As summer comes to an end, it’s important for dealerships to reflect on the season’s performance to refine their strategies for the rest of the year. The summer of 2024 presented many challenges, shaped by economic factors and shifts in consumer behaviors. Understanding these factors is important for optimizing inventory management and enhancing sales practices […] [Read More]

Experian senior director of product and innovation for automotive Kanchana Sundaram returned for another visit on the Auto Remarketing Podcast. This time, Sundaram explained the potential applications for dealerships and other parts of automotive connected with the findings of Experian’s 2024 U.S. Identity and Fraud Report, which delves into a wide range of consumer financial […] [Read More]

In this installment of Auto Remarketing’s 40 Under 40 franchise, we feature the 2024 honorees in the “40 Under 40: Industry” program, which is sponsored by IAA and focuses on consignors, auctions, auto finance, vendors, tech companies, associations and other players within the used-car space. Honorees will be recognized in the upcoming October issue of Auto Remarketing and […] [Read More]

Price has always been cited by car buyers as a barrier to buying a new electric vehicle. But when it comes to the used-car market, it’s not a problem at all. According to the latest research by iSeeCars, the average price of a 1- to 5-year-old used EV is now 11.4% lower than that of […] [Read More]

U.S. consumers’ interest in buying an electric vehicle has dropped in 2024, according to the latest research by EY — the first time that has happened since the survey began in 2020. The EY Mobility Consumer Index, a global survey of 19,000 consumers from 28 countries, found 34% of Americans said they intend to purchase […] [Read More]

Which way is the dealership M&A market headed? Depends on whom you ask. In its Second Quarter 2024 Blue Sky Report, released Monday, Kerrigan Advisors cited a record number of dealership acquisitions during the first half of this year and said the current rate of nearly double pre-pandemic levels projects to a record year with more than 760 franchise sales. A week earlier, Haig Partners’ Q2 Haig Report pointed out a decline in dealership profits in that has slowed demand and the pace of the buy-sell transactions, as well as a decline of dealership blue-sky values. The report projects some 500 stores to be sold, fewer than in 2023, though still the fourth-most active year in history. Another report issued this week ... [Read More]

Supply is better than a year ago but starting to tighten in the used-car market; meanwhile, wholesale vehicle prices in August climbed month-over-month and week by week, though were lower than year-ago levels. That’s according to monthly indices and top industry analysts monitoring activity in the used-car market. Black Book’s Used Vehicle Retention Index came in at ... [Read More]

Supply is falling. Demand is rising. Anyone with a basic understanding of economics knows what that means. And as the law of supply and demand decrees, used car prices are beginning to rise, according to CarGurus’ August 2024 Intelligence Report, released this week. The report showed used-car inventory levels down in August for the third […] [Read More]

Owners of electric vehicles are ready to come back for more. The 2024 EV Driver Survey, conducted early this year by nonprofit organizations Plug In America and EPRI, found 89% of EV owners said they are likely or very likely to purchase an EV as their next vehicle, a result Plug In America said has […] [Read More]

I have a suspicion that the month of August will look pretty good for dealers as far as used vehicle sales volume, but their month-end gross profit tally will likely be less-than-satisfying if not distressing. My suspicion flows from dealer conversations in the past two weeks where the No. 1 topic of conversation was concern […] [Read More]