15 straight weeks of wholesale vehicle price gains in Canada

MARKHAM, Ontario  –  Wholesale vehicle prices have increased for 15 consecutive weeks in Canada, according to the Canadian Auto Market Update released Tuesday by Canadian Black Book. Last week, used prices were up 0.35% overall, with trucks/SUVs up 0.36% and cars were up 0.34%, CBB said. The gain in car segments was particularly steeper, as the prior week they were up 0.16%. Trucks/SUVs were up 0.48% the week ending June 4, while the overall movement was 0.32%, according to the CBB data. Last week also compared favorably to recent historical… Read More »15 straight weeks of wholesale vehicle price gains in Canada

Canada Drives adds former StubHub president to board

Thursday, Jun. 17, 2021, 10:03 AM TORONTO –  Canada Drives added to its board of directors this week, appointing Sukhinder Singh Cassidy as lead independent director. Singh Cassidy is the former president of StubHub and has held senior leadership posts at Google, theBoardlist, Yodlee, Polyvore, Joyus and Amazon. She has been a multi-time board member and been an angel investor in such companies as Ericsson, TripAdvisor, Urban Outfitters, Stitchfix, Upstart, Reformation, theRealReal, and Sunbasket. Canada Drives other board members include Bryan Kelly of Anthos Capital as well as Canada Drives co-chief… Read More »Canada Drives adds former StubHub president to board

PODCAST: Ken Shilson on annual BHPH benchmarks

CARY, N.C. –  The pandemic didn’t slow Subprime Analytics president Ken Shilson from compiling his annual benchmarks of the buy-here, pay-here industry. In fact, in this episode of the Auto Remarketing Podcast, Shilson shared how the pandemic actually presented an opportunity to make the benchmarks even more valuable. To hear the conversation, 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 Article

Used cars: Moving fast with more cash

CARY, N.C. –  Used vehicles moved off dealer lots in May four days quicker than they did in January and with price tags that were more than $3,000 higher. That’s according to the latest monthly analysis from iSeeCars.com, which, among other metrics, measures how fast used cars sell, average prices, the specific models that move the quickest and the fastest-selling cars in specific markets. The data is derived from more than 1.3 million new- and used-car sales last month; the used cars in the data are from the 2016-2020 model years. The average… Read More »Used cars: Moving fast with more cash

Used-car sales likely to reach 41 million this year

Wednesday, Jun. 16, 2021, 03:52 PM After falling more than 6% last year, look for the used-vehicle market to climb to 41 million sales this year.  That’s according to a forecast shared by Edmunds, which also detailed how pre-owned sales have fared over the last six years.  In 2019, used-car sales approached Source Article

Haig Partners: Booming profits push rooftop values to highest point ever

FORT LAUDERDALE, Fla. –  Turns out the vehicles on dealership lots nowadays aren’t the only things at stores soaring in value. Fueled in part by record-level dealership profits, Haig Partners said demand for stores is soaring as the average blue-sky value per rooftop has reached the highest values the boutique investment banking and buy-sell advisory firm has recorded. Haig Partners pegged its estimate at $9.0M in Q1 2021, up 34% from 2019 and 11% from the end of 2020. The firm also pointed out that dealership Q1 profits jumped 197% year-over-year,… Read More »Haig Partners: Booming profits push rooftop values to highest point ever

To boost value of US units, IAA broadens global footprint into Nigeria

WESTCHESTER, Ill. –  IAA is expanding its global market reach to bring new life — and potentially value — to American vehicles. On Wednesday, IAA announced a strategic market alliance in Nigeria with Boacon Autos. As the company’s official partner in Nigeria, the company indicated Boacon Autos will operate the local IAA Auction Center in the city of Lagos, the most populous Nigerian city. According to a news release about this new alliance, Boacon Autos will provide local services and assistance, helping buyers efficiently purchase vehicles from IAA in the United… Read More »To boost value of US units, IAA broadens global footprint into Nigeria

SPECIAL PREVIEW: Auto Remarketing’s Mid-Year Report

Wednesday, Jun. 16, 2021, 01:26 PM EDITOR’S NOTE: This is a preview excerpt, available only to CMG Premium members, from the July issue of Auto Remarketing, which will provide a “Mid-Year Report” on various segments of the industry. In addition to the piece below on used-car prices, the magazine will also provide updates on the retail sales, finance, repossession/collections and buy-here, pay-here segments of the used-car market. Wholesale vehicle prices were approaching the midpoint of the year hitting record after record after record high. As this story will discuss, twin forces of… Read More »SPECIAL PREVIEW: Auto Remarketing’s Mid-Year Report

Spireon rebrands Kahu connected-car suite as LoJack

IRVINE, Calif. –  Spireon launched Kahu back in 2017 as a smart add-on designed to provide dealers streamlined inventory and lot management that also offers car buyers location tracking and stolen vehicle recovery service. On Tuesday, Spireon completed a technology platform update and rebranding of that franchised dealer solution from Kahu, to LoJack, which was the business the company acquired from CalAmp in March. Spireon highlighted in a news release that the relaunch significantly expands the LoJack offering, bringing “proven” lot management and service retention tools to dealerships and connected car… Read More »Spireon rebrands Kahu connected-car suite as LoJack

Car Capital continues in growth mode by naming CIO

GRAPEVINE, Texas –  Car Capital continued to bolster its resources to establish itself as an up-and-coming auto-finance technology company that strives to get any deal bought no matter the consumer credit background. After finalizing a funding round in March and a line of credit in April, as well as gaining two veteran advisors in May, on Tuesday the company announced the appointment of a new chief information officer. Joining Car Capital in this role is John Chipps, who the company highlighted as having an impressive background in the design, development, and… Read More »Car Capital continues in growth mode by naming CIO