ATLANTA -

Cox Automotive insisted 2016 brought good news for almost every segment of the industry. Analysts pointed out that highlights included accelerating used-vehicle sales, a record-high 17.5 million new-vehicle sales and a growing number of services and support products that are dramatically improving the efficiency of the automotive marketplace — from retail to remarketing.  

These trends — and the outlook for 2017 — are explored in depth in the 22nd edition of the Manheim Used Car Market Report, presented by Cox Automotive. Each year, the compilation provides a compelling snapshot of data and trends shaping the used-vehicle business.

“2016 was most likely a bullish year for you regardless of what sector of the automotive ecosystem you’re part of,” Cox Automotive chief economist Tom Webb said in a news release.

“Looking forward, although there is looming uncertainty about the economic climate in 2017, the prospects are still good that the seven-year recovery in the automotive industry will continue,” Webb added.

A major focus of this year’s report is the speed with which new technologies and services are transforming the automotive marketplace, a fact that Janet Barnard, Cox Automotive’s president of Inventory Solutions, addressed in her introductory letter.

“We’re committed to ensuring that doing business with us becomes faster, easier and more rewarding,” Barnard said. “We are creating a seamless experience to produce efficiencies and time savings across our portfolio of brands so our clients can focus on their customers and running their businesses.”

Cox Automotive mentioned the report is designed to provide a comprehensive look at multiple segments of the automotive industry, along with a series of brief case studies and insights from key industry players. Among the highlights:

Remarketing

• NAAA-member auction sales approached 10 million in 2016.

• Wholesale prices overall have been stable over the last four years despite rising volumes.

Dealers

• New-vehicle sales were a record 17.5 million units.

• Dealers increased used-vehicle sales for a seventh straight year.

Rental

• Total rental car industry revenue reached a record $28.4 billion.

• Number of vehicles purchased by rental companies increased 4 percent to 1.82 million in 2016.

Leasing

• New retail consumer lease originations grew 7 percent in 2016 to 4.4 million units.

• Off-lease volumes will reach a record 3.6 million in 2017 and then surpass 4 million in 2018.

Repossessions

• The dollar amount of auto loans outstanding reached a record level of $1.1 trillion.

• An estimated 1.7 million vehicles were repossessed in 2016.

Fleet

• New vehicle purchases by commercial and government fleets grew 6 percent in 2016.

• Fleet management companies continued to be innovative users of data analytics and remarketing best practices to protect residual values.

International

• Global new vehicle sales for 2016 are expected to grow to 90 million units.

• China ranked first in global new-vehicle sales with 25 million units sold, a 4.6-percent increase.

The report is available for download at www.manheim.com/consulting.

Editor's note: Watch for upcoming stories published by Auto Remarketing and SubPrime Auto Finance News containing more perspective from Webb.