C.J. Moore Reporter covering used vehicles and the wholesale auction industry for Automotive News [email protected] See All Staff Page Recent Stories Online car-buying will continue Buyers want to purchase vehicles online, and that may be an advantage to a hybrid online-to-in-store model that doesn't always rely on delivery. Carvana, Vroom and Shift see stock prices, fortunes fall The online used-vehicle retailers are facing a reckoning after riding high on consumer and investor interest during the COVID-19 pandemic. Carvana job cuts trigger market sell-off, staff backlash Carvana Co.'s disclosure that it cut 2,500 employees set off reactions in the stock market and among social media users who said they were employees and that they received little or no heads-up that they would be let go. Carvana to lay off 2,500; executives to forgo salaries for rest of year Carvana is laying off 12 percent of its work force and executives won't take salaries for the rest of the year. KAR Global finalizes sale of ADESA U.S. to Carvana The deal hands Carvana the keys to 56 ADESA sites across the U.S., totaling about 6.5 million square feet of buildings on more than 4,000 acres. Vroom appoints new CEO, signals intent to 'realign' business Online used-vehicle retailer Vroom said that its COO, Tom Shortt, 53, is joining its board and succeeding Paul Hennessy as the company's CEO. KAR focus on online car auctions after sale of ADESA U.S. KAR Global CEO Peter Kelly is banking on using the money made on the sale of ADESA U.S. to Carvana to amplify the compnay's online auction offerings. Dealers take to auctions, streets, classifieds In addition to paying big premiums at auction, dealers are resorting to searching inventory channels left and right for vehicles that can be made ready for the front line. Wholesale used-car prices fell in April, marking third month of decline Wholesale used-vehicle prices ticked down in April, marking three full months of cooldown after a long stretch of record elevation last year. KAR Global close to finalizing ADESA U.S. sale to Carvana KAR expects to finalize the sale of ADESA to Carvana within the next week. KAR CEO Peter Kelly confirmed the time frame in the company's first-quarter earnings release. KAR also reported an $8.4 million net loss in the quarter. Penske nabs Hyundai-Genesis location near Indianapolis; Lithia adds Ontario store Penske Automotive Group Inc. and Lithia Motors Inc. each announced new single-store acquisition deals. Top 100 used-vehicle retailers list shows shift in focus to used cars The shifting reliance on used vehicle sales in 2021 was seen up and down the Automotive News annual list. Carvana rivals rethink ADESA Used cars were lifeblood of business in '21 With the microchip shortage and other supply chain hiccups making new vehicles hard to come by in 2021, auto retailers boosted their focus on selling used cars and trucks. Texas sues Vroom for alleged title delays, vehicle misrepresentation Texas attorney general's office said Vroom allegedly misrepresented and didn't tell customers about holdups in transferring vehicle titles and obtaining registrations. Load More
C.J. Moore Reporter covering used vehicles and the wholesale auction industry for Automotive News [email protected] See All Staff Page