Sales into rental fleets are up in the first quarter, while residual values are softening. Are higher fleet costs and over fleeting on the horizon?
The passenger car segment was a main contributor to the the rise in used-vehicle prices in 2018.
The average 12-month depreciation through the end of November for all vehicles was 12.5%.
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.
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.
Manheim has updated its vehicle valuation tool, the Manheim Market Report (MMR), to provide more detailed valuations of used vehicles to increase transparency and improve the remarketing process, the company announced.
The Manheim Used Vehicle Value Index hit a record high for the second consecutive month, as wholesale used-vehicle prices rose 1.1% month over month in June. The increase brought the Index to 129.3, a 2.5% increase from a year ago.
New-vehicle sales through the first six months of 2017 are expected to be down 2.3%, and high quality off-lease vehicles may be part of the reason why, according to Kelley Blue Book.
Prices consignors booked from off-lease fleet vehicles fell 0.2% in May, but remain up 3.5% from a year ago, Tom Kontos wrote in his monthly Kontos Kommentary.
Wholesale values for used vehicles reach a record-high of 127.9, while new vehicle sales dropped 2% compared to last year.