The full-service auto transport management solution offering technology and transportation services appointed Brett Lippel as its new chief partnership officer.

Prior to joining SYCN Auto Logistics, Lippel served as the CEO of Lendgistics, a lending platform catering to major banks and credit unions. SYCN Auto Logistics said his leadership at Lendgistics, specializing in automotive, home improvement, and elective medical sectors, showcased his ability to navigate complex markets and deliver tangible results.

Lippel’s career also includes a stint as the president of Midway Auto Group, a comprehensive operation in Southern California encompassing rental, leasing, and sales. While with that company, Lippel also served as a board member of the American Car Rental Association.

After starting in the automotive industry with Enterprise Rent a Car’s operations in Canada and the U.K., Lippel’s other career highlights include:

—Founder and executive vice president of College-Concierge, an online car buying platform tailored for international students.

—Senior Vice President at Search Optics, a global digital advertising agency

—Chief revenue officer of TrueCar

“We are excited to welcome Brett to SYCN Auto Logistics as our chief partnership officer,” SYCN Auto Logistics CEO Gavin Kesten said in a news release. “Brett’s exceptional leadership and experience in the automotive industry make him the ideal candidate to drive our partnerships and propel SYCN Auto Logistics to new heights.”

Lippel offered this perspective about his new role as chief partnership officer at SYCN Auto Logistics.

“I am thrilled to bring over 20 years of international auto experience and relationships to SYCN,” Lippel said. “I joined SYCN to be a part of an extremely special journey with a company leading in both technology and customer service.”

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Evidently, the wholesale market might be experiencing the same back-to-the-grind struggles, according to the latest analysis from Black Book.

Analysts indicated on Tuesday that wholesale values softened 0.68% last week, the same reading as a week earlier. Black Book did mention that the estimated average weekly sales rate improved slightly to 49% during the first week of the year.

“With the first year of 2024 now officially complete, the market is still reacting like it is on vacation,” Black Book said in its latest installment of Market Insights.

“Last week’s auction activity was still slow, particularly early in the week,” analysts continued in the report. “Now the question, will we have a spring market and if so, when will it start? In 2020, before the pandemic, the market began to gain moment as early as the third week of January.”

Whenever that momentum swing starts for 2024, Black Book offered the latest standing for both car and truck prices.

On a volume-weighted basis, Black Book said overall car values decreased 0.49%.

Analysts noted prices for models 2 years old and younger softened 0.41%, while values for cars 8 to 16 years old also declined 0.49%.

Black Book said prices for all nine car segments decreased last week, but only one segment posted a decline exceeding 1%.

Values for prestige luxury cars sustained the largest decline last week, dropping 1.90%. That doubled depreciation for those vehicles from the prior week’s decline of 0.81%.

Perhaps a hint toward the spring market and tax season, Black Book pointed out that the compact car segment “continues to report very light depreciation,” as those values ticked only 0.06% lower last week.

“This is in comparison to the large depreciation in November and early December when the segment had multiple weeks with declines exceeding 2% per week,” analysts added.

Looking at trucks, Black Book’s volume-weighted information showed overall truck segment values decreased 0.77%

Analysts said prices for 0- to 2-year-old models declined 0.66% on average, while 8- to 16-year-old trucks decreased by 0.81% on average.

While all 13 truck segments declined in value last week, Black Book acknowledged five segments sustained depreciation topping 1%.

Pacing truck declines were sub-compact luxury crossover, which had a value decline last week of 1.66%, representing the eighth week in a row those models sustained a price drop of more than 1%.

Compact vans (down 0.82%) and full-size (down 0.37%) “have slowed their rate of depreciation compared to the record setting depreciation in Q4, with some weeks exceeding 3%,” according to Black Book.

Analysts wrapped up their latest observations with more commentary about the first week of the year.

“The first week of 2024 is now in the books, with not a big change in how we finished 2023,” Black Book said. “We did see more attendees at the auction later in the week, but still seeing more If’s and no-sales in the lanes overall.

“Wholesale prices are still all over the place, sending mixed signals to both buyers and sellers who seem not quite sure what is going on with the current market,” analysts continued. “We did see a small uptick in the auction conversion rate this week, is this our first positive sign for 2024?

“As always, our team of analysts are focused on keeping their eyes on the market, watching for developing trends, and gathering insights,” Black Book went on to say.

The post Lane watch: Wholesale market might still be on vacation appeared first on Auto Remarketing.

The Merit Awards, founded in 2022, recognize businesses that have contributed to the continued growth of the market worldwide. Gold, silver and bronze award winners for various categories among award programs representing seven business sectors are selected by industry executives, journalists, consultants, entrepreneurs, educators and the Merit Awards staff.

Super Dispatch founder and CEO Bek Abdullayev said the company is “honored and thrilled” to win the award.

“This recognition underscores our commitment to providing the most innovative technology for our customers and the automotive industry,” he said.

Super Dispatch earned the award for its Transportation Management System, which the company said oversees the movement of more than 100,000 cars each month.

In 2023, Super Dispatch introduced the SuperPay feature, which combines ACH transfer capabilities with an intermediary digital wallet, designed to facilitate prompt payments and eliminate the need for fragmented payment systems.

The company said SuperPay has “significantly streamlined the accounting process, allowing shippers to remit payments to carriers in as little as one business day.”

Super Dispatch also launched Auto Transport Co-Pilot, a video podcast series led by Abdullayev that serves as an online community, fostering discussions and conversations within the auto transport sector.

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This episode features a panel discussion titled, “Innovation in Used Car Logistics: Technology and Sustainability.”

The session included Casey Harmon of RunBuggy, Steve Greenfield of Automotive Ventures, Tracy Kaiser of Toyota Financial Services and Tyler Hall, founder of Drivably, which was acquired by ACV.

Listen to the episode in the window below.

The post USED CAR WEEK 2023 PODCAST: Examining technology & sustainability of used-car logistics appeared first on Auto Remarketing.

This episode features six auction industry executives for a discussion about digital wholesale and their outlook on the overall wholesale industry. The panel included:

—Mike Caggiano of ADESA

—George Chamoun of ACV

—Jason Ferreri of OPENLANE

—Steve Kapusta of Ally Remarketing Services, SmartAuction

—Jason McClenahan of EBlock

—Marc Steiner of Turn Automotive

Listen to the episode in the window below.

The post USED CAR WEEK 2023 PODCAST: 6 auction executives on digital world & industry outlook appeared first on Auto Remarketing.

Global Remarketing Opportunities for Women, an organization founded in 2023 to expand the presence and leadership of women in the industry, announced it has established the AutoRemarketHER Exchange, a new series of online events designed to provide mentorship and networking opportunities.

The events will feature an all-women panel of industry leaders sharing their journey and engaging with an audience of women in a live webinar format.

The inaugural event is set for Jan. 30 at 2 p.m. (EST) and will include Wheels Remarketing North America vice president of operations Mary Beth Greenstone; former NAAA president Laura Taylor, general manager of America’s Auto Auction Charleston and Savannah locations; Exeter Finance vice president of asset remarketing Stephanie Compton, Cherokee Media Group’s 2023 National Remarketing Executive of the Year; and award-winning 35-year industry executive Jane Morgan.

“Our goal is to reach women at all levels throughout the industry, not only those who are able to attend conferences,” GROW co-founder and co-chair Kelly Bianchi said. “Our culture is digital, and we intend to leverage that.”

More information about the AutoRemarketHER Exchange is available here.

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The new additions are Eric Lyman as director of captive and OEM solutions, and Tommy Stewart as director of automotive licensing, both of whom have a long history in the auto industry.

“Their extensive experience and proven track records in driving sales and building strong relationships within the automotive industries will be invaluable as we continue to expand our reach and penetration of our lender and residual value products,” Black Book president Jared Kalfus said in a news release.

Lyman’s resume includes senior positions with J.D. Power ALG, TrueCar and Dealertrack, as well as founding Remarkit, a recent startup.at leading providers. In a news release, Black Book cited his “deep understanding of the captive finance landscape and track record of building successful partnerships with OEMs.”

Lyman said he’s excited about joining Black Book at a “pivotal time” for the company.

“Black Book’s industry-leading data and solutions are unmatched,” he said, “and I look forward to working with the team to bring these valuable resources to more captive and OEM partners.”

Stewart, whose industry experience covers 20 years, comes to Black Book from CARFAX, where he served as sales manager for the company’s auto finance, banking and insurance group. Black Book said his ability to connect with customers and understand their needs makes him “a perfect fit” for his new position.

“Black Book’s commitment to providing the most accurate and reliable vehicle valuation and residual value solutions is truly impressive,” Stewart said. “I’m confident that together we can build even stronger relationships with our automotive partners and help them thrive in today’s dynamic market.”

Black Book also announced the promotion of Kim Breidenbach from a director role to vice president of marketing, communications and customer service.

The company said she will lead Black Book’s brand voice, market messaging and customer interactions, “solidifying a seamless experience from awareness to ongoing support.”

Kalfus said Breidenbach’s “exceptional leadership and strategic vision” have enhanced Black Book’s brand during her eight-year tenure.

“Her proven ability to connect with diverse audiences, combined with her commitment to client success, makes her the perfect candidate to unite our marketing, communications and now customer service efforts under one dynamic banner,” he said.

Breidenbach has more than 15 years of experience in driving brand engagement across various industries, including education technology and real estate technology. She was selected to Auto Remarketing’s Women in Remarketing in 2023 and 40 Under 40 in 2021.

“By merging our marketing, communications and customer service endeavors, we can establish a more holistic experience for our clients, ensuring their needs are met at every touchpoint,” she said. “I’m confident this unified approach will further strengthen Black Book’s position as a trusted leader in the automotive industry.”

The post Black Book boosts staff with additions, promotion appeared first on Auto Remarketing.

Black Book reported on Wednesday that wholesale values declined 0.68% during the week that stretched to the next-to-last day of 2023. It was a reading near the pre-COVID average weekly depreciation for the same week in 2017 through 2019, which was 0.57%.

“With depreciation finally returning to a level that resembled ‘normal,’” Black Book pointed out the estimated average weekly sales rate decreased to 48% during the last week of the year.

“As we close out 2023, the last quarter of the year looked a lot different than the first three,” analysts continued in their first installment of Market Insights for 2024. “We saw a depreciation we haven’t seen in years, huge declines in all reporting segments in the fourth quarter.

“It will be very interesting to see how 2024 starts off as we enter the first week of the new year. Auction inventory should be high with the lower conversion rates we saw in the last two weeks of 2023,” Black Book went on to say in the report.

Drilling deeper into the newest data, Black Book indicated overall car segment decreased 0.39% on a volume-weighted basis. A week earlier, car values softened by 0.51%.

Looking at cars by age, perhaps more of that “normal” movement appeared, as analysts said values for cars up to 2 years old dropped by 0.42% while prices for cars 8 to 16 years old declined 0.51%.

Prices for all nine car segments decreased last week, with the near luxury car segment leading the way with a drop of 0.88%.

Analysts mentioned prices for compact cars ticked only 0.07% lower, the smallest single week depreciation reading for the segment since the first week of October.

Black Book added that sporty car depreciation also “dramatically” slowed down last week, as prices for those units dipped just 0.10%. That’s compared with the average weekly depreciation during the previous six weeks of 2.02% per week.

Looking at the truck department, Black Book reported truck values decreased 0.80% on a volume-weighted basis to close the last week 2023. That value drop almost mimicked what analysts saw a week earlier when it was 0.78%.

And no matter the truck’s age, values dropped at nearly the same rate. Black Book noticed units up to 2 years old softened by 0.73% on average, while 8- to 16-year-old trucks decreased by 0.74% on average.

Analysts added prices for all 13 truck segments declined last week, with only four posting value drops exceeding 1%.

Black Book said small pickups had the largest decline last week with a drop of 1.91%, noting this was the largest single week decline for the segment since May 2020.

After large declines for six weeks, averaging 2.23% each week, analysts closed by noting depreciation for the full-size luxury crossover/SUV segment slowed down last week, with a “minimal” drop of 0.37%.

The post Lane watch: 2023 closes with ‘normal’ depreciation reading appeared first on Auto Remarketing.

That’s the company’s goal in introducing Visual Boost AI, a tool that produces damage detection overlays for every dealer-consigned vehicle in OPENLANE’s U.S. marketplace.

The artificial intelligence-powered technology is designed to supplement vehicle inspection data by prominently highlighting detected exterior damage directly onto photos within the condition report, making it faster and easier for buyers to accurately locate and assess potential defects before making a purchase decision.

“Making wholesale easy is our north star, and Visual Boost AI solves a persistent industry pain point for buyers by instantly translating written CR data into an image overlay that’s powerful in its simplicity,” said executive vice president James Coyle, president of OPENLANE’s North American marketplaces, in a news release.

“We’re proud to be the first to offer AI-powered insights on every dealer car on our marketplace. With one click, dealers can toggle the overlays and effectively get a second set of eyes to help them see anything they might have missed — like seeing the car in-person, from the convenience of your screen.”

The new tool uses artificial intelligence and computer vision technology to provide a virtual overlay of any exterior damage detected. The overlays feature hot pink highlights to pinpoint damage, including hail, paint peel, detached panels, broken lights, rust, scratches, dents and cracks.

Buyers can toggle the overlays on or off within condition reports, which OPENLANE said allows them to interpret the data captured in the vehicle description and make smarter, more profitable bidding and buying decisions.

“OPENLANE’s Visual Boost AI really improves the quality of the inspections, giving me 60-70% extra confidence about the major damage on a vehicle,” said Rami Mourtaja, general manager of R B Morgan Auto in Houston. “Before, I was circling the pictures trying to find everything, and now it’s all done for me. Scratches, dents, everything — it’s easier and faster than ever for me to view an inspection and bid with confidence.”

Visual Boost AI was created in partnership with Click-Ins Visual Intelligence platform for vehicle inspections.

OPENLANE’s network of independent vehicle inspectors scan vehicles using their smartphone cameras as part of their regular inspection process. The technology automatically generates AI-detected damage overlays for each of eight standard CR images showing the vehicle at successive 45-degree angles, which inspectors then validate and reconcile, a process that takes less than a minute.

The post OPENLANE’s new AI-powered tool helps buyers visualize vehicle damage appeared first on Auto Remarketing.

Kyle Drake, one of Auto Remarketing’s “40 Under 40: Industry” honorees for 2023, has been promoted into the auction’s top position, parent company America’s Group announced Wednesday.

Drake joined AAA Houston as assistant general manager in February after eight years with AAA Austin, where he began in outside sales. He then moved into fleet lease, where the company said he mastered operations and played a crucial role in customer conflict resolution while maintaining a strong sales focus.

“Kyle’s commitment to excellence and his broad range of skills have been an asset to our company,” AAA regional vice president Luke Pidgeon said in a news release. “His innovative strategies combined with his strong leadership skills have contributed to our growth and success.”

Kyle Drake

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