New vehicles sales in May grew by 4.8% on a year-over-year basis in May, while average incentive spend increased for the 38th month in a row.
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Wholesale prices for used vehicles up to 8 years old fell 1.7% month-over-month in May, a level that’s typical for this time of year, according to J.D. Power’s June Used Car and Light Truck Guidelines. Auction volume up 12% month-over-month, 2.6% year-over-year.
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KAR Auction Services has rebooted its Openlane upstream digital remarketing platform with data science, A.I., machine learning, and cloud-based technology so it streamlines the experience for buyers and sellers, the company announced.
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Wholesale vehicle values continued to dip last week, realizing the biggest declines of the past four months, according to Black Book’s June 18 Market Insights report.
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The Mercedes-Benz C-Class topped a list of the most recalled cars in recent model years, while the Hyundai Accent was the least-recalled vehicle during the same period, according to a report on ISeeCars.com.
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Used compact vans and several categories of crossovers increased in value in wholesale sales, while luxury vehicles made up seven of the 10 lowest performing categories among 2013-2017 vehicles in May, according to Black Book.
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With the labor market continuing to strengthen and economic activity rising at a solid rate, the Federal Reserve raised the Federal Funds Rate a quarter percentage point for the second time this year — putting the target for short-term rates in the 1.75 to 2% range.
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Used vehicle prices reached $19,657, which represented a 2.2% year-over-year increase, the report noted.
Read More →ADESA Canada has promoted its former senior director of business development, Steve Langdon, to vice president of dealer sales, according to a company announcement.
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Manheim has opened a new retail reconditioning center at Manheim San Francisco Bay, marking the 19th retail reconditioning site that Manheim has opened, according to a company announcement.
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