With how turbulent wholesale prices have been in recent weeks, Black Book’s experts went to a descriptive term that might make some dealers and finance companies cringe with flashbacks about the pandemic or other challenging stretches. Yep, it seems after wholesale values dropped another 1.86% overall last week, Black Book acknowledged the market is “establishing […] [Read More]

As CEO Peter Kelly reminded listeners on an investors call Monday, there is a “high hurdle” OPENLANE must clear when making decisions regarding mergers and acquisitions. “I believe that this transaction clears that high hurdle by offering a compelling financial return, but also significantly advancing our digital strategy in one of our core markets,” Kelly said. The transaction to which Kelly refers is OPENLANE’s deal, announced late Monday afternoon, to buy Manheim Canada for $130 million (CAD), which is $95 million (USD). The deal, once it closes, includes ... [Read More]

OPENLANE has agreed to acquire the Manheim Canada business from Cox Automotive in a deal valued at $130 million (CAD), which is $95 million (USD), the company said Monday afternoon. The deal, which is subject to certain customary closing conditions, includes the Manheim Montreal facility and auction sales, operations and select staff across Manheim Canada. […] [Read More]

Vehicle logistics technology provider Autosled has promoted Bart Schuster to senior vice president of OEM and government relations. Schuster, a veteran of 27 years in the auto industry who previously served as Autosled’s vice president of sales, will continue to manage the company’s sales division and OEM partnerships, as well as growing the government services […] [Read More]

Royce Neubauer is a logistics lifer who has started three companies in his 25 years in that sector, including his current one — Auto Hauler Exchange, of which he is founder and CEO. He was also a speaker at Used Car Week is Scottsdale, Ariz., where he appeared as a guest on the Auto Remarketing […] [Read More]

CarGurus, which in 2021 acquired a 51% stake in CarOffer, said last month it would be acquiring the remaining stakes in the digital wholesale platform. That acquisition is now complete. And with this move, Zach Hallowell takes on the position of CarOffer CEO. Hallowell, a former OPENLANE and Cox Automotive executive, was named the head […] [Read More]

Dealers Auto Auction Group has named longtime auto industry veteran Michael Schenks as the new general manager of its Little Rock, Ark., location. Schenks joins DAA of Little Rock with more than 30 years of experience, most recently with BigIron Auctions, where he served as national director of classic cars and regional manager. DAA said […] [Read More]

Black Book watched three vehicle segments decrease in value last week probably more than the appeal for cranberry sauce or canned yams still on a grocery store shelf two days after Thanksgiving. Black Book reported that three segments depreciated by more than 3% a week ago, including work vans, full-size luxury SUVs and compact cars. […] [Read More]

“Intentionally, these doors are closed because what you're going to see when you go beyond these doors is a completely new way to support the automotive supply chain,” a.i.m. CEO Tim Frank tells a crowd of auto industry professionals in mid-November. They’re gathered here for the grand opening of a.i.m’s first-ever vehicle reconditioning facility, located in Oxford, N.C., some 30 miles northeast of Durham. The building is a former tobacco production facility, a common sight in a state whose economy has shifted further towards tech-related fields, especially in the nearby Research Triangle region. That's not unlike the wholesale auto industry, where ... [Read More]

Wholesale automotive marketplace IAA has entered into a strategic market alliance with Lion Trans & WHSE LLC in the Eastern European nation of Georgia, IAA’s parent company RB Global announced. In a news release RB Global said the goal of the collaborative relationship is to increase market share of both companies in Georgia, as well […] [Read More]