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

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 15, 2024

Edmunds director of insights Ivan Drury highlighted multiple tailwinds that could help the retailing of used cars. The return of holdout buyers should help bolster the supply of more affordable, older used vehicles. The average trade-in age for used vehicles increased to 9.4 What does it mean for used-car sales?

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Auto Remarketing

MARCH 11, 2024

The retail used-car market, including the certified pre-owned segment, showed some real strength last month, improving from both year-ago and January figures. Citing data from its vAuto business unit, Cox Automotive estimated that used-vehicle retail sales in February climbed 18% month-over-month and 5% year-over-year.

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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 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

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

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

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

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, 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

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

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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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

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

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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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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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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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

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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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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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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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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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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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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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

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

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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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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Automotive Fleet

JANUARY 17, 2023

The financial risks and setbacks are piling up for the online used car retailer that gobbled up ADESA auctions last year in a deal wracked with massive debt.

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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

JUNE 3, 2024

This enhancement introduces new solutions focused on Used Car Pricing, Service Management, and New Car Sales Negotiation, further empowering dealerships to optimize their operations and profitability. “Our upgraded AI Factory is not just a technological advancement.

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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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Auto Remarketing

OCTOBER 6, 2023

The wholesale used-vehicle market ended the third quarter with some stability, but the duration of that steadiness likely hinges on how the United Auto Workers strike unfolds. As one analyst put it, the used-car market has reached a “crossroads.” Black Book’s Used Vehicle Retention Index for September came in at 159.3,

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