In terms of inventory availability, June s month-end days supply increased by five days over May to reach 54 days.

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1 Guidelines July 2011 NADA Used Car Guide Industry Update IN THIS ISSUE: NADA Official Used Car Guide Update ATD/NADA Official Commercial Truck Guide Update NADA Returning Used Supply Forecast 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 NEW VEHICLES New vehicle sales for June continued the pace set in May as overall sales increased by a tepid 7% on a year-over-year basis. Coming as a surprise to some, June s SAAR of 11.4M marked a 3% decline relative to May, as a $.23 per gallon drop in fuel prices was not enough to compensate for continued economic uncertainly and struggling consumer confidence. This said, the decline in fuel prices, readily available inventory, and healthy incentives helped to push light truck market share to 51%, reversing a trend that has been in place since March. In fact, sales for domestic large pickups increased virtually across the board on both a sequential and an annual basis, with the Dodge Ram leading the pack on a 30% year-over-year increase. At a brand level, Kia, Chrysler/Jeep, VW, Dodge, and Ford all realized year-over-year sales increases of nearly 20% or greater, while Toyota, Acura, Honda, Infiniti, and Lexus those Japanese brands most affected by earthquakerelated supply disruptions experienced the inverse. In terms of inventory availability, June s month-end days supply increased by five days over May to reach 54 days. MARKET SUMMARY New vehicle sales for June continued the pace set in May as overall sales increased by a tepid 7% on a year-over-year basis, while June s SAAR of 11.4M marked a 3% decline relative to the previous month. Stagnant employment continues to drag down consumer confidence, as the Conference Board s Consumer Confidence Index dropped for the second straight month to AuctionNet wholesale prices on a mileage and mix adjusted basis were essentially equal to May's figures; at a segment level, with few exceptions June saw prices retreat slightly from May s elevated heights. Passenger cars, crossovers, and van prices all fell by less than.8% relative to May, while pickups and SUV prices experienced slight increases of up to.6% Both car and truck value adjustments in the July edition of the Official Used Car Guide reflect a mild-to-moderate continuation of a downward trend. Looking ahead to August, NADA is forecasting more of the same as overall used market fundamentals remain strong. The supply of the previously red-hot compact car segment increased by one day to 31, while domestic large pickup supply in line with the sales improvement mentioned earlier dropped slightly from 102 days in May to 99 days in June. This said, the supply of Chevy and GMC pickups is considerably greater than the supply of other domestic models at 124 and 115 days respectively (Ram and F150 supply stood at 93 and 79 days). At a brand level, Japanese OEM inventory lifted by an improving production picture gained two additional days to reach 46. Although there has been much discussion around Japanese inventory woes, South Korean inventory is in significantly worse shape, as combined Hyundai and Kia days supply started out the month at 27 days nineteen days back of their Japanese counterparts. Clearly South Korean brands have benefited from widely publicized Japanese production constraints and a strong lineup of highly stylized, fuel efficient products. 1

2 Official Used Car Guide Update (continued ) Per CNW data, overall incentives for June were basically on par with May s figures as OEM s continued to show restraint on the car side but were decidedly more aggressive with trucks. On an annual basis, car incentives were down 36% from June 2010 while truck incentives were up by 14%. Considering the improving inventory picture for Japanese OEMs, a slightly elevated supply of light trucks, and the fact that we re nearly to the point of a model year changeover, we anticipate that manufacturers will increase incentive spending as we head into the second half of the summer season. ECONOMIC INDICATORS June s new jobs figure of 18k was disheartening as it deviated significantly from the k new jobs economists were hoping for. As a result, June s unemployment rate ticked up a tad to 9.2%, or.1 points over May s rate of 9.1%. While we started out the year on a relatively strong note by averaging ~180k new jobs through April, the last two months have seen significant regression in the number of jobs created with only ~22k new jobs being added on average. Since the beginning of the year, the unemployment rate has risen by.2 points, and by.4 points since reaching to 8.8% back in March. Taking a closer look at unemployment data, the number of persons unemployed for less than five weeks increased by 412K while all other major categories remained essentially unchanged, meaning in effect that June s employment picture was impacted more by recent job cuts as opposed to an increase in the number of long-term unemployed, changes in the participation rate, etc. Stagnant employment continues to drag down consumer confidence, as all of the Conference Board s indices fell for the second straight month. The Consumer Confidence Index dropped by 3.2 points to 58.5 and the Expectations index meant to measure consumers short-term (six month) expectations regarding the economy dropped by 4.3 points to Somewhat distressingly, consumer confidence has fallen by 13.6 points since reaching a two year peak back in February. In addition, the percentage of consumers planning to purchase either a new or a used vehicle within the next six months also declined slightly. This being said, at 6.1% the proportion of used purchase intenders remains significantly above the five year mean of 2.4%, which may be an indication that more individuals plan to purchase a used vehicle than during the previous five years, that pent up demand is at an elevated level, or both. Regardless, the relatively recent spike in used purchase intenders is a positive sign for near-term used price performance. When the time does come to purchase, consumers should have an easier time of getting either a new or used vehicle financed as lenders continue to ease lending standards in an increasingly competitive environment. Although the Federal Reserve Board s most recent Senior Loan Officer Opinion Survey was completed in April, we ve been given no indication that there has been a reversal in lender practices. Based on the April survey, lender standards, terms, and spreads for both new and used auto loans for the prior three months continued to ease (at large banks) and consumer demand for auto loans continued to improve (see tables at right). Unfortunately, the same cannot be said regarding residential loans, as standards remained more-or-less unchanged and demand was either about the same (43.4%) or moderately weaker (45.3%) for all loan types. 2

3 Official Used Car Guide Update (continued ) Although the continued improvement in the supply and demand for new and used vehicle financing is a positive for our industry, we still have some way to go before the same can be said for housing. USED VEHICLES At a market level, AuctionNet wholesale prices on a mileage and mix adjusted basis were essentially equal to the previous month, although June s full month performance belies the fact that the weekly trend towards the latter half of the month was a downward one. At a segment level, with few exceptions June saw prices retreat ever so slightly from May s elevated heights. Passenger cars, crossovers, and van prices all fell by less than.8% relative to May, while pickups and SUV prices experienced slight increases of up to.6% (see chart at right). Intermediate compact and mid-size car prices dropped from as little as.8% to as much as 3.6% depending on model year, reversing the upward trend that had been in place since January. Generally speaking, luxury car segments fared a bit better than their non-luxury counterparts, with prices actually increasing moderately in certain cases. In fact, prices for 2-to-5 year old luxury mid-size (e.g. BMW 5 Series) and near-luxury compact (e.g. BMW 3 Series) units continued to increase throughout June, and are up by 9% and 13% respectively since the beginning of the year. This is not only a reflection of the economic times, but more significantly speaks to the continued decline in off-lease supply. In a departure from the previous three months, large pickup and SUV performance actually improved slightly month-over-month as waning fuel prices helped to rekindle demand. Even though the price of oil has risen subtly over the past week, the historical relationship between oil prices and gas prices suggest that we won t see any significant changes one way or the other in fuel prices nearterm. As we stated in June s edition of Guidelines, we anticipated that used car prices would reach a peak around the middle of that month and that they would continue to soften into July as fuel prices abated and as the new vehicle inventory picture continued to improve. At of the end of the month there was little evidence to suggest otherwise and as a result, car value adjustments in the July edition of the Official Used Car Guide reflect a mild-to-moderate continuation of this downward trend. Although trucks rallied a bit during June, historically prices fall during the early summer months. Generally speaking, we believe that prices will stabilize throughout July, due primarily to new vehicle incentive pressure, and July guidebook value adjustments were approached with this in mind. Taking a peek ahead to August, we re generally forecasting more of the same as overall used market fundamentals remain strong. Relaxed fuel prices and an anticipated increase in incentives will continue to place downward pressure on compact and mid-size car prices, while decaying off-lease supply will continue to support luxury car performance. Counter to cars, trucks will benefit from stable or retreating fuel prices and, except for CUVs, a continued regression in used supply; however, an elevated days supply on the new side will have a corrosive effect on used price performance for certain truck models as manufacturers increase incentive spending in an effort to make room for incoming 2012 model year units. 3

4 Price Price Guidelines July 2011 ATD/NADA Official Commercial Truck Guide Update Increasing Volatility in the Used Truck Market The second quarter is proving to be more opaque than the first. After an uptick early in the year, average retail selling prices for the highway sleeper tractor market have been essentially flat since February. The benchmark four-year-old sleeper tractor unexpectedly declined from April to May. Retail sales per dealership saw a steep decline for May, although volume from OEM s was similar to last month. Has the market begun to mature? We dive into the data to find an answer. $50,000 $48,000 $46,000 Average Retail Selling Price: Sleeper Tractors Includes all data from all retail sources for trucks under 1,000,000 miles. The price of the average sleeper tractor is still substantially ahead of last year, but we are no longer seeing the steep month-over-month increases we saw throughout 2010 (see Average Retail Price graph). At the same time, mileage has continued to increase, so buyers are still willing to pay elevated prices for higher-mileage trucks. As such, the market may have found an upper limit of sorts on price, although there is remaining tolerance for higher mileage. Narrowing our focus to the four-year-old sleeper market, we see an unexpected decrease of about $3000 vs. April (see Average Retail Price 4 Year Olds graph). Going over the data with a fine-toothed comb, there is no glaring reason for the decrease. There were no large package sales of low-priced trucks, spec mix is similar to last month, and mileage is not appreciably higher. As such, this looks like a natural market development. One month is not a trend, though, so June s results will help to bring the picture into sharper focus. $44,000 $42,000 $40,000 $38,000 $36,000 $34,000 $32,000 $30,000 Source: NADA $75,000 $70,000 $65,000 $60,000 $55,000 $50,000 $45,000 $40,000 $35,000 $30,000 Source: NADA Month Average Retail Selling Price: 4 Year Old Sleeper Tractors Month Includes sales data from all retail sources, adjusted for mileage. One hint as to why late-model trucks may have decreased lies in the Retail Selling Price by Mileage graph. Trucks with extremely low mileage under 300K are bringing more in 2011 than they did in 2010, but that premium is not as drastic as it is for the market overall. Specifically, the premium for trucks with under 300K in 2011 vs is about $1200. If we expand that measure to include all mileage ranges, the 2011 premium increases to about $6800. This is further evidence that the market may be finding a soft ceiling for low-mileage trucks. In other words, trucks on average are bringing quite a bit more in 2011, but extremely low mileage trucks are not responsible for the bulk of that difference. 4

5 Price Guidelines July 2011 Commercial Truck Guide Update (continued ) Reasons for this? It is possible that buyers are moving increasingly towards new trucks, as low-mileage used iron continues to vanish from the marketplace, comfort with SCR engine technology increases, and concern about continued price hikes on new trucks continues. Buyers may be biting the bullet and deciding that given these market factors, a new truck is worth the added expense. New truck orders and sales this year certainly support this theory. Dealers are suffering a bit from these developments. May saw a steep drop in number of used trucks retailed by individual dealerships, falling by a full 20% over April (see Sales Per Dealership graph). Lack of inventory is the default reason given for this shift, and given continued high selling prices, there is indeed no apparent problem on the demand side. So why is the supply side getting worse, when increased new truck sales suggest more trade-ins should be hitting the market? One big reason the fleets responsible for most of these new truck sales are increasingly selling their own used trucks directly, keeping these $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Source: NADA Average Retail Selling Price by Mileage Range: Sleeper Tractors 2011 (Jan-May) K K K K K K K K K Mileage Average Number of Sales Per Reporting Dealership (Trend) potential trade-ins out of dealers hands. Fleets are enjoying a rare period in which their used iron represents positive equity. As such, they re taking advantage of economies of scale and moving this equity into the profit column. A second factor is that the lower-mileage trucks in such high demand simply don t exist. Users held on to their trucks longer than usual throughout the downturn, adding 1-2 years worth of mileage. Again, lack of supply. Retail Wholesale Source: NADA Month Where does all this leave the market? The appreciation curve for extremely-low-mileage trucks may flatten out as buyers decide a new truck is worth the added cost. At the same time, demand for these trucks, as well as those with average to higher mileage, still exceeds supply by a good margin. The low build rate of model year trucks suggests that this supply/demand relationship should remain consistent through the end of 2011 and likely well past that date. 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 Segment I II III IV I II III CUV 2% 11% 9% -14% 4% 5% 9% Car 1% 18% 6% -19% 2% 14% 0% Pickup -2% 11% 14% -28% 0% 7% 11% SUV -9% 6% 12% -24% -6% 0% 6% Van -2% 12% 6% -19% -3% 9% -1% 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) Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun Source: WardsAuto.com 7

8 Retail Market Indicators Used Vehicle Sales 8

9 Fuel Prices 9

10 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

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. YoY Change in Consumer Activity: NEW Make Kia 146% Hyundai 84% Jaguar 68% Smart 35% Nissan 27% Toyota 26% Suzuki 25% GMC 21% Infiniti 21% Mitsubishi 21% Ford 18% Volvo 13% Scion 12% Audi 11% Subaru 9% Honda 9% Acura 2% Buick 2% Volkswagen 2% Jeep 0% Cadillac -1% Chevrolet -2% Chrysler -3% Mercedes-Benz -5% Saab -8% Mazda -8% Lincoln -9% BMW -14% Lexus -20% Porsche -28% Land Rover -35% Dodge -54% -100% -50% 0% 50% 100% 150% 200% Source: NADAguides.com Percent Change New: Top 15 Researched Models June 2011 June 2011 Rank MoM Change MY MAKE MODEL MINI Cooper Countryman Ford F Chevrolet Silverado (2) 2011 Hyundai Sonata 5 (1) 2011 Toyota Camry Chevrolet Equinox 7 (1) 2011 Kia Sorento 8 (1) 2011 Nissan Altima Toyota Tacoma 10 (1) 2011 Ford Mustang Chevrolet Camaro Honda CR-V 13 (1) 2011 Honda Accord Sdn Jeep Grand Cherokee Ford Fusion New: Top 15 Researched Models June 2010 June 2010 Rank MY MAKE MODEL Chevrolet Camaro Ford F Tesla Motors Roadster Dodge Challenger Chevrolet Equinox Chevrolet Silverado Ford Mustang Toyota Camry Dodge Ram Ford Fusion Jeep Wrangler Honda Accord Sdn Toyota Corolla Honda CR-V Pontiac G6 11

12 NADAguides.com Consumer Site Trends Used Activity YoY Change in Consumer Activity: USED Make Hyundai Kia Subaru Audi MINI Volkswagen Scion Honda Toyota Nissan Porsche Buick Ford Suzuki Lexus Mercedes-Benz Jeep Dodge Chrysler Saturn Mazda BMW Chevrolet Acura Lincoln Infiniti GMC Cadillac Hummer Mercury Mitsubishi Pontiac Volvo Jaguar Saab Land Rover -10% -3% -4% -5% -7% 4% 3% 3% 3% 7% 6% 6% 6% 6% 7% 12% 11% 11% 11% 10% 10% 10% 9% 16% 16% 16% 13% 13% 12% 24% 23% 22% 21% 21% 21% 25% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% Source: NADAguides.com Percent Change Used: Top 15 Researched Models June 2011 Used: Top 15 Researched Models June 2010 June 2011 Rank MoM Change MAKE MODEL 1 0 Ford F Chevrolet Silverado Nissan Altima 4 2 Toyota Camry 5 0 Honda Accord Sdn 6 (2) Chevrolet Impala 7 0 Dodge Ram Ford Mustang 9 0 Toyota Corolla 10 3 Ford Super Duty F Chevrolet Tahoe 12 (2) Ford Focus 13 (2) Chevrolet Cobalt 14 4 Jeep Wrangler 15 2 Ford Escape June 2010 Rank MAKE MODEL 1 Ford F Chevrolet Silverado Dodge Ram Honda Accord Sdn 5 Ford Mustang 6 Nissan Altima 7 Chevrolet Impala 8 Toyota Camry 9 Ford Super Duty F Chevrolet Tahoe 11 Jeep Grand Cherokee 12 BMW 3 Series 13 Chevrolet Silverado 2500HD 14 Chevrolet TrailBlazer 15 Jeep Wrangler 12

13 AuctionNet Wholesale Market Trends Monthly Change in Average AuctionNet Price: NADA Segment May 2011 v. June 2011 NADA Segment 2006MY 2007MY 2008MY 2009MY 2010MY Compact CUV -2.9% -2.2% -1.0% -1.8% -3.0% Compact Pickup -1.7% -0.7% -0.8% -7.3% -0.8% Compact SUV -1.8% -3.1% -0.4% -1.0% -3.3% Entry Compact -2.8% -1.2% -0.4% -2.1% -2.1% Entry Subcompact -5.1% -1.2% -1.1% -4.0% -4.6% Intermediate Compact -2.6% -1.9% -1.0% -1.3% -1.6% Intermediate Large -1.0% -1.2% -1.7% -2.7% -1.6% Intermediate Mid-Size -2.7% -1.0% -0.8% -3.2% -3.6% Intermediate Subcompact -1.2% -3.2% -2.7% -2.6% -3.9% Large Pickup 0.2% -0.2% -0.5% 0.7% -0.5% Large SUV 1.2% 0.5% 0.8% 1.6% 0.3% Large Van -6.3% -2.3% -1.7% -2.4% -0.8% Luxury Large 0.6% 0.8% 2.5% 4.8% -0.2% Luxury Large Pickup -2.2% -2.1% -1.4% 2.2% -0.5% Luxury Large SUV -0.4% 0.0% 0.9% 0.4% 5.9% Luxury Mid-Size 1.4% -1.7% 0.2% -2.6% 1.3% Luxury Mid-Size CUV -4.1% -1.6% -1.5% -0.6% -0.1% Luxury Mid-Size SUV -2.0% 0.3% -1.8% -2.2% -1.5% Mid-Size CUV -1.6% -2.1% -1.3% -0.4% -2.2% Mid-Size SUV -0.6% -0.3% -0.4% -0.6% -1.5% Mid-Size Van -2.3% -3.8% -0.1% -0.7% -0.3% Near Luxury Compact -1.3% -0.2% -1.3% -1.4% -0.7% Near Luxury Mid-Size 1.7% -1.0% 1.2% 0.7% -1.7% Premium Luxury Large 1.5% -1.6% -2.5% -1.2% 0.1% Premium Luxury Large SUV -1.7% -0.7% -1.5% -4.7% -0.8% Premium Luxury Mid-Size CUV -5.6% -2.9% -1.2% -5.7% -0.5% Upper Compact -2.0% -2.5% -0.4% 0.9% -3.1% Upper Large 0.8% -0.9% -0.4% -0.7% -1.8% Upper Mid-Size -0.4% -2.1% -0.4% 0.1% -5.5% *Underlying data has been adjusted for Mileage & Mix. See the last page of "Guidelines" for data key. 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 June 2011 v. July 2011 NADA Segment 2006MY 2007MY 2008MY 2009MY 2010MY* Compact CUV 0.0% 0.3% 0.2% 0.4% -0.1% Compact Pickup 0.2% 0.1% 0.2% 0.1% 0.0% Compact SUV 0.1% -0.1% 0.2% -0.3% 0.0% Entry Compact -1.4% -3.3% -2.1% -4.3% -3.8% Entry Subcompact -4.0% -5.4% -3.7% -3.4% -2.1% Intermediate Compact -3.2% -3.2% -3.0% -3.1% -3.1% Intermediate Large -1.2% -1.2% -1.7% -2.1% -2.0% Intermediate Mid-Size -2.4% -2.5% -1.9% -1.9% -2.2% Intermediate Subcompact -1.0% -2.7% -1.5% -2.6% -2.1% Large Pickup -2.2% -1.8% -1.3% -0.9% -1.6% Large SUV -1.3% -1.5% -2.1% -2.0% -3.2% Large Van 0.2% 0.2% 1.7% 1.4% -0.4% Luxury Compact -1.2% -0.5% -0.7% -0.5% -0.7% Luxury Large -0.5% -1.7% -2.5% -1.1% -1.4% Luxury Large Pickup -1.7% -1.5% -1.1% -1.4% -0.7% Luxury Large SUV -3.3% -1.5% -2.0% -1.3% -1.5% Luxury Mid-Size -1.4% -2.2% -1.7% -2.3% -2.5% Luxury Mid-Size CUV -1.1% -1.1% -1.4% -0.3% -0.2% Luxury Mid-Size SUV -0.8% -0.1% 0.0% -0.8% -0.7% Mid-Size CUV -1.1% -0.9% -0.5% -0.4% -0.6% Mid-Size SUV -2.5% -2.7% -2.2% -1.3% -1.2% Mid-Size Van -0.1% -0.3% -0.6% -0.3% 0.0% Near Luxury Compact -2.3% -2.7% -1.4% -1.5% -1.7% Near Luxury Mid-Size -1.3% -0.7% -1.5% -1.7% -1.8% Premium Luxury Compact 0.0% -0.4% 0.0% -0.8% -0.4% Premium Luxury Large -1.6% -0.9% -1.2% -1.1% -0.9% Premium Luxury Large SUV -0.5% 0.5% 0.0% 0.0% 0.0% Premium Luxury Mid-Size -1.1% -0.6% 0.0% -0.2% -0.5% Premium Luxury Mid-Size CUV -0.2% -1.5% -0.7% -1.3% -0.2% Upper Compact -1.9% -0.4% -2.1% -1.4% -0.5% Upper Large -1.1% -0.8% -0.8% -0.8% -1.8% Upper Mid-Size -0.8% -0.8% -0.7% -0.5% -0.5% Upper Subcompact -0.6% -1.6% -1.2% -0.7% -0.4% *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 June 2011 v. July 2011 NADA Segment 2005MY 2006MY 2007MY 2008MY 2009MY* Commercial Van 0.0% 0.0% 0.0% 0.0% 0.0% Extended Hood 0.0% 0.3% 0.2% 0.2% -1.4% Highway Aerodynamic 0.6% 0.5% 0.5% 0.3% -1.9% Highway Traditional 0.0% 0.0% 0.0% 0.0% -1.5% Local/Delivery Daycab 0.0% 0.0% 0.0% 0.1% -1.4% Medium Duty Cabover 0.0% 0.0% 0.0% 0.0% N/A Medium Duty Conventional 0.1% -0.6% -1.4% -0.7% -1.5% 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. 14

15 Guidebook Value Trends Year-Over-Year NADA Used Car Guide Value Change: July, 2010 v NADA Segment 5YR 4YR 3YR 2YR 1YR YoY Segment Change Compact CUV 21.6% 13.8% 13.8% 14.0% 9.0% 11.7% Compact Pickup 17.8% 12.1% 13.3% 19.5% 4.6% 12.8% Compact SUV 6.7% 16.0% 8.9% 1.8% 6.4% 6.0% Entry Compact 36.8% 41.1% 41.6% 37.2% 57.8% 48.5% Entry Subcompact 44.6% 47.8% 49.6% 35.7% 25.4% 37.7% Intermediate Compact 30.9% 22.8% 29.6% 23.7% 25.4% 27.5% Intermediate Large 24.0% 19.4% 22.8% 11.5% 14.7% 14.9% Intermediate Mid-Size 28.8% 29.7% 23.3% 13.2% 19.9% 21.7% Intermediate Subcompact 18.2% -1.1% 30.8% 26.3% 16.2% 17.4% Large Pickup 1.9% 8.2% 5.9% 4.0% 0.7% 1.3% Large SUV -3.6% 12.9% 3.8% 1.1% -0.2% 3.5% Large Van 17.6% 15.8% 17.3% 9.7% 12.4% 12.0% Luxury Compact 17.3% 32.8% 13.1% 3.3% 22.6% 19.0% Luxury Large 18.0% 24.1% 22.1% 11.8% 6.8% 12.2% Luxury Large Pickup 1.5% 8.5% 13.7% 27.8% -4.9% 2.1% Luxury Large SUV 3.2% 15.7% 14.4% 6.8% 2.5% 5.0% Luxury Mid-Size 24.7% 17.0% 11.2% 7.1% 24.4% 19.5% Luxury Mid-Size CUV 10.4% 12.9% 3.9% 8.0% 7.8% 8.7% Luxury Mid-Size SUV 22.2% 24.8% -1.3% 11.5% 16.1% 16.2% Mid-Size CUV 23.5% 17.0% 11.1% 9.3% 7.8% 10.3% Mid-Size SUV 12.2% 11.0% 9.3% 9.3% 9.0% 5.3% Mid-Size Van 21.3% 9.9% 27.3% 15.8% 10.3% 18.5% Near Luxury Compact 21.4% 13.8% 19.3% 11.7% 7.1% 13.7% Near Luxury Mid-Size 15.7% 18.5% 22.6% 7.7% 4.9% 12.4% Premium Luxury Compact -1.1% 11.8% 10.2% 10.2% 8.1% 9.8% Premium Luxury Large 13.6% 29.2% 14.0% 8.5% 19.7% 14.4% Premium Luxury Large SUV 16.8% 16.2% 19.2% 9.0% 12.6% 11.8% Premium Luxury Mid-Size 22.4% 22.3% 12.3% 11.2% 10.9% 8.7% Premium Luxury Mid-Size CUV 18.0% -12.1% 30.6% 15.8% -5.7% 6.9% Upper Compact 13.5% 17.1% 11.8% 12.6% 1.5% 10.8% Upper Large 20.0% 14.8% 16.8% 11.5% 1.4% 12.0% Upper Mid-Size 18.3% 16.2% 13.3% 31.5% 9.8% 14.1% Upper Subcompact 7.4% 28.1% 20.3% 15.3% 6.6% 5.5% *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 CY2009. ATD/NADA Commercial Truck Guide Value Change: July, 2010 v YoY Segment NADA Segment 5YR 4YR 3YR 2YR Change Commercial Van 23.9% 34.5% 51.3% -1.6% 21.0% Extended Hood 39.0% 23.2% 43.5% 30.3% 27.2% Highway Aerodynamic 60.1% 33.9% 61.7% 40.2% 37.5% Highway Traditional 30.9% 24.2% 40.0% 30.8% 19.7% Local/Delivery Daycab 42.5% 32.0% 49.7% 32.4% 33.4% Medium Duty Cabover 45.1% 47.8% 33.6% N/A 17.7% Medium Duty Conventional 23.6% 27.6% 30.5% 15.7% 16.4% Vocational/Construction 25.1% 31.4% 61.6% 8.3% 26.3% *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 CY

16 Guidebook Value Trends Year-To-Date NADA Used Car Guide Value Change: January July 2011 NADA Segment 2006MY 2007MY 2008MY 2009MY 2010MY* YTD Segment Change Compact CUV 1.3% 1.5% 1.8% 0.7% 1.3% 1.3% Compact Pickup 0.4% 0.6% -0.6% 0.4% -0.7% 0.3% Compact SUV -0.9% -2.9% -0.6% -1.2% 0.0% -1.2% Entry Compact 24.4% 24.0% 22.3% 28.0% 2.9% 24.6% Entry Subcompact 32.5% 29.1% 20.7% 22.7% 6.6% 24.0% Intermediate Compact 11.7% 13.5% 15.0% 15.0% 4.4% 13.9% Intermediate Large 6.5% 6.6% 7.5% 3.0% 0.0% 5.3% Intermediate Mid-Size 10.6% 10.4% 11.4% 8.9% 1.0% 10.4% Intermediate Subcompact 15.4% 18.0% 20.1% 15.2% 3.8% 16.6% Large Pickup -9.4% -8.5% -6.8% -5.2% -1.7% -7.5% Large SUV -10.4% -10.7% -8.5% -7.0% -4.7% -8.9% Large Van -1.0% -0.5% 1.6% -2.3% -0.9% -2.2% Luxury Compact 7.2% 9.7% 5.4% 0.2% 1.3% 4.2% Luxury Large 0.7% 1.7% -0.7% -4.0% -3.5% -1.2% Luxury Large Pickup -5.9% -6.6% -3.9% -4.9% -1.6% -5.4% Luxury Large SUV -11.7% -7.8% -6.6% -5.9% -2.2% -7.6% Luxury Mid-Size 2.0% 1.0% 2.0% -1.3% -0.3% 0.9% Luxury Mid-Size CUV -4.3% -2.5% -3.3% -3.0% -0.4% -3.3% Luxury Mid-Size SUV -2.9% -1.4% 0.1% -3.0% -0.5% -2.1% Mid-Size CUV -2.6% -2.6% -2.3% -2.2% -0.6% -2.3% Mid-Size SUV -7.4% -7.0% -5.0% -4.0% -1.8% -5.8% Mid-Size Van -0.9% 0.1% 0.2% 0.4% 0.8% -0.1% Near Luxury Compact 2.0% 2.0% 3.3% 1.0% 1.3% 1.8% Near Luxury Mid-Size 4.3% 4.2% 0.8% -1.7% 0.8% 0.0% Premium Luxury Compact 4.5% 3.0% 0.5% 0.9% 0.8% 1.7% Premium Luxury Large -1.8% -1.7% -2.5% -4.3% 0.0% -2.6% Premium Luxury Large SUV -1.9% 3.2% 1.6% -2.3% 0.4% -0.1% Premium Luxury Mid-Size 4.1% 4.0% 1.3% -1.4% 1.1% 1.7% Premium Luxury Mid-Size CUV -3.0% 0.5% -1.6% -2.6% -0.4% -2.0% Upper Compact 4.5% 3.4% 5.6% 1.0% 2.8% 3.8% Upper Large 3.9% 4.2% 4.1% 3.4% -0.4% 3.8% Upper Mid-Size 5.5% 2.0% 6.6% 3.9% 2.4% 4.4% Upper Subcompact 3.5% 13.5% 11.5% 4.9% 2.0% 7.8% *May 2011 through current period. ATD/NADA Commercial Truck Guide Value Change: January July 2011 YTD Segment NADA Segment 2005MY 2006MY 2007MY 2008MY 2009MY Change Commercial Van 1.9% 2.6% -1.7% 1.1% -3.1% 0.3% Extended Hood -1.6% -4.2% -10.5% -2.4% -6.9% 2.8% Highway Aerodynamic 0.2% -6.2% -14.7% -7.5% -8.4% -8.6% Highway Traditional 0.0% -5.6% -12.2% -5.2% -6.6% -9.4% Local/Delivery Daycab 1.1% -2.1% -6.4% -2.7% -6.4% -2.0% Medium Duty Cabover 9.7% 7.0% 4.6% 0.0% N/A 4.0% Medium Duty Conventional -2.3% -2.9% -3.9% -1.7% 3.6% -1.7% Vocational/Construction -0.2% 0.0% -0.3% 0.5% 0.0% 4.5% 16

17 At NADA Used Car Guide At NADA Used Car Guide Do you have a product or service that you provide to third party industry clients? If so, have you considered the benefits of providing NADA values as a part of your product or service? By providing NADA Used Car Guide data within your application, your clients will immediately realize the increased efficiencies. NADA Used Car Guide is the book of choice for automobile dealers, lenders and finance companies, local, state and federal governments, insurance companies and many others. And by providing access to NADA values within your product, you provide a one-stop shop experience for your client while improving the value of your brand. Choose from the following Integration Tools: NADA Web Service A true web service based on SOAP and HTTP standards. NADA e-valuator API Provides flexibility while retaining the look and feel of your application. NADA.NET API A native.net assembly designed for internet and client-server development. NADA Used Car Guide Data Files Integrate our raw data files for either batch or online processing. Allow NADA to help build your brand strength, create a market-competitive edge for you, and minimize vehicle valuation errors for your clients. Give your customers the edge they demand with NADApowered vehicle valuation solutions. For more information on becoming a Value Added Remarketer, please contact James Gibson at jgibson@nada.org or ext 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. 17