It was mid-afternoon on Dec. 5, 2013, and KAR Auction Services chief executive Jim Hallett was at a meeting in a Chicago boardroom. A person in that meeting was discussing a new product called TradeRev that had been launched in Canada. “I stopped the meeting, and I said, ‘Go and phone the principals right now, […] [Read More]

NextGear Capital recently announced that the NextGear Floorplan Master Owner Trust successfully completed the sale of $400 million of privately placed 144A Asset-Backed Notes, Series 2017-1. Officials indicated the company’s sixth successful securitization transaction, which further broadens the investor base, included the issuance of $400 million of Aaa/AAA/AAA rated Class A Notes. “Since our inaugural […] [Read More]

Stream Companies, an integrated traditional and digital marketing agency in Tier 3 automotive, recently acquired WorldDealer, another integrated advertising agency and automotive website company. With the acquisition, Stream explained that it adds a number of key agency accounts and more than 100 websites to FullThrottle, its performance website platform specifically made for dealers. Paul Accinno, […] [Read More]

With the intention of broadening its client roster beyond the 16 already in its portfolio, Auction Management Solutions (AMS) announced on Monday that Jamye Carpenter has joined its team as vice president of business development.  AMS highlighted that Carpenter has more than 18 years of experience in the auto auction industry, with positions ranging from […] [Read More]

Kia Motors America said that last month's certified pre-owned sales marked its best April ever and more than a 5-perecent increase. And this, right after Kia had its best first quarter ever for CPO.  Last month, Kia sold a 6,953 vehicles, which was up 5.6 percent year-over-year.  CPO sales have risen 14 percent year-to-date, reaching 26,406 units, according to […] [Read More]

While plenty of attention went toward the U.S. House voting major changes involving healthcare last week, the House Financial Services Committee passed the Financial CHOICE Act 2.0 — the measure that would greatly modify the Dodd-Frank Act and the Consumer Financial Protection Bureau. The committee passed the proposal along party lines by a 34-26 vote […] [Read More]

Manheim recently announced that it has named Peter Grupposo vice president of dealer sales and selected Holly Capps to fill Grupposo’s former role as vice president of inventory solutions commercial and wholesale sales. Both Grupposo and Capps will report to Manheim senior vice president of sales Tim McKinley and assume their new roles on June 1. Grupposo most […] [Read More]

On Monday, LotLinx announced that it named a senior vice president of channel strategy to lead major initiatives aimed at expanding the company’s presence in the car dealer market. Chosen for the newly created position is Mark Conner, who most recently managed a team of 60 marketers for Lithia Motors. “Under Mark's long and skillful […] [Read More]

Asbury Automotive Group named its new chief financial officer late Friday afternoon. Chosen for the role of senior vice president and CFO is Sean Goodman, who comes to Asbury from Unifi, a company in the textile industry. He will join Asbury on July 5, replacing Keith Style, who was set to step down on March […] [Read More]

Manheim Pennsylvania will host over 100 auctioneers who are set to face-off in the 2017 World Automobile Auctioneers Championship (WAAC), which will showcase auctioneers competing for $12,500 in prize money as well as the title of the best auctioneer, best ringperson and best two-person team. “It’s our privilege to sponsor this year’s event and celebrate […] [Read More]