Dealers could benefit from adjusting their strategies when it comes to pricing and turning used cars, and they may need to turn to additional services to maintain profits. These were some of suggested strategies in the latest Used Market Report from J.D. Power, which found that  “correction” is ongoing in the wholesale vehicle market, where […] [Read More]

TPC Management’s latest personnel move is a look toward the future. Ray Wanna, son of longtime TPC executives Penny and Jiles Wanna and nephew of company founders Pierre and Pauline Pons, has joined the firm as commercial sales/business development coordinator. “We have long noted the strength of family-owned businesses in the remarketing industry,” Pierre Pons […] [Read More]

As perhaps the consumer search for affordable vehicles continues, the overall status of the wholesale market appears to be stable, stemming from the latest update from Black Book released on Tuesday afternoon. Black Book highlighted that the wholesale market had a deceleration in the rate of depreciation during the first full week of August compared […] [Read More]

A 20-year industry veteran is back in the auction industry. Kevin Brown has joined Great Lakes Auto Auction in South Bend, Ind., to consult on sales efforts and coach the sales team. “Kevin has a reputation for growing auctions, and I feel honored to have him working with our sales team,” GLAA vice president Chad […] [Read More]

Driven by continued strength in commercial consignment, auction sales are up double-digit percentages so far this year, including July volumes that climbed more than 24% from a year ago. July also marked a milestone for electric vehicles: it was the first time there were more than 10,000 auction sales of EVs. All this according to […] [Read More]

Longtime auto auction veteran Tammy Swofford has joined ADESA as senior director of commercial customer solutions. The company said she will be responsible for managing national accounts. “Tammy is a talented industry veteran who excels at partnering with customers to understand their needs and then delivering a solution tailored to maximize potential,” ADESA vice president […] [Read More]

Cox Automotive’s Ken Kraft is putting one more item on his plate. The executive vice president and chief marketing officer will also assume leadership of the company’s sales organization as chief sales officer, Cox said in a news release. Kraft will work with current chief sales officer Tim McKinley, who will retire at the end […] [Read More]

OPENLANE’s latest tool aims to let dealers work less on selling cars at auction. The digital wholesale used-vehicle marketplace has launched Automated Absolute Sale, a new tool that lets sellers set a price threshold at the time of listing, with the vehicle entering Absolute Sale mode when the price is reached. OPENLANE said the feature […] [Read More]

America’s Group continues its “coast to coast” M&A growth. The auction company said on Monday it has acquired Motley’s Richmond Auto Auction in Virginia, which is its third purchase announced in the last two months. In June, America’s announced the acquisition of San Antonio Auto Auction, followed by July’s purchase of Corpus Christi Auto Auction. […] [Read More]

The wholesale vehicle market has emerged out of COVID with a few new wrinkles, some driven by the pandemic itself and some happening coincidentally. For instance, more electric vehicles are making their way into the wholesale market, a trend likely applicable to the latter.  Even more pronounced than a rise in EVs is the increased digitization of the market, a phenomenon more applicable to the former. In data sets, presentations, interviews and calls with the media this summer, leading executives and analysts ... [Read More]