In an industry that is mostly dominated by large auction chains and independent auction owners, the McConkey Auction Group is one of a few small auction groups that are making big strides in the auction business. CEO Bob McConkey opened his first auction in 1992 in Spokane, Wash., and since then has bought and sold […] [Read More]

Auction Academy’s support from the auto remarketing industry continues to grow. TPC Management Company’s executive development program announced three additions to its network of 22 industry sponsors: AuctionNet, a provider of wholesale used vehicle remarketing data backed by the National Auto Auction Association’s 265 member auctions; transportation logistics company RunBuggy; and Pinnacle Remarketing Powered by […] [Read More]

Perhaps you, too, had a little trouble getting back in the swing of things after Labor Day weekend. Black Book spotted a similar scenario unfolding at the auction since wholesale values dipped by 0.21% and last week’s auction conversion rate ticked down to 61%. Meanwhile, dealers might not have had much of a holiday break […] [Read More]

OPENLANE has reached definitive agreements to repurchase 53% of the company’s Series A Convertible Preferred Stock, originally issued in June 2020, for cash consideration of about $559 million. In a news release, the digital wholesale used-vehicle marketplace said the transaction will reduce the preferred shares held by funds advised by Apax Partners by approximately 50% […] [Read More]

Auction sales last month didn’t reach July’s heights, but still beat prior-year figures, with the year-to-date pace remaining ahead of 2024, as well. That’s according to the latest AuctionNet report from the National Auto Auction Association, which said wholesale unit sales were up about 3% year-over-year in August, when adjusting for selling days, but fell […] [Read More]

California, here it comes. Carvana’s next combination auction-reconditioning operation is coming to ADESA Golden Gate. The online used-car retailer announced it plans to add inspection and reconditioning center capabilities to the wholesale auction site in Tracy, Calif., adding to its rapidly growing list of integrated facilities. ADESA Golden Gate, which has served wholesale customers for […] [Read More]

Montway Auto Transport has expanded its reach yet again. The third-party logistics brokerage said Tuesday it has acquired TurnTime Transport, an auto transport brokerage based in Phoenix. Montway said the two companies’ customers are complementary and that adding TurnTime boosts its dealer and auction transport services. This move follows Montway’s acquisition of luxury vehicle transport […] [Read More]

Cox Automotive has made another acquisition in the wholesale auto space — and this time, it’s in the inspections segment. Three weeks after closing its purchase of Bel Air Auto Auction and Tallahassee Auto Auction, Cox Automotive said Monday afternoon it has obtained full ownership of Alliance Inspection Management (AiM). Cox had previously owned 50% […] [Read More]

Craig Amelung is making a prediction about the upcoming NAAA World Remarketing Convention. “We’re certain to not leave Kansas City without the word, ‘tariff’ coming up,” Amelung, who is NAAA president, said in an interview before the event. Amelung said talk about tariffs could lead to questions on what tariffs mean for vehicle volumes and […] [Read More]

Dealers Auto Auction Group has its eyes on expansion and announced a hire on Thursday to facilitate that growth. DAAG said former KAR Global (now OPENLANE) and longtime industry executive Warren Byrd has been appointed vice president of acquisitions and business development. Byrd has spent more than 30 years in the remarketing industry, including leading […] [Read More]