Washington, D.C.-based Easterns Automotive Group uses Cars.com’s Accu-Trade appraisal technology, and Easterns’ president Joel Bassam said that appraising a vehicle now takes as little as 15 minutes compared to an hour previously. During the Cars.com (CARS) third quarter 2022 earnings call on Nov. 3, CARS CEO Alex Vetter mentioned Bassam and Easterns, quoting Bassam as […] [Read More]

Your nearby grocery store or big-box retailer might be bustling for the next several weeks as people get holiday gifts and meal ingredients. The scene at your favorite auto auction might be much less active, based on the projections Black Book shared on Tuesday through its latest installment of Market Insights. The foundation for that […] [Read More]

We begin this roundup of auction executive moves in the Pacific Northwest, where McConkey Auction Group has named Tammy Swofford as its vice president of national accounts. Swofford has previously been the national sales and marketing director at America’s Auto Auction. Her experience also includes time with Manheim. “We’ve known Tammy for a long time […] [Read More]

At a time when many technology companies are cutting back, ACV is investing in both organic growth and acquisitions. Though it expects the wholesale market to remain moribund, that investment will enable it to grow more quickly when markets regain momentum, said ACV executives. “Based on our internal analysis, we estimate that the U.S. dealer […] [Read More]

Great Lakes Auto Auction has acquired Wolfe’s South Bend Auto Auction. The Wolfe family decided earlier this year to focus on its two Southern Indiana auctions and worked with TPC Management Company to evaluate options for South Bend. The Wolfe family purchased the South Bend auction in 2003. The auction opened in 1960. “We are […] [Read More]

On Wednesday, Work Truck Solutions finalized its third industry relationship since the beginning of September. Coming after alignments with Manheim as well as FordDirect, the company specializing in commercial vehicles announced inventory listing partnership with Holman’s small business division, providing Holman’s customers greater access to locate and acquire commercial vehicles. When companies with shared goals […] [Read More]

Off-lease has been the hardest hit segment of wholesale vehicle supply, and recent data suggests that could be the case for some time. But KAR Global CEO Peter Kelly is encouraged by signs that off-lease volumes could eventually make a slow and steady return. During opening comments of KAR’s third-quarter earnings call earlier this month, […] [Read More]

Evidently, franchised dealerships are on the hunt for inventory, with independent stores and the new normal of 2002, those rental car companies, stepping back at the auction. That’s the notable observation Black Book shared on Tuesday through its Market Insights that also detailed wholesale prices softening another 1.05% and the estimated average weekly sales rate […] [Read More]

Ritchie Bros. Auctioneers has agreed to purchase IAA for $7.3 billion in stock and cash, the companies announced Monday. The price includes the assumption of $1.0 billion of net debt. The deal is expected to close in the first half of 2023. Ritchie Bros. is a global asset management and disposition company, providing avenues for […] [Read More]

Chase Auto announced the 2022 winners of the Chase Cup for Auction Excellence on Thursday, spotlighting its auction partners with top performances in handling handled preparation, sales, invoice processing, transport requests, title processing and other tasks. The award for Best National Auction Performance went to Columbus Fair Auto Auction, while Manheim Fredericksburg earned honors in […] [Read More]