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The average sale price for used vehicles from fleet leasing consignors increased 1.9% to $12,706 in January from the prior month and 3.9% from January of 2018, according to Tom Kontos, KAR's chief economist.
Volume-weighted, overall truck segment (including pickups, SUVs, and vans) values decreased by 0.42% last week. In comparison, the market values decreased by 0.58% on average during the prior four-week period.
Online sales of used vehicles in the wholesale market likely exceeded 2 million in 2018, as remarketing technology made it easier for dealers to evaluate, bid, and buy vehicles beyond physical auction locations.
The average prices for used fleet vehicles sold at auction increased 6.2% to $12,464 in 2018, despite a weaker finish to the year that saw a 0.4% decline in December, according to Tom Kontos, KAR Auction Services' chief economist.
The passenger car segment was a main contributor to the the rise in used-vehicle prices in 2018.
Asset disposition solutions provider Remarketing by Element, a business unit of Element Fleet Management, has joined the National Independent Automobile Dealers Association's network of National Member Benefit partners.
Wholesale compact van values experienced the biggest decline at auction last week, depreciating 1.03% week-over-week.
Peterbilt announced a new warranty option for Red Oval Certified Pre-Owned truck customers.
Prior to 2018, sedans at auction had experienced three years of consecutive value declines. For sedan-heavy fleets, this may have meant an impact to total cost of ownership for those vehicles, as profits from remarketing them would have suffered. Now companies with sedan-heavy fleets may be finding that a window of opportunity to remarket those vehicles for better profit has emerged.
Insurance Auto Auctions (IAA) is expanding the launch of its new towing app to aid towing and hauling contractors transporting vehicles impacted by Hurricane Florence and the resulting flooding.