Depreciation trends for both car and truck segments are seasonally lower than what is normally expected this time of year, according to Black Book’s Oct. 23 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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While summer hasn’t quite reached its end, the approaching fall season is already having some effect on the types of cars selling at Midwest auctions.
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The streak continued in July, with the Manheim Used Vehicle Value Index recording its third consecutive record in July. Driven by the 0.75% month-over-month increase in wholesale used-vehicle prices, the index rose 2.6% from a year ago to 130.1, according to the firm.
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Retail used car sales are up 4.3% year-to-date, according to Manheim Chief Economist Jonathan Smoke’s Industry Insights.
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Carvana continues its nationwide expansion this week with the launch of its next-day vehicle delivery service in Phoenix, according to a company announcement.
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Black Book's Used Vehicle Retention Index for July remains unchanged from June at a value of 113. The index has now moved positive or unchanged in three of the last four months.
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During a quarter where new-vehicle sales slipped, used-vehicle sales grew for Asbury Automotive, one of the six largest publicly traded dealer groups. However, while more used vehicles were sold, less gross profit was generated, and off-lease vehicles are partly to blame.
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The subcompact luxury crossover segment saw the highest depreciation among all segments last week, after several weeks of low depreciation, according to Black Book’s July 24 Market Insights report.
Read More →Online used vehicle marketplace Shift has raised $38 million in a series C round of funding led by BMW's venture capital business unit, iVentures. Other participants included DFJ, Highland Capital, G2VP, and Goldman Sachs Investment Partners.
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