I received a number of emails regarding my note Thursday on Manheim's quarterly conference call. 

The comments came from a variety of sources, dealerships, public dealer groups, finance companies, etc.  I am not going to quote or name anyone.  But I did want to give you an idea of the comments people gave me. 

#1: Public Used to New Ratio Decline due to higher new sales. 

On Thursday, I said that over the years investors were led to believe (the higher margin) used vehicles hold up better when demand for new vehicles ebb.  But the demand for new vehicles are down 4% or so since 2000, and yet the used to new ratio at the large public dealership groups are ...

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