Central Auto Auction celebrated its 11-year anniversary March 7.
Founder and President Peter Saldamarco began the sale with his annual State of the Auction and State of the Industry address.
“2017 will be a year of many exciting changes for the auction,” Saldamarco said. “Central Auto Auction will be opening a brand new vehicle evaluation center, a service department with specialization in both new and used tires, along with a much-anticipated 4th lane in our facility.”
With over 400 vehicles and 250 dealers in attendance, the sale featured new-car trades, fleet-lease, units repossessions, and donations in the lanes. Central Auto Auction completed the anniversary event with an 83 percent conversion rate.
To thank their valued customers, the auction treated everyone to gourmet Italian pizza from the Big Green Pizza Truck, served straight from the back of a 1947 former International Fire Truck.
Since commencing operations in 2006, Central Auto Auction has expanded to nine acres. Most recently, Central Auto Auction purchased Chet’s Auto Parts – an adjacent automotive scrap processing facility.
“This addition benefits our INOP sales and donation vehicle processing, as it allows us to pay our consignors considerably more for scrap,” Saldamarco said..
Central also just established a partnership with the Credit Union League of Connecticut. The League now endorses the auction to its 80 members.
“Hopefully, that will kick up our repo volumes,” Saldamarco said.
Central also signed with Tom Stewart of AMS, so Saldamarco also expects to draw more fleet business.
The year started slow, in part because of weather that included a snowstorm that dropped 15 inches on the auction.
The feds delaying tax season also took a toll. But the end of February “just boomed,” Saldamarco said.
Overall, volumes have been down 20 to 30 percent, but sales percentages have been pretty strong.
“We’ve been running 300 and on a good week 370 to 380,” Saldamarco said. “But during the slow time, it was down to 270 to 290.”
Each sale draws about 300 bidders in the line with another 30 or so participating via simulcast.
In addition to its regular sale, Central runs a GSA sale once a month, seven to eight months out of the year.
“New cars just started arriving, which we also marshal for GSA,” Saldamarco said. “The used cars should come in by April.”
A typical sale is 100 units.They are all reconditioned and the sale is open to the public.
The bulk is passenger vehicles, but Central also gets light trucks and mid-size trucks.
“Amtrak is one of GSA’s biggest customers, and Amtrak is our next-door neighbor,” Saldamarco said. “So a lot of pickup truck and light truck volumes come from them specifically.”
Former auction owner Ray M. Clanton died March 15.
In 1985, Clanton and his brother, J.C., bought out their family's auto auction, Clanton's Auto Auction. They sold it in 1987.
That auction is now Manheim Darlington.
In lieu of flowers, the family requests that memorials be made to the Darlington Presbyterian Church for the Mozambique Bible Project or the Susan Johnson Memorial Fund at 311 Pearl St., Darlington, SC 29532.
GAA Classic Cars closed out its three-day auction March 4, breaking its previous records.
The sale resulted in a 76 percent sell-through rate, revenues in excess of $12 million and a crowd so large that guests had to be shuttled from satellite lots to attend the sale.
There were three record-breaking vehicles sold at the auction:
A 1965 Ford Shelby GT350 for $370,000;
A 2006 Ford GT Heritage Edition with only 41 miles sold for $470,000; and
A red Ford GT with white strips that sold for $300,000.
Black Book has unveiled the Black Book Used Vehicle Retention Index.
The index is designed to offer an unbiased, accurate view of the strength of used wholesale market values.
The Black Book Used Vehicle Retention Index is calculated using Black Book’s published wholesale average value on two- to six-year-old used vehicles, as a percent of the original typically equipped MSRP.
The index is weighted based on used vehicle registration volume and adjusted for seasonality, vehicle age, mileage, condition, segment mix and inflation.
Aggregated from daily vehicle value updates, and captured throughout hundreds of wholesale physical and online auto auctions across the country, the Black Book Used Vehicle Retention Index represents data across all regions of the U.S. The index is based on a list of vehicles included in the Black Book wholesale database, and includes no bias toward any brand, auction or region, ensuring a more accurate reporting of the used vehicle market.
Credit Acceptance Earns Workplace Honors
For the fourth consecutive year, Credit Acceptance Corp. has been named as one of the 2017 Fortune 100 Best Companies…
Online Retailer Expands
Online auto retailer Shift has expanded its buyer operations in San Diego. Shift manages the entire buying and selling process,…
Consumers Prove Quick to Dump Low-Quality Luxury Cars
A new study by automotive research firm iSeeCars.com found that popular luxury models from BMW and Mercedes-Benz have a much…
New Car Sales Rise for First Time This Year
New-car sales will see their first year-over-year monthly increase of 2017 as March retail sales are expected to increase 2.4…