We begin the series with an interview of Stephanie Compton, vice president of asset remarketing at Exeter Finance and CMG’s 2023 National Remarketing Executive of the Year, who chatted with senior editor Joe Overby during April’s Auto Intel Summit + National Remarketing Conference in Cary, N.C.

Listen to the conversation in the window below and stay tuned for a print feature story with Compton in Auto Remarketing magazine.

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The topic surfaced again on Tuesday when Black Book discussed how wholesale prices dropped another 0.24% last week; an amount more than double what lane watchers recorded a week earlier.

“The wholesale market experienced a downtrend for most vehicle types last week, except for full-size car and sporty car (segments), which continued to increase,” Black Book said in its latest installment of Market Insights.

“Another trend that we have noticed is a small decline in auction inventory and noticeably in the dealer lanes,” analysts continued in their report. “This could happen because dealers are keeping more of their trade-ins rather than bringing them to the auction.”

Older trade-ins are what Edmunds director of insights Ivan Drury said could be key to helping dealers cater to potential buyers looking for more affordable transportation.

Affordability is also what Angelica Jeffreys of Equifax noted as primary component to what could make for a successful or challenging summertime sales season that’s set to begin with Memorial Day weekend straight ahead.

Furthermore, Satyan Merchant of TransUnion pointed to affordability as a primary headwind that’s kept auto-finance portfolios from growing more rapidly.

As a result, perhaps dealers are procuring inventory elsewhere or standing pat with what’s already on their lots because Black Book reported the average auction sales rate last week dropped to 56%, dipping 1% from the previous week.

“Although there was some reduction in auction inventory, the volumes being sold by the larger sellers, especially in the OEM lanes, are reminiscent of those seen pre-COVID,” analysts said.

No matter the consignor type, the ones that sent sports cars down the lanes saw prices rise another 0.20%, representing the eighth consecutive week of gains for those summertime rides. Black Book computed that the segment has generated a weekly increase of 0.32% during that stretch.

But those sports cars might be for buyers with more disposable income and financial resources. Black Book returned to the affordability conversation when continuing its analysis of the car space, mentioning that values for subcompact cars decreased another 0.41% last week.

That movement marked the sixth week in a row of declines for subcompact cars, with an average weekly drop of 0.37%, according to Black Book tracking.

“Although these vehicles are considered ‘affordable,’ the segment witnessed only four weeks of increases in April,” analysts continued about sub-compact cars. “In contrast, its larger counterpart, the compact car, experienced a streak of 17 consecutive weeks of growth before seeing a slowdown.”

Meanwhile, in the truck department, Black Book watched all 13 segments soften for the first time since the middle of January, dropping 0.29% overall.

Caught up in that situation were full-size crossover/SUVs, as analysts said their 10 straight weeks of value rises ended with a 0.29% decrease.

Black Book elaborated about what’s happening with vans.

“Full-size vans have consistently depreciated over the past seven weeks, with an average weekly decline of 1.00%,” analysts said. “Although the compact van segment has also been depreciating, it has been doing so at a slower pace. Nevertheless, last week saw an increase in the rate of decline for compact vans, falling by 0.62%, a notable increase from the previous week’s decrease of 0.13%.”

With the industry moving toward a holiday weekend and dealers trying to satisfy customers, Black Book reiterated “as always, our team of analysts is focused on keeping their eyes on the market for developing trends and gathering insight.”

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In a news release, DAA said Swofford, who most recently served as America’s Auto Auction senior vice president, brings a strong focus on operational efficiencies, staffing accountability and safety, and “has demonstrated exceptional leadership and strategic acumen” throughout his 30-plus-year career in the auto auction industry.

During his tenure of almost 14 years with America’s Auto Auction, DAA said, Swofford spearheaded initiatives that led to significant revenue growth, operational excellence and the cultivation of top industry talent, including overseeing the design and construction of a greenfield site in Houston. He also served as general manager of America’s Auto Auction Austin (Texas), where, DAA said, he significantly increased auction sales and revenue.

John Swofford

He previously served in management positions with several Manheim auctions and helped that company open its first location in China.

DAA CEO David Andrews said Swofford’s “proven leadership, strategic vision and wealth of experience in the automotive industry will undoubtedly elevate our operations. With John at the helm, we look forward to achieving new heights of success and delivering unparalleled value to our customers and clients.”

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That’s sugar as in Sugar Ray, the rock band that charted four top 10 songs in the late 1990s and early 2000s, which will be the headline act for the annual event, set for July 17-18 at the auction in Spokane, Wash.

DAA Northwest general manager Collin McConkey said the band “brings a great summer vibe to this year’s Rock & Roll Sale. Sugar Ray sets the stage for our customers to come together and do business in a fun, relaxing environment.”

Over the years, Sugar Ray has shared the stage with The Rolling Stones and KISS, collaborated with Run-DMC and has been sampled by Post Malone. Rock & Roll Sale attendees will hear Sugar Ray’s hits “Fly,” “Every Morning”, “Someday” and “When It’s Over” during the band’s July 17 performance. Tickets are required for the concert.

The event also includes auctions on Wednesday and Thursday mornings. For information visit magauctions.com/rockandroll.

The Rock & Roll Sale has been a hit for DAA Northwest and its parent company, McConkey Auction Group, since Jerry Lee Lewis played the first sale in 1996. Since then, the private event for customers and guests has hosted Chuck Berry, The Doobie Brothers, Heart, Barenaked Ladies and many more.

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In his new role, Boshell, who joined AutoIMS in June, will take on comprehensive responsibility for the entire client-facing team, including solutions client support, and marketing.

“Bo joined us just a year ago and hit the ground running,” CEO Venkat Krishnamoorthy said in a news release. “It has been remarkable to see how quickly he learned about our products, processes, employees, clients and the industry. He is an excellent listener and always strives to understand where a customer is coming from before thinking of strategic solutions to help them.

“I am glad he joined us, and we look forward to his important contributions to the future of AutoIMS, our customers and the industry.”

Boshell came to AutoIMS in June 2023 as senior director of client success, overseeing solutions and marketing, after 18 years in a variety of roles with DataScan — most recently as AI support and logistics manager.

“We have a clear mission at AutoIMS to connect the remarketing industry and add value to our clients however we can,” he said. “The AutoIMS team has deep industry expertise and a truly innovative culture to complement our products and services.

“We will maintain and reinforce our strong commitment to our clients, employees and stakeholders, and help consignors improve efficiency and reduce risk. Building on our unique voice in the marketplace, we will celebrate employee milestones and industry relationships.”

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“We’re looking forward to an exciting future as we work with Pierre Pons, Jiles Wanna and the rest of the team at TPC Management,” Expressway co-owner and general manager Kyle Tracy said. “Their relationships within the remarketing community and their overall experience in the industry will be of tremendous benefit to us as we build our presence in the market.”

Expressway Auto Auction, was founded in 1967 by Richard Tracy on the site of a livestock market owned by his father, is a family-owned business led by Richard’s sons, Scott and Jeff Tracy, with grandchildren Kyle and Lyndsey, who serves as administrative manager as well as co-owner.

Kyle and Lyndsey Tracy

“The Tracy family has established Expressway Auto Auction as an important contributor to the local and regional economy as well as a major player in the auction business,” Pons said. “I was privileged to know of Richard Tracy in the early days of my own career in the auto auction industry, and I am thrilled to have the opportunity to work with his family as they build on that legacy.”

Founded in 1996, TPC Management Co. provides consulting and management recruiting services to a variety of companies in the automotive industry and has developed Auction Academy, a continuing education program for professionals in the automotive industry.

Pons said he hopes to include fourth-generation owners Kyle and Lyndsey Tracy in upcoming Auction Academy sessions, saying they “exemplify the skill, commitment and enthusiasm that continues to strengthen the independent auction community” and “will have much to contribute to the next generation of auction leadership.”

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Beginning with the index, Black Book said its seasonally adjusted index decreased 1.1% (1.8 points) to 150.0 from the March reading of 151.8. Examining year-over-year, Black Book said the index landed 14.5% below last April.

However, the index still came in 31% above the March 2020 reading — the last pre-pandemic month.

Analysts reiterated the Black Book Used Vehicle Retention Index is calculated using Black Book’s published wholesale average value on 2- to 6-year-old used vehicles, as percent of original typically equipped MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage and condition.

“Although wholesale prices increased across almost all segments and age buckets in April, seasonally adjusted retention index declined slightly last month, indicating that price gains were weaker than during a ‘typical’ spring market,” Black Book chief data science officer Alex Yurchenko said in a news release.

“The wholesale market picked up more steam in April with both improved sales rate and sold volume. In addition, vehicles were moving much faster off dealers’ lots (as measured by days-to-turn) as average listing price declined last month,” Yurchenko continued.

Moving on to the week that finished just ahead of Mother’s Day, Black Book watched overall wholesale values dip 0.11%, just 2 basis points more than a week earlier and 9 basis points less than what analysts recorded on average during the same week in 2017 through 2019.

Black Book delved deeper into last week’s value movements while noting the average auction sales rate remained stable at 57%.

“Another week of stability indicates moderate activity in the wholesale market with an overall lack of notable price changes,” analysts said in the newest installment of Market Insights released on Tuesday. “The consistent pricing across both car and truck categories suggests a period of equilibrium. However, the subcompact car and full-size van segments did not follow this broader trend and instead faced the most significant price declines within their respective categories.

“The reduction in auction inventory this week at some of the larger auctions may indicate a slight shift in the market dynamics,” Black Book continued in its report. “This decrease could be due to a variety of factors such as seasonal changes, which can affect the number and types of vehicles being sold; shifts in supply and demand, dealer inventory strategies, or broader economic conditions.”

As mentioned, subcompact cars and full-size vans sustained the most significant price drops last week, according to Black Book tracking.

Analysts noticed values for subcompact cars softened by 0.49% last week. That drop came after a decrease of 0.58% a week earlier.

Meanwhile, Black Book determined prices for full-size vans slid another 0.63%. A week earlier, analysts pegged the price drop for these workhorses at 0.90%.

Analysts added that values for full-size vans have declined 1% on average during the past seven weeks.

Black Book also mentioned depreciation for minivans has accelerated, with the segment experiencing a 0.43% drop last week, marking its steepest weekly decline since the final week of January.

Going counter to the overall trends of the spring-market winddown is the sporty car segment. Perhaps with an eye toward summer, Black Book said prices for sporty cars rose another 0.15% last week. Analysts said values for those fun-time rides have increased for seven weeks in a row, with an average weekly rise of 0.33%.

Presumably with the spring market in the rearview mirror, Black Book reiterated, “as always, our team of analyst are focused on the keeping their eyes on the market for developing trends and gathering insight.”

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Last week, Carvana celebrated the arrival of one from the National Highway Traffic Safety Administration.

Carvana highlighted that letter because it affirmed the legality of electronic signatures (e-signatures) on physical odometer disclosure documents.

Carvana said it pursued this clarification — with support from other industry leadership groups — as part of its ongoing advocacy for DMV process modernization to drive better experiences for car buyers and sellers across the country.

And after nearly two years following the inquiry, Carvana received the Letter of Interpretation from NHTSA.

“We are pleased to share NHTSA’s Letter of Interpretation, which affirms the federal legality of using e-signatures on physical odometer disclosure documents and paves the way for Motor Vehicle Administrations across the country to swiftly authorize and adopt this customer-friendly paradigm,” said Tony Hall, senior government affairs manager at Carvana.

Carvana recapped that federal laws established in the late 1980s require most passenger vehicles to complete a specific process and paperwork, known as an odometer disclosure, to transfer a vehicle from one owner to the next.

The company said most states currently do not accept e-signatures on these documents, which can drive additional friction for the customers, dealers, insurance carriers, banks, and other stakeholders of this common process.

As part of its commitment to driving automotive industry modernization, Carvana submitted a request for interpretation to NHTSA in September 2022, to confirm that e-signatures are authorized for use with these documents so that states can proceed in adopting these tools.

NHTSA responded to Carvana’s request on May 7.

In the response, NHTSA confirmed the view held by Carvana and other industry leaders that federal law permits e-signatures on both digitized physical odometer disclosure documents and physical odometer documents.

NHTSA chief counsel Adam Raviv wrapped up that letter by saying, “NHTSA supports states’ ongoing efforts to transition to electronic titling, while recognizing the diversity of challenges states may face in doing so. We recognize the benefits electronic titling may have for both consumers and businesses.

“During this transitional period, where states have varying infrastructure and technological capacities and may lack sufficient funding to immediately transition to either hybrid or fully electronic processes, we encourage you to continue working directly with the states to address your concerns,” Raviv went on to say.

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TPC president Pierre Pons said Poteet will focus on the firm’s advisory work with auction owners evaluating whether to sell their businesses, and assisting independent auction owners in preparing for sale.

“As an auction owner/operator himself having gone through the sale of his business, John has a keen understanding of and empathy for this critical process,” Pons said in a news release.

John Poteet

Poteet’s auction career goes back to 1989, when he joined Newburgh Auto Auction as manager of finance and office operations. After serving as general manager of Greater Group’s New Orleans Auto Auction — where he reported to Pons, an executive of the Greater Group –— Poteet in 2002 founded Louisiana’s 1st Choice Auto Auction, which he owned and managed for 20 years before selling to E-Block in 2022.

Poteet’s lifetime of service to the auction industry was recognized in 2023, when he was presented with NAAA’s Pioneer Award.

Pons said Poteet, who has served on the faculty of TPC’s Auction Academy continuing education program, will continue teaching as well as supporting curriculum development.

“John brings well over 30 years of experience in the auction industry and is highly regarded as an auction operator, personnel manager and business analyst,” Pons said. “He brings a breadth of experience and expertise to our firm, and we know he will make an exceptional contribution to both TPC Management and Auction Academy.”

Poteet said TPC Management holds a “unique position” in the remarketing industry.

“No other organization in the industry can do what TPC does,” he said, “offering services that anyone in any segment of the industry can benefit from — management training, management analysis, business development, strategic consulting and planning for mergers, acquisitions or divestitures.

“Added to that, TPC’s development of Auction Academy is an enormous asset to our industry. Auction Academy offers an unparalleled opportunity for people who want to excel in their auction careers, offering them training and exposure to experts in the industry they would not otherwise get. I believe Auction Academy is one of the most valuable tools we have in the industry, and I am excited to expand my role with the Academy as well.”

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Drzayich’s experience includes more than 15 years with KAR Global, beginning in sales and as fleet lease manager in Dallas, selling 50,000 cars annually for some of the largest commercial accounts in the industry.

Later, he served as director of operations and vice president of operations, using his field experience to drive operational efficiency and cost savings through the implementation of enterprise-wide technology initiatives including the AuctionTrac mobile app and real-time GPS trackers.

Most recently, he was chief operating officer for MVP Auction Services.

Mike Drzayich

DAA Mobile said Drzayich, a second-generation auction professional, has demonstrated “unparalleled expertise” in wholesale strategy, operations management and team leadership, calling him “a visionary leader and industry pioneer” who has “consistently raised the bar” for the auto auction industry.

Dealers Auto Auction Group CEO David Andrews said Drzayich’s “wealth of experience and leadership will undoubtedly elevate our operations and drive us toward even greater success.”

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The provider of third-party logistics brokerages launched its Preferred Carrier Network program, which is an initiative designed to attract and reward high-caliber car haulers.

Montway highlighted this unique program offers “unmatched” benefits to carriers, including access to technology that can add efficiency to their operation and grow their business.

“There are few jobs more demanding than a truck driver,” said Mark Scholl, executive vice president of operations and retail sales at Montway Auto Transport. “Our new program focuses on saving time and boosting profitability.

“The initial feedback from both owner-operators and large carriers has been overwhelmingly positive. They particularly value the benefit of having a dedicated dispatch manager at their service,” Scholl continued in a news release.

The company mentioned key attractions of Montway’s Preferred Carrier Network include:

—Dedicated dispatch manager to maximize time on the road

—Preferred lanes and priority status for booking loads on these routes

—Exclusive access to loads not available to other drivers

—Steady work and timely pay to keep business moving

—Access to industry-leading platform to increase efficiency

Montway indicated these advantages are underpinned by advanced technology, increased new business and integrations with leading remarketing platforms such as EDGE Pipeline from Auction EDGE.

“Our ultimate goal is to give carriers greater flexibility, more control over their operations and the opportunity to grow their business their way,” Scholl said. “We understand that their success is our success.”

This trailblazing program is part of Montway’s commitment to revolutionizing the auto transport industry and establishing new benchmarks for carrier support and success.

To learn more about Montway’s Preferred Carrier Network, call (847) 556-9550 or email Carrier-Relations@Montway.com.

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One- to 3-year-old vehicles was the only age group to show a month-over-month increase in wholesale auction sales volume during April, climbing 3%, according to AuctionNet data from the National Auto Auction Association.

Sales of 1-3-year-old vehicles climbed 15% from April 2023, as all age bands climbed double-digit percentages year-over-year, NAAA said.

The scope of that growth included a 17% year-over-year gain for vehicles 11 years and older down to an 11% hike for 4-6-year-old vehicles.

Overall, there were 577,200 wholesale auction sales in April, according to AuctionNet.

That trails March figures by 1% but is a 14.7% year-over-year hike and puts the year-to-date tally at just under 2.28 million units, NAAA said.

The year-to-date figure is up 9% from the first four months of 2023 and the strongest January-April total in five years, the association said in its analysis.

Another bright spot: commercial consignment continues to improve.

There was a 5% year-over-year increase in commercial sales at auction in April, and through four months, commercial sales have increased 31%, according to the AuctionNet data.

Dealer consignment sales were down 4% year-over-year last month and have also declined 4% year-to-date, NAAA said.

Breaking down April’s wholesale auction sales by segment, compact car volumes were up 2.4% year-over-year last month, while compact CUV/SUV sales climbed 25.8%, according to AuctionNet data.

Compact luxury CUV/SUV sales were up 36.8%, full-size pickup volumes improved 9.1% and luxury car sales were up 11.8%.

There was 8.9% growth for midsize car sales at auction, while midsize CUV/SUV sales were up 22.9% and midsize luxury CUV/SUVs were up 18.3%.

Note: This is part of a new monthly series in which Auto Remarketing shares AuctionNet data and commentary provided by the National Auto Auction Association.

As noted by the organization, more than 260 NAAA member auctions power AuctionNet, making it the most comprehensive source of wholesale auto auction sales data in the U.S. Unless otherwise noted, auction sales figures are based on total reporting auctions, the number and composition of which may vary over time. 

SOURCE: AuctionNet.

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Black Book’s latest observations of wholesale values showed the overall market ticked 0.09% lower during the week that closed with the 150th Kentucky Derby.

Despite the spring lift for prices halting, dealers might still be racing for the Winner’s Circle because Black Book said, “robust auction conversion rates at 57% point to sustained demand, even as inventory levels experience a modest uptick.”

With Memorial Day weekend and the unofficial start of summer less than three weeks away, the auction scene might be ready to say farewell to spring for 2024.

“Could the spring bump be concluding? Indications suggest it might be, as the overall market has reported its first drop in seven weeks, but it is too early to say for certain. Nevertheless, this decline aligns with seasonal trends observed before the pandemic,” Black Book said in its latest installment of Market Insights released on Tuesday.

“For the first time in seven weeks, the wholesale market reported a downturn in both the car and truck segments, hinting at the possibility of an emerging broader trend rather than just a temporary setback,” analysts continued in the report. “Despite this decline, it’s premature to declare an end to the spring market as market cycles may exhibit short-term fluctuations that don’t necessarily signal a break from seasonal patterns.”

Overall car prices on a volume-weighted basis dropped 0.06%, according to Black Book tracking.

Most movements within cars were less than 0.1% last week with a couple of exceptions. Analysts noticed prices for premium sporty cars rose another 0.49%, while values for subcompact cars decreased another 0.58% after dropping 0.35% a week earlier.

Black Book reported overall truck segment values decreased 0.10% last week on a volume-weighted basis.

Analysts pointed out that values for full-size vans have now dropped for six consecutive weeks. The most recent decrease was 0.90%, helping to drive the average weekly value decline during that span to 1.06%.

Black Book added that prices for full-size trucks had ticked up for seven weeks in a row. But last week, they edged 0.04% lower.

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Jennie Johnley, Bree’s mother and founder of Bree’s Gift, is a former employee of the auction, serving as national account manager for seven years.

MAA has now partnered with Bree’s Gift for four consecutive years to help raise money for families seeking adoption.

“I am so proud to be able to work with the team at Missouri Auto Auction,” Johnley said in a news release. “The money we raise every year at this event helps so many families achieve their dreams of adopting children into their family. I couldn’t be prouder of the love and support we receive from the customers at Missouri Auto Auction.”

This year’s fundraising event included an auction that included tickets to a Taylor Swift concert along with a Travis Kelce autographed jersey, which sold for $8,000, an autographed Patrick Mahomes jersey and two tickets to a Kansas City Chiefs game ($3,100) and a sunflower bouquet ($10,000) that Johnley was able to take home.

Through the auction, sales of lunch and apparel to dealers, and donations from sponsors, Missouri Auto Auction raised $70,000, which was donated directly to Bree’s Gift.

“The participation and generosity shown by our dealers and business partners in support of Bree’s Gift amazes me year after year,” MAA general manager Justin Brown said

MAA co-owner Cody Boswell said the event “makes your heart feel good, helping these families.”

For more information about Bree’s Gift or to donate, visit www.breesgift.com.

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Clevio most recently served as GM’s global logistics director of finished vehicle logistics. In 17 years with the automaker, his roles included positions in purchasing, order fulfillment, supply chain and operations. He previously worked for Vector SCM and Deloitte Consulting.

“At United Road, our mission is to be the supplier and employer of choice in the finished vehicle logistics industry,” Anderson said. “We are confident that Anthony, with his extensive experience and shared values, is well positioned to identify opportunities in our markets and manage industry challenges. His unwavering commitment to customer excellence aligns with ours.”

Anthony Clevio

Clevio said he knows United Road well as “the largest and best in the finished vehicle transport industry, and their culture is strong.

“Coming from a logistics and supply chain background, I bring a customer’s view. I’m proud to be part of a team that continues to excel and differentiate itself in the industry.”

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In its Q1 results reported Wednesday, OPENLANE said the number of commercial vehicles sold through its platforms climbed from 167,000 in Q1 2023 to 222,000 in Q1 2024 — a 32.9% jump.

While dealer consignment sales fell from 163,000 to 150,000, overall sales climbed from 330,000 to 372,000.

That total sales figure for Q1 was also stronger than any quarter of 2023.

Last year, OPENLANE’s marketplace had 1.331 million total sales, up from 1.297 million in 2022.  Commercial vehicle sales in 2023 climbed from 661,000 to 710,000; dealer consignment sales fell from 636,000 to 621,000.

“I am very pleased with OPENLANE’s first quarter results and believe they represent a compelling preview of the performance OPENLANE is capable of delivering as the industry recovery continues,” OPENLANE CEO Peter Kelly said in a news release.

“The marketplace segment grew volumes by 13%, delivered 47% of total OPENLANE adjusted EBITDA and continued to take share from physical auctions,” Kelly said.

“Our finance segment was also a strong contributor during the quarter. And as I look to the future, we are advancing a robust pipeline of innovation that will further differentiate our offerings and strengthen our ability to deliver continued growth and improved financial performance.”

Total operating revenue from continuing came in $416.3 million, down from $420.6 million in Q1 2023.

Breaking that figure down, $109.9 million was from auction fees, $150.2 million was from service revenue, $58.2 million was from purchased vehicle sales and $98 million was finance-related revenues.

Quarterly operating profits of $69.4 million was up from $65.4 million a year ago.

Net income climbed from $12.7 million to $18.5 million.

Looking at the finance metrics in more details, the $98 million in revenue was down from $99.6 million a year ago, but beat Q4 numbers ($96.6 million)

The 422,000 loan transaction units for Q1 were up from 420,000 a year ago and 397,000 in the fourth quarter. That figure also beat every figure of 2023.

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In a message delivered on Thursday, NAAA recapped that NJMVC no longer accepts Connecticut’s Supplemental Assignment of Ownership (Q-1) forms for title transfers in New Jersey.

NAAA explained that the new policy means that Connecticut’s Q-1 form is only for transactions in that state and only for vehicles titled in Connecticut.

“We understand that this could also have an impact in other states. We’ve heard of a similar stance in New Jersey relative to Florida and Indiana forms, and we are aware that this policy may also be getting applied to other states’ forms,” NAAA said in the industry message.

“NAAA has been in contact with our industry partners, including the New Jersey Coalition of Automotive Retailers (NJ CAR). We plan to engage with NJMVC to urge them to revisit implementation of this significant change and to help educate them on the impact to our member auctions’ operations,” NAAA continued.

“We will continue to advocate on your behalf and will inform you as more information becomes available,” NAAA went on to say.

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Richard “TJ” Freije won the event’s most coveted prize — the title of world champion auto auctioneer — last week at ADESA Indianapolis in Plainfield, Ind., a quick 20-minute drive from Clayton, Ind., where Freije & Freije Auctioneers is based.

Making it even sweeter for Freije was sharing the moment with his son, Tyce, who finished third in the auctioneer competition. Tyce, who represents the fourth generation of the family in the auction business, was also third in the team competition with ringman partner Taylor Knotts.

TJ Freije, who has grown the family’s personal property and real estate auction business into a nationally recognized firm for classic car auctions, topped a field of more than 75 auctioneers to claim the title.

“Growing up in football and coaching, my nickname was ‘The Fridge,’ ” Freije said. “Our family and company talk a lot about ‘Team Fridge’ and what it means to be committed to family and our team.

“While this championship has been a major career goal, it pales in comparison to the goal of building a loving family at home and a dedicated team in our business.”

Levi Wesemann took the trophy as the world champion ringman, while Dustin Taylor and Dallas Massey claimed the team title. Taylor has now won seven championships in the ringman and team competitions, and Massey won the ringman title in 2017.

The WAAC is presented by the National Automobile Auction Association.

ServNet awards scholarships

ServNet awarded eight scholarships to students for the upcoming academic year in its 2024 Scholarship Program.

The program, established in 2016, provides scholarships to family members of ServNet auction employees who plan to pursue education in college or vocational school programs.

“As the leaders of family-owned businesses, ServNet owners take a deep personal interest in their employees,” ServNet administrative director Robert Sullivan said. “ServNet’s Scholarship Program is both an important way to support the families who work so hard in our industry and to invest in our collective future, laying the groundwork for the next generation.”

This year, ServNet presented $2,500 scholarships to eight students attending a four-year college or university.

The recipients are:

• Austin Aanenson and Gage Aanenson, sons of Mid-State Auto Auction’s Jenny Aanenson. Austin will begin his junior year at North Dakota State, where he studies finance, while Gage will be a freshman business major at NDSU.

• Isaac Everett, son of DAA Northwest’s Robyn Everett, received a scholarship for his second year of study through Embry-Riddle Aeronautical University’s online program. He hopes to transfer to the university’s Florida campus as he pursues a bachelor’s degree in aeronautical science.

• Lexi Faulkner, daughter of Greater Rockford Auto Auction’s Charles Faulkner, will enter the University of Wisconsin-Oshkosh as a freshman this fall, working toward a degree in nursing.

• Cassie Rogers, daughter of BSC America’s Specialty Sale general manager Tommy Rogers, is a junior at Liberty University, majoring in music and worship with a minor in Christian leadership.

• Robert Rossi, a part-time employee of Auto Auction of New England and son of AANE’s Rob Rossi, will be a freshman year at Assumption University, where he’ll major in Finance and play baseball.

• Alexis Rudolph, granddaughter of Mid-State Auto Auction’s Deb Rudolph, will be a freshman as the University of Wisconsin-Stout, studying interior design with a minor in real estate property management.

• Hanna Tugado, daughter of BSC America Bel Air Auto Auction’s Diana Hendrickson-Tugado, will begins her college career at Temple University with a major in mechanical engineering.

Dealer wins $100,000 at Carolina Auto Auction sale

Dealer Glen Pounds celebrates after pulling the grand prize envelope during Carolina Auto Auction’s anniversary sale. Photo courtesy of Carolina Auto Auction.

Carolina Auto Auction’s recent anniversary sale paid off big for a dealer.

Glen Pounds of Toccoa Auto Mall on Toccoa, Ga., was among the participants in a game during the event at the auction in Anderson, S.C., opening the lucky envelope that revealed his $100,000 grand prize.

“It’s an amazing feeling to participate in moments like this,” CAA general manager Vann Humphrey said. “It speaks to the excitement of our sales events each week and our strong partnership with our customers.

“Our anniversary sale is just one example. We prioritize the customer experience each week and we are excited about creating more unforgettable moments and memories.”

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Black Book said last week’s auction scene was characterized as “stable,” and for good reason, because prices ticked up only 0.01%. And analysts indicated the conversion rate — the percentage of vehicles sold at auctions — remained steady at 57%, which was unchanged from the previous week.

Stable, indeed.

“However, attention should be directed towards the luxury segments, full-size vans, and electric vehicles (EVs), as they have been experiencing a continued downward trend,” Black Book said in its newest installment of Market Insights released on Tuesday.

As referenced, Black Book noticed that values for full-size vans dropped another 0.53% last week. That’s after prices for those vehicles slid by at least 1% during each of the previous three weeks.

Moving higher, however, are sporty cars. Black Book said prices for those vehicles rose another 0.40% last week, which followed a slightly higher gain of 0.43% during the previous week.

When looking at pickups, Black Book noticed those units moving in opposite directions depending on the size.

“Last week, full-size pickups continued their upward trend with an increase of 0.13%,” analysts said in the report. “However, their smaller counterparts, small pickups, experienced a decline of 0.12% during the same time. This marked the first decrease for the segment since mid-February.”

Overall car prices on a volume-weighted basis ticked up 0.04% last week, while overall truck values edged up only 0.01%, according to Black Book tracking.

One other note in the latest Black Book update. Analysts said prices for 8- to 16-year-old cars increased 0.15%, while values for 8 to 16-year-old trucks decreased by 0.14% on average.

So, all in all, the movements combined to generate a generally stable week in the lanes.

“As always, our team of analysts are focused on keeping their eyes on the market for developing trends and gathering insight,” Black Book said.

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While sales at auctions haven’t returned to pre-COVID levels, the number of vehicles offered for sale at National Auto Auction Association member locations and the number that actually sold were both up double-digit percentages last year.

Not to mention, conversion rates beat prior-year figures, pre-COVID numbers and those from a decade ago.

All this according to the association’s 2023 Industry Survey, conducted on behalf of NAAA by accounting firm LSWG.

Specifically, there were 12 million vehicles offered for sale at NAAA-member auctions last year, and close to 7.3 million of those sold, the association said Monday.

Both are 11% year-over-year gains. The resulting conversion rate was 60.7% .

The average unit sold fetched a price of $15,200. While that’s off 9.6% year-over-year, it’s up 34% from pre-COVID levels in 2019, NAAA said.

And 2022 prices marked a record high.

While prices fell, the total gross value of vehicles sold ($110.6 billion) was up moderately (0.4%), since volume sold was 11% higher, NAAA said.

“For 75 years, NAAA members have kept the used-vehicle wholesale remarketing industry thriving by adhering to outstanding customer service, standards, and professionalism,” NAAA executive director Paul Lips said in a news release. “Anyone can auction cars, but not everyone can remarket them like our members do.

“Our 2023 survey results once again illustrate our members’ efficiency and significant contributions to the auto industry and economy.”

A new wrinkle to the survey this year was isolating the data related to simulcast sales.

Among simulcast sales occurring at physical auctions, 50% of vehicles were purchased online and 50% were purchased in-lane.

For dealer consignment in simulcast sales, 52% of vehicles were bought in lane and 48% were purchased online, NAAA said. For commercial consignment in simulcast sales, 53% was online and 47% was in-lane.

NAAA also broke down digital-only sales via its member auctions — those that were entirely online and not included in an in-lane simulcast sales. These would be member auction sales through digital platforms like OVE, SmartAuction or Edge Pipeline.

There were 604,000 sales from member auctions through digital platforms, with these units fetching an average price of $27,500, according to NAAA.

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While the company was a top Commercial Fleet for 2024 in the Americas, NAFA has also recognized Kenny Stimson, who is Carvana’s director of fleet management.

Stimson was named the 2024 Fleet Professional of the Year for his work managing more than 4,000 vehicles that travel over 60 million miles per year.

“This recognition is a testament to our relentless commitment to innovation, efficiency, and customer satisfaction. We’re not just driving change; we’re redefining the road ahead,” Carvana co-founder and chief operating officer Ben Huston said in a news release.

“Kenny’s continued efforts to optimize fleet operations, streamline vehicle delivery, and spearhead innovative fleet practices have helped drive our success,” Huston continued.

Carvana’s Kenny Stimson

NAFA is the fleet industry’s largest membership association with organizations across the public and commercial sectors.

The 100 Best Fleets in the Americas program recognizes top-performing public and commercial fleet operations as well as top individual fleet technicians and fleet professionals.

This program identifies and encourages performance improvement and innovation within the fleet industry.

The complete list of honorees can be found on this website.

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While BSC America’s Bel Air Auto Auction recently commemorated its 77th anniversary, the National Auto Auction Association is gearing up for this year’s World Automobile Auctioneers Championship (WAAC).

What NAAA considers the premier competition in the auto auctioneer industry is set to take place Friday at ADESA Indianapolis in Plainfield, Ind.

The competition will feature 56 auctioneers, 23 ringmen and 25 teams.

Since 1989, top auctioneers and ringmen from around the world have competed in the WAAC. NAAA acquired the WAAC in 2022. Capital City Auto Auction in St. Albans, W.Va., served as the inaugural host site under NAAA ownership last year.

ADESA Indianapolis is a 10-lane facility that has been in operation for 40 years. More than 850 vehicles are projected to run through the lanes for the competition.

NAAA highlighted in a news release that the team at ADESA and the WAAC Committee have been working hard for several months planning the event to ensure a top-level experience for all involved.

“I’m proud of what the team has done to prepare for this event,” ADESA Indianapolis general manager Kathy Hopkins said in the news release. “It is an honor to host this year’s competition, and our auction is thrilled to welcome everyone for what promises to be another exciting event that highlights the very best auctioneer and ringmen talent in our industry.”

The 2024 WAAC will be livestreamed for those unable to join the event in person. All livestream information will be posted on www.autochampionship.com prior to the event that begins at 8:45 a.m. (ET).

“NAAA would like to extend a special thank you to all of this year’s WAAC sponsors. The event would not be the success that it is without the generous support of our partners in the industry,” the association mentioned, noting a complete list of those sponsors can be found here.

Other event information, including a list of this year’s competitors and a list of past champions, is available on the WAAC website.

Marking 77 years in Maryland

BSC America’s Bel Air Auto Auction, one of the longest-running auto auctions in the country, celebrated its 77th anniversary from April 10-11.

The auction highlighted the two-day event was capped by more than 2,500 vehicles crossing the block, setting the stage for one of the biggest sales in Bel Air’s history.

The festivities began as Bel Air AA welcomed more than 300 guests to a 1970s-themed party, where all enjoyed a “groovy good time,” according to auction leadership.

Greeted by the Nichols family, customers were joined by representatives from bank and credit unions, industry professionals and auction partners. Disco balls decorated the lanes, guests tried their skills at classic arcade games, refreshments were served from a mobile airstream bar, and appetizers and dinner were enjoyed, all accompanied by live music.

Highlighting the evening was a preview of the classic cars being offered the next day, and an award presentation by Dave Stolt of the AvisBudget Group, recognizing Bel Air Auto Auction as the Best New Auction for 2023.

On the second day, activities began at 8 a.m. when bidders began raising their hands and watching the hammer come down in 10 lanes. Bel Air AA mentioned that customers enjoyed prize drawings and giveaways in every lane.

What the auction called “the icing on the anniversary cake” was the classic car sale, a tradition at Bel Air AA.

The Nichols family announced that immediately following the anniversary sale, construction would begin on a major expansion project, with two additional auction lanes being added to the 185-acre auction facility.

“It has been just seven years since we opened our all-new 10-lane home here in Belcamp, Md., which provided us with plenty of space and the most state-of-the art facilities and services for our customers,” BSC America president R. Charles Nichols said in a news release. “Since that time, we have experienced growth in all segments of our business and are excited to announce that we will be adding two additional auction lanes to accommodate bank, dealer and fleet/lease consignments.

“We expect to complete construction on lanes No. 11 and No. 12 in time for our Harvest Sale in October,” Nichols added.

Bel Air AA is the flagship auction of BSC America, which also includes Tallahassee Auto Auction in Florida and a weekly Specialty Sale, located in Bel Air, Md.

Since its founding in 1947, Bel Air AA has grown to become one of the largest independent auto auctions in the Mid-Atlantic region.

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The auction group conducted the LiveLanes event last week in conjunction with its MAG Now digital auction. It plans on bringing it to additional MAG Now lanes in the near future.

“Incorporating EBlock’s LiveLanes simulcast solution with its powerful digital auction platform is a win for our dealers,” MAG Now general manager Brian McConkey said in a news release. “The energy, momentum, and relationships that live auctioneers facilitate create an engaging auction experience.”

MAG Now customers can access LiveLanes at 1 p.m. (PT) on Wednesdays in lanes A, B, C (which includes consignment from the Pacific Northwest, outside of Alaska) and G (which includes vehicles from Alaska.

MAG said lane D, E and F will move from digital only to LiveLanes soon.

“LiveLanes made our auction buying experience easy,” Kagen Khameneh of Cars 4 U in Missoula, Mont., said in a news release. “Being able to ask the auctioneer questions helped a lot and made it feel like a physical auction.”

The auction group started running LiveLanes at MAG Alaska in January.

It launched that greenfield location, a hybrid auction located on four acres in Anchorage, last summer.

The location includes a 300-unit consignment lot, test track and vehicle inspection services. Vehicles are actually sold through the company’s MAG Now digital platform, which is powered by EBlock. Dealers can preview, drive, bid on and buy vehicles on site at the auction’s dealer lounge or do so remotely.

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AMS announced that Greater Milwaukee Auto Auction (GMAA) has partnered with the firm for business development consulting.

“We are very excited to be a part of the AMS Group of independent auctions,” GMAA owner Kristie Letizia said in a news release from AMS. “Over the last several years, we have built a great base of dealer consignment and fleet lease business and feel that the timing is right to start expanding further into the national consignor space.

“We think AMS will be a great help to us in achieving our goals,” Letizia added.

Greater Milwaukee Auto Auction is in Milwaukee, operating on 35 acres and offering more than 500 units weekly, across five auction lanes. Full reconditioning, mechanical and transportation services are also available.

More info about the auction is available at www.gmaa.com.

“We are equally very excited to be working with the team at GMAA,” AMS president and founder Tom Stewart said. “Drew Hoenecke, fleet-lease manager at GMAA, has a great reputation within the national account community, previously holding positions with Credit Acceptance and Wachovia Bank. Drew’s background and experience from both sides of the business gives them a huge leg up in understanding customer needs.”

AMS provides consulting services to the automotive industry, including independent auto auctions. AMS said one key area is business development, which involves contacting national consignors to solicit the utilization of auction partners for the liquidation of their assets.

AMS also provides services such as compliance, marketing, financial analysis, internet and outside-the-gate sales, sales training, ev solutions, lot operations, and data reviews.

“The goal for AMS is to empower our auction partners to grow and increase effectiveness in our industry,” Stewart said. “Not only do we help independent auctions increase the volume of cars they sell every week, but we also put an emphasis on ensuring they are providing the best service in the business while maintaining profitability.”

More details about the firm can be found at www.auctionmgt.com.

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Black Book reported on Tuesday that wholesale prices moved only 0.14% higher last week. While that’s on par with what analysts noticed during the same week in 2017 to 2019, the movement is 10 basis points lower than what they spotted a week earlier.

“The overall market is still experiencing growth,” Black Book said in its newest installment of Market Insights. “Yet there is a noticeable deceleration in the pace of these gains, and a growing number of segments are beginning to see a reversal into negative trends.

“Notably, the luxury segments have exhibited a widespread downturn across all categories last week, with the sub-compact luxury crossover segment standing out as the sole exception to this declining trend,” analysts continued in the report.

Maybe reflecting consumer demand for affordability and value, Black Book watched wholesale prices on a volume-weighted basis in the car space rise at a much greater clip than the overall market. Analysts said car prices increased 0.27% last week after rising 0.26% a week earlier.

Delving deeper, Black Book said prices for cars up to 2 years old climbed 0.25%, while values for cars 8- to 16-years-old ticked up 0.18%.

Only four of nine car segments generated price increases last week, according to Black Book tracking. But three of those segments made notable moves higher.

Perhaps again pointing to the need for a transportation solution that won’t break the family bank, Black Book noticed values for compact and midsize cars increased 0.51% and 0.55%, respectively.

And maybe with some future buyers ready for summer fun, analysts indicated values for sporty cars now have risen for three consecutive weeks, with the latest increase being 0.48%. Black Book calculated the average weekly price rise for sporty cars during this stretch is 0.44%.

Also of note, analysts said, “the older luxury car categories, specifically those within the 8-to-16-year age range, sustained their upward momentum with continued gains.”

Turning to the truck department, that’s where an even more noticeable deceleration in value rises is happening. Black Book said its volume-weighted data revealed an overall truck price increase of just 0.09% last week.

A week earlier, truck values rose 0.23%, according to Black Book.

In fact, analysts said trucks 8- to 16-years-old decreased by 0.03% on average. It’s the first time that has happened in five weeks.

Black Book indicated eight of the 13 truck segments posted price increases last week. The readings on either side of spectrum showed how the wholesale market can be difficult to read, especially amid the spring market.

Analysts said values for full-size vans slid another 1.47% last week. That’s coming off the prior week’s decrease of 1.07%. Black Book said these workhorses have lost 1.10% of their value on average during the past three weeks.

Conversely, the full-size crossover/SUV category remains strong in Black Book’s value tracking with those units generating another 0.65% increase in value.

“Over a span of six weeks, this segment has seen a consistent upward trend, averaging a weekly increase of 0.47%,” analysts said.

Black Book acknowledged that while this year’s spring market party might be winding down, sometimes the most eventful things happen just before the bartender announces closing time.

“As we conclude the second week of April, the wholesale market maintains a rising trajectory,” analysts said. “Full-size vans, for the third consecutive week, have experienced greater depreciation than what has been observed in recent years. The influx of full-size vans re-entering the market and a growth in new inventory might sustain this downward trend. It is also important to mention that compact vans have seen a drop in value, signifying their first decline in the past month.

“Auction conversion rates this week hit an annual high of 59%, marking an increase of 3% from the previous week,” Black Book went on to say. “As always, our team of analysts are focused on keeping their eye on the market for developing trends and gathering insight.”

Cheers everyone!

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The company said Monday that its ACV Transportation unit, which provides vehicle logistics solutions, is now offering its services for vehicles purchases outside of the ACV platform.

“The mission of ACV Transportation continues to be making vehicle transportation easy and reliable for our customers, now including their vehicles that were purchased outside of our platform,” ACV Transportation senior product manager Jordan Hoeber said in a news release.

“By extending our services to vehicles from various sources, we’re helping our dealer partners move their inventory with one provider, making the transportation process even more efficient,” Hoeber said. “This expansion serves as an example of ACV’s ongoing work to provide seamless transportation solutions to the entire automotive community.”

The company said in the release that this expansion helps to eliminate “common boundaries for dealers and businesses to benefit from ACV’s trusted and efficient transportation services.”

Customers can request the transportation service through the ACV portal.

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Huisman has served as Exeter’s asset remarketing and repossession leader since 2019, responsible for the company’s asset disposal and repossession efforts across the U.S. Before joining Exeter, Huisman held senior roles with SCUSA/Chrysler Capital, ADESA and HSBC.

“This award is a reflection of everyone’s efforts,” he said. “Not only for Exeter but for the entire industry. I am very lucky to be surrounded by such a first-class team.”

Exeter said the award is selected by professionals in the remarketing industry based on ability to create, embrace and implement innovation in the industry and to encourage the use of industry best practices.

Auctions honored by Bridgecrest

Bridgecrest Acceptance Corporation recognized three auction locations during the CAR Conference for their outstanding performance in 2023.

Manheim Nevada claimed two of the awards, earning honors for top auction operations and as the top bi-weekly auction. America’s Auto Auction Houston was named the top weekly auction and Manheim Cincinnati won for highest vehicle retention value.

Bridgecrest said the awards represent the “exceptional dedication and expertise demonstrated by the auction teams to achieve a high level of consistency,” which the company said contributed to the success of the Bridgecrest portfolio.

“We are proud to recognize these auction partners for their efforts,” Bridgecrest senior assistant director of remarketing Jeff Bulthuis said. “It takes a high level of teamwork and dedication to consistently achieve strong results.”

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Analysts said wholesale prices still rose 0.24% last week, but that wasn’t as much as the 0.39% lift Black Book recorded a week earlier.

“The conversion rate also experienced a minor decline, reflecting heightened buyer prudence following a period of quick price escalation,” Black Book said in its latest installment of Market Insights released on Tuesday. “For context, the equivalent week before the onset of COVID-19 witnessed a much smaller increase of 0.09%.

“With the first week in April in the books, the continued upward trend in wholesale prices suggests that demand remains strong, keeping prices high,” analysts continued in the report. “The decline in auction conversion rates, which signifies a lower percentage of vehicles being sold at auctions, could imply that the demand may be starting to soften or that buyers are becoming more selective, likely due to the higher prices commanded in recent weeks.”

Black Book indicated prices for seven of nine car segments increased last week, pushing overall car values higher by 0.26% on a volume-weighted basis.

Analysts determined prices for cars up to 2 years old rose 0.25%, while prices for cars 8 to 16 years old ticked up 0.22%.

As often happens in spring, Black Book noticed values in the sporty car segment made a notable higher. In fact, the jump of 0.51% for those warmer weather units paced the car gains.

Meanwhile, Black Book the prestige luxury car segment keeps depreciating, with those cars sliding another 0.18% last week. The value drop a week earlier for prestige luxury cars was 0.51%, according to Black Book tracking.

In the truck department, Black Book pegged the overall value rise for trucks on a volume-weighted basis at 0.23%. A week earlier, analysts said truck prices rose 0.41%.

While values for 8- to 16-year-old trucks remained flat, Black Book said prices for models up to 2 years old ticked up by 0.11% on average last week.

Analysts indicated values for 12 of 13 truck segments increased last week with compact vans leading the way with a jump of 0.72%.

Conversely, full-size vans were the lone truck segment to experience a price decline, tumbling by 1.07% last week after Black Book tracking had them dropping by 0.74% a week earlier.

Whether it’s watching the solar system or wholesale prices, Black Book reiterated, “as always, our team analysts are focused on keeping their eye on the market for development trends and gathering insight.”

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The parent company of America’s Auto Auction and AXLE Funding said the addition shows its “commitment to strengthening its financial structure and reinforcing its position in the used car sales industry.”

Kruczynski will be responsible for overseeing all financial operations of America’s Group, including strategic financial planning, risk management and performance measurement.

“Joining America’s Group is an exciting opportunity to contribute to a dynamic team and help drive the company’s financial success,” he said in a news release. “I look forward to collaborating with our talented team to further enhance our financial operations and support the company’s growth objectives.”

Ron Kruczynski

Kruczynski, a certified public accountant, has served as CFO for several private equity-owned portfolio companies, including RoadSafe, Paper Source, iHeart Radio and Highway Technologies. America’s Group said that experience “solidifies his expertise in strategic financial management and proficiency in building high-performing teams that partner with business to drive profit improvement.”

In addition to his corporate roles, Kruczynski has also worked with to Servv International, a nonprofit organization that supports disadvantaged artisans and farmers worldwide.

“We are confident that Ron’s extensive experience and strong track record will greatly benefit America’s Group,” CEO Chuck Tapp said. “His strategic vision, integrity and commitment to excellence align perfectly with our mission to provide high-quality service and operational execution for our dealers and institutional customers.”

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They discuss Dixon’s presentation at the conference, which included highlights from NAAA’s annual member survey, auction volumes, conversion rates, vehicle affordability, used-car demand and more.

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Last week, the company announced it has promoted Mike Mosier to managing director of its Manheim businesses in continental Europe. Mosier will report to chief strategy officer (international) Craig Mailey, with Manheim leaders in Germany, Spain and Portugal reporting to this new managing director.

Having lived in Germany for many years, Cox Automotive highlighted Mosier is a highly regarded European automotive leader and has held numerous senior positions during his 28-year company career. These include regional controller for Manheim North America, assistant general manager at Manheim Georgia and, most recently, sales and operations director for Manheim Continental Europe.

“Having been with us for almost 30 years, Mike knows the sector and region like the back of his hand and has established strong relationships with our dealer, OEM and fleet customers,” Mailey said in a news release. I’m confident he will do an incredible job guiding our European evolution and helping our teams provide an even better service to our wide range of customers.”

Manheim launched its continental Europe operations in 2001, catering for the varied remarketing and vehicle solutions needs of manufacturers, fleets and retailers in key markets.

Its offering today combines digital marketplaces in Germany and physical remarketing services, fleet management and vehicle services in Spain and Portugal.

Manheim Express, Cox Automotive’s newest venture in the German market, is a digital auction platform focused exclusively on business-to-business transactions of used cars in continental Europe.

Its online marketplace allows dealerships and other inventory owners to list and sell inventory to other dealerships in Germany and across Europe, while its simplified listing process to creates faster, more efficient sales.

Visit https://www.manheim-express.eu/ for more details.

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Smith talks with Cherokee Media Group’s Joe Overby about electric vehicle battery health as well as the recon, repair and remarketing of EVs and much more.

Listen to the conversation in the window below.

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For more than a decade, Women in Remarketing has recognized excellence among the leaders of the remarketing and used-car business, while also inspiring and fostering future leaders. And we’re excited to do the same this year.

The full list of 2024 honorees, listed alphabetically by last name, can be found below:

Rachael Ballard, Copart

Nadia Bojorquez, RunBuggy

Kristal Bray, Carolina Auto Auction/Stanley Autenrieth Auction Group

Jennifer Bulthius, Santander Consumer USA

Valerie Cedano, GM Financial

Cara Conklin, Byrider

Dusti Daniel, AutoIMS

Melissa Dragonas, Preowned Auto Logistics

Shelly Frank, DAA Southwest and Rockies/GROW

Whitney Gerkin, Cox Automotive

Susie Grey, ADESA

Glenda Gudiel, Auction Edge

Tammie Hage, CARFAX

Lisa Hanmer, Transport Perspectives LLC

Julie Lawton, ACERTUS

Dena Lindsey, JPMorgan Chase

Sarah Miller, America’s Auto Auction West Michigan

Stephanie Minor, OPENLANE

Jennifer Mitchell, ACV

Donna Phillips, DAA Chattanooga

Dakota Potter, SYCN Auto Logistics

Tonya Price, EBlock

Tricia Reed, Stellantis Financial

Angel Rutt, Summit Fleet

Lisa Shelton, Dealers Auction XChange- DAX of Wichita Falls

Nanci Smith, Toyota Financial Services

Devery Stanton, First Help Financial

Katie Strelinger, McConkey Auction Group

Kelsey Summs-Chitwood, Summs Skip and Collateral Solutions

Kristine White, Captial One

Diedra Young, Ally Financial

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United Auto Credit said the award celebrates the “exceptional performance and unwavering dedication” displayed by the team at Greenville Auto Auction in delivering outstanding service and support to the company.

“Greenville Auto Auction consistently exceeds our expectations and serves as an invaluable partner in our remarketing efforts,” United Auto Credit vice president of remarketing and recovery Scott Mousaw said. “Their unwavering commitment to excellence and customer service is evident in the outstanding results they consistently achieve.”

Greenville Auto Auction general manager Billy Willis said in a news release, “Team GAA is humbled and grateful for the opportunity to build a mutually beneficial relationship with United Auto Credit these past couple of years. Our mission is to provide excellent and personal service to our customers.

“This honor is a testament to the hard work and dedication of each of our team members.”

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The auction said the sale has been its largest sales event for 15 consecutive years. The 2024 event hosted 7,000 dealers onsite and via Simulcast, who bid on 2,090 units, including the Highline and 100 Grander sales, with 1,258 units sold — a 60.2% conversion rate.

The event concluded with an evening gala that raised funds from client donations and a live auction that featured artwork from the Aaron’s Acres camp members, a trip to the Kentucky Derby and a 2023 Ford Bronco, which was purchased by Andrew and Angela DeLeo of Manheim Used Car Factory.

In addition, NASCAR driver Joey Logano’s custom 2021 Ford Bronco sold for $64,000 to Schroeder Motors, with the proceeds benefitting Logano’s foundation to support young people experiencing difficult times, especially those in the foster care system.

“The generosity of Manheim Pennsylvania and all of the Xtreme Spring attendees in support of our mission was more than we ever could have expected and truly a gift we will cherish for a long time,” Aaron’s Acres executive director Risa Paskoff said in a news release. “In addition to raising awareness about our organization, the funds from this event will help us continue to meet the varying challenges of children and young adults with disabilities in central Pennsylvania.”

Polk named GM of America’s Auto Auction Savannah

Katie Polk has been promoted to general manager of America’s Auto Auction Savannah, the auction’s parent company, America’s Group, announced.

Polk is a Certified Automotive Remarketer who has been with the auction, formerly known as Southeastern Auto Auction, in 2009. Since then, she has served in a variety of roles, including office administrator, dealer sales representative, fleet/lease coordinator and national remarketing manager.

Katie Polk

“Katie’s extensive experience, industry knowledge and unwavering commitment to excellence make her the perfect fit for this role,” America’s Group senior vice president Brian Thomas said in a news release. “We have no doubt that under her leadership, America’s Auto Auction Savannah will continue to thrive.”

Polk was recognized as one of Auto Remarketing’s Women in Remarketing in 2016 and a 40 Under 40 honoree in 2018. She currently serves as co-chair of IARA’s social media subcommittee.

“I am truly honored to take on this new role and I’m enthusiastic about the opportunities that lie ahead,” she said. “I am committed to upholding the high standards of professionalism and service that our customers have come to expect from America’s Auto Auction Savannah.”

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America’s Auto Auction Dallas earned the award for Division I, with Big Valley Auto Auction in Donna, Texas, claiming the Division II honor and America’s Auto Auction Kansas City winning Division III.

Tallahassee Auto Auction in Tallahassee, Fla., was named Exeter Most Improved, and Carolina Auto Auction in Williamston, S.C., took the MVP award.

“While all our auctions perform well, we are looking for those partners that have gone above and beyond, both in performance and overall excellence,” Exeter vice president of asset remarketing Stephanie Compton said. “The winners are truly the best of the best. We value their partnership and the dedication put into handling the Exeter account.”

Exeter senior vice president of asset remarketing and repossession Brent Huisman said the awards are based on retention, cycle times and service, noting “All of the winners exemplify the best of these characteristics.”

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Westlake Financial director of remarketing Michael Jari said Manheim Central Florida’s “remarkable efforts and operational efficiency have allowed them to clear cars quickly while remaining Westlake’s second largest auction by total volume.”

Auctions are ranked based on efficiency and retention, Westlake said, with top performers determined by the average score of Westlake remarketing units sold in 2023 and the auctions’ ability to sell units at the highest Manheim Book Value percentage.

“Our industry thrives because of partners like Westlake,” Manheim Central Florida general manager Toni Williams said in a news release. “The hard work and determination of our Central Florida team made this achievement possible. Thank you for being diligent and committed to our processes, while showcasing the power of teamwork.”

Westlake also recognized its top regional auction performers: 166 Auto Auction in Springfield, Mo. (South Central), Manheim Baltimore-Washington in Elkridge, Md. (Northeast), Adesa Salt Lake in Salt Lake City, Utah (Southwest) and America’s Auto Auction Columbus Fair in Obetz, Ohio (Midwest).

“Their achievements,” Jari said, “are a testament to their diligence and steadfast performance in selling Westlake units this past year.”

Westlake Remarketing, a division of Westlake Financial, partners with auctions nationwide to sell used cars to auto dealers, with more than 100,000 units sold in 2023.

The post Manheim Central Florida honored as Westlake’s Auction of the Year appeared first on Auto Remarketing.

And dealership staff probably doesn’t need too many guesses to pinpoint the one going counter to last week’s overall value rise of 0.39% that Black Book reported.

“The lone area not mirroring this positive trend is the used electric vehicle sector, which persists as the market’s current under performer, with high no-sale rates and declining values,” analysts said in the newest installment of Market Insights released on Tuesday.

“Market momentum is accelerating, evidenced by a 0.39% increase in values from last week. Auction activity is bustling, characterized by strong conversion rates and vigorous bidder participation,” Black Book said in the report.

On a volume-weighted basis, Black Book indicated overall car values moved 0.33% higher, with eight of the nine car segments increasing last week.

Analysts noticed that car prices strengthened no matter the vehicle’s age as values for units up to 2 years old rose by 0.24% and 8- to 16-year-old cars appreciated by 0.21%.

The one car to soften in price, according to Black Book, were prestige luxury cars, which dropped by 0.50%. Why?

“A notable factor in this heightened rate of depreciation was the decline in the value of the Tesla Model S,” analysts said.

Meanwhile, analysts noticed prices for more affordable midsize cars jumped 0.71%, marking the segment’s largest single week gain in a year.

Turning to trucks, Black Book saw overall truck values nearly triple their price gain from a week earlier, as the volume-weighted data showed an increase of 0.41% last week.

A week earlier, truck values ticked up by 0.15%, according to Black Book.

Prices for newer trucks and SUVs are climbing faster, as analysts said units up to 2 years old rose by 0.27%. Black Book said values for trucks 8- to 16-years-old increased by 0.14% on average.

Black Book reported 12 of the 13 truck segments generated value increases last week, paced by the full-size crossover/SUV category jumping 0.91%. Analysts pointed out that’s the largest single-week increase for those units since spring 2021.

After just a modest rise of 0.02% a week earlier, Black Book noticed that prices for full-size pickup increased 0.31%.

Now that March and whatever industry madness is passed, Black Book is looking ahead toward the rest of the spring market.

“As we come to the end of March, the wholesale market is experiencing a seasonal uplift, which is typically marked by increased activity in vehicle sales both for trucks and cars,” Black Book said. “The high auction conversion rates indicate strong demand, and the slight rise in inventory could be a response to this climbing interest among buyers.

“On the other hand, the continued decline in the valuation of electric vehicles presents a contrasting trend within the market,” analysts continued. “The reasons for this decline could be multifaceted, potentially including market saturation, changes in consumer preference, shifts in government incentives, or other economic factors.

“As always, our team analysts is focused on keeping their eye on the market for development trends and gathering insight,” Black Book concluded.

The post Lane watch: Widespread value appreciation with one notable exception appeared first on Auto Remarketing.

Cox Automotive’s auction arm has named general managers for its operating locations in Omaha, Houston, Nashville and Philadelphia, with six decades of combined experience working with Manheim clients and teams.

Lincoln Hansen has been promoted to GM of Manheim Omaha, having served for the past year as assistant GM of Manheim Phoenix, overseeing dealer services and commercial accounts. He began his career as a vehicle entry manager for Manheim Detroit, rising to senior recon manager overseeing retail reconditioning before moving on to become assistant GM for Manheim Orlando and Manheim Central Florida, with responsibilities ranging from arbitration and operations to reconditioning.

Nick Hanson is Manheim Houston’s new GM, moving up from assistant GM of operations in the Dallas Market Center. Cox Automotive said the 19-year Manheim veteran has been integral in the development of initiatives created by the operational excellence teams, including electric vehicle safety training and battery testing. He was recently recognized as the first flow master, recognizing his mastery in capabilities such as creating and leading continuous improvement efforts.

Steve Robinson, the new GM of Manheim Nashville, started as a driver for Manheim Atlanta more than 25 years ago and has served in multiple roles at various auctions and as regional sales director for Manheim’s Southeast and Mid-Atlantic markets. Most recently, he was GM of Manheim Omaha and Manheim Iowa. Robinson replaces Sam Chaple, who retired this year.

Jennifer Woodson, who takes the GM reins for Manheim Philadelphia, has 15 years of experience in automotive remarketing, most recently as assistant general manager of the Pittsburgh Market Center, which includes the Cleveland and Rochester locations. She joined Manheim in 2016 as front office supervisor Manheim Cleveland, earning promotions to office manager and senior client services manager to support the opening of Manheim Rochester. Woodson replaces Charlie Pollina, who announced his retirement this year.

“Manheim is fortunate to have strong leadership talent with deep knowledge and experience of our evolving industry and what our clients need to be successful,” said Alan Lang, Cox Automotive’s senior vice president of physical services and auctions. “Their career advancements are great examples of how our company grows and develops leaders within our organization.”

Clockwise from top left: Lincoln Hansen, Nick Hanson, Jennifer Woodson and Steve Robinson. Photos courtesy of Cox Automotive.

Manheim San Antonio named defi Auction of the Year

Manheim San Antonio was named Auction of the Year for 2023 by defi Managed Servicing Remarketing, the remarketing service of the defi SOLUTIONS platform.

“The team and I are ecstatic to be named Auction of the Year,” general manager Mike Browning said. “defi is an amazing partner. The collaboration and support we receive from defi auction manager Chris Colosi is incredible. We look forward to growing this relationship for years to come.”

The award has been presented through defi’s National Quality Control Program for more than two decades to a National Auto Auction Association-member auction in defi’s preferred auction network that outperforms its peers.

Manheim San Antonio claimed the award for the first time. Carolina Auto Auction of Williamston, S.C., was recognized as runner-up and America’s Auto Auction Kansas City took third place.

“Manheim San Antonio made an impressive showing this past year,” defi SOLUTIONS vice president of client services Steve Bissett said. “Through quality of both service and customer experience offered by Manheim San Antonio, our clients’ best interests were well represented.

The post Manheim names new GMs for four locations; San Antonio location named defi’s Auction of the Year appeared first on Auto Remarketing.

The acquisition builds on the company’s “commitment to strengthening its platform with best-in-class logistics, now supporting large-format vehicles,” ACERTUS said in a news release.

This continues a years-long line of acquisitions for ACERTUS and parent company MetroGistics, which has acquired MetroTitle, Amerifleet, McNutt, VehicHaul TMS and RCG Logistics.

The purchase was effective immediately, and terms of the deal were not disclosed.

“Strategic partnerships and investments are core to ACERTUS’ ability to serve the needs of our customers and deliver a full suite of vehicle logistics services,” ACERTUS CEO Trent Broberg said in the release.

“The acquisition allows us to expand our capabilities while fostering Guardian Auto Transport’s deep and lasting relationships with Fleet Management Companies (FMCs),” Broberg said. “We are excited to welcome Mike Bulshteyn, Eric Field, and the entire Guardian Auto Transport team to our platform. Together, we are poised to operate as one trusted partner, delivering superior service and value to our clients.”

Guardian co-founder and CEO Mike Bulshteyn added: “Our aspiration has always been to lead as the complete logistics solution for the automotive sector. Joining the ACERTUS team allows us to expand our service offerings, ensuring we consistently exceed our customers’ expectations.

“The platform brings increased operational support, advanced technology, and a robust infrastructure to enhance the delivery of a world-class customer experience. While our dedicated professionals continue to provide exceptional attention, our customers and vendors will now enjoy the added benefits of ACERTUS’ suite of services, including storage, title, registration, and more.”

The post ACERTUS acquires Guardian Auto Transport appeared first on Auto Remarketing.

Neshe has been GM of ADESA Boston since 2007, after joining the auction as a service manager in the mechanic shop in 1990 and working his way up through leadership positions with the auction.

He was president of NAAA from 2013-2014

“With over three decades of dedicated service to the automotive remarketing industry, Neshe leaves behind a remarkable legacy of leadership and commitment,” the company said in the statement. “Throughout his tenure, Neshe played an instrumental role in shaping ADESA Boston into the premier auction destination it is today.”

The company added, “As Neshe embarks on this new chapter in his life, ADESA Boston expresses its heartfelt gratitude for his years of service and wishes him a fulfilling and joyous retirement.”

Prior to joining ADESA, Neshe worked at a franchised dealership in the Boston area during the 1980s.

In a 2013 interview with Auto Remarketing, Neshe said that on his days off from the dealership, he checked out the local auto auction (then called Concord Auto Auction, now ADESA Boston) for fun.

Neshe met the late Tom Caruso, who was at the time the general manager of Concord AA through a mutual friend. The auction was looking for a mechanic shop manager, and Neshe fit the bill.

He then joined the staff at Concord on New Year’s Day 1990.

“I saw the excitement, so when the opportunity arose, it was something I couldn’t pass up,” Neshe said in the 2013 interview.

The auction was purchased by ADESA two years later and has been known as ADESA Boston ever since.

After working as the mechanic shop manager for a few years, Neshe went on to serve in a variety of roles for the auction, including operations manager and auction manager before his promotion to GM in 2007.

Jack Neshe, ADESA Boston

The post ADESA Boston GM, former NAAA president Neshe retires this week appeared first on Auto Remarketing.

On Wednesday, the captive named five regional Auction of the Year winners for 2023, one Most Valuable Auction of the Year, and for the first time, awarded a Perfect Audit Score.

These awards are part of GM Financial’s annual Auction of Excellence program recognizing the nation’s highest-performing auction locations.

“Congratulations to these top auction locations. The auctions we work alongside are a key reason why GM Financial is able to produce outstanding results throughout the year,” said Bob Winn, the captive’s senior vice president of remarketing solutions.

“These top performers provided exceptional service and value for our dealer customers. Their hard work and GM Financial’s continued success are evidence of this honor being well deserved,” Winn said.

GM Financial indicated honorees were selected based on their auctions’ performance in retention, operational metrics, presale activities and overall auction operations.

The 2023 Regional Auction of the Year Winners included:

—America’s Auto Auction Columbus Fair in Obetz, Ohio

—Southern Auto Auction in East Windsor, Conn.

—Manheim Dallas in Dallas

—Manheim Nashville in Mount Juliet, Tenn.

—Manheim Denver in Aurora, Colo.

The 2023 Most Valuable Auction of the Year was:

—Manheim Pennsylvania in Manheim, Pa.

The 2023 Perfect Audit Score came from:

—America’s Auto Auction St. Louis, East St. Louis, Ill.

“Thank you for recognizing Manheim Pennsylvania with this prestigious award,” Manheim Pennsylvania vice president and general manager Joey Hughes said in a news release from GM Financial.

“This honor is a testament to our team’s commitment and the trust our clients put in us to deliver the results they expect to achieve their business goals. We are grateful for our continued collaboration with GM Financial and look forward to continuing to exceed their expectations,” Hughes continued.

In a message sent to Auto Remarketing, America’s Auto Auction St. Louis general manager Todd Ritter reacted to the achievement.

“Winning the first-ever perfect audit award from GM Financial was truly an honor,” Ritter said. “Beth Lewis and her team consistently deliver outstanding results, continuously striving to enhance our audit scores. Beth’s commitment to excellence set a precedent last year when she aimed for a flawless audit, inspiring every department to refine their processes.

“This perfect score is a testament to the dedication of every employee at AAA St Louis, as we collectively surpass GM Financial’s expectations,” Ritter went on to say.

America’s Auto Auction Charleston celebrates 23rd anniversary sale with record success

America’s Auto Auction Charleston enjoyed what it called “remarkable triumph” after hosting its 23rd anniversary sale on March 15.

The company said the sale conversion rate exceeded 70%, as dealers were treated to a complimentary breakfast and had the chance to win $30,000 in cash and prizes.

Prior to and after the sale, participants could participate in a Greedy Board drawing for the opportunity to win up to $2,000. Additionally, a drawing was conducted at the conclusion of the sale, offering dealers a chance to win a grand prize of $10,000.

The event also included the distribution of other prizes such as YETI coolers, 54-inch televisions and additional cash rewards to attending dealers.

“The success of our 23rd anniversary sale underscores our unwavering commitment to excellence and innovation in the automotive industry,” said Laura Taylor, general manager of America’s Auto Auction Charleston.

“As we commemorate this significant milestone, I extend my heartfelt appreciation to all participants, consignors, buyers, and staff, for their steadfast support and contributions to our ongoing success,” Taylor continued.

The next special events at America’s Auto Auction Charleston arrive on May 4 with the Derby Days themed promotion, followed by the annual Luau Sale with cash and prize giveaways on June 14.

America’s Auto Auction Charleston is located outside Charleston, S.C., and holds a dealer only sale every Friday at 9:30 a.m. (ET).

The post Auction notes: Awards from GM Financial & anniversary at America’s Auto Auction Charleston appeared first on Auto Remarketing.

How should store managers handle that situation? Brian Kramer, executive vice president at Cars Commerce and general manager of Accu-Trade, offered his perspectives during a conversation for the Auto Remarketing Podcast recorded at NADA Show 2024 in Las Vegas.

Listen to the episode in the window below.

The post PODCAST: Tackling ‘sparse & expensive’ situation with late-model inventory appeared first on Auto Remarketing.