This wave of off-lease vehicles is expected to be one of the biggest threats that the new-vehicle industry will face this year and the next. And, it won’t just be the sheer volume of relatively new, low-mileage vehicles that will pose a risk to the new-industry; it’ll be the types of off-lease vehicles returning to market that will present the biggest hurdle.
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The used-vehicle industry reached a record-breaking 39.2 million in sales in 2017, representing a 1.6% year-over-year increase, according to the latest Used Car Report from Edmunds.
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Carvana recently reported its financials for the first quarter of 2018 and full-year 2017, and its performance shows that more buyers are opting for an online experience to purchase their used cars.
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Manheim’s used vehicle value index — which tracks how wholesale used vehicle prices change month-to-month — for December came in at 132, 1.91% month-over-month decrease and an increase of 5.6% year-over-year.
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Carvana has added a fifth market in Texas by adding Corpus Christi to the list of cities it offers next-day delivery, bringing the number of markets that Carvana is in to 44.
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Carvana has added a fifth market in Florida in Fort Myers to the list of cities it offers next-day delivery, bringing the number of markets that Carvana is in to 42.
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Carvana has expanded its presence in California with the addition of Bakersfield, Calif. to the list of cities it offers next-day delivery to, marking the company’s 40th market since its inception.
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The Appraisal Lane, a mobile app that connects auto dealers with a community of appraisers and buyers, recently reached 100,000 live vehicle trades through its app, according to a company announcement.
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This marks the 39th market that the company has expanded into as well as the first market that the company has entered in Nevada.
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Copart has added 19 acres of land to its Memphis, Tenn. location in its latest expansion. So far this year, the company has opened over 12 new yards and expanded over seven of its existing locations, according to the company.
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