April 30, 2025
Wholesale (238)
Report: Buyers ‘Flock to Auctions’
Staff Writer
April 16, 2025
The announcement of tariff implementation spurred increased activity at the auctions, according to Black Book’s recent market insights. Although some tariffs were later reduced, those affecting the automotive industry remained in place. This prompted buyers to flock to auctions, aiming to secure inventory in anticipation of reduced new vehicle availability driving higher demand for used vehicles.
Trends in this week’s report:
Car Segment
- On a volume-weighted basis, the overall Car segment increased +0.41% For reference, in the previous week, cars increased +0.24%.
- The 0-to-2-year-old Car segments were up +0.43% and 8-to-16-year-old Cars increased +0.02%.
- Last week, all nine Car segments experienced value increases. The last instance of all nine segments rising simultaneously occurred two years ago.
- The 0-to-2-year-old Compact Car segment saw a significant increase of +1.11% last week, marking its largest gain since November 2021. In comparison, the 8-to-16-year-old segment rose by +0.23%, while the 2-to-8-year-old segment experienced a +0.52% increase.
- The 0-to-2-year-old Prestige Luxury Car segment experienced its largest single-week increase in three years last week, rising by +0.34%.
Truck / SUV Segments
- The volume-weighted, overall Truck segment increased +0.51% compared to the increase seen the prior week of +0.25%.
- The 0-to-2-year-old models saw an average increase of +0.55% and the 8-to-16-year-old models experienced an average increase of +0.20%.
- Twelve out of the thirteen Truck segments experienced an increase in values last week.
- The 2-to-8-year-old Full-Size Van segment was the only Truck segment to report a decline last week. However, the older 8-to-16-year-old segment recorded its largest increase since June 2022, rising by +0.18%.
- The 0-to-2-year-old Mid-Size Crossover/SUV segment saw a +0.77% increase, while the 2-to-8-year-old segment rose by +0.69%. These represent the largest single-week increases for these segments since June 2021.
Shelby Event Includes Muscle Car Finale
Staff Writer
April 02, 2025
Executives with Carroll Shelby International, announced that the Annual Las Vegas Team Shelby Bash from April 24-27, will celebrate a trio of important American performance milestones, as well as the American muscle car. In addition to automotive celebrities, track sessions and parties, the four day event will culminate with the Shelby sponsored “Make the American Muscle Car Great Again” show, at the Shelby American headquarters in Las Vegas.
“Sixty years ago, the iconic Shelby 427 Cobra and Shelby GT350 were unveiled,” said Joe Conway, Co-CEO of Carroll Shelby International and CEO of Shelby American. “A few months later, Shelby American won the FIA world sports car championship and is the only time an American car company has achieved this feat. We look forward to hosting fans at Shelby American, the home of American performance, to celebrate the anniversary of this trio of automotive milestones.”
Members of the Shelby family, Shelby executives, international guests and automotive celebrities are scheduled to attend four days of festivities in Las Vegas. Full-throttle activities during the annual event will include displays of Shelby vehicles, parties, tours, a poker run, scavenger hunt, car show and more.
The Saturday night Shelby American banquet will honor the 60th anniversary of the Shelby GT350, Shelby 427 Cobra and FIA Sportscar World Championship. Past celebrations have been attended by luminaries including Edsel B. Ford II, Bob Bondurant, Don Prudhomme, Allen Grant, Henry Ford III and Peter Brock. Presentations will honor the people who have helped turn Shelby into an international powerhouse.
For the first time in history, Team Shelby is inviting owners of all American muscle cars to participate in the Sunday car show. The Shelby sponsored “Make the American Muscle Car Great Again” will feature awards for various categories, including for the largest club in attendance. The public is welcome to see the show at no cost.
“Shelby is the only company to have worked with Ford, GM and Chrysler to create unbelievable sports and muscle cars over the years,” said M. Neil Cummings, Esq, Co-CEO of Carroll Shelby International, Co-President of the Carroll Shelby Foundation and CEO of Carroll Shelby Licensing. “While we’re exclusively building performance vehicles based on world-class Ford cars and trucks, we embrace the entire American muscle car culture. Everyone should join us for some high octane excitement during the Shelby sponsored ‘Make the American Muscle Car Great Again’ show in Las Vegas.”
Those who wish to enter their car in the show will pay a small fee, which benefits the Carroll Shelby Foundation.
Manheim Pennsylvania Celebrates Milestone
Staff Writer
March 30, 2025
Manheim Pennsylvania celebrated its 80th anniversary in true 80s fashion at its annual Xtreme Spring Sale events and fundraiser. Manheim brought its legendary excitement and energy to its auction lanes while also raising money for local non-profit, Aaron’s Acres.
Its largest event of the year for 16 years running, Manheim Pennsylvania hosted more than 3,000 dealers onsite and via Simulcast for its world famous Highline and classic, specialty and 100 Grander sales. The festivities concluded with an 80s themed evening gala—complete with an iconic DeLorean, arcade games, graffiti wall and plenty of big hair and acid washed denim. Thanks to client donations and a live auction featuring a red 2021 Chevrolet Corvette, the Manheim Pennsylvania team raised more than $105,000 for Aaron’s Acres, which provides opportunities for children and young adults with disabilities to participate in innovative social and recreational programs.
“The team at Aaron’s Acres feels extremely blessed with being chosen as the recipient of this year’s Xtreme Spring event at Manheim,” said Risa C. Paskoff, MSW, ACSW, executive director of Aaron’s Acres. “Our organization has been able to expand our programs and increase the ages of our participants in large part because of the financial support we have received. We are able to meet their needs thanks to Manheim’s ongoing commitment to giving back.”
This year’s event marked a particularly significant milestone for Manheim as it celebrates its 80th year in business. Manheim Pennsylvania is where Manheim got its start back in 1945 as a small, two-lane auction. Today, Manheim has grown to become the world’s largest wholesale auto auction with 75 locations spanning more than 6,500 acres across the country dedicated to offering both in-lane and online auto auctions, as well as a range of vehicle services for clients.
“This year’s Xtreme Spring event was especially meaningful as it gave us the opportunity to celebrate Manheim’s 80th anniversary while also raising money for a great cause,” said Emily Decker, general manager, Manheim Pennsylvania Market Center. “At Manheim Pennsylvania, we take immense pride in having served our clients and this incredible community for 80 years and we look forward to continuing Manheim’s legacy of excellence and community service for the next 80 years and beyond.”
Cox Honors Independent Auctions
Staff Writer
March 23, 2025
Cox Automotive celebrated eight independent auctions and one industry executive during its 16th annual OVE Awards, which honor the top-performing auction partners on the 24/7 digital wholesale platform. The awards ceremony took place in San Diego on March 17—just before the Conference of Automotive Remarketing (CAR) got underway.
With over 50,000 buyers and millions of dollars in floor plan credit lines throughout the U.S., OVE now has 145 independent auctions that enable their clients to buy and sell inventory 24/7. Each year, Cox Automotive recognizes the top partner auctions from across the country in categories ranging from volume and growth to conversions and digital success.
“A rising tide lifts all boats, and these incredible independent auctions are doing exactly that by demonstrating excellence and enabling their customers to buy and sell inventory more efficiently,” said Connie Suozzo, vice president of Manheim Digital at Cox Automotive.
New to the awards lineup this year was an award for the OVE partner with the highest volume with Cox Automotive floor planning arm NextGear Capital. The winner, Bel Air Auto Auction, located in Riverside, Maryland, has been in the industry for 78 years. The team at Bel Air cited the flexibility floor planning provides to its customers and longstanding relationships as drivers of success, sentiments echoed by NextGear Capital.
“Serving independent dealers is our sole focus and collaborating with our auction partners is paramount to us helping them succeed,” said Scott Maybee, president of NextGear Capital. “Our relationship with Bel Air Auto Auction is a prime example of how everyone involved can achieve more than we could alone.”
The awards presented based on performance in 2024 were:
Highest Commercial Volume: Norwalk Auto Auction
Highest Digital Mix: America’s Auto Auction San Antonio
Highest Dealer Sales Volume: America’s Your Auction Tampa Bay
Lowest Un-Buy Rate: Orlando Longwood Auto Auction
Highest Dealer Sales Growth: Greater Rockford Auto Auction
Highest New Seller Growth: Lehigh Valley Auto Auction
Highest Conversion Dealer Sales: South Florida Auto Auction
Highest Flooring OVE Auction: Bel Air Auto Auction
Otto Industry Excellence Award: Bill Corbett, Norwalk Auto Auction.
NAAA Auctions Sold 7.6 Million Units in 2024
Staff Writer
March 20, 2025
National Auto Auction Association member auctions reported nearly 7.6 million vehicles sold in 2024, representing the highest sales volume for the industry since 2020.
More than 12 million vehicles were offered for sale at NAAA member auctions resulting in a 61.3% conversion rate. That percentage was an improvement over 2023 and was the second highest conversion rate ever reported. The average wholesale price of units sold was $13,921, down 5% from 2023. Although vehicle prices declined in 2024, that was offset by volume growth of approximately 335,000 vehicles for an estimated total gross sales value of over $105 billion.
The independent accounting firm LSWG of Frederick, Md., conducted the 2024 NAAA Auction Industry Survey for NAAA providing the most comprehensive picture available of the wholesale auto auction industry.
“The survey results show once again that NAAA member auctions are the backbone of vehicle remarketing in North America,” said Larry Dixon, NAAA VP of Auction Data Solutions. “Our members reported year-over-year growth in units sold despite facing headwinds such as declining prices, a shortage of vehicles, and shifting marketplace dynamics.”
“Our member auctions continue to grow and add value in the auction lanes and online as they provide a full spectrum of remarketing services that are critical to the timely and efficient redistribution of used vehicles,” added NAAA Executive Director Paul Lips. “The vast amount of real estate held by auctions coupled with their reconditioning, logistics, titling, and other services provide a one-stop solution for consignors and buyers that cannot be duplicated.”
NAAA Warns Members About Cybercriminals
Staff Writer
March 12, 2025
Sadly, most everyone has become familiar with "phishing" attacks, a common form of social engineering with cybercrime. Phishing is a process criminals use to acquire sensitive information such as usernames, passwords, payment information, etc. They will pose as a trustworthy entity using email, text, or phone calls. But consider this...it happens on social media too.
There have been instances in our industry where cyber criminals will target new employees using LinkedIn. As an example, let's say someone gets a new job and they post the announcement on LinkedIn. Cybercriminals will research that organization using publicly available information, find out who the CEO is, and then send phishing messages to that new employee that appear like they're coming from the CEO welcoming the new employee. The messages could say things like "click here to download a gift card as a welcoming gift."
Cybercriminals will also use urgency as a scare tactic. They will use language like "URGENT...YOUR ACCOUNT IS PAST DUE, CLICK HERE TO PAY THIS INVOICE," or something similar. In one recent real-world example, the phishing email looked like it was coming directly from the entity sending it, but it had just one letter off, so someone looking at it quickly could easily misconstrue it as being legitimate.
So what can you do? Always check for spelling and syntax errors, verify the sender's email is spelled correctly, and chances are, if it feels off or doesn't feel right, it is. If you are unsure, always verify before clicking or downloading anything in the message. Also be aware that AI is now helping criminals use proper grammar, punctuation, etc., so even if the message is well-written, it could still be a phishing scam.
As a reminder, the NAAA Cybersecurity Task Force put together a Cybersecurity Essentials for Auctions document to share fundamental steps our members can take to protect against cybercrime.
The Task Force meets regularly and will continue to share information on a regular basis, and we encourage everyone to register for NAAA's 2025 Spring Remarketing Exchange (SRE), which will be held April 22-24 at the Renaissance Phoenix Downtown Hotel. We plan on holding a session specifically focused on cybersecurity that will provide valuable takeaways for members in attendance. You won't want to miss that interactive session. Register for the SRE by clicking here.
‘Hey Jealousy!’ Auction Welcomes Rock Band
Staff Writer
March 07, 2025
Greater Rockford Auto Auction, an independent auto auction in Illinois, is proud to celebrate 51 years in the auction business at the GRAA’lapalooza Anniversary Sale. The two-day event will take place June 24-25. GRAA is thrilled to announce the 2025 GRAA’lapalooza headliner will be American alternative rock band, Gin Blossoms. The band rose to prominence following the 1992 release of their first major label debut album, “New Miserable Experience,” and the first single released from that album, “Hey Jealousy” became a Top 25 hit and went gold. In recent years the Gin Blossoms have shared the stage with Collective Soul, Barenaked Ladies, and Hootie & The Blowfish. Gin Blossoms will take the stage on Tuesday, June 24th with other hits like “Allison Road,” “Until I Fall Away,” “Follow You Down,” and more.
“We are honored to celebrate 51 years at a GRAA’lapalooza event that is bigger and better than ever,” says Chad Anderson, GRAA General Manager. “We are excited to welcome Gin Blossoms to the GRAA’lapalooza stage Tuesday night.”
The event will kick off at 4 p.m. on Tuesday, June 24th with 200+ vehicles running. Following the sale there will be food and drinks provided by local food trucks. Gin Blossoms will take the GRAA’lapalooza stage at 7 p.m. The celebration will not stop there, Wednesday, June 25th GRAA will welcome customers back for the main auction event with over 1,000 vehicles running from Fleet/ Lease and Dealer consignors. Following the sale guests will have the chance to win big as $10,000 in prizes are given away.
February Featured ‘Robust’ Wholesale Activity
Staff Writer
March 07, 2025
Black Book, provider of used vehicle valuations and residual value forecast solutions, released its Used Vehicle Retention Index for February 2025.The seasonally adjusted Index increased 0.1% (0.1 points) to 146.4 from January 2025 (146.3), which is 2.7% below where it was at the same time in 2024.
“February began with significant uncertainty regarding the potential tariffs on Canadian and Mexican imports, but an extension to March provided some relief,” stated Laura Wehunt, vice president of data & analytics. “Auction activity in February was robust, with a conversion rate averaging 59% and most segments experiencing less than typical depreciation for this time of year. As the month ended, the first indications of spring appeared, with a few segments showing early springtime increases in 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 original typically equipped MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage, and condition. The Index offers an accurate, representative, and unbiased view of the strength of today’s used vehicle market values.
J.D. Power Makes Acquisition
Staff Writer
March 04, 2025
J.D. Power has acquired Superior Integrated Auctions, bringing together SIA’s advanced online auction marketplace capabilities with J.D. Power inventory, extensive vehicle valuation data, predictive analytics and digital marketing solutions to streamline pre-owned vehicle inventory management.
This new functionality will expand the J.D. Power Marketplace, an electronic platform designed to revolutionize how dealers acquire pre-owned inventory by bringing the traditional auction process online, giving dealers access to more than 30,000 front-line ready vehicles at the click of a button. The platform also allows manufacturers, dealers, automobile finance companies, car rental companies and other industry stakeholders to create white-label online auctions and sales tools, thereby expanding access to thousands of front-line-ready vehicles available through J.D. Power.
“Inventory of high quality, front-line-ready, pre-owned vehicles is trending toward the lowest level in a decade, which is putting pressure on dealers to find vehicles when and where they need them without incurring huge upfront costs,” said Phillip Battista, president, dealership technologies and head of modern retailing at J.D. Power. “By adding SIA’s industry-leading auction platform to our existing J.D. Power Marketplace capabilities, we’re giving manufacturers, dealers and other key players the ability to take control of their inventory management process, bypassing expensive auction fees and cumbersome vehicle acquisition processes along the way.”
In addition to core online vehicle sales, auction and inventory capabilities, the J.D. Power Marketplace also includes J.D. Power industry-leading vehicle valuation data, which gives users the most accurate, up-to-the-minute information on average retail transaction value, high and low auction values and trending prices. The platform also leverages J.D. Power ChromeData software and technology which provides detailed build data containing options and features of each vehicle based on its individual vehicle identification number (VIN) and allows users to easily create digital marketing materials.
“By combining our strengths in digital sales and all aspects of vehicle data, we’re creating the ultimate one-stop shop for pre-owned inventory management,” said Jeremie Beckner, COO of Superior Integrated Auctions. “It’s an opportunity to keep working on an initiative that can address some serious pain points in the automobile industry.”
SIA’s senior leadership and all its employees will become part of the J.D. Power Marketplace team. Beckner will continue to lead the team as senior vice president of J.D. Power Marketplace, reporting to Battista.
AutoNation Opens Two Texas Stores
Staff Writer
March 04, 2025
AutoNation, one of the largest auto retailers in the U.S., announced the grand opening of AutoNation USA stores in Denton and Houston, the company’s seventh and eighth pre-owned vehicle retail stores in Texas, bringing the total number to 26 nationwide.
Statewide, AutoNation USA now operates three stores in the greater Houston area, two in the Dallas-Fort Worth Metroplex, and one each in Austin, Corpus Christi and San Antonio.
Bringing 35 new jobs to the area and encompassing 18,306 square feet, AutoNation USA Denton joins AutoNation USA Plano in the Dallas-Fort Worth Metroplex, along with more than a dozen new vehicle dealerships including Audi, BMW, Ford, Porsche, MINI, Honda, Hyundai, Chevrolet and Chrysler, Dodge, Jeep and RAM.
In Houston, the new 18,426-square-foot AutoNation USA Gulf Freeway store brings more than 36 jobs to the area and joins AutoNation USA stores in Houston and Katy, along with a dozen new vehicle dealerships, including BMW, Ford, Toyota, MINI, Chevrolet, Chrysler, Land Rover and Mercedes-Benz.
In celebration of the stores’ grand openings, AutoNation honored the Texas chapter of the American Cancer Society as its DRV PNK partner. DRV PNK is AutoNation’s largest social impact investment and is the cornerstone of the company’s philanthropic strategy to support cancer-related causes.
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Ritchie Bros. Reveals Massive Auction Results
Staff Writer
February 28, 2025
RB Global Inc., a global marketplace for insights, services and transaction solutions for commercial assets and vehicles, announced that Ritchie Bros. Auctioneers sold 16,000+ equipment items, trucks and vehicles at its Feb. 17-21 premier global auction event in Orlando, Fla, generating over $250 million in gross transaction value (GTV).
The premier global auction event attracted 19,000+ people from 75+ countries, with approximately 88% of the equipment selling to U.S. buyers, including 23% purchased by Floridians. The remaining 12% of the equipment was purchased by international buyers from as far away as Australia, Singapore and Israel.
Featured equipment sold during the auction includes:
- 2007 Liebherr LTM 1400-7.1 500 ton All Terrain Crane
- Sold for $910,000 to a buyer in North Dakota
- Physical Selling Location: St. Louis, Missouri
- 2023 Cat 395 VG Tracked Excavator
- Sold for $900,000 to a buyer in Florida
- Physical Selling Location: Davenport, Florida (Orlando Site)
- 2020 Kenworth T880 T/A Truck Tractor
- Sold for $117,500 to a buyer in Virginia
- Physical Selling Location: Davenport, Florida (Orlando Site)
“I want to offer a huge thank you to our customers participating onsite and online for providing the largest selection of equipment available for sale at one time and making this year’s premier global auction in Orlando a major success,” said Jeff Jeter, chief revenue officer at RB Global. “With 16,000+ equipment items sold between our Orlando lot and through our Virtual Sales Option featuring IronClad Assurance, we continue to grow our global buyer base and provide valuable returns to our sellers.”
NAAA Names Scholarship Recipient
Staff Writer
February 26, 2025
Fredrick “Frankie” Lingle has been selected as a recipient of the Ron Hope Memorial Scholarship for the Auction Academy, in addition to Abigail Balk from Greater Rockford Auto Auction. Lingle will participate in Class 9 of the Academy, and Balk will participate in Class 10. Lingle is currently the Fleet Manager at Greensboro Auto Auction (GAA).
Lingle has been in the auction industry for 10 years, all at Greensboro Auto Auction. He started as a photographer, taking thousands of pictures for the weekly sales. He then began helping with accounting and worked his way up to become an Account Coordinator, Assistant Fleet Manager, and then Fleet Manager.
“We congratulate Fredrick on receiving the Ron Hope Scholarship,” said Houston Gordon, general manager of Greensboro Auto Auction. “His dedication, hard work, and commitment to GAA over the past 10 years has truly made a difference. We are very thankful to see Fredrick be able to partake in the Auction Academy program. Auction Academy is something truly special within our industry, so my advice to Fredrick is to take it all in, ask a lot of questions, and enjoy.”
NAAA established the scholarship last year to honor the legacy of Ron Hope, who worked in the auto auction industry for over 50 years and founded CARS Recon Inc. Hope was passionate about NAAA and its mission to give back to its members. Throughout his entire career, he was an advocate for NAAA and was a strong supporter of Auction Academy.
Maynards Schedules Rental Fleet Equipment Sale
Staff Writer
February 19, 2025
Maynards Industries, a global provider of asset auctions and liquidations, will conduct a two-day online auction on March 12 and 13, starting at 9 AM CST each day. The sale will feature an impressive multimillion-dollar inventory of high-quality rental fleet equipment from Genco Energy Services Inc., spanning four Texas locations: Dilley, McAllen, Midland, and Pecos.
The sale offers an opportunity for buyers in the industrial and energy sectors, showcasing over 1,600 well-maintained assets, many as new as 2021, including:
- Over 200 Diesel Generators
- Over 600 Diesel Light Plants
- Over 100 Light Towers
- Over 600 Tandem Axle Utility Trailers
- Over 125 Mobile Homes
- Over 100 Cooling Trailers
- Air Compressors
- Kenworth and Peterbilt Tractors and Water Trucks
- CAT Backhoes
- Cargo Trailers and much more!
“The scale and quality of assets in this auction present a rare buying opportunity for businesses looking to expand their operations with premium rental fleet equipment,” said Taso Sofikitis, CEO of Maynards Industries. “With a strong mix of late-model diesel generators, mobile homes, and heavy-duty machinery, this sale is set to generate significant interest across multiple industries.”
Interested buyers can inspect the assets during the in-person preview March 10-11, from 9 AM to 4 PM CST each day at the designated Texas locations.
NAAA Cybersecurity Task Force Raises Awareness
Staff Writer
February 14, 2025
Cockroaches. That’s how the NAAA Cybersecurity Task Force describes the criminals who digitally target dealers and consumers. The NAAA’s Cybersecurity Essentials for Auctions shared some examples of real-life incidents to spread awareness of cybercrime and fraud and how to protect yourself.
Once the criminals have access to an entities’ system, they act like cockroaches who won’t go away. Once detected, they often pop up again with a variation of their name or fraudulent dealer license until they are caught again, and they tend to be organized crime syndicates that are difficult to be linked and tracked by investigators.
In one recent example, a bad actor convinced a dealer to be added to his account. Once this happens, the bad actor has access to all payment information and can buy vehicles on the unsuspecting dealer’s behalf. In this instance, 45 vehicles were purchased in a matter of days with some having a value as high as $50,000.
Fraud can also happen with transport as well. In this same case where 45 vehicles were stolen, a fraudulent transporter with forged credentials showed up with a “follower” car that didn’t have license plates and looked suspicious. Fraud can also happen when pickup documentation is manipulated.
The industry has responded to this through training and changing processes, but it is always important to keep in mind that the thieves try to be one step ahead.
As a reminder, the NAAA Cybersecurity Task Force put together a Cybersecurity Essentials for Auctions document to share fundamental steps our members can take to protect against cybercrime.
The Task Force will continue to share information on a regular basis, and they encourage everyone to register for NAAA’s 2025 Spring Remarketing Exchange (SRE), which will be held April 22-24 at the Renaissance Phoenix Downtown Hotel. They plan on holding a session specifically focused on cybersecurity that will provide valuable takeaways for members in attendance. You won’t want to miss that interactive session. Register for the SRE by clicking here.
