CarGurus’ CarOffer digital wholesale platform continued to operate at a loss in the first quarter of 2024 though it did improve sequentially. The entire company’s net income surged, however. The CEO emphasized ongoing efforts to rebuild the wholesale business and integrate it into CarGurus’ other product offerings. “We are proud of the progress and improvement […] [Read More]

Black Book’s Used Vehicle Retention Index for April and its latest weekly look at wholesale value movements summarized the likely conclusion of this year’s spring market. Beginning with the index, Black Book said its seasonally adjusted index decreased 1.1% (1.8 points) to 150.0 from the March reading of 151.8. Examining year-over-year, Black Book said the […] [Read More]

Companies from throughout the automotive industry might brace themselves when a letter arrives from a federal agency. Last week, Carvana celebrated the arrival of one from the National Highway Traffic Safety Administration. Carvana highlighted that letter because it affirmed the legality of electronic signatures (e-signatures) on physical odometer disclosure documents. Carvana said it pursued this […] [Read More]

John Poteet, a longtime auction owner/operator and recipient of one of the National Auto Auction Association’s most prestigious honors, has joined TPC Management Company as an industry associate and management advisor. TPC president Pierre Pons said Poteet will focus on the firm’s advisory work with auction owners evaluating whether to sell their businesses, and assisting […] [Read More]

Dealers Auto Auction of Mobile in Mobile, Ala., has named longtime KAR Global (now known as OPENLANE) executive Mike Drzayich as its new general manager. Drzayich’s experience includes more than 15 years with KAR Global, beginning in sales and as fleet lease manager in Dallas, selling 50,000 cars annually for some of the largest commercial […] [Read More]

Montway Auto Transport unveiled a new program this week to get the best professionals the company can get behind the wheel. The provider of third-party logistics brokerages launched its Preferred Carrier Network program, which is an initiative designed to attract and reward high-caliber car haulers. Montway highlighted this unique program offers “unmatched” benefits to carriers, […] [Read More]

Dealers looking to secure late-model vehicles at auction are in luck. One- to 3-year-old vehicles was the only age group to show a month-over-month increase in wholesale auction sales volume during April, climbing 3%, according to AuctionNet data from the National Auto Auction Association. Sales of 1-3-year-old vehicles climbed 15% from April 2023, as all […] [Read More]

We rolled into May last week, and the auction world might be finished with spring soon. Black Book’s latest observations of wholesale values showed the overall market ticked 0.09% lower during the week that closed with the 150th Kentucky Derby. Despite the spring lift for prices halting, dealers might still be racing for the Winner’s […] [Read More]

Missouri Auto Auction recently held a promotional event to benefit Bree’s Gift, a nonprofit organization that honors the life of Bree Isabel Johnley, who passed away at 4 years old, by providing families with up to 100% of the funding needed to adopt a child. Jennie Johnley, Bree’s mother and founder of Bree’s Gift, is […] [Read More]

Longtime General Motors executive of Anthony Clevio is joining vehicle transport logistics provider United Road as senior vice president of sales and marketing, United Road chairman and CEO Mark Anderson announced. Clevio most recently served as GM’s global logistics director of finished vehicle logistics. In 17 years with the automaker, his roles included positions in […] [Read More]