J.D. Power Valuation Services noticed wholesale prices closed the first quarter stronger than analysts initially expected. As a result, the firm again is adjusting its 2019 forecast after incorporating March’s information. After six consecutive months of declines, analysts reported in the latest installment of Guidelines that the used-vehicle market bounced back in March. The rebound […] [Read More]

Auction Academy’s Class 5 Group completed the final course on its program syllabus — which included a tour of ADESA Las Vegas — and celebrated its graduation. The graduation ceremony took place on March 27 during the awards and recognition ceremony at the Conference of Auto Remarketing in Las Vegas. Auction general manager Jay Hinchman […] [Read More]

CarLotz owners say they founded the company because they were “frustrated with the process of selling a used car.” About three to four years ago, the company began helping commercial clients ease those same frustrations. And recently, CarLotz came up with a new method that it says can help companies sell those vehicles quickly with […] [Read More]

Dealers don’t have to meander through the lanes or go on their smart devices for significant spans to know the spring market is in full bloom. How long it might last is the question Black Book looked to answer in its newest Market Insights report. Editors indicated spring activity continued to roll on this past […] [Read More]

Consumer Portfolio Services has named its top performing auction partners. In a private event in March during the CAR conference, CPS named winners in areas such as operational excellence and online sales. The award winners are: — 2018 Top Gun Award: 166 Auto Auction, Springfield, Mo., Auction of the Year — 2018 Heavy Hammer Award: […] [Read More]

Founded by Melvin Reid in 1949, 166 Auto Auction in Springfield is still located on the original property where Reid and his team began selling dealer consignment inventory. The location has since expanded to 50-plus acres, and the business grew to remarket large volumes of cars for consignors such as Ford, GM, GMAC, Chrysler and various […] [Read More]

ADESA said Tuesday morning it has launched ADESA Simulcast, which will replace its ADESA LiveBlock platform. ADESA Simulcast, which is powered by Auction Frontier’s cloud-based auction simulcast solution Velocicast, is rolling out on ADESA.com, ADESA.ca and the auction company’s mobile app. The ADESA Sacramento and ADESA East Tennessee auction locations have already transitioned from ADESA […] [Read More]

As KAR Auction Services chief economist Tom Kontos explained it, those crossovers and SUVs that rolled over the curb during the past couple of years as leased units are now “coming home to roost.” According to ADESA Analytical Services’ monthly analysis of wholesale used-vehicle prices by vehicle model class, Kontos and the analyst team determined […] [Read More]

Online wholesale vehicle marketplace BacklotCars announced a Series B round of funding on Monday that nearly triples the company’s total funding. New York growth equity firm Stripes led the $25 million round of funding in BacklotCars, which has raised its total funding to $38 million. Also participating in the Series B round were existing investors […] [Read More]

UPDATE: Story reflects updated numbers from Cox Automtoive for 2017 total volume.  What Cox Automotive described as the “total volume of wholesale requiring disposal” will reach a peak this year. Specifically, 16.6 million units are projected to be wholesaled, up from 16.4 million units last year, 15.9 million units in 2017 and 15.5 million units […] [Read More]