OPENLANE’s repossession business is soaring. Officials revealed this week they have experienced a 250-percent growth in repossessed vehicle sales and a 75-percent sell-through rate in their recovery remarketing program since January. OPENLANE also highlighted that it has seen a 94-percent increase of recovery companies registered to support sales for their financial lender clients since January, […] [Read More]

Manheim Canada revealed its new director of business/product development this week, appointing longtime industry veteran Don Wallace to the role. When he officially begins his tenure on Monday, Wallace takes the spot previously held by Cheryl Munce. Munce recently moved over to serve as general manager at Manheim Toronto. [Read More]

So, they are perhaps not as mythical as Big Foot or unicorns. Black Book’s Ricky Beggs recently discovered while scouring the auction lanes that no sales actually do exist. During his weekly video report, “Beggs on the Used Car Market,” the managing editor then asked, “are floors being adjusted?” To explain his answer, Beggs began […] [Read More]

Insurance Auto Auctions rolled out several improvements to its online offerings Tuesday. The company highlighted the mobile version of its website has been redesigned to offer an easier way to search, bid and buy vehicles. Additionally, IAA explained its online vehicle search function has been dramatically improved by offering keyword search and refining options. Officials […] [Read More]

Hertz Global Holdings and Donlen Corp. this morning announced they have signed a definitive agreement for Hertz to acquire Donlen. The transaction has been approved by the boards of directors of both companies and by the stockholders of Donlen. The transaction is expected to be completed in the third quarter of 2011, subject to the […] [Read More]

Though auction prices in Canada dipped again in June, the decline slowed down a bit, and it appears that the economic outlook in the country could be getting better, according to the latest ADESA Canada Used Vehicle Price Index report. Specifically, ADESA’s data — powered by ALG Canada — indicated that the index was down […] [Read More]

Although wholesale prices for three of the four vehicle segments OPENLANE tracks slid down in June, the Canadian Market Index still ticked higher. OPENLANE said its June Canadian Index settled at 98, which was 1 percentage point higher than May and 5 percentage points higher than the same month a year ago. The Canadian Index […] [Read More]

ADESA’s Tom Kontos discovered specifics as to just how far average wholesale prices fell in June. As prices slid for the second month in a row, Kontos put them at approximately $340 less than their peak in April and about $375 less than their all-time peak in April of last year. “Some of this moderation […] [Read More]

Wholesale values remained on the rise during June, climbing modestly from May, while also besting year-ago levels by almost 17 percent, according to RVI Group. But with gas prices slowing down, so did the values of smaller vehicles, the company said in the latest RVI Market Update. Overall, wholesale prices climbed 0.4 percent from May […] [Read More]

As Manheim’s Tom Webb explained this week in discussing the impact  that significant inventory reductions have had in the wholesale market, dealers these days no longer simply rely on heading to their local auction on sale day to find used units. Instead, they often have to employ numerous wholesale avenues to acquire used vehicles, including […] [Read More]