Benefitting from brisk sales of newly redesigned models, Volkswagen and Chrysler (group) led the way with improvements of 40% and 27% respectively.

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1 Guidelines November 2011 NADA Used Car Guide Industry Update IN THIS ISSUE: NADA Official Used Car Guide Update NADA Official Used Car Guide Update ATD/NADA Official Commercial Truck Guide Update NADA Returning Used Supply Forecasts Retail Market Indicators Fuel Prices Economic Drivers NADAguides.com Consumer Site Trends AuctionNet Wholesale Market Trends NEW VEHICLES New vehicle sales continued a gradual ascent in October as expanding inventory and the release of pent-up demand lifted sales by 7% or 1.02M units relative to last year, and the month s SAAR of 13.2M was the second best result seen so far this year, coming in just shy of February s 13.38M SAAR. Benefitting from brisk sales of newly redesigned models, Volkswagen and Chrysler (group) led the way with improvements of 40% and 27% respectively. In VW s case, the 2012 redesigns of the Beetle and Passat are paying early dividends as sales of the iconic couple improved by 220% over last year, while the US-built sedan notched just over 5k sales for a 59% month-overmonth improvement. For its part, Chrysler s performance was due to the continued support of the Jeep brand in particular the Compass and Liberty and solid growth of Chrysler 200 sales. MARKET SUMMARY New vehicle sales in October grew by 7% or 1.02M units on a year-over-year basis. October s month-end new vehicle days supply increased by nine days over September to 58. Overall incentive spending in October declined by -7.6% on a month-over-month basis. Relative to September, AuctionNet wholesale prices for cars and vans fell by -3.7% and -3.3%; utility prices fell by -2.2% and pickup prices dropped less than -1%. Nearly half of November s Official Used Car Guide value adjustments for compact and midsize cars exceeded -3%; mid-size van values were similarly reduced. Downward adjustments for large pickups, SUVs, and most luxury segments came in at -2.8% or less. Guidebook Value Trends At NADA Used Car Guide Dodge (+23%), Hyundai (+23%), and Nissan (+22%) round out the top five non-luxury brand performers for the month. Although car sales at Ford were flat, demand for the Escape and the redesigned Explorer helped to push the automaker s final tally up by 13%. At 6%, Chevrolet s results came in just behind Ford s and were driven in large part by healthy sales of the Equinox CUV and the compact Cruze sedan. Once again lingering effects from March s earthquake artificially depressed results for Honda (-1%) and Toyota (-7%), although sales did improve by nearly 10% for each on a sequential basis. Unfortunately it seems as if Japanese OEMs are set to face another challenging period, as an unusually severe monsoon season in Thailand has led to extreme flooding in the country over the course of past month and a half. As a result, numerous Japanese OEMs and their suppliers have been forced to cease manufacturing operations in that country until the water subsides. 1

2 Official Used Car Guide Update (continued ) While the full impact to US operations is still to be played out, the disruption to the supply chain has already forced both Honda and Toyota to either cancel scheduled overtime or curtail North American production in Honda s case by 50% until the second week of November in an effort to conserve parts. This is certainly bitter news considering the hard fought progress made over the course of the past few months. In terms of luxury brand sales, Audi and Mercedes each saw sales improve by 26% over last year, which was three points better than Volvo (23%) and eight points better than BMW (18%). Finishing out the top five was Acura with a 1% increase, marking the first time that sales have grown on an annual basis since back in April. A buildup of 2012 MY inventory and a nearly complete return to pre-earthquake production by Japanese automakers pushed October s month-end new vehicle days supply up by nine days over September to 58. While this is the highest level of inventory seen since February of this year, the result remains two days back from the 60 days considered ideal and ten days back from where things stood last year. In addition, there are still multiple brands e.g. Audi, BMW, Honda, Hyundai, and Kia whose supply remains below 40 days. Per Autodata, overall incentive spending in October declined by -7.6% on a month-over-month basis to reach an industry average of just over $2,450 per unit. Hyundai s average of just $764 per unit was the lowest for any manufacturer and was good for a 48% improvement over last October s figure. Mini, Chrysler, Mitsubishi, Kia and Volvo also experienced annual declines north of -30%. With month-over-month reductions of -5.9% and -.1% respectively, incentive spending at Chevy and Ford continued to trend downward. Honda reduced incentive spending by -4.3% compared to September, however October s average cost per unit of $2,200 was 12% greater than last year and remains in historic-high territory. Toyota actually reduced incentive spending by nearly -26% on a sequential basis, placing October s average of $1,599-17% back of last October. Although there has been much speculation surrounding an aggressive return of across-the-board incentive spending due to the return of Japanese production, there is little evidence to suggest that incentive levels will arbitrarily increase throughout the remainder of the year. ECONOMIC INDICATORS October s economic results can justly be described as mixed. The Bureau of Labor Statistics estimates that 80k jobs were added to nonfarm payrolls in October which helped to nudge the unemployment rate down a tenth of a point to 9%. Although October s jobs report was undoubtedly anemic, nonfarm payroll employment for August was revised from 57,000 to 104,000 (+47k), and September s figure was revised from 103,000 to 158,000 (+55k). Per the BEA s advance estimate of real GDP, the US economy appears to have picked up some momentum in the third quarter as increases in personal consumption expenditures and nonresidential fixed investment overcame continued decreases in state and local government spending and increases in imports to push quarter-over-quarter GDP growth up by 2.5%. 2

3 Official Used Car Guide Update (continued ) Tepid positive news aside, entrenched consumer pessimism continues to be reflected in the Conference Board s consumer confidence Indices, as both the core Consumer Confidence Index and the Expectations Index slid to levels last seen in the first quarter of The confidence index lost a decisive 6.6 points to land at 39.8, while the expectations index meant to measure consumer s short -term (six month) expectations regarding the economy eroded by 6.4 points to reach 48.7; the indices have lost 32.2 and 48.7 points respectively since hitting a post-recession high back in February. On the housing front, the latest results for the S&P/Case-Shiller Home Price Index showed that home prices remained more-orless static in August relative to July (20-metro composite, SA). Although prices have eroded by ~5.6 points since last year, August s results continued the flat course that has been in place since May; this is perhaps a signal that we may be at, or very near, the bottom in terms of home price depreciation. Industrial production in October as portrayed by the ISM s Purchasing Manager s Index reversed course from the mild increase witnessed in September by losing three-tenths of a point to settle at While the PMI s proximity to the 50 point threshold marking the boundary between economic expansion and contraction is a concern, both the New Orders and Backlog of Orders indices realized positive increases of 2.8 (to 52.4) and 6 points (to 47.5) respectively. Regarding the uptick in the New Orders Index, ISM believes that this indicates a return to growth after three months of contraction. USED VEHICLES Wholesale results remained true to typical October form, as prices for vehicles up to five years in age fell by an average of -2.5% relative to September. Increasing numbers of off-rental units pressured used car and 0.0% Monthly AuctionNet Price Change: 1 to 5 yr. Old Vehicles* Sep-11 vs Oct-11 1 van prices down by -3.7% and -3.3% respectively and the same -0.5% force also helped to pull utility vehicle prices down by -2.2%. -1.0% Low supply, stable fuel prices, and seasonality kept pickup prices from falling beyond -1% in October (fig. 1). -1.5% -2.0% -2.5% Although price drops weren t as extreme as they were in September, compact cars, mid-size cars, and mid-size vans all continued to give back a sizable share the premiums gained through the first half of the year. -3.0% -3.5% -4.0% Car Pickup Utility Van *Figures have been adjusted for both Mileage & Mix At the segment and model year level, compact car price declines of as much as -5.5% were followed closely behind by mid-size van and mid-size car declines of -5.2% and -4.7%. For the first time since June, prices for large SUVs fell across the board by an average of -2.1%, while mid-size utility prices were pressured down -2.8% by the previously mentioned influx of rental units. Sticking more-or-less with the seasonal norm, luxury mid-size and near luxury cars realized average price declines of -3.6% and - 3.9% respectively. This being said, the price erosion observed for core luxury segments over the past two months is nearly double what we saw last year, which is perhaps a reflection of embedded economic pessimism more than anything else. 3

4 Official Used Car Guide Update (continued ) Official Used Car Guide value adjustments for November s edition were approached with the expectation that the sharp downward trend witnessed on compact and mid-size car prices over the past few months would endure due to a continued injection of off-rental supply and relaxed consumer demand. As a result, nearly half of the vehicles in these segments had values reduced by -3% or greater. Mid-size van values were similarly addressed for this month s edition, with the heaviest reductions being concentrated in later model years and on models with significant rental fleet penetration. Downward adjustments for the majority of the remaining segments were mild by comparison, as large pickups, SUVs, and most luxury segment average declines came in at -2.8% or less. 4

5 ATD/NADA Official Commercial Truck Guide Update With the complete third quarter of 2011 in the database, now is a good time for a year-over-year review. A quick rundown of the retail numbers tells us that sleeper tractors on average are bringing 23.8% more money in Q than the same period a year ago. Mileage for that group has increased 11.5%, while age has increased 3.4%. That market took a breather in the Spring, likely due to uncertainty about new global economic and political developments and the Japanese disaster. But buyers dove right back in once it became clear that domestic industry wasn t going to be substantially affected by these factors. Welcome to a brave new world in which six-year-old sleeper tractors with 540,000 miles sell for nearly $50K. Four-year-old sleepers are bringing an even more dramatic 41.8% more retail dollars in Q vs. Q3 2010, while mileage for that group has increased 5.8%. These 2008 trucks are commanding high prices, but they are not solely responsible for the steep increases of the market overall s have fluctuated in the lowto mid-$60k range since February, as mileage has ticked steadily upward. It is probable that this price level is encouraging some buyers to make the jump to a new truck, especially given everincreasing mileage. On the wholesale side, the story is substantially different. We have previously stated that the wholesale market overall is hitting a price ceiling as the mileage of the average sleeper tractor nears 650,000. September was further support for that theory, as mileage jumped up by over 60K and price plummeted $6K. On a quarter vs. quarter basis, though, 2011 is still absolutely crushing 2010, with selling prices 47% higher. Mileage, interestingly, is less than one percent higher. Again, the takeaway is that the market has most likely established an upper limit on pricing for trucks with mileage in the low- to mid-600 s. $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Source: NADA $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Source: NADA Average Selling Price: Sleeper Tractors Q Q Average Selling Price: 4 Year Old Sleeper Tractors Q Q Includes all data from all retail and wholesale sources for trucks under 1,000,000 miles. Retail Wholesale Includes sales data from all retail and wholesale sources, adjusted for mileage. Retail Wholesale The wholesale market is also up by a huge margin for four-year-old trucks s commanded 62.5% more money in Q than that period last year, although pricing has been steadily declining since the high mark set in January. Mileage was actually lower in September than in January, so there may be some price hesitation in the wholesale market for this model year based on the performance of the retail market. In sum, buyers are establishing a comfort level with higher-mileage trucks. The retail market overall still has plenty of headroom, although the safe bet is for average-mileage 2008 model year trucks to stay where they are rather than increase. On the wholesale side, prices remain healthy as long as trucks are comfortably under 650,000 miles. Basically, none of the factors that we look at from general economic statistics to focused market data suggest that the market will do anything other than trend steady to upwards as the used truck undersupply becomes more dire going forward. 5

6 Mileage Guidelines November 2011 Commercial Truck Guide Update (continued ) 700,000 Retail vs. Wholesale Mileage of All Sleeper Tractors Reported Sold 2-Month Moving Average of Trucks Under 1M Miles 2 per. Mov. Avg. (Retail Mileage) 2 per. Mov. Avg. (Wholesale Mileage) 650, , , , , ,000 Source: NADA Month Average Number of Sales Per Reporting Dealership (Trend) Retail Wholesale Source: NADA Month 6

7 Percent change relative to January 2009 Percent change relative to January 2009 Percent change relative to January 2009 Guidelines November 2011 NADA Returning Used Supply Forecast About NADA s Returning Used Supply Forecast NADA s Returning Used Supply Forecast estimates the supply of vehicles returning to the secondary market at various points in the future. NADA s propriety methodology is predicated on actual new vehicle registration data and incorporates return period and volume estimates based on the original registration type (i.e. lease, loan, and rental fleet). The data in the following charts represents returning supply for vehicles less than six model years old. All data has been seasonally adjusted and monthly changes are relative to January % -2% Total Returning Supply -4% -6% -8% -10% -12% -14% -16% -18% -20% Return Month 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% -40% Off-Lease & Personal Returning Supply Lease Personal 10% 0% -10% -20% -30% -40% -50% -60% -70% Off-Rental Returning Supply Return Month Return Month 7

8 Days' Supply Volume (Millions) Guidelines November 2011 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 New Vehicle Sales New Vehicle Sales YoY Change 30% 25% 1 20% % 10% 5% 0% -5% % Change 0-10% Source: WardsAuto.com Month 80 New Vehicle Days' Supply Days' Supply YoY Change 10% 70 5% % % -10% -15% % Change 0-20% Source: WardsAuto.com Month Seasonally Adjusted Annual Rate (Millions) Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct Source: WardsAuto.com 8

9 Price P/Gal. Price P/Gal. Guidelines November 2011 Fuel Prices Average Price of Regular Grade Gasoline: All Formulations $4.25 $4.00 $3.75 $3.50 $3.25 $3.45 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.50 Source: EIA Month Average Price of On-Highway Diesel $5.00 $4.75 $4.50 $4.25 $4.00 $3.80 $3.75 $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.50 Source: EIA Month 9

10 Index (SA) Rate (SA) Guidelines November 2011 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. 10.5% 10.0% 9.5% 9.0% 8.5% 8.0% 7.5% 7.0% 6.5% 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% Unemployment Rate Source: BLS Month 120 Consumer Confidence Index Source: The Conference Board Month 10

11 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. Volkswagen Kia Jaguar Hyundai MINI GMC BMW Chevrolet Audi Cadillac Volvo Buick Subaru Saab Infiniti Mercedes-Benz Toyota Ford Porsche Jeep Land Rover Nissan Honda Smart Lexus Scion Mazda Acura Mitsubishi Lincoln Chrysler Suzuki Dodge YoY Change in Consumer Activity: NEW Make -38% 12% 7% 24% 23% 22% 20% 34% 33% 30% 48% 42% 62% 55% 73% 72% 72% 71% 67% 65% 65% 64% 84% 82% 77% 76% 105% 99% 118% 134% 132% 189% 236% -100% -50% 0% 50% 100% 150% 200% 250% 300% Source: NADAguides.com Percent Change New: Top 15 Researched Models October 2011 October 2011 Rank MoM Change MY MAKE MODEL Volkswagen Passat 2 (1) 2011 Ford F (1) 2011 Chevrolet Silverado (1) 2011 Toyota Camry 5 (1) 2011 Hyundai Sonata Jeep Grand Cherokee 7 (2) 2011 Toyota Tacoma Ford Super Duty F Honda CR-V Chevrolet Malibu Chevrolet Camaro Ford Mustang Chevrolet Impala Chevrolet Equinox 15 (7) 2011 Kia Sorento New: Top 15 Researched Models October 2010 October 2010 Rank MY MAKE MODEL Lincoln Navigator-V Saab Cyl Toyota FJ Cruiser-V Nissan Altima-V Volkswagen GTI-4Cyl Chrysler 300-V Mercedes-Benz GL Class Jeep Commander-V Mercedes-Benz SCLASS Ford Expedition-V Cadillac CTS-V Nissan Armada-V GMC Sierra 2500 HD Pickup-V Nissan Rogue-4 Cyl Hyundai Genesis-V8 11

12 NADAguides.com Consumer Site Trends Used Activity YoY Change in Consumer Activity: USED Make Hyundai Subaru Scion Kia Toyota Nissan Dodge Volkswagen Honda Chrysler Jeep Ford MINI Chevrolet Buick Mazda Saturn Infiniti Audi Lexus BMW Cadillac Mercedes-Benz GMC Acura Lincoln Suzuki Mitsubishi Pontiac Porsche Mercury Hummer Land Rover Saab Jaguar Volvo -36% Source: NADAguides.com -15% -15% -16% -19% -1% -2% -4% -5% -7% -7% -1% 0% 6% 6% 6% 4% 3% 2% 10% 9% 8% 7% 7% 7% 7% 7% 13% 11% 11% 11% 17% 17% 17% 16% -40% -30% -20% -10% 0% 10% 20% 30% Percent Change 21% Used: Top 15 Researched Models October 2011 Used: Top 15 Researched Models October 2010 October 2011 Rank MoM Change MAKE MODEL 1 0 Ford F Chevrolet Silverado Nissan Altima 4 2 Toyota Camry 5 2 Dodge Ram Chevrolet Impala 7 0 Honda Accord Sdn 8 0 Ford Mustang 9 1 Toyota Corolla 10 (1) Ford Super Duty F Chevrolet Tahoe 12 0 Ford Escape 13 1 Chevrolet Silverado 2500HD 14 (1) Chevrolet Cobalt 15 2 Ford Focus October 2010 Rank MAKE MODEL 1 Ford F Chevrolet Silverado Dodge Ram Honda Accord Sdn 5 Chevrolet Impala 6 Nissan Altima 7 Ford Super Duty F Toyota Camry 9 Ford Mustang 10 Chevrolet Tahoe 11 Chevrolet Silverado 2500HD 12 Jeep Grand Cherokee 13 BMW 3 Series 14 Chevrolet TrailBlazer 15 Dodge Ram

13 AuctionNet Wholesale Market Trends Monthly Change in Average AuctionNet Price: NADA Segment September 2011 v. October 2011 NADA Segment 2006MY 2007MY 2008MY 2009MY 2010MY Compact Utility -2.2% -4.3% -2.6% -3.1% -3.8% Intermediate Compact -5.0% -5.2% -5.5% -3.5% -3.6% Intermediate Mid-Size -3.8% -4.6% -4.7% -4.4% -4.2% Large Pickup -3.2% -1.6% -1.6% -1.7% -2.7% Large SUV -3.6% -2.5% -3.0% 0.0% -1.6% Large Van -4.6% 1.7% -7.9% -1.9% -2.4% Luxury Mid-Size -5.5% -3.8% -4.0% -3.3% -1.5% Luxury Mid-Size Utility -2.2% -2.7% -3.6% -2.9% -3.1% Mid-Size Pickup -4.1% -0.4% -2.2% -0.7% -2.2% Mid-Size Utility -2.0% -3.2% -3.2% -2.7% -2.7% Mid-Size Van -3.8% -4.6% -5.2% -4.9% -3.2% Near Luxury -4.4% -3.7% -3.2% -3.9% -4.4% *Underlying data has been adjusted for Mileage & Mix. See the last page of "Guidelines" for data key. 0.0% Monthly AuctionNet Price Change: 1 to 5 yr. Old Vehicles* Sep-11 vs Oct % YoY AuctionNet Price Change: 1 to 5 yr. Old Vehicles* Oct-10 vs Oct % 7.0% -1.0% 6.0% -1.5% 5.0% -2.0% 4.0% -2.5% 3.0% -3.0% 2.0% -3.5% 1.0% -4.0% Car Pickup Utility Van 0.0% Car Pickup Utility Van *Figures have been adjusted for both Mileage & Mix *Figures have been adjusted for both Mileage & Mix 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. 13

14 Guidebook Value Trends Month-Over-Month Monthly Change in Average Official Used Car Guide Value: NADA Segment October 2011 v. November 2011 NADA Segment 2006MY 2007MY 2008MY 2009MY 2010MY* Compact Utility -1.2% -1.6% -1.6% -0.8% -1.2% Entry Subcompact -0.1% -1.0% -2.2% -2.9% -2.6% Intermediate Compact -1.5% -2.1% -2.5% -3.0% -3.5% Intermediate Mid-Size -1.6% -2.5% -3.9% -3.5% -4.2% Intermediate Subcompact 0.0% -0.9% -3.2% -4.7% -2.9% Large Car -0.9% -1.9% -1.5% -1.4% -2.0% Large Pickup 0.4% 0.0% 0.1% 0.0% -0.1% Large SUV -1.5% -0.7% 0.2% -0.9% -2.1% Large Van -1.0% -2.8% -2.1% -0.6% -2.2% Luxury Compact Utility -2.0% -1.2% -2.6% -1.4% -1.0% Luxury Large -0.3% -0.1% -0.5% -0.1% -1.0% Luxury Large Truck -0.2% -1.8% -0.2% 0.0% -0.3% Luxury Mid-Size -1.1% -1.4% -2.0% -0.8% -1.1% Luxury Mid-Size Utility -1.3% -2.1% -2.2% -1.6% -0.9% Luxury Sport -1.9% -1.5% -1.8% -1.5% -1.3% Mid-Size Pickup -1.0% -1.7% -1.3% -0.6% -0.7% Mid-Size Utility -1.5% -1.4% -1.0% -0.9% -1.4% Mid-Size Van -3.2% -2.5% -2.5% -3.0% -3.2% Near Luxury -0.7% -1.2% -1.4% -1.4% -1.4% Premium Luxury Large -0.4% -1.0% -1.6% -1.9% -1.7% Sport -1.9% -1.7% -2.0% -1.2% -1.7% Upper Compact 0.0% -1.7% -1.5% -0.7% -0.7% Upper Mid-Size -2.0% -2.1% -1.6% -1.6% -1.6% Upper Sport -1.9% -2.4% -2.4% -1.6% -1.1% *Value movement can be influenced by newly valued vehicles. See the last page of "Guidelines" for data key. Monthly Change in Average CTG Value: NADA Segment October 2011 v. November 2011 NADA Segment 2005MY 2006MY 2007MY 2008MY 2009MY* Commercial Van -3.4% -2.6% -1.5% 0.4% -4.1% Extended Hood 0.0% -1.0% -0.4% 0.0% 0.0% Highway Aerodynamic 0.0% 0.9% 0.1% 0.3% 0.0% Highway Traditional 0.0% -1.4% -0.2% 0.0% 0.0% Local/Delivery Daycab 0.0% -0.5% -0.2% 0.1% 0.0% Medium Duty Cabover 0.0% 0.0% -0.2% -0.2% 0.0% Medium Duty Conventional 0.6% 1.4% 1.4% 0.1% 0.1% Vocational/Construction 0.0% 0.0% 0.0% 0.0% 0.0% 14

15 Guidebook Value Trends Year-Over-Year NADA Used Car Guide Value Change: November, 2010 v YoY Segment NADA Segment 5YR 4YR 3YR 2YR 1YR Change Compact Utility 22.1% 13.8% 13.7% 11.8% 11.5% 12.7% Entry Subcompact 31.1% 40.8% 42.3% 26.0% 17.7% 26.4% Intermediate Compact 26.8% 15.2% 21.3% 17.8% 20.9% 21.9% Intermediate Mid-Size 22.9% 20.2% 14.1% 7.5% 9.1% 12.9% Intermediate Subcompact 18.2% 5.6% 21.0% 16.9% 12.7% 12.0% Large Car 20.3% 14.6% 16.2% 5.9% 9.5% 12.1% Large Pickup 1.1% 8.0% 4.4% 3.4% 1.8% 1.0% Large SUV -6.5% 15.1% 4.1% -0.3% -1.5% 2.9% Large Van 18.3% 12.6% 13.6% 10.2% 9.2% 12.0% Luxury Compact Utility 14.7% 10.7% 8.5% 22.5% 12.2% 15.0% Luxury Large 20.2% 25.0% 23.3% 16.3% 9.4% 13.7% Luxury Large Truck 8.3% 12.1% 16.3% 12.0% 7.8% 7.8% Luxury Mid-Size 24.9% 15.2% 8.5% 6.2% 8.8% 11.0% Luxury Mid-Size Utility 14.7% 13.5% 14.4% 14.7% 13.2% 16.9% Luxury Sport 0.8% 24.8% 11.5% 11.9% 11.0% 10.5% Mid-Size Pickup 17.4% 11.5% 12.1% 18.9% 5.3% 12.3% Mid-Size Utility 12.4% 12.3% 9.3% 7.6% 7.2% 6.2% Mid-Size Van 18.3% 9.5% 26.7% 16.8% 11.3% 17.3% Near Luxury 18.7% 16.3% 15.1% 5.4% 18.6% 19.2% Premium Luxury Large 13.0% 25.2% 16.5% 12.1% 15.4% 14.7% Sport 14.9% 28.5% 14.7% 12.8% 9.3% 13.7% Upper Compact 20.3% 14.9% 5.3% 9.1% 5.2% 6.0% Upper Mid-Size 24.8% 15.0% 12.1% 29.5% 5.8% 12.0% Upper Sport 17.6% 22.0% 14.2% 11.8% 22.3% 22.4% *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: November, 2010 v YoY Segment NADA Segment 5YR 4YR 3YR 2YR Change Commercial Van 11.6% 22.0% 38.8% -11.8% 9.9% Extended Hood 37.2% 22.3% 44.1% 31.5% 29.3% Highway Aerodynamic 54.7% 23.9% 46.9% 27.3% 28.3% Highway Traditional 30.7% 25.9% 41.9% 27.2% 19.9% Local/Delivery Daycab 35.4% 23.5% 44.4% 24.5% 27.3% Medium Duty Cabover 36.7% 36.5% 28.0% 2.0% 14.5% Medium Duty Conventional 29.8% 32.4% 30.6% 15.8% 18.6% Vocational/Construction 18.7% 22.2% 51.9% 12.6% 18.7% *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

16 Guidebook Value Trends Year-To-Date NADA Used Car Guide Value Change: January November 2011 YTD Segment NADA Segment 2006MY 2007MY 2008MY 2009MY 2010MY* Change Compact Utility -3.5% -3.4% -1.2% -1.1% -2.9% -1.9% Entry Subcompact 10.7% 9.5% 8.0% 7.2% -6.2% 8.1% Intermediate Compact 1.2% 2.5% 4.1% 4.0% -6.1% 3.2% Intermediate Mid-Size -0.1% -0.3% 0.2% -3.3% -10.2% -1.2% Intermediate Subcompact 3.2% 2.8% 4.1% 2.9% -7.9% 3.2% Large Car -0.3% -0.5% -2.4% -4.5% -8.4% -1.8% Large Pickup -10.5% -9.6% -7.7% -6.6% -2.9% -8.4% Large SUV -14.8% -13.2% -9.6% -9.5% -7.8% -11.1% Large Van -2.9% -3.8% -3.9% -3.5% -5.2% -3.5% Luxury Compact Utility -4.5% -3.5% -6.6% 2.8% -0.6% 0.9% Luxury Large -3.7% -1.9% -4.7% -7.6% -6.9% -5.1% Luxury Large Truck -10.8% -9.5% -7.1% -8.0% -4.5% -8.4% Luxury Mid-Size -5.2% -5.8% -6.1% -7.5% -6.2% -6.4% Luxury Mid-Size Utility -8.9% -7.5% -7.7% -6.5% -1.2% -6.4% Luxury Sport -2.7% -2.4% -5.8% -5.7% -4.2% -4.7% Mid-Size Pickup -1.3% -1.5% -1.9% -1.7% -2.4% -1.6% Mid-Size Utility -10.7% -10.1% -7.4% -6.9% -4.8% -8.4% Mid-Size Van -7.7% -5.0% -3.1% -1.7% -3.1% -4.9% Near Luxury -5.2% -5.4% -6.2% -6.1% -5.0% -5.9% Premium Luxury Large -7.1% -7.2% -7.6% -10.0% -5.9% -8.3% Sport 0.6% 1.7% 2.1% 1.2% -6.7% 1.5% Upper Compact -1.5% -5.8% -1.9% -7.3% -2.6% -4.6% Upper Mid-Size -1.9% -6.6% -0.2% -3.5% -6.0% -3.6% Upper Sport -1.0% 0.2% -0.2% -4.8% -7.0% -2.1% *May 2011 through current period. ATD/NADA Commercial Truck Guide Value Change: January November 2011 YTD Segment NADA Segment 2005MY 2006MY 2007MY 2008MY 2009MY Change Commercial Van -3.1% -1.3% -4.5% 0.1% -7.1% -1.9% Extended Hood 6.2% -1.4% -7.5% -1.2% -3.9% 2.0% Highway Aerodynamic 7.7% 0.0% -10.6% -5.3% -8.4% -5.5% Highway Traditional 8.3% -1.6% -8.0% -3.9% -6.6% -4.2% Local/Delivery Daycab 3.1% -0.9% -5.1% -1.0% -6.1% -0.8% Medium Duty Cabover 10.9% 7.8% 8.0% 0.6% N/A 5.5% Medium Duty Conventional 3.2% 2.7% -0.5% -0.2% 4.6% 0.2% Vocational/Construction 0.1% 0.2% -0.1% 0.5% 0.0% 5.0% 16

17 At NADA Used Car Guide Visit NADA Used Car/Truck and Commercial Truck blogs at and commercialtruck to read commentary from Executive Automotive Analyst, Jonathan Banks and Commercial Truck Senior Analyst and Product Manager, Chris Visser. Both blogs provide industry insight and current events. We welcome your comments and feedback as we work to further develop our relationship throughout the used car and truck community. Further, get up-to-the-minute NADA Used Car Guide/Commercial Truck information and other industry news and events by connecting with us through Facebook, Twitter and YouTube. Start following us today! On The Road Executive Auto Analyst, Jonathan Banks will be a panelist at The Certified Pre-Owned Dealer Conference on Tuesday, November 15 in Las Vegas. The focus of the conference will be on giving dealers the information they need to be successful in the certified pre-owned marketplace. Jonathan will also participate as a panelist the following day, Wednesday, November 16 at The National Remarketing Conference. Its focus is to bring together the power players and decision makers with vision and means to build the future of the remarketing industry. Both conferences will be held at the Red Rock Casino, Resort and Spa in Las Vegas the week of Nov 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 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 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. 17