Peak of the Season, mid-march thru mid-april

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1 WEEKLY CHANGE WEEKLY CHANGE il 4, 2016 Some Truck segments are facing the inevitable. Half of all truck segments declined at a higher rate than the Luxury Car segment, the cars worse performing weekly segment. Anil Goyal, Senior Vice President of Automotive Valuation and Analytics +0.4% +$ % +0.2% 0% -0.2% -0.4% -$ % -$ % -$ % -$ % -$ % -$ % +$ % -$ % -$4 CARS -0.04% -0.1% -0.3% -0.5% -0.7% 0% -$ % -$ % -$ % -$ % -$ % -$ % -$7-0.07% 0% -$ % -$ % -$ % -$44 TRUCKS -0.30% Model Years: , Volume Weighted Wholesale Average Values, Weekly Change from 3/25/16 to 3/31/16 Peak of the Season, mid-ch thru mid-il Volume-weighted, overall car values decreased by only 0.04% last week. The week ending ch 13, 2015 had the same depreciation rate, and was then followed by four weeks of positive adjustments. Sporty and Compact car segments have received four straight weeks of improved week to week retention. The Compact segment had its highest retention rate since the week ending ch 20, Volume-weighted, overall truck values decreased by 0.3% last week. This is well below the same week last year at +0.26%, but consistent with the previous four weeks average depreciation rate of 0.33%. Trucks have received higher depreciation rates than cars for three weeks in row. The overall truck average has a three week depreciation rate of -0.35% compared to the cars -0.13%.

2 il 4, 2016 Sentiment from the Auction Lanes Our editors and personnel attend about 60 auctions every week across the country to provide key insights: Buyers in this location seem to have plenty of money and are spending. Everything is selling well today. David from PA Very strong sale today with vehicles in most all segments bringing good money. k from CA Most dealers I spoke with today indicated that the need for vehicles was great and even though prices were high they were still buying. Gene from PA Good sale today with prices holding steady compared to last week. Frank from AZ With the above chart, you can see a comparison for the month of ch 2015 and Although the overall weekly depreciation rates have fallen each week in ch this year, the 2016 monthly average is down considerably in each segment from Vehicle Highlight The All-New 2017 Chrysler Pacifica minivan has a MSRP starting at $29,590 including destination charge. Available in LX, Touring, Touring L, Touring L Plus and Limited trim levels with a Hybrid version available late All trims are front wheel drive and equipped with a 3.6L V6 engine paired with a 9-speed automatic transmission. Competition Includes: Honda Odyssey, Toyota Sienna, Kia Sedona and Nissan Quest 2

3 SPECIALTY MARKETS: COLLECTIBLE CARS il 4, 2016 Auction Prices Strong at the Top End There has been some chatter in collectible car circles recently, especially after the Arizona and Retromobile auctions, that the market was either in decline or leveling off. The Amelia Island results show that the market is still very strong at the top end, especially for the best of the best examples. Eric Lawrence, Director of Specialty kets American Muscle Cars The auctions held in conjunction with the Amelia Island Concours d Elegance have been getting bigger every year. This year s combined sales of $134,000,000 confirm that Amelia has earned a spot in the big leagues with Scottsdale and Pebble Beach. Gooding led the way with just over $60,000,000 in sales, including $22,000,000 for fifteen Porsches from Jerry Seinfeld s collection. RM came in second with roughly $39,000,000, and Bonhams rounded out the top three with a total of just under $28,000,000. All three sales were well attended and produced sell throughs of 88%, 87%, and 68%. Perhaps struggling for attention during the jam-packed event, Motostalgia s and Hollywood Wheels auction results were not quite as robust, with sales of roughly $3,000,000 and $5,000,000. Notable Sales Include: 1962 Ferrari 400 Superamerica $4,000,000 (RMS) 1984 Ferrari 288 GTO $2,585,000 (RMS) 1966 Ford GT40 $3,000,000 (Gooding) 1961 Ferrari Cal Spyder SWB $17,160,000 (Gooding) 1955 Porsche 550 Spyder $5,335,000 (Gooding) 1937 Bugatti 57 Sports Tourer $9,735,000 (Bonhams) 1960 Maserati Vignale Spyder $880,000 (Bonhams) 1989 Porsche 911 Speedster $205,000 (HW) 2006 MB SLR McLaren Coupe $313,000 (Moto) Photo Courtesy RM Sotheby s 3

4 SPECIALTY MARKETS: POWERSPORTS il 4, 2016 Powersports ket Enters Prime Selling Season As expected, prices spring forward this month as the Powersports market enters its prime selling season; however, continuing a trend that dates back nearly a year, the increases were once again on the modest side. Scott Yarbrough, Motorcycle & Powersports Editor 3.00% 2.00% 1.00% 0.80% Motorcycle & Powersports Percent Change ch to il % 2.30% 1.90% 1.90% 2.00% 1.80% 1.30% 2.50% 0.00% -1.00% -2.00% -3.00% -2.80% -4.00% Among the on road bikes, and in a reversal from last month, Cruisers (up 2.2%) are the biggest gainers this time, with Street Bikes (up 2.0%) following closely behind. Within the Cruiser segment one peculiar item to note is that recent (2013 and newer) V-Twin units are up a little over 3%, while older ones are only up about 1%. Dual Sports and Scooters are both up by 1.9%. Among the off road segments, ATVs are up the least with a modest increase of 0.8%, while Utility Vehicles, always a steady performer, are up a full percentage point more at 1.8%. The Personal Watercraft and Jet Boat segments outperformed the motorcycles by a small amount and increased in value by 2.5% and 2.3% respectively. Snowmobiles have begun their off-season declines in value and have dropped by 2.8 % versus last month. 4

5 Jan-12 Jan-13 Jan-14 Jan-15 e y Jan-16 Jan-12 Jan-13 Jan-14 Jan-15 e y Jan-16 SPECIALTY MARKETS: RECREATIONAL VEHICLES il 4, 2016 RV Values and Volume Starting to Heat Up The weather has finally started to improve, and the performance of RVs at auction has followed suit. Motorized and towable units have once again moved in the same direction, which would not be noteworthy were it not for their erratic performance for much of Although both major market segments improved, motorhomes less than one percent increase can be largely attributed to a surprising quantity of below-average to rough condition units that were sold at auction last month. The coming months should see sales improve substantially. Eric Lawrence, Director of Specialty kets Motor Home Value Trends For Motor Homes (including Class A, B, and C) Average selling price was $35,124, up $222 (0.6%) from previous month One year ago, the average selling price was $36,732 Auction volume was up 16% from previous month Travel Trailer and Fifth Wheel Value Trends For Towables (including Travel Trailers, Fifth Wheels, and Camping Trailers) Average selling price was $11,948, up $1,126 (10.4%) from previous month One year ago, the average selling price was $11,012 Auction volume was up 42% from previous month 5

6 Monthly Changes SPECIALTY MARKETS: HEAVY DUTY il 4, 2016 Buyers and Auctions did well in ch Normal depreciation has settled in for most Heavy Duty segments. Charles Cathey, Editor Heavy Duty Truck Data The majority of Heavy Duty Trucks being sold at auction are Over the Road Tractors. Their values have dropped and are possibly settled in at a rather normal depreciation rate. This is the case for Late Model as well as the year models, although 2005 s and 2006 s are dropping less than other year models. Construction/Vocational Heavy Duty Trucks are the exception to this downward trend. They are holding their values very well, and some of them are actually appreciating in value, with Dump Trucks and Roll-Offs leading this strong value retention. Please take a look at the numbers below, and check back with us next month, as we continue to monitor Heavy Duty Truck values. +$1,000 -$1,000 -$2,000 -$3,000 -$4,000 -$5,000 Average Wholesale Value Changes (Late Model) Constructional/Vocational Over the Road Trucks & Tractors Regional Tractors Constructional/Vocational Over the Road Trucks & Tractors Regional Tractors DATE Value $ Change % Change Value $ Change % Change Value $ Change % Change MODEL YEARS 04/01/16 78, % 66, % 57, % /01/16 79, % 67, % 58, % HD Construction/Vocational segment dropped an average of $544 (0.7%) in ch compared to the average decline of $581 (0.7%) in ruary HD Over the Road Tractor segment dropped an average of $891 (1.3%) in ch compared to the average drop of $1,039 (1.5%) in ruary HD Regional Tractor segment dropped an average of $1,069 (1.8%) in ch compared to the average depreciation of $979 (1.6%) in ruary. Constructional/Vocational Over the Road Trucks & Tractors Regional Tractors DATE Value $ Change % Change Value $ Change % Change Value $ Change % Change MODEL YEARS 04/01/16 38, % 32, % 24, % /01/16 38, % 32, % 24, % HD Construction/Vocational segment dropped an average of $232 (0.6%) in ch compared to the $266 (0.7%) in ruary HD Over the Road Tractor segment dropped an average of $418 (1.3%) in ch compared to the $383 (1.2%) average deprciation in ruary HD Regional Tractor segment dropped an average of $406 (1.6%) in ch compared to the average drop of $384 (1.5%) in ruary. 6

7 SPECIALTY MARKETS: MEDIUM DUTY il 4, 2016 One trend continues, while another one changes direction The smaller decline trend continues for the Medium Duty Segment, but the downward trend for diesel has reversed. Bret Swanson, Editor Medium Duty Truck Data In the Medium Duty market, the rate of decline continues to slow. The model years came down on average, $114 or 0.6%. In ruary, that average decline for this group was, $178 or 1.0%. The 2013 & 2014 model years had similar declines. The average amount of decline was $335 or 0.8% for ch, and in ruary, that average decline was $360 or 0.9%. DATE Value Medium Duty $ Change % Change MODEL YEARS 04/01/16 18, % /01/16 18, % This past month, we saw diesel fuel prices change course. The average price per gallon has moved back above the $2.00 mark. The national average now stands at $2.12 per gallon. On the bright side, that is still $.70 better that last year s $2.82 per gallon. Diesel Price Changes $ /29/ /07/16 03/14/16 03/21/16 03/28/16 Change/Week Change/Year Source: EIA 1745 N. Brown Rd., Suite 130, Lawrenceville, GA info@blackbookauto.com Opt-in to receive reports from Black Book at 7