Lease credit approval fell to 47.6% in September, the lowest percentage of the year and a noticeable drop from the 68.3% that was reported in August, according to car lease marketplace Swapalease.com.
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Black Book will begin offerings it valuation data AutoAlert, a data-mining and communication solution, under a new partnership. Under this agreement, Black Book will populate AutoAlert’s algorithms with its proprietary vehicle values, the company has announced.
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While average wholesale prices in Houston remain elevated, vehicles throughout the rest of the country saw higher rates of depreciation last week, according to Black Book’s Oct. 16 Market Insights report.
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Manheim Puerto Rico hosted its first post-hurricane sale on Oct. 12 — 200 vehicles were offered for sale, the auction announced. Of those, 70 sold and an additional 30 vehicles are pending sale.
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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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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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