Tim Janssen, the retired president of IFS (Innovative Funding Services LLC), passed away on Aug. 14 in Largo Vista, Texas. He was 55. Janssen founded IFS in 2007 and served as president of IFS for more than 12 years until his retirement in Jan. 1.
Van, pickup, and compact car wholesale values stood out last week, amid a fairly stable wholesale market, according to Black Book's Aug. 12 Market Insights report.
Depreciation among car and truck segments improved slightly last week, but overall remains fairly stable, according to Black Book's July 29 Market Insights report.
The average value of used fleet vehicles increased 1.5% to $13,758 in June from May, but remain 4.3% higher than a year ago, according to KAR Auction Services' ADESA unit.
The used industry's seasonally adjusted annual rate (SAAR) was 39.8 million during June, down from the 41.1 million SAAR from the same time last year, according to Cox Automotive estimates.
Black Book's latest Used Vehicle Retention Index for June (115) shows a 0.6% increase from May (114.4), which reflects an incremental improvement in used vehicle values.
Dave Angelicchio died on July 7 after battling cancer for three years.
Car values continued to weaken and truck values strengthened last week, as the summer months approach.
Used vehicles from fleet consignors in ADESA sales increased 2% in May to $14,043 and were 5.5% above a year ago, according to monthly commentary from Tom Kontos, chief economist for KAR Auction Services.
Over the past three years commercial remarketers have cut the time it takes to sell a vehicle from the moment it arrives at auction by five days.
KAR Auction Services Inc. has introduced a data-driven pricing tool called Pricing Insights designed to help fleet and other commercial consignors optimize pricing on wholesale vehicles.
Manheim Tucson has become the company's first all-digital auction.
With the exception of luxury vehicles, most vehicle segments saw stable values last week.
Sedan wholesale values are expected to improve as more SUVs and crossovers return to the used market. Meanwhile, SUV and crossover wholesale values are beginning to decline
Used vehicles from fleet consignors in ADESA sales increased 4.3% to $13,771 in April compared to March, and were up 4.4% from a year ago, according to monthly commentary from Tom Kontos.
The Conference of Automotive Remarketing drew a professional crowd that networked for business and cultivated industry friendships.
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