Schwartz to Become President of Both Manheim and AutoTrader

ATLANTA - 

AuSM learned this morning that Sandy Schwartz not only will serve as the president of Manheim, but will assume the role of president of AutoTrader Group, which includes AutoTrader.com, Kelley Blue Book and VinSolutions.

Chip Perry, who has been with AutoTrader.com since its inception in 1997, will leave the company effective May 1, according to an announcement from Cox Enterprises.

Cox said Schwartz will continue reporting to Jimmy Hayes, president and chief executive officer of Cox Enterprises.

“I’ve had the privilege of being a part of the Cox organization for nearly three decades,” Schwartz said. “I’m excited to work alongside the talented teams at AutoTrader and Manheim, as we work together to more effectively collaborate on strategy, share industry knowledge and better serve our customers in the automotive sector.”

Schwartz rose to become president of Manheim in 2011. Prior to Manheim, Schwartz served as president of Cox Media Group where he was instrumental in bringing together newspaper, television, radio, direct mail and internet operations to create a more effective organization focused on growth.

Schwartz joined Cox in 1985 and served in various roles of increasing responsibility including president of Cox Arizona Publishing, executive vice president of the Austin American-Statesman, vice president and general manager of The Atlanta Journal-Constitution, executive vice president of Cox Newspapers and vice president of business development for Cox Enterprises.

“Sandy is a proven Cox leader, and uniquely qualified to lead both of our automotive subsidiaries,” Hayes said. “I look forward to working with him as he and his teams identify opportunities to grow our business in the automotive industry space.”

Schwartz’s automotive experience includes serving as president of Cox AutoTrader, comprised of both AutoTrader.com and AutoTrader Publishing. He also has served on the board of AutoTrader.com for many years.

Perry, who served as president and CEO of AutoTrader.com, was the company’s first employee in 1997 when asked by Manheim to launch the company. Since then, AutoTrader.com has grown to become the world’s largest automotive marketplace and Perry has become widely recognized as a pioneer of the online automotive industry.

During his tenure with AutoTrader.com, Perry has overseen the evolution of the sales, marketing, product development, information technology and customer service efforts of the company.

“Chip has been a primary, strategic architect of AutoTrader’s growth and I thank him for his vision, leadership and his years of service to the company,” Hayes said. “I wish him the very best.”

Continue the conversation with AuSM on both and .



CarMax Says It's Hiring More Than 1,200

RICHMOND, Va.  - 
CarMax is looking for more than 1,200 people to fill a variety of positions with the used-car retailer throughout the country. 
The company is conducting this recruitment to meet seasonal staffing needs and to be ready for its upcoming expansion. Most of the positions are for sales and services operations (detailers and experienced technicians), but CarMax is also looking for potential employees in its purchasing and business office.
The company is offering full-time and part-time permanent posts. Moreover, there are evening-shift posts being offered in a few areas.
“At a time when unemployment continues to be a concern and people are looking for career opportunities, we are proud to offer quality jobs that provide training, development and excellent benefits at a great company to work for,” stated CarMax president and chief executive officer Tom Folliard.
“Hiring excellent people is critical to our success,” he continued.
Pam Hill, the company’s director of selection and recruitment, added: “Integrity is at the core of our business, and it's a quality we look for in all applicants.
“CarMax is also looking for candidates who are dependable, team oriented, possess strong customer service skills and who have a willingness to work the varied hours of a retail work environment,” Hill shared.
To apply, visit .
Potential applicants can also check out videos of what CarMax sales consultants have said about their time with the company at the CarMax Career page.
The company will conduct an initial review of applications then applicants for interviews.
CarMax further noted that automotive experience is necessary for the technician positions. The majority of the posts, though, don’t call for auto experience.

Hoselton Projects October SAAR Close to 12M; 4Q SAAR Likely to Hit 12.6M

CLEVELAND - 
It is likely that October’s new-vehicle sales pace will have been little bit stronger than anticipated, according to KeyBanc Capital Markets senior automotive analyst Brett Hoselton. He said the industry remains on track to reach a fourth-quarter seasonally adjusted annualized rate of 12.6 million units.
Judging by the monthly results gathered as of Wednesday, Hoselton said the new-vehicle SAAR was likely close to 12 million units for the month, compared with a pace of 11.7 million units in September and 10.4 million in October 2009.
“The SAAR appears slightly better than expectations, as in recent weeks analysts and automakers were signaling October results that were improving from the previous month and likely approaching 12 million units,” Hoselton indicated.
“Stocks have been strong over the past several weeks driven in part by strong earnings as well as anticipation of an improved SAAR, so we would not be surprised to see a sell the news reaction,” he continued.
New-vehicle sales have been steadily gaining ground, he noted, pointing out that there has been seven straight quarter of sequential new-vehicle SAAR gains (if the third quarter of 2009 — which was inflated by CARS — is taken out of the equation).
The SAAR during the third quarter of 2010 was at 11.6 million, and it is believed that rate increase during the final quarter of the year.
“As a result of this month’s SAAR, we believe that 4Q10 production schedules are likely to remain firm and going forward have increased confidence in our 2011 SAAR and production estimates of 12.6 million and 12.1 million, respectively,” Hoselton shared.

 

Toyota Files for Dismissal Saying Unintended Acceleration Class-Action Suit Doesn't Hold Water

SANTA ANA, Calif.  - 

Earlier this week, Toyota filed a Reply Brief in Support of its Motion to Dismiss the consolidated class action that the company is facing over claims of an alleged electronic defect causing unintended acceleration.

Toyota contends that no defects in its Electronic Throttle Control System have been brought to light by the plaintiffs, and the automaker further argues that several plaintiffs said they haven’t had any unintended acceleration problems.

Thus, the automaker is calling for the dismissal of the multidistrict lawsuit.

In the reply brief — which was filed in federal court in California — Toyota argues against the plaintiffs’ legal theory, which the automaker claims “defies common sense.”

In a statement, Toyota said: “According to the filing, plaintiffs would have the court permit the cases to go forward on behalf of virtually all Toyota owners with ETCS-i, while their own portrayal of unverified data alleges that, at most, only a tiny fraction of the vehicles in question have ever experienced any sign of unintended acceleration.”

Cari Dawson, an attorney for the automaker, noted: “Toyota is confident that its cars provide safe, reliable transportation and that the plaintiffs have no credible claims of loss or defect. More than a year after filing their first complaint, plaintiffs have not identified a defect and are grasping at straws to make their case.

“Although the plaintiffs have recently filed a new complaint that attempts to remedy deficiencies in their earlier claims, this new complaint offers no more support for their positions and contains a number of inaccuracies and mischaracterizations,” Dawson added.

Toyota explained that this particular filing was just to delve into the original amended complaint and argue against what it called the “various legal flaws”

The plaintiffs filed the most recently amended complaint last week, according to the automaker, which said there will be another chance for Toyota to state its case regarding that particular item.

Sharing an example of what it believes to among the “various legal flaws” in the original amended complaint, Toyota pointed to what it called “fabricated warranties” presented by the plaintiffs.

The automaker said in the statement that “rather than base their economic loss claim on Toyota’s Express Warranty located in its Warranty Manual — the place where any reasonable customer would look — plaintiffs have fabricated their own so-called ‘Express Warranties.’

“These fabricated warranties consist of random statements cobbled together from a handful of routine advertisements for various vehicle models from the past 15 years. No plaintiff even alleges to have specifically viewed any of these materials,” Toyota continued.

Toyota further emphasized that “no evidence” of ETCS-i defect that would lead to unintended acceleration has been discovered by Toyota or third parties during “exhaustive technical investigations.” Additionally, the independent examinations being conducted currently will provide more proof that Toyota's vehicles are safe, the automaker argued.

Dawson added: “Toyota looks forward to the time when plaintiffs will finally be compelled to specify exactly what is defective in Toyota’s Electronic Throttle Control System. That will have to be backed up by scientifically reliable, admissible proof of a defect as opposed to the speculative statements of counsel at the pleadings stage.”
 

Hertz Posts Another Income Jump in 3Q

PARK RIDGE, N.J. - 

Hertz Global Holdings extended its string of quarterly increases in adjusted pre-tax income to five in a row during the third quarter.

Company executives said Wednesday that their third quarter adjusted pre-tax income totaled $253.6 million. That amount constituted increase of $58.3 million or 29.9 percent from the income level the company generated in the third quarter of last year, which was $195.3 million.

Meanwhile, Hertz also mentioned its income before taxes on a GAAP basis was $158.3 million in the third quarter. Management determined that figure more than doubled the amount from the third quarter of 2009, which came in at $75.8 million.

Furthermore, the company reported corporate EBITDA for the third quarter was $437.2 million, an increase of 12.7 percent from the same period in 2009.

Executives calculated that its worldwide third-quarter revenues totaled $2.2 billion, marking a year-over-year increase of 7.1 percent.

Elsewhere, Hertz indicated that it took $15.2 million in restructuring and related charges in the third quarter. Executives explained the charges were primarily attributable to costs associated with the closure of equipment rental locations and process reengineering. The company expects the restructuring and related charges to continue to diminish throughout the remainder of 2010.

Management also determined Hertz ended the third quarter with total debt of $12.05 billion and net corporate debt of $3.78 billion. The company compared those figures with a total debt amount of $11.69 billion and net corporate debt figure of $3.64 billion as of June 30.

Officials pointed out their total debt increased primarily due to the private offering of $700 million of 7.5 percent senior notes that closed on Sept. 30 and were partly offset by a decrease in fleet debt related to seasonality.

Also, Hertz highlighted that net cash provided by operating activities was $904.7 million in the third quarter compared with $608.8 million during the year-ago period.

Hertz chairman and chief executive officer Mark Frissora offered his commentary about how the company performed.

“In the third quarter, we increased adjusted pre-tax income year-over-year for the fifth consecutive quarter and doubled GAAP pre-tax income compared with the third quarter of 2009,” Frissora began.

“These third quarter, year-over-year improvements are attributable to 11.4 percent revenue growth in U.S. car rental, our largest business, strong performance by our European car rental unit and efficiency improvements, including lower fleet costs,” he continued.

“Also, HERC generated revenue growth in the third quarter for the first time in two years, and recorded a 33.7 percent year-over-year improvement in adjusted pre-tax income as well as a corporate EBITDA margin of 40 percent,” Frissora went on to say. “Despite continued investments in our global car rental network, especially in the Advantage and U.S. off-airport businesses, we anticipate generating strong adjusted pre-tax income results for the fourth quarter.”

More Details on Vehicle Rental Activity

Executives shared that the worldwide average number of Hertz-operated vehicles for the third quarter was 487,100, an increase of 8.8 percent over the prior year period.

Hertz reported that its worldwide car rental revenues totaled $1.9 billion for the third quarter. That amount represented an 8.3-percent increase from the year-ago quarter.

Executives stated transaction days for the quarter increased 8.2 percent from the prior-year period. They added U.S. off-airport total revenues for the third quarter increased 15.8 percent and transaction days increased 10.4 percent year-over-year.

The company also mentioned third quarter rental rate revenue per transaction day edged higher by 1.1 percent over last year.

Those advances allowed Hertz to post a 19.7-percent increase in third quarter worldwide car rental adjusted pre-tax income to $309.3 million. A year ago, the company generated $258.3 million.

As a result, Hertz said it achieved an adjusted pre-tax margin, based on revenues, of 16.2 percent for the quarter versus 14.7 percent in the prior year period.

“The result was driven by increased volume and strong cost management performance,” company officials noted.

Equipment Rental Performance Update

Hertz determined its third quarter worldwide equipment rental revenues came in at $281.2 million. The amount was a 0.2-percent increase from the third quarter of last year.

As a result, Hertz’s adjusted third quarter pre-tax income for worldwide equipment rental totaled $33.7 million, marking a 33.7-percent rise the year-ago period when the company generated $25.2 million.

Executives revealed worldwide equipment rental achieved an adjusted pre-tax margin based on revenues of 12.0 percent, a 300 basis point improvement over the prior year period. Their corporate EBITDA margin based on revenues came in at 40.0 percent for the quarter.

Like on its vehicle rental business, Hertz said the gains were “primarily attributable to the effects of increased volume and cost management initiatives.”

The company shared that the average acquisition cost of rental equipment operated during the third quarter decreased by 5.0 percent year-over-year and net revenue earning equipment as of Sept. 30, was $1.68 billion, an 11.2-percent decrease from the amount as of the date last year.

Overall Outlook

Back on Oct. 20, the company announced it had reaffirmed its full-year 2010 revenue and corporate EBITDA guidance, provided on April 26. The range was $7.5 billion to $7.7 billion and $1.080 billion to $1.095 billion respectively.

Nissan Updates Dealer Progress for LEAF Rollout

FRANKLIN, Tenn. - 

Nissan North America management offered an update this week on the number of franchise dealers who have completed electric vehicle readiness training and are among the first to add EV charging infrastructure to their store operations.

As the automaker prepares for Nissan LEAF deliveries in December, company officials indicated that by the end of this week more than 40 Level 2 (240 volt) chargers will be installed at dealers. By January, the company said more than 150 dealers will have chargers installed in the targeted launch markets of California, Oregon, Washington, Arizona and Tennessee.

Nissan explained each dealer will install four charging docks: two for operational support and two in customer-access areas. The company added more than 90 percent of LEAF reservation holders located in the primary launch markets reside within 10 miles of a franchise dealer.

The OEM emphasized that all dealers who sell the LEAF first must attain zero-emission certification. Officials pointed out the certification includes extensive training, both online and in person, as well as investing in the tools and charging to support the sale and service of the LEAF.

The automaker insists approximately 20,000 U.S. consumers have reserved a LEAF since reservations opened on April 20. Brian Carolin, senior vice president of sales and marketing for Nissan North America, cheered the efforts of franchise dealers who are preparing to handle this expected sales level.

“We’re proud to have strong partners in our dealer group who, like Nissan, are investing in affordable, sustainable mobility,” Carolin declared.

“Congratulations to them for recognizing the opportunity to invest in a zero-emission future, and for providing Nissan LEAF drivers with a convenient, alternative charging point,” he continued.

The dealer charging stations are supplied by AeroVironment, Nissan’s home charging partner. 

“We are pleased to make Nissan dealers among the first in the nation to become EV-ready as we move forward building comprehensive coverage for the successful introduction of the Nissan LEAF,” stated Kristen Helsel, vice president of EV Solutions for AeroVironment.

ADESA Acquires Six Auctions & Breaks Ground on New Facility

CARMEL, Ind. - 

While also breaking ground on a brand new site, ADESA revealed a significant acquisition late Wednesday as the auction company secured six facilities from the Premier Auction Group.

Included in ADESA’s acquisition are Bay Auto Auction in Bay City, Mich.; Dealers Auto Auction of Michigan in Clare, Mich.; East Tennessee Auto Auction in Fall Branch, Tenn.; Montpelier Auto Auction in Montpelier, Ohio; Premier’s Las Vegas Auction in North Las Vegas; and Wisconsin Auto Auction in Lomira, Wis.

To strengthen the transition, ADESA executives indicated Bob Hubregsen, president of the Premier Auction Group, will serve as a vice president for ADESA.

“I look forwarding to joining the ADESA team and continuing to offer the highest level of service possible to current and new customers alike,” Hubregsen stated.

Company officials insist this acquisition of PAG’s auctions strategically complements ADESA’s dealer consignment initiative and strengthens the company’s footprint in Michigan, Tennessee, Ohio and Wisconsin.

Furthermore, they believe it also provides ADESA with the addition of a specialty sale less than two miles from the construction of the company’s new greenfield auction, ADESA Las Vegas.

Over time, ADESA pointed out these six locations will be integrated into its current infrastructure and resources. Ultimately, management said these six sites should offer the full scope of ADESA’s product and service offerings.

“The acquisition of the Premier Auction Group demonstrates our commitment to increasing our dealer consignment business and enhancing the scale of our offerings to our national consignors,” noted ADESA president and chief executive officer Tom Caruso.

“This acquisition, along with the construction of a new auction in Las Vegas, highlights ADESA’s focus on growing our position in the North American market,” Caruso added.

ADESA Breaks Ground on New Auction Facility in Las Vegas

In other breaking news coming out late Wednesday, ADESA announced that it is beginning work on a major construction project in Las Vegas with a brand-new whole car auction facility.

Named ADESA Las Vegas, officials said that the site is located just 10 miles North of the famous Las Vegas strip. It is being designed to firmly establish ADESA in the nation’s 28th largest metropolitan area.
Along with a prime location, the company emphasized this greenfield auction is expected to have full detailing capabilities, a complete reconditioning shop, body shop and mechanic shop. ADESA also mentioned all auction lanes should be equipped with digital and audio s for online auction capability and Automotive Finance Corp. is set to be located on-site.
Other customer amenities are to include a full-service cafeteria and dealer lounge equipped with online workstations for easy access to inventory on LiveBlock and DealerBlock.
ADESA is currently scheduled to begin marshalling vehicles for a major consignor at ADESA Las Vegas later this month.
Officials believe the new facility should be open for business in the spring of next year.
“The addition of ADESA Las Vegas will allow us to expand our geographic footprint in a major market that ADESA previously did not have a presence,” Caruso stated.
“This facility will enable us to enhance our offerings to both our national consignors as well as local dealers in this region,” he concluded.

Missouri AA chooses 3 homegrown managers for leadership roles

COLUMBIA, Mo. - 

A ServNet Auction Group member located in the heart of the Midwest is making sure its standing within the wholesale community remains strong as leadership changes unfold.

According to a news release delivered to AuSM on Friday, Missouri Auto Auction owners Gregg and Dagmar Boswell have announced a change in the management and ownership structure at the auction. In conjunction with the reorganization, Justin Brown assumes duties as the auction’s general manager while previous managing partner Kevin Brown leaves the company to pursue other interests. 

The Boswells also shared that as part of the transition, Cody Boswell and Candice Boswell-Bray will assume greater oversight responsibilities and play more strategic roles in the next generation of leadership at Missouri AA.

“This is an exciting time for us at Missouri Auto Auction,” Gregg Boswell said. “We wish Kevin well and appreciate his efforts over these many years in helping to build the auction. He has overseen the many physical improvements made to the facility and has been instrumental in developing vital relationships in the industry.

“His departure marks a new focus on the next generation of leadership, and we look forward to an exciting future as Cody, Candice and Justin devote their energy and skill to our business,” Gregg Boswell continued.

Justin Brown has worked for Missouri AA since 2006, beginning his career with the company as a sales representative and working for the past several years as the auction’s sales manager. Under the leadership of Gregg Boswell and Kevin Brown, Justin Brown has advanced within the company, learning all aspects of operations over the 12-year span prior to his appointment as general manager.

Justin Brown also is a recent graduate of Auction Academy.

Cody Boswell and Candice Boswell-Bray both have more than a decade of auction management experience, learning firsthand from their work at the auction and from their parents, who have been in the auction business for more than 40 years.

Also a graduate of Auction Academy, Cody Boswell is an auctioneer at Missouri AA.

“Both Cody and Candice share a depth of knowledge about the auction and the industry that will serve them well in their leadership roles as Missouri Auto Auction continues to grow,” Gregg Boswell said

“I have great confidence in Justin’s move into the senior role as general manager overseeing the day-to-day operations. This next generation in leadership will serve our auction and our customers well.” Gregg Boswell went on to say.

Missouri AA has experienced solid, continual growth since its founding 18 years ago in 2000. Today, more than 500 vehicles are offered for sale each week at a greatly enhanced and more advanced facility.

“Much of Missouri Auto Auction’s success can be attributed to a supportive employee culture and belief in promoting from within,” Justin Brown said.

“Our staff has always been and will continue to be the distinguishing factor that sets Missouri Auto Auction apart, playing a pivotal role in building the lasting relationships that contribute to our ultimate success,” he added.

Missouri AA holds a consignment sale every Friday at 9 a.m., with monthly vehicle and equipment sales for the government, businesses and dealers that are open to the public. Missouri AA operates within the Auction EDGE technology system, which can deliver live online auction lane bidding, market reports of auction sales results and available inventory from auto auction affiliates nationwide.

Diminished incentives push Swapalease.com Q2 search activity

CINCINNATI - 

Perhaps at least for a trio of nameplates, consumers are finding more attractive vehicle lease options via Swapalease.com than what franchised dealerships are presenting from captive finance companies.

According to its second quarter report, Swapalease.com indicated search traffic for three OEMs that book a significant volume of leases — Mercedes-Benz, Volkswagen and Toyota — jumped year-over-year by at least 20 percent.

Compared to the second quarter a year ago, Mercedes-Benz search traffic is up 29 percent, while Volkswagen is up 23 percent. And for Toyota, the jump is even higher at 35 percent.

Swapalease.com attributed much of this growth to an influx of shoppers seeking alternate options for lease deals since many OEMs have lowered incentives on new lease offerings.

“As a result, more consumers are searching to take over an existing lease deal through the Swapalease.com marketplace,” site official said.

Looking on a sequential comparison, the search-activity increases weren’t quite as dramatic. Swapalease.com reported that Infiniti led the way with a 9-percent rise in searches from Q1 to Q2. Other notable rises included Buick (up 6 percent), Volkswagen (up 6 percent) and Hyundai (up 5 percent).

Taking a search-activity tumble quarter-over-quarter by 13 percent included GMC, Lexus and Subaru.

BMW continues to lead all brands in total overall share of traffic on Swapalease.com, with 11 percent share of all activity. Mercedes-Benz is next with 8 percent, followed by Audi at 3 percent.

Lexus, which sustained that double-digit drop from the previous quarter, also saw its total overall share of traffic on the site fall to 2 percent, down from 3 percent the previous quarter.

Site officials added that several brands continue to see total overall search traffic metrics of less than 1 percent. That group includes badges such as Chrysler, Ram and Nissan.

Switching from what brand consumers are searching to what they’re paying, Swapalease.com indicated the average lease payment in the second quarter registered at $487.51 per month, down from $495.83 in the first quarter.

The report went on to mention the average months remaining on a contract rose during Q2 to 28.8, an indication that people are looking to escape their leases earlier in their contracts.

Conversely, the average miles remaining dropped slightly to 22,617 left in the contract, which shows people are driving more while they have their lease; perhaps due to the continued low price of fuel.

Swapalease.com added the average incentive offered to escape an existing lease fell slightly to $601.91, which is reflective of the rise of search traffic and the increased demand for lease takeover.

Swapalease.com executive vice president Scot Hall pointed out that sellers are finding more buying activity on the site and are less likely to offer a hefty incentive to escape their contract.

“As the trends show, leasing remains popular as an alternate form of finance, and shoppers will continue to seek the right deal that fits their automotive needs whether that’s on the showroom floor or through the secondary market where there is greater term flexibility,” Hall said.

Hall added that most people continue to lease an SUV (23.7 of deals), up noticeably from 19.5 percent during the first quarter. Conversely, midsize car drivers fell to 12.3 percent in Q2, down from 13.3 percent. The number of drivers with sports cars decreased, too, falling to 4.7 percent from 7.7 percent a year earlier.

What’s more, even though popular truck models are some of today’s best-selling vehicles at the dealership, Swapalease.com found only 3.5 percent of people say they’re leasing one, down from 4.2 percent in the first quarter.

The entire Q2 report from Swapalease.com .

Chicagoland startup mimics dealership elements to facilitate private-party sales

CHICAGO - 

A Chicagoland startup is looking to deliver many of the amenities and processes that happen at a dealership but as a platform so consumers can facilitate private sales.

Peer-to-peer marketplace provider Swap Motors this week opened its first Swap Center, a place designed to give consumers a safe location to independently manage all aspects of buying and selling a vehicle themselves.

Located at 4850 Main St. in Skokie, Ill., the Swap Center is the company’s first retail location and evolution of the online platform it launched in 2016. Swap Motors plans to open as many as five locations in Chicagoland in the coming year.

“We started Swap Motors to take the hassle and fear out of selling a used car. Opening Swap Centers is a big part of that mission and what sets Swap Motors apart from other options to buy and sell used cars,” said Alex Johnson, chief executive officer and co-founder of Swap Motors.

“Consumers often forgo the savings of selling their car themselves, because they are overwhelmed by the process and have safety concerns when it comes to transacting with strangers,” Johnson continued. “Through our new Swap Center, we are excited to provide a safe alternative where consumers can confidently manage the entire process and keep more money in their pocket.”

The new location is a model for future retail outlets to provide an extension of the services Swap Motors delivers online including:

• Quick drive-in evaluations for sellers: Consumers interested in selling their vehicle can visit the Swap Center for a multipoint car evaluation to set a fair listing vehicle price.  

• Vehicle listing service: Swap Motors can create a professional quality digital listing with high-definition vehicle photos and videos that will be posted on Swap Motors website and numerous online classified sites to attract buyers. 

• Safe test-drive locations: Sellers and buyers can safely meet at the Swap Center for test-drives, making parking lot meetups a thing of the past.

• Simple way to close the deal: Buyers and sellers can avoid the confusion of where, when and how to complete the transaction by simply scheduling a time to close the deal at a Swap Center.

• End-to-end assistance: Swap Motors’ team of specialists can guide both sellers and buyers through the paperwork, title transfer and payment process. Swap Motors also assists buyers with financing, insurance and extended warranties.

“While online technology plays a core role in our product, the addition of retail locations where car shoppers can physically kick the tires and complete a sale is key to our model,” said Sanjay Patel, co-founder and head of product and technology.

“Unlike traditional online classifieds, we are giving buyers and sellers the tools and support they need to complete the sales process,” Patel continued. “We are putting all the conveniences of a car dealership directly in their hands without the used-car salesman.”

More information about Swap Motors can be found at .