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
CarMax data shows vehicle brand loyalty remains the same — only the names have changed
Tuesday, Mar. 26, 2024, 04:18 PM
Andrew Friedlander, Associate Editor
The level of brand loyalty among CarMax customers has stayed pretty much the same since 2017 — only the brands have changed. Back then, CarMax pored through its data to look at the brands, models and types of vehicles its customers repurchased the most. This month, the national used-car retailer went back through its sales […] [Read More]
State of NIADA, Part III: The road ahead
Tuesday, Mar. 19, 2024, 03:53 PM
Andrew Friedlander, Associate Editor
It’s 2024, and the turmoil that surrounded the National Independent Automobile Dealers Association in 2021-22 is gone, if not forgotten.
“The past is a cancer,” said Wendy Rinehart, executive director of the NIADA-affiliated Ohio IADA. “We beat the cancer.”
The focus now for NIADA, its state affiliates, its members and the independent dealer community at large — which includes the vendors that serve it — is unwaveringly forward.
And that has its leaders, members and industry partners excited about ... [Read More]
AutoCanada finished fiscal year with revenue up, used-car sales down
Thursday, Mar. 14, 2024, 10:52 AM
Sarah Rubenoff, Correspondent
AutoCanada wrapped up its fiscal fourth quarter with stronger new-car sales pushing total year-over-year revenue up by 6.9%. But while demand for new cars and parts, service and collision repairs was high, the dealer group experienced softer used-vehicle sales, especially in the U.S.
Chief financial officer Azim Lalani said during the call to discuss fiscal full-year and Q4 results that Canadian same-store used retail vehicle units sold decreased by ... [Read More]
Used EV prices fall 32% at retail, 15% in wholesale
Wednesday, Mar. 13, 2024, 04:54 PM
Joe Overby, Senior Editor
The “dramatic” declines in used electric vehicles last month no doubt caused some head-scratching for those in the business of remarketing or retailing these cars, but the near 32% drop may open up some opportunities for consumers and dealers alike. The average price of a 1- to 5-year-old used electric vehicles in February was $30,904, […] [Read More]
New TD Auto Finance executive to focus on expansion in OEM sector in new sales, strategy position
Tuesday, Mar. 12, 2024, 12:15 PM
Sarah Rubenoff, Correspondent
TD Bank’s TD Auto Finance arm recently named Christopher Nabeta the director of OEM sales and strategy for Canada.
Nabeta has been in the position since February, after spending the better part of 2023 focusing on ... [Read More]
Spring already flourishing for both wholesale, retail used-car markets
Friday, Mar. 8, 2024, 03:56 PM
Joe Overby, Senior Editor
It was springtime in the auction lanes last month.
Prices were down double-digit percentages from a year ago, but the market was buzzing as dealers were busy buying units amid blooming retail demand.
“The wholesale market got into the spring mood in February, with dealers ... [Read More]
Commercial vehicle rebound presents opportunity for wholesale marketplaces
Friday, Mar. 8, 2024, 12:54 PM
Joe Overby, Senior Editor
The recovery in commercial consignment volume is already bearing fruit for marketplaces in the wholesale auto industry.
At OPENLANE, for instance, 710,000 commercial consignment vehicles were sold through its marketplaces last year, compared to 661,000 in 2022.
In the fourth quarter, OPENLANE had 183,000 commercial vehicle sales, up from 151,000 a year earlier.
The growth in commercial vehicle volumes for the company has ... [Read More]
Alternative-powertrain vehicles lead 2024 AutoTrader Awards
Tuesday, Mar. 5, 2024, 10:01 AM
Sarah Rubenoff, Correspondent
Although there may not have been any big surprises this year for the AutoTrader 2024 awards, the company’s editor-in-chief Jodi Lai told Auto Remarketing Canada she was happy to see the Toyota Prius/Prius Prime win for Best Overall Car.
“It’s cool because it's the first hybrid and plug-in hybrid that has won this overall category in the AutoTrader awards. The Prius has always been so good. It's always been very reliable and efficient, but it recently ... [Read More]
Despite losses, CarGurus sees profitable future for CarOffer
Thursday, Feb. 29, 2024, 03:02 PM
Andrew Friedlander, Associate Editor
CarGurus has gone all in on CarOffer, closing its deal to take over 100% ownership of the digital wholesale platform in December.
But, the company said in its fourth-quarter 2023 earnings call, getting a return on that investment is going to take time.
CarGurus’ digital wholesale operation recorded ... [Read More]
Inside the earnings, operating results of wholesale vehicle marketplaces
Friday, Feb. 23, 2024, 02:48 PM
Joe Overby, Senior Editor
In two separate investor notes this week analyzing the respective earnings results of ACV and OPENLANE, John Healy of Northcoast Research describes the wholesale vehicle market as “thawing.”
This melting “ice,” so to speak, should come as a warm welcome to the overall used-car ecosystem, which has dealt with an avalanche of up-and-down prices and is in dire need of liquid assets (i.e. pre-owned supply for dealer lots).
“Q4 financial results from ACV were reflective of our view that wholesale industry pressures are ... [Read More]