ServNet has added two more auctions to its ranks, both of which are in the Western U.S. The auction group said in its latest online newsletter that Dealers Auto Auction of Idaho and Dealers Auto Auction of Las Vegas are now members of ServNet. The latter was recently acquired by the McConkey Auction Group, which […] [Read More]

Registration is now open for Used Car Week, which will be an all-digital endeavor this year, with content spread across four weeks this fall. Similar to a host of other industry gatherings, Used Car Week is shifting to an all-digital format that will still include the staples of the event — Pre-Owned Con, Auto Fin Con, Repo […] [Read More]

After racing higher when auctions began to move vehicles through the wholesale market again after the outset of the coronavirus pandemic, values are starting to make a noticeable turn lower, according to Black Book’s newest COVID-19 Market Insights released on Tuesday. While the dollar amount might only fetch a drive-thru meal for you and your […] [Read More]

John Hammer, who is chief commercial officer of KAR Global and president of ADESA, and Steve Jordan, who is KAR's executive vice president of dealer sales, join the latest episode of the Auto Remarketing Podcast.  They talk with Auto Remarketing's Joe Overby about the digitization of wholesale, dealer-related projects KAR has in store and much […] [Read More]

Manheim said Monday it has added seven auctions in the Southeast to its Digital Block in-lane bidding program, meaning the company now has more than 50 locations in the program. The auctions added this week are all in Tennessee (Manheim Nashville) or Florida (Manheim Central Florida and Manheim Fort Myers, Manheim Pensacola, Manheim Daytona Beach, […] [Read More]

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]