Copart recently updated and released the newest version of Copart Mobile for Android. Officials highlighted the updated mobile app can give buyers the ability to search for vehicles and attend Copart’s patented live auctions wherever they are — a crucial feature for busy dealers, dismantlers and others who bid for vehicles daily while running their businesses.
With this new, more powerful version, Copart explained members can register, bid and add items to their Watchlist straight from their mobile device, saving valuable time. The company insisted the clean, new look of Copart Mobile combines an easy-to-use interface with full-screen vehicle images and an innovative live auction bidding experience.
“The adoption rates for Copart Mobile have exceeded our expectations and continue to improve with each new release. We’ve seen downloads come from 76 countries,” Copart chief executive officer Jay Adair said.
“Over 90 percent of users who download our Copart Mobile app for Android or iOS use it at least every three days, many using it daily,” Adair continued. “It’s important we continue to give members the advantage of buying anywhere, at any moment.”
With a growing demand for mobile access to auctions, Copart expects its large domestic and international member base to benefit from the updated Android app. Copart Mobile can allow members to bid and win from virtually anywhere in the world.
“The mobile interface is phenomenal,” Adair said. “It’s so intuitive and gives members the power of our online platform at their fingertips. This experience will be hard to beat.”
Copart Mobile is available for download in Android’s Google Play Store and Apple’s App Store.
To learn more about Copart’s mobile app, visit www.copart.com/mobile.
Used-car dealers won’t have to worry about a federal requirement of bearing the burden of fixing recalls before being allowed to resell used vehicles. At least, for now.
This is in light of a Senate Committee on Commerce, Science, and Transportation mark-up meeting on Wednesday that voted on several legislative actions attempting to alter operations in various areas of the United States’ transportation sector, including highway, rail and port-related issues.
While many areas of transportation in the U.S. will be affected, the key takeaways for used-car dealers are as follows.
The committee passed S. 1732, a multi-year transportation bill including multiple amendments that the committee says offers critical regulatory and consumer protection reforms. As we reported a few days ago, the Republican-driven bill will directly affect franchised dealers and car rental companies by requiring them to provide consumers with notification of open safety recalls.
The Democratic amendment proposed by senators Ed Markey (Massachusetts), Bill Nelson (Florida) and Richard Blumenthal (Connecticut) that would require used-car dealers to repair recalled vehicles prior to their resale was shot down by the committee.
That same amendment would have also required dealers to check for and fix safety defects subject to open recalls, with customer permission, when such vehicles were taken in for routine maintenance. Per the specific wording of the amendment, the auctioning of used-vehicles would be exempt from repair requirements.
Sen. John Thune, the Republican senator from South Dakota and chairman of the committee that sponsored the bill that passed showed his hesitations toward the Democrat-sponsored amendment that would specifically require used-vehicles to be repaired prior to their sale by a dealer.
“Just let me say in response that requiring used-car dealers to remedy any open recall prior to sale could have unintended consequences, negative consequences, for consumers in the used-car market,” Thune said. “Cars would sit on used-car lots for potentially long stretches of time before the used-car dealers could get them repaired as used-car dealers would not be a recall-repair priority for franchised dealers.
“Used-car dealers would also likely be reluctant to accept trade-ins or otherwise purchase cars from consumers with open recalls even from minor defects because they would have to repair the car before it could be resold. I appreciate the intent of this amendment, and I’m open to continuing to work on the issue, but I don’t think we have addressed the potential implementation issues so I’m going to vote no at this time and would urge my colleagues to do the same.”
Washington-state Democrat Sen. Maria Cantwell spoke in defense of the legislation, bringing into the conversation the lives that have been lost due to used vehicles sold with unrepaired recalls.
“New-car dealers cannot sell vehicles under recall, but used-car dealers can,” Cantwell said. “So this presents a real danger to the public. In fact, several individuals who died from exploding Takata airbags purchased used cars that hadn’t been fixed. So consumer safety requires corporate accountability — this would also have accountability from third-party vendors, and I think this amendment would help achieve that.”
At the closing of the mark-up session, Blumenthal addressed Thune and lightly expressed his dissatisfaction with the speed of the processes involved with various issues related to the various amendments he tried to get passed.
“Thanks Mr. Chairman. I want to join in thanking for adopting the measures that you did and express the hope that we can reach agreement on some more,” Blumenthal said. “I think that there is always a tendency to articulate what happens here as overly simplistic terms. Essentially I think that we’ve taken some steps, they strike me as baby steps, in the right directions when we should be making giant strides given the absolutely gut-wrenching, heartbreaking stories we’ve heard in this very room about the real-life consequences of safety lapses and gaps in our present laws. I’m hoping we can correct some of them. Thank you.”
In updating a move the company first discussed this past Tuesday, Copart announced the final results of its modified “Dutch Auction” tender offer three days later.
Based on the final count by the depositary for the tender offer, Copart accepted for payment an aggregate of 6,254,061 shares of its common stock at a purchase price of $36 per share for a total value of $225.1 million. The company noted these shares represent approximately 4.9 percent of the shares issued and outstanding.
“The depositary will promptly pay for the shares accepted for purchase,” Copart officials said.
Copart explained the self-tender offer was made pursuant to an offer to purchase and letter of transmittal, each dated June 4, in which the company offered to purchase up to 13,888,888 shares at a price not greater than $36 per share and not less than $34.75 per share. Those documents were filed with the Securities and Exchange Commission on June 4 and amended on June 24 and July 7.
The information agent is Georgeson and the depositary is Computershare Trust Co.
For questions and information regarding the tender offer, call the information agent at (800) 932-9864.
Auto Remarketing has learned that General Motors and GM Financial are consolidating their remarketing organizations in the U.S. under the GM Financial brand.
GM Financial sent an overview of the consolidation to Auto Remarketing on Wednesday, in which it explained the alignment in great detail. GM Financial will continue to sell vehicles at Manheim, ADESA and independent auctions, as well as through the GMFDealerSource.com online channel.
The latter is a platform built exclusively for GM dealers where they can track upcoming maturities, get payoff quotes, ground returning cars and buy off-lease units.
The company will have closed, open and open online sales; there will be 33 closed sales locations where GM franchised buyers can make purchases.
Sale dates and locations can be found at auctions.gmfinancial.com and gmonlineauctions.com.
As far the reasons for the change, the overview notes that consolidating their remarketing organizations “allows us to better serve dealers with consistent inventory and more volume at auctions across the country.”
It also pointed out: “Unified operations and marketing efforts under one brand will create operational and cost efficiencies for both companies and will enhance the ease of doing business for our dealers and auction partners.”
GM Financial assumed the responsibility for both organization’s remarketing sales operations on July 1, which are led by Dan Heinrich, senior vice president of remarketing solutions at GM Financial, the company said. Brad Bollman, who is GM Financial’s vice president of remarketing solutions, will continue to report to Heinrich and will assume responsibilities for all realigned auctions
They added that GM Remarketing retains the responsibility for the rental account relationships, distribution centers, and administrative functions; these report to Jennifer Costabile, who is the general director of rental sales, marketing, advertising and used-vehicle activities at General Motors. Dan Kennedy will continue to report to Costabile.
July 1 was the effective date for all changes with auction locations and reporting structures, the company noted.
“GM Remarketing and GM Financial Remarketing were operating as separate organizations and, as such, had a large footprint of participating auctions across the country with varied vehicle offerings, different marketing efforts and individual operating procedures,” said Heinrich.
“By combining GM Remarketing and GM Financial Remarketing, we’re able to consolidate our auction footprint while providing more vehicles at each auction, increasing operational efficiency by aligning our platforms and standards, and offering consistent vehicles to our dealers,” he added. “Ultimately, we’re offering dealers a unified and simpler buying experience supported by even better inventory.”
The overview also explains how this move will impact dealers, listing these benefits:
- Consolidating to fewer auction locations will create a broader offering of year, make and model mix for dealers.
- Working with one company under one unified brand simplifies the buying experience for dealers.
- It allows for continued and consistent quality standards on vehicles.
Additionally, the overview mentions these overall benefits to consolidation:
- Consolidating the number of auctions, thus aggregating inventory, allows for more vehicles at each auction.
- Consolidating the number of auctions improves multiple efficiencies for GM and GM Financial.
- Consolidating operations eliminates redundancy
- Centralized marketing efforts allow us to target the right buyers for the right vehicles and enhance collaboration with auction partners with a focus on dealer satisfaction.
- Presents a single message to auction partners and allows for continued quality standards.
- Leveraging GM Financial’s existing sales teams will improve dealer engagement at auctions.
Costabile added: “To better serve our GM dealers, General Motors and GM Financial are taking a 'One Company' approach to remarketing GM-branded vehicles.
“With GM and GM Financial joining forces, we will provide our dealers with an outstanding remarketing experience. This strategic move will provide operational efficiencies, improved dealer inventories and increased strengthening of the GM and GM Financial brands,” she added.
Bollman, noted: “The GM Financial and GM Remarketing teams have been working together over the past several years and recognized the opportunity to align operations and improve overall remarketing operations.
“We’re proud of the GM Financial brand and are excited to continue building visibility for both ourselves and GM. GM and GM Financial have each brought our strengths to the table, and by combining GM company car and rental vehicles with GM Financial’s vehicles in similar sales environments, we will provide a more balanced dealer experience and continue to strengthen the GM Financial brand,” he added.
Stacey Petras, assistant vice president of remarketing solutions, at GM Financial said: “We’re really excited about this influx of inventory on GMF DealerSource because of the purchasing opportunities it will provide dealers. Currently, GMF DealerSource offers a limited amount of vehicles available for purchase, and they’re regionally concentrated in the Northeast.
“A dealer in Texas wanting to purchase from GMF DealerSource has a difficult time sourcing inventory, especially if he or she doesn’t want to pay vehicle transportation costs. Later this year, the volume of vehicles on the site will jump from hundreds to thousands,” Petras added. “Adding GM’s company and rental vehicles to the site will increase buyer traffic and bidding activity. It’s going to be a big opportunity for GM Financial and GM dealers.”
Manheim New York was one of 18 organizations recognized by the Light Energy Efficiency in Parking (LEEP) Campaign for its efficient lighting.
The Manheim location was awarded the “Highest Absolute Annual Savings in a Retrofit at a Single Parking Area” award. The location honored replaced its medium and high-wattage metal halide fixtures with LED fixtures, reducing its energy consumption by 1,761,687 kilowatt-hours (kWh), a nearly 70 percent energy savings.
“We’re honored to be recognized with this award,” said Mark Pester, Manheim New York’s general manager. “The LED retrofit project has had a positive impact on our facility, not only by significantly reducing our energy consumption, but also improving the lighting quality. We’re proud of our contribution to Cox’s sustainability initiatives, and hope that the success we’ve achieved influences other businesses to consider more efficient lighting alternatives in their facilities.”
Manheim Pennsylvania was the recipient of a LEEP award in 2014. As a part of Cox Enterprises, the Manheim locations participate in Cox Conserves, the company’s national sustainability program that aims at sending zero waste to landfills by 2024 and becoming carbon and water neutral by 2044.
To put the savings in perspective, the 18 recipients of the 2015 LEEP awards along with the 12 winners in 2014 have saved nearly 30 million kWh and $3 million per year by upgrading to higher efficiency lighting in over 200,000 parking spaces nationwide.
“It might only take one person to change a light bulb, but it took dedicated efforts by the many thoughtful leaders of LEEP award winners to demonstrate how much can be gained through advanced, cost effective lighting technologies in parking lots and garages,” said David Danielson, the assistant secretary for energy efficiency and renewable energy at the U.S. Department of Energy. “These innovative solutions also enhance safety and improve working conditions for customers, tenants and employees.”
More information about LEEP can be found here.
In other auction-related news, Copart has begun taking entries for its second annual Copart Rebuild Challenge, a contest designed for car enthusiasts and automotive rebuilders to show how they restored, customized or rebuilt a vehicle.
The contest began taking submissions on Monday and will be open through July 27 here.
“We’re excited to bring the Copart Rebuild Challenge back,” said Michelle Hoffman, the company’s senior director of marketing. “There were so many amazing entries that came in last year, and we are ready to see what our talented Members will show us in 2015.”
After the entry period ends, an expert panel from Copart will judge the entries and choose up to 10 finalists, who will then enter a voting stage open to the public to determine the top three. First place will receive $2,000, second place $500 and third will receive a one-year Copart Premier Membership or $200 if the participant already has a membership.
The TPC Management Co.’s continuing education program for auction professionals, Auction Academy, has hosted two successful classes in the first half of the year and has two more scheduled in the next two months.
The program, designed to enhance essential skills sets, promote best practices and yield better auction performance, will host a session for “Class 4” in Spokane, Wash., next week (Monday through Thursday). The fourth class of the year will be hosted by DAA Northwest in conjunction with its 20th Anniversary Rock & Roll Sale.
Meanwhile, a session for Class 3 will be hosted August 27 through August 29 at Brasher’s Salt Lake Auto Auction.
TPC recently wrapped up hosting both the Class 3 and Class 4 groups jointly in the Baltimore area at the end of April, beginning with presentations by Todd August of Avis/Budget Remarketing and Frank Hackett, the chief exetcutive officer of the National Auto Auction Association. The group then traveled to the NADA headquarters in McLean, Va., for a version of the NADA Dealer Academy before being hosted to dinner by BSC America executives and Bel Air Auto Auction staff members in Annapolis, Md.
David Pendergraft of DAA Northwest reflected on his experience at the combined session as a member of the Auction Academy’s Class 4 group.
“The training offered by Auction Academy is a tremendous benefit to anyone who wants to expand their knowledge and understanding of the auto auction business, whether they’re new to the industry or a seasoned veteran,” Pendergraft said. “No other program provides the opportunity to intimately learn from our industry’s key executives, offer in-depth operational walkthroughs with auction pioneers like Mr. Ray Nichols, or help build lifetime connections with other auction leaders. The value of the education Auction Academy provides is priceless, to both the individuals undergoing the training and by extension the companies for which they work.”
Auction Academy also plans to introduce a shorter, more intense Seminar Series to focus on a specific discipline related to remarketing and the auction industry. The first of these events, titled as Digital Managers Session, is scheduled for July 27 and 28 in Chicago.
“We had been discussing for some time the need in our industry for shorter, more focused sessions that bring together managers from specific disciplines, in contrast to the regular two-year Academy program which takes a broader approach, covering many topics and areas,” said Pierre Pons, the program’s chief executive officer. “The response to this initial Digital Managers Session has been overwhelming; not only did the session quickly sell out, but now stands at 30 percent more participants than we had originally anticipated. I look forward to the interaction of representatives from some 30 independent auctions on this session’s very timely focus to internet remarketing and its impact on our industry.”
For more information on Auction Academy, visit its site here.
On Tuesday, Copart reported the preliminary results of its modified “Dutch Auction” tender offer, which expired at 5 p.m. ET on Monday.
Based on the preliminary count by the depositary for the tender offer, Copart said it expects to accept for payment an aggregate of 6,262,579 shares of its common stock at a purchase price of $36 per share. The company indicated these shares represent approximately 4.9 percent of the shares issued and outstanding.
Based on the preliminary count by the depositary for the tender offer, the company also noted an aggregate of 6,262,579 shares were properly tendered and not withdrawn at or below a price of $36, including 787,325 shares that were tendered through notice of guaranteed delivery.
“The number of shares to be purchased and the price per share are preliminary,” Copart officials said. “The determination of the final number of shares to be purchased and the final price per share is subject to confirmation by the depositary of the proper delivery of the shares validly tendered and not withdrawn.
“The actual number of shares validly tendered and not withdrawn and the final price per share will be announced following the completion of the confirmation process,” they continued. “Payment for the shares accepted for purchase will occur promptly thereafter. Payment for shares will be made in cash, without interest.
Copart mentioned the self-tender offer was made pursuant to an offer to purchase and letter of transmittal, each dated June 4, in which the company offered to purchase up to 13,888,888 shares at a price not greater than $36 per share and not less than $34.75 per share. Those documents were filed with the Securities and Exchange Commission on June 4 and as amended on June 24.
The information agent is Georgeson and the depositary is Computershare Trust Co.
For questions and information regarding the tender offer, call the information agent at (800) 932-9864.
Dealer’s Auto Auction Huntsville announced recently that it raised over $25,000 during its 11th anniversary sale to benefit The Boys & Girls Club of North Alabama.
The annual event held at the end of June featured a cookout, live music and prizes while being attended by local dignitaries, civic leaders as well as dealers from across the southeast of the U.S.
Roger Fields, the auction’s general manager, commented on the success of the fundraiser.
“For the past several years, we have used this special event to give back to some very deserving charities that impact our community,” Fields said. “2015 is our biggest year to date, and it’s because our dealers and our staff care about more than just selling vehicles.”
The donation was drawn from a combination of auction fees and donations from partnering dealers and the companies that fall under the City Enterprises umbrella, the auction’s parent company.
“The fact that these auction partners were willing to support us locally speaks volumes about DAA of Huntsville,” said Beth Wheeler Morring, the director of resource development for The Boys & Girls Club of North Alabama. “Because of their overwhelming generosity and support, the lives of the children in our community will truly be changed.”
To learn more about the DAA family of auctions, visit its site here.
Auction Broadcasting Co. announced the purchase of its eighth auction facility on Friday. Broadening its presence in the Southeast that already includes auctions in Louisiana, Alabama and Kentucky, ABC Auto Auctions bought Tidewater Auto Auction in Virginia Beach, Va.
In a message to Auto Remarketing, ABC president Jason Hockett indicated the name of this new addition will be changed to ABC Virginia.
“Tidewater Auto Auction has been on our radar for a long time,” Hockett said. “My brother, Mike Hockett Jr., started Tidewater Auto Auction in October 1996. In 2011, Mike built a brand new 72 acre location in Virginia Beach with eight auction lanes.
“The auction is located in a great location to strategically facilitate vehicles for dealers as well as finance and leasing companies,” Jason Hockett continued.
ABC Virginia will host a dealer-only auction each Wednesday beginning at 10 a.m. as well as a public sale each Saturday starting at 10 a.m.
The company highlighted ABC Virginia will be managed by industry veteran Jason Brinkley.
“Jason Brinkley ran Tidewater Auto Auction from 1997 to 2001,” Jason Hockett said. “Brinkley also helped ABC with its greenfield start up locations in St. Louis and Lancaster, Pa.
“He and his family are excited with the opportunity of going home to Virginia,” Jason Hockett went on to say.
Mike Hockett Jr. expressed his reaction to the facility now becoming a part of the ABC Auction family.
“I brought the auction as far as I felt I could as an independent,” he said. “I knew that if the auction was to do better, it would need a name connected with a larger client base. ABC was a natural choice with an excellent management team.
"My father and brothers have built a formidable national auction group that I feel will push ABC Virginia to the potential it was built for,” Mike Hockett Jr. continued. “Having Jason Brinkley as a known entity to the dealer base is a fantastic choice. The dealers love him and the employees respect him. I could not be happier.”
Along with the facilities in St. Louis and Lancaster, Pa., Auction Broadcasting Co. also has operations in Baton Rouge, La., Birmingham, Ala., Bowling Green, Ky., Cincinnati and Detroit/Toledo Ohio.
Check the time and the status of salvage vehicles. That’s what Insurance Auto Auctions is offering as the company recently launched the IAA Buyer Watch App, an application customized for the Apple Watch.
Officials highlighted the app can enable buyers to view the status of their vehicles in the bidding process through notifications on their wrists.
Through what the company believes is the first app of its kind to be adapted for wearable technology, the IAA Buyer Watch App can give buyers a quick graphical view of the status of their vehicles during the watch and pre-bid portions of the bidding process without having to use their mobile phones.
"IAA is proud to be the first to market for smart wearable device technology in the salvage industry,” Insurance Auto Auctions chief executive officer and president John Kett said.
“We have built a culture that encourages the development of innovation at an accelerated pace to be responsive to our buyers’ needs,” Kett continued. “IAA’s speed of delivery continues to improve as a result of our teams embracing agility as a philosophy, allowing us to stay ahead of the digital transformation in the business.”
In addition to offering what the company contends is the best-in-class buyer experience for customers, Kett pointed out the IAA Buyer Watch App adds a critical element of time saving for buyers. The watch interface can shows buyers a summary of their watch/pre-bid vehicles and the total vehicles on their lists that are at auction on that particular day.
The IAA Buyer Watch App is free for download from the Apple Watch App Store.
A demonstration of the IAA Buyer Watch App can be seen in the above video.
