Chase Auto's Urness finds gold in seeing family, colleagues, customers thrive
Monday, Sep. 16, 2024, 03:43 PM
Future of the dealership buy-sell market remains unclear
Wednesday, Sep. 11, 2024, 02:51 PM
How wholesale vehicle supply & prices are behaving through 8 months of year
Tuesday, Sep. 10, 2024, 01:42 PM
Premium Articles
Wholesale vehicle prices are falling, but take that with grain of salt
Tuesday, Aug. 8, 2023, 04:45 PM
Joe Overby, Senior Editor
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]
OPENLANE CEO optimistic about off-lease volume recovery
Monday, Aug. 7, 2023, 03:26 PM
Joe Overby, Senior Editor
There appears to be a light at the end of the tunnel for off-lease vehicles, the auction segment whose volumes were hit hardest in the aftermath of COVID-19, and for overall commercial consignment.
While an immediate turnaround in volumes isn’t imminent, macro-economic conditions suggest “an improving outlook for commercial off-lease volumes,” OPENLANE CEO Peter Kelly said in the company’s second-quarter earnings call last week
“I believe that the headwinds of the last three years look set to ... [Read More]
S&P Global Mobility asks what connected car subscriptions consumers will buy
Friday, Aug. 4, 2023, 12:57 PM
Nick Zulovich, Senior Editor
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]
Group 1 Q2 results reveal challenging used environment
Friday, Jul. 28, 2023, 03:54 PM
Alysha Webb, Correspondent
Group 1 Automotive’s second quarter used vehicle business was “challenged,” said president and CEO Daryl Kenningham in the earnings call. The publicly listed auto retailer sold 46,764 used retail units on a consolidated basis in the second quarter, down 4.4% compared to the same quarter last year. Used vehicle gross profit per retail unit dropped […] [Read More]
Sonic says closed EchoPark stores can ‘turn the lights on’ quickly if market continues improving
Friday, Jul. 28, 2023, 02:02 PM
Andrew Friedlander, Associate Editor
Sonic Automotive said Thursday it will be able to “turn the lights on” quickly at its shuttered EchoPark stores if used vehicle wholesale prices continue to drop and market conditions improve, company executives said in its quarterly earnings call. In June, Sonic suspended operations indefinitely at eight of its EchoPark used car stores, 14 related […] [Read More]
Independent dealers find a ‘silver lining’ in dark clouds of an uncertain economy
Tuesday, Jul. 25, 2023, 05:04 PM
Andrew Friedlander, Associate Editor
Inventory is very much on the minds of independent auto dealers. When asked by Auto Remarketing at the recent NIADA Convention and Expo about the biggest challenge they face in today’s used car market, dealers said the low availability and high cost of used vehicles was driving their expenses up and potentially costing them customers. […] [Read More]
Independent dealers see inventory as No. 1 challenge, but also as an opportunity
Tuesday, Jul. 25, 2023, 04:26 PM
Andrew Friedlander, Associate Editor
Independent car dealers are no stranger to challenges, and the good ones know a great opportunity when they see one.
With that in mind, Auto Remarketing spoke with independent dealers at the recent NIADA Convention and Expo about the biggest challenges and opportunities they face in today’s used car landscape.
Not surprisingly, there were plenty of responses in both categories, including some dealers who see opportunity within the challenges.
Among the challenges, one of the top choices was ... [Read More]
As used EV prices soften, more now qualify for federal tax credit
Monday, Jul. 24, 2023, 04:54 PM
Joe Overby, Senior Editor
It’s like a virtuous circle for used electric vehicle affordability.
An increasing percentage of pre-owned EVs are now priced under $25,000, the threshold to qualify for federal tax credits, which in turn would make those cars even more affordable.
Here's how those numbers shake out ... [Read More]
Dealers reap benefits of stable market, used demand and soaring MSRPs
Friday, Jul. 21, 2023, 01:56 PM
Sarah Rubenoff, Correspondent
Canadian Black Book released its Used Vehicle Retention Index for June, which decreased 0.2% from May and declined 1.76% year-over-year to sit at 158.5 points. “The Canadian wholesale market continues to be relatively stable this year without the wild swings up or down seen over the last few years. Lack of both new- and used-car […] [Read More]
Used-car sales improve in June, but likely to remain in tough spot through year-end
Monday, Jul. 17, 2023, 04:39 PM
Joe Overby, Senior Editor
Used-vehicle sales are likely in for a somewhat bumpy ride in the second half of 2023, with interest rates and high prices putting downward pressure on pre-owned, according to the “Mid-Year Update & Intelligence Report” from CarGurus. But there was reason to be hopeful when looking at the used-car data from June. In its analysis, […] [Read More]