The average price of used vehicles model years 2012-2016 fell 0.7% in September, with the lion’s share of that depreciation coming from the car segment, according to Black Book. As of September, all vehicles are averaging a 12-month depreciation of 14.5%.
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Online used car retailer Carvana has expanded its next-day shipping to Albuquerque, N.M., according to a company announcement.
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RMS Automotive has enhanced its MOVE dealer web portal for French manufacturer PSA Group's vehicles. PSA Group uses the upstream remarketing platform in 22 countries to for Peugeot, Citroen and DS Automobiles brands.
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Although bidding activity has begun to slow down after weeks of increased lane activity after the recent hurricanes, overall segment depreciation remains at steady levels, according to Black Book’s Oct. 9 Market Insights report.
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AutoBuy, a used-car consignor, has opened two new locations, bringing the company’s total bricks and mortar locations to eight, and increasing its buy/sell capacity by more than 40%.
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The XLerate Group has named auction industry veteran Pat Stevens as its COO. Stevens has worked in the auto auction industry for over 20 years, 14 of which have been in executive management positions.
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Cox Automotive has named Patrick Brennan as senior vice president of inventory solutions, marketplace, the company announced. He will begin in his new role effective immediately.
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Carvana has opened up its newest car vending machine in Jacksonville, Fla., marking the fifth vending machine the company has opened this year, according to a company announcement.
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Wholesale used vehicle prices rose 2.77% in September on a month-over-month basis, which drove Manheim’s Used Vehicle Value Index up 6.3% from a year ago to 134.9, marking five months of consecutive growth.
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At a depreciation rate of 0.94%, prestige luxury cars experienced the biggest drop in average wholesale value among all cars compared to the week before. Premium sporty cars posted the second-highest decline at 0.83% depreciation.
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