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]
Ivan Drury says the retail used electric vehicle market has long been a topic of interest, and one reason for that has been the limited supply of “legitimate contenders,” he said.
“For so long, it was Tesla or compliance car, and that was it,” said Drury, who is director of insights for online car shopping guide Edmunds.
Drury described a compliance car by saying some automakers would remove the motor from one of their mainstream offerings, like the Fit for Honda, and place a battery in the car to get EV tax credits. But when asked about the state of the used electric vehicle market in retail, Drury and other industry representatives said more viable non-Tesla vehicles are ... [Read More]
Wholesale vehicle volumes hit a low point in 2022 but are estimated to have climbed more than 14% last year and are expected to modest growth in 2024, with gains expected for at least the next five years.
Still, wholesale volumes are not likely to reach pre-pandemic levels anytime soon.
That’s according to data in the “Industry Insights” webcast earlier this month from Cox Automotive, which shows that dealer volumes at auction continue to ... [Read More]
Federal standards and incentives aimed at preventing climate change and promoting the adoption of electric vehicles are on cruise control, but dealers are seeing their EV sales stall.
According to dealers, their trade associations and industry analysts, consumers are put off by the prices of EVs — which are generally steeper than internal combustion engine vehicles. Additionally, vehicle buyers’ concerns about availability of charging stations and how far an EV can go on a single charge are sales barriers too, they agree.
The federal push toward EVs is ... [Read More]
The final tally didn’t break the record set in 2019 or match the rebound year of 2021, but certified pre-owned vehicle sales for 2023 were up nearly 7% and represented one of the strongest years ever for the CPO market. That’s according to Motor Intelligence data provided to Auto Remarketing, which shows there were approximately […] [Read More]
Battery electric vehicles were a tiny percentage of the wholesale market in 2023, but it is a market segment that is forecast to show exponential growth. Auctions are preparing with investment and training for more BEVs to enter their lanes.
“We believe EVs are the future,” Stephen Smith, vice president of product and engineering at Cox Automotive, told Auto Remarketing.
Manheim, Cox Automotive’s auction division, sold around ... [Read More]
Soon after taking office in June 2023, National Independent Automobile Dealers Association president Gordon Tormohlen said the first item on his to-do list was “to change the tone.”
Ask any member of NIADA’s leadership about the association’s most important goals and chances are the answer will include something similar. CEO Jeff Martin said building confidence back is “one of our primary responsibilities.”
Chairman Scott Allen said Martin is working to “put the train back on the tracks” and “build those bridges.”
It’s an admirable goal. But it obviously raises questions that beg to be answered ... [Read More]
Used-vehicle sales are expected to increase just under 1% this year, according to a forecast from Cox Automotive, with overall used volume expected to climb from 35.9 million sales to 36.2 million and retail used sales (those involving a dealer) projected to climb from 19.0 million to 19.2 million.
The year closed a positive note, with dealers seeing approximately a 3% month-over-month rise in used-car sales in December, with year-over-year sales up 1%, Cox said, citing an initial estimate based on data from its vAuto unit.
Software, marketing, and data firm ZeroSum also ... [Read More]
As 2023 wrapped up, Tesla took a bit of a hit, with a recall announced that covered almost all new vehicles sold in the U.S., as well as over 200,000 in Canada.
According to Transport Canada, in certain circumstances when Autosteer, Tesla’s autopilot feature, is engaged, the prominence and scope of the feature’s controls may not be sufficient to prevent driver misuse of the advanced driver-assistance feature.
Auto Remarketing Canada reached out to Daniel Ross, senior manager, industry insights and residual value strategy at Canadian Black Book, to get more insight into the road Tesla is on, and whether their niche market is reacting to recent red flags from the automaker.
One of the most recent, of course, is the 2023 sweeping recall.
Interestingly, Ross said although he doesn’t see the recall as ... [Read More]