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Insurance Auto Auctions Lobbies for Changes to Out-of-State Bidding Regulations |
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Wednesday, 06 August 2008 21:05 |
On Aug. 6. Insurance Auto Auctions Inc. (IAA) announced the passage of Illinois House Bill 5204. The bill addresses both purchase privileges for out-of-state buyers and salvage certificates for unrecovered theft vehicles in the state of Illinois.
IAA participated in the effort to revise the bill and lobbied for its passing. The bill would bring changes to the Illinois Vehicle Code and Auction License Act to allow licensed out-of-state salvage buyers to participate in auctions in the state without having to secure an Illinois Out-of-State Salvage Vehicle Buyer's ID Card.
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Total Resource Auctions Acquires Texas Salvage Pool |
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Monday, 04 August 2008 16:49 |
On Aug. 4, Total Resource Auctions (TRA) announced the acquisition of Central Cities Auction Pool in Temple, Texas. With this acquisition, TRA now has 56 locations, including five in Texas. Carroll Estes, president of Central Cities Auction Pool, will continue to run the operation with his wife, Annette, and son, Chad. He’s expected to eventually resume additional responsibilities within the TRA organization.
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LKQ's Net Income Rises 121 Percent in Second Quarter |
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Written by David Piestrzynski
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Monday, 04 August 2008 14:29 |
LKQ Corp. reported a 121-percent increase in net income for the second quarter of 2008.
The company, which sells new and recycled auto parts at 300 locations across the country, reported a net income of $31 million for the quarter ended June 30. For the same period last year, LKQ’s net income was $14 million.
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Liberty Mutual Makes Total Loss Information Available to Consumers |
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Thursday, 24 July 2008 12:42 |
It happens all across the country: people purchase used cars without realizing they were totaled in crashes, floods and other disasters. These buyers end up paying more than the car is worth, facing steep repair bills, and driving potentially unsafe vehicles.
To protect consumers from this fate, Liberty Mutual, the nation's eighth-largest car insurer, is providing Carfax with its data on every car declared a total loss and sold for salvage for the past five years and going-forward. This information is then disclosed to the buyer on a Carfax vehicle history report.
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Copart Sues For Access to Inventory Management System |
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Written by David Piestrzynski
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Thursday, 17 July 2008 15:46 |
Copart Inc. filed a lawsuit against the owners of an electronic vehicle network it's been trying to access.
On July 15, the Fairfield, Calif. auto salvage auction company filed an antitrust lawsuit alleging that Auto Auction Services Corp. (AASC) unfairly denied it the use of AutoIMS.
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State Honors Salvage Yard For Going Green |
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Tuesday, 15 July 2008 15:47 |
Concord, NH – On July 3, the New Hampshire Department of Environmental Services (DES) recognized Ponderosa Salvage in Epsom, for becoming a Certified Green Yard. The distinction is reserved for yards that use exemplary environmental work practices. The requirements for becoming certified were developed by DES, working with the New Hampshire Auto & Truck Recyclers Association (NHATRA).
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Steel Company Attributes Successful Quarter to Auto Parts Sales |
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Written by David Piestrzynski
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Thursday, 03 July 2008 18:36 |
Schnitzer Steel Industries Inc. attributes much of its record income for the quarter ended May 31 to increased of auto parts.
For the quarter, revenue for Schnitzer’s auto parts division was $101 million, compared to $71 million in the prior year period.
“The auto parts business continued its focus on increasing vehicle purchase which led to its sixth consecutive year-over-year operating income growth,” said Schnitzer CEO John Carter.
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New-Car Dealers Association Applauds Efforts to Expose Salvage Titles |
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Wednesday, 02 July 2008 17:34 |
WASHINGTON -- On July 1, the National Automobile Dealers Association (NADA) expressed its support for the efforts of the National Insurance Crime Bureau (NICB) for creating a new Web-based service with total-loss data for consumers.
"This is a step in the right direction, but because the information is limited, we still need federal legislation that would expand total-loss disclosure," said Ivette Rivera, NADA's executive director of legislative affairs.
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Copart Sells Salvage Cars to Public |
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Monday, 30 June 2008 13:25 |
On June 26, 2008, Copart Inc. announced it is now using its patented VB2 sales technology to sell vehicles for the public.
VB2 allows registered global buyers compete for vehicles. With over 100,000 registered buyers, last year Copart sold more than one million cars to buyers in 94 different countries.
In the past, VB2 has been used to sell vehicles primarily for the insurance industry. But now members of the public can use VB2 by selling their cars through the company’s new division, CopartDirect.
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Salvage Yard Employees Can Pose Theft Threat |
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Written by David Piestrzynski
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Monday, 30 June 2008 12:49 |
Most security systems are designed to keep thieves out. But what happens when the thieves are already inside your yard?
Keeping the old employees when he bought Discount Auto Parts in Alamo, Texas, was a costly mistake for Lynn Helmers.
Soon after taking over the yard three years ago, he started to notice various parts missing. Then he caught two employees stealing $6,000 worth of tools.
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