When you think of Carvana, you probably think of digital retail (and rightly so).  But the online used-car marketplace made a move last month that “lays the path for us to also be the leading online wholesaler,” says Scott Wood, the company’s senior director of wholesale operations. In late June, Carvana announced that through a […] [Read More]

For the past 40 years, the Jerry Seiner Dealerships have operated in Utah. This week, the dealer group made its entrance into Arizona. According to a news release distributed on Tuesday, the Jerry Seiner organization has purchased Henry Brown Chevrolet and Henry Brown Chrysler Dodge Jeep Ram in Casa Grande, Ariz. The group said these […] [Read More]

In each of the four full weeks of June, used-car sales at franchised dealerships exceeded pre-virus forecasts by double-digit percentages, according to J.D. Power’s Used Vehicle Impact Report released Tuesday. For the week ending Sunday (June 28), used sales for franchised dealers were 12% stronger than what pre-pandemic forecasts called for. This performance followed gains […] [Read More]

Fitch Ratings tried to provide some clarity to the Canadian financial market as the nation looked to celebrate Canada Day this week amid the coronavirus pandemic. The firm said its recent downgrade of Canada’s issuer default rating (IDR) to AA+ Outlook Stable from AAA Outlook Stable will not result in any downgrades to credit card […] [Read More]

When it comes to supply entering the wholesale market, look for that to be “higher than expected” the remainder of the year, Black Book said in its weekly COVID-19 Market Update released Tuesday. But such high supply could be mitigated by strong retail demand, according to another analysis from J.D Power. Driving the expectation for […] [Read More]

Wholesale-price increases accelerated as June and likely the most tumultuous second quarter in anyone’s memory neared an end. How long the fuel for that wholesale-price climb will last is almost as challenging to project as when the coronavirus pandemic will stop influencing the auction and dealership worlds. Black Book, Cox Automotive and J.D. Power Valuation […] [Read More]

The industry took another step toward ensuring the ongoing Takata airbag recall campaign is successful. This week, the Alliance for Automotive Innovation announced support for a new automaker-driven tool enabling anyone who handles aftermarket parts, businesses and associations to help identify recalled Takata airbags and work with dealers and others to identify and safely dispose […] [Read More]

The first half of 2020 has been mired with challenges in the wholesale car market, but one particularly positive trend has emerged at the tail end of the of second quarter. Auction sales volume have made a strong comeback and are now at or above year-ago figures, according to industry analyses. In its weekly COVID-19 […] [Read More]

While the cost of new vehicles continues to climb, the newest data from Edmunds indicated finance companies are finding ways to mitigate their risk when booking new-model paper. On Wednesday, Edmunds experts reported the average down payment for new vehicles financed in June rose to the highest amount seen all year, increasing to $4,451. Furthermore, […] [Read More]

Portfolio has officially acquired National Automotive Experts and NWAN, uniting two leaders in the F&I product provider, administration and reinsurance space and closing an agreement initially announced in March.  Portfolio president and chief executive officer Brent Griggs noted the world has changed unalterably since the companies first announced the move. “The pandemic has affected every […] [Read More]