The value of used fleet vehicles sold in wholesale channels increased 0.4% to $13,812 in July and are now up 4.1% through the first eight months of 2019, according to Tom Kontos, chief economist for KAR Auction Services.
The trucks and vans that topped J.D. Power's lists for 2019 Resale Value awards include the GMC Sierra 3500, Toyota Tundra, Toyota Tacoma, and Honda Odyssey minivan, the firm announced.
Swapalease.com, a car lease marketplace, reports car lease credit applicants registered a 69.1% approval rate in July, a rise from the June rate of 65%.
Timothy Myrick, who recently worked in Tallahassee Auto Auction’s fleet/lease division, will assume the position.
Tim Janssen, the retired president of IFS (Innovative Funding Services LLC), passed away on Aug. 14 in Largo Vista, Texas. He was 55. Janssen founded IFS in 2007 and served as president of IFS for more than 12 years until his retirement in Jan. 1.
The number of unsold new cars and light trucks at U.S. dealerships reached nearly 3.8 million at the start of August, a 71-day supply.
The award was established in 2016 and recognizes the charitable acts that auctions perform in order to encourage greater volunteer involvement.
TradeRev has expanded its digital platform to two new markets: Kansas City, Mo. and Minneapolis, the company announced.
John Brasher and Robert Sullivan will head ServNet's executive team and will assume leadership of the auction group on Jan. 1, 2020 after longtime ServNet CEO Pierre Pons steps down.
The average interest rate for a new-vehicle loan dropped for the third month in a row in July, hitting its lowest level of 2019, according to Edmunds.
Nissan Motor Acceptance Corp. will pay $3 million to the U.S. Department of Justice to settle claims of improper repossessions and lease terminations of members of the military.
Adjusted net income for the second quarter 2019 was $71 million.