Certified pre-owned vehicle sales rose through the

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3 GUIDE TO CERTIFIED PRE-OWNED VEHICLE PROGRAMS contents Acura, Audi, Bentley, BMW, Cadillac 4 FCA US, Ford, General Motors, Honda, Hyundai 5 Infiniti, Jaguar, Kia, Land Rover, Lexus 6 Lincoln, Maserati, Mazda, McLaren, Mercedes-Benz 7 Mini, Mitsubishi, Nissan, Porsche, Rolls-Royce 8 Smart, Subaru, Toyota, Volkswagen, Volvo 9 Certified pre-owned vehicle sales, 2016 by month 10 Data highlights, glossary of terms 11 INTRODUCTION CPO sales see slower growth Jesse Snyder jsnyder@crain.com Certified pre-owned vehicle sales rose through the first three-quarters of 2017, although at the slowest rate in the past seven years. U.S. CPO sales rose 1 percent through nine months to 2 million vehicles vs. a 3.5 percent gain for all of 2016 and double-digit annual gains in 2013 and In 2012, the increase was 5.3 percent. But that slower growth outperforms a 1.7 percent decline in U.S. new-vehicle sales over the same period this year. Ironically, the surge of late-model used vehicles returning to the marketplace is making some dealers less willing to spend money to certify them, said Ivan Drury, senior analyst for Edmunds. When there s a flood of used vehicles on the market, for some brands, the consumer just doesn t see the value of a CPO vehicle, he said. For price-conscious consumers, an extra $1,500 or $2,000 can make a deal look different. Costs, profits Whether a specific late-model used vehicle becomes a certified pre-owned one depends on, first, meeting that brand s CPO requirements, which typically spell out the maximum allowable age and mileage and eliminate vehicles that are damaged or have been in significant collisions. But dealers must decide whether to invest the cost of the rigorous multipoint inspections and repairs. That s a business decision for dealers who know local markets and which models would be more profitable carrying a CPO pricing premium and which would net more as ordinary used vehicles. And in regional markets with an abundant supply of similar used models, dealers often decide to certify fewer late-model used vehicles, Drury said. Certifying a unit jacks up what dealers spend, he said. A dealer can end up pricing this CPO car right out of its segment. In addition, heavy price promotions on new models can reduce the price premium a same-brand CPO vehicle can fetch, especially if you have some leasing specials on the lot, Drury noted. Automakers are spending heavily on factory incentives to clear 2017 models off dealer lots this fall. ALG estimated industrywide new-vehicle incentives at 11.5 percent of average transaction prices in October. Those big new-car incentives exert downward pricing pressure on the top end of the used-vehicle market, particularly CPO. Meanwhile, some automakers are trying to help their dealers control certifying costs. For example, in October, American Honda Motor Co. launched its Total Transparency program, which lets Honda and Acura dealers download a digital certification program to reduce the administrative time. With surging numbers of off-lease vehicles returning to market, it s crucial we provide dealers a technology that will make certification of these highly desirable vehicles faster, easier and more transparent for customers, said Dan Rodriquez, American Honda s manager of remarketing and CPO. At the same time, consumers can go to a Honda or Acura website and download the 182-point inspection certification for specific CPO vehicles to verify exactly what was inspected before they go to a dealership. American Honda Marketing Vice President Vicki Poponi told Automotive News the automaker wants to connect with both dealers and CPO buyers. Honda really wants to grow the trust level with everyone, she said. Winners, losers American Honda s CPO sales climbed 7.6 percent through the first nine months. Nissan North America was up 15 percent, and FCA US and Subaru of America both gained 14 percent. Volkswagen Group of America boosted CPO volume 3.7 percent. But several other major players lost volume. Perennial CPO sales leader Toyota Motor Sales U.S.A. fell 10 percent to 351,827 vehicles. Similarly, No. 2 General Motors and No. 4 Ford Motor Co. both fell around 4 percent. Hyundai-Kia lost 6 percent, and Mercedes-Benz USA dropped 4.9 percent. During the 2009 financial crisis, CPO sales fell 9.7 percent to 1.53 million but still outpaced new-vehicle volume, which tumbled 21 percent that year. Since 2009, automakers have embraced CPO programs as a profitable channel to remarket vehicles coming off lease or out of fleet use. And many dealers have expanded CPO operations. Between 2009 and 2016, CPO sales volume soared 73 percent, or by more than 1.1 million vehicles, to 2.64 million. a The Automotive News Data Center surveys automakers directly to gather the information in this supplement, except as noted. 3

4 No. of dealers Dealer Is there a Is the Dealer in program/ fees Independent warranty warranty return/ Total new- per Dealer Vehicle third-party Warranty deductible?/ transferable?/ exchange Program name/top executive/web address vehicle dealers vehicle criteria criteria inspection details cost fee program Acura Acura Certified Pre-Owned Vehicles Daniel Rodriguez manager, automobile remarketing acura.com/certifiedpre-owned.aspx 269/ $520- Dealers sign 182-point inspection Yes CPO powertrain: Extends the coverage to 84 months/100,000 No/$0 Yes/$0 3-days 270 $3,035 voluntary 6 model years or newer miles from original in-service date exchange participation Less than 80,000 miles 12-month/12,000-mile limited warranty following expiration only agreement of new-vehicle limited warranty Emergency roadside assistance, trip interruption expense reimbursement, rental vehicle reimbursement, concierge service, complimentary 3-month SiriusXM radio service Audi* Audi Certified Pre-Owned Jim O Brien director, Audi business development audiusa.com/certified-pre-owned *Reflects 2017 Audi Certified Pre-Owned program details 298/ $1,350- Audi franchised 300+ point inspection Yes Remainder of new-car limited warranty Yes/$85 Yes/$150 Dealer 298 $1,950 dealer in good 5 model years or newer 24-month/50,000-mile comprehensive after new-car option standing Less than 60,000 miles warranty expires (transferable between private parties); In service for at least total vehicle miles not to exceed 100,000 miles 4 months or 4,000 miles Roadside assistance Bentley Bentley Pre-Owned Michael Rice CPO manager bentleymotors.com/en/models/pre-owned 49/ N.A. Bentley trained Pass demanding No Comprehensive and exclusive unlimited-mileage Bentley No/$0 Yes/$0 Varies 49 and certified technical inspection by warranty valid for a minimum of 12 months with the by staff Bentley-certified technicians option to extend coverage further dealer Roadside recovery and home assistance to garaging and storage, travel and accomodations cost (where applicable); car hire and car repatriation BMW* Certified Pre-Owned by BMW Shaun Bugbee executive vice president, operations bmwusa.com/cpo *See website for program details Cadillac Cadillac Certified Pre-Owned Vehicles Adam Ritter manager, sales remarketing cadillac.com 342/ $800- Dealers sign Comprehensive inspection Yes BMW CPO: 5-year/unlimited-mile comprehensive No/$0 Yes/$300 Dealer 342 $4,500 a participation 5 model years or newer after new-car warrantly expires option agreement; Less than 60,000 miles BMW CPO: 6-year/unlimited-mile comprehensive recondition with after new-car warranty expires only genuine CPO: 5-year/unlimited-mile roadside assistance; 6-year/unlimited- BMW parts mile roadside assistance Complimentary SiriusXM Radio 3-month subscription 702/ $1,095- Dealers must be 172-point inspection No 6-year/100,000-mile limited warranty from original Yes/$50 Yes/$0 3-day/ 762 $1,295 enrolled, active 60 months from original in-service date 150-mile in program and in-service date/less 3 months of OnStar and SiriusXM Radio at no additional cost exchange meet minimum than 60,000 miles Roadside assistance, courtesy transportation, fully of compliance standards transferable purchase only Note: Total new-vehicle dealers as of October Dealer fees may include per-vehicle certification fees, advertising fees and warranty fees. N.A. = Not available 4

5 No. of dealers Dealer Is there a Is the Dealer in program/ fees Independent warranty warranty return/ Total new- per Dealer Vehicle third-party Warranty deductible?/ transferable?/ exchange Program name/top executive/web address vehicle dealers vehicle criteria criteria inspection details cost fee program FCA US* Certified Pre-Owned Vehicles Eric Swanson head of certified pre-owned vehicles certifiedpreowned.chrysler.com *Reflects certified pre-owned vehicle program details for Chrysler, Dodge, Jeep and Ram brands. N.A./ $350 Dealers must 125-point inspection No CPO powertrain: Extends the coverage to 84 months/100,000 Yes/$100 Yes/$150 None N.A. complete and reconditioning process miles from original in-service date dealership 5 model years or newer 3-month/3,000-mile Maximum Care warranty from sale date installation Less than 75,000 miles Upgraded warranty program available, including industry-exclusive program Clean title history lifetime warranty upgrade No frame damage Complimentary SiriusXM Radio 3-month trial subscription Note: Information from certifiedpreowned.chrysler.com Free CarFax vehicle history report and covered by CarFax Buyback Guarantee Ford Ford Certified Pre-Owned Program Paul Russell manager, Ford sales operations & communications ford.com/certified-used General Motors Certified Pre-Owned Vehicles from Chevrolet, Buick and GMC Tom Grekowicz senior manager, pre-owned vehicles operations gmcertified.com 2,500/ $520- Meet training 172-point inspection Yes Powertrain: 7-year/100,000-mile limited warrantly from Yes/$100 Yes/$0 None 3,100 $620 requirements; 6 model years or newer original in-service date signed agreement; Less than 80,000 miles 12-month/12,000-mile comprehensive limited warranty from end $1,000-$2,000 of new-car warranty or CPO purchase date, whichever comes first annual fee 7-year/100,000-mile 24-hour road assistance from original in-service date per dealer planning Free CarFax vehicle history report and covered by CarFax Buyback Guarantee volume 2,800/ $499 Dealers sign 172-point inspection No Powertrain: 6-year/100,000-mile limited warranty from original No/$0 Yes/$0 3-day/ 3,100 participation and reconditioning process in-service date 150-mile agreement 6 model years or newer Bumper-to-Bumper: 12-month/12,000-mile limited warranty exchange Less than 75,000 miles after new-car warranty expires of No open recalls Two included maintenance visits within 2 years/24,000 miles of purchase purchase 24/7 roadside assistance for duration of powertrain warranty only SiriusXM Radio and OnStar 3-month basic trial Honda Honda Certified Pre-Owned Vehicles Daniel Rodriguez manager, automobile remarketing hondacertified.com 1,038/ $440- Dealers sign 182-point inspection Yes CPO limited warranty extends the powertrain coverage to No/$0 Yes/$0 None 1,048 $635 voluntary 6 model years or newer 84 months/100,000 miles from original in-service date participation Less than 80,000 miles 12-month/12,000-mile limited warranty following expiration agreement of new-vehicle limited warranty Free 3-month trial of SiriusXM Radio Hyundai Hyundai Certified Pre-Owned Jose Froehlich senior manager, certified pre-owned hyundaiusa.com/certified-pre-owned 779/ $399- Dealers must 150-point inspection No Remainder of 5-year/60,000-mile new-car limited Yes/$50 Yes/$0 None 836 $499 enroll in data (higher for Equus and warranty from original in-service date and zero miles extraction and Sonata Hybrid) CPO powertrain limited warranty: 10 years/100,000 miles abide by program 5 model years or newer from original in-service date and zero miles operating Less than 60,000 miles 10-year/unlimited-mile roadside assistance, travel interruption guidelines Must pass CarFax and rental car reimbursement for covered repairs, free 3-month vehicle history report trial of SiriusXM Radio Note: Total new-vehicle dealers as of October Dealer fees may include per-vehicle certification fees, advertising fees and warranty fees. N.A. = Not available 5

6 No. of dealers Dealer Is there a Is the Dealer in program/ fees Independent warranty warranty return/ Total new- per Dealer Vehicle third-party Warranty deductible?/ transferable?/ exchange Program name/top executive/web address vehicle dealers vehicle criteria criteria inspection details cost fee program Infiniti Infiniti Certified Pre-Owned Sam Liang senior manager, Infiniti CPO cpo.infinitiusa.com/certified-pre-owned 213/ $599- Dealers sign 167-point inspection Yes Vehicles with less than 15,000 miles receive a 6-year/ No/$0 Yes/$50 None N.A. $1,489 agreement Within 6 years of 75,000-mile warranty from original in-service date to comply original in-service date Vehicles with more than 15,000 miles and are less than 48 months from the with all CPO Less than 70,000 miles original in-service date are covered by a 6-year/unlimited-mileage warranty program Clean title history from the vehicles original in-service date guidelines Clean vehicle history Vehicles with more than 15,000 miles and are more than 48 months beyond their original in-service date receive a 2-year/unlimited-mileage warranty that begins from the CPO sale date Jaguar Jaguar Approved Certified Pre-Owned David Wolfe remarketing manager, JLR North America jaguarusa.com/certified-preowned/benefits 165/ Varies Available 165-point inspection Yes Up to 7 years/100,000 miles from original in-service date No/$0 Yes/$0 None 165 by model to all 5 model years or newer Up to 24 months/50,000 miles comprehensive after new-car Jaguar Less than 60,000 miles warranty expires dealers 24-hour roadside assistance, trip interruption benefits, rental car reimbursement Kia Kia Certified Pre-Owned Program William Peffer vice president, sales kia-cpo.com 733/ $450 Enrollment 150-point inspection No Powertrain: 10-year/100,000-mile limited warranty from original Yes/$50 Yes/$40 See 775 and adherence 5 model years or newer in-service date; plus 12-month/12,000-mile Platinum mechanical dealers to certification Less than 60,000 miles coverage from CPO date of sale for policy and Platinum mechanical coverage from CPO date of sale, roadside details procedures assistance, rental car allowance, travel breakdown coverage and 24/7 call center for customer assistance Land Rover Land Rover Approved Certified Pre-Owned David Wolfe remarketing manager, JLR North America landroverusa.com/cpo 168/ Varies Available 165-point inspection Yes Up to 7 years/100,000 miles from original in-service date No/$0 Yes/$0 None 168 by model to all 5 model years or newer Up to 24 months/50,000 miles limited warranty after Land Rover Less than 60,000 miles new-car warranty expires dealers 24-hour roadside assistance, trip interruption benefits, rental car reimbursement Lexus L/Certified by Lexus Eric Schuttee operations manager, L/Certified lexus.com/lcertified 238/ $995- Dealer signs 161-point inspection Yes Unlimited-mileage vehicle warranty up to 6 years No/$0 No/$0 None 238 $1,395 L/Certified 6 model years or newer 24-hour roadside assistance, trip interruption coverage, enrollment Less than 70,000 miles loaner vehicle, factory-recommended maintenance for two form years or 20,000 miles, whichever comes first Note: Total new-vehicle dealers as of October Dealer fees may include per-vehicle certification fees, advertising fees and warranty fees. N.A. = Not available 6

7 No. of dealers Dealer Is there a Is the Dealer in program/ fees Independent warranty warranty return/ Total new- per Dealer Vehicle third-party Warranty deductible?/ transferable?/ exchange Program name/top executive/web address vehicle dealers vehicle criteria criteria inspection details cost fee program Lincoln Lincoln Certified Pre-Owned John Bradley general sales manager lincoln.com/certified-used 793/ $1,095 Compliance test 200-point inspection Yes 6-year/100,000-mile comprehensive limited Yes/$100 Yes/$0 None 859 required; 6 model years or newer warranty from original in-service date $500-$1,500 Less than 60,000 miles Complimentary roadside assistance 24 hours/7 days a annual fee week, rental car expense reimbursement, destination based on dealer expense assistance planning volume Free CarFax vehicle history report and covered by CarFax Buyback Guarantee Maserati Certified Pre-Owned by Maserati Kim Mathers head of remarketing maseratipreowned.com Mazda Mazda Certified Pre-Owned Vehicle Program Chris Rathbun senior manager, certified pre-owned mazdausa.com 111/ $2,095- Dealers sign Less than 48 months No 24-month/unlimited-mile comprehensive No/$0 Yes/$0 Dealer 111 $2,445 a participation from original in-service date Named Exclusion coverage after new-car option with $250 agreement Less than 50,000 miles 48-month/50,000-mile warranty expires for a total of up to inspection Maintained in accordance 6-year/unlimited-mile coverage credit with factory guidelines, Roadside assistance comprehensive inspection and reconditioning 587/ $0 Dealers sign 160-point inspection No Powertrain: 7-year/100,000-mile limited warranty No/$0 Yes/$0 None 593 enrollment a participation 6 model years or newer from original in-service date $399 agreement Less than 80,000 miles 12-month/12,000-mile additional limited warranty that begins per vehicle at the end of the new-car factory warranty or on CPO purchase date certification 24-hour roadside assistance for the duration of the warranty fee 3-year Buyback Protection offer with Autocheck McLaren McLaren Qualified Tony Joseph president, McLaren North America preowned.mclaren.com Mercedes-Benz Mercedes-Benz Certified Pre-Owned Program Adam Chamberlain vice president, sales mbusa.com/mercedes/cpo 22/ Zero or Meeting the Inspection No Minimum 12 months, up to 24 months, No/$0 Yes/$50 None 22 purchase of customer Up to 10 years old renewable via Extended Warranty the qualified promise and Less than 100,000 miles All components except wear and tear or accoustic warranty presentation standards (showroom and online) 380/ $595- Dealer must Rigerous inspection Yes Remainder of new-car limited warranty, plus CPO limited warranty No/$0 Yes/$0 7-day/ 380 $1,580 meet training process with no mileage maximum until 5 years from original in-service date 500-mile MBCPO and performance 6 model years or newer 12-month or 24-month extended limited warranty available exchange base criteria as Less than 75,000 miles also with no mileage maximum warranty outlined in the 24-hour roadside assistance Mercedes-Benz 3-month trial of Mercedes-Benz mbrace connected car services CPO program 3-month trial of SiriusXM Radio Note: Total new-vehicle dealers as of October Dealer fees may include per-vehicle certification fees, advertising fees and warranty fees. 7

8 No. of dealers Dealer Is there a Is the Dealer in program/ fees Independent warranty warranty return/ Total new- per Dealer Vehicle third-party Warranty deductible?/ transferable?/ exchange Program name/top executive/web address vehicle dealers vehicle criteria criteria inspection details cost fee program Mini* Mini Certified Pre-Owned Thomas Salkowsky head of Mini sales & operations Miniusa.com/minicpo *See Mini dealer for complete warranty transferable fee details 127/ $715- Dealers sign Comprehensive inspection Yes Mini CPO: 5-year/unlimited-mile comprehensive No/$0 Yes/$300 Dealer 127 $2,000 a participation 5 model years or newer after new-car warrantly expires option agreement; Less than 60,000 miles Mini CPO: 6-year/unlimited-mile comprehensive recondition with after new-car warranty expires only genuine CPO: 5-year/unlimited-mile roadside assistance; 6-year/unlimited- Mini parts mile roadside assistance Complimentary SiriusXM Radio 3-month subscription Mitsubishi Mitsubishi Certified Pre-Owned Program Doug Yordy fleet sales manager mitsubishicars.com/certified-pre-owned 345/ $399 One-time 123-point inspection No 10-year/100,000-mile powertrain warranty No/$0 Yes/$40 None 360 enrollment 5 model years or newer from original in-service date fee of $595 Less than 60,000 miles Nissan Nissan Certified Pre-Owned Martin Gleason senior manager, CPO & pre-owned nissanusa.com/cpo 905/ $399 Dealers sign 167-point inspection Yes Powertrain: 7 years/100,000 miles from original Yes/$50 Yes/$50 None 1,086 agreement to 6 model years or newer in-service date comply with Less than 80,000 miles Roadside assistance: 7 years/100,000 miles from original all CPO Clean title history in-service date program 3-year CarFax Buyback Guarantee and free 3-month trial of SiriusXM Radio guidelines Optional Security+Plus Extended Protection Plan available for 7 years/100,000 miles or 8 years/120,000 miles Porsche Porsche Approved Certified Pre-Owned Vehicle Program Kevin Harvey manager, pre-owned business porsche.com/usa/approvedused/porscheapproved 189/ $1,890- Compliance 111+ point inspection Yes Up to 6 years/100,000 total miles from original in-service date No/$0 Yes/$0 None 190 $2,390 with CPO 8 model years or newer if the vehicle is still under the new-car limited warranty at the time of purchase policy and Less than 100,000 miles Porsche Approved Certified Pre-owned Limited Warranty Coverage is procedures 2 years/100,000 miles from expiration of the new-vehicle limited warranty For vehicles no longer under the new-car limited warranty at the time of delivery, coverage extends 2 years/50,000 miles from the mileage at used retail delivery but not to exceed 100,000 total miles Rolls-Royce Provenance - The Certified Pre-Owned Collection N.A. rolls-roycemotorcars.com 36/ N.A. N.A. Uncompromising No 1 or 2 year warranties available No/$0 Yes/$0 None 36 pre-delivery inspection Complimentary standard servicing using genuine Rolls-Royce parts In-service 6 months or 24-hour roadside assistance and all the benefits of a new-car 6,000 miles warranty, including maintenance Less than 10 years from Warranty can be extended beyond original manufacturer warranty original start-of-service date Note: Total new-vehicle dealers as of October Dealer fees may include per-vehicle certification fees, advertising fees and warranty fees. N.A. = Not available 8

9 No. of dealers Dealer Is there a Is the Dealer in program/ fees Independent warranty warranty return/ Total new- per Dealer Vehicle third-party Warranty deductible?/ transferable?/ exchange Program name/top executive/web address vehicle dealers vehicle criteria criteria inspection details cost fee program Smart Smart Certified Pre-Owned Adam Chamberlain vice president, sales smartusa.com/certified-pre-owned 27/ N.A. Dealers must Comprehensive inspection Yes Remainder of new-vehicle limited warranty, plus No/$0 Yes/$0 7-day/ 27 meet training 6 model years or newer 1-year/100,000-mile or 2-year/100,000-mile 500-mile and performance Less than 75,000 miles CPO warranty, depending on model year vehicle criteria as 24-hour roadside assistance for the life exchange outlined in the of Smart CPO limited warranty Smart CPO program Subaru Subaru Certified Pre-Owned Vehicles Jeff Walters senior vice president, sales subaru.com Toyota* Toyota Certified Used Vehicles Scott Heyer general manager, sales operations toyotacertified.com *Go to toyotacertifiedhybrids.com for details on Toyota s Hybrid CPO program Volkswagen Volkswagen Certified Pre-Owned Michael Ashton senior manager, CPO/used operations vw.com/certified-pre-owned 570/ $495 + Retailers sign 152-point inspection Yes Powertrain: 7 years/100,000 miles and $0 deductible No/$0 Yes/$35 None 631 surcharges a participation 5 model years or newer from original in-service date agreement Less than 80,000 miles $500 Owner Loyalty Coupon (see dealer for details) Clean CarFax Report 3-month free trial of SiriusXM Radio No-charge Subaru Starlinks subscription with properly equipped vehicles Roadside assistance 1,191/ $450 Must be a 160-point inspection Yes Powertrain: 84 months/100,000 miles from original Yes/$50 Yes/$0 Dealers 1,235 franchised 7 model years or newer in-service date option Toyota dealership Less than 85,000 miles 12-month/12,000-mile comprehensive warranty coverage and sign a Must pass a CarFax History 1-year roadside assistance with unlimited miles participation Hybrid vehicles have 14 agreement additional inspection points 620/ $470- Volkswagen 100+ point inspection Yes 24-month/24,000-mile comprehensive added to the remaining Yes/$50 Yes/$0 None 652 $770 dealers in good 7 model years or newer factory warranty or from the date of CPO sale if no warranty remains standing and a Less than 75,000 miles 3-month trial subscription of SiriusXM Radio on all factoryminimum of 3 equipped CPO units CPO units in 3-month trial of CarNet on all factory-equipped CPO units inventory 2 years roadside assistance Volvo Volvo Certified Pre-Owned Jeffrey Pugliese senior manager, pre-owned portfolio volvocars.com/us/cpo 297/ $1,300 Volvo dealers 130+ point inspection No 7 years/100,000 miles from original in-service date No/$0 Yes/$0 None 297 in good 5 model years or newer 3-year/50,000-mile comprehensive after new-car warranty expires standing Less than 80,000 miles 3-month trial subscription of SiriusXM Radio Volvo roadside assistance Special financing for qualified customers Note: Total new-vehicle dealers as of October Dealer fees may include per-vehicle certification fees, advertising fees and warranty fees. N.A. = Not available 9

10 CERTIFIED PRE-OWNED VEHICLE SALES Perent January February March April May June July August September October November December Total Total change BMW... 8,212 8,649 10,202 11,276 10,681 10,158 11,877 11,959 11,178 11,310 10,606 13, , , % Mini ,046 1,090 1,094 1,023 1,003 1,197 1, , ,011 12,512 11, % BMW GROUP... 9,067 9,695 11,292 12,370 11,704 11,161 13,074 13,226 12,103 12,326 11,591 14, , , % Chrysler... 2,594 3,191 3,485 3,305 3,070 2,964 3,030 3,273 2,985 2,521 2,693 3,014 36,125 33, % Dodge... 4,090 5,172 5,633 5,103 4,776 4,729 4,776 4,619 4,676 4,152 4,353 4,547 56,626 54, % Fiat % Jeep... 5,760 6,863 7,672 7,770 7,373 5,746 7,052 7,338 7,017 6,185 6,512 7,879 83,167 66, % Ram... 2,973 3,490 4,096 3,930 3,786 3,641 3,716 3,423 3,468 3,437 3,558 3,992 43,510 32, % FCA US... 15,467 18,768 20,933 20,166 19,080 17,127 18,647 18,689 18,221 16,363 17,173 19, , , % Maserati % FIAT CHRYSLER AUTOMOBILES... 15,509 18,814 20,999 20,214 19,131 17,174 18,681 18,720 18,257 16,413 17,231 19, , , % Ford... 19,733 21,554 25,350 23,807 21,619 23,047 23,445 21,258 16,436 15,127 15,238 16, , , % Lincoln... 1,883 2,055 2,476 2,382 2,078 2,311 2,184 2,303 2,129 2,014 1,948 1,811 25,574 26, % FORD MOTOR CO ,616 23,609 27,826 26,189 23,697 25,358 25,629 23,561 18,565 17,141 17,186 17, , , % Buick... 2,844 3,192 3,772 3,415 3,139 3,483 2,973 3,277 2,649 3,068 2,931 3,167 37,910 39, % Chevrolet... 21,828 24,434 28,760 24,754 21,997 23,432 22,012 23,399 18,529 20,382 19,760 23, , , % GMC... 5,408 5,391 6,654 5,310 4,737 5,226 5,435 5,910 4,713 5,339 5,292 6,659 66,074 67, % GM Certified... 30,080 33,017 39,186 33,479 29,873 32,141 30,420 32,586 25,891 28,789 27,983 33, , , % Cadillac... 2,190 2,390 2,908 2,976 2,829 2,704 2,666 2,627 3,258 3,579 3,002 3,847 34,976 25, % GENERAL MOTORS... 32,270 35,407 42,094 36,455 32,702 34,845 33,086 35,213 29,149 32,368 30,985 37, , , % Acura... 3,214 2,339 2,350 2,519 3,355 3,606 4,002 3,831 3,697 3,775 3,855 4,497 41,040 48, % Honda... 16,758 18,752 21,723 21,640 21,413 21,616 23,180 22,286 20,489 19,918 18,840 21, , , % AMERICAN HONDA... 19,972 21,091 24,073 24,159 24,768 25,222 27,182 26,117 24,186 23,693 22,695 25, , , % Hyundai... 6,579 7,707 9,707 9,059 7,711 8,111 8,608 8,339 8,261 7,396 7,310 8,254 97,042 94, % Kia... 4,408 5,369 6,806 6,583 6,359 7,403 7,007 6,892 6,272 6,209 6,156 6,760 76,224 64, % HYUNDAI-KIA AUTOMOTIVE... 10,987 13,076 16,513 15,642 14,070 15,514 15,615 15,231 14,533 13,605 13,466 15, , , % Jaguar ,536 6, % Land Rover... 1,092 1,195 1,469 1,390 1,368 1,675 1,288 1,386 1,638 1,332 1,302 1,818 16,953 14, % JAGUAR LAND ROVER N.A.... 1,489 1,664 2,011 1,865 1,971 2,382 1,834 1,940 2,214 1,835 1,759 2,525 23,489 21, % MAZDA... 2,596 3,016 3,523 3,392 3,178 3,361 3,540 3,713 2,775 2,507 2,574 3,193 37,368 39, % Mercedes-Benz... 9,924 9,977 9,356 10,042 11,327 9,631 10,505 11,762 9,585 9,992 10,065 10, , , % Smart % MERCEDES-BENZ USA... 9,934 9,989 9,380 10,054 11,343 9,646 10,517 11,773 9,598 10,022 10,091 10, , , % MITSUBISHI % Infiniti... 1,998 2,310 3,027 2,995 2,675 2,435 2,517 2,567 2,434 2,455 2,629 3,591 31,633 26, % Nissan... 13,100 15,134 16,228 15,640 14,235 14,326 16,697 17,291 15,242 15,172 14,653 16, , , % NISSAN NORTH AMERICA... 15,098 17,444 19,255 18,635 16,910 16,761 19,214 19,858 17,676 17,627 17,282 20, , , % SUBARU... 4,567 4,743 5,680 5,490 5,250 5,511 5,970 5,974 5,640 6,157 5,766 6,442 67,190 55, % Lexus... 7,238 7,196 8,560 8,901 8,939 8,234 9,039 8,556 8,209 8,261 8,061 10, ,826 85, % Toyota... 29,227 32,721 38,563 36,488 35,554 35,657 38,447 36,410 33,216 33,465 32,128 35, , , % TOYOTA MOTOR SALES... 36,465 39,917 47,123 45,389 44,493 43,891 47,486 44,966 41,425 41,726 40,189 45, , , % Audi... 3,367 3,713 4,251 4,055 3,836 3,842 4,066 3,868 3,531 3,689 3,705 4,413 46,336 48, % Bentley % Porsche... 1,165 1,260 1,456 1,498 1,508 1,479 1,425 1,401 1,334 1,309 1,416 1,730 16,981 14, % Volkswagen... 5,721 6,802 7,001 6,041 6,019 6,019 5,688 5,932 5,700 5,075 5,131 5,823 70,952 88, % VOLKSWAGEN... 10,294 11,843 12,795 11,669 11,424 11,388 11,242 11,301 10,660 10,137 10,315 12, , , % VOLVO CAR USA... 1,126 1,200 1,375 1,387 1,265 1,389 1,377 1,621 1,468 1,496 1,348 1,731 16,783 19, % TOTAL CERTIFIED , , , , , , , , , , , ,462 2,643,582 2,553, % Note: Data current as of November 2017 and AutoData Corp. 10

11 Perspective How the past 10 years rank for U.S. CPO vehicle sales ,643, ,553, ,340, ,112, ,834, ,742, ,693, ,676, ,636, ,529,284 and AutoData Corp. GLOSSARY OF CERTIFIED PRE-OWNED VEHICLE TERMS Certified pre-owned vehicle: A previously owned vehicle sold with the original manufacturer s certification that the vehicle is in optimal condition. The manufacturers select vehicles based on age, mileage and a multiple-point inspection process. Age, mileage and inspection criteria vary by manufacturer. Point inspection: A comprehensive vehicle inspection to ensure that the vehicle is in excellent working order. The point inspection is a list of the parts of the vehicle that are examined. Each manufacturer has its own inspection list, but most are similar. All inspections are performed under strict manufacturer guidelines. Warranty details: Most certified pre-owned warranty programs transfer and extend the existing new-car warranty terms or add terms and mileage. Warranty coverage varies by manufacturer. Warranty deductible: The amount the owner is responsible for when repair work is performed under CPO warranty. Many manufacturers do not require a deductible. Transferable warranty: If the owner of a certified pre-owned vehicle sells the vehicle and it is within the warranty period, the new owner may be eligible for a transfer of the warranty. Some manufacturers require the new owner to pay a transfer fee. Vehicle criteria: To be considered for certification, a vehicle must be a recent model year, have limited mileage and pass a multiple-point inspection. Each manufacturer has its own requirements. Top 10 CPO brands Toyota 417, Chevrolet 272, Honda 247, Ford 242, Nissan 184, BMW 129, Mercedes-Benz 123, Lexus 101, Hyundai 97, Jeep 83,167 and AutoData Corp. Brand scorecard Change in CPO sales from 2015 Up 1. Cadillac 36.8% 2. Ram 33.3% 3. Jeep 25.9% 4. Subaru 20.4% 5. Lexus 18.8% Down 1. Fiat 21.4% 2. Volkswagen 19.9% 3. Volvo 15.5% 4. Acura 14.8% 5. Chevrolet 12.5% Top-selling CPO brand history 2016 Toyota 417, Toyota 371, Toyota 355, Toyota 369, Toyota 330, Toyota 331, Toyota 315, Toyota 265, Chevrolet 282, Chevrolet 299,444 and AutoData Corp. 11

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