A behind-the-scenes look at one of the nation’s largest auto auctions and its processes was the latest course of study for students of the Auction Academy.

The Academy’s inaugural class, dubbed the Next Generation/Sons and Daughters, took part in a two-day curriculum offering insights into the detailed preparations and processes used by Southern Auto Auction. The gathering marked the class’ third training session, and was held Oct. 22–23 at Southern Auto Auction in East Windsor, Conn.

Auction owner Larry Tribble and vice president Garrison Hudkins worked with Auction Academy chief operating officer Randall McCathren in developing the curriculum.

“This third class session provided an outstanding experience for Auction Academy’s Next Generation class, building on the excellent information and experience they received in the first two sessions,” said McCathren, noting the first session was held in Franklin, Tenn., and the second in Spokane, Wash., in conjunction with DAA Northwest’s Rock & Roll Sale.

“Within the environment of the largest and busiest independent auction in the U.S., the training topics included extensive review of both ‘buying’ and ‘selling’ as a dealer; metrics for measuring performance; identification of key geographic market areas; risk management; succession planning, as recounted by a second generation owner; vehicle appraisals; auction block technology, and a close-up view of the Eastern Power Sports Auction,” McCathren said.  

Guest speaker Paul Assaiante, the coach of Trinity College men’s squash team spoke to Auction Academy students on his career in college athletics, drawing parallels to the group’s personal and business experiences. The Trinity team holds the longest winning record in collegiate sports.

Pierre Pons, chief executive officer of TPC Management Inc., which developed Auction Academy, said the academy “offers learning and business insights that cannot be gained anywhere else.”

In thanking the Southern Auto Auction team for taking part in Auction Academy, Pons noted that the auction runs more than 4,000 vehicles each week across 20 auction lanes.

“We thoroughly enjoyed hosting this session of Auction Academy,” said Tribble, who is a past president of NAAA. “As a second generation owner of a family business myself, I am happy to see the next generation embracing our industry with such enthusiasm and dedication.

“I know many of their parents well, and am pleased to see their sons and daughters following in the footsteps of the people who have worked so hard to build successful businesses and a thriving industry.”

Auction Academy’s Next Generation Owner course is a two-year training and development program for the sons and daughters of today’s independent auction owners.

The course includes 16 students representing 13 independent auctions and one vendor company, who meet for quarterly classes and periodic field trips to auction facilities around the country.

Structured like an executive MBA program, Auction Academy offers tracks for the next generation of auction leaders and for current auction leadership that are designed to enhance essential skill sets, promote best practices, and yield better auction performance, the company said.

The second class group of Auction Academy has now been fielded, consisting of auction management personnel who will begin their two-year curriculum on Nov. 29 in Franklin, Tenn.

For more information about Auction Academy, visit www.auctionacademy.net.