April 30, 2025
Wholesale: Auction News (144)
Manheim Pennsylvania Raises Money for Make-A-Wish
Staff Writer
April 03, 2023
Manheim Pennsylvania hosted its annual Xtreme Spring Sale on March 23, bringing high energy and excitement to their lanes and raising money for the local Make-A-Wish organization. Dealers who participated in the physical and digital sale event had an opportunity to bid on nearly 700 unique vehicles, 310 of which sold, including a 2020 Huracan EVO that went for $295,000. In addition, a 2021 Jeep Gladiator with a rooftop tent and off-roading equipment was auctioned off for charity and purchased for $65,000 by Andrew and Angela DeLeo of Manheim Used Car Factory.
“We are grateful and incredibly humbled by the generosity of Manheim Pennsylvania and all of the Xtreme Spring attendees for their support of our mission to grant wishes for critically ill children in our community,” said Jennifer Davis, president and CEO of Make-A-Wish Philadelphia, Delaware & Susquehanna Valley. “The amazing team at Manheim are true wish heroes with huge hearts who went above and beyond to make this a truly wonderful day.”
Manheim Pennsylvania has been hosting its Xtreme Spring Sale – their largest sale – for more than 14 years.
Auto Auction Hires New GM
Staff Writer
March 29, 2023
Vann Humphrey has been named general manager of Carolina Auto Auction, one of two auctions in the Stanley-Autenrieth Auction Group. In announcing Humphrey’s promotion to the new post, owner Eric Autenrieth said Humphrey has been involved in the remarketing industry for 25 years and has been a member of Carolina Auto Auction’s management team since 2018.
”I am very pleased to announce that Vann will head the team at Carolina Auto Auction as the new general manager,” said Autenrieth. “His promotion is not only well-deserved, but overdue as he has been handling day-to-day operations at the auction for the better part of the last six months, while I’ve pursued my responsibilities with the NAAA. His level of experience and passion for our auction makes him ideally suited for this role, and we’re confident that the auction will continue to prosper and advance under his watch.”
With Humphrey at the helm at Carolina Auto Auction, Autenrieth will take on the role of CEO of the Stanley-Autenrieth Group. As he oversees both auctions in the group, he will also take on added responsibilities with the NAAA as the president-elect of the organization. He will be installed as NAAA President in the Fall of 2023.
Humphrey’s experience in the remarketing industry began in 1998, when he began working for a non-prime auto lender. During his 20 years there, he rose to senior manager of collateral recovery and vendor-facing compliance. In 2018, he joined Carolina Auto Auction as Assistant General Manager over Operations.
Auction Academy Opens New Class
Staff Writer
March 22, 2023
Auction Academy will open formal registration for Class Group 8 in conjunction with the CAR Conference, which will be held March 28-30 in Las Vegas. This class will launch its eight-session program in August of 2023 in Nashville, Tenn., following with its second quarterly meeting in November in Phoenix, Ariz., in conjunction with NRC/Used Car Week.
“We are already adding students to the roster and expect to fill our 8th Class Group quickly,” said Penny Wanna, president of Auction Academy. “Positive reviews by previous graduates and the companies they work for have generated great interest and excitement for the upcoming Class Group.”
Auction Academy Class Group 8 will meet in-person quarterly to pursue the academy’s in-depth curriculum, alternating with virtual classroom training on a variety of industry topics.
Auction Academy was developed by TPC Management Company at the urging of a number of industry leaders who saw the need for formal training for the rising generation of auction industry leadership. Its two-year training and development experience is structured like an Executive MBA program. With faculty drawn from expert practitioners around the country, Auction Academy’s course of study is designed to enhance essential skill sets, promote best practices and yield better auction performance. The curriculum includes site visits, field trips and work with industry experts in all areas of auction operations.
“Since the founding of Auction Academy in 2012 we have been tremendously fortunate to have involved and enthusiastic sponsors, whose contributions have shaped this program of continuing education,” said Wanna.
“To date Auction Academy has graduated 138 students from the two-year program, and, with additions to our curriculum, 100% have received certifications for IARA CAR, IARA ACT, NAAA Safety and NAAA Data Security through our instruction and proctoring.
Ritchie Bros. Completes IAA Acquisition
Staff Writer
March 22, 2023
Under the terms of an amended merger agreement, IAA shareholders will receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own.
“The closing of the IAA acquisition represents the beginning of an exciting new chapter for Ritchie Bros. as we expect the combination of our businesses to drive long-term, profitable growth and significant, sustainable shareholder value creation,” said Ann Fandozzi, CEO of Ritchie Bros. “With IAA, we will accelerate our transformation into a premier digital marketplace and expand into an attractive, adjacent vertical, broadening our global footprint.”
As previously announced, the Ritchie Bros. Board declared a special cash dividend on Ritchie Bros.’ outstanding common shares of $1.08 per share, payable to shareholders of record at the close of business on March 17, 2023. Payment of the special dividend was contingent upon the closing of the IAA acquisition.
Buy-Sell Dealer Market Remains Active
Staff Writer
March 19, 2023
Haig Partners LLC released its closely followed Q4 2022 Haig Report, which tracks trends in auto retail and their impact on dealership values.
Profits reached an estimated $6.5M per location for dealerships owned by public auto retailers, more than triple what they were before the pandemic.
Profits may have peaked, however, as new and used vehicle gross profits are coming down.
Fixed operations have been increasing due to more recalls and higher labor rates, slightly offsetting the impact of the decline in new and used vehicle gross profits.
Last year was another highly active year in the buy-sell market. There were 566 dealerships acquired, the second-highest number after 2021, when a record 707 dealerships were purchased. Private dealers purchased 526 dealerships, 7% more than the number they acquired in 2021. Public dealer groups acquired 40 stores in 2022, making it the 2nd most active year for the public companies since 2015.
However, the public retailers didn’t keep pace with their record acquisition spree in 2021 as they were more focused on share buy-backs to drive their stock prices up. Most public companies will be looking for additional acquisitions in 2023 since their share prices have recovered in the early part of 2023.
Highlights from the Q4 2022 Haig Report include:
- Auto dealers enjoyed record earnings in 2022, but conditions are growing more challenging due to lower margins and higher expenses.
- M&A activity remains robust, with dealers acquiring 566 stores in 2022.
- Average estimated blue sky value has declined from its peak value in the middle of 2022 but is still more than double pre-pandemic levels.
- Public buyers still need hundreds of acquisitions to achieve stated revenue goals.
- Private dealers are increasingly focused on gaining scale to offer more products and services to customers, reduce expenses, and provide more opportunities to employees.
“Auto dealers continue to generate huge profits, but the market is starting to shift due to lower margins, increases in interest rates, and high inflation,” said Alan Haig, president of Haig Partners. “We’ve polled owners of hundreds of dealerships over the past few weeks, and most expect profits will decline 10-15% in 2023.
“From a buy-sell perspective, we would normally worry when profits decline. However, since dealers believe profits will likely remain more than twice the amounts they were in 2019, many dealers are seeking to grow. The public retailers have all announced their plans to acquire more dealerships that fit their expansion strategies. And private dealer groups remain incredibly active.”
Collector Car Sale returns to South Florida
Staff Writer
March 19, 2023
Barrett-Jackson is returning to South Florida with its 2023 Palm Beach Auction, April 13-15, at the South Florida Fairgrounds. Celebrating 20 years in Palm Beach, the event for collector car enthusiasts features a docket of coveted collectible vehicles, dozens of sponsor and exhibitor displays, and thrill rides in the latest performance vehicles from Dodge, Toyota, Ford and Chevrolet.
“As one of our longest running events, the Palm Beach Auction has become a pinnacle event for enthusiasts to find an incredible selection of collectible vehicles in one of the country’s most popular destinations,” said Craig Jackson, chairman and CEO of Barrett-Jackson. “Unlike anything else, Barrett-Jackson’s ultimate automotive lifestyle event has something for everyone.
From our diverse No Reserve docket featuring hundreds of desirable collectibles to exciting auction action in the arena and hot laps and thrill rides in the latest performance vehicles on the Barrett-Jackson Performance Track, it’s the perfect event for the entire family.”
Among several of the top vehicles crossing the auction block in Palm Beach with No Reserve is a 2020 Ford GT and a 2005 Ford GT, both from The Steve Todhunter Collection. The 2020 third generation Ford GT is finished in Triple Yellow Tri-Coat paint, accented by Shadow Black overtop stripes reminiscent of a 1967 GT40 racing livery and has less than 1,300 miles. The 2005 model, finished in Mark IV Red with white Le Mans stripes and a Code LB Ebony Black leather interior, has just 538 miles.
The diverse docket will also feature a selection of custom one-off vehicles like the custom 1966 Chevrolet Chevy II Nova SS nicknamed “Novakill” and impeccably built Resto-Mods, including examples from the highly desirable SUV market such as a custom 1969 Ford Bronco powered by a Gen 3 Ford 5.0-liter Coyote crate engine
Novakill is powered by its supercharged 6.2-liter LT4 crate engine mated to an 8-speed transmission and has been rotisserie-restored and upgraded with the latest technology. Riding on its Detroit Speed chassis, this one-off custom vehicle was finished in January of this year and features just 100 test miles.
This custom 1969 Ford Bronco’s Gen 3 Ford 5.0-liter Coyote crate engine produces more than 460 hp and is paired to its 6-speed automatic transmission. Built by OMF Car Craft, this tan Bronco rides on a Kincer chassis with a 2.5-inch lift and includes modern upgrades such as Vintage Air, a 7-inch Apple Car Play display, Bluetooth capability, Dakota Digital gauges and a color-matched Raptor-lined interior and engine compartment as well as a black Raptor-lined undercoating.
Auction Celebrates 22nd Anniversary
Staff Writer
March 16, 2023
Last week, America’s Auto Auction - Charleston celebrated its 22nd Anniversary Sale. The sale brought together a variety of vehicles from new-car dealers, used car dealers, and institutional accounts. A great crowd attended both in the lanes and online.
Dealers enjoyed a free breakfast and an opportunity to win $20,000 in cash and prizes. At the end of the sale, prizes given away were an 85” Samsung television, a Sonos sound bar, and a Husqvarna electric robot lawn mower. There was also a $15,000 cash give away.
“This was an exciting anniversary sale. Our team worked hard to make sure it was a success,” said General Manager Bill McCready. “With the combined effort from our staff and great dealers, it is sure to be another great year.”
Upcoming promotions include a NASCAR themed promotion on April 14 and a $10,000 giveaway.
IAA Stockholders Adopt Merger Agreement
Staff Writer
March 16, 2023
Stockholders at IAA Inc. have adopted the previously announced merger agreement providing for the stock and cash acquisition of the company by Ritchie Bros. Auctioneers Inc.
In a separate special meeting of shareholders held earlier today, based on a preliminary vote count, Ritchie Bros. shareholders also voted to approve all proposals necessary to consummate the transaction.
“We are pleased that IAA and Ritchie Bros. stockholders support the combination of our two strong companies,” said John P. Larson, chair of the IAA Board of Directors. “This transaction will combine the best-of-the-best marketplace capabilities to deliver more value for customers, expanded opportunities for employees, and a stronger economic model with enhanced returns for stockholders.”
Under the terms of the merger agreement, IAA stockholders will receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own. Upon completion of the transaction, the parties expect that on a fully diluted basis IAA stockholders will own approximately 37.2% of the combined company and Ritchie Bros. shareholders will own approximately 62.8%.
Final voting results for the IAA and Ritchie Bros. special meetings will be disclosed on Form 8-Ks filed by the companies with the U.S. Securities and Exchange Commission.
Leland Little Auctions Announces Collector Car Sale
Staff Writer
March 05, 2023
Leland Little Auctions will hold its Spring Collector Vehicles Auction on March 15th, at noon (EDT), following a slate of auctions including their largest ever Rare Spirits Auction.
The Spring Collector Vehicles auction offers buyers an array of rare vehicles. A top lot of note is a 1934 Packard Twelve 1107 Dietrich Convertible Sedan painted in complementary shades of green.
Other highlights include a 1968 Mercedes Benz 250SL, the beautiful styling of which earned it the nickname “Pagoda,” and a classically beautiful 1988 Porsche 911 Carrera in Marina Blue. Both of these vehicles hail directly from a respected South Carolina collection.
Other highly collectible vehicles in this auction include a 1974 Ford Bronco in a fantastic shade of orange. There is also a 1957 BMW Isetta Cabriolet. Despite its diminutive size, in the 1960s the Isetta was used to smuggle nine people, one at a time, from East Germany to West Germany.
Ritchie Bros. Sell $244 Million at Equipment Auction
Staff Writer
February 28, 2023
Last week, Ritchie Bros. sold 13,300+ equipment items, trucks, and vehicles at its Premier Global Auction in Orlando, generating U.S. $244+ million in gross transaction value.
The February 20-24 auction attracted 22,600+ people from 80+ countries, with approximately 83% of the equipment selling to U.S. buyers, including 18% purchased by Floridians. The remaining 17% of the equipment was purchased by international buyers from far away as Belgium, Colombia, and Thailand. Auction highlights included 790+ excavators, 500+ truck tractors, 340+ skid steer loaders, 200+ dozers, and 240+ pickup trucks—all assets were sold without minimum bids or reserve prices.
“We saw great attendance onsite and online for our Premier Global Auction in Florida, helping us drive strong results for the massive selection of equipment and vehicles available,” said Ann Fandozzi, chief executive officer, Ritchie Bros. “Our 200-acre yard was busy all week with customers inspecting items. Meanwhile, customers participating online had access to our new 360-view videos to help with virtual inspections—these were a real hit with customers, so you can expect to see more of these videos going forward.”
Fandozzi continued, “I’d like to offer a huge thank you to all our customers. Our talented team, unique approach to yards, and innovative technology platform provides buyers the confidence to purchase from around the world and gives sellers the very best returns for their assets.”
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Online Auction Gauge Closes $5.3 Million Seed Round
Staff Writer
February 24, 2023
Gauge, an online auction for dealers to buy vehicles directly from consumers, announced that it closed an oversubscribed $5.3 million seed round led by Maniv Mobility, with participation from other mobility and marketplace investors including Proeza Ventures and FJ Labs. Gauge will use this round to expand into new cities while continuing to build its technology.
Launched in September 2020, Gauge helps for-sale-by-owner sellers, while providing a solution for dealers to buy vehicles from private sellers. Unlike other sell-your-car solutions, Gauge has aligned its incentives with sellers because its goal is to find the right buyer and get to the highest offer possible, which, in turn, drives volume of transactions for dealers.
“Gauge was built to help dealers get the inventory they need, while giving consumers an easier way to get the most for their vehicle,” said Josh Hirahara, founder and CEO of Gauge. “Most consumers don’t realize this, but if you find the right market and dealership that needs your vehicle, you can sell it for even more than you would selling it yourself privately. And from the dealer’s perspective, they’re able to find vehicles in our marketplace that would never make it to them through their traditional auction channels.”
Gauge inspects each vehicle, puts the condition report in its online auction (StockUp) and brings the highest offer possible back to the consumer, requiring no commitment to sell. The buyer pays the fees associated with purchasing the vehicle that are in line with traditional auction fees, so the full offer goes to the seller and Gauge only makes money when they successfully help a buyer and seller transact. Additionally, Gauge guarantees the condition of the vehicle to buyers, which gives buyers more peace of mind and helps sellers get more money for their vehicle.
“The used car market ebbs and flows, but dealers will always be looking for streamlined ways to access better inventory, and private owners will always seek more for their cars,” said Nate Jaret, a partner at Maniv Mobility who has joined Gauge’s board. “Gauge unlocks the underdeveloped category of consumer-to-dealer auctioning through its end-to-end digital user experience, serving as a trusted partner to both sides of the transaction.”
Gauge currently operates in Salt Lake City and Phoenix and plans to open 10 additional markets in the next 24 months. Gauge has transacted over $75m worth of vehicles to date and volume grew 5x in 2021.
All Valley Dealers Auto Auction Joins ServNet
Staff Writer
February 23, 2023
ServNet President Chad Bailey announced that All Valley Dealers Auto Auction has joined the group of independent auctions.
“ServNet continues to expand its national footprint, and we are happy to announce the addition of All Valley to our roster of the country’s premier independent auctions,” said Bailey.
“All Valley (AVDAA) commands an impressive sector of the market in the Southwest distinguished by a superior location in the heart of Los Angeles. We admire the Soghomonian family for their dedication to the business and devotion to their customers and pleased to include them in the ServNet family.”
AVDAA is located in North Hollywood, Calif., the only auction in the center of the Los Angeles market. Situated on 15 acres just 10 minutes from the Burbank airport, the auction includes four auction lanes with both in-lane and online selling, detail and reconditioning facilities, and full transportation services.
The auction runs two sales every week, on Tuesdays at 1:30 p.m. and Fridays at 9:30 a.m., with an average consignment of 800 units weekly. Featured consignors include CPS, Mechanics Bank and Exeter, along with the major franchise dealerships in the Los Angeles Basin.
AVDAA is owned and operated by the Soghomonian family, headed by Victor Soghomonian who built the auction in 1986. Joined by his sons -- Justin who serves as vice president, and Brandon who is the auction’s online director and controller -- Soghomonian has built a thriving operation that stands as a family legacy, backed by strong relationships and customer-focused service.
AVDAA’s growing customer base has resulted in many facility improvements in recent years. Continued growth has the Soghomonian family eyeing a move to an all-new 30-acre facility in 2024 just 15 minutes north of its current location.
NAFA Celebrates CAFM Graduates
Staff Writer
February 17, 2023
NAFA Fleet Management Association, the vehicle fleet industry’s largest membership association, is recognizing the 2022 graduates of its Certified Automotive Fleet Manager program. This eight-module program offers the most current fleet management education and has been identified as one of the top 10 certifications for increasing salaries.
“We are thrilled to celebrate the incredible graduates of our 2022 CAFM Program,” says Raymond Brisby, CAFM, NAFA Board President. “This dedicated group of fleet management professionals are ready to leverage their skillsets to promote innovation within the industry, and we are excited to see where their careers take them.”
This year’s class comes from 17 states and 3 countries, representing a variety of different roles within the industry– like fleet managers, fleet service consultants, fleet coordinators and business leadership positions. The 2022 graduates will be bringing their CAFM learnings to over 25 different organizations, ranging from colleges and cities to public schools and insurance companies.
Auction Academy: Proud of our Grads
Staff Writer
February 14, 2023
Auction Academy’s Class Group 7 is making its mark on the remarketing industry, and four of its class members have recently been promoted to significant management positions. Auction Academy President Penny Wanna recently announced promotions that include Houston Gordon as assistant general manager at Greensboro Auto Auction, Danny McNelis as director auction relationships at NextGear Capital, Stacy Brown as vice president of digital sales at Dealers Auto Auction Group, and Chris Karwoski as assistant vice president of reconditioning operations at Manheim/Cox Automotive.
“It is exciting to see Auction Academy students and graduates progress in their careers as they pursue intensive industry training with Auction Academy,” said Wanna. “We congratulate these four members of Class Group 7 on their promotions and know they’ll contribute a high level of skill and professionalism to their respective companies.”
Wanna added that these promotions follow three others which were announced earlier in the Class Group 7 term: Becky Anderson, President CARS Recon; Whitney Gerkin, Associate VP of operational excellence at Manheim/Cox Automotive; and Andrew Schaefer, general manager at Indiana Auto Auction. Class Group 7 has posted more advancements while in session than any previous Academy Class Group.
“From the beginning we have been impressed with the skill and devotion exhibited by the those who have pursued industry training through Auction Academy,” said Auction Academy Co-Founder and CEO Pierre Pons. “It’s a great pleasure for all of us involved to work with them, to watch their progress at the companies they work for, and to observe the impact they are making on the remarketing industry.”
