There were 3.41 million units sold at auction in the first half of the year, which is an 8% hike, according to AuctionNet data from the National Auto Auction Association. But the oldest contingent of that group showed even steeper growth: Auction sales of vehicles 11 years and older climbed 11% in the first half of 2024, NAAA said. The reason? It’s repo. [Read More]

Work Truck Solutions released its Q2 2024 commercial vehicle market analysis on Tuesday, highlighting that the sales of used units increased for the first time since Q1 2023. While its data pinpointed a 2.9% lift quarter-over-quarter, Work Truck Solutions pointed out that used sales are still off by 17.6% year-over-year. Within the new market, Work […] [Read More]

Next up on our series of shows from the Canada’s Used Car Week Podcast Stage is a conversation with Guy Potvin, digital success manager at iPacket. Potvin discusses his CUCW presentation on how “Informed Buyers are Driving the Future of Retail,” explaining the type of information car buyers want and how dealers should provide that […] [Read More]

Edmunds shared a wide array of electric-vehicle information on Tuesday, including insights about trade-in activities at dealerships involving a Tesla. Perhaps of most interest to used-car managers, Edmunds said that its data through June showed 51% of all Teslas traded in to a dealership went toward a purchase or lease of a new ICE vehicle. […] [Read More]

“Millennials” and “electric vehicles.” Auto industry buzzwords used for years at conferences to convey youth, emerging trends in car-buying, newcomers or rising stars. Fact of the matter is, EVs are a “maturing” market, no longer considered “niche.” And millennials, well, many of us are in our 40s, have mortgages, children and/or pets and have been […] [Read More]

Tekion, developer of a cloud-native platform that serves the entire automotive retail ecosystem, has secured $200 million in growth equity capital from Dragoneer Investment Group. In a news release, the company said the financing round raises its market valuation to more than $4 billion and said it plans to use the capital to expand its […] [Read More]

The Presidio Group, an independent banking firm focused on mergers and acquisitions, capital and investments in the automotive retail sector, has named Bloomberg Intelligence senior automotive analyst Kevin Tynan as its new director of research. The company said he’ll be responsible for market insights, content creation and client engagement focused on the U.S. franchised dealer […] [Read More]

According to Black Book’s tracking, dealers are buying more vehicles at auction nowadays, but they’re also needing almost two additional weeks to get those cars retailed. Among two of the most interesting parts of the newest installment of Market Insights, Black Book reported the auction conversion rate increased last week to 61%, representing a 3% […] [Read More]

It’s possible the outage at CDK Global didn’t just limit the actual sales of used vehicles in June. The crisis may have affected the reporting of the pre-owned vehicle sales that did happen. In fact, Cox Automotive found that “reporting was more disrupted than actual sales,” but noted that July will likely make up for June’s disruption in the used-car market. And even with disruption, dealers increased ... [Read More]

Almost overnight, it seems artificial intelligence is revolutionizing industries worldwide, and its impact on automotive is no exception. With the help of AI, automotive finance and lease businesses are already streamlining processes, improving customer experience, and detecting fraud. For lenders, AI offers a more efficient underwriting approval process. For borrowers, AI-powered platforms make it easier […] [Read More]