When it comes to used-car prices, the sky might not be falling after all, if indications from a Manheim report bear out.
The auction company’s index measuring used-car prices increased for the first time all year, and the used retail market buzzes along at a solid clip.
Along with sharing some of its first-quarter sales and loss projections, online used-vehicle retailer Carvana late on Thursday announced the pricing of its initial public offering of 15 million shares of its Class A common stock at a price to the public of $15 per share.
Kia Motors America's certified pre-owned vehicle sales program achieved a record-high first quarter, having sold a total of 19,453 units.
Along with several other automakers, last year was also a best-ever CPO year for Kia, selling a total of 76,224 units in 2016.
Penske Automotive Group posted a used-vehicle performance lift during the first quarter thanks in part to the addition of U.S.-based CarSense and U.K.-based CarShop, both of which are stand-alone specialty retailers of used vehicles.
AutoNation chairman and chief executive officer Mike Jackson is confident two of the most important used-vehicle performance metrics — volumes and gross profit per unit — will both improve during the second quarter.
After articulating various points about what he’s so upbeat about the dealer group’s used-vehicle department current and future performance, Lithia Motor president and chief executive officer Bryan DeBoer staunchly defended how the company is fending off what the investment community is seeing as
Fueled in part by its used-vehicle department performance, Lithia Motors reported the highest first quarter revenue and earnings per share in company history.
The American International Automobile Dealers Association reported that average length of time a new model sat on a dealer’s lot hit 70 days in March — the longest stretch of time since July 2009. Edmunds contends current new-vehicle inventory levels haven’t been this high since 2004.