The deal will diversify Ritchie Bros.' truck, construction, and farm equipment customer base by providing it with a larger presence in the vehicle remarketing vertical that has strong industry fundamentals with proven growth.
The slowing economy has driven average vehicle sale and floor prices past a turning point compared to last year.
IARA Summer Roundtable: In a free-wheeling interview, entrepreneur and used car industry disruptor Ernie Garcia delivers insights on his mega-merger deal and a customer-friendly e-commerce model.
Prices remained steady at already-elevated levels, and the conversion rate bumped up in March.
CAR 2022 IARA Session: Look for new avenues and platforms for buying and selling used vehicles among consignors, auctions, and dealers.
The first year of accumulated metrics from AutoIMS consignors and auctions points to a continued supply chain squeezing vehicle prices and mileage higher.
The latest quarterly report from AutoIMS underscores the trends steering the remarketing and auction industries.
Many tire OEMs have increased prices in CY-2021, ranging from 3-10% depending on type of tire and size. Higher commodity prices and increased ocean freight rates are being passed on to end users as OE profit margins compress.
The automotive remarketing sector is seeing big changes due to an increased use of technology, evolving vehicle mix and shifting expectations from buyers and sellers.
The IARA Summer Roundtable conference balanced a look back at successes while confronting industry challenges ahead.
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