One of the initial questions that McLaughlin asked Corcoran and Ritza dealt with the declining value of the U.S. dollar in comparison to other global currencies, including the Canadian dollar.

“The continuing (decline in) the U.S. dollar is going to put pressure on everything we’re doing,” Corcoran responded. “We’ve faced challenges. The U.S. importation of vehicles is only going to hurt us on high-end vehicles.”

A favorite topic during the conference, McLaughlin also asked the panel about how residual values can be protected.

“The key is exposure (when selling it),” Ritza commented. “Get the vehicle in front of as many people as possible.”

Ritza also stressed the importance of vehicle history reports and providing as much information to the consumer as possible. He noted that a vehicle’s history and condition is the biggest question consumers have.

“Provide them with the story of the vehicle,” Ritza noted. “Many, many times, dealers at the auction have come up to me and said that there’s true value in vehicle history.”

The panelists were also asked about advances in remarketing and where the industry has seen the biggest innovation.

“The one I’ve seen have a big impact is simulcast. It eliminates some of that regional arbitrage and exposes vehicles back to people at the office,” Corcoran noted.

Ritza indicated that he utilizes ADESA’s remote seller, as did Corcoran.

But even with advances in technology, Corcoran stressed the value of being physically present at sales, if at all possible.

“We just feel being on the ground is key to the transaction process,” Corcoran noted. “We believe in putting feet on the ground wherever possible.”

So, what then are the opportunities for the rest of 2008?

“I think we’re going to have to be more innovative in the way we are selling,” Corcoran commented. “The opportunity is, you need to take advantage of every tool you have. You need to understand what’s out there.”

Along those same lines, McLaughlin asked the panelists about their specific goals in terms of advancing technology.

Ritsza emphasized tools that can “maximize the exposure for my product.” Meanwhile, Corcoran touched on the need for innovation that can improve such processes as follow up and delivery.

In closing, the panelists urged attendees to pay attention to what’s selling the best, along with also recommending to always present vehicles in the best manner. Essentially, pay careful attention to every detail in the sales process and consider where and how a vehicle is sold.