Vehicle Damage Detection Getting Smarter with AI
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.
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 number of used vehicles for sale had been increasing after hitting a low point in March but that increase in inventory stalled in mid-July and into August, as sales unexpectedly picked up.
The United Auto Workers contract with the Detroit Big 3 automakers expires Sept. 14 as new inventory remains 68% above last year's level.
U.S. fleet sales for August were strong and reached levels for the month not seen since 2019.
The purchase will integrate RCG Logistics under the ACERTUS brand and is the fourth transaction for ACERTUS whose parent company MetroGistics previously acquired MetroTitle, Amerifleet, and McNutt.
IARA Summer Roundtable: From the latest vehicle market dynamics to technology influences to electric vehicle shortfalls, the International Automotive Remarketers Alliance bonded over the big issues while teeing up member and industry growth.
The conversion rate indicates that the first 15 days of August saw buyers with more bargaining power for this time of year.
While the total supply of unsold used vehicles is down from the same time a year ago, they are up from the end of June.
The average listing price of a vehicle remained above $47,000 since April, while the ATP of a new vehicle in July was $48,334 compared with $48,671 in June.
Long brings years of experience and strong industry connections as a former executive director of the International Automotive Remarketers Alliance and previously of the National Auto Auction Association.
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