December 2021

CARY, N.C. –  Former ADESA president and chief executive officer Tom Caruso passed away on Tuesday, the auction chain’s parent company KAR Global said in a statement Thursday. Caruso, who retired in March 2020, spent 40 years in the remarketing business, including time as ADESA’s president and CEO, its chief operating officer and its executive vice president, among other roles. He was president of the National Auto Auction Association from 2005 to 2006.  Just prior to retirement, Caruso was chief client officer at KAR, a role he had held since 2013.… Read More »Former ADESA CEO Caruso passes away

CARY, N.C. –  XLerate Group said Wednesday it has entered a definitive agreement to buy America’s Auto Auction; a deal that will create a supergroup of more than three dozen auto auctions. The companies did not disclose terms of the deal. The purchase is arguably one of the most significant in the recent history of the auto auction business. Granted, there certainly have been other auction group consolidations in the last handful of years. But not at this scale. America’s Auto Auction purchased Auction Broadcasting Company in 2017; a move that increased its footprint… Read More »XLerate Group to buy America’s Auto Auction

Friday, Dec. 17, 2021, 11:21 AM CARY, N.C. –  The Cherokee Media Group team wishes you a safe and happy holiday season and a joyous new year. This issue of Used Car Weekend will be the final regularly scheduled e-newsletter from our team in 2021 before we take a holiday break. We thank you for your interest, support, readership and feedback this year. The Auto Remarketing e-newsletters will resume on Jan. 3. We look forward to another outstanding year. Warm wishes for a happy and safe holiday season from all of us!  Source Article

NEW YORK –  Vroom will begin a new year with a new executive filling a newly created leadership position to oversee key functions such as vehicle acquisition and reconditioning. Late on Thursday, the online used-vehicle retailer announced the appointment of Thomas Shortt as chief operating officer, effective Jan. 3. Since 2018, Shortt has served as senior vice president at Walmart, where he developed a comprehensive ecommerce supply chain strategy and led improvements through advanced analytics, processes, and systems. Prior to his time at Walmart, Vroom highlighted that Shortt held senior leadership… Read More »Vroom fills newly created COO post with former Walmart exec

Friday, Dec. 17, 2021, 09:24 AM ORLANDO, Fla. –  John Stephens is bringing more than 30 years of automotive experience to AutoPayPlus by US Equity Advantage. The biweekly payment processing provider announced this week that Stephens has joined the company as chief sales officer. Most recently, Stephens served as executive vice president of dealer services at Texas-based EFG Companies where he oversaw the direct sales and service channels, providing solutions and engagement to optimize profitability for EFG’s dealer partners. Stephens also spent 16 years with the Mac Haik Auto Group in… Read More »Former EFG executive takes role at AutoPayPlus

Friday, Dec. 17, 2021, 09:24 AM ORLANDO, Fla. –  John Stephens is bringing more than 30 years of automotive experience to AutoPayPlus by US Equity Advantage. The biweekly payment processing provider announced this week that Stephens has joined the company as chief sales officer. Most recently, Stephens served as executive vice president of dealer services at Texas-based EFG Companies where he oversaw the direct sales and service channels, providing solutions and engagement to optimize profitability for EFG’s dealer partners. Stephens also spent 16 years with the Mac Haik Auto Group in… Read More »Stephens departs EFG for executive role at AutoPayPlus

Thursday, Dec. 16, 2021, 03:50 PM It’s coming down to the wire in certified pre-owned. For 2021 to match the best-ever year for CPO sales (which happened in 2019), dealers will have to sell more than … Source Article

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CARMEL, Ind. –  KAR Global announced leadership changes at eight ADESA locations on Thursday. New general managers now are in place at operations throughout the U.S., including: — Michele Arguijo at ADESA Austin — Amy Coley at ADESA Washington, D.C. — Sheldon Jones at ADESA Little Rock — Derek Kline at ADESA PA — Sean O’Connell at ADESA Colorado Springs — Lisa O’Neil at ADESA Atlanta — Rod Thompson at ADESA Tampa — Alfie White at ADESA Birmingham “All of the new GMs are proven leaders who demonstrate industry-knowledge and customer… Read More »8 new ADESA general managers

Thursday, Dec. 16, 2021, 10:58 AM MARKHAM, Ontario –  Though the overall increase slowed, wholesale vehicle prices in Canada have now climbed for 18 consecutive weeks, according to Canadian Black Book. In the CBB Automotive Market Update released Tuesday the company said overall wholesale values were up 0.45% last week, compared to a 0.74% uptick the week before. The average for the same week during the 2017-2019 time frame was a decrease of 0.30%. There was a 0.38% hike in car segment values, up from a 0.34% increase the week before.… Read More »18 straight weeks of climbing wholesale vehicle prices in Canada