption.” Fouts said some of the variance requests didn’t amount to hardships for the property owners. He said requests such as substituting a “see-through fence” for a privacy wall would affect residents’ privacy. He also said one variance would allow for vehicles to be “stacked like sardines,” which could lead to a fire hazard. Area residents spoke at a recent council meeting in favor of the proposed new lot. Vicky Malette and Larry Luzon said the project would improve the appearance of their neighborhood, which has been plagued with empty, abandoned buildings. “It’s one that we enthusiastically welcome and look forward to giving our neighborhood some life and get rid of some of the blight that’s occurring on Eight Mile and on Mound roads,” Luzon told

a newspaper. For the new lot, four parcels zoned for industrial use would be combined into one, and four vacant buildings would be demolished, a spokesman for auto dealer Mazin Marogi said. The empty buildings would be replaced by a 2,500-square-foot building with an office and a garage for auto detailing and a new paved parking lot, at a cost of $250,000. Fouts, in his third term as mayor, said he doesn’t necessarily care about the physical appearance of used-car lots. “Even if this was going to be a stellar used-car lot that everyone is proud of,” Fouts said, “it’s still a used-car lot. “My concern is it sends the wrong message that the best we can do is put an offensive used-car lot in a residential neighborhood.” Fouts is a former high school teacher in Warren who rose to political prominence by criticizing previous administrations. He has made headlines by refusing to reveal his age (thought to be 71) and was caught on video on a city junket walking arm-in-arm with his 25-year-old female assistant who had recently been given a raise. The council is expected to take up the mayor’s veto at the Jan. 8 regular meeting.

MLDs – from page 1 of violations were interfered with, lessened or waived. “Much of this occurred at the behest of MVC managers who took it upon themselves to effectuate what amounted to substantive policy and regulatory changes that benefited a narrow private interest,’’ the SCI report states. The investigation focused on significant problems involving the regulation of hundreds of used-car dealers housed in group settings known as “multi-dealer locations,” or MDLs. The SCI found that one such MDL, the New Jersey Dealers Auto Mall in Bridgeton, is owned and operated by individuals linked to organized crime. This location been known to state regulators and law enforcement authorities for years as a shelter for licensing abuses and various forms of fraud. Multi-dealer locations also were used as havens for unpaid taxes. According to the SCI’s findings, the outstanding tax liabilities owed by past and present dealers at all of the State’s 11 MDLs are conservatively estimated at nearly $10 million. The SCI recommends that responsibility for licensing and

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oversight of used-car dealers and their personnel be moved from the Motor Vehicle Commission to a new professional regulatory board within the New Jersey Division of Consumer Affairs. The jurisdiction of this new board should be sufficiently broad so as to include individuals and entities currently beyond the reach of state regulation, such as landlords and others that lease or otherwise provide office space to multiple dealer-licensees. Sal Enea, president of the New Jersey Independent Automobile Dealers Association, is happy the state is finally cracking down on this situation. The association has been complaining about it for years. Enea said many of these dealers don’t even have adequate space to display cars for sale. “How do you give somebody a retail license when they can’t keep a vehicle at the location?” he said. Enea said while becoming more strict about licensing would be good for the average used-car dealer, state officials seem to want to take it too far. The SCI also recommends a Used Car Buyers’ Bill of Rights similar to those in other states.

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12 • January 4, 2016

USED CAR NEWS

PEOPLE IN THE NEWS Manheim Promotes Product Exec

Manheim named Stephen Smith as vice president of product management. In his new role, Smith will oversee a team of product managers responsible for developing and launching new products and services that help clients better compete. In addition, he will work closely Stephen with the Inventory Services Smith team to ensure that Manheim’s product offerings are aligned to support the company’s growth strategy. Previously senior director of customer marketing, Smith developed and activated marketing strategy for Manheim North America, including brand strategy, campaign management, digital marketing and product marketing. Smith earned his master’s degree in business administration management from Loyola College of Maryland, and graduated cum laude from the University of South Carolina where he completed his bachelor’s degree in psychology and business administration.

ADESA Names VP of Legal

ADESA announced that Heather Greenawald has been named vice president of legal for ADESA. Greenawald will report to KAR executive vice president, general counsel and secretary Becca Polak and to ADESA President and CEO Stéphane St-Hilaire. In her new role, Greenawald will lead ADESA’s legal team and manage relationships with outside counsel. In addition, she will partner Heather with members of Greenawald ADESA’s senior management to lead and implement the company’s strategic vision and oversee its numerous legal functions. Greenawald brings more than 18 years of experience to ADESA. She served as vice president, general counsel and corporate secretary for HHGregg, a large publicly traded retail company based in Indianapolis. Her career also includes time with Ingersoll Rand as assistant general counsel and 10 years as vice president and associate general counsel for Sallie Mae. Greenawald has a bachelor’s degree from Texas A&M Univer-

sity and a juris doctor degree from Harvard Law School.

CalAmp Taps Operations Leader

CalAmp Corp. has appointed John Warwick as senior vice president of operations, with responsibility for supply chain management, supply planning, manufacturing, distribution and quality. Warwick will report to CalAmp’s President and CEO Michael Burdiek. Most recently, Warwick held the position of senior vice president and chief operating officer at Maxwell Technologies Inc., a manufacturer of energy storage products for the transportation, energy and electronics industries. Previous positions include general management and operations positions at Emulex Corp., Lantronix Inc. and Western Digital Corporation. Warwick holds a master’s degree in business administration from the University of California at Los Angeles and a bachelor’s degree in electrical engineering from North Carolina State University. He also obtained a certification in production and inventory management from APICS, an association for supply chain and operations management.

FLD Names President, CFO

FLD Inc. has announced the retirement of chief operating officer Laurie Conn and the promotions of Gary Mott to president and Rita Miller to chief financial officer. Conn joined the company in 1983. For the last 32 years, she held the title of chief operating officer. Connwas responsible for digitizing FLD’s title and documentation process. Mott has been working at FLD for 23 years, most recently as the vice president of sales. His responsibilities included strategic management of vehicle acquisition, remarketing, and operations and logistics departments. As president, Mott will work with new chief operating officer Ron Breslow to manage operations of the company. Miller joined the company in 2008 as a comptroller, assisting Conn with administrative tasks, including non-auction-related HR, and state and federal income tax issues. In her new role, Miller will be more involved with projections in budgeting, assisting with the introduction of new products and services to the market, and contributing to FLD’s efforts to expand globally. Miller graduated from Florida Atlantic University. She became a CPA in 2005.

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USED CAR NEWS

January 4, 2016 • 13

RETAIL MARKETS CALIFORNIA

Guy Strohmeier, owner, Guy Strohmeier’s Auto Sales, Lakeport, Calif.: “We’ve been in business going on 16 years. We have two locations, one in Yukiah – 50 miles away – and one here in Lakeport. We’re in Northern California, about two hours north of San Francisco. “The Yukiah store has a smaller inventory. It carries about 30 cars. The Lakeport store carries about 80. We are the largest independent in Lake and Mendocino counties. “Currently. we’re selling between 55 and 65 cars a month for both stores. We’re up a good 10 percent to 15 percent from last year. I would attribute it to our 70-percent-plus repeat business. We just have continual repeat and referral business. “I’ve heard people say business has been flat. But we haven’t experienced a flat spot all year. “I source 80 percent of my

13_UCN.indd 1

vehicles out of the auto auctions. Twenty percent of my inventory is just from customers trading their cars. “We stopped doing five or six buy-here, pay-here deals a month that we used to do because of a relationship we have with a local credit union. They created a firsttime buyer and subprime program. So that’s made up the difference for us. “But about 85 percent is conventional financing. “The average price of our cars is $13,000, but we have cars for $3,995 and we have cars for $39,995. “I would say the average mileage is under 30,000 miles. The average model year is 2013. “It’s still very difficult to get trucks. Because of the inability to access a lot of trucks, we’re expanding our car and SUV market. “SUVs are about 35 to 40 percent of inventory. “Our average reconditioning is still running about $300 to $500 a car. That’s pretty close to this time last

year. Because our cars are newer, reconditioning is a little less than other (dealerships). “We have a full service department, with a California Gold Shield certified smog department. We have seven full-service bays. We do work for the outside public, too. “It’s not a huge profit center. It’s more of a (marketing tool). People who use the department know where we are, so when it’s time for them to upgrade their cars, they know where to go. “Our main focus has been on community-related service for our advertising. We sponsor the ‘Sober Grad” nights, the Boy Scouts, some hot rod shows, Little Leagues and the (American) Cancer Society. Yes, we do spend some on the Internet and a little bit in the trader magazines. “But the bulk (of marketing) is our good will. Over the years, we’ve given the Boy Scouts 15 cars and we’ve given the local high

Compiled by Jeffrey Bellant schools almost 20 cars. “We recently sold a 2008 Dodge 2500 crew cab, four-wheel drive, a threequarter-ton diesel. That had 149,000 miles. The price on that was $26,000. “But we also just sold a 2015 Nissan Sentra with 3,000 miles. That was $15,500.”

MINNESOTA

Jim Heiland, owner, Liberty Station, Arlington, Minn.: “We’re starting our 14th year in Arlington. “I like to keep between 15 and 30 units in stock. Probably 80 percent come from new-car dealers. I have kind of a milk route I take where I call on about a half-dozen new-car dealers. The rest come from auctions and I’ll also buy some off the street. “I sell close to 17 cars a month. November and December slowed down. “But we had a good summer (in 2015) and October was one of my best months

of the year. “We do conventional finance, although I have a couple of sources for subprime. “I retail cars between $5,000 and $10,000. Once in a while, I might get a newer pickup truck in the $12,000 to $14,000 range. “I carry 60 percent cars and 40 percent trucks and SUVs. Ninety percent of my vehicles are domestic. We’re out on the prairie and a lot of people don’t speak ‘Toyota,’ ‘Honda’ or ‘Nissan.’ “Most of my stuff is in the 100,000-mile range. I try to keep under 130,000 miles. “I think we (average) about $400 to $500 for reconditioning. We do the cleanups in-house. We do some of the service work and inspections, too. If it gets into drivability problems, check engine lights or electrical issues, there are a couple of shops in town that are good and reasonable that we use. I had my own shop for 13 years before I got into the car business.”

12/21/15 11:01 AM


14 • January 4,2016

WHOLESALE MARKETS IOWA

Mark Greb, owner, and general manager, Plaza Auto Auction, Mt. Vernon, Iowa: “Plaza’s been here since 1962. I have owned it since 2003. We have five lanes and we were running three (in mid-December). “Compared to last year, our volumes are up 10 percent to 11 percent. I think it’s because we’re getting more franchise dealers bringing in their trade pieces. It seems like their business has been better than the independents since they’ve been bringing more to wholesale. “We’re running about 275 to 280 cars. “The sales percentage is down a little bit. It’s down 3 percentage points yearto-date from last year, although we are up on sold units. (In 2014), we ended at a 60 percent sales rate. By mid-December, we were at 57 percent. “Some people have been gearing up for tax season.

“But I don’t think we’re seeing the floodgates open yet. The fleet cars, though, continued to be in high demand. The dealer consignment cars are struggling a little bit. “Our volume is about 17 to 20 percent fleet-lease. The rest is dealer consignment. Fleet volume was probably up 15 percent in 2015, compared to 2014. “On the commercial side, Element has been good for us, along with Union Leasing. Flexco is a great partner, along with Emkay and then some regional banks. “On average, we draw around 200 dealers in the lanes per sale. In 2014, we had a really good fourth quarter. “In 2015, we had a good three quarters to start, but the fourth quarter was lagging behind a little bit. “Cars were a lot tougher to get in the fourth quarter. Plus, consignors weren’t buying as heavy (last quarter) as they were in 2014’s last quarter.

“We do a power sports sale once a month. “The powersports sale is the first week of every month. (During the end of the year) it really drops off because we primarily run motorcycles and light watercraft. “Quarterly sales seem to draw a bit more, so I think this year we might move the powersports sale back into a quarterly sale. “I think our average price in the lanes is up a little bit, maybe 1 or 2 percent. It’s right about $4,500 to $4,600. “Sedans continue to struggle unless they are under $10,000 and into the $5,000 to $8,000 range. “Nice trucks – in the low$20,000s – do well. “The SUVs – if they’ve got leather and are the XLT or the limited version – they’ll do well. But the SUVs need to be in the $15,000 to $17,000 range. “Two-wheel drives and front-wheel drives are struggling at any price.”

OKLAHOMA

Mike Clopton, general manager/partner, Oklahoma Auto Exchange, Oklahoma City: “This is the start of our 12th year. We’re running all four lanes. “Volumes have been up. October was difficult for us. We were down in our volume and sales. But we sold in the mid- to high-60s (percent) for most of 2015. It was better than 2014. “We mostly run new-car franchise (units). We probably run 20 percent commercial. “With the gas prices so low, it’s great for the consumer. But in Oklahoma, where our economy is based on oil and gas, it’s tough. With the warm winter so far, it’s been a difficult year for us. But I love the people here. They’re tough and resilient. “We run between 700 and 800 units per week. I’d say we average about 750. We’re up about 5 percent over 2014.

USED CAR NEWS

Compiled by Jeffrey Bellant “We continue to grow with our local dealers and banks. We’re getting smaller volume from our past customers, but we’re bringing in new business. “We’re up to about 400 dealers in a week. “We have an NBA team that everybody likes so (for special sales) we give away suite tickets for the Oklahoma City Thunder games. It’s just a way to give back a little bit. “The average sale price was about $4,700 in 2015. “The second week of December was a good week for us. The dealers (were) more aggressive and getting ready for tax season. “The 90,000 to 100,000 mile clean vehicle does really well. The thing we’re struggling with is work trucks. A lot of oil companies have gone out of business, so a white, four-wheel drive work truck is not doing that well. You just have to take a beating. “I’m optimistic about 2016.”

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12/21/15 11:32 AM


USED CAR NEWS

DISCONNECTED JOTTINGS FROM I suppose it’s time to get out the chicken bones again – the start of another new year w h e n p u n dits and soothsayers will tell us what to Tony expect in an indusMoorby try that seems to get evermore complex. I’ve said in previous articles that things used to be simpler, following historical, seasonal patterns. There used to be new-car dealers, used-car dealers and wholesalers (including auctions). Now the player’s list extends to so many other entities, all of who have some sort of impact on various parts of the vehicle redistribution business. “The future isn’t what it used to be” seems to ring true here. Nate Silver is a very clever

January 4, 2016 • 15

TONY MOORBY

analyst on statistical things from baseball to the economy. His input on such matters is widely sought by the media. He has some fascinating insight that includes the admission of some frailties in collecting and using data to predict and forecast. He intimates that relying solely on data can take intuition out of planning equations; “The key to making a good forecast is not limiting yourself to quantitative information.” At the same time he observes that data alone should not be the predictor to influence future decisions; “You don’t want to influence the same system you are trying to forecast.” In other words, outside influences and people can skew a plan in no time flat. And we have more and more people in our industry with different agendas to throw the curve balls. Even international considerations now have an influence on our market. It’s always been that way, to an

extent, but today those influences are greater and more immediate. Look at the VW emissions debacle and its instant effect on residual values; no one at VW predicted that one. As Nils Bohr, the Nobel laureate, said, “Prediction is difficult, especially if it’s about the future” – tongue-in-cheek for sure but true, even so. I do think however, that the auction industry is blessed with some very clever people who seem to be able to figure out what’s important from world-wide macro data to the excruciating minutiae of the color of a car’s paint in remarketing terms. Tom Kontos, who heads up ADESA’s analytical group and an old colleague of mine, has the nose of a bloodhound when tracking and following trends, but he’s a car guy and explains things in everyday terms to other car guys. Tom Webb, with Manheim, is equally intuitive but perhaps a little more academic and with a wit as dry as

C R O S S WO R D

a bone. Dr. Ira Silver, with the National Auto Auction Association, is the eternal optimist. Maybe his name should be Silverlining. Again, a deep thinker who can put an everyday spin on his presentations. They all make their statistics interesting and therefore memorable. Useful too. I miss Ricky Beggs’ weekly video presentation from Black Book, as he mixed an immediate look back on recent sales activity with anticipation of what was just around the corner. Immediate information you could use. The industry has been full of innovation for the past 30 years or so and I hope that new technologies will keep the momentum or, more likely, speed it up. The danger is that so much data will pro-

vide the direction with an unwillingness to step out of the data-established norm and stifle innovation. For example, a total reliance on companies using only online sales to shift or acquire inventory misses the opportunity to establish or take advantage of local physical markets which may be temporarily more buoyant or absorbent. My old chairman of British Car Auctions, David Wickens, used to say, “You should leave a little mystery around a car – it causes the market to test buyers’ skills and set prices to the maximum.” Always put a plan into action to make the best of the market and base the plan on actual conditions, not just those that are predicted. As anonymous said, “The best way to forecast the future is to create it.”

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

By Miles Mellor

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Solution to this puzzle in the 1/18/16 issue. Call 1.800.794.0760 for a FREE subscription.

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12/21/15 2:04 PM


ACTUAL WHOLESALE AND PROJECTED RESIDUAL VALUES DECEMBER 2015

2013 MODELS DOMESTIC CARS Buick LaCrosse 4D Sedan Cadillac CTS 3.6 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 base 4D Sedan Chrysler 200 Touring 4D Sedan Ford Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln MKS 4D Sedan IMPORT CARS Acura TL base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan 2.4 Lexus ES 350 4D Luxury Sedan Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Lancer ES 4D Sedan Nissan Altima base 4D Sedan Nissan Altima S 4D Sedan 3.5 Nissan Sentra S 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan TRUCKS BMW X3 XDrive28i 4D SAV Cadillac Escalade base 4D SUV AWD Cadillac SRX Luxury 4D SUV AWD Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan SE Wagon Ford Edge SEL 4D Utility Ford Escape SEL 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D Utility Honda CR-V LX 4D SUV AWD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD Nissan Murano SL 4D Utility AWD Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner SR5 Double Cab V6

2011 MODELS DOMESTIC CARS Buick LaCrosse CX 4D Sedan Cadillac DTS 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 base 4D Sedan Chrysler 200 Touring 4D Sedan Ford Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln Town Car Signature Limited 4D Sedan IMPORT CARS Acura TL base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan 2.4 Lexus ES 350 4D Luxury Sedan Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Lancer ES 4D Sedan Nissan Altima base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan TRUCKS BMW X3 XDrive28i 4D SAV Cadillac Escalade base 4D SUV AWD Cadillac SRX Luxury 4D SUV AWD Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan Express Wagon Ford Edge SEL 4D Utility Ford Escape XLT 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D Utility Honda CR-V LX 4D SUV 4WD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD Nissan Murano SL 4D Utility AWD Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner SR5 Double Cab V6

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SOURCE: BLACK BOOK

Recorded Figures Dec ‘14 $17,250 $23,700 $9,900 $10,700 $17,700 $11,150 $10,400 $14,900 $15,050 $21,500 Dec ‘14 $21,800 $25,700 $57,050 $14,900 $12,050 $30,100 $30,400 $10,400 $11,300 $14,600 $11,050 $13,250 $11,750 $14,750 Dec ‘14 $28,450 $42,950 $28,000 $14,050 $22,300 $27,800 $12,500 $19,500 $17,500 $25,500 $21,000 $20,000 $18,100 $20,250 $28,150 $23,000 $28,750 $15,050 $22,000 $21,500 $26,000 $23,250

Jun ‘15 $17,250 $22,100 $10,800 $10,750 $18,150 $11,600 $11,000 $16,500 $15,600 $22,100 Jun ‘15 $20,600 $24,500 $52,300 $15,900 $12,350 $27,200 $29,200 $9,750 $11,900 $15,000 $10,800 $13,800 $12,000 $15,100 Jun ‘15 $27,800 $41,350 $26,700 $14,500 $23,000 $28,500 $13,200 $20,400 $18,900 $27,600 $22,300 $23,500 $18,550 $19,300 $27,850 $23,000 $27,650 $14,250 $22,400 $24,500 $27,200 $23,650

Dec ‘15 $14,800 $19,600 $8,800 $8,600 $15,400 $8,900 $8,750 $12,400 $13,250 $18,600 Dec ‘15 $18,900 $19,900 $45,200 $13,400 $10,100 $24,500 $25,100 $8,200 $9,750 $12,550 $9,000 $11,700 $9,850 $12,600 Dec ‘15 $26,950 $38,450 $24,700 $12,050 $22,800 $28,000 $11,850 $16,450 $16,550 $23,950 $21,000 $21,300 $16,450 $17,350 $27,450 $21,700 $27,050 $13,000 $20,050 $23,300 $26,350 $22,950

Recorded Figures Dec ‘14 $11,400 $16,400 $8,000 $8,350 $13,900 $9,300 $7,800 $11,700 $12,350 $19,350 Dec ‘14 $17,400 $18,200 $35,400 $10,200 $9,550 $19,650 $22,600 $8,300 $8,650 $9,950 $8,400 $10,550 $9,450 $11,300 Dec ‘14 $23,800 $33,050 $21,050 $18,200 $10,200 $18,700 $23,500 $10,000 $16,500 $11,600 $21,500 $17,200 $16,700 $13,850 $14,650 $22,650 $21,000 $24,600 $11,400 $18,150 $18,500 $23,650 $21,200

Jun ‘15 $11,150 $15,450 $8,350 $8,350 $13,950 $8,950 $7,400 $12,900 $12,400 $18,200 Jun ‘15 $16,400 $16,500 $33,000 $10,800 $9,250 $17,700 $22,000 $7,550 $8,650 $9,950 $7,700 $10,300 $9,250 $11,050 Jun ‘15 $23,250 $30,700 $20,350 $17,000 $9,800 $19,000 $24,000 $9,500 $15,950 $11,450 $21,400 $18,400 $17,000 $13,500 $13,700 $20,950 $19,900 $25,200 $11,500 $18,900 $18,500 $24,550 $21,400

Dec ‘15 $8,950 $12,300 $6,950 $6,600 $11,700 $6,850 $6,000 $10,300 $10,200 $15,475 Dec ‘15 $14,750 $13,600 $27,600 $9,350 $7,150 $16,150 $20,000 $5,950 $6,850 $8,150 $5,650 $8,800 $7,300 $8,900 Dec ‘15 $20,550 $27,800 $18,400 $16,200 $8,550 $18,200 $22,200 $8,400 $13,650 $10,250 $19,350 $15,500 $14,100 $12,550 $12,500 $20,800 $18,050 $23,800 $9,750 $17,100 $18,100 $23,050 $20,150

Projected Figures Dec ‘16 $13,900 $17,500 $8,125 $8,100 $13,800 $8,400 $7,775 $11,675 $12,100 $17,475 Dec ‘16 $16,075 $18,350 $40,000 $12,100 $9,275 $20,825 $23,575 $7,450 $9,275 $11,625 $8,225 $10,700 $8,950 $11,500 Dec ‘16 $22,800 $33,275 $21,600 $10,550 $18,450 $23,275 $9,900 $15,025 $13,900 $21,000 $17,375 $17,300 $14,400 $14,925 $23,400 $17,775 $22,650 $10,900 $17,525 $19,600 $21,700 $19,450

Dec ‘17 $12,000 $14,850 $6,825 $6,875 $11,350 $7,250 $6,500 $10,125 $10,125 $15,125 Dec ‘17 $13,600 $15,050 $33,225 $10,075 $7,700 $17,200 $19,750 $6,225 $7,925 $9,850 $7,000 $9,225 $7,600 $9,750 Dec ‘17 $18,675 $27,575 $18,050 $8,575 $15,675 $19,625 $7,925 $12,475 $11,150 $17,125 $13,975 $13,875 $11,950 $12,500 $19,425 $14,425 $19,075 $9,150 $14,700 $16,225 $18,000 $16,525

Projected Figures Dec ‘16 $8,250 $10,925 $6,100 $6,150 $10,175 $6,200 $5,175 $9,400 $8,925 $13,175 Dec ‘16 $12,275 $12,325 $25,150 $8,450 $6,775 $14,200 $16,825 $5,325 $6,450 $7,700 $5,350 $7,900 $6,850 $7,850 Dec ‘16 $17,625 $23,750 $15,525 $13,325 $7,125 $15,200 $18,100 $7,025 $11,850 $8,525 $16,450 $13,950 $12,200 $11,075 $10,500 $16,725 $15,175 $19,250 $8,425 $14,425 $15,100 $18,600 $16,800

Dec ‘17 $7,325 $8,800 $5,050 $5,150 $8,250 $5,250 $4,350 $8,100 $7,250 $10,700 Dec ‘17 $10,050 $10,075 $21,700 $7,375 $5,500 $12,125 $13,650 $4,375 $5,775 $6,525 $4,700 $6,775 $5,675 $6,375 Dec ‘17 $14,200 $19,300 $12,550 $11,200 $5,850 $12,150 $14,925 $5,600 $9,750 $7,025 $13,200 $11,150 $9,775 $9,150 $8,700 $13,575 $12,125 $15,475 $6,950 $11,650 $12,275 $14,975 $13,700

2012 MODELS DOMESTIC CARS Buick LaCrosse 4D Sedan Cadillac CTS 3.6 4D Sedan Chevrolet Cruze LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 base 4D Sedan Chrysler 200 Touring 4D Sedan Ford Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln MKS 4D Sedan IMPORT CARS Acura TL base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan 2.4 Lexus ES 350 4D Luxury Sedan Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Lancer ES 4D Sedan Nissan Altima base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan TRUCKS BMW X3 XDrive28i 4D SAV Cadillac Escalade base 4D SUV AWD Cadillac SRX Luxury 4D SUV AWD Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan SE Wagon Ford Edge SEL 4D Utility Ford Escape XLT 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D Utility Honda CR-V LX 4D SUV AWD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD Nissan Murano SL 4D Utility AWD Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner SR5 Double Cab V6

2010 MODELS DOMESTIC CARS Buick LaCrosse CX 4D Sedan Cadillac DTS 4D Sedan Chevrolet Cobalt LS 4D Sedan Chevrolet Impala LS 4D Sedan Chrysler 300 Touring 4D Sedan Chrysler Sebring Touring 4D Sedan Ford Focus SE 4D Sedan Ford Mustang base 2D Coupe Ford Taurus SEL 4D Sedan Lincoln Town Car Signature Limited 4D Sedan IMPORT CARS Acura TL base 4D Sedan BMW 3-Series 328i 4D Sedan BMW 7-Series 750Li 4D Sedan Honda Accord LX 4D Sedan Hyundai Sonata GLS 4D Sedan Lexus ES 350 4D Luxury Sedan Mercedes-Benz E Class E350 4D Luxury Sedan Mitsubishi Lancer ES 4D Sedan Nissan Altima base 4D Sedan Nissan Altima S 4D Sedan Nissan Sentra base 4D Sedan Toyota Camry LE 4D Sedan Toyota Corolla LE 4D Sedan Volkswagen Jetta SEL 4D Sedan TRUCKS BMW X3 XDrive30i 4D SAV Cadillac Escalade base 4D SUV AWD Cadillac SRX Luxury 4D SUV AWD Chevrolet Colorado LT Crew Cab 4WD Z85 Chevrolet Equinox LS 4D SUV FWD Chevrolet Silverado 1500 LT Ext Cab 4D Chevrolet Tahoe LS 4D SUV 4WD Dodge Grand Caravan SE Wagon Ford Edge SEL 4D Utility Ford Escape XLT 4D SUV 4WD Ford Explorer XLT 4D SUV 4WD Ford F150 XLT Supercab Ford Flex SEL 4D Utility Honda CR-V LX 4D SUV 4WD Honda Odyssey LX Wagon Honda Pilot EX-L 4D SUV 4WD w/RES Jeep Grand Cherokee Laredo 4D Utility 4WD Jeep Wrangler Unlimited Sahara 4D SUV 4WD Kia Sportage LX 4D SUV FWD 4cyl Nissan Murano SL 4D Utility AWD Dodge Ram 1500 SLT Crew Cab Toyota 4Runner SR5 4D SUV 4X4 V6 Toyota Tacoma Prerunner SR5 Double Cab V6 at

Recorded Figures Dec ‘14 $15,600 $20,200 $8,900 $9,250 $15,600 $10,200 $9,150 $13,200 $13,700 $18,500 Dec ‘14 $19,400 $22,700 $44,600 $11,550 $10,850 $23,200 $26,200 $9,500 $9,850 $11,150 $9,350 $11,850 $10,500 $12,650 Dec ‘14 $26,050 $37,500 $24,200 $20,200 $11,650 $20,300 $26,000 $10,500 $19,000 $13,350 $23,500 $19,500 $19,000 $16,650 $18,000 $26,200 $22,000 $26,400 $13,300 $20,900 $20,000 $24,850 $22,350

Jun ‘15 $15,300 $18,650 $9,700 $9,500 $15,700 $10,050 $9,550 $14,600 $14,000 $19,200 Jun ‘15 $18,400 $20,500 $40,200 $12,150 $10,750 $21,100 $25,200 $8,650 $10,150 $11,450 $9,050 $12,650 $10,550 $12,450 Jun ‘15 $26,100 $35,300 $23,900 $19,300 $11,350 $21,000 $26,000 $11,200 $18,700 $14,650 $24,400 $20,400 $20,000 $16,200 $16,500 $24,900 $21,700 $26,800 $13,000 $21,350 $22,500 $25,950 $22,750

Dec ‘15 $13,750 $17,100 $8,200 $7,600 $13,100 $7,800 $7,700 $11,300 $11,750 $16,150 Dec ‘15 $16,700 $17,300 $35,500 $10,600 $8,550 $19,300 $22,500 $7,150 $8,200 $9,500 $7,450 $10,650 $8,850 $10,600 Dec ‘15 $23,400 $31,800 $21,700 $18,300 $10,150 $20,200 $25,200 $9,500 $16,150 $13,500 $22,250 $19,200 $18,000 $14,500 $15,100 $24,850 $20,250 $25,850 $11,650 $19,650 $21,600 $24,700 $21,550

Recorded Figures Dec ‘14 $10,850 $12,950 $5,100 $7,300 $11,000 $6,750 $6,900 $10,200 $11,000 $15,100 Dec ‘14 $15,450 $13,900 $29,600 $9,000 $7,000 $16,700 $20,200 $7,100 $7,550 $8,850 $6,850 $9,300 $7,950 $9,400 Dec ‘14 $20,250 $31,100 $17,750 $16,300 $8,675 $16,000 $22,000 $9,000 $13,000 $9,700 $13,000 $14,000 $12,500 $11,750 $10,800 $18,500 $12,000 $21,525 $9,400 $15,600 $17,000 $22,550 $20,275

Jun ‘15 $9,800 $12,250 $4,700 $7,300 $9,650 $6,350 $6,550 $11,400 $11,100 $14,000 Jun ‘15 $14,450 $13,000 $28,000 $9,600 $6,200 $15,100 $19,800 $6,550 $7,400 $8,700 $6,300 $9,100 $7,850 $8,800 Jun ‘15 $19,400 $28,250 $17,500 $15,150 $8,225 $17,000 $21,000 $8,000 $11,975 $9,700 $12,400 $15,700 $13,000 $11,650 $9,850 $17,850 $11,850 $22,525 $9,200 $15,400 $16,500 $23,200 $20,025

Dec ‘15 $7,800 $9,800 $3,750 $5,750 $7,350 $4,900 $4,950 $9,300 $8,900 $11,750 Dec ‘15 $13,000 $11,250 $23,000 $8,200 $4,800 $13,550 $17,800 $4,750 $5,600 $6,900 $4,700 $7,700 $6,500 $6,850 Dec ‘15 $17,050 $26,400 $15,300 $14,650 $7,225 $16,200 $19,100 $6,750 $10,250 $8,850 $10,150 $13,500 $11,800 $11,000 $9,600 $17,050 $11,050 $21,025 $7,850 $13,700 $15,500 $21,700 $18,875

Projected Figures Dec ‘16 $12,075 $15,150 $7,125 $7,000 $11,625 $7,250 $6,900 $10,475 $10,375 $14,725 Dec ‘16 $14,100 $15,525 $31,025 $9,525 $7,875 $16,750 $19,375 $6,500 $7,650 $8,750 $6,750 $9,725 $7,775 $9,650 Dec ‘16 $19,975 $27,450 $18,650 $15,475 $8,500 $16,775 $20,775 $7,925 $13,650 $10,900 $18,800 $15,950 $14,675 $12,800 $12,750 $20,275 $16,650 $21,050 $9,725 $16,600 $17,400 $20,000 $18,300

Dec ‘17 $10,200 $12,600 $5,875 $6,075 $9,450 $6,075 $5,750 $8,925 $8,525 $12,250 Dec ‘17 $11,775 $12,800 $25,800 $8,350 $6,475 $14,225 $15,950 $5,400 $6,550 $7,300 $5,625 $8,325 $6,525 $8,175 Dec ‘17 $16,150 $22,775 $15,225 $12,875 $6,900 $13,475 $16,975 $6,325 $11,075 $8,775 $15,150 $13,200 $11,900 $10,650 $10,675 $16,575 $13,400 $16,875 $8,100 $13,325 $14,775 $16,150 $15,225

Projected Figures Dec ‘16 $7,150 $8,750 $3,500 $5,200 $6,625 $4,400 $4,475 $8,400 $7,850 $10,175 Dec ‘16 $10,750 $9,800 $20,700 $7,275 $4,450 $11,900 $14,600 $4,250 $4,900 $6,325 $4,350 $6,800 $5,750 $6,350 Dec ‘16 $14,825 $22,200 $12,950 $12,075 $6,075 $13,125 $15,500 $5,750 $9,075 $7,250 $9,000 $11,775 $10,100 $9,750 $7,900 $13,775 $9,800 $16,950 $6,725 $11,550 $13,450 $17,225 $15,600

Dec ‘17 $6,325 $7,100 $3,175 $4,500 $5,700 $3,700 $3,775 $7,175 $6,325 $8,275 Dec ‘17 $8,700 $8,175 $17,750 $6,150 $4,025 $10,075 $11,700 $3,525 $4,875 $5,625 $3,875 $5,875 $4,750 $5,275 Dec ‘17 $11,950 $17,775 $10,500 $9,925 $4,900 $10,750 $12,700 $4,500 $7,650 $5,850 $7,275 $9,550 $8,175 $8,000 $6,625 $11,225 $8,100 $13,650 $5,475 $9,275 $10,900 $13,600 $12,625

12/18/15 1:53 PM


USED CAR NEWS

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18 • January 4, 2016

USED CAR NEWS

AROUND THE BLOCK

Compiled by Jeffrey Bellant

VETERAN REMARKETER RETIRES

SAL SETS SAIL: Carolina Auto Auction owner Henry Stanley, right, wishes a fond farewell to Sal Terranova, left, as he retires as national remarketing leader.

Remarketing veteran Sal Terranova is retiring from Carolina Auto Auction, ending a long career as both a consignor and an auction executive. Joe LeMonds is taking over as the auction’s national remarketing leader. LeMonds spent the last six months shadowing Terranova.

“Certainly the thing that I have always really enjoyed has been testing market modifications to see if there was any way to enhance the value of a vehicle,” Terranova said. “Testing the value of a wholesale certification program; running vehicles through a manufacturer’s captive remarket-

ing program; pushing the Internet and simulcast opportunities; testing the impact of various repairs, all have been a lot of fun, and very mentally engaging. “But the most rewarding part of the job has probably been the ability to communicate the results of some of those value-enhancing experiments with other sellers, and clients in the business.” Terranova said Internet sales have been the biggest change he has seen over his career. “Buyers can now view and interact with a vehicle online – from viewing a CR to the consummation of a buying decision without ever leaving their home or office,” he said. “However, I also believe that the physical auction will continue to grow in that there will always be a number of buyers that want to physically inspect the vehicle, and interact with the market live.”

Auction Aids in Feeding Hungry Owners of Corry Auto Dealers Exchange stepped in with a donation of $17,400 to make possible a Thanksgiving effort by a local congregation to provide more than 80,000 meals through participation with the international charity Stop Hunger Now. This is the third year Park United Methodist Church has worked with Stop Hunger Now, and the second year Corry ADE has played a part in their mission to fight hunger. Through the auction’s donation and the congregations contributions, they were able to provide 30,000 more meals than the year before. “It’s awesome to be a part of this effort with our local church and especially to make a difference to people thousands of miles away,” said Tad Swift, the auction’s manager and a member of the family that owns Corry ADE.

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

䘀唀䰀䰀 匀倀䔀䌀吀刀唀䴀䰀䔀一䐀䤀一䜀 䘀椀渀愀渀挀椀渀最 昀漀爀 䔀嘀䔀刀夀 匀䤀一䜀䰀䔀 爀攀琀愀椀氀 挀甀猀琀漀洀攀爀⸀

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愀甀琀漀甀猀攀⸀挀漀洀

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