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]

Much of ACV Auctions’ third quarter 2023 earnings call on Nov. 6 focused on supply of new and used inventory in the market, with CEO George Chamoun saying, “we have in our planning that the market returns by 2026.” “Normal” and “normalize” were frequently used words during the earnings call, and Chamoun made that 2026 market return comment during the Q&A portion of the earnings call in response to a question on when ACV believes the industry will “normalize.” Chamoun answered with ... [Read More]

For dealers looking to save resources on inventory procurement, the latest wholesale price readings from Black Book and Cox Automotive are providing details that might create quite a thankful mood as we approach Thanksgiving. Black Book reported wholesale values decreased 1.48% last week, while Cox Automotive indicated wholesale used-vehicle prices (on a mix-, mileage-, and […] [Read More]

As the Thanksgiving holiday approaches, Holman recently announced the appointment of the executive who will serve as the company’s corporate grant director. Selected to oversee all aspects of Holman’s corporate grants program is Steve Holman, who will be in charge of an integral component of the company’s community affairs efforts, providing financial support to non-profit […] [Read More]

OPENLANE has taken another step in its consolidation. The operator of digital wholesale used vehicle marketplaces has launched the new OPENLANE US digital marketplace, combining off-lease inventory from U.S. commercial sellers with the dealer-to-dealer inventory of BacklotCars. In OPENLANE’s third quarter earnings call on Nov. 1, CEO Peter Kelly revealed the company’s plan to consolidate […] [Read More]

America’s Group has grown into an industry giant with an aggressive series of acquisitions. Now it has a new leader in that area. America’s Group, which includes America’s Auto Auction and floorplan provider AXLE Funding, has added Chris Elliott as vice president of mergers and acquisitions. “Along with his exceptional background with M&A, Chris has […] [Read More]