News

TPC Adds Michigan Auction to Client List

FastLane Auto Exchange, located in Mount Morris, Mich., is a dealer-only consignment auction that has been operating for over 40 years. Greg Price, a former member of the executive team at Flint Auto Auction, recently purchased the auction.

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ServNet Celebrates 30th Anniversary

The company was founded by eight independent auction owners who developed the idea of forming a cooperative marketing network that would share ideas and promote their auctions on a national level.

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Fleet Consignor Prices Rise 4.1% in January

Wholesale used vehicle prices for vehicles from fleet or lease consignors increased 4.1% in January from the prior month, but fell 0.3% from the same month a year ago, according to the latest Kontos Kommentary.

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KAR Auction Names C-Level Pair at ADESA

The company has appointed Paul Lips to the newly created position of chief commercial officer or ADESA, while Srisu Subrahmanyam will transition from his position at KAR and join ADESA senior management as its chief operating officer.

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Carvana Adds Vehicle Pickup Garages

The concept is fairly straight forward: a customer arrives at a Carvana Curbside, is given a personalized key card that activates doors to a room containing his or her vehicle, and can then drive off in his or her new car.

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Late-Model Auction Volume Favoring Cars: J.D. Power

In a reversal from the new-vehicle trend of trucks overtaking cars in market share, auction volume from the 2015 to 2018 model years favored the car segment in January. Late-model car auction volume accounted for 54% of the auction volume in January while trucks accounted for 46%.

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Tax Season Boosts Weekly Compact Van Values

Vehicles led by compact vans are continuing to hold their values well through the midway point in February, thanks in part to tax season demand, according to Black Book’s weekly Market Insights report.

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DAA Las Vegas Enlists Auction Management Solutions for Growth

Dealers Auto Auction of Las Vegas (DAALV) has partnered with Auction Management Solutions (AMS) in an effort to grow its business, according to a company announcement.

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Cox Names SVP of Logistics for Inventory Solutions

Jim Williams will succeed Patrick Brennan, who previously served in the position but was recently promoted to senior vice president of Inventory Solutions’ Marketplace.

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Vehicle Dependability Improves 9%: J.D. Power

Buick and Lexus ranked highest in overall vehicle dependability, which improved 9% overall in the past year, according to J.D. Power's annual Vehicle Dependability Study. Fleets using a three-year replacement model may benefit from higher resale prices.

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