The 2024 J.D. Power Auto Summit, set for Feb. 1 in Las Vegas just ahead of NADA Show 2024, will arm attendees with a better view of how to attack and stay competitive in today’s ever-changing auto industry, event organizers say. Auto Remarketing spoke with Doug Betts, president of the automotive division of J.D. Power, […] [Read More]

The Tesla Model 3 was the No. 1 electric vehicle choice among Carvana’s customers in 2023. Just like in 2022 and 2021. The Model 3 continued its dominance over the sector in the online used-car retailer’s annual list of its 10 best-selling EVs. And, like last year, it was followed by the Nissan LEAF, Tesla […] [Read More]

In an industry where efficiency is paramount and margins are tight, the fleet remarketing process represents a critical juncture for automotive and insurance professionals. Traditionally, this process has been akin to navigating a complex river system, where vehicles exiting leases or rental periods are channeled towards different fates based on their condition. However, a closer […] [Read More]

Soon after taking office in June 2023, National Independent Automobile Dealers Association president Gordon Tormohlen said the first item on his to-do list was “to change the tone.” Ask any member of NIADA’s leadership about the association’s most important goals and chances are the answer will include something similar. CEO Jeff Martin said building confidence back is “one of our primary responsibilities.” Chairman Scott Allen said Martin is working to “put the train back on the tracks” and “build those bridges.” It’s an admirable goal. But it obviously raises questions that beg to be answered ... [Read More]

Used-vehicle sales are expected to increase just under 1% this year, according to a forecast from Cox Automotive, with overall used volume expected to climb from 35.9 million sales to 36.2 million and retail used sales (those involving a dealer) projected to climb from 19.0 million to 19.2 million. The year closed a positive note, with dealers seeing approximately a 3% month-over-month rise in used-car sales in December, with year-over-year sales up 1%, Cox said, citing an initial estimate based on data from its vAuto unit. Software, marketing, and data firm ZeroSum also ... [Read More]

Though still well above pre-pandemic levels, wholesale vehicle prices closed 2023 with a larger than expected (or typical) decline, capping a two-year run of downhill movement. That’s according to separate analyses released Monday by Cox Automotive and Black Book. Cox Automotive’s Manheim Used Vehicle Value Index fell 7.0% year-over-year in December and dropped 0.5% month-over-month, […] [Read More]

The used electric vehicle market is growing, and perhaps more important, used EV prices are coming down, according to research from EV data and analytics provider Recurrent. The company’s Q1 Used EV Market Report found the average listing price of a 2017-2019 Tesla Model 3 has dropped below $30,000. That’s an important milestone because it […] [Read More]

Drivers who bought their cars used show little loyalty to their current brand when buying another vehicle — especially when they buy another used vehicle— according to the latest research by LexisNexis Risk Solutions. The data and analytics firm’s 2023 Automotive Brand Loyalty Study found just 21% of used-vehicle owners who bought their next vehicle […] [Read More]

The commercial automotive industry stands at the crossroads of economic challenges, evolving customer needs, and a dynamic environmental landscape, setting the stage for a transformative journey in 2024. As a new year unfolds, bringing fresh goals, evolving regulations, and expanded opportunities, let’s delve into the five pivotal trends that promise to shape the industry’s future. […] [Read More]

There is roughly a 10.2 million-unit deficit in the number of 1- to 3-year-old vehicles expected to re-enter the pre-owned car market in the near future, leading to a “sparse and expensive” picture for dealers’ used-car inventories, Cars Commerce says in its 2024 Automotive Trends report released Wednesday. And if the company’s data is any indication, consumers and dealers alike may be motivated to utilize the trade-in route. Citing data from its Accu-Trade unit, Cars Commerce said that trade-in values on 1- to -5-year-old used vehicles are ... [Read More]