Despite headwinds, used-car sales are “gaining momentum” in what appears to be a bit of a summer “surprise,” according to a Cox Automotive analysis. Based on vehicle registration data, the company estimates there were 3.02 million total used vehicles sold in July, up from 2.96 million in June. While that’s down from July 2022, sales […] [Read More]

There are so many ways for a consumer to get a realistic expectation of what their trade-in is worth, and yet there are still those dealers who try the proverbial lowball and “steal the trade.” Why? The risk of alienating the customer can’t possibly outweigh the potential rewards. Trade-ins literally outperform car purchases 2-to-1. The NADA […] [Read More]

A new study by Coast examined electric vehicle charging station density versus traditional gas stations in the U.S. Researchers from the smart fuel card and modern expense management platform built on the Visa network found that the U.S. averages about 104 gas pumps per 1,000 road miles, compared to just 22 EV charging ports. “As […] [Read More]

Carvana is now projecting a stronger third quarter in certain key metrics, the online used-car retailer said Wednesday. The company had initially projected positive adjusted EBITDA for the third quarter, and has now updated that to an outlook for adjusted EBITDA above $75 million. Carvana also now anticipates non-GAAP total gross profit per unit of […] [Read More]

Wholesale vehicle prices have declined double-digit percentages for two consecutive months, but it’s important to “put some perspective on that,” according to analysis around Cox Automotive’s latest Manheim Used Vehicle Value index. Last month's 11.6% year-over-year decline in the Manheim index  (adjusting for mix, mileage and seasonality) — which followed June’s 10.3% drop — is a far cry from ... [Read More]

With the average age of U.S. vehicles at a record-high 12.5 years — and older cars being driven more miles than traditionally expected — strong growth is anticipated for the aftermarket in repair and maintenance work, according to analysis by S&P Global Mobility. While two years of short supply of new vehicles has driven consumers […] [Read More]

The latest research from CarGurus showed a “welcome sign” for the used-car market. The automotive retail platform’s Intelligence Report for July found demand for used vehicles up by 4.8% month-over-month, according to the CarGurus Used Vehicle Demand Index, and just 0.5% behind the level of July 2022. In his recap of the report, CarGurus director […] [Read More]

Larry Dixon, vice president of auction data solutions at the National Auto Auction Association, joins the Auto Remarketing Podcast to preview NAAA’s mid-year report. Dixon and Cherokee Media Group senior editor Joe Overby discuss used-car price movements, how wholesale supply is faring, plus much more. Additionally, Dixon shares some of the educational content on tap […] [Read More]

Earlier this summer, Cherokee Media Group generated a two-part series focused on the potential challenges associated with car owners having to pay monthly subscriptions for features such as heated seats or increased electrical-vehicle power. Perhaps those hurdles might not be as foreboding as initially thought based on research done by S&P Global Mobility. First, let’s recap the entire situation. Cox Automotive sees multiple challenges automakers could face if they embark on ... [Read More]

Softer used-car retail prices in July might be just the beginning of stronger buying conditions for consumers on the hunt for a pre-owned car, according to an analysis from CARFAX released Monday. Asking prices for used vehicles were down month-over-month in six of the seven segments tracked by the CARFAX Used Car Index, suggesting the […] [Read More]