Despite challenges that included lower volumes, KAR Global made some big strides in the third quarter, including some progress in its TradeRev business unit, amid a wholesale marketplace that remains largely digital within the company. Revenue came in at $593.6 million for Q3, down from $701.9 million a year ago. But KAR generated $47.1 million in […] [Read More]

There was a 15.4% year-over-year spike in the Manheim Used Vehicle Value Index in October, continuing a string of wholesale price growth from 2019. Prices were up 0.47% from September on a mix-, mileage- and seasonally adjusted basis, bringing the index to 161.9. “The non-seasonally adjusted monthly change was -1.9%, which was more in line […] [Read More]

After being indicted in one of the largest tax evasion schemes ever to be prosecuted by the Justice Department and the Internal Revenue Service, Bob Brockman now no longer is the chief executive officer of Reynolds and Reynolds. The company announced on Friday that Brockman has stepped down as CEO. Reynolds president and chief operating […] [Read More]

AutoNation will “adopt” 50 local families through a new program in which it will ask the public to drop off unwrapped toys at any AutoNation store in Miami-Dade and Broward counties. The program is called Adopt a Family 4 the Holidays, and AutoNation is partnering in the program with Neighbors 4 Neighbors, an organization that […] [Read More]

Manheim is piloting the return of running vehicles through auction lanes. The company announced Thursday afternoon that it will begin this pilot Tuesday at Manheim Nashville, with Manheim Daytona Beach to follow suite Wednesday. Manheim said in a news release that it arrived at this decision, “after the company became more confident with its phased-in, […] [Read More]

As part of Auto Remarketing's 2020 Best Auto Auctions to Work For program, we are featuring Q&As with leaders from some of the honorees.  Next up is Michael Waterman, chief sales officer at ACV Auctions, one of this year's honorees.  That Q&A, available to CMG Premium subscribers, can be found below. Auto Remarketing: Workplace safety has been a […] [Read More]

A firm that was supposed to pull funds from contract holders’ bank accounts and deliver the money to auto-finance companies entered into a consent order with the Consumer Financial Protection Bureau this week. And in a twist, the penalties levied by the CFPB against the company might not be completely delivered. Here’s what has happened, […] [Read More]

The record streak continues for Hyundai Canada’s H-Promise certified pre-owned program. Its dealers moved 1,207 CPO units last month, which was the program’s best October ever. Hyundai has now gone five consecutive months with CPO sales representing a high for that respective month, said Charles Plewes, who is the company’s manager of CPO and remarketing. […] [Read More]

Westlake Financial senior vice president of collections Brian Renfro knew his team was facing an incredible challenge. TransUnion’s industry-wide data showed the percentage of auto-finance contracts in financial hardship quickly rose as the pandemic intensified, jumping from 0.64% in March to 7.20% in June. Renfro understood his servicing team needed a solution that could ensure […] [Read More]

Byrider gave something a little more valuable than just candy this Halloween. This week, the chain of buy-here, pay-here dealerships announced it donated $10,000 for Riley Hospital for Children through its annual Race For Riley, held on Saturday at New Castle Motorsports Park in New Castle, Ind. The Halloween event marked the 17th year Byrider […] [Read More]