Cox Automotive chief economist Jonathan Smoke squeezed in an online video update about auto financing while also being a keynote presenter in San Antonio this week for the Texas Independent Automobile Dealers Association’s annual convention. Citing data collected via Dealertrack, Smoke reported the average rate for used-car financing booked so far this month has increased […] [Read More]

Edmunds shared a wide array of electric-vehicle information on Tuesday, including insights about trade-in activities at dealerships involving a Tesla. Perhaps of most interest to used-car managers, Edmunds said that its data through June showed 51% of all Teslas traded in to a dealership went toward a purchase or lease of a new ICE vehicle. […] [Read More]

Don't let the improvement in off-lease volumes in the wholesale vehicle market fool you.  At least take these gains with a grain of salt.  Numbers in this segment are expected to take a hit in the second half of 2024 and are not likely to return to pre-pandemic levels any time soon.  Here's how the numbers shake out:  Looking at year-to-date auction check-ins at Manheim locations through the first half of the year, lease check-ins have climbed 94% year-over-year, but trail 2019 levels by 58%, data from Cox Automotive shows.  Industry-wide, the number of off-lease units ... [Read More]

The next episode of the Auto Remarketing Podcast originating from this year’s Canada’s Used Car Week in Toronto features a keynote presentation titled, “Inventory Management Needs To Be Lead Management.” Lotpop CEO and owner Jasen Rice offered recommendations based on his industry experience going back to 1997 for how dealers can take new approaches with […] [Read More]

The next episode of the Auto Remarketing Podcast originating from this year’s Canada’s Used Car Week in Toronto features a keynote presentation titled, “Connecting with the Modern Consumer.” Jessica Lo Basso and Jake Stacey of LGM Financial Services delved into the evolving landscape of consumer preferences and behaviors, offering actionable insights for sales professionals to […] [Read More]

If your dealership needs used inventory, now appears to be prime time to find what you need at lower prices. But your store might be the outlier stemming from the combination of trends included in the newest installment of Market Insights from Black Book. Analysts reported on Tuesday that wholesale prices dropped another 0.74% last […] [Read More]

DealerFire highlighted four key reasons why dealerships should prioritize a mobile-friendly website since car shoppers are increasingly turning to their mobile devices to research and purchase vehicles. The provider of dealership websites and digital marketing solutions claimed that more than half of all web traffic now comes from smartphones and tablets, “which means a significant […] [Read More]

Glenview Finance’s Credit Builder subprime financing platform recently debuted its new eContracting system. The company said it’s a comprehensive solution that can have deals funded in less than an hour. Glenview Finance sees this new system as dramatically improving the efficiency and satisfaction of the vehicle financing process for both dealerships and consumers. This paperless […] [Read More]

It seems that at least once a week, a bankruptcy question comes up in one of the dealer/creditor social media groups that we follow. The questions usually involve either selling a vehicle to someone that has filed bankruptcy or repossessing a vehicle from a bankruptcy debtor. Unfortunately, what usually follows the question are a bunch […] [Read More]

“Millennials” and “electric vehicles.” Auto industry buzzwords used for years at conferences to convey youth, emerging trends in car-buying, newcomers or rising stars. Fact of the matter is, EVs are a “maturing” market, no longer considered “niche.” And millennials, well, many of us are in our 40s, have mortgages, children and/or pets and have been […] [Read More]