December 04, 2024
Wholesale (203)
ServNet, Holman Automotive Raise $36,580 for Charity
Staff Writer
November 19, 2024
ServNet Auction Group, in partnership with Holman Automotive, has raised $36,580 for the United Way where a donation was made for every Holman vehicle sold at a ServNet auction July 1-Sept. 30, 2024.
”We were honored to partner with Holman on a promotion to raise money for United Way,” said Ryan Clark, ServNet President. “Our promotion was prompted by a conversation we had with Jim Jackson this spring about Holman’s 100th anniversary. As Holman is a key long-term partner of ServNet, we thought a great way to celebrate that milestone was to raise money for a charity that is very important to Holman. As family-owned businesses active in our local communities ourselves, we thought giving back to the community of a great partner was the perfect opportunity.”
The posture of service is a longstanding cultural tradition with both ServNet Auctions and Holman, and Holman’s relationship with United Way spans seventy-eight years. “In 1946, Steward Holman joined the Community Chest of Camden County. Over time, that evolved to become the United Way of Greater Philadelphia and Southern New Jersey, and Holman has been invested with them ever since,” said Jim Jackson, North American Remarketing Asset Manager with Holman.
The funds from the campaign will be used toward United Way’s Match Savings Program and United Way’s initiative, Center for Leadership Equity.
“United Way of Greater Philadelphia and Southern New Jersey is so grateful to ServNet for their generous support of our poverty-fighting work. ServNet’s contribution will enrich our region—helping our neighbors buy new homes, providing internet access and digital devices to families, and connecting people facing crises to the support they deserve. We’re achieving remarkable things here at our United Way, and we couldn’t do it without partners like ServNet,” said Fran Gress, director of campaign services for United Way of Greater Philadelphia and Southern New Jersey.
Barrett-Jackson Preps for Scottsdale Sale
Staff Writer
November 14, 2024
Barrett-Jackson is gearing up for the ultimate kickoff to 2025 with the annual Scottsdale Auction, January 18-26 at WestWorld of Scottsdale. The annual nine-day automotive lifestyle event has become the season opener for the collector car hobby, featuring a docket filled with the world’s most coveted collectible vehicles and authentic automobilia. The event kicks off with Family Day on Saturday, Jan. 18, where children 12 years old and younger receive free admission with a ticketed adult and continue throughout the week with activities and interactive exhibits for all ages.
“Even before the excitement settled from our successful Scottsdale Fall Auction, our guests were already looking forward to the auction in January,” said Craig Jackson, chairman and CEO of Barrett-Jackson. “We’re deep into preparing for our flagship event and are going full throttle, planning more interactive exhibits, live music and, of course, a docket full of some of the most coveted collectible vehicles in the world. Our Scottsdale Fall Auction was just a taste of what’s coming in January.”
Family Day will include activities from STEM-focused organizations, including Barrett-Jackson’s Gearing Towards the Future initiative, created in conjunction with the SciTech Institute.
Collector cars and authentic automobilia will begin crossing the block on Monday, Jan. 20, and continue through Sunday, Jan. 26. Among the anticipated collectible vehicles are two custom Chevrolet Corvettes: a 1963 Split-Window Coupe and a 1967 convertible, both designed and built by Jeff Hayes. Included in the line of supercars to be offered in January is a rare 2019 Aston Martin Vanquish Zagato Shooting Brake, No. 26 of only 99 built worldwide and one of only 11 in the U.S.
BSCAmerica Auction Celebrates Sale`
Staff Writer
November 11, 2024
BSCAmerica's Bel Air Auto Auction moved more than 2,600 vehicles through the auction blocks at its 2024 Harvest Sale, and the auction posted a 70% overall sale.
The auction one of the longest-running promotions in the industry on Oct. 10th: its Annual Harvest Sale. As the leaves changed from green to gold and the air turned crisp along the Chesapeake Bay, Bel Air Auto Auction welcomed the arrival of autumn, opening its doors to dealers from the Eastern Seaboard and beyond who gathered to buy cars, trucks and SUVs, take part in multiple prize drawings, share in good food and comradery and admire a special consignment of classic cars.
The auction held a gala Preview Party on the evening before the sale, where guests enjoyed a buffet dinner and music, along with the chance to preview some of the classic cars scheduled for auction the following day. They also tested their driving skills in a race car simulator from Hendrick’s racing, which put them in a NASCAR driver’s seat at Darlington Raceway.
Kicking off the festivities on sale day was a ribbon-cutting ceremony to mark the debut of two new lanes at Bel Air Auto Auction. With the added lanes, the auction now offers vehicles on twelve lanes, adding one more lane for dealer consignments and an additional lane for fleet/lease vehicles. Chosen for the honor of cutting the ribbon to start the sale was Angie Bishop, who recently celebrated 40 years as an employee of Bel Air Auto Auction.
A busy day of buying and selling concluded with a time-honored tradition at Bel Air’s Harvest Sale: its Classic Car Sale. This year’s event was marked by the sale of the most expensive car ever sold at Bel Air: a 2021 McLaren 765LT for $387,000.
Black Book Reports Strong Auto Auction Activity
Staff Writer
November 09, 2024
Black Book on Nov. 7 released its Used Vehicle Retention Index for Sept. 2024. The seasonally adjusted Index increased 0.5% (0.8 points) to 147.1 from September 2024 (146.3), which is 8.7% below where it was at the same time in 2023
“Activity in the auction lanes in October was strong, with conversion rates consistently in the high fifty percent range with the larger independent buyers actively engaging in the bidding and securing a fair amount of inventory,” said Laura Wehunt, vice president, data and analytics. “As for valuation trends, the overall market reported consistent declines throughout the month that were on par with traditional October depreciation rates. As we move into November, the industry is closely monitoring the presidential election outcome and the possible effects on demand for new and used vehicles.”
Auction Joins ServNet
Staff Writer
November 08, 2024
Ryan Clark, president of ServNet, has announced that Central Arkansas Auto Auction, located in Beebe, Arkansas, has joined the premier group of independently owned auctions, ServNet Auction Group.
“We’re so thrilled to have Central Arkansas join ServNet. Cole and his team are active and forward-thinking members of the independent auction community and will be an asset to ServNet. Furthermore, as a third-generation family business, I know they share the values we at ServNet hold. We look forward to the continued growth of their new facility as it comes online, and we’re glad they’re now part of the ServNet Family.” Central Arkansas Auto Auction remarkets roughly 550 units per week in five lanes, comprising of dealer's trades and institutional units.
Owner Cole Hooten looks forward to their new eight-lane facility opening in June 2025.
The leadership at Central Arkansas Auto Auction (CAAA) is proud of its legacy of success. “Key components that have led to the success of our auctions are the grit and integrity displayed throughout the history of our business,” said Hooten. “The leadership at CAAA has been a great example to the team of what it means to come together and help in every way, no matter title, position, or department. Our motto is Outstanding service starts with outstanding people.”
A critical component of the auction’s rhythm is their dedication to first-class service. “Our service includes pre- and post-sale inspections, details, condition reports, title processing, and transportation,” said Hooten. “We offer several avenues to remarket vehicles, including live in- lane, online, and platform selling. We offer full mechanic reconditioning, including paint and body. We have a full-detail shop that offers several levels of detail, including De-Identifying vehicles.”
With their proven dedication to success and excellence, the auction looks forward to joining a group of auctions with similar goals and aspirations. “ServNet has a long-standing reputation for quality independent auctions,” said Hooten. “We believe that unifying with other quality auctions nationwide allows us to continue to grow and be innovators, not only in our own market area but the whole industry.”
ServNet is a national auto auction network, focused on building cooperative business relationships and accelerating the value of dealer-only auctions using the most up-to-date services and technology. Since 1988, ServNet member auctions have been working together to provide the full range of remarketing services, including the best auctioneers, inspections, reconditioning, transportation assistance, and inventory financing.
Dealer Associations Visit Auction
Staff Writer
November 04, 2024
Ahead of the upcoming BHPH Dealer Forum, John Dismukes of the NIADA joined Mississippi IADA Executive Director Dianne Perry Dunlap at a recent auction at Manheim New Orleans.
Dismukes invited dealers to the BHPH Dealer Forum next month at the New Orleans Marriott and wished them good luck at the sale.
The BHPH Dealer Forum will feature dealer-centric education. The centerpiece will be the dealer-led roundtables moderated by some of the top BHPH operators in the nation. There will also be deep-dive workshops on developing a business plan, sales and inventory management. Dealers will also lead education sessions and take part in several panels on topics in the BHPH sector. Register at niada.com/bhphdealerforum.
Hosts Heather Narcisse of Manheim New Orleans and Chelsey Reeves, senior client solutions executive with Cox Automotive, allowed NIADA to set up an information table by lane one. Dealers were able to engage with the Mississippi IADA and the NIADA. Topics included buying inventory with greater profit margins, the benefits of being an association member, and the BHPH Dealer Forum.
Several dealers renewed their NIADA memberships by rejoining the Mississippi IADA and gathered more information regarding the programs offered by the NIADA such as 20 Groups.
The auction concluded after several hours of auction action featuring vehicles from frontline ready SUVs to red-light-flagged compact cars that need a little TLC when they get to the shop.
ACV Founder Launches New Auction Platform
Staff Writer
October 16, 2024
Joe Neiman, founder of ACV Auctions, announced the debut of his latest creation, DealerClub, a reputation-based auto auction platform for buying and selling wholesale vehicles. An exclusive marketplace for professionals, DealerClub is built upon the concept that each member puts their reputation on the line and is accountable for the vehicles they sell based on a rating system. This promises a transparent process where members can trust that the vehicles they purchase at auction are accurately represented and backed by the seller’s reputation in the marketplace.
“The dealers behind the cars are the foundation of a great auction experience,” says Neiman. “DealerClub believes in those dealers. It’s about finding better inventory. Buyers and sellers alike are looking for a no-surprises experience. With the seller’s reputation on the line, buyers can be confident the vehicle they bid on is the vehicle they get.”
Features of DealerClub:
Reputation-Based
At a glance, buyers can see how sellers rate across multiple categories including sell-through rate, vehicle inspection accuracy, and their consistency with providing titles. Sellers, meanwhile, benefit from increased bidder confidence in their vehicles as their rating increases, bringing in additional deals at higher values, creating additional selling success, and unlocking further economic incentives.
Better Inventory Experiences
The seller’s reputation is on the line and backed by DealerClub’s proprietary rating system. The result is a more transparent process.
Real-Time Auctions
DealerClub offers flexibility for both buyers and sellers. Sellers can list the car when they want, how they want, and describe the vehicles as they see fit. Buyers get a real-time auction sent straight to them, including pictures, video, personalized vehicle descriptions, seller history and ratings, customizable user profile pages, interactive chat, and seamless title, payment, floorplan, and transportation solutions.
All auction prices on DealerClub start at $0, to maximize bidding engagement.
NAAA Elects Rogers as VP
Staff Writer
October 14, 2024
Tommy Rogers has been elected vice president of the National Auto Auction Association for the 2024-2025 term. He was elected during an all-member meeting at the 2024 NAAA World Remarketing Convention in Orlando.
Rogers is an auto auction veteran with more than 28 years in the industry. He joined BSC America in 2016 where he currently serves as general manager of Bel Air Auto Auction’s Specialty Sale along with having executive oversight of Tallahassee Auto Auction. The Specialty Sale focuses on specialty, truck and equipment, and salvage vehicles.
Prior to joining BSC America, Rogers worked at Carolina Auto Auction in Anderson, South Carolina for 20 years serving as general manager.
Rogers has been engaged with NAAA throughout his career. He held various positions with NAAA’s Southern Chapter including treasurer, president, and chairman. Rogers currently serves on the Eastern Chapter Board of Directors, is co-chair of the NAAA Auction Standards Committee, and is a member of NAAA’s Membership Committee and Safety and Security Committee. Additionally, Rogers serves on the Automotive Remarketing Alliance (ARA) Industry Advancement Committee.
As vice president, Rogers will serve on NAAA’s Executive Committee and begins a three-year progression which will lead to serving as NAAA President-Elect for 2025-2026 and NAAA President for the 2026-2027 term.
ADESA Salt Lake Celebrates 75th Anniversary
Staff Writer
October 12, 2024
From its humble beginnings in 1949 with just 13 cars at its first auction, ADESA Salt Lake has grown into one of the nation’s premier auto auction sites, spanning 70 acres and offering vehicle storage for 7,000 cars. As a key player in the Salt Lake City economy, ADESA Salt Lake is proud of its heritage and its deep ties to the community.
Founded by Frank and Esther Brasher, ADESA Salt Lake is one of the oldest auto auctions in the country and was a family-run business for decades, creating jobs and supporting the community for generations. Several team members have been with the company for over 25 years, including those in accounting, body shop repair, and vehicle inspection.
The facility now features 12 auction lanes, a state-of-the-art detail shop, and a body and paint shop. ADESA Salt Lake buyers come from all over the western region and are drawn to Salt Lake City’s distinctive market, which includes a strong demand for trucks and SUVs driven by the region’s outdoor culture and large families.
America’s Richmond Names New GM
Staff Writer
October 09, 2024
America’s Group, including America’s Auto Auction and AXLE Funding, announced the promotion of Joe Phelps to general manager of America’s Auto Auction Richmond
With over 25 years of experience in the auction industry, Joe began his career as a vehicle detailer in the recon shop. Since then, he has taken on a variety of roles across multiple departments, including condition reports, lot operations, office management, and corporate operations. His broad experience at both the local and national levels make him exceptionally qualified to lead the Richmond location.
“I’ve spent nearly three decades in this industry, and it’s been incredible to witness all the changes and growth over the years,” said Phelps. “Starting at a young age and working in nearly every department has given me a deep understanding of the auction business. I’m honored to step into the role of general manager and am committed to upholding our high standards of service while helping our team grow.”
“Joe’s promotion is a tremendous asset to our Richmond team,” said Brian Thomas, Senior Regional Vice President. “His in-depth knowledge of every aspect of the auction industry makes him the perfect fit for this role. We’re confident that Joe’s leadership and experience will continue to drive Richmond toward even greater success.”
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Tribble Receives NAAA Pioneer Award
Staff Writer
October 07, 2024
The National Auto Auction Association has named Larry Tribble Jr., as an Industry Pioneer for his leadership and exemplary service to the wholesale auto auction industry and NAAA.
The Industry Pioneer Award is given to those who have worked in the wholesale industry; recognizing individuals who have innovated or enhanced methods of improving services to remarketers through NAAA member auctions; have championed NAAA member auctions as providing services for motor vehicle remarketers unavailable from any other source; and have consistently followed the high standards of the industry’s Code of Ethics.
Larry Tribble’s involvement with the NAAA includes having served as President in 1998 and induction into the NAAA’s Hall of Fame in 2007. With this Pioneer Award, he becomes just the seventh person in NAAA history with the distinction of having served as President, Hall of Fame member, and Industry Pioneer award recipient.
Tribble is the chairman and owner of Southern Auto Auction in East Windsor, Conn. Celebrating its 77th anniversary this year, Southern Auto Auction is the largest independent auto auction in the U.S. Tribble’s family has been involved with NAAA and the auto auction industry for nearly 70 years. His father, Larry Tribble Sr., served as NAAA President in 1964 and was also inducted into the NAAA Hall of Fame in 1973. Tribble’s son-in-law Garrison Hudkins, who is President of Southern Auto Auction, served as NAAA President in 2023.
Over the course of his distinguished career, Larry Tribble has been a steadfast supporter of NAAA and has been a large part of the wholesale auto auction industry’s continued success. In addition to supporting the NAAA, Tribble is passionate about his local community and preserving historical value while providing educational opportunities for all.
NAAA Adds Redden to Hall of Fame
Staff Writer
October 07, 2024
Chuck Redden has been inducted into the National Auto Auction Association’s Hall of Fame. The announcement was made at the 2024 NAAA World Remarketing Convention in Orlando.
Membership in the NAAA Hall of Fame, established in 1968, recognizes individuals whose long-term service to the auto auction industry and NAAA has contributed improvements to remarketing, has worked with NAAA to benefit its members, and has consistently followed the high standards of the association’s Code of Ethics. NAAA represents more than 340 auction members and 140 associate members in North America.
Redden is the chief executive officer of AutoTec and its affiliate companies: Auction Insurance Agency, AutoCheck Auctions, VIN CrossCheck, Centennial Casualty Company, and AuctionACCESS. AutoTec's companies provide risk management, insurance, credentialing, vehicle history, and claims administration services to the wholesale automotive and livestock industries.
As CEO, Redden is responsible for the strategic leadership of the company’s objectives and growth. His primary focus is on AutoTec’s transformation into an integrated data services provider that continues to exceed the expectations of its long-term partners. Redden joined AutoTec in 2000.
Prior to joining AutoTec, Redden was a commercial loan officer with AmSouth Bank and served as navigator onboard the U.S.S. Harry W. Hill (DD-986).
Redden is actively involved in his home community in Alabama. He has served on the boards of Baptist Health System, Monday Morning Quarterback Club, McWane Science Center, a deacon at Mountain Brook Baptist Church, and as president of the Rotary Club of Birmingham.
NAAA Names New Warren Young Fellows
Staff Writer
October 03, 2024
Angelica Rotsart Hughes, Vann Humphrey, Mike Waseity, and Brad Wilson have been honored by NAAA as Warren Young Fellows for their many contributions and their distinguished service to the auto auction industry following their term as president of their respective NAAA chapters.
NAAA honors them with a $2,500 donation each to the NAAA Warren Young Sr. Scholastic Foundation. A Warren Young Fellow is someone who donates, or, in whose honor or memory a contribution is made, in that amount or above.
Since its establishment in 2004, the Foundation, named in honor of industry pioneer Warren Young Sr., has helped students pursue dreams of higher education as well as assisting individuals in their time of need and providing support to other charitable organizations whose missions align with the Foundation. Scholarships are awarded annually by the Foundation for study at accredited institutions and the Foundation has distributed over $1 million in scholarships since its inception.
Angelica Rotsart Hughes served as NAAA Eastern Chapter President and is dealer representative at America’s Auto Auction - Boston.
Vann Humphrey served as NAAA Southern Chapter President and is general manager of Carolina Auto Auction.
Mike Waseity served as NAAA Midwest Chapter President and is national accounts manager at Akron Auto Auction.
Brad Wilson served as NAAA Western Chapter President and is general manager of Alliance Auto Auction of Austin.
NAAA congratulates Hughes, Humphrey, Waseity, and Wilson for earning the lifetime distinction of being named a Warren Young Fellow and for joining this exclusive group of individuals who further the legacy of Warren Young.
Wholesale Market ‘Shifts’
Staff Writer
September 25, 2024
After four weeks of stability, the market shifted toward typical seasonal expectations with a decline of -0.17%, according to a Sept. 24 report from Black Book Market Insights.
Despite last week’s drop, the rate of decline remains smaller than usual for this time of year, as pre-COVID, this same week averaged a drop of roughly a quarter percent in valuations.
Car Segments
- On a volume-weighted basis, the overall Car segment decreased -0.12%. For reference, in the previous week, cars decreased -0.01%.
- The 0-to-2-year-old Car segments were up +0.11% and 8-to-16-year-old Cars decreased -0.05%.
- Eight of the nine Car segments reported decreases last week. However, five of the nine 0-to-2-year-old Car segments saw increases, with Compact Cars experiencing the largest gain of +0.93%.
- Among the 2-to-8-year-old aged Car segments, Compact Car was the only one to see an increase last week, with a gain of +0.24%. This marks the fifth increase in the last six weeks for this segment.
- Premium Sporty Cars saw the largest decline last week, dropping by -0.52%, which is a significant acceleration in depreciation compared to the previous week’s decline of only -0.08%.
Truck / SUV Segments
- The volume-weighted, overall Truck segment decreased -0.20% compared to the increase seen the prior week of +0.03%.
- The 0-to-2-year-old models saw an average decrease of -0.05%, whereas the 8-to-16-year-old models experienced an average decrease of -0.31%.
- Ten of the thirteen Truck segments reported a decrease last week.
- After four consecutive weeks of increases, the overall Truck segment reported a decline last week. However, the Small Pickup segment continued its upward trend, gaining +0.28% and marking the sixth consecutive week of appreciation.
- Compact Vans experienced the largest decline last week, dropping by 0.74%. The segment has been on a downward trend for twenty-four weeks, with an average weekly decline of 0.52%.
