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]

June marked another 45% year-over-year increase in the number of new vehicles being sold into large rental, commercial and government fleets, according to Cox Automotive. And as it turns out, that’s also pretty good news for the used-car market ... [Read More]

Perhaps it’s the lower price point, more vehicle options available, increased consumer comfort level or some combination of factors. But while still just a sliver of the overall used-car market, sales of pre-owned electric vehicles are making marked improvements for dealers and other retailers. There were an estimated 41,341 electric vehicles sold in the retail used-car market in the second quarter, according to a late-June presentation from Cox Automotive. While flat from the first quarter and representing just a 0.9% share of total used-car sales, the Q2 used EV sales tally was ... [Read More]

June represented the steepest month-over-month drop in wholesale vehicle prices since the early days of the COVID-19 pandemic, according to the Manheim Used Vehicle Value Index report released Monday. Cox Automotive, which publishes the index, said wholesale values last month were down 4.2% from May and fell 10.3% from June 2022, when adjusting for mix, mileage and seasonality. The index came in 215.1 for the month. The last time wholesale prices fell that much ... [Read More]

The “one pocket of strength” for the used-car market this year, as Cox Automotive chief economist Jonathan Smoke put it in a June presentation to the media and industry, has been the certified pre-owned segment. That certainly played out in preliminary first-half CPO sales results provided to Auto Remarketing by Motor Intelligence in early July. Through June, year-to-date CPO sales are estimated at ... [Read More]

Before he heard his name announced, Dan Johnson knew. As emcee Michael York began to read the bio of the 2023 National Quality Dealer Award winner, it didn’t take long for Johnson, the owner and general manager of LiteHouse Auto, in Lakewood, N.Y., to realize that winner was him. “It’s all a little bit of a blur,” he said. “That first or second sentence ... [Read More]

Minutes from the June meeting of the Federal Open Market Committee showed the Federal Reserve sees how an official recession could surface later this year. And getting that retail installment sales contract bought by your dealership’s network of finance companies is likely part of the scenario drawing the attention of policymakers. According to the Fed’s meeting minutes ... [Read More]

Editor's Note: This is a small excerpt from Cherokee Media Group's upcoming “State of the Used Car Industry” report. The full report will be available this month. The prime reason vehicles are pricier to purchase in the wholesale market and will likely remain that way for years to come? Blame lack of supply. “The mix of the (used-vehicle supply) is different overall, volume is different,” Black Book chief data science officer Alex Yurchenko said during a presentation at the NIADA Convention in June. The estimated available wholesale supply of vehicles up to 8 years old fell to ... [Read More]

ACV is extending its reach into the commercial consignment segment, the company tells Auto Remarketing in an exclusive interview. It’s a broad strategy that includes ramping up its presence in additional segments of commercial consignment, the prior purchase of a physical auto auction, hiring of two remarketing industry veterans to lead this expanded offering and more. The company said it will offer its entire suite of digital solutions to commercial consignors, including ... [Read More]

CarMax struggled with a difficult macroenvironment in the first quarter of fiscal year 2024 but president and CEO Bill Nash put a positive spin on the market conditions. “What we are seeing now is depreciation, which you would normally see,” he said during the earnings call.  “While it can be a bit of a headwind for the wholesale business, I think overall it is good for the industry because ... [Read More]