With gas prices softening a bit throughout the country, Kelley Blue Book advised dealers to check their used inventories for five specific fuel-efficient models that could be in line for a significant price correction. That group included the 2010 Toyota Prius, 2011 Toyota Yaris, 2011 Chevrolet Cruze, 2011 Toyota Corolla and 2011 Kia Soul. “Although […] [Read More]

Global vehicle fleet services provider ARI has announced the 2011 recipients of the 13th annual ARI Regional Auction of the Year Award, recognizing commitment to consistent quality service and strong working relationships. Five of the six winning auctions for 2011 have also received the award in multiple years. The 2011 honorees include one ServNet auction, […] [Read More]

The current used-vehicle landscape helped Dollar Thrifty Automotive Group post record first-quarter profit. As the company revealed its latest financial performance on Wednesday, DTAG calculated that its first-quarter net income came in at $40.4 million or $1.35 per diluted share. That level is up from the year-ago net income amount of $16.5 million, or 53 […] [Read More]

Recent growth has led to a move for Auctions in Motion, which has announced the relocation of its Thursday auction to a larger facility at 889 Mitchell Road in Thousand Oaks, Calif. The move addresses the company’s need for additional space to accommodate growth in demand in the Southern California Region, an AIM spokesperson said, […] [Read More]

After taking dozens of questions about the first-quarter performance of each of the company’s major subsidiaries — ADESA, Insurance Auto Auctions and Automotive Finance Corp. — KAR Auction Services chief executive officer Jim Hallett exhaled and left investors with one more upbeat comment. “From our standpoint, we’re very pleased with the first quarter; very pleased, […] [Read More]

Along with his monthly look at the specialty markets, Black Book’s Ricky Beggs shared how recent changes in gas prices didn’t create wholesale price movements dealers might have anticipated. The Black Book managing editor began his weekly online commentary, “Beggs on the Used Car Market,” by asking dealers a question. Beggs wondered, “With gas prices […] [Read More]

On Tuesday, ADESA revealed who will be the general manager at ADESA Tampa and ADESA Birmingham. Moving over from his role as fleet lease manager at ADESA Sarasota, Curtis Farris will now oversee operations at ADESA Tampa as the auction’s general manager. Additionally, the company announced John Rea has returned and will now serve as […] [Read More]

KAR Auction Services kicked off the year by notching nearly a 5-percent uptick in revenue during the first quarter and increasing its adjusted EBITDA by approximately 6 percent, the company said late Monday afternoon. KAR pulled in adjusted EBITDA of $134.9 million in the first quarter that ended March 31, compared to $127.3 million in […] [Read More]

As the Manheim Used Vehicle Value Index edged slightly lower in April, economist Tom Webb cautioned wholesale observers and dealers to watch that some individual segment movements are “misleading.” Supporting Webb’s point was the 0.8-percent softening of compact car prices last month. Meanwhile, Manheim discovered pickup prices rose 3.2 percent. “Unusual year-ago environment makes some […] [Read More]

Manheim’s flagship facility recently held a community program designed to foster road safety among teenagers by offering defensive driving courses targeted toward 15- to 19-year-olds. Manheim Pennsylvania Auto Auction hosted the Lion’s Club Be Responsible And Keep Everyone Safe defensive driving courses, where teens were taught techniques to maintain control of their vehicles in hazardous […] [Read More]