Quarterly NADA AuctionNet Summary: Used SUV and Pickup Truck Prices Continue Historic...

Quarterly NADA AuctionNet Summary: Used SUV and Pickup Truck Prices Continue
Historic Decline in Second Quarter '08; Passenger Car Values Climb

Major Market Shifts Driven by High Fuel Costs, Low Consumer Confidence

MCLEAN, Va., July 23 /PRNewswire-USNewswire/ -- The average wholesale price of
used vehicles sold at auctions declined for sport utility vehicles (SUVs),
pickup trucks, crossover utility vehicles (CUVs) and vans in the second
quarter of 2008 from the first quarter of the year, while used passenger car
prices increased, according to NADA AuctionNet data released by the NADA Used
Car Guide -- the industry standard in used-vehicle valuation products and
data.

The data reflects a continuing shift in demand by consumers and automobile
dealers to more fuel-efficient vehicles as gas prices climb and consumer
confidence falls.

Used pickup truck and SUV prices led the declines, with wholesale prices
falling 11.2 and 9.6 percent respectively on 1-to-5 year old vehicles. They
were followed by CUVs and vans, with values falling 3.8 and 3.0 percent
respectively.

Used passenger cars were the only segment showing price gains, up 3.5 percent,
driven largely by strong demand in the compact and midsize segments.

As a result, the $3,500 price premium that SUVs and pickup trucks have
historically held over passenger cars has diminished significantly. Pickup
truck prices have fallen to levels nearly equal to passenger cars, while the
gap is closing between SUVs and cars.

The median age of SUVs for sale at auctions increased by more than a year to
42 months from 29 months in the April, May and June quarter compared to the
first three months of the year, indicating a continued migration out of this
segment and more consumers trading in older SUVs.

"Fuel prices continue to be the dominant factor in resale values," said
Terrence W. Wynne, director of editorial and data services for the NADA Used
Car Guide.

"Within NADA sub segments, we estimate that for every $1 increase in gas,
large pickups decline in value by $2,200, on average," he added. "By
contrast, for intermediate compact cars, a $1 increase in fuel costs lifts
resale prices by an estimated $980. These estimates do vary on younger and
older vehicles."

Wynne pointed out that the NADA Used Car Guide is responding by making "fairly
aggressive" devaluations of SUVs and pickup trucks through the end of this
year. "It is evident that this is a long-term depreciation trend as opposed
to volatile, near-term price behavior," he said.

According to the AuctionNet data, average car and light truck quarterly
pricing trends were as follows:

CAR CUV Pickup SUV VAN
Q1 08 Average Price $12,705 $16,434 $14,835 $15,846 $11,727
Q2 08 Average Price** $13,145 $15,814 $13,170 $14,322 $11,380
Percent Change 3.5% -3.8% -11.2% -9.6% -3.0%

Source: AuctionNet Data
** Adjusted for Mileage and Model Mix

AuctionNet(R) is an industry-unique wholesale auction database, available
exclusively from NADA Used Car Guide, in joint partnership with the National
Auto Auction Association (NAAA). Over 80 million records strong and updated
weekly, it captures sales from all Manheim, ADESA as well as participating
ABC, ServNet and large independent auctions, representing over 80% of
nationwide auction activity.

About NADA Used Car Guide
Over a 75-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. For more information, visit
www.nada.com/b2b.

SOURCE National Automobile Dealers Association

Jeff Beddow of the National Automobile Dealers Association, +1-703-304-8117,
jbeddow@nada.org