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Monday, 30 October 2017 23:29

Edmunds Expects Flat Used Car Sales

Used-car sales are expected to come in flat for October.Edmunds estimates 3.2 million used vehicles will be sold in October, the same number as sold in September.Edmunds forecasts that 1,317,738 new cars and trucks will be sold in the U.S. in October, for an estimated Seasonally Adjusted Annual Rate (SAAR) of 17.6 million. This reflects a 13.3 percent decrease in sales from September and a 3.5 percent decrease from October 2016. Edmunds estimates that retail SAAR will come in at 14.6 million vehicles in October 2017, with fleet transactions accounting for 17.1 percent of total sales.
Published in Dealers
Monday, 30 October 2017 23:29

ADESA Promotes Pair of Execs

ADESA announced that Eddy Cusan has been promoted to vice president of commercial sales for ADESA Canada and Wesley Kent has been promoted to the newly created position of vice president of programs and operations for ADESA Canada.In his new role, Cusan will be responsible for leading the executive sales team that manages ADESA Canada commercial client relationships and sales efforts for both physical auction and upstream remarketing services. He started at Openlane in January 2007 as a program director overseeing several North American private label programs. When ADESA-parent KAR Auction Services Inc. acquired Openlane in 2011, Cusan transitioned into an executive sales role for ADESA, and since 2015 has taken on additional responsibilities including contributions to sales team leadership and the comprehensive sales strategy for all KAR entities in Canada.In his newly expanded role, Kent will enhance the customer experience across the entire ADESA Canada platform with technology and service improvements. He started at ADESA Halifax as an online coordinator in 1999 and in 2001 moved to ADESA Canada corporate office to join the new eBusiness team. Since 2004, Kent has overseen product development and online operations and taking his product expertise into the ADESA IT organization. In 2012, he was promoted to senior director of online operations to oversee ADESA Canada’s internet remarketing initiatives, including the integration of Openlane.
Published in Auctions
Wednesday, 25 October 2017 22:12

EchoPark Stores Grow Quickly

Sonic Automotive Inc. reported that its EchoPark used-car superstores retailed 37.7 percent more units than in the prior year quarter.Sonic is opening another EchoPark store in San Antonio in early 2018. Sonic’s schedule for expansion includes the opening of approximately 10 additional EchoPark locations by the end of 2018.Sonic’s six EchoPark stores combined were cash flow positive during the quarter.  The newest location in Colorado Springs was cash flow positive in its third month of operation, some six months ahead of the original EchoPark stores.
Published in buy here
Tuesday, 24 October 2017 16:10

CarMax Looks to Hire 2,000 Employees

CarMax Inc. announced plans to hire for more than 2,000 positions companywide by the end of the year.CarMax currently employs more than 24,000 people nationwide.The majority of new and open positions are for sales consultants, technicians, detailers and inventory associates. CarMax stores are also hiring for positions within its business offices nationwide. Additionally, the company is hiring for several customer service positions at CarMax Auto Finance in Atlanta, and for digital and technology positions at the headquarters in Richmond, Va.
Published in buy here
Monday, 23 October 2017 17:23

Hurricanes Lift Wholesale Prices

Average wholesale prices in September were up month-over-month and year-over-year, bolstered by dealer demand in the hurricane-stricken regions.  According to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicle prices in September averaged $11,046 – up 0.9 percent compared to August and up 2.9 percent relative to September 2016.  Though truck segments outperformed car segments, prices were up for both groups, unlike in previous months in which car prices were often down while truck prices were up.  Prices were up even when holding constant for sale type, model-year age, mileage, and model class segment.
Published in Auctions
Monday, 23 October 2017 17:23

TradeRev Names Execs

TradeRev announced several sales team promotions and additions. The announcement follows the recent acquisition of TradeRev by KAR Auction.Keith Crerar, executive vice president at TradeRev, currently oversees sales and operations in the United States and will take on the additional responsibilities of leading commercial accounts sales and account management for TradeRev's U.S. and Canada markets. With more than 15 years of automotive industry experience, Crerar previously served as vice president of dealer services for ADESA, a business unit of TradeRev parent company KAR. When KAR acquired Openlane, a leading Internet-based business-to-business automotive remarketing company in 2011, Crerar assumed responsibility for the online field sales team leading the team through the acquisition before being promoted to regional dealer sales director for both ADESA and Openlane. TradeRev also announced the promotion of Will Farmer to the role of executive director of dealer sales for the U.S. markets, reporting to Crerar. Farmer will focus on national sales growth and management of TradeRev's five regional sales teams. He previously served as southeast regional director for TradeRev. Additionally, TradeRev has hired Vince McNeal to serve as executive director of commercial sales for TradeRev's U.S. and Canada markets reporting to Crerar. He will continue to oversee a number of KAR commercial clients, as well. Since 2013, McNeal has served as executive sales director at ADESA.
Published in Tech News
Sunday, 22 October 2017 18:28

FTC Looks at Licensing

The Federal Trade Commission’s Economic Liberty Task Force has announced the agenda for its second roundtable in Washington, D.C., on Nov. 7, to examine empirical evidence on the effects of occupational licensing.“The Effects of Occupational Licensure on Competition, Consumers, and the Workforce: Empirical Research and Results” will bring together experts who have studied and attempted to quantify the effects of occupational licensing regulations on service providers, consumers, and markets.The Task Force’s first roundtable, held in July, focused on enhancing license portability across state lines.The Nov. 7 roundtable will focus on the ability of empirical research to clarify costs and benefits, and to better inform policy makers’ discussions of occupational licensing reform.It is free to the public and begins at 1 p.m. at Constitution Center, 400 7th St., SW, Washington, D.C., 20024. The FTC invites comments from the public on the topics to be addressed.
Published in Legal
Thursday, 19 October 2017 00:44

Firms Partner in Mobile Payment Solution

Speedpay, Inc., a Western Union company, renewed its relationship with Flagship Credit Acceptance, a leading auto-finance provider with a nationwide network of more than 9,400 dealers. As part of its five-year deal, which positions Speedpay as Flagship’s electronic billing presentment and exclusive payments provider, Flagship will be Speedpay’s first auto finance client to offer the moBills solution through Walletron. “Our commitment to Speedpay is a testament to the confidence we have in their array of solutions – namely, their mobile payment options – that will help make it easier for our customers to pay their bills on time,” said David Bertoncini, chief operating officer, Flagship Credit Acceptance. “Aligning with Speedpay means we will have greater efficiency in billing, access to top-notch customer service, and a reliable stream of payments.”
Published in Tech News
Sam’s Club and TrueCar, Inc.  are teaming up with Ford Motor Company to offer exclusive discounts on Ford vehicles to Sam’s Club members through the Sam’s Club Auto Buying Program powered by TrueCar.Sam’s Club members can see what other people recently paid for comparable vehicles they’re interested in purchasing. Additionally, members can receive up to $2,000 in post-sale benefits, including auto repair and auto deductible reimbursements for additional peace of mind. Qualifying Sam’s Club members who register will receive an exclusive $500 bonus cash incentive through Jan. 2, 2018. This incentive can be applied to the discounted Sam’s Club member pricing and any publicly available Ford cash incentives. The offer is eligible on the full 2017 and 2018 Ford model lineup, excluding certain trim packages.
Published in Tech News
Tuesday, 17 October 2017 19:35

Finance Co. Expands in Southwest

General Motors Financial Co. Inc. announced the grand opening of its new service center in San Antonio, on Oct. 19. A ceremonial ribbon-cutting event will feature several notable city, county and state officials and community leaders as speakers. “We are excited to celebrate the grand opening of our San Antonio Service Center, which expands our economic and employment presence in the state of Texas,” said Dan Berce, president and CEO of GM Financial. “Along with our parent company, General Motors, we are proud of our long history in the state, where together we employ more than 11,000 people, all committed to building and financing some of the best vehicles in the world.” As part of the ribbon-cutting ceremony, GM Financial will also present Ronald McDonald House Charities of San Antonio with two ‘Cool Cars’ as part of its Cool Cars for Remarkable Kids program – the 17th Ronald McDonald House to receive a vehicle since program launch earlier this year. Cool Cars for Remarkable Kids provides late-model SUVs to Ronald McDonald Houses across the country, allowing children and their families transportation support while staying at a House. To support this local effort, North Park Chevrolet Castroville has also agreed to sponsor service and maintenance for both Cool Cars in 2017-2018. Additionally, the dealership coordinated a supplies donation drive in support of the House, collecting much-needed wish list items for visiting families. GM Financial plans to deliver approximately 30 vehicles nationwide in total through this program in 2017.
Published in Finance