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]

Auto reconditioning services company CARS Recon has appointed Jay Cadigan as non-executive board director. Cadigan has worked in the remarketing industry for more than 40 years and was inducted into the National Auto Auction Association’s Hall of Fame in 2015. He retired from Manheim in 2017. Cadigan served as vice president of industry relations for […] [Read More]

Depending on where your dealership is situated, if the greening grass and volume of pollen in your neighborhood already haven’t indicated spring is in full swing, perhaps the buzzing at your favorite wholesale auction should show it. This week’s Market Insights report from Black Book summarized the continued intensification of the spring market with lane […] [Read More]

Manheim has invested $4.8 million in a new body shop and reconditioning center at its Manheim Orlando location. Manheim division vice president Alan Lang said the vision for the facility is to meet the growing needs of today’s dealerships and tomorrow’s mobility and fleet providers. In other auction news, Insurance Auto Auctions opened its fourth location in […] [Read More]

While edging lower on a sequential basis, Black Book’s Used Vehicle Retention Index for March came in higher than a year ago, reflecting how the ongoing spring market has behaved. On Tuesday, Black Book released its index for March, and the reading stood at 113.8, representing a 0.6% dip from February when it was 114.5. […] [Read More]