Jim Yates, president and chief executive officer of Alliance Inspection Management (AIM), has announced his retirement from the company and is moving into a 12-month consulting role effective immediately, according to a news release from the company posted on Wednesday. Yates, an automotive industry veteran who began his career at an auto dealership in 1975, […] [Read More]

J.D. Power and Autoniq, a mobile and digital provider of vehicle pricing and evaluation data, recently announced a collaborative offering that is designed to streamline the vehicle trade-in and appraisal process for automotive dealers. The tool is through Value My Car, a new website module that integrates J.D. Power Valuation Services (formerly NADA Used Car Guide) […] [Read More]

Online used-vehicle retailer Carvana highlighted that its first-quarter revenue soared to a new record, increasing by 118 percent year-over-year. Unfortunately, the record revenue figure of $159 million wasn’t enough to overcome the company’s expenses that resulted in Carvana sustaining a net loss of $38.4 million, representing an increase of 122 percent. Still, with improvements in […] [Read More]

So much for the theory that rising wholesale volume would cause used-vehicle prices to soften — or even crash, as some doomsday observers feared. The Manheim Used Vehicle Value Index climbed to a new record high in May as analysts determined wholesale used-vehicle prices (on a mix-, mileage- and seasonally adjusted basis) rose 2.6 percent month-over-month. The […] [Read More]

The latest monthly complaint report shared by the Consumer Financial Protection Bureau highlighted complaints submitted by older consumers, but problems with auto financing and related products weren’t specifically mentioned. Of the 1,163,200 complaints the bureau has handled since it began accepting complaints in July 2011, officials indicated 54 percent of consumers have voluntarily reported their […] [Read More]

Both Insurance Auto Auctions and Clark County Auto Auction celebrated grand openings on Wednesday. IAA, a business unit of KAR Auction Services, hosted the grand opening of IAA Portland West, its newest branch in Portland, Ore. The development marks IAA’s third facility in the state, with additional branches in Portland and Eugene. The company indicated […] [Read More]

Reynolds and Reynolds announced on Wednesday that the company has acquired TradeMotion, a provider of on-demand parts software, parts services and e-commerce solutions for dealers and manufacturers who sell automotive parts and accessories online. Terms of the purchase have not been disclosed. TradeMotion's technology platform includes Parts.com, what Reynolds says is the largest online marketplace […] [Read More]

The automotive segment helped to push asset-backed securities issuance in May to the second-most active month of the year, according to the latest update from S&P Global Ratings. Analysts reported that total ABS issuance during May came in at $23 billion, bringing the year-to-date volume to $102 billion. S&P Global Ratings noticed that May was […] [Read More]

Dominion Dealer Solutions' automotive equity mining solution, DealActivator, is now fully integrated with Dominion Autobase, one of the company’s customer relationship management systems. The combination of Dominion’s DealActivator and Autobase platforms can provide dealerships with enhanced business intelligence and increased lead information, the company said as part of its announcement on Wednesday. “Dealers need efficient ways to follow […] [Read More]

Along with announcing the newest addition to its national member benefit program the National Independent Automobile Dealers Association highlighted that for the fifth consecutive year, ADESA, AFC and IAA — all part of KAR Auction Services — will auction off a premier vehicle during the NIADA Convention and Expo to benefit the NIADA Foundation. This […] [Read More]