Mark Strand, senior economist and senior director of industry insights at Cox Automotive, and Brent Carmichael, director of education at the National Independent Automobile Dealers Association, brought up an event that might have made veteran store owners shiver while generating puzzled looks from younger operators who weren’t turning vehicles at that time. Cash for Clunkers. […] [Read More]

The retail used-car market is proving to be a stable and solid force this year, especially the certified pre-owned segment, Cox Automotive said in its Mid-Year Review last week. On a week-to-week basis, used retail sales have consistently ... [Read More]

Blue and yellow confetti exploded on both sides of the stage as “Thunder” by Imagine Dragons boomed from huge speakers hanging from the ceiling of the largest ballroom at one of newest luxury hotels on the Las Vegas Strip. Jack Carter of Turn & Burn Motors in Conyers, Ga., had just been named the National Quality Dealer of the Year during the NIADA Awards Luncheon sponsored by Black Book. “Not prepared for that,” Carter began ... [Read More]

“Don’t Panic.” That’s the message on the cover of the fictional Hitchhiker’s Guide to the Galaxy. And while the Canadian auto finance market isn’t soaring through the cosmos to the end of the universe, Mike Buckingham said the same message applies. Are there problems to be concerned about and addressed? Of course — affordability, tariffs, rising fraud, sinking used-car supply. But ... [Read More]

If you have a customer in the market for an affordable late-model vehicle, the options are fewer and far between. In 2019, nearly half of 3-year-old used cars sold were priced at less than $20,000. That share has dropped to 11.5% this year, according to an iSeeCars analysis of 2.6 million 3-year-old vehicles. To buy one of these late-model vehicles in 2019, consumers had to shell out an average of $23,159. Now they’re paying ... [Read More]

The Canadian government has big plans for electric vehicles. The question is whether its plans match those of the Canadian public. While the federal government has mandated 100% of new light-duty vehicle sales to be zero-emission vehicles by 2035, with mandatory targets of at least 20% by 2026 and at least 60% by 2030, the latest research from AutoTrader indicates that might be ... [Read More]

To a casual observer, Manheim Detroit seems a bit chaotic. People scurrying between moving cars. People peering into and under the hoods of cars. Cars lined up as far as the eye can see. Manheim Detroit is part of the Manheim auction chain and what looks like chaos to the untrained eye in reality is one part of a vehicle-selling powerhouse ... [Read More]

Rivian has created a fertile environment for robust demand for the two new models it will launch in the next few years, Rivian CEO RJ Scaringe said at recent investment bank conferences. That means consumers looking to buy a used Rivian EV at a lower price than the current market offers will have more selection to choose from, but that used supply isn’t likely to appear until 2028 and beyond. Meanwhile, pre-owned Rivians already out there are ... [Read More]

Electric vehicles are one of two outliers when it comes to used-car price patterns, as their prices continue to fall amid growth in the overall pre-owned vehicle market the last three months. But the declines in used EV values appear to be approaching a plateau, according to an iSeeCars.com analysis, indicating that supply and demand […] [Read More]

With the used electric market poised to grow in coming years, CarMax — where website searches for EVs have more than doubled since January 2022 — is taking steps now to become the leader in that space. The used-car retailer announced a series of initiatives on Wednesday designed to improve the used EV buying and ownership experience, including measures around EV education, battery health assessment and at-home charging, and tax rebates. Those steps include ... [Read More]