Chaos. I can’t think of a better word to describe what occurred in the automotive industry between 2020-2023. From increased costs and severe inventory shortages as unfortunate consequences of COVID, to finding ourselves in a historically high inflationary period with rising interest rates, it was an unprecedented three-year period for the industry. So much so […] [Read More]

Cars Commerce said in its 2024 Automotive Trends report there is roughly a 10.2 million-unit deficit in the number of 1- to 3-year-old vehicles expected to re-enter the pre-owned car market in the near future, leading to a “sparse and expensive” picture for dealers’ used-car inventories. How should store managers handle that situation? Brian Kramer, […] [Read More]

Federal Reserve chair Jerome Powell has acknowledged multiple times that, “My colleagues and I are acutely aware that high inflation imposes significant hardship as it erodes purchasing power, especially for those least able to meet the higher costs of essentials like food, housing, and transportation.” The latest information from VantageScore showed that Powell doesn’t appear […] [Read More]

Ally Financial has its next chief executive officer who said he admires the company’s “leading position in automotive finance.” Late on Wednesday, Ally announced Michael Rhodes will be its new CEO, starting at the company on April 29. Rhodes will also be appointed as a member of Ally’s board of directors at that time. Ally […] [Read More]

Canadian wholesale auto prices continued to slide down last week, falling by an average of almost a quarter percent (down 0.23%). According to Canadian Black Book weekly data, car prices dropped by 0.35%, while trucks and SUVs dropped by 0.11%. And an increasing number of segments saw prices rise last week in the lanes: four […] [Read More]

Otolane reinforced its team this week with another industry professional who previously worked for Manheim Canada. The latest veteran to join the online wholesale automotive marketplace solution is Gerry Johnson, who will serve as Otolane’s vice president of sales. Otolane highlighted Johnson brings more than 25 years of experience in automotive remarketing and wholesale business […] [Read More]

While demand for dealerships remained strong in the fourth quarter of 2023, dealership profits and blue sky values fell significantly year-over-year, according to research from Haig Partners. The Q4 Haig Report, which tracks trends in auto retail and their impacts on dealership values, showed 528 dealerships changed hands in 2023 — the third-highest annual volume […] [Read More]

Cox Automotive wants dealers to have confidence in the battery health of the electric vehicle they acquire through Manheim. So, on Wednesday the company launched a solution that will measure the EV battery health for each specific VIN across Manheim. In addition, Cox Automotive said it is expanding LotVision’s capabilities of reporting battery health for […] [Read More]

I don’t mean to alarm anyone with the title. Then again, maybe I do. The truth is I’m discouraged, and today I hate my job. Why? Because it happened again. A dealer reached out because they’ve been hit with a class action lawsuit. Once again, the claim surrounds post-repossession Article 9 letters, specifically the notice […] [Read More]

Electric vehicles have been the hottest topic in the automotive industry for years now. In that time, consumers have seen and heard a seemingly endless stream of messaging regarding EVs. But a recent survey conducted by Edmunds found there is still a disconnect between what consumers want and what is currently available in the EV […] [Read More]