Penske Automotive Group Inc., a diversified international transportation services company, announced record results for the third quarter, including the most profitable quarter in company history. For the three months ended September 30, 2020, the company reported income from continuing operations attributable to common shareholders of $246.5 million, or $3.07 per share, compared to $116.1 million, or $1.42 per share in the prior year. Foreign exchange positively impacted earnings per share by $0.05. Revenue was flat at $6 billion. Third quarter income from continuing operations and related earnings per share include a net income tax benefit of $15.4 million, or $0.19 per share, from various U.S. and foreign tax legislation changes. Excluding this net benefit, adjusted income from continuing operations increased 99.1 percent to $231.1 million, and related earnings per share increased 102.1 percent to $2.87.

“I am very pleased to report all-time record results for Penske Automotive Group in the third quarter,” said Chairman Roger Penske. “These results were primarily driven by same-store retail automotive revenue and margin expansion, coupled with expense reductions which contributed to a 1,010 basis points decline in selling, general and administrative expenses as a percent of gross profit. Through our cost cutting efforts, we estimate that approximately $125-150 million in annualized costs were eliminated across our various businesses.

“I am particularly pleased that our strong cash flow has allowed us to significantly reduce long-term debt, lengthen maturities and reduce future annual interest expense by an estimated $17 million.”

For the nine months ended Sept. 30, the company reported income from continuing operations attributable to common shareholders of $343.1 million, or $4.27 per share, compared to $333.9 million, or $4.02 per share in the prior year. Foreign exchange positively impacted earnings per share by $0.01. Revenue was $14.6 billion compared to $17.3 billion in the same period last year. Excluding the tax benefit discussed above, adjusted income from continuing operations decreased 1.9 percent to $327.7 million, and related earnings per share increased 1.5 percent to $4.08.

NAAA Elects Hudkins

October 22, 2020

Garrison Hudkins has been elected as vice president of the National Auto Auction Association (NAAA) for the 2020-2021 term, serving on the executive leadership team with President Julie Picard and President-elect R. Charles Nichols. 

Hudkins is the vice president of Southern Auto Auction, Easton Powersports Auction and SAFS Inc. Joining the East Windsor, Connecticut, auction in 2010, he became the third generation in the family business founded in 1947 by his wife’s grandfather Larry Tribble, Sr., and currently owned by Larry Tribble, Jr.

“Garrison brings to our executive team a variety of business experience in addition to a decade spent in management of the nation’s largest, privately owned, independent auto auction,” said NAAA Chief Executive Officer Frank Hackett. “We’re happy to have him continue the legacy of leadership of his in-laws Larry Tribble, Jr., and Larry Tribble, Sr., who both served the association as NAAA presidents.”

IAA Inc., a global digital marketplace connecting vehicle buyers and sellers, announced it has been awarded a patent by the U.S. Patent and Trademark Office for a “SYSTEM AND METHOD OF AUCTION MANAGEMENT.” The patent contains 20 claims that protect and recognize the valuable innovations developed by IAA for the company’s AuctionNow platform, which allows online auction participants to monitor and bid in multiple auctions simultaneously.

U.S. Patent Number 10,810,659 describes information technology systems that facilitate participation in multiple auctions offered in different locations at the same time. In particular, the user interface facilitates instantaneous information exchange for one or more auctions, expands information seamlessly for a selected auction, allows for bidding capabilities across multiple auctions and provides flexible capabilities based on buyer type.

“IAA AuctionNow, built on this patented technology, is the cornerstone of our global marketplace and provides the unmatched value of a completely customizable, flexible interface for our buying customers,” said John Kett, President and Chief Executive Officer for IAA. “The patent awarded for auction management underscores IAA’s steadfast commitment to providing technology innovation that benefits our customers and the industry.”

The patent awarded to IAA Inc. names inventors Jeff Hendershot, director of operational improvement, and Adam Hillard, director of IT, both from Impact Auto Auctions, an IAA company.

TradeRev, a digital marketplace of KAR Auction Services Inc., announces the return of its popular Move Metal transport guarantee. While aiming to offer the fastest payment-to-delivery time in the entire country, TradeRev wants to give dealers confidence that their purchases will arrive faster and retail-ready for sale. With the Move Metal guarantee, all vehicles purchased with transport in the app within 300 miles of their lot will arrive within three business days or less, or the delivery charge is free.

 

“TradeRev aims to provide dealers a fast, convenient, straightforward and rewarding experience, every time—from searching, bidding and buying to payment and shipping,” said Mark Endras, co-founder and president of TradeRev. “Time is money for dealers, and they want speed and predictability while moving fresh inventory to their lots. We’re the first and only auction, in-lane or online, to offer dealers a money-back transport guarantee, earning trust from dealers to deliver dependable inventory fast and on-time.”

 

TradeRev first launched the Move Metal transport guarantee in the U.S. this February and temporarily paused the program due to COVID-related interstate commerce restrictions. On Oct. 9, TradeRev relaunched the program at a time when adoption of its digital platform is at an all-time high and transportation costs have sky-rocketed.

Adding to TradeRev’s Move Metal guarantee is its 2020 flat-fee shipping program available to all U.S.-based dealers from zero to 500 miles. TradeRev’s flat transport rates mean more control and transparency, providing dealers with up-front pricing details before a bid is even placed. The flat-fee transportation program is provided by CarsArrive Network, a KAR Global company and leading provider of automated vehicle shipping services.

AutoTransport.com is launching its scholarship program to provide quarterly awards to assist students in the automotive industry who will pioneer the future. 

The founding family of AutoTransport.com, an automotive shipping and logistics company, is excited to announce the launch of their AutoTransport.com Scholarship program. The scholarship will be offered to students enrolled in automotive and logistics industry programs.

AutoTransport.com launches scholarship program to assist students in the automotive industry.

As a family-owned business, AutoTransport.com cares about their employees and the community as a whole. They wanted to establish a positive way to give back to society. This inspired them to create the AutoTransport.com scholarship, in hopes of helping future logistics industry leaders. Three scholarships in the amounts of $1,000, $500, and $500 will be awarded quarterly. Scholarship funds will be sent directly to the winner’s school, no exceptions.

To apply for the scholarship students must fill out the online application and write a minimum 750-word essay in regard to the automotive and logistics industry. Content must be original and unpublished. All entries will be checked for plagiarism. Any content found to be previously published or plagiarized will automatically be disqualified. AutoTransport.com reserves the right to publish winning articles on their site. Students must be currently enrolled to qualify. For full rules and entry details please visit here.  The deadline for scholarship applications is: Jan. 1, 2021.

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