Continuing the series of honors that will be handed out during Used Car Week, Auto Remarketing announced the winner of the Re3 Executive of the Year Award.
The honor is going to Karen Nelson, who is senior vice president and call center director for Crescent Bank, a Louisiana-based subprime auto finance company. As a result of her performance dating back to 2003, Nelson was named the Re3 Executive of the Year, an honor sponsored by Consolidated Asset Recovery Systems.
“Leaders from throughout the industry told us how Karen Nelson epitomizes what it means to be a top professional in the repossession, recovery and remarketing industries,” said Bill Zadeits, publisher of Auto Remarketing and chairman of Used Car Week. “Karen’s leadership has helped Crescent Bank navigate a challenging collections landscape as competitive and regulatory pressures increased.
“It’s an honor to welcome Karen to the Re3 Conference at Used Car Week and have her join Jeff Haynes of BBVA Compass as a winner of the Re3 Executive of the Year Award recipient,” Zadeits continued. “Congratulations go out to Karen and the rest of Crescent Bank team for this accolade.”
Leveraging the tools and personnel Nelson has available certainly caught the attention of Steve Norwood, who is the co-founder, president and chief executive officer of Consolidated Asset Recovery Systems. Norwood will be presenting the Re3 Executive of the Year award to Nelson during the Re3 Conference at Used Car Week.
“Karen Nelson represents the best of what we look for in an executive of the year,” Norwood said. “As senior vice president at Crescent Bank, Karen is responsible for several aspects of Crescent’s call center and recovery operations.
“Managing a national portfolio of loans for both prime and subprime markets can be challenging,” he continued. “Karen juggles being a senior executive, team leader and mother to her children with the enormous task of managing a large collection team, numerous contractors and the various regulatory aspects related to collections and the servicing for a large automotive portfolio.
“Her leadership, innovation and out-of-the-box thinking have enabled Crescent Bank to become a major servicer and originator of loans,” Norwood went on to say. “We could not be prouder of her achievements and wish her continued success along with our congratulations in being recognized as this year’s Re3 Executive of the Year.”
Nelson will be honored during the Re3 Conference, which is scheduled for Nov. 12 at the Red Rock Casino, Resort and Spa in Las Vegas. The Re3 Conference — presented by Digital Recognition Network and Primeritus Financial Services — is the Used Car Week event that focuses on repossessions, recoveries and remarketing.
The Re3 Conference takes place halfway through Used Car Week, which also includes the CPO Forum, the SubPrime Forum and the National Remarketing Conference.
It’s not too late to register for the Re3 Conference or any of the other Used Car Week events. Registration details and conference agendas can be found at www.usedcarweek.biz.
Manheim executive vice president and chief operating officer Janet Barnard has been named by Women in Technology as a finalist for the Women of the Year in Technology Awards, presented by Infor.
The awards spotlight Georgia’s leading female leaders in science, technology, engineering and math, honoring their accomplishments in these fields and their impact to their respective communities.
Barnard is one of three finalists for companies in the “Large/Enterprise Category.” She has led the operations of Manheim since becoming COO in 2011 and has worked with Cox Enterprises since 1988.
Winners will be announced Nov. 13 at the Women of the Year Awards gala and dinner at the Georgia Aquarium.
More information about the awards can be found here.
Editor's Note: Auto Remarketing caught up with Barnard at the NAAA Convention last month. Stay tuned for our story from that conversation.
Pedal cars may be primarily for kids, but you wouldn’t have known it at the National Auto Auction Association’s recent Convention and Expo in Boston.
The Black Book Pedal Car Auction garnered some very “adult-sized” donations, raising more than a half-million dollars to benefit the nonprofit NAAA Warren Young, Sr. Scholastic Foundation Inc.
Amazingly, the association’s original goal was $50,000.
There were 14 brightly colored pedal cars to choose from, such as a Jump Truck built by State Line Auto Auction that claimed the title “Best in Show” and touted a winning bid of $102,000.
Per the auction rules, each contestant were tasked with modifying new or pre-owned pedal-powered vehicles, or custom make their own.
Four other pedal-car contestants also came away with special show awards, which were sponsored by NextGear Capital and judged by the NAAA's four chapter presidents.
The four remaining awards went to the following auctions: McConkey Auction Group for the "Most Creative Pedal Car;" Greater Milwaukee Auto Auction for the "Best Custom Pedal Car;" Pittsburgh Auto Auction for the "Best Accessories;" and, Akron Auto Auction for "Most Unusual Paint Job."
The charity programs entry fees, vehicle sales award sponsorships and additional contributions collected a total of $576,300 for the association's annual merit scholarship program.
"I am truly astonished and extremely gratified by the remarkable response to this first-time fundraiser that far exceeded our expectations ten-fold," said outgoing NAAA president Jack Neshe. "I want to express my heartfelt appreciation to all of our auction participants for their generous support."
The pedal-car auction was Neshe’s brain child — he suggested the auction idea a year ago during a visit to NAAA headquarters where he saw a pedal car in the office of chief executive officer Frank Hackett.
"We just thought this offered our members a great way to demonstrate their creativity and craftsmanship in a friendly, fun competition while raising money for our scholastic foundation, which since it began in 2004 has helped 120 deserving students achieve their dreams of higher education," noted Neshe.
All entrants looking to be one of the finalists for the NAAA auction were on display at the CAR conference in March.
The pedal-powered vehicles to be included with Black Book's entry on the auction's run list were chosen by a random drawing held at the National Independent Automobile Dealers Association Convention this past June in Las Vegas.
In run order the auction contestants and their final bids were: Black Book ($49,500); Capital City/Mountain State Auto Auctions ($10,000); ADESA Indianapolis ($8,500); Akron Auto Auction ($14,000): Sanford Auto Dealers Exchange ($25,000): McConkey Auction Group ($45,000): Manheim ($75,000); Dealers Auto Auction of the Southwest ($10,000); State Line Auto Auction ($102,000); Lynnway Auto Auction Inc. ($45,000); Greater Milwaukee Auto Auction ($25,000); Farmington Auto Auction ($15,000); Pittsburgh Auto Auction ($31,000) and Charleston Auto Auction ($26,000).
"The benevolent spirit of all those who took part was just inspiring," remarked Hackett. "It was one of the most entertaining and exciting 45 minutes I've ever experienced as we approached a half-million dollas and people kept making offers to get us over the mark. For example, Black Book and Lynnway both bought their own cars and then donated them back for resale. It was an amazing evening."
And if the auction wasn’t enough, the charity was endowed with many individual gifts, as well, which included $5,000 each from AFC, Auto Auction Solutions and Jay Cadigan; $10,000 a piece from Charleston Auto Auction, Lynnway Auto Auction, Janet Barnard and Auction Insurance Agency; and, a $25,000 contribution from NextGear Capital.
Tom Cross, president of Black Book and the main sponsor of the event, said, "We believe in NAAA's work on behalf of the industry and are big supporters of the Warren Young Scholastic Foundation. We're happy to give back to the remarketing community in this role and thrilled at the event's overwhelming success in raising money for a worthy cause."
Certified pre-owned vehicle sales climbed nearly 20 percent year-over-year in September, capping the best quarter ever for the CPO market, according to Autodata Corp.
And one brand, Kia, had its strongest month of all time for certified sales.
Overall, there were 188,341 CPO sales last month, marking a 19.7-percent year-over-year gain. This figure pushed year-to-date sales to 1.74 million, up 9.9 percent from the first three quarters of 2013.
There were 610,983 certified sales in the third quarter alone, which marked an all-time high for any quarter — Q3 or otherwise. The quarterly sum beat year-ago numbers by 13 percent and was 5.0 percent higher than the second quarter of this year. Q3, of course, also included the strongest single month ever for CPO sales.
Going back to the September tally, Autodata also looked at individual brands. It indicated that Kia had its best month ever for CPO, moving 4,854 units, a 66.4-percent hike. This marks seven months in a row that Kia has recorded best-ever CPO sales.
Stay tuned to Auto Remarketing for more brand-level recaps of the CPO market.
Enterprise Holdings announced Wednesday its annual Auction Achievement Award winners, honoring nine auctions in the U.S.
“Our relationships with local auction partners are a critical part of our auto remarketing strategy, and each year we look to recognize some of those partners who excel at what they do,” said Nate Lattimer, vice president for vehicle remarketing at Enterprise Holdings. “This year’s winning automotive auction houses demonstrate values that align closely with our own.”
The company presents awards in two categories: whole-car auctions and damage-vehicle auctions.
Auctions are recognized based on their outstanding performance in the areas of strategic planning, communication, operational success, customer service, marketing and reconditioning.
The winners of the 2014 Auction Achievement Award in the whole-car category are:
- ADESA Dallas
- ADESA Los Angeles
- Manheim Omaha
- Manheim Riverside (Riverside, Calif.)
- Manheim Texas Hobby (Houston)
The winners of the 2014 Auction Achievement Award in the damage-vehicle category are:
- Dealers Auto Auction of the Rockies (Denver)
- IAA Dallas/Fort Worth
- Metro Salvage Pool (Des Moines, Iowa)
- TRA Tampa
Manheim Nashville Detail Team Reaches Milestone
Also announced this week in the auction industry is a milestone for Manheim Nashville.
In September, 10 members of the Manheim Nashville Detail team cleaned the 1 millionth vehicle at their current facility.
The auction moved into the new facility in January 2002. The facility includes a 12-lane detail shop.
The one millionth vehicle was a 2013 Ford Explorer and was personally delivered to the shop by the auction’s general manager Sam Chaple.
The vehicle also received a special escort by the security team with flashing lights and sirens to announce their arrival, auction management said.
In a symbolic gesture, the auction also selected the 10 members of the original detail team to clean the Explorer that moved into the new facility back in 2002.
The company also celebrated the milestone by recognizing all of the current and past managers and supervisors who have helped lead the shop over the past 12 years.
In celebration, the entire reconditioning team celebrated the milestone with a cookout and gourmet cupcakes to celebrate.
The American International Automobile Dealers Association is asking for nominations for the David. F. Mungenast Sr. Lifetime Achievement Award, an honor that’s presented at AIADA's Annual Meeting and Luncheon to honor the legacy of Dave Mungenast and recognize some of the industry’s outstanding leaders.
AIADA president Cody Lusk acknowledged that some dealers may remember Mungenast for his involvement in the industry, including AIADA where he served as a board member and chairman.
“However, what set him apart was his generosity and commitment to his family and community,” Lusk said.
“Dave's work ethic and values are reflected in the lives and work of many members of our industry today,” Lusk continued. We honor his memory by recognizing those among us who are carrying on his legacy in their own businesses. If you know someone in the international auto industry like Dave who deserves to be recognized for their contributions, AIADA wants to know.”
The association highlighted six requirements for award nomination:
• The first requirement of the award is for the recipient to exemplify years of service and advocacy to the international auto industry.
• The recipient must show a commitment to his or her dealership or industry and the betterment of his or her employees. This can be exemplified through a host of activities or programs he or she has created for his or her business.
• The recipient should have a record of service at the manufacturer level, such as serving on dealer councils or similar manufacturer boards.
• The recipient should be a seen as mentor to others in the industry and someone who has worked as a supporter for other’s success.
• It is not required for the individual to be currently running his or her dealerships today, but he or she must be aware or active in the business in some form or fashion.
• The award is open to anyone in the international industry and is not limited to dealers.
The 2015 recipient of the David. F. Mungenast Sr. Lifetime Achievement Award will be honored at AIADA's 45th Annual Meeting and Luncheon on Jan. 25 in San Francisco.
Dealers can find out more about the award and the event at AIADA’s website.
KCI Kansas City’s 5th Annual Guitars and Cars Sale brought over 1,000 buyers to the two-day sale for record-breaking results at the end of August. With more than 2,000 vehicles crossing the block, the auction successfully sold 58 percent of its consignment during the event.
According to Doug Doll, the auction’s co-owner, the only thing as exciting as the flow of sales were the performances.
“This year we changed things up by bringing in Lee Brice, a more current country music artist, and he performed above and beyond everyone’s expectations,” Doll said. “The atmosphere was electric, and everyone had an amazing time.”
The event began with a mid-morning sale featuring a $1,000 pre-sale drawing and over 500 fleet, lease and repossessed vehicles. The concert followed, with KCI’s own Justin Temme, and the The Cronkites, opening for Lee Brice. Thursday morning featured the main event sale, with over 1,500 vehicles and $20,000 in post-sale prizes and giveaways.
On the East Coast, the State Line Auto Auction in Waverly, N.Y., acknowledged two employees each with a month of paid vacation for each of their 25-year contributions to the auction as employees. Bernie Andrews and Steve Olmsted were honored and thanked for their service by auction owner Jeff Barber.
“Both Bernie and Steve have been instrumental to our success at State Line Auto Auction,” Barber said. “As two key members of my staff, they have helped build this facility, quite literally, and their contributions are part of the very fabric of our business, helping to shape the experience our customers have every time they buy or sell at the auction.”
More information on Andrews’ and Olmsted’s contributions to State Line Auto Auction can be found on the ServNet Auction’ Group’s website.
Copart recently announced the top three winners of its first-ever Copart Rebuild Challenge, a contest designed for enthusiasts and auto rebuilders to show how they restored, customized or rebuilt a vehicle.
Copart members from across the country submitted their rebuild projects for a chance to win the $10,000 grand prize. A panel of Copart judges narrowed the contest entries to 10 finalists, and then the public voted to select the top three winners. Entrants ranged from first-time car enthusiasts to professional rebuilders.
The company highlighted the $10,000 grand prize went to John Redshaw from Pennsylvania. In his video, Redshaw described how he turned a damaged motorcycle into a customized three-wheeled bike.
Copart mentioned Redshaw has rebuilt a handful of vehicles over the years, and today, many of his family members drive vehicles he repaired.
“For someone looking for a car and trying to save some money, it is very feasible to buy from (Copart) and repair it yourself,” Redshaw said.
Redshaw has been a Copart member for three years and said he plans to use some of his prize money to purchase his next big rebuild project.
“We were really impressed with the customizations Redshaw made to the bike he entered into the contest,” Copart chief marketing officer Matt Burgener. “He took a regular bike and transformed it into something special. I’m not surprised that the public agreed.”
At a young age, Redshaw was in a motorcycle accident and lost functionality in his left arm. The three wheeler he rebuilt for the Copart contest was the first bike he had been on since his accident. He modified the bike to allow him to ride without using his left arm.
“John is a perfect example of how our buyers understand the possibilities of used or damaged vehicles. It’s very inspiring,” Burgener said.
The second place winner was Chad Lennert of Indiana, who rebuilt a Subaru WRX, and the third place winner was Joshua Meeks of Georgia, who rebuilt a BMW Z3.
To view Redshaw's video, click the above window. All other finalist submissions can be viewed at Copart.com/Winner.
Following a path taken by a former Blue Oval leader and other top chief executives, Dale Pollak, founder of vAuto and an alumnus of Indiana University's Kelley School of Business, has been named a leader-in-residence at the school for the upcoming year.
The official position — the Poling Chair of Business and Government — was established in 1993 by the late Harold “Red” Poling, a Kelley School alumnus and Ford chairman and chief executive officer from 1985 to 1994.
Recipients of the Poling Chair are given the charge to stimulate discussion in the areas of leadership, the critical interactions between private business and government in matters of public policy, enterprise competitiveness and economic growth.
The university highlighted Pollak will interact with students and faculty at the Kelley School in Bloomington and Indianapolis through 2015.
“I am honored and privileged to be part of this prestigious program at the Kelley School of Business,” said Pollak, who will continue as executive vice president for Cox Automotive while serving as the Poling Chair.
“I’m looking forward to engaging Kelley students and learning as much from them as they might from me,” he continued.
Idalene “Idie” Kesner, dean of the Kelley School and the Frank P. Popoff Chair of Strategic Management, says she knows students will be inspired by Pollak, who is visually impaired.
“Dale often talks about the hurdles you have to jump through to become a successful entrepreneur,” Kesner said. “He has met those challenges in his career and his personal life. He believes you shouldn’t let anything hold you back, and he is a wonderful example of that.”
As vAuto founder, Pollak led the creation of inventory management solutions and best practice performance management to help dealerships appraise, manage and price their new and used vehicles based on real-time market data. His current roles with vAuto and Cox Automotive include strategic planning and product development.
Pollak also is author of three books and his industry commentaries regularly appear in Auto Remarketing. One of his most recent columns discussed vehicle financing and processes in the F&I office.
Prior to vAuto, Pollak served as vice president of sales and business strategy at Digital Motorworks, a provider of data integration and application development for original equipment manufacturers, mega dealers and third-party providers. He helped build the company from inception to its successful acquisition by ADP in 2002.
Pollak earned a bachelor’s of science degree in business administration from Indiana and is a graduate of the General Motors Institute of Automotive Development. He also earned a law degree from DePaul University and was a four-time winner of the American Jurisprudence Award for top performance in his class.
Previous Poling Chairs have come from both the public and private sectors. They include:
— Elizabeth Acton, retired chief financial officer of Comerica and a former vice president and treasurer of Ford
— Bob Eckert, chief executive officer of Mattel
— Ronald Dollens, former president and CEO of Guidant Corp.
— Samuel Skinner, former U.S. secretary of transportation and chief of staff to former president George H.W. Bush
— Sen. Evan Bayh, who taught prior to his election to the U.S. Senate
— Randall Tobias, chairman emeritus of Eli Lilly and Co. and former vice chairman of AT&T Corp.
— Gen. Peter Pace, former chairman of the Joint Chiefs of Staff
— Frank Popoff, former CEO and chairman of Dow Chemical Co.
— Cie Nicholson, chief marketing officer of Equinox Fitness Clubs
Consolidated Asset Recovery Systems (CARS) — which will present the winner of this year’s Re3 Executive of the Year at Used Car Week — has been recognized for the third year in a row as one of the 5,000 fastest growing private companies, according to INC Magazine.
CARS’ listing among this group of companies indicated the operation has generated significant revenue growth, climbing from $7.6 million in 2010 to $15 million last year.
“Thank you to everyone who has been instrumental in our success, and a special thank you to our clients and vendors for their support,” CARS senior vice president Terry Groves said in a post on LinkedIn highlighting the company’s achievement.
Come November at Used Car Week, CARS president Steve Norwood will be presenting accolades for the recipient of the Re3 Executive of the Year. The winner will be announced during the Re3 Conference on Nov. 12 at the Red Rock Casino, Resort and Spa in Las Vegas.
The Re3 Conference, presented by Digital Recognition Network and Primeritus Financial Services, again is giving the industry the opportunity to dissect critical back-end functions that occur during the repossession, recovery and remarketing stages.
Registration information and the conference agenda can be found at www.usedcarweek.biz.
