Wynn Las Vegas and RM Sotheby’s, the renowned global leader in collector car auctions, will hold the official auction of the inaugural Las Vegas Grand Prix at 4 p.m. Nov. 17. Together, they will host an exclusive auction at the resort’s Awakening Theater, bringing the best and most iconic goods to attendees. 

Guests can expect a strong collection of offerings, including cars from some of motorsports’ true legends, sports memorabilia, and other luxury goods.

The theater’s 360-degree experience features a multi-level prismatic stage and custom sound system. The production of the auction will parallel the theater’s technological advancements and splendor.

“The official auction of the inaugural Las Vegas Grand Prix will bring together the worlds of automobiles, hospitality, and sports, showcasing the world’s most coveted cars along with iconic memorabilia,” said Bryon Madsen, president of RM Sotheby’s. “It is poised to be the ‘must-attend’ motorsport and luxury event of the weekend, second only to the race itself.”

Auction Management Solutions recently formed a partnership with Dealers Auction Xchange of Tampa Bay for business development. AMS provides consulting services to the automotive industry, which includes independent auto auctions.

Robbie Boston, President of DAX commented, “We are very excited to be a part of the AMS group of independent auctions. Our auction has grown over the last few years due to a very strong dealer base, and now we wish to grow our commercial business, and we knew that AMS was the right partner for us.” 

Tom Stewart, President, and Founder of AMS added, “We have seen a need in Florida for an auction that can service commercial account business and we believe the DAX team is the right partner. With their years of experience and knowledge in the wholesale automotive space, along with a great facility, we feel very confident in the future success of the auction.” 

Auction Management Solutions offers superior service and guidance to their clients with a team that offers more than 50 years of experience in the wholesale auto industry. The focus is not just on business development, but on the entire auction process and profitability.

Dealers Auction Xchange of Tampa Bay is located in Zephyrhills, Florida, which is just outside of Tampa, Florida. Currently DAX operates on more than 200 acres, offering more than 700 units weekly, across 4 auction lanes.

The market continues to depreciate at an accelerated rate, despite increased auction activity last week, according to Black Book’s Weekly Market Update. Dealers continue to speculate on the potential UAW strike that could cost the industry billions and increase demand for used vehicles.

  • On a volume-weighted basis, the overall Car segment decreased -1.44%. For reference, in the previous week, cars decreased by -0.83%.
  • The 0-to-2-year-old Car segments were down -0.94% and 8-to-16-year-old Cars declined -1.57%.
  • Eight of the nine Car segments decreased last week, and seven of those had declines exceeding 1%.
  • Premium Sporty Car increased +0.70%, compared with the prior week’s increase of +0.46%. The increases continue to be driven by the strength of the prior generation Chevrolet Corvette by collectors.
  • Mid-Size Car had the largest decline last week, down -2.10%.
  • Compact Cars continue to have above normal depreciation, down -1.29% last week, but the rate of depreciation is slowing from the highs that exceeded 2% the first three weeks of August.
  • The volume-weighted, overall Truck segment decreased -1.38%, which is much more than the depreciation seen the prior week, of -0.87%.
  • The 0-to-2-year-old models declined -1.00% last week, while the 8-to-16-year-olds declined -1.26%.
  • All thirteen Truck segments declined last week and all of those segments reported declines greater than 1%.
  • The Full-Size Luxury Crossover/SUV segment had the largest decline at -1.99%, setting a record as the largest single week decline for the segment.
  • The Small Pickup segment saw increased depreciation last week, down -1.85% compared with the prior week’s drop of -0.62%.
  • Full-Size Vans had a large drop, with a decline of -1.39%, just shy of the record drop from December 2019 of -1.45%.

The wholesale market continued to experience record declines for a third consecutive week with prices in some mainstream segments decreasing by more than 2%, according to Black Book Weekly Market Insights released on Aug. 22. On another hand, analysts have yet to see any meaningful decrease in used retail listed prices.

  • On a volume-weighted basis, the overall Car segment decreased -1.73%. For reference, in the previous week, cars decreased by -1.35%. This decline exceeds the largest single week depreciation experienced at the onset of the pandemic of -1.40%.
  • The 0-to-2-year-old Car segments were down -1.20% and 8-to-16-year-old Cars declined -1.90%.
  • All nine Car segments decreased last week, with seven of the nine reporting declines exceeding 1%.
  • Compact (-2.51%), Mid-Size (-2.16%), and Full-Size (-2.15%) Cars reported declines exceeding 2%. This marks the third straight week of single week depreciation exceeding 2% for the Compact Car segment.
  • Premium Sporty and Prestige Luxury Car segments continue to experience typical seasonal depreciation.
  • The volume-weighted, overall Truck segment decreased -1.43%, which is consistent with depreciation seen the prior week, of -1.49%.
  • The 0-to-2-year-old models declined -1.20% last week, while the 8-to-16-year-olds declined -1.10%.
  • All thirteen Truck segments declined last week, and eleven of the segments had declines greater than 1%.
  • Minivan (-2.15%) was the only Truck segment to drop by more than 2%. Despite being a large decline, this is still less than some of the declines last year and at the onset of the pandemic that were as large as -2.50%.
  • The Small Pickup (-0.74%) segment had smaller depreciation than the larger Full-Size Pickup segment (-1.34%).

AFC, a subsidiary of Openlane, Inc., announced in June the appointment of Robert Staffieri as Regional Director of Canada. In this role, Staffieri will be responsible for overseeing AFC’s field operations in Canada, including sales, business development and customer success.

“Robert is a skilled operator with a proven track record within automotive finance, bringing more than 20 years of industry experience spanning sales, customer service, finance and business development,” said Will Mitchell, chief operating officer of AFC. “Robert’s leadership will help ensure we continue to serve Canada’s independent dealers effectively as the nation’s number one floorplan provider. We are thrilled to add his strategic insights and collaborative spirit to our management team.”

As Regional Director of Canada for AFC, Staffieri will leverage his deep industry experience and relationships to lead the teams at AFC’s 10 Canadian branches in providing industry-leading, flexible financing solutions to automotive dealers across Canada. Prior to joining AFC, Staffieri held management positions of progressive responsibility and scope with BMW Group Canada, Kia Canada and Mercedes-Benz Financial Services Canada.

“I’m delighted to join the AFC team to expand our already strong in-person, local market presence and operational scope across Canada,” said Robert Staffieri, Regional Director of Canada for AFC. “Building on AFC’s unparalleled dedication to customers, together we’ll continue providing independent dealers with the products, tools and services they need to achieve their goals.”

Wholesale used vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 1.6% in July from June. The Manheim Used Vehicle Value Index (MUVVI) declined to 211.7, down 11.6% from a year ago.

“The July drop of 1.6% is an indicator of slowing wholesale price declines, at least when compared to the month-over-month losses we’ve seen since April,” said Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive. “While the year-over-year price drop was again double-digit, let’s put some perspective on that. From July 2020, there were 22 straight monthly double-digit increases through April 2022; we’ve had just six double-digit declines since October last year, with only four of them consecutive. Keeping to the April theme, we’re now back to the same index value last seen in April 2021: 211.7. Used retail inventory continues to rebuild; but with used retail sales also showing some summer strength, we do not foresee wholesale price declines of serious import through December.”

July’s decrease was softened by the seasonal adjustment. The non-adjusted price change in July decreased by 3.8% compared to June, moving the unadjusted average price down 10.7% year over year.

In July, Manheim Market Report (MMR) values saw above-average declines that slowed as the month ended. Over the last four weeks, the Three-Year-Old Index declined an aggregate 3.4%. Over the month of July, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 98.6%, meaning market prices were below MMR values. The average daily sales conversion rate declined to 48.9%, which was below normal for the time of year. For context, the daily sales conversion rate averaged 60.1% in July 2019. Conditions favored buyers all month, but supply remained limited. The sales conversion rate in July was higher than in July 2022, which saw a 46.4% rate.

The major market segments saw seasonally adjusted prices that continued lower year over year in July. Compared to July 2022, pickups and vans again lost less than the industry, down 6.6% and 9.9%, respectively. SUVs fared only minimally better than the industry, off 11.5%. Compact cars performed the worst year over year, down 15.9%, followed by midsize cars at 14.2%, luxury at 12.6%, and sports cars at 12.1%. Compared to last month, all segments were down except one, with sports cars being up by 1.6%. Pickups lost less than the industry month over month, down 0.6%, while vans, compact cars, and luxury lost the most, with declines of 3.2%, 2.8%, and 2.4%, respectively.

IAA, a subsidiary of RB Global, has released three enhancements to its selling platform. The product enhancements, IAA Vehicle Score, IAA Vehicle Value and the IAA Sales Decision Center, all work together to provide vehicle sellers with information that is critical in helping to optimize their auction strategies for greater returns.

IAA Vehicle Score is a patented, cutting-edge computer vision tool that promises fast and accurate ratings based on vehicle attributes and photos taken during vehicle check-in, allowing for cost- and time-savings. The automated model uses the latest artificial intelligence (AI) and deep learning techniques to analyze the vehicle's four corner images and provide accurate damage ratings. A score is assigned to the vehicle, giving a quick reference point for the vehicle's damage severity as it moves through the sale process.

IAA Vehicle Value uses the IAA Vehicle Score, plus several other relevant inputs, to deliver precise, unbiased vehicle valuations through machine learning and data mining. The predictive model is built on historical data and specific vehicle attributes, comparing similarly equipped and geographically located vehicles to generate a predicted value range.

Visible within IAA's existing selling environments, the new IAA Sales Decision Center gives sellers stock-level data to enable deeper data-driven decision-making, increases marketplace competition and helps sellers maximize returns. Sellers can use the data within the tool to make better-informed decisions regarding below-reserve sales, negotiations and vehicle reruns.

"Our customers are hungry for information that will add value for their businesses, so we're investing in the tools to help them make informed selling decisions and generate better returns," said Matt Ackley, chief digital officer at RB Global. "We continue to work closely with insurance carriers, dealerships, fleet lease and rental car companies to identify more opportunities like this set of enhancements, where we can implement technology to help automate processes and optimize vehicle selling decisions at scale."

Jeremy Cunningham has been named general manager at Tallahassee Auction, one of two ServNet auctions operated by BSC America. In making the announcement, BSC President R. Charles Nichols noted that Cunningham brings more than twenty years of industry experience to Tallahassee, with skills gained in both the auto auction and fleet/lease/repo arenas.

 “He has a keen understanding of the vehicle remarketing process, great expertise in auction operations, and strong customer relationships developed over his years in the industry. We have every confidence that he’ll manage the auction with a sure hand and will oversee its continued success,” Nichols said.

Cunningham began his auction career in 1998 as a condition report writer before moving on as an auction e-commerce specialist and I/T manager. He spent a decade as fleet/lease operations supervisor before moving to the consignor side of the industry, working as Auction Field Representative for PAR North America, Regional Auction Manager for Exeter Finance and Vehicle Remarketing Senior Associate for Capital One Finance.

“I am excited to step into the role of General Manager at Tallahassee Auto Auction,” said Cunningham. “BSC America is one of the industry’s leaders, and I am honored to be a part of such a strong organization.”

Cunningham joins the team at Tallahassee as the auction embarks on a number of infrastructure upgrades to accommodate current and future growth. Beginning with repaving of large portions of the lot and dealer parking areas, the auction is also planning a major remodel of the offices and restrooms. In the near future, the opening of a fourth auction lane is planned, along with making use of additional properties that surround the auction.

RM Sotheby’s, a private sales expert and auctioneer of premium collectibles, announced it will bring an auction hosted at Sotheby’s global New York headquarters during its December Luxury Week sale series. This fourth iteration of the company’s New York sale will celebrate the cutting edge of automotive design, presenting an expertly curated roster of history’s most iconic automobiles from the world’s most admired marques.

An automotive icon in the world of film and pertinent to the location of the upcoming New York sale is one of the two 1989 Lamborghini Countach 25th Anniversary editions which starred in Martin Scorsese’s 2013 film The Wolf of Wall Street. Sharing the screen with Leonardo DiCaprio, the Bianco Polo over Bianco Countach represented an ultimate acquisition for Jordan Belfort, the film’s real-life financial “Wolf,” as it did for many in the late 1980s. One of the most memorable vehicles in modern film history—having transcended the boundaries of its own automotive legacy and embraced the realm of timeless cinematic artistry—is made rarer still, with only 12 believed to have been made in this specification (Estimate: $1,500,000 - $2,000,000).

After a few weeks of heavy declines across the board, the market appears to be leveling off. This is particularly true for some of the car segments; Full-Size Cars declined a very minimal -0.001%. In sharp contrast, the Full-Size Trucks (-0.64%) reported their largest single week decline since December 2022.

On a volume-weighted basis, the overall Car segment decreased -0.27%. For reference, in the previous week, cars decreased by -0.59%.

The 0-to-2-year-old Car segments were down -0.23% and 8-to16-year-old Cars declined -0.40%.

All nine Car segments decreased last week.

Full-Size (-0.001%), Sporty (-0.02%), and Mid-Size (-0.06%) Car segments all reported stability last week. In sharp contrast, the Compact Car segment had the largest decline at -0.66%. Despite being the largest Car segment decline, it was still less than the prior week’s decline of -0.94%.

The luxury segments also reported smaller declines than seen in recent weeks. For example, Premium Sporty was down -0.02%, compared with -0.24% the week prior and Near Luxury Car was down -0.26%, compared with -0.58% the previous week.

The volume-weighted, overall Truck segment decreased -0.41%, smaller than the prior week’s decrease of -0.50%.

The 0-to-2-year-old Truck segments reported a smaller decline last week (-0.36%), but the 8-to-16-year-olds declined more, depreciating by -0.46%.

All thirteen Truck segments reported a decrease last week.

Compact Luxury Crossovers reported the largest decrease last week, with a decline of -0.85%. This marks the ninth consecutive week of declines for the segment with an average weekly change of -0.74%.

Full-Size Pickups have been declining for eight consecutive weeks, but last week, the segment had the largest single week decline (-0.64%) since December 2022. Over the past eight weeks, the segment has averaged a weekly decline of -0.36%.

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