It has been another tough month for used-vehicle sales, though some positive signs are emerging. First, the full-month forecast. TrueCar’s ALG business unit is forecasting a 71% year-over-year decline in used-car sales in April, projecting a monthly tally of 1,086,494 used sales. That would also represent a 60% month-over-month decline. Franchised dealers, specifically, sold a […] [Read More]

Saying that it “heard what truly mattered to our customers,” floorplan provider NextGear Capital is continuing to defer curtailment and extension payments for eligible floorplan advances. The company is taking that action through May 31 for all NextGear Capital dealers in good standing. Within the first 30 days of NextGear Capital’s original relief package, the […] [Read More]

Here’s at least one segment of the automotive industry that’s remaining relatively steady amid the coronavirus pandemic. On Thursday, Swapalease.com reported its vehicle-lease credit applicants registered an approval rate in March of 69.3%, representing just a slight decline from the February rate of 72.3% and January’s reading of 70%. March also generated a slight decrease […] [Read More]

All of CarMax’s more than 215 stores nationwide are now open in some capacity. The company announced that all stores are serving customers in need of vehicle service or repair work. In addition, more than 80% of CarMax’s stores across the country are serving customers needing to buy or sell a vehicle. CarMax said it […] [Read More]

This week, Federal Trade Commission chairman Joe Simons released a summary of the agency’s 2019 annual highlights, calling attention to the commission’s ongoing efforts to protect consumers and promote a competitive marketplace. By far the largest sum included among the judgments the FCC specified in the monetary relief category stemmed from the settlement federal officials […] [Read More]

Along with four overall observations and projections about sagging used-vehicle values, Edmunds senior manager of insights Ivan Drury also pointed out the impact made by what he called the “invisible market.” Drury and Edmunds’ other analysts say that a sudden halt in demand for vehicles combined with economic uncertainty will lead to an initial knee-jerk […] [Read More]

As a whole, the used-car market is struggling. But data from LotLinx shows a silver lining. "Bad news is, sales are down 50% in used across the country," says LotLinx CEO Len Short. "But when you start to drill down to the markets, you'll see that there are a whole bunch — over half — […] [Read More]

A downloadable dealership performance directive from DealerMax discusses six “essential online sales processes” that it says are a requirement for the new online sales retail environment. Dealership support company DealerMax said its team of digital retail experts wrote the guide, titled, “Dealership 2020 Guide: Re-engineering Automotive Retail.” The team wrote the guide to give dealers […] [Read More]

Jay Maxwell, general manager of strategic operations of the Costco Auto Program, joins the show to discuss how the program and its partner dealers have adapted to COVID-19 stay-at-home orders, keeping customer, vendor and employee communication lines open and more. Plus, Maxwell shares some automotive success stories. To listen to this episode, click on the […] [Read More]

To support its dealer partners during the COVID-19 pandemic, TrueCar announced an extension for May invoices of the previously announced 50% automatic reduction to the April invoices of dealer partners in states where its pay-per-sale or performance-based billing arrangements are not currently available.  In a letter to dealers that are on TrueCar’s subscription billing model, […] [Read More]