The wholesale vehicle market has reached a positive milestone in June, and this particular one had not occurred in more than three months. According to the Used Market Update released by J.D. Power on Thursday, there were approximately 110,000 units sold at auction the week ending June 21, meaning each of the first three weeks […] [Read More]

COVID-19 forced Manheim Pennsylvania to postpone its 75th anniversary activities, so Manheim’s flagship auction location found another reason to celebrate. In a news release distributed late last week, Manheim highlighted record vehicle demand from dealers in June resulted in the Keystone State location selling more than 8,200 of the approximately 10,000 vehicles offered for sale […] [Read More]

The International Automotive Remarketing Alliance (IARA) opened registration for its 2020 IARA Virtual Summer Roundtable, highlighting five unique characteristics of this event on tap for Aug. 20. According to a news release, the IARA will be offering a virtual expo hall and unique sponsor positioning, opportunities for interactions between attendees, relevant topics and keynote speakers, […] [Read More]

One of the signature moves by ESPN college football commentator Lee Corso when trying to emphasize a point includes holding up a pencil and telling his colleagues on the TV program, “Not so fast, my friend!” Well, KAR Global chief economist Tom Kontos did a bit of an impersonation this week when sharing the company’s […] [Read More]

Through a partnership with Manheim Digital, Carvana has launched an online wholesale platform, CarvanaACCESS, that allows dealers to buy wholesale vehicles directly from the company. Carvana locations process consumer trade-ins and other wholesale units, which then go into a timed-bid auction on CarvanaACCESS.com.  Cars in that auction, which is powered by the Manheim Digital partnership, […] [Read More]

IAA branding now can be seen on either side of the Atlantic Ocean. On Wednesday, IAA announced that its U.K.-based business unit HBC Vehicle Services has rebranded as part of the global IAA brand. The company explained the rebrand reflects IAA’s commitment to investment, innovation and customer collaboration in the U.K. market. When IAA spun […] [Read More]

With Cox Automotive continuing to emphasize digitization in both wholesale and retail and aiming to connect its digital offerings across the company’s brands, it has appointed Derek Hansen — previously the Manheim vice president of offsite solutions — to a role leading the Stockwave and iRecon teams at vAuto. Meantime, it has added Connie Suozzo and Blake […] [Read More]

Black Book analysts made the connection of how federal stimulus payments and enhanced unemployment benefits given during April and May combined with limited used-vehicle inventory combined to create the highest weekly appreciation “in recent history.” According to Black Book’s newest COVID-19 Market Update released on Tuesday, overall car and truck segments values both generated gains […] [Read More]

UPDATED with new timing on second round of pilots.  Manheim is piloting the return of in-lane bidding at five of its auctions this week, with three more set to follow soon, a company spokesperson told Auto Remarketing via email. The first of these sales is at Manheim Dallas on Tuesday. Others that will pilot in-lane […] [Read More]

Auto auctions sold slightly fewer cars last year, but the gross value of those sales was up more than 3% and topped $111 billion, according to the National Auto Auction Association’s 23rd annual survey, which was released Friday. NAAA-member auctions sold 9.8 million vehicles in 2019, which was down 1.1% year-over-year.  But the total value […] [Read More]