Guidelines. NADA Used Car Guide Industry Update. NADA Official Used Car Guide Update. May 2011 IN THIS ISSUE: MARKET SUMMARY APRIL MARKET REVIEW

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1 Guidelines May 2011 NADA Used Car Guide Industry Update IN THIS ISSUE: NADA Official Used Car Guide Update ATD/NADA Official Commercial Truck Guide Update Retail Market Indicators Fuel Prices Economic Drivers NADAguides.com Consumer Site Trends AuctionNet Wholesale Market Trends Guidebook Value Trends At NADA Used Car Guide NADA Official Used Car Guide Update APRIL MARKET REVIEW New and used vehicle demand continued to support strong sales and transaction prices in April. Sales for both markets posted double-digit year-over-year increases with new vehicle sales increasing by 18% while used vehicle sales improved by 12%. Sales increases were also accompanied by significant price increases, as new vehicle prices increased by ~9% on an annualized basis according to the BLS, while used prices on 2 5 year old vehicles reported through the AuctionNet wholesale data network increased by 12% year-over-year. The overall market continues to be led by the strength of fuel efficient vehicles, with small cars outpacing the overall market in all metrics. For example, new sales for small cars have increased by ~28% year-over-year while the overall market is up 19.5%. Not surprisingly, hybrid cars have posted the largest year-overyear gain with a 34% sales increase year-to-date. As expected, the Conference Board s Consumer Confidence Index improved in April with a moderate gain to 65.4 from a revised 63.8 in March. The University of Michigan s consumer sentiment index posted a similar increase, while the index of current conditions reflecting consumer confidence in purchasing high ticket items remained flat. MARKET SUMMARY April new vehicle sales were up 18% on a year-over-year basis. April s 13.1M SAAR marked the third time this year that the new vehicle SAAR surpassed the 13M unit mark. AuctionNet wholesale prices for cars, CUVs, and vans were up between 1 3.4% relative to March. Compact car prices were up between 2 5%, depending on model year. Pickup and SUV prices were down between 3 and 1.5%. Looking ahead, prices in both the new and used vehicle markets will continue to be shaped by the twin forces of fuel price volatility and constrained supply. Through June, NADA anticipates that wholesale prices for the compact car segment will increase by 3 5%, compact CUV and mid-size car prices will increase by 3%, and large pickup and SUV prices will remain flat, all relative to April. The used market remained strong in April, with AuctionNet prices for cars (+16%), minivans (+9%), CUVs (+7%), SUVs (+6%), and pickups (+3%) all up on a year-over-year basis. April s results have led to another record breaking month according to Manheim s Used Vehicle Value Index, which checked in at 126.6, marking a 4.9% increase over last April. AuctionNet wholesale prices for April continued on a gas price-influenced trend with car segment prices moving up and pickup and large SUV prices moving down relative to March. From a segment standpoint, April saw another significant month-to-month increase in auction performance for small cars as prices jumped on average around 5%. Mid-size cars also fared well, posting increases between 2 2.5%, depending on the model year. The Toyota Prius gained the most, with prices increasing by about 12% from March to April. Other significant month-to-month increases were seen on the Chevy Cobalt and Hyundai Accent which both increased by about 9%, while segment leaders Honda Civic and Toyota Corolla increased between 5 6%. 1

2 Official Used Car Guide Update (continued ) On the truck side, pickup and large SUV prices declined between 1.5 3% for the month, while prices for small and mid-size SUV and CUV models remained relatively flat. Declines for the large SUV segment have been very moderate, with vehicles like the Chevy Tahoe and Ford Expedition dropping under 3% from March to April. Large pickups posted similar declines with Silverado, F150, and Ram pickups also dropping under 3% for the month. Meanwhile, luxury trucks and SUVs experienced fairly substantial declines, with drops ranging between 2 5% for the month. The Cadillac Escalade declined by about $825 for the month or about 2.5%, while the Lincoln Navigator dropped $1,200 or about 3.4%. Luxury CUVs also posted declines ranging from 2 4% depending on the model year. Moving on, the luxury mid-size segment which includes the BMW 5 Series and the Mercedes-Benz E Class increased by 2.5%, while mainstream CUVs, minivans, and larger cars remained flat. Looking ahead, prices in both the new and used vehicle markets will continue to be shaped by the twin forces of fuel price volatility and constrained supply. FUEL PRICES Since the beginning of the year, events in the Middle East and North Africa and recovering global demand have led to steady and at times large advances in the price of gas. Recently however, crude oil prices have taken a significant turn downward, a sign that that gas prices may level off and recede over the next few weeks. The recent decline in oil prices should improve consumer confidence and future expectations. The looming fear of gas prices increasing above $4.00 per gallon for an extended period is somewhat assuaged by the dramatic decline in barrel prices witnessed during the first week in May. Analysts don t expect a big rundown in crude prices, but most agree that prices should moderate at the $100 level resulting in a slight decline or at least stability in gas prices in the coming months. SUPPLY With the fear of a continued escalation in gas prices subsiding, all signs point to robust demand for new vehicle sales, which supports the consensus forecast of ~13M light vehicle sales for However, the disruption in supply stemming from events in Japan is causing some concern around maintaining current momentum. Paul Taylor, NADA s chief economist states, The Detroit Three and European automakers will likely not be able to offset the losses in production the major Japanese automakers will endure over the summer. As a result, Dr. Taylor says that NADA s new vehicle sales forecast of 12.9 million for the year will have to be revised downward. In addition, Global Insight s latest new vehicle sales forecast for 2011 has been reduced by approximately 350k units to 12.9M, with the bulk of the volume lost between the months of May and July. As we described in last month s edition of Guidelines, volume shortages will be especially pronounced in certain segments due to the proportion of vehicles that are produced by Japanese manufacturers. The availability of compact and mid-size cars and compact CUVs will become increasingly limited as we move deeper into the summer months. To put things into perspective, the days supply for compact and mid-size cars stood at 36 and 42 respectively at the end of April, numbers which are significantly below the 60-day threshold considered to be ideal. The supply issue is even worse for many of the most popular models within these segments (fig. 1). Dealers are turning to the used market to prepare for lost new vehicle inventory, and are scaling back on the number of vehicles sent to auction, being more aggressive in trade-in situations, and are more accepting of older, higher mileage units. What this means from a price perspective is that demand should outpace supply in the upcoming months, which will result in strong new vehicle prices. 2

3 Official Used Car Guide Update (continued ) The used market will benefit as well and NADA expects price increases for affected segments to be sustained during the upcoming months as dealers Month-End Days' Supply: April 2011 Make/Model Days' Supply Toyota Prius* 10 attempt to mitigate new vehicle inventory shortages by offering used vehicle Hyundai Elantra 12 Nissan Juke* 19 substitutes. NADA expects the largest impact to occur during June and July with Nissan Sentra 21 May posting moderate increases relative to April. Honda Civic Honda Insight* PRICING TRENDS & USED CAR GUIDE OUTLOOK Hyundai Sonata Kia Optima* Last month we stated that through June we would see wholesale prices for Kia Soul* 29 compact cars increase by approximately 10% over March levels due to these Kia Forte* 29 Kia Rio* 29 catalysts. Nissan Versa Ford Focus Given a slight decline in expected gas prices over the next several months, our Honda Accord 35 forecast for this segment has been revised. In addition to the increases observed Honda CR-V* 35 Toyota Corolla/Matrix 36 between March and April, we anticipate that prices will increase by ap- Nissan Rogue* 38 proximately 3 5% through June relative to April levels. We also expect prices Toyota Camry 44 Overall Days' Supply 54 for the mid-size car and compact CUV segments to increase by 3% over April levels. Compact Car Days' Supply Mid-Size Car Days' Supply Source: Ward's AutoInfoBank Even though used prices for compact and mid-size cars are to the point of historic highs, we believe that the pace of new car price growth (by way of MSRP increases and incentive reductions) will be sufficient enough for a reasonable new-used spread to be maintained. New retail price growth for certain compact and mid-size models can already be observed through April s data, with increases outpacing 2010 s results over the same period of time (fig. 2). Regarding truck segments, we ve frequently stated in the past that significantly lower supply relative to 2008 will help keep prices from falling off precipitously, even in the face of $4 gasoline. So far, this has been the case and a continued decline in used supply will help to counter any additional increases in the cost of fuel. In fact, our returning supply forecast has large pickup and SUV supply declining by 16% and 22% respectively through the third quarter on a year-over-year basis (compact and mid-size car supply will decline by 6%). Taking these factors into consideration, we expect prices for the large pickup and SUV segments to be relatively stable through June. From an Official Used Car Guide perspective, valuations for May s edition are well positioned to reflect the continued strength expected of the used market, with guidebook values generally positive to flat when compared to April figures. NADA anticipates more strength in small and mid-size car segments, while we expect the impact from fuel prices on truck and SUV models to remain relatively minor since we had forecasted gas price increases to subside by May. Auction prices collected during the first two weeks of May have shown relatively small movements compared to the past two months. When coupled with the apparent slowdown in oil prices, we should see less volatile behavior on a segment basis going forward. As we move through May and into June, it s our expectation that fuel price pressure will level off and wane somewhat, however inventory will become more of a concern. The expected result is another wave of price increases on high demand models as fuel efficient vehicles continue to be hard to come by. We expect this imbalance to continue through the summer which will further support prices at the historically high levels witnessed during April. Fig. 2 Fig. 1 Change in New Vehicle Transaction Price: Jan-to-April Toyota Prius 3.7% -1.0% Honda Civic 2.5% -1.1% Hyundai Sonata 0.9% 0.4% Honda Accord 0.3% -0.9% Source: J.D. Power & Associates Power Information Network 3

4 Mileage Guidelines May 2011 ATD/NADA Official Commercial Truck Guide Update The Used Truck Market Could be Entering a Sweet Spot With the first quarter of 2011 s numbers now complete and analyzed, there are two main takeaways. The first is a major increase in volume of used trucks retailed. The second is a sustained rally in the average price of late model trucks. We examine market factors to predict whether this trend will continue. Excluding OEM s, individual dealers retailed a whopping 25% more used trucks in March than they did in February (reference Sales Per Dealership graph). It is our belief that the rebound in new truck orders that began late last year is finally impacting the used truck market. Customers are taking delivery of these new trucks, trading in their used units. There is also likely an increase in walk-in customers purchasing new units out of dealer stock, further increasing trade-in activity. With used truck supply still inadequate to meet demand, it should come as no surprise that despite this increase in sales volume, the average selling price of all sleeper tractors held steady. Average mileage of these trucks rose again by about 2000, making March the third month in a row in which average mileage was over 500K. Reference the Average Price and Mileage graph for further detail. For further illustration of just how much the used truck market has taken off in 2011, take a look at the Average Price by Mileage Range chart. The market is not only crushing last year s results, but is finally ahead of Four-year-old trucks had a more impressive showing, rising a mileage-adjusted $1400 over February (see Average Retail Price graph). Looking at quarterly averages, our data shows $65,675 for 1Q This figure blows away last year s figure of $47,873. This is almost a 40% increase! Not only that, but the 2011 results are about $5500 higher than same-period 2008, when the market was just beginning to see the effects of the recession. Source: NADA 520, , , , , , , , , , ,000 Source: NADA Retail Average Number of Sales Per Reporting Dealership (Trend) Wholesale Month Average Retail Selling Price and Mileage of All Sleeper Tractors Reported Sold 2-Month Moving Average of Trucks Under 1M Miles 2 per. Mov. Avg. (Mileage) 2 per. Mov. Avg. (Price) Mileage $50,000 $48,000 $46,000 $44,000 $42,000 $40,000 $38,000 $36,000 $34,000 $32,000 $30,000 Price 4

5 Price Price Guidelines May 2011 Commercial Truck Guide Update (continued ) There is no question that late-model, low-mileage trucks are at four-year highs (at least). Will this trend continue? Let s examine the factors pro and con. First, the pros: Many buyers see used trucks as an attractive substitute for new due to the higher price and new (to North America) technology of 2010 emissions trucks. Model years were built in historically low numbers, which means there will always be comparatively few of these trucks available in the secondary market. The 2007 model year is in high demand since it is the last of the pre-2007 emissions models available. Some fleets are selling their used trucks direct to customers, keeping these units out of the traditional secondary market. Most fleets are on trade-in schedules of 3-6 years. This means we won t see higher-volume 2012MY trucks in the used market until 2014 at the earliest. A new round of emissions and fuel economy regulations is due in If new technology is required to meet the standards, expect used truck demand to stay at a high level. The economic recovery is expected to continue at a slow to moderate pace. Now, the cons: $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Source: NADA $75,000 $70,000 $65,000 $60,000 $55,000 $50,000 $45,000 $40,000 $35,000 Average Retail Selling Price by Mileage Range: Sleeper Tractors K K K K K K K K K Mileage 2011 (Jan-Mar) Average Retail Selling Price: 4 Year Old Sleeper Tractors Includes sales data from all retail sources, adjusted for mileage. The rebound in new truck orders indicates a continued increase in trade-ins throughout $30,000 Source: NADA Month The high prices of late-model trucks may be close enough to new to convince some customers to make the jump. Inflation (especially gas and food) is all but guaranteed to limit consumer spending. Manufacturing will be limited to some extent by the Japanese disaster. It is not clear whether the expected make-up later in the year will be adequate to compensate. Final analysis? A gradual ramp-up of new truck production to K merely takes the used truck supply from nonexistent to small. On the demand side, inflation will limit the pace of the economic recovery, but the trend remains upward. Keep in mind that industrial production has been the main driver of the trucking industry recovery, not consumer spending. In the longer term, the 2014 emissions/fuel economy regulations now less than three years away - will be the next big factor. Used trucks could either remain stable or see even higher demand depending on whether new technology is required. In light of all this, the pros outweigh the cons when it comes to a used truck market outlook. 5

6 NADA Returning Used Supply Forecast About NADA s Returning Used Supply Forecast NADA s Returning Used Supply Forecast estimates the time it takes for a new vehicle to enter the used vehicle market, and is derived from actual new vehicle registrations. Return dates and rates are based on the original registration type (i.e. rental fleet, lease, or personal use). NADA Returning Used Supply Forecast: Percent Change From Preceding Period Vehicle Type Registration Type I II III IV I II III Total 0% 18% 6% -19% 2% 12% -1% Car Lease 15% 9% -14% -9% 12% 7% -19% Personal -2% 25% 9% -29% 1% 27% 4% Rental -9% -1% 30% 16% -4% -27% -2% Total -3% 10% 11% -23% 0% 3% 6% Light Truck Lease 10% -1% -12% -10% 7% -7% -21% Personal -5% 13% 15% -29% 1% 7% 13% Rental -20% 15% 43% 8% -14% -4% 9% 6

7 Retail Market Indicators New Vehicle Sales Retail market indicators convey information on the performance of the new and used vehicle markets. Total vehicle sales are core indicators of consumer demand and overall industry health. Supply is a measurement used to gauge the relationship between supply and demand, and provides an indication of pricing strength in general. Seasonally Adjusted Annual Rate (Millions) Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr Source: WardsAuto.com 7

8 Fuel Prices 8

9 Economic Drivers Unemployment and Consumer Confidence are two of the most important economic drivers behind both a consumer s ability and willingness to make a new or used vehicle purchase, and are provided as indicators on the future outlook for both markets. 9

10 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. The figures contained below are based on consumer activity at and are calculated by measuring the number of unique lookups for a given period of time. New: Top 15 Researched Models April 2011 April 2011 Rank MoM Change MY MAKE MODEL Ford F Hyundai Sonata Toyota Camry Chevrolet Silverado Honda Accord Sdn Chevrolet Equinox Chevrolet Camaro 8 (2) 2011 Kia Sorento Ford Mustang 10 (9) 2011 Ford Explorer Ford Fusion Toyota Tacoma Hyundai Elantra 14 (2) 2011 Honda CR-V 15 (2) 2011 Nissan Altima New: Top 15 Researched Models April 2010 April 2010 Rank MY MAKE MODEL Chevrolet Camaro Dodge Challenger Ford F Chevrolet Equinox Toyota Camry Jeep Wrangler Honda CR-V Ford Fusion Chevrolet Silverado Audi R Ford Mustang Dodge Charger Chevrolet Corvette Dodge Ram Toyota Corolla 10

11 NADAguides.com Consumer Site Trends Used Activity Used: Top 15 Researched Models April 2011 Used: Top 15 Researched Models April 2010 April 2011 Rank MoM Change MAKE MODEL 1 0 Ford F Chevrolet Silverado Nissan Altima 4 0 Chevrolet Impala 5 0 Honda Accord Sdn 6 0 Toyota Camry 7 0 Dodge Ram Ford Mustang 9 0 Toyota Corolla 10 1 Ford Focus 11 (1) Chevrolet Cobalt 12 0 Ford Super Duty F Ford Escape 14 (1) Chevrolet Tahoe 15 2 Honda Civic Sdn April 2010 Rank MAKE MODEL 1 Ford F Chevrolet Silverado Dodge Ram Ford Mustang 5 Honda Accord Sdn 6 Toyota Camry 7 Chevrolet Impala 8 Nissan Altima 9 Chevrolet Tahoe 10 Ford Super Duty F BMW 3 Series 12 Toyota Corolla 13 Chevrolet Silverado 2500HD 14 Chevrolet TrailBlazer 15 Jeep Wrangler 11

12 AuctionNet Wholesale Market Trends Monthly Change in Average AuctionNet Price: NADA Segment March 2011 v. April 2011 NADA Segment 2006MY 2007MY 2008MY 2009MY 2010MY Compact CUV -1.3% 0.6% 0.1% 0.9% 2.3% Compact Pickup 0.3% -0.6% 1.6% 0.3% 2.0% Compact SUV -1.5% -1.0% 1.9% 0.8% -0.8% Entry Compact -2.8% 3.1% 0.6% 4.9% 5.4% Entry Subcompact 5.8% 8.8% 6.5% 2.6% 5.4% Intermediate Compact 1.9% 4.0% 3.4% 4.7% 4.9% Intermediate Large -0.6% 0.8% 0.1% 1.9% 0.2% Intermediate Mid-Size 1.5% 2.6% 2.1% 2.6% 2.2% Intermediate Subcompact 4.8% 1.2% 5.7% 2.8% 5.8% Large Pickup -2.9% -2.2% -2.1% -2.9% -3.2% Large SUV -2.4% -1.6% -1.8% -1.3% -2.4% Large Van 2.0% 0.4% 3.6% 0.5% 1.7% Luxury Large 1.2% 1.0% 0.7% -2.1% 0.0% Luxury Large Pickup -2.5% -0.4% 0.8% -5.7% -1.8% Luxury Large SUV -4.3% -1.3% -2.0% -5.0% -2.7% Luxury Mid-Size -0.6% 0.2% 1.7% 2.5% 0.3% Luxury Mid-Size CUV 0.3% -1.3% -0.4% -0.3% 2.3% Luxury Mid-Size SUV -0.3% 1.6% 2.3% -0.1% -2.0% Mid-Size CUV -2.4% -1.5% 0.3% 0.1% -0.1% Mid-Size SUV -2.2% -0.8% -1.6% 0.0% -0.9% Mid-Size Van 0.5% -0.2% 1.9% 0.0% 0.5% Near Luxury Compact 1.1% -0.5% 2.0% 1.9% 1.3% Near Luxury Mid-Size -0.5% 1.2% 1.1% 0.5% 0.8% Premium Luxury Large 1.2% -1.3% 1.8% -0.6% -3.6% Premium Luxury Large SUV 5.3% -0.8% -4.4% -4.1% 3.0% Premium Luxury Mid-Size CUV -5.9% 3.6% -3.3% -2.1% 1.5% Upper Compact 3.9% 2.9% 2.1% 1.2% 5.8% Upper Large -0.9% 1.3% 0.1% 0.6% -1.0% Upper Mid-Size 0.0% -0.2% 1.3% 0.9% 1.8% *Underlying data has been adjusted for Mileage & Mix. See the last page of "Guidelines" for data key. 12

13 Guidebook Value Trends Month-Over-Month Monthly Change in Average Official Used Car Guide Value: NADA Segment April 2011 v. May 2011 NADA Segment 2005MY 2006MY 2007MY 2008MY 2009MY Compact CUV 0.8% 1.8% 1.2% 1.5% 0.9% Compact Pickup 0.6% 1.0% 1.2% 0.6% 0.9% Compact SUV 0.5% 0.4% 0.4% 0.7% 0.4% Entry Compact 2.8% 1.9% 2.0% 1.3% 3.6% Entry Subcompact 5.4% 3.0% 1.0% 2.2% 2.0% Intermediate Compact 1.8% 1.5% 0.9% 1.2% 1.2% Intermediate Large 1.7% 1.5% 1.1% 1.0% 0.8% Intermediate Mid-Size 1.0% 1.0% 0.6% 1.3% 0.6% Intermediate Subcompact 1.5% 1.6% 0.7% 1.4% 1.3% Large Pickup -0.6% -0.9% -0.4% -0.2% -0.2% Large SUV -1.6% -1.4% -1.0% -1.2% -0.4% Large Van 0.1% -0.5% 0.5% -0.9% -0.7% Luxury Compact 0.8% 0.9% 2.0% 0.8% -0.4% Luxury Large 0.1% -0.1% 0.2% -0.1% 0.2% Luxury Large Pickup -0.7% -0.6% -0.5% -0.3% -0.5% Luxury Large SUV -1.3% -1.2% -0.9% -0.4% -0.9% Luxury Mid-Size 0.1% 0.6% 0.7% 0.6% 0.0% Luxury Mid-Size CUV -0.5% -0.6% -0.1% -0.1% -0.5% Luxury Mid-Size SUV -0.2% -0.1% -0.7% 0.0% -0.3% Mid-Size CUV 1.0% 0.5% 0.3% 0.0% 0.0% Mid-Size SUV -0.1% -0.2% -0.4% -0.5% -0.6% Mid-Size Van 0.9% 1.0% 1.4% 0.5% 1.3% Near Luxury Compact 0.2% 0.2% 0.1% 0.4% 0.4% Near Luxury Mid-Size 1.3% 1.3% 1.4% 0.3% -0.2% Premium Luxury Compact 0.5% 1.5% 1.4% -0.1% 0.2% Premium Luxury Large -0.4% 0.2% -0.2% -0.2% -0.1% Premium Luxury Large SUV -0.1% -0.1% 0.4% 0.7% -0.4% Premium Luxury Mid-Size 0.8% 1.0% 1.1% 0.6% 0.0% Premium Luxury Mid-Size CUV -0.3% -0.5% 0.5% 0.1% -0.2% Upper Compact 0.3% 0.3% 0.4% 0.5% 0.1% Upper Large 2.5% 2.8% 1.3% 2.0% 1.4% Upper Mid-Size 1.5% 0.9% 0.0% 1.1% 0.0% Upper Subcompact 0.0% 2.6% 2.8% 3.0% 1.0% See the last page of "Guidelines" for data key. Monthly Change in Average CTG Value: NADA Segment April 2011 v. May 2011 NADA Segment 2005MY 2006MY 2007MY 2008MY 2009MY* Commercial Van 0.0% 0.0% 0.0% 0.0% 0.0% Extended Hood 0.0% 0.0% -2.5% -1.9% 0.0% Highway Aerodynamic -0.3% -0.2% -3.6% -4.4% -1.9% Highway Traditional 0.0% 0.0% -2.6% -1.9% 0.0% Local/Delivery Daycab 0.0% 0.0% -2.5% -2.6% -0.8% Medium Duty Cabover 0.0% 0.0% 0.0% 0.0% N/A Medium Duty Conventional 0.0% 0.0% 0.0% 0.0% 0.0% Vocational/Construction 0.0% 0.0% 0.0% 0.0% 0.0% *Value movement can be influenced by newly valued vehicles. See the last page of "Guidelines" for data key. 13

14 Guidebook Value Trends Year-Over-Year NADA Used Car Guide Value Change: May, 2010 v NADA Segment 5YR 4YR 3YR 2YR 1YR YoY Segment Change (All Ages) Compact CUV 5.5% 19.6% 10.1% 10.5% 11.1% 9.2% Compact Pickup 15.3% 16.1% 11.2% 11.9% 19.1% 14.0% Compact SUV 28.1% 7.0% 17.1% 8.7% 2.1% 12.2% Entry Compact 72.1% 36.2% 38.4% 40.8% 29.9% 45.7% Entry Subcompact 40.8% 35.0% 38.7% 40.9% 29.3% 42.0% Intermediate Compact 22.4% 26.3% 19.3% 25.5% 19.4% 21.3% Intermediate Large 38.2% 21.5% 16.4% 20.8% 9.9% 14.3% Intermediate Mid-Size 31.1% 27.7% 29.6% 21.4% 10.9% 22.1% Intermediate Subcompact 22.7% 11.7% -5.4% 23.1% 20.9% 16.9% Large Pickup 8.7% 5.2% 10.8% 8.0% 5.3% 6.5% Large SUV 11.5% -0.4% 17.3% 7.6% 5.3% 10.7% Large Van 10.4% 19.7% 15.8% 17.0% 10.7% 14.3% Luxury Compact 18.3% 11.5% 26.4% 10.4% 2.3% 14.7% Luxury Large 15.4% 13.7% 17.9% 18.6% 9.6% 13.5% Luxury Large Pickup 27.3% 3.4% 11.4% 15.0% 30.5% 9.4% Luxury Large SUV 6.8% 7.6% 18.7% 17.9% 8.7% 15.3% Luxury Mid-Size 14.5% 19.6% 13.7% 7.3% 4.3% 10.9% Luxury Mid-Size CUV 4.3% 11.2% 11.9% 2.9% 7.4% 6.9% Luxury Mid-Size SUV 18.6% 22.3% 24.6% -2.4% 12.0% 13.5% Mid-Size CUV 7.0% 23.8% 16.3% 9.8% 8.6% 9.6% Mid-Size SUV 12.5% 14.7% 13.4% 11.6% 11.9% 12.5% Mid-Size Van 15.5% 20.8% 9.2% 27.2% 15.4% 14.4% Near Luxury Compact 11.0% 18.4% 10.7% 16.0% 9.6% 9.3% Near Luxury Mid-Size 7.3% 9.8% 13.2% 17.8% 5.8% 21.7% Premium Luxury Compact 17.5% -4.6% 9.4% 8.0% 8.4% 8.5% Premium Luxury Large 7.3% 9.8% 24.7% 9.6% 7.0% 9.2% Premium Luxury Large SUV 9.6% 16.8% 13.4% 17.5% 8.0% 8.1% Premium Luxury Mid-Size 9.6% 17.7% 17.5% 8.6% 8.4% 8.8% Premium Luxury Mid-Size CUV 1.4% 18.4% -11.3% 28.8% 17.9% 14.0% Upper Compact 8.7% 11.1% 13.4% 8.1% 11.7% 7.6% Upper Large 35.1% 18.6% 11.6% 16.1% 10.4% 6.5% Upper Mid-Size 17.0% 11.3% 12.0% 8.8% 27.3% 13.9% Upper Subcompact 6.5% 4.6% 20.3% 14.0% 13.8% 14.3% *Calculations are based on vehicle age. I.e. Values for 1 year old vehicles in CY2010 are compared against values for 1 year old vehicles in CY2009. ATD/NADA Commercial Truck Guide Value Change: May, 2010 v YoY Segment NADA Segment 5YR 4YR 3YR 2YR Change (All Ages) Commercial Van 27.4% 24.9% 35.4% 53.8% 38.4% Extended Hood 112.5% 102.4% 62.1% 74.3% 84.8% Highway Aerodynamic 114.0% 105.8% 73.9% 87.8% 94.0% Highway Traditional 119.7% 99.8% 72.4% 77.3% 83.9% Local/Delivery Daycab 77.2% 67.0% 62.2% 71.3% 72.8% Medium Duty Cabover 14.8% 32.6% 43.5% 34.0% 35.2% Medium Duty Conventional 29.5% 34.3% 40.1% 36.4% 35.2% Vocational/Construction 17.7% 24.8% 31.4% 63.2% 23.5% *Calculations are based on vehicle age. I.e. Values for 1 year old vehicles in CY2010 are compared against values for 1 year old vehicles in CY

15 Guidebook Value Trends Year-To-Date NADA Used Car Guide Value Change: January May 2011 NADA Segment 2005MY 2006MY 2007MY 2008MY 2009MY YTD Segment Change (All MYs) Compact CUV -0.9% 0.1% 0.1% 0.3% -0.7% -0.2% Compact Pickup -0.6% -0.5% 0.2% -1.5% 0.1% -0.4% Compact SUV -0.9% -1.2% -2.5% -0.8% -0.9% -1.3% Entry Compact 21.8% 23.8% 18.4% 18.9% 18.7% 19.9% Entry Subcompact 23.3% 25.3% 21.2% 15.7% 17.1% 18.7% Intermediate Compact 10.7% 8.3% 10.6% 11.0% 10.9% 10.4% Intermediate Large 0.1% 3.8% 3.7% 5.0% 2.0% 3.1% Intermediate Mid-Size 11.0% 10.1% 10.7% 9.7% 6.8% 9.7% Intermediate Subcompact 7.1% 9.5% 12.6% 12.9% 10.8% 11.3% Large Pickup -5.7% -6.3% -5.9% -4.8% -4.0% -5.2% Large SUV -5.7% -7.5% -7.1% -5.2% -3.7% -5.5% Large Van -0.8% -0.4% -0.7% -0.1% -2.9% -1.1% Luxury Compact 1.5% 1.9% 4.4% 1.8% -0.8% 1.1% Luxury Large -4.4% -3.0% -2.7% -3.1% -5.6% -4.0% Luxury Large Pickup -4.5% -3.9% -3.4% -2.4% -2.5% -3.0% Luxury Large SUV -6.7% -7.1% -4.3% -3.8% -3.8% -4.8% Luxury Mid-Size -1.8% -1.6% -1.1% -1.0% -2.8% -1.8% Luxury Mid-Size CUV -3.1% -2.8% -1.1% -1.9% -2.3% -2.1% Luxury Mid-Size SUV -3.4% -2.1% -0.7% -0.3% -2.0% -1.5% Mid-Size CUV -0.8% -1.5% -1.9% -2.6% -2.2% -2.1% Mid-Size SUV -4.1% -5.2% -4.1% -2.7% -2.0% -3.4% Mid-Size Van -0.2% -1.5% -1.0% -0.8% 0.0% -0.7% Near Luxury Compact -0.8% 0.1% 0.2% 0.5% -1.0% -0.2% Near Luxury Mid-Size 0.0% -0.3% 0.1% -1.4% -2.3% -1.6% Premium Luxury Compact 0.1% 0.8% -0.1% -2.4% -0.7% -0.7% Premium Luxury Large -3.4% -4.1% -3.7% -4.2% -3.6% -3.8% Premium Luxury Large SUV -0.9% -1.4% 1.5% 0.8% -2.5% -0.6% Premium Luxury Mid-Size -0.3% 1.0% 0.3% -1.4% -2.9% -1.1% Premium Luxury Mid-Size CUV -2.5% -2.4% 2.3% -0.7% -0.8% -0.5% Upper Compact 1.7% 1.9% 0.6% 2.1% 0.1% 1.2% Upper Large 0.2% 2.1% 0.9% 1.4% 1.4% 1.3% Upper Mid-Size 2.0% 0.7% -0.9% 3.5% 0.9% 1.0% Upper Subcompact 0.6% 1.3% 6.9% 3.8% 2.5% 3.2% ATD/NADA Commercial Truck Guide Value Change: January May 2011 YTD Segment NADA Segment 2005MY 2006MY 2007MY 2008MY Change (All MYs) Commercial Van 1.9% 2.6% -1.7% 1.1% 0.8% Extended Hood -1.6% -4.5% -5.9% -1.6% 0.6% Highway Aerodynamic -0.4% -6.5% -10.5% -5.0% -7.7% Highway Traditional 0.0% -5.6% -7.1% -3.5% -5.9% Local/Delivery Daycab 1.1% -2.1% -6.5% -2.9% -2.4% Medium Duty Cabover 0.0% 0.0% 0.0% 0.0% 0.0% Medium Duty Conventional -1.1% -1.2% -1.8% -1.0% -1.9% Vocational/Construction -0.2% 0.0% 0.0% 1.5% 5.0% 15

16 At NADA Used Car Guide NADA Used Car Guide is pleased to announce the launch of the redesigned website, This new and improved website includes a modern design as well as improved functionality that offers userfriendly and streamlined navigation, industry related content and accurate search capabilities. Our 78-year history has earned us the reputation as the leading provider of accurate vehicle valuations and auction data. Some of the site enhancements will include: SIMPLICITY An easier navigation allowing NADA customers to quickly learn what product is the best fit for their vehicle valuation needs. ENHANCED SUPPORT, FAQ AND SEARCH FUNCTIONALTY - Improved FAQ section and search capabilities that give NADA subscribers immediate answers to questions and content on products and services. NADA OUTLOOK This section will continue to highlight NADA s monthly e-newsletter, Guidelines as well as videos on monthly trends and other timely news and events. TALK TO THE EDITORS Also, in the NADA Outlook section, we will feature two blog forums on our homepage with Jonathan Banks providing insight on the Used Car/Truck market and Chris Visser for Commercial Truck. SOCIAL MEDIA Get up-to-the-minute NADA Used Car Guide information and other industry news and events by connecting with us through Facebook, Twitter and YouTube. Start following us today! If you have any questions or concerns regarding our new website, please call our Customer Service and Technical Support number at: and we will assist you. On The Road Lenders, are you attending the 2011 Consumer Bankers Association (CBA) conference? This year s conference will be held at the Hyatt Regency Grand Cypress in Orlando, FL from June Stop by and visit with Account Executive, Steve Stafford (sstafford@nada.org) in Booth #50 to see how NADA used car/truck values are optimized through our mobile web application for smartphones and digital tablets, or on a laptop and desktop computer. 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. About NADA Used Car Guide Over a 78-year history, NADA Used Car Guide has earned its reputation as the leading provider of market-reflective 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 automotive-related 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 CONTACTS: Financial Industry/ Accounting/ Legal/OEM Captive Steve Stafford x7275 sstafford@nada.org Credit Unions, Fleet/Lease/ Rental Industry, Government Doug Ott x4710 dott@nada.org Automotive Dealers/Auctions, Insurance Jim Dodd x7115 jdodd@nada.org Automotive OEMs Stu Zalud x4636 szalud@nada.org Business Development Manager Jim Gibson x7136 jgibson@nada.org Director Sales and Customer Service Dan Ruddy x4707 druddy@nada.org Director Public Relations Charles Cyrill (mobile) ccyrill@nada.org 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 or the NADA website, you agree not to reprint, reproduce, or distribute Guidelines without the express written permission of NADA Used Car Guide. 16