April: Las Vegas hosts the Conference of Automotive RemarketingLast month at the Conference of Automotive Remarketing at Caesars Palace, education and training for the remarketing industry took center stage. Penny Wanna, president of Auction Academy and vice president of administration for TPC Management, moderated the panel discussion, calling it a "back to basics" look at training opportunities available through Auction Academy, the International Automotive Remarketers Alliance’s Certified Remarketers Program and its Audit and Compliance Training. IARA’s CAR certification program was a topic of discussion, with panelists sharing their experiences becoming certified and the benefits of the comprehensive education it provides. CAR graduates must re-certify every three years and on the third certification, they achieve lifetime certification.
The Conference of Automotive Remarketing, moderated by Tom Stewart of Auction Management Solutions, raised more questions than answers about electric vehicles. The panel discussed various concerns, including how to make the buyer comfortable when making a good decision about buying EVs, which infrastructure is necessary for auction, depreciation of EV assets, and battery safety. The panel also discussed the issues around EV transportation, technician shortages, the financial impact, and charging. The panelists emphasized that the EV is a different product from ICE (Internal Combustion Engine) vehicles and that the EV life cycle will require more mechanical repairs. Finally, the panelists stated that the volume of EVs coming to the wholesale market remains unpredictable.
At the Conference of Automotive Remarketing last month, economists and data experts discussed the challenges of the post-pandemic market. Cox Automotive's chief economist, Jonathan Smoke, said that the availability of credit combined with affordability would be significant issues weighing on the industry for several years. Interest rates have continued to rise, leading to dramatic increases in auto rates. ADESA Auctions' chief economist, Tom Kontos, said that the off-lease units are in short supply, repos are starting to rise, and dealer consignment is tight, leading to a decline in demand for used cars and a softening of prices. The chip shortage has also caused the ceiling to rise on used-car prices.
But first, we sit down with Chad Bailey of the Akron Auto Auction.
