Guidelines

October 2013

NADA Used Car Guide Industry Update INSIDE:

NADA Official Used Car Guide® Update

New & Used Market Trends

Used vehicle prices fall by largest amount in Historically the rate of used vehicle depreciation be-

Fuel Price Data

gins to accelerate in September as the shifting of con-

NADAguides.com Consumer Site Trends

sumer attention towards more pressing seasonal obli-

NADA Official

ward pressure to prices.

Used Car Guide®

Price movement this year was little changed from





historical trends, as the average price of used units up

October Official Used Car Guide® Movement Average trade-in values adjusted down by 1.4%; car and truck values decline by 1.6% and 1.0%, respectively.

to eight model years in age fell by 2.6% in September, thereby ending a three-month period in which depreciation averaged an uncommonly low rate of 1.2%; this also marked the highest rate of decline recorded

Larger Quantities of 2013 Models Hitting the Lanes ’13MY AuctionNet® auction volume grew by 24% in September.

entering the used market converge to apply down-



New Vehicle Sales Fall, but Daily Sales Rate Improves New sales drop by 4.2% due to fewer selling days; DSR rises by 4.1%.

since the 2.9% tumble in October 2012. But while September’s drop was rather large when compared to the previous 10 months, it was one-tenth of a point less severe than the 2.7% average rate of deprecia-

Historical Monthly Change in Used Vehicle Prices: September The historical prior-month change in used vehicle price for the month of September. Vehicles up to 8 years in age. 0.0%

tion recorded for the month from 2005

-0.5%

to 2012 (excluding the recession years

-1.0%

of 2008-2009). Given this, NADA’s seasonally-adjusted used vehicle price index ticked up to 124.8, a tenth of a point higher than August’s figure of 124.7.

Prior-Month Change

At NADA Used Car Guide

gations and larger quantities of one-year-old units

Typical for the Month, Depreciation Accelerates in September Used vehicle prices fall by 2.6%; NADA’s used vehicle price index ticks up to 124.8.

nearly a year

Economic Update

Value Trends



-0.4%

-1.5% -2.0%

-1.9% -2.3%

-2.5%

-2.6%

-3.0%

-3.5%

-3.6%

-4.0%

-3.9%

-4.5% 2005

Last month the number of 2013 model

-2.5%

-2.7%

-3.0%

2006

2007

2008

2009

2010

2011

2012

2013

Calendar Year Source: NADA

year units sold at auction – the majority of which were sourced from rental companies –grew by more than 7,000 units or 24% relative to August. This pushed the model year’s share of sales for units up to eight years in age to 16.8%, essentially equal to 2010’s second place share of 16.9% and three points below 2012’s volume-leading figure of 19.8%.

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

Guidelines | October 2013

Used Car Guide Update (continued…) NADA Used Vehicle Price Index Vehicles up to 8 years in age. Seasonally adjusted. 130

van segments, with supply for the two car segments growing by an

120

average of nearly 23%, while van volume nearly doubled from rough-

110

September 2013: Index remains essentially flat at 124.8 versus August's figure of 124.7.

100

Sep-13

Jul-12

Feb-13

Dec-11

Oct-10

May-11

Jan-09

Aug-09

Mar-10

Jun-08

Apr-07

Nov-07

Jul-05

Sep-06

Dec-04

Oct-03

Mar-03

Month

Source: NADA

average. Luxury car prices, burdened somewhat by rising off-lease

May-04

Jan-02

Aug-02

Jun-01

Apr-00

Nov-00

Jul-98

Sep-99

Feb-99

Oct-96

bined average of 2.9%, three-tenths of a point more than the market

Dec-97

70 May-97

declines in price last month, as prices for the three fell by a com-

Jan-95

80

Aug-95

90

Not coincidentally these segments were also subjected to the biggest

Mar-96

ly 1,200 units to just under 2,100 (+76%).

January 2010 = 100

model year supply were the compact car, mid-size car and mid-size

Feb-06

Among the segments experiencing the largest increases in 2013

Monthly AuctionNet Price Change - August v. September, 2013 Vehicles up to 8 years in age.

volume, fell by a similar figure of 2.8%.

0.2% -0.3%

Prices for most utilities—compact, mid-size and luxury—all fell with-

SUVs and pickups continued to show exceptional strength as favorable fuel prices and tight supply helped hold declines to 0.6% and

Percent Change

-0.8%

in a tight range of 1.9%-to-2.2% in September, while prices for large

-0.6% -1.0%

-1.3% -1.8%

-1.9%

-2.3%

-2.2%

-2.2%

-2.6%

-2.8%

1.0%, respectively.

-3.3%

-2.8%

-2.8%

-2.9%

-3.1%

-3.8% Compact Car

Through the three quarters of 2013, vehicles up to eight model years in age carried an average price of $15,011, a figure up a small 0.5%

Compact Utility

Large Pickup

Large SUV Luxury Car

Luxury Utility

Mid-Size Car

Mid-Size Utility

Mid-Size Van

Market Average

Segment

Source:NADA NADA Source:

Annual AuctionNet Price Change - Year-to-Date, 2012 v. 2013

from 2012’s average of $14,990.

Through September. Vehicles up to 8 years in age. 10.0%

8.7%

At a segment level, large pickup prices continue to strengthen more with each passing month as year-to-date growth hit 8.7% in Septem-

6.0% Percent Change

ber, an increase of 0.2 points over August’s figure of 8.5%. Large SUVs also experienced a gain of 0.2 points for the month which

8.0%

8.0%

3.4%

4.0%

2.1% 2.0%

0.5%

pushed prices up by 8.0% through last month.

0.0%

-0.4%

Other segments notching gains proved to be mid-size vans and midsize utilities, as respective prices for each segment are 3.4% and

-2.0% Compact Car Source:NADA NADA Source:

-1.0% Compact Utility

-0.9%

-1.4% Large Pickup

Large SUV Luxury Car

Luxury Utility

-0.8% Mid-Size Car

Mid-Size Utility

Mid-Size Van

Market Average

Segment

2.1% higher through September than they were last year. Prices for remaining segments are anywhere from 0.4%-to-1.0% lower than last year’s levels, excluding luxury cars where prices are down by 1.4% year-to-date, the most of any segment.

October – December used vehicle price forecast NADA believes that despite the contentiousness of the budget and debt ceiling debates currently roiling the Federal Government, used vehicle prices will remain relatively unscathed over the coming months. While consumer confidence slipped some in September, it remains well above levels recorded in the first quarter of this year. In addition, the economy is much less fragile today than it was in 2011, or the last time political leaders failed to reach a compromise on the debt ceiling causing consumer confidence – and used vehicle prices – to nose-dive.

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

©2013 NADA Used Car Guide

Guidelines | October 2013

Used Car Guide Update (continued…) Likewise, the underlying fundamentals supporting auto demand are also predominantly positive. Consumer purchases are being dictated less by want and more by the sense that a new or newer pre-owned vehicle is needed because the current one is too old, credit terms and availability remain very favorable, the housing market continues to recover and gasoline prices are reasonably stable. To be sure, the uncertainty emanating from Washington will adversely affect both government and furloughed employee spending, and will make businesses more cautious in their approach to hiring; however, it would take a prolonged budget impasse to materially derail auto demand and thus, used vehicle prices. While a drawn out government—and to a lesser extent economic—shutdown is a real possibility, the frustration that taxpayers, businesses, and debt holders have towards the lack of political compromise, as well as the lessons learned from 2011’s U.S. debt downgrade following a similar debt ceiling confrontation, should apply pressure significant enough to force lawmakers to end the ordeals before they inflict scarring damage. Considering these points, NADA still expects that depreciation will be just slightly more pronounced than what was observed over 2012’s atypically strong fourth quarter, with used vehicle prices dropping by an average of 1.6%-to-2.0% per month over the period. On a full-year basis, used vehicle prices are still scheduled to finish the year from 0.5%-to-1.0% higher than 2012’s record level.

Notable October guidebook movement As far as October is concerned, trade-in values in the month’s edition of the Official Used Car Guide® were reduced by a mild average of 1.4%. Adjustments followed a familiar pattern with car trade-in values being hit more severely than those of trucks (down 1.6% and 1.0%, respectively). Steep reductions on certain higher-volume luxury compact cars – particularly late-model versions of the BMW 3 Series and Infiniti G – helped to drive overall segment values down by a pronounced 2.5%. Similarly, downward adjustments on late-model BMW 5 Series and Mercedes-Benz E Class models averaging 2.7% were largely responsible for 2.3% luxury mid-size car segment decline. Values for the majority of remaining car segments were dropped by averages of less than 2.0%; mid-size and compact car values were adjusted down by averages of 1.4% and 1.6%, respectively, while large car values slipped a scant 0.4%. As for trucks, steep adjustments on 2009-2010 model year units helped to bring values for the mid-size van segment down by a combined average of nearly 1.8% - the most of any truck segment. With respective value adjustments of 1.6% and 1.4%, large and mid-size SUV reductions followed vans in terms of severity, while at the opposite end of the spectrum only 0.4% was shaved off of large pickup trade-in values. Since January, trade-in values for mid-size and large pickups have declined by slim averages of just 3.7% and 4.1%, respectively, or nearly three times less than the 11% drop recorded for compact car values over the period. To put this into perspective, used vehicles typically lose about 1.5% of their value each month simply from aging and the accumulation of mileage. But through October’s edition, large pickup trade-in values have dropped by a monthly average of just 0.4% since January, while mid-size pickup adjustments have averaged an even more minuscule 0.3%. NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 3

©2013 NADA Used Car Guide

Guidelines | October 2013

Used Car Guide Update (continued…) Essentially pickups have only barely resembled depreciating assets this year; in many cases in fact, consumers driving fewer miles than the industry average will have seen trade-in values on their pickup increase because values haven’t been falling enough to compensate for the added benefit of low mileage.

Auction volume ticks up in September, ‘13MY volume continues to rise The number of AuctionNet® wholesale auction transactions collected for vehicles up to eight model years in age grew by a slight 0.3% over the four-week period ending the week of September 29th. This followed a decline of 2.2% in August. Last month’s rise in auction transactions was primarily due to a 24% increase in the number of 2013 model year units hitting the lanes as volume for other model years save 2011 (+1%) was either flat or declined. Relative to 2012, the number of one-to-eight year old AuctionNet® transactions collected through September remained down by 2.0%, with the number of units up to four years in age 10% higher year-to-date and 14% lower for the number AuctionNet® Auction Volume: 4-Week Change of units from five-to-eight years in age. As far as one-year-old units are concerned, interestingly there has been a 95%, or 2,444 unit increase, in luxury mid-size utility transactions so far this year, driven largely by a 1,043 unit rise in 2013MY Lincoln MKT and

The change in auction volume between the most recent 4 week period and the preceding 4 weeks. Volume by Model Year Group MY 2006-07 MY 2008-09 MY 2010-11 MY 2012-13 MY 2006-13 Period* Prior 4-wk Period 63,451 44,552 73,523 76,877 258,403 Current 4-wk Period 62,949 43,778 71,403 81,078 259,208 Difference (%) -0.8% -1.7% -2.9% 5.5% 0.3% Source: NADA Current 4-wk Period covers the weeks of 9/3 - 9/29/13.

MKX utility volume. Volume for BMW’s X5 (+18% or 504 units) and Infiniti’s JX (416 sales YTD) have also contributed to the rise. Other segments experiencing sizable growth in one-year-old volume include subcompact cars (+39% or 2,195 units), compact utilities (+31% or 4,787 units) and mid-size utilities (+31% or 6,707 units).

New vehicle sales fall by 4.2%, SAAR slides to 15.21M units Upon first glance, September’s new vehicle sales performance

New Vehicle Sales

appears to be disastrous after months of year-over-year im-

New Vehicle Sales

YoY Change

1.6

provement, but this outcome is just an example of the calendar

20%

1.4

causing figures to be misleading. While total sales of 1.13 mil-

15%

ity is that the industry performed relatively well as the daily sales rate (DSR) rose by 4.1%. The decline in sales had much to

10%

1.0 0.8

5%

0.6

0%

0.4

do with the month having only 23 selling days this year com-

-5%

0.2

pared to 25 days in 2012. In addition, August officially ended on

0.0

-10%

September 3rd this year for the industry because the month Month

could not end on the weekend or the Labor Day holiday, thus Source: Wardsauto.com

inflating August’s numbers while depressing September’s aggregate figures. Year-to-date deliveries continue to be strong at 11.74 million, up 8.1% compared to 10.86 million last year. NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 4

©2013 NADA Used Car Guide

Percent Change

lion units were down 4.2% from last year’s 1.18 million, the real-

Sales Volume (millions)

1.2

Guidelines | October 2013

Used Car Guide Update (continued…) New Vehicle SAAR

The seasonally-adjusted annual rate (SAAR) in September

SAAR

dropped to 15.21 million units from August’s figure of 16 mil-

YoY Change

16

16%

lion, but improved upon last year’s 14.71 million figure by 3.4%. Through the first nine months of 2013, only April recorded a lower SAAR than September at 14.87 million units.

U.S. automakers perform well, General Motors slows down

12% 10%

14

8% 13

6%

Percent Change

New Vehicle SAAR (millions)

14% 15

4%

12

The U.S. “Big Three” experienced a 2.3% sales decrease in Sep-

2% 11

tember with deliveries of 510,325 vehicles, but each had varying

0%

different levels of individual success, particularly from an aggreMonth

gate standpoint. Sales for the year continue to be strong for domestics as the carmakers have collectively sold 5.3 million

Source: Wardsauto.com

Mainstream Brand Performance (Units Sold)

units thus far, a 9.3% jump. Things cooled off for General Motors after a hot summer as the company’s deliveries fell dramatically to 187,000 units, a falloff of 11%. Chevrolet and GMC saw sales drop by 15% and 10%, respectively, and combined to realize a 6.3% lower DSR, which contributed greatly to the decline. On the bright side, Buick and Cadillac experienced growth of 6% and 10%, respectively, with the premium marques’ collective DSR improving by 17.5%. Buick’s success came solely from its all-new Encore crossover, which accounted for over 20% of the brand’s sales while all the other models had worse months than in 2012. The difference

Buick Chevrolet Chrysler Dodge Fiat Ford GMC Honda Hyundai Jeep Kia Mazda Mini Mitsubishi Nissan Ram Scion Smart Subaru Toyota Volkswagen

Sep-13 15,623 127,785 25,251 48,576 3,157 174,832 29,959 93,915 55,102 37,464 38,003 22,464 5,306 4,001 77,828 27,397 5,131 625 31,755 139,804 31,920

maker for Cadillac was the new ATS as its 2,739 deliveries re-

Source: Wards Auto

flected a 348% increase.

Luxury Brand Performance (Units Sold)

Ford Motor Company stood out from its domestic peers with a 6% improvement to finish the month at just over 181,000 deliveries. With Lincoln only supplying 3.5% of the company’s total sales, the company’s positive success last month was attributable to the Ford brand’s roughly 175,000 sales, which represented a 6.5% climb. Pulling the Blue Oval forward were the FSeries truck and Fusion sedan, which saw sales improve by 11%

Acura Audi BMW Cadillac Infiniti Jaguar Land Rover Lexus Lincoln Mercedes-Benz Porsche Volvo

Sep-13 11,648 13,065 23,568 13,828 9,040 1,313 3,387 19,522 6,453 26,849 3,093 4,188

Aug-13 24,650 187,740 28,678 52,858 4,190 208,487 43,202 149,381 66,101 46,239 52,025 28,106 6,023 5,281 108,614 32,891 7,698 993 41,061 194,047 40,342

Sep-12 14,673 149,801 24,850 47,356 4,176 164,176 33,192 102,845 60,025 39,245 48,105 24,134 4,899 4,806 82,462 25,409 6,743 1,030 27,683 144,781 36,339

Change From Month Ago Year Ago -37% 6% -32% -15% -12% 2% -8% 3% -25% -24% -16% 6% -31% -10% -37% -9% -17% -8% -19% -5% -27% -21% -20% -7% -12% 8% -24% -17% -28% -6% -17% 8% -33% -24% -37% -39% -23% 15% -28% -3% -21% -12%

Aug-13 17,051 14,005 24,523 20,255 11,884 1,723 4,938 29,792 8,192 26,151 3,327 5,518

Sep-12 14,366 12,302 21,761 12,579 9,445 1,004 3,636 20,386 6,802 24,950 2,736 4,977

Change From Month Ago Year Ago -32% -19% -7% 6% -4% 8% -32% 10% -24% -4% -24% 31% -31% -7% -34% -4% -21% -5% 3% 8% -7% 13% -24% -16%

Source: Wards Auto

and 62.4%, respectively, to achieve over 44% of the brand’s final tally.

NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 5

©2013 NADA Used Car Guide

Guidelines | October 2013

Used Car Guide Update (continued…) Despite Chrysler Group LLC’s seemingly quiet month with a relatively flat sales increase of 0.6% and just below 142,000 deliveries, the company actually posted a solid result with a 9.3% rise in its DSR. The automaker exhibited growth nearly across the board as its Chrysler, Dodge and Ram brands saw sales increases of 2%, 3% and 8%, respectively, while Jeep deliveries declined by 5% as a result of continuous delays to its all-new Jeep Cherokee, whose Liberty predecessor sold 5,646 units last year.

Foreign brands post mixed results, German luxury brands push forward Japanese automakers had a relatively down month as sales slid 5.5% and Subaru was the only brand to realize positive growth, up 14.7% and tallying 31,755 sales. Recent struggles for Hyundai and Kia Motors continued as they combined to sell 13.9% fewer units than their 108,000 haul last year. Germany, up 0.4%, was the industry’s biggest winner in September as its luxury brands enjoyed a 7.1% jump to offset Volkswagen’s 12.2% plunge. Toyota Motor Sales had a relatively decent month as its DSR improved by 4% even though its total sales fell by 4.3% to 164,000 units. The Toyota and Lexus brands may have seen their sales decline by 3% and 4%, respectively, but their daily sales rates rose by 4% and 4.1%, respectively. Scion, however, fell behind further with 24% less deliveries despite positive buzz from its FR-S sports car, which was up 8.6% and was the only model to exhibit a sales increase. September was a surprisingly down month for American Honda Motor Co., whose overall sales dropped by 9.9% from its 117,000 units a year ago. Acura had a particularly poor month, with sales falling 19% and a daily sales rate that decreased by 11.9%. The Honda brand meanwhile was not as bad considering its DSR was only down 0.7%, in spite of its total sales declining by 9% and finishing the month at 94,000 units. Nissan North America realized a sales decrease of 5.5% and ended the month at 87,000 deliveries as its Nissan and Infiniti brands slid by 6% and 4%, respectively. However, things were not as bad as they appear considering the Nissan brand’s daily sales rate improved by 2.6% and Infiniti’s rose by 4%. Subaru was the lone shining star among all of the Asian brands and its scorching hot streak continues to catch the attention of the industry. The automaker’s sales surge was made possible by an incredible 24.7% increase in its daily sales rate, which is 23.8 percentage points better than the combined DSR for all Asian brands. Buyers have also been drawn to the brand’s all-new XV Crosstrek, which picked up 3,344 more sales than last year while the ever-popular Forester collected 10,620 sales, up 75.1%. German luxury brands had a very strong month with Mercedes-Benz, BMW and Audi sales up 8%, 8% and 6%, respectively, totaling over 63,000 deliveries. Their DSRs highlighted their success as the brands combined to sell 16.2% more vehicles per day than last year. Mercedes also had 3% bump over last month, making it the only brand in the industry to hold that distinction thanks to its E Class and M Class, which were up 17% and 30.4%, respectively. Meanwhile, BMW rode the successes of its 3 Series, 5 Series and X5 models, which improved by 10.1%, 12.1%, and 21.7%, respectively. While having ceased production of its last generation A3, Audi still had a good month as its A4 and Q5 led the charge, up 28.8% and 44.9%, respectively.

Hyundai and Kia falling behind the competition The Korean automakers have made tremendous strides over the years with regards to improving their quality, reputation and vehicle designs, which have translated directly to impressive sales performances particularly over the past handful of years. NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 6

©2013 NADA Used Car Guide

Guidelines | October 2013

Used Car Guide Update (continued…) With new, eye-catching styling and extremely competitive warranty programs backed by aggressive marketing campaigns, the Hyundai and Kia brands have transformed themselves into legitimate players in the automotive market. There is reason to believe the momentum built up over the years has begun to diminish as although the overall industry has continued to grow, the Koreans have struggled to keep up. Through September 2013, Korean automakers have combined to sell 964,601 vehicles, down 1% from last year’s 974,728 deliveries, despite the industry expanding by 8.1%. In comparison, their Asian counterparts from Japan have done even better in the U.S. market, with year-over-year growth of 8.9%, which further puts into perspective how much the Koreans are falling behind these days. While Hyundai is up a modest 1.6%, seven out of its 10 models are exhibiting sales decreases and deliveries of its highest-selling vehicle, the Sonata mid-size sedan, have declined by 12.9%. Meanwhile, aside from Kia’s all-new Cadenza, which was released over the summer, five out of the brand’s seven models are down this year while the volume-leading Optima midsize sedan is up 8.1%. Over the past few years, both companies focused on retail sales and greatly limited the amount of fleet business they did, but the trend is reversing this year as consumer sales have fallen. Per data from Automotive News, Hyundai and Kia have combined sold 138,600 fleet units so far this year, accounting for 14% of all sales, which is startling considering they sold only 91,200 fleet vehicles during the same period last year when fleet comprised 9% of total sales. Thus, retail business has declined by 7% compared to 52% growth in fleet sales for the two brands. The yearover-year percent change for both retail and fleet are the worst amongst the top seven automakers who collectively, excluding Hyundai-Kia, sold 11.4% more retail vehicles and 0.4% fewer fleet units. This data reveals that the Koreans are increasingly reliant on fleet business but are still seeing their overall sales decline while the industry continues ahead. Hyundai and Kia have both become formidable players in the automotive business after years of flying under the radar, but are now faced with the challenge of maintaining the success they have already achieved.

Incentive spending decreases to lowest level since January Average incentive spending, per Autodata, has exhibited a decline since June’s high of $2,700 and September continued the trend as spending fell to $2,484. With that being said, manufacturers spent 2.7% more on incentives this September than they did in 2012, which is a result that pushed year-to-date incentive growth up to 2.0%.

Incentives

The Korean automakers, Hyundai and Kia, utilized incentives

Average of Total

$2,800

respectively, yet still experienced falling sales. General Motors

$2,700

let and Buick brands rising by 11.3% and 17.7%, respectively, but it was not enough to prevent its overall daily sales rate from dropping by 3.2%. Volkswagen’s 53.4% climb in spending to an

YoY Change

8% 6% 4%

$2,600

2% 0%

$2,500

-2% $2,400

-4% -6%

$2,300

-8%

average of $3,000 per unit came in the face of declining sales

$2,200

and was the highest jump amongst mainstream brands.

$2,100

-10% -12%

Month Source: Autodata

NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 7

©2013 NADA Used Car Guide

Percent Change

also increased its incentives usage with spending for the Chevro-

Average Incentive Spending

heavily in September as spending went up 41.5% and 28.3%,

Guidelines | October 2013

Used Car Guide Update (continued…) September was a strong month for the premium German brands, but BMW stood out as the only make to spend more, with incentives usage up 60.6%, which was more than any other luxury brand. On the other hand, Mercedes-Benz, Audi and Porsche saw spending decrease by 15.4%, 20.9% and 21.8%, respectively. Use of finance subvention continued to decline industry-wide, down 4.7% on a prior-year basis, but lease subvention rose for the first time since February, up 5.3%. Following the trend from the past several months, customer cash usage rose by 5.4% in September, although it was the lowest year-over-year increase since March.

Overall new vehicle supply increases by three days Inventory grew in September as it rose by seven days to 62

New Vehicle Days' Supply

days, month-over-month, while climbing by three days com-

Days' Supply

YoY Change

90 80

Hyundai, Kia and Mazda all saw inventories decrease by three

70

days to close September at 43, 43 and 55 days, respectively, which was the largest drop amongst mainstream brands. Meanwhile, Subaru sticks out with only 27 days’ worth of inventory

18

13

60 8

50 40

3

30 20

despite supply increasing by three days since last month. On the

-2

10

luxury side, Audi realized the biggest reduction in day’s supply

0

-7

since August, down by 13 days to finish the month with the lowMonth

est inventory level amongst premium brands at 29 days.

Source: Wardsauto.com

NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 8

©2013 NADA Used Car Guide

Day Change

Days of Supply

pared to a year ago. Despite having down months sales-wise,

Guidelines | October 2013

Economic Update As the start of fiscal year 2014 approaches, once again partisan squabbling has created uncertainty about the outlook for fiscal policy. The political stare-down on Capitol Hill shows no signs of easing, leaving federal government functions, including informational websites, national parks and processing veterans' claims in limbo from coast to coast beginning October 1st. Lawmakers in both parties ominously suggested the partial shutdown might last for weeks. A continuation of the automatic spending cuts under sequestration, including unpaid furloughs for federal workers, would be a drag on growth in the last quarter of 2013 and into 2014. Uncertainty over fiscal policy is one of the reasons why the Federal Open Market Committee (FOMC) left monetary policy unchanged at its mid-September meeting. Currently the Federal Reserve is purchasing $85 billion of long-term Treasuries and mortgage-backed securities a month in an attempt to push down long-term interest rates, including mortgage rates. Investors had expected the FOMC to start dialing back these purchases at their most recent meeting. The anticipated reduction in bond purchases is one of the reasons why the yield on 10-year Treasury bonds had risen from 1.66% in early May to 2.98% in early September. But with slower job growth over the past few months, inflation still well below the FOMC’s 2% target, and the drag on the economy resulting from tighter fiscal policy, the FOMC surprised financial markets and voted to maintain the current pace of purchases. Yields on 10-year Treasuries immediately fell by about 0.15 percentage points, and the S&P 500 hit a record high. The FOMC is likely to vote to reduce its purchases of long-term assets at either its late-October or mid-December meetings, before Ben Bernanke’s tenure as Chairman ends in January 2014.

Unemployment and Labor Participation Rates Seasonally Adjusted Participation Rate

11.0

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Jul-11

Oct-11

Jan-11

Jul-10

ADP report has taken on added significance as the September

Apr-11

61.5 Oct-10

62.0

1.0 Jan-10

62.5

2.0 Apr-10

63.0

3.0

Jul-09

63.5

4.0

Jan-09

64.0

5.0

Jan-08

ously reported 176,000. The government shutdown means the

64.5

6.0

Apr-09

private payrolls gains were revised to 159,000 from the previ-

65.0

7.0

Jul-08

the ADP Report would show a gain of 180,000 jobs. August's

65.5

8.0

Oct-08

the labor market. Economists surveyed by Reuters had forecast

66.0

9.0

Apr-08

ment Report, underscoring steady but still sluggish growth in

66.5

Labor Participation Rate (%)

Unemployment Rate (%)

166,000 jobs in September, according to ADP National Employ-

Unemployment Rate

10.0

Oct-09

U.S. private employers added a fewer-than-expected

Month Source: U.S. Bureau of Labor Statistics

Employment Report from the Labor Department is now on indefinite hold.

Prior-Month Change in Nonfarm Payrolls Seasonally Adjusted

Source: U.S. Bureau of Labor Statistics

Month

27,000, while financial activities shed 4,000 jobs. NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 9

©2013 NADA Used Car Guide

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

the month. Professional/business services employment rose by

Oct-09

Jan-08

transportation/utilities added the most jobs with 54,000 over

Jul-09

service industries reported by the ADP Report, trade/

Apr-09

jobs in September, down from 152,000 in August. Among the

Jan-09

creased by 1,000. Service-providing industries added 147,000

Oct-08

payrolls added 16,000 jobs, while manufacturing payrolls in-

Jul-08

Prior-Month Change (thousands)

ber, a slight increase over its August growth rate. Construction

600.0 500.0 400.0 300.0 200.0 100.0 0.0 -100.0 -200.0 -300.0 -400.0 -500.0 -600.0 -700.0 -800.0 -900.0 Apr-08

Goods-producing employment rose by 19,000 jobs in Septem-

Guidelines | October 2013

Economic Update (continued...) New home sales rose 7.9% in August to 421,000 at a seasonally-adjusted annualized rate, up from 390,000 in July (revised down from 394,000). Although sales increased in August, they were still well below their average of 446,000 per month over the first half of 2013. Higher mortgage rates have weighed on sales of new homes over the past few months. Sales rose in three of the four regions in August, with the only decline in the West. Tight inventories are also weighing on new home sales: the supply of homes for sale was 5.0 months in August at the current sales pace, down from 5.2 months in July, although this is an increase from earlier in the year.

Total Housing Starts, Privately Owned Seasonally Adjusted 1300.0

$258,000, up from $253,100 in July. However, house price

1100.0

300.0

new home price growth. Demand for new homes and residential construction will

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Jul-11

Oct-11

Jan-11

Apr-11

Jul-10

Oct-10

Jan-10

Apr-10

Jul-09

Oct-09

Jan-09

Jan-08

100.0 Apr-09

er mortgage rates and slightly higher supplies are weighing on

500.0

Jul-08

from double-digit price gains in the first half of this year. High-

700.0

Oct-08

the median sale price was just 0.5%, a substantial slowdown

900.0

Apr-08

growth is slowing: in August the year-over-year increase in

Housing Starts (thousands)

The median sale price for a new home in August was

Month Source: U.S. Census Bureau

strengthen toward the end of 2013 and in 2014, once the debates over the Federal budget and the debt limit are re-

S&P/Case-Shiller 20-City Composite Home Price Index Three-month moving average published with a two-month lag. 190.0

solved. Although mortgage rates are up from early 2013 they

180.0

remain very low on an historical basis, supporting affordabil-

150.0 140.0

will support housing starts, GDP and construction employ-

130.0

ment. Sales remain well below their long-run levels, and many

110.0

cent years will be getting into the market.

Month Source: S&P Dow Jones

rels per day during the week ending September 27, 2013, 146,000 barrels per day lower than the previous week’s average. Gasoline production fell from the previous week, averaging 8.9 million barrels per day. Distillate fuel production increased last week to about 4.9 million barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.5 million barrels

Real Gross Domestic Product Percent change from preceding period (%, SAAR) Percent Change from Preceding Period

U.S. crude oil refinery inputs averaged about 15.4 million bar-

from the previous week. At 363.7 million barrels, U.S. crude oil inventories are toward the upper range for this time of

6.0 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 -2.0 -3.0 -4.0 -5.0 -6.0 -7.0 -8.0 -9.0

Source: U.S. Bureau of Economic Analysis

Quarter

year. NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 10

©2013 NADA Used Car Guide

Jul-13

Apr-13

Jan-13

Jul-12

Oct-12

Jan-12

Apr-12

Oct-11

Jul-11

Jan-11

Apr-11

Jul-10

Oct-10

Jan-10

Apr-10

Jul-09

Oct-09

Jan-09

Apr-09

Jul-08

Oct-08

100.0 Jan-08

households that have put off purchasing a new home in re-

120.0

Apr-08

standards will also support sales of new homes. This, in turn,

160.0 Index Level

ity. Continued job growth and a gradual easing in lending

170.0

Guidelines | October 2013

Economic Update (continued...) The U.S. average retail price of regular gasoline decreased 7 cents to $3.43 per gallon as of September 30, 2013, 38 cents lower than last year at this time, and the lowest price since January 28, 2013. Prices were down in all regions of the nation, with the largest decrease coming in the Midwest, where the price lost 11 cents to $3.35 per gallon. The national average diesel fuel price decreased 3 cents for a second consecutive week, to $3.92 per gallon, 16 cents lower than last year at this time. Prices decreased in all regions of the nation, with both the Midwest and West Coast prices dropping 4 cents, to $3.89 per gallon and $4.08 per gallon, respectively. Consumer confidence fell in September, according to the Conference Board. The index dropped 2.1 points to 79.7, the lowest level for confidence since May. While the present conditions component rose 2.3 points, making up most of its August decline, the expectations component fell 4.9 points, to its lowest level since May. It could be that concern over a potential government shutdown and whether Congress will raise the debt limit are weighing on consumers’ views about the near-term outlook. One positive is that consumers were slightly more optimistic about the job market in September compared to August; on net, however, people are still not convinced that jobs are plentiful. Similarly, consumers were more positive about business conditions in September compared to August, but also expect business conditions to worsen over the next six months. New orders for durable goods rose 0.1% in August, according to the Census Bureau, following an 8.1% drop in July. Transportation orders rose 0.7%, led by motor vehicles and parts. Orders for core capital goods—nondefense capital goods excluding aircraft—were up 1.5% in August, after a 3.3% decline in July. Manufacturing is expanding at roughly the same pace as the overall economy, after lagging behind in early 2013. Motor vehicle sales have returned to their pre-recession levels, leading growth in manufacturing. The durable goods and new home sales data are consistent with overall moderate economic growth in the third quarter. Growth in business investment has improved from earlier in the year and the housing recovery continues, despite the drag from higher interest rates. A potential government shutdown and uncertainty over an increase in the debt limit are weighing on consumer and business confidence right now, but assuming those issues are resolved, growth should pick up in late 2013 and strengthen further in 2014.

NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 11

©2013 NADA Used Car Guide

Guidelines | October 2013

Fuel Price Data Regular Grade Gasoline Prices (all formulations) $ YoY Change

$0.40

$3.90

$0.30

$3.80

$0.20

$3.70

$0.10

$3.60

$0.00

$3.50

($0.10)

$3.40

($0.20)

$3.30

($0.30)

$3.20

($0.40)

$3.10

($0.50)

Price Change

Average Price

Average Price Per Gallon

$4.00

Month Source: EIA

On-Highway Diesel Fuel Prices Average Price Per Gallon

$ YoY Change

$4.15

$0.40

$4.10

$0.30

$4.05 $0.20

$3.95

$0.10

$3.90

$0.00

$3.85

Price Change

Average Price

$4.00

($0.10)

$3.80 ($0.20)

$3.75 $3.70

($0.30)

Month Source: EIA

U.S Regular Gasoline Prices (dollars per gallon, all formulations)

US East Coast Midwest Gulf Coast Rocky Mountain West Coast

Sep-13 $3.53 $3.52 $3.50 $3.30 $3.60 $3.82

Aug-13 $3.57 $3.58 $3.52 $3.40 $3.64 $3.81

Sep-12 $3.85 $3.84 $3.86 $3.64 $3.72 $4.07

U.S On-Highway Diesel Fuel Prices (dollars per gallon) Change From Month Ago Year Ago ($0.04) ($0.32) ($0.06) ($0.32) ($0.02) ($0.36) ($0.10) ($0.34) ($0.03) ($0.12) $0.01 ($0.25)

US East Coast Midwest Gulf Coast Rocky Mountain West Coast

Sep-13 $3.96 $3.97 $3.94 $3.88 $3.94 $4.12

Aug-13 $3.91 $3.92 $3.87 $3.83 $3.93 $4.06

Sep-12 $4.12 $4.11 $4.06 $4.02 $4.24 $4.39

Change From Month Ago Year Ago $0.06 ($0.16) $0.05 ($0.14) $0.07 ($0.12) $0.05 ($0.14) $0.01 ($0.30) $0.06 ($0.27)

Source: EIA

NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 12

©2013 NADA Used Car Guide

Guidelines | October 2013

NADAguides.com Consumer Site Trends — New Activity About NADAguides.com NADAguides.com is the most comprehensive vehicle information website on the internet today, offering a broad range of information and services to help educate consumers in the market to buy, sell, trade, or simply shop for a vehicle. NADAguides is an alliance partner of NADA Services Corporation. The figures contained below are based on consumer activity at www.nadaguides.com and are calculated by measuring the number of unique lookups for a given period of time.

YoY Change in Consumer Activity: NEW Make

New: Top 15 Researched Models — September 2013

Chrysler

23%

Audi

20%

Mercedes-Benz

17%

Acura

13%

Lincoln

12%

Honda

5%

Cadillac

5%

Subaru

0%

Infiniti

0%

Dodge

0%

Mazda

-1%

Ford

-1%

Smart

-2%

Toyota

-3%

Kia

-4%

Buick Nissan

-8% -8%

BMW

MAKE Ford Chevrolet Honda Ram Truck Toyota Nissan Honda Volkswagen BMW Toyota Jeep Ford Hyundai Ford Chevrolet

MODEL F-150 Silverado 1500 Accord Sdn 1500 Tacoma Altima CR-V Jetta Sedan 3 Series Camry Wrangler Mustang Sonata Escape Equinox

New: Top 15 Researched Models — September 2012 September 2012 Rank

-10%

Jeep

-12%

GMC

-13%

Volvo

-14%

MINI

-15%

Scion

-18%

Lexus

-19%

Chevrolet

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

-24%

Land Rover

-29%

Jaguar

-50%

MY 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013

-6%

Porsche

Mitsubishi

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

18%

Volkswagen

Hyundai

September 2013 Rank

-31% -36% -37%

-40%

Source: NADAguides.com

-30%

-20%

-10%

0%

10%

20%

30%

Percent Change

MY 2012 2012 2013 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2013

MAKE Chevrolet Ford Ford Chevrolet Toyota Ford Honda Nissan Honda Chevrolet Ram Truck Toyota Ford Chevrolet BMW

MODEL Silverado 2500HD F-150 F-150 Silverado 1500 Camry Focus Accord Sdn Altima CR-V Captiva Sport Fleet 1500 Tacoma MUSTANG Equinox 3 Series

NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 13

©2013 NADA Used Car Guide

Guidelines | October 2013

NADAguides.com Consumer Site Trends — Used Activity YoY Change in Consumer Activity: USED Make Porsche MINI Suzuki GMC Audi Acura Mercedes-Benz Infiniti Lincoln Mercury Saab Kia Mazda Subaru Chrysler Jeep Volkswagen Volvo Cadillac Saturn Lexus Mitsubishi Buick Nissan Ford BMW Dodge Chevrolet Honda Toyota Pontiac Hummer Hyundai Scion Jaguar Land Rover

32%

20% 18% 17% 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 11% 10% 10% 10% 8% 8% 8% 8% 8% 8% 7% 7% 6% 5% 4% 3% 2% -1% -2% -4% -6% -10%

-15%

-10%

-5%

0%

Source: NADAguides.com

5%

10%

15%

20%

25%

30%

35%

Percent Change

Used: Top 15 Researched Models — September 2013

Used: Top 15 Researched Models — September 2012

September 2013 Rank MAKE Ford 1 2 Chevrolet 3 Dodge 4 Honda 5 Ford 6 Toyota 7 Jeep 8 BMW 9 Chevrolet 10 Jeep 11 Chevrolet 12 Ford 13 Nissan 14 Ford 15 Chevrolet

September 2012 Rank MAKE Ford 1 2 Chevrolet 3 Honda 4 Dodge 5 Toyota 6 Ford 7 Nissan 8 Chevrolet 9 BMW 10 Chevrolet 11 Jeep 12 Jeep 13 Ford 14 Ford 15 Toyota

MODEL F-150 Silverado 1500 Ram 1500 Accord Sdn Mustang Camry Grand Cherokee 3 Series Tahoe Wrangler Impala Super Duty F-250 Altima Explorer Silverado 2500HD

MODEL F-150 Silverado 1500 Accord Sdn Ram 1500 Camry Mustang Altima Impala 3 Series Tahoe Grand Cherokee Wrangler EXPLORER Super Duty F-250 COROLLA

NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 14

©2013 NADA Used Car Guide

Guidelines | October 2013

NADA Official Used Car Guide® Value Trends Monthly Change in NADA Used Car Guide Value September 2013 v. October 2013 NADA Segment

2008MY

2009MY

2010MY

2011MY

2012MY*

Compact Car

-1.8%

-1.3%

-1.7%

-1.4%

-0.9%

Compact Utility

-0.9%

-0.8%

-0.2%

-0.1%

-0.1%

Large Pickup

-0.3%

-0.1%

0.1%

0.0%

0.0%

Large SUV

-1.5%

-0.9%

-1.2%

-0.6%

-0.2%

Luxury Car

-1.7%

-1.6%

-1.7%

-1.7%

-1.4%

Luxury Utility

-1.8%

-1.0%

-0.8%

-0.9%

-1.1%

Mid-Size Car

-1.6%

-1.5%

-0.8%

-0.8%

-0.4%

Mid-Size Utility

-2.3%

-1.7%

-0.8%

-0.8%

-0.7%

Mid-Size Van

-2.3%

-2.3%

-0.6%

-1.1%

-0.4%

*Value movement can be influenced by newly valued vehicles. See the last page of "Guidelines" for data key.

Annual Change in NADA Used Car Guide Value October, 2012 v. 2013 YoY Segment NADA Segment

5YR

4YR

3YR

2YR

1YR

Change

Compact Car

2.1%

0.6%

5.2%

0.5%

2.8%

3.8%

Compact Utility

2.9%

2.1%

4.3%

3.2%

2.2%

1.0%

Large Pickup

8.9%

10.2%

4.7%

10.5%

4.9%

9.7%

Large SUV

10.8%

4.0%

1.5%

4.3%

3.3%

3.1%

Luxury Car

4.9%

2.3%

4.9%

1.5%

7.8%

2.2%

Luxury Utility

3.4%

9.2%

5.6%

-1.6%

0.0%

0.7%

Mid-Size Car

2.1%

-0.3%

10.8%

1.8%

3.4%

4.8%

Mid-Size Utility

6.7%

4.9%

3.4%

2.4%

0.8%

3.2%

Mid-Size Van

18.7%

5.0%

2.5%

10.3%

2.4%

11.5%

*Calculations are based on vehicle age, i.e. values for 1 year old vehicles in CY2012 are compared against values for 1 year old vehicles in CY2011.

YTD Change in NADA Used Car Guide Value January — October 2013 YTD Segment 2008MY

2009MY

2010MY

2011MY

2012MY

Change

Compact Car

-10.9%

-10.9%

-9.4%

-8.7%

-9.2%

-9.6%

Compact Utility

-11.3%

-10.0%

-8.5%

-6.9%

-6.3%

-8.1%

Large Pickup

-3.7%

-3.1%

-2.4%

-0.7%

-1.3%

-2.1%

Large SUV

-8.3%

-7.8%

-7.1%

-5.0%

-5.1%

-6.5%

Luxury Car

-11.8%

-10.5%

-10.6%

-10.2%

-4.9%

-8.5%

Luxury Utility

-13.1%

-10.3%

-10.5%

-9.1%

-8.8%

-9.9%

Mid-Size Car

-9.3%

-8.6%

-8.5%

-7.9%

-7.4%

-8.1%

Mid-Size Utility

-12.0%

-10.8%

-8.8%

-7.4%

-7.5%

-9.0%

Mid-Size Van

-11.8%

-10.0%

-7.5%

-6.8%

-5.8%

-7.8%

NADA Segment

NADA Used Car Guide | 8400 Westpark Drive | McLean, VA 22102 | 800.544.6232 | www.nada.com/b2b 15

©2013 NADA Used Car Guide

Guidelines | October 2013

At NADA Used Car Guide

CONTACTS:

What’s New It’s here! Android device users can now download and subscribe to NADA MarketValues. NADA MarketValues is our new mobile app designed exclusively for dealers. Subscriptions start at $50 per month and are available for NADA Used Car Guide values and/or AuctionNet®, the industry’s top source for wholesale transaction data. NADA values include weekly NADA auction values, as well as monthly trade-in, loan and retail for used passenger cars and light-duty trucks. Download NADA MarketValues from Google Play or the Apple Store for $1.99 and get your FREE 30 day trial started today! Contact us at 800544-6232 to learn more.

On the Road The Auto Finance Summit 2013 in Las Vegas on October 14-16, 2013 will be attended by Mike Stanton, Jonathan Banks, Steve Stafford and John Beckman. Stop by Booth #607 to speak with Steve Stafford and John Beckman. We look forward to seeing you there! The 5th Digital Dealer Conference & Exposition (DD15) in Las Vegas on October 15-17 will be attended by Dan Ruddy and Jim Dodd. Plan on stopping by Booth #1224 to visit with Jim Dodd and learn more about our exclusive mobile app for dealers, NADA MarketValues. Jim will show you how to get a FREE 30 day trial of NADA Values and AuctionNet, over 80% of the nation's wholesale transactions. Looking ahead to November: At the 14th Annual Used Truck Association (UTA) Convention in Orlando, Doug Ott will be in attendance on behalf of Chris Visser. Stop by and see Doug at Booth #9 on November 7. The Used Car Week Conferences run November 11-15 in San Diego. At the CPO Forum, we have Larry Dixon on the “CPO + Pre-Owned Pricing Trends, Analysis and Market Intelligence” panel on November 12 at 2:15 p.m. as well as Jonathan Banks attending the event. At the SubPrime Forum, we have Steve Stafford joining Jonathan and Larry. At the NRC Forum, you can interact with Jonathan Banks at the “Used Car Prices and Valuations” panel discussion on November 13 at 2 p.m. and meet John Beckman who will also be attending. And be sure to join us for our sponsorship of the NRC Networking refreshment break on November 13.

About NADA Used Car Guide Celebrating our 80th year, NADA Used Car Guide has earned its reputation as the leading provider of vehicle valuation products, services and information to businesses throughout the U.S. and worldwide. NADA’s editorial team collects and analyzes over one million combined wholesale and retail automotiverelated transaction prices per month. Its guidebooks, auction data, analysis, and data solutions offer automotive, financial, insurance, and government professionals the timely information and reliable solutions they need to make better business decisions. Visit www.nada.com/b2b to learn more.

About AuctionNet® AuctionNet® is an industry-unique wholesale transaction database, available exclusively from NADA Used Car Guide, in joint partnership with the National Auto Auction Association (NAAA). Over 100 million records strong and updated weekly, it captures sales from all Manheim and ADESA, as well as participating ABC, ServNet and large independent auctions, representing over 80% of nationwide auction activity.

Financial Industry/ Accounting/ Legal/OEM Captive Steve Stafford 800.248.6232 x7275 [email protected] Credit Unions, Fleet/Lease/ Rental Industry, Government Doug Ott 800.248.6232 x4710 [email protected] Automotive Dealers/Auctions, Insurance Jim Dodd 800.248.6232 x7115 [email protected] Automotive OEMs Stu Zalud 800.248.6232 x4636 [email protected] Business Development Manager Jim Gibson 800.248.6232 x7136 [email protected] Director—Sales and Customer Service Dan Ruddy 800.248.6232 x4707 [email protected] Manager—Public Relations Allyson Toolan 703.821.7165 571.292.7593 (mobile) [email protected]

Disclaimer: NADA Used Car Guide makes no representations about future performance or results based on the data and the contents available in this report ("Guidelines"). Guidelines is provided for informational purposes only and is provided AS IS without warranty or guarantee of any kind. By accessing Guidelines via email or the NADA website, you agree not to reprint, reproduce, or distribute Guidelines without the express written permission of NADA Used Car Guide.

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©2013 NADA Used Car Guide