Negative equity, when a consumer owes more on an auto loan than the market value of the vehicle, is a growing issue for Canadians, according to a news release announcing the 2019 Canadian Black Book Best Retained Value Awards.
Canadian Black Book says the awards illustrate to Canadians which four-year-old vehicles hold their value best, and the awards help educate consumers on lower depreciation models across 23 categories of vehicles and three overall brand categories.
Consumers often roll negative equity — which could equal thousands of dollars of additional debt — into subsequent auto loans. That can compound personal debt, Canadian Black Book says. The company notes that understanding negative equity, which cars hold value well, and when during your auto loan you will be in an equity position, is important.
For 2019, overall retained value across all vehicle models sold in Canada is 52 percent for 2015 model-year vehicles MSRP, according to Canadian Black Book. That is the second highest year on record, with last year’s 53 percent being the highest.
The 2019 “Overall Brand” awards measure retained value across all models a brand offers. Toyota was the winner in the “car” class as well as in the “truck/crossover/SUV” category, and Porsche came out on top in the “luxury” category.
This year's awards feature three new vehicle categories. Mercedes-Benz GLA class won the “sub-compact luxury crossover” category, the Jeep Renegade was the winner in the “sub-compact crossover” category, and the BMW i3 took the honors in the “zero-emission” category.
Canadian Black Book noted that trucks and SUVs have been dominating demand over the last several years in Canada because of their value in the used-vehicle market. The top segments for value retention over four years are small pickups at 73 percent; full-sized luxury crossovers/SUVs at 63 percent; and full-sized pickups at 61 percent.
The premium sports car segment broke that truck/SUV trend by holding 64 percent as a category overall, and the Chevrolet Corvette won in that category for a second consecutive year.
According to recent Canadian Black Book research, 97 percent of Canadian car owners believe more education on loan term and equity position should be made available during the car buying process. The company noted that it recently launched a free Equity Calculator on its website. After consumers enter their vehicle and finance information, the tool produces a chart showing when they will have equity in their vehicle during their finance agreement.
Other highlights of the awards:
—Ford Mustang won in its segment for first time, holding 64 percent of its 2015 original MSRP, after seven straight years of Dodge Challenger wins.
—Jeep Wrangler has won nine consecutive years in its segment, holding 85 percent value.
—By region, Japanese manufacturers led the way with twelve first place finishes, European brands had eight wins, and North America had six.
For a full list of 2019 Canadian Black Book Best Retained Value Awards winners, go to: https://www.canadianblackbook.com/awards/
In areas such as collective health of a brand, how well the brand manages new-vehicle transaction prices, and incentives against used-vehicle values and remarketing strategies, Subaru and Land Rover continue to perform well.
That is at least the case for ALG’s 2019 Canadian Residual Value Awards.
For the fifth year in a row, ALG recognized Subaru as the top mainstream brand. Land Rover won the Residual Value Award for Premium Brands for the fourth time.
ALG, a future vehicle values forecasting company that is the analytics subsidiary of digital automotive marketplace, TrueCar, determined the award winners by analyzing used-vehicle performance, brand outlook and product competitiveness.
To be eligible for a brand award, a manufacturer must have vehicle entries in at least four different segments. The awards account for differences across trim levels, with model averages weighted based on percentage share relative to the entire model line.
Land Rover won an award in three of the premium segments with the Range Rover Sport, Range Rover and Discovery. For mainstream brand, Subaru captured awards in four vehicle segments with the Impreza, Crosstrek, Outback and WRX.
Below is the full list of 2019 RVA winners in Canada:
RVA overall brand, mainstream: Subaru
RVA overall brand, premium: Land Rover
RVA Segment:
Mainstream cars
Microcar: Nissan Micra
Electric: Chevrolet Bolt
Subcompact: Honda FIT
Compact: Subaru Impreza
Midsize: Honda Accord
Full-size: Toyota Avalon
Sports car: Subaru WRX
Mainstream utility
Subcompact utility: Subaru Crosstrek
Compact utility: Honda CR-V
Midsize utility, 2nd row seating: Subaru Outback
Midsize utility, 3rd row seating: Honda Pilot
Full-size utility: Toyota Sequoia
Off-road utility: Jeep Wrangler
Trucks
Full-size pickup: Toyota Tundra
Midsize pickup: Toyota Tacoma
Premium cars
Premium compact: Mercedes-Benz CLA
Premium midsize: Infiniti Q50
Premium full-size: Genesis G80
Premium executive: Mercedes-Benz S-Class
Premium sports car: Jaguar F-Type
Premium utility
Premium compact utility: Volvo XC60
Premium midsize utility 2nd row seating: Land Rover Range Rover Sport
Premium midsize utility 3rd row seating: Land Rover Discovery
Premium full-size utility: Land Rover Range Rover
Vans
Minivan: Honda Odyssey
Midsize commercial: Mercedes-Benz Metris
Full-size commercial: Mercedes Benz Sprinter
OpenRoad Auto Group has a long history with Toyota.
The group began its partnership with the automaker in 1978, when the company opened its first Toyota showroom on Granville Avenue in Richmond. The dealership in 1985 moved to its current Richmond Auto Mall location and renamed it OpenRoad Toyota Richmond. The dealership group went on to acquire two more Toyota dealerships. On Jan. 22, OpenRoad announced the acquisition of its fourth British Columbia Toyota dealership and 28th automotive retail location, Peace Arch Toyota in South Surrey.
In other Canadian dealership news, Mercedes-Benz Canada named its 2019 Star Dealers, which are the group’s top 11 dealerships among the company’s national network of 59 retail locations.
Regarding the OpenRoad news, the auto group is singing the praises of Peace Arch Toyota, noting that under the Vines family leadership, the dealership earned Toyota’s highest honor for excellence in customer service, sales volumes and market penetration. OpenRoad also noted that Peace Arch has earned the President’s Program Award five times.
But the praise doesn’t stop there. OpenRoad emphasizes Peace Arch Toyota’s charitable reputation in the community for its many donations to the Special Olympics, the Canada Cup Softball Tournament and the Peace Arch Hospital Foundation. As the new owners of Peace Arch Toyota, OpenRoad says it plans to continue those traditions.
The company is currently building what will be the new home of OpenRoad Toyota Richmond, and OpenRoad say it will become Canada’s largest Toyota dealership. The company is calling it an “impressive 205,000 square foot, mega facility” that it says will incorporate the most advanced technological features and environmental systems. while housing the country’s largest Toyota showroom and service centre. The new OpenRoad Toyota Richmond dealership is expected to open in late 2019.
Openroad will soon rebrand Peace Arch Toyota as OpenRoad Toyota Peace Arch, which will also feature OpenRoad’s Club OpenRoad loyalty program.
“We are honored to continue the legacy and family success story of Peach Arch Toyota as a leading B.C. Toyota dealer in White Rock and South Surrey,” Christian Chia, chief executive officer of OpenRoad Auto Group, said in a news release. “We look forward to maintaining the dealership’s excellent reputation for offering superior customer service, being a committed community partner and a great place to work.”
For Mercedes-Benz Canada, the dealership notes that its 2019 Star Dealers, over the course of the 2018 calendar year, must have shown outstanding performance in new and pre-owned sales and service and parts, in addition to exceptional customer service satisfaction. The Star Dealer designation was first introduced in 1999.
The 2019 Star Dealers are as follows (listed from east to west):
— Norman Hébert, Mercedes-Benz de Québec
— Benoît Theetge, Mercedes-Benz St-Nicolas
— Peter Santos, Mercedes-Benz Peterborough
— Neal Bodack and Giuseppe Zanchin, Mercedes-Benz Durham
— Glen Alizadeh, Performance Mercedes-Benz
— Van Malkhassian, Mercedes-Benz Markham
— Graham MacNab Mercedes-Benz Midtown
— Sylvester Chuang Mercedes-Benz Oakville
— Jonathan Eltes Mercedes-Benz Brampton
— Rick Sentes Kelowna Mercedes-Benz
— Ajay Dilawri, Mercedes-Benz Langley
“In 2018, Mercedes-Benz dealers from coast to coast worked incredibly hard to provide exceptional products and services to our customers," said Brian Fulton, president and chief executive officer of Mercedes-Benz Canada, said in a news release. “Thanks to their efforts, the company was able to maintain its position as the number one luxury manufacturer in Canada for the fifth consecutive year.”
Since launching the Women & Automotive: Canadian Leadership Forum in 2016, Cherokee Media Group has honored and recognized a group of Canada’s leading women in automotive each year through our Women & Automotive: Profiles in Leadership program.
Not only have these groups been recognized in the January/February editions of the Auto Remarketing Canada magazine, but they have also been honored at awards luncheons onsite at the Women & Automotive events.
And many honorees have been included in the event’s star-studded speaker lineups themselves — folks like Cox Automotive Canada president Maria Soklis, TradeRev and KAR Auction Services’ Becca Polak, TRADER Corp’s Samantha Huen, and many more.
Each year, these profiles and the event itself gives Auto Remarketing Canada the chance to share leadership lessons and thoughtful insight on the auto industry. And this year is no different.
Without further ado, here are the 2019 Women & Automotive: Profiles in Leadership honorees.
- Andria Zanchin, Principal and Executive Vice President, Zanchin Automotive Group
- Ashley Middleton, Account Director, Sales, Dealer Groups, TRADER Corporation and autoTRADER.ca
- Deborah Butt, Consultant – Service Process Development, Toyota Canada
- Joanne Peddle, Leader, Product, SCI MarketView
- Jennifer Hurdman, Dealer Services Consultant, Industrial Alliance Dealer Services SAL Group
- Laura Zanchin, Principal and Executive Vice President, Zanchin Automotive Group
- Lynn Martin, Regional Human Resources Manager, ADESA
- Michele Wedemire, National Operational Excellence Manager, Manheim Canada
- Sandra Kim, Director of Human Resources, TradeRev
- Sarah Budd, General Manager, Budds' Mazda
- Stephanie Turner, Senior Manager, Business Development & Strategy, Cox Automotive Canada
These women will share their stories and perspectives in the January/February print and digital editions of the Auto Remarketing Canada magazine and at the upcoming Women & Automotive Canadian Leadership Forum, which is once again scheduled to follow the Auto Remarketing Canada conference on March 21 at the Westin Harbour Castle in Toronto.
The Profiles in Leadership program drills down into what it takes to be a leader in today’s automotive industry, as well as what makes it unique and challenging to be a woman in auto — and how to tackle the steps and hurdles to automotive career success.
In these features, we approach questions like how to describe leadership style, what leaders have inspired these professionals throughout their career, what paradigm shifts they’ve encountered since entering the auto industry and more.
To learn more and register for the Women & Automotive event, visit https://www.womenandautomotive.com.
Among the finalists named in this year’s Ernst & Young Pacific Entrepreneur Of the Year Awards program is OpenRoad Auto Group chief executive officer Christian Chia, the company announced Monday.
Chia is being recognized in the business-to-consumer category for his leadership in business innovation and entrepreneurial guidance that has maintained the rapid growth of OpenRoad Auto Group since 2000, the company said.
EY will name one of its 2018 Pacific finalists a winner for each of its nine different categories. Award winners will be selected by an independent panel of judges in Vancouver on Sept. 25. And one of the category winners will be named the overall Pacific Entrepreneur Of The Year.
The overall winner will later compete with Atlantic, Quebec, Ontario and Prairies regional winners for the EY Entrepreneur Of The Year Canada title.
In June 2019, the Canadian winner will go on to compete with winners from across the globe for the title of EY World Entrepreneur Of The Year.
“It is a great honor to be recognized by EY as a finalist among such an esteemed group of entrepreneurs,” said Chia. “At OpenRoad, we’ve worked very hard to stay ahead of the competition and to offer a superior car ownership experience at every turn, so this recognition is really a tribute to the dedication of the entire OpenRoad team.”
There are a total of 35 finalists across the award programs' nine categories this year.
With a staff of more than 1,200 employees, OpenRoad Auto Group currently operates 26 retail locations, including 23 dealerships and three collision centers.
With eight individual model wins racked up, General Motors of Canada beat out all other automakers for the most Vincentric Best Fleet Value in Canada awards this year.
Vincentric announced Tuesday that in addition to eight wins for GM of Canada, Ford Motor Co. of Canada follows closely behind with a total of six fleet award-winning models.
Chevrolet brought GM most of its fleet awards, with six award-winning vehicles including the four-time winning Impala LS and Chevrolet Express 3500 LS, a three-time award winner this year.
Meanwhile, the Cadillac XTS and XT5 models, which have been recognized for third consecutive and second consecutive years, respectively, attracted luxury wins for the GM brand.
Moreover, two Ford truck and van models also performed well this year. The F-250 pickup truck and Transit 150 passenger van models both took home awards for the fourth consecutive year.
This year, in addition to GM and Ford, other automakers with multiple individual fleet award-winning models include BMW, Mazda, Mercedes-Benz, Infiniti, Mitsubishi and Subaru.
“With nearly half of the vehicles being prior winners, we’re seeing that many of these award-winning fleet vehicles are delivering low lifecycle costs year after year in Canada," Vincentric president David Wurster said in a news release.
“Despite that consistency for some vehicles, market dynamics are always changing, which is why it is always best for fleet operators to use current cost-of-ownership data to make informed vehicle acquisition decisions.”
This year, Vincentric said it performed a detailed cost of ownership analysis on more than 2,400 vehicle configurations based on ordinary use within a commercial fleet.
Each car was graded in all 10 provinces using a variation of 28 lifecycle cost scenarios and eight different cost factors, according to Vincentric.
Vincentric’s list of cost factors includes:
- Depreciation
- Fees & taxes
- Financing
- Fuel
- Insurance
- Maintenance
- Opportunity cost
- Repairs
To determine award winners, Vincentric identified which vehicles had the lowest fleet lifecycle cost in the most scenarios for its segment.
Click here to find more details about Vincentric’s methodology and all of the 2018 Vincentric Best Fleet Value in Canada award winners.
CarGurus announced Wednesday its second annual list of Top Rated Dealer Award winners in Canada.
Recipients include Canadian car dealerships that received the highest average CarGurus’ verified consumer-submitted review ratings from car shoppers who've answered questions about their dealership experiences since last year.
This year, not only did CarGurus Top Rated Dealer Award winners receive a 4.47-star rating average from consumers, but the number of winning dealers also more than doubled compared to last year, according to CarGurus.
“The Autopark Toronto team is honored to be recognized with this award,” general manager at Autopark Toronto Dean Fera said in a news release. “As part of the Humberview Group, our belief in serving our customers better each and every day allows us to truly focus on the customer experience. We believe this is critical to our success and is what drives high ratings from our customers.”
CarGurus explained that in conjunction with CarGurus Instant Market Value, dealer reputation ratings also grade deal quality as great, good, fair, high priced or overpriced on its platform.
“CarGurus users have an expectation of transparency and the ability to get a great deal from a top-rated dealer,” said CarGurus chief operating officer Sam Zales. “The Top Rated Dealer Awards celebrate the best dealers in Canada who deliver on the promise of a trustworthy and customer-satisfactory car shopping process.”
From dealers to auction executives, from leading professionals at third-party providers and auto finance companies — and everywhere in between — the Canadian auto industry is full of young men and women who have achieved massive success at an early age.
That’s why for the fourth consecutive year, Auto Remarketing Canada is excited to honor “Remarketing’s Under 40.”
Thank you to all who nominated folks for this year’s awards program.
While we could not include everyone who was nominated, it was truly inspiring to see the young people who are making waves in Canada’s remarketing space.
The 2018 honorees will be recognized in the special on-site conference edition of Auto Remarketing Canada magazine and during a March 28 luncheon, sponsored by EBlock, during the Auto Remarketing Canada Conference.
The complete list of Remarketing’s Under 40 honorees is below:
| Alecia Wilson |
Strathcom Media |
| Alysha Bell |
Dealertrack Canada |
| Andrew Lemoine |
CoverageCorp Inc. / AutoCorp Technologies Inc. |
| Arnas Jankauskas |
AutoMarket |
| Catherine Langlois |
AMVOQ |
| Chad Howson |
Don Valley North Lexus / Weins Canada |
| David Abitbol |
Otolane |
| David Robins |
Canadian Black Book |
| Drew Harden |
CARPROOF |
| Ian Fernandes |
Don Valley North Lexus / Weins Canada |
| Igor Krupin |
Dealertrack Canada |
| Jason McClenahan |
EBlock |
| Jim Williamson |
Williamson Chrysler LTD. |
| Joey Abas |
ADESA Winnipeg |
| Jon Wilson |
Westwood Honda |
| Kristin Laswick |
ADESA Canada |
| Kyle Orlando |
EDealer |
| Logan Keirstead |
Accu-Trade Canada |
| Mary Buhr |
iA SAL |
| Matt Pomeroy |
autoTRADER.ca | TRADER Corporation |
| Matthew Bird |
Volkswagen Waterloo |
| Mo Ashoor |
Cox Automotive Canada |
| Riley Spiers |
TradeRev |
| Rohit Jaitley |
Leggat Auto Group |
| Sachin Bhalla |
TradeRev |
| Shannon Friesen |
Canada Drives |
| Stephane Lubin |
Kia Canada |
| Will Harris |
Kijiji Canada |
Among 2018 model-year vehicles that have shown strong value in 26 segments, ALG recognized Audi and Subaru as top premium and mainstream brands, respectively, in its 10th annual Canadian Residual Value Awards (RVA).
ALG presented winning automakers with their awards in advance of the Toronto Auto Show last month.
The Canadian RVAs recognize the top 2018 vehicles in 26 segments that are expected to retain the highest percentage of their Manufacturer's Suggested Retail Price (MSRP) after a 4-year period for mainstream brands and a 3-year period for premium brands.
In addition to receiving the award for the overall top mainstream brand, Subaru also took home a total of four segment awards.
The Subaru Outback won in the midsize utility (two-row) segment and the Subaru WRX took home the award in the sportscar segment, followed by the Subaru Impreza in the compact segment and the Subaru Crosstrek in the subcompact utility segment.
Among mainstream brands, Toyota and Honda models also gained multiple segment awards.
Along with four other segment awards won by Toyota, the Toyota Tacoma received its fifth consecutive Canadian RVA.
The following is a full list of the 2017 Canadian Residual Value Award winners:
|
Mainstream Cars
|
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Alt-fuel
|
Kia Niro
|
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Subcompact
|
Honda FIT
|
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Compact
|
Subaru Impreza
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Midsize
|
Honda Accord
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Fullsize
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Nissan Maxima
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Sportscar
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Subaru WRX
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Mainstream Utility
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Subcompact Utility
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Subaru Crosstrek
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Compact Utility
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Nissan Rogue
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Midsize Utility 2nd Row Seating
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Subaru Outback
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Midsize Utility 3rd Row Seating
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Toyota Highlander
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Fullsize Utility
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Toyota Sequoia
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Off-Road Utility
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Toyota 4Runner
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Trucks
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Fullsize Pickup
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Toyota Tundra
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Midsize Pickup
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Toyota Tacoma
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Premium Cars
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Premium Compact
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Mercedes-Benz CLA Class
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Premium Midsize
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Audi A5
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Premium Fullsize
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Audi A7
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Premium Executive
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Maserati Quattroporte
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Premium Sportscar
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Porsche 718 Boxster
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Premium Utility
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Premium Compact Utility
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Audi Q5
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Premium Midsize Utility 2nd Row Seating
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Land Rover Range Rover Velar
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Premium Midsize Utility 3rd Row Seating
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Audi Q7
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Premium Fullsize Utility
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Mercedes G Class
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Vans
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Minivan
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Honda Odyssey
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Midsize Commercial
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Mercedes Benz Metris
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Fullsize Commercial
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Mercedes-Benz Sprinter
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Mercedes-Benz Canada recently announced the winners of its 2018 Star Dealers award, which recognizes the top performing dealerships that have contributed to the company's success.
The awards program acknowledged 11 Mercedes-Benz Canada dealers from across its national network of 59 retail operations for robust customer service satisfaction and demonstrating outstanding performance in both new and pre-owned sales and service and parts throughout the 2017 calendar year.
Listed below, from east to west, are this year’s award-winning Mercedes-Benz Canada dealers:
- Mercedes-Benz St-Nicolas
- Mercedes-Benz Blainville
- Mercedes-Benz Peterborough
- Mercedes-Benz Durham
- MBC Markham
- MBC Thornhill
- Mercedes-Benz Brampton
- Mercedes-Benz Burlington
- Mercedes-Benz Regina
- Mercedes-Benz Langley
- MBC North Vancouver
"In 2017, each dealership across the network contributed to the success that allowed us to remain the number one luxury manufacturer in Canada for the fourth consecutive year," Mercedes-Benz Canada president and chief executive officer Brian Fulton said in a news release. "In the end, though, exceptional performance set 11 dealerships apart: they rose to the challenge, and raised the bar in the process. I would like to congratulate them for going above and beyond in all aspects of their business."
