KAR Auction Services chief executive officer Jim Hallett spent much of Tuesday’s conference call with investment analysts talking about volume and dealer consignment rather than the company’s latest financial performance. The dialogue stemmed in part from ADESA sustaining a year-over-year drop in vehicle conversion percentage to 55.6 percent, excluding OPENLANE activity. In the second quarter […] [Read More]

Prices continued to fall in the lanes this past month, according to the Manheim Used Vehicle Value Index.  In fact, marking the fourth consecutive monthly decline, wholesale prices slid 1.8 percent in July. This shift brought the Index to a level of 121.2, down 3.7 percent from a year ago, according to the analysis from […] [Read More]

Black Book watched wholesale vehicle price adjustments that merited an increase constitute 19 percent of all changes editors made last week; a level Ricky Beggs indicated was the highest in the past four weeks and the second highest in the past nine weeks. “This past week has presented some amazing insights and situations within the […] [Read More]

As the company kept its performance expectations for the remainder of the year unchanged, KAR Auction Services announced Monday that its second-quarter adjusted EBITDA decreased 3 percent. A 3-percent jump in revenue wasn’t enough to produce a gain as KAR indicated its second-quarter adjusted EBITDA settled at $128.1 million, down from the year-ago level of […] [Read More]

Starting two weeks from today, the National Auto Auction Association will begin celebrations for its annual National Auto Auction Week. It will be held Aug. 20 through Aug. 24 and is designed to spotlight seven decades of entrepreneurship within auto auction business, as well as the industry’s economic impact and community service Offering a bit […] [Read More]

The centralized inventory system currently being implemented at Sonic Automotive is what executive vice president of operations Jeff Dyke says is going to “change our whole company.” Thus far, about 40 of its 119 dealerships are now using the Sonic Inventory Management System (SIMS), a new tool the company has spent more than three years […] [Read More]

Thanks to what company officials estimated as moving approximately 1,200 units every selling day for the last 12 years, SmartAuction, Ally Financial’s online used-vehicle auction, announced this morning it just sold its 4 millionth vehicle. SmartAuction calculated that the total estimated wholesale value of the 4 million vehicles sold on the platform since 2000 is […] [Read More]

As detailed in announcements made this week, the list of auctions that have secured contacts through the General Services Administration to sell government vehicles continues to grow. In the central Florida market, Sanford Auto Dealers Exchange is the most recent addition to GSA’s list of ServNet auction partners, which now includes 15 ServNet auctions throughout […] [Read More]

Two ADESA locations recently celebrated milestone anniversaries, and the company said these auctions “pulled out all the stops” to mark the occasions and show thanks to their customers. ADESA Fargo rang in 60 years of service with a record number of units running through the lanes during its “diamond” anniversary sale. Keeping in line with […] [Read More]

The International Automotive Remarketers Alliance this week announced its expansion into Canada, as a partner in the automotive remarketing community. Heading up the organization in Canada are two industry leaders who co-chair the IARA Canadian initiative: Steve Macaluso, director of corporate accounts with CarProof, and Lisa Scott, senior vice president at ADESA Canada. With the […] [Read More]