Consumer interest in electric vehicles has plateaued and dealers want some relief from pressure to sell them. That was the message that emerged from speakers during the J.D. Power Auto Summit earlier this month in Las Vegas.
“Interest (in EVs) has been improving pretty nicely over the last few years, but it has kind of ... [Read More]
Consider the landscape for used-only vehicle retailers just three years ago.
Vroom, which launched its initial public offering in June 2020, made its Super Bowl advertising debut in February 2021, followed by a return trip a year later alongside rival Carvana, which joined the commercial action for Super Bowl XLI.
Shift announced plans to go public through a special purpose acquisition company (or “SPAC”) in June 2020, a move that was completed in October of that year. CarLotz, a “retail remarketing” platform, would announce its own SPAC plans that same October.
Momentum was strong, amid a pandemic-driven white-hot market for pre-owned cars.
Some three years later, however ... [Read More]
While sales of certified pre-owned vehicles may have risen last year, dealers tell Auto Remarketing it was a tough year for them on several levels. They anticipate 2024 will be a better year for CPO sales, with some caveats.
Demand for CPO vehicles in 2024 will not be a problem.
A CPO vehicle “is something consumers ... [Read More]
The auto market will return to normalcy in 2024, which is good news for consumers and at least more predictable for dealers. That was Cox Automotive chief economist Jonathan Smoke’s message in his State of the Industry presentation at the Cox booth during NADA.
He divided the outlook into five trends.
First, recession is out. 2024 will be a ... [Read More]
Toyota has joined the ranks of automakers that broadened their certified used-vehicle brand to include older, higher-mileage vehicles that do not qualify under the companies’ traditional CPO programs.
The new Toyota Certified Used Vehicle Silver extends Toyota’s factory-backed certification and warranty coverage to vehicles up to 10 model years old that have 60,000 to 125,000 miles on their odometers.
Additionally, these vehicles are covered by ... [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]
Following his press conference at NADA Show 2024, which will be a part of an upcoming episode of the Auto Remarketing Podcast, Cherokee Media Group tracked down Patrick Manzi.
The chief economist for the National Automobile Dealers Association gave his views on three topics — used-car retailing, implications of negative equity and prospects for an active service drive at franchised dealerships.
Without mentioning specific metrics, Manzi said retail sales of used vehicles ... [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]
With a double-digit-percentage rise in commercial vehicle volumes, along with notable changes in the quality and prices of vehicles, 2023 was a “pivotal point” for the auction market, at least from the perspective of commercial consignors.
AutoIMS examines that perspective in greater detail through its latest quarterly Industry View report, which is a “compendium of metrics featured in the AutoIMS Sales Scorecard that reflects the AutoIMS database (with a few needed exclusions) — a vast majority of the commercial sales volume at wholesale auto auctions in North America.”
That AutoIMS report indicates there was ... [Read More]