Auctions

Revenue Up, But Refinancing Activities Pinch KAR Net Income

CARMEL, Ind. - 

While revenue and gross profit at each of its three largest subsidiaries improved year-over-year, KAR Auction Services reported that its net income decreased 29 percent as a result of refinancing activities during the first quarter.

KAR generated $583.8 million in revenue during the first quarter that ended March 31, representing a 5-percent increase from the $557.6 million in revenue the company posted a year earlier. The company’s adjusted EBITDA for the quarter increased 8 percent to $147.1 million, as compared with adjusted EBITDA of $136.2 million recorded in Q1 of last year.

But as noted, because of the refinancing of debt KAR conducted, the company’s first quarter net income came in at $20.7 million, or $0.15 per diluted share, down from $29.1 million, or $0.21 per diluted share, a year earlier.

However, KAR said its adjusted net income per diluted share for the quarter increased 32 percent to $0.41 versus last year’s level of $0.31.

The company also announced a cash dividend of $0.25 per share on the company’s common stock. The dividend is payable on July 3 to stockholders of record as of the close of business on June 25.

ADESA Q1 Performance

Officials indicated ADESA’s Q1 revenue increased $14.5 million or 5 percent to $298.1 million, up from $283.6 million a year earlier. They attributed the revenue rise primarily as a result of a 7-percent increase in the number of vehicles sold, partially offset by a 2-percent decrease in revenue per vehicle sold.

In addition, the company pointed out High Tech Locksmiths provided $8.2 million of revenue in the quarter, while fluctuations in the Canadian exchange rate resulted in a decrease in revenue of $4.8 million.

“The increase in volume sold was primarily attributable to an increase in institutional volume, including vehicles sold on our online only platform, as well as a 4- percent increase in dealer consignment units sold,” KAR said.

ADESA sold approximately 128,000 and 93,000 vehicles through its online only offerings in the first quarter of 2014 and 2013, respectively.

During the first quarter, the company determined dealer consignment vehicles represented approximately 50 percent of used vehicles sold at ADESA physical auction locations, compared with approximately 48 percent during the year-ago period. Vehicles sold at physical auction locations increased 1 percent year-over-year.

Meanwhile, ADESA’s used-vehicle conversion percentage at physical auction locations — calculated as the number of vehicles sold as a percentage of the number of vehicles entered for sale at ADESA auctions — improved to 63.6 percent, up from 60.5 percent a year earlier.

Officials also calculated that their total revenue per vehicle sold decreased 2 percent year-over-year to approximately $535, down from approximately $550 in the first quarter of last year. However, physical auction revenue per vehicle sold improved by $22, or 3 percent, to $663.

“The increase in physical auction revenue per vehicle sold was primarily attributable to an increase in ancillary and other related services revenue,” the company said.

ADESA shared that online-only auction revenue per vehicle sold decreased $8 to $114.

“The decrease in online-only auction revenue per vehicle sold was attributable to an increased number of cars sold in closed private-label sales. The revenue per vehicle sold in a closed private-label sale is lower than the revenue per vehicle sold in an open online-only auction,” ADESA said.

With all of those figures in mind, ADESA reported that its first-quarter gross profit increased $5.9 million, or 5 percent, to $127.9 million, as gross profit constituted 42.9 percent of revenue, a percentage down slightly year-over-year.

“The decrease in gross profit percentage was primarily the result of the 5-percent increase in cost of services,” ADESA said. “The increase in cost of services was primarily attributable to the inclusion of $5.2 million in costs associated with High Tech Locksmiths, an increase in lower margin non-auction services, increased utilities and snow removal, partially offset by fluctuations in the Canadian exchange rate.”

Insurance Auto Auctions Results

Insurance Auto Auctions officials are still seeing some impact of Superstorm Sandy on their financial results since the year-over-year comparisons include metrics from the division’s work following the natural disaster.

During the first quarter, IAA’s revenue rose $3.4 million, or 2 percent, to $225.0 million as the company reported a 3-percent increase in the amount of vehicles sold.

“Volumes and revenue for the first quarter of 2013 included the impact of Superstorm Sandy. Excluding the impact of Superstorm Sandy, IAA’s revenue and volumes increased 15 percent and 14 percent, respectively, IAA officials said, adding that the company’s total loss vehicle inventory has increased more than 15 percent year-over-year.

Elsewhere, Insurance Auto Auctions noted that vehicles sold under purchase agreements were approximately 6 percent of total salvage vehicles sold in the first quarter, down from 7 percent a year earlier. IAA also indicated online sales volumes represented more than half of the total vehicles sold by the division.

IAA highlighted that its Q1 gross profit increased to $87.1 million, or 38.7 percent of revenue, compared with $62.7 million, or 28.3 percent of revenue, during the same quarter a year ago. Officials explained the gross profit increase was primarily the result of a 13-percent decrease in cost of services relating to Superstorm Sandy as well as a 2-percent increase in revenue.

“The increase in gross profit as a percentage of revenue was mainly attributable to expenses associated with processing total loss vehicles related to Superstorm Sandy for the three months ended March 31, 2013,” IAA said.

“A decrease in the revenue and cost of vehicles sold under purchase agreements also contributed to the increase in gross profit as a percentage of revenue, as the entire selling price of the vehicle is recorded as revenue and cost of services,” the company added.

AFC Update

Over at Automotive Finance Corp., first-quarter revenue increased $8.3 million, or 16 percent, to $60.7 million.

Officials explained the revenue increase came as the result of a 9-percent jump increase in loan transactions and $5.6 million of “other service revenue” generated by PWI, a service contract business that was acquired in June of last year.

AFC determined that its managed receivables increased to $1.1079 billion as of March 31, up from $1.0035 billion a year earlier.

The company noted that revenue per loan transaction, which includes both loans paid off and loans curtailed, decreased $5, or 3 percent. Officials said the movement came primarily as a result of an increase in the provision for credit losses and a decrease in floor plan and other fee income, as well as fluctuations in the Canadian exchange rate, partially offset by an increase in average loan values and average portfolio duration.

Nonetheless, AFC watched its gross profit climb 7 percent year-over-year to $44.3 million or 73.0 percent of revenue.

2014 Outlook

KAR also updated its guidance to reflect the recent refinancing of its credit agreement.

The company expects this year’s adjusted EBITDA to come in between $580 and $600 million. The company also expects net income per share to $0.95 to $1.05 and adjusted net income per share to be $1.35 to $1.45.

Officials projected their 2014 effective tax rate to be approximately 40 percent.

“Adjusted net income per share for 2014 represents GAAP net income per diluted share excluding excess depreciation and amortization and stock-based compensation, both resulting from the 2007 merger, and the loss on extinguishment of debt, all net of taxes,” KAR said.

Additionally, the company expects 2014 cash taxes of approximately $105 to $115 million, cash interest on corporate debt of approximately $61 million and capital expenditures of approximately $105 million. This level would result in free cash flow before dividend payments of approximately $309 to $319 million or $2.17 to $2.24 per share, according to KAR.

Editor’s Note: Look for a report in Thursday’s edition of AuSM Today recapping executive comments shared during KAR’s conference call with investment analysts.

Manheim & Hendrick Launch On-Site Auction Lane

CHARLESTON, S.C.  - 

Hendrick Automotive Group needed a way to find more used cars for its dealers while also employing a more efficient way to remarket the trade-ins that arrive on their lots. So, the retailer teamed up with Manheim and rolled out Hendrick’s first onsite auction lane in Charleston, S.C.

Before today, there had been four sales at the one-lane, retrofitted operation at Hendrick’s dealership facility in Charleston since the lane opened on March 11 — and the events have had a sale rate of 95 percent and 140 dealers, on average, have attended each sale.

They take in wholesale trade-ins from Hendrick’s 11 stores in the Charleston area and puts them up for sale. Much like any other Manheim auction, the sale features technology like Simulcast and uses an auctioneer and an auction block. Manheim employees also work the sale.

The sales are open to all registered dealers and are held Tuesdays at 10 a.m. (EST). Manheim Darlington employees staff the sale.

“This collaboration between Hendrick and Manheim has been a great solution for our needs,” says Chris Little, Hendrick Automotive Group’s vice president of variable operations. “The entire Manheim team worked with us to help create a solution that has helped us save time and money, and sell more vehicles.”

Susie Heins, who is Manheim’s vice president of dealer sales, added: “Manheim and Hendrick Automotive Group make a great team because we are always looking to try new and different ways to better meet our customers’ changing needs.

“This new auction lane, that takes advantage of Manheim’s remarketing expertise, technology and staff to drive increased sales, is another example of how collaboration is delivering better business results for Hendrick Automotive Group,” she continued.

Brasher’s Roundup: Latest on Sales, Events & Hires

CARY, N.C.  - 

Brasher’s auctions across the country are reporting special sales events and at least one new hire, according to the latest update from ServNet.

First up, Brasher's Northwest Auto Auction has named Jeff Cavalier as sales manager, bringing more than 20 years of experience to the post. 

Mark Melton, auction general manager, says Cavalier will call on new-car dealers statewide and work closely with Brasher's Portland to build a strong UVA Booksheet sale in the Pacific Northwest. 

"We are thrilled to welcome Jeff to Brasher's Northwest Auto Auction," said Melton. "A longtime friend in the industry, Jeff’s skill and understanding of the market will prove an invaluable asset to our sales staff as they work to broaden our customer base and expand our service opportunities."

Cavalier formerly worked as a dealer service representative at Brasher's Sacramento, and managed new car franchises in the Medford/Ashland area of Oregon.

Brasher's Sacramento

Brasher's celebrated its 36th anniversary in Sacramento with a two-day event in March that saw more than 3,000 vehicles cross the block and more than 1,300 dealers in attendance.

Giveaways at the celebration of more than $50,000 in cash and prizes included a classic 1966 Ford Mustang. 

Among event highlights was the sale of a classic Pontiac TransAm, which included a jacket autographed by Burt Reynolds.

Brasher's Portland

Customers at Brasher’s Portland "broke the bank" on March 27 during an event that saw nearly 1,000 vehicles cross the block and resulted in a 65 percent sale.

Concluding the sale was the auction's annual Piggy Bank Smash, when 10 dealers drawn from the day's buys and sells each chose a bank containing various prizes and a the chance to win $10,000; Bobby's Auto Sales was the cash winner, but picked one box out of 100 for $500. Other winners included WFJ Auto, Thomas Auto Sales, McKenna Motors, The Dalles Auto Sales, 7 Rios, A & S, Five Star Auto Sales, and Vancouver Toyota.

Auction general manager Jerry Hinton noted the auction's next promo sale is on May 29, celebrating the 21st  anniversary of Brasher's Portland.

 

ROA Picks New Remarketing Manager

PASADENA, Calif. - 

Remarketing of America announced that Kevin Parmenter has joined the company as its new remarketing manager, effective immediately.

In this role, the full-service recovery and remarketing provider indicated Parmenter will provide leadership within the organization and ensure that ROA achieves its core mission to enhance client experience through increased sales returns, efficient cycle times and unwavering service levels.

Parmenter’s responsibilities will include oversight for all aspects of ROA’s domestic client remarketing services, sales and business processes as well as providing guidance for ROA’s new international remarketing services expanding throughout Europe.

“Kevin Parmenter is a welcome addition to ROA’s management team,” Remarketing of America president and chief executive officer Emory White said.

Kevin comes to us with extraordinary auction knowledge and expertise, which will aid our continued growth with new market opportunities. He will have a big impact on our industry IQ and taking our remarketing department performance to the next level, and we feel fortunate to have him,” White went on to say.

Prior to joining ROA, the company highlighted that Parmenter built an impeccable reputation in the industry as both a fleet lease and transportation manager and as an automotive auction manager for leading companies for whom he led his teams to earn several auction of the quarter and year awards because of superior customer service and innovative thinking.

In his new role, Parmenter will be based in ROA’s corporate offices in Pasadena, Calif.

IARA Leadership Enthused About Current Growth Path

GAINESVILLE, Ga. - 

Black Book editorial director Ricky Beggs used his weekly online video report to share a recent conversation he conducted with leadership of the International Automobile Remarketers Alliance.

Along with sharing background about their professional careers, IARA president Levi McCoy of LeasePlan and alliance executive director Tony Long discussed a wide array of wholesale market issues. McCoy touched on how both he and Long came into their alliance roles last fall.

“One of the things that was challenging with Tony and I coming in at about the same time was keeping continuity going, keeping our name and brand out there in the industry,” McCoy told Beggs. “I think Tony and I have done a pretty good job with that. We consult often on current issues, things that we need to be involved with.”

With about 18 months left as IARA president, McCoy is looking to build on the alliance’s expanding member base.

“Certainly I would like to make sure our membership stays strong and even grow. We’d like to see more members and to be the first one thought of when there are discussions about the industry,” McCoy said.

Meanwhile, Long emphasized the value of IARA’s Summer Roundtable, an event set for Aug. 19 and Aug. 20 in Chicago.

“We refer to it as kind of boutique-type meeting because it’s just us,” Long said. “We’re not competing with any other entities, and we basically have full control of the schedule. There’s no fluff. It’s just content. Working with Scott Kolb who is the chair of our education committee, Scott and his committee are putting together a bang-up agenda that’s really going to be informative.”

And like McCoy, Long stressed that broadening IARA’s member base is always a priority.

“We’ve enjoyed some growth, particularly in our consignor base, manufacturers and financial institutions,” Long said. “If you want to be around the decision makers, the folks who are guiding this consignment where it’s going into these different channels, you need to be a part of that discussion.”

The complete session Beggs had with McCoy and Long can be viewed through the video available at the top of this webpage.

Black Book Analysis on Wholesale Trending

On the pricing end of the wholesale market, this past week was an interesting divide between car and truck segments, which were moving in opposite directions. Overall, the market seems to be approaching some stability.

In a bit of analysis provided exclusively to AuSM on Monday, Beggs discussed these changes in more detail.

See our story here for the complete report.

Auction Roundup: Updates from DAA Northwest, Indiana AA, Carolina AA

SPOKANE, Wash. - 

DAA Northwest recently teamed up with fellow independent operation Norwalk Auto Auction as well as ADESA and Manheim in support of Toyota Financial Services’ Boys & Girls Clubs fundraising drive.

Together with DAA Northwest and additional auction contributors, TFS presented a check for $500,000 to 35 Boys & Girls Clubs during the March 17 diplomas 2 Degrees (d2D) event.

“We’re honored to support TFS in this effort,” DAA president Bob McConkey said. “These funds will have a direct, positive impact on young people who might otherwise lose hope and drop out of school.”

Toyota’s recent contribution surpasses last year’s and provides funding for 19 additional new Clubs. 

With an emphasis on reducing the national high school dropout rate, Boys & Girls Clubs provide youth with the academic, behavioral and social skills needed to graduate. In a recent survey conducted at local clubs, 28 percent of club alumni said they would have dropped out without the club’s influence.

Toyota Financial Services collaborates with The Darden Restaurants Foundation to support d2D, a college-readiness program. The $500,000 raised will help fund d2D as it offers support for club operations, and increases each club’s ability to serve more youth.

DAA Northwest offers TFS consignment in the lanes and online via EDGE Simulcast and Toyota Financial Services’ weekend events.

Indiana Auto Auction’s Anniversary Sale

Indiana Auto Auction and its customers are looking forward to a race-themed anniversary sale on Thursday. More than 900 units are expected  with 200 franchised dealer trades and 200 repo units running in the auction’s eight lanes.

The day will start with free breakfast for all of the dealers in attendance and conclude with a contest where three lucky dealers will have a chance to win $100,000.

“If they avoid the crash, they win the cash,” said Eric Autenrieth, owner and general manager of Indiana Auto Auction, explaining that dealers choose from envelopes containing photos of either a green flag or a car crash as they try to advance to the grand prize.

“We have had a couple of dealers get really close to the big money, and everyone hopes they’ll be the big winner this year,” Autenrieth continued. “Even if they do crash, they still receive $500 for every green flag they draw.”

Carolina Auto Auction Celebrates 24 Years

Carolina Auto Auction celebrated its past success with even more success at its 24th anniversary sale on April 9. One of the Southeast’s largest independent auto auctions gave away $55,000 in cash and prizes, including $24,000 in cash to Brad Savage of Savage Motors. Other giveaways included a lawn care package, a grill and patio furniture package, and a boating and fishing package.

More than 800 dealers were in attendance as 1,400 vehicles ran through the eight lanes at CAA. All dealers received a complimentary breakfast and all lanes floated.

Carolina also welcomed a new fleet lease company to its lanes as Honda and Acura Remarketing ran 150 vehicles in an introductory sale to Carolina’s dealers. The auction hosted a special preview party for Honda and Acura vehicles the night before the big sales event.

As part of the festivities, Billy Wall from Best Kia was the auction’s Dealer of the Week. Wall won $300, a free buyer protection plan warranty and a free full detail playing the weekly Dealer of the Week game.

Auction management highlighted many of the floor plan companies gave away great prizes.

AFC sponsored a large 24th anniversary cake for the auction and its dealers. The company also offered a 60 days for $60 promotion, and gave away two Sportsman camo coolers.

Auto Use gave away a free Coleman camping grill and chair, and CarBucks gave away four wireless headsets.

The next big sale for Carolina AA is scheduled for April 30 when the auction hosts its Classic Car Sale & Show, as well as its quarterly Toys for Big Boys sale.

8 Top Auctions Named By Donlen

NORTHBROOK, Ill.  - 

By meeting or exceeding remarketing performance goals, eight auto auctions nationwide have earned this year’s Top Auction Awards presented by Donlen.

The company made the award announcement on Tuesday. Each year, the company recognizes top auto auction partners that work closely with the company in its remarketing program.

“The partnership we form with auction partners is a vital component of our remarketing program and its success,” said Dan Powers, Donlen director of vehicle remarketing.

“By consistently meeting, and in many cases exceeding our performance goals, this year’s auction partners have demonstrated their commitment to our customers and to Donlen’s world-class remarketing program,” he said.

This year’s award recipients are:

Auction of the Year: Carolina Auto Auction

Central/Northeast Region: Manheim Milwaukee

South/Southeast Region: ABC Orlando

West Region: Brasher’s Portland Auto Auction

Best Days to Condition Report: ABC Detroit/Toledo

Best Days to Sell: ADESA Austin

Best Expense Control: ABC Bowling Green

Best Retention Dollars: ADESA Golden Gate

Manheim Taps 2 New VPs to Boost Customer Service

ATLANTA - 

As part of its ongoing commitment to deliver the type of auction experience customers expect, Manheim bolstered its support team on Monday with a pair of executives.

Manheim named Tony Drummond as vice president of customer experience and Jim Williams as vice president of operations support. Both executives will report to Ashish Bisaria, senior vice president of customer experience.

“Tony and Jim are both true testaments to Manheim’s goal to put the right leaders in place to drive business growth and expand our customer base,” Bisaria said. “These dynamic leaders will use their expertise and experiences to deliver solutions to help our customers succeed. Our customers will benefit from the leadership and insights of Tony and Jim.”

Drummond joined Manheim on Feb. 17 after serving as an associate partner with IBM’s global business services group since 2011. Drummond’s background includes the many aspects and complexities of customer experience and integrated marketing, including CRM strategy definition, business process reengineering, technology integration and the end-to-end customer engagement lifecycle.

Drummond joined IBM in 2001 and held a variety of roles.

During his career, Drummond created solutions that incorporate all customer information from analytics and data to social, mobile and digital interface with customers.  He worked with many organizations to define the “voice of the customer” and translate this into business and organizational strategy to drive new and incremental revenue.

“Tony has a core capability and process strategy for establishing insights through customer data and analytics, and then translating that into business process change,” Bisaria said. “Tony believes that the foundational building blocks of customer value are data, process and CRM tools that bring the insights to life.”

Williams, who joined Manheim on Feb. 24, was responsible for strategic development with premium retail services in his previous role. 

Prior to joining premium retail services, Williams served in a variety of roles at Best Buy, including senior director of sales and operations and vice president of sales development.

At Best Buy, Williams’ operational and sales responsibility included four key businesses: computing, digital imaging, MP3 and services which accounted for $20 billion in revenue during the time he managed it. The primary goal of this function was to develop operational strategies to improve customer experience while driving out cost and optimizing operations.

Before joining the sales development team at Best Buy, Williams was responsible for the Eastern half of Best Buy’s Geek Squad services business where he led an organization of more than 10,000 people.

“Jim is an innovator with the courage and conviction to constantly improve, and he does this in a way that adds value to the business, “Bisaria said. “He has deep experience with building customer relationships and implementing strategies.”

Manheim Detroit to Host Arbor Day Clean Up

In an effort to clean up and preserve the environment around Manheim Detroit, a group of more than 100 employees from the Carlton, Mich., operating location will take part in an Arbor Day cleanup event on Friday from 2 to 5 p.m.

The company highlighted The group will volunteer to collect trash and debris on the grounds of 200-acre Manheim Detroit property, as well as along the property’s fence lines and in the adjacent wetland and farm field areas near the auction, which is located at 600 Will Carlton Road.

“It is always exciting when employees want to do their part to make a difference in the community,” Manheim Detroit general manager JD Daniels said.

An eight-member conservation committee, which includes members from several auction departments, is planning more events for later this year, including a second cleanup of the Civil War cemetery on the grounds of Manheim Detroit and a flower-planting event in May. Employees held a clean-up day at the cemetery last summer.

While Daniels hopes this volunteer event will help his employees build their community spirit, he hopes they have fun as well.

“We have a lot of fence line area to cover here, so we can really have an effect on keeping our community clean,” Daniels said. “Our employees will not only help preserve our environment, but they will have some fun in the process. We will have a friendly competition to see which department can collect the most trash, with the winning team collecting prizes.”

In addition to this conservation effort, Manheim Detroit added energy-efficient lightning throughout its facility last year and plans to add more energy-efficient solutions later this year.

U.S. House Member Coming to Manheim Riverside

U.S. Rep. Mark Takano announced that Manheim Riverside will be the 100th business for his “100 Business” tour, which began last year. 

Takano, a California Democrat whose district includes Riverside, Calif., will tour the facility on Tuesday and meet with Scott Hurst, market vice president for Manheim’s southern California market, Christopher Brown, general manager for Manheim Riverside and Karyn Wrye, senior director of Manheim’s government affairs.

“I am proud to announce that Manheim Riverside will be the 100th business that I will visit for my ‘100 Businesses’ tour,” Takano said. “The Inland Empire has been hit particularly hard during The Great Recession, with the unemployment rate peaking at 15% and one in every fourteen homes in the region being foreclosed on. With that said, fixing our local economy is a top priority of mine. This tour allowed me to talk directly with the business owners and their employees and learn what Congress can do to accelerate the recovery.”

“Manheim Riverside is honored and excited to be the 100th Business that Congressman Mark Takano visits, as he completes his ‘100 Business’ tour,” Hurst said. “With our auction operation and our newly-opened service center, we are extremely proud to contribute to the growth of our industry, our local economy and our community.”

DAA of Idaho Announces April Car Giveaway

NAMPA, Idaho - 

Following the success of its 13th Anniversary Sale last month — where a 2014 Nissan Versa was awarded — Dealers Auto Auction of Idaho will be conducting another giveaway at the end of this month.

The auction said it will be giving away a 2014 Mitsubishi Mirage that it purchased from Bronco Motors Mitsubishi at April’s end.  Anyone who buys or sells a promotional vehicle this month is entered into the drawing.

The auction is giving out five keys at each week’s sale. The person whose key starts the prize Mirage at the end of the month takes the car.

This follow the auction’s anniversary sale last month, where it gave away a Versa to independent dealer Sandy Beach, owner of Champion Motors in Nampa, Idaho. That sale featured consignment from Westlake Financial, ARI, SRG, Emkay, United Auto Credit, Lobel Financial and others.

Barrett-Jackson Sets New Highs at Palm Beach Sale

PALM BEACH, Fla. - 

Barrett-Jackson posted the strongest sales results in the history of its auctions in Palm Beach, Fla., this past weekend.

Officials highlighted that Ford and General Motors partnered with Barrett-Jackson to bring unique vehicles to the auction. Barrett-Jackson chairman and chief executive officer Craig Jackson noted on Monday that consignments reached a new high, the caliber of vehicles in South Florida was unprecedented and the average price per car grew significantly.

In addition, Jackson mentioned the benefit to national and local charitable organizations was significant. 

“Each year, Palm Beach continues to expand its impact, bringing better cars, more fans and growth. We have enjoyed the years here and this year was a stellar showing, which continues the explosive start we had in Scottsdale,” Jackson said

“This week, we had great entertainment, saw some incredible cars and sold seven special vehicles with all proceeds benefitting the designated charities. We have a strong partnership with Palm Beach and the South Florida Fairgrounds and this week demonstrated that relationship,” he went on to say.

For charity, the company determined more than $2.35 million was raised over the three-day auction.

Ford sold the 2013 Ford Mustang Fastback, which appeared in “Need for Speed,” for $300,000.

GM sold the first retail production vehicles of the 2015 Chevrolet Camaro Z/28 2 Door Coupe for $500,000 and the 2015 Chevrolet Corvette Z06 2 Door Coupe for $1 million.

The charities that benefited from these sales included:

— Rebuilding Together
— The Darrell Gwynn Foundation
— AARP Drive to End Hunger
— Henry Ford Health System
— Karmanos Cancer Institute
— The Cancer Research Fund at TGEN
— Boy Scouts of America Occoneechee Council

“The cars we saw in Palm Beach were unlike any previous year. These cars we are now seeing are truly unique,” Barrett-Jackson president Steve Davis said.

“Through the years, coming to the Fairgrounds, we have seen glimpses of how Palm Beach would grow and evolve. This auction weekend was another example of this special market,” Davis continued.

The opening night gala featured Soul Survivors, with a special appearance by pop sensation, Rob Van Winkle, formerly known as “Vanilla Ice,” who rocked the night and jump-started the auction weekend for the VIPs, media, celebrities and other attendees.

Here are some of the notable bids over the three-day auction. For additional information on these and other vehicles visit the Palm Beach 2014 Car List at .

1. Lot No. 3004 – 2015 Chevrolet Corvette Z06 2 Door Coupe: $1 million
2. Lot No. 3002 – 2015 Chevrolet Camaro Z28 2 Door Coupe: $500,000
3. Lot No. 456 – 1935 Packard 1207 V12 Convertible Coupe: $330,000
4. Lot No. 3003 – 2013 Ford Mustang Fastback from Need For Speed: $300,000
5. Lot No. 451 – 2005 Ford GT 2 Door Coupe: $242,000
6. Lot No. 468 – 1946 Ford Sportsman Convertible: $209,000
7. Lot No. 3005 – 1979 Oldsmobile Cutlass Hurst Coupe: $200,000
8. Lot No. 3001 – 1969 Oldsmobile 442 Convertible: $200,000
9. Lot No. 450 – 2010 Lamborghini Gallardo LP560-4 Spyder: $181,500
10. Lot No. 428 – 1968 Shelby GT500 Convertible: $165,000

“Palm Beach 2014 set a new standard and opens a new chapter for Barrett-Jackson, raising the bar on what Barrett-Jackson consignors can expect, which resulted in a great auction weekend for attendees, bidders and consignors,” company officials said.

For more information about Barrett-Jackson, visit or call (480) 421-6694.