Fitch Ratings reports ending growth in captives’ portfolios continued in 2014 driven by increased demand from a gradually improving global economy, improved supply of liquidity in funding markets, and slight loosening in lending standards.
Fitch expects the captive landscape to get more competitive as banks increase their focus in growth areas such as auto finance, which will likely put pressure on pricing/margins and may lead to further loosening of lending standards.
Firm Buys Cars.com
Gannett Co. Inc. completed its previously announced acquisition of the remaining 73 percent interest in Classified Ventures LLC, which owns Cars.com, for $1.8 billion on Oct. 1.
Car Transporters Form
Strategic Partnership
MetroGistics LLC announced strategic partnerships with Precision Motor Transport Group LLC and McNutt Automotive Logistics LLC.
NADA Chairman Defends Business Model
By Ted Craig
DETROIT – Franchise
dealers seem attacked on numerous fronts these days.
Tesla threatens their legal protections while the Consumer Financial Protection Bureau wants to change their relationship with finance sources. And then there’s the matter of how to handle all the recalls issued by manufacturers this year.
Forrest McConnell, chairman of the National Automobile Dealers Associations, spoke about these issues at a recent Automotive Press Association event.
McConell said many recent stories about franchise dealers use terms like “monopolistic,” “middle man” and “protectionist.”
Nothing could be farther from the truth, he said.
“Dealers are so busy competing with each other that it leaves no room for complacency,” McConnell said.
Manufacturers constantly measure customer satisfaction today and this drives that competition.
A main way dealers compete with each other, McConnell said, is through financing. Now, the CFPB
wants to change that by having finance companies switch to a flat fee for reimbursement rather than dealer participation.
“The government is trying to take away a customer’s right to get a discount,” Mc-
Connell
Dealers will choose the finance sources that pay the highest flat fee, he said, and those finance sources will pay for those fees with higher rates for the consumers.
Another way to eliminate
competition, McConnell said, is through direct sales from the manufacturers. This is the model Tesla Motors Inc. is pushing in several states.
The long predicted moderation in used-car prices is finally happening.
The average price of a used vehicle for model years 200913 saw the largest monthly depreciation of the year so far at 1.7 percent during September, according to Black Book.
Domestic cars declined the most, falling by 3.4 percent. Import cars fell by 1.8 percent. Domestic trucks fell by 1.2 percent, and import trucks fell by 1.5 percent. Average prerecession depreciation is historically between 1 percent and 2 percent monthly. Black Book expects overall 2014 depreciation of 13.5 percent.
After seeing lower-than-normal depreciation of 1.3 per-
cent in August, overall depreciation realized its typical seasonal fall pattern of accelerated value decreases. The average segment price at the end of September was $11,601, a 13.7 percent change from year-ago levels ($13,438).
A continuing trend over the last several months, trucks represented the vast majority of segments with the strongest performing monthly retention. Eight of the top nine segments were trucks.
In another sign of a weaker market, the Manheim Used Vehicle Value Index declined to 121.4 in September, down 1.1 percent from a year ago. This was the fifth consecutive monthly decline.
said.
COMPETITOR: Forrest McConnell, chairman of the National Automobile Dealers Association, explains the benefits of the franchise system to
Auto Shoppers Share Info on Social Media Sites
Auto shoppers using a smartphone are more likely to share vehicle information on social media when they have a satisfying online experience with an automotive manufacturer (OEM) or third-party automotive site, according to the J.D. Power 2014 Automotive Mobile Site Study.
The study, now in its third year, has been redesigned to capture details on content and tool usage while measuring what content is most efective on OEM and thirdparty automotive websites on a smartphone during the vehicle-shopping process.
The study examines website usefulness across four key measures (in order of importance): information/content, navigation, appearance and speed. Satisfaction is calculated on a 1,000-point scale.
One-third of shoppers say they “definitely will” share vehicle information via social media after an exceptional experience (overall scores of 901-1,000), compared with only 3 percent of shoppers after a poor experience (scores of 500 and lower). Among shoppers using an OEM or third-party automotive website, 45 percent say they either “prob-
ably will” or “definitely will” share information via social media about a vehicle they researched.
“When vehicle shoppers have a positive experience on an OEM or third-party site, they are more likely to share the content they find useful or interesting with others,” said Arianne Walker, senior director, automotive media & marketing at J.D. Power. “This provides auto brands a great opportunity to get their content out in front of consumers through social media.
“The challenge is not only having great content to encourage sharing, but also ensuring that consumers have an outstanding experience no matter what site they are accessing on their smartphone.”
Shoppers who share vehicle information on social media are more likely to share imagery, such as exterior images (48 percent), interior images (42 percent) and videos (40 percent) than other less visual content, such as payment/ lease (18 percent) or dealer information (25 percent).
Use of videos has a significant positive impact on satisfaction among smartphone shoppers when
researching how a vehicle looks on both OEM and third-party websites.
When researching vehicle information shoppers who access an OEM website on a smartphone are much more likely to use a build and price tool (43 percent) than those who shop on thirdparty sites. (30 percent).
However, vehicle shoppers accessing a third-party website on a smartphone are more likely to use an inventory search tool (36 percent) than those on an OEM site (32 percent).
The largest gap (90 points) in satisfaction between OEM (806) and third-party sites (716) is in appearance of the website.
Among OEM websites, Acura ranks highest with a score of 811.
Following Acura in the rankings are Cadillac (803), Porsche (802) and Chrysler (801). Among third-party automotive sites, U.S. News Best Cars ranks highest (771), followed by Cars.com (749), Kelley Blue Book (728) and Edmunds.com (726).
The 2014 Automotive Mobile Site Study examines the features and content of automotive manufacturer a nd third-party mobile websites and their usefulness in
the vehicle-shopping process.
The study includes 11,451 evaluations of automotive mobile websites from vehi-
Franchise Dealers – Continued from page 1
McConnell said the direct sales method has failed every time a manufacturer has tried it. He cites Volkswagen’s decision to sell its company stores in Germany as the latest example.
One vital role played by franchise
calls and recalls that address other defects.
“Recalls should be in diferent buckets,” McConnell said.
McConnell also took the opportunity to welcome the latest entry into auto dealership ownership –
which ranks fifth among all U.S. auto dealership groups .
After becoming a part of the Berkshire Hathaway family of businesses, the company will be known as Berkshire Hathaway Automotive.
The dealership group will contin-
“The Van Tuyl Group fits perfectly into Berkshire Hathaway from both a financial and cultural viewpoint.”
dealers is handling recalls, McConnell said.
This has become a hot topic, as millions of vehicles are under recall this year.
Some groups are pushing for laws that ban the sale of cars with open recalls. McConnell said the problem with these proposals is they fail to diferentiate between safety re-
Berkshire Hathway Inc. – and its biggest stockholder, Warren Bufett.
Berkshire Hathaway and Van Tuyl Group announced that they have entered into a definitive agreement pursuant to which the Omaha, Neb.-based conglomerate will acquire the nation’s largest privatelyowned auto dealership group and
Warren Buffett
ue to be led by Larry Van Tuyl, who will become chairman, and Jef Rachor, who will assume the role of chief executive ofcer, as well as its experienced senior management team.
The new entity will be headquartered in Dallas.
“The Van Tuyl Group fits perfectly into (our company) from
cle shoppers who intend to purchase or lease a vehicle within the next two years. The study was fielded in July and August 2014.
both a financial and cultural viewpoint,” Bufett said in a press release.
“Larry Van Tuyl along with his father, Cecil, spent decades building outstanding dealerships operated by local partners.
In recent years, he has shared management with Jef Rachor, a seasoned auto retailer who will retain a financial interest in all dealerships.
The Van Tuyl Group enjoys excellent relations with the major auto manufacturers and delivers unusually high volumes at its 78 locations.”
Bufett said this is “just the beginning for Berkshire Hathaway Automotive.”
The transaction is expected to be completed in the first quarter of 2015 and is subject to obtaining approvals from the major auto manufacturers as well as certain customary closing conditions, including various regulatory approvals.
NEWS BRIEFS
Kia CPO Sets Record
Kia dealers sold 4,854 certified pre-owned units in September, an all-time record for the brand.
Overall, dealers sold 188,341 CPO units in September, down 15.4 percent from August, but up 19.7 percent from September 2013.
There were 24 selling days in Sep -
tember, compared with 27 in August and 23 in September 2013.
September’s selling rate was the third highest this year.
Toyota again led all brands with 28,959 certified units sold in September.
Chevrolet finished second with 22,245 certified units sold.
MILESTONES
James “Odell” Morgan
James “Odell” Morgan, longtime executive director of the Oklahoma Independent Automobile Dealers Association, died on Sept. 24. Morgan, 87, joined the Oklahoma IADA as executive director in 1987 and served the association for 27 years, as co-executive with his wife, Rose.
The National Independent Automobile Dealers Association named him Association Executive of the Year in 1994.
In 2002 he became the third member of the State Executives Council Hall of Fame. Members of the Oklahoma Used Motor Vehicle and Parts Commission awarded him the “Quality Ambassador” designation
for the used motor vehicle industry in the state of Oklahoma.
NIADA’s executive vice president Steve Jordan ofered his praise for Morgan’s contribution to the industry.
“Odell was a big part of our association for a long time,” Jordan said.
“He was instrumental in developing our current Association Executives Council structure and other aspects of Oklahoma IADA and NIADA.
“He was a pioneer, a great innovator and a respected leader at both the state and national levels.”
Asbury Opens Stand-Alone Store
Asbury Automotive Group, Inc. opened its second stand-alone used vehicle store under the ‘Q auto’ brand in Jacksonville, Fla.
The new Jacksonville store follows the successful entrance of Q auto’s used-car venture earlier this year in Brandon, Fla.
All the vehicles at Q auto are Q Protected, which includes, among other benefits, a 5-day unlimited mile return policy, Carfax buyback guarantee, a 75-Point inspection and the promise to fix the first “ding” or dent that a customer’s car may receive, at no charge. Even if the vehicle was not purchased at Q auto, Q
auto services all vehicle makes and models.
ADESA Changes Fee Structure
ADESA announced a new fee structure for vehicles purchased in open sales on DealerBlock.
Customers will find the fees, which are in efect for the fourth quarter, to be simpler to calculate and, in most cases, lower.
This temporary pricing structure is in efect through Dec. 31.
Customers will notice the simplified fees when they log in to DealerBlock at ADESA.com.
All buyers will pay the same price based on the purchase price.
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Lynda R. Thomas, Publisher Colleen Fitzgerald, General Manager
Editorial: Ted Craig, Managing Editor
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Contributing Writers: Ed Fitzgerald, Jenny King, Sheila McGrath
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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.
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.
GM Uses Social Media to Reach Recall Drivers
DETROIT (AP) – Eight months after General Motors began recalling more than 2 million cars because of a deadly ignition-switch defect, less than half the owners have gotten their vehicles fixed.
At first, the problem was a shortage of parts. But now the problem is people.
Despite the heavy publicity surrounding the scandal, many drivers evidently haven’t heard of the recall or haven’t grasped how serious the defect is because it hasn’t given them any trouble.
As a result, GM has been forced to go beyond the usual ominous-sounding recall letters.
It has sent out Facebook messages and made phone calls to owners of the cars, mainly Chevrolet Cobalts and Saturn Ions.
CEO Mary Barra has even sent a personal letter urging people to get the switches replaced.
“In some cases we’ve gone to the owners’ home and gotten the vehicle, gave them a loaner, and are working to fix it,” Barra said.
GM announced in February and March that it was recalling the cars after taking more than a decade to disclose the defect, now linked to at least two dozen deaths.
The switches can slip out of the run position, causing the engine to shut of. That can knock out power-assisted steering and disable the air bags.
Despite recall letters that bluntly warn that the defect can lead to injury and even death – and despite five congressional hearings and thousands of news stories about the furor – only about 1.16 million of the 2.36 million afected vehicles still on the road have been bought in for repairs.
One of the unrepaired cars belongs to Kim Atkins, a media relations specialist in Austin, Texas, who received recall notices in April and June for her 2007 Cobalt. Busy with moving back to her hometown from college and starting a new job, she ignored them both.
“I didn’t think it was very serious just from the wording on the recall notice,” said
Atkins, 24. “I’m sure that it was important. I didn’t get a sense of what the actual issue was, just neglected to do it.”
Atkins said her fiance is mad at her for dallying. She has made an appointment to bring her car in
the shop. She has also removed everything from her keychain as instructed by GM.
Because the recalled cars are no longer produced, parts supplier Delphi Automotive had to bring machinery out of stor-
age to start cranking out replacement switches. Repairs finally began in April when the replacement switches started to arrive at dealers. Recently, GM announced that Delphi has made enough to fix all the cars.
CALL ME: General Motors CEO Mary Barra works the phones at the company’s call center in an attempt to reach the drivers of recalled cars. The company is turning to social media channels for hard-to-reach customers.
Combining Live and Live-Online Buyers
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Flood Worries Delay Store
By Sheila McGrath
Residents of a flood-prone neighborhood in Salem, N.H., are anxious to hear how developers of a proposed car dealership intend to keep storm water runof away from their homes.
But the developers say they’re aware of the problem, and they’re on it.
F&B Salem Realty is planning a dealership with an 18,800-squarefoot building on a 15-acre site in Salem, a town of nearly 30,000 residents north of Boston.
Plans call for about 74,000 square feet of paved area for parking, display and storage of vehicles.
The site is located at 93 S. Broadway, in between the Town Center District and Belmont Street.
Several Belmont Street residents, who say they already experience flooding whenever there’s a heavy rain, are worried that the project will disturb wetlands on the parcel and make a bad situation worse.
At an initial presentation of the concept to the town planning board in September, about 20 neighbors attended to listen to the plans and voice their concerns.
The planning director for the town of Salem, Ross Moldof, said the plans would be laid out in further detail at an upcoming public hearing.
“I expect the first public hearing on this project to be held on Oct. 28,” Moldof said. “We will have an outside consultant review the project and comment on the flooding problem, but the applicant is trying to address the issue proactively.”
Moldoff said the proposal
incorporates a small front parcel that was formerly a gas station, “but most of this site is undeveloped land.”
George Fredette, the project engineer representing the developers, discussed several storm water management measures they would incorporate to keep rainwater from running toward the adjacent residential area.
At the September hearing, Fredette told the planning board that the paved area in back would have porous pavement, which lets rainwater run through it.
They’re also planning to add gravel wetlands, which filter, detain and then release water, he said.
The project will be developed so that floodwater will enter the gravel wetland, he said.
And they plan to cut a large swale – a marshy depression between ridges – around the perimeter of the project.
Residents said they glad the developers were addressing the issue, but they were skeptical the measures would be efective.
Patricia Levesque told the planning board she had lived in the neighborhood almost 20 years and is always afraid of rain.
She said she hopes the town won’t consider the project.
“Putting something like that – the water will go somewhere,” she said. “We’ve all had a flood problem.”
According to Moldof, there are several approvals still needed before the project can move forward, including approvals of the wetland impact by the Conservation Commission and State Wetland Bureau.
Operator Offers Forgiveness
By Jeffrey Bellant
After someone stole a truck from his dealership earlier this year, Bob Snipes tried to appeal to the thief’s conscience.
The owner of I-Deal Motors in Chattanooga, Tenn., has been in business 33 years and works with his daughter.
He keeps about 50 vehicles on the lot.
But one morning, they found an empty space where a 1997 green Ford F-150 was supposed to be parked.
“They came after hours,” Snipes said.
“My cameras were down that night. I think maybe lightening hit them. So I didn’t see anything.”
It wasn’t the first time a car was stolen of his lot.
Six months ago, a customer took a car on a test drive and “they kept going,” he said.
Snipes said his initial reaction to the latest theft was anger.
“At first, I wanted to strangle the guy,” he said. “But I thought that’s not what a follower of Christ should do. So instead of going for the throat, we figured we should try to go for the heart.
“I put a sign up about a week after it was stolen.”
The sign was placed in the empty spot where the truck had been.
It read: “Whoever stole our truck last (week), we love you. Trust Jesus.”
Snipes said they wanted the thief to know that “we do love him, we’re praying for him and hoping for the best.”
At press time, the thief hasn’t had a change of heart.
But the dealership did get some notice from local news organizations and it prompted a call from the police who checked to see if the truck had been returned.
Dealer Continues Fight
By Jeffrey Bellant
Alabama dealer Anthony Underwood remains in a fight to overturn his election defeat in the Bessemer, Ala., mayoral contest two months ago.
A hearing on Underwood’s efort to contest the election was scheduled for Oct. 8, but was postponed when the judge recused himself over a conflict, Underwood said.
So it gave Underwood time to mull over a challenge to overturn the results that had him finishing more than 2,000 votes short of victory.
An election attorney told Underwood that overturning the results rarely happens and would be as unlikely as “winning the lottery.”
Underwood, who grew up in Bessemer, runs an auto dealership and owns commercial property in the city. But he has been disappointed in how the city has been managed over several years.
Earlier this year, he said the city had become a “mini-Detroit,” with 13.9 percent unemployment and neighborhood deterioration and abandoned homes. So Underwood moved back into Bessemer to run for the city’s top spot.
On Aug. 26, he was ofcially defeated by incumbent Mayor Kenneth Gulley, who tallied 3,432 votes, or about 60 percent, to Underwood’s 2,290 votes.
But Underwood claims there were problems with polls opening late and issues with voting machines not working properly and “manipulated in some cases.”
Underwood said his team ran a
poll that indicated he would win “in a landslide,” so the election results were suspicious.
“What I do know and do believe – and it may sound like I’m a sore loser – but I believe the election was stolen,” he said.
But an attorney told him a reversal – without hard evidence – was highly unlikely.
“They say possession is ninetenths of the law,” Underwood said. “With elections, it’s the same thing. If you don’t win it at the polls, you’re not going to win it later. Once they get that ball, you’re not going to get it back.”
But Underwood had still not made up his mind to continue the challenge at press time, despite already spending $35,000 during his campaign.
When asked if being a first-time candidate worked against him, Underwood said this isn’t new to him.
“I’ve been campaigning (living and working) for 50 years in this town,” the longtime businessman said.
As far as the any election problems, one city ofcial said there were only minor delays at one or two polls.
City Attorney Shan Paden said there was a change in the type of voting machine used in the election, but they caused only short delays in one or two polling stations.
“I don’t think there were any major issues with the election,” said Paden.
Underwood had originally planned on a recount, but failed to meet a city deadline, Paden said.
Underwood said he was touched by the support he received from people in the auto industry and citizens in Bessemer.
“It brings tears to my eyes,” he said. “I don’t have any regrets. We did everything we could.”
Cab Company Washes Titles
A Chicago used-car broker and taxicab operator was arrested after being indicted on federal charges for allegedly causing at least 180 vehicles that were salvaged or rebuilt to illegally obtain clean titles from Indiana and Illinois and, as a result, to illegally operate as licensed and registered taxicabs in Chicago.
The defendant, Alexander Igolnikov, was charged with one count of conspiracy and two counts each of interstate transportation of false automobile titles and possession of false auto titles in a five-count indictment that was returned by a federal grand jury on Aug. 27 and then unsealed following his arrest.
Igolnikov, also known as “Alexandr Igolnikov” and “Alex,” was the
owner of Seven Amigos Used Cars and vice president of Chicago Elite Cab Corp., which operated taxis under city taxi medallions managed by Chicago Elite Cab and related entities afliated with Chicago Carriage Taxi Co.
The indictment alleges that between 2007 and April 2010 Ignolikov conspired with three unnamed auto brokers, two in Indiana and one in Illinois, to purchase vehicles with salvage titles from online auction sites; fraudulently obtain either clean or rebuilt Indiana titles for those vehicles by submitting false paperwork to the Indiana Bureau of Motor Vehicles; and then using those re-issued Indiana titles to obtain clean Illinois titles.
Anthony Underwood
PAGE8-SALVAGEFOCUS
Copart Founder Shares His Story of Creating Business
By Jeffrey Bellant
Copart founder Willis Johnson, a longtime fan of business biographies, has put out one of his own.
The self-published book, ”Junk to Gold” is written by a former Copart employee as told by Johnson. It is on a subject he knows more about than anyone – his life and career at Copart.
Part of the book’s success is his life story is inspiring in itself – the son of an illiterate farmer who goes from milking cows to building a billion-dollar business empire.
The story takes the reader from his start helping his father on various business ventures as a youth, to Johnson’s U.S. Army service in Vietnam and then through his journey in the auto salvage business.
It still might not have worked without a good writer. Marla J. Pugh, a freelancer who served as Copart’s first communications manager, does a great
job of capturing Johnson’s voice and storytelling ability. The book is also short –170 pages – considering all the ground it covers.
Johnson sets the tone in the opening pages, talking about his father, Willis Sr., who never learned how to read, but was “the smartest man I ever knew….”
One of his father’s big lessons was that “everybody should make his or her own way in the world.” Willis
Sr. started numerous businesses, from a construction company to a dairy business and, a dismantling yard.
Johnson saw that despite his dad’s talent for building businesses, his illiteracy held him back. He also learned from his father’s mistakes. His father would often sell businesses without knowing their true value.
Johnson said “…being able to sell a business with a profitable track record and brand was worth more than the assets alone.”
Johnson recounts his time
in Vietnam and the lessons the military taught him –order, timing and discipline – that he would use in his business.
After his military service, Johnson bought his first dismantling yard and that’s where the Copart story begins.
Johnson discusses the evolution of his business, from a straight salvage business, to self-service U-Pull-It yards, to his specialized Chrysleronly parts yards to his entry into salvage auctions and the online auction business.
The book closes with the company’s IPO and expansion internationally, followed by Johnson’s eventual retirement to a ranch in Tennessee that had been owned by country singer Alan Jackson.
In the book, Johnson talks about his reputation as a gunslinger, but his ability to takes risks and make quick decisions were integral to his success.
Johnson showed that a lack of knowledge about
technology and Wall Street didn’t hold him back from making a move into online business and selling his vision to investors.
Throughout his life, Johnson learned from others, using those ideas to improve his business. Despite a betrayal by a friend in one case, Johnson maintained an optimistic attitude, something that seems vital to any business owner.
Unlike his dad, Johnson was shrewd in how he valued his business, and those he sought to acquire.
Johnson also discusses how he mentored his sonin-law and eventual successor Jay Adair and shows humility by knowing when to walk away from the company he founded.
Johnson’s book reveals the true American dream –building something from nothing.
anniversary
Store Agrees to Hire Monitor
sales regulations and used car lemon law regulations.
21st Century Auto Group, Inc., a Springfield, N.J.-based motor vehicle dealership accused of violating the state’s Consumer Fraud Act and motor vehicle regulations, will pay $130,000 to settle the lawsuit filed against it by the Division of Consumer Afairs.
The dealership also will hire a compliance monitor at its own expense to ensure that its business practices comply with consumer protection laws and regulations concerning advertising practices, auto sales, and used car lemon law practices.
The alleged violations included, among other things, failing to disclose the prior use of motor vehicles as rental vehicles, failing to disclose past damage to and repair of motor vehicles, continuing to advertise motor vehicles after these vehicles had actually been sold (bait-andswitch), failing to honor advertised and negotiated prices of used motor vehicles, and delayed return of traded-in motor vehicles and/or deposits after the sales contract was cancelled by the consumer.
As part of the settlement, 21st Century Auto Group will resolve 43 consumer complaints previously filed with the Division of Consumer Afairs through negotiation with the complainants.
The dealership primarily sells high-end used luxury cars such as Lamborghinis and BMWs.
If the dealership and the consumer cannot agree on settlement terms, the complaint will be referred to binding dispute resolution, under terms of the Final Consent Judgment with the state.
In December 2013, the state filed suit against 21st Century Auto Group in the Superior Court, Chancery Division, in Union County, alleging that the dealership committed multiple violations of the Consumer Fraud Act, motor vehicle
Under the terms of the settlement, 21st Century Auto Group will pay $100,513 in civil penalties and will reimburse the state $29,487 for its attorneys’ fees and investigative costs. The dealership will also pay up to $20,000 for a Compliance Monitor who for the next year will check for its compliance with the Consumer Fraud Act.
“All sellers of used vehicles should take notice of this outcome and know that we will not tolerate any failure to disclose such information from prospective buyers, nor abusive sales practices,” said Acting At-
ADESA Boston
November 7, 21
508-626-7000
ADESA Charlotte November 13 704-587-7653
ADESA Cincinnati/Dayton November 25 937-746-4000
ADESA Golden Gate November 11, 25 209-839-8000
ADESA Houston November 12, 26 281-580-1800
ADESA Indianapolis November 11, 25 800-925-1210
ADESA Kansas City November 11, 25 816-525-1100
ADESA Lexington November 13 859-263-5163
ADESA San Diego November 13 619-661-5565
ADESA Tulsa November 14 918-437-9044
America’s AA-Chicago November 26 708-389-4488
Brasher’s Salt Lake AA November 4 801-322-1234
Columbus Fair AA
November 5, 26 614-497-2000
Manheim Atlanta November 12, 13 404-762-9211
Manheim BaltimoreWashington November 18 410-796-8899
Manheim Dallas November 5, 19 877-860-1651
Manheim Denver November 19 800-822-1177
Manheim Detroit November 13, 20 734-654-7100
Manheim Fredericksburg November 6, 20 540-368-3400
Manheim Milwaukee November 5, 19 262-835-4436
Manheim Minneapolis November 12 763-425-7653
Manheim Nashville November 5, 19 877-386-5004
Manheim Nevada November 25 702-361-1000
Manheim New Jersey November 5, 12, 19 609-298-3400
Manheim New Orleans November 5
985-643-2061
Manheim Orlando November 4, 11, 18, 25 800-337-8491
Manheim Pennsylvania November 13, 14, 25 800-777-2053
Manheim Phoenix November 6, 13, 20, 25 623-907-7000
Manheim Pittsburgh November 19 724-452-5555
Manheim Riverside November 18, 20 909-689-6000
Manheim Seattle November 12 206-762-1600
Manheim Southern California November 26 909-822-2261
Southern AA November 19 860-292-7500
Choose Chase on ADESA.com and OVE.com for quality bank-sourced vehicles. Contact auctions directly for current sale information.
While year-to-date auto loan growth rates have slowed compared to last year, totals for new credit and the number of new loans originated for auto purchases are at alltime highs. Equifax Inc. reports that the total number of new loans originated through June is 12.5 million, an increase of 4.9 percent from same time a year ago. and
The total balance of new loans is $254.2 billion, an increase of 6.9 percent from same time a year ago and representing nearly half of total new non-mortgage credit originated.
“Auto sales continue to soar, crossing the 17.4 million mark on an annualized basis for new cars and light trucks in August,” said Amy Crews Cutts, Equifax’s chief economist. “The abundance of high-quality vehicles for sale, the attractive financing options available, and the everincreasing age of cars on the road today have created an environment that makes it easy for consumers to say ‘yes’ when it comes to purchas-
ing a new or used car. Importantly, auto loan originations to borrowers with subprime credit scores remain stable, providing additional evidence that a bubble is not occurring in that space.”
The total balance of auto loans outstanding in August is $924.2 billion, an all-time high and an increase of 10.8 percent from same time a year ago.
The total number of auto loans outstanding stands at more than 65 million, a record high and an increase of more than 6 percent from the same time last year.
Serious delinquencies represent 1.05 percent of total balances outstanding, a decrease of 8 percent from same time a year ago.
The total number of new loans originated year-to-date through June for subprime borrowers, defined as consumers with Equifax Risk Scores of 640 or lower, is 3.9 million, representing 31.2 percent of all auto loans originated this year. This is a slight decrease in share from this same time in 2013.
Similarly, the total balance of newly originated subprime auto loans is $70.7 billion, an eight-year high and representing 27.8 percent of the total balance of new auto loans, a slight increase in share from the previous year.
Manheim has named Dianne Earley as vice president, sales operations, Matt Trapp as market vice president for the Mid-Atlantic Region and J.D. Daniels as general manager at Manheim Phoenix. Earley, who began her new role in August, most recently served as market vice president for the Mid-Atlantic Region, responsible for overseeing business strategy and operations at Manheim’s Baltimore-Washington, Fredericksburg, Harrisonburg, New Jersey and Philadelphia locations. She will report to Tim McKinley, senior vice president of sales for Manheim North America.
Prior to joining Manheim, Earley held several senior management roles with Cox Communications’ advertising services division, including vice president of Cox Media Virginia and corporate vice president of national sales at Cox Media. Before joining Cox Communications, she served in various leadership and sales positions with other media companies including Comcast Spotlight, Jeferson-Pilot Broadcasting,
Gannett Broadcasting and Greater Media.
Trapp, who joined Manheim in 2006, recently led the launch of Cox Automotive’s Deal Shield Purchase Guarantee as senior director of adjacent growth. He has assumed his new role, and reports to Mike McKinney, RVP, East Region Operations.
Trapp assisted the eforts to formalize the first consulting firm for Manheim, beginning in 2006. During his Manheim career, Trapp served as product manager during the launch of OVE.com, and then transitioned to finance where he facilitated the creation of project proposals, developed pricing strategy for key commercial customers and provided analysis of macro-economic trends. In 2011, he founded Project Merlin, now known as Deal Shield. Prior to joining Manheim, Trapp worked for Delta Airlines.
A veteran of more than 29 years in the auto auction industry, Daniels joined Manheim Detroit as general manager in 2011 after spending two years as the general manager at Manheim Metro Detroit. He has assumed his new role.
During his 18-year Manheim career, Daniels has served as general manager at Manheim Los Angeles (L.A. Dealers Auto Auction), and assistant general manager and operations manager at Manheim Arena Il-
linois. Prior to joining Manheim in 1996, Daniels served as west coast regional sales director for ADT from 1995-96, and held various roles at San Diego Auto Auction from 1984-94.
Under Daniels’ leadership, the Manheim Detroit auction leadership team was selected as the recipient of the Manheim M, President’s and Customer Experience awards for the Northeast Market in 2013. Manheim Detroit was selected as Chrysler Auction of the Year and Santander Auction of the Year in 2013, and was among five auctions to receive General Motors Regional Auction Operational Awards for the first quarter of 2014.
GE Capital Fleet Services has named Todd Good as senior vice president of sales, with a focus on growth of the company’s fleet services business in the oil and gas industry.
With more than 20 years of experience, Good will enhance and sustain GE Capital Fleet Services’ growing customer base in the oil and gas industry. Before joining GE Fleet, Good was vice president of business development for PHH Arval, where he focused on energy company fleets in the Texas market.
ADESA announced management changes at the company’s subsidiary, Recovery Database Network (RDN). Zach Hallowell has been promoted to president of the organization.
Hallowell joined RDN as chief operating ofcer in January 2013. In this role, he worked closely with the company’s CEO on all aspects of RDN’s daily operations.
Prior to RDN, he served for five years as business line director for Openlane, which KAR acquired in late 2011.
He has a bachelor’s degree from Middlebury College.
Todd Hodnett, who most recently served as RDN’s president, is leaving RDN to pursue another business venture. He will remain in an advisory capacity for RDN through the end of the year.
Other management changes at RDN include the addition of a new director of sales, John Houston He has 15 years of experience in the auto loan industry, in areas ranging from recovery and collections to auto finance. Most recently, Houston served as a consultant in the industry, developing new auto finance products.
RDN has also appointed Holly Balogh to senior director of operations and Kathy Toal to senior director of client services.
OKLAHOMA
Dan Derr, president, Thoroughbred Motors, Oklahoma City, Okla.:
“This is our 32nd year in business. We have one location.
“We’re kind of a high-end luxury dealer. We handle a lot of Lexus product and a lot of European cars –BMWs, Mercedes, Volvos, that kind of stuf. Lexus is one of the easier cars to sell because I don’t have any problems with them.
“We also have a lot of kids’ cars, too, which are things like Toyota 4Runners. A lot of parents bring their kids to buy their first cars here. I’ve been here so long and sold so many cars over the past 20 to 30 years that now I’m selling cars to their kids.
“So I get a lot of repeat and referral business. About half our business is repeat and referral.
“We keep around 100 cars on the lot. The lot’s not that big, so we’re crammed for space. We usually carry between 85 and 100. We average between 25 and 30 sales per month. We’re
pretty consistent.
“Mostly, I buy my cars from Manheim. I buy them from all over the nation. I just bought a 2010 Subaru up in Manheim Pennsylvania for a customer. I also recently bought a Toyota Land Cruiser in Houston that is getting delivered. I buy them online.
“Our average retail price on the lot is between $20,000 and $23,000. That’s also pretty consistent.
“I would say the average model year is around 2009 to 2010, with average mileage being between 50,000 and 60,000 miles. But I’ve also got vehicles like a couple of Toyota 4Runners, one with a 150,000 miles and one with 200,000 miles.
“It just depends on the quality of the car and the make of the vehicle. For example, I wouldn’t put a 200,000 mile Audi out there because you’re going to have a lot of service issues, but a Toyota is just a whole diferent (animal).
“I have a customer who’s going into the Army and he’s a diehard Subaru fan.
I just found him a 2010 Subaru with 170,000 miles on it that fits his price point. So when everything checks out, I don’t have a problem buying a car with more than 100,000 miles on it. I’ve really gravitated a lot toward the Subarus in recent years because they have a high owner loyalty (rating).
“Probably 90 percent of my inventory is imports. (For domestics) I have Chevrolet Tahoes, a Ford Explorer, and a Cadillac Escalade – things like that.
“I’d say we have 60 percent cars and 40 percent sport utility vehicles.
“I bet I average about $750 to $800 (per car) for reconditioning, it might go up to $1,000. Our motto is ‘No excuses.’ We don’t want any surprises once that car leaves. We go through our cars extensively. I have it farmed out. I don’t do any in-house service. I have specific shops for specific cars: All the BMWs go to a BMW shop; all of my Audis go to a specific shop, etc.
“We’re a Carfax certified dealer, we have Carfax cer-
tification on all of our cars.
“We do 100 percent of our advertising online, either through AutoTrader, CarGurus, Cars.com or TrueCar.
“I just got a 2011 Subaru Outback for a customer, the daughter of a friend of mine. I bought it last weekend in Atlanta. It had 40,000 miles on it. It sold for under $24,000.
“It was a nice little car.”
OREGON
Gary Sargent, president, Sargent’s Motorsports, Portland, Ore.:
“This is my 40th year in the car business. We have one lot.
“My son has expanded it, and took of with our power sports sales. So we’ve been focusing a lot on motorcycles, side-by-sides and ATVs. I’m third-generation in the industry and my son is the fourth.
“We still buy and sell cars, of course. Not as many as we used to do. Now we only carry about five cars. But we carry about 120 motorcycles, UTVs (side-by-sides)
Enjoy purchasing
and ATVs. My son grew a passion for motorcycles. It started out as a small entity, but he excelled at the power sports side.
“We’ll sell five cars (or more) a month and we’ll sell 35 units overall, with motorcycles, etc.
“Our average retail car price is $5,000 to $6,000. That seems to be the niche. The motorcycles average $2,500 to $3,500.
“This is all straight retail. No buy-here, pay-here or subprime.
“Usually, we get our car inventory as trade-ins on motorcycles. When gas prices first shot up, people started turning in cars for motorcycles.
“We rely a lot on referrals and Craigslist for our (marketing).
“Our economy in Oregon is kind of like that story about the train, ‘I think I can, I think I can.’ So we’re watching every dollar that we spend. That’s one of the reasons we’re using Craigslist.
“I’m kind of in a semiretired mode.”
WHOLESALE MARKETS
MAINE
Mark Wescott, general manager, Port City Auto Auction, Richmond, Maine:
“We’ve been in business since 1988.
“We’re running four lanes. We’ve got six lanes.
“Volumes spiked up a little bit in September. That’s typical.
“We’re running right around the 450 (unit) mark. That’s up from this time last year.
“I think it’s because the new-car stores are selling more cars, which is generating more trades.
“Sales percentages are at 55 percent.
“That’s about the same as this time last year.
“We run probably 85 to 90 percent dealer consignment. That’s what it was this time last year.
“(Non-dealer) cars are mostly repossessions. We get them from all over the state.
“(Our repos) come from banks and credit unions.
“The number of dealers in the lanes is staying
pretty consistent.
“That’s probably around 225.
“Our (bidders) come from all along the East Coast.
“We (offer) all of our vehicles online.
“That business is doing OK.
“We’re probably selling 10 percent online.
“We do not have a salvage sale. We don’t do any special sales (equipment, power sports, etc.).
“(In terms of reconditioning and other services), dealers are pretty much doing the same as last year.
“The average price in the lanes, the last I looked, was about $4,500.
“That’s up a little bit from this time last year.
“During an election year, which it is, there is an effect on business.
“I’m already hearing from dealers that things have been slow.
“So we’ll see. Hopefully, after the election, things will take right off again.”
MISSOURI
Doug Doll, owner/general manager, KCI Kansas City, Kansas City, Mo.:
“We opened up in 1978 in Elwood, Kan., as P & S Auto Auction. We’ve been in Kansas City since July 2008.
“We have six lanes and we’re running all six.
“Our volumes are up probably 25 percent over last year.
“We’re running between 800 and 1,000 cars per week right now.
“Our fleet business is up. We’ve added larger accounts. Plus our dealer business is up, too.
“Our fleet business is up 50 cars a week sold over last year. Our dealer business is up 10 cars a week sold from last year.
“For the year, we’re running about 61 percent (sold). That’s about the same as last year.
“From January through July we were running 66 percent. We’ve dipped a little bit since then.
“In the lanes, we’re av-
Compiled by Jeffrey Bellant
eraging between 500 and 600 bidders. That’s about the same as this time last year.
“We get a lot of dealers from the Kansas City and St. Louis, Mo., areas, along with Wichita, Kan. We also draw from Omaha and Lincoln, Neb., as well as Des Moines, Iowa. We get Hispanic buyers from the El Paso, Texas, area.
“Our online sales are probably up 25 percent in our online sales.
“I believe the reason that’s up is that we started a condition report program in August of last year. We started doing full CRs on every car to hit the auction lanes. Now, we don’t do a mechanical CR, but a physical CR. We do a detailed CR from tire depth to dings, dents and scratches. Pictures are taken. By doing that, our online sales have jumped tremendously. That’s expanded the (bidding) area.
Dealers from the East Coast and West Coast, for example, are buying a lot of dealer cars online. We weren’t getting that last
year at all.
“We’re 60/40, between new-car trades and fleet/ lease/repo.
“We also have a Kia sale and a Toyota Financial Services sale. The Kia factory sale is the third Thursday of the month. Our Toyota Financial sale is scheduled (at different times). We have our next one scheduled at our anniversary sale on Nov. 13.
“We’re slowly seeing lease volumes come back. What I’m hearing is that there’s such a shortage of cars that the franchise dealers are buying them up before they come to auction.
“Our average price coming through the lanes is $7,800. That’s up quite a bit from last year.
“The last Thursday of the month is our heavy equipment sale. We do boom trucks, bucket trucks, etc., from local municipalities. Typically, we run about 40 to 50 (units).
“GSA has run four times this year and we’ll run those sales when they have the volume.”
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OCTOBER
2013 MODEL S
2012 MODEL S
Acura
Hyundai Sonata GLS 4D Sedan 2.4
Lexus ES 350 4D Luxury Sedan $34000 $31200 $30800 $24675 $21175
Mercedes-Benz E Class E350 4D Luxury Sedan $41200 $37600 $32100 $27775 $23500
Mitsubishi Lancer ES 4D Sedan $12650 $11850 $10900 $9150 $7925
Nissan Altima base 4D Sedan $15050 $14200 $12300 $10800 $9500
Nissan Altima S 4D Sedan 3.5 $19100 $17500 $15600
2011 MODEL S
Chrysler
4D Sedan $16150 $15800 $14100 $10700 $9075
Chrysler 200 Touring 4D Sedan $10550 $10400 $9900 $7525 $6325
Ford Focus SE 4D Sedan $10200 $9100 $8250 $6925 $5875
Ford Mustang base 2D Coupe $13800 $13100 $12100 $10575 $9425
Ford Taurus SEL 4D Sedan $15050 $13850 $13600 $10700 $9075
Lincoln Town Car Signature Limited 4D Sedan $21300 $22300 $19650 $15200 $12575
Import Cars Oct-13 Apr-14 Oct-14 Oct-15 Oct-16
Acura TL base 4D Sedan $21400 $19300 $18350 $14700 $12600
BMW 3-Series 328i 4D Sedan $21050 $19400 $17750 $14175 $11975
BMW 7-Series 750Li 4D Sedan $45400 $42800 $37800 $31100 $26300
Honda Accord LX 4D Sedan $13300 $12650 $11450 $9800 $8625
Lexus ES 350 4D Luxury Sedan $25600 $22000 $20350 $17425 $15350
Mercedes-Benz E Class E350 4D Luxury Sedan $31600 $27600 $23800 $19500 $16025
Mitsubishi Lancer ES 4D Sedan $10300 $9850 $8800 $6725 $5650
Nissan Altima base 4D Sedan $11050 $10300 $9550 $7900 $6800
Nissan Altima S 4D Sedan
$11600 $10850 $8850 $7575 Nissan Sentra base 4D Sedan $10250 $9200 $9100 $6975 $6000 Toyota Camry LE 4D Sedan $13050 $12500 $11250
2010 MODEL S
Sale Gives Money to Relay for Life
Manheim Statesville and its employees have raised more than $58,000 for the local chapter of Relay for Life over the past two years. So far in 2014, more than $23,000 has been raised.
In the spirit of giving back to the local community, Manheim Statesville employees formed a team to participate in the local American Cancer Society Relay For Life in 2013.
In addition to participation in the annual Relay For Life, the employees organized a rafe this summer that raised funds for the charity.
As part of the fundraiser, a 2011 Chevrolet Aveo LT was rafed of and won by a local dealer at the sale on Aug. 29.
A total of 377 tickets were sold, raising almost $7,000 for the cause .
In addition to the rafe, employees raised funds through a golf tournament and silent auctions for Valentine’s Day and Easter.
Employee Dori Brightalso got into the spirit and cut of 14 inches of her hair and donated it to Locks of Love as part of the charitable eforts.
Former NBA Star Teams with Auction Group
City Enterprises, parent company of Dealers Auto Auctions, raised more than $100,000 recently for Penny’s FastBreak Courts, an innercity youth sports training program designed by one the NBA’s greats, Anfernee Deon “Penny” Hardaway.
was really my savior, because it allowed me to go and play away from my neighborhood.”
City Enterprises CEO Dave Andrews said it was a cause employees could “get their hearts around.”
The project also includes a rehabilitation clinic and classrooms for tutoring.
In hopes of providing area youths the opportunity to play in a better environment, the former University of Memphis and NBA star announced plans for a 100,000-squarefoot facility with a championship court and six additional courts.
“I grew up on a dirt basketball court, just trying to play the best way I could,” Hardaway said. “Then I was with the Boys Club, which
TEAMWORK: Employees at Manheim Statesville pose outside the auction with a 2011 Chevy Aveo that was raffled off to support Relay for Life.
Compiled By Jeffrey Bellant
Disconnected Jottings From Tony Moorby...
(This is the second part of a three part series.)
The foods available to Londoners back in the ‘50s would have suited today’s “locavores.”
They were produced and grown locally and brought to market overnight for sale the next day. Virtually every town or city (there had to be a cathedral to qualify as a city) had its own market square or a main street that was restricted from trafc during market day.
To a great extent, they went away with the advent of supermarkets but they’re making a very successful comeback.
The food was plain, prepared with little imagination, but of great quality. Welsh spring lamb was and still is some of the best in the world. Pigs from Leicestershire were fatty and flavorful
and those breeds have now been introduced all over the world. Cattle grazed on some of the lushest pastures anywhere produced ‘the roast beef of old England’ and Black Angus cattle are still highly prized.
Dairy products were equally good. Milk, in three separate categories, was delivered to the doorstep every morning by the milkman driving his horse and cart.
There was “silver top,” which was everyday whole milk; “blue top,” which had more cream that rose to the top of the bottle; and “gold top,” which was produced by Jersey and Guernsey cows in the Channel Isles with thick yellow cream taking up about a third of a pint bottle – artery clogger in a bottle but poured over porridge (oatmeal) or Weetabix at breakfast, it set you up for the day.
Some of the cheapest, and therefore most popular, food was fish.
Of course, being surrounded by the North Sea, the Atlantic Ocean and the English Channel, it was plentiful.
Most coastal villages had
their own hard-working fishing port or marina. Nowadays they provide the bucolic backdrop for a healthy tourism industry or trendy TV series.
Cod, haddock, plaice and skate (a small ray) were the stuf of every day, typically fried, especially on Fridays for Catholics, but the abundance of other seafood was taken for granted. Briny shrimp, or larger prawns, crab, lobster, cockles and whelks, mussels and clams were regular fair for most families. The displays at the wet fishmongers’ shops were eye-popping and smelled of the sea.
All food retailers took tremendous pride in “setting the stall out,” an oldfashioned expression that referred to transforming the market cart into a stall to sell the goods.
The butcher would hang everything from chickens and pheasant to a whole side of beef. A split hog would hover over fresh-cut chops and joints of meat, tied and ready for the oven. Even tripe and brains looked appetizing.
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32. Popular car color
33. 500X makers
34. Frozen, of a liquid
36. Make as in money
38. Veyron makers
40. WRX makers
41. Football positions
44. ___ Model S P85
Across
1. Ford’s ____ van
6. Lamborghini’s new model
10. Performed as expected
11. Isuzu SUV
12. Eco-friendly color
13. ___ and downs
14. Environmental watchdogs
15. Power____ warranty
18. Beauty
Container 21. Rental car company 23. Opposite of used 25. Sale promotion 26. Kia model
Formula One contest
High marks in exams
46. Family of Ford engines
50. Auto
51. __ for business
53. Observe
54. Large transport
55. It shows speed on a dash
56. Stirling Moss title
Down
1. Exchange a car when buying another one (2 words)
2. It could be 1500, 2500 or 3500
3. New drive system from Lamborghini, means “soul” in Italian
4. Audi TT ______
Greengrocers, too, went to great lengths to make everything look attractive –pyramids of apples, oranges and pears were enhanced by squares of crinkled, colored, crepe paper under each piece of fruit; a diferent color every day.
My twin brother, Robin, had a Saturday job at the butcher’s shop. He rode a heavy bike with a huge pannier at the front holding packages of customers’ orders to be delivered around the neighborhood in the morning.
In the afternoon, he helped in the small slaughterhouse at the back, stripping feathers from chickens, geese and other fowl. During the pheasant season they’d hang
the pairs of birds anywhere from a couple of days for ‘fresh’ to three weeks for ‘green’ – a reference to the sheen that the skin adopted before rotting.
Robin would take a Bunsen burner to the insides to rid the carcass of maggots. A green bird could be tugged from the string around its neck in a simple decapitation.
The whole afair sounds revolting, I admit. But cooked at a sufciently high temperature for safety, the taste is unforgettably delicious. I don’t suppose the FDA would support such commerce these days. The rest of Robin’s time was spent keeping the store sparkling clean.
5. Compact crossover from VW
6. Color
7. Small SUV coming from Jeep
8. Mini model
9. Old automaker that introduced the “Bedin-a-car” feature in 1936
16. Your car, in slang
17. Cube or Juke
19. “Strange Magic” band, for short
22. ___ in America
24. Jeeps
28. Heating control, abbr.
29. Freebie at many gas stations
31. One who settles auto claims
32. There’s a special car seat for this little one
33. Reasonable, as in price
35. Leather type
36. Friendly alien
37. Type of engine
39. Eagle model from the 90s
by
INSURANCE AUTO AUCTION S
42. Curve on a racetrack
43. Spartanburg’s state
44. Frat house letter
45. Imitate
47. Small bill
48. Overtime, abbr.
49. ___-f flm
50. Trucker’s radio
52. __ Doc Smith, sci
writer
Tony Moorby
Tyson Felder, owner of Elite 1 Auto Inc. in Country Club Hills, Illinois, says NextGear Capital’s expert knowledge of the automotive marketplace and remarketing industry has helped direct and increase his business.
“NextGear Capital guides our business to the type of inventory doing best in the market, trying to maximize every dollar while helping grow our inventory. We’ve tripled our capacity since we opened, and that’s due to NextGear Capital. It has been phenomenal working with them.”
Listen to more of what Tyson and other dealers have to say at nextgearcapital.com/why/knowledge.
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