While depreciation is “roughly double” what Black Book often sees in July, analysts are also reporting that the auction conversion rate is staying near 60% so far this month. Those are the primary findings of Market Insights, which Black Book released on Tuesday. Analysts highlighted the wholesale segment sustained a 0.55% overall value decrease and […] [Read More]

Two of the industry’s most prominent independent auto auctions will soon fly under the Manheim banner. Cox Automotive, Manheim’s parent, said Tuesday it has signed a deal with BSC America to acquire the company’s Bel Air Auto Auction in the Baltimore area and its Tallahassee Auto Auction in Florida. The acquisition is expected to close […] [Read More]

Online wholesale EV auction platform Plug wants to work with brick-and-mortar wholesale auctions to offer more services to its consignor customers. It has already partnered with one auction and looks to aggressively add more. “We have found as we try to grow our footprint in commercial consignors that sometimes they need real estate to be part of the service,” Plug founder and CEO Jimmy Douglas told Auto Remarketing. For example, Plug’s customers include auto manufacturers and lenders who have ... [Read More]

Lance Vickery, whose long automotive career includes more than 20 years in leadership roles with CARFAX, has joined Montway Auto Transport as chief revenue officer for strategic growth. The third-party logistics brokerage said Vickery will be responsible for driving revenue growth and fostering long-term partnerships across the automotive sector by leading enterprise-level revenue strategies and […] [Read More]

The list of Carvana’s combined auction-reconditioning facilities is growing again. The online used-car retailer said it plans to add an inspection and reconditioning center to its ADESA Seattle wholesale auction site, making it the 11th such location nationwide. ADESA Seattle has been operating at its 40-acre site in Auburn, Wash., for more than four decades. […] [Read More]

America’s Auto Auction has spent the past several years investing in the business by acquiring auctions nationwide and, most recently, expanding its specialty sales segment. Its latest investment announcement is about something more personal — its people. The company has launched America’s Leadership Journey, a 12-week leadership development program designed to cultivate confident, capable and […] [Read More]

Except for sales spikes when some operations host concerts and other special activities, the auction scene sometimes sags during this juncture of the summer. But that’s not the case this year, according to Black Book’s newest installment of Market Insights, which indicated that wholesale values dropped by 0.48% last week. “We are now in mid-July, […] [Read More]