The firm attributed the strong vehicle retention in October to increased replacement activity stemming from Hurricanes Harvey and Irma. However, the increased replacement activity seen in October is expected to be the last boost to come from the hurricanes.
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The Appraisal Lane, a mobile app that connects auto dealers with a community of appraisers and buyers, recently reached 100,000 live vehicle trades through its app, according to a company announcement.
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Transaction prices continue to rise at a slower pace, with October’s estimated average transaction price expected to rise by $101 from a year ago to $35,263, Kelley Blue Book (KBB) reported on Tuesday. Compared to September, the firm expects the average to increase by $128, or 0.4%.
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Average wholesale values saw little change last week compared to the week before it, with depreciation falling in both the car and truck segment, according to Black Book’s Oct. 30 Market Insights report.
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CarMax has named Ed Hill its new chief operating officer, following the retirement of Cliff Wood, the nation's largest used-vehicle retailer has announced.
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New-vehicle sales are expected to decline 2% year-over-year to 1.34 million units in October, resulting in an estimated 17.9 million seasonally adjusted annual rate (SAAR), according to Kelley Blue Book (KBB).
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The new-vehicle retail sales forecast for October is pointing toward a strong month in year that has under performed compared to the year before it, according to a forecast developed by J.D. Power and LMC Automotive.
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This marks the 39th market that the company has expanded into as well as the first market that the company has entered in Nevada.
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Copart has added 19 acres of land to its Memphis, Tenn. location in its latest expansion. So far this year, the company has opened over 12 new yards and expanded over seven of its existing locations, according to the company.
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Metro Auto Auction of Phoenix has joined the ServNet Auction Group — a network of more than 50 independent wholesale auto auctions, the company announced.
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