Auction News Roundup: Carvana shares update on ADESA deal, plus NAAA’s charitable efforts & more
We begin this auction news roundup with an update on what has been one of the biggest stories in the space in years.
Carvana said in a news release Thursday that it anticipates its deal to acquire KAR Global’s U.S. ADESA physical auction business will close next month.
The online retailer said that to “facilitate this closing timeline,” it will report its first quarter earnings after the market closes Wednesday. Carvana’s quarterly earnings call is set for 5:30 pm (ET) that day.
NAAA donates to aid in Ukraine relief
Elsewhere, the National Auto Auction Association said last week that it donated $25,000 to the Save the Children’s Ukraine Crisis Relief Fund.
Save the Children, which aims to help children in times of crisis, is putting donations towards helping families meet basic needs like food, water and having hygiene kits, along with other support measures.
NAAA’s efforts began with a $5,000 donation to the fund from headquarters, which was followed by a $5,000 donation from the NAAA Midwest Chapter. The Eastern, Southern and Western chapters each pitched in $5,000, as well.
“We know that so many of members are great stewards of their communities and are eager to support charitable causes that are important to them,” NAAA said in an emailed message to members. “That is why we felt it was necessary to step up as an association to do our part to help families that are directly affected by the crisis in Ukraine.”
Manheim augments LotVision tech
Over at Manheim, the company announced last week that it has added Diagnostic Trouble Code vehicle information at all of its U.S. auctions with LotVision technology.
The company had run a two-month pilot test on the DTC technology at locations in Texas and California.
With the DTC capability, clients will be able to view the diagnostic data on vehicles either at the auction or remotely through searching the VIN or work order number.
“As Manheim broadens its focus on creating a better, more connected client experience, we are committed to delivering the vital information they are looking for to make their buying and selling decisions,” said Bob Grounds, Manheim AVP of operational excellence, in a news release. “LotVision’s expanded capabilities are also an important next step in helping Manheim advance a more transparent marketplace.”