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The US Vehicle Auction Market: Analysis By Volume, By Type, By Distribution Channel Size and Trends with Impact of COVID-19 and Forecast up to 2028

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New York, Jan. 19, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “The US Vehicle Auction Market: Analysis By Volume, By Type, By Distribution Channel Size and Trends with Impact of COVID-19 and Forecast up to 2028” – https://www.reportlinker.com/p06381896/?utm_source=GNW
These auctions facilitate buyers to make purchases of used and salvage cars via a bidding process. The US vehicle auction market by value has been increasing in the past few years owing to various reasons like the rise in car crashes, increasing average age of cars, etc. Moreover, with stagnant wages and rising living costs, the market for used cars is expected to flourish in the coming years. Both dealerships and individual buyers across the states are increasingly becoming attracted to car auctions as a means to acquire a vehicle for cheap. The market is anticipated to grow at a CAGR of approx. CAGR of 3.4% over the projected period of 2023-2028.

Market Segmentation Analysis:

By Type: The report provides the bifurcation of the market into two segments based on the type: Whole Car and Salvage Vehicle. In 2022, in terms of value and volume, the whole car held the highest share of the market. Also, the whole car is expected to be the fastest-growing segment in the forecasted period, owing to factors such as the rise in popularity of online car auction sites. Since inventory on an online auction site is available 24/7 and covers a larger geographic area, bidding instances have increased for popular car makes and thus, on an aggregate level, caused their general resale value to increase.

By Distribution Channel: The whole car auction market volume has been further analyzed based on the distribution channel: Online and Physical. In 2022, the online whole car auction market held the highest share of the market because of the benefits the online channel has offered to both the buyers and the sellers. Market Dynamics:

Growth Drivers: The US vehicle auction market growth is predicted to be supported by numerous growth drivers such as increasing vehicle’s average life, growing internet users, rise in vehicle crashes, hike in revenue per car auctioned pricing, strong international demand, and many other factors. The increased age of vehicles implies a higher probability of them being considered totaled cars by insurance companies. These aged vehicles are among the first choices for purchase by insurers who then sell to dismantlers, rebuilders, and recyclers through auctions provided by vehicle auction service providers. This helps vehicle auction providers to generate higher revenues besides acting as a tailwind to the overall market growth.

Challenges: However, the market has been confronted with some challenges specifically, fluctuations in the supply of used vehicles, vulnerability to economic conditions, fraudulent activities in online auctions, etc.

Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as integration of online auction and artificial intelligence (AI), acquisitions, extensive use of data and analytic capabilities to streamline operation, etc. AI platforms use machine learning and algorithms to deliver clear, easy, and actionable intelligence to bidders. The incorporation of AI in online auctions also enables a more efficient way to manage the bidding process. Thus, integrations of online auctions with AI are predicted to contribute to higher participation of dealers in vehicle auctions arranged by vehicle auction service providers backed by a smooth auction experience. This in turn would generate an opportunity for these providers to amplify their profitability.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic had negatively impacted the demand for used vehicles all across the US and, hence there had been a continuous decline in wholesale values in the year 2020. The market showcased recovery in the year 2021, at places where the restrictions were lifted backed by the declining number of cases. Moreover, in 2021, the vaccines for COVID-19 started to roll out. This has further boosted the market growth and increased the used vehicle demand. This coupled with supportive government policies had potentially helped in offsetting the overall negative impact in the year 2021.

Competitive Landscape:

The US vehicle auction market is highly consolidated. The key players in the US vehicle auction market are:

KAR Auction Services, Inc.
Copart Inc.
ACV Auctions Inc.
Insurance Auto Auctions Inc.
Shift Technologies, Inc.
eBay, Inc. (eBay Motors)
E Automotive Inc. (EBlock)
COX Enterprises, Inc. (Manheim, Inc.)
Auto Auction Mall
Barrett-Jackson Collector Car Auction
A Better Bid Car Auctions
AutoBidMaster

The continuously elevating popularity of online auctions is converting into more competition. Multiple VC-backed startups have emerged in recent years providing dealers app-based auction platforms with much lower fees than their physical counterparts. These companies have also lowered the barrier to entry given an asset-light balance sheet (cars could be sold off a dealer’s lot), use of “gig workers” for inspection and ship vehicles, and even shared logistics platforms. Some of the strategies among key players in the market for vehicle auction are mergers, acquisitions, collaborations, launching online websites. For instance, in 2022, KAR Auction Services, Inc. debuted a simplified and user-friendly website experience for the company’s ADESA Canada marketplace. On the other hand, ACV announced the launch of ACV’s Smart Acquisition Manager (S.A.M.), which delivers two new innovative ways to engage with ACV’s Marketplace.
Read the full report: https://www.reportlinker.com/p06381896/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

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Artificial Intelligence

A Fond Farewell: Memories to Treasure from MWC 2024

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HONG KONG, March 4, 2024 /PRNewswire/ — As IPLOOK reflects on its successful participation in MWC 2024, the company is left with countless memories, insights and opportunities that will continue to inspire its team long after the event has ended.

IPLOOK’s Impressive Showing 
IPLOOK’s booth was a hub of activity throughout the 4-day event, drawing in crowds of attendees eager to learn more about IPLOOK’s innovative core network solutions. Some of the key achievements and gains for IPLOOK at MWC 2024 included:
Strong partnerships forged: IPLOOK nailed several new partnerships with leading telecom companies, expanding its reach and impact in the industry.Positive industry coverage: IPLOOK’s presence at MWC 24 attracted the attention of industry research outlets, resulting in conversations highlighting IPLOOK’s leading position in core network market, ability of innovation and integration capability of space, air and ground communications.Brand awareness increased: The event provided an excellent opportunity for IPLOOK to raise its profile and establish itself as a leader in the core network market. Its booth attracted a number of visitors who were already aware of its role as a core network expert, eager to explore the advancements presented by IPLOOK.Valuable feedback received: IPLOOK took the opportunity to gather feedback from attendees on its products and services, which will be invaluable in driving IPLOOK’s future product development and improvements.Innovations that Stole the Show
This year’s MWC, as per its theme “Future First”, was a testament to the power of technology to transform our future life. Attendees were treated to demonstrations of the latest innovation in AIGC, AI-RAN, Open Gateway, and 6G, showcasing how these technologies can revolutionize industries and improve people’s lives.
What’s Next for IPLOOK?
As IPLOOK sets its sights on the horizon, the company is energized by the prospect of deepening connections within the telecom ecosystem and discovering the groundbreaking advancements that lie ahead at MWC’s next chapter. With a steadfast dedication to product innovation, IPLOOK will also journey to key industry events like MVNOs World Congress and AfricaCom, forging new paths into uncharted markets and showcasing its unwavering commitment to the evolution of the telecom landscape.
Contact: [email protected] IPLOOK on LinkedIn @IPLOOK Networks
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Mobica Appoints Gary Butters as CEO, Building on Success and Fuelling Continued Growth

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LONDON, March 4, 2024 /PRNewswire/ — Mobica, the global software and engineering provider, has announced Gary Butters as their Chief Executive Officer (CEO).

 
Gary joined Mobica as Chief Revenue Officer (CRO) in November 2020 and as part of outgoing CEO Sam Kingston’s leadership team, delivered significant success, leading to Mobica’s acquisition by Cognizant in March 2023. 
This acquisition will significantly expand Cognizant’s IoT embedded software engineering capabilities as part of their overall strategy to help companies modernise technology, reimagine processes and transform experiences so they stay ahead in a fast-changing world.
 
Gary takes over the role with the remit to complete the integration of Mobica into Cognizant while continuing to deliver double-digit growth.
Mobica, which is headquartered in Manchester UK, with operations in Europe and the US, provides world-class software engineering and development expertise to many of the most recognised global brands. Founded in 2004, it serves a number of sectors, with particular expertise in the automotive, manufacturing, industrial and semiconductor industries.
In his role as CEO, Gary will continue Mobica’s vision of delivering exceptional value and innovation to it’s clients and customers, while spearheading its growth plan as demand for engineering and software expertise continues to rise.
Commenting on his appointment, Gary says:”Over the past few years, Mobica has seen demand for our world-class engineering increase significantly, particularly with the acceleration in AI and machine learning. This has seen some of the once ‘traditional’ industries such as automotive and manufacturing undergo a radical transformation. 
“As a result, companies are increasingly seeking skilled professionals – particularly in areas such as software development, AI, IoT, and data analytics – in order to stay competitive and meet evolving customer expectations. However, they are vying for a limited pool of technology talent, so access to Mobica engineering services has been vital to enable our customers to remain agile in a rapidly evolving landscape.
“Our ongoing growth is a testament to our team of dedicated ‘Mobicans’ and our unwavering dedication to delivering cutting-edge software engineering solutions. We have consistently provided clients with access to top-tier engineering talent, enabling them to drive digital transformation and achieve their business objectives. I am looking forward to working with our talented team as we continue our ambitious growth plans.”
www.mobica.com 
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Core to Cloud Partners with Cybersecurity Innovator SenseOn to Enable Comprehensive NDR and SIEM Security

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New strategic arrangement allows organisations to monitor identity, endpoint, network and cloud-based activity to stop threats immediately.
CIRENCESTER, England, March 1, 2024 /PRNewswire/ — Core to Cloud, a leading provider of cybersecurity services and solutions, is excited to announce a strategic alliance with SenseOn, a renowned threat detection management platform. This collaboration will empower businesses to bolster their advanced NDR and SEIM operations and secure end-to-end platforms.

In today’s integrated digital landscape, businesses rely on various systems and third-party suppliers. The launch of SenseOn’s platform marks a significant leap forward in proactive threat detection and response, offering a comprehensive solution to combat sophisticated cyber threats. Organisations can identify, detect and respond to vulnerabilities in traditional blind spots. Core to Cloud’s partnership with SenseOn aims to address these challenges by offering a comprehensive and efficient solution for managing threat detection and response.
James Cunningham, CEO and co-founder of Core to Cloud, said: “We are excited to announce our partnership with SenseOn, allowing Core to Cloud to bring our clients a more robust and complete threat detection and management solution. With an ever-changing digital landscape, our clients must be able to detect and respond to any threats within their cyber estate. This partnership offers an all-encompassing approach to managing these risks.” 
One of the critical features of this partnership is that the platform is built upon a foundation of Artificial Intelligence (AI) and Machine Learning (ML) technologies, meticulously designed to evolve alongside cyber threats. Leveraging its unique Deep Learning, SenseOn’s platform analyses vast and complex datasets, providing real-time threat detection, investigation, and autonomous response capabilities. This innovative approach and Core to Cloud’s cybersecurity expertise enables organisations to proactively address potential threats before they escalate, ensuring robust protection against evolving cyber-attacks.
SenseOn’s platform and Core to Cloud’s know-how empower security teams to navigate the complicated threat landscape efficiently. Intelligent automation streamlines incident response, allowing cybersecurity professionals to focus on strategic initiatives rather than routine tasks.
David Atkinson, CEO and Founder of SenseOn, added: “We are excited to announce a pivotal moment in SenseOn’s journey with establishing a strategic channel partnership with Core to Cloud. This collaboration is more than a partnership; it’s an alliance that leverages the strengths of both companies to propel us towards growth. By combining SenseOn’s consolidated threat detection platform with Core to Cloud’s technical and service expertise, we are poised to deliver a new standard in cybersecurity solutions.”
Moreover, Core to Cloud and SenseOn are committed to ongoing collaboration and continuous improvement. As cybersecurity threats evolve, so do the strategies and tools to counter them. This collaboration is not just a one-time solution; it represents an ongoing commitment to enhancing the cybersecurity landscape for businesses of all sizes. Core to Cloud and SenseOn will continue to work together to develop new features, refine existing tools, and provide unparalleled support to our clients.
Core to Cloud’s partnership with SenseOn signifies a major step forward in cybersecurity. By combining expertise, technology, and a shared commitment to excellence, the two companies are paving the way for businesses to navigate the complex digital landscape confidently. Together, they empower businesses to protect their NDR, SEIM and end-to-end platforms.
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