While used cars have been fetching premiums at auction the past few months, an eight-year-old station wagon going on sale tomorrow might yield more than its book value for another reason. Its former owner: convicted conman Bernard Madoff.

Madoff’s 2001 Mercedes E320 black station wagon will be auctioned off tomorrow in East Brunswick, N.J. It has 41,000 on it, and a suggested value of $14,000 in excellent condition, according to Kelley Blue Book.

Madoff is serving a 150-year prison sentence fo… Continue

Insurance Auto Auctions has opened a new facility just outside of Pittsburgh. This is the salvage auction company's third facility in the Three Rivers area. The new location will provide "salvage remarketing services and offer additional storage and sale capacity to its customers," according to a company press release.

Here are excerpts from the release.

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Wholesale used vehicle values reached an all time high this week, according to the Manheim Used Vehicle Value Index.

Specifically, the Manheim Index for September jumped to 118.5, up 6.8 percent from this past January.

Why the price hike? Low inventories is one reason, especially in the wake of Cash-for-Clunkers.

Manheim Consulting first started to track the data in January 1995.

The world learned yesterday that Saturn will die a quiet death, instead of becoming part of Roger Penske’s empire. GM’s sale of the brand to Penske Automotive Group fell through, reportedly, because Penske was unable to secure a long-term partner to build vehicles for distribution under the Saturn name. Stunned Sa… Continue

From the WSJ: