ACV’s continued growth has taken it into Ireland. The Buffalo, N.Y.-based online auto auction platform and wholesale service provider has acquired Irish start-up Drive Inc., a deal announced on LinkedIn by Drive co-founders Conor O’Boyle and Shane Ennis. Drive operates wholesale digital marketplace TradeBid and Nevo, a dedicated EV platform for consumers. “We couldn’t be […] [Read More]

Perhaps dealers are mingling in the auction lanes or holding their smartphones scouring the wholesale market and asking, “How did we get here?” Well, Black Book offered an answer on Tuesday after analysts spotted a 0.17% dip in wholesale values last week. “Fast forward three years from a COVID market low in new-vehicle production,” Black […] [Read More]

Carvana is not just going big. It’s going bigger. The online used-car retailer announced it is turning its ADESA Kansas City auto auction into its first auction and reconditioning “Megasite,” adding inspection and reconditioning center capabilities to the auction site in addition to its digital and in-lane auction operations. The company said the location will […] [Read More]

There’s a revamped inventory acquisition option for dealers who stock used commercial trucks in their inventory. On Monday, Penske Used Trucks announced the launch of its online auction platform for used vehicles. Penske’s fleet of light-duty, medium-duty and heavy-duty commercial vehicles includes units from Ford, GMC, Hino, Isuzu, Freightliner, International, Volvo and many others. The […] [Read More]

Knock on wood, but if the air conditioning goes on the fritz at an auto industry conference — especially at upcoming remarketing shindigs in Texas, Florida and Arizona — event organizers and hotel staff don’t necessarily have to call the HVAC crew. If Sheila Tedesco is in attendance, they could ask her to take a gander. In addition to her leadership roles with Lobel Financial, the Automotive Remarketing Alliance and the Global Remarketing Opportunities for Women organization, Tedesco is ... [Read More]

The recent flurry of mergers and acquisitions within automotive includes another move in the fleet segment. On Wednesday, Element Fleet Management Corp. entered into a definitive agreement to acquire Autofleet. The companies highlighted this strategic acquisition positions Autofleet to leverage Element’s global resources while continuing to spearhead innovation within the mobility industry. “This partnership represents […] [Read More]

The “transformation” of Central Dispatch continues. Cox Automotive’s self-managed auto transportation marketplace has launched a “completely reimagined” platform, designed to simplify transportation management by providing shippers, brokers and carriers everything needed to complete a transaction in a single, integrated marketplace. It’s the second phase of what Cox termed a “journey to transform the vehicle transportation […] [Read More]

OPENLANE wants to give condition reports a boost. The online wholesale used-vehicle marketplace has launched Code Boost IQ, a vehicle inspection enhancement designed to enable faster, better-informed decision-making for dealers. The company said its system uses industry-standard On-Board Diagnostics II (OBD2) scans to detect thousands of alphanumeric diagnostic codes that indicate potential mechanical or electrical […] [Read More]

Dealers could benefit from adjusting their strategies when it comes to pricing and turning used cars, and they may need to turn to additional services to maintain profits. These were some of suggested strategies in the latest Used Market Report from J.D. Power, which found that  “correction” is ongoing in the wholesale vehicle market, where […] [Read More]

TPC Management’s latest personnel move is a look toward the future. Ray Wanna, son of longtime TPC executives Penny and Jiles Wanna and nephew of company founders Pierre and Pauline Pons, has joined the firm as commercial sales/business development coordinator. “We have long noted the strength of family-owned businesses in the remarketing industry,” Pierre Pons […] [Read More]