The sale of Dent Wizard to Gridiron Capital is now officially finished. H.I.G Middle Market announced Tuesday that its affiliate has completed the sale of Dent Wizard International to Connecticut-based Gridiron. H.I.G. Middle Market is the dedicated middle market investment affiliate of H.I.G. Capital.   Terry Koebbe, Dent Wizard’s chief executive officer, said: “H.I.G. has been a […] [Read More]

CarLotz, a Virginia-based used-vehicle consignment business serving the sale-by-owner and corporate vehicle and motorcycle markets, recently announced the grand opening of its newest consignment and retail store. Coming on as the fifth location for the company is a facility at 5055 Virginia Beach Blvd. in Virginia Beach. “We opened our first Hampton Roads store on […] [Read More]

Manheim Nevada will host the 2015 World Automobile Auctioneers Championship (WAAC) on Friday, showcasing more than 100 contestants competing in the categories of best auctioneer, best ring person and best two-person team, in addition to $25,000 in prize money. “The level of talent on display during this competition is unparalleled,” said Janet Barnard, president of […] [Read More]

Though wholesale prices were on the way up in March, the movement was tempered by expanding used supply. According to analysis shared by Tom Kontos, executive vice president of ADESA Analytical Services, downward pressure from used supply expansion is manifesting through lower conversion rates and price weakness in particular age, sale type, and model class segments. […] [Read More]

The National Auto Auction Association said wholesale industry leader Chester "Chet" Lee Goins died on April 4. Goins began his auto industry career parking cars, repairing jukeboxes and then went into partnership to purchase his first lot business in 1949. Goins along with his wife, Pat, of 52 years, founded the Auto Dealers Exchange (ADE) […] [Read More]

The special vehicle markets are heating up as summer approaches, with collectible car values increasing across the board. The most recent Black Book Market Insights report touched on the specialty markets, showing a hot spring for collectible vehicles.   Collectible car values are rising rapidly, with exotic cars seeing the highest price increases. Over the […] [Read More]

KAR Auction Services will be opening an ADESA facility in the nation’s third-largest metropolitan area. On Thursday morning, KAR announced the development of ADESA Chicago, which will be located in Hoffman Estates, Ill., near I-90. The auction is expected to open in spring 2016, the company said. KAR plans to develop 65 acres for the auction […] [Read More]

To help explain how residual values are behaving, Manheim Consulting regularly shares a graph showcasing the Manheim Used Vehicle Value Index versus mix and quality adjusted New Vehicle Price Index computed by the U.S. Bureau of Labor Statistics (BLS). Manheim chief economist Tom Webb said that the visual aid should show a general upward drift for […] [Read More]

After forming America’s Auto Auction 10 years ago and leading its growth to the 12-member group it is today, Richard Gundy retired from the business in late March. Taking on the role of chief executive officer is Ben Lange, who adds the CEO title to his existing duties as president of the company. Meanwhile, former MAFS, […] [Read More]

Tax season buying and selling activity is still in “high gear” with April 15 quickly approaching. That’s according to the latest Black Book Market Insights report, which showed strong price retention in the lanes last week for both cars and trucks. On average, the car segments saw a $6 (or 0.5-percent) increase in prices, while […] [Read More]