Copart has opened a new location in Lumberton, N.C., meant to serve as a catastrophe response facility during severe weather events along the United States’ North Atlantic coastline.
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Fleet mainstays such as pickups and vans are expected to perform well at wholesale this year. Higher-end vehicles, such as those found in executive fleets are expected to struggle.
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Given the scope of Hurricanes Harvey and Irma, news about the natural disaster and the effect that it had on the used car market held several top spots on the list of top articles of the year.
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The hurricanes that swept through Texas and Florida destroyed and damaged as many as 900,000 vehicles, and the replacement activity that the catastrophic events spurred boosted retention by almost 2%, according Black Book.
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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 demand for replacement vehicles has already started, and experts say it will continue well into October, and possibly November, as insurance payouts are received.
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While the effect that Hurricane Irma had on Insurance Auto Auction's and Copart's operations in Florida was relatively mild, Houston was a different story.
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As many as 400,000 vehicles in Florida will need to be replaced as a result of Hurricane Irma, including as many as 11,000 fleet vehicles, according to Cox Automotive.
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Manheim and ADESA reopened their Florida auction facilities on Tuesday, as Hurricane Irma moved north toward Tennessee.
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Five ADESA auctions remained closed Monday as Hurricane Irma moved through Georgia and Alabama, and two ADESA auctions in those states curtailed hours and staff, the KAR Auction Services unit announced.
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