August 2021

Tuesday, Aug. 31, 2021, 04:42 PM T he wholesale used-car market showed some muscle last week, both in terms of prices and sales rates at the auctions. According to Black Book’s latest Market Insights report, car values reversed course and showed an increase last week, while the depreciation in truck segments was less than a third of what it was the prior week. Looking at week-over-week wholesale price changes for 2- to 8-year-old vehicles, depreciation in the overall wholesale market … Source Article

Tuesday, Aug. 31, 2021, 03:24 PM WESTCHESTER, Ill.  –  IAA announced a trio of big East Coast moves on Tuesday. The company broke ground on IAA Elkton, which will be its fifth Maryland branch, as well as IAA Monticello, which will be its seventh New York location and support the Hudson Valley market. IAA also is expanding in the Long Island, N.Y., area. “As we approach peak CAT season, the timely expansion in the Long Island area will help us serve the growing needs of the Eastern Seaboard,” said Tim… Read More »IAA adds branches in New York & Maryland, expands in Long Island

BEVERLY HILLS, Calif. –  As reported in an episode of the Auto Remarketing Podcast last week, Fair is shifting away from vehicle subscriptions and is relaunching with a new model early next year. The company — which will have a new official name of Fair Technologies — will instead offer an end-to-end ecommerce marketplace where consumers can find vehicles to purchase, financing, insurance and extended warranties. The brand will largely be “Fair” from a consumer-facing perspective, the company said. The launch is planned for select markets in the first quarter. The… Read More »More details on Fair’s shift to ecommerce marketplace

MEDFORD, Ore. –  Lithia & Driveway has expanded into Canada. The U.S. retailer, which is publlicly traded on the NYSE, announced Tuesday it has purchased Toronto-based Pfaff Automotive Partners, representing Lithia’s first-ever acquisition outside of the U.S. Lithia, which is based in Oregon and has 263 stores in 24 U.S. states, is buying Pfaff’s leasing business, as well. The acquisition means Lithia is the only publicly traded U.S. dealer group with new-car stores in Canada. (Michigan-based Penske Automotive Group has commercial vehicle and parts locations in Canada. Edmonton-based AutoCanada, which is publicly… Read More »Lithia launches in Canada

Monday, Aug. 30, 2021, 04:55 PM SAN ANTONIO –  The National Independent Automobile Dealers Association named Cavender Auto chief executive Lee Cavender as its 2021 National Quality Dealer of the Year at last week’s NIADA Convention in San Antonio. Cavender, whose store is in Gainesville, Ga., is the first dealer from Georgia to win the award. There were 15 State Quality Dealers nominated this year for NIADA’s top dealer award. “If I was going to tell a dealer anything, it would be: Participate,” Cavender said during the ceremony, per an NIADA… Read More »NIADA names National Quality Dealer at annual convention

Monday, Aug. 30, 2021, 04:27 PM Signs of autumn are abound, what with college football kicking off and pumpkin-flavored beverages now appearing in coffee shops and grocery stores.  But it’s still August, still summer and still ridiculously hot. You might say the same about the wholesale vehicle market.  Used-vehicle prices have now declined sequentially for two straight months, but they’re … Source Article

SAN ANTONIO –  During last week’s NIADA Convention in San Antonio, NextGear Capital president Scott Maybee joined the  Auto Remarketing Podcast in one of the first in-person episodes of the show in over a year. In this episode, Maybee and Auto Remarketing senior editor Joe Overby discuss “The Way Forward for Independent Dealers,” how an increasingly digital environment impacts companies like NextGear and much more. To listen to the episode, click on the link available below, or visit the Auto Remarketing Podcast page.  Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.  Source… Read More »PODCAST: NextGear president on ‘The Way Forward for Independent Dealers’

Monday, Aug. 30, 2021, 12:05 PM TORONTO –  Vehicle trading platform TRADE X said Monday it has completed a financing round announced in late July, bringing in additional equity funding of $10 million (USD). Leading the additional equity funding are new investors that include EchoVC, Frontier Ventures and Upgrowth. TRADE X had announced a $35 million equity raise from lead investor Aimia Inc., in July. In February, the company closed a deal for a $50 million senior secured revolving credit line, which includes an accordion to expand to as much as $100… Read More »TRADE X closes financing round with additional $10M in funding

FRANKLIN, Tenn. –  Akron Auto Auction has an award-winning auctioneer team — literally. As highlighted in the latest ServNet newsletter, Laura Mantle-Grunden, an auctioneer from Columbus Ohio, took first place and was declared the 2021 champion during the International Auctioneers Championship (IAC). The competition took place in July during the 72nd National Auctioneers Association Conference held in Minneapolis Mantle-Grunden joined a list of current Akron Auto Auction staff members who have won the International Auctioneers Championship, including Peter Gehres (2015), Andy White (2013) and Joseph Mast (2011). “I’m thankful to be… Read More »Auction notes: 4th Akron AA auctioneer wins IAC competition

FORT LAUDERDALE, Fla. –  Haig Partners highlighted how lucrative it has been to be a franchised dealer, especially since the midpoint of 2019. According to Q2 2021 Haig Report, the firm discovered through its project that tracks trends in auto retail and how they impact dealership values that for the 12-month period that ended June, average adjusted dealership profits reached $3.1 million, a record high and more than double average profits in 2019, the last year before the pandemic hit. The indicated the blue-sky value for a typical privately-owned dealership has… Read More »Haig spots record franchised dealer profits, triggering spike in blue-sky values