Amid an ocean of affordability challenges in the used-car retail market, a droplet of “hope” remains. In fact, Kevin Roberts of CarGurus said it’s possible for average used-car prices to show a double-digit-percentage decrease, even as headwinds keep them above pre-COVID levels. “While it’s still challenging to find that elusive affordable car, there’s hope for […] [Read More]

There’s an anniversary coming up this summer. But it’s not exactly one the used-car business — and especially the certified pre-owned segment — is looking forward to. During Cox Automotive’s Q1 2024 Industry Insights and Sales Forecast conference call in late March, senior director of economic and industry insights Jeremy Robb noted that the severe drop in auto leases caused by the COVID pandemic is about to start coming home to roost ... [Read More]

The level of brand loyalty among CarMax customers has stayed pretty much the same since 2017 — only the brands have changed. Back then, CarMax pored through its data to look at the brands, models and types of vehicles its customers repurchased the most. This month, the national used-car retailer went back through its sales […] [Read More]

It’s 2024, and the turmoil that surrounded the National Independent Automobile Dealers Association in 2021-22 is gone, if not forgotten. “The past is a cancer,” said Wendy Rinehart, executive director of the NIADA-affiliated Ohio IADA. “We beat the cancer.” The focus now for NIADA, its state affiliates, its members and the independent dealer community at large — which includes the vendors that serve it — is unwaveringly forward. And that has its leaders, members and industry partners excited about ... [Read More]

AutoCanada wrapped up its fiscal fourth quarter with stronger new-car sales pushing total year-over-year revenue up by 6.9%. But while demand for new cars and parts, service and collision repairs was high, the dealer group experienced softer used-vehicle sales, especially in the U.S. Chief financial officer Azim Lalani said during the call to discuss fiscal full-year and Q4 results that Canadian same-store used retail vehicle units sold decreased by ... [Read More]

The “dramatic” declines in used electric vehicles last month no doubt caused some head-scratching for those in the business of remarketing or retailing these cars, but the near 32% drop may open up some opportunities for consumers and dealers alike. The average price of a 1- to 5-year-old used electric vehicles in February was $30,904, […] [Read More]

TD Bank’s TD Auto Finance arm recently named Christopher Nabeta the director of OEM sales and strategy for Canada. Nabeta has been in the position since February, after spending the better part of 2023 focusing on ... [Read More]

It was springtime in the auction lanes last month. Prices were down double-digit percentages from a year ago, but the market was buzzing as dealers were busy buying units amid blooming retail demand. “The wholesale market got into the spring mood in February, with dealers ... [Read More]

The recovery in commercial consignment volume is already bearing fruit for marketplaces in the wholesale auto industry. At OPENLANE, for instance, 710,000 commercial consignment vehicles were sold through its marketplaces last year, compared to 661,000 in 2022. In the fourth quarter, OPENLANE had 183,000 commercial vehicle sales, up from 151,000 a year earlier. The growth in commercial vehicle volumes for the company has ... [Read More]

Although there may not have been any big surprises this year for the AutoTrader 2024 awards, the company’s editor-in-chief Jodi Lai told Auto Remarketing Canada she was happy to see the Toyota Prius/Prius Prime win for Best Overall Car. “It’s cool because it's the first hybrid and plug-in hybrid that has won this overall category in the AutoTrader awards. The Prius has always been so good. It's always been very reliable and efficient, but it recently ... [Read More]