September marked the largest price decline for used vehicles all year, following seasonal trends most in the industry expect when the weather starts to cool. According to Black Book data, the average price of a used vehicle for model years 2009-2013 saw the largest monthly depreciation of 2014, falling by 1.7 percent last month. Interestingly, August […] [Read More]

Manheim chief economist Tom Webb determined wholesale used vehicle values declined by a little more than 2 percent in the third quarter, stating the market showed signs of returning to more normal levels after historically high prices earlier in the year. As a result, the Manheim Used Vehicle Value Index — a measure of wholesale […] [Read More]

Peer-to-peer used-vehicle marketplace Beepi announced Monday the closing of $60 million in Series B funding to aid in the company’s desired national expansion. The company, which began in April, originally catered its all-online buying and selling program to the San Francisco area with a more limited buying scope.  As of Sept. 5, Beepi announced customers […] [Read More]

With the Consumer Financial Protection Bureau shifting its focus more to automotive financing, one of the aspects of automotive deals that is under fire is dealer mark-ups, or bumps in interest rates. Dealer financing mark-ups have long been a accepted practice in the industry, but the CFPB contends this type of deal is ripe for discrimination. […] [Read More]

Amid certified pre-owned vehicle sales that are humming at a record pace, vendors that support the sector in various ways are coming together and could keep momentum going. In what may help the segment — since most CPO sales require financing — Equifax and Black Book are joining forces to aid what happens in the […] [Read More]

I’ve discussed the various issues that are putting gross margins under pressure. Those factors aside, there’s another barrier that dealers have to contend with — the fact that consumers come to the dealership armed with more knowledge than ever. When the amateur knows more than the professionals on your lot, it’s difficult for salespeople to […] [Read More]

“I would like to buy a car with bitcoin.” The majority of dealers and their sales staff likely have not heard those words from a customer. At least, not yet. The global emergence of cryptocurrencies in the last five years has brought to question one serious issue: what can be accepted as money? Is it […] [Read More]

One of the presenting sponsors of this year’s Re3 Conference — Primeritus Financial Services — also enjoyed a record turnout for its second annual agent partner event on Sept. 11 and Sept. 12 in the Music City. During its first agent event a year ago, Primeritus indicated more than 100 attendees came to the company’s […] [Read More]

Carvana executives highlighted that the company that sells used vehicles completely online is on track for a more than 1,000-percent increase in revenue during its first full year of sales. Should the company maintain that pace, Carvana expects its 2014 revenue figure to climb to $50 million. “Since our launch, we have been focused on reinventing […] [Read More]

Edmunds.com announced this week the launch of its new feature for its car-shopping mobile application. Lot Buddy, a location-aware feature for the company’s existing mobile app, allows car buyers to unlock “Price Promise,” no-haggle offers from anywhere, even on the lot. According to Edmunds, this car-shopping tool is the first to offer locked-in pricing without […] [Read More]