The recovery in commercial consignment volume is already bearing fruit for marketplaces in the wholesale auto industry. At OPENLANE, for instance, 710,000 commercial consignment vehicles were sold through its marketplaces last year, compared to 661,000 in 2022. In the fourth quarter, OPENLANE had 183,000 commercial vehicle sales, up from 151,000 a year earlier. The growth in commercial vehicle volumes for the company has ... [Read More]

Federal Reserve chair Jerome Powell and Fed governor Michelle Bowman made separate public appearances on Thursday, but each policymaker maintained similar stances on how the entity is approaching interest rates and inflation. Appearing before the U.S. House Financial Services Committee to give the Federal Reserve’s semiannual monetary policy report, Powell acknowledged that inflation still hasn’t […] [Read More]

New Jersey dealerships now have to clean more than just the upholstery, center console and cargo area of used vehicles. Privacy4Cars pointed out to Auto Remarketing this week that Gov. Phil Murphy on Jan. 16 signed into law the Motor Vehicle Data Deletion Act. It’s associated with how a vehicle’s infotainment system can capture personal […] [Read More]

Reconditioning operations is one of Manheim’s fastest-growing areas, and its parent company Cox Automotive is working to keep up, announcing plans to open its fifth auto tech training center this year. The new center, to be located in Chicago, joins the four current training centers at Manheim locations in Southern California, Central Florida, New Jersey […] [Read More]

Wholesale vehicle price depreciation picked up a bit last week in Canada, falling by an average just over a half-percent. Canadian Black Book found that used-vehicle prices declined by an average of 0.55%. Car depreciation was once again higher, dropping by an average of 0.67%, while trucks and SUVs dropped 0.42%. Two out of 22 […] [Read More]

Mercedes-Benz Financial Services Canada has a new leader, appointing Brian Stevens its new president and CEO. Stevens will lead the financial services company’s Canadian arm in succession of James Ryan. Ryan was named CEO of Mercedes-Benz Financial Services BeNeLux, leading MBM operations in the Belgium, Netherlands and Luxembourg markets. Stevens reports to Peter Henn, head […] [Read More]

The FTC’s proposed CARS Rule is currently in legal limbo. So what are the likely arguments and the possible outcomes? And what should dealers be doing to prepare in the meantime? On this episode of the Auto Remarketing Podcast, Buckeye Dealership Consulting’s Shaun Petersen shares his considerable legislative, regulatory and compliance expertise as he untangles […] [Read More]

Cherokee Media Group asked Jessica Caldwell of Edmunds a question that undoubtedly many consumers and perhaps some dealerships and finance companies are wondering, too. “Will retail prices for both used and new vehicles ever soften back to what they were say four or five years ago?” Caldwell addressed that question and more during this episode […] [Read More]

Plug, an online wholesale auction that facilitates electric vehicle buying and selling, is looking to add more buying dealers to its platform and has hired a former Carmigo, A2Z Sync and ACV executive to lead that charge. On Thursday, the company announced that Susan O’Rourke is now its vice president of sales and business development. […] [Read More]

Justin Osburn, founder and CEO of Automotive Reinsurance Concepts and SmartGroups: 20 Groups Reimagined, returns to the Auto Remarketing Podcast fresh off a SmartGroup meeting that included some of the nation’s largest independent dealers. Osburn talks with Cherokee Media Group associate editor Andrew Friedlander about areas those dealers focused on, including opportunities in fixed ops […] [Read More]