Depreciation remains at some of the lowest levels seen all year, driven in part by the strength of entry level cars, according to Black Book’s April 10 Market Insights report.
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A new report from Morgan Stanley warns that used-car values could fall by 25% to 50% in the next four to five years.
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While wholesale used-vehicle prices declined by 0.5% in March, the Manheim Used Vehicle Value Index — a measure of wholesale prices adjusted for mix, mileage and season — came to a reading of 124.1. This is an increase of 1.3% from a year ago.
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Jim McNulty, past president of the Automotive Fleet & Leasing Association (AFLA) and more recently the owner of Lone Star Auto Auction in Lubbock, Texas, passed away on March 9, 2017, from complications of esophageal cancer.
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America’s Auto Auction is continuing on its acquisition spree with the acquisition of two new auctions, including West Michigan Auto Auction and Interstate 94 Vehicle Auction.
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Used cars outperformed trucks in March, as full-size pickups, compact vans, compact cars, and sporty cars increased in value, while as overall used vehicles depreciated 0.6%, according to Black Book.
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Carvana, an online used-car retailer that’s best known for its “car vending machine,” has filed a registration statement with the U.S. Securities and Exchange Commission (SEC), paving the way for an initial public offering (IPO).
Read More →Dallas-based Copart Inc. opened its 200th auction location in the Wilmington area of Los Angeles in late March as the company celebrates its 35th anniversary.
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eAutoAppraise, a provider of online trade-in valuation and credit prescreening services, said that with this move, it’s dealer partners would now have access to Black Book’s accurate vehicle valuation services.
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KAR Auction Services, Inc. has hired Tom Fisher as its executive vice president and CIO, according to a company announcement. In this position, he will be responsible for overseeing KAR’s information technology strategy, operations and activities.
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