The auto industry has dramatically changed in the past decade. Car shoppers have more data and details on vehicles than ever before, putting pressure on retail pricing and profit margins. Dealers, in turn, must adjust and get smarter about the inventory they acquire. As used-car margins are tighter, dealers must be confident of the wholesale […] [Read More]

IAA, Inc. has completed its spin-off from KAR Auction Services and began trading the “regular way” on the New York Stock Exchange on Friday. Later in the day, IAA president and chief executive officer John Kett spoke with Auto Remarketing by phone from the NYSE. "It's almost a bit overwhelming," he said. "It really is […] [Read More]

Partnering companies — like in this case, Manheim — help organizations such as the American Red Cross Greater Carolinas Region succeed in their mission to ease human suffering during emergencies. “Their support allows us to mobilize volunteers and provide hot meals and shelter when there is nowhere else to turn,” said that organization’s chief executive officer Angela […] [Read More]

KAR Auction Services unveiled a major development on Wednesday in connection with its overseas business activities. The company launched its ADESA Europe digital auction, a rebranding of Belgium-based CarsOnTheWeb (COTW). Acquired by KAR in February, the company said COTW is now fully integrated into the KAR family. Officials highlighted the ADESA Europe brand extends the […] [Read More]

Training on SmartAuction and AutoIMS technology, as well as a course titled, “Condition Report Writing 101,” were part of the sixth class group training from Auction Academy in mid-May. The two-day session was the first in the two-year program for the new class from Auction Academy, which is a TPC Management Co., continuing education program for […] [Read More]

Black Book is seeing car values that bloomed during the spring market now wilting in the summer heat. This week’s Black Book Market Insights report indicated nearly all car segments sustained a significant decline in values, signaling summer seasonality. Conversely, editors noticed the truck space had three segments finish with an increase in value during […] [Read More]

Tim Echols, now a commissioner on the Georgia Public Service Commission, was 11 years old and selling boiled peanuts at his family’s auto auction, then known as Bishop Brothers Auto Auction.  “As I roamed this lot, talking to car dealers, learning that if burned the peanuts, they would ask me for a refund, and that […] [Read More]

Veteran dealers likely will say tax season isn’t what it used to be when some stores registered a significant portion of their annual retail sales fueled by refunds. Well, KAR Auction Services chief economist Tom Kontos explained that based on the May wholesale data he reviewed, this year’s tax season might have rekindled memories of […] [Read More]

CarLotz says that its team was nominated for the EY Entrepreneur of the Year 2019 Mid-Atlantic award because of its work in “driving the company’s growth trajectory.” At the same time, the team used vision and leadership to inspire others, the company said in a news release. That work was noticed as the company announced […] [Read More]

With wholesale prices softening as summer officially arrives this week, Black Book is noticing that dealer activity is rebounding a bit at the auction even if action at their showrooms is not at an optimum level. This week’s Market Insights report showed that values for both cars and trucks decreased at rates much above the […] [Read More]