AutoCanada recently signed a renewal of its credit facility with HSBC Bank Canada whereby HSBC increased the availability of the existing revolving term loan from $30 million to $40 million. Officials highlighted the deal also includes an option to increase the revolver to $50 million based on credit approval of HSBC. In addition to the […] [Read More]

Could the gas spike be over? According to Energy Information Administration data, the average price of regular grade gasoline (all formulations) decreased by five cents from $3.88 to $3.83, but you wouldn’t know it by looking at the prices in the lanes. NADA Used Car Guide predicted that prices for gas guzzlers are once again […] [Read More]

As one Japanese brand earned both the used- and new-vehicle top spots within Kbb.com's latest rankings of most-researched models, the industy as a whole has been surging, according to auto analysts. And that includes both used- and new-vehicle sales for September. With CNW predicting that used sales will reach 3.49 million units for this month,  […] [Read More]

Copart is pleased that  not only is it posting salvage volume gains — thanks in part to an exclusive contract with a major car insurance carrier — but the company is also maintaining a targeted ratio in relation to its non-salvage business, too. When discussing its 2012 fiscal year on Wednesday, chief financial officer Will […] [Read More]

Manheim shared on Wednesday that the United States Patent and Trademark Office recently awarded patent No. 8,230,362 to the company for its computer-assisted vehicle condition report writing system, which includes AutoGrade. Company officials said that because Manheim's patented system is designed to be both objective and accurate, it can increase customer confidence in the marketplace […] [Read More]

The challenges of title procurement are being addressed via a new product offering from Insurance Auto Auctions. IAA this week announced its launch of a suite of full- and self-service, patent-pending title procurement tools, called IAA Title Management and Title Tracker. Developed in collaboration with insurance companies, IAA said its research has led to streamlined […] [Read More]

Auction managers are signed up for school, as Auction Academy this week announced the full enrollment of its Second Class Group. Comprised of representatives from 15 independent auctions belonging to the National Auto Auction Association, the group will complete a two-year curriculum, meeting quarterly, with its first session scheduled for Nov. 29 in Nashville, Tenn. […] [Read More]

FLD announced today that it has named a director of business development. Hired to the position is Rich Mallek, who has seven years of marketing and sales experience. Mallek previously worked at a full-service interactive advertising and marketing agency in Boca Raton, Fla., and his background also includes positions with a marketing company focused on […] [Read More]

Auction Edge shared the news Wednesday with Auto Remarketing that the company has brought in a senior vice president of strategy and operations. New to the Auction Edge management team is Scott Heydon, whose background includes high-level positions at Starbucks. Heydon spent four years at McKinsey & Co. prior to his time at Starbucks, where […] [Read More]

Even as gas prices continue to rise and overall used-car price declines have picked up, according to Black Book’s Ricky Beggs, trucks continue to buck the trend. So far in September, used-car prices have dropped by 2.0 percent, compared to April when prices slid just 0.2 percent. But trucks, on the other hand, have shown […] [Read More]