Auto Remarketing

APRIL 29, 2024

The CARFAX Used Car Index made its debut a year ago, and in an analysis recapping the latest installment , the company pinpointed three retail used-car pricing trends that have stood out. Tom Kontos, the chief economist at ADESA, has noticed a similar flattening in wholesale used-car prices.

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Auto Remarketing

MAY 21, 2024

Used-car retail sales in April were ahead of prior-year figures, but the market was challenged, given the end of tax season and the hurdles of low supply, affordability and high interest rates. million used vehicles last month, which beat April 2023 by 4.8% million used-car sales by dealers, compared to 5.63

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Auto Remarketing

APRIL 17, 2024

It was March momentum for the retail used-car market. million used vehicles, which was a 10.9% million used vehicles, compared to 4.29 Affordability matters more than ever to consumers, and declines in used-vehicle prices help offset higher interest rates,” Robb said. In February, used sales were up 4.1%

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Auto Remarketing

SEPTEMBER 6, 2024

And as the law of supply and demand decrees, used car prices are beginning to rise, according to CarGurus’ August 2024 Intelligence Report , released this week. The report showed used-car inventory levels down in August for the third consecutive month, dropping 2% below last year and 7.4% below August 2022 levels.

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Auto Remarketing

MAY 28, 2024

When that shopper is waffling over whether the timing is right to buy a used car, here’s a selling point a dealer can pass along to that indecisive consumer, courtesy of CARFAX. As it stands, retail prices for used vehicles have slowed significantly year-over-year: used SUVs are down 9.5%

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Auto Remarketing

MARCH 8, 2024

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. TO READ THE FULL STORY BECOME A MEMBER Login The post Spring already flourishing for both wholesale, retail used-car markets appeared first on Auto Remarketing.

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Auto Remarketing

FEBRUARY 1, 2024

CARFAX report: New-car deals help fuel price drops As opposed to the wholesale market, used car retail price decreases actually accelerated in January, according to CARFAX’s latest report on that market. In turn, that is helping to drive down the cost of used cars.” Cars were down $400.

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Auto Remarketing

SEPTEMBER 20, 2023

And for many, the used-car market is the only or best option. That’s one way to explain why year-to-date used retail sales through August have climbed 4.5% — growth that has occurred despite the headwinds of high prices and steep interest rates, says Cox Automotive. Folks still need personal vehicles.

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Auto Remarketing

APRIL 9, 2024

Amid an ocean of affordability challenges in the used-car retail market, a droplet of “hope” remains. In fact, Kevin Roberts of CarGurus said it’s possible for average used-car prices to show a double-digit-percentage decrease, even as headwinds keep them above pre-COVID levels.

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Auto Remarketing

OCTOBER 27, 2023

The retail used-car market appears to be hitting a “leveling off period” when it comes to prices. That’s according to the latest CARFAX Used Car Price Index , which said used-car asking prices on its platform are approaching a “floor.” In other words, shoppers shouldn’t expect much further relief.

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Auto Remarketing

MARCH 18, 2024

As the world gradually emerges from the shadows of COVID-19, a significant shift in the car retail landscape is becoming increasingly apparent, particularly in the electric vehicle sector. Dealerships that embrace this change are poised to thrive in the new era of automotive retailing.

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Auto Remarketing

SEPTEMBER 20, 2024

The report, based on data from Car Commerce’s platforms, including Cars.com, Dealer Inspire and AccuTrade, shows used-car inventory up 2.3% That trend has also driven down retail prices, which have dropped 4.9% from last year, while cars in the $10,000-$19,000 range, averaging 7.3 years old, rose 16.8%.

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Auto Remarketing

SEPTEMBER 30, 2024

TO READ THE FULL STORY BECOME A MEMBER Login The post Used-car retailer CEOs: Widespread EV adoption will take time, effort appeared first on Auto Remarketing. “Hertz just did a deal on a hundred thousand Teslas. You missed the boat, and it might cost you your job. What did you not see?” Campbell recalled being asked.

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Auto Remarketing

JUNE 18, 2024

Used electric vehicles are seeing their prices erode, both on a retail and wholesale basis. And not only did average retail prices of used EVs fall nearly 30% last month, but these vehicles have also become increasingly cheaper than used internal-combustion-engine vehicles. and the overall market falling 12.1%

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Auto Remarketing

JANUARY 14, 2025

As we step into 2025, the automotive retail industry is ready to take its next step in modernizing its operations, where artificial intelligence (AI) and machine learning (ML) are poised to reimagine dealership operations. Used car day supply is expected to remain tight and steady. For more information, visit www.lotlinx.com.

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Auto Remarketing

FEBRUARY 27, 2024

Used-vehicle prices are showing a “typical seasonal rise” on a month-over month basis in the wholesale market but are down double-digits from early 2023. Meantime, used-vehicle prices on the retail side of the market “are in retreat” from peaks reached in May. Car prices are off 8.7% from December but down 9.5%

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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. Both overall and retail numbers, however, were down month-over-month.

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Auto Remarketing

JULY 10, 2024

The used-car retail sales environment last month didn’t improve from May, but showed year-over-year growth in June, according to reports from industry observers. million used vehicles in June, which was steady with May, but up from 1.14 million used units in July. ZeroSum said used-vehicle supply was at 1.91

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autoevolution

FEBRUARY 13, 2024

There is always a shift in popularity in the used car market, and it happens quite often. The award for the fastest-selling used car in the Kingdom goes to Kia XCeed. This is how much it takes for the retailers to sell a ( continue reading. ) Tesla Model 3 comes in second. Only 14 days.

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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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Auto Remarketing

OCTOBER 25, 2024

Power, explained why this month has been a tricky one for used-car managers and leasing specialists at franchised dealerships. Power shared on Thursday associated with the used-car department. So far in October, King reported average used-vehicle retail prices are coming in at $28,472, which is down $669 or 2.3%

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Auto Remarketing

NOVEMBER 28, 2023

Two of the experts at Experian Automotive — John Howard and Kirsten Von Busch — spent part of their time at Used Car Week discussing electric vehicles for this episode of the Auto Remarketing Podcast. Howard and Von Busch recapped what the industry has learned about EV retailing and more this year.

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Auto Remarketing

JANUARY 10, 2024

Used-vehicle sales are expected to increase just under 1% this year, according to a forecast from Cox Automotive, with overall used volume expected to climb from 35.9 million and retail used sales (those involving a dealer) projected to climb from 19.0 million sales to 36.2 million to 19.2

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AutoSuccess

SEPTEMBER 28, 2024

Private-party vehicle acquisition is one of the most talked-about trends in retail automotive. Bryan Bough, used car manager at one of the largest auto groups in Boise, Idaho, recently said to us: “If you’re not buying cars from the public, you’re making a huge mistake. The intentional dealers win here.

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Auto Remarketing

OCTOBER 20, 2023

However, there are a few things you should know to have a better chance of success when it comes to sourcing and managing your used vehicle inventory. The top three things used-car managers should pay attention to right now are to be active buyers, reduce average inventory cost, and lean on market data for more informed decisions.

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Auto Remarketing

JULY 30, 2024

Perhaps it’s jumping to conclusions, but the only segment in Black Book’s tracking to squeeze out a wholesale value uptick last week might relate to vehicles in position to solve one of the pressing current challenges to get cars financed and retailed.

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Auto Remarketing

SEPTEMBER 27, 2024

While part of this influx is due to the arrival of 2025 models, buyers are approaching the market with more caution and are considering used cars as opposed to new. Dealers should consider how they advertise specific vehicles to consider all the factors that impact the car buying process, such as consumer behavior and market demand.

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AutoSuccess

MARCH 28, 2024

Margin compression affects every department of your dealership, notably used car reconditioning and used car appraisals. Used Car Reconditioning A reconditioning speed of three to five days, from acquisition to frontline readiness, is the efficiency gold standard. How do you manage margin compression here?

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AutoSuccess

OCTOBER 18, 2024

While part of this influx is due to the arrival of 2025 models, buyers are approaching the market with more caution and are considering used cars as opposed to new. Dealers should consider how they advertise specific vehicles to consider all the factors that impact the car buying process, such as consumer behavior and market demand.

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Jalopnik

SEPTEMBER 12, 2024

When a prospective buyer of a used vehicle from CarMax doesn’t qualify for financing, they’ll likely be offered a loan from Exeter Finance as a lender of last resort. Through its partnership with the country’s largest used car retailer, Exeter positioned itself at the pipeline of sub-prime borrowers, according to a… Read more.

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AutoSuccess

JULY 26, 2024

Total new vehicle sales for June , including retail and non-retail transactions, were expected to reach between 1.3 Legacy Philosophies in Managing Inventory The traditional thinking for many dealers is that you have to move a used car in 30 days and move a new car or truck in 45 days. million and 1.2

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Automotive Fleet

DECEMBER 12, 2022

The used car retailer that bought the ADESA auction group this year blames high used car prices and rising interest rates for sinking consumer demand.

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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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Auto Remarketing

OCTOBER 22, 2024

Power showed the numbers crunch unfolding that might again be pitting the used-car department versus the new-car division. So, are things “normal” in the used-car world now? Well, Black Book said on Tuesday that the estimated used retail days to turn is now at roughly 57 days.

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AutoSuccess

FEBRUARY 19, 2024

By utilizing AI models trained specifically for automotive retail challenges, FrogData is setting a new standard in how dealerships leverage technology for business growth, the company said. Optimizing Sales Processes: Intelligent personalized customer engagement for each lead, improving conversion and enhanced digital retailing.

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Auto Remarketing

JULY 10, 2023

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.

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Auto Remarketing

JANUARY 10, 2025

This expanded program will feature analysts, researchers, and leaders who are advancing business intelligence for the automotive industry as well as emerging companies and entrepreneurs charging forward to make their mark on the used-car industry There are two components to the awards program: Automotive Intelligence Awards: Industry Analysts.

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