Carvana is bringing Inspection and Reconditioning Center capabilities to its ADESA Sarasota auto auction in Florida, the online auto retailer said Wednesday. Adding IRC capabilities means more reconditioning capacity and a new inventory pool for Carvana’s national network, facilitating wider selection for retail customers nationally and faster delivery for retail customers along the Florida Gulf […] [Read More]

Public and private companies of all sizes sometimes have a chief executive officer. A few industry associations do, too. Count the American Recovery Association in this group, as well. ARA president Todd Case announced on Tuesday the creation of the CEO position, and the association board immediately filled it with Wayne Ray, who already was […] [Read More]

Arra Finance used some terminology from academia on Tuesday when announcing the successful closing of its inaugural auto receivables asset-backed securitization transaction. The nonprime auto finance company said the 4(a)(2) transaction was co-sponsored by a fund managed by Obra Capital, with Goldman Sachs serving as sole structuring agent. According to a news release, the AA […] [Read More]

“Know Your Buyer, Grow Your Lot” is the title of a new research ebook from Cox Automotive, which consulted with the National Independent Automobile Dealers Association on the project. And one major trend that independent dealers should know about their buyers is this: they’re mostly buying because of need and they often are under financial […] [Read More]

According to tracking by AAA, the average cost in the U.S. for a gallon of diesel fuel on Tuesday sat at an even $5, which is down by 63 cents per gallon during the past month. But it’s still way above the average of $3.67 that AAA reported a year ago. Since fuel costs are […] [Read More]

The decline in Canadian wholesale vehicle values steepened a bit last week, according to Canadian Black Book, which said nearly half of the segments showed changes of more than $100. The overall market showed a 0.35% decline in wholesale values for the week ending Saturday, compared to a 0.29% drop the week before. The average […] [Read More]

Darla Booher is celebrating the 25th anniversary of owning her dealership in Greer, S.C. The owner of Deal Depot is also marking her time in the car business by becoming president of the National Independent Automobile Dealers Association. Booher was installed on Monday as NIADA president during the annual membership meeting at the NIADA Convention […] [Read More]

Cesar Stark started with a single car, very little capital and a determination to provide for his family. While working as an insurance agent visiting auto dealerships across El Paso, Texas, he saw an opportunity, bought a vehicle to resell, and turned that one car into two. Two became several, and in 2000 he opened […] [Read More]

AutoCanada took another major step towards divesting its U.S. properties, selling Toyota of Lincolnwood in the Chicago area for $40 million in cash (CAD) to Serra Automotive. The deal closed Monday. AutoCanada anticipates selling the rest of its remaining U.S. dealerships by the end of the year. Since classifying its U.S. segment as discontinued operations […] [Read More]

One of the strangest parts of moving to a new country is realizing how quickly your past stops mattering in practical ways. When entering a system like the United States, you can arrive with years of education, work experience, savings, and financial responsibility behind you, and yet, you suddenly find yourself starting from zero again. […] [Read More]