In updating a move the company first discussed this past Tuesday, Copart announced the final results of its modified “Dutch Auction” tender offer three days later. Based on the final count by the depositary for the tender offer, Copart accepted for payment an aggregate of 6,254,061 shares of its common stock at a purchase price […] [Read More]

Though prices in the lanes still remained higher than the first days of summer last year, used-vehicle rates still experienced a significant downturn in June. According to the June edition of Kontos Kommentary, wholesale prices were down 2.5 percent from May, but up 2.4 percent year-over-year.  ADESA chief economist Tom Kontos reported the average price for […] [Read More]

Auto Remarketing has learned that General Motors and GM Financial are consolidating their remarketing organizations in the U.S. under the GM Financial brand. GM Financial sent an overview of the consolidation to Auto Remarketing on Wednesday, in which it explained the alignment in great detail. GM Financial will continue to sell vehicles at Manheim, ADESA and independent […] [Read More]

Manheim New York was one of 18 organizations recognized by the Light Energy Efficiency in Parking (LEEP) Campaign for its efficient lighting. The Manheim location was awarded the “Highest Absolute Annual Savings in a Retrofit at a Single Parking Area” award. The location honored replaced its medium and high-wattage metal halide fixtures with LED fixtures, […] [Read More]

In June depreciation for cars was significantly higher than for trucks and larger vehicles. But during the first week of July, some of the larger models began to experience more downward pressure on auction prices. According to the latest Black Book Market Insights report, the Fourth of July holiday week brought with it large declines […] [Read More]

After mentioning the latest movement of the Manheim Used Vehicle Value Index during his quarterly conference call on Wednesday, Cox Automotive chief economist Tom Webb touched on a topic that triggers the greatest volume of questions he receives — wholesale price projections. While Webb didn’t offer any specific figures, he did share some guidance in […] [Read More]

The TPC Management Co.’s continuing education program for auction professionals, Auction Academy, has hosted two successful classes in the first half of the year and has two more scheduled in the next two months. The program, designed to enhance essential skills sets, promote best practices and yield better auction performance, will host a session for “Class […] [Read More]

On Tuesday, Copart reported the preliminary results of its modified “Dutch Auction” tender offer, which expired at 5 p.m. ET on Monday. Based on the preliminary count by the depositary for the tender offer, Copart said it expects to accept for payment an aggregate of 6,262,579 shares of its common stock at a purchase price […] [Read More]

KAR Auction Services executive vice president of enterprise optimization, David Vignes, announced today the promotion of Eric Zurawski. Zurawski takes on the position of vice president of enterprise optimization, where he will be in charge of all security throughout the company. According to the company, his responsibilities will include directing and improving all auction-related security […] [Read More]

Dealer’s Auto Auction Huntsville announced recently that it raised over $25,000 during its 11th anniversary sale to benefit The Boys & Girls Club of North Alabama. The annual event held at the end of June featured a cookout, live music and prizes while being attended by local dignitaries, civic leaders as well as dealers from […] [Read More]