Jalopnik

JANUARY 29, 2024

We’ve known for a while that things weren’t going great for the online used car dealer Vroom. Back in 2022, it was sued by the state of Texas for its shady sales practices and later that year managed to lose more than $50 million in a single quarter.

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Used Cars Car Management IT 63

AutoSuccess

JULY 9, 2024

It’s no secret that dealers are facing a complex set of challenges when sourcing used car inventory. While supply constraints have been a major focus, it’s also important to consider how demand dynamics are influencing the used car market and complicating dealerships’ ability to source inventory effectively.

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Used Cars Car Finance Car Dealership 59

Autoblog: Repairs

AUGUST 14, 2024

Vehicle prices continued a downward trend in July — the most of any major category in the Consumer Price Index (CPI) over the last year as the car market continues its return to "normal" following pandemic-fueled inflation. Used car prices fell 2.3% New car prices fell 0.2% Prices for used cars and trucks are still 16.9%

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Used Cars Car Finance Vehicle 52

Auto Remarketing

FEBRUARY 7, 2024

While car prices were high in 2023, car buyers — especially used-car buyers — were increasingly happier with their experience, according to the latest research from Cox Automotive. New-car buyers matched the all-time high 79% set in 2020, while 73% of used-car shoppers reported being highly satisfied, up from 70% in 2022.

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Used Cars Car Automobile Vehicle 52

AutoSuccess

FEBRUARY 15, 2024

Dealerships in 2024 will continue to face used car sourcing challenges. I recently read an article that netted the issue: “Dealers navigating a used-vehicle market that already allows little room for error are eyeing another obstacle: worsening used-car availability.”

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Used Cars Car Vehicle Management 52

Auto Remarketing

JANUARY 18, 2024

Same goes for the used-car market, it seems. Despite a slowdown from the prior month and the heights reached in the summer, used-car sales in December capped what ended up being a pretty solid year, according to Cox Automotive. In fact, used-car sales (overall and retail) fell sequentially in both November and December.

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Used Cars Retail Car Vehicle 52

Automotive Fleet

SEPTEMBER 15, 2023

Rental car companies may return to the used car market like they did in 2021 and 2022, driving prices higher. Analysis: The actions of the UAW will reverberate through the larger auto business, but nowhere near what was experienced in April 2020. Sales into fleet could suffer in 4Q if a strike is wide and persists.

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Vehicle Used Cars Car 98

autoevolution

MAY 22, 2024

Prices for the Lucid Air electric sedan are in freefall on the used car market, and while it shouldn’t reflect poorly on the model itself, it goes to show just where we are as an industry in terms of second-hand EVs. It’s a reality that both private parties and dealerships should accept.

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Used Cars Electricity Car IT 89

autoevolution

APRIL 1, 2024

The used car market, as we know it, is coming to an end. An Aston Martin Valkyrie hypercar is for sale in the Netherlands. Potential buyers must know that the seller prefers to receive bitcoins. The super-exclusive Valkyrie, which is now for sale, is a left-hand-drive hyp. continue reading. )

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Used Cars Car IT 52

Auto Remarketing

APRIL 12, 2024

At the same time, used-car prices plummeted 5.1% March’s data shows the new- and used-car markets are adjusting,” the Cars Commerce analysis said, “with new-car prices continuing to drop and used-car prices hitting their lowest point in years, signaling a move toward more typical pricing.”

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Car Used Cars Electric Vehicles Vehicle 111

AutoSuccess

MARCH 28, 2024

We have been speaking about the persistence of margin compression throughout the pandemic years — and urged dealers in February 2022 to heed the signs and sharpen pre-COVID selling, inventory management and customer relationship skills. CarEdge Data pointed out that February inventory supply ranged from two weeks to two years.

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Used Cars Management Retail Vehicle 93

Auto Remarketing

OCTOBER 23, 2024

In 2022, Hurricane Ian damaged upwards of 358,000 vehicles throughout several states, according to CARFAX. Those interested in buying a used car can check carfax.com/flood to access the CARFAX Flood Check tool. The company also urged car buyers to have a trusted mechanic inspect the vehicle and also take it for a test drive.

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Mechanic Used Cars Vehicle Electricity 110

Auto Remarketing

NOVEMBER 29, 2023

Moreover, the latest CARFAX Used Car Price Index shows that those declines continued “across the board” in November. But the price drops for used electric vehicles (and to a lesser extent, hybrids) have been far more extensive, approaching 34%, the iSeeCars data shows. For hybrids, used prices fell 9.6% to $31,511.

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Used Cars Electric Vehicles Electricity Vehicle 105

Auto Remarketing

FEBRUARY 1, 2024

Truck segments also showed a slower decline for the week, 0.36% compared to 0.53% from the previous week, with only full-size vans showing an increase at 0.09% – its first appreciation since July 2022. The CARFAX report attributed that trend to new-car inventory, which the report said is at its highest level in three years.

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Retail Used Cars Trucking Finance 98

Auto Remarketing

JANUARY 7, 2024

Used-vehicle owners who bought new vehicles were more loyal, but not by much, staying with the same brand 26% of the time. of new-car owners bought the same brand for their next new-car purchase, up from 49.7% in 2022, led by Tesla’s 60.7% connected car. In contrast, 51.3% loyalty rate, up from 59.0%.

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Vehicle Used Cars Automotive Car 109

Auto Remarketing

MAY 8, 2024

Over 4% of Carvana’s sales in the first quarter were battery-electric vehicles, more than doubling their share of sales from Q1 2023, according to a study released Wednesday by the online used-car retailer. And while in the overall used-car market, BEVs commanded less than 1% share of sales for full-year 2023, 7.6%

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Used Cars Electric Vehicles Vehicle Retail 98

Jalopnik

JUNE 13, 2024

We found out wh y Toyota’s twin-turbo V6s have been grenadeing themselves in 2022-2023 Tundras and Lexus LXs earlier this month, but there’s still no real fix for the issue. Now it seems car dealers are staying away from the once bullet-proof trucks. Read more.

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Engineering Trucking Car Used Cars 63

Auto Remarketing

DECEMBER 8, 2023

The company’s Manheim Used Vehicle Value Index released Thursday shows that wholesale values (when adjusting for mix, mileage and seasonality) fell 2.1% from November 2022. Looking at another measure of wholesale vehicle prices released Thursday, Black Book’s Used Vehicle Retention Index for November came in at 153.45, down 4.7%

Vehicle 98

Vehicle Automotive Used Cars Management 98

AutoSuccess

SEPTEMBER 6, 2024

According to Cox Automotive’s June 2024 Auto Market Report, the average new car loan interest rate is 10.1% for used car loans. This is a significant increase from two years ago, when the average new car interest rate was 4.1% for used car loans, according to Car and Driver. cents per mile in 2022.

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Vehicle Insurance Finance Used Cars 98

AutoSuccess

APRIL 5, 2024

The dealership is part of the Car Pros Automotive Group, one of the fastest growing automotive groups in the United States. billion in 2022. Car Pros Honda El Monte achieved its best year ever in 2023, selling 3,242 new Hondas, an increase of nearly 60% from the prior year. increase over 2022. billion in 2023, up from $1.03

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Car Automotive Utilities Used Cars 52

Auto Remarketing

MAY 1, 2024

A common hesitancy consumers might have about buying alternative-fuel vehicles (even used ones) is that the cost is too high. However, there are deals to be had in the used-car market for alternative-fuel vehicles — even beyond government rebates — that could help dealers overcome those shopper objections.

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Banking Vehicle Alternative Fuels Electric Vehicles 95

Auto Remarketing

JANUARY 17, 2024

Just like in 2022 and 2021. The Model 3 continued its dominance over the sector in the online used-car retailer’s annual list of its 10 best-selling EVs. Carvana said it sold 57 makes and models of EVs last year, 29% more than in 2022. “We The Tesla Model 3 was the No. That said, the gap is narrowing. to 11.9%.

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IT Electric Vehicles Used Cars Electricity 52

Auto Remarketing

OCTOBER 24, 2023

Like the number of teams still alive in the MLB playoffs, used-car prices are dropping in October. In a similar analysis, Cox Automotive reported earlier this month that its Manheim Used Vehicle Value Index for the first half of October came in at 211.0, decline compared to the full month of October 2022. year-over-year.

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Vehicle Used Cars Trucking Car 52

Auto Remarketing

SEPTEMBER 15, 2023

My view is inventory levels, at least for a not too extended strike, are probably adequate to keep things going on the new-car front. On the used-car front, it’s a positive because for the very same reasons that I said the chip shortage was a positive used-car values, but maybe led to exorbitantly high values for a period of time. “To

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Retail Used Cars Vehicle Car 52

AutoSuccess

MARCH 19, 2024

For franchised dealers, the profitability index has declined significantly from the first half of 2022, when the index was near a record high and above 80. Beginning in the second half of 2022, the index has dropped significantly and, in Q1 2024, hit 41 – the lowest point in the survey’s history excluding Q2 2020.

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Automotive Vehicle Automobile Electric Vehicles 52

Auto Remarketing

JUNE 12, 2024

The index for the second quarter of 2024 was virtually unchanged from the previous quarter and has varied little since falling below 50 in late 2022 — but that level indicates a prevailing perception of a weak market. Of course, that’s not necessarily a good thing. Independent dealers’ score fell from 42 to 40.

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Automotive Automotive Marketing Auto Market Retail 52

Auto Remarketing

JULY 2, 2024

Cox Automotive recapped a data point that’s of particular interest to used-car managers, noting that Tesla prices plummeted from $62,269 in January 2023 to $50,099 in December 2023, a decline of 19.5%. That delivery tally is up from the Q1 figure (386,810 vehicles), while the manufacturing number is lower (433,371 units). from Q2 2021.

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Manufacturing Vehicle Retail Automotive 52

AutoSuccess

MARCH 14, 2024

1 Furthermore, nearly two-thirds of DOTY winners leverage Employee Profile Pages for their dealership staff, which allows car shoppers to ask questions and connect directly with salespeople before ever stepping foot on the lot. increase from 2022. increase from 2022. More than 195,000 dealership employees received over 1.4

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Automotive Management Retail Car 52

AutoSuccess

FEBRUARY 27, 2024

After a difficult sales environment in 2022, the automotive industry has experienced a noticeable recovery in 2023. These types of issues may make consumers think twice before investing in new and used vehicle models when car shopping.

Retail 40

Retail Electric Vehicles Vehicle Electricity 40

AutoSuccess

NOVEMBER 10, 2023

Through nearly 600,000 appraisals completed this year, Accu-Trade has identified more than $30 million of potential savings in appraisal losses for dealers while consistently offering consumers the best prices for their used cars.³ The post CARS Rebrands Commercial Enterprise as Cars Commerce appeared first on AutoSuccessOnline.

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Car Retail Media Finance 52

Auto Remarketing

OCTOBER 6, 2023

Given the time and investment in technology, it’s clear that long-term strategic planning and research preceded the decision to launch, with a vision perhaps based on the same findings as the Deloitte study, combined with the added benefits of creating their own “premium used-car inventory.” Third, look at other areas of the world.

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IT Retail Transportation Automotive 52

AutoSuccess

DECEMBER 13, 2024

“We saw a surge in the outlook, technically the largest surge we have had quarterly in the history of the data, and it gets us back to Q2 2022 levels,” noted Smoke. Both franchised and independent dealers noted higher profitability compared to Q3, but the index score remains well below levels seen in 2021 and 2022.

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Automobile Auto Market Retail Automotive 52

AutoSuccess

JUNE 11, 2024

The last time current market sentiment was above 50 — suggesting the market was strong, not weak — was Q2 2022. The cost index in Q2 is at a record high, matching the peak in Q2 2022. ” The survey also asks dealers to rate new-car sales and used-car sales separately, along with various key drivers, including consumer traffic.

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Automobile Automotive Vehicle Retail 52

Auto Remarketing

JANUARY 29, 2024

Used EV price depreciation One indicator of PHEVs ascendance is their retained value performance. Three-year-old EVs experienced drastic declines in average prices from January 2022 to November 2023. Compared with electric vehicles, PHEVs are a less risky purchase for used-vehicle buyers.

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Electric Vehicles Electricity Vehicle Engineering 52

AutoSuccess

AUGUST 20, 2024

It’s a gauge of how many vehicles are trending to be sold that year and helps us compare sales volume against other points in history — or does it? Something the automotive SAAR doesn’t capture is the part that used car sales play in your store’s profitability. The SAAR, after all, only accounts for new vehicle registrations.

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Consulting Retail Car Vehicle 52

Auto Remarketing

JANUARY 21, 2025

But when it comes to used-car inventory, though, the outlook is bearish. While the reduced production and inventory shortages of the COVID pandemic are long in the rearview mirror for the new-car sector, as Cox senior economist Charlie Chesbrough said, those issues are now front and center in the used-car industry.

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Used Cars Car Retail Vehicle 97

Auto Remarketing

JULY 23, 2024

Perhaps of most interest to used-car managers, Edmunds said that its data through June showed 51% of all Teslas traded in to a dealership went toward a purchase or lease of a new ICE vehicle. That’s the lowest reading in Edmunds’ data set that went back to 2019. It does not include direct-to-consumer sales. in May 2024 and 7.3%

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