The Car and Truck Fleet and Leasing Management Magazine

Key Milestones in Fleet Remarketing

Since J.M. Rawls held the first auto auction in 1938, wholesale vehicle remarketing has grown to a multi-billion dollar industry.

September 2011, by Chris Wolski - Also by this author

Since J.M. Rawls held the first auto auction in 1938, wholesale vehicle remarketing has grown to a multi-billion dollar industry.

● Automotive remarketing is born when J.M. Rawls holds the first auto auction in Leesville, S.C.

● An estimated 10,000 vehicles are sold through auctions.

● The National Auto Auction Protective Association (NAAPA) is formed.

● An estimated 100,000 vehicles are sold at auction with 5 percent of these sold by lease companies.

● The Auction Insurance Agency is born when Skinny Waldrop asked Tom Adams to look into providing auctions with insurance on checks and drafts.

● The NAAPA is reorganized and renamed the National Auto Auction Association (NAAA).

● The NAAA merges with the Western Auto Auction Association, and the country is subdivided into four zones.
● Tim Anspach is elected NAAA president.

● Auction volume reaches 350,000 units.
● Jack Charlesworth of AMC, later GM and Manheim, is the first “factory man” to attend an NAAA convention.

● Chrysler becomes the first manufacturer to hold “closed” sales.

● American Motors begins “open” auction sales.
● NAAA moves its headquarters to Lincoln, Neb.
● Cox purchases Black Book.

● Cox purchases Manheim Auto Auction, Fredericksburg Auto Auction, and Bordentown Auto Auction.
● Ford and GM hold first “closed” auction sales.

● Auction sales hit 1.25 million vehicles and institutional share grows to 15 percent.

● The NAAA publishes its first directory.

● Congress passes the Motor Vehicle Information and Cost Savings Act, known popularly as the “Federal Odometer Law.”

● The first oil embargo sends the auto industry into a tailspin with resale values plummeting for larger vehicles.

● The Federal Trade Commission (FTC) proposes used-car sales rules.

● Second oil crisis following Iranian revolution.

● Auction sales soar to 3 million units.
● GMAC starts selling repossessed and off-lease vehicles at auction.
● Manheim expands to 12 auctions.

● Cox sells Black Book to Hearst.

● British Car Auctions purchases Nashville Auto Auction, forming Anglo American Auto Auction.

● Through its Odometer Tampering Elimination Committee, the NAAA spearheads efforts to eliminate this illegal/unethical activity.
● The Motor Vehicle Theft Law Enforcement Act is passed, facilitating the tracing and recovery of parts from stolen vehicles.

● GE Capital purchases South Seattle Auto Auction and begins building an auction chain.
● GM begins sale of “program” cars to daily rental companies.

The Truth in Mileage Act becomes law.

● ADT Limited purchases Anglo American and changes its name to ADT Auctions, Ltd.

● ServNet is formed.
● Bernie Hart retires after 30 years as NAAA executive secretary.


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Please note that comments may be moderated. 
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  1. 1. Marla Thorsen [ August 03, 2012 @ 04:03PM ]

    Why is it that GMAC is not fined for selling repossessed vehicles with a suspected odometer tampering to dealers across the border, to the next state auction available? they do not disclose any odometer tampering and the vehicle is sold at top value to unsuspecting buyer. Yet they impose heavy fines and penaltys on the original leasor for suspected odometer tampering.This is fact and GMAC should be shut down!

  2. 2. km [ August 30, 2012 @ 11:01AM ]

    odometer tampering is a federal offense if this is true they could be fined . and serve time in jail


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