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The Mt. Vernon, N.Y., mayor alleges that a city bucket truck was repossessed because the city comptroller refused to pay the bills.
More SUVs, the retention of higher mileage vehicles, and new methods of remarketing are some trends fleets are observing in the wholesale market.
In the interim period prior to Jamere Jackson formally joining Hertz, Robin Kramer, currently Hertz's senior vice president and chief accounting officer, will assume the additional role of acting CFO effective immediately.
Vehicles that were taken out of commercial, government, and daily rental fleets and sold at auction in July were worth 8.1% more than they were a year ago and 0.4% more than in June, according to Tom Kontos, KAR Auction Services' chief economist.
Net income improved to $26 million and adjusted net income increased 84% to $46 million, or $0.57 per diluted share.
For the second quarter 2018, total revenues were $2.4 billion, a 7% increase versus the second quarter 2017.
The International Automotive Remarketers Alliance (IARA) has announced that Felipe Smolka, executive vice president of transformation for LeasePlan USA, will be providing a keynote presentation at the 2018 IARA Summer Roundtable.
Off-lease fleet vehicles sold in the wholesale market at auction fell 1% in value in June from the prior month but increased 7% from a year ago, according to Tom Kontos, KAR Auction Services' chief economist.
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.
Off-lease vehicles from fleet consignors in the rental, commercial, and government sectors increased 2.3% in April from March and increased 5.8% from a year ago, according to analysis from KAR Auction Services.
Disruption in the automotive industry will affect many businesses with close ties to it, including those in wholesale remarketing, health care, and accident litigation.
Merchants Fleet Management has hired a regional sales manager for northern and central California and a manager for its Merchants GuaranteeTRAC resale program, the fleet management company announced.
Hertz Global Holdings’ monthly net per unit vehicle depreciation expense decreased 13% to $302 for its U.S. operations, during its first quarter of 2018.
Prices for vehicles from fleet lease consignors increased 6.6% in March and are 4.9% higher than a year ago driven in part by a strong spring selling season that boosted the values significantly from February levels, according to KAR Auction Services.
All vehicles are Avis Certified — meaning they have passed a rigorous multi-point, bumper-to-bumper inspection process completed by certified mechanics, including ASE-Certified and ASE Master Technicians.