Auctions

Black Book sees depreciation hit weekly high

LAWRENCEVILLE, Ga. - 

Get ready for turkey and softer prices in the lanes.

This week’s Black Book Market Insights report showed that used-vehicle value depreciation hit an all-time weekly high for 2017. Editors indicated sub-compact luxury crossovers saw the largest decrease in values last week, dropping by 1.25 percent. A close second, minivans saw the next-highest depreciation, falling by 0.94 percent.

“A great deal can change with values over a few weeks. Many segments are rapidly shifting toward seasonal high declines,” Anil Goyal, senior vice president of automotive valuation and analytics at Black Book, said.

Looking at volume-weighted data, editors found that overall car segment values decreased by 0.67 percent last week, the highest weekly average depreciation rate for cars this year.

Black Book added that the midsize and near luxury segments also had their respective highest weekly depreciation rates of the year at 0.90 percent and 0.89 percent, respectively. The compact segment followed closely with a near-high at 0.82 percent.

Again reviewing volume-weighted information, editors determined overall truck segment values — including pickups, SUVs and vans decreased by 0.5 percent last week, the highest weekly average depreciation rate since January.

Black Book went on to mention the sub-compact luxury crossover segment had the highest weekly depreciation rate at 1.25 percent. The minivan and full-size crossover/SUV segments had their highest declines this year at 0.94 percent and 0.91 percent, respectively. 

Turning next to what Black Book’s representatives in the lanes last week, two of the most notable anecdotes originated out of California.

“A major national remarketer reported that his vehicles brought the highest values in many, many years in October 2017. He also stated that he has seen the values begin to slip in November and expects the softness to continue into early 2018,” one late watcher in the Golden State reported.

Another report surfacing out of California added, “Lots of no-sales in most of the lanes. Only a couple of remarketers had lowered their floors enough to sell at a high percentage.”

Sliding over the Rocky Mountains, the report out of Colorado included details that likely won’t surprise dealers.

“Trucks and SUVs remain in demand, which is not unusual for our market, especially in the fall,” the Black Book representative stationed in Colorado shared.

In the Midwest, another specific segment kept ringmen busy.

“The nicer vehicles are still in demand and sell, but there was more interest than normal in the higher mileage vehicles. Dealers are having difficulty sourcing the really good condition vehicles in the luxury segment,” Black Book’s lane watcher in Indiana said.

Finally, wrapping up in Georgia, the representative said, “Mid-size and sporty cars were selling well, but most of the attention was still on the trucks and SUVs.”




Chase, NextGear honor auctions at NAAA Convention

LA QUINTA, Calif. - 

Chase Auto Finance honored its 19th annual Chase Cup for Auction Excellence winners at the NAAA Convention in La Quinta, Calif. last week, which was held in partnership with the National Remarketing Conference portion of Used Car Week. 

Likewise, also at the convention, NextGear Capital honored another four auctions with the presentation of its fifth annual Auction Partners Awards.

Below is a recap.

Starting with the Chase awards, Manheim Minneapolis was announced the winner of the Best National Auction Performance and Manheim Seattle has earned the Douglas F. Wininger Memorial Award for Best National Performance Service Delivery, which recognizes outstanding service in measurable areas related to transportation management, sales, invoicing and other operational measures.

“Each year, the Chase Cup aims to honor high-performing auto auctions across the country that display operational excellence, outstanding customer service and strong financial performance.” Chase Auto Finance head of vehicle remarketing Andrew Carlstrom said in a news release. “These auctions are the best of the best.”

Manheim Minneapolis showcases strengths in vehicle reconditioning, number of buyers, condition report accuracy, and monetary results, according to Chase.

In addition to its Best National Auction Performance award, the auction is also a Best Regional Performance award winner for the Midwest.

Chase said it reviewed a total of 32 national auto auctions based on preparation, sales, invoice processing, transport requests, title processing and other capabilities.

Chase also recognized the following auctions for top performance in 8 categories:

  • Best National Jaguar Sales – Manheim Dallas
  • Best National Land Rover Sales – Manheim Riverside
  • Best National Mazda Sales – Manheim Seattle
  • Best National Subaru Sales – Manheim Seattle
  • Best Regional Performance, Western – ADESA Golden Gate
  • Best Regional Performance, Central – ADESA Kansas City
  • Best Regional Performance, Northeastern – Manheim Pittsburgh
  • Best Regional Performance, Southeastern – Manheim Orlando

NextGear Capital awards 4 partners

Moving over to the NextGear awards, the company recognized three auction partners with an Operational Excellence Award, for efficient sales retention, operational performance and responsiveness to the company.

The three winning auctions include Dealers Auto Auction of Anchorage, Alaska, South Bay Auto Auction of Gardena, Calif. and DAA Northwest of Spokane, Wash.

“Independent auctions are at the heart of the independent dealer industry, and provide invaluable support and services to our clients,” NextGear Capital senior vice president of operations Randy Dohse said in a news release.

“We deeply value those auction partners that demonstrate operational and remarketing excellence.”

Additionally, a Remarketing Excellence Award was also presented to DAA Mobile of Mobile, Ala. for demonstrating the highest percentage of sales recovered based on valuation percentage of each vehicle and the best sales follow-up.




Truck demand pushing wholesale prices in similar segments

CARMEL, Ind. - 

If someone lost a pickup to one of the hurricanes earlier this year, KAR Auctions Services chief economist Tom Kontos suspects you might might be part of what's helping to prop up prices for similar late-model vehicle segments.

Kontos explained his thinking as ADESA Analytical Services shared its monthly analysis of wholesale used-vehicle prices by vehicle model class. Kontos relayed that wholesale used-vehicle prices in October averaged $10,977, which was down 0.6 percent compared to September and up 4.2 percent relative to October of last year.

Kontos mentioned in his latest edition of Kontos Kommentary — which also or through the window at the top of the page — prices were flat or down on a month-over-month basis for all model class segments, but were up year-over-year for all but full-size cars.

“Average wholesale prices in October were down only modestly month-over-month and were up year-over-year, bolstered by lingering impacts from Hurricanes Harvey and Irma,” Kontos added.

Continuing the impact of those storms, Kontos shared that wholesale prices for 3-year-old midsize SUVs and CUVs with about 36,000 to 45,000 miles rose by more than $1,000 or 5.7 percent year-over-year in October.

“Strong truck demand in Texas in the aftermath of Harvey may be a contributing factor to the strength of midsize SUV/CUV prices,” Kontos said.

Elsewhere within the wholesale space, Kontos noted that average wholesale prices for used vehicles remarketed by manufacturers ticked up 0.6 percent month-over-month and were up 5.7 percent year-over-year in October.

The KAR chief economist added that prices for fleet/lease consignors softened 1.6 percent sequentially but climbed 4.5 percent annually.

Kontos closed by stating average prices for dealer consignors dipped 0.3 percent versus September but shot up by 7.5 percent relative to October of last year.

ADESA Wholesale Used-Vehicle Price Trends

   Average  Price  ($/Unit)  Latest  Month Versus
   October 2017  September 2017  October 2016  Prior Month  Prior Year
           
 Total All Vehicles  $10,977  $11,046  $10,530  -0.6%  4.2%
           
 Total Cars  $8,713  $8,777  $8,504  -0.7%  2.5%
 Compact Car  $6,581  $6,681  $6,388  -1.5%  3.0%
 Midsize Car  $7,849  $7,788  $7,362  0.8%  6.6%
 Full-size Car  $7,117  $7,243  $7,506  -1.7%  -5.2%
 Luxury Car  $13,640  $14,016  $13,425  -2.7%  1.6%
 Sporty Car  $13,928  $13,906  $13,135  0.2%  6.0%
           
 Total Trucks  $13,087  $13,183  $12,464  -0.7%  5.0%
 Minivan  $8,774  $9,061  $8,294  -3.2%  5.8%
 Full-size Van  $13,086  $13,165  $12,717  -0.6%  2.9%
 Compact SUV/CUV  $10,635  $10,679  $10,487  -0.4%  1.4%
 Midsize SUV/CUV  $11,276  $11,424  $11,143  -1.3%  1.2%
 Full-size SUV/CUV  $13,838  $13,742  $13,725  0.7%  0.8%
 Luxury SUV/CUV  $19,068  $19,209  $18,313  -0.7%  4.1%
 Compact Pickup  $9,371  $9,591  $8,426  -2.3%  11.2%
 Full-size Pickup  $16,644  $16,963  $15,225  -1.9%  9.3%

Source: ADESA Analytical Services. September data revised.




Liquid Motors announces milestones during Used Car Week

PALM SPRINGS, Calif. - 

Internet marketing solution company Liquid Motors announced during it has met a few significant milestones, one of which includes signing its 100th independent auto auction customer during the first week of the month.

That same week, the company — along with its independent auto auction customers — signed their 1,000th “outside the gate” dealer listing aged inventory vehicles on some of the major online wholesale marketplaces: Adesa.com, OVE.com and SmartAuction.

“I am very proud of our team, our partners and our independent auction customers for all the hard work they performed to reach these milestones,” Michael Daseke, president and chief executive officer of Liquid Motors, said. “Our rapid growth is a testimony to the value our services provide to our customers.”

And 2017 is turning out to be another good year for the company. Year-to-date, Liquid Motors has listed more than 500,000 vehicles, which is almost twice the highest listing volume in a single year.

“The rapid expansion of the outside the gate program for dealer’s aged inventory has fueled much of the listing growth,” the company shared.

And this growth is paying off for its customers, as well. For the past six months, nine of SmartAuction’s top 10 independent auction sellers have been Liquid Motors customers, as well.

“We have utilized Liquid Motors’ services for two years, and we wouldn’t be able to have the success we have had online without Liquid Motors,” Keith Fetz, digital sales director at Clark County Auto Auction, said.  “The system’s automation to list vehicles allows me to focus on signing new accounts and selling vehicles rather than listing them.”




Integrated Auction Solutions chooses former CDK Global exec as new president

COLUMBUS - 

After announcing earlier this week Integrated Auction Solutions is now fully compatible with Autoniq’s appraisal software, IAS reported Wednesday it has appointed a new president.

John Lilly has been chosen for the job, and the new IAS exec will join the company immediately. Lilly will assume responsibility for IAS AuctionMaster, IAS Simulcast, IAS Marketplace, IAS Core and IAS Services, the company shared.

In a press release announcing the appointment, IAS founder Alexis Jacobs, said, “John has been a respected strategist and operating executive within the automotive industry for many years, and we are pleased to have him lead the IAS team. 

“He will have full responsibility for the IAS suite of products, which we believe will change the way cars are transacted among auctions, dealers, consignors and consumers,” Jacobs continued.

Greg Levi, IAS managing partner, added, “I have known John for many years; he brings a unique set of skills, experience and perspective that we believe will accelerate our strategy, and deliver tangible results to our community.”

Prior to joining Integrated Auction Solutions, Lilly was chief product officer at CDK Global Inc., and a line of business leader at Accenture, where he held various product, strategy and business development roles.

"I am excited to be joining IAS at a time when the wholesale auction experience is evolving so quickly. Auctions are seeking solutions to help them compete in a marketplace which is quickly moving online,” said Lilly. “ I look forward to working with Alexis, Greg and the rest of the IAS team to bring products to market that enable auctions to compete more profitably.”




Auction Edge to roll out EDGE Pipeline, EDGE Lookout platform merge

SEATTLE - 

Auction Edge announced Tuesday it will merge its EDGE Pipeline product with EDGE Lookout to provide independent auctions with a seamless web platform in December.
The integration will include enhancements designed to bring less friction and more accessibility on all types of devices.

In addition to being responsive to any screen size, key updates to the national wholesale marketplace include a new interface design and an all-new search engine.

“This is not really an update as much as it is a complete migration to an all-new system. The new platform will merge with EDGE Lookout to bring users the best of both worlds,” Auction Edge announced in a news release.

With the Auction Edge’s newly single integrated system, auctions can market vehicles in-lane via both simulcast and buy-now/make-offer events.

“The single national marketplace for independent auctions is now poised for even more growth in 2018,” the company said. “This is the beginning of a new era for EDGE Pipeline and Auction Edge as a whole. Moving to this new platform gives Edge the ability to deliver new features and innovations at a much faster pace, and charts a roadmap for the future.”




Integrated Auction Solutions is now fully compatible with Autoniq

COLUMBUS - 

Announced today, Integrated Auction Solutions’ (IAS) marketplaces are now compatible with Autoniq’s appraisal software.

The full integration is for both iOS and Android devices.

“This integration provides our customers the added value of Autoniq’s appraisal software with the AWG Simulcast suite all in one place,”  Peter Levy, vice president of IAS, said.

The company also pointed out that IAS is integrated with Auction Genius and V-Auto, as well, which enables  IAS Simulcast and Marketplace technologies for the V-Auto suite of products.

“Our goal has always been to maintain our relationships with third-party partners, which enables us to provide our auction customers much needed industry-standard technologies,” Levy said.

In other recent news from IAS, the company launched last week a customized marketplace for the Retail Automotive Alliance, an auto dealer group in the U.K.

 




Auction Management Solutions adds Richmond Auto Auction to list of clients

PLAINFIELD, Ill. - 

Auction Management Solutions (AMS) has added Richmond Auto Auction to its list of partners for business development consulting. The addition brings the AMS client list to 18 total locations.

After launching in 1967 as Motley’s Auctions in a Chester, Va., dairy barn by Dick and Pokey Motley, Richmond Auto Auction is now run by second generation owner Mark Motley. The auction now operates on 35 acres of land, offering the ability to run vehicles on seven simultaneous lanes.

“We are excited to be part of the AMS group of auctions,” Motley said. “We have spent a lot of time building a great base of dealer consignment business over the last several years, as well as some fleet /lease and repossession business, and feel that it is time now to start to expand deeper into the world of national consignors. We feel that AMS can be a great help to achieve our goals.”

The consulting firm works to partner with independent auctions to assist in growing their business, helping them to maximize their footprint in the market, and to increase profitability.  

“One of our goals here at AMS is to focus on providing our customers with the best service we can, while working through a proven sales strategy to help them grow their business,” Tom Stewart, president of Auction Management Solutions said.

Stewart will be working closely with Richmond Auto Auction assistant general manager Wyatt Carter to build further relationships within the industry.

Adding this location brings the firm’s client list to 18 total locations, which also include:

166 Auto Auction
All Valley Dealers Auction
Columbus Fair Auto Auction
Central Auto Auction
DAA Chattanooga
DAA Huntsville
DAA Memphis
DAA Mobile
DAA Murfreesboro
Dealers Auto Auction of Idaho
Greater Erie Auto Auction
Greater Quad City Auto Auction
KASP Auto Auction
Oklahoma Auto Exchange
Rochester Syracuse Auto Auction
Southeastern Auto Auction
Rea Bros MidSouth Auction




Auction Academy students visit NADA’s Dealer Academy, Bel Air Auto Auction for latest session

FRANKLIN, Tenn. - 

Auction Academy’s class group 5 recently visited NADA’s Dealer Academy and toured the all-new Bel Air Auto Auction in Belcamp, Md., for a two-day session.

Its third of eight sessions started with a full day at NADA’s Dealer Academy. Students participated in “Through the Dealer’s Eyes,” a program that focuses on covering all aspects of operating a franchise auto dealership, according to Auction Academy.

The program is taught by NADA instructor and former National Auto Auction Association chief operating officer Michael Hayes.

“Our most recent trip to Baltimore gave us an amazing opportunity to experience NADA from a dealer's perspective and our most gracious hosts, the Nichols family of Bel Air Auto Auction, allowed us incredible access to their stunning new location. I am so grateful and excited to be a part of Auction Academy Class 5. I can't wait to see what comes next,” Big Valley Auto Auction general manager and class group 5 student Lisa Franz said in a news release.

On day two, students began with a tour of Bel Air Auto Auction’s 185-acre facility, followed by presentations from Todd August, Avis/Budget Car Rental Eastern regional manager; Will Chandler and Thad Sykes of Next Gear Capital; and Chris Clarke, head of remarketing at fleet management company ARI.

“We were delighted to meet with the Auction Academy class group and particularly enjoyed hearing their observations and answering their questions as we showed them our new auction facility,” said R. Charles Nichols chief executive officer of BSC America, which operates both Bel Air Auto Auction and Tallahassee Auto Auction.

“Auction Academy provides an unparalleled opportunity for students to gain insights in auction operations and develop crucial skills needed to run an auction in today’s complex and competitive environment.  We have observed the benefits of the program among our own employees, as several are graduates of Auction Academy and one of our own, Christina Shepard is part of the current 5th class group. The training they have received has not only proved a great benefit to each of them personally and but has contributed to the operational and service standards that are vital to our auction’s success,” Nichols continued.

In February, Auction Academy’s next class 5 group session will be in Birmingham, Ala., where they will be hosted by AutoTec companies Auction Insurance Agency and Auction Access.

The session will include a tour of America’s Auto Auction of Birmingham and ADESA Birmingham, according to the Auction Academy.




Mass. auction facing proposed fines from OSHA

BOSTON  - 

Lynnway Auto Auction is facing $267,081 in proposed penalties from the U.S. Department of Labor’s Occupational Safety and Health Administration after several citations from the agency more commonly known as OSHA.

OSHA said in a news release Thursday that it inspected the Billerica, Mass., auction on May 3 following a crash involving an SUV that morning. Five people were struck by the vehicle and died from their injuries, OSHA said.

The agency said in its news release that it was citing Lynnway for “electrical, struck-by and other hazards.”

Specifically, the 16 citations OSHA made were for “motor vehicle hazards, blocked exit routes, violations of the hazard communication standard and recordkeeping deficiencies.”

“This company was cited in 2014 for exposing employees to similar hazards,” OSHA regional administrator Galen Blanton, in Boston, said in the release. “It is critically important that employers remain vigilant about safety and implement required safety measures.”

In a statement shared with AuSM on Friday morning, Lynnway president Jim Lamb said:Since the tragic accident in May, Lynnway Auto Auction has taken a number of measures to ensure a safe environment for our customers and employees. The majority of the OSHA citations Lynnway received, while unrelated to the accident site, have either been resolved or are in the process of being corrected. 

“Over the past six months, we have made significant investment in additional safety measures at the auction site such as installing permanent, fixed bollards to provide a barrier to a potential future vehicle malfunction. Lynnway is the first auto auction in the country to have installed bollards throughout our facility,” he said.

“We will continue to work with OSHA to resolve any outstanding issues and work with members of our industry to make sure that our auto auctions are safe for all of our customers and employees.” 

The agency also did a joint employer inspection. Its findings from that indicated that temporary workers from the Dover, N.H. staffing firm TrueBlue Inc, d/b/a PeopleReady, were exposed to struck-by hazards.

That firm was given a proposed penalty of $12,675 and was cited one serious violation for a struck-by hazard, OSHA said.

“The companies have 15 business days from receipt of their citations and penalties to comply, request an informal conference with OSHA’s area director, or contest the findings before the independent Occupational Safety and Health Review Commission,” OSHA said.




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