Auto Remarketing is recognizing the 2022 Women in Remarketing honorees in the May issue of the magazine, and will be posting Q&As with each of these outstanding leaders on the website.

Next up is Amber Powell, senior automotive analyst at Black Book.

Auto Remarketing: What is the top trend you're watching in remarketing/wholesale automotive this year?

Amber Powell: The top trend that I have been watching centers around the electric vehicle space. Electric vehicles are beginning to transform the automotive market, much in the way that smartphones revolutionized the way we communicate. There are numerous domestic startup companies preparing to enter the market while manufacturers from other countries are looking to bring their popular models to the US, and legacy companies are pulling out all the stops to successfully transition from traditional ICE vehicles to EVs.

At the same time, companies and agencies are planning for increased infrastructure and both federal and state governments are adding incentives for light duty passenger and commercial vehicles. Technology advancement research emerges frequently around different types of EV batteries, especially as necessary resources become scarcer. The second life of used EV batteries has become an important topic of conversation when thinking about corporate social responsibility and creating sustainable supply chains; manufacturers are diligently working towards collaborations with environmental agencies and energy storage companies to find the right fit.

EVs affect all areas of the automotive market — from manufacturers, transportation, dealerships, auctions, and ultimately consumers. It will be interesting to see who wins the market in 10 or 15 years.

AR: How has technology/innovation impacted your specific area of remarketing/wholesale the most?

Powell: Most recently, technology has been instrumental during the pandemic as a large majority of the general public transitioned to remote working and living. Now, consumers can buy a vehicle literally from their couch including trade-in valuations, financing options and new vehicle delivery.

There have been more consumer protections put in place, including buy-back guarantees and longer test drives, which have been heavily advertised and seem to be eff ective. In the same aspect, dealers and other buyers have similar protections when purchasing used vehicles from upstream platforms and auction lanes. Nearly all transactions relating to a vehicle can be done essentially virtual, so what does this mean for brick-and-mortar stores? Will they need to transition too, or will a sub-set of the population still appreciate the ability to physically see and test drive vehicles before purchase?

While I definitely feel like there is still great value in physical stores, these technological advancements have been positive overall. Dealers and customers aren’t missing out on purchasing their ideal vehicle simply because of location and a more inclusive purchasing environment has been created. Only time will tell if these changes are here to stay.

AR: What piece of career advice would you have for someone new to the industry?

Powell: The advice that I would give for someone new to the industry is to learn as much as you can and don’t be afraid to take calculated risks. There are so many moving pieces in the automotive industry — from manufacturing, financing, transportation, marketing, and sales operations to remarketing, model mix, residuals, incentive spend, lease and rental pen rates.

The way things are done are tried and true, and changing any input can have signifi cant impacts on other parts of the business. When you understand those relationships, then you can try new things. The possibilities really are endless.

The automotive industry as a whole is changing, but knowledge and understanding will always be valuable.

AR: What is your proudest moment/accomplishment, career-wise?

Powell: My proudest accomplishment to date career-wise has been becoming part of the Black Book team. It is a nice cherry on top of my career path so far — I didn’t know when I took a job at a dealership 14 years ago that that decision would lead me to have opportunities to then sell auto insurance for AAA, reconcile sales at an IAA auto auction, appraise vehicles as an auto damage adjuster for GEICO, manage insurance programs at body shops, and develop skillsets at Mercedes’ US headquarters.

Being a part of Black Book is the culmination of all my dedication and experience and I feel extremely fortunate to now have this opportunity to continue developing professionally with a tremendously supportive leadership team on tasks and projects that I am passionate about including wholesale values, comprehensive go-to-market strategies, equipment optimization studies, and EV market analysis, among others for lenders, dealers, and manufacturers, in addition to in-house innovative process improvements and Diversity, Equity, and Inclusion initiatives. Every day is exciting, and I feel like I am where I am supposed to be.