Consumer Portfolio Services has named its top performing auction partners. In a private event in March during the CAR conference, CPS named winners in areas such as operational excellence and online sales. The award winners are: — 2018 Top Gun Award: 166 Auto Auction, Springfield, Mo., Auction of the Year — 2018 Heavy Hammer Award: […] [Read More]

Founded by Melvin Reid in 1949, 166 Auto Auction in Springfield is still located on the original property where Reid and his team began selling dealer consignment inventory. The location has since expanded to 50-plus acres, and the business grew to remarket large volumes of cars for consignors such as Ford, GM, GMAC, Chrysler and various […] [Read More]

It was quite a March in the certified pre-owned vehicle market. Citing information from Autodata, KAR Auction Services chief economist Tom Kontos said in his latest monthly report that certified sales last month “were the highest ever,” beating March 2018 figures by 2.7%. What’s more, there was a 25.7% month-over-month hike in CPO sales for March; […] [Read More]

A large percentage of independent buy-here, pay-here dealerships are primarily funded by a line of credit from a bank. For the most part, these arrangements have worked out well for both parties, but there appears to be a growing problem with the BHPH model as well as other independent subprime auto finance companies. There are […] [Read More]

Maybe now that both the first quarter and Tax Day are both in the rear-view mirror, perhaps the handwringing over the delinquency rate spotted at the end of 2018 can be completely squashed based on the newest default data shared on Tuesday by S&P Dow Jones Indices and Experian. The auto finance reading of the […] [Read More]

ADESA said Tuesday morning it has launched ADESA Simulcast, which will replace its ADESA LiveBlock platform. ADESA Simulcast, which is powered by Auction Frontier’s cloud-based auction simulcast solution Velocicast, is rolling out on ADESA.com, ADESA.ca and the auction company’s mobile app. The ADESA Sacramento and ADESA East Tennessee auction locations have already transitioned from ADESA […] [Read More]

NOTE: Updated to include March and first-quarter certified pre-owned vehicle sales figures.  Two years ago, 59% of vehicle shoppers were focused on used cars. According to the 2019 Cox Automotive Car Buyer Journey study, that number is now 64% — and the struggle around new-vehicle affordability is a major reason why. The numbers reflecting used-leaning shoppers […] [Read More]

Nearly 170 honorees. General managers, corporate vice presidents, directors, chairpersons, chief executive officers, founders — representing auctions, consignors, dealers, dealer groups, financial institutions, technology companies, industry vendors, trade associations and beyond. A decade, and counting, of recognizing excellence.  Cherokee Media Group’s Women in Remarketing program is celebrating its 10th anniversary this year —  the culmination […] [Read More]

As KAR Auction Services chief economist Tom Kontos explained it, those crossovers and SUVs that rolled over the curb during the past couple of years as leased units are now “coming home to roost.” According to ADESA Analytical Services’ monthly analysis of wholesale used-vehicle prices by vehicle model class, Kontos and the analyst team determined […] [Read More]

New electric vehicle registrations during 2018 more than doubled year-over-year from slightly more than 100,000 to 208,000, according to business intelligence company IHS Markit. EV market share has also seen a strong gain during that period, the company said. Along with those gains, the loyalty rates of EV buyers has also continued to grow. IHS […] [Read More]