News
Wholesale Values Stabilizing at Start of October
While luxury vehicles continue to struggle, overall vehicle values held steady last week, according to Black Book’s Oct. 8 Market Insights report.
While luxury vehicles continue to struggle, overall vehicle values held steady last week, according to Black Book’s Oct. 8 Market Insights report.
Edmunds is forecasting 1,392,434 new vehicles sales through September, representing a 5.4% decline from March and an 8.3% decline from the same time last year.
Used-vehicle auctions have started resuming regular business hours following the effects of Hurricane Florence, which had less of an impact on the U.S vehicle market than Hurricanes Harvey and Irma in 2017.
The average value of used fleet vehicles increased 1.5% in August from the prior month and are now up 8.5% from a year ago, according to Tom Kontos, KAR Auction Services' chief economist.
Several North Carolina used vehicle auctions closed as a result of Hurricane Florence sweeping into the state, while others shifted to online sales or delayed on-site sales.
More SUVs, the retention of higher mileage vehicles, and new methods of remarketing are some trends fleets are observing in the wholesale market.
Used-vehicle values have held strong this year. A strong economy and more efficient remarketing strategies are helping make 2018 a banner year for used-vehicle values.
Vehicles that were taken out of commercial, government, and daily rental fleets and sold at auction in July were worth 8.1% more than they were a year ago and 0.4% more than in June, according to Tom Kontos, KAR Auction Services' chief economist.
Off-lease fleet vehicles sold in the wholesale market at auction fell 1% in value in June from the prior month but increased 7% from a year ago, according to Tom Kontos, KAR Auction Services' chief economist.
The National Auto Auction Association will begin raising awareness among its members about dealing with open recalls on vehicles that are sold at wholesale auctions under a new partnership with the National Safety Council.
All vehicles are Avis Certified — meaning they have passed a rigorous multi-point, bumper-to-bumper inspection process completed by certified mechanics, including ASE-Certified and ASE Master Technicians.
Enterprise Car Sales has joined the SiriusXM Pre-Owned Program, meaning that customers who purchase a used vehicle from an Enterprise Car Sales location will be offered a three-month subscription to SiriusXM’s All Access audio package, according to a company announcement.
The used-vehicle industry reached a record-breaking 39.2 million in sales in 2017, representing a 1.6% year-over-year increase, according to the latest Used Car Report from Edmunds.
iBidSmart has launched a new platform that allows rental car companies to auction wholesale inventory directly to dealers.
Some 600,000 to 1 million vehicles were severely damaged or lost as a result of Hurricanes Irma and Harvey, resulting in a spike in vehicle sales and buoyed depreciation.
The 2016 Conference of Automotive Remarketing (CAR) took place March 16-17 at Caesars Palace, Las Vegas. Now in its 21st year, CAR delivered high-quality discussions and information on subjects ranging from automating the if-bid system to how to maximize auction earnings to a look forward to residual values for 2016-2017. In addition, attendees had plenty of opportunities to network and build their personal and professional connections. Photos by Chris Wolski and Steve Reed.
View more photos
