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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.
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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.
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Cox Automotive has established a new mobility services unit that combines existing businesses, such as its Flexdrive subscription service, with its acquisition of Clutch Technologies' subscription software platform to deliver fleet management solutions for mobility fleets, the company has announced.
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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.
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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.
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iBidSmart has launched a new platform that allows rental car companies to auction wholesale inventory directly to dealers.
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Pam Nicholson, CEO of Enterprise Holdings, has been named as Automotive News’ 2017 All-Star in Remarketing.
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Wholesale used vehicle prices rose for the sixth month in a row in October, increasing by 1.02%, according to Manheim’s October Used Vehicle Value Index. This brought the index to 136.3, an 8.1% rise from a year ago.
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Both cars and trucks saw a noticeable rise in depreciation last week, according to Black Book’s Nov. 6 Market Insights report.
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The firm attributed the strong vehicle retention in October to increased replacement activity stemming from Hurricanes Harvey and Irma. However, the increased replacement activity seen in October is expected to be the last boost to come from the hurricanes.
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