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This action prompted the partners to make Manheim Auto Auction a dealer-only enterprise, making Manheim the largest auto exchange in 1959. [ 2 ] By 1966, Manheim Auto Auction established itself as the world's volume leader, selling off 45 vehicles per hour or 700 cars/trucks on a given Friday night at the 16-laned auction.
Mecum Auctions was founded in 1988 by Dana Mecum, [1] a car enthusiast whose father operated a dealership in Marengo, Illinois. [2] [3] Dana Mecum initially bought 40 semi-trailer trucks in the 1980s, and traded 10 of them for four houses which he rented out.
In 2007, the Heard chain represented $2.1 billion revenue, [3] [5] much of which came from the sale of new GM products. [5] That year, however, its dealerships began to post significant monthly losses as the domestic auto market faced a downturn. [5] In 2008, dealerships posted monthly losses that ranged from $2 to $5 million. [5]
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