KAR Auction Services announced late Monday that ADESA, its subsidiary, has agreed to acquire the equity of OPENLANE. Peter Kelly will continue as OPENLANE’s chief executive officer and will report directly to KAR CEO Jim Hallett, management reported. OPENLANE is being acquired for $210 million in cash, plus an increase for excess cash on OPENLANE’s […] [Read More]

The International Automotive Remarketers Alliance is set to begin the IARA Summer Roundtable tomorrow with a lineup chock-full of speakers and presentations providing insight into numerous facets of the industry, including a panel devoted to consignors. IARA will be holding the roundtable event Tuesday and Wednesday at the Westin Galleria in Dallas. The “Consignor’s State […] [Read More]

Allied Finance Adjusters handed out a half dozen awards during its annual convention, honoring various categories of repossession achievement. Presented by president George Badeen, this year’s winners included: —Paul J. Leleu Achievement Award: Carl Purvis, Federal Auto Recovery of Atlanta. Allied officials explained this award exemplifies a member’s loyalty, harmony and integrity to the organization, its […] [Read More]

Earlier this year, Time Finance Adjusters conducted its annual convention at the same place and city as the National Alliance of Buy-Here, Pay-Here Dealers Conference. That development wasn’t just a coincidence. TFA executive director Ron Brown explained why. “These buy-here, pay-heres have become very legitimate,” Brown insisted to Auto Remarketing. “They’re very big. Most of […] [Read More]

The used-vehicle supply pipeline has dried up immensely and according to analysis from NADA Used Car Guide, it will likely get even more challenging as the market is close to being three years out from the leasing erosion that started in late 2008. It likely also doesn’t help dealers of Japanese brands, in particular, that […] [Read More]

A recently launched online dealer-to-dealer wholesale marketplace says that it is giving dealers the chance to make their wholesales more efficient and profitable, while also providing buying dealers with the opportunity to shore up some gaps in their inventory. WholeSaleCall.com is currently going through a pilot program in the Midwest, but a full nationwide roll-out […] [Read More]

Chevrolet announced late last week it will continue to celebrate in preparation of its 100th birthday — Nov. 3 — by sponsoring this year’s Woodward Dream Cruise, one of the world’s largest automotive events held on Detroit’s Woodward Avenue. The event, which will help highlight Chevy’s centennial, is scheduled for Aug. 20, and the automaker […] [Read More]

In light of the economic and fiscal fiascos of recent weeks — the U.S. credit downgrade and the stock market swooning, along with the debt-ceiling crisis — it may seem like blood is in the water and the sharks of economic turmoil are circling. But the impact on auto sales might not be as bad […] [Read More]

The Texas Automobile Dealers Association revealed late last week that it has strengthened its partnership with NADA University to create a program designed to prepare the next generation of dealers for success, as well as make educational material more accessible. The program — Texas Dealer Academy — utilizes the online resources provided by NADA University to […] [Read More]

Toyota Motor Corp. recently announced the winners of its Toyota Dream Car Art Contest — which aims to create opportunities for children to develop an interest in cars by inspiring them to draw their “dream cars.” The automaker presented three Gold Prize awards, six Silver Prize awards, nine Bronze Prize awards, one Akira Toriyama Prize […] [Read More]