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CarMax boosts online buying
CarMax is among a growing group of retailers bolstering e-commerce options as automakers forecast that online sales will represent a big chunk of future business.

By 2025, for example, Porsche expects 30 percent of its vehicle sales will be online, and Mercedes-Benz estimates online sales will account for 25 percent of its volume.
carmax  used  preowned  retail 
10 weeks ago by automotive
Small used-car prices rise unexpectedly
"Those sedans, those coupes, all of those segments were really pounded by low gas prices," Edmunds senior analyst Ivan Drury told Automotive News. "It's been years since we've seen anybody look at used sedans as worth something."
preowned  used  trends 
june 2018 by automotive
Lincoln Adds Pre-Owned Vehicles to Subscription Program - Top News - DP's Office - Top News - Auto Dealer Today
This service is being expanded at a time when used luxury vehicles are performing poorly at auction. Wholesale luxury prices have seen steady declines in recent years, and off-lease supply of luxury vehicles have been growing, further saturating the market.
fordc  lincoln  preowned  used  finance  subscription 
may 2018 by automotive
Dealers battle pressure on used margins
"We always recognized the used-car department as a last bastion" of profitability, but that's no longer a safe assumption, he said Friday at the Cox Automotive press conference.

For the average U.S. dealership in 2017, used-vehicle department gross profit represented 11.7 percent of selling price, down from 12.1 percent in 2016 and 12.6 percent in 2015, according to NADA Data 2017, the annual financial profile of franchised new-vehicle dealerships in the United States.
trends  nada  preowned  used  retail  tier3 
may 2018 by automotive
Cox: Off-Lease Tidal Wave Poses Greatest Risk to New-Vehicle Sales - Top News - DP's Office - Top News - Auto Dealer Today
According to the report, nearly 3.9 million off-lease vehicles will return to the market this year. The type of vehicles coming back consists primarily of low-mileage SUVs, CUVs, and pickups, the same vehicles attracting the most demand in the new-vehicle segment. And at lower price points, these off-lease vehicles could seriously eat into new-vehicle sales.

“These are not stripped-down, baseline versions of higher-end nameplates, as most, if not all, will have touchscreens, Bluetooth connectivity, and other key features consumers crave,” the report noted. “This will be a significant threat to some new-vehicle segments as used products will provide a viable alternative for some car shoppers.”
trends  used  preowned  finance 
may 2018 by automotive
2018 Cox Automotive Used Car Market Report & Outlook
Welcome to the 2018 Cox Automotive Used Car Market Report & Outlook. What used to be the Manheim Used Car Market Report has been reinvented and expanded, but we’ve maintained a decades-long tradition of packing these pages with salient data, smart insights and keen observations about the used car industry with an eye toward 2018 and beyond.
used  preowned  research  media 
may 2018 by automotive
Mercedes-Benz pushing CPO sales
"There's an initiative on the part of Mercedes to support a greater increase in the pre-owned business and the certified pre-owned business in particular," said Greg Barnes, chairman of the Mercedes-Benz Dealer Board and a Mercedes dealer in South Florida. "It's appropriate given the off-lease vehicle increases we're seeing. It's good. It helps us."

Mercedes is projecting 15 to 20 percent more lease vehicles will be returned in 2018 than last year, said Barnes, president of Bill Ussery Motors Group in Coral Gables, Fla., which operates two Mercedes stores.
daimler  mbusa  preowned  used  nada  retail 
may 2018 by automotive
Hyundai will list all CPO vehicles on Carfax
Individual Hyundai dealers have been able to list used vehicles on, but a new agreement between Carfax and the U.S. arm of the Korean automaker allows prospective buyers to set up their online searches to list only Hyundai CPO models.

"Our certified program has grown significantly since its inception," Jose Froehlich, Hyundai senior manager for certified pre-owned, said in a statement. "This is an excellent opportunity to expand our relationship with Carfax and place Hyundai CPO vehicles in front of ready-to-buy shoppers."
hkc  hyundai  media  retail  used  preowned 
may 2018 by automotive
More off-lease crossovers could hurt new-vehicle sales
More SUVs and crossovers are coming off lease in 2018 than in previous years. That means less of a glut of used cars and relief from years of sky-high prices on SUVs and crossovers in the used market.
sales  preowned  finance  used 
april 2018 by automotive
Ford dealers gain access to artificial intelligence tool for used-car sales
FordDirect, a joint venture between Ford Motor Co. and its dealers to help stores with digital marketing, has endorsed a used-vehicle report tool that takes advantage of artificial intelligence. The tool comes from Vast, an Austin, Texas, company that pairs big data with AI for the automotive sector.
ford  fordc  retail  tier3  used  preowned 
april 2018 by automotive
Certified pre-owned car sales start year up 5% | Auto Remarketing
The CPO market began 2018 with 203,024 sales last month, according to Autodata Corp. This was a 5.3-percent hike over January 2017 — although it was also an 8.2-percent decrease from December.

The Big 3 was the highlight of the month, with CPO sales up 16.9 percent from a year ago. Domestic-brand dealers combined to move 70,274 certified vehicles, according to Autodata.
preowned  used  sales 
february 2018 by automotive
CPO likely to break another record, but growth slows | Auto Remarketing
According to Autodata Corp., there was an estimated 2,645,718 CPO vehicles sold in 2017, compared to 2,642,986 sold in 2016. That’s a gain of just 0.1 percent.

Comparatively, certified sales climbed 3.5 percent in 2016, after jumping more than 9 percent in 2015, according to Autodata.
cpo  used  preowned  sales 
january 2018 by automotive
Bill Nash named Automotive News all star
Bill Nash's first year running used-car retailing giant CarMax Inc. hasn't just been about opening new stores and hiring more employees. Since succeeding Tom Folliard as CEO in September 2016, Nash has overseen the launch of a bigger online presence to supplement its more than 180 physical dealerships in 39 states.
carmax  awards  preowned  used 
november 2017 by automotive
Best-ever 3rd quarter for CPO vehicle sales | Auto Remarketing
Autodata Corp., which released updated CPO sales figures through nine months on Tuesday,  said there were an estimated 221,902 certified vehicle sales in September, which beat year-ago figures by 6.6 percent.
preowned  used  sales 
october 2017 by automotive
New-car incentives impact CPO’s overall sales pace | Auto Remarketing
Elevated new-vehicle incentives are helping to slow the overall sales pace of certified used cars and trucks, analysts said, but some automakers’ CPO sales are still thriving.

Industrywide sales of certified used cars and trucks in August dipped 1.4 percent to 230,013 but were up 0.3 percent to 1,798,711 units in the first eight months, according to AutoData Corp.
trends  used  preowned 
september 2017 by automotive
Inside the used-car numbers of Tesla | Auto Remarketing
In its SEC filing, Tesla explains that pre-owned car sales are included in a revenue category called “services and other revenue,” along with maintenance services and the sales of electric vehicle powertrain components and systems Tesla makes for other manufacturers.

That slice of Tesla’s business was up 157 percent year-over-year (a $131.9 million spike) in the second quarter.
tesla  used  preowned 
september 2017 by automotive
J.D. Power launches new used-car price index service | Auto Remarketing
J.D. Power outlined the key service features of the index service as follows:

Insight into used-vehicle price performance and how movement could impact business performance
Index data underpinned by AuctionNet data, representing more than 80% of the nation's auction transactions from Manheim, ADESA, ServNet, ABC and key independent auction houses
Historical index data since 1995 for models up to 8 years in age
Forecast index data for the current year and two years ahead, providing insight into future opportunities and risks
Industry- and segment-level indices
used  preowned  retail 
august 2017 by automotive
Amazon-Like Used Car Startup Vroom Names Anomaly as Its First Agency of Record – Adweek
Vroom, an online direct auto retailer that hopes to change the way Americans buy used cars, has chosen Anomaly as its first ad agency of record after a competitive review.
used  preowned  retail  agency 
august 2017 by automotive
Off-lease activity: Drilling deeper into complicated trends | Auto Remarketing
“People in the past who might have purchased new vehicles and might be coming off of lease now are considering a CPO vehicle,” Smoke said. “When you look at the financing options, it’s now more attractive than the lease payments. Anecdotally, we’re hearing that from a lot of franchised dealers. They’re happy to get the traffic to the lot, and they’re equally happy to be selling CPO vehicles because they can make more money. In fact, many manufacturers are incentivizing dealers to sell those CPO vehicles.
used  preowned  finance 
august 2017 by automotive
Kia reports best-ever half & quarter for CPO sales | Auto Remarketing
Moving just under 40,000 units, Kia Motors America said the first half of the year represented its best six months ever for CPO sales. More specifically, Kia sold 39,799 certified vehicles in the first six months of 2017, beating year-ago figures by 7.8 percent, according to Autodata Corp.
hkc  kia  used  preowned 
july 2017 by automotive
Carvana brings online used-car sales to Detroit
The Detroit market opening is part of a larger push by Carvana to expand nationwide. The company said in a June regulatory filing that it anticipates operating in 37 to 39 markets by the end of the year, up from 11 in early 2016.
used  preowned  retail 
july 2017 by automotive
Shift Raises $38M in Series C Funding Led by BMW iVentures
Shift has quickly become the leading seller of pre-owned cars in the San Francisco Bay Area and Los Angeles, due in large part to its success with millennials. More than 50% of Shift's customers and 70% of buyers who receive a loan are between the ages of 18 to 35. With younger buyers continuing to show changing expectations in car buying, Shift is eager to expand the availability of its technology to new markets to deliver unmatched value (free on-demand test drives, fully digital lending origination, on-site appraisals, trade-ins, and car pick-ups) to buyers and sellers.
technology  preowned  used  bmw  bmwc 
july 2017 by automotive
Kia Motors America Posts Largest Six-Month Certified Pre-Owned Vehicle Sales Total In Company
Year-to-Date Sales Up 7.8% for Kia's Award-Winning CPO Program

- Double digit increases for Cadenza, K900, Sportage and Sedona in the second quarter power Kia to best-ever three-month total of 20,346 vehicles in April, May and June

- Kia has been recognized as the highest ranked brand in J.D. Power's Initial Quality Study for second year in a row
hkc  kia  used  preowned  sales 
july 2017 by automotive
Black Book’s depreciation rundown at 2017 midpoint | Auto Remarketing
In June, small pickups had the lowest monthly depreciation at 0.1 percent. Vehicles in the small pickup segment include the Toyota Tacoma, Chevrolet Colorado, GMC Canyon, Nissan Frontier and the Honda Ridgeline. Vehicles in this segment finished June with an average price of $21,328, a 7.3 percent drop from a year ago.

On the opposite end of the spectrum, sub-compact cars saw the largest depreciation during the month at 2.8 percent. Vehicles in the sub-compact car segment include the Chevrolet Sonic, Ford Fiesta, Honda Fit, Toyota Yaris, Nissan Versa, Kia Soul and the Hyundai Accent. Vehicles in this segment finished June with an average price of $6,554, a 22.0 percent decline from a year ago.
used  preowned  trends  research 
july 2017 by automotive
CarMax captive boosts income, revs marketing for online finance
"Customers are engaging well with this offering, and it continues to contribute to increased leads, which we believe ultimately generate incremental sales," Nash said on the conference call. "Now we're focused on improving the experience and proactively marketing our online financing capability nationwide."
carmax  used  preowned  retail  finance 
july 2017 by automotive
NAAA survey shows 2016 was record year for used vehicles
NAAA said Tuesday its 20th annual survey, conducted by CliftonLarsonAllen of Arlington, Va., found that sales of used vehicles — the sum of actual and estimated vehicle sales — by the association's member auctions rose 4.6 percent to 9.8 million units in 2016, up from 9.3 million units in 2015.

The gross value of vehicles sold rose to $100 billion, setting a record at NAAA member auctions for the second straight year, the survey found. Sales totaled $90.6 billion in 2015, which broke the record set in 2007.
used  preowned  trends 
july 2017 by automotive
Consulting firm discusses ‘used-car time bomb’ | Auto Remarketing
The report projected a significant downturn in U.S. new-vehicle sales ahead, to 16.9 million light-vehicle units this year and to a cyclical trough of 15.2 million units in 2019 — partly driven by a “used-car time bomb” of 500,000 more off-lease vehicle-returns in 2017 versus 2016, on top of the 500,000 more units in 2016 versus 2015.
used  preowned  sales  trends 
july 2017 by automotive
This is the Summer for Car Shoppers to ’Fly to Buy’
Most used car shoppers search for their next vehicle within their local area. But new research from CarGurus, a leading car shopping website, shows that for adventurous deal-seekers, there are opportunities to save significantly by planning a "Fly to Buy" car shopping getaway. Company analysts say that prices on comparable used cars can vary significantly city to city so it's possible to fly to another city to buy a used car at a much lower price, drive it home, and still save substantially after travel costs.
media  used  preowned  research 
july 2017 by automotive
Colorado’s Fastest-Growing Car App Launches in Texas, America’s Second-Largest Car Market
Award-winning Blinker app comes to Texas, empowering anyone to buy, sell, finance and refinance used cars themselves
technology  used  preowned 
july 2017 by automotive
Will off-lease gains lead to used-car sales replacing new? | Auto Remarketing
There will be about 500,000 additional off-lease vehicles this year compared to last, according to data shared in a media conference call with top analysts from Cox Automotive.

And off-lease volume is only expected to run higher in 2018 and 2019
used  preowned  sales  trends 
july 2017 by automotive
Automakers, auctions align to prop up used-car prices
So major carmakers, including General Motors and Ford Motor Co., are aligning with auto auction houses with aggressive moves to make sure they are getting the best prices for their vehicles. Such maneuvers include transporting the automobiles to where the greater demand is based on real-time pricing data, spending more to spruce up used cars and slowing the pace which leased cars get moved to used car lots or auction houses.
used  preowned  trends 
july 2017 by automotive
CPO car sales up 1.2% in first half of year | Auto Remarketing
Domestic brands sold a combined 79,249 certified vehicles for the month (up 2.5 percent), with year-to-date sales down 2.2 percent at 462,937.

Asian brands were down 3.6 percent in June with 106,374 CPO sales, but year-to-date sales are up 2.5 percent at 653,229 units.

European brands were up 0.5 percent in June (36,230 CPO sales) and 5.1 percent for the first half of the year (225,439 units). 
sales  preowned  used 
july 2017 by automotive
Carvana: Cars in vending machines, a fading IPO and an ex-con behind them
Carvana, whose shares have fallen 40 percent since its IPO on April 27, is pulling into the used-car business at a challenging time. An abundance of supply is pushing down car values. Loan delinquencies are rising. A Carvana rival, Beepi, wound down earlier this year after raising $150 million in venture funding.
retail  used  preowned 
june 2017 by automotive
New-car loans lasting 73 to 84 months soar
Longer terms are more commonplace in used-vehicle financing, too
used  preowned  finance 
june 2017 by automotive
Public dealership groups still see potential in used vehicles
AutoNation, Sonic, Penske affirm plans for stand-alone stores
preowned  used  retail 
june 2017 by automotive
CPO sales flat year-over-year
U.S. certified pre-owned sales at the largest automakers have risen just 0.2% through April, bogged down in large part by significant declines at 3 of the 4 largest players: General Motors, Ford Motor Co. and Toyota Motor Sales. Here is how CPO sales have fared through the first third of the year.
used  preowned  sales 
june 2017 by automotive
Mini offers dealers bonuses for more used-car sales
Each Mini store gets a customized target. If a store hits its target, it will receive additional margin of 1 percentage point of the vehicle's sticker price on each new-car sale.

"The used-car business is a huge potential for the Mini dealers in the U.S.," Thomas Felbermair, vice president of Mini Region Americas, told Automotive News. "The numbers show that dealers with a strong used-car business are the successful dealers. It's just a matter of focus."
bmwc  mini  used  preowned 
june 2017 by automotive
Will Facebook be the next big thing in online used-car ads?
If just 4 percent of Facebook's 1.7 billion global users turn to Marketplace to buy and sell used cars, Facebook would pass reigning giant Craigslist, as well as Autotrader, and eBay Motors.
used  preowned  retail  trends  media 
june 2017 by automotive
It's a Buyer's Market for Used Cars, Edmunds Report Finds | Edmunds
An ever-growing glut of vehicles coming off lease means shoppers who want a car between 3 and 4 years old will have a huge selection from which to choose.

This surplus also means dealers will likely be ready to negotiate. As a bonus, Edmunds analysts also noticed a dearth of vehicles 6 years old and older. Shoppers who have such cars can command top dollar for these in-demand trade-ins, Edmunds analysts said.
research  used  preowned 
june 2017 by automotive
Used Car Market Quarterly Report | Edmunds's Used Market Quarterly Report highlights the sales and pricing trends that drive America's used car market. Data is broken out into segment, brand and model levels to show what vehicles used car shoppers are buying and how they are buying them.
preowned  used  sales 
june 2017 by automotive
Growing U.S. used-car glut is a consumer's dream, automakers' nightmare
By the end of 2019, an estimated 12 million low-mileage vehicles are coming off leases inked during a 2014-2016 spurt in new auto sales, according to estimates by Atlanta-based auto auction firm Manheim and Reuters.
used  preowned  trends 
may 2017 by automotive
Maserati North America Announces New Officine Maserati Certified Pre-Owned Program
New Program Will Offer Unlimited Miles for Two Years of Warranty Coverage
fca  maserati  preowned  used 
may 2017 by automotive
Used-car retailer Carvana's shares skid in debut
Carvana shares, priced at $15, closed the day at $11.10 after falling as low as $10.70 just before the 4 p.m. closing bell. The company’s shares opened at $13.50, giving the Carvana a market value of $2 billion.

Carvana sells cars through its website and gives customers the option to pick them up from automated "vending machine" towers located in U.S. cities such as Austin and Dallas in Texas, and Nashville, Tenn.
revenue  used  preowned 
may 2017 by automotive
The CarMax Foundation and KaBOOM! Celebrate Month of the Military Child with Nationwide Effort to
Partners host "Week of Play" to unveil a new playground and ten grants for creative play in military communities
carmax  brand  content  retail  used  preowned 
may 2017 by automotive
Carbiz goes toe to toe with CarMax
Using Silicon Valley touches to challenge a giant
used  preowned  retail 
may 2017 by automotive
Millennials may be fertile market for CPO
Among millennial shoppers, 74 percent are willing to pay more for a CPO vehicle vs. a non-CPO used vehicle, compared with 62 percent of older drivers, according to a 2016 Autotrader study. Autotrader is a unit of Cox Automotive.
research  preowned  used  finance 
may 2017 by automotive
Loan balances reach all-time high, while vehicle prices push more people to used cars and leasing - Automotive
This trend appears to be pushing more credit-worthy customers into the used vehicle market. In Q4 2016, the percentage of used vehicle loans going to prime and super prime customers was up from 45.49 percent in Q4 2015 to 47.76 percent in Q4 2016. In addition, the average credit score for used vehicle loans is up from 649 in Q4 2015 to 654 in Q4 2016.
finance  used  preowned  trends 
may 2017 by automotive
Carvana taps Dallas for newest vending machine | Auto Remarketing
Carvana has unveiled the Frisco Car Vending Machine in the Dallas area, the company’s fourth Car Vending Machine in Texas, joining the cities of Austin, Houston and San Antonio.

The Frisco Car Vending Machine, located at 5252 State Highway 121, is the fifth of its kind in the country. It stands eight stories tall, contains four delivery bays, and holds up to a total of 30 cars.
retail  used  preowned 
may 2017 by automotive
The second annual Pre-Owned Value Awards by ALG, owned by TrueCar, ranked Toyota best for mainstream brands and Mercedes-Benz for premium brands. In fact, Toyota won in six of 26 categories and Mercedes-Benz in four, in addition to their overall wins. T
awards  preowned  used  toyota  toyotac  mbusa  daimler 
may 2017 by automotive
Carvana expands into St. Louis | Auto Remarketing
The online platform for buying used-cars now has a total of 24 markets overall and currently offers free delivery services to more than 3 million residents who live within the St. Louis local delivery area.
used  preowned 
april 2017 by automotive
Falling used-car prices could hurt new sales, analyst warns
Prices for used cars and trucks could fall 15 to 20 percent as dealerships become awash in off-lease vehicles, creating “a big problem for the new-vehicle segment,” auto analyst John Murphy said Tuesday.
used  preowned  trends  sales 
april 2017 by automotive
Used-car consignment stores blur retail, wholesale lines | Auto Remarketing
The prices at a CarLotz location are about 10 percent less than retail, but typically higher than the wholesale valuation of a car. It’s a flat-fee model for the seller, no matter the car, whether it’s a Ferrari or a 16-year-old pickup truck. The fees include a $199 upfront listing fee and a $799 success fee, which is pulled from proceeds of the sale. The latter is only charged if the car sells.  
trends  used  preowned 
april 2017 by automotive
Toyota, Mercedes take top spots in ALG Pre-Owned Awards | Auto Remarketing
The awards, announced Monday, recognize the 2-year-old vehicles expected to retain the most value over the next three years, ALG said in a news release. In addition to the overall brand winners, the POVA’s recognize winners in 26 segments.
toyota  toyotac  mbusa  daimler  awards  preowned  used 
april 2017 by automotive
GM joins chorus warning used-car prices to fall amid glut
The prices of used cars in GM Financial's leasing portfolio will decline about 7 percent this year, GM Chief Financial Officer Chuck Stevens said on a conference call with analysts Thursday. The value of used GM vehicles have depreciated faster than expected in the first quarter, particularly with crossovers, and prices will fall as much as 3 percent next year.
gm  used  preowned  trends 
april 2017 by automotive
4 brands set CPO sales record to keep pace with off-lease volume | Auto Remarketing
Autodata reported that four automakers — Fiat Chrysler, Kia, Maserati and Nissan — closed the first quarter with their highest CPO sales total ever for a single month. The firm indicated Fiat Chrysler turned 23,266 certified units as Nissan moved 18,509 CPO models. Kia recorded 7,513 certified sales as Maserati turned 79 CPO models.
used  preowned  fca  hkc  nissanc  sales 
april 2017 by automotive
5 Vehicle Segments Retain or Increase Values in March, Black Book Reports - Top News - DP's Office - Top News - Auto Dealer Today
The average price of a used vehicle for model years 2011-2015 depreciated by 0.6% in March, Black Book reported today. Cars overall saw depreciation of 0.3% vs. trucks, which registered depreciation of 0.8%. All vehicles are averaging a 12-month depreciation change of 17.9%.
research  used  preowned 
april 2017 by automotive Is Proud to Announce the Launch of All Used Auto is a brand new website designed specifically to showcase used vehicles for dealerships nationwide., Ames, Iowa based premier automotive dealership website solutions company, created a website for dealerships around the country to display all their used vehicles on a national platform.
media  used  preowned 
april 2017 by automotive
March CPO sales just 0.3% away from all-time high | Auto Remarketing
For the quarter, AutoData indicated the CPO sales figure came in at 647,373 units, edging 0.1 percent higher compared to the first quarter of last year. The amount also was 0.8 percent higher than the fourth quarter of 2016. 
used  preowned 
april 2017 by automotive
Carvana files for IPO
The move comes after years of rapid revenue growth for the company. The company reported annual revenue of $365 million in 2016, up exponentially from $4.6 million in 2013, when it began operating. It has sold about 27,500 vehicles through 2016, according to the SEC filing.

Carvana has operated at a loss during its entire history, the filing reveals. The company has racked up cumulative operating losses of $152.6 million, including a $93.1 million loss in 2016 alone.
used  preowned  revenue 
april 2017 by automotive
Hertz shares bear brunt of 'freak out' over used-car price drop
The drop for the National Automobile Dealers Association’s used vehicle price index in February -- the biggest for any month since November 2008 -- spurred a market “freak out” about lower used car prices, Matthew Stover, an analyst with Susquehanna Financial Group in Boston, wrote in a report Friday. CEO Kathryn Marinello, a newcomer to the car-rental business, faces doubts that Hertz will emerge unscathed from the value of its vehicles depreciating at a faster rate than a year ago.
rental  used  preowned 
march 2017 by automotive
Ally profit warning deepens angst over slumping used-car prices
Concern is mounting over falling used-car values dragging on lenders including Ford Motor Co.’s financial-services unit. Consumers have turned to leasing more than ever to lower their monthly payments on new vehicles that have been selling at record high prices in the U.S. Surging numbers of vehicles coming off leases is fueling a supply glut and dragging down prices.

The National Automobile Dealers Association’s Used Car Guide index declined 3.8 percent in February, the eighth consecutive drop and the steepest since November 2008.
preowned  used  finance  trends 
march 2017 by automotive
Peer-to-peer car sales app expands into Texas & claims SXSW accolade | Auto Remarketing
After launching in its home state of Colorado back in September, Blinker made its services available in Texas this week, too. Blinker can verify ownership records and buyer and seller identities, handles payments through the app, conducts a 17-point fraud check and offers a free Carfax Vehicle History Report with every listing.
used  preowned  retail  technology 
march 2017 by automotive
Carvana adds 4th Car Vending Machine | Auto Remarketing
The San Antonio location joins fellow Texas cities Austin and Houston, along with the original Car Vending Machine in Nashville, Tenn.

The eight-story glass structure in San Antonio can hold 30 vehicles and has four delivery bays.
retail  used  preowned  brand  content 
march 2017 by automotive
Auto companies make Fortune top workplace list | Auto Remarketing
CarMax, for one, was named to the list  for the 13th consecutive year.

The used-car retailer ranks number 77 on this year’s list.
carmax  used  preowned  awards 
march 2017 by automotive
Loyalty Rates Amazing for Certified Pre-Owned Vehicles | Industry content from WardsAuto
Experian analyzed nearly 12.6 million return-to-market events at the automotive retail level and found consumers going from one CPO vehicle to another from the same automaker had a loyalty rate of 75%. No other transition came close, as shown below.

• New vehicle to new vehicle, 60.9%.

• CPO to new vehicle, 54.1%.

• New vehicle to CPO vehicle, 49.1%.

• Non-CPO used vehicle to CPO, 47.1%.
research  preowned  used 
march 2017 by automotive
Used-car depreciation to accelerate
The report found that depreciation rates were higher for car segments than they were for pickups, crossovers and SUVs. Each car segment except for full-size cars depreciated at a faster rate than average in 2016, while most light-truck segments came in below average.
research  used  preowned  finance 
march 2017 by automotive
8 OEMs off to strongest CPO starts in 2017 | Auto Remarketing
Of those eight OEMs, each one has posted year-to-date CPO sales gains of at least 8 percent. Leading the charge in terms of an increase in actual units is BMW, which has turned 21,462 certified units in two months, according to Autodata. That figure represents a 27.3-percent lift year-over-year.
research  preowned  used 
march 2017 by automotive
Edmunds 2016 Used Vehicle Market Report
- Used sales up over 2015

- CPO volume set record

- Highest used vehicle prices ever

- Favorable financing mitigated high prices

- Older vehicle supply fading
research  used  preowned 
february 2017 by automotive
How Audi dealers use CPO to connect with aspirational buyers | Auto Remarketing
“With the reconditioning process being so strong, most people cannot tell it’s pre-owned, so the customer gets the prestige and recognition from their peers of being in a new luxury car at an earlier age,” Flood said in an email. “Not only does it have a manufacturer backed warranty, but in most cases Audi is offering finance rates as low as new cars, leading to the payments to really be within reach.”
audi  preowned  used  vwc 
february 2017 by automotive
Used-car leasing fails to meet expectations
Used-vehicle lease payments are too close to those for new vehicles to make them appealing, and many lenders are unsure of how to set the residual values on used leases, experts said here last month at the associations' 2017 events in New Orleans.
finance  used  preowned  trends 
february 2017 by automotive
CPO sales poised for another record in '17
The Cox Automotive 2016 CPO Study, released in mid-November, found that the average consumer is willing to pay $3,000 more for a CPO vehicle than for the same vehicle without a certification. But dealers estimate that consumers will pay only $1,260 more for a CPO vehicle. The implication is that dealers may be pricing their certified inventory as much as $1,740 per unit below what consumers would be willing to pay.
research  preowned  used  trends 
january 2017 by automotive
Used-Car Deals Attract Consumers With Great Credit | NADA Convention and Exposition content from WardsAuto
“Fifty-four percent of prime borrowers are buying used cars,” Melinda Zabritski, credit tracker Experian’s senior director-automotive, says at the American Financial Services Assn.’s annual vehicle conference held here in conjunction with the National Automobile Dealers Assn. convention and expo.

Those consumers aren’t necessarily on a crash budget. Rather, they are going for attractively priced used cars with lots of life left in them. Today’s vehicles are much better made than their ancestors. That reliability extends to their used-car years.  

Cost-constrained subprime-ranked consumers usually buy used vehicles out of necessity. Shoppers with good credit are doing so out of choice.

The prime crowd particularly likes certified pre-owned off-lease vehicles. Those are about two or three years old, inspected, reconditioned when necessary and come with warranties. CPO sales hit a record 2.5 million units last year. 
research  used  preowned  trends  finance  nada 
january 2017 by automotive
Ford seen as ‘canary’ with record leases spurring used-car glut
A glut of used vehicles has started to depress prices. That trend will intensify as Americans will return 3.36 million leased cars and trucks this year, another jump after a 33 percent surge in 2016, according to J.D. Power. The fallout has already begun, with Ford Motor Co. shaving $300 million from its financial-services arm’s profit forecast for this year.
finance  used  preowned  trends 
january 2017 by automotive
Experian plc - Certified Pre-Owned vehicle owners tend to hit repeat when selecting their next car
The analysis looked at nearly 12.6 million return-to-market events occurring between September 2015 and August 2016. Consumers going from a CPO vehicle to a CPO vehicle from the same original equipment manufacturer (OEM) showed the highest loyalty rate at 75 percent. Consumers going from a new vehicle to another new vehicle came in second, at 60.9 percent. Rounding out the top five: consumers with a CPO going to a new vehicle (54.1 percent), consumers with a new vehicle going to a CPO (49.1 percent) and consumers with a non-CPO used vehicle going to a CPO (47.1 percent).
research  preowned  used  retention 
january 2017 by automotive
Certified Pre-Owned vehicle owners tend to hit repeat when selecting their next car
Analysis shows that 75 percent of CPO owners returning to market bought another CPO vehicle
research  used  preowned 
january 2017 by automotive
Hertz retails retired rental fleet on Shift's platform
Hertz currently sells vehicles directly to the public at its Hertz Car Sales stores, which also feature Hertz Rent2Buy, which allows consumers to rent their vehicles for a three-day test drive while making up their minds about the purchase.
rental  used  preowned 
december 2016 by automotive
Incentives, excess new-car inventory, put a drag on used vehicle values
Tom Webb, Cox Automotive chief economist, believes that used-vehicle prices slid last month as a result of manufacturers’ hoisting new-vehicle sales with higher incentives. He also noted that despite strong new-vehicle sales in November, franchise dealers ended the month with more new vehicles on their lots than they wanted.
used  preowned  trends 
december 2016 by automotive
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