When Ron Hackenberger was 15, he borrowed money from his grandfather to buy his first car: a 1948 Studebaker. Then he kept buying. In July, the 81-year-old collector will auction about 700 other vehicles.
A proposed Connecticut bill that would have required auctions to post their fees conspicuously has been dropped from consideration following pushback from local auction houses, according to a proponent of the bill.
Investments in technology and analytics help auctions move vehicles through the system faster, but the remarketing industry should not lose sight of the importance of asphalt, says Tom Webb, Manheim chief economist.
CarMax opened a vehicle reconditioning and four-lane auction center in Murrieta, Calif., on Thursday, making it CarMax's largest multipurpose location on the West Coast, the used-vehicle mega-retailer said.