Sales of electric vehicles continue to grow in the U.S., but a new report shows the pace of that growth has slowed considerably. According to sales data analyzed by Kelley Blue Book in its Q1 2024 Electric Vehicle Sales Report, Americans purchased 268,909 new EVs in the first quarter. That’s up 2.6% year-over-year, but down […] [Read More]

This feature is part of Auto Remarketing’s upcoming “Beyond the Transaction” edition, which is the May print issue of the magazine. It is available for Cherokee Media Group Premium subscribers now. During discussions with vehicle transport industry representatives, a common theme emerges: The industry has lagged behind the freight shipping industry in the area of technological innovation. “They have been a lot more tech forward than us historically,” said Mike Scenna, vice president of sales and operations for Preowned Auto Logistics. “We often say we’re 10, 15 years behind the freight side of the house,” said Joe Kichler, vice president of logistics for Cox Automotive. But that seems to ... [Read More]

In a new series of the Auto Remarketing Podcast, Cherokee Media Group interviews “Dealer Entrepreneurs” — auto retail leaders who in addition to their roles at dealerships have also launched outside companies/startups in the automotive space. Next up in this series is a conversation with Joe Shaker, co-founder and CEO of TruVideo and owner of […] [Read More]

CarMax’s financial report for the 2024 fiscal year mirrored the used-car industry as a whole. Retail sales volume is on the way up – but revenue and profits were down slightly. The used-vehicle retailing giant’s retail sales rose by 1.3% for the fiscal year, which ended Feb. 29, reaching 172,057 units. Revenues from those sales, […] [Read More]

Wholesale vehicle values in Canada are falling at a faster-than-usual pace and it appears likely that will only continue, according to Canadian Black Book. On Tuesday, CBB released its monthly Used Vehicle Retention Index, which fell to 143.3 in March. That was down 0.3% from February and off 9.3% year-over-year. “The Canadian wholesale market continues […] [Read More]

As a moderator of 20 Groups for independent retail dealers, my role provides a unique vantage point into the challenges faced by dealerships. Whether through in-person consultations or within the collaborative 20 Group space, those shared experiences offer profound insights into the daily triumphs and tribulations of dealers. A recurring observation that stands out is […] [Read More]

Exeter Finance senior vice president of asset remarketing and repossession Brent Huisman was honored as 2024 Consignor of the Year during last month’s CAR Conference in Scottdale, Ariz. Huisman has served as Exeter’s asset remarketing and repossession leader since 2019, responsible for the company’s asset disposal and repossession efforts across the U.S. Before joining Exeter, […] [Read More]

A spring thaw happened in many locations during March, including the auto-finance market. Cox Automotive reported on Wednesday that access to auto credit improved last month. The Dealertrack Credit Availability Index increased to 94.0 in March, improving for the second month in a row and 1.1% on a sequential basis. But the new reading fell […] [Read More]

Buy-here, pay-here dealerships often will highlight the positives of having a GPS device attached to a vehicle when they’re completing delivery. A new report released by the National Insurance Crime Bureau (NICB) this week likely gave operators even more evidence as to why having those devices can be beneficial. NICB reported more than 1 million […] [Read More]

This feature is part of Auto Remarketing’s upcoming “Beyond the Transaction” edition, which is the May print issue of the magazine.  It is available for Cherokee Media Group Premium subscribers now.  Dan Kennedy says the volume vs. capacity situation in auto transport seems to be on the mend. “For a while, [there was] more volume than capacity, but now it seems like things are starting to align,” said Kennedy, who is senior vice president of business development for CT Services. “Loads seem to be moving a little faster.” Joe Kichler agreed that capacity is a top transport industry issue, saying “we’re starting to see volume come back.” Capacity and available drivers are down from pre-pandemic levels, he said, especially on the wholesale side. “But depending on how quick that comes back and some of the new technology, there are going to need to be ... [Read More]