Although the National Auto Auction Association postponed its in-person convention this year, NAAA did still find a way to honor those making big waves in the industry, as well as install its leadership for the coming year. Some of these orders of business were conducted during a recent virtual all-member meeting broadcast from NAAA headquarters in Frederick, […] [Read More]

Perhaps the opposite of the “perfect storm” is the “perfect drought.” The latter term is what KAR Global chief economist Tom Kontos used to describe what’s happening in the wholesale market, especially when it comes to prices and supply. [Read More]

Third-party logisitcs brokerage Montway Auto Transport has hired two new c-level executives this week. Chosen as the company's new chief operating officer is Kaye Ceille, while Alberto Anguiano has been named its new chief financial officer.  These moves are designed to help continue future development and growth, Montway said. Ceille brings over 25 years of experience within the transportation and travel […] [Read More]

Private equity firm Brightstar Capital Partners said Tuesday it has completed its acquisition of XLerate Group, a deal initially announced Sept. 2. Brightstar is now the majority owner of the auto auction and remarketing facilitation company. “The XLerate team’s industry knowledge and operational expertise impressed us as we spent time at their auction sites around […] [Read More]

As a used-car manager, perhaps you might be thinking, “Well, if I’m going to have to spend this much on inventory, at least those cars will turn fast.” But as ESPN college football broadcaster Lee Corso says, “Not so fast, my friend!” [Read More]

After three straight months of sequential declines following May’s all-time high, wholesale vehicle prices have started September with a month-over-month gain. That’s according to a mid-month reading of the Manheim Used Vehicle Value Index, which was at 201.4. Adjusted for mix, mileage and seasonality, wholesale prices in the first half of September were up 3.6% […] [Read More]

It's now easier for dealers to access and participate in live, auctioneer-led Manheim sales from anywhere, says the auction giant. That's because the Cox Automotive company has launched an enhanced Simulcast experience for its dealer customers on its mobile app.  Dealers continue to turn more and more to digital platforms for their wholesale buying needs. […] [Read More]

Fashion-forward used-car managers likely already know that wearing white after Labor Day isn’t frowned upon like it used to be. Black Book is seeing another trend after Labor Day in the wholesale market that’s different from what dealers often have seen in past years, especially if they’re looking for late models that could serve as […] [Read More]

CARFAX chief executive officer Dick Raines will retire from that role on Nov. 30, and taking over as CEO on Dec. 1 will be vice president Bill Eager, the company said in a news release Monday. “It’s been my honor and privilege to work with Team CARFAX for the past 30 years in fulfilling our […] [Read More]

CarLotz, a consignment-to-retail used-vehicle marketplace, has entered the Peach State, the company announced on Monday. The company said its new Georgia hub will be located at 4400 Stone Mountain Highway in Lilburn, Ga.  The store, serving the greater Atlanta area, will allow CarLotz customers to utilize its services online, or "in-hub,"at the Lilburn location.  "We […] [Read More]