Tim West is nearing the final hammer of his professional career in the wholesale industry. Black Book announced on Monday that West, the company’s vice president and North American auction director, plans to retire at the end of the year after more than 36 years with the company. “Tim is a trusted colleague and one […] [Read More]

There were only so many specifics KAR Global’s executive leadership could provide, pending regulatory approvals, but a conference call Tuesday with the investment community offered a glimpse into the strategy behind KAR’s agreement to buy BacklotCars for $425 million and what the dealer-to-dealer online auction platform may bring to the company. First, the basics. KAR […] [Read More]

Wholesale vehicle prices are on quite a hot streak. The Manheim Used Vehicle Value Index climbed nearly 16% year-over-year in August and soared to a third straight record month. Specifically, the index was at 163.7 for the month, up 15.8% from August 2019. There was a 3.64% rise in wholesale prices (adjusted for mix, mileage […] [Read More]

KAR Global has reached a deal to purchase BacklotCars, an online dealer-to-dealer wholesale platform, for $425 million. KAR announced the definitive agreement Tuesday morning, and the purchase is subject to certain regulatory approvals and other customary closing conditions. Assuming those conditions are met, KAR expects the deal to close by the end of the year. […] [Read More]

Auction sales hit a bit of snag in the final full week of August, due in part to the impact of Hurricane Laura. According to the latest Used Market Update from J.D. Power, there were 73,000 auction sales of vehicles up to 8 years in age for the week ending Sunday (Aug. 30). That is […] [Read More]

Wholesale prices might have hit their apex in August, according to the team at Black Book. Analysts released their Used Vehicle Retention Index for August, which came in at a new high for the measurement at 129.0. That reading represented a 3.0-point rise from July, but Black Book isn’t expecting the climb to continue. “Wholesale […] [Read More]

Manheim has released three new enhancements to its digital marketplace, stating that as wholesale remains largely digital, the ability for dealers to buy and sell online with ease has never been more important. The company says those enhancements include significantly more images on vehicles checked in at a physical location, the opportunity to more easily […] [Read More]

America’s Auto Auction St. Louis general manager Todd Ritter says Zach Evans has used his experience to “help build and strengthen the fleet/lease accounts at America’s St. Louis.” Evans is fleet/lease manager at America’s Auto Auction’s St. Louis auction, and because of his work such as building fleet/lease accounts and meeting the challenges of doing […] [Read More]

Add auctioneers to the list of professionals from throughout the automotive industry having to put in more effort to overcome challenges created by the coronavirus pandemic. In the latest installment of COVID-19 Market Insights released by Black Book on Tuesday, analysts described what’s happening in the lanes nowadays as dealers continue to keep a close […] [Read More]

KAR Global shared its July wholesale price data on Thursday, reiterating how the coronavirus pandemic is making its metrics unusual compared to what dealers and consignors typically see during the summertime. According to KAR Global Analytical Services’ monthly analysis of wholesale used vehicle prices by vehicle model class, wholesale prices in July averaged $13,375, representing […] [Read More]