This week, Performance Brokerage Services announced its involvement in a pair of dealership transactions, with one unfolding in Texas and the other in New Jersey. Beginning in the Lone Star State, a news release announced the sale of WestStar Autoplex in Monahans, Texas, from Larry and Peggy Bryant to Jeff Buhl of Leif Johnson Auto […] [Read More]

The used-car market continues to face several headwinds, and amid those challenges, Cox Automotive shared an update on how pre-owned sales fared in early 2023. According to data provided specifically to Auto Remarketing via email, there were an estimated 9.38 million total used-car sales in the first quarter, down from 9.62 million in Q1 2022. Total used-car sales came in ... [Read More]

Exeter Finance announced its Auction eXcellence Award winners at the recent CAR Conference, spotlighting top auctions across four categories. The honorees were as follows: Division 1 winner: Carolina Auto Auction Division 2 winner: America’s Auto Auction St. Louis Division 3 winner: DAA Seattle Exeter Most Improved: Akron Auto Auction “We realize that every car that […] [Read More]

Last week’s repossession industry events hosted by the American Recovery Association included the awarding of 23 honors by the organization as well as DRN. First during ARA’s 59th annual convention, the association gave the following honors: Key Award Marcus Potter NAR Services, Charlotte, N.C. Rookie of the Year Bryanna Cox Asset Resolutions, Houston Special Recognition […] [Read More]

The wave of mergers and acquisitions in multiple parts of automotive continued this week. AutoAlert, a provider of data analytics solutions, announced that it has been acquired by certain funds and accounts managed by BlackRock. Through a news release, Phil Tseng, managing director and co-head of US Private Capital, BlackRock Alternatives, explained why the firm […] [Read More]

The certified pre-owned vehicle market is not only exceeding expectations in early 2023, it outpaced year-over-year improvements in overall used-car sales last month at dealerships. According to a Cox Automotive analysis of Motor Intelligence data, there were 229,542 CPO sales last month, which beat year-ago numbers by 4.2% and was an 11% improvement over February. […] [Read More]

AutoVerify has a new CEO. The company said Thursday that chief operating officer Keith Murray, who has been the company since 2020, is now taking on the top role. Prior to joining AutoVerify, Murray worked with Autodata Solutions for 21 years, including three as COO. “I am honoured and excited that the AutoVerify founders have […] [Read More]

Canadian Black Book’s annual Residual Value Awards, which were released earlier this spring, revealed some interesting movement in electric vehicle residual values. It shook out that EVs are expected to hold more value after four years than their internal combustion engine car counterparts. Specifically, the residual value average for EV winning cars is ... [Read More]

Automotive Ventures said last week it is closing its new DealerFund to new investors at the end of the month. But the firm isn’t idling until the point. Automotive Ventures is part of the group to invest in Pitstop, a fleet maintenance software company that provides powerful AI-driven predictive analytics and insights in an affordable, […] [Read More]

Along with examining the employment scene, Cox Automotive tried to decipher how easily dealerships could get contracts bought in March by their networks of finance companies. According to the Dealertrack Credit Availability Index, access to auto credit loosened slightly in March, which included the failure of multiple banks. Cox Automotive reported the index increased 0.2% […] [Read More]