Insurance Auto Auctions has taken steps to prepare its auctions for Hurricane Florence with lessons the company's leaders learned from last year's hurricanes, said John Kett, the company's chief executive and president.
Overall values for car segments that Black Book tracks were up marginally on average, however, a majority of the individual segments reported lower values.
Several North Carolina used vehicle auctions closed as a result of Hurricane Florence sweeping into the state, while others shifted to online sales or delayed on-site sales.
Ryan Rickey will serve as general manager for XLerate’s Your Auction in Florida, while Michael Schuler will assume that position at Pennsylvania's Corry Auto Dealer Exchange.
Event Solutions International will begin operating as Motus One and invest $2 million in technology to streamline 90% of the processes of the automotive mobility company that provides vehicle transportation services and event management.
ACV Auctions Inc. is on pace to sell over 100,000 vehicles by the end of 2018, after selling 8,600 vehicles in August, according to the company.
Shift currently operates in California and is the largest used car retailer in San Francisco. By year end, the company expects to sell approximately 8,000 used vehicles.
Values for nearly all car segments that Black Book track were up; subcompacts were up 0.14%, compacts were up 0.33%, mid-size were up 0.06%, full-size were up 0.02%, sporty were up 0.34%, and premium sporty were up 0.11%.
The federal criminal complaint that charged the two for odometer fraud alleged that for four years the two men had purchased vehicles from auctions, dealers, and individuals in order to alter the odometers to reflect lower mileage numbers.
Following last year’s record-breaking attendance, the 2018 Summer Roundtable once again saw a nearly record breaking number of attendees for this year's event.
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Manheim noted that this increase in wholesale price is an abnormal for this time of year, as higher depreciation is normally expected toward the end of summer.
The Mt. Vernon, N.Y., mayor alleges that a city bucket truck was repossessed because the city comptroller refused to pay the bills.
Wholesale values in August experienced the biggest increase since 2011, as Black Book’s Used Vehicle Retention Index was up 1.4% month-over-month.
Residual values for three-year-old vehicles are flattening as a result of a record level of volume in the second quarter of 2018.
