Westlake Financial Remarketing recognizes the winner of their 2023 Auction of the Year Award and the Top 4 Regional Auction Performers.

2023 Nationwide Auction of the Year Winner:

• Manheim Central Florida

2023 Top Regional Auction Performers:

• South Central: 166 Auto Auction
• Northeast: Manheim Baltimore-Washington
• Southwest: ADESA Salt Lake
• Midwest: America’s AA Columbus Fair

“Congratulations to Manheim Central Florida on winning Auction of the Year. Their remarkable efforts and operational efficiency have allowed them to clear cars quickly while remaining Westlake’s 2^nd largest auction by total volume,” says Michael Jari, Director of Remarketing at Westlake. “We’d also like to acknowledge the hard work of the Top 4 Regional Auction Performers. Their achievements are a testament to their diligence and steadfast performance in selling Westlake units this past year.”

Auctions are ranked based on efficiency and retention, with the top performers determined by the average score of Westlake remarketing units sold in 2023 and their ability to sell units at the highest Manheim Book Value percent.

“Our industry thrives because of partners like Westlake. Thank you to the Westlake Team and our Rep, Eddie Corrado, for this outstanding recognition,” stated Toni Williams, general manager of Manheim Central Florida. “The hard work and determination of our Central Florida Team made this achievement possible. Thank you for being diligent and committed to our processes, while showcasing the power of teamwork.”

Subaru of America reported 61,297 vehicle sales for March 2024, a 15.2% increase compared with March 2023 (53,213). SOA also reported year-to-date sales of 152,996, a 6.7% increase compared to Q1 2023. March marked the 20th consecutive month of month-over-month sales increases for the automaker.

The Forester model set an all-time sales record, and Crosstrek achieved its best March ever. In March, Forester achieved its best sales month of all time with 21,045 vehicles sold, a 105% increase compared to March 2023. Crosstrek also continued to have a strong showing, achieving its best March ever with 14,527 vehicle sales. Outback sales followed closely behind, with 13,501 vehicles sold.

ZeroSum, an automotive retail agency that provides inventory-based digital marketing solutions tailored to dealers, released its April State of the Dealer report. The ZeroSum State of the Dealer report shows used vehicle inventories declined by 4% on a month-over-month basis, falling below 1.9M for the first time since October 2023. The cause of this decline is the rapid increase in used vehicle movement in March—which was up by 17% from February’s results to 1.44M. This number is forecast to fall back somewhat in April but is also estimated to be above its recent range. Average marketed price rose for the first time since May 2023.

“Similar to new vehicles, used vehicles had a very strong showing in March after the seasonal rebound experienced in February,” said Jeff Englishmen of ZeroSum. “A second month of growth points to a more sustained trend, though it is expected that the rise will not necessarily be a straight line upward.”

The report shows new vehicle inventory levels continue to climb, edging up by 3% on a month-over-month basis.

Knight Specialty Insurance has agreed to provide cash and bonds as collateral for Donald Trump’s $175 million bond in his New York civil fraud case. Trump and his co-defendants are accused of misrepresenting the value of his properties. Forbes magazine said Don Hankey, the primary owner of Knight, built an estimated $7.4 billion fortune through car dealerships and providing subprime auto loans. 

According to the company’s website, Knight has its origins in a business called KnightBrook, which was established in 1934. Knight Insurance Company Ltd. was formed in 1993 and Knight Management Insurance Services LLC was established in 1999.

Knight Specialty was formed in 2003, Knight Insurance Group Segregated Portfolio Company followed in 2019 and Knight Management company was established in 2020.

Hankey told The Associated Press he has never spoken with Trump. "This is what we do at Knight Insurance, and we're happy to do this for anyone who needs a bond," Hankey said. The bond is a placeholder that will guarantee payment if the judgment against Trump is upheld on appeal. 

The Los Angeles Business Journal reported last year that the 80-year-old Hankey got started in the auto industry when his father bought a stake in a Ford dealership in Los Angeles in 1958. As a teen, Hankey washed cars during the summer and later became a salesman. While Hankey was studying finance at the University of Southern California, his father died and his family lost its stake in the car dealership. But a few years after Hankey's graduation, his family repurchased the dealership with a $250,000 loan.

Bloomberg reported that Axos Bank of San Diego, in which Hankey is one of the biggest non-institutional investors, provided $100 million in funding to refinance Trump Tower in 2022 when the Trump Organization's real estate valuations were under scrutiny.

Black Book’s Weekly Market Insights showed momentum is accelerating, evidenced by a +0.39% increase in auction values from last week.

Auction activity is bustling, characterized by strong conversion rates and vigorous bidder participation. The lone area not mirroring this positive trend is the used electric vehicle sector, which persists as the market’s current under performer, with high no-sale rates and declining values.

The Used Retail Days-to-Turn estimate is now sitting around 49 days.

Car Segments:

• On a volume-weighted basis, the overall Car segment increased +0.33%. For reference, in the previous week, cars increased +0.10%.
• The 0-to-2-year-old Car segments were up +0.24% and 8-to-16-year-old Cars increased +0.21%.
• Eight of the nine Car segments increased last week.
• Last week, the Prestige Luxury Car segment was the sole category to witness a decrease in value, with depreciation deepening by -0.50%, compared to -0.19% the previous week. A notable factor in this heightened rate of depreciation was the decline in the value of the Tesla Model S.
• The Mid-Size Car segment saw the most significant uptick in value last week, appreciating +0.71%. This surge marks the segment’s largest single week gain since the beginning of March 2023.

Truck/SUV Segments:

• The volume-weighted, overall Truck segment increased +0.41% compared to the appreciation seen the prior week of +0.15%.
• The 0-to-2-year-old models gained +0.27% on average and the 8-to-16-year-olds increased by +0.14% on average.
• Twelve of the thirteen Truck segments increased last week.
• Last week, the Full-Size Pickup segment saw an acceleration in its value growth, appreciating by +0.31%, which was a notable jump from the previous week’s modest rise of +0.02%.
• Last week, the Full-Size Crossover/SUV category experienced the most substantial growth, with a +0.91% rise in value. This represents the segment’s biggest one-week surge since spring 2021.