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April 25, 2017 - Industry News

New York AG Announces Settlement With 104 Dealers Over Recalls

New York State Attorney General Eric Schniederman

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 25, 2017 - Industry News

NsightLive Taps Black Book for Online Trade Appraisals

NsightLive is a content engagement company that delivers leads to dealers through its Live content platform. With Black Book’s trade appraisal engine, the company now offers independent dealers an online trade appraisal tool.

Tags: Black Book, digital retailing, lead generation, NsightLive

April 24, 2017 - Industry News

Kontos: Tale of Two Markets Resumes in March

While wholesale prices were below year-ago levels for cars, they were up for trucks. The revelation prompts KAR Auction Services' chief economist to revisit a study he began during the industry's first experience with $4 gas back in 2008, when the price gap between trucks and cars closed dramatically.

Tags: ADESA Analytical Services, Kar Auction Services, Tom Kontos

April 19, 2017 - Industry News

Black Book: Spring Lift Continues

High demand for pre-owned vehicles resulted in increased values, with 13 out of the 22 vehicle segments registering increases in average value, the firm reported.

Tags: Black Book, used-vehicle values, vehicle depreciation

April 17, 2017 - Industry News

Black Book: Used Vehicle Retention Index Falls to 113 Heading Into April

Since registering a score of 125.9 in May 2015, the firm’s Used Vehicle Retention Index has fallen steadily. Last year, it dropped by 6.4%. In March, the index fell from February's 113.9 to 113.

Tags: Black Book, depreciation, Used Vehicle Value Index, used-vehicle values

April 12, 2017 - Industry News

TradeRev Adds New Features to Online Auction

The startup added a title concierge service to help dealers secure titles on vehicles purchased through its automotive exchange. The firm also added an account lookup feature so users can track all money movement between sellers and buyers.

Tags: Inventory Management, online auction, TradeRev

April 6, 2017 - Industry News

5 Vehicle Segments Retain or Increase Values in March, Black Book Reports

The vehicle valuation firm reported today that the average used vehicle for model years 2011-2015 depreciated slightly 0.6%. Cars overall recorded depreciation of 0.3%, while trucks registered depreciation of 0.8%.

Tags: Black Book, used-vehicle values

March 30, 2017 - Industry News

Tom Webb to Retire as Cox Automotive's Chief Economist

Tom Webb will retire on June 30, ending a more than four-decade career. Cox Automotive officials said a replacement will be named in the coming weeks.

Tags: Cox Automotive, Manheim, Manheim Index, Manheim Used Vehicle Report, NADA, used-vehicle values

March 28, 2017 - Industry News

Black Book: Spring Lift in Full Effect

Both cars and trucks realized a healthy seasonal boost in wholesale performance last week, with both segments retaining their values better than they have in the past six months.

Tags: Black Book, Used-Car Sales, used-vehicle prices, Wholesale Values

March 22, 2017 - Industry News

Kontos: Used-Vehicle Prices Soften 'Uncharacteristically' in February

February provided “further concrete evidence of softening” of used-vehicle prices, ADESA's Tom Kontos wrote in his monthly Kontos Kommentary.

Tags: ADESA Analytical Services, Tom Kontos, used-vehicle prices, Wholesale Pricing

March 22, 2017 - Industry News

Black Book: Cars Continue to Outperform Truck Segment

This week’s Black Book Market Insights report shows the car segment retaining its value better than the truck segment as a whole. However, compact vans saw their values strengthen by 1.17%, outperforming all other vehicle segments.

Tags: Black Book, used-vehicle values, vehicle depreciation, Wholesale Values

March 20, 2017 - Industry News

Spireon Enhances Recovery Link Feature in Goldstar GPS Solution

Spireon introduces one-step vehicle-recovery process for buy-here, pay-here dealers, who can automatically send locator links on lapsed vehicles to recovery agents via text or email.

Tags: buy-here, GPS Tracking, pay-here, Spireon

March 15, 2017 - Industry News

Black Book: Cars Outperform Trucks, Luxury Cars Continue to Falter

Luxury vehicles continued to struggle last week, leading all segments in terms of depreciation. The other big story was the performance of cars, which continued to retain their values better than trucks.

Tags: Black Book, vehicle depreciation, Wholesale Values

March 15, 2017 - Industry News

DRIVIN, Chrome Data Announce Data Licensing Agreement

DRIVIN this week announced it has signed an agreement to license Chrome Data’s Automotive Description Service (ADS) to enhance its inventory-sourcing marketplace.

Tags: Chrome Data Solutions, DRIVIN, inventory sourcing, Online Marketplace

March 15, 2017 - Industry News

Manheim Locations Receive Top Honors at CAR

Eleven Manheim auctions took home 15 national and regional awards at this month’s Conference of Automotive Remarketing. Big winners were Manheim Seattle, Manheim Dallas and Manheim Statesville.

Tags: Auctions, Conference of Automotive Remarketing, Manheim

March 11, 2017 - Industry News

Tom Webb to Retire as Cox Automotive's Chief Economist

Tom Webb will retire on June 30 as Cox Automotive's chief economist, ending a more than four-decade career.

Tags: Cox Automotive, Manheim, Manheim Index, Manheim Used Vehicle Report, Tom Webb, used-vehicle values

March 8, 2017 - Industry News

Black Book: Retention Holds Relatively Strong in February

Small pickups led the way, but cars also showed retention strength during a month in which the average price of a used vehicle for model years 2011-2015 depreciated by 0.8%.

Tags: Black Book, depreciation, used-vehicle values

March 8, 2017 - Industry News

ACV Auctions Secures $15 million in Funding to Fuel Expansion

This Series B funding builds on the $5 million in venture capital ACV Auctions secured in 2016, the $1 million the firm secured in 2015 by winning the 43North startup competition, and the $1 million from angel investment the company also secured in 2015.

Tags: ACV Auctions, depreciation, used-vehicle values

March 7, 2017 - Industry News

Manheim: Wholesale Prices Slip in February

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

Kontos: January Wholesale Prices Rise 6.7% YOY

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 28, 2017 - Industry News

Black Book: Small Crossovers and Cars Have Strong Week

After four weeks of living below 0.37%, the depreciation rate for the truck segment reached its highest level in February — and its second-highest this year — last week, according to Black Book’s Feb. 27 Market Insights report.

Tags: Black Book, vehicle depreciation, Wholesale Values

February 27, 2017 - Industry News

AutoFi Adds iLendingDIRECT Network

AutoFi today announced the addition of iLendingDIRECT and its network of credit unions to its point-of-sale auto finance solution. The fintech firm also announced its entrance into the used-vehicle market.

Tags: AutoFi, digital retailing, Online F&I

February 21, 2017 - Industry News

CarMax Opens West Coast Reconditioning Hub

Photo via Flickr.

CarMax has opened a store in Murrieta, Calif., that will include a four-lane auction and serve as the West Coast reconditioning hub for the nation's largest retailer of used cars.

Tags: Auctions, CarMax, Dealers, reconditioning

February 21, 2017 - Industry News

DealersLink Offers Tips on Getting Cars to the Digital Frontline

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 16, 2017 - Industry News

Used-Vehicle Market Bracing for Off-Lease Tidal Wave

While low interest rates and consistent values are making it possible for the market to absorb the wave of newer, more expensive off-lease vehicles, demand for older, less expensive vehicles hasn't waned. But with fewer older vehicles available, sellers will be at a disadvantage, Edmunds said this week.

Tags: Edmunds, Inventory Management, Off-Lease Vehicles, used-vehicle values

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