This week’s flow of industry data continued with Cox Automotive reporting wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 2.1% from April during the first 15 days of May. As a result, Cox Automotive said the midmonth Manheim Used Vehicle Value Index dropped to 225.9, which was down 7.0% from last […] [Read More]

This week, Dominion DMS announced integration with ProMax to give dealers various options to increase efficiency and profitability. The service providers said ProMax has features that will complement VUE DMS and give dealers the tools “they need to be a step ahead of the competition.” Mazda Direct general sales manager Tim Honaker said through a […] [Read More]

A coalition of 24 attorneys general threw their support behind the Consumer Financial Protection Bureau this week, submitting an amicus brief to the Supreme Court The group is urging the court to overturn a decision by the U.S. Court of Appeals for the Fifth Circuit that the AGs say “threatens” the future operation of the […] [Read More]

Carvana, which hit a roadblock last year when its unit sales slowed and its losses did not, said it has made significant progress toward profitability by implementing operating efficiencies and reducing expenses. “We still have a long way to go to achieve our broader goals,” admitted Carvana CEO,Ernie Garcia, during the used-car retailer’s first quarter earnings call on May 4. “But we are on the right path, and we are moving quickly.” The company reported retail unit sales of ... [Read More]

You can decide how connected the timing of these two auto finance trends are. Cox Automotive reported last week that auto credit availability in April tightened to a point not seen in almost two years. This week, S&P Indices and Experian found that the auto default rate for April dropped sequentially by the most basis […] [Read More]

A situation all too familiar to buy-here, pay-here dealerships — their customers dropping their car insurance — appears to be intensifying. With inflation levels at 5% stretching family budgets, findings from the Policygenius Car Insurance Affordability Survey showed 40% of insured drivers say they’re stressed about being able to afford car insurance, a requirement for […] [Read More]

More women are entering the automotive industry than ever before. And businesses are beginning to notice that their efforts and commitment to invest in diversity, equity and inclusion are paying off in higher profits and less turnover. But there’s still conscious and unconscious biases in the auto business to address. Jennifer Talluri, national internal sales […] [Read More]

The Q1 2023 Used Vehicle Report and the data collected by Edmunds’ analysts likely can be summarized in just a couple of words. Older and more expensive. Edmunds acknowledged used-vehicle retail prices remain historically high. Analysts found that the average used vehicle transaction price in the first quarter actually dipped by 6.4% year-over-year to $28,381, […] [Read More]

S&P Global Mobility highlighted this week that the average age of vehicles currently in operation currently stands at a record 12.5 years. Meanwhile, eBay Motors sees older vehicles as having plenty of life remaining, so on Wednesday site officials announced what they think is a first-of-its-kind program that can help drivers keep their vehicle on […] [Read More]

CARFAX said on Wednesday that its data shows more than 2.5 million vehicles that have been tagged with “Do Not Drive” or “Park Outside” safety recalls remain unrepaired as of May 1. In fact, CARFAX pointed out 10 states have more than 70,000 of these vehicles driving on their roads, with California leading the way. […] [Read More]