Wholesale Vehicle Remarketing Analyzed at CAR
Faye Francy (left), executive director of Auto-ISAC, and Andrea Amico, president of Jack Cooper Logistics, during the IARA townhall discussion on data privacy and cyber security threats to the remarketing industry.
The 2018 Conference of Automotive Remarketing (CAR) detailed the biggest topics concerning wholesale remarketing, and also elaborated on technological developments that may impact the industry as a whole.
The conference took place March 6 - 7 at the Caesars Palace in Las Vegas, which was hosted by Bobit Business Media and held in partnership with the International Automotive Remarketers Alliance (IARA) and the National Auto Auction Association (NAAA).
Several industry awards were presented to key figures in wholesale remarketing, and numerous networking opportunities were available for attendees to network and build their personal and professional connections.
Highlights from the conference included an IARA industry townhall discussion on data privacy and cyber security threats to the remarketing industry, which was presented by Andrea Amico, president of Jack Cooper Logistics, and Faye Francy, executive director of Auto-ISAC (Automotive Information Sharing and Analysis Center). Francy focused on the significance of establishing Auto-ISAC, which is an industry operated hub created to facilitate coordination and collaboration around cyber security; and Amico discussed how improving privacy of vehicle user-data may reduce compliance concerns for remarketing professionals.
Also touching on some keys topics at CAR was a general session on the latest trends in the vehicle marshalling and redistribution logistics management, which was moderated by Pierre Pons, president of TPC Management Company and founder of the Auction Academy, and included thoughts from major industry players including Brad Bollman of GM Financial; Doug Evans of Hyundai Capital America; Bob McConkey of McConkey Auction Group (MAG); Charles Nichols of BSC America & Bel Air Auto Auction; and Mike Reid of Toyota Financial Services.
Directly after this session was a consignor-only group discussion that was moderated by IARA members Tim Meta and Paul Seger, which provided consignors the opportunity to discuss various issues that may be impacting remarketing efforts. Concurrently held with this, the NAAA hosted a Independent Auction Group meeting for members of the association.
Meanwhile, automotive industry analyst Glenn Mercer presented a general session on how developments in the automotive world, such as autonomous vehicles, electric vehicles, and a connected car network, will play a part in the remarketing industry.
Kurt Kohler, senior VP of fleet acquisition and remarketing at Enterprise Holdings Inc. for North America, presented a case study during the second day of the conference on how acquisition strategies and collaborative discussions can drive improved new car sales performance and remarketing results for OEM brands, which included anecdotal examples from Enterprise’s history in the industry.
Mike Eruzione, the captain of the "Miracle on Ice" Olympic Gold Medal Hockey Team, during his keynote presentation.
The first official keynote at the conference was a motivational presentation by Mike Eruzione, the captain of the "Miracle on Ice" Olympic Gold Medal Hockey Team.
Several concurrent sessions were also held at CAR 2018, including how to capitalize on opportunities to remarket off-lease vehicles for rideshare drivers; best practices in vehicle reconditioning; strategies from FMC consignors on how to remarket higher-mileage inventory; and a discussion with factory consignors at GM, Ford, and FCA on key remarketing issues and their strategic initiatives.
Several key remarketing industry figures were presented with awards at CAR 2018.
Jim Hallett, CEO and Chairman for KAR Auction Services, accepted the Ed Bobit Industry Icon award for his contributions to the industry. The award was presented to Hallett by leaders of the NAAA and the IARA. The award was created in honor of the late Ed Bobit, who was the posthumous inaugural winner in 2015, and considers individuals whose actions reflect Ed Bobit’s ideals and connection to the remarketing industry.
Hallett (third from left) accepts the Ed Bobit Industry Icon award from remarketing industry professionals. (From left to right, Tony Long of IARA; Tim Meta of IARA; Warren Clauss of NAAA; Hallett; Frank Hackett of NAAA; and Bob Rauschenberg of ADESA.)
Tom Caruso, executive vice president at KAR Auction Services, was honored with the 2018 Remarketer of the Year Award, and Jeannie Chiaromonte, VP, national remarketing manager at Bank of America, received the 2018 Consignor of the Year Award.
The IARA 2018 Spring Roundtable was held just prior to the start of CAR 2018 on March 6 at the same location in Las Vegas. The roundtable included several committee meetings, a keynote discussion, and an awards luncheon.
The opening IARA keynote was presented by Bob White, executive VP and COO at ARI, and covered the past, present, and future disruptions in the remarketing industry, and ways to be prepared for changes.
Bob White of ARI during the IARA keynote on disruptions in the remarketing industry.
Following this was a IARA consignor forum on the forecast of residual trends, which was moderated Rene Abdalah of RVI Group and included industry panelists James Crocker of Merchants Fleet Management; Mike Scott of Consumer Portfolio Services; and Layne Weber of Avis Budget Group. Later there was roundtable discussion on how remarketers maximize reconditioning ROI, which was moderated by Kurt Madvig of ADESA; Julie Picard from Cox Automotive; and Doug Turner from America's Auto Auction.
Later, Linda Silverstein, the recently retired general manager of remarketing and rental operations for Ford Motor Co., accepted the IARA’s Circle of Excellence award at a luncheon, which concluded the IARA's Spring Roundtable.