Jay Cadigan will retire from Manheim, capping a 40-year career in the remarketing industry that included stints at auctions, as well as leasing companies and rental car operators.
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The streak continued in July, with the Manheim Used Vehicle Value Index recording its third consecutive record in July. Driven by the 0.75% month-over-month increase in wholesale used-vehicle prices, the index rose 2.6% from a year ago to 130.1, according to the firm.
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Retail used car sales are up 4.3% year-to-date, according to Manheim Chief Economist Jonathan Smoke’s Industry Insights.
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Manheim has acquired Pacto São Paulo and is developing commercial partnerships with six other auction companies to invest in in Brazil.
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Manheim has named Nick Peluso as the president of Manheim Digital Marketplace, according to a company announcement. Peluso, who will also continue to serve as president of RMS Automotive, will report directly to Grace Huang, senior vice president of Inventory Services for Manheim.
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Manheim's mobile sales have grown 52% in the past year from online auctions hosted at 47 locations around the country, Manheim announced.
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Manheim will open six smaller auctions in areas the company views as "underserved markets," including Alabama, Georgia, Illinois, North Carolina, West Texas, and Utah, Manheim has announced.
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The Manheim Used Vehicle Value Index hit a record high for the second consecutive month, as wholesale used-vehicle prices rose 1.1% month over month in June. The increase brought the Index to 129.3, a 2.5% increase from a year ago.
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Manheim UK recently held an offsite sale for French automaker Citroën atop a structure surrounded by ocean on all sides.
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Manheim Louisville of Clarksville, Ill. has been named the top-performing auction of 2016 by Fiserv, Inc., a provider of financial services technology solutions.
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