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.

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of American Credit Acceptance Receivables Trust 2020-4, an auto loan ABS transaction. ACAR 2020-4 will issue six classes of notes totaling $400 million that are collateralized by a pool of retail automobile contracts, made to subprime obligors and secured by new and used automobiles and motorcycles. The structure and collateral for ACAR 2020-4 are generally similar with the previous ACAR 2020-3 transaction.

The transaction has initial hard credit enhancement levels of 61.90 percent for the Class A Notes through 13.45 percent for the Class F Notes. Credit enhancement consists of excess spread, overcollateralization, subordination (except for the Class F Notes) and a reserve account funded at closing.

American Credit Acceptance, LLC issued its first securitization in October 2011 and since then has issued 31 additional transactions in the total amount of approximately $7.6 billion. ACA is a subprime auto finance company that has been under current ownership since 2007. ACA originates loans through two marketing platforms, “Tier 1” and “Tier 2”, which represent 62.00 percent and 38.00 percent of the pool as of the statistical cut-off date, respectively. The platforms are focused on purchasing contracts from franchised and independent automobile and motorcycle dealers.

The financial impact of COVID-19 has resulted in an economic slowdown and high unemployment, which can adversely impact the performance of the subject pool and auto loans in general. In considering this risk, KBRA applied additional stress scenarios by increasing its expected base case gross charge-off assumptions for this transaction. The assumption increase was derived from KBRA’s analysis of the relationship between the historical unemployment rate and annualized gross loss rates through the 2008-09 financial crisis for different types of lending products. The increase in loss assumptions also incorporated an analysis of the recent performance of loans enrolled in the company’s extension program and the performance of these loans when the temporary relief expired.

Penske Automotive Group Inc., a diversified international transportation services company, announced that its Board of Directors has reinstated the company’s dividend, declaring a cash dividend of $0.42 per share. The dividend is payable on Dec. 1, 2020, to shareholders of record on November 10.

Commenting on the dividend reinstatement, Chair Roger Penske said, “I am pleased to announce the reinstatement of our dividend. The actions we took to mitigate the impact of Covid-19, coupled with the improvement in business conditions in the third quarter, were instrumental in our ability to preserve liquidity and repay $300 million in Senior Subordinated Notes in August, at their maturity. I am confident in the strength of our financial position and our ability to reinstate the dividend at this time.” 

KAR Honors Volunteer

October 14, 2020

KAR Auction Services Inc. recognized outstanding employee volunteer, Jenny White, during the annual Jefferson Awards ceremony. A program of the nonprofit service organization Multiplying Good, the Jefferson Awards is the nation’s largest and longest-running awards ceremony honoring community volunteerism.

“At KAR, we’re passionate about giving back and doing good, and we celebrate our incredible employees who create positive change in communities across the globe,” said Lisa Price, EVP and chief people officer for KAR. “As a Multiplying Good Champion partner, we’re honored to recognize Jenny for her meaningful volunteer work, supporting children worldwide.”

Since 2013, White has volunteered as a sponsor and advocate with Compassion International, traveling five times to Uganda, forging and making connections with children that will last a lifetime. Compassion International works in 25 countries to release children from spiritual, economic, social and physical poverty. When White’s not traveling abroad on mission trips, she serves as an advocate raising awareness and funds for the organization.

Multiplying Good presented the 2020 ceremony as a one-hour streaming video, providing an opportunity to share inspiring stories from honorees and present awards in a variety of categories, including employees, private citizens and corporations.

“The Jefferson Awards celebrate extraordinary service to others performed by unsung heroes from around the country, corporations, and national figures,” said Hillary Schafer, CEO of Multiplying Good. “We’re thrilled to continue this 48-year-old tradition, bringing together the incredible spirit of those who have proven that service to others is a salve for everything that seeks to divide us.”

Nearly a dozen employee volunteers were nominated for the award by their peers. A judging panel consisting of members of KAR’s management team selected the following Jefferson Awards honorees: Gina Kerr (KAR Global), Randy Murphy (OPENLANE), Kathy Sabaski (AFC Philadelphia), and chose White (KAR Global) as the company’s finalist.

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