Mannheim

Manheim San Antonio Earns defi MANAGED SERVICING Remarketing 2023 Auction of the Year

Retrieved on: 
Tuesday, April 2, 2024
Professional Services, Aftermarket, Automotive, General Automotive, Finance, Fintech, Banking, Partnership, Sale, Defi, Transport, Auction, Mannheim, Multimedia

defi MANAGED SERVICING Remarketing, the remarketing services of the defi SOLUTIONS platform of products and services, is recognizing the relationship and contributions of partner Manheim San Antonio by bestowing its annual award for Auction of the Year.

Key Points: 
  • defi MANAGED SERVICING Remarketing, the remarketing services of the defi SOLUTIONS platform of products and services, is recognizing the relationship and contributions of partner Manheim San Antonio by bestowing its annual award for Auction of the Year.
  • With more than 100 operating locations worldwide and mobile auctions held at non-traditional locations, Manheim San Antonio and other Manheim auctions continuously perform at the top of their game for defi and its lenders.
  • defi continues to offer a full-service remarketing program – with reconditioning, inspection, transportation, and auction sale – for banks and financial institutions of all sizes.
  • “Manheim San Antonio made an impressive showing this past year,” said Steve Bissett, defi SOLUTIONS VP of client services.

OPENLANE to Acquire Manheim Canada

Retrieved on: 
Monday, December 4, 2023
Sale, KAR, Acquisition, NYSE, Commercial, Cox Enterprises, Retail, Mannheim, Growth

CARMEL, Ind., Dec. 4, 2023 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, has signed a definitive agreement to acquire the Manheim Canada business ("Manheim Canada") from Cox Automotive, subject to certain customary closing conditions. The proposed acquisition advances OPENLANE's digital strategy by adding Manheim Canada inventory, buyers, sellers and corresponding data to the OPENLANE Canada digital marketplace launched earlier this year. Valued at $130 million CAD or approximately $95 million USD, the transaction includes the Manheim Montreal facility and auction sales, operations and select staff across Manheim Canada, which intends to exit Canada.

Key Points: 
  • CARMEL, Ind., Dec. 4, 2023 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, has signed a definitive agreement to acquire the Manheim Canada business ("Manheim Canada") from Cox Automotive, subject to certain customary closing conditions.
  • The proposed acquisition advances OPENLANE's digital strategy by adding Manheim Canada inventory, buyers, sellers and corresponding data to the OPENLANE Canada digital marketplace launched earlier this year.
  • After the transaction closes, OPENLANE will integrate the Manheim Canada business into the existing OPENLANE Canada business, combining all inventory within the OPENLANE digital marketplace.
  • "OPENLANE Canada is committed to fulfilling our purpose, to make wholesale easy so our customers can be more successful," said Trevor Henderson, chief operating officer of OPENLANE Canada.

Cox Enterprises Promotes Patrick O'Boyle to SVP of Corporate Development

Retrieved on: 
Friday, December 1, 2023
O'Boyle, Cox Communications, Mannheim, Nyenrode Business University, Cox Enterprises, Trust, Integrity management, University, Auto Trader, Thought, Management, Sonoco

ATLANTA, Dec. 1, 2023 /PRNewswire/ -- Cox Enterprises announced today that Patrick O'Boyle has been promoted to senior vice president of corporate development, effective immediately. In his role, he will lead the execution of acquisitions, strategic investments, joint ventures and divestitures for Cox Enterprises, Cox Automotive and Cox Communications.

Key Points: 
  • ATLANTA, Dec. 1, 2023 /PRNewswire/ -- Cox Enterprises announced today that Patrick O'Boyle has been promoted to senior vice president of corporate development, effective immediately.
  • In his role, he will lead the execution of acquisitions, strategic investments, joint ventures and divestitures for Cox Enterprises, Cox Automotive and Cox Communications.
  • "Patrick has shown time and again his talent for thinking strategically and putting into action opportunities to help Cox grow," said Dallas Clement, president and chief financial officer, Cox Enterprises.
  • O'Boyle joined Cox in 2018 and spent the last five years leading corporate development at Cox Automotive.

CarGurus Agrees to Fully Acquire CarOffer

Retrieved on: 
Tuesday, November 7, 2023
Acquisition, Mannheim, Growth, Hallowell, Webcast, Cox Enterprises, Retail, CarGurus, Joe Caroff

CarGurus acquired a 51% stake in CarOffer in 2021 with the ability to buy the remaining equity interest over the next three years.

Key Points: 
  • CarGurus acquired a 51% stake in CarOffer in 2021 with the ability to buy the remaining equity interest over the next three years.
  • “Our work with CarOffer has unlocked meaningful opportunities to better serve our customers by integrating the scale and reach of our retail platform with CarOffer’s digital wholesale capabilities,” said Jason Trevisan, CEO of CarGurus.
  • Zach Hallowell, CarGurus Head of Industry Transformation, will transition to lead the CarOffer business.
  • CarGurus will discuss this transaction during its third quarter 2023 earnings presentation at 5:00 p.m. Eastern Time on November 7th, 2023.

CarGurus Welcomes Automotive Industry Veteran Zach Hallowell as Head of Industry Transformation

Retrieved on: 
Wednesday, October 18, 2023
Sale, Product management, Research, Middlebury College, Mannheim, Growth, Hallowell, Marketing, Head, Cox Enterprises, Retail, CarGurus

1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today announced that Zach Hallowell has joined as Head of Industry Transformation.

Key Points: 
  • 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today announced that Zach Hallowell has joined as Head of Industry Transformation.
  • In this role, the seasoned automotive industry leader will provide strategic and operational guidance as CarGurus continues to evolve its platform to empower dealers and consumers across an increasingly digital landscape.
  • The success of CarGurus’ full lifecycle solutions is powered by the unique interchanges between the company’s Listings Marketplace, Digital Wholesale, and Digital Retail capabilities.
  • Hallowell will apply his deep expertise across these areas of business, along with learnings from his experience leading prior online automotive business transformations, to inform a holistic and future-focused strategy for CarGurus’ business.

Manheim Report: Used Vehicle Values Showing Balance After Steep Declines in Second Quarter

Retrieved on: 
Friday, October 6, 2023
Smoke, Mannheim, SUV, MMR, Government, SAAR, UAW, United Auto Workers, Cox Enterprises, Gasoline, Car rental, Cryptocurrency, Q2

Used-vehicle values increased 1.0% in September, as the Manheim Used Vehicle Value Index (MUVVI) moved higher for the second straight month to 214.3.

Key Points: 
  • Used-vehicle values increased 1.0% in September, as the Manheim Used Vehicle Value Index (MUVVI) moved higher for the second straight month to 214.3.
  • Following steep declines in Q2, used vehicle values gained strength in August and returned to a more normal balance in the second half of September, resulting in Q3 ending down 3.9% year over year.
  • The Manheim Used Vehicle Value Index stabilized to end the third quarter with a steady September.
  • The Manheim Used Vehicle Value Index rose to 214.3 in September, down 3.9% from a year ago.

iLending Industry Insights – State of Auto/Car Loan Refinance

Retrieved on: 
Wednesday, August 16, 2023
Federal Reserve, Pressure, Travel, Housing, Mannheim, CPI, Federal, Eye, Hope, Appetite, Challenge, Investment, Sandrine Ilendou, Consumer, Health, Environment, News, Creditor, Insurance, Bank, Renewable energy, Real estate, Retail

Englewood CO, Aug. 16, 2023 (GLOBE NEWSWIRE) -- iLending , a national leader in automotive refinancing, is pleased to announce the next installment of our report on the State of the Car Loan Refinance Industry.

Key Points: 
  • Englewood CO, Aug. 16, 2023 (GLOBE NEWSWIRE) -- iLending , a national leader in automotive refinancing, is pleased to announce the next installment of our report on the State of the Car Loan Refinance Industry.
  • Late last year, iLending highlighted a number of economic factors that impacted the Auto Refinance industry, specifically inflation and used car prices.
  • Lenders continue to manage their way through balancing their businesses, which includes their appetite for car loan refinance lending.
  • iLending focuses on car loan refinance and has the easiest, quickest, and safest process available.

Manheim Report: Used Vehicle Values Fall for Third Straight Month; Wholesale Prices Down More Than 10% Year Over Year

Retrieved on: 
Monday, July 10, 2023
Smoke, MMR, Mannheim, Compact, SAAR, Government, SUV, Sport, Cox Enterprises, Depreciation, News, Rare-earth element, Gasoline, Car rental, Retail

The June Manheim Used Vehicle Value Index declined to 215.1, ending the first half of 2023 down 10.3% from a year ago.

Key Points: 
  • The June Manheim Used Vehicle Value Index declined to 215.1, ending the first half of 2023 down 10.3% from a year ago.
  • Additionally, wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased by 4.2% in June.
  • This decrease, a record for June, was impacted by the seasonal adjustment and other factors, including multiple holiday weekends.
  • End-of-year expectations for the Manheim Used Vehicle Value Index have been downwardly revised mainly based on the decreases already seen year to date.

Impel Hires Former Cox Automotive Executive to Support International Expansion

Retrieved on: 
Tuesday, June 27, 2023
Partnership, Mannheim, International, Auto Trader, United Kingdom, Cox Enterprises, Growth, Car dealership, Video game, Impeller

LONDON, June 27, 2023 /PRNewswire/ -- Impel, the global leader in AI-powered digital engagement technology for the auto industry, announced today that it will begin direct operations in the United Kingdom and has hired James Leese as Sales Director. Leese joins Impel at a time of rapid growth for the company, and follows the Company's recent $104 million growth equity announcement.

Key Points: 
  • Leese joins Impel at a time of rapid growth for the company, and follows the Company's recent $104 million growth equity announcement .
  • Leese brings decades of automotive technology experience to Impel, most recently as Chief Customer Officer at Cox Automotive, Europe.
  • "We are thrilled to have James join Impel," said Ben Cooper, Managing Director, International at Impel.
  • This move will allow Impel to further scale its UK presence and provide additional customer support for new and existing clients in challenging market conditions.

Manheim Forecast: Used-Vehicle Values Expected to Normalize in 2023 After Record Volatility

Retrieved on: 
Monday, January 23, 2023
Smoke, Government, Depreciation, EV, Cox Automotive, Index, MMR, SAAR, Mannheim, Safety, Health, History, Auction, Retail, Animal, Fireworks, Mannheim (disambiguation)

Steep declines in wholesale auction prices are the culmination of three years of volatility and were preceded by record increases in 2021.

Key Points: 
  • Steep declines in wholesale auction prices are the culmination of three years of volatility and were preceded by record increases in 2021.
  • 2023 predictions include equilibrium in the used market, slight increases in new sales, and record EV sales at both retail and wholesale levels.
  • Wholesale used vehicle prices close out 2022 with the sharpest declines over a single year, according to Manheim Index.
  • "These last three years have been extremely volatile for the market, and these declines follow record increases.