This week, electric utility Duke Energy unveiled an unveiled an EV charging subscription pilot program that will allow North Carolina consumers to pay a flat monthly fee to power home chargers for electric vehicles. The next day, automaker Stellantis announced its latest partnership to provide EV charging infrastructure to help prepare its dealers for selling and servicing EVs. Bob Glaser, president of the North Carolina Automobile Dealers Association, said he is 100% on board with both of those moves. “We are very excited about the thought of ... [Read More]

Live virtual auction platform EBlock recently chose a former Hyundai Capital Canada executive as its new director of commercial sales: Bryan McIntyre, the prior senior manager of remarketing and ops support at Hyundai Canada’s captive arm. McIntyre was with Hyundai Capital since 2017. He has 15 years of auto industry experience and has held management jobs within auto finance organizations that include subprime lending, major bank and captive finance lenders. McIntyre spoke with Auto Remarketing Canada shortly after he took the new role at EBlock ... [Read More]

ADESA chief economist Tom Kontos demonstrated his vast vocabulary again to explain what’s happening with wholesale values, detailing how prices are coming down from “exorbitant” levels and what might cause some “lumpiness” later this year. Auto Remarketing connected with the industry expert this week as he released his newest installment of the Kontos Kommentary. According […] [Read More]

OEMs continue to pump out new electric vehicle models, and supply of some of the legacy models is backing up as new-car inventory continues to expand slowly but surely. Although Canadian consumers are leaning toward smaller vehicles due in part to high prices and interest rates, as well as gas prices and environmental concerns, there could be a shift in the near future. With the rise of electric SUVs becoming more commonplace, this could help ... [Read More]

During a quarterly earnings call this month, ACV chief executive George Chamoun covered the company’s program that it describes as three pillars of “Maximizing Long-Term Shareholder Value.” Those three pillars are “growth,” “innovation,” and “scale.” Addressing the “growth” portion, Chamoun started by ... [Read More]

Multiple sources of auto-finance data and more intriguing economic trends surfaced in recent days, with experts touching on defaults, interest rates and the possibility of a recession. Let’s begin this roundup with the auto portion of the S&P/Experian Consumer Credit Default Indices. Experts determined the July auto default rate came in at 0.82%, ticking up […] [Read More]

With revenues climbing from a year ago, AutoCanada chairman Paul Antony and his team dove deep on how various operational initiatives have pushed the publicly traded dealer group. These initiatives, including selling more pre-owned cars while keeping less inventory in stock, were supported by “robust market conditions,” said Antony during a call to announce and analyze AutoCanada’s second-quarter operating results. "New light inventories have begun to replenish, and this coupled with high demand following the pandemic supply constraints has resulted in [Read More]

Demand for quality used vehicles is up across the country. There’s nowhere this trend is more evident than in the certified pre-owned vehicle market. July marked the 11th consecutive month where Hyundai Canada set a record CPO sales tally for the respective month.  And June was the program’s best month ever, as it moved 1,940 CPO units. Through July, year-to-date sales are ... [Read More]

Vroom CEO Tom Shortt noted during the company’s second quarter 2023 earnings call on Aug. 9 that its e-commerce units grew approximately 5% sequentially. “This quarter is the first quarter with sequential growth since we realigned the business and introduced our long-term roadmap in the second quarter of 2022,” Shortt said. That long-term roadmap remains unchanged, and it includes three key objectives and four focused strategic initiatives. The objectives are ... [Read More]

AutoTrader’s newest Price Index Report for Canada reflects growing consumer intent-to-buy and an industry still plagued with supply issues. In an effort to further drill down into the index results and what they mean for the Canadian pre-owned market, Auto Remarketing Canada connected with AutoTrader analysts. According to Baris Akyurek, vice president of insights and intelligence at AutoTrader, the index reveals some “interesting variations” in ... [Read More]