KAR Auction Services, Inc. has signed a definitive agreement to acquire BacklotCars Inc., an app and web-based dealer-to-dealer wholesale platform featuring a 24/7 “bid-ask” marketplace and comprehensive vehicle inspections performed by automobile mechanics.
Manheim expanded its Digital Block sales, adding seven more locations with in-lane bidding with a live auctioneer; however, vehicles are only displayed on screens and never travel down physical lanes.
Wholesale market prices were strong for the last week of June, and were maintained by federal stimulus, together with still limited used-vehicle inventory.
Now in the midst of the coronavirus crisis, pressure on residual values is predicted to increase lender’s credit losses as vehicle sales slow and unemployment rises. Now is the time for some creative online solutions.
The nation's largest wholesale vehicle auctions, including Manheim and Adesa, have shifted to digital-only auctions and taken other precautions to protect the facilities from Hurricane Dorian's possible landfall later this week.
For ADESA, moving more of its sales toward digital is a way toward safer auctions.
Fleet management company remarketers discussed trends affecting their day-to-day jobs and the industry as a whole.
The new facility will serve customers in Washington, D.C.; Richmond; and Charlottesville.
Digital disruptor Carvana was the nation’s eighth-largest seller of pre-owned vehicles in 2018, according to the latest Automotive News rankings of the Top 100 Used Retailers.
The investment will benefit Cox's Manheim by creating a partnership that will provide Manheim with 3D, 360-degree images, of the vehicles available on Manheim's online marketplace.