Manheim has opened its first auction in Arkansas with Manheim Little Rock, and will hold weekly sales. The company's expansion into Arkansas was driven by dealer demand in an under-served area in the U.S., the company said.
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Tim Meta, national remarketing manager of Fifth Third Bank, was honored with the Consignor of the Year award, while the Nichols family of BSC America received the honor of Remarketer of the Year. Both awards are sponsored by Bobit Business Media.
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The RMS Automotive platform integrates with its OEM clients' technology, enabling commercial consignors to manage the complete vehicle lifecycle – from new car build to used car sale – as well as enhance the value of their remarketing inventory.
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Manheim has appointed three new general managers at its El Paso, Texas; Birmingham, Ala.; and Omaha, Neb. locations in an effort to drive future region growth, according to a company announcement.
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After four weeks of living below 0.37% depreciation, the truck segment reached its highest depreciation rate in February — and the second-highest this year — last week, according to Black Book’s Feb. 27 Market Insights report.
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Wholesale used vehicle prices in January averaged $10,945, a 6.7% year-over-year increase and 2.8% month-over-month rise, according to ADESA Analytical Services.
Read More →Household debt rose by $226 billion to $12.58 trillion in the fourth quarter 2018, the highest quarterly increase since the fourth quarter 2013. It now sits just below its peak of $12.68 trillion in the third quarter 2008, according to the latest Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York.
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The vehicle depreciation rate will reach 17.8% in 2017 on 17 million new-vehicle sales, slightly higher than the 17.3% mark recorded in 2016, according to latest forecast from Black Book and Fitch Ratings. Prior to the Great recession, annual depreciation trended between 16% and 18%.
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Challenging winter weather led to a slight year-over-year decline in auction sales through January in the Midwest region of the U.S. However, as January concluded and February progressed, sales began to pick up.
Read More →New-vehicle sales are expected to be down 3% compared to the same time last year, for a total of 1.3 million retail and fleet vehicles sales during February, which lowers the estimated seasonally adjusted annual rate (SAAR) to 17.1 million compared to February 2016’s 17.6 million SAAR.
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