Wholesale depreciation inched upward last week, as mid-size cars and luxury vehicles continue to see their prices at auction fall, according to Black Book’s June 11 Market Insights report.
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The structure stands eight stories tall and holds 30 vehicles, similar to other Carvana vending machines. This marks the 11th vending machine nationwide and the third vending machine in Florida for Carvana.
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Vehicle remarketing and technology solutions provider KAR Auction Services Inc. has named Joe Oliveri vice president of the company’s Autoniq business unit, which provides mobile and digital vehicle pricing and evaluation reports.
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Wholesale values held strong in May, registering a 112.9 in Black Book's Used Vehicle Retention Index. A stable used market, the company noted, kept values high during a month where wholesale values typically dip.
Read More →Carvana has opened up a new car vending machine in Washington, D.C., making this the third vending machine the company has opened this year, and the tenth overall, according to a company announcement.
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Mercedes-Benz has provided pricing for its three-tier subscription service, while Fiat Chrysler Automobiles will offer Jeep Wave that will also allow drivers to use a vehicle for a monthly fee across three levels similar to a short-term rental.
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Depreciation for both cars and trucks were at higher levels than what’s been observed in the last few weeks, in large part due to the weak performance of luxury vehicles.
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MetroGistics has rebranded itself as Acertus to reflect its acquisitions of McNutt, AmeriFleet, and Metro Title Services in recent years as the vehicle logistics provider moves to position itself as a one-stop shop for vehicle lifecycle solutions.
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Utility vehicles and pickups played a large part in driving up the average transaction price for a new vehicle to $35,635 in May, a 3.4% increase over the same time last year, according to Kelley Blue Book.
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Subcompact cars, compact cars, mid-size cars, and full-size cars all saw their wholesale values increase through the period between Feb. 1 and May 1. Respectively, these segments’ wholesale value rose by 2.6%, 5.3%, 3.1%, and 1%.
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