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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.
TradeRev has expanded its dealer-to-dealer digital auction platform services into five new markets across the United States.
The average value of used fleet vehicles increased 1.5% in August from the prior month and are now up 8.5% from a year ago, according to Tom Kontos, KAR Auction Services' chief economist.
More SUVs, the retention of higher mileage vehicles, and new methods of remarketing are some trends fleets are observing in the wholesale market.
TradeRev started as a dealer-to-dealer mobile app, but has expanded its offerings to give more real-time auction access to commercial fleets and fleet management companies.
Used-vehicle values have held strong this year. A strong economy and more efficient remarketing strategies are helping make 2018 a banner year for used-vehicle values.
Vehicles that were taken out of commercial, government, and daily rental fleets and sold at auction in July were worth 8.1% more than they were a year ago and 0.4% more than in June, according to Tom Kontos, KAR Auction Services' chief economist.