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The fourth quarter should bring stable pricing among buyers and sellers, which should reflect only modest changes between now and the end of the year.
Since the labor actions started Sept. 15, the U.S. has ample inventory for now from the Detroit automakers that should keep steady supply through the end of the month. The all-important Ford F-150 had 97 days of supply at the start of October.
The auction group held an annual back-to-school campaign via dunk tanks, ice bucket challenges, etc., along with donations from clients.
The leading auction and consignor professional trade organizations will work together in the areas of EV safety, consignor-auction transaction standards, and industry education.
Company co-chair Dave Blake will succeed Weaver, whose remarketing industry spans more than 40 years with multiple executive roles.
Sales in Q3 are expected to surpass 3.9 million, a jump of more than 15% from the same timeframe one year ago.
Plug is an online used EV wholesale marketplace to facilitate the buying and selling of used EVs among dealers.
During the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 0.3%, which was less than half of the normal decline for this time of year.
The new arrangement meets a need in Florida for an auction that can service the commercial account business.
After a 41-year career at Cox Automotive, current CFO Mark Bowser will retire this year and Senior Vice President of corporate development Scott LeTourneau will take his place on September 19.
With sales slightly stronger than expected, tight supply, and prices at about 6% below last year, these factors are expected to prevent any substantial decline in wholesale prices through year-end.
The number of used vehicles for sale had been increasing after hitting a low point in March but that increase in inventory stalled in mid-July and into August, as sales unexpectedly picked up.
The United Auto Workers contract with the Detroit Big 3 automakers expires Sept. 14 as new inventory remains 68% above last year's level.
The purchase will integrate RCG Logistics under the ACERTUS brand and is the fourth transaction for ACERTUS whose parent company MetroGistics previously acquired MetroTitle, Amerifleet, and McNutt.
The conversion rate indicates that the first 15 days of August saw buyers with more bargaining power for this time of year.
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