During the last week of 2023, prices remained fairly steady in the auto auction lanes, with an average decline of 0.55%, according to the latest weekly report from Canadian Black Book. That said, none of the 22 segments that CBB tracks saw an increase in value. Cars and truck value movement was balanced, the report […] [Read More]

It’s the end of an era as historic Canadian auto auction Manheim Toronto completed its last sale as 2023 wrapped up. With OPENLANE’s recent purchase of Manheim Canada, the long-standing Toronto auction has closed, as Manheim plans to exit Canada.  Auto Remarketing Canada spoke with auto auction industry veteran Brad Hart to get a sense of the history of Manheim Toronto ... [Read More]

We continue our series on the Auto Remarketing Podcast highlighting some of the panels and presentations from Used Car Week 2023. This episode features one of the sessions from Dealer Training Tuesday. Glenn Lundy of 800% Elite Auto explained the profitable journey dealerships can take during a session titled, “800% Growth Blueprint: Revitalizing Used Cars […] [Read More]

Total 2023 bankruptcy filings increased 18% year-over-year, but Epiq AACER put that notable rise in context. According to data provided by Epiq AACER on Wednesday, total bankruptcy filings in 2023 came in at 445,186, which was up from the 2022 total of 378,390. While representing a substantial year-over-year increase, Epiq AACER pointed out total bankruptcy […] [Read More]

We continue our series on the Auto Remarketing Podcast highlighting some of the panels and presentations from Used Car Week 2023. This episode features a trio of recovery industry executives for a discussion about how delinquencies, repossessions and recoveries might unfold in 2014. The panel included Jeffrey Marsh of Millennium Capital and Recovery Corp., Scott […] [Read More]

After a late fall juncture that generated multiple instances of vehicle segments dropping in value by 3% or more in a single week, Black Book watched the wholesale market finish 2023 with what analysts classified as “normal.” Black Book reported on Wednesday that wholesale values declined 0.68% during the week that stretched to the next-to-last […] [Read More]

OPENLANE wants to make damage detection clear and simple. That’s the company’s goal in introducing Visual Boost AI, a tool that produces damage detection overlays for every dealer-consigned vehicle in OPENLANE’s U.S. marketplace. The artificial intelligence-powered technology is designed to supplement vehicle inspection data by prominently highlighting detected exterior damage directly onto photos within the […] [Read More]

There is roughly a 10.2 million-unit deficit in the number of 1- to 3-year-old vehicles expected to re-enter the pre-owned car market in the near future, leading to a “sparse and expensive” picture for dealers’ used-car inventories, Cars Commerce says in its 2024 Automotive Trends report released Wednesday. And if the company’s data is any indication, consumers and dealers alike may be motivated to utilize the trade-in route. Citing data from its Accu-Trade unit, Cars Commerce said that trade-in values on 1- to -5-year-old used vehicles are ... [Read More]

America’s Auto Auction Houston has a new general manager. Kyle Drake, one of Auto Remarketing’s “40 Under 40: Industry” honorees for 2023, has been promoted into the auction’s top position, parent company America’s Group announced Wednesday. Drake joined AAA Houston as assistant general manager in February after eight years with AAA Austin, where he began […] [Read More]

We continue our series on the Auto Remarketing Podcast highlighting some of the panels and presentations from Used Car Week 2023. This episode features a panel discussion titled, “The Top 3 Recovery Challenges & Ideas for Resolution,” with Starr Haynes-Sawalqah of Alpha Recovery, David Baker of American Recovery Service, Bill Ploog of WCP Consulting and […] [Read More]