Foss National Leasing (FNL) held a day at the auction for clients recently. The event was hosted at ADESA Canada’s Toronto location where attendees got a special glimpse at the inner workings of a wholesale auction. Claudio De Angelis, Remarketing Manager for FNL, kicked off the session with a remarketing overview. In it he covered the lease lifecycle timeline, the critical importance of proper scheduled and preventative maintenance, what is the right amount of reconditioning, remarketing options, the advantages of using an auction to remarket vehicles, what factors determine a vehicles worth and more.
Special guest Brian Murphy, Canadian Black Book provided guests with a market overview which included information on the rising number of vehicles coming off lease as new car lease penetration levels have increased from an industry low of 15% in 2010 to 31 percent in 2018. The presentation showed how U.S buyers have been propping up Canadian used vehicle values by taking advantage of a low Canadian dollar to export an estimated 260,000 used vehicles to the United States. Murphy’s presentation also illustrated how the in the next few years almost double the number of vehicles will be coming off lease, affecting residual values.
Before heading to the auction lanes, event guests had the opportunity to put their newfound remarketing skills to the test with a vehicle valuation challenge. Guests were given a description of a used vehicle along with images that would be running during their time at the auction, and had to determine what it would sell for. Then it was off to the auction floor where attendees got up close and personal with the organized chaos of a live wholesale vehicle auction featuring thousands of consigned vehicles going across the block stretching over eight lanes. Helen Hynd, Young Drivers of Canada was impressed with the event. “Visiting the ADESA Auto Auction was like witnessing a well-oiled machine, lots of energy and activities occurring while following vehicles as they glide through the lanes, all in a safety-conscious environment. We were fortunate to get insider information and tour of ADESA's extraordinary operation - thanks to Foss and ADESA for a terrific day at the auction.”
After the live auction action, guests toured the ADESA Toronto facility and wound down over lunch and closing comments from De Angelis.
Claudio De Angelis, FNL gave a remarketing overview at the event.
Brian Murphy, CBB, shared used vehicle market conditions as part of the session.
Claudio De Angelis, represents Foss vehicles being sold at auction.