Vehicles from fleet consignors followed the broader used-vehicle market downward in September, as wholesale prices struggled to keep up with last year's hurricane-driven demand and a now robust upstream market, said Tom Kontos, KAR Auction Services' chief economist.
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Car lease credit applicants registered a 69.8% approval rate in September on Swapalease, a 3.9% drop from the previous month.
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Wholesale values saw a heavy decline last week, with sporty cars, minivans, and small pickups leading weekly depreciation.
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Six pickup trucks made the top-10 list of vehicles that retain the highest percentage of their value after a five-year ownership period, along with two Jeeps, a Subaru, and the Toyota 4Runner. At the other end of the spectrum, the Nissan Leaf saw the highest depreciation over the same period.
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Due to the areas affected being less densely populated than cities affected by recent hurricanes such as Florence, Irma, and Harvey, the impact on the auto industry will be less severe than those hurricanes.
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Through this integration, CDK dealer customers will realize stronger profit potential with a more precise valuation process during trade-ins for specialty vehicles, the companies noted.
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New York-based Greenbriar Equity Group has acquired Spireon, Inc. from Bertram Capital, a San Mateo-based equity firm that has presided over the expansion of the telematics provider.
Read More →Joe LeMonds has been promoted to assistant general manager of Sales and Marketing at the auction, while Vann Humphrey has been hired on as assistant general manager of operations.
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While luxury vehicles continue to struggle, overall vehicle values held steady last week, according to Black Book’s Oct. 8 Market Insights report.
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This investment follows years of online sales growth for Manheim. During the first half of 2018, digital sales for Manheim grew by 45% year-over-year. In 2017 sales were up 39% year-over-year during the same time period.
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