In anticipation of five major collector car auction houses expecting gross sales of more than $230 million, Hagerty rolled out a new complementary Web service to help collectors better understand the marketplace. Hagerty, an insurance agency for collector vehicles and host to a large network of collector car owners, explained it launched the tool, Collector […] [Read More]

ADESA Analytical Services discovered July’s average wholesale vehicle prices slipped below a significant threshold — $10,000. In fact, ADESA found July’s average wholesale price dropped 3 percent from June to $9,956. Analysts also pointed out that figure is 1.1 percent lower than the same month a year ago. Other than full-size cars, which ADESA believes […] [Read More]

KAR Auction Services announced late Monday that ADESA, its subsidiary, has agreed to acquire the equity of OPENLANE. Peter Kelly will continue as OPENLANE’s chief executive officer and will report directly to KAR CEO Jim Hallett, management reported. OPENLANE is being acquired for $210 million in cash, plus an increase for excess cash on OPENLANE’s […] [Read More]

The International Automotive Remarketers Alliance is set to begin the IARA Summer Roundtable tomorrow with a lineup chock-full of speakers and presentations providing insight into numerous facets of the industry, including a panel devoted to consignors. IARA will be holding the roundtable event Tuesday and Wednesday at the Westin Galleria in Dallas. The “Consignor’s State […] [Read More]

A recently launched online dealer-to-dealer wholesale marketplace says that it is giving dealers the chance to make their wholesales more efficient and profitable, while also providing buying dealers with the opportunity to shore up some gaps in their inventory. WholeSaleCall.com is currently going through a pilot program in the Midwest, but a full nationwide roll-out […] [Read More]

As a part of a new, long-term agreement, Manheim revealed Thursday Sonic Automotive is committed to moving and consolidating its auction business from competing locations to Manheim sites, taking a “one partner, one market” approach to wholesale units. Sonic wants to create efficiencies by working closely with Manheim for not only its selling, but also […] [Read More]

The International Automotive Remarketers Alliance welcomed another member this week. Joining IARA is Central Auto Auction, located in Hamden, Conn. “I’m anticipating a strong synergy between Central Auto Auction and the IARA,” said Central AA president Peter Saldamarco. “Central will benefit substantially by participating in the outstanding training and certification programs offered by the IARA, […] [Read More]

The sustained decline in wholesale prices dealers have been eager to see might have finally come. Last week, Black Book watched all 24 vehicle segments it tracks — 10 cars and 14 trucks — all drop. Managing editor Ricky Beggs indicated it has been more than three months since all declined in the same week. […] [Read More]

Though the July Manheim Used Vehicle Value Index made its steepest decline thus far this year, the reading still represented a 5.9-percent increase from its year-ago level. Manheim determined this week that between June and July, wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) fell 1.3 percent, leaving July’s index reading at […] [Read More]

Wholesale prices bested year-ago totals in July despite dipping 2 percentage points from June, according to OPENLANE. And although three of the four vehicle categories were down in price sequentially, one segment halted a long stretch of month-over-month decreases. More specifically, OPENLANE’s U.S. Market Index was at 107 in July, compared to 109 in June […] [Read More]