Congratulations to the recipients of this year's Auto Remarketing’s Best Auctions to Work For program, presented by CARS Recon.
The program is a free workplace study for the auto-auction industry that recognizes the best auto auctions to work for on an unranked basis. It is designed and intended for individual physical auction locations — and for the first time, digital auctions, as well.
Digital auction honorees are designated as such.
It is absolutely free for both physical and digital auctions to participate.
Winners are recognized in the Sept. 15 edition of of Auto Remarketing and at a Nov. 15 breakfast during the National Remarketing Conference + NAAA Convention segment of Used Car Week, which is being held Nov. 12-16 at the Westin Kierland Resort & Spa in Scottsdale, Ariz.
Here are this year’s honorees, listed alphabetically:
ACV Auctions
Auctions in Motion
Auto Auction of New England
DAA of Chattanooga
DAA of Huntsville
DAA of Mobile
DAA of Murfreesboro
Louisiana’s 1st Choice Auto Auction
Manheim Arizona
Manheim Dallas-Fort Worth
Manheim Darlington
Manheim El Paso
Manheim Fort Myers
Manheim Fredericksburg
Manheim Hawaii
Manheim Keystone
Manheim Lakeland
Manheim Louisville
Manheim Mississippi
Manheim Nashville
Manheim New Mexico
Manheim New Orleans
Manheim Orlando
Manheim Pensacola
Manheim Philadelphia
Manheim Portland
Manheim San Antonio
Manheim St. Pete
Manheim Texas Hobby
Music City Auto Auction of Nashville
OVE
San Antonio Auto Auction
RMS Automotive
TradeRev
“Auto Remarketing is very proud to lead the effort in identifying and celebrating these great work environments and cultures,” said Auto Remarketing group publisher Bill Zadeits. “We congratulate all the auctions that participated and those that were honored in this year’s study.”
More about the ‘Best Auto Auctions’ program
Auto Remarketing, teaming with the Best Companies Group (BCG) in Pennsylvania, underwrites the study. The study is managed by BCG, and the data is analyzed 100 percent by the staff at BCG. Best Companies Group directly administers all surveys and manages and analyzes all data and information that is gathered.
The Best Companies Group assesses the data from the group of auctions choosing to participate and develops metrics and standards based on that data to determine which auctions are named to the list of Best Auto Auctions to Work For.
The Q&A pieces in the special section were put together by Auto Remarketing, which also gathered photos provided by the honored auctions. This is the third year of Best Auto Auctions to Work For.
To see those who won in either 2016 and/or 2017, see the listing of all-time winners here.
We encourage all auto auctions, physical and online, to take advantage of this great workplace study opportunity and participate in 2019.
Stay tuned early next year, when we open up registration for the 2019 project.
Thank you to all who participated this year, and congratulations to those recognized in this year’s study!
Editor’s Note: KAR Auction Services, the parent company of the ADESA physical auction chain and the TradeRev digital auction, did not participate in the physical auction side of the Best Auto Auctions to Work For study this year. It did, however, participate on the digital auction side. To see the company’s ADESA physical auctions that earned recognition in the past, please see the All-Time Winners portion.
Slightly modifying the famous Mark Twain line in light of how popular utilities are nowadays, Black Book’s latest information showed rumors about how the death of compact cars has been greatly exaggerated.
As a part of this week’s Market Insights report, Black Book reiterated that the three-year retention rates on compact cars have staged a remarkable turnaround in 2018 compared with the last few years. Editors indicated current three-year retention is averaging 43.0 percent versus 39.6 percent just one year ago, with much of this strength attributed to the strong economy and great value on smaller cars currently.
Compact cars are helping to keep the wholesale market steady, according to Black Book.
“Mainstream brand segment values remained stable last week, whereas luxury segments continued to experience negative changes in values,” said Anil Goyal, executive vice president, operations at Black Book.
Looking at volume-weighted information, Black Book reported that overall car segment values increased by just 0.02 percent last week. In comparison, the values had decreased at an average rate of just 0.01 percent per week during the previous four weeks.
Among car segments, editors noticed values of luxury cars (0.29 percent or $54) and prestige luxury car (down 0.20 percent or $68) decreased the most last week.
Again, analyzing volume-weighted data, Black Book determined overall truck segment values (including pickups, SUVs and vans) softened by just 0.09 percent last week. In comparison, the values had dipped by an average rate of 0.10 percent per week during the previous four weeks.
Within truck segments, editors found that values of full-size luxury crossover/SUV (down 0.54 percent or $171) and midsize luxury crossover/SUV (down 0.27 percent or $55) softened the most.
Whether or not it’s a compact car rolling over the block, Black Book representatives stationed at almost 60 sales nationwide spotted brisk activity in the lanes. The anecdotes observers shared covered nearly the entire country, including:
— From Florida: “The rental and off-lease lanes were selling well. Most of the older vehicle lanes struggled due to the poor condition of the units.”
— From Arizona: “The market is still good here as dealers are buying and paying strong prices to obtain inventory.”
— From Massachusetts: “This was the first sale in a long time where the dealer, captive and fleet/lease consignors saw the values and overall activity drop.”
— From Michigan: “Anything really nice with low miles will fetch top dollar whether it is a truck, SUV or passenger car.”
— From Missouri: “It was a good sale early as they sold almost everything. The no-sales became prevalent toward the end of the sale.”
To meet increasing buyer and seller demand in Germany, Copart has established a second location in Germany that is located near the city of Leipzig.
The company announced Monday that its second location in Germany can store up to 4,500 vehicles and will hold bi-weekly auctions on Thursdays at noon.
“We are proud to open our second location in Germany,” Copart Germany managing director Alain Van Munster said in a news release. “With our proximity to Leipzig, we are able to more efficiently serve a substantial portion of the German market.
Our location is also closer to our members in Poland and Eastern Europe, who represent an important buyer base for our vehicles," Van Munster continued.
Copart subsidiary opens new Wisconsin facility
Meanwhile, another addition to Copart comes from its National Powersport Auctions (NPA) subsidiary in Wisconsin.
NPA, a Copart platform, has opened the doors to NPA Madison — a new 66,000 square-foot size facility in DeForest, which is just outside of Madison.
Located at 6474 Blanchars Crossing, the new location’s first live auction was scheduled to take place on Thursday at 9 a.m. CT.
“Why did we choose Madison? To make it easier for our dealers to do business with us. Madison is the state capital and is near Chicago, Minneapolis and Milwaukee. This puts us much closer to our customers in the region and makes buying and selling through NPA more convenient,” NPA chief operating officer Jim Woodruff said in a news release.
“NPA’s new Madison location reduces the time to auction for all NPA stakeholders in the region. There are several flights between Madison and our other locations, making this new location readily accessible for out of state Buyers and Sellers,” Woodruff continued.
Given the location of the new auction, Woodruff said that he expects live auctions held at the facility to have a diverse mix of units totaling 600 between 800.
As flooding continues, the used-car industry is mobilizing efforts to handle ramifications from Hurricane Florence, which authorities say already has resulted in 19 deaths throughout the Carolinas.
From how to handle another swell of flood-damaged vehicles to what replacement demand might do to wholesale prices, Auto Remarketing reached out to an array of industry leaders and experts on Monday. DriveTime chief executive officer Don Reese might have summarized the entire situation when he said in a news release before Florence inundated parts of the Carolinas with nearly 30 inches of rain: “The safety of our employees and customers is our primary focus.”
Reese and managing director of retail Jamie Fischer spoke in a YouTube video on behalf of DriveTime and its affiliated finance company, Bridgecrest, with more than $6 billion in serviced auto contracts, sharing their Florence emergency response that includes assistance for impacted employees, customers and the communities where all reside.
Meanwhile, Insurance Auto Auctions chief executive officer and president John Kett described a similar sentiment via a letter sent to Auto Remarketing that mentioned in part, “We all have great concern for those in the storm’s … path.”
Kett also mentioned that in less than one week, IAA organized more than 1,300 trucks to transport vehicles, more than 400 dedicated IAA team members to assist with the effort and nearly 1,100 acres to store damaged units.
“The stats above truly illustrate the power of IAA’s operational grit, strength and the overall breadth of our organization’s capability. I am confident we are prepared to serve our customers in this time of need,” Kett wrote in a letter dated from last Thursday.
Auto Remarketing followed up with IAA and asked what unique challenges come from responding to a natural disaster in the Carolinas.
“In terms of Florence, we are facing two challenges as we respond, flood waters and lack of power,” Kett said in an message sent via email late on Monday afternoon. “Flood waters have completely cut off some areas, such as Wilmington, and our IAA Tow Network simply cannot safely access them today. Flood waters have also made some roads/highways inaccessible or have completely closed them down such as I-95 just north of Fayetteville, N.C.
If roads are closed, it is difficult for tow trucks to easily drive into certain areas which can increase the time it takes to pick up a vehicle,” he continued. “Simple lack of power creates all the usual issues, however communicating can also be difficult if cell phones cannot be easily charged.”
Kett also described the most important lessons learned from Hurricane Harvey a year ago that could help sharpen IAA’s management of Florence-related demands.
“The IAA Catastrophe Response team maintains a philosophy of continuous improvement,” Kett said. “One of the most critical lessons we learned from Harvey was specific to our tower assignment and dispatch process. IAA assigns specific vehicles to a tower based on their equipment and dispatches them to pick up and drop off vehicles at one of our facilities. The process, for IAA, had been historically manual and paper based. During Harvey, IAA had over 1,000 towers in operation and saw the potential for this manual process to create long wait times for towers.
“In the year since Harvey, we have worked diligently to fully automate our assignment and dispatch process, and today our towers utilize the IAA Tow App,” he continued. “This allows them to receive assignments and be dispatched to vehicles all via their web enabled phone or device. They no longer need to come into a branch to receive paper assignments.
“The Tow App also provides both IAA and our seller clients with real time data so we know when a vehicle has been secured as well as when and where it has been dropped off,” Kett went on to say. “There are several additional benefits to the new IAA Tow App including decreased cycle time for vehicle pick-up, improved data for insurance companies, and minimal downtime for towers.”
Meanwhile, Cox Automotive also shared an update on the status of its operations within Florence’s path. As of Monday afternoon:
• Manheim Wilmington is closed until further notice.
• Manheim Statesville: conducting regular business hours
• Manheim Charlotte: conducting regular business hours
• Manheim Darlington: conducting regular business hours
• Manheim North Carolina: conducting a digital versus in-lane sale on Monday
“In the wake of Hurricane Florence, Manheim is focused on ensuring the safety and well-being of our team members in affected areas,” said Tim Janego, Manheim regional vice president for the Northeast Region. Thankfully, we’ve accounted for all North and South Carolina team members.
“The Atlanta-based corporate human resources team is providing relief resources and information to those impacted by the storm, record-breaking flooding and loss of utilities,” Janego continued. “We’re also connecting Manheim team members to the Cox Employee Relief Fund (available through Manheim’s parent company Cox Enterprises), which offers immediate financial assistance for unexpected needs resulting from a disaster.
“In addition, Cox Automotive is committed to helping the American Red Cross with disaster relief efforts and invites team members and their family and friends, as well as clients to donate to American Red Cross relief efforts at https://www.redcross.org/coxauto-emp.
“While taking care of our people, we’re also assessing our clients’ inventory and communicating with dealers about the status of their assets and our business operations,” Janego went on to say while adding that clients can go to Manheim.com for more information.
An update from Auction Management Solutions indicated neither of its auctions near Florence’s path sustained damage, but each was impacted by dealer attendance for its weekly sales.
“The dealers (buying and selling) in the affected areas did not attend the sales so overall attendance was light, even online,” AMS said in a message sent to Auto Remarketing.
AMS added that Richmond Auto Auction (RAA) moved its anniversary sale to Friday, allowing dealers in the impacted areas to attend and source inventory.
RAA will be including a fundraiser for all those dealers and their employees impacted by Florence. Individuals can contact Wyatt Carter at [email protected] for more information.
The National Automobile Dealers Association reiterated its commitment to help employees of dealership members who might be impacted by Florence.
The NADA Foundation’s Emergency Relief Fund provides financial assistance to dealership employees and their families who sustain personal property damage from the hurricane and potential floods.
To download the application for financial assistance, visit www.nada.org/emergencyrelief. For more information, call (703) 821-7102.
According to the latest news release from North Carolina Gov. Roy Cooper, first responders have reported rescuing and evacuating 2,600 people and 300 animals from flooded areas so far, and rescues are ongoing in the Tar Heel State. Nearly 1,000 personnel from North Carolina and other states, the Federal Emergency Management Administration (FEMA), the National Guard and the Coast Guard deployed with more than 200 boats and several helicopters to conduct search and rescue operations, mostly in the southeast portion of the state.
Officials anticipate rescue operations to continue for several days.
Undoubtedly vehicles are being left behind as flooding continues. Cox Automotive distributed some early estimates of potential damage before Florence pushed ashore.
In a message to Auto Remarketing, Black Book reiterated that approximately 700,000 cars and trucks were either damaged or destroyed during Hurricanes Harvey and Irma last year in the Texas and Florida regions. Editors pointed out this toll eventually led to an increase in the price of some used vehicles, as demand rose from people immediately looking to replace their damaged or destroyed vehicles.
Black Book noted that demand for cars, especially this summer already was causing prices to rise slightly even before Florence, so any rush to replace damaged vehicles could force prices higher in the near term. Last month alone, editors computed the average price of a used compact car was listed at $8,784, about 0.6 percent higher than the previous month.
Prices for midsized cars were listed at $10,341, about 0.8 percent higher than the previous month.
“Typically at this time of year, prices on those cars are seeing declines, not increases,” Black Book said.
For now, getting people to higher ground is taking priority.
“Flood waters are raging across our state, and the risk to life is rising with the angry waters,” Cooper said. “We are working now in doing everything we can to prevent more deaths.”
Editor's note: Auto Remarketing will update this report as developments arise.
Just months away from concluding their two-year course of study at Auction Academy, students of the program's fifth class will soon meet in Detroit for three days from Oct. 15 through Oct. 17 as part of its final session.
While in Detroit, the class will meet with National Auto Auction Association chief executive officer Frank Hackett and visit Manheim Detroit Auto Auction.
Most recently, the class took a trip to Chicago, where they visited America’s Chicago Auto Auction and met with representatives from Donlen, NCM Associates and World Omni Financial, according to Auction Academy.
In March, Auction Academy will hold a graduation ceremony for its fifth class during the next CAR Conference in Las Vegas. Auction Academy President Penny Wanna said that students graduate with the training and tools they need for success in the remarketing industry.
“We frequently hear back from Auction Academy graduates, who tell us how much the program has contributed to a better understanding of the industry and helped prepare them to take on major responsibilities,” Wanna said in a news release Friday. “As we approach the final meeting of our fifth class, we’re excited and inspired to see the number of previous graduates who have moved into significant management positions since completing the program.”
Many previous students who have graduated from its past four classes have already taken on leadership roles at auto auctions nationwide, according to Auction Academy.
Just two years ago, Luke Dietrick, a member of Auction Academy’s fourth class, was appointed to serve as general manager at Indiana Auto Auction just ahead of his graduation from the program in 2016.
Dietrick credits Auction Academy for not only providing him with valuable auction industry insight, but also networking and relationship building opportunities, as well.
“Auction Academy expanded my knowledge of the auction business and introduced me to many leaders in the industry that I’d otherwise have spent a lifetime developing,” said Dietrick. “My peers in the program are the new generation of leaders; my association with them was invaluable as we learned together and will continue to help me as we work and serve in the industry.”
According to Auction Academy, in addition to Dietrick, past Auction Academy students who have gone on to take on leadership roles within the industry include:
- Matt Alombro, auction manager at Louisiana's 1st Choice AA
- Chris Angelicchio, GM at ADESA Pittsburgh
- Eric Autenrieth, GM and managing partner at Carolina AA; managing partner at Indiana AA
- Chris Barile, GM at Alliance AA, Longview
- Chrissy Briggs-Sellstrom, GM at Greater Erie AA
- Justin Brown, GM at Missouri AA
- Wyatt Carter, GM at Richmond AA
- Scott Crane, GM at ADESA Reno
- Lawrence Cubitt, GM at ADESA Flint
- Brandon Derrick, GM at Memphis AA
- Brian McConkey, assistant GM at DAA Seattle
- Bill McCready, vice president of operations at Southeastern AA of Savannah
- Dave Pendergraft, GM at DAA Northwest
- Luke Pidgeon, GM at El Paso Independent AA
- Andrew Pyle, chief sales officer at Mountain State Auto Auction
- Tommy Rogers, GM at BSC America's Clayton Station
- Dave Ward, GM at ADESA Boise
- Clint Weaver, GM at America's AA Harrisburg
AAA looked to explain that vehicle calculation dealerships and finance companies know well, but the average consumer might not understand — depreciation.
While dealerships have their run lists from auctions, and finance companies have scorecards, a study released on Thursday from AAA pinpointed depreciation as the largest expense associated with purchasing a new vehicle, computing that cost at more than $3,000 per year.
And like dealerships and finance companies understand, too, AAA’s 2018 Your Driving Costs study acknowledged that depreciation can be influenced by a number of factors, including shifting consumer preferences.
“New vehicles offer the latest designs, cutting-edge technologies and warranties that offer peace-of-mind,” said John Nielsen, AAA’s managing director of automotive engineering and repair. “But, car owners that like to change vehicles frequently should be thinking about the resale value — not just the purchase price — when choosing their next ride.”
AAA’s analysis found the average cost to own and operate a new vehicle in 2018 is $8,849 per year. The figure is calculated based on the cost of fuel, maintenance, repairs, insurance, license/registration/taxes, depreciation and interest on financing. The study examined 45 top-selling 2018 model-year vehicles across nine categories.
AAA’s annual analysis found demand for sedans has slipped as American appetite shifts to SUVs and pickup trucks. As a result, depreciation costs of these once-popular vehicles increased up to 13 percent as compared to last year.
Electric and hybrid vehicles, however, have seen a gain in popularity with 20 percent of Americans saying they will likely go electric for their next vehicle purchase, up from 15 percent the previous year.
This year, these vehicles also saw a dip in depreciation and offer many cost benefits such as lower repair and maintenance bills, making going green a more affordable choice than in years past.
AAA closed with one final point — again one that dealerships and finance companies understand quite well if consumers want to avoid a big depreciation hit
“The secret to minimizing depreciation costs?” continued Nielsen. “Keep your car for a long time and keep it well-maintained or even consider buying a quality, pre-owned vehicle.”
Cost to own and operate a new vehicle in 2018
|
Vehicle Type
|
Annual Cost*
|
|
Vehicle Type
|
Annual Cost*
|
|
Small Sedan
|
$6,777
|
|
Minivan
|
$9,677
|
|
Hybrid
|
$7,485
|
|
Medium SUV
|
$9,697
|
|
Small SUV
|
$7,869
|
|
Large Sedan
|
$9,804
|
|
Electric Vehicle
|
$8,384
|
|
Pickup Truck
|
$10,215
|
|
Medium Sedan
|
$8,866
|
|
Average
|
$8,849
|
*Based on 15,000 miles driven annually. Source: AAA
Dealers are looking for bargains in the auction lanes just like potential buyers are when they scour store websites or walk rows of inventory.
As a result, this week’s Market Insights report from Black Book detailed the continued strength currently on display in the wholesale market, with a handful of cars showing increases in early September, as well as trucks.
“The used-vehicle market remains hot as retail buyers show strong demand for affordable personal transportation, and dealers are eager to procure inventory to meet the retail demand,” said Anil Goyal, executive vice president of operations at Black Book.
Volume-weighted, editors indicated overall car segment values increased by just 0.09 percent last week. In comparison, the values had decreased at a rate of 0.08 percent per week during the previous four weeks.
Among car segments, Black Book noticed sporty car and compact car values increased the most last week, rising by 0.34 percent or $52 and 0.33 percent or $26, respectively.
Again volume-weighted, editors determined overall truck segment values (including pickups, SUVs and vans) dipped by only 0.04 percent last week. That’s less than what editors recorded during the previous four weeks when truck values softened by a rate of 0.13 percent per week.
Full-size van and full-size crossover/SUV values increased the most last week among truck segments. Those vans rose by 0.24 percent or $33, while the utilities climbed by 0.20 percent or $44.
As far as what Black Book representatives are observing in the lanes when they attend about 60 sales per week, the ongoing wholesale price strength continues to be top of mind for dealers even when metal is turning back at their stores. Here is the rundown going from East to West:
— In Massachusetts: “Dealers are clamoring for trucks but are also purchasing passenger cars to fill in the holes on their retail lots.”
— In Pennsylvania: “Another really good auction this week. The market here is really amazing for a late third-quarter market.”
— In Indiana: “Consignment is still running low here. August was a good month to be a used-vehicle dealer as retail remains strong.”
— In Michigan: “There has been a small increase in the auction inventory recently. Prices continue to be up in both the car and truck segments.”
— In California: “Dealers are expressing frustration about the prices they are having to pay for inventory.”
The Manheim Used Vehicle Value Index is now in unchartered territory.
The team at Cox Automotive reported on Monday that wholesale used vehicle prices (on a mix-, mileage- and seasonally adjusted basis) increased 2.01 percent month-over-month in August. That jump pushed the index reading to 139.7, which is 6.4 percent higher than a year ago and the highest level for the series over its more than 20-year history.
While not a record, RVI Group reported wholesale price increases on Monday, too.
In the United States, the RVI Used Vehicle Price Index Pre-Release was 1.085 in August compared to 1.057 in July and 1.026 in August of last year. The metrics represented an increase of 2.7 percent month-over-month and an increase of 5.7 percent year-over-year.
The updates from Manheim and RVI Group arrived on the heels of Black Book saying that its index posted the largest single-month increase in seven years.
“The strange summer price appreciation in used cars is partly a function of a strong economy at its peak, with mounting affordability challenges for the consumer that favor growth in used-vehicle sales at the expense of new,” Cox Automotive said in its report that accompanied the latest Manheim index update. “These conditions have supported strong used-vehicle prices for over a year.
“A key factor behind the vehicle appreciation this summer is the fear of import tariffs’ leading to higher prices in the future,” analysts continued. “In addition, consumers are also worried about higher interest rates in the months ahead.
“Combined, these trends encourage buying sooner rather than later. The increase in demand has not been satisfied by flattening wholesale supply and has led to faster moving retail inventory, higher sales efficiency at auction and higher prices,” Cox Automotive went on to say.
Looking at trends in weekly Manheim Market Report (MMR) prices, the abnormal summer bounce that started in June continued in August. As of Labor Day, 3-year-old vehicles are now worth 4.8 percent more than they would normally be worth had typical depreciation occurred instead of the appreciation observed this year, according to Cox Automotive.
On a year-over-year basis, Cox Automotive indicated most major market segments saw price gains in August, but more affordable vehicles are seeing the greatest increases in values.
Analysts added compact cars and midsize cars outperformed the overall market, while vans, utility vehicles and pickups underperformed the overall market.
Also of note, Cox Automotive mentioned that rental-risk pricing strengthened, too.
Analysts determined the average price for rental risk units sold at auction in August was up 8 percent year-over-year. Rental risk prices were up 4 percent compared to July.
The report pointed out that the average mileage for rental risk units in August (at 43,500 miles) was up 4 percent compared to a year ago but down 4 percent month-over-month.
Not even the strength of a hurricane generated as large of a single-month increase in the Black Book Used Vehicle Retention Index as what editors computed for August.
Black Book reported that the index posted a significant month-over-month increase of 1.4 percent. Editors indicated the change last month marked the largest single-month increase since a 1.7-percent increase registered in May 2011. The jump also is larger than the hurricane-fueled increase of 1.2 percent registered last September.
Editors explained that what’s noteworthy for this month’s Index report is that while cars overall and most individual car segments see continued declines in market share, used midsize car sales have seen an increase in market share during 2018.
Furthermore, Black Book pointed out that helping the index increase the most were compact and midsize cars and SUVs, with increases in retention ranging from 1.3 percent to 1.6 percent over the prior month.
Editors went on to mention minivans, full-size cars and luxury cars also saw sizable increases in retention (up to a 1.9-percent increase over the prior month). But those units had less impact overall due to their smaller segment size, according to Black Book.
The Black Book Used Vehicle Retention Index is calculated using Black Book’s published wholesale average value on 2- to 6-year-old used vehicles, as a percent of original typically-equipped MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage and condition.
“No doubt, many sedan segments in the used market are defying expectations this summer, with demand increasing due to the improving job market and more consumers seeking affordable personal transportation,” said Anil Goyal, executive vice president of operations at Black Book.
“August is usually a down market from a seasonal perspective,” Goyal continued. “With nominal used-car values going up at this time of the year, the seasonally-adjusted Black Book Retention Index registered a strong lift.”
The index dates to January 2005 when Black Book published a benchmark index value of 100.0 for the market.
During 2008, the index dropped by 14.1 percent while in 2016, the index fell by just 6.4 percent.
During 2011, the index rose strongly from 113.3 to 123.0 by the end of the year as the economy picked up steam and used-vehicle values rose higher. It continued to remain relatively stable, rising slightly until May of 2014 when it hit a peak of 128.1.
To obtain a copy of the latest Black Book Wholesale Value Index, go to this website.
Celebrating nine was fine at Dealers Auto Auction of Murfreesboro.
The auction commemorated its ninth anniversary with a promotional event that offered more than 900 vehicles and sold more than 450 units on Aug. 22. The event also raised money for the Hope Center Ministries. Together with dealers, the endeavor generated more than $45,000.
Hope Center ministries is focused on restoring individuals, families and communities struggling with drug addiction. Through designated phases of support, residents work through the challenges in their lives, deal with root-issues and journey forward with newfound hope.
City Auto Finance, a sister company to the Dealers Auto Auction Group, provided drinks, lunch and ice cream to the dealers, and Caprock was the spotlight consignor of the day, offering more than 100 units.
Additional units consigned by Emkay Leasing, United Auto Credit, ARI and other national consignors were also offered for the event. Titans football cheerleaders were also there to lend support for the event.
The DAAG auctions have a long history of giving back to the community. Every year, they support many local charities. Giving back is an activity important to chief executive officer David Andrews, who said, “We are so blessed with being able to be a part of so many amazing organizations. We really believe that supporting local charities is the right thing to do.”
Scott Keener, vice president of operations for the group, added, “We are very proud of Stephanie Baker, general manager of DAA of Murfreesboro, and her entire team. Everyone worked hard and pulled together a very successful day.”
Dealers Auto Auction Group was started back in 2001 with its first operation in Horn Lake, Miss. There are now 7 auctions in the Southeast including:
Dealers Auto Auction of Chattanooga
Dealers Auto Auction of East Tennessee
Dealers Auto Auction of Huntsville
Dealers Auto Auction of Jackson
Dealers Auto Auction of Memphis
Dealers Auto Auction of Mobile
Dealers Auto Auction of Murfreesboro
For more information, visit www.dealersauto.com.
