Pandemic-era new-car production cuts have trimmed late-model used-vehicle supply. Lease maturities have declined. Automakers have slowed discounts. This trio of market factors pushed average used-car prices in the opening weeks of May up $130 from a year ago to $29,168, according to analysis released Thursday by J.D. Power. Meantime, data from EpicVIN shows average used-car […] [Read More]

Companies that are key players in the used-car world recently presented at the J.P. Morgan Global Technology, Media and Communications conference. While their presentations touched on a wide range of topics, a common thread ran through them. Each highlighted value-added services that will help them thrive in a time of great uncertainty. The companies are Cars Commerce, CarGurus, ACV Auctions and Carvana ... [Read More]

Peter Kelly has said it before, and he said it again during OPENLANE’s first quarter 2025 earnings call on May 7: “OPENLANE is a digital marketplace in a relationship business.” “And the relationships that our customers have with our people and our products are critical to our long-term success,” said Kelly, who is CEO of OPENLANE. Kelly spent a good portion of the earnings call talking about how the company is ... [Read More]

Two months ago, AutoCanada unveiled its road map for the long drive toward financial recovery. Now the Edmonton-based dealership group says it has turned onto the entrance ramp and is at last on the road. During last week’s first quarter 2025 earnings call, executive chairman Paul Antony said AutoCanada is “firmly on track” to ... [Read More]

Despite changing political winds related to electric vehicles, a consortium of automakers is still committed to its ambitious plan to build a nationwide electric vehicle charging network, a member of the consortium told Auto Remarketing. “At the beginning of the year we had a heart-to-heart discussion with IONNA, and we assured them that we are committed to expansion,” Orth Hedrick, specification analyst at Kia America, told Auto Remarketing. Kia is one of eight automakers that have ... [Read More]

Sales of electric vehicles at auction hit an all-time high in March, according to the National Auto Auction Association. And then? The very next month, EV sales jumped about 20% higher than that record. Specifically, there were ... [Read More]

Asbury Automotive Group’s used-vehicle sales, revenue and gross profit declined in its first quarter that ended, March 31, when compared to the first quarter of 2024. But as the dealership group pointed out, it completed six dealership divestitures in 2024 that represented an estimated $225 million in annualized revenue and two divestitures in the first quarter of 2025. The company’s quarterly gross profit of $1,587 per used unit retailed represented its ... [Read More]

George Chamoun briefly touched on ACV Auctions’ “Project Viper” during the opening comments of the company’s first quarter earnings call , but he later expanded on the potential of the service product during the Q&A portion. “I never, ever in my entire career have had a product where I’ve had this much demand,” Chamoun, who is CEO of ACV, said Wednesday.  ACV has described Project Viper as ... [Read More]

After reporting strong first quarter results, used-car retailer Carvana set a goal of selling 3 million units with significant profit within five to 10 years. It is well on its way to achieving its “mission” of changing the way people buy cars, Carvana chairman, president and CEO Ernie Garcia said during the earnings call. “Given the position we're in and the fundamental gains we see in front of us, the path to that goal, which we currently view as both very exciting and very achievable is that we ... [Read More]

Tariffs are here. Already high new-car prices are likely to continue climbing and what’s going to happen to sales going forward is anybody’s guess. Is Roger Penske worried? Not a bit. In the first three months of 2025 ... [Read More]