Steve Jordan has resigned his position as CEO of the National Independent Dealers Association after 11 years of dedicated service to the association to pursue another career opportunity in the automotive industry, according to a press release.

The NIADA board of directors unanimously selected senior vice president of legal and government affairs Shaun Petersen as interim executive vice president, handling day-to-day operations effective immediately. Jordan will remain with NIADA in an advisory capacity during a 30-day transitional period.

NIADA president Henry Mullinax said the board has established a committee to conduct a nationwide search for a replacement.

“This news was a shock, but not a surprise – someone of Steve’s caliber will always be in demand,” Mullinax said. “I know he will to be successful in whatever he pursues and will be an asset to any endeavor to which he lends his talents. Steve has left our association in great shape and in a growth mode.”

Steve Jordan steps down as CEO of NIADA
Steve Jordan steps down as CEO of NIADA

“Steve’s aggressive approach to his role helped NIADA grow into what it is today and made a huge impact on our industry,” NIADA president-elect Louis Tedeschi added. “We hope to take the ball that Steve rolling and keep it rolling forward.”

Jordan has been part of NIADA since 2009, when he was named executive director of the affiliated Florida IADA. He joined the national association’s staff as chief operating officer in 2011 and two years later took over day-to-day operations as executive vice president and chief executive officer.

“To say that my tenure at NIADA has been one of the highlights of my professional career would be an understatement,” Jordan said. “I want to personally thank the NIADA board of directors, staff and our membership for the trust they bestowed on me as CEO. It has been an honor to serve the association in this way and I am humbled to have had the privilege.

“The association is in a great position for success moving forward and I am confident NIADA leadership and staff will keep the momentum going in service to our membership.”

During Jordan’s tenure, NIADA significantly ramped up its legislative advocacy for the used vehicle industry, reviving the association’s annual lobbying event in Washington D.C., and increasing dealer involvement in its political action committee.

Jordan also engineered the acquisition of the operations and assets of the Leedom Group in 2015 and the National Alliance of Buy Here-Pay Here Dealers in 2017, vastly expanding NIADA’s Dealer 20 Groups and educational programs and its commitment to the BHPH industry.

“Through the association, we made an indelible mark on the used vehicle industry by uniting the voice of the independent dealer in common purpose,” Jordan said. “Of course I am proud of the numerous association accomplishments over the years, but the many friendships that were created along the way have been the most rewarding.”

J.D. Power reported sales of used vehicles at franchise dealers were 3 percent above the pre-virus forecast for the week ending Aug. 2.

Used retail prices continued to rise, increasing 0.4 ppts week-over-week in the week ending August 2. Prices are now 5.1 percent higher than the index baseline level from March 1.

J.D. Power also reported wholesale auction sales were 98,000 units in the same week, which were 2 percent lower than the pre-virus forecast.

Wholesale auction prices improved for the 15th straight week through Aug. 2. Overall, prices have grown 34 percent over the past 15 weeks.

However, the rate of price growth has slowed over the past three weeks, which indicates a slowing market, according to J.D. Power.

New-car front-end vehicle grosses decreased $41 week-over-week to $973 for the week ending Aug. 2, but $689 higher than the same week last year.

Retail sales unchanged from the prior week, with new-car prices averaging $35,677, the second highest weekly result ever. The number is $22 shy of the record set April 5.

Incentive spending per unit for the week ending Aug. 2 was $4,221, virtually flat from the prior week.

Buffalo Auto Auction has retained TPC Management to provide the company with strategic consulting services. For more than 20 years, TPC has provided consulting programs to a variety of automotive related companies, including independent auto auctions, technology concerns, investment companies and transportation companies.

“We are pleased to engage with TPC Management understanding their breadth of relationships within the independent auction community and the institutional consignors,” said Scott Perry, Buffalo Auto Auction’s owner and president. “Our focus is to provide a high level of consistent personalized service, whether a client consigns one vehicle or 1,000. We look forward to providing superior auction services to commercial consignors that are looking for a great auto auction in New York state.”

TPC president
 Pierre Pons 

TPC Management president Pierre Pons 


Perry founded Buffalo Auto Auction in 1991. It holds both simulcast and live auctions every Thursday at 10 a.m. Located on 31 acres, the facility offers detail and reconditioning, condition reporting, pre- and post-sale inspections, floor plan financing, mechanical services and nationwide transportation.

  “We are delighted to be working with Scott Perry and the staff at Buffalo Auto Auction,” said Pierre Pons, president of TPC Management.  “As a third-generation auctioneer himself, Scott has strong roots in the wholesale community and a deep understanding of the process of buying and selling at auction. He heads a team at Buffalo Auto Auction that is equally committed to the business and the customers that they serve. We forecast an exciting future for the auction, as we work with them to expand their relationships in the industry and their visibility in the market.”

Cox Automotive this week announced the elimination of 1,600 North American positions, as the effect of the COVID-19 pandemic continues to hurt businesses.

Chintan Talati, senior director for public relations, released a statement to Used Car News on Aug. 5.

“As Cox Automotive continues to evolve its business priorities and organizational structure in response to COVID-19, we’ve made the difficult decision to eliminate 1,600 North American positions,” the statement read. “While we regret the impact these moves have on our employees and their families, we’re working to create a Cox Automotive that’s prepared to meet changing client needs and lead the industry well into the future.”

 The 1,600 positions were across the United States and Canada and represent a mix of corporate and field positions, Talati stated.

In the United States, approximately 1,500 positions were impacted, with roughly 1,100 representing Manheim. Of this Manheim total, 45 percent represent part-time workers.

Of the Cox Automotive positions, 87 percent were furloughed in May. 

In Canada, nearly 130 positions were impacted, all of which were previous temporarily layoffs.

KAR Reports Rough Q2

August 06, 2020

KAR Auction Services Inc. reported its second quarter financial results for the period ended June 30, 2020. The company reported revenue of $419.0 million as compared with revenue of $719.1 million for the second quarter of 2019, a decrease of 42 percent. For the second quarter of 2020, the company reported a net loss from continuing operations of $32.3 million, or $0.27 per diluted share, as compared with net income from continuing operations of $27.4 million, or $0.20 per diluted share, in the second quarter of 2019. Adjusted EBITDA for the quarter ended June 30, 2020 decreased 41 percent to $80.0 million, as compared with Adjusted EBITDA of $135.9 million for the quarter ended June 30, 2019. Operating adjusted net income from continuing operations per diluted share decreased 73 percent to $0.08 for the quarter ended June 30, 2020, as compared with operating adjusted net income from continuing operations per diluted share of $0.30 for the quarter ended June 30, 2019. The company's operating results for the quarter ended June 30, 2020 were significantly impacted by the COVID-19 pandemic. In addition, the company recorded a $29.8 million charge for the impairment of goodwill and other intangible assets in the second quarter of 2020.

For the six months ended June 30, 2020, the company reported revenue of $1,064.5 million as compared with revenue of $1,408.7 million for the six months ended June 30, 2019, a decrease of 24 percent. For the six months ended June 30, 2020, the company reported a net loss from continuing operations of $29.5 million, or $0.24 per diluted share, as compared with net income from continuing operations of $42.7 million, or $0.32 per diluted share, in the first six months of 2019. Adjusted EBITDA for the six months ended June 30, 2020 decreased 35 percent to $168.6 million, as compared with Adjusted EBITDA of $258.8 million for the six months ended June 30, 2019. Operating adjusted net income from continuing operations per diluted share decreased 60 percent to $0.20 for the six months ended June 30, 2020, as compared with operating adjusted net income from continuing operations per diluted share of $0.50 for the six months ended June 30, 2019. The company's operating results for the six months ended June 30, 2020 were significantly impacted by the COVID-19 pandemic, as further discussed below. In addition, the company recorded a $29.8 million charge for the impairment of goodwill and other intangible assets in the second quarter of 2020.

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