During Wednesday’s quarterly Manheim Used Vehicle Value index call with the industry, Cox Automotive chief economist Jonathan Smoke began his opening comments with this update. "On this call, we find the industry and used-vehicle values having performed very strongly in the last quarter, but September marked an important change," Smoke said.  For one, that change involved […] [Read More]

Copart has made a trio of senior leadership moves this week, including naming a new chief operating officer, chief marketing and product officer and chief financial officer. Starting with the new COO to replace the recently retired Sean Eldridge, appointed to that position was Steve Powers, who had been the company’s Eastern Division vice president […] [Read More]

Fall’s arrival appears to be bringing welcomed relief for independent dealerships looking to build their inventory. Black Book explained why through its latest COVID-19 Market Insights released on Tuesday. Analysts recapped in the report, “This past week, we saw more independents being the successful bidder. This is a welcome sight as we’ve talked to so […] [Read More]

KAR Global employee Jenny White has volunteered as a sponsor and advocate with Compassion International, making five trips to Uganda and “forging and making connections with children that will last a lifetime,” according to KAR. Because of that work, KAR recognized White during the annual Jefferson Awards ceremony, which honors community volunteerism. The awards are […] [Read More]

As it invests further into strategic growth areas, ACV Auctions has appointed three new independent members to its board of directors. Those new board members each offer decades of experience from their respective industries, according to ACV. That can “enrich ACV’s perspective in key growth areas from transportation and capital to product innovation,” the company […] [Read More]

More than 70 Manheim locations have now returned to in-lane bidding via Digital Block sales, as more than a dozen have been added back in the past two weeks. That includes four resuming in-lane sales this week: Manheim Georgia, Manheim Atlanta, Manheim New Mexico and Manheim Birmingham. In the past two weeks, these auctions have […] [Read More]

Along with donating 150,000 masks to three of the largest public school districts in Texas, GM Financial recently named five regional 2019 Auction of the Year winners and the recipient of the Most Valuable Auction of the Year Award. These accolades are part of GM Financial’s annual nationwide Auction of Excellence program, recognizing the highest-performing […] [Read More]

Full-size pickups are built for hauling capability, and these particular vehicles certainly are carrying wholesale prices higher. Referenced by KAR Global chief economist Tom Kontos, as well, Black Book senior vice president data science Alex Yurchenko described what full-size pickups did to wholesale prices as Black Book shared its Used Vehicle Retention Index for September. […] [Read More]

If Tom Kontos wanted to speak in the language of his nationality when describing wholesale prices for pickups, the KAR Global chief economist would say “idiaítera dynatós,” which is Greek for “particularly strong.” Pickups are among the seven vehicle segments with wholesale prices at least 26% higher than a year ago, according to the August […] [Read More]

Wholesale values are continuing their typical autumn descent, according to the COVID-19 Market Insights released by Black Book on Tuesday. However, analysts and auction observers noticed that consignors aren’t budging much when it comes to the floors for the limited volume of vehicles going through the wholesale market nowadays. With that scenario as the backdrop, […] [Read More]