Wholesale: Auction News

Wholesale: Auction News (144)

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.

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.”

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.

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. 

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.

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.”

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.

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.

Carvana Co. announced plans for an auction and reconditioning ‘Megasite’ integration in Indianapolis. This effort will bring Carvana’s Inspection and Reconditioning Center (IRC) capabilities to the existing ADESA Indianapolis wholesale auction site, while maintaining digital and in-lane auction operations. The integrated site will expand Carvana’s overall production capacity and enrich its offerings for both retail and wholesale customers in the Indianapolis area.

Located in Plainfield, Ind., ADESA Indianapolis covers more than 100 acres with almost 12,000 parking spaces, offering substantial infrastructure to accommodate Carvana’s inspection and reconditioning activities alongside existing wholesale auction operations. Carvana has already started hiring new associates at this facility and expects the integration of IRC capabilities to create approximately 200 new local jobs over time.

“The Indianapolis area has served as ADESA’s headquarters for more than thirty years, and we are proud to deepen our operational presence and team in this market by integrating Carvana IRC capabilities with our existing wholesale auction,” said Mike Caggiano, ADESA’s executive vice president of operations. “The Megasite integration leverages Carvana and ADESA’s combined infrastructure to improve our offering for local retail and wholesale customers while also creating many new entry level and skilled jobs in the community.”

Introducing Carvana IRC capabilities to ADESA Indianapolis increases Carvana’s total reconditioning capacity, improving selection for all customers nationwide. Creating a new pool of retail inventory in the Indianapolis area also makes Carvana’s delivery network more efficient while providing local customers access to more vehicles with as-soon-as same-day delivery times. Wholesale customers will benefit from even more robust auction operations, now complemented by on-site reconditioning services.

United Auto Credit Corporation named Carolina Auto Auction as the recipient of its 2024 Auction of the Year award. This honor is given to the auction that demonstrates superior performance, exceptional service, and a strong commitment to supporting United Auto Credit’s remarketing efforts. Carolina Auto Auction has been a loyal partner for many years, and this well-deserved recognition reflects their outstanding performance and dedication.

UACC scores auctions throughout the year based on sale conversion, retention, and operational efficiency. The auction with the highest average score earns the Auction of the Year title, and Carolina Auto Auction’s standout performance made them the clear winner.

“Carolina Auto Auction has been a trusted and valued partner, consistently delivering exceptional results through their professionalism, efficiency, and customer-first approach,” said Scott Mousaw, vice president of servicing operations at United Auto Credit. “Their team’s ability to adapt, innovate, and maintain the highest standards has played a critical role in our success. We are proud to recognize their dedication and look forward to continuing our partnership.” 

Vann Humphrey, general manager of Carolina Auto Auction, expressed appreciation for the recognition. “This award is a reflection of the commitment and passion our entire team brings every day,” said Humphrey. “We deeply value our partnership with United Auto Credit and remain dedicated to delivering the highest level of service to our consignors and buyers. Being recognized for the first time is an incredible honor, and we look forward to building on this success.”

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