The Manheim Used Vehicle Value Index hit a record high for the second consecutive month, as wholesale used-vehicle prices rose 1.1% month over month in June. The increase brought the Index to 129.3, a 2.5% increase from a year ago.
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Carvana has expanded its next-day delivery service to Louisville, Kentucky, marking the company’s first Kentucky Market, according to Carvana announcement.
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Delayed tax refunds led to a slightly higher gross profit per wholesale unit at CarMax, the company reported during its quarterly earnings call for the quarter ending May 31.
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As gas prices have continued to decline, smaller vehicles — in both the car and truck segments — have also seen an accelerated rate of depreciation, according to Black Book’s June 19 Market Insights report.
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Honda has released a newly redesigned certified pre-owned (CPO) vehicle website meant to provide an easier and more focused experience for its CPO segment, which has grown by 6.8% this year, according to a company statement.
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Used vehicle prices experienced a reversal in May, falling 1.2% from the previous month, according to Black Book.
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GM Financial reported $202 million in net income in the first quarter of 2017, a 23% increase over the same time last year, despite pressure on used-car values, the company has announced.
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Used vehicles increased 0.4% in value in April, as buyers boosted the value of smaller cars, which have begun to shrug off several years of heavier declines, according to Black Book.
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Carvana, an online used-car retailer that’s best known for its “car vending machine,” has filed a registration statement with the U.S. Securities and Exchange Commission (SEC), paving the way for an initial public offering (IPO).
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Rising interest rates will have a minimal effect on the used car market today. However, the used-car market is poised to suffer, in the longer term, as federal interest rates continue to rise, one expert said.
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