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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Fleet managers should consider seven areas of a vehicle, when maximizing resale value. Condition reports generated by third-party inspectors can help spell out a vehicle's true condition.
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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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Black Book’s Used Vehicle Retention Index increased from 112.6 to 113.9 in September, the largest month-over-month gain since March 2012, according to a company announcement.
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KAR Auction Services, Inc. has acquired the remaining 50% stake in TradeRev, a mobile app and desktop solution that facilitates real-time dealer-to-dealer vehicle auctions, for $50 million in cash and an additional $75 million over the next four years contingent on certain terms and conditions, according to a company announcement.
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Carvana has opened a new vehicle inspection and perfection center in the Phoenix suburb of Tolleson, Ariz., according to a company announcement.
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Pickup trucks have seen a surge in consumer interest in the aftermath of Hurricane Irma and Harvey, according to Jumpstart Automotive Media.
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Edmunds forecasts that approximately 1.4 million new cars and trucks will be sold in September across the United States, for an estimated seasonally adjusted annual rate of 17.5 million, according to a company announcement.
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Cox Automotive has named Grace Huang as president of Cox Automotive Inventory Solutions, which includes brands such as Manheim, Ready Logistics and RMS Automotive, according a company announcement.
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The average wholesale value of cars and trucks saw little depreciation last week, as lane activity has increased as a result of the recent hurricanes, according to Black Book’s Sept. 25 Market Insights report.
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