The pre-owned business at Asbury Automotive Group may be quite pivotal in helping another segment continue to make progress. Asbury generated nearly $18 million in gross profits from reconditioning and preparation work during the second quarter, helping its parts and service business achieve a 4-percent year-over-year gain in both parts and service gross profits and […] [Read More]

Auto Remarketing has learned who will succeed R. Charles Nichols as ServNet president in 2014. Nichols announced that his successor will be Patty Stanley, who has been elected to serve as vice president of the company’s board of directors. Stanley and her husband, Henry Stanley, are the owners of two ServNet auctions: Carolina Auto Auction […] [Read More]

Black Book found that the last week’s average wholesale price declines for both cars and trucks established new highs for the calendar year. Managing editor Ricky Beggs revealed that car prices tumbled by $63 last week while truck prices sunk by $78.  Beggs said during his weekly online video analysis, “Beggs on the Used Car […] [Read More]

In what might be encouraging news for some dealers, Moody’s Analytics projected that used-vehicle prices not only will continue to soften, but the decrease will extend at least through the middle of 2014. However, the firm doesn’t expect used-model prices to dip as low as what dealers experienced during the recession. Instead, Moody’s anticipates a […] [Read More]

It hasn’t happened since April: auction values for affordable small cars climbing. But that’s exactly what Kelley Blue Book observed recently. Thanks to a modest increase in price at the pump, used vehicles such as the Honda Fit, Smart fortwo, Suzuki SX4, Volkswagen Jetta TDI, Kia Rio and Honda Insight posted $100 to $600 price […] [Read More]

Boston-area Paine Auto Auction will make its debut next week, opening the doors to a five-lane facility with the capacity for 1,200 units. With Sean Paine as president and chief executive officer, the auction’s leadership will also include a former president of the National Auto Auction Association. Serving as chief financial officer is Gregory Kobel, […] [Read More]

Thanks to a supply downturn — spurred by past years’ lagging new-vehicle purchases and leases — and other key factors, asking prices for used vehicles in Canada during the second quarter jumped more than 1.2 percent from the first quarter, according to autoTRADER.ca. And for the majority of luxury models, the run-up in used prices […] [Read More]

Fleet services provider ARI recently named an executive vice president and chief operating officer for ARI Canada who will also take on duties as managing director of global operations. Tapped for the position is Chris Conroy, who has been with ARI since 1994. His most recent post was as ARI Canada’s senior vice president of […] [Read More]

ADESA Canada and RVI Group both released their respective Canadian used-vehicle value indices for June this week, both of which moved up modestly from May. But their individual findings on more specific wholesale price behavior for the month were quite different. So what, exactly, did these two firms observe about Canada’s used-car market? [Read More]

Though eclipsing year-ago levels by more than 3 percent, wholesale values fell sequentially for the second straight month, according to RVI Group, which said this week that June’s used prices were off 0.8 percent from May. This follows a 0.9 percent month-over-month decrease in May.  Before that drop-off, used values had increased sequentially in each […] [Read More]