OPENLANE has decided on a new leader for its floorplan operation. Will Mitchell, who has served the past three years as AFC’s chief operating officer, has been promoted to the floorplan financing provider’s president, parent company OPENLANE announced. Mitchell will assume that role effective April 1, succeeding Jim Money, who announced his plan to retire […] [Read More]

Rebecca Lindland and Tom Kontos agree on several of the factors affecting certified pre-owned vehicle sales trends. The relationship between new and used vehicles is one of those factors. “The new market obviously greatly influences the CPO and used market,” said Lindland, who is senior director of industry data and insights for Cars Commerce. “It’s a statement I make often ... what’s popular new tends to ... [Read More]

Oh, not much, just the way people buy used vehicles. Questions of the day: — Are BDCs departments still relevant? — Are BDCs worth the additional expense? This is why we’re asking: The pandemic greatly impacted the consumer’s ability or desire to purchase used vehicles. In some states, it was literally illegal to go to […] [Read More]

Vehicle dependability is slipping, according to the latest research from J.D. Power. The J.D. Power 2024 U.S. Vehicle Dependability Study found vehicle owners are experiencing more problems after three years of ownership, which the research firm said indicates a decline in long-term vehicle dependability. The industry average increased by 4 problems per 100 vehicles year-over-year […] [Read More]

While car prices were high in 2023, car buyers — especially used-car buyers — were increasingly happier with their experience, according to the latest research from Cox Automotive. Cox’s recently released 2023 Car Buyer Journey Study found 69% of all car buyers reported being highly satisfied with their shopping experience, up from 61% in 2022. […] [Read More]

There was a bit of relief in the wholesale used-vehicle market last month, and not just in terms of prices falling year-over-year. January’s month-over-month steadiness in used-car prices was a respite from the volatility in 2023. Cox Automotive’s Manheim Used Vehicle Value Index for January came in at ... [Read More]

Sure, franchised dealer used-vehicle sales in 2023 fell 7% compared to the previous year and used retail prices declined 3%. Nonetheless, it wasn’t such a bad year for the used market, and 2024 won’t be so bad either, Jonathan Banks, J.D. Power vice president of product development, valuation services, said during the J.D. Power Auto Summit preceding NADA Show 2024. “At first blush (2023) looks like a really challenging year. But actually, it was ... [Read More]

While the groundhog hasn’t delivered his forecast yet, it seems spring might be on the way in the wholesale car market. Used-vehicle prices were down again as January ended, but the pace of depreciation is decelerating, according to the latest report from Black Book. “For three consecutive weeks, the overall wholesale market has exhibited a […] [Read More]

Welcome to the new year, your new normal. Don’t worry. It’s not that scary! As an industry, our No. 1 addiction is the next shiny object. It’s our Achilles’ heel. The latest trend, the latest opinion and the latest “easy way to do it better, faster and more profitably.” It always comes down to two […] [Read More]

The transition to electric vehicles is currently generating millions of pixels. The once seemingly smooth path to an all-electric future is now strewn with some unexpected potholes, but one vehicle type in the current mix deserves some added attention. Plug-in hybrids (PHEVs) can offer a good solution in regions with limited charging infrastructures and for […] [Read More]