UPDATED with KAR Global clarification that ADESA will move to simulcast-only through April 3. Amid the COVID-19 pandemic, ADESA auction locations in the U.S. and Canada are moving immediately to simulcast-only sales through April 3, parent company KAR Global said in a statement Monday afternoon. Simulcast success fees for buyers and sellers are being waived through […] [Read More]

The auto-finance industry and related service providers are taking an array of steps to handle the implications of COVID-19. Cherokee Media Group reached out to several firms to collect updates. If your company would like its announcement to be added to this news roundup, please send your material to nzulovich@cherokeemediagroup.com. Here is the latest rundown: 700Credit […] [Read More]

Alexi Venneri said Digital Air Strike understands how the coronavirus crisis is changing the way consumers want to engage with businesses. “In response to that, we are helping our dealers and the automotive industry thrive while concurrently assisting to flatten the curve of this outbreak,” said Venneri, who is co-founder and chief executive officer of […] [Read More]

In light of COVID-19 concerns, Manheim is shifting to Simulcast-only sales at all of its auction locations. The move was effective Monday and runs through April 3. Manheim, which said in a letter from president Grace Huang that there are currently “no known confirmed cases of COVID-19” among its workforce, said its physical auctions and […] [Read More]

With circumstances changing so quickly, the Federal Reserve on Sunday afternoon cut interest rates to zero percent and announced it would purchase $700 billion in bonds and securities to help stabilize the financial system in light of COVID-19. Policymakers were on tap to meet later this week for its regularly scheduled gathering but chose to […] [Read More]

Cherokee Media Group responded to guidance from local and federal health experts as well as other event orchestrators about the increased risk associated with COVID-19 and rescheduled the Automotive Intelligence Summit; the in-person conference bringing together leading executives and entrepreneurs to discuss ideas and trends associated with mobility and connectivity, fintech solutions and digital retailing. […] [Read More]

KAR Global chief economist Tom Kontos joined the parade of wholesale experts who noticed that February prices moved higher. “The strong start to 2020 continued in February as average wholesale prices were up again month-over-month and year-over-year.  Both car and truck prices were up,” he said in his latest Kontos Kommentary released on Friday. According […] [Read More]

Another educational institution is responding to the need for automotive technicians. On Friday, Florida Career College (FCC) with 10 campuses throughout the Sunshine State launched an automotive technician program at its Hialeah campus. The school highlighted the implementation of this automotive technician program allows students to receive hands-on training and skills to prepare them for […] [Read More]

Add the North American Repossessors Summit (NARS) to this list of industry events being forced to modify its schedule due to the increased risk associated with COVID-19. The American Recovery Association sent a message late on Thursday, saying the organization will be postponing the ARA annual convention and NARS 2020. The 56th annual convention now […] [Read More]

UPDATE: A recorded version of this webinar is now available. With dealerships and finance companies facing an array of unknown variables connected with increased risk associated with COVID-19, Ignite Consulting Partners is hosting a free webinar to help managers navigate these challenges. Ignite shared in a message late on Thursday that, “We’ve had a number […] [Read More]