Auctions

Wholesale car price behavior in last month of 2017

CARY, N.C. - 

Canadian Black Book’s second-ever release of its Used Vehicle Retention Index points to a wholesale car market that closed the year with quite a punch.

Wholesale vehicle values were up 3.8 percent year-over-year in December, keeping alive the used-car price gains from 2010, CBB said.

Meanwhile, the 0.6 percent month-over-month increase in values was the strongest sequential growth in five months.

“We are happy to distribute our second Index and first of 2018,” CBB vice president of research and editorial Brian Murphy said in a news release.

“In general, as supply of products rise across the board, on both sides of the border, prices domestically are expected to fall,” he said. “We will keep you up to date on these trends each month.”

The company calculates the index based on its published wholesale average value on 2- to 6-year-old vehicles as percentage of their original MSRP.

Elsewhere in the wholesale car market, the ADESA Canada Used Vehicle Price Index, powered by ALG, climbed after seasonal adjustments.  

The average sequential change in prices was a 0.2-percent decrease, however.

 

 



NextGear Capital rolls out funding portal through 3 digital auction partners

MISSISSAUGA, Ontario - 

While pinpointing six potential benefits, NextGear Capital on Thursday launched a multi-channel funding portal to offer customers its custom point-of-sale inventory financing solutions.

Cox Automotive Canada’s financial services brand highlighted this portal will be available through NextGear Capital’s digital auction partners, including EBlock, TradeHelper and Otolane.

“Bringing together these three leading online auctions on a single funding portal is an industry-first in terms of offering our clients best in class mobile and digital technologies to aid in the vehicle purchasing process,” said Jerome Dwight, national vice president for Canada at NextGear Capital.

 “Now clients will be able to view, bid and purchase vehicle inventory on any of these leading online auctions and seamlessly fund these purchases on their NextGear Capital credit accounts in a manner that is both convenient and secure,” Dwight continued.

Noting that many online wholesale purchasers in Canada cannot efficiently fund their transactions with a single integrated credit provider, NextGear Capital and its digital auction partners are working together to enable their clients to fully finance their vehicles instantly across multiple channels.  

In addition to being a destination for current NextGear Capital clients, the company added that digital auction partner clients will benefit in many ways, including:

—Ease of use to purchase and finance inventory from leading digital auction providers in Canada

—Safe and secure online funding for clients through NextGear Capital

—Additional liquidity and buying power for clients

—Greater access to a larger array of digital auction partner inventory

—Faster online credit approvals with quicker speed to market

—Custom tailored finance solutions designed for both franchise and independent dealers, wholesalers and exporters

For more information about how NextGear Capital in Canada, call (877) 864-9291.



Canadian Black Book shares its first Used Vehicle Retention Index

MARKHAM, Ontario - 

What has been a staple of its used-vehicle analysis in the United States is now coming to Canada.

As Black Book has compiled in the U.S., Canadian Black Book announced today the release of its first Used Vehicle Retention Index for Canada.

Editors highlighted the index will serve to offer what they called “unbiased and accurate” insights and statistics regarding the health of the used wholesale vehicle market in Canada. This inaugural edition covers the month of November.

“We’ve used this type of index data internally for many years, and are now packaging it up to provide Canada’s auto industry a free monthly resource to help monitor the ongoing vital signs of used vehicle pricing domestically,” said Brad Rome, president of Canadian Black Book.

“This information is impartial to any brand, and can help guide decision makers with accurate figures regarding the strength or weakness of used-vehicle prices,” Rome continued.

Just like in the U.S., the Canadian Black Book Used Vehicle Retention Index is calculated using Canadian Black Book’s published wholesale average value on 2- to 6-year-old used vehicles, as a percent of original typically-equipped MSRP. Canadian Black Book’s wholesale average is a benchmark value for used vehicles selling in the wholesale auctions with the vehicle quality in average condition. The index is weighted based on used vehicle sales volume and adjusted for seasonality, vehicle age, mileage, condition, and inflation (MSRP).

Aggregated from daily vehicle value updates, and captured throughout thousands of wholesale vehicle transactions across the country, the Canadian Black Book Used Vehicle Retention Index is designed to represent data across all regions of Canada.

“The index is based on a comprehensive list of vehicles included in the Canadian Black Book wholesale database, and includes no bias toward any brand, data source or region, ensuring an accurate report of the used-vehicle market,” the company said

The index will provide automotive industry professionals and watchers with insight regarding trends with comparisons year-over-year and month-over-month. From a more macroeconomic perspective, it will illustrate pricing performance since the index commenced with data from 2005.

“We are always being asked about the overall state of used vehicle value retention, which we are happy to answer.  This new regularly published index will just make it easier and provide a more visual means to get those answers and see the direction of prices in Canada,” said Brian Murphy, vice president of research and editorial at Canadian Black Book.

This first index illustrates the effects of the “economic pain” of 2008-2009 in the index.  This “pain” becomes even more visible after examining full-size trucks during that time as prices fell more than 15 percent nationally. 

Late 2009 saw what editors dubbed as a false recovery of prices, followed by falling prices again. However since the middle of 2010, Canadian Black Book noted there has been a remarkable and steady growth in prices overall. 

Today the index — — is currently at its highest level (102.4) since it was first calculated using 2005 data.

Editors determined the strongest segments are full-size luxury crossovers/SUVs, midsize crossovers and small pickup trucks.  The segments with weakest performance are the near-luxury cars and subcompact cars, both perform considerably below the market average.  Both however have strengthened in recent months. 

A more detailed index at the more granular segment level will be made available for Canadian Black Book clients upon request.

The index will be posted monthly on .

The latest U.S. index update can be found here.



August's top 10 most-funded used-car models

CARY, N.C. - 

The latest monthly report on from Dealertrack Canada shows the Toyota RAV4 compact crossover has bumped the Mazda3 compact car to 11th place this month.

As compact crossovers continue to be popular with used-vehicle buyers, the only passenger cars remaining on the top 10 list include the Honda Civic, Hyundai Elantra, Toyota Corolla and Chevrolet Cruze.

Looking back, 2013 was the most popular model year for Toyota RAV4 used-car buyers, according to Dealertrack network data.

Currently, the Toyota crossover is particularly popular among older consumers, Dealertrack shared. 

With an average age of the consumer at 44 years old, the RAV4 is the highest vehicle on the top 10 list.

Additionally, this month, both cash prices and the amount of funded used vehicles in Canada increased. 

On a year-to-year basis, the total number of funded used vehicles in Cox Automotive Canada’s Dealertrack network has climbed 6.7-percent since last year.

Of the top 10 vehicles, eight saw average cash price gains.

Compared to last year, altogether the 10 vehicles averaged a 3.5-percent increase.

In addition to the top 10 vehicles listed in the window above, full rankings can be found .

The rankings are based on total volume of vehicles funded through the Dealetrack Network.



TradeRev, ADESA partner in Canada to promote app at 14 locations

TORONTO - 

TradeRev has announced it will now have a physical presence in 14 ADESA auction locations after partnering with ADESA Canada to encourage dealers to use TradeRev’s mobile app before sending cars to a brick-and-mortar auction.

Hands-on assistance from ADESA sales teams will be available at the auctions to help dealers load their inventory onto the mobile app auction platform, according to TradeRev.

“Mobile technology is disrupting the wholesale auction marketplace by empowering dealers and putting them in full control,” TradeRev chief executive officer and co-founder Mark Endras said in a news release. “ADESA is North America’s premier auction marketplace with thousands of strong, trusted dealer relationships. Partnering with them to accelerate the ‘Digital First’ revolution is exhilarating for both companies and incredibly exciting for our shared customers.”

TradeRev and ADESA also announced a series of exclusive partnerships including more than 100 dealerships throughout Canada earlier this year.

As a result of the recent partnerships, tens of thousands of vehicles have been added to TradeRev’s network of buyer and seller dealers, the company said.

“ADESA is committed to helping our customers buy and sell inventory as quickly and efficiently as possible – regardless of the channel,” said Trevor Henderson, chief operating officer of ADESA Canada. “No one can do this better than ADESA, TradeRev and the KAR family of companies. We’ve been the online services leader in Canada for many years and we are proud to extend the digitization of our industry to help dealers launch and win auctions from the palm of their hands.”

TradeRev is available nationwide in Canada and in 10 markets across the U.S. ADESA currently holds a 50 percent stake in TradeRev.

According to TradeRev, more than 500,000 dealer auctions have been launched through its mobile app, which has produced over 6 million dealer bids.



July's 10 most-funded used-car models

MISSISSAUGA, Ontario  - 

In its latest monthly report on , Dealertrack Canada spotlighted the 2016 Dodge Grand Caravan.

For July, the minivan was third on the list, which is based on data from the Dealertrack online credit application network, and the only vehicle in the top 10 that saw a real meaningful price change from June.

But Dealertrack also shared a few other reasons the Grand Caravan was unique, including this nugget: three-fifths of its drivers (61 percent) are married.

Now, the fact that a lot of minivan drivers are also married folks might not be shocking news.

But no other vehicle on the list had that high a proportion of its ownership being married.

And it wasn’t even close: Second on the list was the Dodge Journey at 51.8 percent.

Other interesting tidbits, per Dealertrack Canada:

  • Average age of buyer was 43, which was second-highest on the list, next to the Ford Escape (44).
  • Nearly two-fifths (38 percent) had a trade-in with their purchase.
  • Top city for these buys was Edmonton, Alberta. 
  • Among its buyers, 60 percent are male, and 40 percent are female.
  • Average annual income was $56,409, second-highest on the list next to the Ram 1500 ($69,046)
  • Forty-four percent added an extended warranty

Here’s how the price shifts worked last month. The used 2016 Grand Caravan’s average cash price was $20,156 in July, which was up 2.6 percent from June.  All other vehicles on the list saw their prices change by less than 1 percent (be it an increase or decrease). 

The van’s 12.2-percent year-over-year price increase was also the most significant among the top 10 and the only double-digit change either direction.

The full rankings, which can be  and in the window above, are based on total volume of vehicles funded via the Dealetrack Network last month. 

 



KAR shifts 1 of ADESA Canada’s top execs to new role

CARMEL, Ind. - 

As part of the roll out of KAR Auction Services’ new operating segment — KAR Remarketing Services — one of the top executives from ADESA Canada has a new position.

As part of this organizational alignment, on Thursday Lisa Scott was named president of PAR North America, which is a U.S. provider of vehicle transition services with coast-to-coast solutions for recovery management, skip-tracing, remarketing and title services.

“It’s an exciting time to be part of KAR, and I am thrilled to take the lead at PAR North America,” Scott said. “I worked very closely with our customers at ADESA Canada, and I’ve seen and heard their needs firsthand. I look forward to collaborating with my colleagues to develop the next generation of integrated remarketing solutions.”

Prior to this role, Scott held a variety of positions at ADESA Canada, including senior vice president of sales, marketing and operations, general manager, and, most recently, chief client officer. She has also served on several industry boards, including chair of the Canadian committee of the National Auto Auction Association (NAAA) and co-chair of the Canadian chapter of the International Automotive Remarketers Alliance (IARA).

“Lisa was a visionary leader for ADESA Canada with a strong track record of creating deep customer relationships. Her 25 years of experience, broad understanding of the marketplace and her passion for our industry will continue to benefit our company and our customers,” Vignes said.

Scott takes the place at the top of PAR North America in place of Jerry Kroshus, who departed the company after nine years to become president and chief executive officer of Auto Approve, a refinance company that specializes in helping consumers find the best possible vehicle interest rates through its national network of credit unions, banks and finance companies.

Meanwhile, top company officials explained that KAR Remarketing Services is designed to align their AutoVIN, Dent Demon, High Tech Locksmiths and PAR North America businesses. Picked to serve as president of this new operating division is David Vignes.

“KAR’s goal is to provide a simplified, seamless experience across its end-to-end remarketing platform,” Vignes said. “The alignment of these businesses allows us to deliver the full range of inspection, recovery, reconditioning and repair services both in the lanes and on the road.

“We look forward to building on our successful foundation and expanding our integrated offerings to serve our diverse whole car, salvage and buyer and seller customers,” he continued.

Vignes previously served as KAR’s executive vice president of enterprise optimization, and has been promoted to the role of president of KAR Remarketing Services. In addition to his new responsibilities, Vignes will continue to oversee KAR’s enterprise safety efforts. Vignes also led the development of KAR’s “Safe T. Sam” program, which is available to all National Auto Auction Association (NAAA) members.

Top-line quarterly results

In other company news this week, KAR also reported its second quarter financial results for the period that ended June 30.

The company’s total revenue jumped 9 percent year-over-year from $788.5 million to $858.0 million.

However, KAR reported a 7-percent softening in net income, landing at $57.2 million, or $0.41 per diluted share, as compared with net income of $61.8 million, or $0.44 per diluted share, in the second quarter of 2016. Management explained Q2 net income was negatively impacted by $17.3 million, net of tax ($0.13 per diluted share, net of tax) resulting from the company's refinancing activities.

Looking at figures through the first six months of the year, KAR highlighted an 11-percent gain in revenue to $1.7246 billion as net income rose 3 percent to $126.4 million, or $0.91 per diluted share.

“KAR continues to execute well on the fundamentals of our business,” KAR chairman and chief executive officer Jim Hallett said in a statement. “Our second quarter results reflect the level of performance we expect, our ability to generate cash, and the strength of our diversified business model.”

KAR also announced a cash dividend this of $0.32 per share on the company’s common stock. The dividend is payable on Oct. 3 to stockholders of record as of the close of business on Sept. 20.



ADESA, Manheim veterans join eBlock executive team

CARY, N.C. - 

Earlier this year, Canadian online car auction eBlock brought on Jason McClenahan as chief operating officer and Brad Hart as director of commercial accounts.

McClenahan started with the company March 1 and Hart joined on April 3.

Joined by eBlock chief executive officer and president Ryan O’Connor, they talked with AuSM Canada by phone in mid-April about the changing nature of the wholesale auto industry, their goals for eBlock and more.

Goals for new positions

As COO, McClenahan aims to expand the company’s sales and operations team while also broadening the company’s Canadian presence. Eventually, the company also plans to move into the U.S.

Meanwhile, Hart will focus on the commercial side, building and working on relationships with the various players in that space.

“The unique thing about eBlock is that it isn’t just a one-size-fits-all platform,” Hart said. “There are several auction formats, and eBlock has the ability to be quite agile and to customize the platform, depending on the specific needs of the customers.

“So that really plays into the commercial side of the business. I also hope to be involved, to a certain degree, in providing input on product features and design, as well as some of the operational processes. So, just trying to support Jason and his initiatives, as well,” he said.

eBlock is also rebuilding its platform, a project that is scheduled to be completed in July. Later in the year, the company plans to launch in the U.S.

As for the rebuild, O’Connor said it’s based on customer back.

“With our current platform, we’re doubling in size. Right now, year-over-year, we’re up over 100 percent. The back was, we realized there’s other things that we needed to be able to do, more than just an auction,” O’Connor said.

“One of those is the trade appraisals, where trade appraisals are completely separate from auction cars or grounded trades. On our new platform, where if the car is running as a trade, it better have white plates on it, because we’re really focused on getting dealers good money fast for their live trades. That’s our key focus.”

The auction element of it, O’Connor said, has “been our bread and butter,” and will have enhancements with the relaunch.

Digital wholesale in Canada

Both McClenahan, who started with the company March 1, and Hart (on April 3) have deep backgrounds in Canada’s physical auction world.

McClenahan worked in management positions for ADESA auctions, while Hart held various positions with Manheim (including its vice president of operations in Canada). They also have backgrounds in the online auction space, having both worked for TradeRev.

“The physical auctions that are going to win and are going to stay around, to be honest, are going to be the ones that are complemented by the best technology,” McClenahan said.

And that’s the aim of the company. He emphasizes that eBlock is not telling dealers not to use physical auctions.

But brick-and-mortar auctions might not have the same growth rate as they did in the past, McClenahan said, and he anticipates cars will be sold through upstream, online and dealer-to-dealer channels.

“And I truly believe way more dealer trades are going to be sold at the time of live appraisal right from the retail public, as opposed to making them down to the physical auction lanes,” he said.

“And what that means for customers is, really, choice. Especially in Canada, they’ve really been pigeon-holed to a couple of providers. Having competition is good. It’s going to give customers the ability to have choice and to run their businesses more efficiently and effectively, and desk more new-car deals,” McClenahan said.

“I believe a big piece of this is building your own brand and your own reputation in your own auction, which is what you do when you host your own online auction from your dealership. And if you just go stand in the auction block every week, you’re really just building up that auction’s brand and not your own. And I believe new-car dealers need their buyer base, when they need it most at their fingertips, is when they’re desking a new-car deal.”

Increased digital appetite

Asked what’s driving the digital wholesale appetite, O’Connor said that for dealers, it’s largely about having control and possession of the physical asset and the quickness of the sale.

McClenahan points to the growth of the online auction in the past decade and the significant and growing percentage of vehicles that are now sold online. The online environment gives dealers more time at their office, more time to make decisions. And it broadens their potential wholesale buyer base, he said.

Hart points out the demographic change in the market with the younger generation: “That change in and of itself drives more to the online world,” he said.

“It’s not just the desktop anymore. It’s mobile. So all of these new applications are mobile-formatted and we, more and more, are having mobile technology in our hands, 24-7. Also, the cost efficiencies,” Hart said. 



Copart Canada snags new client Promutuel Insurance

MONTREAL - 

Copart recently announced a new agreement with Promutuel Insurance, which provides coverage across the provinces of Quebec and New Brunswick, allowing Copart Canada to better serve the Eastern Canada market and expand its footprint throughout the region.

“We are thrilled to welcome Promutuel Insurance. This agreement gives us more diversity and coverage in the Eastern Canada region and allows us to expand our offerings to our buyers,” Copart Canada managing director Steve Macaluso said in a news release.

“We provide several benefits to our insurance clients, and I’m excited for Promutuel Insurance to experience Copart Canada’s national footprint and global buyer base.”

The new agreement with Promutuel Insurance benefits both Copart Canada’s buyers and Copart’s international buyer base, according to the vehicle auction company.

Copart Canada currently operates in Edmonton, Calgary, Toronto, London, Montreal and Moncton. For more information, visit .



Impact Auto Auctions introduces search & bid mobile app

MISSISSAUGA, Ontario - 

Impact Auto Auctions, a subsidiary of Insurance Auto Auctions and a business unit of KAR Auction Services, recently launched Impact AuctionNow, a mobile app that allows buyers from across Canada and beyond to place bids both live and online.

Impact AuctionNow is compatible with iPhone, Android and tablet devices, and according to the company, it is currently granting free guest access to anyone interested in testing out the new app.

"Impact Auto Auctions is committed to continuously improving and simplifying the bidding experience," managing director of Impact Auto Auctions Terry Daniels said in a news release. "The AuctionNow mobile app allows bidders the ability to search and source specific vehicles with both speed and precision.

"This ultimately provides app users greater access, allowing them to bid from anywhere with confidence and convenience. Customer interest and response has been positive — the number of downloads has by far exceeded our expectations within the first 90 days of launch."

With Impact AuctionNow, buyers can both participate in auctions in real-time, which are simulcast live with audio and video, and monitor ongoing bidding and inventory updates straight from the app.

Additionally, users also have the ability to search for comprehensive vehicle information and view vehicle damage estimate reports on the new platform.

Impact AuctionNow can be downloaded from the Apple App Store and on Google Play.

To begin using the app, participants must first register as a guest at .



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