America’s Car-Mart reported net earnings of $6 million for the quarter ended Oct. 31, up from $5 million for prior year quarter.
Revenues were $149 million compared to $150 million for the prior year quarter. The current quarter includes a $1.7 million increase in interest income and same-store revenue increase of 0.6 percent.
Sales volume productivity was flat with 28.4 retail units sold per store per month.
Average retail sales price decreased $73 from the prior year quarter to $10,418.
Gross profit margin percentage increased to 42 percent from 41.4 percent for the prior year quarter.
Collections as a percentage of average finance receivables decreased to 12.2 percent from 12.6 percent for the prior year quarter. The weighted average contract term increased to 32.5 months from 31.7 from the prior year quarter and decreased from 32.6 for the July 31 quarter.
Net charge-offs as a percent of average finance receivables were 7.5 percent, down from 7.7 percent for prior year quarter.
Accounts over 30 days past due decreased to 4.1 percent from 4.8 percent at Oct. 31, 2016.
Average percentage of finance receivables current was 80 percent, flat from Oct. 31, 2016.
Provision for credit losses was 29.7 percent of sales vs. 29.6 percent for prior year quarter.
Selling, general and administrative expenses were 18.2 percent of sales vs. 17 percent for prior year quarter.
CarGurus Inc. reported it had 24,313 paying dealers at the end of the third quarter, compared to 18,777 at the end of the third quarter of 2016.
Average annual revenue per subscribing dealer in the U.S. was $11,526, compared to $9,939 in the third quarter of 2016.
U.S. average monthly unique users were 26 million, compared to 20.9 million in the third quarter of 2016. U.S. average monthly sessions were 67.4 million, compared to 48.9 million in the third quarter of 2016.
Allan Wilwayco has been appointed general manager at ADESA Dallas.
In his new role, Wilwayco will lead the day-to-day business operations of one of the largest ADESA sale facilities in the country.
Wilwayco has nearly three decades of experience in various areas of the auto auction industry, from finance to business development, while holding several leadership positions. He served as general manager of Manheim Orlando for six years and as vice president of digital operations for Manheim Digital Marketplace.
Integrated Auction Solutions (IAS) announced the appointment of John Lilly as president.
Lilly will join IAS immediately and will have global responsibility for IAS AuctionMaster, IAS Simulcast, IAS Marketplace, IAS Core, and IAS Services.
Prior to joining Integrated Auction Solutions, Lilly was chief product officer at CDK Global Inc., and a line of business leader at Accenture, where he held various product, strategy, and business development roles.
Insurance Auto Auctions Inc. announced the construction of a new facility near Seattle.
The new branch is scheduled to open in the first quarter of 2018. It is located in Puyallup, Wash. – approximately 40 miles south of Seattle.
The new 140-acre branch consolidates the existing IAA Seattle and IAA Seattle South locations into one facility.
The new IAA facility will include a state-of-the-art Vehicle Inspection Center with covered vehicle inspection areas and ample space for on-site insurance customer staff.
Steve Lambert has been named president and CEO at Alliance Inspection Management (AiM).
Lambert will take office in Long Beach, Calif., on Dec. 4.
Lambert joins AiM from Nissan North America Inc., where he served as vice president of information systems, overseeing all of Nissan’s information systems and services across the Americas. At Nissan, he was also president, Nissan Motor Acceptance Corp. (NMAC) and responsible for all sales finance activity in North America, which included the oversight of Nissan Canada Finance and start-up Nissan Renault Finance Mexico.
Previously, Lambert served on AiM’s board of directors from 2005 to 2010. During his tenure as head of NMAC, the company used AiM’s off-lease inspection and floor plan audit services.
Lambert holds a bachelor’s degree in chemical engineering from Brigham Young University and a master’s degree in business from BYU’s Marriott Graduate School of Management.
Auction Management Solutions (AMS) announced that earlier this month the firm has partnered with Richmond Auto Auction (RAA) for business development consulting.
In 1967, Dick and Pokey Motley began Motley’s Auctions in a Chester, Va., dairy barn. They continued operations over the years at several locations.
The Motley family businesses are now run by second-generation owner Mark Motley.
AMS was started by industry veterans Tom Stewart and Richard Curtis, who along with Jamye Carpenter, Cynthia Meyer and Shelly Frank, provide consulting and recruiting services to the automotive industry that includes independent auto auctions, service providers and vendors.
Adding this location brings the firm’s client list to 18 total locations.
Enterprise Holdings will honor 14 automotive auction partners from across the country with its 2017 Auction Achievement Awards.
This annual program recognizes auto auction partners for exceptional services that support Enterprise Holdings' efforts to remarket late-model, low-mileage, well-maintained rental and fleet vehicles to potential buyers.
Regional Enterprise Holdings teams present the awards to the auction partners in their area, in two categories: whole-car auctions and damaged-vehicle auctions. Recipients are recognized for exceptional performance in the areas of communication, customer service, marketing and reconditioning, operational success, and strategic planning.
The 2017 Auction Achievement Award winners in the whole-car category are:
ADESA Los Angeles (Orange, Calif.)
Manheim Central California (Roseville, Calif.)
Manheim Dallas (Irving, Texas)
Manheim Fredericksburg (Rockville, Md.)
Manheim Omaha (Davenport, Iowa)
Manheim San Diego (Orange, Calif.)
The 2017 Auction Achievement Award winners in the damaged-vehicle category are:
Dealers Auto Auction of the Rockies (Highlands Ranch, Colo.)
IAA Atlanta (College Park, Ga.)
Manheim Dallas TRA (Irving, Texas)
Manheim NJ TRA (Wayne, Pa.)
Manheim Southern California TRA (Orange, Calif.)
Manheim Tampa TRA
Metro Salvage Pool (Davenport, Iowa)
Copart Inc. announced the expansion of its Phoenix location.
Copart Phoenix is located at 615 South 51st Ave. The auction holds online car auctions every Monday at noon.
In addition to conducting online auctions, Copart practices good corporate citizenship. Earlier this year, Copart Phoenix provided a safe and controlled training environment for more than 100 National Highway Traffic Safety Administration inspectors.
Small business jobs activity rose in October, with more owners trying to hire workers amid labor quality concerns and compensation increases rising to their highest levels since December 2000, according to the monthly NFIB Jobs Report.
Fifty-nine percent of small business owners reported hiring or trying to hire in October, but 52 percent said they couldn’t find qualified workers. Twenty percent of small business owners said finding qualified workers was their number one concern.
Reports of increased labor compensation remained at strong levels, with twenty-seven percent reporting compensation increases and twenty-one percent of the owners planning to raise compensation in the coming months.