Black Book: Small Cars Falter, Small Pickups Prosper in October
The average price of a used vehicle for model years 2011-2015 depreciated 2.9% in October, a noticeable change from September's 2.3% depreciation rate, according to Black Book.
The average price of a used vehicle for model years 2011-2015 depreciated 2.9% in October, a noticeable change from September's 2.3% depreciation rate, according to Black Book.
F&I, used retail sales, and fixed ops helped dampen Sonic's third quarter declines in volume and gross profit per unit (GPU) retailed. The group also reported that its EchoPark locations increased their F&I per-copy average by 16.3% to $1,078. Overall, the group's F&I operations averaged $1,341 per copy during the period.
The mobile app allows customers of the group's Mercedes-Benz stores to select their vehicle, the dealership from which to buy, apply for financing or a lease, and then take their approval to the dealership to pick up their vehicle.
ADESA has officially opened its new ADESA Chicago auto auction, a location that cost the company $40 million to develop, according to a company announcement.
Sun Toyota promotes Shawn Mazzoni to used-car director, the dealership announced this week. He will lead the consolidation of two separate used-car operations into a single department, which will be housed in a newly constructed sales tower.
The estimated average transaction price for a light vehicle in the U.S. in October was $34,663, a 2.3% increase over the same time last year. Fiat Chrysler registered the biggest gain in average transaction price, followed by Nissan and Ford.
For the third time this year, AutoNation's F&I department has cracked the $1,600 per-copy mark. But the big news is the group's intention to open used-only dealerships in 2017. They will be called AutoNation USA stores, and will feature noncommission-based sales associates and negotiation-free pricing.
Launched last year to serve first-time and limited credit buyers, Yamaha Motor Finance Corp. is in expansion mode. The captive launched a new credit card to replace a program managed by various banks over the last 20 years. The finance source will also be targeting prime customers with its new card.
A steep decline in Crossover/SUV wholesale values, which have been strong all year, may point to more than seasonality as the reason for the accelerated depreciation of two-year-old vehicles, Black Book said this week.
Vitu Lending is designed to cut down on what had been a two-week process for Nevada and California credit union clerks to two days. Additional regional solutions are planned for the start of 2017.
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