Used-vehicle sales are expected to increase just under 1% this year, according to a forecast from Cox Automotive, with overall used volume expected to climb from 35.9 million sales to 36.2 million and retail used sales (those involving a dealer) projected to climb from 19.0 million to 19.2 million. The year closed a positive note, with dealers seeing approximately a 3% month-over-month rise in used-car sales in December, with year-over-year sales up 1%, Cox said, citing an initial estimate based on data from its vAuto unit. Software, marketing, and data firm ZeroSum also ... [Read More]

Though still well above pre-pandemic levels, wholesale vehicle prices closed 2023 with a larger than expected (or typical) decline, capping a two-year run of downhill movement. That’s according to separate analyses released Monday by Cox Automotive and Black Book. Cox Automotive’s Manheim Used Vehicle Value Index fell 7.0% year-over-year in December and dropped 0.5% month-over-month, […] [Read More]

The used electric vehicle market is growing, and perhaps more important, used EV prices are coming down, according to research from EV data and analytics provider Recurrent. The company’s Q1 Used EV Market Report found the average listing price of a 2017-2019 Tesla Model 3 has dropped below $30,000. That’s an important milestone because it […] [Read More]

Drivers who bought their cars used show little loyalty to their current brand when buying another vehicle — especially when they buy another used vehicle— according to the latest research by LexisNexis Risk Solutions. The data and analytics firm’s 2023 Automotive Brand Loyalty Study found just 21% of used-vehicle owners who bought their next vehicle […] [Read More]

The commercial automotive industry stands at the crossroads of economic challenges, evolving customer needs, and a dynamic environmental landscape, setting the stage for a transformative journey in 2024. As a new year unfolds, bringing fresh goals, evolving regulations, and expanded opportunities, let’s delve into the five pivotal trends that promise to shape the industry’s future. […] [Read More]

There is roughly a 10.2 million-unit deficit in the number of 1- to 3-year-old vehicles expected to re-enter the pre-owned car market in the near future, leading to a “sparse and expensive” picture for dealers’ used-car inventories, Cars Commerce says in its 2024 Automotive Trends report released Wednesday. And if the company’s data is any indication, consumers and dealers alike may be motivated to utilize the trade-in route. Citing data from its Accu-Trade unit, Cars Commerce said that trade-in values on 1- to -5-year-old used vehicles are ... [Read More]

There are dozens of events providing education and value to retail car dealers. From the large NADA Conference and Exposition to the small factory or 20 Group meetings, they range dramatically in both value and cost. I have participated in hundreds of events, both inside and outside this industry as an exhibitor, sponsor or attendee. […] [Read More]

Autonomy founder and CEO Scott Painter returns to the Auto Remarketing Podcast for a wide-ranging discussion on electric vehicle accessibility and affordability, the insurance industry’s relationship to EVs and car subscriptions, Autonomy’s recent partnerships with Deloitte and others, plus much more. Listen to the conversation in the window below.   [Read More]

Customers now have the option to lease certified pre-owned Honda and Acura vehicles, American Honda Motor Co. announced Thursday. The leasing option is the latest addition to the automaker’s CPO program, which recently expanded to allow vehicles from ages 6 to 10 through the respective HondaTrue Used and Acura Precision Used Programs. Eligible models include ... [Read More]

We continue our series on the Auto Remarketing Podcast highlighting some of the panels and presentations from Used Car Week 2023. This episode features a conversation with Steve Greenfield of Automotive Ventures and the industry personality all over social media who is known as CarDealershipGuy. Listen to the episode in the window below. [Read More]