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Wholesale used vehicle prices decreased 1.04% in September compared to prices the month before, according to Cox Automotive’s latest Manheim Used Vehicle Value Index report.
Cox Automotive forecasts 1.25 million new-vehicle sales in September 2019, which would represent a 14% drop from the previous year.
Nick Peluso, a 30-year veteran of the remarketing industry and leader at Manheim since digital auction sales were a burgeoning idea, will retire at the end of the year.
Manheim's president who oversees the inventory solutions unit offers thoughts on fleet mobility services, bringing artificial intelligence to inspections, and the company's diversification strategy.
Through the 12-month period ending in June 2019, overall manufacturer incentive spend has declined, and the strength of fleet sales this year has been a big reason why.
Overall used vehicle values are at strong levels. Crossover values are holding steady but there is cause for concern in the near future. Sedan values are expected to improve or stabilize as more crossovers enter the market.
Cox Automotive is forecasting 1.38 million U.S. auto sales in July, which would represent a 0.5% increase from the same time last year.
Prompted by a severe shortage of auto technicians nationwide and fast-growing need by clients for the company’s reconditioning services, Manheim has launched its own apprentice program, the company announced.
The used industry's seasonally adjusted annual rate (SAAR) was 39.8 million during June, down from the 41.1 million SAAR from the same time last year, according to Cox Automotive estimates.
Tony Markese will lead Manheim's strategic direction for its reconditioning services as its new VP of reconditioning.