Black Book’s Market Insights showed that wholesale values dropped 0.31% last week. Analysts said that level of depreciation exceeded pre-COVID norms for this time of year since values typically drop by 0.22%. As a result, Black Book found that the estimated average weekly sales rate increased to 49%. “June has started off on a positive […] [Read More]

Dimmit Automotive Group, which includes 13 dealerships throughout Florida’s Gulf Coast, has expanded to the powersports segment. The group has purchased Cycle Springs Powersports in Clearwater, Fla., according to a news release from Performance Brokerage Services, which advised on the transaction. Family-owned Dimmit Automotive Group has been in operations for nearly a century, following Lawrence […] [Read More]

Assurant plans to cover five primary topics in its comprehensive electric vehicle (EV) sales training course. The course titled, “EV Sales Professional’s Blueprint” is designed to address the fundamental differences between EVs and traditional internal combustion engine (ICE) vehicles and gives sales professionals the tools to grow their sales expertise ahead of the coming wave […] [Read More]

FrogData expanded its platform for automotive fueled by launching WarrantyBoost+, what the company called a “groundbreaking” annual-subscription product that can combine warranty rate enhancement with an intuitive service dashboard and key performance indicator (KPI) tracking. By leveraging its AI-driven warranty analytics platform, FrogData said dealers can expect faster and more accurate results, ensuring optimal rate […] [Read More]

The wholesale vehicle market is rounding the corner from spring with prices continuing to ease from year-ago levels. In May, Black Book’s Used Vehicle Retention Index fell on a year-over-year basis for the eighth consecutive month, coming in at 175.4, down 7.1% from May 2022. While the index has slowed year-over-year each month starting with […] [Read More]

defi MANAGED SERVICING Remarketing, which is the remarketing arm of defi SOLUTIONS, has named its 2022 Auction of the Year. Earnings the award is Manheim Dallas, with second place going to ADESA Cincinnati/Dayton and third place going to ADESA Phoenix. “Manheim Dallas consistently ranks as a volume sales leader,” said Steve Bissett, defi SOLUTIONS vice […] [Read More]

Repair OnDemand has a new president. The company, which offers a marketplace connecting sublet repair professionals with companies who have cars needing inspections and/or repair, said Tuesday it has hired former Cox Automotive executive Randy Kobat for the role. Tony Rimas, who previously led Repair OnDemand and was president of Repairify, has moved into a […] [Read More]

Bankruptcy filings continue to increase from the reduced volumes experienced during the three years of the COVID-19 pandemic. That’s the primary finding according to data provided by Epiq Bankruptcy, which said total bankruptcy filings in May spiked 23% year-over-year from 31,330 to 38,669. Epiq reported individual bankruptcy filings totaled 36,345 in May, also registering a […] [Read More]

The next opportunity for the Federal Reserve to modify interest rates arrives next Wednesday. Cox Automotive chief economist Jonathan Smoke recapped some of the most important information policymakers likely might consider when deciding whether or not to lift rates again, beginning with the labor market. “The May employment report represented a resilient labor market with […] [Read More]

Michigan-based Penske Automotive Group has expanded its Canadian footprint, announcing Monday it has acquired Transolutions Truck Centers, a Winnipeg-based retailer of medium- and heavy-duty commercial trucks and buses. Transolutions Truck Centers, or TSTC, includes three full-service dealerships and two parts and services centers throughout greater Winnipeg. It sells and services Freightliner Trucks, Western Star Trucks […] [Read More]