Though month-over-month prices were up, the Manheim Used Vehicle Value Index was down from the inflated levels seen a year earlier. IMAGE: Mohamed Hassan Wholesale used-vehicle prices made an unexpected month-over-month jump in January as demand increased. Retail prices typically follow wholesale trends. Adjusted for mix, mileage and season, prices rose 2.5%, according to Cox Automotive’s Manheim Used Vehicle…
There are many predictions of what is in store during the next 12 to 18 months for the auto industry, and when you compare predictions, some trends emerge. IMAGE: Pixabay Are you prepared for 2023? One thing is for certain, the status quo doesn’t last very long in the car business these days. If you haven’t already done so, now…
Dealers report elevated prices, a lack of affordable vehicle models, and higher interest rates are pricing many consumers out of new cars. Vehicle affordability is becoming a problem for buyers and dealerships, according to a recent article in the Wall Street Journal. Dealers report elevated prices and a lack of affordable vehicle models were keeping prospective buyers away before…
The FTC allows dealerships to retain cybersecurity experts to help dealerships comply with the Safeguards Rule, but those experts are in short supply. Jim Henry | Feb 01, 2023 DALLAS – The share of dealers who say they’re “very or extremely” ready for the enforcement of a tougher new Safeguards Rule later this year has declined since a year ago, according…
A new commercial for the Pilot TrailSport netted top TV ad impression counts, thanks in part to NFL and NBA games. Wards Staff | Feb 03, 2023 With 253.9 million TV ad impressions, Honda’s “Act of Determination” takes first place in iSpot.tv’s ranking of the most-seen automotive ads for Jan. 23-29. The spot, which debuted in mid-January, aired over 1,400 times…
The automaker still expects to meet its goal of selling 1 million electric vehicles in North America by 2025, thanks in part to aggressive investments in battery production, CEO Mary Barra tells analysts during a discussion of fourth-quarter 2022 results. General Motors will tighten its belt during 2023 with plans to cut costs by $2 billion, but it won’t…
The increase in vehicle-loan amounts has slowed from prior quarters, reports TransUnion. Jim Henry | Feb 03, 2023 Average monthly payments and the average amount financed were higher for both new and used vehicle loans in the fourth quarter of 2022 vs. a year ago. But the increase was at a slower pace than prior quarters, possibly an indication of better…
This is not a time for automakers to wait and see how things develop. It will be very difficult for those who arrive late to catch up. There is a finite universe of EV buyers right now, and whoever gets them first will leave everyone else struggling to find customers. John McElroy | Feb 03, 2023 Battery-electric cars can be really…
Two big changes on Inspections and Missing Requirements letters By Darrell W. Fuller, OVDA Lobbyist OVDA, Oregon’s largest association for vehicle dealers, is aggressively advocating on behalf of all Oregon dealers. Those efforts have resulted in two significant policy changes at DMV in the last few months benefitting dealers. Missing Requirement Letters Dealers have been frustrated when “Missing Requirements”…
About a year ago, the used-car business was a rollicking party. The coronavirus pandemic and a global semiconductor shortage forced automakers to stop or slow production of new cars and trucks, pushing consumers to used-car lots. Prices for pre-owned vehicles surged. Now, the used-car business is suffering a brutal hangover. Americans, especially people on tight budgets, are buying fewer…
