Manheim UK recently held an offsite sale for French automaker Citroën atop a structure surrounded by ocean on all sides.
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As manufacturers continue to release new vehicles into the luxury segment, the number of vehicles in the segment has grown. This along with overproduction and higher incentives has led to higher depreciation rates for the segment.
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New-vehicle sales through the first six months of 2017 are expected to be down 2.3%, and high quality off-lease vehicles may be part of the reason why, according to Kelley Blue Book.
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Consignments were down in May and June; however, healthy sales percentage rates kept sales numbers at Northeast auctions at relatively stable levels, compared to the year before.
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Wholesale auctions sold 9.8 million vehicles worth $100 billion in 2016 with the majority coming from dealer consignment, according to the National Auto Auction Association (NAAA). The association has been surveying its members for 20 years.
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Wholesale cars that have been depreciating at roughly double the rate of trucks in the past month have stabilized in the past week, according to Black Book’s June 26 Market Insights report.
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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.
Read More →Manheim Louisville of Clarksville, Ill. has been named the top-performing auction of 2016 by Fiserv, Inc., a provider of financial services technology solutions.
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Carvana has expanded its business of vehicle vending machines into Oklahoma City, which is the company's 30th market in the U.S., Carvana has announced.
Read More →The average monthly payment for a leased vehicle came in at $340.37 in June, a slight reduction from last month’s average of $352.80, according to online lease deal marketplace Wantalease.com.
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