RDN: Recovery Volume Rises 14 Percent to Begin 2013
Showing a surge in activity to begin 2013, the latest RDN Monthly Analytics Update indicated January recovery volumes surged 14 percentage points higher than the December level.
Furthermore, the January reading came in 8 percentage points higher than year-earlier levels.
Adding to that upward movement, RDN indicated January recovery orders soared 24 percentage points higher than the previous month. The January order rate also settled 10 percentage points higher year-over-year.
The RDN Recovery Market Trend Summary — a rolling comparison of new- and used-vehicle buyer’s FICO scores against the percentage volume of recovered vehicles relative to the volume of vehicle sales financed — showed the volume of recoveries relative to retail new- and used-vehicles financed increased during January versus the prior month.
Recovery volumes as a percentage of sales financed ended at a 48 index level in Janaury, which represents a 17 percentage point jump from the prior month and a 3 percentage point dip versus the prior year.
Analysts mentioned FICO scores for new- and used-vehicles buyers experienced a year-plus plunge from a high in January 2010 with a recovery beginning in May 2011, and January represented a slight decrease from December.
RDN went on to mention that among the top 20 largest cities with the highest recovery volumes, Los Angles posted the highest actual volume increase while San Jose, Calif., had the highest relative volume climb during January.
Finally, RDN pointed out that once again Texas led the nation with the highest volume of involuntary recoveries at 12 percent of the nation’s total for January, a little less than 8,800 units. The company added that Texas, Florida and California constituted 30 percent of all recoveries nationwide for the month.
The Sunshine State also paced the country with the highest volume of voluntary recoveries at a little less than 1,400 units recovered during January.