The National Auto Auction Association (NAAA) announced it elected Jimmy Compton as its 2003 president. NAAA held the election during its annual convention, which took place Sept. 10-15 in New York City.

Compton, general manager of Manheim’s Arena Auto Auction in Chicago, IL, has been active in the NAAA since 1990 and has served on its board of directors since 1995. He also served as president of the Western Auto Auction Association in 1994.

The association also announced its other 2003 officers. They include Tony Long, of Airport Auto Auction of Alcoa, TN, who was voted president-elect, and outgoing president Raymond C. Nichols, of Auto Auction of Bel Air of Bel Air, CA, who becomes chairman of the board. All officers begin their one-year terms immediately, NAAA earlier announced that it named Michael P. Hayes its new chief operating officer. He will take over for Pete Lukasiak, who announced he would retire as executive director at the end of the year.

The National Auto Auction Association (NAAA) also announced that it registered over 1,300 international vehicle remarketing experts at its 54th Annual Convention and Equipment & Services Exposition held September 10-15, 2002 in New York. The convention, using the theme “Challenge the Future Now,” opened with a forecast panel on Thursday, September 12.

The conference featured industry analysts who discussed the latest issues facing the remarketing industry, including trends impacting auction supply and demand, effects of retail incentives on used car values, and consumer market trends and forecasts.

NAAA President Ray Nichols hosted a press conference at the opening of the exhibit hall on Friday, September 13, and presented an update on the state of the remarketing industry.

Nichols announced his successor, Jimmy Compton, general manager of Manheim’s Area Auto Auction and introduced the newly appointed Chief Operating Officer Michael Hayes. Hayes will take over for Peter Lukasiak on September 24, who will retire from his position as executive director at year’s end. At the convention, NAAA announced the results of its fifth annual industry study.

According to the survey, NAAA member auctions reported 2001 sales of 9.45 million units, valued at nearly $80 billion and North American members handled over 17 million vehicle transactions. That represents an increase of $36.6 billion since the survey’s inception in 1997. Among other highlights, the survey showed that the average price per unit sold was $8,440 in 2001 and the highest average by zone was in the east, $9,261.