The firm named Steve Langdon, who joined the KAR family 15 years ago, to the role. The more than 20-year industry veteran will be responsible for implementing the ADESA Canada dealer sales strategy and promoting KAR’s integrated digital, mobile and physical auction services.
Joe Oliveri, a 20-year industry veteran, was named vice president of KAR's Autoniq business unit, which provides mobile and digital vehicle pricing and evaluation reports.
Manheim said it's closing four of its Florida auctions on Friday ahead of Hurrican Irma's expected landfall there. The storm battered Puerto Rico on Wednesday after striking the northern Lesser Antilles and the Virgin Islands with 185-mile-per-hour winds.
Average wholesale prices in June were down vs. June but up vs. a year ago. A drill down into the data, however, reveals price softening on a year-over-year basis when accounting for sales type, vehicle age, model class, and mileage, KAR Chief Economist Tom Kontos said this week.
The KAR Auction Services business unit announced management changes at three of its 77 North American auction location. The company promoted leaders in Arizona, Tennessee, and Florida.
While wholesale prices were below year-ago levels for cars, they were up for trucks. The revelation prompts KAR Auction Services' chief economist to revisit a study he began during the industry's first experience with $4 gas back in 2008, when the price gap between trucks and cars closed dramatically.
KAR Auction Services will acquire the company that operates as DRIVN for $43 million. The company was founded in 2015 as CarCo Technologies by Groupon cofounders Brad Keywell and Eric Lefkofsky.
KAR Auction Services extended $15 million in credit to TradeRev, the digital auction platform in which KAR acquired a 50% stake in 2014.
Wholesale used-vehicle prices in December averaged $10,642, which was essentially flat with the prior month but up 3.9% from a year ago, according to ADESA Analytical Services.
KAR Auction Services today announced it has acquired Flint Auto Auction, a whole car auction facility in Flint, Mich. It will now operate as ADESA Flint.
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