Joe Biden’s victory likely will usher in a new era of consumer protection and compliance challenges for auto dealers.  Four out of the five Federal Trade Commission (FTC) Commissioners will have their terms expire during the Biden Administration.  President-Elect Biden will have the power to replace the head of the Consumer Financial Protection Bureau. The […] [Read More]

Used Car Week begins in less than a week. And yes, being that it is a digital event this year, it will look different — much like any conference or event, automotive or otherwise, in this topsy-turvy 2020. But the mission of Used Car Week — that of uniting the industry and providing insights/analysis, networking opportunities […] [Read More]

The all-digital Used Car Week kicks off in less than a week, and one of the auto industry's top economists will be among those sharing insights.  The event begins with Auto Fin Con and the National Auto Finance Association’s Annual Non-Prime Auto Financing Conference, which will run concurrently the week of Nov. 16-20. On Wednesday of […] [Read More]

Used-vehicle sales last month fell 5% from October 2019, Cox Automotive estimated in analysis around its latest Manheim Used Vehicle Value Index, which was released Friday. The company pegged the seasonally adjusted annualized rate for used-car sales to be 37.5 million for October, versus 39 million in September and 39.6 million in October 2019. In […] [Read More]

XLerate Group Auctions’ Charleston Auto Auction in South Carolina has hired a former ADESA national specialty and mobile manager as its new specialty sales/fleet lease remarketer. The new hire is Andy Shaffer, and XLerate said he brings extensive knowledge of the specialty and auto remarketing industry. Charleston Auto Auction general manager Laura Taylor said Charleston is […] [Read More]

Stating that it is working to help auto reconditioning companies acquire more business and increase revenue, auto reconditioning business platform Mobile Tech RX has acquired auto industry virtual chat engine, Claimbot. Mobile Tech RX users will soon be able to use Claimbot’s chat engine, powered by artificial intelligence. Those users will be able to automate […] [Read More]

In what the company says supports the continuing expansion of its dealer network into urban and rural markets, Karma Automotive opened the latest addition to its Texas dealer network. The dealership is Principle Karma in San Antonio and it serves the greater San Antonio metropolitan area. As it looks to expand its global presence into new and […] [Read More]

While the market might be improving according to some industry research, the National Independent Automobile Dealers Association emphasized how important it for dealerships to make sure they’re executing spend management best practices and strategies to be in an optimal position for the recovery. That’s an area where NIADA’s newest National Member Benefit partner might be […] [Read More]

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]