The auto market will return to normalcy in 2024, which is good news for consumers and at least more predictable for dealers. That was Cox Automotive chief economist Jonathan Smoke’s message in his State of the Industry presentation at the Cox booth during NADA.
He divided the outlook into five trends.
First, recession is out. 2024 will be a ... [Read More]
Black Book cited the wholesale value moves by compact cars to explain why signs of an early spring are appearing at auctions. According to its newest installment of Market Insights, Black Book reported prices of compact cars rose no matter the unit’s age. Values for compact cars 2 years old and newer rose for the […] [Read More]
The NAAA Warren Young, Sr. Scholastic Foundation announced it will open its scholarship application for the 2024-2025 academic year Feb. 20. The application, which can be found here, will remain open until March 28. The foundation said a total of $140,000 in scholarships is available for 2024-25, with 12 $10,000 scholarships — four of which […] [Read More]
Auction Central announced an integration to become a featured auction on One Auction View’s “all-in-one” platform, which allows dealers to browse and proxy-bid on multiple live wholesale vehicle auctions simultaneously. “We and One Auction View share a common goal of putting the auto auction back into the hands of the dealer,” Auction Central CEO Bob […] [Read More]
America’s Auto Auction’s Virginia Beach location is under new management. The company announced it has named Derek Simmerman as general manager and Janice Hicks as assistant GM, citing their “dedication and significant contributions” as well as “a wealth of experience and a deep understanding of the automobile auction industry.” Simmerman learned the auction industry in […] [Read More]
Auto logistics platform RunBuggy has launched RunBot, a generative artificial intelligence system designed to integrate with RunBuggy’s transportation management platform and act as the central nervous system for orchestrating the automotive shipping process. RunBot represents “a significant leap forward in enhancing user experience and reducing operational overhead,” the company said in a news release, using […] [Read More]
The used-car supply dynamic is likely to continue to be challenging dealers for the remainder of this year and likely even the next, if reports from industry observers are any indication.
But there are some signs of promise for dealers looking to secure that much-needed used-car inventory through wholesale channels, including this nugget:
Eleven of the past 13 months have shown a year-over-year rise in unit sales at auto auctions, according to AuctionNet data from the National Auto Auction Association shared exclusively with Auto Remarketing.
That string of gains includes January, where total unit sales at auctions came in ... [Read More]
BSC America’s Clayton Station Auction is getting a new name and a new home. The company said the auction will now be known as BSC America’s Specialty Sale, with a weekly auction on Thursdays, beginning March 7, at its new location in Bel Air, Md., on the site where BSC America’s Bel Air Auto Auction […] [Read More]
Black Book’s experts happily used the term “stability” multiple times when compiling their latest installment of Market Insights, which was released on Tuesday. Black Book got to use that word because overall wholesale prices softened 0.33% during the week that included the last day of January and the industry conferences in Las Vegas. Plus, that […] [Read More]
Vehicle reconditioning services provider Dent Wizard International has promoted fixed operations director Ryan Edwards to vice president of its auction channel to lead all auction-related activities while developing and maintaining strategic relationships with stakeholders on a national level. In his new role, the company said Edwards will work to develop and implement a comprehensive auction […] [Read More]