Hyundai Auto Canada is killing it where selling certified pre-owned vehicles is concerned. Its CPO penetration rate this year is topping 50% and sales are strong. The reason, Hyundai Auto Canada manager of CPO and remarketing Charles Plewes told Auto Remarketing Canada, is the automaker’s Hyundai Promise Certified Pre-Owned program. “The dealers have really embraced it.” ... [Read More]

Repossession volume in the wholesale vehicle market climbed the last three years and reached pre-pandemic levels in 2024, according to January data from Cox Automotive. After hitting 1.7 million units in 2024, annual repo volume at auction is likely to remain at that level through 2029, Cox predicts. Amid these sustained heights of repo volume making their way to wholesale channels comes an important reminder: the process a vehicle undertakes through recovery is “complicated and full of friction, with many business verticals playing roles in the same space, grinding gears.” ... [Read More]

Off-lease volumes and the equity gap between the value of those off-lease vehicles and their residuals: these have been a “double whammy” to OPENLANE’s marketplace business in recent years. But look for that two-headed headwind to reverse course next year. In the company’s fourth-quarter and full-year 2024 earnings call in February, CEO Peter Kelly said he expects 2025 to ... [Read More]

It doesn’t take an Ivy League-educated business expert to explain that when you keep your clients satisfied, you’re likely to experience gains in revenue and profit. Well, that’s what’s happening at Copart as the auction company is keeping its car insurance clients happy, especially with the capabilities and performance of its vehicle title solution. For the second quarter of its 2025 fiscal year that closed on Jan. 31, Copart generated ... [Read More]

ACV made four acquisitions last year and two the prior year. Those purchases included the likes of Indiana Auto Auction, 166 Auto Auctions and Alliance Auto Auction. But the expansion strategy for 2025 will look a little different ... [Read More]

In the fourth quarter, Lithia & Driveway’s sales of “value” used vehicles — described by the retailer as having over 80,000 miles on their odometers — grew 24.6% year-over-year and its sales of certified used vehicles “improved,” said the company’s chief operating officer, Adam Chamberlain. But same-store used vehicle sales declined 4.3% in the company’s fourth quarter that ended Dec. 31, compared to the year-ago quarter and declined 4% in the full 2024 year, compared to the full 2023 year. “We have to be ... [Read More]

The other shoe is about to drop. A 25% tariff by the U.S. on Canadian imports, long threatened by President Donald Trump and paused a month ago, are scheduled to go into effect Tuesday. During a week of mixed messages, Trump on Thursday reaffirmed his intention to go ahead with tariffs on Canadian and Mexican goods when the pause expires. Which leaves Canada’s used-car industry wondering: What happens now? ... [Read More]

CarGurus' fourth-quarter and full-year 2024 results were a tale of two segments. The online platform’s retail segment saw strong gains but its CarOffer subsidiary, a digital wholesale platform, continued to struggle. It did, however ... [Read More]

Penske Automotive Group delivered a strong fourth quarter and “another outstanding year of profitability,” said the company’s CEO Roger Penske during the company’s earnings call on Feb. 13. Penske’s used-vehicle business played a role in that. However, that role was a mixed one. Gross profit per used vehicle retailed increased $349 quarter over quarter. But used units retailed ... [Read More]

RB Global — the company which includes IAA, Ritchie Bros. Auctioneers, DDI Technology, Xcira and other entities — released fourth quarter and full-year 2024 results as its headliner event, the Orlando mega-auction, was underway. The results impressed analysts. “Q4 financial results from RB Global were ... [Read More]