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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Average wholesale prices in June were down vs. June but up vs. a year ago. A drill down into the data, however, reveals price softening on a year-over-year basis when accounting for sales type, vehicle age, model class, and mileage, KAR Chief Economist Tom Kontos said today.
Read More →Black Book's June Used Vehicle Retention Index that measures wholesale values increased 0.7 to 113 from the May level. The index has declined 4.5% in the past 12 months.
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Increased demand at dealer lots during the Fourth of July weekend kept wholesale depreciation at stable levels compared the week before, according to Black Book’s Market Insights report for July 11.
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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.
Read More →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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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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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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Auction sales volume of 8-year-old models totaled 366,212 units in May, a decline of 3% compared to the previous month and a nearly 2% increase from the same time last year, according to J.D. Power’s Used Car and Light Truck Guidelines June Industry Update.
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Prices consignors booked from off-lease fleet vehicles fell 0.2% in May, but remain up 3.5% from a year ago, Tom Kontos wrote in his monthly Kontos Kommentary.
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