Although new-vehicle sales are expected to contract in the coming months, the average price for those vehicles is expected to rise, thanks in part to the continued shift in demand toward larger vehicles.
Auto loan interest rates in June likely reached their highest level in nine years, Edmunds reported, a week after saying a strong economy is likely masking market factors bubbling just below the service that could start to slow down sales.
Wholesale values continued to see little change last week, although demand for sporty cars appears to be dwindling as the average value of that segment has begun to drop.
Wholesale vehicle prices for former fleet vehicles at auction increased 0.8% in May from April and have increased 6.8% from a year ago in a "seasonally strong" market, according to Tom Kontos, KAR Auction Services' chief economist.
New vehicle retail sales increased 5% year-over-year in May, however, the amount of people reporting that they’ll buy a new vehicle in the second half of 2018 is on the decline, according to Cox Automotive’s June 2018 Industry Update.
Consumer are on pace to spend $38.9 billion on new vehicles in June, which is $1.8 billion more than last year’s level. The increase should more than offset the 0.6% decrease in new-vehicle sales for the month, which are expected to total 1.2 million units.
Dealers Auto Auction Group (DAAG) has purchased Tri-Cities Auto Auction in Bluff City, Tenn., and will be renaming it to Dealers Auto Auction of East Tennessee.
All of the proceeds of the sale are going to the NIADA Foundation, and the vehicle will be delivered to Haus for free by ADESA. The NIADA Foundation awards scholarships to deserving college-bound students across the U.S.
Sporty and luxury car depreciation improved last week, however, mid-size car depreciation offset the improvement experienced by those segments, according to Black Book’s June 25 Market Insights report.
The wholesale industry is in the early stages of a digital transformation that's boosting sales at ADESA, KAR Auction Services CEO Jim Hallett said earlier this month. Online sales have driven 7% in overall volume growth during the quarter, and have helped offset waning sales at physical auctions.
Ready Logistics and NextGear Capital have added a new feature to their Transportation Financing program that makes it simpler for their auction clients to add transportation costs to their floor plans.
The Car Connectivity Consortium consists of over 70 companies in the car, tech, and communications industries.