Prime Motor Group, a network of automobile dealerships and service centers, announced the completion of a $687 million financing facility. The company said it wanted to refinance existing debt and prepare for future expansion opportunities. "We could not be more excited about the opportunities that lie ahead for our company, employees and dealerships," Prime Motor […] [Read More]

Copart announced it recently opened a new location in Alton, Ill., the company’s fifth in Illinois. "The opening of this location in southern Illinois addresses our increasing volume, which has been driven by both organic growth in the industry and market wins," Jay Adair, chief executive officer of Copart, said in a news release. "Furthermore, it […] [Read More]

A Georgia man running a Virginia dealership retailing repaired salvage units pleaded guilty to operating an odometer fraud scheme involving more than 100 vehicles, according to an announcement from the Department of Justice.  Officials said last week that Paul Robinson, of Lawrenceville, Ga, pleaded guilty in U.S. District Court in Norfolk, Va., to one count […] [Read More]

Perhaps it’s not yet a significant risk threat to the overall health of auto finance company portfolios, but Experian Automotive’s Melinda Zabritski explained the possible problems if your customers are using the vehicle attached to the installment contract to drive for transportation services such as Uber. Why? Currently, Zabritski said, there is not a clear […] [Read More]

This idea, Cox Automotive president Sandy Schwartz acknowledges, might not sound particularly “sexy” when you’re talking about innovation in the auto business. But it sure is practical. In an interview around the NADA Convention and Expo in late January, Schwartz said that Cox Automotive’s focus on the innovation front in 2017 is this: “Integration is […] [Read More]

In the first two months of the year, the pre-owned side of the auto industry is pacing towards another year in the neighborhood of 38 million sales. Edmunds is predicting February used-car sales of 3.4 million units. That forecast would translate into a SAAR of 37.9 million. There were 3.0 million used-car sales in January and […] [Read More]

KAR Auction Services chief economist Tom Kontos looked at January wholesale data and declared that prices “held up surprisingly well.” According to ADESA Analytical Services’ monthly analysis of wholesale used-vehicle prices by vehicle model class, wholesale used vehicle prices in January averaged $10,945 — up 2.8 percent compared to December and up 6.7 percent relative […] [Read More]

RouteOne announced recently that Jeff Belanger — who’s been named senior vice president of sales — as well as Amanda George — who has been picked as vice president of strategy — will begin their positions in April. The creation of the new roles come as a result of the announcement that RouteOne’s chief strategy officer, […] [Read More]

Auction technology provider Xcira recently announced that the U.S. Patent and Trademark Office issued the company a new patent that addresses a bidder actively participating in or monitoring multiple simultaneous auction events. The new patent is the company's 12th that is devoted to inventions relating to online bidding, inspection systems, real-time audio and video distribution, and […] [Read More]

The deadline to opt into Auto Remarketing's Auto Auctions to Work For program is Friday.  For individual auction locations to participate, the general manager/leader of that auction needs to opt in at this website by Friday. Here are the details: What is it? A free workplace study for the auto auction industry that will recognize the […] [Read More]