July 5, 2018 - Industry News
June’s annual percentage rate of 5.82% marked a 17% increase since January 2018. Add rising rates to a virtually saturated U.S. market, record-high vehicle prices, and historically high numbers of people who owe more than their cars are worth, and the stage is set for a market contraction, the firm said.
Tags: Edmunds, Federal Reserve, interest rates, negative equity, new-vehicle sales, SAAR, used-vehicle sales
March 29, 2018 - Industry News
It’s not just the wave of off-lease vehicles expected to return to the market this year and next, it’s the type of vehicles returning that could stunt new sales. Rising interest rates, however, could turn the tide for the new-vehicle market.
Tags: Cox Automotive, new-vehicle sales, used-vehicle sales
March 8, 2018 - Industry News
The spring selling season got off to an early start, leading to a slight month-over-month uptick in the firm’s Used Vehicle Retention Index. The big question is how the harsh weather that has recently struck parts of the country will impact values moving forward.
Tags: Black Book, Used Vehicle Retention Index, used-vehicle sales, used-vehicle values
February 27, 2018 - Industry News
The used-vehicle retailer has named Don Reese as its new CEO. He replaces Ray Fidel, who stepped down as the company's chief executive in January.
Tags: Don Reese, DriveTime, Ray Fidel, used-vehicle sales
October 31, 2017 - Industry News
Total revenue and gross profit were down 5% and 2% from a year ago, respectively, with Hurricane Irma having a significant impact on sales in the group’s core Florida and Georgia markets. F&I was a bright spot, with total gross profit up 4% and the group’s per-copy average increasing by $142 from a year ago to $1,547.
Tags: Asbury Automotive, F&I profit, Hurricane Harvey, Hurricane Irma, new-vehicle sales, public dealer, used-vehicle sales
October 12, 2017 - Industry News
The Manheim Used Vehicle Value Index reached a record high in September for the fifth consecutive month, while the SAAR rose to its highest September reading in three decades. The main driver was replacement demand caused by hurricanes Harvey and Irma.
Tags: Manheim Index, new-vehicle sales, SAAR, Showroom, used-vehicle sales, used-vehicle values
October 10, 2017 - Industry News
Despite a few political and economic setbacks, 2017 is expected to be one of the highest performing years on record in terms of auto sales. They key going forward is the Trump Administration’s ability to turn its pro-business campaign rhetoric into reality.
Tags: auto finance, Donald Trump, Hurricane Harvey, Hurricane Irma, new-vehicle sales, used-vehicle sales, White Clarke Group
September 26, 2017 - Industry News
Wholesale prices of used vehicles up to eight years in age fell by 1.2% in August. Over the past five years, however, losses for the period averaged a more significant 2.2%.
Tags: JD Power, NADA Used Car Guide, used-vehicle sales, used-vehicle values, Wholesale Pricing, wholesale values
September 22, 2017 - Industry News
Sentiment speaks to recent auto finance data showing prime and superprime car buyers shifting toward used, where the average monthly payment was $139 less than the record $504 average monthly payment for new in the second quarter.
Tags: auto finance, Cox Automotive, Experian Automotive, new-vehicle sales, used-vehicle sales
July 17, 2017 - Industry News
The price of cars dropped 1.8%, while trucks recorded a 0.8% decline in value for the month of June. Small pickups registered the lowest monthly depreciation, while subcompact cars recorded the largest depreciation in June.
Tags: Black Book, used-vehicle sales, used-vehicle values, vehicle depreciation
July 6, 2017 - Industry News
Premier Chevrolet Buick GMC was selected to be the first dealership in West Virginia able to certify its pre-owned vehicles with the exclusive Motor Trend Certified designation. The dealership began selling Motor Trend Certified vehicles in May.
Tags: EasyCare, Motor Trend, Premier Chevrolet Buick GMC, pre-owned, used-vehicle sales
June 22, 2017 - Industry News
Industry Summit will once again play host to the Special Finance Conference, the industry’s premier SF training event.
Tags: auto finance, Greg Goebel, Special Finance Conference, subprime, used-vehicle sales
May 22, 2017 - Industry News
The company’s AVH-3300NEX offers a motorized touchscreen display that's seven inches wide and two inches tall, making it an easy installation on older and collectible vehicles. And like the other four models, it offers audiophile-grade sound features, Bluetooth connectivity, and is compatible with Apple CarPlay and Android Auto.
Tags: aftermarket accessories, Infotainment Systems, used-vehicle sales
Average wholesale used-vehicle prices reached $11,141 in April, a 2.2% increase from March and a 2.5% increase from a year ago, Tom Kontos reported. The only three segments registering declines were compact, mid-size, and luxury cars.
Tags: Tom Kontos, used-vehicle sales, wholesale values
May 9, 2017 - Industry News
The new offering places two years of unlimited mileage warranty coverage on the hoods of all vehicles sold under the Officine Maserati Certified Pre-Owned program. Buyers also get a free three-month trial of SiriusXM.
Tags: certified pre-owned vehicles, Maserati, used-vehicle sales
May 3, 2017 - Industry News
Not even another strong performance in U.S. new-vehicle margins, a record quarter in the group's U.K. market, and a profitable quarter in Brazil were enough to offset "extreme weakness" in Group 1's energy price-impacted markets.
Tags: F&I profit, Group 1 Automotive, new-vehicle sales, used-vehicle sales
April 27, 2017 - Industry News
Lithia Motors’ first-quarter results include continued gains in F&I penetrations and revenue, a result the dealer group credits to its aggressive acquisition strategy.
Tags: F&I products, fixed operations, Lithia Motors, used-vehicle sales, used-vehicle values
April 25, 2017 - Industry News
An investigation by the state regulator found hundreds of vehicles were sold with serious safety recall issues, including unintended acceleration, airbag problems, vehicle fires, steering and break lost, among other issues.
Tags: compliance, Eric Schneiderman, New York, used-vehicle sales, vehicle recall
April 17, 2017 - Industry News
According to the trade group’s NADA Data 2016 report, dealership employees had one of the highest average salaries of any industry.
Tags: employment, F&I, fixed operations, NADA Data Report, National Automobile Dealers Association, new-vehicle sales, used-vehicle sales
March 9, 2017 - Industry News
The California new-vehicle market leveled off in 2016, with new light vehicle registrations increasing by less than 2% during the final three quarters of last year, according to the California New Cars Dealers Association (CNCDA).
Tags: California New Car Dealers Association, new-vehicle sales, used-vehicle sales
March 7, 2017 - Industry News
Given last February's sharp dip in pricing, the Manheim Index shows a year-over-year gain of 1.1%, putting it at 124.6 for the month of February. The firm also noted that the crazy tax refund season that was expected to negatively impact dealers never materialized.
Tags: Certified Pre-Owned, Manheim Index, used-vehicle pricing, used-vehicle sales, Wholesale Pricing
February 28, 2017 - Industry News
Wholesale used-vehicle prices in January averaged $10,945, a 6.7% increase from a year ago and a 2.8% rise from the prior month, according to ADESA Analytical Services.
Tags: ADESA, certified pre-owned vehicles, Tom Kontos, used-vehicle sales, wholesale values
February 21, 2017 - Industry News
Aside from the tips, the firm announced the release of a free ebook titled, ‘Six Steps for Dealers to Get Their Cars to the Digital Front Line.’
Tags: Auto Auctions, DealersLink, reconditioning, remarketing, used-vehicle sales
February 8, 2017 - Industry News
The group’s F&I operations posted a $60 increase in F&I profit per vehicle retailed during a quarter in which the nation’s eighth largest auto retailer chose volume over margin.
Tags: Asbury Automotive, F&I products, F&I profit per vehicle retailed, new-vehicle sales, used-vehicle sales
January 31, 2017 - Industry News
The expected regulatory rollback, plateauing sales, rising interest rates, and the push to change the in-dealership experience clouds the F&I industry’s future, EFG Companies said today. Four of the firm's executives offered their predictions for 2017.
Tags: Consumer Financial Protection Bureau, digital retailing, Donald Trump, EFG Companies, interest rates, new-vehicle sales, Regulations, used-vehicle sales
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