Wholesale values were way down last week, as various truck and car segment vehicles saw steep depreciation.
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The values of vehicles sold at ADESA auctions from fleet consignors fell 0.6% to $13,309 in October but remain 2.4% higher from a year ago, according to Tom Kontos, KAR Global's chief economist.
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The whitepaper titled “Certification Impact on Low Grade & High Mileage Units” found that certified wholesale vehicles sell 4%-8% faster than uncertified vehicles.
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The existing KCI Kansas City auction team will remain at the company after the acquisition.
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The seasonally adjusted annualized rate of U.S. new vehicle sales could exceed 17 million units for the fifth straight year, a surprise for many, as forecasters predicted a slight drop off in 2019.
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Small truck and car segment vehicles saw steep depreciation last week, continuing the trend of accelerated depreciation within the overall wholesale market.
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Overall used vehicle values, and truck values in particular, were down month-over-month in October, according to Black Book’s latest Used Vehicle Retention Index.
Read More →Cox Automotive has appointed Scott Maybee as president of NextGear Capital.
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Trucks have shown the most strength of any segment with full-size trucks up 3%, while Kelley Blue Book shows midsize pickups rose 6%, aided by new and redesigned models.
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The platform has been in use throughout the company's Canadian operations since 2016, but it is now bringing it to the U.S. market.
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