After starting the pilot with two locations last week, Manheim will resume running cars down the lanes at 12 more auctions starting this week. Added to the pilot program are Manheim Ohio, Manheim Dallas, Manheim Fort Myers, Manheim Lakeland, Manheim Pittsburgh, Manheim San Antonio, Manheim Albany, Manheim Cincinnati, Manheim Dallas-Fort Worth, Manheim Omaha, Manheim Texas […] [Read More]

KAR Global said Thursday it has completed its purchase of BacklotCars, a $425 million deal first announced in September. In a news release, KAR said the acquisition “supplements” its existing crop of digital marketplaces like TradeRev, ADESA.com and OPENLANE, while also growing KAR’s presence in key markets and “anchoring continued expansion into new geographies to […] [Read More]

This week, Copart opened its sixth location in North Carolina, rolling out a facility in Lumberton consisting of 89 acres. The development represented the second Copart opening in the Tar Heel State. In March, the company unveiled a location in Concord. “We're happy to offer a new location in North Carolina for our buyers and […] [Read More]

The remarketing industry’s digital shift has presented dealers with new opportunities to streamline their business and increase their profits. But some dealers —maybe even you — still have concerns and are reluctant to embrace the shift. However, when you look at the in-lane experience versus the digital experience, they really aren’t that different. In a […] [Read More]

Uneven floors aren’t good for a house as far as its construction or current state. And uneven floors potentially are causing some issues for dealers at the auction, too, as mentioned in the latest COVID-19 Market Insights from Black Book. Black Book reported the continued seasonal decline in values for both cars and trucks, while […] [Read More]

“I think I was born to play the drums,” Tom Kontos says in a mid-October phone interview. Long before the KAR Global chief economist was crunching numbers and dispensing auction market analysis, he was taking his mom’s silverware and tapping on tables as a child. Or, to the chagrin of his teachers, turning a rhythm […] [Read More]

Former KAR Global executive and TradeRev president Becca Polak has joined CarLotz as its first chief commercial officer and general counsel. Polak joins the senior management team at CarLotz, which recently announced plans to go public through a merger with special purpose acquisition company Acamar Partners Acquisition Corp.  She reports to co-founder and chief executive […] [Read More]

XLerate Group Auctions’ Charleston Auto Auction in South Carolina has hired a former ADESA national specialty and mobile manager as its new specialty sales/fleet lease remarketer. The new hire is Andy Shaffer, and XLerate said he brings extensive knowledge of the specialty and auto remarketing industry. Charleston Auto Auction general manager Laura Taylor said Charleston is […] [Read More]

Despite challenges that included lower volumes, KAR Global made some big strides in the third quarter, including some progress in its TradeRev business unit, amid a wholesale marketplace that remains largely digital within the company. Revenue came in at $593.6 million for Q3, down from $701.9 million a year ago. But KAR generated $47.1 million in […] [Read More]

There was a 15.4% year-over-year spike in the Manheim Used Vehicle Value Index in October, continuing a string of wholesale price growth from 2019. Prices were up 0.47% from September on a mix-, mileage- and seasonally adjusted basis, bringing the index to 161.9. “The non-seasonally adjusted monthly change was -1.9%, which was more in line […] [Read More]