KAR Auction Services Inc. reported revenue of $858 million as compared with revenue of $788.5 million for the second quarter of 2016.
Net income for the second quarter decreased to $57.2 million, as compared with net income of $61.8 million in the second quarter of 2016. Net income for the quarter was negatively impacted by $17.3 million resulting from the company's refinancing activities.
Adjusted EBITDA for the quarter increased to $223.5 million, as compared with adjusted EBITDA of $197.1 million for the second quarter of 2016.
PCG Companies has teamed with the National Independent Automobile Dealers Association as its newest National Member Benefit partner.
PCG is offering NIADA members discounted rates on PCG's suite of online specialist certification courses as well as its library of published works. Members will also have access to a digital marketing package designed to meet their unique needs.
PCG offers a variety of marketing and training services designed to benefit dealers in the independent market. PCG has served the auto industry since 2005 with its blend of digital marketing, consulting, training and research.
Insurance Auto Auctions Inc. has secured 22 real estate locations in 10 states to prepare for the weather event season and potential catastrophic events.
The IAA CAT Team is a full-spectrum catastrophe service that operates on scene using the company's resources to recover the influx of total loss vehicles. The IAA CAT team has been in operation for over 30 years.
The IAA CAT-related expansions announced include 22 locations in 10 states.
Manheim announced that Jay Cadigan, vice president of industry relations, will retire on Aug. 31.
Cadigan’s retirement marks the end of a renowned automotive industry career spanning four decades, including leadership positions in the auction as well as leasing and rental car remarketing businesses.
As vice president of industry relations since 2012, Cadigan led Manheim's strategic efforts to develop, promote and establish consistent standards, processes and policies that further the industry. Prior to that, he served the company as market vice president for Florida and Puerto Rico, president of sales and operations for the General Motors and Avis Budget Group accounts and general manager of Skyline Auto Exchange (now Manheim NY Metro Skyline).
Throughout his career, Cadigan served the remarketing industry in National Auto Auction Association (NAAA) volunteer leadership roles. A 2015 inductee into the NAAA Hall of Fame, he is a past president of the association and current member of its executive committee and board of directors, serving as executive vice president.
Cadigan is also a past president of the Eastern Auto Auction Association.
Other recent industry honors include Cadigan's award of the Ring of Honor in 2016 from the National Independent Automobile Dealers Association (NIADA) and being named Remarketer of the Year at the 2015 Conference of Automotive Remarketing.
Cadigan began his automotive career working at a car dealership before earning a bachelor's degree in business management from St. Mary's College of California. Prior to joining Manheim in 1993, Cadigan served as assistant general manager of Golden Gate Auto Auction in Fremont, Calif., and gained remarketing experience by working with US Fleet Leasing, Avis Car Leasing and Hertz.
ADESA Winnipeg has been named for the second consecutive year the National Auto Auction Association’s 2017 Eastern Chapter Auto Auction of the Year for its outstanding public service. The Manitoba,...
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