The ServNet auction group has a new executive director. Officially taking on that post is Chris Angelicchio, whose background in the industry goes back 20 years and whose family has been in the auto auction business for generations. Angelicchio’s auction career dates back to 2002, when he joined his family’s Pittsburgh Independent Auto Auction in […] [Read More]

Dealers found a small piece of price relief in the wholesale vehicle market last month. Though still historically high and well above year-ago and pre-pandemic levels, wholesale vehicle prices have shown their first month-over-month decline since … [Read More]

Manheim announced Monday that it is launching mobile imaging capabilities powered by Fyusion — a company in the computer vision and vehicle imaging solutions space that parent company Cox Automotive acquired in early 2021 — at all of its auction locations. The company has also installed an AI-driven fixed imaging gantry at its Manheim Minneapolis auction. […] [Read More]

KAR Global’s agreement to sell its U.S. ADESA auto auction business to Carvana has potential impacts to parties beyond those involved in the deal. For example, their respective competitors, who have various business relationships with the aforementioned companies. So, what happens to those relationships moving forward? [Read More]

The leadership structure of the newly combined XLerate and America’s Auto Auction groups continues to take shape. XLerate Group — which is the parent company of America’s, Auction Credit Enterprises, XLerate Auctions, XL Funding and Liquid Motors — has named four new senior vice presidents. These new senior VPs — Laura Taylor, John Swofford, Jason Nichols and Brian […] [Read More]

Tuesday was the first day of March, and signs of the spring market might be germinating in the lanes. According to Black Book’s Market Insights, wholesale prices still declined last week, but not as much as analysts had seen earlier in February. Black Book pegged the latest weekly value decline at 0.61%, which is 17 […] [Read More]

It may seem like digitization of wholesale automotive is at peak intensity. But it’s only the beginning, says KAR Global chief executive officer Peter Kelly. And KAR’s agreement to sell its ADESA brick-and-mortar auction business in the U.S. to Carvana makes the company leaner and more financially flexible to capitalize on this increasingly digital environment. […] [Read More]

It appears the frenetic M&A activity in auto retail has found its way to the wholesale space. ACV said Monday it has acquired Monk SAS, an imaging and vehicle inspection platform designed to automotive vehicle damage detection through artificial intelligence. Within the last week,  E Automotive Inc. and its EBlock brand have purchased the FastLane Auto […] [Read More]

For decades, you could walk into an ADESA facility (or any auto auction, for that matter) and generally know what to expect on sale day. A multitude of lanes, each with a block where an auctioneer would call bids, as vehicles would slowly drive through as dealers put in their bids. The auction format has […] [Read More]

Carvana’s agreement to buy ADESA’s U.S. auction locations for $2.2 billion is arguably the most landscape-shifting move to impact the wholesale auto industry in decades, if not ever. One might ask, though, why would a digital used-car retailer buy such a physical asset-heavy business as a bricks-and-mortar auto auction chain — especially at a time […] [Read More]