Used Vehicle Supply Tightens as October Starts
The overall used-vehicle inventory volume is still considered limited and has been stuck in the 2.2 million to 2.3 million range for the past four months.
The overall used-vehicle inventory volume is still considered limited and has been stuck in the 2.2 million to 2.3 million range for the past four months.
September auction sales bolstered prices through the channel, but wholesale is at a crossroads, mainly from concerns about the UAW strike possibly slowing new retail sales and moving buyers into the used market.
The fourth quarter should bring stable pricing among buyers and sellers, which should reflect only modest changes between now and the end of the year.
Since the labor actions started Sept. 15, the U.S. has ample inventory for now from the Detroit automakers that should keep steady supply through the end of the month. The all-important Ford F-150 had 97 days of supply at the start of October.
National auction executive and NAAA mover Charlotte Pyle takes the titles of icon and hall of famer for her lengthy career of achievement and service.
The latest NAAA event in Chicago served up a stream of accomplishments, honors, and leadership promotions.
The leading auction and consignor professional trade organizations will work together in the areas of EV safety, consignor-auction transaction standards, and industry education.
Company co-chair Dave Blake will succeed Weaver, whose remarketing industry spans more than 40 years with multiple executive roles.
Sales in Q3 are expected to surpass 3.9 million, a jump of more than 15% from the same timeframe one year ago.
The fast-moving merger of digital and smart technologies is leading to more accurate vehicle inspections, thereby reducing liability, disputes, and losses for remarketing and rental car businesses.
During the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 0.3%, which was less than half of the normal decline for this time of year.
The new arrangement meets a need in Florida for an auction that can service the commercial account business.
After a 41-year career at Cox Automotive, current CFO Mark Bowser will retire this year and Senior Vice President of corporate development Scott LeTourneau will take his place on September 19.
Analysis: The actions of the UAW will reverberate through the larger auto business, but nowhere near what was experienced in April 2020. Sales into fleet could suffer in 4Q if a strike is wide and persists. Rental car companies may return to the used car market like they did in 2021 and 2022, driving prices higher.
With sales slightly stronger than expected, tight supply, and prices at about 6% below last year, these factors are expected to prevent any substantial decline in wholesale prices through year-end.
The Conference of Automotive Remarketing provided the ideal marketplace for industry businesses and attendees to see the latest in services and innovations for consignors and auctions.
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