Retail My Ride said it has partnered with a large consignor company to sell its national clients’ late-model cars, trucks and SUVs on consignment in Texas, Georgia and Florida.

Retail My Ride and its partner expect the list of states, the number of institutional sellers and the volume of eligible retail consignment vehicles to grow dramatically in 2024, the company said in a news release.

“Our efforts continue to be laser-focused on building and supporting our online community to bring all types of automotive sellers – private and now institutional – and retail consignment dealerships together,” Retail My Ride CEO and founder Jim Horan said in a news release, “A platform where retail consignment can become the preferred option for millions of auto, RV and motorcycle sellers, and a go-to source of quality free inventory for participating dealerships in 48 states.

“We are very pleased with the response we’re getting from our private sellers, institutional sellers and our network of dealerships, who appreciate the value our unique retail consignment sourcing platform provides.”

The company said its Bulk Retail Consignment program provides:

— Above average vehicle condition grades.
— Vehicles available for selection weekly.
— Selected vehicles shipped to dealers free of charge.
— Authorized dealer listing price at “great deal” rating.
— Average retail value $18,000.
— Average turn rate 18-20 days.
— Earn a flat “success fee” per vehicle sold.
— Earn revenue on approved in-house reconditioning/repairs.
— Keep 100% of doc fee, F&I income and trade-in revenue.

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The provider of online vehicle auction and remarketing services has brought in David Kang as chief marketing officer, Neel Madhvani as chief product officer and Hessel Verhage as chief operating officer.

Stephen Powers, who has served as COO since October 2020, will assume the role of chief business development officer after leading a transition of operational responsibilities to Hessel.

Copart co-CEO Jeff Liaw said in a news release that he was “delighted to appoint these four exceptional leaders to their new positions.”

Powers, who has been with Copart for more than 40 years, will lead Copart’s real estate acquisition and facility development teams, as well as initiatives to drive growth in Copart’s complementary lines of business, including Purple Wave and National Powersport Auctions.

As Copart’s COO, he led major initiatives such as real estate acquisition and development, catastrophic event response and the development of the logistics fleet. He previously served as vice president of operations for Copart’s Eastern Division.

“Steve Powers is a respected leader and has served Copart and its predecessor companies for more than 40 years,” Liaw said. “He brings invaluable knowledge, experience and relationships to drive our continued growth.”

Kang will head Copart’s marketing functions, including marketing analytics, brand, communications, digital and global member development as well as leading the company’s Cash for Cars business.

His experience in marketing and data analytics includes roles as senior vice president of data insights and CMO of consumer auto finance for Capital One, and various leadership positions with McKinsey & Co, supporting clients across the firm’s travel, transportation and logistics practice.

Madhvani is in charge of new product development initiatives, in partnership with sales, marketing, operations and technology.

He served most recently as vice president of product for Chewy. He previously held product development, marketing, strategy and innovation roles with Boxed and Staples.

Verhage’s role encompasses Copart’s operations across more than 200 locations, optimizing processes and technology to ensure excellent service for Copart’s sellers and members.

Hessel’s operational leadership experience includes his most recent role as an executive leading DB Schenker’s global contract logistics operations.

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That activity pushed the estimated average weekly sales rate up to 55%, as Black Book reported wholesale prices softened by just 0.63%, which was in line with what analysts recorded during this time in 2017-2019.

“As we progress into 2024, signs of market stabilization are emerging, with two segments reporting gains last week,” Black Book said in its newest installment of Market Insights released on Tuesday.

“Furthermore, a few segments in the 8- to 16-year-old range also had positive movement last week. The most notable increase was the compact car segment, typically an early indicator of market strength in the spring season, reporting gains,” analysts continued in the report.

On a volume-weighted basis, Black Book noticed overall car segment values decreased a bit less than the overall market, sliding by just 0.39%.

As mentioned, values for 8- to 16-year-old cars declined just 0.20%, while prices for cars up to 2 years old dropped by 0.37%, according to Black Book tracking.

Of the eight car segments that sustained value declines last week, analysts pointed out that only one — subcompact cars — depreciated by more than 1%. Those gas-sippers actually dropped by 1.05%.

And perhaps showing those spring market signs, Black Book indicated prices for compact cars actually edged up by 0.03%. As analysts put it, that’s “in sharp contrast to the last week of November,” when prices for those units sunk 4.32% in a single week.

“Three of the nine car segments aged 8-to-16-years-old reported increases last week, including compact, luxury, and sporty car,” Black Book added.

Meanwhile among trucks, wholesale values decreased a bit more, as Black Book watched overall truck prices drop by 0.73%.

That decrease was consistent no matter the age, as Black Book said 0- to 2-year-old models declined 0.65% on average while 8- to 16-year-old units dropped by 0.76% on average.

Analysts said 12 of the 13 truck segments posted price drops a week ago, with the compact luxury and midsize crossover/SUV segments reported the largest declines at 0.94% and 0.93%, respectively.

While there might be “lot parties” at both auctions and dealerships when snow falls heavily, Black Book is having its own gathering because of the intriguing turn the new year has already taken.

“The first full week of the year looked a little different than the first week of 2024, with an increase in inventory and the auction conversion rates,” analysts said. “For the first time in weeks, we are starting to see some stability in the market. We’re still seeing prices drop, but nothing like what was experienced back in November and December of 2023, could this be the start of a normal seasonal adjustment and depreciation trends?

“As always, our team of analysts are focused on keeping their eyes on the market, watching for developing trends and gathering insights,” Black Book went on to say.

The post Lane watch: Spring market signal already surfaces appeared first on Auto Remarketing.

The company said Reilly will manage and develop its regional field sales team throughout Georgia, North Carolina, South Carolina, Tennessee and Florida.

“It is our pleasure to promote Jim into this newly created dynamic role alongside the expansion of the Autosled’s field organization,” Autosled co-founder and chief revenue officer David Sperau said. “His many contributions as a leader among his peers, combined with his business and revenue generation, have earned him this opportunity.”

Reilly joined Autosled two years ago after 25 years in various positions in retail automotive ranging from individual contributor to managing a team of 30.

Reilly said he is “honored to take on this new role and equally as excited to grow the field sales team on a national level.”

“Logistics certainly has its challenges,” he said, “but I am confident that with the people and culture at Autosled, we will see continued success in 2024 and beyond.”

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Cox Automotive is calling its new effort Project Pink, which is an initiative to celebrate diversity among its Fleet Services and Manheim technicians and support breast cancer awareness.

Meanwhile with temperatures throughout much of the U.S. well below freezing, Subaru announced that it has expanded its Subaru Loves to Help initiative through a new partnership with Operation Warm, a national nonprofit that provides new, high-quality coats and shoes for children in urgent need.

Project Pink is a campaign that features high-visibility pink uniforms for female technicians at Cox Automotive.

Icie Hinton, a female trailer shop technician with Cox Automotive Fleet Services and a graduate of Cox Automotive’s FleeTec Academy, created this initiative to honor and recognize women’s crucial role in the transportation industry and as a sign of support for those fighting breast cancer.

According to a news release, Hinton developed the idea while participating in Cox Automotive’s Women Who Wrench, a year-long mentoring program that pairs female technicians with those in leadership roles.

“This pink uniform helps normalize the idea of a woman proudly wrenching,” Hinton said. “I hope these uniforms act as a catalyst to normalize women doing tough and dirty jobs that are traditionally perceived as exclusively masculine.”

In collaboration with Cintas, Cox Automotive developed high-quality, durable uniforms that meet safety regulations while offering comfort.

The company said the uniforms, embellished with the Cox Automotive Fleet Services or Manheim logos, are more than just work attire, calling them a statement of commitment and community.

Son Wing is a lead trailer repair technician and Hinton’s mentor.

“The impact that Icie Hinton, among other female technicians, is making through Project Pink is remarkable,” Wing said. “Their involvement in this cause is not just inspiring; it’s transformative. Icie’s leadership in this campaign reflects the spirit of change and empowerment that we strive for at Cox Automotive.”

Initially, eight female technicians received these special uniforms. However, Cox Automotive wants to expand this initiative and involving male allies to broaden its impact and reach.

“On a granular level, this pink uniform is a conversation starter with my peers,” Hinton said. “It’s created meaningful connections with my coworkers who compliment my uniform colors and even jokingly express jealously saying, ‘How did you get a pink uniform? Where can I get my pink uniform?!’ It’s a great way to continue to build strong professional relationships with male colleagues in this small but meaningful way.”

Cox Automotive said women make up just 3.6% of all auto mechanics. That’s why Cox Automotive said it wants to attract, recruit, and develop female talent who have been underrepresented in a traditionally male-dominated field.

“We take immense pride in Project Pink and the exceptional representation of women on our team as top-notch technicians,” said Ted Coltrain, vice president of Cox Automotive Fleet Services Operations.

“More than a mere campaign, Project Pink embodies a heartfelt cause. I see this initiative as a ray of hope and unity for someone who has personally experienced the effects of breast cancer. We’re creating awareness and fostering a community of support and resilience,” Coltrain continued.

Two other high ranking company executives applauded the effort, too.

Patrick Brennan, senior vice president of Cox Automotive Fleet Services, said: “Project Pink signifies a pivotal step towards industry leadership and social responsibility. This initiative underlines our commitment to diversity and creating a meaningful impact in the community. We’re raising awareness and setting a precedent for inclusivity in the transportation industry.”

Grace Huang, president of Cox Automotive Inventory Solutions, said: “As someone who deeply values diversity within our company and industry, I could not be more proud of this inspiring initiative. Not only does it reinforce our commitment to diversity at Cox Automotive, but it also champions hope and awareness in support of women diagnosed with breast cancer.”

Subaru accelerates efforts to get warm clothes to children

As previously mentioned, Subaru is embarking on a new partnership with Operation Warm

According to another news release, the automaker and its dealer network will provide more than 150,000 children across the country with the essential clothing they need to thrive as part of the expanded Subaru Loves to Help initiative.

“For too many children, going without a coat, shoes, or even socks can mean the difference between going to school, participating in activities, and feeling confident in themselves,” said Alan Bethke, senior vice president of marketing for Subaru of America.

“By pairing our own commitment to be ‘More Than a Car Company,’ with Operation Warm’s mission of being ‘More Than a Coat’ we’re providing children in urgent need with the opportunity to select and own the brand-new necessities they deserve,” Bethke continued.

In partnership with Operation Warm, about 630 Subaru retailers nationwide have been matched with a beneficiary organization in their local community serving children in need.

Through gifting and drop-off events, children can personally select their new pieces of clothing. These items are intended to not only help children stay warm and dry, but also to positively impact their mental and emotional well-being.

“Coats, shoes, and socks provide so much more than just physical warmth, and programs like this are giving kids in urgent need the relief and confidence to socialize and succeed,” said Grace Sica, executive director of Operation Warm.

“Teaming up with Subaru, who clearly shares our values of community connection, allows us to bring warmth and confidence to even more children around the country than ever before,” Sica added.

On Wednesday, the automaker will kick off the 2024 Subaru Loves to Help campaign with one of its largest community-focused donation events held at Subaru of America headquarters in Camden, N.J.

Employee volunteers will be serving close to 1,000 children from Camden with brand new clothing items.

“Working with eight local community organizations and nonprofits that benefit children and families in urgent need, the attendees will also be treated to an evening of fun, food, and games to celebrate the occasion,” the OEM said.

To learn more about Operation Warm, visit https://www.operationwarm.org/.

For more information about the Subaru Loves to Help initiative, visit subaru.com/help.

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Criminals are tapping into bank accounts. They are stealing usernames and passwords.

“You don’t know about it … for 30 days, and by then the car is gone, the title is gone, the criminal is gone and you’re left holding the bag … the empty bag,” Autenrieth said.

The upcoming NAAA Total Access Spring Business Meeting will feature a session on that topic titled, “Fraud: Trends, Detection and Prevention.”

Ben Puckett, president of Auction Insurance Agency, will moderate the session, and areas of discussion will include “checks, titles, and other schemes, and what to look out for and how to catch it.”

Autenrieth and his company, Stanley Autenrieth Auction Group, have seen the consequences of fraud first-hand. In one instance, someone was able to hack a dealer’s e-mail.

“They pretended to be the dealership, and funds were wired, and they were wired to the wrong location,” Autenrieth said.

Fraud like that is among various topics on the agenda for the Total Access meeting, which will take place Jan. 31 and Feb. 1 in Las Vegas. Presenters will also cover topics such as “how to survive and thrive in a multigenerational workplace,” “women in the lanes,” and artificial intelligence.

Security: Criminals’ methods and catalytic converters

Autenrieth is CEO of Stanley-Autenrieth Auction Group, which consists of Indiana Auto Auction and Carolina Auto Auction, and he said the dealer e-mail hacking incident he mentioned earlier was a learning experience. Now that the auction group is aware of it, the company has taken steps to make sure it doesn’t happen again.

“But that’s not to say these criminals don’t come up with another method, and so we need to be as aware as possible in all regards,” Autenrieth said.
Educating people through events like the Total Access meeting can help bring awareness to that and other issues, and the meeting takes place in conjunction with NADA Show 2024, which is the National Automobile Dealers Association’s annual convention.

Autenrieth said the leadership of NAAA and NADA are in unison, adding that through the partnership, NAAA members at the Total Access meetings can meet with some customers in person in addition to participating in business meetings.

NAAA continues to work with NADA in another area of security: the Preventing Auto Recycling Theft Act, or PART Act, which makes stealing catalytic converters a federal crime.

“We have partnered with NADA in support of that bill and so we stayed in close contact with them and we continue to support that bill, and so the PART Act is … the biggest legislative piece that both of us are … working on together at the moment,” said NAAA public affairs manager Max Cole.

Cole said NAAA and NADA are working to get committee meetings to get the bill moving and recruit co-sponsors as Congress is dealing with many other priorities.

An NADA issue brief on the bill states that catalytic converters are not currently one of the 18 vehicle parts required to be marked with a VIN or number traceable to a VIN. NADA writes that the PART Act requires new vehicles to have unique, traceable identifying numbers stamped on catalytic converters at the time of assembly.

AI: Worth the cost for the industry?

Artificial intelligence is a new topic of discussion for the upcoming Total Access meeting, but Autenrieth describes it as a “hot button” topic, with the technology coming out in areas such as condition report writing and picture taking. It could become “a big player for us in the future,” he said. On the other end, it could be cost-prohibitive for some auctions.

“But for others it might be a cost savings, so [I’m] interested to really see what Chuck Redden as a moderator is able to speak of,” Autenrieth said.

The session is titled, “The Practical Implications of Artificial Intelligence,” and Redden is chief executive officer of AutoTec and its affiliate companies: Auction Insurance Agency, AutoCheck Auctions, VIN CrossCheck, Centennial Casualty Company and AuctionACCESS. Additional panelists are Dale Pollak, who is founder of vAuto and executive vice president for Cox Automotive; and Ben Flusberg, chief data officer for Cox Automotive.

Women in the lanes

The Total Access meeting will cover more than just security, with one session highlighting the career paths of some of its female leaders.

“And it’s led by probably the most impactful female in our industry right now, Grace Huang with Cox Automotive,” Autenrieth said. Huang is president of Cox Automotive Inventory Solutions.

The panel is titled, “Women in the Lanes: Career Paths for Women in the Wholesale Auto Auction Industry,” and participants will provide career development advice to attendees.

“Females within our industry are a select few, and so we obviously want to be more diverse than that,” Autenrieth said. The session, he said, will serve to “hear their voice and what they’ve done, what they’ve accomplished and to lead that next generation of female leaders within our industry.”

Thriving with different generations

The Jan. 31 keynote session of the Total Access meeting is titled, “The Remix: How to Survive and Thrive in a Multigenerational Workplace.” Speaker for the session is Lindsey Pollak, who is a best-selling author and whose bio states that she has been described as a “generational translator.”

The description for the session from NAAA states that leaders must balance a generation gap of multiple decades between the oldest and youngest employees.

Autenrieth said he and NAAA were excited to have the session on the agenda for the Total Access meeting.

“As we look to identify and train and promote the next generation of leaders within our association and within our industry, it’s a great topic for us to bring Lindsey in and be able to discuss, whether you’re an independent auction and you’re training the third generation at the family auction or whether you’re at one of the chains and you’re working on that 20- or 30-year- old something to help get them to that next level, this is a great workshop that Lindsey will be putting on,” Autenrieth said.

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The full-service auto transport management solution offering technology and transportation services appointed Brett Lippel as its new chief partnership officer.

Prior to joining SYCN Auto Logistics, Lippel served as the CEO of Lendgistics, a lending platform catering to major banks and credit unions. SYCN Auto Logistics said his leadership at Lendgistics, specializing in automotive, home improvement, and elective medical sectors, showcased his ability to navigate complex markets and deliver tangible results.

Lippel’s career also includes a stint as the president of Midway Auto Group, a comprehensive operation in Southern California encompassing rental, leasing, and sales. While with that company, Lippel also served as a board member of the American Car Rental Association.

After starting in the automotive industry with Enterprise Rent a Car’s operations in Canada and the U.K., Lippel’s other career highlights include:

—Founder and executive vice president of College-Concierge, an online car buying platform tailored for international students.

—Senior Vice President at Search Optics, a global digital advertising agency

—Chief revenue officer of TrueCar

“We are excited to welcome Brett to SYCN Auto Logistics as our chief partnership officer,” SYCN Auto Logistics CEO Gavin Kesten said in a news release. “Brett’s exceptional leadership and experience in the automotive industry make him the ideal candidate to drive our partnerships and propel SYCN Auto Logistics to new heights.”

Lippel offered this perspective about his new role as chief partnership officer at SYCN Auto Logistics.

“I am thrilled to bring over 20 years of international auto experience and relationships to SYCN,” Lippel said. “I joined SYCN to be a part of an extremely special journey with a company leading in both technology and customer service.”

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Evidently, the wholesale market might be experiencing the same back-to-the-grind struggles, according to the latest analysis from Black Book.

Analysts indicated on Tuesday that wholesale values softened 0.68% last week, the same reading as a week earlier. Black Book did mention that the estimated average weekly sales rate improved slightly to 49% during the first week of the year.

“With the first year of 2024 now officially complete, the market is still reacting like it is on vacation,” Black Book said in its latest installment of Market Insights.

“Last week’s auction activity was still slow, particularly early in the week,” analysts continued in the report. “Now the question, will we have a spring market and if so, when will it start? In 2020, before the pandemic, the market began to gain moment as early as the third week of January.”

Whenever that momentum swing starts for 2024, Black Book offered the latest standing for both car and truck prices.

On a volume-weighted basis, Black Book said overall car values decreased 0.49%.

Analysts noted prices for models 2 years old and younger softened 0.41%, while values for cars 8 to 16 years old also declined 0.49%.

Black Book said prices for all nine car segments decreased last week, but only one segment posted a decline exceeding 1%.

Values for prestige luxury cars sustained the largest decline last week, dropping 1.90%. That doubled depreciation for those vehicles from the prior week’s decline of 0.81%.

Perhaps a hint toward the spring market and tax season, Black Book pointed out that the compact car segment “continues to report very light depreciation,” as those values ticked only 0.06% lower last week.

“This is in comparison to the large depreciation in November and early December when the segment had multiple weeks with declines exceeding 2% per week,” analysts added.

Looking at trucks, Black Book’s volume-weighted information showed overall truck segment values decreased 0.77%

Analysts said prices for 0- to 2-year-old models declined 0.66% on average, while 8- to 16-year-old trucks decreased by 0.81% on average.

While all 13 truck segments declined in value last week, Black Book acknowledged five segments sustained depreciation topping 1%.

Pacing truck declines were sub-compact luxury crossover, which had a value decline last week of 1.66%, representing the eighth week in a row those models sustained a price drop of more than 1%.

Compact vans (down 0.82%) and full-size (down 0.37%) “have slowed their rate of depreciation compared to the record setting depreciation in Q4, with some weeks exceeding 3%,” according to Black Book.

Analysts wrapped up their latest observations with more commentary about the first week of the year.

“The first week of 2024 is now in the books, with not a big change in how we finished 2023,” Black Book said. “We did see more attendees at the auction later in the week, but still seeing more If’s and no-sales in the lanes overall.

“Wholesale prices are still all over the place, sending mixed signals to both buyers and sellers who seem not quite sure what is going on with the current market,” analysts continued. “We did see a small uptick in the auction conversion rate this week, is this our first positive sign for 2024?

“As always, our team of analysts are focused on keeping their eyes on the market, watching for developing trends, and gathering insights,” Black Book went on to say.

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The Merit Awards, founded in 2022, recognize businesses that have contributed to the continued growth of the market worldwide. Gold, silver and bronze award winners for various categories among award programs representing seven business sectors are selected by industry executives, journalists, consultants, entrepreneurs, educators and the Merit Awards staff.

Super Dispatch founder and CEO Bek Abdullayev said the company is “honored and thrilled” to win the award.

“This recognition underscores our commitment to providing the most innovative technology for our customers and the automotive industry,” he said.

Super Dispatch earned the award for its Transportation Management System, which the company said oversees the movement of more than 100,000 cars each month.

In 2023, Super Dispatch introduced the SuperPay feature, which combines ACH transfer capabilities with an intermediary digital wallet, designed to facilitate prompt payments and eliminate the need for fragmented payment systems.

The company said SuperPay has “significantly streamlined the accounting process, allowing shippers to remit payments to carriers in as little as one business day.”

Super Dispatch also launched Auto Transport Co-Pilot, a video podcast series led by Abdullayev that serves as an online community, fostering discussions and conversations within the auto transport sector.

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