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.
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The United Auto Workers contract with the Detroit Big 3 automakers expires Sept. 14 as new inventory remains 68% above last year's level.
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U.S. fleet sales for August were strong and reached levels for the month not seen since 2019.
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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.
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The conversion rate indicates that the first 15 days of August saw buyers with more bargaining power for this time of year.
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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.
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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.
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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.
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The deal further positions Cox Mobility in the fleet maintenance sector and expands its servicing of light, medium, and heavy-duty trucks and trailers.
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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.
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