Ritchie Bros. Auctioneers has agreed to purchase IAA for $7.3 billion in stock and cash, the companies announced Monday. The price includes the assumption of $1.0 billion of net debt. The deal is expected to close in the first half of 2023. Ritchie Bros. is a global asset management and disposition company, providing avenues for […] [Read More]

Chase Auto announced the 2022 winners of the Chase Cup for Auction Excellence on Thursday, spotlighting its auction partners with top performances in handling handled preparation, sales, invoice processing, transport requests, title processing and other tasks. The award for Best National Auction Performance went to Columbus Fair Auto Auction, while Manheim Fredericksburg earned honors in […] [Read More]

Black Book is expecting wholesale movement for the remainder of the year to resemble what analysts observed in October, which produced a 1.2% decrease in the firm’s Used Vehicle Retention Index. Now on a downward streak of four months in a row, the index dipped another 2.2 points from September’s reading to 174.3, which left it […] [Read More]

According to the newest installment of Black Book’s Market Insights, wholesale prices softened another 1.19% last week, prompting analysts to wonder when buyers and sellers will find “middle ground” in the market. Black Book explained its reasoning, as its estimated average weekly sales rate remained at … [Read More]

Dealers Auto Auction Group has acquired Atlas Auto Auction, a move that adds the Little Rock, Ark., market to the auction group’s footprint. With the purchase of Atlas, DAAG now has 10 auctions throughout the Southeast. “We are very excited about the acquisition of the Atlas Auto Auction and entering the Little Rock market,” DAAG […] [Read More]

While Dealers Auto Auction of Memphis announced the addition of one of the 2021 Women in Remarketing honorees, IAA finalized the facility expansion in a sixth state so far this year. On Wednesday, IAA said through a news release that construction has been completed on a significant expansion to the IAA Phoenix branch. The company […] [Read More]

Black Book said on Tuesday that the wholesale market is continuing to experience larger than typical value declines for this time of year, as overall prices slid another 0.76%. But what be even more interesting are the sale day anecdotes analysts shared in their latest installment of Market Insights, which mentioned the estimated average weekly […] [Read More]

In response to continued industry demand for used vehicles, Penske said Friday that it increased the footprint of its network of used truck centers. And perhaps the third quarter ComTrend analysis from Work Truck Solutions of new and used commercial vehicles reinforced why the publicly traded company made this decision. Work Truck Solutions indicated that […] [Read More]

Black Book regularly recaps what happened during the previous week within the wholesale market, as highlighted in this previous report. On Friday, the division of Hearst announced an expanded data offering for its residual valuations, looking forward as long as 10 years. Previously, Black Book said residual values were available for up to seven model […] [Read More]

On Thursday, IAA announced an expansion in a fifth state so far this year, adding California to the list that already includes New Jersey, Florida, Indiana and Hawaii. IAA highlighted capacity growth in two important California regions. The company said IAA Fresno has expanded again to meet growing demand in the key market of the […] [Read More]