Toronto-based Element Financial Corp. has entered an agreement with General Electric to acquire GE Capital's fleet business in the U.S., Mexico, Australia and New Zealand for $6.9 billion.
GE Capital Fleet Services honored 22 regional auctions who "contributed remarkable results" for its customers in 2013, the fleet management company announced.
Vehicle remarketing has come a long way since J.D. Rawls held his first auction in 1938. As these 23 leaders show, the industry continues to grow and evolve.
Higher fuel prices, ongoing increases in replacement tire prices, more expensive motor oils required by OEMs, increased parts prices, and rising labor rates in high-cost markets have put upward pressure on operating costs.
Resale values for mid-size sedans are substantially higher than in 2008, as are prices for light-duty trucks and SUVs. Contributing to this rebound is a decrease in wholesale inventory, low fuel prices, and strong retail used-vehicle sales.
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