Used Car Week registration now open

CARY, N.C. – 

Registration is now open for Used Car Week, which will be an all-digital endeavor this year, with content spread across four weeks this fall.

Similar to a host of other industry gatherings, Used Car Week is shifting to an all-digital format that will still include the staples of the event — Pre-Owned Con, Auto Fin Con, Repo Con and the National Remarketing Conference. Rather being confined to a five-day span, Used Car Week will be conducted over a longer period with week-long combinations of online workshops and live digital keynotes and panel discussions.

To register, visit https://usedcarweek.biz/register.

Here’s how the Used Car Weeks schedule shakes out.

The action begins the week of Nov. 16-20, with the Auto Fin Con and the National Auto Finance Association’s Annual Non-Prime Auto Financing Conference, which will run concurrently. 

Then, Dec. 2-Dec. 4 will be the Repo Con.

Next, the

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U.S. wholesale prices jump third month in a row as travel costs climb

ECONOMIC REPORT

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The numbers: U.S. wholesale costs rose sharply in September for the third month in a row, but the recent upturn largely reflected prices returning to normal after the economy reopened and not a sustained increase in inflation.

The producer price index jumped 0.4% last month, the government said Wednesday. Economists polled by MarketWatch had predicted a 0.2% advance.

Most of the increase last month in wholesale prices was tied to a partial rebound in the cost of hotel and travel-related services after more people ventured out toward the end of the summer. Businesses were forced to slash prices last spring when lockdown orders and fear of catching the virus kept most customers away.

Inflation in the U.S. was still quite tepid. Wholesale inflation has risen just 0.4% in the past year, marking the first positive reading in six months. Typically wholesale prices start to

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KAR Global’s Data Science Team Has Been Tracking Retail Vehicle Sales

Last April and into May, car sales were looking bleak.

According to CNN, major automakers reported a “more than 30 percent drop in U.S. sales in the second quarter, the biggest plunge in sales since the Great Recession and the auto bankruptcies of 2009.” But as government stimulus checks began trickling in, wholesale business started picking up. And the data science team at KAR Global, a tech company that provides physical and digital wholesale marketplaces for buyers and sellers, noticed. 

By mid-June, KAR tech professionals decided customers would benefit from the valuable buyer information they were seeing through proprietary company dashboards. So they made the internal data mapping buyer demand and excess seller inventory external-facing — in less than a week.   

“We knew, for example, there was no buyer activity in the Northeast, based on the data from the retail side,” Vice President of Product Management & Data Services Joe

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Two traders, barely 40 mts apart, robbed at gunpoint at wholesale market in Ghaziabad





© Provided by Hindustan Times


Ghaziabad: A group of four armed men performed two robberies back-to-back at the busy Kirana Mandi wholesale market early Saturday. The police said that they have registered FIRs for robbery and are trying to trace the gang.

According to the two victims, the first instance took place when trader Ankit Garg was supervising the loading and unloading activities at his godown. The market is one of the busiest markets in the city, located in the heart of old Ghaziabad.

“It was about 6.15am when a car stopped nearby and two men approached me, while two others remained in their car, which was a Swift. They were wearing face masks, which we use to curb the spread of the coronavirus (Covid-19) pandemic. Soon, they pulled out pistols and pointed them towards me. Then, they started pulling out the gold rings and bracelet which I was wearing.

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Retrospective: Early days of simulcast auto auctions

CARY, N.C.  – 

Particularly in the COVID-19 era, the importance and growing presence of simulcast auction sales cannot be overstated. From corporate giants to independents, the ability to simulcast is a necessity in the tool belt of an auto auction. 
 

Digital-leaning wholesale may now be ubiquitous, but it has been years — decades, even — in the making. 

 

In fact, Monday marks the 25th anniversary of what ServNet has said was the first-ever auto auction sale to be simulcasted.

 

That sale happened at State Line Auto Auction in Waverly, N.Y. 

 

 “400 vehicles were offered that day, and 400 were sold. 125 bidders were in attendance on the floor, and 15 bidders chose to stay at their respective dealerships and bid remotely,” State Line owner Jeff Barber said in a news release. “Forty-five cars were purchased electronically by these remote bidders. At the time, all of us at State Line felt

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A.M. King starts construction of cold distribution center for Combs Wholesale Produce Co.

A.M. King has begun construction of a USDA-certified, greenfield distribution facility for Combs Wholesale Produce Co. The 40,000-sf structure, when complete, will allow the company to move to a larger, more modern space and capitalize on its expanding product lines and customer base. The project is scheduled to be complete by April 2021.

Combs Wholesale Produce is a full-service supplier of fresh produce, dry goods and items such as old-fashioned candies and glass-bottle sodas. Customers include wholesalers and food service companies, grocery stores and retail markets across Virginia, North Carolina and South Carolina.

The company has outgrown the original Combs Wholesale Produce facility that was built in 1978 and the owners were ready to move into a new facility that would handle both current business and future growth. “Our current facility was built to sort and store tomatoes,” explains Ben Combs, Vice President, Combs Wholesale Produce Co.

While most new

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Streak of record wholesale vehicle prices end, but values remain strong

CARY, N.C.  – 

During Wednesday’s quarterly Manheim Used Vehicle Value index call with the industry, Cox Automotive chief economist Jonathan Smoke began his opening comments with this update.

“On this call, we find the industry and used-vehicle values having performed very strongly in the last quarter, but September marked an important change,” Smoke said. 

For one, that change involved the end of a months-long string of used-car pricing records.

Though still up substantially year-over-year, the record streak in wholesale vehicle prices has stopped at three months, according to analysis around the latest index.

Wholesale prices last month were down 1.58% from August, the first sequential decline in four months, says parent company Cox Automotive.

The resulting Manheim index was still up 15.2% year-over-year at a lofty 161.2, but failed to reach the record levels set in August, July and June.

“After three consecutive months of record-setting price gains this spring

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Wholesale Prices Cool in September After Three Months of Record Highs

ATLANTA, Oct. 7, 2020 /PRNewswire/ — Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.58% month over month in September, the first month-over-month drop in wholesale values since May. The Manheim Used Vehicle Value Index for September was 161.2, a 15.2% increase from a year ago.

Manheim Market Report (MMR) prices declined at an accelerating pace over the four full weeks of September, resulting in a 2.9% cumulative decline on the Three-Year-Old Index. In the last full week of September, the Three-Year-Old Index declined 0.9%, which was the biggest weekly decline in 22 weeks. MMR Retention, which is the average difference in price relative to current MMR, averaged 99.5% for the four full weeks of September. The sales conversion rate averaged 58.8% over the same period, which was a decline from August and much more typical for this time of the year.

On a year-over-year

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Lane watch: Wholesale atmosphere improves for independent dealerships

LAWRENCEVILLE, Ga. – 

Fall’s arrival appears to be bringing welcomed relief for independent dealerships looking to build their inventory. Black Book explained why through its latest COVID-19 Market Insights released on Tuesday.

Analysts recapped in the report, “This past week, we saw more independents being the successful bidder. This is a welcome sight as we’ve talked to so many buyers that struggled over the summer to compete with the money the larger buyers were willing to spend to secure inventory.”

Not only are those larger buyers such as CarMax and Carvana easing back, Black Book is seeing that independent stores and dealerships in general aren’t having to dip into the floorplan funds as much for wholesale units.

According to volume-weighted data, analysts determined that overall car segment values decreased 0.66% over the last week. That decline nearly doubled the figure Black Book recorded during the prior week when car

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Little Rock and Gem Shop reopens after car crashes into their building

On August 18th a car driving on Brady Street was cut off and swerved right into the Little Rock and Jem Shop. Store owners were inside when it happened and they say it was quite scary.

“I saw the accident coming and was able to jump out of the way in time and the girls were in the building and the good news is everybody is safe.”

Nobody was hurt, but the crash left quite a mess.

“It’s been tough. The cleanup was challenging and getting everything back together was challenging and we just have to wait and see what happens next now that we’re open.”

During the crash a lot of merchandise was damaged.

“We will be having a scratch and dent sale here soon and we’ve got some new inventory coming in in a matter of days that will be replacing this, but the idea now is to

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