Two online wholesale vehicle marketplaces had satisfying third-quarter results and touted their technological advantages as their strongpoints, with artificial intelligence looming large. They continued to face inventory headwinds, however, and that's an issue that is expected to continue for at least several more quarters. OPENLANE reported third quarter revenue of ... [Read More]

Holman is doubling down on WEX. WEX, a global commerce platform designed to simplify the business of running a business, announced it has extended its agreement with Holman, one of North America’s largest integrated automotive service companies, through 2030. The deal continues a partnership of more than 30 years between the companies in the U.S., […] [Read More]

October is typically not a strong month for wholesale vehicle prices, and this year was no exception. However, conversion rates at the auction were solid last month as dealers were competitively snatching up inventory. That’s the latest from industry observers who released their respective monthly wholesale price indices this week. Starting with Cox Automotive, its […] [Read More]

McConkey Auction Group has had its sights set on Portland for some time. Now it’s taking the next step. In a letter from president and CEO Bob McConkey posted on the MAG website, the company announced it will open a new brick-and-mortar auction in Portland, Ore. In the letter, McConkey said MAG is “expanding our […] [Read More]

ServNet has expanded in the Southeast. The group of independently owned auctions said Wednesday that Central Arkansas Auto Auction has joined its network, which now includes 22 auctions. Cole Hooten is managing partner at the auction, which is based in Beebe, Ark. “We’re so thrilled to have Central Arkansas join ServNet. Cole and his team […] [Read More]

One of the nation’s oldest auto auctions held one of the industry’s longest-running promotions last month — and unveiled something brand new. On Oct. 10, BSCAmerica’s Bel Air Auto Auction in Belcamp, Md., hosted its 52nd annual Harvest Sale, inviting dealers from the Eastern Seaboard and beyond to an event featuring prize drawings, food and […] [Read More]

Black Book noticed typical wholesale price movements as October concluded, with one anomaly being increasing values observed for small pickups that are 8 years old or newer. But with Tuesday being both Election Day and the release of its newest installment of Market Insights, Black Book pointed to the run for the White House as […] [Read More]

Amid acknowledgement of operational challenges during the third quarter of its 2024 fiscal year, Proficient Auto Logistics on Wednesday appointed a new member to its board of directors. Joining the leadership group is Brenda Frank, who is currently is the group senior vice president of human resources, buying offices, of Ross Stores. Frank leads a […] [Read More]

In today’s competitive automotive market, American car dealers are constantly seeking ways to improve their used-vehicle inventory acquisition. The disruptions caused by the COVID-19 pandemic have made it challenging to meet consumer demand, with shortages and inflated prices becoming common in traditional sourcing channels like physical auctions. With these obstacles, online auto auctions have emerged […] [Read More]

Black Book said the wholesale market is showing “typical levels of depreciation expected for this time of year,” after overall values dropped 0.45% last week. What’s intriguing analysts most, however, is what’s going on with compact cars and small pickups, perhaps the vehicles currently most appealing to your potential retail customers. “The shortage of budget-friendly, […] [Read More]