Cox, Penske Debut Online Platform for Retailing Used Vehicles
The digital platform enables consumers to transact 100% online.
The digital platform enables consumers to transact 100% online.
The latest trends in key indicators suggest wholesale used vehicle values will continue to see depreciation in the days ahead.
Chip shortages and surging demand are squeezing used vehicle sales while inflating prices.
The Manheim Used Vehicle Value Index hit a record high of 203, and likely won't reach into the 200s again for several years.
Cox Automotive Commentary: The third quarter will be the industry’s toughest in 2021, and our analysts are forecasting second-half sales to finish below first half.
Demand has been healthy, inventories tight, and dealers have felt little pressure to lower prices.
The pace of price increases sprinted through May, closing the month nearly 25% higher than the same period in 2020 and 2019.
Commentary: A deluge in demand and a drought in supply are roiling the market.
The average listing price surpassed the $22,000 mark for the first time ever in April, closing the month at a new high of $22,568.
On a year-over-year basis, all major market segments saw seasonally adjusted price increases in April.
Strong spring sales thanks to tax refunds and stimulus checks depleted the supply.
While prices bounce up during springtime, this year's qualify as a leap, an economist says.
Wholesale used-vehicle prices increased 3.74% in the first 15 days of March compared to the previous month.
Wholesale used vehicle prices jumped 3.79% month-over-month in February, led by a major increase near the month's end.
Wholesale values continued their ascent in the final weeks of February, with nearly all reporting segments experiencing gains.
As vintage Chevrolet trucks increase in popularity with enthusiasts, more trucks are going up for auction and sale prices for the most coveted trucks keep increasing. As we look back at 100 years of Chevy truck history, here’s a gallery of the nine most expensive Chevrolet trucks sold at Barrett-Jackson auctions to date. Photos courtesy of General Motors.
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