June marked another 45% year-over-year increase in the number of new vehicles being sold into large rental, commercial and government fleets, according to Cox Automotive. And as it turns out, that’s also pretty good news for the used-car market ... [Read More]

Perhaps it’s the lower price point, more vehicle options available, increased consumer comfort level or some combination of factors. But while still just a sliver of the overall used-car market, sales of pre-owned electric vehicles are making marked improvements for dealers and other retailers. There were an estimated 41,341 electric vehicles sold in the retail used-car market in the second quarter, according to a late-June presentation from Cox Automotive. While flat from the first quarter and representing just a 0.9% share of total used-car sales, the Q2 used EV sales tally was ... [Read More]

June represented the steepest month-over-month drop in wholesale vehicle prices since the early days of the COVID-19 pandemic, according to the Manheim Used Vehicle Value Index report released Monday. Cox Automotive, which publishes the index, said wholesale values last month were down 4.2% from May and fell 10.3% from June 2022, when adjusting for mix, mileage and seasonality. The index came in 215.1 for the month. The last time wholesale prices fell that much ... [Read More]

The “one pocket of strength” for the used-car market this year, as Cox Automotive chief economist Jonathan Smoke put it in a June presentation to the media and industry, has been the certified pre-owned segment. That certainly played out in preliminary first-half CPO sales results provided to Auto Remarketing by Motor Intelligence in early July. Through June, year-to-date CPO sales are estimated at ... [Read More]

Cherokee Media Group senior editors Joe Overby and Nick Zulovich welcomed their newest teammate, Andrew Friedlander, for this installment of the Auto Remarketing Podcast recorded in Las Vegas at the 2023 NIADA Convention. The trio recapped some of the most interesting developments that surfaced at the event as well as looked ahead toward Used Car […] [Read More]

Editor's Note: This is a small excerpt from Cherokee Media Group's upcoming “State of the Used Car Industry” report. The full report will be available this month. The prime reason vehicles are pricier to purchase in the wholesale market and will likely remain that way for years to come? Blame lack of supply. “The mix of the (used-vehicle supply) is different overall, volume is different,” Black Book chief data science officer Alex Yurchenko said during a presentation at the NIADA Convention in June. The estimated available wholesale supply of vehicles up to 8 years old fell to ... [Read More]

Next up on our series of shows from the Canada’s Used Car Week Podcast stage in June is a conversation with Colin Tran, vice president of corporate affairs at Trust Science. Tran and Cherokee Media Group senior editor Joe Overby talk about Trust Science’s role as a credit decisioning and borrower acquisition platform in the […] [Read More]

J.D. Power’s latest new-car quality study shows quality is on the decline — at a record rate. According to the J.D. Power 2023 U.S. Initial Quality Study, the number of problems per 100 vehicles (PP100) has risen by a record 30 PP100 over the past two years. The study reported an industry average of 192 […] [Read More]

Average wholesale vehicle prices fell nearly 10% year-over-year last month and remain on the downward slope for June, according to the latest Kontos Kommentary analysis from ADESA chief economist Tom Kontos. Specifically, average wholesale prices were at $16,116 in May, which was down 2.2% from April and 9.7% softer than May 2022, Kontos’ report said. […] [Read More]

Customer satisfaction with the vehicle purchase process rose to a record high in May even as rising interest rates loomed as a potential problem, according to research by CDK Global. CDK’s Ease of Purchase Scorecard for May showed consumer satisfaction hit 84%, matching the highest percentage recorded for the monthly survey of 350 consumers who […] [Read More]