
Three of Cox's companies are partnering up to help navigate the challenges of finding more vehicles in a constricted market.
Three of Cox's companies are partnering up to help navigate the challenges of finding more vehicles in a constricted market.
Hurricane damage, high interest rates, softening used values, and a slowing economy will all have some effect on the coming used vehicle market. The greater issue is even lower sales — as the historic decline in the lease return rate from 2022 meets up with a big drop in lease maturities and lower dealer consignments.
Cox Automotive Mobility will help fleets convert to electric vehicles and modernize while expanding its fleet of mobile service trucks outfitted with on-demand charging for EV fleet customers.
Peter Grupposo succeeds Holly Capps overseeing the commercial sales, dealer sales and market insights teams for Manheim and NextGear Capital.
The partnership between Cox Automotive Mobility and Spiers New Technologies adds new service centers to support the transition to electric vehicles.
While prices and supply stabilize somewhat, the overall supply is far below historical levels, said Charlie Chesbrough, Cox Automotive senior economist.
The downward trend continues, as June CPO sales were down 1% from May’s sales stats.
Compared to last month, wholesale used vehicle prices are down 1.3%, but year over year, prices are up 10.7%.
May’s CPO sales result is the lowest since February, also down over 22% from May 2021.
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