March 21, 2025
Wholesale: Auction News (136)
Kontos: Wholesale Prices Fall
Staff Writer
December 30, 2023
Average wholesale used vehicle prices fell for the second month in a row in November and into December, which is not unusual for the year-end/holiday season period, according to ADESA Chief Economist Tom Kontos.
Dealers appear to be amply stocked for the softer retail demand they face. According to ADESA US Analytical Services’ monthly analysis of auction industry used vehicle prices by vehicle model class, wholesale prices in November averaged $14,012 — down 4.0% compared to October, down 4.6% relative to November 2022, and up 26.5% versus pre-pandemic/November 2019.
Auction Activity Slows
Staff Writer
December 28, 2023
Black Book’s Weekly Market Update showed activity at the auctions has slowed as dealers await the 13th month of the year, that final week of the year. The success of the retail sales this week will say a lot about how the new year will start.
- On a volume-weighted basis, the overall Car segment decreased -0.51%. For reference, in the previous week, cars decreased by -1.03%.
- The volume-weighted, overall Truck segment decreased -0.78% compared to the depreciation seen the prior week of -1.06%.
- The Used Retail Days-to-Turn estimate is now sitting around 62 days.
Car Segments
- On a volume-weighted basis, the overall Car segment decreased -0.51%. For reference, in the previous week, cars decreased by -1.03%.
- The 0-to-2-year-old Car segments were down -0.52% and 8-to-16-year-old Cars declined -0.91%.
- All nine Car segments decreased last week. For the first time in six weeks, none of the segments had depreciation exceeding 1%.
- The Sub-Compact Car segment had the largest depreciation last week, declining -0.93%. This compares with the average weekly decline over the last six weeks of -1.29%.
- The Compact Car segment had a dramatic decrease in depreciation, 0.30% last week compared with the prior week’s decline of -1.13%. This was the lowest single week depreciation for the segment since late October.
Truck / SUV Segments
- The volume-weighted, overall Truck segment decreased -0.78% compared to the depreciation seen the prior week of -1.06%.
- The 0-to-2-year-old models declined -0.73% on average and the 8-to-16-year-olds decreased by -0.85% on average.
- All thirteen Truck segments declined last week, with only four of the thirteen reporting declines exceeding 1%.
- The Compact Crossover/SUV segment had the smallest depreciation last week, declining -0.48%, compared with -0.96% the previous week.
- The Sub-Compact Luxury Crossover/SUV segment had the largest decline last week, dropping -1.28%. The segment has averaged a decline of -1.33% per week over the most recent eight weeks.
NAAA Schedules Training
Staff Writer
December 28, 2023
The National Auto Auction Association and Dealers Auto Auction of the Southwest will hold training courses in Damage Analysis and Structural Analysis Jan. 29-30 at the Phoenix-based auction.
The two-day Damage Analysis Course will include certification and training in condition report writing.
The one-day Structural Analysis course will be held on Jan. 29 and includes certification in the subject.
Both courses are in-person, with the cost of the 2-day course set at $950 and the 1-day course at $650.
Those interested can get more info here.
Chase Cup Winners Announced
Staff Writer
December 17, 2023
ADESA Kansas City was awarded the Chase Cup for Best National Auction Performance. The Auction Excellence awards, in their 25th year, recognize auctions for exceptional performance, were held on Zoom on December 13.
Chase reviewed 37 auto auctions based on how they handle preparation, sales, invoice processing, transport requests, title processing and other capabilities.
“Each year, the Chase Cup honors high-performing auto auctions across the country that display operational excellence, outstanding customer service and strong financial performance,” John Urness, head of vehicle remarketing, said. “The entire Chase remarketing team is pleased to recognize these auctions as best in class in 2023.”
ADESA Kansas City distinguished itself throughout the evaluation period with a balanced performance showcasing value in vehicle reconditioning, condition report accuracy and overall financial results, Urness said.
ADESA Cincinnati/Dayton won the award for Best National Performance Service Delivery, which recognizes outstanding service in measurable areas such as transportation management, sales, invoicing and other operational measures.
Other award winners included:
Best National Jaguar Sales: Manheim Milwaukee
Best National Land Rover Sales: Manheim Milwaukee
Best National Mazda Sales: Manheim Milwaukee
Best National Subaru Sales: Manheim Seattle
Best National Maserati Sales: Manheim Dallas
Best Regional Performance, Midwest: Manheim Milwaukee
Best Regional Performance, Western: ADESA Golden Gate
Best Regional Performance, Central: ADESA Kansas City
Best Regional Performance, Northeast: ADESA Boston
Best Regional Performance, Southeast: Manheim Nashville
Wholesale Price Decline Slows
Staff Writer
December 13, 2023
It was another week of large declines, but the overall level of declines showed some signs of slowing, with an overall market decline of -1.49%, compared with the previous week’s -1.86%. With sellers more willing to lower their floors, the expectation is that larger-than-traditional seasonal declines will continue through the end of the year.
Car Segments
- On a volume-weighted basis, the overall Car segment decreased -1.72%. For reference, in the previous week, cars decreased by -2.40%.
- The 0-to-2-year-old Car segments were down -1.36% and 8-to-16-year-old Cars declined -2.15%.
- All nine Car segments decreased last week, with four of those segments reporting declines greater than 2%.
- Sporty (-3.55%) and Full-Size (-3.35%) Car segments had the largest declines last week, compared with -3.32% and -2.83% the week prior, respectively.
- Compact Car had another week of large declines with a drop of -2.28%, but the declines slowed compared to the previous two weeks that were both in excess of -3.5%.
- Premium Sporty Cars, once again, had the lowest depreciation last week, declining -0.37%, a typical single week depreciation for this time of year.
Truck / SUV Segments
- The volume-weighted, overall Truck segment decreased -1.40% compared to the depreciation seen the prior week of -1.64%.
- The 0-to-2-year-old models declined -1.18% on average and the 8-to-16-year-olds decreased by -1.32% on average.
- All thirteen Truck segments declined last week. Two of the thirteen segments had declines greater than 2%, compared with four of the thirteen the week prior.
- The Full-Size Luxury Crossover/SUV (-3.17%) segment reported a third consecutive week with depreciation greater than 3%.
- Compact Vans had the smallest single week depreciation that the segment has experienced in the last six weeks, with a decline of -1.07% last week. The previous six weeks averaged a weekly decline of -3.07%.
Hagerty Announces Bull Market Collector Car List
Staff Writer
December 12, 2023
Hagerty Inc., an automotive enthusiast brand and specialty vehicle insurance provider, announced its 2024 U.S. Bull Market list, an annual selection of wide-ranging enthusiast vehicles best poised to increase in value over the next year. Now in its 7th year, the list is compiled by the brand's automotive intelligence team using a suite of data from public and private sales, insurance valuations and historic trends.
"Bull Market is meant to empower enthusiasts to buy or sell cars with confidence in order to maximize the joy of ownership," said Larry Webster, Hagerty Senior Vice President of Media and Editorial. "It serves as the ultimate compass, steering enthusiasts toward discovering, acquiring and enjoying their dream vehicles without all the stress associated with depreciation."
"We've learned a few things from seven years of publishing this list," said Brian Rabold, vice president of automotive intelligence. "No matter which direction the market is headed, there are always cars that move ahead. These opportunities exist across decades, price bands, and genres, but ultimately, we always encourage people to buy what they love."
The 2024 U.S. Bull Market list (excellent condition price range):
2008-2013 BMW M3 ($51,600 - $65,800)
The 2008–2013 BMW M3, particularly the E92 model, encapsulates the essence of modern classics that captivates collectors. Powered by a 4.0-liter V-8, a departure from subsequent six-cylinder turbocharged versions, the E92 offers a visceral and immediate driving experience, enhanced by its technological prowess, including a carbon-fiber roof and adjustable rear differential. With an average value up 34%, enthusiasts priced out of old M3s are flocking to this generation.
1965-1970 Chevrolet Impala SS ($30,100 - $44,500)
The Chevrolet Impala SS, an enduring symbol of American automotive heritage since its 1958 debut, became iconic with the introduction of the SS (Super Sport) option in 1961. The fourth-generation Impala, starting in 1965, set industry sales records, embodying the spirit of American muscle cars. The '69 Impala SS, equipped with potent V-8 engines like the LS1 427, showcased all-American power and design, making it a sought-after classic that captures the essence of timeless American motoring.
1946-1950 Chrysler Town & Country ($81,400 - $144,000)
Chrysler's post-war pivot led to the creation of the Town & Country, initially known for its woody wagon design inspired by the 1941 model. Its limited production and the shift from structural wood framing to decorative elements helped the Town & Country gain popularity as a luxurious status symbol embraced by the affluent on both the East and West Coasts. Today, vintage models, like those from 1947, offer a unique blend of 1940s aesthetics and driving comfort, and are proving to pique the interest of the next generation of collectors.
2011-2016 Ferrari FF ($143,000 - $177,000)
The Ferrari FF, introduced a decade ago, defied norms with its four-wheel-drive, four-seat layout and lack of a clutch pedal. Its shooting brake design caters to enthusiasts valuing utility in their exotic cars. Despite current depreciation, the FF's V-12 power, dual-clutch transmission, and Ferrari mystique make it a promising investment, particularly for younger collectors who appreciate its blend of practicality and performance.
1964-1966 Ford Thunderbird ($41,300 - $56,400)
Reminiscent of the jet age, the Ford Thunderbird offers a soft and comfortable ride and is increasingly generating interest from Gen X and younger generations. It's likely that many of the younger Thunderbird seekers have been priced out of Lincoln Continentals.
2000-2005 Jaguar XKR ($26,700 - $38,900)
Built under Ford ownership, the 2000 XKR is a supercharged variant of the original 1997 Jaguar XK8 challenging competitors like Mercedes-Benz and Aston Martin. While trailing the Aston Martin DB7, the XKR is gaining popularity with buyers under 40. Despite maintenance considerations, its reliability and potent performance make it a compelling choice, combining power and value in the luxury car market.
1981-1986 Jeep CJ-8 Scrambler ($41,400 - $52,600)
The CJ-8 Jeep Scrambler, one example once owned by Ronald Reagan, is a rising classic in the vintage SUV market due to its unique history, rarity and off-road appeal. Appreciating faster than the iconic CJ-7, the Scrambler attracts a lot of interest from Gen X and younger enthusiasts.
1989 Lamborghini Countach 25th Anniversary ($612,500 - $770,000)
The Lamborghini Countach stands out as a timeless icon associated with the bold aesthetics of the 1980s. Thanks to its limited production and historical significance, owning one represents a unique investment opportunity. The rarity of well-preserved models, combined with the car's enduring allure, celebrity, and increasing market demand, have made this a popular choice for millennial collectors.
1997-1999 Mitsubishi Pajero Evolution ($50,000 - $70,000)
The Mitsubishi Pajero Evolution, born out of the brand's rally dominance in the Paris-Dakar Rally, offers a unique and limited-run, off-road rally experience. As a collectible, particularly in Japan and now available in the U.S. under the 25-year import exemption, the Pajero Evolution's distinctive design and heritage make it a sought-after gem for enthusiasts familiar with Japanese automotive esoterica.
1997-2002 Plymouth Prowler ($34,800 - $45,500)
One of the strangest fun cars ever to make it to the showroom floor, the Plymouth Prowler is a love letter to the hot-rod scene. Perhaps surprisingly, members of Gen X (born between 1965 and 1980) are now trickling into the Prowler, slowly supplanting the boomers who were the initial target when the car was conceived.
America’s Group Names Director of Revenue
Staff Writer
December 12, 2023
America’s Group, including America’s Auto Auction and AXLE Funding, named Summer Ernsberger as executive director of revenue to generate the development of new products and services that help lead the company’s growth initiatives.
As executive director of revenue, Ernsberger will delve into the Company’s various business segments to identify opportunities and develop procedures that will drive revenue growth and buyer expansion at our auctions.
“I’ve worked with Summer and know she will be a strong asset to our company,” said Walker. “She has a proven track record of transforming good ideas into high-growth ventures supported by strong operational foundations. Summer is a motivating leader who sets high personal standards, leads by example, and inspires teams to deliver desired results.”
Ernsberger has an MBA from Ball State University and has worked in the remarketing industry for 20 years. She lives in Chandler, Ariz., with her husband and two children.
Gary Chard Joins Hagerty
Staff Writer
December 06, 2023
Hagerty Inc., an automotive enthusiast brand and specialty vehicle insurance provider, has named Gary Chard as its new senior vice president of marketplace operations. Chard will join the senior leadership team of Marketplace, Hagerty’s growing business to support members and enthusiasts who are buying and selling collector cars. He will oversee all aspects of Marketplace operations, including live and digital auctions, private sales, financing and classifieds.
“Gary is an industry pro who will help us take Marketplace to the next level as a trusted, easy to use platform for buying, selling and financing collector cars,” said Kenneth Ahn, president of Marketplace. “As one of the most trusted names in the collector car world, Hagerty has an incredible opportunity to capture an even bigger slice of the $4 billion auction market and an estimated $100+ billion global collector car transaction market, and we intend to do just that.”
Prior to joining Hagerty, Chard served as vice president of leasing operations & work retail for The Taubman Company and the executive leasing liaison with Simon Property Group. Additionally, Gary was the CEO and founder of a food and beverage recruiting and staffing company, which scaled to approximately 8,000 staff and 2,000 business users in the Detroit market.
Chard holds a Bachelor of Arts in Business & Sports Studies from Southampton Solent University. Additionally, he holds a Human Resources Leadership Academy Certification from the Corporate Leadership Council and has taken multiple Human Resources Studies courses at Cornell University.
Chard said, “I’m thrilled to join such a trusted and respected company with so much potential. There is a huge opportunity ahead of this team, and I’m excited for the chance to help Hagerty take full advantage of it while providing an amazing level of service for enthusiast buyers and sellers.”
Dealers Auto Auction Names New GM
Staff Writer
December 01, 2023
Michael Schenks has been named the new general manager at Dealer Auto Auction’s Little Rock, Ark., location. This strategic addition strengthens the company’s commitment to providing exceptional service and leadership in the automotive auction market.
Schenks is an automotive industry expert with over 30 years of experience. He is well-positioned to lead the Little Rock team and foster strong relationships with industry partners, clients, and the local automotive community.
Dealers Auto Auction CEO, David Andrews, expressed his enthusiasm about the appointment: “We are excited to welcome Michael Schenks to lead our Little Rock location. His deep understanding of the auto industry and proven leadership skills will play a crucial role in driving our commitment to excellence in this region. We are confident that Michael’s leadership will contribute significantly to the growth and success of our Little Rock operations.”
Schenks will oversee the day-to-day operations at the sale, focusing on providing exceptional service, transparency, and value to clients, both buyers and sellers, in the automotive auction industry.
“I am excited about the future growth of the business with a huge focus on customer satisfaction,” he said. “I have an open-door policy with an open mind to listen to all the dealers’ ideas and concerns. I’m looking forward to meeting all the new dealers and reacquainting with the area dealers from the past.”
Sammy Hagar’s LaFerrari Heads to Block
Staff Writer
November 27, 2023
Barrett-Jackson, The World’s Greatest Collector Car Auctions, will auction a highly desirable, one-of-one 2015 Ferrari LaFerrari owned by legendary Rock & Roll Hall of Fame inductee and former Van Halen front man Sammy Hagar during the 2024 Scottsdale Auction, January 20-28 at WestWorld of Scottsdale. One of just 499 units originally produced, this LaFerrari is a masterpiece of engineering and design that represents the pinnacle of automotive technology and performance as the first full hybrid car produced by the Italian marque. Hagar’s LaFerrari will cross the Barrett-Jackson auction block on Jan. 27.
“Representing one-third of the holy trinity of hypercars, the LaFerrari is one of the most prized vehicles in the eyes of collectors worldwide,” said Craig Jackson, chairman and CEO of Barrett-Jackson. “Sammy has long been a part of our Barrett-Jackson family – dating back to the first time he sold his Shelby GT500 during our 2006 Scottsdale Auction – and it’s an honor he’s chosen to auction this incredible automotive work of genius at our upcoming event in January. Representing a true once-in-a-lifetime opportunity to own a piece of automotive and rock and roll history, collectors won’t want to miss this.”
The Ferrari LaFerrari, also known simply as “LaFerrari,” was introduced in 2013. With its hybrid powertrain and Formula 1-inspired features, the LaFerrari quickly earned its place among the most sought-after vehicles in the world.
Custom designed by Hagar, this LaFerrari features an elegant cream exterior, matching the color of a 1960s Ferrari that Hagar saw pictured on the wall at the Maranello factory during his visit in 2014. It is further enhanced by carbon-fiber and black accents that contribute to its visual appeal, capturing the essence of the Italian automotive artistry.
“This is undoubtedly my favorite car I’ve ever owned,” said Hagar. “It’s an incredible machine and I’ve adored it since I took delivery of it in 2015, but the time has come to pass it on to someone else who will hopefully enjoy it as much as I have. It’s a priceless vehicle that is true to the essence of Ferrari – a marque I’ve loved for a long time. I look forward to being there when it crosses the auction block in January, and together with Craig and the Barrett-Jackson team, we’re going to make it a party for the ages.”
Hagar’s headlining 2015 LaFerrari will be the feature car of the 2024 Salon Supercar Collection.
More...
George Foreman Car Collection Goes on Block
Staff Writer
November 15, 2023
Hagerty Inc. has unveiled the George Foreman Collection of more than 50 collector cars, spanning every decade of production from the 1930s through present. The auction lots will close between Dec. 11th and Dec. 21st, with multiple cars ending each weekday.
Foreman, a former Olympic gold medalist and two-time heavyweight boxing champion of the world, had 76 wins in 81 fights with 68 by knockout. The Hall of Famer still is the face of his eponymous franchise, the George Foreman Grill, which has sold more than 100 million units worldwide. He also recently saw the release of his biopic major motion picture, Big George Foreman, this past summer.
“I have been a car collector and enthusiast most of my life, but the time has come for me to share my cars with other like-minded enthusiasts,” Foreman said. “Being able to offer them to the more than million-strong Hagerty audience is the best way to ensure they get the attention they deserve.”
The vehicles have been in long-term static storage and will benefit from additional mechanical attention prior to being driven. Bidders are encouraged to review the Additional Documents section of each lot for any recent mechanical service rendered to help return certain vehicles to running condition.
Additionally, bidders should carefully review the photos of each lot in the collection, which may highlight the corrosion of metal components certain vehicles sustained as the result of a garage fire caused by a golf cart battery in March 2019. Although none of the vehicles sustained fire damage from the fire itself, the cosmetic effects of the corrosive soot for certain vehicles can be observed in the detailed photo galleries of each lot and noted in the description. All lots are sold as-is, and bidders are encouraged to contact a Hagerty Marketplace car specialist and are responsible for due diligence before placing a bid.
Standout examples from the collection include a 2005 Ford GT, finished in Mark IV Red paintwork with Ebony Black leather interior and highlighted by all four options, including the painted calipers, McIntosh Stereo System, BBS lightweight aluminum wheels, and white painted racing stripes. Perhaps most impressively, the Ford shows less than 790 miles from new as a single-owner example.
Another highlight is the 2000 BMW Z8, a single-owner example owned by George Foreman since new and one of just 37 finished in Topaz Blue Metallic over a Crema and Black interior, one of the rarest color combinations produced. Meanwhile, a pair of modern Ferraris highlight the European cars of the George Foreman Collection and are showcased by the 2002 Ferrari 360 Modena and the 1987 Ferrari Testarossa.
To ensure the buying and selling process is as simple and safe as possible, the Hagerty Marketplace team provides extensive pre-sale and post-sale services, including facilitation of payment and transfer of ownership.
America’s Names GM for Charleston, Savannah Auctions
Staff Writer
November 14, 2023
Laura Taylor will return as general manager of America’s Charleston and America’s Savannah auctions, while Bill McCready will take on duties as Regional Vice President of the Southeast.
“Helping America’s Auto Auctions renovate and grow over the past few years has been an exciting time in my life,” said Taylor. “I have loved the work and my involvement with the accomplishment our auctions have achieved. And now I am really happy to be returning to my home auction, and to be at home again with my beautiful granddaughters. I have a lot of time to make up with them, and a great desire to get back to my auction roots.”
Chuck Tapp, CEO of the company, stated, “Laura has been an important part of the expansion and development of America’s Group, just as she has been a dynamic force in our industry. Bill’s transition to Regional VP will be a smooth adjustment, as Bill and Laura have worked together for so many years.”
Bill McCready, who helmed both America’s Charleston and Savannah auctions when Taylor was named Senior Regional VP, will now be Regional VP of the South, as Taylor takes over as GM of both auctions.
“It’s an exciting time at America’s Auto Auction, and I am eager to begin this new role, and to continue our winning trajectory in 2024,” McCready said.
AAA Senior Vice President Brian Thomas offered his gratitude to Taylor for her work.
“A sincere thank you to Laura for her contributions and leadership while managing the SE these last two year,” he said. “Congratulations and best wishes to Bill on his new promotion. We look forward to leveraging his experience and leadership as we move forward into 2024. Congratulations to you both.”
Auto Auction Donates to Children’s Charity
Staff Writer
November 12, 2023
Clark County Auto Auction, with the help of its employees, friends, and business associates, has donated $33,222 to Childplace Family Services.
Childplace Family Services houses and treats children who have been removed from their homes by the courts for abuse, neglect or other chaotic issues.
Childplace offers therapy services, educational support, and opportunities for spiritual growth inside a structured environment, while also providing opportunities to play, exercise, socialize and participate in community activities. There are currently 50 children in the care of Childplace.
While Childplace provides many services to care for the needs of our displaced youth, they often grapple with the mounting costs of providing gifts during the holiday season. With help from businesses like Clark County Auto Auction, Childplace can meet its goal of providing “a want, a need, an article of clothing, and an item to read” to each child in their care. Donations are also used to purchase stocking stuffers and group gifts.
“I’m so excited we were able to reach our goal! I want to give a special thanks to everyone that helped us get there,” said Paul Fetter, general manager of the Clark County Auto Auction “Thanks to our many customers, vendors and friends that made donations. Thanks to the local car clubs and enthusiasts for all their hard work and fund raising. And thanks for all the hard work put in by the CCAA Employees and their families and friends.”
For the last 7 years, Clark County Auto Auction has made a goal of raising at least $20,000 to support the efforts of Childplace Family Services. Through fundraising events like a Classic Car Show and a Halloween Trunk-or-Treat, CCAA hopes to continue this tradition for years to come.
America’s Group Names New Exec
Staff Writer
November 08, 2023
Chris Elliott has been hired as Vice President of Mergers and Acquisitions for America’s Group, including America’s Auto Auction and AXLE Funding, a nationwide vehicle auction/remarketing and floorplan finance company.
Chuck Tapp, CEO of the company, states, “Along with his exceptional background with M&A, Chris has a formidable expertise in the strategy and financial innovations needed to manage the growth of America’s Group.”
“I am thrilled to be joining the America’s team to help drive their growth efforts across the U.S.,” said Elliott. “I believe my strong and varied experience with corporate development, consulting, and finance will help position America’s Group and America’s Auto Auctions as the growth leaders of the industry.
Elliott was formerly the Director of Corporate Development for M&A at Sweeping Corporation of America. He received his BS in Finance and Economics from John Carroll University and MBA from Weatherhead School of Management at Case Western Reserve University and is an M&A Roll-Up Expert credited with over 70 acquisitions.
