EDITOR'S NOTE: Updated to include the re-opening of ADESA Assurance on Monday. Among other measures to “help protect the business and its liquidity” amid the negative impact of COVID-19 on its operations, KAR Global said in its earnings release Thursday it furloughed roughly 11,000 employees last month. This news comes on the same day it […] [Read More]

Cox Automotive will furlough over 12,500 employees internationally later this month, roughly 10,000 of which are in the U.S., the company said in a statement provided to Auto Remarketing. Cox Automotive is starting the furloughs May 17. They will last for up to 16 weeks. The company emphasized that, “those furloughed will remain employees of Cox […] [Read More]

CarOffer founder and chief executive officer Bruce Thompson returns to the Auto Remarketing Podcast to talk about what fuels his optimism about the pre-owned car market, the re-opening of automotive markets in Texas, updates on CarOffer and more. Thompson recently wrote an Op-Ed story for Auto Remarketing about his "8 reasons for pre-owned optimism."  That column […] [Read More]

Michele Noblitt is retiring from her position as executive vice president of Dealers Auto Auction of the Rockies, and the company says that since she started in 1999, the auction and its stakeholders “have enjoyed the velvet-gloved service Michele and her team delivered.” The company said Noblitt’s influence was widely felt “as the little auction […] [Read More]

The National Auto Auction Association’s safety committee is working with ADESA and Manheim to develop a “playbook” for auctions on how to safely re-open a physical sale amid COVID-19, as some restrictions begin to loosen. NAAA aims to distribute the playbook in the next seven to 10 days, chief executive officer Frank Hackett said in a […] [Read More]

Just like finance companies are working with consumers about modifications to their vehicle installment contracts, Hertz secured similar considerations since the travel industry is nearly nonexistent because of the coronavirus pandemic. According to a filing with the Securities and Exchange Commission posted on Monday, Hertz acknowledged that it did not make certain payments in accordance […] [Read More]

Perhaps some used-car managers filled a void left with no live sports to watch on television with observing activity during online sales. The newest Black Book Market Insights report released on Tuesday indicated managers aren’t just watching; they’re starting to bid and buy a bit more, too. Black Book vice president of automotive valuations Laura […] [Read More]

The International Automotive Remarketers Alliance is beginning a three-part informational webinar series on Friday titled, “IARA Road to Recovery 2020.” The opening segment is scheduled to feature KAR Global chief economist Tom Kontos and Cox Automotive chief economist Jonathan Smoke, who plan to discuss six topics, including: • Status of the COVID-19 pandemic and the […] [Read More]

Wholesale auction sales for the week ending April 26 marked the third consecutive sequential gain, according to J.D. Power Valuation Services, which also said sales for that period  were over twice as strong as the tally from the market’s worst week. The firm said in its COVID-19 Valuation Services Update released Thursday that there were 39,700 […] [Read More]

Wholesale-price analysis and projections from Black Book, Cox Automotive and J.D. Power Valuation Services contained a variety of encouraging assessments about the trajectory of this vehicle metric. Beginning with the latest update from J.D. Power Valuation Services, analysts there said wholesale auction prices ticked up by a little more than 1% on a weekly comparison […] [Read More]