Lake Charles Auto Auction finished 2018 on quite a high note. On Dec. 12, the operation located in Lake Charles, La., celebrated the grand reopening of its new main office building that consists of 4,000 square feet. The auction offered more than 700 vehicles and sold more than 400 units with an average value of […] [Read More]

A winner of Auto Remarketing’s Certified Pre-Owned Dealer of the Year Award was the location for Manheim’s latest growth initiative in the Midwest. In a move the company described as being “committed to meeting local dealer needs and establishing operations in underserved markets,” Manheim established Manheim Iowa, its first mobile auction site in the state. The […] [Read More]

Auto Auction Services Corp., which is also known in the industry as AutoIMS, has named a new chief executive officer. Replacing the retiring Mike Broe in this post is Venkat Krishnamoorthy, who was most recently the company’s chief operating officer. Krishnamoorthy has been with AutoIMS since 2002. “I’m delighted that the board has promoted Venkat. […] [Read More]

In an episode recorded at Used Car Week in late 2018, ADESA president John Hammer sat down with Joe to talk about the challenges and opportunities for auctions, where ADESA is finding the next generation of talent and the investment in brick-and-mortar. Plus, how ADESA decides whether to build or buy, the trends driving major purchases by […] [Read More]

Late-model auction volume showed some decline heading into the final month of 2018, according to the latest Guidelines report from J.D. Power Valuation Services. Through 11 months, however, year-to-date volume was still beating year-ago figures by 4.7 percent, the report said. For context, late-model auction volume had climbed 5.3 percent through 10 months of 2018. As […] [Read More]

It’s the midst of winter and the analysts at J.D. Power Valuation Services are still seeing the impacts of what happened in the wholesale market during the summertime. The December installment of Guidelines included the forecast of how wholesale prices would land for 2018. Analysts explained that because of the “exceptionally strong performances observed over […] [Read More]

Online dealer-to-dealer wholesale marketplace ACV Auctions announced a $93 million Series D funding round on Wednesday, bringing its total funding raised since 2015 to more than $145 million. Bain Capital Ventures and Bessemer Venture Partners led the round, which also included Future Fund, Tribeca Ventures and Armory Square Ventures. This round gives ACV the ability […] [Read More]

KAR Auction Services chief economist Tom Kontos easily explained the notable wholesale price decline he and his analyst team spotted after compiling November data. According to ADESA Analytical Services’ monthly analysis of wholesale used vehicle prices by vehicle model class, Kontos noted wholesale used-vehicle prices in November averaged $10,599 – down 4.2 percent compared to […] [Read More]

Another consignor is enhancing its remarketing efforts by leveraging technology and high-level mathematics. On Thursday, Sagent Lending Technologies announced the integration of Manheim Market Report (MMR) into its suite of business process outsourcing (BPO) solutions for its remarketing operations. With this integration, Sagent now can leverage MMR as a key input into its proprietary pricing […] [Read More]

The damp chill of Michigan in December didn’t prevent Insurance Auto Auctions from celebrating this week. The business unit of KAR Auction Services opened of its new facility in Flint, Mich. The new branch is IAA’s third strategic location serving the northern Midwest market of Michigan. The site boasts a new state of the art […] [Read More]