Two months after ACERTUS named a new chief executive officer, the tech-driven automotive logistics and services company this week announced the professional who now will be serving in the newly created position of chief revenue officer. Tasked with leading global sales operations, driving revenue growth and supporting ACERTUS’ ongoing mission to be a leader in […] [Read More]

CarLotz filed a Form 8-K with the Securities and Exchange Commission on Wednesday, explaining that its “profit-sharing corporate vehicle sourcing partner” has notified CarLotz that it has paused consignments to the company, given the condition of the wholesale vehicle market. CarLotz declined to share the name of the sourcing partner, citing a legal agreement, but […] [Read More]

Going into Memorial Day weekend and the unofficial start of summer, Black Book used its latest installment of Market Insights to give a well-rounded recap of the rising wholesale price trajectory that’s now lasted four months with average weekly increases above 1.0% for the past 11 weeks. Black Book explained these rapidly rising values can […] [Read More]

Even (and perhaps especially) in an increasingly digital landscape, the physical space owned by brick-and-mortar auto auctions can be advantageous. That was apparent with a recent move by Manheim Central Florida, which transformed one of its unused spaces into a mechanic facility for retail reconditioning. The now 8,500-square-foot recon space was formerly a multipurpose facility […] [Read More]

Data contained in the newest Kontos Kommentary might have reinforced value of the latest functionality of ADESA’s platform to help dealers still be profitable during times of unprecedented wholesale prices. Coinciding with the launch of the company’s proprietary “% to Retail” tool, KAR Global chief economist Tom Kontos said average wholesale vehicle prices cracked the […] [Read More]

The Manheim Used Vehicle Value Index appears headed for unprecedented territory. After the first 15 days of May, the mid-month reading of the index eclipsed the 200 mark, climbing 48% from May 2020 and reaching 202.9. A look at readings of the index dating back to January 1997 shows [Read More]

Editor's Note: This is a special preview, available only to CMG Premium subscribers, of Auto Remarketing's "Beyond the Transaction" special supplementary issue. Even in a wholesale auto industry that’s increasingly going digital, it’s never really quite as simple as “push a button, buy a car.” Be it at a physical auction, through an online auction or any other […] [Read More]

Sweet 16, indeed. Black Book reported on Tuesday via its latest installment of Market Insights that wholesale values now have increased for 16 consecutive weeks. It’s getting so intense in the lanes that some dealers are fetching better returns in the wholesale space rather than via retailing. “Despite the limited inventory on dealer lots, many […] [Read More]

ADESA said Tuesday it has named new general managers at several of its auction locations throughout the U.S. and Canada. Those auctions and their respective new GMs are: ADESA Pittsburgh: Carly Bishop ADESA East Tennessee: Terry Costner ADESA Nashville: Ryan Hellemn ADESA Mercer: David Skiver ADESA Houston: Brian Wetzel ADESA Moncton: James Murphy Regarding the […] [Read More]

In looking at the highlights of the first-quarter results at ACV Auctions, one in particular stands out: its auction marketplace revenue nearly doubled. ACV reported $34.3 million in auction marketplace revenue during Q1, which beat year-ago figures by 92%.   Its marketplace and service revenue was up 69%, coming in at $58.4 million. Marketplace unit sales were […] [Read More]