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October 13, 2016 - Industry News

TradeRev Names New Directors for Southeast, South Central Regions

TradeRev, which provides a live vehicle-appraisal and auctioning app, announced the appointment of new regional directors. Taking over the South Central region is Tory Swedlund, while Will Farmer was named director of the Southeast region.

Tags: Hiring, Mobile Applications, TradeRev, Vehicle Appraisal

October 13, 2016 - Industry News

Black Book: Truck Retention Rates Fall Again

Wholesale values continued to fall last week, although cars fared better than trucks, according to Black Book. The firm reported that the wholesale value for the overall car segment decreased by 0.57% from the week prior, while the truck segment declined 0.58%.

Tags: Black Book, depreciation, Market Insights, Trucks

October 11, 2016 - Industry News

DRIVIN Launches Marketplace Platform

DRIVIN announced the launch of DRIVIN Marketplace, where dealers can list and remarket unwanted inventory to their established network of dealers. The service will then match and recommend the listed inventory to more than 1,000 open vehicle searches from dealers across the country, according to the company.

Tags: Dealer Software, DRIVIN, software, Used Vehicle

October 11, 2016 - Industry News

New York Increases Surety Bond Amount for the State's Used-Vehicle Dealers

Under the new law, used-car dealers who sold fewer than 50 cars in the previous calendar year will be required to purchase a $20,000 surety bond. Dealers who sold more than 50 cars will be required to purchase a $100,000 bond. Additionally, new dealer license applicants will need to post the $20,000 surety bond.

Tags: Assembly Bill, Law, New York, Surety Bond

October 6, 2016 - Industry News

NADA: Supply, Incentives Driving Down Retention Rates

Nearly across the board, the retention rates of model-year 2013 vehicles were down this year compared to the same time last year, according to the most recent NADA Used Car Guide Perspective report.

Tags: NADA, NADA Used Car Guide, Reports, Vehicle Retention

October 4, 2016 - Industry News

Black Book: Truck Segment Showing Higher Depreciation

Last week, cars showed better retention that they did the previous four weeks, while trucks depreciated more than they have during that same timeframe, Black Book reported today.

Tags: Black Book, Value Retention, vehicle depreciation

October 4, 2016 - Industry News

ADESA Announces Management Changes at Three Florida Auctions

Jeff York, the previous general manager of ADESA Sarasota, will now lead ADESA Orlando as general manager. Curt Farris, the previous general manager of ADESA Tampa, will now hold the same title at ADESA Sarasota, and Lisa O’Neil, who was previously the assistant general manager at ADESA Atlanta, will now serve as general manager at ADESA Tampa.

Tags: ADESA, Auto Auctions, General Manager, Promotions

October 3, 2016 - Industry News

KBB: Transaction Prices Rise Nearly 3% YOY in September

U.S. consumers paid, on average, $34,372 for a new light vehicle in September, up 2.5% from a year ago but down 0.2% from August, KBB reported this week.

Tags: 2016, Average Transaction Price, KBB, September

September 28, 2016 - Industry News

Black Book: Car Depreciation Shows Signs of Slowing

The car segment retained its value well last week, with the wholesale value of 2008-2014 model-year cars decreasing by 0.68% last week. This was in line with the 0.67% decline the segment has experienced over the last six weeks, according to Black Book’s Market Insights report.

Tags: Black Book, depreciation, Wholesale, wholesale values

September 28, 2016 - Industry News

Manheim Now Offering Enhanced Vehicle Imaging at 74 Auctions

Manheim has nearly tripled the number of auctions offering enhanced vehicle imaging (EVI), expanding from 25 to 74 locations throughout North America, the company said this week

Tags: Auto Auctions, Inventory Photos, Manheim, marketing, Online Marketplace

September 27, 2016 - Industry News

Kontos: Average Wholesale Price in August Up 4.6% YOY

ADESA's chief economist reported this week that the continued strength of the truck segment drove a year-over-year increase in wholesale prices, while weak car sales contributed to a month-over-month price decline.

Tags: ADESA, remarketing, Tom Kontos, used vehicles, Wholesale Pricing

September 27, 2016 - Industry News

ADESA Names Director of Dealer Relations

In his new role, Trent Strauss will lead the local auction dealer relations teams throughout the United States. He will also oversee deployment of the company’s national sales and dealer relations strategy.

Tags: ADESA, Dealer Relations, Promotion

September 8, 2016 - Industry News

Car Depreciation Accelerates in August, Black Book Reports

Only two car segments ranked in the Top 12 for strongest monthly retention, the firm reported this week. It added that depreciation for all car segments topped rates recorded during the last three years for the month of August.

Tags: Black Book, used-vehicle values, vehicle depreciation

September 8, 2016 - Industry News

E-Credit Express to Integrate NADA Used Car Guide Values Into Platform

E-Credit Express announced today it will integrate NADA Used Car Guide values into its lender management platform to speed up the used-vehicle sale and loan approval process for dealers and finance sources.

Tags: E-Credit Express, NADA, NADA Used Car Guide, used vehicles

September 7, 2016 - Industry News

KAR Auction Services Names New Senior Vice President

Stacey White, senior vice president of enterprise optimization.

KAR Auction Services Inc. has promoted Stacey White to senior vice president of enterprise optimization. The more than 20-year veteran of the auto remarketing industry will maintain her prior duties while also overseeing the company’s procurement and sourcing strategies.

Tags: Kar Auction Services, Promotion, Vice President

September 6, 2016 - Industry News

Manheim Names General Manager for Baltimore-Washington Region

Manheim has appointed John Eriksen as general manager of Manheim Baltimore-Washington, according to a company announcement. In his new role, he will concentrate on serving clients and improving their auction experienced, the company stated.

Tags: Auto Auction, General Manager, Manheim

September 6, 2016 - Industry News

Shane O'Dell Returns to NextGear

Cox Automotive has named Shane O’ Dell president of financial solutions. The former Manheim exec will oversee NextGear Capital, where he served as COO before joining Manheim as senior vice president of vehicle solutions.

Tags: Cox Automotive, NextGear Capital, Promotion

August 25, 2016 - Industry News

Black Book: Wholesale Car Values Falling at Fastest Pace This Year

The wholesale value of 2008-2014 model-year cars continued to fall last week, according to Black Book’s Market Insights report. While many of the familiar trends — trucks performing better than cars — were present, there were some outliers.

Tags: Black Book, depreciation, Wholesale, wholesale values

August 23, 2016 - Industry News

U.S. Bank Names ADESA Northwest Auction of the Year

For the sixth consecutive year, ADESA Northwest was selected as the U.S. Bank Auction of the Year in the marine/RV segment. .

Tags: ADESA, Auction, Award, U.S. Bank

August 16, 2016 - Industry News

July's 2.3% Drop in Wholesale Prices Ties June Record, NADAUCG Reports

Wholesale prices for vehicles up to eight years in age fell 2.3% in July, tying June for the biggest drop recorded so far this year, according to the NADA Used Car guide. As a result, the firm lowered its seasonally adjusted used vehicle price index 1.1% to 118.9 .

Tags: depreciation, NADA, NADA Used Car Guide, used vehicles, Wholesale Pricing

August 15, 2016 - Industry News

ADESA Announces Management Changes at Two Auction Locations

Steve Swanson, general manager ADESA Colorado Springs.

ADESA named Steve Swanson general manager of its Colorado Springs location, Cindy Kuhn regional online manager, and Rich Levene general manager of ADESA Austin.

Tags: ADESA, General Manager, Hiring

August 15, 2016 - Industry News

Earn Compliance Certification at Industry Summit

Organizers of the upcoming Industry Summit have announced that registered attendees, exhibitors, and sponsors are invited to the Certified Automotive Compliance Specialist review session and exam that concludes the co-located Compliance Summit on Tuesday, Aug. 30.

August 11, 2016 - Industry News

HSBC to Pay $434,500 for SCRA Violations

The Justice Department announced that HSBC Finance Corp. has agreed to pay $434,500 to settle charges that its vehicle repossession practices violated the Servicemembers Civil Relief Act (SCRA).

Tags: Department of Justice, HSBC, Repossessions, Santander Consumer USA, Settlement

August 10, 2016 - Industry News

Kontos: Wholesale Pricing Increases 4.9% in July

The average wholesale used price in July was $10,362, a 2% decline from June but a a 4.9% increase from a year ago, according to ADESA Analytical Services. The strength of truck prices carried the year-over-year gains.

Tags: ADESA, remarketing, used vehicles, Wholesale Pricing

August 9, 2016 - Industry News

Black Book: Most Used-Vehicle Segments Show 'Slightly Better' Retention in July

The average price of a used vehicle for model years 2011-2015 depreciated 1.5%, slightly less than last month (1.7%) but slightly higher than a year ago (1.4%), according to Black Book.

Tags: Black Book, Report, Used Vehicle, Value Retention, Vehicle Value