The downward trend in wholesale used-vehicle prices continued through May and the first half of June – but there are signs the rate of decline in the coming months could be slower than the steep drop of last summer. In his latest Kontos Kommentary, ADESA chief economist Tom Kontos said wholesale prices averaged $14,329 in […] [Read More]

CARS Recon founder Ron Hope, a veteran of more than 50 years in the auto auction industry, died last week at the age of 80. Hope, who passed away June 21 at his home in Franklin, Tenn., formed Capital Automotive Reconditioning Services in 2002, growing the operation from a single location with 12 employees to […] [Read More]

Things are changing at CarMax. With retail used-vehicle sales and gross profit down 3.1% year-over-year for the quarter ending May 31 – the first quarter of the company’s 2025 fiscal year – CarMax’s emphasis has turned to making the most of what it brings in through cost reduction. “What we’re focused on is ... [Read More]

McConkey Auction Group is going all in on EBlock. The Spokane, Wash.-based group, which has been using EBlock’s dealer-to-dealer auction platform and Live Auction channel in its MAG NOW digital auction, is expanding that platform’s range into Northern California “from Fresno to the Oregon border,” according to MAG’s website. In a news release, EBlock said […] [Read More]

GenZ Automotive is linking its F&I programs to electric vehicle charging infrastructure. During last week’s NIADA Convention and Expo, the company announced the launch of its ChargeClub, which allows its F&I customers to earn EV credits – similar to airline frequent flyer miles – that can be redeemed for EV charging hardware, which it said […] [Read More]

Over the past three years, soaring prices have hit American consumers hard. The cost of food, fuel, and shelter have all risen dramatically, along with the goods and services we purchase every day. The car market certainly hasn’t escaped these inflationary pressures. According to Kelly Blue Book, the average new car cost $48,510 in April. […] [Read More]

Recently, I was at an industry event listening to a panel discussion about best practices when handling “heated” customer situations. One of the panelists shared a philosophy that struck a chord. He said, “Hopefully I have done a good job training my managers on how to handle these matters, so I don’t have to be […] [Read More]

Where is fraud most prevalent in the car-buying process and how can dealerships work to prevent it? QoreAI CEO Todd Smith addresses these topics and more in this Auto Remarketing Podcast with Cherokee Media Group senior editor Joe Overby. The company, which provides dealers with software to aid in identity verification, streamlined document management, and […] [Read More]

Go Auto has expanded its presence in Alberta. The dealer group said Tuesday it has acquired Audi Royal Oak in Calgary. With the purchase, Go Auto now has four locations in Calgary and two Audi stores in Western Canada. The group has 66 dealerships throughout Canada and the U.S., representing 28 brands. “We are excited […] [Read More]

Weekly wholesale vehicle price declines are outpacing pre-pandemic norms. However, the depreciation for the week ending June 15 wasn’t nearly as steep as the prior week’s, according to the latest Market Insights from Black Book. What could this mean? “The slowing of depreciation this week suggests a stabilizing market,” Black Book said in the report. […] [Read More]