The previously announced merger involving IAA and Ritchie Bros. Auctioneers is going forward. After a special meeting on Tuesday, IAA announced that its stockholders adopted the merger agreement providing for the stock and cash acquisition of the company by Ritchie Bros. A news release indicated Ritchie Bros. shareholders also conducted a separate special meeting on […] [Read More]

Next up on our list of NADA Show 2023 episodes of the Auto Remarketing Podcast, ACV CEO George Chamoun returns to the podcast for a discussion about what’s on the company’s radar for 2023, the diversification of the ACV business model, electric vehicles and much more. The podcast can be found in the window below. […] [Read More]

KAR Global has a clear digital focus. Also, the company has paid down the majority of its debt. “We have meaningfully reduced our cost structure,” said KAR chief executive officer Peter Kelly. Those three items were part of a list of ways that KAR is positioned differently at the beginning of 2023 than it was at the beginning of 2022. It was one of various lists Kelly used to make his points during KAR’s fourth-quarter 2022 earnings call that took place on Feb. 22. Also, on that list of differences from the beginning of 2022 ... [Read More]

Ship.Cars president Eftim Eftimov joins the show from NADA Show 2023, where he talks with Cherokee Media Group’s Joe Overby about the auto transport and logistics space, the role of technology in that segment and much more. The podcast can be found in the window below. Stay tuned for more episodes of the Auto Remarketing […] [Read More]

The last time Black Book saw this large of a jump in wholesale values in a single week, we were gearing up for Used Car Week and Thanksgiving. In 2021. According to Black Book’s newest installment of Market Insights, wholesale values rose 0.44% during the week that closed on Saturday. Analysts said the last time […] [Read More]

This roundup of dealer philanthropy activities involves healthcare in Florida and education in Texas. Beginning in the Sunshine State, leaders from Broward Health and the Broward Health Foundation joined Rita Case on Feb. 15 to celebrate the naming of the Rita & Rick Case Echo Lab at Broward Health Medical Center. The lab features the […] [Read More]

The first two months of 2023 were a bit of a surprise for the certified pre-owned vehicle market. Cox Automotive forecasted in January that CPO sales would fall 11% in 2023, following a 10% decline last year. But through February, year-to-date certified sales are up almost 14%, the company said.  So, what gives? Ironically, it’s the ... [Read More]

During the past week, Cox Automotive touched on two important current trends associated with auto financing — credit availability and tax refunds. Both trajectories might be positives for dealerships getting vehicles delivered and finance companies building their portfolios. First, according to the Dealertrack Credit Availability Index, access to auto credit loosened modestly in February. Furthermore, […] [Read More]

The independent dealership associations in both Florida and Texas now have new leaders. In the Sunshine State, a familiar name and a former dealer and 20 group moderator now is the overseer of the Florida Independent Automobile Dealers Association, as Chuck Bonanno started as executive director on Monday. And down in the Lone Star State, […] [Read More]

Canadian dealer group Ride Automotive has made its second U.S. acquisition, purchasing Marin Mazda in San Rafel, Calif., from Michael Glasser The acquisition announced by Performance Brokerage Services, which advised on the deal. Ride Automotive, which includes two Kia stores in Canada, announced last month it purchased Simi Valley Chrysler Dodge Jeep Ram from Robert […] [Read More]