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.
The XLerate Group announced the addition of a new member to its auction group with the acquisition of Corry Auto Dealers Exchange (CADE).
CADE is the XLerate Group’s first Pennsylvania auction. XLerate Group now operates under 10 auction brands with sales in California, Florida, South Carolina, Michigan, Wisconsin, Texas and Pennsylvania.
XLerate veteran George Pero will run CADE. Pero founded XLerate’s California-based Auctions in Motion sales and relocated to the Erie, Pa., area with his family several years ago.
For the first time since its inception five years ago, Auction Academy has opened its two-year program to commercial account representatives and dealers.
In 2012 the academy program began as a training and learning institute focused on the sons and daughters of independent auction owners. Since that time, Auction Academy has offered training to all levels of staff at independent auctions and then included participants from Manheim (Cox) and ADESA (KAR) as well as related industry services: transport companies, reconditioning services companies and floor plan companies.
Enrollment is currently open for Auction Academy’s Class 5, the next two-year program, which begins the first of eight quarterly sessions on April 6-8 in Nashville, Tenn. This course gives participants an overview of the auto auction process, and includes visits to multiple auction sites throughout the curriculum as well as presentations by industry experts in various aspects of the auction and remarketing process.