In a report from Friday, J.D. Power Valuation Services indicated that franchised dealers saw close to a 40% week-over-over decline in retail used-vehicle sales the final full week of March. Meanwhile, Cox Automotive estimated that total used-vehicle sales for the month fell 18.4% from March 2019. And similar to what has happened in the overall used-car market […] [Read More]

Carvana’s rush of recent activities continued on Monday with the online used-vehicle retailer making a move to help buyers who just took delivery. The company announced on Monday that it is now giving customers up to 90 days to make their first payment. Customers financing with Carvana are eligible to opt in to the payment […] [Read More]

There is likely to be a shortage of used vehicles some three years down the road, as automakers halt production amid the COVID-19 pandemic, cutting the would-be off-lease volumes hitting the market in 36 months. There could also a supply impact much sooner in the off-rental sector, says Black Book’s Laura Wehunt, who outlined short- and […] [Read More]

As dealers and lenders navigate a constricting market and economic downturn, retaining lease customers is extremely important for those dealers’ and lenders’ profitability, says J.D. Power director of automotive finance intelligence Patrick Roosenberg. “Communication through customer-preferred channels is paramount as dealerships temporarily close and lease customers navigate an unprecedented event, uncertain of their available options […] [Read More]

While remaining upbeat about the industry’s long-term prospects, Kerrigan Advisors acknowledged the ongoing tailspin experienced by franchised dealerships when the firm released its latest Kerrigan Index, which is comprised of the seven publicly-traded auto retailers. Through Tuesday, the Kerrigan Index generated a devastating 37.7% decline for the month, more than triple that experienced by the […] [Read More]

The impact of the COVID-19 to the auto industry is complex, widespread and trickle-down in nature, impacting everything from manufacturing and supply chains to retail/wholesale sales and ancillary services.  Scot Wingo, co-founder and CEO of Spiffy, joined the Auto Remarketing Podcast on Tuesday to discuss how the panedmic has impacted his company's area of expertise: […] [Read More]

What will the impact of the COVID-19 pandemic ultimately have on used-car prices in 2020? That hinges on a number of factors. Depending on which of two scenarios play out, used-car prices could decline about 10% in coming months and then recover in the fourth quarter or fall by as much as 15% before starting […] [Read More]

Ally Financial is continuing to expand its commitments to online-only vehicle retailers as the coronavirus pandemic cripples the economy. On Monday, Vroom announced a $450 million inventory financing relationship with Ally Financial, broadening the floorplan financing it has provided to Vroom since 2016. Executives said the new agreement — finalized earlier this month — doubles […] [Read More]

Late on Monday, crucial updates from the U.S. Department of the Treasury and the Internal Revenue Service arrived about programs aimed to help both businesses and individuals through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Furthermore, the U.S. Chamber of Commerce created a guide to help small businesses, independent contractors and gig economy workers […] [Read More]

General Motors Corp. retained its position as the leader in automotive manufacturer loyalty in this year’s Automotive Loyalty Awards from information and analytics company, IHS Markit. The awards, which recognize OEMs and brands for their leadership in customer retention, are now in their 24th year. The program recognized automotive manufacturers and brands for top customer retention […] [Read More]