XLerate buys another auction, this time in home state

CARMEL, Ind. –  The XLerate Group has made its third acquisition in just over two months. The company said Friday it has purchased Clark County Auto Auction. The Jeffersonville, Ind., auction becomes the 15th auction brand in the XLerate family and the first in the group’s home state of Indiana. XLerate, which is headquartered in the Indianapolis suburb of Carmel, now has fixed-stie and mobile sales in California, Florida, Georgia, Illinois, Indiana, Louisiana, Michigan, New Mexico, Pennsylvania, South Carolina, Texas, and Wisconsin. The group’s new addition is helmed by the third… Read More »XLerate buys another auction, this time in home state

Alternative-fuel vehicles top list of fastest-selling used-car models

CARY, N.C. –  The average used vehicle sold at a modestly more brisk clip in August (34.6 days to sell) than it did in July (35.4 days), according to a recent analysis from And the fastest-selling used vehicle last month sold twice as quickly as that. For the third month in a row, the Tesla Model 3 had the fastest turn time of any used vehicle in the iSeeCars data set, taking an average of just 16.9 days to sell. It was joined on the list of Top 20 Fastest-Selling Used… Read More »Alternative-fuel vehicles top list of fastest-selling used-car models

Porsche, Dodge & GM tops for JD Power 2021 APEAL Study

TROY, Mich. –  This year’s J.D. Power APEAL (automotive performance, execution and layout) Study results put Porsche ranking highest among the permium brands, Dodge on top for mass market brands, and General Motors taking home the most vehicle segment-level awards. The study showed the “new vehicles are more appealing than ever” with some very successful launches for 2021.  For example, the BMW 4 Series, Chevrolet Tahoe, Ford Bronco Sport, Ford Mustang Mach-E, Genesis G80, Kia K5 and Toyota Sienna are all-new or completely redesigned models that achieved segment-topping performances in the… Read More »Porsche, Dodge & GM tops for JD Power 2021 APEAL Study

GoMoto secures a US patent for its service kiosks

Thursday, Sep. 16, 2021, 06:18 PM DAYTON, Ohio –  GoMoto said this week it has recently completed the extensive process of securing a U.S. patent for its service kiosks. And the company has been working hard to make its GoMoto Service Kiosk key retrieval system — which works to provide a safe, secure exchange of vehicle keys — more efficient and convenient for both dealers and customers.  “Gone are the days of customers putting their keys in an envelope and slipping it through a slot in the door,” GoMoto founder Todd Marcelle said in a news… Read More »GoMoto secures a US patent for its service kiosks

New Jersey’s World Auto Group adds 10th dealership to lineup

Thursday, Sep. 16, 2021, 05:45 PM HACKETTSTOWN, N.J. –  Adding its 10th dealership to its New Jersey lineup, World Auto Group has purchased the Subaru dealership in Hackettstown, N.J., on Route 46. The dealer group said the store will now operate as Subaru World of Hackettstown. This news comes less than a year after purchasing New Jersey’s Audi Newton dealership.  The new dealership (Subaru World of Hackettstown) is the dealer group’s second Subaru store. This new store joins the dealer group’s Subaru World of Newton, which serves the Sussex County area.  “The continued expansion of… Read More »New Jersey’s World Auto Group adds 10th dealership to lineup

Copart adds venture capital executive to board of directors

Thursday, Sep. 16, 2021, 05:27 PM DALLAS –  Online salvage auction company Copart has added a new member to its board of directors this month. Chosen for the position is Carl Sparks, a managing partner with Dallas-based venture capital firm Interlock Partners. His company, Copart shared, is focused on early-stage “transformative” technology companies.  Sparks also brings past experience serving as a public company director, including in the automotive space. He was on the boards of the auto industry’s Avis Budget Group, where he also served as chair of the audit committee, as… Read More »Copart adds venture capital executive to board of directors

CARFAX: Hurricane Ida could have damaged 212K vehicles

CENTREVILLE, Va. –  With inspection experts already cautioning dealers because of inventory being so difficult to get, CARFAX shared even more data about how many vehicles potentially have been damaged in the wake of Hurricane Ida and other intense storms across the United States in recent weeks. CARFAX said on Thursday that widespread flooding from Hurricane Ida — centered around New York City, New Jersey and Louisiana — potentially damaged as many as 212,000 vehicles. The vehicle history report company pointed out that amount is on top of 378,000 flood-damaged cars… Read More »CARFAX: Hurricane Ida could have damaged 212K vehicles

PODCAST: Another visit with Joe St. John of StoneEagle F&I

CARY, N.C. –  One of the most enthusiastic and knowledgeable regular guests on the Auto Remarketing Podcast recently returned, as StoneEagle F&I senior vice president of business development Joe St. John came back to discuss what’s happening in dealership finance offices nowadays. We also delved into another topic that’s one of St. John’s passions — mergers and acquisitions that are happening not only in the franchised dealership sector but also in the F&I space, too. To listen to the episode, click on the link available below, or visit the Auto Remarketing Podcast page. … Read More »PODCAST: Another visit with Joe St. John of StoneEagle F&I

NextGear details $1.6B in recent transactions

Thursday, Sep. 16, 2021, 11:23 AM CARMEL Ind. –  Obviously, operators need financial resources to run their dealerships. Capital providers do, too. And NextGear Capital announced on Thursday that it has more resources to help independent and buy-here, pay-here dealerships. The Cox Automotive division said it completed the renewal of its $1.1 billion financing facility on Aug. 31. In addition, NextGear mentioned it recently closed its latest $500 million bond offering from July. Executives highlighted that NextGear’s renewed $1.1 billion line of credit with banks can provide a variable funding mechanism… Read More »NextGear details $1.6B in recent transactions

CBB & TRADE X enter data integration partnership

Thursday, Sep. 16, 2021, 10:18 AM MARKHAM, Ontario  –  Canadian Black Book and TRADE X, a global B2B cross-border vehicle trading platform, have entered a data integration agreement. As part of that deal announced Thursday, CBB’s historical post-transactional wholesale valuation and transactional data and its proprietary enhanced vehicle matching VIN decoding capability will be integrated into TRADE X’s vehicle trading software. “TRADE X is filling a gap in the industry by offering a robust digital automation tool to manage the seamless flow of vehicles through foreign trade, which is a… Read More »CBB & TRADE X enter data integration partnership