Virtually every auto dealer knows data is a powerful tool for their business. They’re just not quite sure how to use it. That’s perhaps the biggest takeaway from Cox Automotive’s 2024 Power of Data study, released this week. The surveys of 393 franchise dealers and 191 dealership managers found a large majority of dealers — […] [Read More]

In almost every conversation I’ve recently had regarding the future of the electric vehicle market — specifically, battery electric vehicles — there is a passionate stance for one side of the argument or the other. Either, “Everyone will have one soon,” or, “It’s a fad and I’ll never have or sell an EV.” The conversations […] [Read More]

Perhaps it’s jumping to conclusions, but the only segment in Black Book’s tracking to squeeze out a wholesale value uptick last week might relate to vehicles in position to solve one of the pressing current challenges to get cars financed and retailed. Cox Automotive chief economist Jonathan Smoke said last week that “retail vehicle demand […] [Read More]

It hasn’t had quite the swings of, say, electoral politics in the past decade (or past month). But the ups and downs of used-vehicle prices in the last five years might rival the volatility of any other industry. According to the latest Industry Insights Report from Cars Commerce, the monthly average list price for used […] [Read More]

Auto dealerships face a perpetual challenge: balancing inventory to meet customer demand without overstocking, which can lead to carryover inventory. Carryover inventory — vehicles that remain unsold for extended periods — ties up capital, incurs holding costs, and often requires discounting and markdowns to clear off the lot. This scenario impacts profitability and creates a […] [Read More]

Affordability is an issue car dealers have been battling daily over the past couple of years as retail prices for used and new vehicles soared to unprecedented highs. This year, though, those prices have been falling steadily while, as noted by Cox Automotive’s analysts in their 2024 midyear review, consumers’ incomes are rising. And yet sales growth has been slow. Turns out it’s not just about the price of the car ... [Read More]

There were 3.41 million units sold at auction in the first half of the year, which is an 8% hike, according to AuctionNet data from the National Auto Auction Association. But the oldest contingent of that group showed even steeper growth: Auction sales of vehicles 11 years and older climbed 11% in the first half of 2024, NAAA said. The reason? It’s repo. [Read More]

Work Truck Solutions released its Q2 2024 commercial vehicle market analysis on Tuesday, highlighting that the sales of used units increased for the first time since Q1 2023. While its data pinpointed a 2.9% lift quarter-over-quarter, Work Truck Solutions pointed out that used sales are still off by 17.6% year-over-year. Within the new market, Work […] [Read More]

Edmunds shared a wide array of electric-vehicle information on Tuesday, including insights about trade-in activities at dealerships involving a Tesla. Perhaps of most interest to used-car managers, Edmunds said that its data through June showed 51% of all Teslas traded in to a dealership went toward a purchase or lease of a new ICE vehicle. […] [Read More]

“Millennials” and “electric vehicles.” Auto industry buzzwords used for years at conferences to convey youth, emerging trends in car-buying, newcomers or rising stars. Fact of the matter is, EVs are a “maturing” market, no longer considered “niche.” And millennials, well, many of us are in our 40s, have mortgages, children and/or pets and have been […] [Read More]