Reinsurance provider SideCars announced this week the launch of SideKick, its new online reinsurance software platform for dealers. The software, which is cloud-based, allows dealers to monitor their reinsurance companies online by giving access to limited warranties, service contracts, GAP insurance, collateral protection and business risks including cession statements, financial statements, tax returns and more […] [Read More]

There was just a shade under 200,000 certified pre-owned sales in July, according to preliminary results released this morning from Autodata Corp., which said this monthly sales figure is more than a 9-percent year-over-year increase. Specifically, there were 199,950 CPO sales for the month, up 9.4 year-over-year but off 10.4 percent from June. This monthly figure […] [Read More]

This year’s Vincentric Best Certified Pre-Owned Value in America awards were unveiled this morning, and leading the pack among OEMs were Ford and Toyota, each of which were represented by their respective brands’ vehicles in seven segment CPO category awards. Named best CPO value passenger car brand once again was Honda, which also won the […] [Read More]

A start-up retail vehicle company aiming to serve the sell-by-owner and corporate fleet markets recently closed a $5 million equity capital transaction to push its expansion efforts. CarLotz highlighted this capital was raised from the company’s existing investors as well as funds from a small handful of investors and executives with experience in national multi-site […] [Read More]

Expanding used supply means lower pre-owned prices — but analysts say trends on the new-car side of the market will serve to push used rates down every further. Analysts at ALG and RVI both cited new-car sales as a factor that will lower used prices in the coming years. According to ALG, this trend has […] [Read More]

As the digital age continues to develop, dealers have had to adapt at an ever-quickening pace to satisfy a perpetually evolving consumer base. For used-car customers, Penske Automotive Group announced during their second quarter conference call on Wednesday that one of their main conduits for sales is via their website. Roger Penske, the group’s chairman […] [Read More]

Used-car sales in July fell nearly 2 percent industry-wide and dipped more than 5 percent for franchised dealers, according to CNW Research. But dealers, particularly the franchised stores, should take heart. Trade-ins on new-vehicle sales will likely “spike” in August, CNW says, meaning franchised dealers should see a “solid” month on the pre-owned side. That would be on […] [Read More]

If you haven’t started actively considering how to attract more younger buyers, now might be the time to do so. According to a new study from J.D. Power, Generation Y consumers now make up a larger percentage of U.S. new-vehicle retail sales than their older Generation X counterparts. According to data collected by J.D. Power’s […] [Read More]

In addition to announcing record profits on Wednesday, Penske Automotive Group said it increased its worldwide used-car sales by more than 10 percent in the second quarter, with its year-to-date sum now ahead by more than 12 percent over year-ago figures. Penske sold 45,912 used retail units worldwide in Q2, a 10.4-percent increase in global […] [Read More]

Last month, one of the U.S. senators from the Empire State urged the Federal Trade Commission to take action to create more regulations in connection with dealers selling vehicles with open recalls that haven’t yet been repaired. Then on Wednesday, the Department of Consumer Affairs in New York City launched an investigation of 200 dealerships […] [Read More]