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.
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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.
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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.
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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.
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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.
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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.
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The initiative began in 2014, when the company first announced that its $400 million multiple-year project to transform its auction operations. In that time Manheim brought enhancements to both its physical and digital properties.
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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.
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The Car Connectivity Consortium consists of over 70 companies in the car, tech, and communications industries.
Read More →CU Direct has partnered with CU Direct Connect in order to better meet the growing indirect lending needs of credit unions and to strengthen the position of the credit union industry with auto dealers across the country.
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