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The new capital will allow ACV Auctions to further its investment in technology and data driven solutions that will help dealerships source and sell used vehicles.
Vincentric has announced the winners of its 7th annual Best Certified Pre-Owned Value in America Awards and Ford, Subaru, and Lexus were some of the key winners.
Wholesale values were way down last week, as various truck and car segment vehicles saw steep depreciation.
The values of vehicles sold at ADESA auctions from fleet consignors fell 0.6% to $13,309 in October but remain 2.4% higher from a year ago, according to Tom Kontos, KAR Global's chief economist.
The whitepaper titled “Certification Impact on Low Grade & High Mileage Units” found that certified wholesale vehicles sell 4%-8% faster than uncertified vehicles.
The existing KCI Kansas City auction team will remain at the company after the acquisition.
The seasonally adjusted annualized rate of U.S. new vehicle sales could exceed 17 million units for the fifth straight year, a surprise for many, as forecasters predicted a slight drop off in 2019.
Small truck and car segment vehicles saw steep depreciation last week, continuing the trend of accelerated depreciation within the overall wholesale market.
Overall used vehicle values, and truck values in particular, were down month-over-month in October, according to Black Book’s latest Used Vehicle Retention Index.
Cox Automotive has appointed Scott Maybee as president of NextGear Capital.