After a 41-year career at Cox Automotive, current CFO Mark Bowser will retire this year and Senior Vice President of corporate development Scott LeTourneau will take his place on September 19.
Analysis: The actions of the UAW will reverberate through the larger auto business, but nowhere near what was experienced in April 2020. Sales into fleet could suffer in 4Q if a strike is wide and persists. Rental car companies may return to the used car market like they did in 2021 and 2022, driving prices higher.
With sales slightly stronger than expected, tight supply, and prices at about 6% below last year, these factors are expected to prevent any substantial decline in wholesale prices through year-end.
The number of used vehicles for sale had been increasing after hitting a low point in March but that increase in inventory stalled in mid-July and into August, as sales unexpectedly picked up.
The United Auto Workers contract with the Detroit Big 3 automakers expires Sept. 14 as new inventory remains 68% above last year's level.
U.S. fleet sales for August were strong and reached levels for the month not seen since 2019.
The purchase will integrate RCG Logistics under the ACERTUS brand and is the fourth transaction for ACERTUS whose parent company MetroGistics previously acquired MetroTitle, Amerifleet, and McNutt.
The conversion rate indicates that the first 15 days of August saw buyers with more bargaining power for this time of year.
While the total supply of unsold used vehicles is down from the same time a year ago, they are up from the end of June.
The average listing price of a vehicle remained above $47,000 since April, while the ATP of a new vehicle in July was $48,334 compared with $48,671 in June.
Long brings years of experience and strong industry connections as a former executive director of the International Automotive Remarketers Alliance and previously of the National Auto Auction Association.
The deal further positions Cox Mobility in the fleet maintenance sector and expands its servicing of light, medium, and heavy-duty trucks and trailers.
Jerry Cunningham brings over 20 years of experience in the auction industry as he joins just as the Tallahassee auction embarks on infrastructure upgrades to grow.
All major market vehicle segments saw price declines year over year and all were down compared to the previous months, except for one.
All large manufacturers showed gains in fleet over last year, with combined sales into large rental, commercial, and government fleets improving.
media brand
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In
