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.

1938
● Automotive remarketing is born when J.M. Rawls holds the first auto auction in Leesville, S.C.

1940
● An estimated 10,000 vehicles are sold through auctions.

1948
● The National Auto Auction Protective Association (NAAPA) is formed.

1950
● An estimated 100,000 vehicles are sold at auction with 5 percent of these sold by lease companies.

1953
● The Auction Insurance Agency is born when Skinny Waldrop asked Tom Adams to look into providing auctions with insurance on checks and drafts.

1954
● The NAAPA is reorganized and renamed the National Auto Auction Association (NAAA).

1957
● The NAAA merges with the Western Auto Auction Association, and the country is subdivided into four zones.
● Tim Anspach is elected NAAA president.

1960
● Auction volume reaches 350,000 units.
● Jack Charlesworth of AMC, later GM and Manheim, is the first “factory man” to attend an NAAA convention.

1963
● Chrysler becomes the first manufacturer to hold “closed” sales.

1966
● American Motors begins “open” auction sales.
● NAAA moves its headquarters to Lincoln, Neb.
● Cox purchases Black Book.

1968
● Cox purchases Manheim Auto Auction, Fredericksburg Auto Auction, and Bordentown Auto Auction.
● Ford and GM hold first “closed” auction sales.

1970
● Auction sales hit 1.25 million vehicles and institutional share grows to 15 percent.

1971
● The NAAA publishes its first directory.

1972
● Congress passes the Motor Vehicle Information and Cost Savings Act, known popularly as the “Federal Odometer Law.”

1973
● The first oil embargo sends the auto industry into a tailspin with resale values plummeting for larger vehicles.

1976
● The Federal Trade Commission (FTC) proposes used-car sales rules.

1979
● Second oil crisis following Iranian revolution.

1980
● Auction sales soar to 3 million units.
● GMAC starts selling repossessed and off-lease vehicles at auction.
● Manheim expands to 12 auctions.

1981
● Cox sells Black Book to Hearst.

1982
● British Car Auctions purchases Nashville Auto Auction, forming Anglo American Auto Auction.

1984
● 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.

1985
● GE Capital purchases South Seattle Auto Auction and begins building an auction chain.
● GM begins sale of “program” cars to daily rental companies.

1986
The Truth in Mileage Act becomes law.

1987
● ADT Limited purchases Anglo American and changes its name to ADT Auctions, Ltd.

1988
● ServNet is formed.
● Bernie Hart retires after 30 years as NAAA executive secretary.

Contd.

[PAGEBREAK]1990
● Auction sales exceed 7 million units with manufacturers accounting for 24 percent of the total.
● The NAAA/NADA begin joint Auction Net project.

1991
● Manheim and GE Capital Auto Auctions merge to become a Manheim 46-auction chain.
● ADESA Auction Corp. is formed with a group of four auctions.

1992
● Congress approves the Anti-Car Theft Act of 1992, instituting federal penalties for auto theft crimes.

1993
● ITS begins electronic vehicle condition reports with inspections at the home or office for off-lease vehicles with GE Capital and Mitsubishi.

1994
● Honda Finance begins selling cars online.

1995
● First Conference of Automotive Remarketing (CAR) is held in Atlanta.

1996
● Manheim buys Greater Auction Group from J.M. Family Enterprises and Denny Hecker.

1997
● Tyco International purchases ADT Lmd.
● Auto Auction Services Corp. is announced.
● The auction industry grows to 16 million vehicles handled.

1998
● The NAAA marks its 50th Anniversary, and expands its website to allow administrative pages and electronic member communications.
● Manheim begins remarketing vehicles via the Internet.
● GE holds its first-ever Megacast event.

1999
● AutoIMS is founded.
● AUTODAQ begins remarketing vehicles online.
● Online Ringman holds first sale.

2000
● Auction Broadcasting Company (ABC) founded.
● ONLANE is formed.
● SmartAuction launched.
● Honda Finance starts remarketing cars online through AutoTradeCenter.com.

2001
● The International Automotive Remarketers Alliance (IARA) is formed.
● ARI begins remarketing vehicles online.

2002
● The NAAA Water/Flood Damage policy is approved.
● AUTODAQ and AutoTradeCenter.com merge to form a single company called ATC.
● Volkswagen Credit starts remarketing cars online through ATC.

2003
● Toyota Financial Services begins remarketing vehicles online.
● The first ADESA LiveBlock (simulcast) sale is held.

2004
● The IARA-developed online orientation program is launched, which is administered by Northwood University.
● U.S. Bank remarkets its first vehicle on OVE.com.
● Ford Credit starts remarketing cars online through ATC.
● Chase Bank starts remarketing cars online through ATC.

2006
● The NAAA adopts its Vehicle Condition Grading Scale and Arbitration Policy.
● The IARA co-locates its winter Roundtable with CAR, beginning a strategic alliance with Bobit Business Media.
● ONLANE merges with ATC to form a single company called OPENLANE.
● AuctionPipeline launched.
● Brasher’s Auto Auction launched with seven sites.

2007
● The IARA begins the Certified Automotive Remarketer (car) program.
● CarsArrive Network, an online vehicle logistics network is acquired by OPENLANE.

2009
● Four professionals — (L-R) Chris Wise, car, Charleston Auto Auction; Sal Terranova, car, Carolina Auto Auction; Dave Sutton, car, CARFAX; and Ricky Beggs, car, Black Book — graduate during the first year of the car program.
● The NAAA Structural Damage Policy is initiated.

2010
● The IARA and Manheim enter into a four-year sponsorship agreement.
● RDN, a recovery service company, is acquired by OPENLANE.

2011
● The NAAA National Certification Standard is adopted by the industry.
● The IARA celebrates its 10th anniversary.
● ADESA acquires OPENLANE.

Originally posted on Automotive Fleet