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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.

Popular News

Several Volkswagen diesel buybacks stolen from the parking lot of…
The International Automotive Remarketers Alliance (IARA) will host meetings for…
NextGear Capital recently presented the fifth annual Auction Partners Awards.This…
Dave Angelicchio has become the newest member of the National…

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.
ADESA Names Top Execs

ADESA Names Top Execs

ADESA announced that Paul Lips will take on the newly created position of chief commercial officer for ADESA and Srisu Subrahmanyam will join the ADESA senior management team as chief...

Audi Recalls Cars for Incorrect Tire Labelling

Audi Recalls Cars for Incorrect Tire Labelling

Volkswagen Group of America Inc. is recalling 3,543 2014-2015 Audi S7 and 2016-2018 RS7 vehicles. The tire information label on these vehicles incorrectly lists the combined maximum weight as 1146...

  • ADESA Names Dealer Relations Director
    ADESA Names Dealer Relations Director ADESA announced that Trent Strauss has been promoted to director of dealer relations for ADESA, effective immediately. Strauss will report to Steve Dudash, vice president of dealer services. In his…
    Written on Wednesday, 28 September 2016 12:23
  • NAAA Offers Support for Flooded Sale
    NAAA Offers Support for Flooded Sale National Auto Auction Association President Mike Browning drew attention to the victims of the flooding in Louisiana in a letter to members on Aug. 19, spotlighting member Oak View Auto…
    Written on Friday, 19 August 2016 14:40
  • Depreciation Rates Improve
    Depreciation Rates Improve The average price of a used vehicle for model years 2011-15 depreciated by 1.5 percent during July, slightly better than June’s 1.7 percent, according to Black Book. The market performance…
    Written on Wednesday, 10 August 2016 14:59
  • City Honors Auction for Community Involvement
    City Honors Auction for Community Involvement Manheim Seattle won the City of Kent's “Best of Kent” award for the fifth consecutive year, qualifying the auto auction for the Kent Business Hall of Fame. The award is…
    Written on Wednesday, 03 August 2016 15:07
  • Cox Promotes Strategy VP
    Cox Promotes Strategy VP Cox Automotive has named Amy Mills senior vice president of strategy. In this role, Mills will work with Cox Automotive's executive leadership team to identify, execute and sustain strategic initiatives…
    Written on Thursday, 03 November 2016 20:51
  • Association Honors Charitable Auction
    Association Honors Charitable Auction ADESA Winnipeg, located in Winnipeg, Manitoba, Canada, has earned the inaugural 2016 Eastern Auction of the Year Award from the National Auto Auction Association. The award honors excellence in community…
    Written on Friday, 19 August 2016 14:40
  • Manheim Index Rises Again
    Manheim Index Rises Again Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased for the fourth consecutive month in July. The Manheim Used Vehicle Value reading was 127 for July,…
    Written on Friday, 05 August 2016 14:32
  • Manheim Milwaukee Raises Money for Veterans
    Manheim Milwaukee Raises Money for Veterans A group of Milwaukee-area veterans will soon take a memorable trip to Washington, D.C., thanks to Manheim Milwaukee Auto Auction’s initiative to support Stars and Stripes Honor Flight, an organization…
    Written on Monday, 26 September 2016 03:09
  • NAAA Boosts Prize Amount
    NAAA Boosts Prize Amount In August, the NAAA Executive Committee approved an additional $10,000 to be awarded to the 2016 NAAA Auto Auction of the Year, bringing the total prize to $25,000.The four Chapter…
    Written on Tuesday, 06 September 2016 14:48
  • Cox Names Financial Services President
    Cox Names Financial Services President Cox Automotive announced that Shane O'Dell has been named president of financial solutions. O'Dell will oversee NextGear Capital. He will report to Mark O'Neil, chief operating officer of Cox Automotive…
    Written on Friday, 02 September 2016 14:35