Summerset Group has made a strategic investment in software provider Integrated Auction Solutions. IAS said that the digital wholesale marketplace is “quickly evolving,” and the company said Summerset LLC recognized an opportunity to “drive forward digital wholesaling” for independent auctions, consignors and dealers. Summerset, a growth management investment company, saw the opportunity to do that […] [Read More]

Along with four overall observations and projections about sagging used-vehicle values, Edmunds senior manager of insights Ivan Drury also pointed out the impact made by what he called the “invisible market.” Drury and Edmunds’ other analysts say that a sudden halt in demand for vehicles combined with economic uncertainty will lead to an initial knee-jerk […] [Read More]

ACV Auctions has purchased another inspection company, this time acquiring ASI, it said late Tuesday afternoon. ASI, which was previously part of SGS Transportation Services in the U.S., provides a variety of inspection services to the auto industry — including off-lease, which will be a major piece of its work with ACV. This purchase follow’s […] [Read More]

Based on the dynamics described in the most recent updates compiled by Black Book, used-car managers might have one of the most difficult industry jobs nowadays. They’re seeing increased supply and decreased demand collide in the auction lanes, creating significant uncertainty about how to gauge trade-in values. “Sellers that focus on cheaper units are hopeful […] [Read More]

April will end up with the largest-ever year-over-year decline in the Manheim Used Vehicle Value Index, should current price trends remain on track. Manheim parent company Cox Automotive debuted its first mid-month edition of this index that measures wholesale vehicle price activity on Friday and found that the Manheim index is at 125.2 halfway through April, down 9.6% compared to the […] [Read More]

A new exclusive agreement between IAA and NASCAR Enterprises LLC allows IAA to use NASCAR facilities for total loss vehicle storage after a catastrophe. IAA said the agreement further increases its catastrophe capacity footprint and expands an already long-term relationship between the two organizations. In addition to the company’s other catastrophe acreage, the 14 NASCAR […] [Read More]

Vehicle pricing and analytics company Black Book is integrating its values into a new product to help dealers digitally connect with consumers. With the new tool from TEXTiUM called Email Instant Trade Values. agencies can connect any email campaign with the ability to offer each email recipient their vehicle’s Black Book trade value. The value […] [Read More]

While there are still a few locations that have suspended operations, the auto auction community at large is back on track with simulcast sales, with “just about everybody” running these virtual auctions, including the majority of independents, along with corporately owned ADESA and Manheim. National Auto Auction Association chief executive officer Frank Hackett shared this […] [Read More]

Lane activity might still be way down, but Black Book offered a robust amount of information through its latest installment of Market Insights on Monday. While noting no-sale rates remain high, analysts touched on 10 other data points while Black Book’s representatives still collected observations from the virtual sales happening during the coronavirus pandemic. To […] [Read More]

Manheim president Grace Huang joined the Auto Remarketing Podcast on Friday and walked us through the days leading up to the auction company shifting to Simulcast-only sales and how that process was implemented.   Plus, Huang shares how dealer behavior has shifted digitally these past four weeks and how Cox Automotive is helping dealers navigate through […] [Read More]