GM Financial spotted perfection in the auction world. On Wednesday, the captive named five regional Auction of the Year winners for 2023, one Most Valuable Auction of the Year, and for the first time, awarded a Perfect Audit Score. These awards are part of GM Financial’s annual Auction of Excellence program recognizing the nation’s highest-performing […] [Read More]

Cars Commerce said in its 2024 Automotive Trends report there is roughly a 10.2 million-unit deficit in the number of 1- to 3-year-old vehicles expected to re-enter the pre-owned car market in the near future, leading to a “sparse and expensive” picture for dealers’ used-car inventories. How should store managers handle that situation? Brian Kramer, […] [Read More]

Ally Financial has its next chief executive officer who said he admires the company’s “leading position in automotive finance.” Late on Wednesday, Ally announced Michael Rhodes will be its new CEO, starting at the company on April 29. Rhodes will also be appointed as a member of Ally’s board of directors at that time. Ally […] [Read More]

Black Book watched overall wholesale values move higher for the second week in a row, as prices increased 0.13%. And older vehicles — units 8 to 16 years old — climbed a bit more than the industry-wide reading, with values rising by 0.15%. The developments are all part of the auction scene described by Black […] [Read More]

Along with highlighting overall value trends, ADESA chief economist Tom Kontos offered a closer examination of two specific parts of the wholesale market. Kontos looked at what he considers to be “late-model” used vehicles as well as electric vehicles and hybrids. First, let’s begin with the overall numbers included in the newest Kontos Kommentary released […] [Read More]

Cox Automotive’s latest personnel move is being tasked with no less than leading the “reimagination” of auto auctions. Alan Lang has been promoted to senior vice president of physical services and auctions for Cox’s inventory solutions group, responsible for guiding auction operations, processes and vehicle services as part of the company’s mission to “play a […] [Read More]

vAuto announced what it called “a significant expansion” of Upside, bringing its wholesale solution to the Texas market. The system, which combines Cox Automotive brands vAuto, Kelley Blue Book and Manheim Marketplace, is designed to enable dealers to acquire trade-ins at the right price while helping secure a profitable wholesale exit, directly from their vAuto […] [Read More]

Carmigo, an online marketplace and wholesale platform for dealerships, has promoted Chris Michael to from operations manager to vice president of operations. Michael has been with company almost since its beginning — he joined three months after its founding in early 2021 — and has led its operations department through multiple company-wide initiatives. In a […] [Read More]

RB Global, a global marketplace for buyers and sellers of commercial assets and vehicles, has appointed Nancy King as chief technology officer, effective June 3. The company, which is the parent company of IAA, said King brings “extensive hands-on information technology leadership experience” for Fortune 100 organizations. Most recently she served as senior vice president […] [Read More]

IAA has entered into a new market alliance with Baltic Auto Shipping to expand its reach in Lithuania. IAA’s parent company, RB Global, said the deal increases IAA’s connectivity with the global buyer market and strengthens the auction company’s presence in Eastern Europe. The alliance’s goal is to broaden the market share of both companies […] [Read More]