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Tuesday, 21 March 2017 22:42

Copart Adds Auction

Copart Inc. announced the opening of its second location in Utah.
The new location near Ogden hosts online car auctions every Monday at noon.
Copart has been undergoing aggressive expansion in the past few months as it approaches 200 locations worldwide.

Published in Auctions
Thursday, 16 March 2017 00:08

Classic Car Auction Breaks Records

GAA Classic Cars closed out its three-day auction March 4, breaking its previous records.
The sale resulted in a 76 percent sell-through rate, revenues in excess of $12 million and a crowd so large that guests had to be shuttled from satellite lots to attend the sale.
There were three record-breaking vehicles sold at the auction:
A 1965 Ford Shelby GT350 for $370,000;
A 2006 Ford GT Heritage Edition with only 41 miles sold for $470,000; and
A red Ford GT with white strips that sold for $300,000.

Published in Auctions
Tuesday, 07 March 2017 20:35

Copart Adds Facility

Copart Inc. announced the addition of its Okeechobee, Fla. location.
This facility is located between Orlando, Tampa and Miami, and it will serve as a standby location specifically for catastrophic events.
This standby location in Okeechobee follows Copart opening its 13th Florida full-service facility in January. In 2017, Copart has also opened locations in Casper, Wyo., and Denver, along with the expansion of existing locations in San Jose, Calif., Chicago, San Diego, and Springfield, Mo.

Published in buy here
Tuesday, 07 March 2017 00:01

Auction Offers Digital Badges

Dealers Auto Auction of the Southwest has announced the release of its digital bidder badges.
The digital badges are available from the Apple and Google stores. They recognize a bidder upon entrance into the auction and automatically assign a badge.
The concept was developed at DAASW and made possible by Peter Levy and his IAS company. The badge includes a QR code that can be scanned with invoices sent by text or email.

Published in Auctions
Saturday, 04 March 2017 14:18

Manheim Auction Earns Honor

Manheim Orlando was named Big Business of the Year by the Orlando Chamber of Commerce at the organization’s “Big Orange Awards.”
Manheim Orlando is one of the largest operating locations of Manheim North America.
Throughout the past year, Manheim Orlando has supported Christmas in July, Arnold Palmer Children’s Hospital, the Epilepsy Association of Central Florida, Orlando Science Center, Christian Service Center, the YMCA and the Pet Alliance of Greater Orlando. In addition, Manheim Orlando hosted Chamber members through Leadership West Orange. Calif.
The team was also recognized for hosting the Chamber’s Hob Nob and Straw Poll event, which boasted record attendance, by political candidates and interested voters. Manheim Orlando partnered with Ben’s Maintenance, Mike’s Security and Danny’s Outside Ops to make the event an all-around success.

Published in Auctions

Manheim and ADESA control about 80 percent of the auction market in the U.S. But the two giant chains want to touch even more of the units wholesaled in this country.

They have both been rolling out products to do just that.

Manheim is increasing its service to smaller dealers by opening up a series of smaller facilities it calls “local sales.”

These are three- to five-lane operations that often operate in former dealerships or closed public auctions.

There are more than 45 of these local auctions in operation with plans to add more. Grace Huang, Manheim’s  senior vice president of inventory services, said it takes about three months to get one running.

Both the mobile and local auction strategies were created with dealers in mind, she said.

“We’ve increased the number of points where people could do business with Manheim,” Huang said.

At ADESA, touching more cars means investing in new platforms, such as TradeRev.

TradeRev is an online automotive remarketing system where dealers can launch and participate in real-time vehicle auctions at any time from their mobile devices or desktop. It allows dealers to obtain instant bids while the retail customer is sitting in the showroom by providing a private, customized network for buyers and sellers.

TradeRev founder Mark Endures said ADESA realizes the system can be viewed as competition to the traditional auctions, but ADESA knows the future of car sales includes a much larger role for online transactions.

Keith Crerar, TradeRev’s senior executive vice president, said the real goal is getting the cars that don’t go to auction.

“The’re some cannibalization, but in the U.S. there 20 million cars that get sold dealer-todealer that no auction touches,” Crerar said. “We’re after those twenty.”

 

Published in Auctions
Thursday, 23 February 2017 19:11

KAR Reports Higher Revenue

KAR Auction Services Inc. reported higher revenue, but lower net income in the fourth quarter.

For the fourth quarter, KAR reported revenue of $813.7 million as compared with revenue of $695.7 million for the fourth quarter of 2015. Net income for the fourth quarter decreased to $45.5 million, as compared with net income of $48.3 million in the fourth quarter of 2015.

For the year, the company reported revenue of $3.15 billion as compared with revenue of $2.7 billion for 2015. Net income for the year increased to $2.2 billion, as compared with net income of $214.6 million for 2015.

 

 

Published in Auctions
Wednesday, 01 February 2017 00:42

Trucks Outperform at Auction

Average values for 1- to 3-year-old pickup trucks have remained strong, as a result of high demand at auction, despite fuel prices peaking in December, reports Kelley Blue Book.
Overall, auction values for 1- to 3-year-old vehicles were down more than 15 percent in 2016. Values fell a substantial 6.8 percent, or $1,146 per unit, in the fourth quarter alone.

Published in Auctions

An ADESA auction at the NADA Convention and Expo raised $94,423 for the NADA Foundation, which supports Canine Companions for Independence.

Retired Army Sgt. Steve Blackman and his service dog, Gottlieb, attended the auction to represent Canine Companions.

Robert Bassam, founder of Eastern’s Automotive Group in Sterling, Va., placed the first winning bid of $39,000 for a 2015 Polaris utility task vehicle (UTV). He then donated the UTV back to ADESA to be re-auctioned.

Joe Verde, president of Joe Verde Group in San Juan Capistrano, Calif., and longtime supporter of Canine Companions, made the second winning bid of $26,000. He also donated the vehicle back for re-auction.

Bassam’s son, Joel Bassam, director of marketing for Eastern’s Automotive Group, placed the final winning bid of $28,000.

Attendees gathered at the ADESA booth during the auction made $1,423 in cash donations to bring the final contribution to $94,423.

ADESA auctions over the past six NADA conventions have raised more than $334,400 for the NADA Foundation’s Frank E. McCarthy Memorial Fund, in whose name the Canine Companions donation is made. McCarthy was NADA chief executive from 1968 to 2001.

 

 

Published in Auctions
Tuesday, 17 January 2017 00:19

Auction Partners with AMS

Auction Management Solutions Inc. has partnered with Central Auto Auction in Hamden, Conn., for business development consulting. Adding this location brings the group to 14 total locations, which also includes Columbus Fair Auto Auction, Greater Quad City Auto Auction, Rochester Syracuse Auto Auction, Greater Erie Auto Auction, DAA Chattanooga, DAA Murfreesboro, DAA Memphis, DAA Huntsville, DAA Mobile, Southeastern Auto Auction, Dealers Auto Auction of Idaho, 166 Auto Auction and All Valley Dealers Auction.
“We have spent a lot of time building a great base of dealer consignment business over the last 11 years, as well as some fleet /lease and repossession business including the GSA account, and feel that it is time now to start to expand into focusing on national consignors,” said Peter Saldamarco, owner of CAA. “We feel that AMS can be a great help to achieve our goals.”

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