Both new and used vehicle retail sales increased in 2010 after four straight years of declines, but wholesale used vehicle supply declined for the third straight year, presenting challenges for the nation's automobile dealers that were often solved with the support of auctions.
In an attempt to best manage their inventories, dealers increasingly relied on auction partners for data analysis, and turned to online sales channels to find the right vehicles at the right time.
These and a host of other trends are analyzed in detail in the 16th annual edition of Manheim's Used Car Market Report, which was released on Feb. 5 at the National Automobile Dealers Association annual convention in San Francisco.
The Report draws on Manheim's proprietary data as well as information from a variety of industry sources. Manheim Consulting chief economist Tom Webb presented highlights of the Report at Manheim's annual NADA news conference.
"Although the auction industry itself has not yet fully benefited from the economic and automotive recovery that is under way," according to Webb, "auctions have contributed to the success of others. For example, it is hard to imagine how dealers would have coped with rising used vehicle demand and restricted used vehicle supplies without the services of the auction industry. Online searching, and the ability to buy anytime, anywhere enabled dealers to profitably grow their used vehicle operations."
In addition to sections on the used vehicle marketplace and the remarketing industry, the Report features interviews with key industry association leaders and chapters on all corners of the used vehicle industry, including dealers, rental, leasing, government and commercial fleets, repossessions, and the salvage industry.
For more details, click here to view the Used Car Market Report in its entirety.