NADA Retention Review: LIGHT DUTY TRUK AND SUV Perspective/2014... · NADA Retention Review: Light...

March 2014

NADA Retention Review:

LIGHT DUTY TRUCK AND SUV

Perspective | March 2014

NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | nada.com/b2b 2

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TABLE OF CONTENTS

Introduction ................................................................................................................................. 2

Mainstream Retention ................................................................................................................. 3

Luxury Retention .......................................................................................................................... 8

Hybrid Retention .......................................................................................................................... 10

At NADA Used Car Guide ............................................................................................................. 12

NADA Retention Review: Light Duty Truck and SUV

Introduction

March’s edition of NADA Perspective is the second installment of a two-part

series detailing the retention performance of three-year-old used models. This

report covers light duty truck and SUV segments, as well as a special look at

hybrid-specific value performance; February’s Perspective focused on models

within passenger car segments. The intent of these reports is to assist readers

in making more informed purchase decisions by

highlighting top retaining performers and some of the

characteristics embodied in each.

Next to buying a home, purchasing a new car is one of the

most important financial decisions a consumer will have to

make. According to ownership data collected by R.L. Polk &

Company, the typical American will purchase an average of

13 new cars during their lifetime. Considering that new car

transaction prices average above $30,000, this means that

a given consumer will spend hundreds of thousands of

dollars acquiring new vehicles over their lifetime. And each time they sell or

trade in an old one, there will undoubtedly be a significant amount of money at

stake in terms of depreciation.

So, what exactly is depreciation?

Simply put, depreciation is the loss in value associated with advancing age and

mileage and it is by far the number one expense associated with vehicle

ownership; viewed another way, a slower rate of depreciation leads to better

The typical American will purchase

13 new cars during their lifetime,

each costing an average of over

$30,000.

http://www.nada.com/B2B/Portals/0/assets/NADA%20Perspective/2014/201402%20Perspective%20Retention.pdf




retained value, or “retention,” over time.

Excluding collectibles, all vehicles depreciate, although not at the same rate as

some brands and models will fare better than others. While economic factors

can have a similar effect on depreciation across different makes and models,

top retaining models possess a unique combination of superior characteristics

– rock solid quality and dependability, an impressive balance between

performance and fuel efficiency, eye-catching design, etc. – that slow the

annual rate of decline.

Being endowed with these features doesn’t always guarantee retention

success as overproduction and high incentives can squash the value of any

vehicle, but when executed properly, high retaining models offer unmistakable

benefits to manufacturers and consumers alike.

For example, high retention gives manufacturers a competitive advantage in

leasing because the less a vehicle depreciates over a lease term, the smaller

the monthly payment; this lifts consumer demand and thus the number of

vehicles leased.

In a purchase arrangement, slower depreciation increases the amount of

equity that a consumer has in their vehicle, thereby helping to facilitate a new

or pre-owned vehicle purchase down the road.

Retention figures were calculated for the most prevalent trim level of three-

year-old light duty trucks and SUVs (2011 model year), with results ranked in

descending order within a given segment. For the purposes of this review,

retention is a function of a three month average (Jan. 2014 – Mar. 2014) of

NADA’s average trade-in value divided by a vehicle’s typically-equipped

Manufacturer Suggest Retail Price (MSRP). Note that a given vehicle’s rate of

depreciation, and thus retention, is in part a product of the level of discounting

at the time of new sale. As such, the MSRP does not include any incentives or

rebates available at the time of purchase.

Mainstream Retention

Compact Utility

Compact utility vehicles, with their higher ride height and 4WD availability, are

viewed by many consumers as an attractive alternative to cars without feeling

unwieldy or sacrificing much fuel economy. Such preferences are reflected in

the segment’s high demand for both new and used models, which has spurred

the industry to produce a plethora of product offerings.

With an average retention of 56.6%, the segment proves to be stronger than

any of the car segments. Asian compact utilities, similar to many of the car




segments, have the highest retention levels with the top seven models all

either Japanese or Korean. What stands out for compact utility vehicles as

opposed to the car segments, however, is the

highest retaining compact utilities are largely

different from the biggest sellers.

At the model level, the best performer is the

Honda Element with an average retention of

74.2%, followed by the Toyota FJ Cruiser at

69.7%, but neither of them sells in high

volumes. In fact, the Element said farewell

after the 2011 model year and the FJ Cruiser

will soon be discontinued after a short 2014

model year production run due to relatively

low sales. Not following the trend of the first

two models, the Subaru Forester is one of the

better-selling vehicles in the segment,

achieving deliveries of nearly 124,000 units in

2013 and enjoying a strong 65.9% retention

figure.

The Honda CR-V, the top seller in the segment

last year, was seventh overall in average

retention; however, its value retention is far

superior to the next four highest volume

models. Although the Ford Escape, Chevrolet Equinox, Toyota RAV4 and Nissan

Rogue all perform very well in the new car market, their popularity does not

translate over to used retention as they all fall in the bottom half of the

segment at 19th, 15th, 13th and 18th, respectively, out of 24 total models.

Mid-Size Utility

Mid-size utility vehicles offer additional room and cargo space over smaller

compact utilities, catering to the tastes of many American buyers, particularly

families. Despite having higher price-points, most mid-size utilities offer the

peace of mind that comes with greater size and versatility as well as the

availability of four-wheel drive, which have made it a trendy choice in the U.S.

market for years.

While its average amount of depreciation was slightly greater compared to

compact utility vehicles, the average retention of 55.5% for the mid-size utility

segment was still solid as it was higher than any of the car segments. Many of

the top selling models in the segment were also found to be among the

Compact Utility RetentionRank Make Model Generation Lifecycle Retention %

1 Honda Element 2003-2011 74.2%

2 Toyota FJ Cruiser 2007-Present 69.7%

3 Subaru Forester 2009-2013 65.9%

4 Nissan Juke 2011-Present 65.1%

5 Kia Sportage 2005-2010 63.4%

6 Hyundai Tucson 2010-Present 63.4%

7 Honda CR-V 2007-2011 61.0%

8 GMC Terrain 2010-Present 60.3%

9 Jeep Wrangler 2007-Present 57.4%

10 Jeep Compass 2007-Present 57.1%

11 Jeep Patriot 2007-Present 56.2%

12 Mitsubishi Outlander Sport 2011-Present 54.6%

13 Toyota RAV4 2006-2012 54.6%

14 Mazda CX7 2007-2012 54.6%

15 Chevrolet Equinox 2010-Present 54.3%

16 Mitsubishi Outlander 2010-2013 52.6%

17 Dodge Nitro 2007-2011 52.3%

18 Nissan Rogue 2008-2013 51.0%

19 Ford Escape 2008-2012 50.6%

20 Jeep Liberty 2008-2012 50.4%

21 Mazda Tribute 2008-2011 50.1%

22 Volkswagen Tiguan 2009-Present 49.2%

23 Mercury Mariner 2008-2011 48.4%

24 Suzuki Grand Vitara 2006-2013 41.5%

Segment Average 56.6%




highest value retaining vehicles, which was not the case with compact utilities.

Four of the top five most popular mid-size utilities, including the Ford Explorer,

Jeep Grand Cherokee, Toyota Highlander and

Honda Pilot, were also among the top six in

retention.

The top model in the segment was the Toyota

4Runner with an exceptional 79.8% retention

level, which made it the second-highest

retaining vehicle in the entire industry, behind

only the Toyota Tacoma mid-size pickup.

Interestingly, its slow depreciation rate has not

translated in very high sales as deliveries of the

4Runner have consistently remained in the

bottom half of the segment. However, when

taking a closer look, the 4Runner costs more in

relation to many of the other mid-size utilities

and also has its Toyota Highlander sibling

priced underneath it so its lower sales should

not be a big surprise. Thus, while there are a

couple models like the Jeep Grand Cherokee

and GMC Acadia that can be found with higher

new price tags, the segment-leading Toyota

4Runner is remarkable considering it not only costs more in the new market,

but it also retains much of its value relative to its competitors.

Mid-Size Pickup

While the large pickup segment is the gold standard when it comes to the most

powerful utilitarian trucks on the market, mid-size pickups offer buyers

adequate utility and reasonable fuel economy without having to pay for more

than what is needed. The smaller package is friendlier to consumers who desire

to purchase a truck yet do not need the excess that comes with many of the

large offerings; however, mid-size pickups represent only a fraction of the total

pickup market.

Total sales for the segment reached nearly 300,000 units as recently as 2011,

but deliveries fell to less than 245,000 units last year as the Detroit “Big Three”

discontinued production of the Ford Ranger, Chevrolet Colorado, GMC Canyon

and Ram Dakota over the past few years. Strong new vehicle sales of the

segment-leading Toyota Tacoma and Nissan Frontier, as well as high used

prices for many models in the segment, have signaled that relatively lofty

demand exists for mid-size pickups.

Mid-Size Utility RetentionRank Make Model Generation Lifecycle Retention %

1 Toyota 4Runner 2010-2013 79.8%

2 Toyota Highlander 2008-2013 66.0%

3 Ford Explorer 2011-Present 62.7%

4 Honda Pilot 2009-Present 59.3%

5 Nissan Xterra 2005-Present 58.9%

6 Jeep Grand Cherokee 2005-2010 58.4%

7 Dodge Durango 2011-2013 57.5%

8 Subaru Tribeca 2006-Present 57.4%

9 Hyundai Santa Fe 2007-2012 56.3%

10 Mazda CX9 2007-Present 55.6%

11 Hyundai Veracruz 2007-2012 54.7%

12 GMC Acadia 2007-2012 54.4%

13 Buick Enclave 2008-Present 54.2%

14 Nissan Pathfinder 2005-2012 54.1%

15 Kia Sorento 2011-Present 54.1%

16 Ford Edge 2007-Present 50.8%

17 Nissan Murano 2009-Present 50.3%

18 Chevrolet Traverse 2009-2012 50.1%

19 Honda Crosstour 2010-Present 48.9%

20 Dodge Journey 2009-Present 47.1%

21 Ford Flex 2009-2012 47.0%

22 Mitsubishi Endeavor 2004-2011 42.7%





As a result of a declining supply of vehicles and relatively high demand, the

segment’s average retention of 61.1% is the second best recorded and is

supported by the Toyota Tacoma, which enjoys

an industry best 80.7% retention. The Tacoma

is followed by the Honda Ridgeline and Nissan

Frontier as the three Japanese models

represent both the highest volume and best

value retaining vehicles in the segment. With

the anticipated return of both Ford and

General Motors to the market, it remains to be

seen what effect the new domestic offerings

will have on the segment; but until supply rises

relative to demand, the segment can be expected to maintain its position as a

leader in value retention.

Large Pickup (Half-Ton)

Large Pickups have continued as a staple of the automotive diet in the United

States for decades as many Americans have a penchant for vehicles with size,

power and off-road capability, offering greater utility than other products on

the market. As their fuel economy improves and the numbers of trim levels

increases, including the expansion of option choices that now reach luxury

territory, large pickups are currently available with more variety than ever,

which has led to ever-growing sales.

With tremendous demand for large trucks among buyers, the average

retention for the segment is high at 62.5%. Just as it is for mid-size trucks,

Toyota is the segment leader for large pickups with its Tundra exhibiting a

71.6% retention rate, but what differs is that

the Tundra lags its domestic competition in

sales by a considerable margin. Unable to

match its Japanese peer, the Nissan Titan is

both the lowest selling and worst retaining

large pickup at 53.1%.

On the other hand, large half-ton pickups from

Ford and General Motors are found to be not

only well-liked, but also have extraordinary

value retention as the group is currently retaining 63.1% of their equipped

MSRP for the 2011 model year. Although the Ram’s retention is nearly five

points below its domestic counterpart average, its figure of 58.3% is

outstanding nonetheless.

Mid-Size Pickup RetentionRank Make Model Generation Lifecycle Retention %

1 Toyota Tacoma 2005-Present 80.7%

2 Honda Ridgeline 2006-Present 65.1%

3 Nissan Frontier 2005-Present 64.7%

4 Ford Ranger 2001-2011 62.9%

5 GMC Canyon 2004-2014 59.8%

6 Chevrolet Colorado 2004-2012 57.9%

7 Suzuki Equator 2009-2012 52.9%

8 Dodge Dakota 2005-2011 44.9%


Large Pickup (Half-Ton) RetentionRank Make Model Generation Lifecycle Retention %

1 Toyota Tundra 2007-Present 71.6%

2 Chevrolet Avalanche 1500 2007-2012 65.3%

3 Chevrolet Silverado 1500 2007-2013 63.4%

4 Ford F150 2010-Present 63.3%

5 GMC Sierra 1500 2007-2013 62.7%

6 Dodge Ram 1500 2009-2012 58.3%

7 Nissan Titan 2004-Present 53.1%





Large SUV

While large SUVs generally achieve poor gas mileage, they offer the utmost

utility available to those also in need of sufficient passenger and towing

capacity. Because mid-size SUVs can be found with many of the same

characteristics as their larger counterparts, at a lower price and more

manageable size, there are fewer available options to choose from in the large

SUV segment. Yet with solid demand and relatively limited supply, many of the

models demonstrate above-average value retention, including most of the

segment’s best sellers.

The large SUV segment is comprised of only seven models from five brands,

retaining 57% of their original equipped MSRP, on average. Unlike many of the

other segments, however, all of the product offerings are currently on sale

today, which speaks to the strength of large SUV market. Also, the 12.9

percentage point difference between the segment leader and the last-place

model is the smallest of any segment in the industry with the exception of the

electric cars, which consists of only two vehicles.

In a segment with relatively few choices,

General Motors produces the bulk of the

vehicles to be had and sells a greater volume

than any other automaker. Models from GMC

and Chevrolet also make up four of the top five

products with regards to retention, led by the

GMC Yukon Denali at 62%. Emphasizing the

significance of GM’s strong performance in the

segment is how the spread between the Yukon

Denali and the third place model is remarkably small at 0.9 percentage points

as the Toyota Sequoia and Chevrolet Tahoe have retention levels of 61.4% and

61.1%, respectively.

Mid-Size Van

For individuals and families in need of maximum interior space, seating,

entertainment options and such conveniences as sliding doors, mid-size vans

provide everything they desire and more. Minivans would go on to become

commonplace in suburban driveways throughout the 1990s, largely replacing

the station wagons that came before them. However, with sport utility vehicles

gaining popularity beginning in the late 1990s and early 2000s, shifting

preferences away from minivans began to chip at share for the segment.

As sales of mid-size vans have declined over the years, the total market share

for the segment has fallen to 3.3% as of last year compared to over 12% for

Large SUV RetentionRank Make Model Generation Lifecycle Retention %

1 GMC Yukon Denali 2007-2014 62.0%

2 Toyota Sequoia 2008-Present 61.4%

3 Chevrolet Tahoe 2007-2014 61.1%

4 Chevrolet Suburban 1500 2007-2014 57.6%

5 GMC Yukon XL 1500 2007-2014 54.6%

6 Nissan Armada 2004-Present 52.9%

7 Ford Expedition 2007-Present 49.1%





mid-size utilities and large SUVs. This change in the automotive market is

reflected in the relatively low average retention for the mid-size van segment,

which at 49.2% trails all other utility vehicle segments. Adding to the bad

news, the segment has the fewest number of products and continues to

shrink.

A deeper dive into retention values by model

shows a definite pattern separating the best

and the worst performers. The three Japanese

models sold by Honda, Toyota and Nissan all

have retention levels of 50.4% or greater, with

the Honda Odyssey leading all mid-size vans

with an average retention of 56.2%. All the non

-Japanese offerings, however, have greater

difficulty retaining their values with retention

levels ranging from the 47.5% of the Dodge Caravan to the 42.3% of the

Volkswagen Routan. Unfortunately, Fiat Chrysler sells more mid-size vans

between their Chrysler Town & Country and Dodge Caravan models than any

other automaker, but both products trail the popular Odyssey by 8.7

percentage points or greater.

Luxury Retention

Luxury Compact Utility

Luxury offerings of widely held compact utilities continue to emerge and are

becoming more common as they provide consumers with the same benefits

provided by compact utility vehicles, but in a luxury package. Despite the

segment consisting of only seven models, luxury automakers are taking notice

of the success of the growing compact utility segment and are moving quickly

to acquire a piece of the market.

Although the segment is limited in supply, the

leap in sales for the segment’s most well-liked

models is evidence of its booming demand.

Deliveries of the Acura RDX and Audi Q5 have

soared by 341% and 193%, respectively, in the

last five years alone as the competition looks

to keep pace. Thus, it should not come as a

surprise to see the luxury compact utility

segment with the highest average value

retention outside of mid-size and large pickups, at 59.6%.

The Audi Q5 is not only among the top sellers in the segment, but it also

Mid-Size Van RetentionRank Make Model Generation Lifecycle Retention %

1 Honda Odyssey 2011-Present 56.2%

2 Toyota Sienna 2011-Present 55.3%

3 Nissan Quest 2011-Present 50.4%

4 Dodge Grand Caravan 2008-Present 47.5%

5 Chrysler Town & Country 2008-Present 46.8%

6 Kia Sedona 2006-Present 46.0%

7 Volkswagen Routan 2009-2012 42.3%


Luxury Compact Utility RetentionRank Make Model Generation Lifecycle Retention %

1 Audi Q5 2009-Present 67.8%

2 BMW X3 Series 2011-Present 61.4%

3 Mercedes-Benz GLK Class 2010-Present 59.0%

4 Infiniti EX 2008-2013 58.9%

5 Volvo XC60 2010-Present 58.6%

6 Acura RDX 2007-2012 57.4%

7 Land Rover LR2 2008-Present 54.0%





boasts the highest retention at a lofty 67.8%. Regardless of brand reputation

or perceived quality among the different luxury compact utilities available, all

of them demonstrate an effective ability to maintain value, which cannot be

said of any other segment. Signifying this is the value preservation of the

segment’s worst performer, the Land Rover LR2, whose respectable 54%

retention rate is better than many of the models in the entire industry.

Luxury Mid-Size Utility

While the luxury compact utility segment has grown over the years, the

segment of choice for many consumers continues to be luxury mid-size utilities,

which have ranged between three and five times the size of their smaller

counterpart during the past five years. Luxury mid-size utilities have come to

represent the ideal combination of size and utility for over 10% of the market in

recent years and such demand has translated to opportunities for automakers

on the luxury front. As a result, the luxury mid-size utility segment far-and-

away consists of the most vehicle choices in the luxury market with 17 models

from 12 brands.

Overall, the segment average for value retention is 55.7%, placing it roughly in

the middle of all utility segments and about on par with mid-size utilities at

55.5%. In contrast to how luxury compact utilities fare, retention for luxury

mid-size utilities goes from as high as 67.1% for

the Land Rover LR4 to as low as 46.7% for the

Lincoln MKT. Curiously, the Land Rover is the

best-retaining vehicle among luxury mid-size

utilities despite its LR2 sibling being the worst

in its segment, while American models are all

found to be in the bottom half of the segment.

The Lexus RX sold nearly 104,000 units in 2013,

and its 58.7% retention rate makes it the only

model among the top seven sellers to finish in

the top six in value retention. The discontinued

Acura ZDX and Mercedes-Benz R Class models,

at the other end of the spectrum, have

struggled to sell and correspondingly have

relatively low retention figures of 49% and

51.4%, respectively. The 49% retention figure

for the previous generation Mercedes-Benz M

Class is notably 2.4 points less than that of the discontinued R Class. Sales of

the Volvo XC90 have slid by 36% since 2009 in spite of the segment’s 53%

increase over that span, but its value retention is surprisingly healthy at 59.7%

Luxury Mid-Size Utility RetentionRank Make Model Generation Lifecycle Retention %

1 Land Rover LR4 2010-Present 67.1%

2 Audi Q7 2006-Present 66.6%

3 Lexus GX 2010-Present 62.9%

4 Volvo XC90 2003-Present 59.7%

5 Lexus RX 2010-Present 58.7%

6 BMW X6 Series 2008-Present 58.0%

7 Acura MDX 2007-2013 57.7%

8 Infiniti FX 2009-2013 56.7%

9 BMW X5 Series 2007-2013 55.2%

10 Porsche Cayenne 2008-2010 55.2%

11 Cadillac SRX 2010-Present 53.2%

12 Mercedes-Benz R Class 2006-2012 51.4%

13 Volkswagen Touareg 2008-2010 50.3%

14 Lincoln MKX 2007-Present 49.8%

15 Acura ZDX 2010-2013 49.0%

16 Mercedes-Benz M Class 2006-2011 49.0%

17 Lincoln MKT 2010-Present 46.7%





and trumps a majority of the products in the industry.

Luxury Large SUV

Similar to large SUVs, luxury large utilities are best known for their imposing

sizes and poor gas mileage. These land yachts are trimmed out with the most

lavish interior and exterior treatments while still offering the same maximum

utility found in their mainstream counterparts. With solid demand and a small

group to choose from, many of the models retain very well.

The luxury large SUV segment is made up of only eight vehicles for the 2011

model year, with segment-wide average retention of 59.6%. Of the segment’s

top performers, Toyota’s Land Cruiser finds

itself at the very top of the pack with a score of

69.9%. Land Rover’s Range Rover Sport and the

Lexus LX round out the top three spots with

retention scores of 66.3% and 63.5%,

respectively.

Since Toyota is not a luxury brand, some may

question why the Land Cruiser is placed in the

luxury large SUV segment, but its 2011 MSRP

of $69,120, not including destination, makes it

a direct competitor to other models in the luxury sector. Since its creation back

in 1951, the Land Cruiser has been a symbol of utility and ruggedness for the

brand and is currently the longest running series in Toyota history.

Hybrid Retention

Hybrid Truck and SUV

While their gas-only counterparts are generally stigmatized for achieving poor

fuel mileage, hybrid SUVs and trucks incorporate some of the most advanced

battery and gasoline technology on the market allowing them to travel more

efficiently. These state-of-the-art vehicles save consumers every single time

they fill up, but with any new advanced technology, the initial costs associated

comes at a premium. As a result, hybrid SUVs and trucks oftentimes carry

equipped MSRPs that are thousands of dollars higher than their gasoline

counterparts.

The hybrid SUV and truck segment on average retains at a rate of 54.3%, which

is lower than nearly all other respective segments, with the exception of mid-

size vans. Toyota Motor Corporation has two vehicles in the top three spots; in

first place, the Highlander’s retention score of 64.4% beat out the GMC Yukon

Denali and Lexus RX by a combined average of 6.3 points.

Luxury Large SUV RetentionRank Make Model Generation Lifecycle Retention %

1 Toyota Land Cruiser 2008-Present 69.9%

2 Land Rover Range Rover Sport 2006-2013 66.3%

3 Lexus LX 2008-Present 63.5%

4 Infiniti QX 2011-2013 62.2%

5 Land Rover Range Rover 2003-2012 58.9%

6 Cadillac Escalade 2007-2014 55.9%

7 Lincoln Navigator 2007-Present 51.0%

8 Mercedes-Benz GL Class 2007-2012 49.2%





Similar to what we have observed in other

SUV and truck segments, Toyota’s vehicles

have generally performed very well because

of their composition of build quality,

efficiency and overall value. Toyota has been

a significant player in the hybrid sector for a

long time, and the Highlander hybrid is no

exception. Originally launched in summer as

a 2006 model, the Highlander hybrid has

become a trusted vehicle that has only

improved with each redesign. The 2011

Highlander uses the same Toyota Hybrid

Synergy Drive system found on the brand’s

passenger car hybrids, allowing for an

electric only power mode for short distances

and speeds.

Hybrid Truck and SUV RetentionRank Make Model Generation Lifecycle Retention %

1 Toyota Highlander 2008-2013 64.4%

2 GMC Yukon Denali 2009-2013 58.3%

3 Lexus RX 2010-Present 58.0%

4 Chevrolet Silverado 1500 2009-2013 57.9%

5 GMC Sierra 1500 2009-2013 57.4%

6 Porsche Cayenne 2010-Present 56.1%

7 Chevrolet Tahoe 2009-2013 55.7%

8 GMC Yukon 2009-2013 55.6%

9 Cadillac Escalade 2009-2013 54.4%

10 Ford Escape 2008-2012 53.7%

11 Mercedes-Benz M Class 2010-2011 49.3%

12 Volkswagen Touareg 2011-Present 49.0%

13 Mercury Mariner 2008-2010 45.7%

14 BMW X6 Series 2010-2011 44.3%





AT NADA USED CAR GUIDE

What’s New

Available on iPhone, iPad and Android devices, the recently enhanced NADA MarketValues is

the fastest, easiest and most cost-efficient way to make smart vehicle decisions on the go. This

native app allows you to get your NADA values anywhere, anytime without an Internet

connection. Subscriptions start at $50 per month and when you download NADA

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On the Road

NADA Used Car Guide is exhibiting at the Consumer Bankers Association’s CBA Live 2014 in Washington, DC on March 31 – April 2,

2014. Stop by booth #40 to see Dan Ruddy, Steve Stafford, Jonathan Banks and Larry Dixon. NADA President Peter Welch is

speaking at CBA Live’s Auto Finance Forum at 8:00 a.m. on Wednesday, April 2. Andy Koblenz, general counsel and executive vice

president of legal and regulatory affairs, will also be in attendance.

Jonathan Banks and Steve Stafford are attending the Auto Finance Risk Summit 2014 from May 5 – 6 in Newport Beach, California.

On Tuesday, May 6 at 11:15 a.m., Banks is participating on panel titled “Collateral Values: How Much Will Valuations Drop?” The

panel will focus on the state of collateral values today, a possible timeline for a steeper decline and metrics for better portfolio

management.

About NADA Used Car Guide

Since 1933, NADA Used Car Guide has earned its reputation as the leading provider of

vehicle valuation products, services and information to businesses throughout the United

States and worldwide. NADA’s editorial team collects and analyzes over one million

combined automotive and truck wholesale and retail transactions per month. Its

guidebooks, auction data, analysis and data solutions offer automotive/truck, finance,

insurance and government professionals the timely information and reliable solutions they

need to make better business decisions. Visit nada.com/b2b to learn more.

Financial Industry, Accounting, Legal, OEM Captive Steve Stafford 800.248.6232 x7275 [email protected]

Director, Sales and Customer Service Dan Ruddy 800.248.6232 x4707 [email protected]

Credit Unions, Fleet, Lease, Rental Industry, Government Doug Ott 800.248.6232 x4710 [email protected]

Automotive OEMs Stu Zalud 800.248.6232 x4636 [email protected]

Automotive Dealers, Auctions, Insurance Jim Dodd 800.248.6232 x7115 [email protected]

PR Manager Allyson Toolan 800.248.6232 x7165 [email protected]

Business Development Manager Jim Gibson 800.248.6232 x7136 [email protected]

http://www.nada.com/b2b

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