KAR Global’s sale of its U.S. ADESA auction business to Carvana is likely to close within a week, KAR leaders said in an earnings call Wednesday, and with that will be a paradigm shift for the wholesale car business. The company, the longtime parent of the nation’s second-largest auction chain, will not have a physical […] [Read More]

In this month’s edition of BHPH Report, Bill Elizondo of the National Independent Automobile Dealers Association mentioned the growing trend of catalytic converter theft as part of this feature story about reconditioning. So just how prevalent is catalytic converter theft? According to a news release distributed this week by CARFAX, the National Insurance Crime Bureau, […] [Read More]

Experts from Agora Data, Comerica Bank, Cox Automotive and Edmunds gave a variety of insights about two of the top current economic trends that can impact auto financing — inflation and interest rates. As expected by these companies, the Federal Reserve raised the federal funds rate by 50 basis points on Wednesday, marking the largest […] [Read More]

Ignite Consulting Partners offers a compliance tip each week for dealerships. This week’s installment delves into a business segment buy-here, pay-here operators often face — repossessions — recapping a $98 million settlement as being possible when regulations aren’t followed exactly. The compliance firm compiled what it called a minimum 8-point checklist to reinforce the importance […] [Read More]

Aggressive dealership acquisition strategies and consumer-centric digital buying platforms  helped Asbury Automotive Group and Lithia & Driveway deliver record earnings and revenue in their respective first quarters of 2022. In fact, Asbury’s 2021 dealership buying spree catapulted it past its previous five-year acquisition target in the first year of the plan. That led the Duluth, […] [Read More]

In addition to reporting quarterly results this week, AutoCanada also announced the acquisition of two dealerships that expand its Ontario presence and adds the Porsche brand to its franchise portfolio. The retailer said Monday it has purchased Porsche of London and Audi Windsor, two stores that generate more than $80 million in annual revenues. “We’re […] [Read More]

One of the recovery industry executives who has been a regular on stage during Used Car Week is with a new company for the first time in nearly 20 years. On Wednesday afternoon, DRN and MVTRAC announced that Cortney Osborne has joined the company as its chief client officer to lead sales, business development, client […] [Read More]

I have enjoyed many a gas-station hot dog, and as a child of the South, I’m willing and ready to down some fried chicken at the fuel pump. But I draw the line at gas-station sushi. There’s no telling what havoc it could cause, and as much as I love a spicy tuna roll, I’m […] [Read More]

In March, Automotive Ventures launched an investment fund that focuses on driving strong returns for dealers who invest in early-stage dealership technologies. And Tuesday, the automotive technology and mobility venture capital firm added three industry veterans to sustain that project as well as the others in its portfolio. Andrew Gordon, Adam Lafferty and Brian Reed […] [Read More]

Continuing our series of special episodes of the Auto Remarketing Podcasts featuring general sessions from this year’s Auto Intel Summit — an added benefit for Cherokee Media Group Premium Members — we bring you a conversation led by Steve Greenfield of Automotive Ventures with some of this year’s Emerging 8 honorees. Recapping their growth journeys […] [Read More]