Black Book announced Tuesday that senior vice president and editorial director Ricky Beggs will retire on April 1 after a 34-year career. “It has been an honor to work alongside Ricky who truly has become an industry legend,” said Black Book president Tom Cross. “His legacy of leadership and his dedication to excellence have left […] [Read More]

XLerate Group — which rebranded itself from American Auto Auction Group during last fall’s Used Car Week — brought on a new chief financial officer on Monday. Joining XLerate after holding posts at organizations such as Auction Broadcasting Co. is Tom Schuler, who now is CFO for the dealer-centric auctions with physical and satellite sale […] [Read More]

Against comparable weeks of 2014, overall auction volume was up 10.7 percent in January, according to the latest Economic Dashboard compiled by NAAA economist Ira Silver. And when drilling down into the group of vehicles up to eight years old — whose volumes were up 8 percent year-over-year on a like-age basis, according to NADA […] [Read More]

Tax season is continuing to drive price retention in the lanes as refunds start streaming in. According to Black Book editorial director Ricky Beggs, the season “continues to bring positive numbers and helped drive the largest number of necessary (price) adjustments in a weekly period in over a year.” During the latest “Beggs on the […] [Read More]

To put it in ballpark terms, nine out of every 10 car buyers shop online. Essentially, three-fourths of the car-shopping process takes place online, and three-fourths of the buying decision is made online. What’s more, the Internet is more powerful than any other factor influencing a car buyer’s decision. Why, then, does the average dealer […] [Read More]

SubPrime Auto Finance News reached out to Manheim chief economist Tom Webb because he went on Twitter Monday morning and said, “Tax stats not looking good.” You probably don’t need Webb’s economic knowledge to recognize that a tax refund cash flow reading that went from a year-over-year increase of 117.7 percent down to just 2.5 […] [Read More]

The Consumer Financial Protection Bureau estimates that there is approximately $1.2 trillion in outstanding student loan debt, with more than 7 million Americans in default on more than $100 billion in balances. With those figures in mind, EFG Companies acknowledged there are differing opinions on whether these trends could lead to a recession. However, company […] [Read More]

JM Family Enterprises recently promoted one of its executives to be vice president and general counsel for Southeast Toyota Distributors and JM Lexus. Taking on this role is Todd Clarke, who will report to Carmen Johnson, executive vice president and general counsel of JM Family. Clarke will oversee the legal teams that support the companies […] [Read More]

Capital One and General Motors recently expanded their co-brand credit card partnership to enhance the potential of boosting new-model turns as well as business in dealership service drives. Officials highlighted the BuyPower Business Card from Capital One is specially designed for small business owners, aiming to deliver a powerful earnings structure. That policy includes 5-percent […] [Read More]

Manheim announced on Friday that it has appointed a new general manager at its location in Darlington, S.C. Previously the assistant general manager of Manheim Phoenix, Danny Brawn has been named as the general manager at Manheim Darlington. “Our goal at Manheim is to continue to recognize top talent and ensure they are positioned to […] [Read More]