CarLotz announced Tuesday it closed on a $30 million round of equity capital funding from TRP Capital Partners. The chain of used-car consignment stores will use the capital to continue its national expansion, as CarLotz seeks to set up retail locations in Florida, Texas, California, the Midwest, New England, and the Mid-Atlantic. “Over the last few […] [Read More]

With some interesting anecdotes about how dealers are handling hurricane fallout, Black Book also highlighted how one specific segment impacted the entire truck segment. This week’s Black Book Market Insights report mentioned compact SUVs increasing their value noticeably, giving the truck segment an overall boost in retention value. Editors noticed the car segment depreciated by […] [Read More]

KAR Auction Services will be building a new 250,000-square-foot corporate headquarters on a 13-acre campus in Carmel, Ind. KAR, which announced the roughly $80 million project Tuesday afternoon, said the new facilities will have space for an additional 400 jobs. Of its 17,400 employees, KAR said close to 1,600 are located in Indiana. The company, […] [Read More]

Auction Academy’s largest class, class group 5, traveled to Spokane, Wash., this summer for training held in conjunction with McConkey Auction Group’s Rock & Roll sale at its DAA Northwest location in July. In addition to enjoying the concert event headlined by the Lynyrd Skynyrd Band, during their two days of training, the Auction Academy […] [Read More]

Copart announced Thursday the expansion of its New Orleans location, which marks the company’s 12th expansion this calendar year. "So far in 2017, we've expanded locations as far west as California, as far east as New Hampshire, and several in between," Copart chief executive officer Jay Adair said in a news release. "Across the United States, each expansion […] [Read More]

Auto Remarketing’s Best Auctions to Work For, which is sponsored by CARS Recon, is a free workplace study for the auto auction industry that recognizes the best auto auctions to work for on an unranked basis. It is designed and intended for individual auction locations — not corporate or headquarter offices. It is absolutely free […] [Read More]

Damage by the horrific hurricanes impacting the United States during the past two weeks is starting to influence what Black Book is noticing at the auction. This week’s Black Book Market Insights report showed a little strengthening in the wholesale space; most likely due to dealers looking to begin replacing damaged or destroyed vehicles caused […] [Read More]

The Appraisal Lane announced an expansion into the Upper Midwest on Tuesday that gives the company a presence from the entire Eastern Seaboard on into Pennsylvania, Ohio, Illinois, Michigan, Indiana, Wisconsin and Minnesota. The Appraisal Lane is built around a mobile app designed to connect car dealers to appraisers and buyers in a community so […] [Read More]

KAR Auction Services chief economist Tom Kontos spent the past few days poring over data and information that he’s encountered in connection with Hurricane Harvey; a storm meteorologists are calling a 1,000-year flood event. Kontos explained in a special edition of the Kontos Kommentary there are four primary considerations for the automotive industry to understand […] [Read More]

With Hurricane Irma remaining a dangerous storm, Manheim regional vice president for the Southeast Mark Ford shared an update on Wednesday afternoon regarding how the company plans to handle the storm projected to impact Florida as early as Friday. Ford indicated the following Manheim locations in Florida will be closed on Friday, including: Manheim Fort […] [Read More]