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Thursday, 15 February 2018 02:41

Lithia Sets Revenue Record


Lithia Motors Inc. reported the highest fourth quarter and full year revenue and earnings per share in company history and the 29th consecutive quarter of record results.
Lithia’s used-vehicle retail same-store sales increased 2 percent in the fourth quarter.
For the year, used-vehicle retail same-store sales increased 4 percent.
Published in Dealers
Monday, 12 February 2018 22:37

NIADA Partners with Lyft

Lyft Inc. has joined with the National Independent Automobile Dealers Association as NIADA's latest National Member Benefit partner. The partnership provides NIADA dealer members with referral incentives and improved transportation solutions for customers while also supporting Lyft's efforts to expand its driver community. NIADA member dealerships can sign up to be a Lyft referral partner and receive bonuses for each driver they refer. Customers who sign up for the program will also receive a bonus shortly after they begin driving for Lyft, which they can put toward their down payment and monthly costs of purchasing a vehicle.In addition, Lyft's Concierge program offers NIADA members an easy, reliable and inexpensive way to provide transportation for customers whose vehicles are laid up in service. Concierge enables the dealership to request rides for its customers to get where they need to go while their car is being serviced.
Published in Auctions
Thursday, 08 February 2018 17:01

KAR Acquires Fleet Management Firm

KAR Auction Services Inc. announced the acquisition of mobility and fleet management software company Stratim. San Francisco-based Stratim was founded in 2016 by a team of technology innovators from Google, eBay and Trulia. Stratim’s software utilizes real-time data and predictive analytics to digitize fleet management and help mobility service providers streamline operations. Fleet owners can onboard, manage, service, dispatch and pay all their current vendors through Stratim’s automated vendor management platform. Stratim operates in more than 25 North American cities and has processed service transactions for many of the nation’s leading mobility service providers and automotive manufacturers.Stratim will maintain its current headquarters in San Francisco, and will be part of KAR’s digital services group. Sean Behr assumes the role of Stratim’s president.
Published in Auctions
Thursday, 08 February 2018 02:26

Group Buys Rea Brothers Auction

Dealers Auto Auction Group LLC (DAAG) expanded its footprint by purchasing Rea Brothers Mid-South Auction in Jackson, Miss.  DAAG currently has additional locations in Murfreesboro, Memphis and Chattanooga, Tenn., as well as Huntsville and Mobile, Ala. John Tidmore takes over as general manager. Tidmore brings more than 20 years of auto experience, previously working as a national account manager for ADESA and most recently as the general manager of Dixie Auto Auction in Granada, Miss.
Published in Auctions
Tuesday, 06 February 2018 17:52

AutoNation Sets Finance Record

AutoNation Inc. reported fourth quarter net income from continuing operations of $152 million, up 44 percent compared to the fourth quarter 2016 net income from continuing operations of $116 million.AutoNation set an all-time record same-store customer financial services gross profit per vehicle retailed of $1,732.The chain saw increases in used vehicle gross profits of 16 percent.
Published in Finance
Tuesday, 06 February 2018 17:52

NIADA Partners with Ituran

Ituran USA has enhanced its long-term relationship with the National Independent Automobile Dealers Association by becoming NIADA's latest Bronze-level National Corporate Partner.A provider of GPS products, services and solutions for subprime finance companies and buy-here, pay-here dealers, Ituran has supported NIADA since shortly after it began providing services in the U.S.Ituran USA is offering Yeti gifts to NIADA members who sign up for its products and services. The one-time offer includes a Yeti cup with orders of at least 25 units, a YETI cup and hat with orders of at least 50 units and a Yeti cooler with orders of 100 units or more.
Published in Dealers
Tuesday, 06 February 2018 17:51

IARA Hosts Committee Meetings

The International Automotive Remarketers Alliance (IARA) will host meetings for all of its committees March 5 at Caesars Palace Las Vegas, the day before the official start of the 2018 Conference of Automotive Remarketing. Meetings include its membership committee; social media committee; technology committee; standards committee; certification committee; compliance committee; education committee; conference management committee; and Canadian chapter committee.The IARA Board of Directors meeting will follow.During CAR 2018, the alliance will present a consignor forum on the forecast of residual values, a roundtable discussion on maximizing reconditioning and a consignor-only group discussion.
Published in Auctions
Monday, 05 February 2018 21:38

Edmunds See Higher Incentive Spending

The average price of a new vehicle is expected to drop in January for the first time in five months, according to the analysts at Edmunds. Edmunds estimates that the average transaction price of a new vehicle will dip to $36,115 in January, down $380 from the record high of $36,495 set in December 2017. Despite this decline, average transaction prices for new vehicles are still expected to be at near-record levels. Edmunds experts estimate the average transaction price of a new vehicle will be three percent higher in January compared to January 2017 and 13 percent higher than the average cost of a vehicle in January 2013. The average down payment on a new car is also estimated to drop slightly to $3,914 in January. However, this figure is up by $302 compared to January 2017 and up $366 from five years ago. Edmunds analysts’ say that higher incentive spending in January may point to ongoing efforts by automakers and dealers to clear out languishing 2017 model-year vehicles. Incentive spending in January was $3,657, which is a five percent increase from January 2017 and a 36 percent increase from five years ago.
Published in Finance
Monday, 05 February 2018 21:38

AutoIMS Appoints Operating Officer

AutoIMS (Auto Auction Services Corp.) announced the promotion of Venkat Krishnamoorthy to chief operating officer. Venkat most recently served as chief information officer, managing development, support and updates to AutoIMS. In his new role, Venkat will continue as a member of the strategy team, oversee all facets of the technology team, and add contract management and compliance to his responsibilities. Venkat joined AASC in 2002 as Java Team Lead after 5 years at Delta Airlines in its revenue optimization group. Venkat serves as co-chair of the technology committee for the International Automotive Remarketers Alliance.
Published in Tech News
Saturday, 03 February 2018 14:50

IAG Names First Executive Director

The Independent Auction Group (IAG) named industry veteran Lynn Weaver to be its first executive director. 
In the newly created position Weaver will be responsible for advancing initiatives to address the needs of the organization's membership, which comprises 195 independent auctions that belong to the National Auto Auction Association. 
Prior to his appointment as executive director, Weaver served as volunteer co-chair of the IAG along with former NAAA President Charlotte Pyle, owner of Capital City and Mountain State auto auctions, and Dave Blake, general manager of DAA Seattle. He also sits on NAAA's Membership and PAC committees.Weaver has worked in the profession for more than 25 years. Formerly the owner of Harrisburg Auto Auction, Weaver sold the business to America's Auto Auctions in December 2014. He remained as the general manager and was honored as Remarketer of the Year at the 2016 Conference of Automotive Remarketing. 
Weaver retired from daily operations on Jan. 1.
Published in Auctions