Dent Wizard International announced Tuesday its acquisition of Know How Systems Global (KhS), a provider of high-volume automotive services and repairs to OEMs and insurers. The latter is a St. Louis-based company that features three primary offerings of diversified fleet services, claims management and appraisal services, with operations primarily in the U.S., Canada and Mexico. […] [Read More]

Among the many auction awards presented during the National Auto Auction Association’s 67th annual convention in Orlando earlier this month includes the newest addition to the association’s Hall of Fame. Joining the prestigious group is Jay Cadigan, Manheim’s vice president of industry relations, who began his career four decades ago by working at a car […] [Read More]

Avis Budget Group announced on Tuesday that more than 3,000 dealers have registered to date to participate in Avis Direct, the company's used-vehicle sales program designed exclusively for licensed dealers. Launched in February of last year, Avis Direct is designed to provide dealers with a dedicated website to buy late-model, off-rental vehicles from the Avis, […] [Read More]

Barrett-Jackson finished what the company considered to be one of the strongest years in its history following the eighth annual Las Vegas Auction this past weekend at the Mandalay Bay Resort and Casino in Las Vegas. Barrett-Jackson’s Las Vegas auction enjoyed a 98 percent sell-through rate with sales totaling more than $26.9 million and $750,000 […] [Read More]

More than two years have passed since Copart acquired Salvage Parent, which had conducted business primarily as Quad City Salvage Auction, Crashed Toys and Desert View Auto Auction. During last week’s conference call with the investment community, Copart chief financial officer Will Franklin indicated the company has “cycled completely through the integration pain of the […] [Read More]

Auction volume this year will likely exceed 9 million units and climb 7 percent over 2014 numbers, according to National Auto Auction Association economist Ira Silver. During a presentation at the association’s convention last week in Orlando, Fla., Silver said auction volume should reach 9.3 million units for 2015, followed by 4-percent growth and 9.7 […] [Read More]

CarMax president and chief executive officer Tom Folliard likes how the company is positioned to take advantage of the swelling projection of off-lease vehicles expected to fill the auction lanes next year and beyond. During the company’s most recent conference call, Folliard was asked to compare how CarMax will leverage this chance as compared to […] [Read More]

In addition to the negative impact on new VW sales, which will run into the billions, one can only imagine the damage that this cover-up will have on residual values. The world can scrap last month’s ALG lease residual guidebook. At lease termination, the current lease portfolio will experience significant losses. While, predicated on supply […] [Read More]

A few handfuls of auctions were honored Wednesday at the NAAA Convention, as NextGear Capital, Enterprise Holdings and Chase Auto Finance revealed annual award winners. Plus, several more awards were announced at the NAAA's Opening Luncheon. Winning NextGear’s third annual Auction Partner Awards, which recognize independent auctions, were: Operational Excellence Award: Acadia Auto Auction in Richmond, Maine […] [Read More]

Despite a $5.2 million dip in revenue during the fourth quarter of its 2015 fiscal year, Copart still managed to post increases in both gross margin and net income to close out a year with its fully diluted earnings per share nearly 23 percent higher. For the quarter that ended July 31, Copart reported this […] [Read More]