Commercial consignor sales volumes at auctions are still beating prior-year numbers by double-digit percentages, but the growth rate in August was about half of what it was from January through July. That’s according to analysis around the latest AuctionNet data provided to Auto Remarketing by the National Auto Auction Association, which indicates that overall auction […] [Read More]

CarMax’s advertising and promotions departments have been busy. The national used-car retail giant announced two big promotional pushes in the past week, affiliating itself with a blockbuster movie and a minor league baseball team. The movie is “Beetlejuice Beetlejuice,” which opens in theaters this week, and in partnership with Warner Bros. Pictures, CarMax is launching […] [Read More]

Inflation has driven up the cost of auto repair and maintenance in Canada — and is also driving up the age of the nation’s vehicles. J.D. Power’s 2024 Canada Customer Service Index — Long-Term Study found the average cost of a visit to a dealership service department rose 7.6% from the previous year, from $432 […] [Read More]

After a brief slowdown, the Canadian wholesale used-vehicle market’s long downward trend picked up pace again for the week ending Aug. 31. In its weekly Market Insights report, Canadian Black Book reported a 0.29% decline in the overall market, a jump from the previous week’s 0.20% decrease and more than the 0.28% loss of the […] [Read More]

Not much change on the bankruptcy front. Filings continued to climb with experts pointing to some of the same reasons mentioned previously for why they’ll keep rising as the year goes along. According to data provided by Epiq AACER, total U.S. bankruptcy filings came in at 45,131 in August, representing an 8% increase from August’s […] [Read More]

Is vehicle affordability improving for consumers? Or are finance companies not taking on as much risk? To help you decide, consider these metrics from Experian’s State of the Automotive Finance Market Report: Q2 2024 released on Thursday. Experian determined the average amount financed for a used vehicle delivered in the second quarter declined $1,068 year-over-year […] [Read More]

ACV may have started as a dealer-to-dealer digital wholesale platform, but the company continues to build its physical infrastructure as part of a strategy to broaden its offering to commercial consignors. And that includes the acquisition of traditional brick-and-mortar auto auctions like Alliance Auto Auctions and DAA Oklahoma City — which are just two of the entities ACV has purchased — in addition to renting land and opening greenfield sites. The company is 25% of the way towards its goal of at least ... [Read More]

Black Book noticed wholesale prices edged up only 0.01% during the week that finished on the last day of August. That reading came after a week when values stayed steady. But the newest installment of Market Insights released on Wednesday did contain six notable trends — five from an auction perspective and the other from […] [Read More]

Two automotive shipping companies have hit the top 20. That’s the 2024 MOTOR Top 20 Awards, presented by automotive data supplier MOTOR Information Systems. Montway Auto Transport’s Montway Automation Portal and Ship.Cars’ SmartHaul TMS were selected in online voting by industry professionals as two of the 20 most innovative new developments in the auto industry […] [Read More]

Beau Townsend Ford Lincoln is on the cutting edge. The dealership in Vandalia, Ohio, walked away from last month’s Reynolds and Reynolds Retail Summit: Amplify 2024 in Leesburg, Va., with two of the three Automotive Amplifier Awards, presented for the event’s most innovative best practices. Sales consultant Justin Rash earned the award in the variable […] [Read More]