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KAR is pouring money into its TradeRev business with a vision of growing the online appraisal and auction tool's annual volume from the thousands to the millions.
The volume of retired rental vehicles headed for auctions is steadily on the decline.
What's interesting about the 1987 Porsche 959 that Mecum auctions planned to sell during Monterey Car Week -- besides the fact that it is one of only 294 produced -- is that it is literally a wreck.
With the prominence of the physical auto auction shrinking, Cox Automotive and its Manheim unit are honing digital services and building up other revenue streams such as reconditioning.
Manheim has wrapped up a three-year, $100 million high-tech makeover of its physical auctions, re-engineering every process and replacing old technology.
TradeRev-H, an enhanced version of the TradeRev app for one-hour online auctions, can change how vehicle inspections are done.
Prices for small used cars are climbing to unexpected levels- a sign that demand is growing as price-sensitive consumers face dwindling options in the new-car market.
ADESA is aggressively enhancing its online auctions -- through technology, analytics and machine learning -- in an effort to maintain its lead in private-label sales.
The sale of a 2017 Mercedes-Benz G550 for $239,500 in late April shows how ACV Auctions, an app-enabled dealer-to-dealer auction platform, has matured.
National Auto Auction Association member auctions sold 10 million vehicles in 2017, up 2.5% from 2016, the association's annual survey found.
Net income at KAR Auction Services, parent of ADESA auctions, jumped 30 percent in the first quarter largely on a sharp drop in income taxes.
The auction industry is likely to see fewer traditional wholesalers going forward, but they are evolving into online and smartphone app-based operations.
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