Consumer interest in used electric vehicles has more than doubled year-over-year, and many of those with an EV trade-in are apparently pleasantly surprised at what their trade fetches. Though the industry is still working to solve challenges in the pre-owned EV space —  like battery health — both of those findings from the second annual […] [Read More]

You’re likely not the only one with significant interest in how auto defaults and vehicle repossessions are trending. It’s why Jeremy Robb, senior director of economic and industry insights at Cox Automotive, delved into the subjects during an episode of the Manheim Market Insights Series posted online last week. “Due to economic volatility we’re seeing in today’s financial markets, we’re getting a lot of questions around auto loan default rates and repossessions. We want to make a few things clear for our audience,” Robb said. Robb then went into four data points that might interest finance companies of all sizes ... [Read More]

Given current market dynamics and the way supply and prices have behaved in recent months, dealers may be wise to grab more used cars and sell them quickly. According to the ZeroSum Market First Report released Thursday, the last four months has been a rollercoaster in ... [Read More]

Cox Automotive and Edmunds experts explained the potential intensifying challenge for dealerships and finance companies to get consumers the credit they might need to take vehicle delivery amid the rising interest rate environment. A situation that even the Federal Reserve acknowledged to become even more complicated when policymakers unanimously chose to raise the target range for the federal funds rate to 4.75% to 5%. “Since our previous meeting, economic indicators have generally come in stronger than expected, demonstrating greater momentum in economic activity and inflation,” chair Jerome Powell said after the Fed announced its latest rate increase on Wednesday. “We believe, however, that ... [Read More]

Wholesale vehicle prices closed 2022 having declined sequentially for seven months in a row, reaching at average of $14,316 for December, which was down 0.9% month-over-month and 11.8% year-over-year, according to ADESA chief economist Tom Kontos’ analysis of the market. Since then, Kontos said by phone Wednesday, wholesale prices have risen approximately $1,500, as values so far in March are around $15,500. But dealers are ... [Read More]

During the company’s recent earnings call to announce fourth-quarter and full-year 2022 results, Jason McClenahan, CEO of EBlock parent E Inc., explored the current wholesale environment, offering insight on conversion rates, pricing, demand and more. McClenahan said that revenue for EBlock was up due in part to the auction transactions completed in the past 12 months, as well as ... [Read More]

KAR Global has a clear digital focus. Also, the company has paid down the majority of its debt. “We have meaningfully reduced our cost structure,” said KAR chief executive officer Peter Kelly. Those three items were part of a list of ways that KAR is positioned differently at the beginning of 2023 than it was at the beginning of 2022. It was one of various lists Kelly used to make his points during KAR’s fourth-quarter 2022 earnings call that took place on Feb. 22. Also, on that list of differences from the beginning of 2022 ... [Read More]

The first two months of 2023 were a bit of a surprise for the certified pre-owned vehicle market. Cox Automotive forecasted in January that CPO sales would fall 11% in 2023, following a 10% decline last year. But through February, year-to-date certified sales are up almost 14%, the company said.  So, what gives? Ironically, it’s the ... [Read More]

After wrapping up a “challenging” year, ACV CEO George Chamoun said he is pleased with the company’s most recent quarterly financial results but cautioned that macro factors that hindered its online wholesale auction business in 2022 may not be over. Chamoun said constrained new car supplies and sales, interest rate increases and elevated used-vehicle prices contributed to an 11% decline in retail used vehicle sales in 2022, depressing trade-in volumes and ACV’s wholesale auction listings. Still, he said he is encouraged that ... [Read More]

The change in wholesale vehicle prices — which in February, according to Black Book, climbed sequentially for the first time since June — is impacting what those used cars are fetching in the retail market. The month-over-month increase in wholesale values, along with decreasing supply and a consumer appetite for lower-priced used cars, helped push […] [Read More]