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TPC Adds Auction Client

Friday, 23 February 2018 02:39
TPC Management Co. has added FastLane Auto Exchange to its roster of auto auction clients.  FastLane Auto Exchange is located in Mount Morris, Mich., just north of Flint.  It has been in operation for more than 40 years, focused on dealer-only consignment.  The facility was recently purchased by a team led by Greg Price, former member of the executive team at Flint Auto Auction (now ADESA Flint).  Price brings over two decades of experience in auction management to FastLane, and has begun a major expansion of FastLane’s operations, affecting both physical plant and technology.A new state-of-the-art reconditioning and mechanical facility is currently under construction at FastLane’s 60-plus acre site.  In addition, two additional auction lanes and more administrative offices will open in March, for a total of eight lanes of auction selling weekly.

KAR Reports Improved Results

Wednesday, 21 February 2018 14:08
KAR Auction Services Inc. reported revenue of $890.4 million in the fourth quarter. That was up from $813.7 million in the fourth quarter of 2016. Net income for the fourth quarter increased to $172.8 million from $45.5 million in the fourth quarter of 2016. Net income was favorably impacted by the enactment of the Tax Cuts and Jobs Act of 2017 in the fourth quarter of 2017. Adjusted EBITDA for the quarter was $194.6 million, as compared with $176.5 million for the fourth quarter of 2016.

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United Auto Credit Honors Auctions

Tuesday, 20 February 2018 02:22
United Auto Credit recently honored its 2017 top auction of the year, Dealers Auto Auction of the Southwest, during a ceremony at the Phoenix auction.United Auto Credit utilizes approximately 32 auction locations throughout the United States.United Auto Credit also recognized the following auctions as regional winners:Lone Star Auto AuctionCarolina Auto AuctionNorthBay Auto AuctionMissouri Auto Auction

ADESA, Emkay Raise Money for Charity

Tuesday, 20 February 2018 02:22
ADESA and Emkay together raised $267,000 over a six-year fundraising partnership in support of JDRF. JDRF is the leading global organization funding type 1 diabetes research.In 2017 alone, a nine-month JDRF fundraising campaign between the two companies raised $56,960 for JDRF. During March 1 to Nov. 30, Emkay and ADESA each made matching donations generated across 20 participating ADESA auction locations.